Effective January 24, 2023, the Securities and Exchange Commission (the “SEC”) adopted rule and form amendments that require mutual funds and exchange-traded funds to provide shareholders with streamlined annual and semi-annual shareholder reports that highlight key information. Other information, including financial statements, that currently appears in shareholder reports will be made available online, delivered free of charge to shareholders upon request, and filed with the SEC. The first tailored shareholder report for the Fund will be for the reporting period ending September 30, 2024. Currently, management is evaluating the impact of the rule and form amendments on the content of the Fund’s current shareholder reports.
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold. For the most recent month-end performance call 800.668.0434 (or 800.525.3713 if you hold shares directly with Janus Henderson) or visit janushenderson.com/performance (or janushenderson.com/allfunds if you hold shares directly with Janus Henderson).
Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.
CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.
This Fund has a performance-based management fee that may adjust up or down based on the Fund’s performance.
Performance may be affected by risks that include those associated with foreign and emerging markets, fixed income securities, high-yield and high-risk securities, undervalued, overlooked and smaller capitalization companies, real estate related securities including Real Estate Investment Trusts (REITs), Environmental, Social and Governance (ESG) factors, non-diversification, portfolio turnover, derivatives, short sales, initial public offerings (IPOs) and potential conflicts of interest. Each product has different risks. Please see the prospectus for more information about risks, holdings and other details.
Returns include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.
Class A Shares, Class C Shares, Class I Shares, and Class S Shares commenced operations on July 6, 2009, after the reorganization of each class of Janus Adviser Global Real Estate Fund (“the predecessor fund”) into corresponding shares of the Fund. Performance shown for each class for periods prior to July 6, 2009, reflects the historical performance of each corresponding class of the predecessor fund prior to the reorganization, calculated using the fees and expenses of the corresponding class of the predecessor fund respectively, net of any applicable fee and expense limitations or waivers.
Class D Shares commenced operations on February 16, 2010. Performance shown for periods prior to February 16, 2010, reflects the historical performance of the Fund’s Class I Shares, calculated using the fees and expenses of Class D Shares, without the effect of any fee and expense limitations or waivers.
Class N Shares of the Fund commenced operations on January 26, 2018. Performance shown for Class N Shares reflects the historical performance of the Fund's Class I Shares from July 6, 2009 to January 26, 2018, calculated using the fees and expenses of Class I Shares, net of any applicable fee and expense limitations or waivers. Performance shown for Class N Shares for periods prior to July 6, 2009, reflects the historical performance of the predecessor fund's Class I Shares, calculated using the fees and expenses of Class I Shares of the predecessor fund, net of any applicable fee and expense limitations or waivers.
Class T Shares commenced operations on July 6, 2009. Performance shown for Class T Shares for periods prior to July 6, 2009, reflects the historical performance of the predecessor fund’s Class I Shares, calculated using the fees and expenses of Class T Shares, without the effect of any fee and expense limitations or waivers.
If each share class of the Fund had been available during periods prior to its commencement, the performance shown may have been different. The performance shown for periods following the Fund’s commencement of each share class reflects the fees and expenses of each respective share class, net of any applicable fee and expense limitations or waivers. Please refer to the Fund’s prospectuses for further details concerning historical performance.
Ranking is for the share class shown only; other classes may have different performance characteristics. When an expense waiver is in effect, it may have a material effect on the total return, and therefore the ranking for the period.
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There is no assurance that the investment process will consistently lead to successful investing.
See Notes to Schedule of Investments and Other Information for index definitions.
Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.
‡ As stated in the prospectus. See Financial Highlights for actual expense ratios during the reporting period.
**Since inception index return is not available for indices created subsequent to fund inception.
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, such as sales charges (loads) on purchase payments (applicable to Class A Shares only); and (2) ongoing costs, including management fees; 12b-1 distribution and shareholder servicing fees; transfer agent fees and expenses payable pursuant to the Transfer Agency Agreement; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The example is based upon an investment of $1,000 invested at the beginning of the period and held for the six-months indicated, unless noted otherwise in the table and footnotes below.
The information in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate column for your share class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.
The information in the table under the heading “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based upon the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Additionally, for an analysis of the fees associated with an investment in any share class or other similar funds, please visit www.finra.org/fundanalyzer.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. These fees are fully described in the Fund’s prospectuses. Therefore, the hypothetical examples are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
Janus Henderson Global Real Estate Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 37 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks total return through a combination of capital appreciation and current income. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the “Adviser”) to the Fund.
The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.
Shareholders, including other funds, individuals, accounts, as well as the Fund’s portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund’s Shares and can be considered to “control” the Fund when that ownership exceeds 25% of the Fund’s assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).
Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.
Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.
Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.
The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.
Effective July 6, 2020, Class D Shares are available to new investors, subject to any closed fund policies for a Fund, as applicable. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.
Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. Class I Shares are also available to certain direct institutional investors including, but not limited to, corporations, certain retirement plans, public plans, and foundations/endowments, who established Class I Share accounts before August 4, 2017.
Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the “Distributor”) including, but not limited to,
corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.
Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.
Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.
The following accounting policies have been followed by the Fund and are in conformity with US GAAP.
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 Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-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 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 value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that operate as money market funds held by the Fund, if any, will be calculated using the NAV of such funds.
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.
There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal period.
The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of March 31, 2024 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 and Other Information.
The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.
The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.
Currency gains and losses are also calculated on payables and receivables that are denominated in foreign currencies. The payables and receivables are generally related to foreign security transactions and income translations.
Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.
Dividends of net investment income are generally declared and distributed quarterly, and realized capital gains (if any) are distributed annually. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as “equalization,” has no effect on the redeeming shareholder or a Fund’s total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.
The Fund may make certain investments in real estate investment trusts (“REITs”) which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs’ taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal income tax purposes.
The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund’s tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund’s financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
2. Other Investments and Strategies
The value of the Fund’s portfolio may decrease if the value of one or more issuers in the Fund’s portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund’s portfolio decreases, the Fund’s NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, war, conflicts, including related sanctions, social unrest, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.
the Fund’s ability to meet redemption requests, and the processes and operations of the Fund’s service providers, including the Adviser.
The Fund may invest in equity and debt securities of real estate-related companies. Such companies may include those in the real estate industry or real estate-related industries. These securities may include common stocks, corporate bonds, preferred stocks, and other equity securities, including, but not limited to, mortgage-backed securities, real estate-backed securities, securities of REITs and similar REIT-like entities. A REIT is a trust that invests in real estate-related projects, such as properties, mortgage loans, and construction loans. REITs are generally categorized as equity, mortgage, or hybrid REITs. A REIT may be listed on an exchange or traded OTC.
Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund (“counterparty risk”). Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund’s exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value.
The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund’s cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser’s analysis of a counterparty’s creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.
Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments’ payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the Securities and Exchange Commission (the "SEC"). If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.
Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus
Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05% for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.
Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations.
There were no securities on loan as of March 31, 2024.
3. Investment Advisory Agreements and Other Transactions with Affiliates
The Fund pays the Adviser an investment advisory fee rate that may adjust up or down based on the Fund’s performance relative to its benchmark index.
The investment advisory fee rate paid to the Adviser by the Fund consists of two components: (1) a base fee calculated by applying the contractual fixed rate of the advisory fee to the Fund’s average daily net assets during the previous month (the “Base Fee Rate”), plus or minus (2) a performance-fee adjustment (the “Performance Adjustment”) calculated by applying a variable rate of up to 0.15% (positive or negative) to the Fund’s average daily net assets based on the Fund’s relative performance compared to the cumulative investment record of its benchmark index over a 36-month performance measurement period or shorter time period, as applicable. The investment advisory fee rate is calculated daily and paid monthly.
The investment performance of the Fund’s Class A Shares (waiving the upfront sales load) for the performance measurement period is used to calculate the Performance Adjustment. The Fund’s Base Fee Rate prior to any performance adjustment (expressed as an annual rate) is 0.75%, and the Fund’s benchmark index used in the calculation is the FTSE EPRA Nareit Global Index.
No Performance Adjustment is applied unless the difference between the Fund’s investment performance and the cumulative investment record of the Fund’s benchmark index is 0.50% or greater (positive or negative) during the applicable performance measurement period. The Base Fee Rate is subject to an upward or downward Performance Adjustment for every full 0.50% increment by which the Fund outperforms or underperforms its benchmark index, up to the Fund’s full performance rate of ±4.00%. Because the Performance Adjustment is tied to a Fund’s relative performance compared to its benchmark index (and not its absolute performance), the Performance Adjustment could increase the Adviser’s fee even if the Fund’s Shares lose value during the performance measurement period and could decrease the Adviser’s fee even if the Fund’s Shares increase in value during the performance measurement period. For purposes of computing the Base Fee Rate and the Performance Adjustment, net assets are averaged over different periods (average daily net assets during the previous month for the Base Fee Rate, versus average daily net assets during the performance measurement period for the Performance Adjustment). Performance of the Fund is calculated net of expenses whereas the Fund’s benchmark index does not have any fees or expenses. Reinvestment of dividends and distributions is included in calculating both the performance of a Fund and the Fund’s benchmark index.
The Fund’s prospectuses and statement(s) of additional information contain additional information about performance-based fees. The amount shown as advisory fees on the Statement of Operations reflects the Base Fee Rate plus/minus
any Performance Adjustment. For the period ended March 31, 2024, the performance adjusted investment advisory fee rate before any waivers and/or reimbursements of expenses is 0.53%.
The Adviser has entered into a personnel-sharing arrangement with its foreign (non-U.S.) affiliates, Henderson Global Investors Limited, Henderson Global Investors (Japan) Ltd., and Henderson Global Investors (Singapore) Ltd. (collectively, “HGIL”), pursuant to which HGIL and certain employees of HGIL serve as “associated persons” of the Adviser. In this capacity, such employees of HGIL are subject to the oversight and supervision of the Adviser and may provide portfolio management, research, and related services to the Fund on behalf of the Adviser.
The Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding any performance adjustments to management fees (if applicable), any performance adjustments to the management fee, if applicable, the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.91% for at least a one-year period commencing on January 26, 2024. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.
The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (or any subadvisor, as applicable) provides to the Fund. These amounts are disclosed as “Affiliated fund administration fees” on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund’s Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $222,870 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended March 31, 2024. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.
Janus Henderson Services US LLC (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.
Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.
During the reporting period, the administrative services fee rate was 0.11%.
The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class S Shares and Class T Shares for providing or procuring administrative services to investors in Class S Shares and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class S Shares and Class T Shares.
Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.
Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.
The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.
Under distribution and shareholder servicing plans (the “Plans”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations.
Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the period ended March 31, 2024, the Distributor retained upfront sales charges of $536.
A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the period ended March 31, 2024.
A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the period ended March 31, 2024, redeeming shareholders of Class C Shares paid CDSCs of $4.
The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of March 31, 2024 on the Statement of Assets and Liabilities in the asset, “Trustees’ deferred compensation,” and liability, “Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Total distributable earnings (loss)” on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended March 31, 2024 are included in “Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $318,650 were paid by the Trust to the Trustees under the Deferred Plan during the period ended March 31, 2024.
Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the “Investing Funds”). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the “Sweep Vehicle”) is an affiliated unregistered cash management pooled investment vehicle that invests primarily in highly-rated short-term fixed-income securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a “floating” NAV) rounded to the fourth decimal place (e.g., $1.0000). The Sweep Vehicle is permitted to impose a liquidity fee (of up to 2%) on redemptions from the Sweep Vehicle or a redemption gate that temporarily suspends redemptions from the Sweep Vehicle for up to 10 business days during a 90 day period. There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.
Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended March 31, 2024 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.
4. Federal Income Tax
Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.
The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.
Accumulated capital losses noted below represent net capital loss carryovers, as of September 30, 2023, that may be available to offset future realized capital gains and thereby reduce future taxable gains distributions. The following table shows these capital loss carryovers.
The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of March 31, 2024 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals, investments in partnerships, and investments in passive foreign investment companies.
5. Capital Share Transactions
6. Purchases and Sales of Investment Securities
For the period ended March 31, 2024, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as applicable) was as follows:
7. Subsequent Event
Management has evaluated whether any events or transactions occurred subsequent to March 31, 2024 and through the date of issuance of the Fund’s financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund’s financial statements.
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities is available without charge: (i) upon request, by calling 1-800-525-1093; (ii) on the Fund’s website at janushenderson.com/proxyvoting; and (iii) on the SEC’s website at http://www.sec.gov. Additionally, information regarding the Fund’s proxy voting record for the most recent twelve-month period ended June 30 is also available, free of charge, through janushenderson.com/proxyvoting and from the SEC’s website at http://www.sec.gov.
The Fund files its complete portfolio holdings (schedule of investments) with the SEC as an exhibit to Form N-PORT within 60 days of the end of the first and third fiscal quarters, and in the annual report and semiannual report to shareholders. The Fund’s Form N-PORT filings and annual and semiannual reports: (i) are available on the SEC’s website at http://www.sec.gov; and (ii) are available without charge, upon request, by calling a Janus Henderson representative at 1-877-335-2687 (toll free) (or 1-800-525-3713 if you hold Class D Shares). Portfolio holdings consisting of at least the names of the holdings are generally available on a monthly basis with a 30-day lag under Full Holdings for the Fund at janushenderson.com/info (or janushenderson.com/reports if you hold Class D Shares).
The Trustees of Janus Aspen Series and Janus Investment Fund, each of whom serves as an “independent” Trustee (collectively, the “Trustees”), oversee the management of each portfolio of Janus Aspen Series (each, a “VIT Portfolio,” and collectively, the “VIT Portfolios”), as well as each fund of Janus Investment Fund (each, a “Fund,” and collectively, the “Funds” and together with the VIT Portfolios, the “Janus Henderson Funds,” and each, a “Janus Henderson Fund”). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.
In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the “Adviser”) in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analysis provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.
At meetings held on November 3, 2023 and December 14-15, 2023, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2024 through February 1, 2025, subject to earlier termination as provided for in each agreement.
In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees’ determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant’s conclusions and opinions that arose during, and were included as part of, the Trustees’ consideration of the agreements. “Management fees,” as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.
The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management
services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.
In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.
The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract well-qualified personnel.
The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including periodic meetings with each Janus Henderson Fund’s portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund’s performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent data provider, and with the Janus Henderson Fund’s benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2023, approximately 44% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2023, approximately 50% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds’ average 2023 performance has been reasonable, noting that: (i) for the 12 months ended September 30, 2023, approximately 43% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; (ii) for the 36 months ended September 30, 2023, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; and (iii) for the 5- and 10-year periods ended September 30, 2023, approximately 63% and 66% of the Janus Henderson Funds were in the top two quartiles of performance, respectively, as reported by Morningstar.
The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:
months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
U.S. Equity Funds
In consideration of each Janus Henderson Fund’s performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund’s performance warranted continuation of such Janus Henderson Fund’s investment advisory agreement.
The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 6% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.
For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic “focus list” analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.
The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.
The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered that the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds’ other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant referenced its past analyses from 2022, which found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser charges to its institutional separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) 9 of 11 Janus Henderson Funds had lower management fees than similar funds subadvised by the Adviser. As part of their review of the 2022 independent consultant findings, the Trustees noted that for the two Janus Henderson Funds that did not have lower management fees than similar funds subadvised by the Adviser, management fees for each were under the average of its 15(c) peer group.
The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2022 (except for Janus Henderson U.S. Dividend Income Fund, for which the period end was March 31, 2023) and noted the following with
regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”) as reflected in the comparative information provided by Broadridge:
U.S. Equity Funds
reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.
Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized
by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees noted that the Adviser reported no changes to its allocation methodology for the 2023 15(c) process; however, at the Trustees’ request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant’s analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund’s investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.
The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant’s 2023 report: (1) past analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 28% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have low flat-rate fees (the “Low Flat-Rate Fee Funds”) versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets.
With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2023 report that (1) 70% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Low Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.
The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.
Based on all of the information reviewed, including the recent and past research and analysis conducted by the Trustees’ independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.
The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser’s ability to serve the Janus Henderson Funds.
Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), requires open-end funds (but not money market funds) to adopt and implement a written liquidity risk management program (the “LRMP”) that is reasonably designed to assess and manage liquidity risk, which is the risk that a fund could not meet redemption requests without significant dilution of remaining investors’ interest in the fund. The Fund has implemented a LRMP, which incorporates the following elements: (i) assessment, management, and periodic review of liquidity risk; (ii) classification of portfolio holdings; (iii) the establishment and monitoring of a highly liquid investment minimum, as applicable; (iv) a 15% limitation on a Fund’s illiquid investments; (v) redemptions in-kind; and (vi) board oversight.
The Trustees of the Fund (the “Trustees”) have designated Janus Henderson Investors US LLC, the Fund’s investment adviser (the “Adviser”), as the Program Administrator for the LRMP responsible for administering the LRMP and carrying out the specific responsibilities of the LRMP. A working group comprised of various teams within the Adviser’s business is responsible for administering the LRMP and carrying out the specific responsibilities of different aspects of the LRMP (the “Liquidity Risk Working Group”). In assessing each Fund’s liquidity risk, the Liquidity Risk Working Group periodically considers, as relevant, factors including (i) the liquidity of a Fund’s portfolio investments during normal and reasonably foreseeable stressed conditions; (ii) whether a Fund’s investment strategy is appropriate for an open-end fund; (iii) the extent to which a Fund’s strategy involves a relatively concentrated portfolio or large positions in any issuer; (iv) a Fund’s use of borrowing for investment purposes; and (v) a Fund’s use of derivatives.
The Liquidity Rule requires the Trustees to review at least annually a written report provided by the Program Administrator that addresses the operation of the LRMP and assesses its adequacy and the effectiveness of its implementation, including, if applicable, the operation of the highly liquid investment minimum, and any material changes to the LRMP (the “Program Administrator Report”). At a meeting held on March 12, 2024, the Adviser provided the Program Administrator Report to the Trustees which covered the operation of the LRMP from January 1, 2023 through December 31, 2023 (the “Reporting Period”).
The Program Administrator Report discussed the operation and effectiveness of the LRMP during the Reporting Period. Among other things, the Program Administrator Report indicated that there were no material changes to the LRMP during the Reporting Period. Additionally, the findings presented in the Program Administrator Report indicated that the LRMP operated adequately during the Reporting Period. These findings included that the Fund was able to meet redemptions during the normal course of business during the Reporting Period. The Program Administrator Report also stated that the Fund did not exceed the 15% limit on illiquid assets during the Reporting Period, that the Fund held primarily highly liquid assets, and was considered to be a primarily highly liquid fund during the Reporting Period. Also included among the Program Administrator Report’s findings was the determination that the Fund’s investment strategy remains appropriate for an open-end fund. In addition, the Adviser expressed its belief in the Program Administrator Report that the LRMP is reasonably designed and adequate to assess and manage the Fund’s liquidity risk, considering the Fund’s particular risks and circumstances, and includes policies and procedures reasonably designed to implement each required component of the Liquidity Rule.
There can be no assurance that the LRMP will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the risks to which an investment in the Fund may be subject.
Performance overview graphs compare the performance of a hypothetical $10,000 investment in the Fund with one or more widely used market indices. When comparing the performance of the Fund with an index, keep in mind that market indices are not available for investment and do not reflect deduction of expenses.
Average annual total returns are quoted for a Fund with more than one year of performance history. Average annual total return is calculated by taking the growth or decline in value of an investment over a period of time, including reinvestment of dividends and distributions, then calculating the annual compounded percentage rate that would have produced the same result had the rate of growth been constant throughout the period. Average annual total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Cumulative total returns are quoted for a Fund with less than one year of performance history. Cumulative total return is the growth or decline in value of an investment over time, independent of the period of time involved. Cumulative total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Pursuant to federal securities rules, expense ratios shown in the performance chart reflect subsidized (if applicable) and unsubsidized ratios. The total annual fund operating expenses ratio is gross of any fee waivers, reflecting the Fund’s unsubsidized expense ratio. The net annual fund operating expenses ratio (if applicable) includes contractual waivers of the Adviser and reflects the Fund’s subsidized expense ratio. Ratios may be higher or lower than those shown in the “Financial Highlights” in this report.
Following the performance overview section is the Fund’s Schedule of Investments. This schedule reports the types of securities held in the Fund on the last day of the reporting period. Securities are usually listed by type (common stock, corporate bonds, U.S. Government obligations, etc.) and by industry classification (banking, communications, insurance, etc.). Holdings are subject to change without notice.
The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.
If the Fund invests in foreign securities, it will also provide a summary of investments by country. This summary reports the Fund exposure to different countries by providing the percentage of securities invested in each country. The country of each security represents the country of risk. A company may be allocated to a country based on other factors such as location of the company’s principal office, the location of the principal trading market for the company’s securities, or the country where a majority of the company’s revenues are derived. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by Bloomberg and/or MSCI Inc.
Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund’s Schedule of Investments (if applicable).
This statement is often referred to as the “balance sheet.” It lists the assets and liabilities of the Fund on the last day of the reporting period.
The Fund’s assets are calculated by adding the value of the securities owned, the receivable for securities sold but not yet settled, the receivable for dividends declared but not yet received on securities owned, and the receivable for Fund shares sold to investors but not yet settled. The Fund’s liabilities include payables for securities purchased but not yet settled, Fund shares redeemed but not yet paid, and expenses owed but not yet paid. Additionally, there may be other assets and liabilities such as unrealized gain or loss on forward currency contracts.
The section entitled “Net Assets Consist of” breaks down the components of the Fund’s net assets. Because the Fund must distribute substantially all earnings, you will notice that a significant portion of net assets is shareholder capital.
The last section of this statement reports the net asset value (“NAV”) per share on the last day of the reporting period. The NAV is calculated by dividing the Fund’s net assets for each share class (assets minus liabilities) by the number of shares outstanding.
This statement details the Fund’s income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.
The first section in this statement, entitled “Investment Income,” reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.
The next section reports the expenses incurred by the Fund, including the advisory fee paid to the investment adviser, transfer agent fees and expenses, and printing and postage for mailing statements, financial reports and prospectuses. Expense offsets and expense reimbursements, if any, are also shown.
The last section lists the amounts of realized gains or losses from investment and foreign currency transactions, and changes in unrealized appreciation or depreciation of investments and foreign currency-denominated assets and liabilities. The Fund will realize a gain (or loss) when it sells its position in a particular security. A change in unrealized gain (or loss) refers to the change in net appreciation or depreciation of the Fund during the reporting period. “Net Realized and Unrealized Gain/(Loss) on Investments” is affected both by changes in the market value of Fund holdings and by gains (or losses) realized during the reporting period.
These statements report the increase or decrease in the Fund’s net assets during the reporting period. Changes in the Fund’s net assets are attributable to investment operations, dividends and distributions to investors, and capital share transactions. This is important to investors because it shows exactly what caused the Fund’s net asset size to change during the period.
The first section summarizes the information from the Statement of Operations regarding changes in net assets due to the Fund’s investment operations. The Fund’s net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends and/or distributions in cash, money is taken out of the Fund to pay the dividend and/or distribution. If investors reinvest their dividends and/or distributions, the Fund’s net assets will not be affected.
The reinvestment of dividends and distributions is included under “Capital Share Transactions.” “Capital Shares” refers to the money investors contribute to the Fund through purchases or withdrawals via redemptions. The Fund’s net assets will increase and decrease in value as investors purchase and redeem shares from the Fund.
This schedule provides a per-share breakdown of the components that affect the Fund’s NAV for current and past reporting periods as well as total return, asset size, ratios, and portfolio turnover rate.
The Fund’s expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.
The ratio of net investment income/(loss) summarizes the income earned less expenses, divided by the average net assets of the Fund during the reporting period. Do not confuse this ratio with the Fund’s yield. The net investment income ratio is not a true measure of the Fund’s yield because it does not take into account the dividends distributed to the Fund’s investors.
The next figure is the portfolio turnover rate, which measures the buying and selling activity in the Fund. Portfolio turnover is affected by market conditions, changes in the asset size of the Fund, fluctuating volume of shareholder purchase and redemption orders, the nature of the Fund’s investments, and the investment style and/or outlook of the portfolio manager(s) and/or investment personnel. A 100% rate implies that an amount equal to the value of the entire portfolio was replaced once during the fiscal year; a 50% rate means that an amount equal to the value of half the
portfolio is traded in a year; and a 200% rate means that an amount equal to the value of the entire portfolio is traded every six months.
| | | | |
| | | |
| | | SEMIANNUAL REPORT March 31, 2024 |
| | |
| | Janus Henderson Global Research Fund |
| | |
| | Janus Investment Fund |
| |
| | | HIGHLIGHTS · Investment strategy behind your fund · Fund performance, characteristics
and holdings |
Table of Contents
Janus Henderson Global Research Fund
| | | | | | |
| | | | | | Team-Based Approach Led by Matthew Peron, Director of Centralized Equity Research |
| | | |
Important Notice – Tailored Shareholder Reports
Effective January 24, 2023, the Securities and Exchange Commission (the “SEC”) adopted rule and form amendments that require mutual funds and exchange-traded funds to provide shareholders with streamlined annual and semi-annual shareholder reports that highlight key information. Other information, including financial statements, that currently appears in shareholder reports will be made available online, delivered free of charge to shareholders upon request, and filed with the SEC. The first tailored shareholder report for the Fund will be for the reporting period ending September 30, 2024. Currently, management is evaluating the impact of the rule and form amendments on the content of the Fund’s current shareholder reports.
Janus Henderson Global Research Fund (unaudited)
Fund At A Glance
March 31, 2024
| | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| 5 Top Contributors - Holdings | 5 Top Detractors - Holdings |
| | Average
Weight | | Relative
Contribution | | | Average
Weight | | Relative
Contribution |
| Vistra Energy Corp | 1.54% | | 1.18% | | Unilever PLC | 1.79% | | -0.32% |
| Tesla Inc | 0.19% | | 0.55% | | Pernod Ricard SA | 1.16% | | -0.26% |
| NVIDIA Corp | 3.14% | | 0.52% | | United Parcel Service Inc | 0.71% | | -0.21% |
| ASML Holding NV | 1.56% | | 0.38% | | Constellation Brands Inc - Class A | 1.34% | | -0.20% |
| Meta Platforms Inc - Class A | 2.45% | | 0.38% | | Teck Resources Ltd | 1.04% | | -0.19% |
| | | | | | | |
| 5 Top Contributors - Sectors* | | | | | |
| | | Relative | | Fund | MSCI World Index |
| | | Contribution | | Average Weight | Average Weight |
| Energy | | 1.77% | | 7.61% | 7.15% |
| Technology | | 1.25% | | 22.41% | 22.68% |
| Industrials | | 1.08% | | 16.48% | 16.77% |
| Communications | | 0.77% | | 8.80% | 8.79% |
| Healthcare | | 0.62% | | 12.43% | 12.35% |
| | | | | | |
| | | | | | |
| 3 Top Detractors - Sectors* | | | | | |
| | | Relative | | Fund | MSCI World Index |
| | | Contribution | | Average Weight | Average Weight |
| Consumer | | -0.46% | | 14.51% | 15.09% |
| Other** | | -0.06% | | 0.32% | 0.00% |
| Financials | | 0.52% | | 17.44% | 17.17% |
| | | | | | |
| Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance.
Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index. |
* | The sectors listed above reflect those covered by the six analyst teams who comprise the Janus Henderson Research Team. |
** | Not a GICS classified sector. |
Janus Henderson Global Research Fund (unaudited)
Fund At A Glance
March 31, 2024
| | |
5 Largest Equity Holdings - (% of Net Assets) |
Microsoft Corp | |
Software | 5.6% |
NVIDIA Corp | |
Semiconductor & Semiconductor Equipment | 4.3% |
Alphabet Inc - Class C | |
Interactive Media & Services | 3.4% |
Amazon.com Inc | |
Multiline Retail | 2.9% |
Apple Inc | |
Technology Hardware, Storage & Peripherals | 2.9% |
| | 19.1% |
| | | | | |
Asset Allocation - (% of Net Assets) |
Common Stocks | | 98.1% |
Preferred Stocks | | 1.3% |
Investments Purchased with Cash Collateral from Securities Lending | | 0.5% |
Investment Companies | | 0.4% |
Private Placements | | 0.0% |
Warrants | | 0.0% |
Other | | (0.3)% |
| | | 100.0% |
| | |
Top Country Allocations - Long Positions - (% of Investment Securities) |
As of March 31, 2024 
| As of September 30, 2023 
|
Janus Henderson Global Research Fund (unaudited)
Performance
| |
See important disclosures on the next page. |
| | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | |
Average Annual Total Return - for the periods ended March 31, 2024 | | | Prospectus Expense Ratios |
| | Fiscal
Year-to-Date | One
Year | Five
Year | Ten
Year | Since
Inception* | | | Total Annual Fund
Operating Expenses‡ |
Class A Shares at NAV | | 26.63% | 31.54% | 12.92% | 9.93% | 9.72% | | | 0.92% |
Class A Shares at MOP | | 19.34% | 23.98% | 11.59% | 9.28% | 9.38% | | | |
Class C Shares at NAV | | 26.13% | 30.52% | 12.15% | 9.17% | 8.91% | | | 1.74% |
Class C Shares at CDSC | | 25.13% | 29.52% | 12.15% | 9.17% | 8.91% | | | |
Class D Shares | | 26.76% | 31.83% | 13.24% | 10.22% | 9.91% | | | 0.69% |
Class I Shares | | 26.80% | 31.91% | 13.33% | 10.31% | 9.99% | | | 0.62% |
Class N Shares | | 26.84% | 32.00% | 13.39% | 10.30% | 9.93% | | | 0.56% |
Class R Shares | | 26.35% | 30.98% | 12.51% | 9.54% | 9.33% | | | 1.34% |
Class S Shares | | 26.52% | 31.34% | 12.83% | 9.84% | 9.56% | | | 1.07% |
Class T Shares | | 26.70% | 31.70% | 13.13% | 10.13% | 9.85% | | | 0.80% |
MSCI World Index | | 21.31% | 25.11% | 12.07% | 9.39% | 7.83% | | | |
MSCI All Country World Index | | 20.14% | 23.22% | 10.92% | 8.66% | 7.49% | | | |
Morningstar Quartile - Class T Shares | | - | 1st | 1st | 2nd | 1st | | | |
Morningstar Ranking - based on total returns for World Large Stock Funds | | - | 64/357 | 54/298 | 91/239 | 25/144 | | | |
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold. For the most recent month-end performance call 800.668.0434 (or 800.525.3713 if you hold shares directly with Janus Henderson) or visit janushenderson.com/performance (or janushenderson.com/allfunds if you hold shares directly with Janus Henderson).
Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.
CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.
Janus Henderson Global Research Fund (unaudited)
Performance
This Fund has a performance-based management fee that may adjust up or down based on the Fund’s performance.
Performance may be affected by risks that include those associated with foreign and emerging markets, fixed income securities, high-yield and high-risk securities, undervalued, overlooked and smaller capitalization companies, real estate related securities including Real Estate Investment Trusts (REITs), Environmental, Social and Governance (ESG) factors, non-diversification, portfolio turnover, derivatives, short sales, initial public offerings (IPOs) and potential conflicts of interest. Each product has different risks. Please see the prospectus for more information about risks, holdings and other details.
High absolute short-term performance is not typical and may not be achieved in the future. Such results should not be the sole basis for evaluating material facts in making an investment decision.
Returns include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.
Class A Shares, Class C Shares, and Class S Shares commenced operations on July 6, 2009. Performance shown for each class for periods prior to July 6, 2009, reflects the performance of the Fund’s Class J Shares, the initial share class (renamed Class T Shares effective February 16, 2010), calculated using the fees and expenses of each respective class, without the effect of any fee and expense limitations or waivers.
Class D Shares commenced operations on February 16, 2010. Performance shown for periods prior to February 16, 2010, reflects the performance of the Fund’s former Class J Shares, calculated using the fees and expenses in effect during the periods shown, net of any applicable fee and expense limitations or waivers.
Class I Shares commenced operations on July 6, 2009. Performance shown for periods prior to July 6, 2009, reflects the performance of the Fund’s former Class J Shares, calculated using the fees and expenses of Class J Shares, net of any applicable fee and expense limitations or waivers.
Class N Shares commenced operations on August 4, 2017. Performance shown for periods prior to August 4, 2017, reflects the performance for the Fund’s Class T Shares, calculated using the fees and expenses of Class T Shares, net of any applicable fee and expense limitations or waivers.
Class R Shares commenced operations on March 15, 2013. Performance shown for periods prior to March 15, 2013 reflects the historical performance of the Fund’s Class T Shares, calculated using the fees and expenses of Class R Shares, without the effect of any fee and expense limitations or waivers.
If each share class of the Fund had been available during periods prior to its commencement, the performance shown may have been different. The performance shown for periods following the Fund’s commencement of each share class reflects the fees and expenses of each respective share class, net of any applicable fee and expense limitations or waivers. Please refer to the Fund’s prospectuses for further details concerning historical performance.
Ranking is for the share class shown only; other classes may have different performance characteristics. When an expense waiver is in effect, it may have a material effect on the total return, and therefore the ranking for the period.
© 2024 Morningstar, Inc. All Rights Reserved.
There is no assurance that the investment process will consistently lead to successful investing.
See Notes to Schedule of Investments and Other Information for index definitions.
Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.
See “Useful Information About Your Fund Report.”
Effective January 26, 2024, Joshua Cummings and John Jordan are Co-Portfolio Managers with Portfolio Manager Matthew Peron.
*The Fund’s inception date – February 25, 2005
‡ As stated in the prospectus. See Financial Highlights for actual expense ratios during the reporting period.
Janus Henderson Global Research Fund (unaudited)
Expense Examples
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, such as sales charges (loads) on purchase payments (applicable to Class A Shares only); and (2) ongoing costs, including management fees; 12b-1 distribution and shareholder servicing fees; transfer agent fees and expenses payable pursuant to the Transfer Agency Agreement; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The example is based upon an investment of $1,000 invested at the beginning of the period and held for the six-months indicated, unless noted otherwise in the table and footnotes below.
Actual Expenses
The information in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate column for your share class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.
Hypothetical Example for Comparison Purposes
The information in the table under the heading “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based upon the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Additionally, for an analysis of the fees associated with an investment in any share class or other similar funds, please visit www.finra.org/fundanalyzer.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. These fees are fully described in the Fund’s prospectuses. Therefore, the hypothetical examples are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
| | | | | | | | | | | |
| | | | | | | | |
| | | Actual | | Hypothetical
(5% return before expenses) | |
| Beginning
Account
Value
(10/1/23) | Ending
Account
Value
(3/31/24) | Expenses
Paid During
Period
(10/1/23 - 3/31/24)† | | Beginning
Account
Value
(10/1/23) | Ending
Account
Value
(3/31/24) | Expenses
Paid During
Period
(10/1/23 - 3/31/24)† | Net Annualized
Expense Ratio
(10/1/23 - 3/31/24) |
Class A Shares | $1,000.00 | $1,266.30 | $5.16 | | $1,000.00 | $1,020.45 | $4.60 | 0.91% |
Class C Shares | $1,000.00 | $1,261.30 | $9.67 | | $1,000.00 | $1,016.45 | $8.62 | 1.71% |
Class D Shares | $1,000.00 | $1,267.60 | $3.91 | | $1,000.00 | $1,021.55 | $3.49 | 0.69% |
Class I Shares | $1,000.00 | $1,268.00 | $3.57 | | $1,000.00 | $1,021.85 | $3.18 | 0.63% |
Class N Shares | $1,000.00 | $1,268.40 | $3.23 | | $1,000.00 | $1,022.15 | $2.88 | 0.57% |
Class R Shares | $1,000.00 | $1,263.50 | $7.58 | | $1,000.00 | $1,018.30 | $6.76 | 1.34% |
Class S Shares | $1,000.00 | $1,265.20 | $6.06 | | $1,000.00 | $1,019.65 | $5.40 | 1.07% |
Class T Shares | $1,000.00 | $1,267.00 | $4.48 | | $1,000.00 | $1,021.05 | $3.99 | 0.79% |
† | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements. |
Janus Henderson Global Research Fund
Schedule of Investments (unaudited)
March 31, 2024
| | | | | | | | |
Shares or
Principal Amounts | | | Value | |
Common Stocks– 98.1% | | | |
Aerospace & Defense – 2.7% | | | |
| | Airbus SE | | 90,348 | | | $16,638,128 | |
| | BAE Systems PLC | | 3,501,034 | | | 59,619,986 | |
| | General Dynamics Corp | | 81,871 | | | 23,127,739 | |
| | | 99,385,853 | |
Banks – 5.8% | | | |
| | BNP Paribas SA | | 550,086 | | | 39,079,936 | |
| | HDFC Bank Ltd | | 974,215 | | | 16,913,767 | |
| | JPMorgan Chase & Co | | 386,509 | | | 77,417,753 | |
| | Natwest Group PLC | | 11,064,896 | | | 37,071,018 | |
| | UniCredit SpA | | 1,082,195 | | | 41,062,100 | |
| | | 211,544,574 | |
Beverages – 3.1% | | | |
| | Constellation Brands Inc - Class A | | 157,653 | | | 42,843,779 | |
| | Monster Beverage Corp* | | 680,903 | | | 40,363,930 | |
| | Pernod Ricard SA | | 186,554 | | | 30,175,367 | |
| | | 113,383,076 | |
Biotechnology – 2.4% | | | |
| | AbbVie Inc | | 131,370 | | | 23,922,477 | |
| | Amgen Inc | | 57,285 | | | 16,287,271 | |
| | Argenx SE (ADR)* | | 23,351 | | | 9,193,756 | |
| | Ascendis Pharma A/S (ADR)* | | 56,531 | | | 8,545,791 | |
| | Madrigal Pharmaceuticals Inc* | | 15,614 | | | 4,169,563 | |
| | Sarepta Therapeutics Inc* | | 68,366 | | | 8,850,662 | |
| | Vertex Pharmaceuticals Inc* | | 37,515 | | | 15,681,645 | |
| | | 86,651,165 | |
Capital Markets – 3.3% | | | |
| | Ares Management Corp - Class A | | 156,103 | | | 20,758,577 | |
| | Blackstone Group Inc | | 179,902 | | | 23,633,726 | |
| | Charles Schwab Corp | | 386,714 | | | 27,974,891 | |
| | LPL Financial Holdings Inc | | 89,117 | | | 23,544,711 | |
| | Morgan Stanley | | 249,023 | | | 23,448,006 | |
| | | 119,359,911 | |
Chemicals – 3.2% | | | |
| | Linde PLC | | 154,042 | | | 71,524,781 | |
| | Sherwin-Williams Co | | 130,495 | | | 45,324,828 | |
| | | 116,849,609 | |
Consumer Finance – 1.2% | | | |
| | Capital One Financial Corp | | 202,302 | | | 30,120,745 | |
| | OneMain Holdings Inc | | 244,983 | | | 12,516,181 | |
| | | 42,636,926 | |
Diversified Financial Services – 4.2% | | | |
| | Apollo Global Management Inc | | 220,512 | | | 24,796,574 | |
| | Global Payments Inc | | 124,358 | | | 16,621,690 | |
| | Mastercard Inc - Class A | | 120,598 | | | 58,076,379 | |
| | Visa Inc | | 185,460 | | | 51,758,177 | |
| | | 151,252,820 | |
Electronic Equipment, Instruments & Components – 1.8% | | | |
| | Hexagon AB - Class B | | 4,458,962 | | | 52,790,724 | |
| | Keysight Technologies Inc* | | 86,157 | | | 13,473,232 | |
| | | 66,263,956 | |
Entertainment – 1.9% | | | |
| | Liberty Media Corp-Liberty Formula One - Series C* | | 539,171 | | | 35,369,618 | |
| | Netflix Inc* | | 57,575 | | | 34,967,025 | |
| | | 70,336,643 | |
Health Care Equipment & Supplies – 2.3% | | | |
| | Abbott Laboratories | | 91,270 | | | 10,373,748 | |
| | Boston Scientific Corp* | | 432,907 | | | 29,649,800 | |
| | Edwards Lifesciences Corp* | | 185,758 | | | 17,751,035 | |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
6 | MARCH 31, 2024 |
Janus Henderson Global Research Fund
Schedule of Investments (unaudited)
March 31, 2024
| | | | | | | | |
Shares or
Principal Amounts | | | Value | |
Common Stocks– (continued) | | | |
Health Care Equipment & Supplies– (continued) | | | |
| | Hoya Corp | | 58,300 | | | $7,254,760 | |
| | Intuitive Surgical Inc* | | 13,766 | | | 5,493,873 | |
| | Stryker Corp | | 39,605 | | | 14,173,441 | |
| | | 84,696,657 | |
Health Care Providers & Services – 1.6% | | | |
| | AmerisourceBergen Corp | | 52,252 | | | 12,696,714 | |
| | HCA Healthcare Inc | | 36,419 | | | 12,146,829 | |
| | Humana Inc | | 17,811 | | | 6,175,430 | |
| | UnitedHealth Group Inc | | 56,101 | | | 27,753,165 | |
| | | 58,772,138 | |
Hotels, Restaurants & Leisure – 2.7% | | | |
| | Booking Holdings Inc | | 10,109 | | | 36,674,239 | |
| | Entain PLC | | 1,187,653 | | | 11,950,565 | |
| | McDonald's Corp | | 179,493 | | | 50,608,051 | |
| | | 99,232,855 | |
Independent Power and Renewable Electricity Producers – 2.3% | | | |
| | RWE AG | | 194,132 | | | 6,588,057 | |
| | Vistra Energy Corp | | 1,122,530 | | | 78,184,215 | |
| | | 84,772,272 | |
Insurance – 3.2% | | | |
| | AIA Group Ltd | | 1,933,500 | | | 12,981,899 | |
| | Arthur J Gallagher & Co | | 99,680 | | | 24,923,987 | |
| | Beazley PLC | | 2,230,069 | | | 18,727,897 | |
| | Intact Financial Corp | | 53,181 | | | 8,639,949 | |
| | Progressive Corp/The | | 249,530 | | | 51,607,795 | |
| | | 116,881,527 | |
Interactive Media & Services – 6.1% | | | |
| | Alphabet Inc - Class C* | | 817,351 | | | 124,449,863 | |
| | Meta Platforms Inc - Class A | | 201,176 | | | 97,687,042 | |
| | | 222,136,905 | |
Life Sciences Tools & Services – 0.6% | | | |
| | Thermo Fisher Scientific Inc | | 38,010 | | | 22,091,792 | |
Machinery – 3.7% | | | |
| | Alstom SA# | | 272,043 | | | 4,146,496 | |
| | Atlas Copco AB - Class A | | 2,421,296 | | | 40,906,615 | |
| | Deere & Co | | 99,893 | | | 41,030,051 | |
| | Parker-Hannifin Corp | | 85,513 | | | 47,527,270 | |
| | | 133,610,432 | |
Metals & Mining – 2.1% | | | |
| | Freeport-McMoRan Inc | | 479,110 | | | 22,527,752 | |
| | Rio Tinto PLC | | 233,259 | | | 14,767,438 | |
| | Teck Resources Ltd | | 849,465 | | | 38,885,728 | |
| | | 76,180,918 | |
Multiline Retail – 2.9% | | | |
| | Amazon.com Inc* | | 595,354 | | | 107,389,955 | |
Oil, Gas & Consumable Fuels – 5.5% | | | |
| | Canadian Natural Resources Ltd | | 470,487 | | | 35,894,434 | |
| | Cheniere Energy Inc | | 67,515 | | | 10,888,819 | |
| | ConocoPhillips | | 241,098 | | | 30,686,953 | |
| | EOG Resources Inc | | 173,059 | | | 22,123,863 | |
| | Marathon Petroleum Corp | | 231,581 | | | 46,663,572 | |
| | Suncor Energy Inc | | 553,793 | | | 20,440,130 | |
| | TC Energy Corp# | | 513,381 | | | 20,635,308 | |
| | TotalEnergies SE | | 190,048 | | | 13,011,679 | |
| | | 200,344,758 | |
Personal Products – 1.7% | | | |
| | Unilever PLC | | 1,233,238 | | | 61,885,390 | |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
Janus Investment Fund | 7 |
Janus Henderson Global Research Fund
Schedule of Investments (unaudited)
March 31, 2024
| | | | | | | | |
Shares or
Principal Amounts | | | Value | |
Common Stocks– (continued) | | | |
Pharmaceuticals – 5.2% | | | |
| | AstraZeneca PLC | | 232,398 | | | $31,314,462 | |
| | Eli Lilly & Co | | 42,842 | | | 33,329,362 | |
| | Merck & Co Inc | | 262,533 | | | 34,641,229 | |
| | Novartis AG | | 229,967 | | | 22,282,596 | |
| | Novo Nordisk A/S - Class B | | 283,762 | | | 36,197,848 | |
| | Roche Holding AG | | 53,724 | | | 13,685,708 | |
| | Sanofi | | 178,703 | | | 17,534,114 | |
| | | 188,985,319 | |
Real Estate Management & Development – 0.8% | | | |
| | CoStar Group Inc* | | 308,885 | | | 29,838,291 | |
Road & Rail – 0.5% | | | |
| | Uber Technologies Inc* | | 236,770 | | | 18,228,922 | |
Semiconductor & Semiconductor Equipment – 10.5% | | | |
| | Advanced Micro Devices Inc* | | 165,584 | | | 29,886,256 | |
| | Applied Materials Inc | | 58,845 | | | 12,135,604 | |
| | ASML Holding NV | | 63,222 | | | 60,845,992 | |
| | Broadcom Inc | | 23,855 | | | 31,617,656 | |
| | Lam Research Corp | | 24,568 | | | 23,869,532 | |
| | Marvell Technology Inc | | 191,463 | | | 13,570,897 | |
| | NVIDIA Corp | | 175,146 | | | 158,254,920 | |
| | Taiwan Semiconductor Manufacturing Co Ltd | | 1,906,000 | | | 45,806,425 | |
| | Texas Instruments Inc | | 42,845 | | | 7,464,027 | |
| | | 383,451,309 | |
Software – 8.3% | | | |
| | Adobe Inc* | | 39,213 | | | 19,786,880 | |
| | Constellation Software Inc/Canada | | 5,441 | | | 14,863,925 | |
| | Microsoft Corp | | 484,935 | | | 204,021,853 | |
| | ServiceNow Inc* | | 10,132 | | | 7,724,637 | |
| | Synopsys Inc* | | 66,750 | | | 38,147,625 | |
| | Workday Inc - Class A* | | 63,439 | | | 17,302,987 | |
| | | 301,847,907 | |
Specialty Retail – 1.7% | | | |
| | O'Reilly Automotive Inc* | | 37,794 | | | 42,664,891 | |
| | TJX Cos Inc | | 176,192 | | | 17,869,393 | |
| | | 60,534,284 | |
Technology Hardware, Storage & Peripherals – 2.9% | | | |
| | Apple Inc | | 616,795 | | | 105,768,007 | |
Textiles, Apparel & Luxury Goods – 1.1% | | | |
| | LVMH Moet Hennessy Louis Vuitton SE | | 28,680 | | | 25,792,324 | |
| | Moncler SpA | | 166,824 | | | 12,449,176 | |
| | | 38,241,500 | |
Trading Companies & Distributors – 1.8% | | | |
| | Ferguson PLC | | 307,020 | | | 67,121,640 | |
Wireless Telecommunication Services – 1.0% | | | |
| | T-Mobile US Inc | | 216,568 | | | 35,348,229 | |
Total Common Stocks (cost $1,957,631,736) | | 3,575,025,540 | |
Preferred Stocks– 1.3% | | | |
Automobiles – 1.3% | | | |
| | Dr Ing hc F Porsche AG (144A)((cost $41,826,578) | | 486,318 | | | 48,409,373 | |
Private Placements– 0% | | | |
Health Care Providers & Services – 0% | | | |
| | API Holdings Private Ltd*,¢,§((cost $9,401,252) | | 12,941,830 | | | 751,083 | |
Warrants– 0% | | | |
Software – 0% | | | |
| | Constellation Software Inc/Canada, expires 3/31/40*,¢((cost $0) | | 5,441 | | | 0 | |
Investment Companies– 0.4% | | | |
Money Markets – 0.4% | | | |
| | Janus Henderson Cash Liquidity Fund LLC, 5.3830%ºº,£((cost $15,230,966) | | 15,227,921 | | | 15,230,966 | |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
8 | MARCH 31, 2024 |
Janus Henderson Global Research Fund
Schedule of Investments (unaudited)
March 31, 2024
| | | | | | | | |
Shares or
Principal Amounts | | | Value | |
Investments Purchased with Cash Collateral from Securities Lending– 0.5% | | | |
Investment Companies – 0.4% | | | |
| | Janus Henderson Cash Collateral Fund LLC, 5.2800%ºº,£ | | 14,277,751 | | | $14,277,751 | |
Time Deposits – 0.1% | | | |
| | Royal Bank of Canada, 5.3100%, 4/1/24 | | $3,569,438 | | | 3,569,438 | |
Total Investments Purchased with Cash Collateral from Securities Lending (cost $17,847,189) | | 17,847,189 | |
Total Investments (total cost $2,041,937,721) – 100.3% | | 3,657,264,151 | |
Liabilities, net of Cash, Receivables and Other Assets – (0.3)% | | (11,699,151) | |
Net Assets – 100% | | $3,645,565,000 | |
| | | | | | |
Summary of Investments by Country - (Long Positions) (unaudited) |
| |
| | | | | % of | |
| | | | | Investment | |
Country | | Value | | Securities | |
United States | | $2,699,524,207 | | 73.8 | % |
United Kingdom | | 173,451,366 | | 4.7 | |
France | | 146,378,044 | | 4.0 | |
Canada | | 139,359,474 | | 3.8 | |
Netherlands | | 122,731,382 | | 3.4 | |
Sweden | | 93,697,339 | | 2.6 | |
Germany | | 54,997,430 | | 1.5 | |
Italy | | 53,511,276 | | 1.5 | |
Taiwan | | 45,806,425 | | 1.2 | |
Denmark | | 44,743,639 | | 1.2 | |
Switzerland | | 35,968,304 | | 1.0 | |
India | | 17,664,850 | | 0.5 | |
Hong Kong | | 12,981,899 | | 0.4 | |
Belgium | | 9,193,756 | | 0.2 | |
Japan | | 7,254,760 | | 0.2 | |
| | | | | | |
| | | | | | |
Total | | $3,657,264,151 | | 100.0 | % |
Schedules of Affiliated Investments – (% of Net Assets)
| | | | | | | | | | | |
| | Dividend Income | Realized Gain/(Loss) | Change in Unrealized Appreciation/ Depreciation | Value at 3/31/24 |
Investment Companies - 0.4% |
Money Markets - 0.4% | |
| | Janus Henderson Cash Liquidity Fund LLC, 5.3830%ºº | $ | 225,697 | $ | (6) | $ | (206) | $ | 15,230,966 |
Investments Purchased with Cash Collateral from Securities Lending - 0.4% |
Investment Companies - 0.4% | |
| | Janus Henderson Cash Collateral Fund LLC, 5.2800%ºº | | 9,612∆ | | - | | - | | 14,277,751 |
Total Affiliated Investments - 0.8% | $ | 235,309 | $ | (6) | $ | (206) | $ | 29,508,717 |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
Janus Investment Fund | 9 |
Janus Henderson Global Research Fund
Schedule of Investments (unaudited)
March 31, 2024
| | | | | | | | | | | |
| | Value at 9/30/23 | Purchases | Sales Proceeds | Value at 3/31/24 |
Investment Companies - 0.4% |
Money Markets - 0.4% | |
| | Janus Henderson Cash Liquidity Fund LLC, 5.3830%ºº | | 2,122,650 | | 138,737,280 | | (125,628,752) | | 15,230,966 |
Investments Purchased with Cash Collateral from Securities Lending - 0.4% |
Investment Companies - 0.4% | |
| | Janus Henderson Cash Collateral Fund LLC, 5.2800%ºº | | 12,504,400 | | 115,161,033 | | (113,387,682) | | 14,277,751 |
| | | | | | | | | | | | |
Schedule of Total Return Swaps |
Counterparty/ Return Paid by the Fund | | Return Received by the Fund | | Payment Frequency | | Termination Date | | Notional Amount | | | Swap Contracts, at Value and Unrealized Appreciation/ (Depreciation) |
UBS AG, London Branch:
| | | | | | | | | | | | |
Euro short-term rate + 0.55% | | Ryanair Holdings PLC | | At Maturity | | 2/24/25 | | 15,207,404 | EUR | $ | 2,474,967 |
The following table, grouped by derivative type, provides information about the fair value and location of derivatives within the Statement of Assets and Liabilities as of March 31, 2024.
| | | | | | |
Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of March 31, 2024 |
| | | | | |
| | | | | Equity
Contracts |
Asset Derivatives: | | | |
Swaps - OTC, at value | | | $2,474,967 |
| | | |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
10 | MARCH 31, 2024 |
Janus Henderson Global Research Fund
Schedule of Investments (unaudited)
March 31, 2024
The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the period ended March 31, 2024.
| | | | | |
The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended March 31, 2024 |
| | | | |
| | | | |
| | | | |
Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives |
Derivative | | Equity
Contracts |
Swap contracts | | $2,474,967 |
| | | | |
Please see the "Net Realized Gain/(Loss) on investments" and "Change in Unrealized Net Appreciation/Depreciation" sections of the Fund’s Statement of Operations.
| | |
Average Ending Monthly Value of Derivative Instruments During the Period Ended March 31, 2024 |
| |
| |
Total return swaps: | |
Average notional amount | $6,517,459 |
| |
| |
| |
| |
| | | | | | | | | | |
Offsetting of Financial Assets and Derivative Assets |
| |
| | | Gross Amounts | | | | | | |
| | | of Recognized | | Offsetting Asset | | Collateral | | |
Counterparty | | Assets | | or Liability(a) | | Pledged(b) | | Net Amount |
| | | | | | | | | |
JPMorgan Chase Bank, National Association | $ | 17,263,760 | $ | — | $ | (17,263,760) | $ | — |
UBS AG, London Branch | | 2,474,967 | | — | | — | | 2,474,967 |
| | | | | | | | | |
Total | $ | 19,738,727 | $ | — | $ | (17,263,760) | $ | 2,474,967 |
(a) | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. |
(b) | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
Janus Investment Fund | 11 |
Janus Henderson Global Research Fund
Notes to Schedule of Investments and Other Information (unaudited)
| | |
MSCI All Country World IndexSM | MSCI All Country World IndexSM reflects the equity market performance of global developed and emerging markets. |
MSCI World IndexSM | MSCI World IndexSM reflects the equity market performance of global developed markets. |
| | |
ADR | American Depositary Receipt |
LLC | Limited Liability Company |
PLC | Public Limited Company |
| | |
144A | Securities sold under Rule 144A of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Unless otherwise noted, these securities have been determined to be liquid under guidelines established by the Board of Trustees. The total value of 144A securities as of the period ended March 31, 2024 is $48,409,373, which represents 1.3% of net assets. |
| | |
* | Non-income producing security. |
| | |
ºº | Rate shown is the 7-day yield as of March 31, 2024. |
| | |
# | Loaned security; a portion of the security is on loan at March 31, 2024. |
| | |
¢ | Security is valued using significant unobservable inputs. The total value of Level 3 securities as of the period ended March 31, 2024 is $751,083, which represents 0.0% 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 March 31, 2024) |
| | | | | | | | Value as a | |
| | Acquisition | | | | | | % of Net | |
| | Date | | Cost | | Value | | Assets | |
API Holdings Private Ltd | 9/27/21 | $ | 9,401,252 | $ | 751,083 | | 0.0 | % |
| | | | | | | | | |
| | | | | | | | | |
The Fund has registration rights for certain restricted securities held as of March 31, 2024. The issuer incurs all registration costs. | |
Janus Henderson Global Research Fund
Notes to Schedule of Investments and Other Information (unaudited)
| | | | | | | | | | | | | | |
The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of March 31, 2024. See Notes to Financial Statements for more information. |
| |
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 | $ | 152,787,471 | $ | 36,197,848 | $ | - |
All Other | | 3,386,040,221 | | - | | - |
Preferred Stocks | | 48,409,373 | | - | | - |
Private Placements | | - | | - | | 751,083 |
Warrants | | - | | - | | 0 |
Investment Companies | | - | | 15,230,966 | | - |
Investments Purchased with Cash Collateral from Securities Lending | | - | | 17,847,189 | | - |
Total Investments in Securities | $ | 3,587,237,065 | $ | 69,276,003 | $ | 751,083 |
Other Financial Instruments(a): | | | | | | |
OTC Swaps | | - | | 2,474,967 | | - |
Total Assets | $ | 3,587,237,065 | $ | 71,750,970 | $ | 751,083 |
| | | | | | | |
(a) | Other financial instruments may include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Written options and written swaptions are reported at their market value at measurement date. |
Janus Henderson Global Research Fund
Statement of Assets and Liabilities (unaudited)
March 31, 2024
| |
See footnotes at the end of the Statement. |
| | | | | | | |
| | | | | | |
Assets: | | | | |
| Unaffiliated investments, at value (cost $2,012,429,004)(1) | | $ | 3,627,755,434 | |
| Affiliated investments, at value (cost $29,508,717) | | | 29,508,717 | |
| Cash | | | 566,885 | |
| Cash denominated in foreign currency (cost $40,398) | | | 40,398 | |
| OTC swap contracts, at value (net premium received $0) | | | 2,474,967 | |
| Trustees' deferred compensation | | | 100,909 | |
| Receivables: | | | | |
| | Dividends | | | 4,461,136 | |
| | Foreign tax reclaims | | | 1,965,120 | |
| | Fund shares sold | | | 651,763 | |
| | Dividends from affiliates | | | 94,335 | |
| Other assets | | | 19,001 | |
Total Assets | | | 3,667,638,665 | |
Liabilities: | | | | |
| Collateral for securities loaned (Note 3) | | | 17,847,189 | |
| Payables: | | | — | |
| | Advisory fees | | | 1,826,089 | |
| | Fund shares repurchased | | | 1,419,276 | |
| | Transfer agent fees and expenses | | | 554,852 | |
| | Trustees' deferred compensation fees | | | 100,909 | |
| | Professional fees | | | 44,357 | |
| | Custodian fees | | | 24,377 | |
| | Trustees' fees and expenses | | | 16,606 | |
| | 12b-1 Distribution and shareholder servicing fees | | | 14,795 | |
| | Affiliated fund administration fees payable | | | 7,609 | |
| | Accrued expenses and other payables | | | 217,606 | |
Total Liabilities | | | 22,073,665 | |
Commitments and contingent liabilities (Note 4) | | | | |
Net Assets | | $ | 3,645,565,000 | |
| | |
See Notes to Financial Statements. |
| |
14 | MARCH 31, 2024 |
Janus Henderson Global Research Fund
Statement of Assets and Liabilities (unaudited)
March 31, 2024
| | | | | | | |
| | | | | | |
| | | | | | |
Net Assets Consist of: | | | | |
| Capital (par value and paid-in surplus) | | $ | 1,982,737,248 | |
| Total distributable earnings (loss) | | | 1,662,827,752 | |
Total Net Assets | | $ | 3,645,565,000 | |
Net Assets - Class A Shares | | $ | 23,597,620 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 215,994 | |
Net Asset Value Per Share(2) | | $ | 109.25 | |
Maximum Offering Price Per Share(3) | | $ | 115.92 | |
Net Assets - Class C Shares | | $ | 2,684,671 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 25,682 | |
Net Asset Value Per Share(2) | | $ | 104.54 | |
Net Assets - Class D Shares | | $ | 2,073,369,305 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 19,276,006 | |
Net Asset Value Per Share | | $ | 107.56 | |
Net Assets - Class I Shares | | $ | 156,593,017 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 1,426,498 | |
Net Asset Value Per Share | | $ | 109.77 | |
Net Assets - Class N Shares | | $ | 46,017,267 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 428,760 | |
Net Asset Value Per Share | | $ | 107.33 | |
Net Assets - Class R Shares | | $ | 7,925,899 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 73,750 | |
Net Asset Value Per Share | | $ | 107.47 | |
Net Assets - Class S Shares | | $ | 20,438,787 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 186,498 | |
Net Asset Value Per Share | | $ | 109.59 | |
Net Assets - Class T Shares | | $ | 1,314,938,434 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 12,244,657 | |
Net Asset Value Per Share | | $ | 107.39 | |
| |
(1) Includes $17,263,760 of securities on loan. See Note 3 in Notes to Financial Statements. (2) Redemption price per share may be reduced for any applicable contingent deferred sales charge. (3) Maximum offering price is computed at 100/94.25 of net asset value. |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 15 |
Janus Henderson Global Research Fund
Statement of Operations (unaudited)
For the period ended March 31, 2024
| | | | | | |
| | | | | |
Investment Income: | | | |
| Dividends | $ | 23,736,093 | |
| Dividends from affiliates | | 225,697 | |
| Affiliated securities lending income, net | | 9,612 | |
| Unaffiliated securities lending income, net | | 1,861 | |
| Other income | | 9,742 | |
| Foreign tax withheld | | (552,674) | |
Total Investment Income | | 23,430,331 | |
Expenses: | | | |
| Advisory fees | | 8,590,527 | |
| 12b-1 Distribution and shareholder servicing fees: | | | |
| | Class A Shares | | 26,290 | |
| | Class C Shares | | 12,384 | |
| | Class R Shares | | 18,253 | |
| | Class S Shares | | 22,587 | |
| Transfer agent administrative fees and expenses: | | | |
| | Class D Shares | | 1,051,053 | |
| | Class R Shares | | 9,126 | |
| | Class S Shares | | 22,587 | |
| | Class T Shares | | 1,460,782 | |
| Transfer agent networking and omnibus fees: | | | |
| | Class A Shares | | 8,982 | |
| | Class C Shares | | 1,091 | |
| | Class I Shares | | 46,011 | |
| Other transfer agent fees and expenses: | | | |
| | Class A Shares | | 565 | |
| | Class C Shares | | 62 | |
| | Class D Shares | | 127,091 | |
| | Class I Shares | | 3,119 | |
| | Class N Shares | | 795 | |
| | Class R Shares | | 52 | |
| | Class S Shares | | 154 | |
| | Class T Shares | | 5,681 | |
| Shareholder reports expense | | 114,571 | |
| Registration fees | | 93,312 | |
| Custodian fees | | 75,786 | |
| Professional fees | | 58,574 | |
| Affiliated fund administration fees | | 40,414 | |
| Trustees’ fees and expenses | | 34,123 | |
| Other expenses | | 131,724 | |
Total Expenses | | 11,955,696 | |
Less: Excess Expense Reimbursement and Waivers | | (73,913) | |
Net Expenses | | 11,881,783 | |
Net Investment Income/(Loss) | | 11,548,548 | |
| | | | | |
| | |
See Notes to Financial Statements. |
| |
16 | MARCH 31, 2024 |
Janus Henderson Global Research Fund
Statement of Operations (unaudited)
For the period ended March 31, 2024
| | | | | | |
| | | | | |
Net Realized Gain/(Loss) on Investments: | | | |
| Investments and foreign currency transactions | $ | 35,995,638 | |
| Investments in affiliates | | (6) | |
Total Net Realized Gain/(Loss) on Investments | | 35,995,632 | |
Change in Unrealized Net Appreciation/Depreciation: | | | |
| Investments, foreign currency translations and Trustees’ deferred compensation (net of decrease in deferred foreign taxes of $2,934) | | 728,463,649 | |
| Investments in affiliates | | (206) | |
| Swap contracts | | 2,474,967 | |
Total Change in Unrealized Net Appreciation/Depreciation | | 730,938,410 | |
Net Increase/(Decrease) in Net Assets Resulting from Operations | $ | 778,482,590 | |
| | | | | |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 17 |
Janus Henderson Global Research Fund
Statements of Changes in Net Assets
| | | | | | | | | |
| | | | | | | | |
| | | Period ended
March 31, 2024 (unaudited) | | Year ended
September 30, 2023 | |
| | | | | | | | |
Operations: | | | | | | |
| Net investment income/(loss) | $ | 11,548,548 | | $ | 26,407,824 | |
| Net realized gain/(loss) on investments | | 35,995,632 | | | 126,716,743 | |
| Change in unrealized net appreciation/depreciation | | 730,938,410 | | | 468,916,794 | |
Net Increase/(Decrease) in Net Assets Resulting from Operations | | 778,482,590 | | | 622,041,361 | |
Dividends and Distributions to Shareholders: | | | | | | |
| | Class A Shares | | (950,148) | | | (728,299) | |
| | Class C Shares | | (105,628) | | | (112,458) | |
| | Class D Shares | | (87,322,040) | | | (67,926,045) | |
| | Class I Shares | | (6,336,902) | | | (4,815,704) | |
| | Class N Shares | | (1,998,967) | | | (1,543,781) | |
| | Class R Shares | | (297,359) | | | (332,948) | |
| | Class S Shares | | (782,629) | | | (583,254) | |
| | Class T Shares | | (54,760,140) | | | (42,103,204) | |
Net Decrease from Dividends and Distributions to Shareholders | | (152,553,813) | | | (118,145,693) | |
Capital Share Transactions: | | | | | | |
| | Class A Shares | | 437,001 | | | (1,356,516) | |
| | Class C Shares | | (255,944) | | | (1,101,199) | |
| | Class D Shares | | 31,407,453 | | | (24,905,852) | |
| | Class I Shares | | 10,679,817 | | | (739,299) | |
| | Class N Shares | | 1,845,005 | | | (508,222) | |
| | Class R Shares | | (497,303) | | | (2,628,478) | |
| | Class S Shares | | 141,825 | | | (90,079) | |
| | Class T Shares | | 16,388,149 | | | (27,710,401) | |
Net Increase/(Decrease) from Capital Share Transactions | | 60,146,003 | | | (59,040,046) | |
Net Increase/(Decrease) in Net Assets | | 686,074,780 | | | 444,855,622 | |
Net Assets: | | | | | | |
| Beginning of period | | 2,959,490,220 | | | 2,514,634,598 | |
| End of period | $ | 3,645,565,000 | | $ | 2,959,490,220 | |
| | | | | | | | |
| | |
See Notes to Financial Statements. |
| |
18 | MARCH 31, 2024 |
Janus Henderson Global Research Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class A Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $90.46 | | | $75.40 | | | $110.18 | | | $89.60 | | | $81.67 | | | $85.80 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | 0.26 | | | 0.62 | | | 0.41 | | | 0.23 | | | 0.31 | | | 0.65 | |
| | Net realized and unrealized gain/(loss) | | 22.99 | | | 17.74 | | | (23.60) | | | 23.77 | | | 11.47 | | | (0.20) | |
| Total from Investment Operations | | 23.25 | | | 18.36 | | | (23.19) | | | 24.00 | | | 11.78 | | | 0.45 | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | (0.62) | | | (0.52) | | | (0.16) | | | (0.16) | | | (0.61) | | | (0.46) | |
| | Distributions (from capital gains) | | (3.84) | | | (2.78) | | | (11.43) | | | (3.26) | | | (3.24) | | | (4.12) | |
| Total Dividends and Distributions | | (4.46) | | | (3.30) | | | (11.59) | | | (3.42) | | | (3.85) | | | (4.58) | |
| Net Asset Value, End of Period | | $109.25 | | | $90.46 | | | $75.40 | | | $110.18 | | | $89.60 | | | $81.67 | |
| Total Return* | | 26.61% | | | 24.94% | | | (23.60)% | | | 27.28% | | | 14.71% | | | 1.43% | |
| Net Assets, End of Period (in thousands) | | $23,598 | | | $19,068 | | | $17,175 | | | $24,310 | | | $23,470 | | | $18,247 | |
| Average Net Assets for the Period (in thousands) | | $21,121 | | | $18,696 | | | $21,901 | | | $24,438 | | | $19,926 | | | $17,274 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 0.91% | | | 0.92% | | | 1.03% | | | 1.17% | | | 1.21% | | | 1.32% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 0.91% | | | 0.92% | | | 1.03% | | | 1.17% | | | 1.20% | | | 1.16% | |
| | Ratio of Net Investment Income/(Loss) | | 0.53% | | | 0.71% | | | 0.43% | | | 0.23% | | | 0.37% | | | 0.83% | |
| Portfolio Turnover Rate | | 12% | | | 24% | | | 33% | | | 25% | | | 34% | | | 35% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 19 |
Janus Henderson Global Research Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class C Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $86.48 | | | $72.28 | | | $106.56 | | | $87.19 | | | $79.50 | | | $83.65 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | (0.14) | | | (0.02) | | | (0.21) | | | (0.45) | | | (0.22) | | | 0.13 | |
| | Net realized and unrealized gain/(loss) | | 22.04 | | | 17.00 | | | (22.64) | | | 23.08 | | | 11.15 | | | (0.16) | |
| Total from Investment Operations | | 21.90 | | | 16.98 | | | (22.85) | | | 22.63 | | | 10.93 | | | (0.03) | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | — | | | — | | | — | | | — | | | — | | | — | |
| | Distributions (from capital gains) | | (3.84) | | | (2.78) | | | (11.43) | | | (3.26) | | | (3.24) | | | (4.12) | |
| Total Dividends and Distributions | | (3.84) | | | (2.78) | | | (11.43) | | | (3.26) | | | (3.24) | | | (4.12) | |
| Net Asset Value, End of Period | | $104.54 | | | $86.48 | | | $72.28 | | | $106.56 | | | $87.19 | | | $79.50 | |
| Total Return* | | 26.13% | | | 23.99% | | | (24.09)% | | | 26.42% | | | 13.98% | | | 0.78% | |
| Net Assets, End of Period (in thousands) | | $2,685 | | | $2,437 | | | $2,971 | | | $4,491 | | | $5,005 | | | $5,564 | |
| Average Net Assets for the Period (in thousands) | | $2,615 | | | $2,982 | | | $4,022 | | | $4,880 | | | $5,323 | | | $6,303 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 1.71% | | | 1.68% | | | 1.68% | | | 1.85% | | | 1.84% | | | 1.80% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 1.71% | | | 1.68% | | | 1.68% | | | 1.85% | | | 1.84% | | | 1.80% | |
| | Ratio of Net Investment Income/(Loss) | | (0.30)% | | | (0.02)% | | | (0.23)% | | | (0.45)% | | | (0.27)% | | | 0.17% | |
| Portfolio Turnover Rate | | 12% | | | 24% | | | 33% | | | 25% | | | 34% | | | 35% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
20 | MARCH 31, 2024 |
Janus Henderson Global Research Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class D Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $89.22 | | | $74.51 | | | $109.10 | | | $88.69 | | | $80.85 | | | $84.93 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | 0.36 | | | 0.81 | | | 0.68 | | | 0.56 | | | 0.55 | | | 0.88 | |
| | Net realized and unrealized gain/(loss) | | 22.65 | | | 17.49 | | | (23.29) | | | 23.50 | | | 11.36 | | | (0.21) | |
| Total from Investment Operations | | 23.01 | | | 18.30 | | | (22.61) | | | 24.06 | | | 11.91 | | | 0.67 | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | (0.83) | | | (0.81) | | | (0.55) | | | (0.39) | | | (0.83) | | | (0.63) | |
| | Distributions (from capital gains) | | (3.84) | | | (2.78) | | | (11.43) | | | (3.26) | | | (3.24) | | | (4.12) | |
| Total Dividends and Distributions | | (4.67) | | | (3.59) | | | (11.98) | | | (3.65) | | | (4.07) | | | (4.75) | |
| Net Asset Value, End of Period | | $107.56 | | | $89.22 | | | $74.51 | | | $109.10 | | | $88.69 | | | $80.85 | |
| Total Return* | | 26.75% | | | 25.23% | | | (23.37)% | | | 27.68% | | | 15.06% | | | 1.76% | |
| Net Assets, End of Period (in thousands) | | $2,073,369 | | | $1,685,915 | | | $1,424,181 | | | $1,959,177 | | | $1,607,701 | | | $1,493,928 | |
| Average Net Assets for the Period (in thousands) | | $1,849,236 | | | $1,655,619 | | | $1,797,317 | | | $1,873,058 | | | $1,511,011 | | | $1,463,525 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 0.69% | | | 0.69% | | | 0.75% | | | 0.86% | | | 0.89% | | | 0.83% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 0.69% | | | 0.69% | | | 0.75% | | | 0.86% | | | 0.89% | | | 0.83% | |
| | Ratio of Net Investment Income/(Loss) | | 0.75% | | | 0.94% | | | 0.72% | | | 0.54% | | | 0.68% | | | 1.13% | |
| Portfolio Turnover Rate | | 12% | | | 24% | | | 33% | | | 25% | | | 34% | | | 35% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 21 |
Janus Henderson Global Research Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class I Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $90.99 | | | $75.93 | | | $110.96 | | | $90.13 | | | $82.10 | | | $86.16 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | 0.40 | | | 0.89 | | | 0.75 | | | 0.64 | | | 0.63 | | | 0.95 | |
| | Net realized and unrealized gain/(loss) | | 23.11 | | | 17.83 | | | (23.73) | | | 23.90 | | | 11.54 | | | (0.20) | |
| Total from Investment Operations | | 23.51 | | | 18.72 | | | (22.98) | | | 24.54 | | | 12.17 | | | 0.75 | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | (0.89) | | | (0.88) | | | (0.62) | | | (0.45) | | | (0.90) | | | (0.69) | |
| | Distributions (from capital gains) | | (3.84) | | | (2.78) | | | (11.43) | | | (3.26) | | | (3.24) | | | (4.12) | |
| Total Dividends and Distributions | | (4.73) | | | (3.66) | | | (12.05) | | | (3.71) | | | (4.14) | | | (4.81) | |
| Net Asset Value, End of Period | | $109.77 | | | $90.99 | | | $75.93 | | | $110.96 | | | $90.13 | | | $82.10 | |
| Total Return* | | 26.80% | | | 25.31% | | | (23.33)% | | | 27.78% | | | 15.15% | | | 1.85% | |
| Net Assets, End of Period (in thousands) | | $156,593 | | | $119,712 | | | $100,359 | | | $145,610 | | | $135,394 | | | $139,584 | |
| Average Net Assets for the Period (in thousands) | | $135,101 | | | $116,713 | | | $128,292 | | | $145,201 | | | $132,597 | | | $146,672 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 0.63% | | | 0.62% | | | 0.68% | | | 0.79% | | | 0.81% | | | 0.74% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 0.63% | | | 0.62% | | | 0.68% | | | 0.79% | | | 0.81% | | | 0.74% | |
| | Ratio of Net Investment Income/(Loss) | | 0.82% | | | 1.01% | | | 0.78% | | | 0.61% | | | 0.76% | | | 1.21% | |
| Portfolio Turnover Rate | | 12% | | | 24% | | | 33% | | | 25% | | | 34% | | | 35% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
22 | MARCH 31, 2024 |
Janus Henderson Global Research Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class N Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $89.09 | | | $74.42 | | | $109.00 | | | $88.60 | | | $80.77 | | | $84.85 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | 0.42 | | | 0.93 | | | 0.80 | | | 0.69 | | | 0.66 | | | 1.02 | |
| | Net realized and unrealized gain/(loss) | | 22.60 | | | 17.46 | | | (23.27) | | | 23.48 | | | 11.36 | | | (0.25) | |
| Total from Investment Operations | | 23.02 | | | 18.39 | | | (22.47) | | | 24.17 | | | 12.02 | | | 0.77 | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | (0.94) | | | (0.94) | | | (0.68) | | | (0.51) | | | (0.95) | | | (0.73) | |
| | Distributions (from capital gains) | | (3.84) | | | (2.78) | | | (11.43) | | | (3.26) | | | (3.24) | | | (4.12) | |
| Total Dividends and Distributions | | (4.78) | | | (3.72) | | | (12.11) | | | (3.77) | | | (4.19) | | | (4.85) | |
| Net Asset Value, End of Period | | $107.33 | | | $89.09 | | | $74.42 | | | $109.00 | | | $88.60 | | | $80.77 | |
| Total Return* | | 26.84% | | | 25.40% | | | (23.28)% | | | 27.85% | | | 15.23% | | | 1.91% | |
| Net Assets, End of Period (in thousands) | | $46,017 | | | $36,233 | | | $30,831 | | | $43,521 | | | $40,607 | | | $31,393 | |
| Average Net Assets for the Period (in thousands) | | $41,208 | | | $34,675 | | | $37,593 | | | $44,557 | | | $30,617 | | | $37,778 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 0.57% | | | 0.56% | | | 0.62% | | | 0.73% | | | 0.76% | | | 0.68% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 0.57% | | | 0.56% | | | 0.62% | | | 0.73% | | | 0.76% | | | 0.68% | |
| | Ratio of Net Investment Income/(Loss) | | 0.87% | | | 1.08% | | | 0.85% | | | 0.67% | | | 0.81% | | | 1.32% | |
| Portfolio Turnover Rate | | 12% | | | 24% | | | 33% | | | 25% | | | 34% | | | 35% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 23 |
Janus Henderson Global Research Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class R Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $88.77 | | | $74.11 | | | $108.69 | | | $88.57 | | | $80.78 | | | $84.95 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | 0.04 | | | 0.25 | | | 0.08 | | | (0.10) | | | 0.02 | | | 0.39 | |
| | Net realized and unrealized gain/(loss) | | 22.63 | | | 17.45 | | | (23.23) | | | 23.48 | | | 11.34 | | | (0.18) | |
| Total from Investment Operations | | 22.67 | | | 17.70 | | | (23.15) | | | 23.38 | | | 11.36 | | | 0.21 | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | (0.13) | | | (0.26) | | | — | | | — | | | (0.33) | | | (0.26) | |
| | Distributions (from capital gains) | | (3.84) | | | (2.78) | | | (11.43) | | | (3.26) | | | (3.24) | | | (4.12) | |
| Total Dividends and Distributions | | (3.97) | | | (3.04) | | | (11.43) | | | (3.26) | | | (3.57) | | | (4.38) | |
| Net Asset Value, End of Period | | $107.47 | | | $88.77 | | | $74.11 | | | $108.69 | | | $88.57 | | | $80.78 | |
| Total Return* | | 26.35% | | | 24.43% | | | (23.87)% | | | 26.87% | | | 14.33% | | | 1.11% | |
| Net Assets, End of Period (in thousands) | | $7,926 | | | $6,985 | | | $8,123 | | | $9,736 | | | $7,802 | | | $6,574 | |
| Average Net Assets for the Period (in thousands) | | $7,339 | | | $7,895 | | | $9,507 | | | $8,777 | | | $6,410 | | | $6,232 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 1.34% | | | 1.34% | | | 1.39% | | | 1.50% | | | 1.54% | | | 1.47% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 1.34% | | | 1.33% | | | 1.39% | | | 1.50% | | | 1.54% | | | 1.47% | |
| | Ratio of Net Investment Income/(Loss) | | 0.09% | | | 0.29% | | | 0.09% | | | (0.10)% | | | 0.03% | | | 0.50% | |
| Portfolio Turnover Rate | | 12% | | | 24% | | | 33% | | | 25% | | | 34% | | | 35% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
24 | MARCH 31, 2024 |
Janus Henderson Global Research Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class S Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $90.67 | | | $75.58 | | | $110.34 | | | $89.62 | | | $81.85 | | | $85.96 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | 0.18 | | | 0.50 | | | 0.32 | | | 0.28 | | | 0.27 | | | 0.61 | |
| | Net realized and unrealized gain/(loss) | | 23.07 | | | 17.78 | | | (23.65) | | | 23.70 | | | 11.48 | | | (0.18) | |
| Total from Investment Operations | | 23.25 | | | 18.28 | | | (23.33) | | | 23.98 | | | 11.75 | | | 0.43 | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | (0.49) | | | (0.41) | | | — | | | — | | | (0.74) | | | (0.42) | |
| | Distributions (from capital gains) | | (3.84) | | | (2.78) | | | (11.43) | | | (3.26) | | | (3.24) | | | (4.12) | |
| Total Dividends and Distributions | | (4.33) | | | (3.19) | | | (11.43) | | | (3.26) | | | (3.98) | | | (4.54) | |
| Net Asset Value, End of Period | | $109.59 | | | $90.67 | | | $75.58 | | | $110.34 | | | $89.62 | | | $81.85 | |
| Total Return* | | 26.52% | | | 24.76% | | | (23.66)% | | | 27.23% | | | 14.66% | | | 1.40% | |
| Net Assets, End of Period (in thousands) | | $20,439 | | | $16,766 | | | $14,034 | | | $24,088 | | | $131,161 | | | $109,878 | |
| Average Net Assets for the Period (in thousands) | | $18,162 | | | $16,279 | | | $18,904 | | | $25,744 | | | $128,108 | | | $64,355 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 1.07% | | | 1.07% | | | 1.13% | | | 1.21% | | | 1.24% | | | 1.18% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 1.07% | | | 1.06% | | | 1.12% | | | 1.21% | | | 1.24% | | | 1.18% | |
| | Ratio of Net Investment Income/(Loss) | | 0.37% | | | 0.57% | | | 0.33% | | | 0.27% | | | 0.33% | | | 0.77% | |
| Portfolio Turnover Rate | | 12% | | | 24% | | | 33% | | | 25% | | | 34% | | | 35% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 25 |
Janus Henderson Global Research Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class T Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $89.04 | | | $74.35 | | | $108.88 | | | $88.54 | | | $80.73 | | | $84.82 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | 0.31 | | | 0.73 | | | 0.58 | | | 0.45 | | | 0.48 | | | 0.82 | |
| | Net realized and unrealized gain/(loss) | | 22.62 | | | 17.46 | | | (23.25) | | | 23.47 | | | 11.34 | | | (0.21) | |
| Total from Investment Operations | | 22.93 | | | 18.19 | | | (22.67) | | | 23.92 | | | 11.82 | | | 0.61 | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | (0.74) | | | (0.72) | | | (0.43) | | | (0.32) | | | (0.77) | | | (0.58) | |
| | Distributions (from capital gains) | | (3.84) | | | (2.78) | | | (11.43) | | | (3.26) | | | (3.24) | | | (4.12) | |
| Total Dividends and Distributions | | (4.58) | | | (3.50) | | | (11.86) | | | (3.58) | | | (4.01) | | | (4.70) | |
| Net Asset Value, End of Period | | $107.39 | | | $89.04 | | | $74.35 | | | $108.88 | | | $88.54 | | | $80.73 | |
| Total Return* | | 26.70% | | | 25.10% | | | (23.45)% | | | 27.55% | | | 14.96% | | | 1.67% | |
| Net Assets, End of Period (in thousands) | | $1,314,938 | | | $1,072,375 | | | $916,960 | | | $1,307,732 | | | $1,057,492 | | | $1,014,552 | |
| Average Net Assets for the Period (in thousands) | | $1,174,508 | | | $1,055,703 | | | $1,173,459 | | | $1,262,884 | | | $1,009,337 | | | $988,429 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 0.81% | | | 0.80% | | | 0.86% | | | 0.97% | | | 0.99% | | | 0.93% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 0.79% | | | 0.79% | | | 0.84% | | | 0.96% | | | 0.99% | | | 0.92% | |
| | Ratio of Net Investment Income/(Loss) | | 0.65% | | | 0.85% | | | 0.62% | | | 0.44% | | | 0.59% | | | 1.05% | |
| Portfolio Turnover Rate | | 12% | | | 24% | | | 33% | | | 25% | | | 34% | | | 35% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
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See Notes to Financial Statements. |
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26 | MARCH 31, 2024 |
Janus Henderson Global Research Fund
Notes to Financial Statements (unaudited)
1. Organization and Significant Accounting Policies
Janus Henderson Global Research Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 37 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term growth of capital. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the “Adviser”) to the Fund.
The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.
Shareholders, including individuals, accounts, as well as the Fund’s portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund’s Shares and can be considered to “control” the Fund when that ownership exceeds 25% of the Fund’s assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).
Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.
Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.
Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.
The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.
Effective July 6, 2020, Class D Shares are available to new investors, subject to any closed fund policies for a Fund, as applicable. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.
Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. Class I Shares are also available to certain direct institutional investors including, but not limited to, corporations, certain retirement plans, public plans, and foundations/endowments, who established Class I Share accounts before August 4, 2017.
Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the “Distributor”) including, but not limited to,
Janus Henderson Global Research Fund
Notes to Financial Statements (unaudited)
corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.
Class R Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms.
Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.
Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.
The following accounting policies have been followed by the Fund and are in conformity with US GAAP.
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 Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-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 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 value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that operate as money market funds held by the Fund, if any, will be calculated using the NAV of such 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.
Janus Henderson Global Research Fund
Notes to Financial Statements (unaudited)
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.
There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal period.
The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of March 31, 2024 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 and Other Information.
The following describes the amounts of transfers into or out of Level 3 of the fair value hierarchy during the period.
Financial assets of $0 were transferred out of Level 2 to Level 3 since certain security’s prices were determined using significant unobservable inputs at the end of the current period and other significant observable inputs at the end of the prior fiscal year.
The Fund did not hold a significant amount of Level 3 securities as of March 31, 2024.
Investment Transactions and Investment Income
Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on an accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.
Expenses
The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.
Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities
Janus Henderson Global Research Fund
Notes to Financial Statements (unaudited)
at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Indemnifications
In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.
Foreign Currency Translations
The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.
Currency gains and losses are also calculated on payables and receivables that are denominated in foreign currencies. The payables and receivables are generally related to foreign security transactions and income translations.
Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.
Dividends and Distributions
The Fund generally declares and distributes dividends of net investment income and realized capital gains (if any) annually. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as “equalization,” has no effect on the redeeming shareholder or a Fund’s total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.
The Fund may make certain investments in real estate investment trusts (“REITs”) which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs’ taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal income tax purposes.
Federal Income Taxes
The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund’s tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund’s financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
2.Derivative Instruments
The Fund may invest in various types of derivatives, which may at times result in significant derivative exposure. A derivative is a financial instrument whose performance is derived from the performance of another asset. The Fund may invest in derivative instruments including, but not limited to: futures contracts, put options, call options, options on futures contracts, options on foreign currencies, options on recovery locks, options on security and commodity indices, swaps, forward contracts, structured investments, and other equity-linked derivatives. Each derivative instrument that was held by the Fund during the period ended March 31, 2024 is discussed in further detail below. A summary of derivative activity by the Fund is reflected in the tables at the end of the Schedule of Investments.
The Fund may use derivative instruments for hedging purposes (to offset risks associated with an investment, currency exposure, or market conditions), to adjust currency exposure relative to a benchmark index, or for speculative purposes
Janus Henderson Global Research Fund
Notes to Financial Statements (unaudited)
(to earn income and seek to enhance returns). When the Fund invests in a derivative for speculative purposes, the Fund will be fully exposed to the risks of loss of that derivative, which may sometimes be greater than the derivative’s cost. The Fund may not use any derivative to gain exposure to an asset or class of assets that it would be prohibited by its investment restrictions from purchasing directly. The Fund’s ability to use derivative instruments may also be limited by tax considerations.
Investments in derivatives in general are subject to market risks that may cause their prices to fluctuate over time. Investments in derivatives may not directly correlate with the price movements of the underlying instrument. As a result, the use of derivatives may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. The use of derivatives may result in larger losses or smaller gains than otherwise would be the case. Derivatives can be volatile and may involve significant risks.
In pursuit of its investment objective, the Fund may seek to use derivatives to increase or decrease exposure to the following market risk factors:
· Commodity Risk – the risk related to the change in value of commodities or commodity-linked investments due to changes in the overall market movements, volatility of the underlying benchmark, changes in interest rates, or other factors affecting a particular industry or commodity such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political, and regulatory developments.
· Counterparty Risk – the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its financial obligation to the Fund.
· Credit Risk – the risk an issuer will be unable to make principal and interest payments when due, or will default on its obligations.
· Currency Risk – the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment.
· Equity Risk – the risk related to the change in value of equity securities as they relate to increases or decreases in the general market.
· Index Risk – if the derivative is linked to the performance of an index, it will be subject to the risks associated with changes in that index. If the index changes, the Fund could receive lower interest payments or experience a reduction in the value of the derivative to below what the Fund paid. Certain indexed securities, including inverse securities (which move in an opposite direction to the index), may create leverage, to the extent that they increase or decrease in value at a rate that is a multiple of the changes in the applicable index.
· Interest Rate Risk – the risk that the value of fixed-income securities will generally decline as prevailing interest rates rise, which may cause the Fund’s NAV to likewise decrease.
· Leverage Risk – the risk associated with certain types of leveraged investments or trading strategies pursuant to which relatively small market movements may result in large changes in the value of an investment. The Fund creates leverage by investing in instruments, including derivatives, where the investment loss can exceed the original amount invested. Certain investments or trading strategies, such as short sales, that involve leverage can result in losses that greatly exceed the amount originally invested.
· Liquidity Risk – the risk that certain securities may be difficult or impossible to sell at the time that the seller would like or at the price that the seller believes the security is currently worth.
Derivatives may generally be traded OTC or on an exchange. Derivatives traded OTC are agreements that are individually negotiated between parties and can be tailored to meet a purchaser’s needs. OTC derivatives are not guaranteed by a clearing agency and may be subject to increased credit risk.
In an effort to mitigate credit risk associated with derivatives traded OTC, the Fund may enter into collateral agreements with certain counterparties whereby, subject to certain minimum exposure requirements, the Fund may require the counterparty to post collateral if the Fund has a net aggregate unrealized gain on all OTC derivative contracts with a particular counterparty. Additionally, the Fund may deposit cash and/or treasuries as collateral with the counterparty and/or custodian daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized loss on OTC derivative contracts with a particular counterparty. All liquid securities and restricted cash are considered to
Janus Henderson Global Research Fund
Notes to Financial Statements (unaudited)
cover in an amount at all times equal to or greater than the Fund’s commitment with respect to certain exchange-traded derivatives, centrally cleared derivatives, forward foreign currency exchange contracts, short sales, and/or securities with extended settlement dates. There is no guarantee that counterparty exposure is reduced and these arrangements are dependent on the Adviser’s ability to establish and maintain appropriate systems and trading.
Swaps
Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a day to more than one year to exchange one set of cash flows for another. The most significant factor in the performance of swap agreements is the change in value of the specific index, security, or currency, or other factors that determine the amounts of payments due to and from the Fund. The use of swaps is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Swap transactions may in some instances involve the delivery of securities or other underlying assets by the Fund or its counterparty to collateralize obligations under the swap. If the other party to a swap that is not collateralized defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. Swap agreements entail the risk that a party will default on its payment obligations to the Fund. If the other party to a swap defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. If the Fund utilizes a swap at the wrong time or judges market conditions incorrectly, the swap may result in a loss to the Fund and reduce the Fund’s total return.
Swap agreements also bear the risk that the Fund will not be able to meet its obligation to the counterparty. Swap agreements are typically privately negotiated and entered into in the OTC market. However, certain swap agreements are required to be cleared through a clearinghouse and traded on an exchange or swap execution facility. Swaps that are required to be cleared are required to post initial and variation margins in accordance with the exchange requirements. Regulations enacted require the Fund to centrally clear certain interest rate and credit default index swaps through a clearinghouse or central counterparty (“CCP”). To clear a swap with a CCP, the Fund will submit the swap to, and post collateral with, a futures clearing merchant (“FCM”) that is a clearinghouse member. Alternatively, the Fund may enter into a swap with a financial institution other than the FCM (the “Executing Dealer”) and arrange for the swap to be transferred to the FCM for clearing. The Fund may also enter into a swap with the FCM itself. The CCP, the FCM, and the Executing Dealer are all subject to regulatory oversight by the U.S. Commodity Futures Trading Commission (“CFTC”). A default or failure by a CCP or an FCM, or the failure of a swap to be transferred from an Executing Dealer to the FCM for clearing, may expose the Fund to losses, increase its costs, or prevent the Fund from entering or exiting swap positions, accessing collateral, or fully implementing its investment strategies. The regulatory requirement to clear certain swaps could, either temporarily or permanently, reduce the liquidity of cleared swaps or increase the costs of entering into those swaps.
Index swaps, interest rate swaps, inflation swaps and credit default swaps are valued using an approved vendor supplied price. Basket swaps are valued using a broker supplied price. Equity swaps that consist of a single underlying equity are valued either at the closing price, the latest bid price, or the last sale price on the primary market or exchange it trades. The market value of swap contracts are aggregated by positive and negative values and are disclosed separately as an asset or liability on the Fund’s Statement of Assets and Liabilities (if applicable). Realized gains and losses are reported on the Fund’s Statement of Operations (if applicable). The change in unrealized net appreciation or depreciation during the period is included in the Statement of Operations (if applicable).
The Fund’s maximum risk of loss from counterparty risk or credit risk is the discounted value of the payments to be received from/paid to the counterparty over the contract’s remaining life, to the extent that the amount is positive. The risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to cover the Fund’s exposure to the counterparty.
Total return swaps involve an exchange by two parties in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset, which includes both the income it generates and any capital gains over the payment period. A fixed-income total return swap may be written on many different kinds of underlying reference assets, and may include different indices for various kinds of debt securities (e.g., U.S. investment grade bonds, high-yield bonds, or emerging market bonds).
During the period, the Fund entered into total return swaps on equity securities to increase exposure to equity risk. These total return swaps require the Fund to pay a floating reference interest rate, and an amount equal to the negative price movement of securities or an index multiplied by the notional amount of the contract. The Fund will receive
Janus Henderson Global Research Fund
Notes to Financial Statements (unaudited)
payments equal to the positive price movement of the same securities or index multiplied by the notional amount of the contract and, in some cases, dividends paid on the securities.
3. Other Investments and Strategies
Market Risk
The value of the Fund’s portfolio may decrease if the value of one or more issuers in the Fund’s portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund’s portfolio decreases, the Fund’s NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, war, conflicts, including related sanctions, social unrest, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.
• COVID-19 Pandemic. The effects of COVID-19 have contributed to increased volatility in global financial markets and have affected and may continue to affect certain countries, regions, issuers, industries and market sectors more dramatically than others. These conditions and events could have a significant impact on the Fund and its investments, the Fund’s ability to meet redemption requests, and the processes and operations of the Fund’s service providers, including the Adviser.
• Armed Conflict. Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global economic environment and the markets for certain securities and commodities.
Restricted Security Transactions
Restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933, as amended. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. Lack of a secondary market and resale restrictions may result in the inability of the Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, these securities may exhibit greater price volatility than securities for which secondary markets exist.
Counterparties
Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund (“counterparty risk”). Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund’s exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.
The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund’s cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser’s analysis of a counterparty’s creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.
Janus Henderson Global Research Fund
Notes to Financial Statements (unaudited)
Securities Lending
Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments’ payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the SEC. If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.
Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05% for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.
The value of the collateral must be at least 102% of the market value of the loaned securities that are denominated in U.S. dollars and 105% of the market value of the loaned securities that are not denominated in U.S. dollars. Loaned securities and related collateral are marked-to-market each business day based upon the market value of the loaned securities at the close of business, employing the most recent available pricing information. Collateral levels are then adjusted based on this mark-to-market evaluation. Additional required collateral, or excess collateral returned, is delivered on the next business day. Therefore, the value of the collateral held may be temporarily less than 102% or 105% value of the securities on loan. The cash collateral invested by the Adviser is disclosed in the Schedule of Investments (if applicable).
Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations. As of March 31, 2024, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $17,263,760. Gross amounts of recognized liabilities for securities lending (collateral received) as of March 31, 2024 is $17,847,189, resulting in the net amount due to the counterparty of $583,429.
Offsetting Assets and Liabilities
The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.
In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs OTC derivatives and forward foreign currency exchange
Janus Henderson Global Research Fund
Notes to Financial Statements (unaudited)
contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, in the event of a default and/or termination event, the Fund may offset with each counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment.
The Offsetting Assets and Liabilities table located in the Schedule of Investments presents gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the “Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of March 31, 2024” table located in the Fund’s Schedule of Investments.
The Fund may require the counterparty to pledge securities as collateral daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized gain on OTC derivative contracts with a particular counterparty. The Fund may deposit cash as collateral with the counterparty and/or custodian daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized loss on OTC derivative contracts with a particular counterparty. The collateral amounts are subject to minimum exposure requirements and initial margin requirements. Collateral amounts are monitored and subsequently adjusted up or down as valuations fluctuate by at least the minimum exposure requirement. Collateral may reduce the risk of loss.
4. Investment Advisory Agreements and Other Transactions with Affiliates
The Fund pays the Adviser an investment advisory fee rate that may adjust up or down based on the Fund’s performance relative to its benchmark index.
The investment advisory fee rate paid to the Adviser by the Fund consists of two components: (1) a base fee calculated by applying the contractual fixed rate of the advisory fee to the Fund’s average daily net assets during the previous month (the “Base Fee Rate”), plus or minus (2) a performance-fee adjustment (the “Performance Adjustment”) calculated by applying a variable rate of up to 0.15% (positive or negative) to the Fund’s average daily net assets based on the Fund’s relative performance compared to the cumulative investment record of its benchmark index over a 36-month performance measurement period or shorter time period, as applicable. The investment advisory fee rate is calculated daily and paid monthly.
The investment performance of the Fund’s Class A Shares (waiving the upfront sales load) for the performance measurement period is used to calculate the Performance Adjustment. The Fund’s Base Fee Rate prior to any performance adjustment (expressed as an annual rate) is 0.60%, and the Fund’s benchmark index used in the calculation is the MSCI World IndexSM.
No Performance Adjustment is applied unless the difference between the Fund’s investment performance and the cumulative investment record of the Fund’s benchmark index is 0.50% or greater (positive or negative) during the applicable performance measurement period. The Base Fee Rate is subject to an upward or downward Performance Adjustment for every full 0.50% increment by which the Fund outperforms or underperforms its benchmark index, up to the Fund’s full performance rate of ±6.00%. Because the Performance Adjustment is tied to a Fund’s relative performance compared to its benchmark index (and not its absolute performance), the Performance Adjustment could increase the Adviser’s fee even if the Fund’s Shares lose value during the performance measurement period and could decrease the Adviser’s fee even if the Fund’s Shares increase in value during the performance measurement period. For purposes of computing the Base Fee Rate and the Performance Adjustment, net assets are averaged over different periods (average daily net assets during the previous month for the Base Fee Rate, versus average daily net assets during the performance measurement period for the Performance Adjustment). Performance of the Fund is calculated net of expenses whereas the Fund’s benchmark index does not have any fees or expenses. Reinvestment of dividends and distributions is included in calculating both the performance of a Fund and the Fund’s benchmark index.
The Fund’s prospectuses and statement(s) of additional information contain additional information about performance-based fees. The amount shown as advisory fees on the Statement of Operations reflects the Base Fee Rate plus/minus any Performance Adjustment. For the period ended March 31, 2024, the performance adjusted investment advisory fee rate before any waivers and/or reimbursements of expenses is 0.53%.
The Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding any performance adjustments to management fees (if applicable), any performance adjustments to the management fee, if applicable, the
Janus Henderson Global Research Fund
Notes to Financial Statements (unaudited)
fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.86% for at least a one-year period commencing on January 26, 2024. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.
The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (or any subadvisor, as applicable) provides to the Fund. These amounts are disclosed as “Affiliated fund administration fees” on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund’s Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $222,870 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended March 31, 2024. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.
Janus Henderson Services US LLC (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.
Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.
| | |
Average Daily Net Assets of Class D Shares of the Janus Henderson funds | Administrative Services Fee |
Under $40 billion | 0.12% |
$40 billion – $49.9 billion | 0.10% |
Over $49.9 billion | 0.08% |
During the reporting period, the administrative services fee rate was 0.11%.
The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class R Shares, Class S Shares, and Class T Shares for providing or procuring administrative services to investors in Class R Shares, Class S Shares, and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class R Shares, Class S Shares, and Class T Shares.
Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.
Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to
Janus Henderson Global Research Fund
Notes to Financial Statements (unaudited)
reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.
The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.
Under distribution and shareholder servicing plans (the “Plans”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, of up to 0.50% of the Class R Shares' average daily net assets, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations.
Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the period ended March 31, 2024, the Distributor retained upfront sales charges of $620.
A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the period ended March 31, 2024.
A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class C Shares during the period ended March 31, 2024.
The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of March 31, 2024 on the Statement of Assets and Liabilities in the asset, “Trustees’ deferred compensation,” and liability, “Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Total distributable earnings (loss)” on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended March 31, 2024 are included in “Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $318,650 were paid by the Trust to the Trustees under the Deferred Plan during the period ended March 31, 2024.
Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the “Investing Funds”). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the
Janus Henderson Global Research Fund
Notes to Financial Statements (unaudited)
“Sweep Vehicle”) is an affiliated unregistered cash management pooled investment vehicle that invests primarily in highly-rated short-term fixed-income securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a “floating” NAV) rounded to the fourth decimal place (e.g., $1.0000). The Sweep Vehicle is permitted to impose a liquidity fee (of up to 2%) on redemptions from the Sweep Vehicle or a redemption gate that temporarily suspends redemptions from the Sweep Vehicle for up to 10 business days during a 90 day period. There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.
Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended March 31, 2024 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.
As of March 31, 2024, shares of the Fund were owned by affiliates of the Adviser, and/or other funds advised by the Adviser, as indicated in the table below:
| | | | | | | |
Class | % of Class Owned | | % of Fund Owned | | |
Class A Shares | - | % | - | % | |
Class C Shares | - | | - | | |
Class D Shares | - | | - | | |
Class I Shares | - | | - | | |
Class N Shares | 35 | | -* | | |
Class R Shares | - | | - | | |
Class S Shares | - | | - | | |
Class T Shares | - | | - | | |
| | | | | |
* | Less than 0.50% | | | | | |
5. Federal Income Tax
Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.
The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.
The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of March 31, 2024 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals and investments in partnerships.
| | | | |
Federal Tax Cost | Unrealized
Appreciation | Unrealized
(Depreciation) | Net Tax Appreciation/
(Depreciation) |
$2,044,144,465 | $1,635,054,812 | $ (21,935,126) | $1,613,119,686 |
| | | |
Janus Henderson Global Research Fund
Notes to Financial Statements (unaudited)
Information on the tax components of derivatives as of March 31, 2024 is as follows:
| | | | |
Federal Tax Cost | Unrealized
Appreciation | Unrealized
(Depreciation) | Net Tax Appreciation/
(Depreciation) |
$ - | $2,474,967 | $ - | $ 2,474,967 |
| | | |
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
6. Capital Share Transactions
| | | | | | | |
| | | | | | |
| | Period ended March 31, 2024 | | Year ended September 30, 2023 |
| | Shares | Amount | | Shares | Amount |
| | | | | | |
Class A Shares: | | | | | |
Shares sold | 8,465 | $ 813,108 | | 18,525 | $ 1,621,162 |
Reinvested dividends and distributions | 8,357 | 771,282 | | 7,278 | 580,764 |
Shares repurchased | (11,629) | (1,147,389) | | (42,788) | (3,558,442) |
Net Increase/(Decrease) | 5,193 | $ 437,001 | | (16,985) | $ (1,356,516) |
Class C Shares: | | | | | |
Shares sold | 5,177 | $ 480,399 | | 3,741 | $ 309,500 |
Reinvested dividends and distributions | 1,130 | 100,092 | | 1,365 | 104,747 |
Shares repurchased | (8,801) | (836,435) | | (18,038) | (1,515,446) |
Net Increase/(Decrease) | (2,494) | $ (255,944) | | (12,932) | $ (1,101,199) |
Class D Shares: | | | | | |
Shares sold | 179,233 | $17,396,329 | | 294,429 | $ 25,186,092 |
Reinvested dividends and distributions | 909,550 | 82,587,123 | | 820,842 | 64,493,576 |
Shares repurchased | (709,914) | (68,575,999) | | (1,332,932) | (114,585,520) |
Net Increase/(Decrease) | 378,869 | $31,407,453 | | (217,661) | $(24,905,852) |
Class I Shares: | | | | | |
Shares sold | 168,079 | $16,599,844 | | 233,098 | $ 20,401,299 |
Reinvested dividends and distributions | 65,293 | 6,049,432 | | 57,162 | 4,578,707 |
Shares repurchased | (122,515) | (11,969,459) | | (296,326) | (25,719,305) |
Net Increase/(Decrease) | 110,857 | $10,679,817 | | (6,066) | $ (739,299) |
Class N Shares: | | | | | |
Shares sold | 51,673 | $ 4,907,132 | | 96,026 | $ 8,527,545 |
Reinvested dividends and distributions | 21,657 | 1,961,468 | | 19,261 | 1,509,705 |
Shares repurchased | (51,294) | (5,023,595) | | (122,829) | (10,545,472) |
Net Increase/(Decrease) | 22,036 | $ 1,845,005 | | (7,542) | $ (508,222) |
Class R Shares: | | | | | |
Shares sold | 4,658 | $ 433,768 | | 23,397 | $ 2,021,580 |
Reinvested dividends and distributions | 3,271 | 297,359 | | 4,237 | 332,948 |
Shares repurchased | (12,863) | (1,228,430) | | (58,553) | (4,983,006) |
Net Increase/(Decrease) | (4,934) | $ (497,303) | | (30,919) | $ (2,628,478) |
Class S Shares: | | | | | |
Shares sold | 16,248 | $ 1,606,478 | | 30,608 | $ 2,692,327 |
Reinvested dividends and distributions | 8,448 | 782,565 | | 7,276 | 582,768 |
Shares repurchased | (23,118) | (2,247,218) | | (38,660) | (3,365,174) |
Net Increase/(Decrease) | 1,578 | $ 141,825 | | (776) | $ (90,079) |
Class T Shares: | | | | | |
Shares sold | 422,664 | $40,465,030 | | 867,419 | $ 75,241,149 |
Reinvested dividends and distributions | 594,299 | 53,891,005 | | 527,928 | 41,431,792 |
Shares repurchased | (815,376) | (77,967,886) | | (1,685,584) | (144,383,342) |
Net Increase/(Decrease) | 201,587 | $16,388,149 | | (290,237) | $(27,710,401) |
Janus Henderson Global Research Fund
Notes to Financial Statements (unaudited)
7. Purchases and Sales of Investment Securities
For the period ended March 31, 2024, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as applicable) was as follows:
| | | | |
Purchases of
Securities | Proceeds from Sales
of Securities | Purchases of Long-
Term U.S. Government
Obligations | Proceeds from Sales
of Long-Term U.S.
Government Obligations |
$378,161,661 | $462,543,870 | $ - | $ - |
8. Subsequent Event
Management has evaluated whether any events or transactions occurred subsequent to March 31, 2024 and through the date of issuance of the Fund’s financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund’s financial statements.
Janus Henderson Global Research Fund
Additional Information (unaudited)
Proxy Voting Policies and Voting Record
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities is available without charge: (i) upon request, by calling 1-800-525-1093; (ii) on the Fund’s website at janushenderson.com/proxyvoting; and (iii) on the SEC’s website at http://www.sec.gov. Additionally, information regarding the Fund’s proxy voting record for the most recent twelve-month period ended June 30 is also available, free of charge, through janushenderson.com/proxyvoting and from the SEC’s website at http://www.sec.gov.
Full Holdings
The Fund files its complete portfolio holdings (schedule of investments) with the SEC as an exhibit to Form N-PORT within 60 days of the end of the first and third fiscal quarters, and in the annual report and semiannual report to shareholders. The Fund’s Form N-PORT filings and annual and semiannual reports: (i) are available on the SEC’s website at http://www.sec.gov; and (ii) are available without charge, upon request, by calling a Janus Henderson representative at 1-877-335-2687 (toll free) (or 1-800-525-3713 if you hold Class D Shares). Portfolio holdings consisting of at least the names of the holdings are generally available on a monthly basis with a 30-day lag under Full Holdings for the Fund at janushenderson.com/info (or janushenderson.com/reports if you hold Class D Shares).
APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD
The Trustees of Janus Aspen Series and Janus Investment Fund, each of whom serves as an “independent” Trustee (collectively, the “Trustees”), oversee the management of each portfolio of Janus Aspen Series (each, a “VIT Portfolio,” and collectively, the “VIT Portfolios”), as well as each fund of Janus Investment Fund (each, a “Fund,” and collectively, the “Funds” and together with the VIT Portfolios, the “Janus Henderson Funds,” and each, a “Janus Henderson Fund”). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.
In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the “Adviser”) in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analysis provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.
At meetings held on November 3, 2023 and December 14-15, 2023, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2024 through February 1, 2025, subject to earlier termination as provided for in each agreement.
In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees’ determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant’s conclusions and opinions that arose during, and were included as part of, the Trustees’ consideration of the agreements. “Management fees,” as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.
Nature, Extent and Quality of Services
The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management
Janus Henderson Global Research Fund
Additional Information (unaudited)
services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.
In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.
The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract well-qualified personnel.
Performance of the Funds
The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including periodic meetings with each Janus Henderson Fund’s portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund’s performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent data provider, and with the Janus Henderson Fund’s benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2023, approximately 44% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2023, approximately 50% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds’ average 2023 performance has been reasonable, noting that: (i) for the 12 months ended September 30, 2023, approximately 43% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; (ii) for the 36 months ended September 30, 2023, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; and (iii) for the 5- and 10-year periods ended September 30, 2023, approximately 63% and 66% of the Janus Henderson Funds were in the top two quartiles of performance, respectively, as reported by Morningstar.
The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:
Asset Allocation Funds
· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12
Janus Henderson Global Research Fund
Additional Information (unaudited)
months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Fixed-Income Funds
· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Developed World Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Global and International Equity Funds
· For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson European Focus Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Janus Henderson Global Research Fund
Additional Information (unaudited)
· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
Money Market Funds
· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Multi-Asset Funds
· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
Janus Henderson Global Research Fund
Additional Information (unaudited)
U.S. Equity Funds
· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
· For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.
· For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the evaluated performance period ended June 30, 2023. The Trustees noted that the 12- and 36-month end performance periods ended June 30, 2023 were not yet available.
Janus Henderson Global Research Fund
Additional Information (unaudited)
· For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
In consideration of each Janus Henderson Fund’s performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund’s performance warranted continuation of such Janus Henderson Fund’s investment advisory agreement.
Costs of Services Provided
The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 6% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.
For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic “focus list” analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.
The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.
The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered that the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds’ other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant referenced its past analyses from 2022, which found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser charges to its institutional separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) 9 of 11 Janus Henderson Funds had lower management fees than similar funds subadvised by the Adviser. As part of their review of the 2022 independent consultant findings, the Trustees noted that for the two Janus Henderson Funds that did not have lower management fees than similar funds subadvised by the Adviser, management fees for each were under the average of its 15(c) peer group.
The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2022 (except for Janus Henderson U.S. Dividend Income Fund, for which the period end was March 31, 2023) and noted the following with
Janus Henderson Global Research Fund
Additional Information (unaudited)
regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”) as reflected in the comparative information provided by Broadridge:
Asset Allocation Funds
· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
Fixed-Income Funds
· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson Developed World Bond Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson Global Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson High-Yield Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
Global and International Equity Funds
· For Janus Henderson Asia Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson Emerging Markets Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
Janus Henderson Global Research Fund
Additional Information (unaudited)
· For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson Global Equity Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Global Select Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Overseas Fund, the Trustees noted that although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.
Money Market Funds
· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
Multi-Asset Funds
· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that, that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Balanced Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
U.S. Equity Funds
· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were
Janus Henderson Global Research Fund
Additional Information (unaudited)
reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Contrarian Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Forty Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Growth and Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Triton Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Venture Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.
Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized
Janus Henderson Global Research Fund
Additional Information (unaudited)
by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees noted that the Adviser reported no changes to its allocation methodology for the 2023 15(c) process; however, at the Trustees’ request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant’s analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund’s investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.
The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser were reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund’s total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.
Economies of Scale
The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant’s 2023 report: (1) past analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 28% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have low flat-rate fees (the “Low Flat-Rate Fee Funds”) versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets.
With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2023 report that (1) 70% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Low Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.
The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.
Based on all of the information reviewed, including the recent and past research and analysis conducted by the Trustees’ independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.
Janus Henderson Global Research Fund
Additional Information (unaudited)
Other Benefits to the Adviser
The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser’s ability to serve the Janus Henderson Funds.
Janus Henderson Global Research Fund
Liquidity Risk Management Program (unaudited)
Liquidity Risk Management Program
Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), requires open-end funds (but not money market funds) to adopt and implement a written liquidity risk management program (the “LRMP”) that is reasonably designed to assess and manage liquidity risk, which is the risk that a fund could not meet redemption requests without significant dilution of remaining investors’ interest in the fund. The Fund has implemented a LRMP, which incorporates the following elements: (i) assessment, management, and periodic review of liquidity risk; (ii) classification of portfolio holdings; (iii) the establishment and monitoring of a highly liquid investment minimum, as applicable; (iv) a 15% limitation on a Fund’s illiquid investments; (v) redemptions in-kind; and (vi) board oversight.
The Trustees of the Fund (the “Trustees”) have designated Janus Henderson Investors US LLC, the Fund’s investment adviser (the “Adviser”), as the Program Administrator for the LRMP responsible for administering the LRMP and carrying out the specific responsibilities of the LRMP. A working group comprised of various teams within the Adviser’s business is responsible for administering the LRMP and carrying out the specific responsibilities of different aspects of the LRMP (the “Liquidity Risk Working Group”). In assessing each Fund’s liquidity risk, the Liquidity Risk Working Group periodically considers, as relevant, factors including (i) the liquidity of a Fund’s portfolio investments during normal and reasonably foreseeable stressed conditions; (ii) whether a Fund’s investment strategy is appropriate for an open-end fund; (iii) the extent to which a Fund’s strategy involves a relatively concentrated portfolio or large positions in any issuer; (iv) a Fund’s use of borrowing for investment purposes; and (v) a Fund’s use of derivatives.
The Liquidity Rule requires the Trustees to review at least annually a written report provided by the Program Administrator that addresses the operation of the LRMP and assesses its adequacy and the effectiveness of its implementation, including, if applicable, the operation of the highly liquid investment minimum, and any material changes to the LRMP (the “Program Administrator Report”). At a meeting held on March 12, 2024, the Adviser provided the Program Administrator Report to the Trustees which covered the operation of the LRMP from January 1, 2023 through December 31, 2023 (the “Reporting Period”).
The Program Administrator Report discussed the operation and effectiveness of the LRMP during the Reporting Period. Among other things, the Program Administrator Report indicated that there were no material changes to the LRMP during the Reporting Period. Additionally, the findings presented in the Program Administrator Report indicated that the LRMP operated adequately during the Reporting Period. These findings included that the Fund was able to meet redemptions during the normal course of business during the Reporting Period. The Program Administrator Report also stated that the Fund did not exceed the 15% limit on illiquid assets during the Reporting Period, that the Fund held primarily highly liquid assets, and was considered to be a primarily highly liquid fund during the Reporting Period. Also included among the Program Administrator Report’s findings was the determination that the Fund’s investment strategy remains appropriate for an open-end fund. In addition, the Adviser expressed its belief in the Program Administrator Report that the LRMP is reasonably designed and adequate to assess and manage the Fund’s liquidity risk, considering the Fund’s particular risks and circumstances, and includes policies and procedures reasonably designed to implement each required component of the Liquidity Rule.
There can be no assurance that the LRMP will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the risks to which an investment in the Fund may be subject.
Janus Henderson Global Research Fund
Useful Information About Your Fund Report (unaudited)
Performance Overviews
Performance overview graphs compare the performance of a hypothetical $10,000 investment in the Fund with one or more widely used market indices. When comparing the performance of the Fund with an index, keep in mind that market indices are not available for investment and do not reflect deduction of expenses.
Average annual total returns are quoted for a Fund with more than one year of performance history. Average annual total return is calculated by taking the growth or decline in value of an investment over a period of time, including reinvestment of dividends and distributions, then calculating the annual compounded percentage rate that would have produced the same result had the rate of growth been constant throughout the period. Average annual total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Cumulative total returns are quoted for a Fund with less than one year of performance history. Cumulative total return is the growth or decline in value of an investment over time, independent of the period of time involved. Cumulative total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Pursuant to federal securities rules, expense ratios shown in the performance chart reflect subsidized (if applicable) and unsubsidized ratios. The total annual fund operating expenses ratio is gross of any fee waivers, reflecting the Fund’s unsubsidized expense ratio. The net annual fund operating expenses ratio (if applicable) includes contractual waivers of the Adviser and reflects the Fund’s subsidized expense ratio. Ratios may be higher or lower than those shown in the “Financial Highlights” in this report.
Schedule of Investments
Following the performance overview section is the Fund’s Schedule of Investments. This schedule reports the types of securities held in the Fund on the last day of the reporting period. Securities are usually listed by type (common stock, corporate bonds, U.S. Government obligations, etc.) and by industry classification (banking, communications, insurance, etc.). Holdings are subject to change without notice.
The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.
If the Fund invests in foreign securities, it will also provide a summary of investments by country. This summary reports the Fund exposure to different countries by providing the percentage of securities invested in each country. The country of each security represents the country of risk. A company may be allocated to a country based on other factors such as location of the company’s principal office, the location of the principal trading market for the company’s securities, or the country where a majority of the company’s revenues are derived. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by Bloomberg and/or MSCI Inc.
Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund’s Schedule of Investments (if applicable).
Statement of Assets and Liabilities
This statement is often referred to as the “balance sheet.” It lists the assets and liabilities of the Fund on the last day of the reporting period.
The Fund’s assets are calculated by adding the value of the securities owned, the receivable for securities sold but not yet settled, the receivable for dividends declared but not yet received on securities owned, and the receivable for Fund shares sold to investors but not yet settled. The Fund’s liabilities include payables for securities purchased but not yet settled, Fund shares redeemed but not yet paid, and expenses owed but not yet paid. Additionally, there may be other assets and liabilities such as unrealized gain or loss on forward currency contracts.
The section entitled “Net Assets Consist of” breaks down the components of the Fund’s net assets. Because the Fund must distribute substantially all earnings, you will notice that a significant portion of net assets is shareholder capital.
The last section of this statement reports the net asset value (“NAV”) per share on the last day of the reporting period. The NAV is calculated by dividing the Fund’s net assets for each share class (assets minus liabilities) by the number of shares outstanding.
Janus Henderson Global Research Fund
Useful Information About Your Fund Report (unaudited)
Statement of Operations
This statement details the Fund’s income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.
The first section in this statement, entitled “Investment Income,” reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.
The next section reports the expenses incurred by the Fund, including the advisory fee paid to the investment adviser, transfer agent fees and expenses, and printing and postage for mailing statements, financial reports and prospectuses. Expense offsets and expense reimbursements, if any, are also shown.
The last section lists the amounts of realized gains or losses from investment and foreign currency transactions, and changes in unrealized appreciation or depreciation of investments and foreign currency-denominated assets and liabilities. The Fund will realize a gain (or loss) when it sells its position in a particular security. A change in unrealized gain (or loss) refers to the change in net appreciation or depreciation of the Fund during the reporting period. “Net Realized and Unrealized Gain/(Loss) on Investments” is affected both by changes in the market value of Fund holdings and by gains (or losses) realized during the reporting period.
Statements of Changes in Net Assets
These statements report the increase or decrease in the Fund’s net assets during the reporting period. Changes in the Fund’s net assets are attributable to investment operations, dividends and distributions to investors, and capital share transactions. This is important to investors because it shows exactly what caused the Fund’s net asset size to change during the period.
The first section summarizes the information from the Statement of Operations regarding changes in net assets due to the Fund’s investment operations. The Fund’s net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends and/or distributions in cash, money is taken out of the Fund to pay the dividend and/or distribution. If investors reinvest their dividends and/or distributions, the Fund’s net assets will not be affected.
The reinvestment of dividends and distributions is included under “Capital Share Transactions.” “Capital Shares” refers to the money investors contribute to the Fund through purchases or withdrawals via redemptions. The Fund’s net assets will increase and decrease in value as investors purchase and redeem shares from the Fund.
Financial Highlights
This schedule provides a per-share breakdown of the components that affect the Fund’s NAV for current and past reporting periods as well as total return, asset size, ratios, and portfolio turnover rate.
The first line in the table reflects the NAV per share at the beginning of the reporting period. The next line reports the net investment income/(loss) per share. Following is the per share total of net gains/(losses), realized and unrealized. Per share dividends and distributions to investors are then subtracted to arrive at the NAV per share at the end of the period. The next line reflects the total return for the period. The total return may include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. As a result, the total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.
The Fund’s expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.
The ratio of net investment income/(loss) summarizes the income earned less expenses, divided by the average net assets of the Fund during the reporting period. Do not confuse this ratio with the Fund’s yield. The net investment income ratio is not a true measure of the Fund’s yield because it does not take into account the dividends distributed to the Fund’s investors.
The next figure is the portfolio turnover rate, which measures the buying and selling activity in the Fund. Portfolio turnover is affected by market conditions, changes in the asset size of the Fund, fluctuating volume of shareholder purchase and redemption orders, the nature of the Fund’s investments, and the investment style and/or outlook of the portfolio manager(s) and/or investment personnel. A 100% rate implies that an amount equal to the value of the entire portfolio was replaced once during the fiscal year; a 50% rate means that an amount equal to the value of half the
Janus Henderson Global Research Fund
Useful Information About Your Fund Report (unaudited)
portfolio is traded in a year; and a 200% rate means that an amount equal to the value of the entire portfolio is traded every six months.
Janus Henderson Global Research Fund
Notes
NotesPage1
Janus Henderson Global Research Fund
Notes
NotesPage2
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This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. |
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Mutual funds distributed by Janus Henderson Distributors US LLC |
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| | | SEMIANNUAL REPORT March 31, 2024 |
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| | Janus Henderson Global Select Fund |
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| | Janus Investment Fund |
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| | | HIGHLIGHTS · Investment strategy behind your fund · Fund performance, characteristics
and holdings |
Table of Contents
Janus Henderson Global Select Fund
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Christopher O’Malley Co-Portfolio Manager | 
Julian McManus Portfolio Manager |
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Important Notice – Tailored Shareholder Reports
Effective January 24, 2023, the Securities and Exchange Commission (the “SEC”) adopted rule and form amendments that require mutual funds and exchange-traded funds to provide shareholders with streamlined annual and semi-annual shareholder reports that highlight key information. Other information, including financial statements, that currently appears in shareholder reports will be made available online, delivered free of charge to shareholders upon request, and filed with the SEC. The first tailored shareholder report for the Fund will be for the reporting period ending September 30, 2024. Currently, management is evaluating the impact of the rule and form amendments on the content of the Fund’s current shareholder reports.
Janus Henderson Global Select Fund (unaudited)
Fund At A Glance
March 31, 2024
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| 5 Top Contributors - Holdings | 5 Top Detractors - Holdings |
| | Average
Weight | | Relative
Contribution | | | Average
Weight | | Relative
Contribution |
| Vistra Corp | 4.07% | | 2.84% | | NVIDIA Corp | 0.45% | | -1.10% |
| Taiwan Semiconductor Manufacturing Co Ltd | 4.77% | | 1.10% | | Entain PLC | 1.82% | | -0.62% |
| Chipotle Mexican Grill Inc | 2.97% | | 1.00% | | Meta Platforms Inc - Class A | 0.17% | | -0.59% |
| Immunogen Inc | 0.37% | | 0.81% | | AIA Group Ltd | 1.47% | | -0.54% |
| BAE Systems PLC | 4.10% | | 0.79% | | Teck Resources Ldt | 3.09% | | -0.48% |
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| 5 Top Contributors - Sectors* | | | | | |
| | | Relative | | Fund | MSCI All Country World Index |
| | | Contribution | | Average Weight | Average Weight |
| Utilities | | 3.05% | | 4.07% | 2.57% |
| Information Technology | | 2.09% | | 20.63% | 23.11% |
| Health Care | | 1.48% | | 9.75% | 11.43% |
| Energy | | 1.27% | | 6.43% | 4.67% |
| Consumer Discretionary | | 1.14% | | 14.95% | 11.01% |
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| 5 Top Detractors - Sectors* | | | | | |
| | | Relative | | Fund | MSCI All Country World Index |
| | | Contribution | | Average Weight | Average Weight |
| Communication Services | | -1.13% | | 7.56% | 7.53% |
| Financials | | -1.06% | | 13.88% | 15.80% |
| Other** | | -0.52% | | 2.49% | 0.00% |
| Materials | | -0.07% | | 4.77% | 4.34% |
| Real Estate | | 0.16% | | 0.09% | 2.27% |
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| Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance.
Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index. |
* | Based on sector classification according to the Global Industry Classification Standard (“GICS”) codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
** | Not a GICS classified sector. |
Janus Henderson Global Select Fund (unaudited)
Fund At A Glance
March 31, 2024
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5 Largest Equity Holdings - (% of Net Assets) |
Microsoft Corp | |
Software | 5.9% |
Taiwan Semiconductor Manufacturing Co Ltd | |
Semiconductor & Semiconductor Equipment | 5.2% |
BAE Systems PLC | |
Aerospace & Defense | 4.2% |
Marathon Petroleum Corp | |
Oil, Gas & Consumable Fuels | 4.1% |
Vistra Corp | |
Independent Power and Renewable Electricity Producers | 3.7% |
| | 23.1% |
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Asset Allocation - (% of Net Assets) |
Common Stocks | | 96.2% |
Investment Companies | | 2.7% |
Preferred Stocks | | 1.0% |
Private Placements | | 0.0% |
Other | | 0.1% |
| | | 100.0% |
Emerging markets comprised 6.7% of total net assets.
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Top Country Allocations - Long Positions - (% of Investment Securities) |
As of March 31, 2024 
| As of September 30, 2023 
|
Janus Henderson Global Select Fund (unaudited)
Performance
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See important disclosures on the next page. |
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Average Annual Total Return - for the periods ended March 31, 2024 | | | Prospectus Expense Ratios |
| | Fiscal
Year-to-Date | One
Year | Five
Year | Ten
Year | Since
Inception* | | | Total Annual Fund
Operating Expenses‡ | Net Annual Fund
Operating Expenses‡ |
Class A Shares at NAV | | 27.42% | 27.04% | 13.16% | 9.66% | 5.27% | | | 1.04% | 1.04% |
Class A Shares at MOP | | 20.12% | 19.71% | 11.82% | 9.01% | 5.01% | | | | |
Class C Shares at NAV | | 26.99% | 26.18% | 12.23% | 8.75% | 4.44% | | | 2.08% | 1.88% |
Class C Shares at CDSC | | 25.99% | 25.18% | 12.23% | 8.75% | 4.44% | | | | |
Class D Shares | | 27.48% | 27.25% | 13.39% | 9.85% | 5.41% | | | 0.83% | 0.83% |
Class I Shares | | 27.47% | 27.32% | 13.44% | 9.94% | 5.46% | | | 0.80% | 0.80% |
Class N Shares | | 27.51% | 27.44% | 13.55% | 9.94% | 5.43% | | | 0.69% | 0.69% |
Class R Shares | | 27.02% | 26.40% | 12.52% | 9.09% | 4.79% | | | 3.50% | 1.57% |
Class S Shares | | 27.15% | 26.69% | 12.80% | 9.37% | 5.07% | | | 2.88% | 1.32% |
Class T Shares | | 27.39% | 27.16% | 13.29% | 9.78% | 5.36% | | | 0.93% | 0.93% |
MSCI All Country World Index | | 20.14% | 23.22% | 10.92% | 8.66% | 5.67% | | | | |
Morningstar Quartile - Class T Shares | | - | 1st | 1st | 1st | 3rd | | | | |
Morningstar Ranking - based on total returns for World Large Stock Funds | | - | 30/357 | 12/329 | 20/258 | 71/89 | | | | |
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold. For the most recent month-end performance call 800.668.0434 (or 800.525.3713 if you hold shares directly with Janus Henderson) or visit janushenderson.com/performance (or janushenderson.com/allfunds if you hold shares directly with Janus Henderson).
Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.
CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.
Janus Henderson Global Select Fund (unaudited)
Performance
Performance may be affected by risks that include those associated with foreign and emerging markets, fixed income securities, high-yield and high-risk securities, undervalued, overlooked and smaller capitalization companies, real estate related securities including Real Estate Investment Trusts (REITs), Environmental, Social and Governance (ESG) factors, non-diversification, portfolio turnover, derivatives, short sales, initial public offerings (IPOs) and potential conflicts of interest. Each product has different risks. Please see the prospectus for more information about risks, holdings and other details.
High absolute short-term performance is not typical and may not be achieved in the future. Such results should not be the sole basis for evaluating material facts in making an investment decision.
Returns include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.
Class A Shares, Class C Shares, Class R Shares, and Class S Shares commenced operations on July 6, 2009. Performance shown for each class prior to July 6, 2009, reflects the performance of the Fund’s Class J Shares, the initial share class (renamed Class T Shares effective February 16, 2010), calculated using the fees and expenses of each respective class, without the effect of any fee and expense limitations or waivers.
Class D Shares commenced operations on February 16, 2010. Performance shown for periods prior to February 16, 2010, reflects the performance of the Fund’s former Class J Shares, calculated using the fees and expenses in effect during the periods shown, net of any applicable fee and expense limitations or waivers.
Class I Shares commenced operations on July 6, 2009. Performance shown for periods prior to July 6, 2009, reflects the performance of the Fund’s former Class J Shares, calculated using the fees and expenses of Class J Shares, net of any applicable fee and expense limitations or waivers.
Class N Shares commenced operations on August 4, 2017. Performance shown for periods prior to August 4, 2017, reflects the performance of the Fund’s Class T Shares, calculated using the fees and expenses of Class T Shares, net of any applicable fee and expense limitations or waivers.
If each share class of the Fund had been available during periods prior to its commencement, the performance shown may have been different. The performance shown for periods following the Fund’s commencement of each share class reflects the fees and expenses of each respective share class, net of any applicable fee and expense limitations or waivers. Please refer to the Fund’s prospectuses for further details concerning historical performance.
Ranking is for the share class shown only; other classes may have different performance characteristics. When an expense waiver is in effect, it may have a material effect on the total return, and therefore the ranking for the period.
© 2024 Morningstar, Inc. All Rights Reserved.
There is no assurance that the investment process will consistently lead to successful investing.
See Notes to Schedule of Investments and Other Information for index definitions.
Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.
See “Useful Information About Your Fund Report.”
Effective January 26, 2024, Chris O’Malley is Co-Portfolio Manager with Lead Portfolio Manager Julian McManus.
*The Fund’s inception date – June 30, 2000
‡ As stated in the prospectus. Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on January 26, 2024. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees. See Financial Highlights for actual expense ratios during the reporting period.
Janus Henderson Global Select Fund (unaudited)
Expense Examples
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, such as sales charges (loads) on purchase payments (applicable to Class A Shares only); and (2) ongoing costs, including management fees; 12b-1 distribution and shareholder servicing fees; transfer agent fees and expenses payable pursuant to the Transfer Agency Agreement; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The example is based upon an investment of $1,000 invested at the beginning of the period and held for the six-months indicated, unless noted otherwise in the table and footnotes below.
Actual Expenses
The information in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate column for your share class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.
Hypothetical Example for Comparison Purposes
The information in the table under the heading “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based upon the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Additionally, for an analysis of the fees associated with an investment in any share class or other similar funds, please visit www.finra.org/fundanalyzer.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. These fees are fully described in the Fund’s prospectuses. Therefore, the hypothetical examples are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
| | | | | | | | | | | |
| | | | | | | | |
| | | Actual | | Hypothetical
(5% return before expenses) | |
| Beginning
Account
Value
(10/1/23) | Ending
Account
Value
(3/31/24) | Expenses
Paid During
Period
(10/1/23 - 3/31/24)† | | Beginning
Account
Value
(10/1/23) | Ending
Account
Value
(3/31/24) | Expenses
Paid During
Period
(10/1/23 - 3/31/24)† | Net Annualized
Expense Ratio
(10/1/23 - 3/31/24) |
Class A Shares | $1,000.00 | $1,274.20 | $5.74 | | $1,000.00 | $1,019.95 | $5.10 | 1.01% |
Class C Shares | $1,000.00 | $1,269.90 | $9.87 | | $1,000.00 | $1,016.30 | $8.77 | 1.74% |
Class D Shares | $1,000.00 | $1,274.80 | $4.61 | | $1,000.00 | $1,020.95 | $4.09 | 0.81% |
Class I Shares | $1,000.00 | $1,274.70 | $4.49 | | $1,000.00 | $1,021.05 | $3.99 | 0.79% |
Class N Shares | $1,000.00 | $1,275.10 | $3.81 | | $1,000.00 | $1,021.65 | $3.39 | 0.67% |
Class R Shares | $1,000.00 | $1,270.20 | $8.85 | | $1,000.00 | $1,017.20 | $7.87 | 1.56% |
Class S Shares | $1,000.00 | $1,271.50 | $7.33 | | $1,000.00 | $1,018.55 | $6.51 | 1.29% |
Class T Shares | $1,000.00 | $1,273.90 | $5.12 | | $1,000.00 | $1,020.50 | $4.55 | 0.90% |
† | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements. |
Janus Henderson Global Select Fund
Schedule of Investments (unaudited)
March 31, 2024
| | | | | | | | |
Shares
| | | Value | |
Common Stocks– 96.2% | | | |
Aerospace & Defense – 5.2% | | | |
| | BAE Systems PLC | | 7,015,060 | | | $119,461,215 | |
| | General Dynamics Corp | | 95,096 | | | 26,863,669 | |
| | | 146,324,884 | |
Automobiles – 1.4% | | | |
| | Toyota Motor Corp | | 1,567,900 | | | 39,425,392 | |
Banks – 4.7% | | | |
| | BNP Paribas SA | | 733,014 | | | 52,075,749 | |
| | HDFC Bank Ltd | | 1,566,996 | | | 27,205,294 | |
| | UniCredit SpA | | 1,451,559 | | | 55,077,006 | |
| | | 134,358,049 | |
Beverages – 2.0% | | | |
| | Heineken NV | | 248,764 | | | 23,973,697 | |
| | Monster Beverage Corp* | | 534,928 | | | 31,710,532 | |
| | | 55,684,229 | |
Biotechnology – 3.5% | | | |
| | Akero Therapeutics Inc* | | 191,879 | | | 4,846,864 | |
| | Argenx SE (ADR)* | | 28,883 | | | 11,371,815 | |
| | Ascendis Pharma A/S (ADR)* | | 131,927 | | | 19,943,405 | |
| | Biohaven Ltd* | | 379,631 | | | 20,762,019 | |
| | Madrigal Pharmaceuticals Inc* | | 32,409 | | | 8,654,499 | |
| | Vaxcyte Inc* | | 509,516 | | | 34,805,038 | |
| | | 100,383,640 | |
Capital Markets – 2.0% | | | |
| | Morgan Stanley | | 597,640 | | | 56,273,782 | |
Chemicals – 1.3% | | | |
| | Sherwin-Williams Co | | 109,748 | | | 38,118,773 | |
Commercial Services & Supplies – 0.6% | | | |
| | Rentokil Initial PLC | | 3,077,678 | | | 18,319,419 | |
Diversified Financial Services – 1.3% | | | |
| | Mastercard Inc - Class A | | 74,815 | | | 36,028,660 | |
Diversified Telecommunication Services – 1.5% | | | |
| | Deutsche Telekom AG | | 1,794,519 | | | 43,554,407 | |
Electronic Equipment, Instruments & Components – 1.9% | | | |
| | Hexagon AB - Class B | | 4,456,194 | | | 52,757,952 | |
Entertainment – 3.1% | | | |
| | Liberty Media Corp-Liberty Formula One - Series C* | | 1,340,842 | | | 87,959,235 | |
Hotels, Restaurants & Leisure – 4.5% | | | |
| | Booking Holdings Inc | | 7,533 | | | 27,328,820 | |
| | Chipotle Mexican Grill Inc* | | 20,630 | | | 59,966,665 | |
| | Entain PLC | | 3,964,808 | | | 39,895,236 | |
| | | 127,190,721 | |
Independent Power and Renewable Electricity Producers – 3.7% | | | |
| | Vistra Corp | | 1,490,226 | | | 103,794,241 | |
Industrial Real Estate Investment Trusts (REITs) – 0.8% | | | |
| | Segro PLC | | 2,114,801 | | | 24,119,289 | |
Insurance – 6.0% | | | |
| | AIA Group Ltd | | 4,361,600 | | | 29,284,639 | |
| | Arthur J Gallagher & Co | | 229,756 | | | 57,448,190 | |
| | Dai-ichi Life Holdings Inc | | 3,264,500 | | | 83,035,974 | |
| | | 169,768,803 | |
Interactive Media & Services – 1.5% | | | |
| | Meta Platforms Inc - Class A | | 90,114 | | | 43,757,556 | |
Life Sciences Tools & Services – 1.5% | | | |
| | ICON PLC* | | 123,690 | | | 41,553,656 | |
Machinery – 0.5% | | | |
| | Deere & Co | | 32,534 | | | 13,363,015 | |
Metals & Mining – 3.2% | | | |
| | Teck Resources Ltd | | 1,965,787 | | | 89,987,296 | |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
6 | MARCH 31, 2024 |
Janus Henderson Global Select Fund
Schedule of Investments (unaudited)
March 31, 2024
| | | | | | | | |
Shares
| | | Value | |
Common Stocks– (continued) | | | |
Multiline Retail – 2.7% | | | |
| | Amazon.com Inc* | | 419,460 | | | $75,662,195 | |
Oil, Gas & Consumable Fuels – 6.8% | | | |
| | Canadian Natural Resources Ltd | | 1,029,969 | | | 78,607,234 | |
| | Marathon Petroleum Corp | | 574,508 | | | 115,763,362 | |
| | | 194,370,596 | |
Personal Products – 1.7% | | | |
| | Unilever PLC | | 949,646 | | | 47,640,482 | |
Pharmaceuticals – 3.9% | | | |
| | AstraZeneca PLC | | 261,786 | | | 35,274,347 | |
| | Merck & Co Inc | | 335,691 | | | 44,294,427 | |
| | Novo Nordisk A/S (ADR) | | 247,428 | | | 31,769,755 | |
| | | 111,338,529 | |
Road & Rail – 2.0% | | | |
| | Full Truck Alliance Co (ADR)* | | 2,352,617 | | | 17,103,526 | |
| | TFI International Inc | | 246,223 | | | 39,262,720 | |
| | | 56,366,246 | |
Semiconductor & Semiconductor Equipment – 11.3% | | | |
| | Advanced Micro Devices Inc* | | 75,767 | | | 13,675,186 | |
| | ASML Holding NV | | 73,830 | | | 71,055,322 | |
| | Lam Research Corp | | 51,715 | | | 50,244,743 | |
| | NVIDIA Corp | | 41,792 | | | 37,761,580 | |
| | Taiwan Semiconductor Manufacturing Co Ltd | | 6,113,000 | | | 146,912,213 | |
| | | 319,649,044 | |
Software – 8.1% | | | |
| | Microsoft Corp | | 400,660 | | | 168,565,675 | |
| | Synopsys Inc* | | 42,278 | | | 24,161,877 | |
| | Workday Inc - Class A* | | 137,999 | | | 37,639,227 | |
| | | 230,366,779 | |
Specialty Retail – 1.9% | | | |
| | TJX Cos Inc | | 530,775 | | | 53,831,201 | |
Textiles, Apparel & Luxury Goods – 3.8% | | | |
| | LVMH Moet Hennessy Louis Vuitton SE | | 28,495 | | | 25,625,951 | |
| | Samsonite International SA (144A)* | | 22,023,600 | | | 83,291,625 | |
| | | 108,917,576 | |
Trading Companies & Distributors – 2.8% | | | |
| | Ferguson PLC | | 367,529 | | | 80,279,359 | |
Wireless Telecommunication Services – 1.0% | | | |
| | SoftBank Group Corp | | 463,600 | | | 27,449,678 | |
Total Common Stocks (cost $1,748,687,147) | | 2,728,594,684 | |
Preferred Stocks– 1.0% | | | |
Automobiles – 1.0% | | | |
| | Dr Ing hc F Porsche AG (144A)((cost $29,160,153) | | 296,585 | | | 29,522,851 | |
Private Placements– 0% | | | |
Software – 0% | | | |
| | Magic Leap Inc - Class A private equity common shares*,¢,§((cost $9,254,547) | | 19,041 | | | 0 | |
Investment Companies– 2.7% | | | |
Money Markets – 2.7% | | | |
| | Janus Henderson Cash Liquidity Fund LLC, 5.3830%ºº,£((cost $76,889,652) | | 76,875,813 | | | 76,891,188 | |
Total Investments (total cost $1,863,991,499) – 99.9% | | 2,835,008,723 | |
Cash, Receivables and Other Assets, net of Liabilities – 0.1% | | 1,921,178 | |
Net Assets – 100% | | $2,836,929,901 | |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
Janus Investment Fund | 7 |
Janus Henderson Global Select Fund
Schedule of Investments (unaudited)
March 31, 2024
| | | | | | |
Summary of Investments by Country - (Long Positions) (unaudited) |
| |
| | | | | % of | |
| | | | | Investment | |
Country | | Value | | Securities | |
United States | | $1,430,451,578 | | 50.5 | % |
United Kingdom | | 284,709,988 | | 10.0 | |
Canada | | 207,857,250 | | 7.3 | |
Japan | | 149,911,044 | | 5.3 | |
Taiwan | | 146,912,213 | | 5.2 | |
Hong Kong | | 112,576,264 | | 4.0 | |
Netherlands | | 95,029,019 | | 3.3 | |
France | | 77,701,700 | | 2.7 | |
Germany | | 73,077,258 | | 2.6 | |
Italy | | 55,077,006 | | 1.9 | |
Sweden | | 52,757,952 | | 1.9 | |
Denmark | | 51,713,160 | | 1.8 | |
Ireland | | 41,553,656 | | 1.5 | |
India | | 27,205,294 | | 1.0 | |
China | | 17,103,526 | | 0.6 | |
Belgium | | 11,371,815 | | 0.4 | |
| | | | | | |
| | | | | | |
Total | | $2,835,008,723 | | 100.0 | % |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
8 | MARCH 31, 2024 |
Janus Henderson Global Select Fund
Schedule of Investments (unaudited)
March 31, 2024
Schedules of Affiliated Investments – (% of Net Assets)
| | | | | | | | | | | |
| | Dividend Income | Realized Gain/(Loss) | Change in Unrealized Appreciation/ Depreciation | Value at 3/31/24 |
Investment Companies - 2.7% |
Money Markets - 2.7% | |
| | Janus Henderson Cash Liquidity Fund LLC, 5.3830%ºº | $ | 1,609,415 | $ | (812) | $ | (4,524) | $ | 76,891,188 |
Investments Purchased with Cash Collateral from Securities Lending - N/A |
Investment Companies - N/A | |
| | Janus Henderson Cash Collateral Fund LLC, 5.2800%ºº | | 11,271∆ | | - | | - | | - |
Total Affiliated Investments - 2.7% | $ | 1,620,686 | $ | (812) | $ | (4,524) | $ | 76,891,188 |
| | | | | | | | | | | |
| | Value at 9/30/23 | Purchases | Sales Proceeds | Value at 3/31/24 |
Investment Companies - 2.7% |
Money Markets - 2.7% | |
| | Janus Henderson Cash Liquidity Fund LLC, 5.3830%ºº | | 53,372,825 | | 286,569,073 | | (263,045,374) | | 76,891,188 |
Investments Purchased with Cash Collateral from Securities Lending - N/A |
Investment Companies - N/A | |
| | Janus Henderson Cash Collateral Fund LLC, 5.2800%ºº | | 12,781,962 | | 40,373,011 | | (53,154,973) | | - |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
Janus Investment Fund | 9 |
Janus Henderson Global Select Fund
Schedule of Investments (unaudited)
March 31, 2024
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Schedule of OTC Written Options |
Counterparty/ Reference Asset | Number of Contracts | Exercise Price | | | Expiration Date | | Notional Amount | | Premiums Received | | Unrealized Appreciation/ (Depreciation) | | Options Written, at Value | |
| | | | | | | | | | | | | | | |
Written Call Options:
Merrill Lynch:
| | | | | | | | | | | | | | |
Vistra Corp | 1,500 | 75.00 | USD | | 6/21/24 | $ | (10,447,500) | $ | 733,500 | $ | 154,203 | $ | (579,297) |
Vistra Corp | 1,500 | 80.00 | USD | | 6/21/24 | | (10,447,500) | | 493,500 | | 116,828 | | (376,672) |
Total - Written Call Options | | | | 1,227,000 | | 271,031 | | (955,969) |
Total OTC Written Options | | | $ | 1,227,000 | $ | 271,031 | $ | (955,969) |
| | | | | | | | | | | | |
Schedule of Total Return Swaps |
Counterparty/ Return Paid by the Fund | | Return Received by the Fund | | Payment Frequency | | Termination Date | | Notional Amount | | | Swap Contracts, at Value and Unrealized Appreciation/ (Depreciation) |
UBS AG, London Branch:
| | | | | | | | | | | | |
Euro short-term rate + 0.55% | | Ryanair Holdings PLC | | At Maturity | | 1/15/25 | | 22,613,060 | EUR | $ | 3,118,697 |
The following table, grouped by derivative type, provides information about the fair value and location of derivatives within the Statement of Assets and Liabilities as of March 31, 2024.
| | | | | | |
Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of March 31, 2024 |
| | | | | |
| | | | | Equity
Contracts |
Asset Derivatives: | | | |
Swaps - OTC, at value | | | $3,118,697 |
| | | |
Liability Derivatives: | | | |
Options written, at value | | | $ 955,969 |
| | | |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
10 | MARCH 31, 2024 |
Janus Henderson Global Select Fund
Schedule of Investments (unaudited)
March 31, 2024
The following table provides information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the period ended March 31, 2024.
| | | | | |
The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended March 31, 2024 |
| | | | |
Amount of Realized Gain/(Loss) Recognized on Derivatives |
Derivative | | Equity
Contracts |
Swap contracts | | $ 230,931 |
| | | | |
| | | | |
| | | | |
Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives |
Derivative | | Equity
Contracts |
Swap contracts | | $3,118,697 |
Written options contracts | | 271,031 |
| | | | |
Total | | $3,389,728 |
Please see the "Net Realized Gain/(Loss) on Investments" section of the Fund’s Statement of Operations.
| | |
Average Ending Monthly Value of Derivative Instruments During the Period Ended March 31, 2024 |
| |
| |
Options: | |
Average value of option contracts written | $ 136,567 |
Total return swaps: | |
Average notional amount | 12,921,749 |
| |
| |
| |
| |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
Janus Investment Fund | 11 |
Janus Henderson Global Select Fund
Schedule of Investments (unaudited)
March 31, 2024
| | | | | | | | | | |
Offsetting of Financial Assets and Derivative Assets |
| |
| | | Gross Amounts | | | | | | |
| | | of Recognized | | Offsetting Asset | | Collateral | | |
Counterparty | | Assets | | or Liability(a) | | Pledged(b) | | Net Amount |
| | | | | | | | | |
UBS AG, London Branch | $ | 3,118,697 | $ | — | $ | — | $ | 3,118,697 |
| | | | | | | | | |
Offsetting of Financial Liabilities and Derivative Liabilities |
| |
| | | Gross Amounts | | | | | | |
| | | of Recognized | | Offsetting Asset | | Collateral | | |
Counterparty | | Liabilities | | or Liability(a) | | Pledged(b) | | Net Amount |
| | | | | | | | | |
Merrill Lynch | $ | 955,969 | $ | — | $ | — | $ | 955,969 |
| | | | | | | | | |
(a) | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. |
(b) | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
12 | MARCH 31, 2024 |
Janus Henderson Global Select Fund
Notes to Schedule of Investments and Other Information (unaudited)
| | |
MSCI All Country World IndexSM | MSCI All Country World IndexSM reflects the equity market performance of global developed and emerging markets. |
| | |
ADR | American Depositary Receipt |
LLC | Limited Liability Company |
OTC | Over-the-Counter |
PLC | Public Limited Company |
| | |
144A | Securities sold under Rule 144A of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Unless otherwise noted, these securities have been determined to be liquid under guidelines established by the Board of Trustees. The total value of 144A securities as of the period ended March 31, 2024 is $112,814,476, which represents 4.0% of net assets. |
| | |
* | Non-income producing security. |
| | |
ºº | Rate shown is the 7-day yield as of March 31, 2024. |
| | |
¢ | Security is valued using significant unobservable inputs. The total value of Level 3 securities as of the period ended March 31, 2024 is $0, which represents 0.0% 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 March 31, 2024) |
| | | | | | | | Value as a | |
| | Acquisition | | | | | | % of Net | |
| | Date | | Cost | | Value | | Assets | |
Magic Leap Inc - Class A private equity common shares | 10/5/17 | $ | 9,254,547 | $ | 0 | | 0.0 | % |
| | | | | | | | | |
| | | | | | | | | |
The Fund has registration rights for certain restricted securities held as of March 31, 2024. The issuer incurs all registration costs. | |
Janus Henderson Global Select Fund
Notes to Schedule of Investments and Other Information (unaudited)
| | | | | | | | | | | | | | |
The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of March 31, 2024. See Notes to Financial Statements for more information. |
| |
Valuation Inputs Summary |
| | | | | | | |
| | | | | Level 2 - | | Level 3 - |
| | | Level 1 - | | Other Significant | | Significant |
| | | Quoted Prices | | Observable Inputs | | Unobservable Inputs |
| | | | | | | |
Assets | | | | | | |
Investments In Securities: | | | | | | |
Common Stocks | $ | 2,728,594,684 | $ | - | $ | - |
Preferred Stocks | | 29,522,851 | | - | | - |
Private Placements | | - | | - | | 0 |
Investment Companies | | - | | 76,891,188 | | - |
Total Investments in Securities | $ | 2,758,117,535 | $ | 76,891,188 | $ | 0 |
Other Financial Instruments(a): | | | | | | |
OTC Swaps | | - | | 3,118,697 | | - |
Total Assets | $ | 2,758,117,535 | $ | 80,009,885 | $ | 0 |
Liabilities | | | | | | |
Other Financial Instruments(a): | | | | | | |
Options Written, at Value | $ | - | $ | 955,969 | $ | - |
| | | | | | | |
(a) | Other financial instruments may include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Written options and written swaptions are reported at their market value at measurement date. |
Janus Henderson Global Select Fund
Statement of Assets and Liabilities (unaudited)
March 31, 2024
| |
See footnotes at the end of the Statement. |
| | | | | | | |
| | | | | | |
Assets: | | | | |
| Unaffiliated investments, at value (cost $1,787,101,847) | | $ | 2,758,117,535 | |
| Affiliated investments, at value (cost $76,889,652) | | | 76,891,188 | |
| Cash | | | 354,486 | |
| Deposits with brokers for OTC derivatives | | | 890,000 | |
| OTC swap contracts, at value (net premium received $0) | | | 3,118,697 | |
| Trustees' deferred compensation | | | 78,530 | |
| Receivables: | | | | |
| | Dividends | | | 5,025,903 | |
| | Fund shares sold | | | 2,451,265 | |
| | Foreign tax reclaims | | | 677,288 | |
| | Dividends from affiliates | | | 359,319 | |
| | Dividends and interest on swap contracts | | | 229,869 | |
| Other assets | | | 13,915 | |
Total Assets | | | 2,848,207,995 | |
Liabilities: | | | | |
| Options written, at value (premiums received $1,227,000) | | | 955,969 | |
| Payables: | | | — | |
| | Investments purchased | | | 4,967,504 | |
| | Fund shares repurchased | | | 3,064,122 | |
| | Advisory fees | | | 1,508,146 | |
| | Transfer agent fees and expenses | | | 418,953 | |
| | Trustees' deferred compensation fees | | | 78,530 | |
| | Professional fees | | | 36,418 | |
| | Custodian fees | | | 34,403 | |
| | Trustees' fees and expenses | | | 13,013 | |
| | Affiliated fund administration fees payable | | | 5,893 | |
| | 12b-1 Distribution and shareholder servicing fees | | | 2,708 | |
| | Accrued expenses and other payables | | | 192,435 | |
Total Liabilities | | | 11,278,094 | |
Commitments and contingent liabilities (Note 4) | | | | |
Net Assets | | $ | 2,836,929,901 | |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 15 |
Janus Henderson Global Select Fund
Statement of Assets and Liabilities (unaudited)
March 31, 2024
| | | | | | | |
| | | | | | |
| | | | | | |
Net Assets Consist of: | | | | |
| Capital (par value and paid-in surplus) | | $ | 1,781,312,665 | |
| Total distributable earnings (loss) | | | 1,055,617,236 | |
Total Net Assets | | $ | 2,836,929,901 | |
Net Assets - Class A Shares | | $ | 10,314,769 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 530,406 | |
Net Asset Value Per Share(1) | | $ | 19.45 | |
Maximum Offering Price Per Share(2) | | $ | 20.64 | |
Net Assets - Class C Shares | | $ | 675,189 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 36,878 | |
Net Asset Value Per Share(1) | | $ | 18.31 | |
Net Assets - Class D Shares | | $ | 2,054,865,419 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 106,504,039 | |
Net Asset Value Per Share | | $ | 19.29 | |
Net Assets - Class I Shares | | $ | 70,319,881 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 3,631,781 | |
Net Asset Value Per Share | | $ | 19.36 | |
Net Assets - Class N Shares | | $ | 64,461,346 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 3,337,543 | |
Net Asset Value Per Share | | $ | 19.31 | |
Net Assets - Class R Shares | | $ | 197,343 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 10,360 | |
Net Asset Value Per Share | | $ | 19.05 | |
Net Assets - Class S Shares | | $ | 195,785 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 10,038 | |
Net Asset Value Per Share | | $ | 19.50 | |
Net Assets - Class T Shares | | $ | 635,900,169 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 32,874,947 | |
Net Asset Value Per Share | | $ | 19.34 | |
| |
(1) Redemption price per share may be reduced for any applicable contingent deferred sales charge. (2) Maximum offering price is computed at 100/94.25 of net asset value. |
| | |
See Notes to Financial Statements. |
| |
16 | MARCH 31, 2024 |
Janus Henderson Global Select Fund
Statement of Operations (unaudited)
For the period ended March 31, 2024
| | | | | | |
| | | | | |
Investment Income: |
| Dividends | $ | 16,180,937 | |
| Dividends from affiliates | | 1,609,415 | |
| Affiliated securities lending income, net | | 11,271 | |
| Unaffiliated securities lending income, net | | 1,406 | |
| Other income | | 27,649 | |
| Foreign tax withheld | | (973,061) | |
Total Investment Income | | 16,857,617 | |
Expenses: | | | |
| Advisory fees | | 7,919,335 | |
| 12b-1 Distribution and shareholder servicing fees: |
| | Class A Shares | | 10,035 | |
| | Class C Shares | | 2,539 | |
| | Class R Shares | | 412 | |
| | Class S Shares | | 210 | |
| Transfer agent administrative fees and expenses: | | |
| | Class D Shares | | 1,027,062 | |
| | Class R Shares | | 207 | |
| | Class S Shares | | 210 | |
| | Class T Shares | | 696,148 | |
| Transfer agent networking and omnibus fees: | | | |
| | Class A Shares | | 2,168 | |
| | Class C Shares | | 251 | |
| | Class I Shares | | 32,637 | |
| Other transfer agent fees and expenses: | | | |
| | Class A Shares | | 233 | |
| | Class C Shares | | 24 | |
| | Class D Shares | | 179,464 | |
| | Class I Shares | | 1,433 | |
| | Class N Shares | | 1,063 | |
| | Class R Shares | | 8 | |
| | Class S Shares | | 5 | |
| | Class T Shares | | 3,432 | |
| Shareholder reports expense | | 157,605 | |
| Registration fees | | 76,248 | |
| Professional fees | | 35,988 | |
| Affiliated fund administration fees | | 30,934 | |
| Custodian fees | | 29,392 | |
| Trustees’ fees and expenses | | 26,645 | |
| Other expenses | | 113,977 | |
Total Expenses | | 10,347,665 | |
Less: Excess Expense Reimbursement and Waivers | | (47,749) | |
Net Expenses | | 10,299,916 | |
Net Investment Income/(Loss) | | 6,557,701 | |
| | | | | |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 17 |
Janus Henderson Global Select Fund
Statement of Operations (unaudited)
For the period ended March 31, 2024
| | | | | | |
| | | | | |
Net Realized Gain/(Loss) on Investments: | |
| Investments and foreign currency transactions | $ | 79,206,071 | |
| Investments in affiliates | | (812) | |
| Swap contracts | | 230,931 | |
Total Net Realized Gain/(Loss) on Investments | 79,436,190 | |
Change in Unrealized Net Appreciation/Depreciation: |
| Investments, foreign currency translations and Trustees’ deferred compensation | | 528,697,898 | |
| Investments in affiliates | | (4,524) | |
| Swap contracts | | 3,118,697 | |
| Written options contracts | | 271,031 | |
Total Change in Unrealized Net Appreciation/Depreciation | 532,083,102 | |
Net Increase/(Decrease) in Net Assets Resulting from Operations | $ | 618,076,993 | |
| | | | | |
| | |
See Notes to Financial Statements. |
| |
18 | MARCH 31, 2024 |
Janus Henderson Global Select Fund
Statements of Changes in Net Assets
| | | | | | | | | |
| | | | | | | | |
| | | Period ended
March 31, 2024 (unaudited) | | Year ended
September 30, 2023 | |
| | | | | | | | |
Operations: | | | | | | |
| Net investment income/(loss) | $ | 6,557,701 | | $ | 26,778,777 | |
| Net realized gain/(loss) on investments | | 79,436,190 | | | 182,426,701 | |
| Change in unrealized net appreciation/depreciation | 532,083,102 | | | 192,496,698 | |
Net Increase/(Decrease) in Net Assets Resulting from Operations | 618,076,993 | | | 401,702,176 | |
Dividends and Distributions to Shareholders: | | | | | | |
| | Class A Shares | | (624,764) | | | (163,306) | |
| | Class C Shares | | (57,837) | | | (26,138) | |
| | Class D Shares | | (145,264,462) | | | (45,052,612) | |
| | Class I Shares | | (4,733,384) | | | (1,110,286) | |
| | Class N Shares | | (4,233,946) | | | (953,930) | |
| | Class R Shares | | (12,599) | | | (2,679) | |
| | Class S Shares | | (12,565) | | | (4,436) | |
| | Class T Shares | | (44,803,657) | | | (13,349,721) | |
Net Decrease from Dividends and Distributions to Shareholders | (199,743,214) | | | (60,663,108) | |
Capital Share Transactions: | | | | | | |
| | Class A Shares | | 1,738,402 | | | 644,726 | |
| | Class C Shares | | (155,201) | | | 5,509 | |
| | Class D Shares | | 77,907,656 | | | (39,756,740) | |
| | Class I Shares | | 6,673,851 | | | 25,203,189 | |
| | Class N Shares | | 10,489,287 | | | 19,804,704 | |
| | Class R Shares | | 21,891 | | | 5,706 | |
| | Class S Shares | | 12,947 | | | 46,779 | |
| | Class T Shares | | 20,140,639 | | | (7,044,205) | |
Net Increase/(Decrease) from Capital Share Transactions | 116,829,472 | | | (1,090,332) | |
Net Increase/(Decrease) in Net Assets | | 535,163,251 | | | 339,948,736 | |
Net Assets: | | | | | | |
| Beginning of period | | 2,301,766,650 | | | 1,961,817,914 | |
| End of period | $ | 2,836,929,901 | | $ | 2,301,766,650 | |
| | | | | | | | |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 19 |
Janus Henderson Global Select Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class A Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $16.62 | | | $14.17 | | | $19.70 | | | $15.56 | | | $15.01 | | | $17.64 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | 0.03 | | | 0.16 | | | 0.14 | | | 0.10 | | | 0.10 | | | 0.14 | |
| | Net realized and unrealized gain/(loss) | | 4.23 | | | 2.69 | | | (3.38) | | | 4.91 | | | 1.10 | | | (0.58) | |
| Total from Investment Operations | | 4.26 | | | 2.85 | | | (3.24) | | | 5.01 | | | 1.20 | | | (0.44) | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | (0.16) | | | (0.11) | | | (0.10) | | | (0.12) | | | (0.13) | | | (0.06) | |
| | Distributions (from capital gains) | | (1.27) | | | (0.29) | | | (2.19) | | | (0.75) | | | (0.52) | | | (2.13) | |
| Total Dividends and Distributions | | (1.43) | | | (0.40) | | | (2.29) | | | (0.87) | | | (0.65) | | | (2.19) | |
| Net Asset Value, End of Period | | $19.45 | | | $16.62 | | | $14.17 | | | $19.70 | | | $15.56 | | | $15.01 | |
| Total Return* | | 27.42% | | | 20.26% | | | (18.45)% | | | 32.96% | | | 7.96% | | | (0.72)% | |
| Net Assets, End of Period (in thousands) | | $10,315 | | | $7,207 | | | $5,582 | | | $7,039 | | | $5,788 | | | $5,380 | |
| Average Net Assets for the Period (in thousands) | | $8,068 | | | $6,859 | | | $6,759 | | | $6,717 | | | $5,354 | | | $4,885 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 1.01% | | | 1.04% | | | 1.04% | | | 1.03% | | | 1.06% | | | 1.08% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 1.01% | | | 1.04% | | | 1.04% | | | 1.03% | | | 1.06% | | | 1.08% | |
| | Ratio of Net Investment Income/(Loss) | | 0.36% | | | 0.95% | | | 0.83% | | | 0.56% | | | 0.70% | | | 0.97% | |
| Portfolio Turnover Rate | | 25% | | | 46% | | | 56% | | | 37% | | | 31% | | | 30% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
20 | MARCH 31, 2024 |
Janus Henderson Global Select Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class C Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $15.65 | | | $13.42 | | | $18.82 | | | $14.92 | | | $14.42 | | | $17.10 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | (0.02) | | | 0.01 | | | —(2) | | | (0.06) | | | (0.04) | | | —(2) | |
| | Net realized and unrealized gain/(loss) | | 3.98 | | | 2.56 | | | (3.21) | | | 4.71 | | | 1.06 | | | (0.55) | |
| Total from Investment Operations | | 3.96 | | | 2.57 | | | (3.21) | | | 4.65 | | | 1.02 | | | (0.55) | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | (0.03) | | | (0.05) | | | — | | | — | | | — | | | — | |
| | Distributions (from capital gains) | | (1.27) | | | (0.29) | | | (2.19) | | | (0.75) | | | (0.52) | | | (2.13) | |
| Total Dividends and Distributions | | (1.30) | | | (0.34) | | | (2.19) | | | (0.75) | | | (0.52) | | | (2.13) | |
| Net Asset Value, End of Period | | $18.31 | | | $15.65 | | | $13.42 | | | $18.82 | | | $14.92 | | | $14.42 | |
| Total Return* | | 26.99% | | | 19.24% | | | (19.14)% | | | 31.84% | | | 7.00% | | | (1.55)% | |
| Net Assets, End of Period (in thousands) | | $675 | | | $721 | | | $564 | | | $586 | | | $676 | | | $1,197 | |
| Average Net Assets for the Period (in thousands) | | $705 | | | $908 | | | $609 | | | $650 | | | $1,005 | | | $1,534 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 2.01% | | | 2.10% | | | 2.16% | | | 2.14% | | | 2.01% | | | 1.94% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 1.74% | | | 1.93% | | | 1.87% | | | 1.88% | | | 1.91% | | | 1.94% | |
| | Ratio of Net Investment Income/(Loss) | | (0.41)% | | | 0.07% | | | 0.02% | | | (0.33)% | | | (0.26)% | | | (0.01)% | |
| Portfolio Turnover Rate | | 25% | | | 46% | | | 56% | | | 37% | | | 31% | | | 30% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. (2) Less than $0.005 on a per share basis. |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 21 |
Janus Henderson Global Select Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class D Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $16.51 | | | $14.09 | | | $19.60 | | | $15.47 | | | $14.93 | | | $17.55 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | 0.05 | | | 0.19 | | | 0.18 | | | 0.14 | | | 0.13 | | | 0.17 | |
| | Net realized and unrealized gain/(loss) | | 4.18 | | | 2.67 | | | (3.36) | | | 4.88 | | | 1.10 | | | (0.57) | |
| Total from Investment Operations | | 4.23 | | | 2.86 | | | (3.18) | | | 5.02 | | | 1.23 | | | (0.40) | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | (0.18) | | | (0.15) | | | (0.14) | | | (0.14) | | | (0.17) | | | (0.09) | |
| | Distributions (from capital gains) | | (1.27) | | | (0.29) | | | (2.19) | | | (0.75) | | | (0.52) | | | (2.13) | |
| Total Dividends and Distributions | | (1.45) | | | (0.44) | | | (2.33) | | | (0.89) | | | (0.69) | | | (2.22) | |
| Net Asset Value, End of Period | | $19.29 | | | $16.51 | | | $14.09 | | | $19.60 | | | $15.47 | | | $14.93 | |
| Total Return* | | 27.48% | | | 20.49% | | | (18.25)% | | | 33.28% | | | 8.18% | | | (0.51)% | |
| Net Assets, End of Period (in thousands) | | $2,054,865 | | | $1,673,253 | | | $1,459,358 | | | $1,876,374 | | | $1,494,051 | | | $1,493,415 | |
| Average Net Assets for the Period (in thousands) | | $1,807,160 | | | $1,695,783 | | | $1,787,127 | | | $1,803,402 | | | $1,455,934 | | | $1,479,323 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 0.81% | | | 0.83% | | | 0.82% | | | 0.82% | | | 0.84% | | | 0.85% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 0.81% | | | 0.83% | | | 0.82% | | | 0.82% | | | 0.84% | | | 0.85% | |
| | Ratio of Net Investment Income/(Loss) | | 0.54% | | | 1.18% | | | 1.04% | | | 0.77% | | | 0.91% | | | 1.15% | |
| Portfolio Turnover Rate | | 25% | | | 46% | | | 56% | | | 37% | | | 31% | | | 30% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
22 | MARCH 31, 2024 |
Janus Henderson Global Select Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class I Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $16.57 | | | $14.15 | | | $19.68 | | | $15.53 | | | $14.99 | | | $17.61 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | 0.05 | | | 0.20 | | | 0.19 | | | 0.16 | | | 0.14 | | | 0.19 | |
| | Net realized and unrealized gain/(loss) | | 4.20 | | | 2.68 | | | (3.38) | | | 4.89 | | | 1.10 | | | (0.58) | |
| Total from Investment Operations | | 4.25 | | | 2.88 | | | (3.19) | | | 5.05 | | | 1.24 | | | (0.39) | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | (0.19) | | | (0.17) | | | (0.15) | | | (0.15) | | | (0.18) | | | (0.10) | |
| | Distributions (from capital gains) | | (1.27) | | | (0.29) | | | (2.19) | | | (0.75) | | | (0.52) | | | (2.13) | |
| Total Dividends and Distributions | | (1.46) | | | (0.46) | | | (2.34) | | | (0.90) | | | (0.70) | | | (2.23) | |
| Net Asset Value, End of Period | | $19.36 | | | $16.57 | | | $14.15 | | | $19.68 | | | $15.53 | | | $14.99 | |
| Total Return* | | 27.47% | | | 20.55% | | | (18.23)% | | | 33.31% | | | 8.25% | | | (0.39)% | |
| Net Assets, End of Period (in thousands) | | $70,320 | | | $53,550 | | | $24,004 | | | $22,347 | | | $14,853 | | | $17,024 | |
| Average Net Assets for the Period (in thousands) | | $58,586 | | | $45,935 | | | $22,980 | | | $19,681 | | | $16,194 | | | $16,875 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 0.79% | | | 0.80% | | | 0.77% | | | 0.77% | | | 0.78% | | | 0.80% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 0.79% | | | 0.80% | | | 0.77% | | | 0.77% | | | 0.78% | | | 0.80% | |
| | Ratio of Net Investment Income/(Loss) | | 0.59% | | | 1.24% | | | 1.12% | | | 0.83% | | | 0.91% | | | 1.27% | |
| Portfolio Turnover Rate | | 25% | | | 46% | | | 56% | | | 37% | | | 31% | | | 30% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 23 |
Janus Henderson Global Select Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class N Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $16.53 | | | $14.11 | | | $19.64 | | | $15.50 | | | $14.96 | | | $17.58 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | 0.06 | | | 0.21 | | | 0.20 | | | 0.17 | | | 0.14 | | | 0.19 | |
| | Net realized and unrealized gain/(loss) | | 4.19 | | | 2.68 | | | (3.37) | | | 4.88 | | | 1.12 | | | (0.56) | |
| Total from Investment Operations | | 4.25 | | | 2.89 | | | (3.17) | | | 5.05 | | | 1.26 | | | (0.37) | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | (0.20) | | | (0.18) | | | (0.17) | | | (0.16) | | | (0.20) | | | (0.12) | |
| | Distributions (from capital gains) | | (1.27) | | | (0.29) | | | (2.19) | | | (0.75) | | | (0.52) | | | (2.13) | |
| Total Dividends and Distributions | | (1.47) | | | (0.47) | | | (2.36) | | | (0.91) | | | (0.72) | | | (2.25) | |
| Net Asset Value, End of Period | | $19.31 | | | $16.53 | | | $14.11 | | | $19.64 | | | $15.50 | | | $14.96 | |
| Total Return* | | 27.59% | | | 20.69% | | | (18.21)% | | | 33.41% | | | 8.38% | | | (0.28)% | |
| Net Assets, End of Period (in thousands) | | $64,461 | | | $44,845 | | | $21,395 | | | $26,130 | | | $24,271 | | | $37,810 | |
| Average Net Assets for the Period (in thousands) | | $52,757 | | | $35,705 | | | $25,204 | | | $27,543 | | | $29,294 | | | $31,647 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 0.67% | | | 0.69% | | | 0.69% | | | 0.68% | | | 0.68% | | | 0.69% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 0.67% | | | 0.69% | | | 0.69% | | | 0.68% | | | 0.68% | | | 0.69% | |
| | Ratio of Net Investment Income/(Loss) | | 0.70% | | | 1.26% | | | 1.18% | | | 0.90% | | | 0.97% | | | 1.32% | |
| Portfolio Turnover Rate | | 25% | | | 46% | | | 56% | | | 37% | | | 31% | | | 30% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
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See Notes to Financial Statements. |
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24 | MARCH 31, 2024 |
Janus Henderson Global Select Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class R Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $16.28 | | | $13.88 | | | $19.36 | | | $15.29 | | | $14.76 | | | $17.39 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | (0.02) | | | 0.07 | | | 0.05 | | | —(2) | | | 0.01 | | | 0.05 | |
| | Net realized and unrealized gain/(loss) | | 4.14 | | | 2.64 | | | (3.31) | | | 4.82 | | | 1.08 | | | (0.55) | |
| Total from Investment Operations | | 4.12 | | | 2.71 | | | (3.26) | | | 4.82 | | | 1.09 | | | (0.50) | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | (0.08) | | | (0.02) | | | (0.03) | | | — | | | (0.04) | | | — | |
| | Distributions (from capital gains) | | (1.27) | | | (0.29) | | | (2.19) | | | (0.75) | | | (0.52) | | | (2.13) | |
| Total Dividends and Distributions | | (1.35) | | | (0.31) | | | (2.22) | | | (0.75) | | | (0.56) | | | (2.13) | |
| Net Asset Value, End of Period | | $19.05 | | | $16.28 | | | $13.88 | | | $19.36 | | | $15.29 | | | $14.76 | |
| Total Return* | | 27.02% | | | 19.62% | | | (18.89)% | | | 32.19% | | | 7.29% | | | (1.21)% | |
| Net Assets, End of Period (in thousands) | | $197 | | | $147 | | | $120 | | | $123 | | | $107 | | | $188 | |
| Average Net Assets for the Period (in thousands) | | $166 | | | $145 | | | $135 | | | $118 | | | $170 | | | $198 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 3.21% | | | 3.49% | | | 3.67% | | | 3.94% | | | 3.20% | | | 2.95% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 1.56% | | | 1.58% | | | 1.62% | | | 1.60% | | | 1.63% | | | 1.63% | |
| | Ratio of Net Investment Income/(Loss) | | (0.19)% | | | 0.44% | | | 0.27% | | | (0.02)% | | | 0.05% | | | 0.37% | |
| Portfolio Turnover Rate | | 25% | | | 46% | | | 56% | | | 37% | | | 31% | | | 30% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. (2) Less than $0.005 on a per share basis. |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 25 |
Janus Henderson Global Select Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class S Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $16.63 | | | $14.21 | | | $19.71 | | | $15.57 | | | $15.02 | | | $17.74 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | 0.01 | | | 0.13 | | | 0.08 | | | 0.03 | | | 0.06 | | | 0.10 | |
| | Net realized and unrealized gain/(loss) | | 4.22 | | | 2.69 | | | (3.39) | | | 4.93 | | | 1.09 | | | (0.58) | |
| Total from Investment Operations | | 4.23 | | | 2.82 | | | (3.31) | | | 4.96 | | | 1.15 | | | (0.48) | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | (0.09) | | | (0.11) | | | — | | | (0.07) | | | (0.08) | | | (0.11) | |
| | Distributions (from capital gains) | | (1.27) | | | (0.29) | | | (2.19) | | | (0.75) | | | (0.52) | | | (2.13) | |
| Total Dividends and Distributions | | (1.36) | | | (0.40) | | | (2.19) | | | (0.82) | | | (0.60) | | | (2.24) | |
| Net Asset Value, End of Period | | $19.50 | | | $16.63 | | | $14.21 | | | $19.71 | | | $15.57 | | | $15.02 | |
| Total Return* | | 27.15% | | | 19.96% | | | (18.75)% | | | 32.57% | | | 7.61% | | | (0.97)% | |
| Net Assets, End of Period (in thousands) | | $196 | | | $154 | | | $82 | | | $139 | | | $227 | | | $248 | |
| Average Net Assets for the Period (in thousands) | | $169 | | | $176 | | | $108 | | | $189 | | | $231 | | | $234 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 2.93% | | | 2.88% | | | 3.97% | | | 2.76% | | | 2.48% | | | 2.47% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 1.29% | | | 1.32% | | | 1.37% | | | 1.36% | | | 1.37% | | | 1.36% | |
| | Ratio of Net Investment Income/(Loss) | | 0.07% | | | 0.76% | | | 0.42% | | | 0.16% | | | 0.38% | | | 0.66% | |
| Portfolio Turnover Rate | | 25% | | | 46% | | | 56% | | | 37% | | | 31% | | | 30% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
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26 | MARCH 31, 2024 |
Janus Henderson Global Select Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class T Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $16.55 | | | $14.11 | | | $19.63 | | | $15.50 | | | $14.96 | | | $17.57 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | 0.04 | | | 0.18 | | | 0.17 | | | 0.13 | | | 0.12 | | | 0.16 | |
| | Net realized and unrealized gain/(loss) | | 4.19 | | | 2.68 | | | (3.37) | | | 4.88 | | | 1.10 | | | (0.57) | |
| Total from Investment Operations | | 4.23 | | | 2.86 | | | (3.20) | | | 5.01 | | | 1.22 | | | (0.41) | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | (0.17) | | | (0.13) | | | (0.13) | | | (0.13) | | | (0.16) | | | (0.07) | |
| | Distributions (from capital gains) | | (1.27) | | | (0.29) | | | (2.19) | | | (0.75) | | | (0.52) | | | (2.13) | |
| Total Dividends and Distributions | | (1.44) | | | (0.42) | | | (2.32) | | | (0.88) | | | (0.68) | | | (2.20) | |
| Net Asset Value, End of Period | | $19.34 | | | $16.55 | | | $14.11 | | | $19.63 | | | $15.50 | | | $14.96 | |
| Total Return* | | 27.39% | | | 20.46% | | | (18.36)% | | | 33.15% | | | 8.08% | | | (0.54)% | |
| Net Assets, End of Period (in thousands) | | $635,900 | | | $521,890 | | | $450,713 | | | $587,159 | | | $464,956 | | | $484,175 | |
| Average Net Assets for the Period (in thousands) | | $559,774 | | | $525,581 | | | $554,055 | | | $561,617 | | | $464,019 | | | $481,731 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 0.91% | | | 0.93% | | | 0.92% | | | 0.92% | | | 0.92% | | | 0.93% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 0.90% | | | 0.91% | | | 0.91% | | | 0.91% | | | 0.91% | | | 0.92% | |
| | Ratio of Net Investment Income/(Loss) | | 0.46% | | | 1.10% | | | 0.96% | | | 0.68% | | | 0.83% | | | 1.08% | |
| Portfolio Turnover Rate | | 25% | | | 46% | | | 56% | | | 37% | | | 31% | | | 30% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 27 |
Janus Henderson Global Select Fund
Notes to Financial Statements (unaudited)
1. Organization and Significant Accounting Policies
Janus Henderson Global Select Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 37 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term growth of capital. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the “Adviser”) to the Fund.
The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.
Shareholders, including individuals, accounts, as well as the Fund’s portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund’s Shares and can be considered to “control” the Fund when that ownership exceeds 25% of the Fund’s assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).
Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.
Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.
Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.
The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.
Effective July 6, 2020, Class D Shares are available to new investors, subject to any closed fund policies for a Fund, as applicable. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.
Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. Class I Shares are also available to certain direct institutional investors including, but not limited to, corporations, certain retirement plans, public plans, and foundations/endowments, who established Class I Share accounts before August 4, 2017.
Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the “Distributor”) including, but not limited to,
Janus Henderson Global Select Fund
Notes to Financial Statements (unaudited)
corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.
Class R Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms.
Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.
Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.
The following accounting policies have been followed by the Fund and are in conformity with US GAAP.
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 Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-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 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 value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that operate as money market funds held by the Fund, if any, will be calculated using the NAV of such 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.
Janus Henderson Global Select Fund
Notes to Financial Statements (unaudited)
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.
There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal period.
The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of March 31, 2024 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 and Other Information.
The Fund did not hold a significant amount of Level 3 securities as of March 31, 2024.
Investment Transactions and Investment Income
Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on an accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.
Expenses
The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.
Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Indemnifications
In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and
Janus Henderson Global Select Fund
Notes to Financial Statements (unaudited)
would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.
Foreign Currency Translations
The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.
Currency gains and losses are also calculated on payables and receivables that are denominated in foreign currencies. The payables and receivables are generally related to foreign security transactions and income translations.
Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.
Dividends and Distributions
The Fund generally declares and distributes dividends of net investment income and realized capital gains (if any) annually. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as “equalization,” has no effect on the redeeming shareholder or a Fund’s total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.
The Fund may make certain investments in real estate investment trusts (“REITs”) which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs’ taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal income tax purposes.
Federal Income Taxes
The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund’s tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund’s financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
2.Derivative Instruments
The Fund may invest in various types of derivatives, which may at times result in significant derivative exposure. A derivative is a financial instrument whose performance is derived from the performance of another asset. The Fund may invest in derivative instruments including, but not limited to: futures contracts, put options, call options, options on futures contracts, options on foreign currencies, options on recovery locks, options on security and commodity indices, swaps, forward contracts, structured investments, and other equity-linked derivatives. Each derivative instrument that was held by the Fund during the period ended March 31, 2024 is discussed in further detail below. A summary of derivative activity by the Fund is reflected in the tables at the end of the Schedule of Investments.
The Fund may use derivative instruments for hedging purposes (to offset risks associated with an investment, currency exposure, or market conditions), to adjust currency exposure relative to a benchmark index, or for speculative purposes (to earn income and seek to enhance returns). When the Fund invests in a derivative for speculative purposes, the Fund will be fully exposed to the risks of loss of that derivative, which may sometimes be greater than the derivative’s cost. The Fund may not use any derivative to gain exposure to an asset or class of assets that it would be prohibited by its investment restrictions from purchasing directly. The Fund’s ability to use derivative instruments may also be limited by tax considerations.
Janus Henderson Global Select Fund
Notes to Financial Statements (unaudited)
Investments in derivatives in general are subject to market risks that may cause their prices to fluctuate over time. Investments in derivatives may not directly correlate with the price movements of the underlying instrument. As a result, the use of derivatives may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. The use of derivatives may result in larger losses or smaller gains than otherwise would be the case. Derivatives can be volatile and may involve significant risks.
In pursuit of its investment objective, the Fund may seek to use derivatives to increase or decrease exposure to the following market risk factors:
· Commodity Risk – the risk related to the change in value of commodities or commodity-linked investments due to changes in the overall market movements, volatility of the underlying benchmark, changes in interest rates, or other factors affecting a particular industry or commodity such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political, and regulatory developments.
· Counterparty Risk – the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its financial obligation to the Fund.
· Credit Risk – the risk an issuer will be unable to make principal and interest payments when due, or will default on its obligations.
· Currency Risk – the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment.
· Equity Risk – the risk related to the change in value of equity securities as they relate to increases or decreases in the general market.
· Index Risk – if the derivative is linked to the performance of an index, it will be subject to the risks associated with changes in that index. If the index changes, the Fund could receive lower interest payments or experience a reduction in the value of the derivative to below what the Fund paid. Certain indexed securities, including inverse securities (which move in an opposite direction to the index), may create leverage, to the extent that they increase or decrease in value at a rate that is a multiple of the changes in the applicable index.
· Interest Rate Risk – the risk that the value of fixed-income securities will generally decline as prevailing interest rates rise, which may cause the Fund’s NAV to likewise decrease.
· Leverage Risk – the risk associated with certain types of leveraged investments or trading strategies pursuant to which relatively small market movements may result in large changes in the value of an investment. The Fund creates leverage by investing in instruments, including derivatives, where the investment loss can exceed the original amount invested. Certain investments or trading strategies, such as short sales, that involve leverage can result in losses that greatly exceed the amount originally invested.
· Liquidity Risk – the risk that certain securities may be difficult or impossible to sell at the time that the seller would like or at the price that the seller believes the security is currently worth.
Derivatives may generally be traded OTC or on an exchange. Derivatives traded OTC are agreements that are individually negotiated between parties and can be tailored to meet a purchaser’s needs. OTC derivatives are not guaranteed by a clearing agency and may be subject to increased credit risk.
In an effort to mitigate credit risk associated with derivatives traded OTC, the Fund may enter into collateral agreements with certain counterparties whereby, subject to certain minimum exposure requirements, the Fund may require the counterparty to post collateral if the Fund has a net aggregate unrealized gain on all OTC derivative contracts with a particular counterparty. Additionally, the Fund may deposit cash and/or treasuries as collateral with the counterparty and/or custodian daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized loss on OTC derivative contracts with a particular counterparty. All liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund’s commitment with respect to certain exchange-traded derivatives, centrally cleared derivatives, forward foreign currency exchange contracts, short sales, and/or securities with extended settlement dates. There is no guarantee that counterparty exposure is reduced and these arrangements are dependent on the Adviser’s ability to establish and maintain appropriate systems and trading.
Janus Henderson Global Select Fund
Notes to Financial Statements (unaudited)
Options Contracts
An options contract provides the purchaser with the right, but not the obligation, to buy (call option) or sell (put option) a financial instrument at an agreed upon price on or before a specified date. The purchaser pays a premium to the seller for this right. The seller has the corresponding obligation to sell or buy a financial instrument if the purchaser (owner) "exercises" the option. When an option is exercised, the proceeds on sales for a written call option, the purchase cost for a written put option, or the cost of the security for a purchased put or call option are adjusted by the amount of premium received or paid. Upon expiration, or closing of the option transaction, a realized gain or loss is reported on the Statement of Operations (if applicable). The difference between the premium paid/received and the market value of the option is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported on the Statement of Operations (if applicable). Option contracts are typically valued using an approved vendor’s option valuation model. To the extent reliable market quotations are available, option contracts are valued using market quotations. In cases when an approved vendor cannot provide coverage for an option and there is no reliable market quotation, a broker quotation or an internal valuation using the Black-Scholes model, the Cox-Rubinstein Binomial Option Pricing Model, or other appropriate option pricing model is used. Certain options contracts are marked-to-market daily, and the daily variation margin is recorded as a receivable or payable on the Statement of Assets and Liabilities as “Variation margin receivable” or “Variation margin payable” (if applicable).
The Fund may use options contracts to hedge against changes in interest rates, the values of equities, or foreign currencies. The Fund generally invests in options to hedge against adverse movements in the value of portfolio holdings. The use of such instruments may involve certain additional risks as a result of unanticipated movements in the market. A lack of correlation between the value of an instrument underlying an option and the asset being hedged, or unexpected adverse price movements, could render the Fund’s hedging strategy unsuccessful. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased or sold. The Fund may be subject to counterparty risk, interest rate risk, liquidity risk, equity risk, commodity risk, and currency risk in the normal course of pursuing its investment objective through its investments in options contracts.
Options traded on an exchange are regulated and the terms of the options are standardized. Options traded OTC expose the Fund to counterparty risk in the event that the counterparty does not perform. This risk is mitigated by having a netting arrangement between the Fund and the counterparty and by having the counterparty post collateral to cover the Fund’s exposure to the counterparty.
In writing an option, the Fund bears the risk of an unfavorable change in the price of the security underlying the written option. When an option is written, the Fund receives a premium and becomes obligated to sell or purchase the underlying security at a fixed price, upon exercise of the option. Options written are reported as a liability on the Statement of Assets and Liabilities as “Options written, at value” (if applicable). The Fund may use options contracts to hedge against changes in interest rates, the values of equities, or foreign currencies. The Fund generally invests in options to hedge against adverse movements in the value of portfolio holdings. The use of such instruments may involve certain additional risks as a result of unanticipated movements in the market. A lack of correlation between the value of an instrument underlying an option and the asset being hedged, or unexpected adverse price movements, could render the Fund’s hedging strategy unsuccessful. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased or sold. The Fund may be subject to counterparty risk, interest rate risk, liquidity risk, equity risk, commodity risk, and currency risk in the normal course of pursuing its investment objective through its investments in options contracts.
During the period, the Fund wrote call options on various equity securities for the purpose of decreasing exposure to individual equity risk and/or generating income.
Swaps
Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a day to more than one year to exchange one set of cash flows for another. The most significant factor in the performance of swap agreements is the change in value of the specific index, security, or currency, or other factors that determine the amounts of payments due to and from the Fund. The use of swaps is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Swap transactions may in some instances involve the delivery of securities or other underlying assets by the Fund or its counterparty to collateralize obligations under the swap. If the other party to a swap that is not collateralized defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. Swap agreements entail the risk that a party will default on its payment obligations to the Fund. If the other party to a swap
Janus Henderson Global Select Fund
Notes to Financial Statements (unaudited)
defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. If the Fund utilizes a swap at the wrong time or judges market conditions incorrectly, the swap may result in a loss to the Fund and reduce the Fund’s total return.
Swap agreements also bear the risk that the Fund will not be able to meet its obligation to the counterparty. Swap agreements are typically privately negotiated and entered into in the OTC market. However, certain swap agreements are required to be cleared through a clearinghouse and traded on an exchange or swap execution facility. Swaps that are required to be cleared are required to post initial and variation margins in accordance with the exchange requirements. Regulations enacted require the Fund to centrally clear certain interest rate and credit default index swaps through a clearinghouse or central counterparty (“CCP”). To clear a swap with a CCP, the Fund will submit the swap to, and post collateral with, a futures clearing merchant (“FCM”) that is a clearinghouse member. Alternatively, the Fund may enter into a swap with a financial institution other than the FCM (the “Executing Dealer”) and arrange for the swap to be transferred to the FCM for clearing. The Fund may also enter into a swap with the FCM itself. The CCP, the FCM, and the Executing Dealer are all subject to regulatory oversight by the U.S. Commodity Futures Trading Commission (“CFTC”). A default or failure by a CCP or an FCM, or the failure of a swap to be transferred from an Executing Dealer to the FCM for clearing, may expose the Fund to losses, increase its costs, or prevent the Fund from entering or exiting swap positions, accessing collateral, or fully implementing its investment strategies. The regulatory requirement to clear certain swaps could, either temporarily or permanently, reduce the liquidity of cleared swaps or increase the costs of entering into those swaps.
Index swaps, interest rate swaps, inflation swaps and credit default swaps are valued using an approved vendor supplied price. Basket swaps are valued using a broker supplied price. Equity swaps that consist of a single underlying equity are valued either at the closing price, the latest bid price, or the last sale price on the primary market or exchange it trades. The market value of swap contracts are aggregated by positive and negative values and are disclosed separately as an asset or liability on the Fund’s Statement of Assets and Liabilities (if applicable). Realized gains and losses are reported on the Fund’s Statement of Operations (if applicable). The change in unrealized net appreciation or depreciation during the period is included in the Statement of Operations (if applicable).
The Fund’s maximum risk of loss from counterparty risk or credit risk is the discounted value of the payments to be received from/paid to the counterparty over the contract’s remaining life, to the extent that the amount is positive. The risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to cover the Fund’s exposure to the counterparty.
Total return swaps involve an exchange by two parties in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset, which includes both the income it generates and any capital gains over the payment period. A fixed-income total return swap may be written on many different kinds of underlying reference assets, and may include different indices for various kinds of debt securities (e.g., U.S. investment grade bonds, high-yield bonds, or emerging market bonds).
During the period, the Fund entered into total return swaps on equity securities to increase exposure to equity risk. These total return swaps require the Fund to pay a floating reference interest rate, and an amount equal to the negative price movement of securities or an index multiplied by the notional amount of the contract. The Fund will receive payments equal to the positive price movement of the same securities or index multiplied by the notional amount of the contract and, in some cases, dividends paid on the securities.
3. Other Investments and Strategies
Market Risk
The value of the Fund’s portfolio may decrease if the value of one or more issuers in the Fund’s portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund’s portfolio decreases, the Fund’s NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and
Janus Henderson Global Select Fund
Notes to Financial Statements (unaudited)
pandemics), terrorism, war, conflicts, including related sanctions, social unrest, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.
• COVID-19 Pandemic. The effects of COVID-19 have contributed to increased volatility in global financial markets and have affected and may continue to affect certain countries, regions, issuers, industries and market sectors more dramatically than others. These conditions and events could have a significant impact on the Fund and its investments, the Fund’s ability to meet redemption requests, and the processes and operations of the Fund’s service providers, including the Adviser.
• Armed Conflict. Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global economic environment and the markets for certain securities and commodities.
Emerging Market Investing
Within the parameters of its specific investment policies, the Fund may invest in securities of issuers or companies from or with exposure to one or more “developing countries” or “emerging market countries.” Such countries include but are not limited to countries included in the MSCI Emerging Markets IndexSM. Emerging market countries in which the Fund may invest include frontier market countries, the economies of which are less developed than other emerging market countries. To the extent that the Fund invests a significant amount of its assets in one or more of these countries, its returns and net asset value may be affected to a large degree by events and economic conditions in such countries. The risks of foreign investing are heightened when investing in emerging markets, which may result in the price of investments in emerging markets experiencing sudden and sharp price swings. In many developing markets, there is less government supervision and regulation of stock exchanges, brokers, and listed companies, making these investments potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. Similarly, issuers in such markets may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which U.S. companies are subject. There is a risk in developing countries that a current or future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government monopolies, any of which may have a detrimental effect on the Fund’s investments. In addition, the Fund’s investments may be denominated in foreign currencies and therefore, changes in the value of a country’s currency compared to the U.S. dollar may affect the value of the Fund’s investments. To the extent that the Fund invests a significant portion of its assets in the securities of issuers in or companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region, which could have a negative impact on the Fund’s performance. Developing countries may also experience a higher level of exposure and vulnerability to the adverse effects of climate change. This can be attributed to both the geographic location of emerging market countries and/or a country’s lack of access to technology or resources to adjust and adapt to its effects. An increased occurrence and severity of natural disasters and extreme weather events such as droughts and decreased crop yields, heat waves, flooding and rising sea levels, and increased spread of disease, could cause harmful effects to the performance of affected economies. Additionally, foreign and emerging market risks, including, but not limited to, price controls, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, nationalization, and restrictions on repatriation of assets may be heightened to the extent the Fund invests in Chinese local market securities.
Restricted Security Transactions
Restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933, as amended. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. Lack of a secondary market and resale restrictions may result in the inability of the Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, these securities may exhibit greater price volatility than securities for which secondary markets exist.
Janus Henderson Global Select Fund
Notes to Financial Statements (unaudited)
Counterparties
Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund (“counterparty risk”). Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund’s exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.
The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund’s cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser’s analysis of a counterparty’s creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.
Securities Lending
Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments’ payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the Securities and Exchange Commission (the "SEC"). If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.
Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05% for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.
The value of the collateral must be at least 102% of the market value of the loaned securities that are denominated in U.S. dollars and 105% of the market value of the loaned securities that are not denominated in U.S. dollars. Loaned securities and related collateral are marked-to-market each business day based upon the market value of the loaned securities at the close of business, employing the most recent available pricing information. Collateral levels are then adjusted based on this mark-to-market evaluation. Additional required collateral, or excess collateral returned, is
Janus Henderson Global Select Fund
Notes to Financial Statements (unaudited)
delivered on the next business day. Therefore, the value of the collateral held may be temporarily less than 102% or 105% value of the securities on loan. The cash collateral invested by the Adviser is disclosed in the Schedule of Investments (if applicable).
Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations.
There were no securities on loan as of March 31, 2024.
Offsetting Assets and Liabilities
The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.
In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs OTC derivatives and forward foreign currency exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, in the event of a default and/or termination event, the Fund may offset with each counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment.
The Offsetting Assets and Liabilities tables located in the Schedule of Investments presents gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the “Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of March 31, 2024” table located in the Fund’s Schedule of Investments.
The Fund may require the counterparty to pledge securities as collateral daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized gain on OTC derivative contracts with a particular counterparty. The Fund may deposit cash as collateral with the counterparty and/or custodian daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized loss on OTC derivative contracts with a particular counterparty. The collateral amounts are subject to minimum exposure requirements and initial margin requirements. Collateral amounts are monitored and subsequently adjusted up or down as valuations fluctuate by at least the minimum exposure requirement. Collateral may reduce the risk of loss.
4. Investment Advisory Agreements and Other Transactions with Affiliates
The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The Fund’s contractual investment advisory fee rate (expressed as an annual rate) is 0.64%.
The Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding any performance adjustments to the management fee, if applicable, the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.81% for at least a one-year period commencing on January 26, 2024. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.
The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are
Janus Henderson Global Select Fund
Notes to Financial Statements (unaudited)
separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (or any subadvisor, as applicable) provides to the Fund. These amounts are disclosed as “Affiliated fund administration fees” on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund’s Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $222,870 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended March 31, 2024. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.
Janus Henderson Services US LLC (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.
Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.
| | |
Average Daily Net Assets of Class D Shares of the Janus Henderson funds | Administrative Services Fee |
Under $40 billion | 0.12% |
$40 billion – $49.9 billion | 0.10% |
Over $49.9 billion | 0.08% |
During the reporting period, the administrative services fee rate was 0.11%.
The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class R Shares, Class S Shares, and Class T Shares for providing or procuring administrative services to investors in Class R Shares, Class S Shares, and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class R Shares, Class S Shares, and Class T Shares.
Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.
Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.
The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.
Under distribution and shareholder servicing plans (the “Plans”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share
Janus Henderson Global Select Fund
Notes to Financial Statements (unaudited)
class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, of up to 0.50% of the Class R Shares' average daily net assets, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations.
Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the period ended March 31, 2024, the Distributor retained upfront sales charges of $837.
A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the period ended March 31, 2024.
A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class C Shares during the period ended March 31, 2024.
The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of March 31, 2024 on the Statement of Assets and Liabilities in the asset, “Trustees’ deferred compensation,” and liability, “Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Total distributable earnings (loss)” on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended March 31, 2024 are included in “Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $318,650 were paid by the Trust to the Trustees under the Deferred Plan during the period ended March 31, 2024.
Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the “Investing Funds”). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the “Sweep Vehicle”) is an affiliated unregistered cash management pooled investment vehicle that invests primarily in highly-rated short-term fixed-income securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a “floating” NAV) rounded to the fourth decimal place (e.g., $1.0000). The Sweep Vehicle is permitted to impose a liquidity fee (of up to 2%) on redemptions from the Sweep Vehicle or a redemption gate that temporarily suspends redemptions from the Sweep Vehicle for up to 10 business days during a 90 day period. There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.
Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended March 31, 2024 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.
Janus Henderson Global Select Fund
Notes to Financial Statements (unaudited)
As of March 31, 2024, shares of the Fund were owned by affiliates of the Adviser, and/or other funds advised by the Adviser, as indicated in the table below:
| | | | | | |
Class | % of Class Owned | | % of Fund Owned | | |
Class A Shares | - | % | - | % | |
Class C Shares | - | | - | | |
Class D Shares | - | | - | | |
Class I Shares | - | | - | | |
Class N Shares | 31 | | 1 | | |
Class R Shares | - | | - | | |
Class S Shares | - | | - | | |
Class T Shares | - | | - | | |
| | | | | |
5. Federal Income Tax
Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.
The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.
The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of March 31, 2024 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals, investments in partnerships, and investments in passive foreign investment companies.
| | | | |
Federal Tax Cost | Unrealized
Appreciation | Unrealized
(Depreciation) | Net Tax Appreciation/
(Depreciation) |
$1,867,382,108 | $990,700,708 | $ (23,074,093) | $ 967,626,615 |
| | | |
Information on the tax components of derivatives as of March 31, 2024 is as follows:
| | | | |
Federal Tax Cost | Unrealized
Appreciation | Unrealized
(Depreciation) | Net Tax Appreciation/
(Depreciation) |
$ 1,227,000 | $ 3,389,728 | $ - | $ 3,389,728 |
| | | |
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Janus Henderson Global Select Fund
Notes to Financial Statements (unaudited)
6. Capital Share Transactions
| | | | | | | |
| | | | | | |
| | Period ended March 31, 2024 | | Year ended September 30, 2023 |
| | Shares | Amount | | Shares | Amount |
| | | | | | |
Class A Shares: | | | | | |
Shares sold | 84,700 | $ 1,568,721 | | 80,704 | $ 1,328,104 |
Reinvested dividends and distributions | 36,258 | 582,300 | | 9,502 | 149,282 |
Shares repurchased | (24,077) | (412,619) | | (50,543) | (832,660) |
Net Increase/(Decrease) | 96,881 | $ 1,738,402 | | 39,663 | $ 644,726 |
Class C Shares: | | | | | |
Shares sold | 2,818 | $ 46,914 | | 74,415 | $ 1,098,950 |
Reinvested dividends and distributions | 3,815 | 57,837 | | 1,755 | 26,138 |
Shares repurchased | (15,847) | (259,952) | | (72,079) | (1,119,579) |
Net Increase/(Decrease) | (9,214) | $ (155,201) | | 4,091 | $ 5,509 |
Class D Shares: | | | | | |
Shares sold | 742,238 | $13,040,983 | | 1,654,234 | $ 27,075,294 |
Reinvested dividends and distributions | 8,834,395 | 140,643,569 | | 2,806,176 | 43,720,218 |
Shares repurchased | (4,413,060) | (75,776,896) | | (6,718,088) | (110,552,252) |
Net Increase/(Decrease) | 5,163,573 | $77,907,656 | | (2,257,678) | $(39,756,740) |
Class I Shares: | | | | | |
Shares sold | 769,012 | $13,174,456 | | 2,342,406 | $ 38,641,008 |
Reinvested dividends and distributions | 292,466 | 4,673,610 | | 69,568 | 1,087,351 |
Shares repurchased | (661,980) | (11,174,215) | | (876,389) | (14,525,170) |
Net Increase/(Decrease) | 399,498 | $ 6,673,851 | | 1,535,585 | $ 25,203,189 |
Class N Shares: | | | | | |
Shares sold | 645,133 | $11,186,461 | | 2,016,480 | $ 33,584,548 |
Reinvested dividends and distributions | 265,784 | 4,233,946 | | 61,189 | 953,930 |
Shares repurchased | (285,571) | (4,931,120) | | (881,218) | (14,733,774) |
Net Increase/(Decrease) | 625,346 | $10,489,287 | | 1,196,451 | $ 19,804,704 |
Class R Shares: | | | | | |
Shares sold | 1,180 | $ 20,207 | | 823 | $ 13,430 |
Reinvested dividends and distributions | 790 | 12,452 | | 171 | 2,646 |
Shares repurchased | (657) | (10,768) | | (628) | (10,370) |
Net Increase/(Decrease) | 1,313 | $ 21,891 | | 366 | $ 5,706 |
Class S Shares: | | | | | |
Shares sold | 24 | $ 400 | | 5,689 | $ 85,581 |
Reinvested dividends and distributions | 780 | 12,565 | | 282 | 4,436 |
Shares repurchased | (1) | (18) | | (2,538) | (43,238) |
Net Increase/(Decrease) | 803 | $ 12,947 | | 3,433 | $ 46,779 |
Class T Shares: | | | | | |
Shares sold | 1,068,320 | $18,586,740 | | 2,593,195 | $ 42,785,906 |
Reinvested dividends and distributions | 2,739,450 | 43,749,009 | | 836,147 | 13,060,618 |
Shares repurchased | (2,473,528) | (42,195,110) | | (3,829,027) | (62,890,729) |
Net Increase/(Decrease) | 1,334,242 | $20,140,639 | | (399,685) | $ (7,044,205) |
7. Purchases and Sales of Investment Securities
For the period ended March 31, 2024, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as applicable) was as follows:
| | | | |
Purchases of
Securities | Proceeds from Sales
of Securities | Purchases of Long-
Term U.S. Government
Obligations | Proceeds from Sales
of Long-Term U.S.
Government Obligations |
$612,671,439 | $ 711,279,488 | $ - | $ - |
Janus Henderson Global Select Fund
Notes to Financial Statements (unaudited)
8. Subsequent Event
Management has evaluated whether any events or transactions occurred subsequent to March 31, 2024 and through the date of issuance of the Fund’s financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund’s financial statements.
Janus Henderson Global Select Fund
Additional Information (unaudited)
Proxy Voting Policies and Voting Record
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities is available without charge: (i) upon request, by calling 1-800-525-1093; (ii) on the Fund’s website at janushenderson.com/proxyvoting; and (iii) on the SEC’s website at http://www.sec.gov. Additionally, information regarding the Fund’s proxy voting record for the most recent twelve-month period ended June 30 is also available, free of charge, through janushenderson.com/proxyvoting and from the SEC’s website at http://www.sec.gov.
Full Holdings
The Fund files its complete portfolio holdings (schedule of investments) with the SEC as an exhibit to Form N-PORT within 60 days of the end of the first and third fiscal quarters, and in the annual report and semiannual report to shareholders. The Fund’s Form N-PORT filings and annual and semiannual reports: (i) are available on the SEC’s website at http://www.sec.gov; and (ii) are available without charge, upon request, by calling a Janus Henderson representative at 1-877-335-2687 (toll free) (or 1-800-525-3713 if you hold Class D Shares). Portfolio holdings consisting of at least the names of the holdings are generally available on a monthly basis with a 30-day lag under Full Holdings for the Fund at janushenderson.com/info (or janushenderson.com/reports if you hold Class D Shares).
APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD
The Trustees of Janus Aspen Series and Janus Investment Fund, each of whom serves as an “independent” Trustee (collectively, the “Trustees”), oversee the management of each portfolio of Janus Aspen Series (each, a “VIT Portfolio,” and collectively, the “VIT Portfolios”), as well as each fund of Janus Investment Fund (each, a “Fund,” and collectively, the “Funds” and together with the VIT Portfolios, the “Janus Henderson Funds,” and each, a “Janus Henderson Fund”). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.
In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the “Adviser”) in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analysis provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.
At meetings held on November 3, 2023 and December 14-15, 2023, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2024 through February 1, 2025, subject to earlier termination as provided for in each agreement.
In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees’ determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant’s conclusions and opinions that arose during, and were included as part of, the Trustees’ consideration of the agreements. “Management fees,” as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.
Nature, Extent and Quality of Services
The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management
Janus Henderson Global Select Fund
Additional Information (unaudited)
services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.
In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.
The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract well-qualified personnel.
Performance of the Funds
The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including periodic meetings with each Janus Henderson Fund’s portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund’s performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent data provider, and with the Janus Henderson Fund’s benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2023, approximately 44% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2023, approximately 50% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds’ average 2023 performance has been reasonable, noting that: (i) for the 12 months ended September 30, 2023, approximately 43% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; (ii) for the 36 months ended September 30, 2023, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; and (iii) for the 5- and 10-year periods ended September 30, 2023, approximately 63% and 66% of the Janus Henderson Funds were in the top two quartiles of performance, respectively, as reported by Morningstar.
The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:
Asset Allocation Funds
· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12
Janus Henderson Global Select Fund
Additional Information (unaudited)
months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Fixed-Income Funds
· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Developed World Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Global and International Equity Funds
· For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson European Focus Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Janus Henderson Global Select Fund
Additional Information (unaudited)
· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
Money Market Funds
· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Multi-Asset Funds
· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
Janus Henderson Global Select Fund
Additional Information (unaudited)
U.S. Equity Funds
· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
· For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.
· For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the evaluated performance period ended June 30, 2023. The Trustees noted that the 12- and 36-month end performance periods ended June 30, 2023 were not yet available.
Janus Henderson Global Select Fund
Additional Information (unaudited)
· For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
In consideration of each Janus Henderson Fund’s performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund’s performance warranted continuation of such Janus Henderson Fund’s investment advisory agreement.
Costs of Services Provided
The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 6% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.
For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic “focus list” analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.
The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.
The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered that the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds’ other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant referenced its past analyses from 2022, which found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser charges to its institutional separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) 9 of 11 Janus Henderson Funds had lower management fees than similar funds subadvised by the Adviser. As part of their review of the 2022 independent consultant findings, the Trustees noted that for the two Janus Henderson Funds that did not have lower management fees than similar funds subadvised by the Adviser, management fees for each were under the average of its 15(c) peer group.
The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2022 (except for Janus Henderson U.S. Dividend Income Fund, for which the period end was March 31, 2023) and noted the following with
Janus Henderson Global Select Fund
Additional Information (unaudited)
regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”) as reflected in the comparative information provided by Broadridge:
Asset Allocation Funds
· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
Fixed-Income Funds
· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson Developed World Bond Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson Global Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson High-Yield Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
Global and International Equity Funds
· For Janus Henderson Asia Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson Emerging Markets Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
Janus Henderson Global Select Fund
Additional Information (unaudited)
· For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson Global Equity Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Global Select Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Overseas Fund, the Trustees noted that although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.
Money Market Funds
· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
Multi-Asset Funds
· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that, that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Balanced Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
U.S. Equity Funds
· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were
Janus Henderson Global Select Fund
Additional Information (unaudited)
reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Contrarian Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Forty Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Growth and Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Triton Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Venture Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.
Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized
Janus Henderson Global Select Fund
Additional Information (unaudited)
by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees noted that the Adviser reported no changes to its allocation methodology for the 2023 15(c) process; however, at the Trustees’ request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant’s analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund’s investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.
The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser were reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund’s total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.
Economies of Scale
The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant’s 2023 report: (1) past analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 28% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have low flat-rate fees (the “Low Flat-Rate Fee Funds”) versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets.
With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2023 report that (1) 70% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Low Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.
The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.
Based on all of the information reviewed, including the recent and past research and analysis conducted by the Trustees’ independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.
Janus Henderson Global Select Fund
Additional Information (unaudited)
Other Benefits to the Adviser
The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser’s ability to serve the Janus Henderson Funds.
Janus Henderson Global Select Fund
Liquidity Risk Management Program (unaudited)
Liquidity Risk Management Program
Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), requires open-end funds (but not money market funds) to adopt and implement a written liquidity risk management program (the “LRMP”) that is reasonably designed to assess and manage liquidity risk, which is the risk that a fund could not meet redemption requests without significant dilution of remaining investors’ interest in the fund. The Fund has implemented a LRMP, which incorporates the following elements: (i) assessment, management, and periodic review of liquidity risk; (ii) classification of portfolio holdings; (iii) the establishment and monitoring of a highly liquid investment minimum, as applicable; (iv) a 15% limitation on a Fund’s illiquid investments; (v) redemptions in-kind; and (vi) board oversight.
The Trustees of the Fund (the “Trustees”) have designated Janus Henderson Investors US LLC, the Fund’s investment adviser (the “Adviser”), as the Program Administrator for the LRMP responsible for administering the LRMP and carrying out the specific responsibilities of the LRMP. A working group comprised of various teams within the Adviser’s business is responsible for administering the LRMP and carrying out the specific responsibilities of different aspects of the LRMP (the “Liquidity Risk Working Group”). In assessing each Fund’s liquidity risk, the Liquidity Risk Working Group periodically considers, as relevant, factors including (i) the liquidity of a Fund’s portfolio investments during normal and reasonably foreseeable stressed conditions; (ii) whether a Fund’s investment strategy is appropriate for an open-end fund; (iii) the extent to which a Fund’s strategy involves a relatively concentrated portfolio or large positions in any issuer; (iv) a Fund’s use of borrowing for investment purposes; and (v) a Fund’s use of derivatives.
The Liquidity Rule requires the Trustees to review at least annually a written report provided by the Program Administrator that addresses the operation of the LRMP and assesses its adequacy and the effectiveness of its implementation, including, if applicable, the operation of the highly liquid investment minimum, and any material changes to the LRMP (the “Program Administrator Report”). At a meeting held on March 12, 2024, the Adviser provided the Program Administrator Report to the Trustees which covered the operation of the LRMP from January 1, 2023 through December 31, 2023 (the “Reporting Period”).
The Program Administrator Report discussed the operation and effectiveness of the LRMP during the Reporting Period. Among other things, the Program Administrator Report indicated that there were no material changes to the LRMP during the Reporting Period. Additionally, the findings presented in the Program Administrator Report indicated that the LRMP operated adequately during the Reporting Period. These findings included that the Fund was able to meet redemptions during the normal course of business during the Reporting Period. The Program Administrator Report also stated that the Fund did not exceed the 15% limit on illiquid assets during the Reporting Period, that the Fund held primarily highly liquid assets, and was considered to be a primarily highly liquid fund during the Reporting Period. Also included among the Program Administrator Report’s findings was the determination that the Fund’s investment strategy remains appropriate for an open-end fund. In addition, the Adviser expressed its belief in the Program Administrator Report that the LRMP is reasonably designed and adequate to assess and manage the Fund’s liquidity risk, considering the Fund’s particular risks and circumstances, and includes policies and procedures reasonably designed to implement each required component of the Liquidity Rule.
There can be no assurance that the LRMP will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the risks to which an investment in the Fund may be subject.
Janus Henderson Global Select Fund
Useful Information About Your Fund Report (unaudited)
Performance Overviews
Performance overview graphs compare the performance of a hypothetical $10,000 investment in the Fund with one or more widely used market indices. When comparing the performance of the Fund with an index, keep in mind that market indices are not available for investment and do not reflect deduction of expenses.
Average annual total returns are quoted for a Fund with more than one year of performance history. Average annual total return is calculated by taking the growth or decline in value of an investment over a period of time, including reinvestment of dividends and distributions, then calculating the annual compounded percentage rate that would have produced the same result had the rate of growth been constant throughout the period. Average annual total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Cumulative total returns are quoted for a Fund with less than one year of performance history. Cumulative total return is the growth or decline in value of an investment over time, independent of the period of time involved. Cumulative total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Pursuant to federal securities rules, expense ratios shown in the performance chart reflect subsidized (if applicable) and unsubsidized ratios. The total annual fund operating expenses ratio is gross of any fee waivers, reflecting the Fund’s unsubsidized expense ratio. The net annual fund operating expenses ratio (if applicable) includes contractual waivers of the Adviser and reflects the Fund’s subsidized expense ratio. Ratios may be higher or lower than those shown in the “Financial Highlights” in this report.
Schedule of Investments
Following the performance overview section is the Fund’s Schedule of Investments. This schedule reports the types of securities held in the Fund on the last day of the reporting period. Securities are usually listed by type (common stock, corporate bonds, U.S. Government obligations, etc.) and by industry classification (banking, communications, insurance, etc.). Holdings are subject to change without notice.
The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.
If the Fund invests in foreign securities, it will also provide a summary of investments by country. This summary reports the Fund exposure to different countries by providing the percentage of securities invested in each country. The country of each security represents the country of risk. A company may be allocated to a country based on other factors such as location of the company’s principal office, the location of the principal trading market for the company’s securities, or the country where a majority of the company’s revenues are derived. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by Bloomberg and/or MSCI Inc.
Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund’s Schedule of Investments (if applicable).
Statement of Assets and Liabilities
This statement is often referred to as the “balance sheet.” It lists the assets and liabilities of the Fund on the last day of the reporting period.
The Fund’s assets are calculated by adding the value of the securities owned, the receivable for securities sold but not yet settled, the receivable for dividends declared but not yet received on securities owned, and the receivable for Fund shares sold to investors but not yet settled. The Fund’s liabilities include payables for securities purchased but not yet settled, Fund shares redeemed but not yet paid, and expenses owed but not yet paid. Additionally, there may be other assets and liabilities such as unrealized gain or loss on forward currency contracts.
The section entitled “Net Assets Consist of” breaks down the components of the Fund’s net assets. Because the Fund must distribute substantially all earnings, you will notice that a significant portion of net assets is shareholder capital.
The last section of this statement reports the net asset value (“NAV”) per share on the last day of the reporting period. The NAV is calculated by dividing the Fund’s net assets for each share class (assets minus liabilities) by the number of shares outstanding.
Janus Henderson Global Select Fund
Useful Information About Your Fund Report (unaudited)
Statement of Operations
This statement details the Fund’s income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.
The first section in this statement, entitled “Investment Income,” reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.
The next section reports the expenses incurred by the Fund, including the advisory fee paid to the investment adviser, transfer agent fees and expenses, and printing and postage for mailing statements, financial reports and prospectuses. Expense offsets and expense reimbursements, if any, are also shown.
The last section lists the amounts of realized gains or losses from investment and foreign currency transactions, and changes in unrealized appreciation or depreciation of investments and foreign currency-denominated assets and liabilities. The Fund will realize a gain (or loss) when it sells its position in a particular security. A change in unrealized gain (or loss) refers to the change in net appreciation or depreciation of the Fund during the reporting period. “Net Realized and Unrealized Gain/(Loss) on Investments” is affected both by changes in the market value of Fund holdings and by gains (or losses) realized during the reporting period.
Statements of Changes in Net Assets
These statements report the increase or decrease in the Fund’s net assets during the reporting period. Changes in the Fund’s net assets are attributable to investment operations, dividends and distributions to investors, and capital share transactions. This is important to investors because it shows exactly what caused the Fund’s net asset size to change during the period.
The first section summarizes the information from the Statement of Operations regarding changes in net assets due to the Fund’s investment operations. The Fund’s net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends and/or distributions in cash, money is taken out of the Fund to pay the dividend and/or distribution. If investors reinvest their dividends and/or distributions, the Fund’s net assets will not be affected.
The reinvestment of dividends and distributions is included under “Capital Share Transactions.” “Capital Shares” refers to the money investors contribute to the Fund through purchases or withdrawals via redemptions. The Fund’s net assets will increase and decrease in value as investors purchase and redeem shares from the Fund.
Financial Highlights
This schedule provides a per-share breakdown of the components that affect the Fund’s NAV for current and past reporting periods as well as total return, asset size, ratios, and portfolio turnover rate.
The first line in the table reflects the NAV per share at the beginning of the reporting period. The next line reports the net investment income/(loss) per share. Following is the per share total of net gains/(losses), realized and unrealized. Per share dividends and distributions to investors are then subtracted to arrive at the NAV per share at the end of the period. The next line reflects the total return for the period. The total return may include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. As a result, the total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.
The Fund’s expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.
The ratio of net investment income/(loss) summarizes the income earned less expenses, divided by the average net assets of the Fund during the reporting period. Do not confuse this ratio with the Fund’s yield. The net investment income ratio is not a true measure of the Fund’s yield because it does not take into account the dividends distributed to the Fund’s investors.
The next figure is the portfolio turnover rate, which measures the buying and selling activity in the Fund. Portfolio turnover is affected by market conditions, changes in the asset size of the Fund, fluctuating volume of shareholder purchase and redemption orders, the nature of the Fund’s investments, and the investment style and/or outlook of the portfolio manager(s) and/or investment personnel. A 100% rate implies that an amount equal to the value of the entire portfolio was replaced once during the fiscal year; a 50% rate means that an amount equal to the value of half the
Janus Henderson Global Select Fund
Useful Information About Your Fund Report (unaudited)
portfolio is traded in a year; and a 200% rate means that an amount equal to the value of the entire portfolio is traded every six months.
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This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. |
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Mutual funds distributed by Janus Henderson Distributors US LLC |
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| | | SEMIANNUAL REPORT March 31, 2024 |
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| | Janus Henderson Global Sustainable Equity Fund |
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| | Janus Investment Fund |
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| | | HIGHLIGHTS · Investment strategy behind your fund · Fund performance, characteristics
and holdings |
Table of Contents
Janus Henderson Global Sustainable Equity Fund
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Aaron Scully co-portfolio manager | 
Hamish Chamberlayne co-portfolio manager |
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Important Notice – Tailored Shareholder Reports
Effective January 24, 2023, the Securities and Exchange Commission (the “SEC”) adopted rule and form amendments that require mutual funds and exchange-traded funds to provide shareholders with streamlined annual and semi-annual shareholder reports that highlight key information. Other information, including financial statements, that currently appears in shareholder reports will be made available online, delivered free of charge to shareholders upon request, and filed with the SEC. The first tailored shareholder report for the Fund will be for the reporting period ending September 30, 2024. Currently, management is evaluating the impact of the rule and form amendments on the content of the Fund’s current shareholder reports.
Janus Henderson Global Sustainable Equity Fund (unaudited)
Fund At A Glance
March 31, 2024
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| 5 Top Contributors - Holdings | 5 Top Detractors - Holdings |
| | Average
Weight | | Relative
Contribution | | | Average
Weight | | Relative
Contribution |
| NVIDIA Corp | 4.80% | | 1.62% | | Humana Inc | 2.65% | | -1.56% |
| Progressive Corp/The | 2.98% | | 0.71% | | Aptiv PLC | 1.44% | | -0.71% |
| Lam Research Corp | 2.24% | | 0.64% | | AIA Group Ltd | 1.69% | | -0.65% |
| ASML Holding NV | 2.24% | | 0.62% | | Aon PLC - Class A | 1.64% | | -0.59% |
| Xylem Inc/NY | 3.06% | | 0.59% | | IPG Photonics Corp | 0.90% | | -0.43% |
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| 5 Top Contributors - Sectors* | | | | | |
| | | Relative | | Fund | MSCI World Index |
| | | Contribution | | Average Weight | Average Weight |
| Industrials | | 2.62% | | 20.71% | 10.94% |
| Information Technology | | 2.21% | | 33.70% | 23.25% |
| Consumer Staples | | 0.83% | | 0.33% | 6.87% |
| Energy | | 0.82% | | 0.00% | 4.60% |
| Materials | | 0.46% | | 1.56% | 3.96% |
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| 5 Top Detractors - Sectors* | | | | | |
| | | Relative | | Fund | MSCI World Index |
| | | Contribution | | Average Weight | Average Weight |
| Financials | | -1.91% | | 17.86% | 15.03% |
| Utilities | | -0.75% | | 4.13% | 2.55% |
| Consumer Discretionary | | -0.51% | | 4.74% | 10.79% |
| Health Care | | -0.41% | | 8.66% | 12.32% |
| Other** | | -0.36% | | 1.94% | 0.00% |
| | | | | | |
| Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance.
Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index. |
* | Based on sector classification according to the Global Industry Classification Standard (“GICS”) codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
** | Not a GICS classified sector. |
Janus Henderson Global Sustainable Equity Fund (unaudited)
Fund At A Glance
March 31, 2024
| | |
5 Largest Equity Holdings - (% of Net Assets) |
Microsoft Corp | |
Software | 7.5% |
NVIDIA Corp | |
Semiconductor & Semiconductor Equipment | 6.3% |
Wabtec Corp | |
Machinery | 3.9% |
Progressive Corp/The | |
Insurance | 3.3% |
Xylem Inc/NY | |
Machinery | 3.2% |
| | 24.2% |
| | | | | |
Asset Allocation - (% of Net Assets) |
Common Stocks | | 98.4% |
Investment Companies | | 1.8% |
Other | | (0.2)% |
| | | 100.0% |
| | |
Top Country Allocations - Long Positions - (% of Investment Securities) |
As of March 31, 2024 
| As of September 30, 2023 
|
Janus Henderson Global Sustainable Equity Fund (unaudited)
Performance
| |
See important disclosures on the next page. |
| | | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Average Annual Total Return - for the periods ended March 31, 2024 | | | Prospectus Expense Ratios |
| | Fiscal
Year-to-Date | One
Year | Since
Inception* | | | Total Annual Fund
Operating Expenses‡ | Net Annual Fund
Operating Expenses‡ |
Class A Shares at NAV | | 23.55% | 20.68% | 11.98% | | | 3.24% | 1.21% |
Class A Shares at MOP | | 16.49% | 13.77% | 10.23% | | | | |
Class C Shares at NAV | | 23.52% | 20.66% | 12.00% | | | 6.17% | 1.89% |
Class C Shares at CDSC | | 22.52% | 19.66% | 12.00% | | | | |
Class D Shares | | 23.74% | 20.97% | 12.11% | | | 1.93% | 1.01% |
Class I Shares | | 23.72% | 20.94% | 12.16% | | | 1.98% | 1.01% |
Class N Shares | | 23.82% | 21.06% | 12.27% | | | 1.97% | 0.86% |
Class R Shares | | 23.65% | 20.88% | 12.02% | | | 8.65% | 1.61% |
Class S Shares | | 23.81% | 21.03% | 12.10% | | | 7.07% | 1.36% |
Class T Shares | | 23.72% | 20.86% | 12.01% | | | 2.44% | 1.11% |
MSCI World Index | | 21.31% | 25.11% | 14.41% | | | | |
Morningstar Quartile - Class I Shares | | - | 3rd | 2nd | | | | |
Morningstar Ranking - based on total returns for World Large Stock Funds | | - | 245/357 | 87/326 | | | | |
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold. For the most recent month-end performance call 800.668.0434 (or 800.525.3713 if you hold shares directly with Janus Henderson) or visit janushenderson.com/performance (or janushenderson.com/allfunds if you hold shares directly with Janus Henderson).
Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.
CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.
Performance may be affected by risks that include those associated with foreign and emerging markets, fixed income securities, high-yield and high-risk securities, undervalued, overlooked and smaller capitalization companies, real estate related securities including Real Estate Investment Trusts (REITs), Environmental, Social and Governance (ESG) factors, non-diversification, portfolio turnover, derivatives, short sales, initial public offerings (IPOs) and potential conflicts of interest. Each product has different risks. Please see the prospectus for more information about risks, holdings and other details.
Returns include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund
Janus Henderson Global Sustainable Equity Fund (unaudited)
Performance
distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.
Class R Shares commenced operations on January 28, 2021. Performance shown for periods prior to January 28, 2021, reflects the historical performance of the Funds’s Class I Shares, calculated using the fees and expenses of Class R Shares, net of any applicable fee and expense limitations or waivers.
If Class R Shares of the Fund had been available during periods prior to January 28, 2021, the performance shown may have been different. The performance shown for periods following the Fund's commencement of Class R Shares reflects the fees and expenses of Class R Shares, net of any applicable fee and expense limitations or waivers.
If each share class of the Fund had been available during periods prior to its commencement, the performance shown may have been different. The performance shown for periods following the Fund’s commencement of each share class reflects the fees and expenses of each respective share class, net of any applicable fee and expense limitations or waivers. Please refer to the Fund’s prospectuses for further details concerning historical performance.
Ranking is for the share class shown only; other classes may have different performance characteristics. When an expense waiver is in effect, it may have a material effect on the total return, and therefore the ranking for the period.
© 2024 Morningstar, Inc. All Rights Reserved.
There is no assurance that the investment process will consistently lead to successful investing.
See Notes to Schedule of Investments and Other Information for index definitions.
Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.
See “Useful Information About Your Fund Report.”
*The Fund’s inception date – June 25, 2020
‡ As stated in the prospectus. Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on January 26, 2024. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees. See Financial Highlights for actual expense ratios during the reporting period.
Janus Henderson Global Sustainable Equity Fund (unaudited)
Expense Examples
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, such as sales charges (loads) on purchase payments (applicable to Class A Shares only); and (2) ongoing costs, including management fees; 12b-1 distribution and shareholder servicing fees; transfer agent fees and expenses payable pursuant to the Transfer Agency Agreement; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The example is based upon an investment of $1,000 invested at the beginning of the period and held for the six-months indicated, unless noted otherwise in the table and footnotes below.
Actual Expenses
The information in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate column for your share class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.
Hypothetical Example for Comparison Purposes
The information in the table under the heading “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based upon the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Additionally, for an analysis of the fees associated with an investment in any share class or other similar funds, please visit www.finra.org/fundanalyzer.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. These fees are fully described in the Fund’s prospectuses. Therefore, the hypothetical examples are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
| | | | | | | | | | | |
| | | | | | | | |
| | | Actual | | Hypothetical
(5% return before expenses) | |
| Beginning
Account
Value
(10/1/23) | Ending
Account
Value
(3/31/24) | Expenses
Paid During
Period
(10/1/23 - 3/31/24)† | | Beginning
Account
Value
(10/1/23) | Ending
Account
Value
(3/31/24) | Expenses
Paid During
Period
(10/1/23 - 3/31/24)† | Net Annualized
Expense Ratio
(10/1/23 - 3/31/24) |
Class A Shares | $1,000.00 | $1,235.50 | $6.82 | | $1,000.00 | $1,018.90 | $6.16 | 1.22% |
Class C Shares | $1,000.00 | $1,235.20 | $7.93 | | $1,000.00 | $1,017.90 | $7.16 | 1.42% |
Class D Shares | $1,000.00 | $1,237.40 | $5.54 | | $1,000.00 | $1,020.05 | $5.00 | 0.99% |
Class I Shares | $1,000.00 | $1,237.20 | $5.59 | | $1,000.00 | $1,020.00 | $5.05 | 1.00% |
Class N Shares | $1,000.00 | $1,238.20 | $4.81 | | $1,000.00 | $1,020.70 | $4.34 | 0.86% |
Class R Shares | $1,000.00 | $1,236.50 | $6.32 | | $1,000.00 | $1,019.35 | $5.70 | 1.13% |
Class S Shares | $1,000.00 | $1,238.10 | $5.82 | | $1,000.00 | $1,019.80 | $5.25 | 1.04% |
Class T Shares | $1,000.00 | $1,237.20 | $6.15 | | $1,000.00 | $1,019.50 | $5.55 | 1.10% |
† | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements. |
Janus Henderson Global Sustainable Equity Fund
Schedule of Investments (unaudited)
March 31, 2024
| | | | | | | | |
Shares
| | | Value | |
Common Stocks– 98.4% | | | |
Auto Components – 1.3% | | | |
| | Aptiv PLC* | | 5,318 | | | $423,579 | |
Banks – 1.0% | | | |
| | HDFC Bank Ltd (ADR) | | 6,285 | | | 351,772 | |
Biotechnology – 0.9% | | | |
| | Vertex Pharmaceuticals Inc* | | 727 | | | 303,893 | |
Building Products – 1.6% | | | |
| | Advanced Drainage Systems Inc | | 3,069 | | | 528,605 | |
Capital Markets – 0.9% | | | |
| | S&P Global Inc | | 694 | | | 295,262 | |
Containers & Packaging – 1.5% | | | |
| | DS Smith PLC | | 102,349 | | | 512,352 | |
Diversified Financial Services – 4.1% | | | |
| | Mastercard Inc - Class A | | 1,788 | | | 861,047 | |
| | Walker & Dunlop Inc | | 5,164 | | | 521,874 | |
| | | 1,382,921 | |
Electric Utilities – 1.7% | | | |
| | SSE PLC | | 26,867 | | | 559,404 | |
Electrical Equipment – 8.4% | | | |
| | Legrand SA | | 6,909 | | | 732,009 | |
| | nVent Electric PLC | | 8,461 | | | 637,959 | |
| | Prysmian SpA | | 7,219 | | | 376,820 | |
| | Schneider Electric SE | | 4,822 | | | 1,090,495 | |
| | | 2,837,283 | |
Electronic Equipment, Instruments & Components – 6.7% | | | |
| | Keyence Corp | | 1,000 | | | 463,068 | |
| | Keysight Technologies Inc* | | 3,024 | | | 472,893 | |
| | Murata Manufacturing Co Ltd | | 25,600 | | | 479,408 | |
| | Shimadzu Corp | | 5,600 | | | 155,502 | |
| | TE Connectivity Ltd | | 4,705 | | | 683,354 | |
| | | 2,254,225 | |
Entertainment – 1.7% | | | |
| | Nintendo Co Ltd | | 10,400 | | | 567,479 | |
Food Products – 0.3% | | | |
| | McCormick & Co Inc/MD | | 1,504 | | | 115,522 | |
Health Care Equipment & Supplies – 0.1% | | | |
| | Nanosonics Ltd* | | 26,250 | | | 47,030 | |
Health Care Providers & Services – 4.2% | | | |
| | Encompass Health Corp | | 8,887 | | | 733,889 | |
| | Humana Inc | | 1,982 | | | 687,199 | |
| | | 1,421,088 | |
Independent Power and Renewable Electricity Producers – 1.8% | | | |
| | Boralex Inc - Class A | | 20,207 | | | 426,997 | |
| | Innergex Renewable Energy Inc | | 33,085 | | | 195,178 | |
| | | 622,175 | |
Industrial Real Estate Investment Trusts (REITs) – 1.0% | | | |
| | Prologis Inc | | 2,709 | | | 352,766 | |
Information Technology Services – 1.4% | | | |
| | CGI Inc* | | 4,266 | | | 470,696 | |
Insurance – 10.9% | | | |
| | AIA Group Ltd | | 61,000 | | | 409,566 | |
| | Arthur J Gallagher & Co | | 2,385 | | | 596,345 | |
| | Intact Financial Corp | | 4,986 | | | 810,041 | |
| | Marsh & McLennan Cos Inc | | 3,713 | | | 764,804 | |
| | Progressive Corp/The | | 5,296 | | | 1,095,319 | |
| | | 3,676,075 | |
Leisure Products – 1.2% | | | |
| | Shimano Inc | | 2,800 | | | 418,169 | |
Life Sciences Tools & Services – 3.1% | | | |
| | ICON PLC* | | 3,105 | | | 1,043,125 | |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
6 | MARCH 31, 2024 |
Janus Henderson Global Sustainable Equity Fund
Schedule of Investments (unaudited)
March 31, 2024
| | | | | | | | |
Shares
| | | Value | |
Common Stocks– (continued) | | | |
Machinery – 9.1% | | | |
| | Knorr-Bremse AG | | 8,395 | | | $634,805 | |
| | Wabtec Corp | | 9,124 | | | 1,329,184 | |
| | Xylem Inc/NY | | 8,447 | | | 1,091,690 | |
| | | 3,055,679 | |
Professional Services – 1.9% | | | |
| | Wolters Kluwer NV | | 4,061 | | | 636,065 | |
Road & Rail – 1.6% | | | |
| | Uber Technologies Inc* | | 7,003 | | | 539,161 | |
Semiconductor & Semiconductor Equipment – 14.5% | | | |
| | ASML Holding NV | | 958 | | | 921,997 | |
| | Infineon Technologies AG | | 11,206 | | | 380,951 | |
| | Lam Research Corp | | 813 | | | 789,886 | |
| | NVIDIA Corp | | 2,340 | | | 2,114,330 | |
| | Texas Instruments Inc | | 3,822 | | | 665,831 | |
| | | 4,872,995 | |
Software – 11.3% | | | |
| | Autodesk Inc* | | 2,430 | | | 632,821 | |
| | Cadence Design Systems Inc* | | 2,040 | | | 635,011 | |
| | Microsoft Corp | | 6,044 | | | 2,542,832 | |
| | | 3,810,664 | |
Specialized Real Estate Investment Trusts (REITs) – 1.7% | | | |
| | Crown Castle International Corp | | 1,335 | | | 141,283 | |
| | Equinix Inc | | 515 | | | 425,045 | |
| | | 566,328 | |
Specialty Retail – 1.2% | | | |
| | Home Depot Inc | | 1,032 | | | 395,875 | |
Trading Companies & Distributors – 1.3% | | | |
| | Core & Main Inc - Class A* | | 7,340 | | | 420,215 | |
Wireless Telecommunication Services – 2.0% | | | |
| | T-Mobile US Inc | | 4,127 | | | 673,609 | |
Total Common Stocks (cost $24,519,065) | | 33,154,012 | |
Investment Companies– 1.8% | | | |
Money Markets – 1.8% | | | |
| | Janus Henderson Cash Liquidity Fund LLC, 5.3830%ºº,£((cost $607,525) | | 607,414 | | | 607,535 | |
Total Investments (total cost $25,126,590) – 100.2% | | 33,761,547 | |
Liabilities, net of Cash, Receivables and Other Assets – (0.2)% | | (60,202) | |
Net Assets – 100% | | $33,701,345 | |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
Janus Investment Fund | 7 |
Janus Henderson Global Sustainable Equity Fund
Schedule of Investments (unaudited)
March 31, 2024
| | | | | | |
Summary of Investments by Country - (Long Positions) (unaudited) |
| |
| | | | | % of | |
| | | | | Investment | |
Country | | Value | | Securities | |
United States | | $22,078,618 | | 65.4 | % |
Japan | | 2,083,626 | | 6.2 | |
Canada | | 1,902,912 | | 5.6 | |
France | | 1,822,504 | | 5.4 | |
Netherlands | | 1,558,062 | | 4.6 | |
United Kingdom | | 1,071,756 | | 3.2 | |
Ireland | | 1,043,125 | | 3.1 | |
Germany | | 1,015,756 | | 3.0 | |
Hong Kong | | 409,566 | | 1.2 | |
Italy | | 376,820 | | 1.1 | |
India | | 351,772 | | 1.1 | |
Australia | | 47,030 | | 0.1 | |
Schedules of Affiliated Investments – (% of Net Assets)
| | | | | | | | | | | |
| | Dividend Income | Realized Gain/(Loss) | Change in Unrealized Appreciation/ Depreciation | Value at 3/31/24 |
Investment Companies - 1.8% |
Money Markets - 1.8% | |
| | Janus Henderson Cash Liquidity Fund LLC, 5.3830%ºº | $ | 17,625 | $ | 7 | $ | (77) | $ | 607,535 |
| |
| | | | | | | | | | | |
| | Value at 9/30/23 | Purchases | Sales Proceeds | Value at 3/31/24 |
Investment Companies - 1.8% |
Money Markets - 1.8% | |
| | Janus Henderson Cash Liquidity Fund LLC, 5.3830%ºº | | 695,021 | | 2,846,452 | | (2,933,868) | | 607,535 |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
8 | MARCH 31, 2024 |
Janus Henderson Global Sustainable Equity Fund
Notes to Schedule of Investments and Other Information (unaudited)
| | |
MSCI World IndexSM | MSCI World IndexSM reflects the equity market performance of global developed markets. |
| | |
ADR | American Depositary Receipt |
LLC | Limited Liability Company |
PLC | Public Limited Company |
| | |
* | Non-income producing security. |
| | |
ºº | Rate shown is the 7-day yield as of March 31, 2024. |
| | |
£ | The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control. |
| | | | | | | | | | | | | |
The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of March 31, 2024. See Notes to Financial Statements for more information. |
| |
Valuation Inputs Summary |
| | | | | | | |
| | | | | Level 2 - | | Level 3 - |
| | | Level 1 - | | Other Significant | | Significant |
| | | Quoted Prices | | Observable Inputs | | Unobservable Inputs |
| | | | | | | |
Assets | | | | | | |
Investments In Securities: | | | | | | |
Common Stocks | $ | 33,154,012 | $ | - | $ | - |
Investment Companies | | - | | 607,535 | | - |
Total Assets | $ | 33,154,012 | $ | 607,535 | $ | - |
| | | | | | | |
Janus Henderson Global Sustainable Equity Fund
Statement of Assets and Liabilities (unaudited)
March 31, 2024
| |
See footnotes at the end of the Statement. |
| | | | | | | |
| | | | | | |
Assets: | | | | |
| Unaffiliated investments, at value (cost $24,519,065) | | $ | 33,154,012 | |
| Affiliated investments, at value (cost $607,525) | | | 607,535 | |
| Cash | | | 2,601 | |
| Cash denominated in foreign currency (cost $6,243) | | | 6,243 | |
| Trustees' deferred compensation | | | 933 | |
| Receivables: | | | | |
| | Due from adviser | | | 23,588 | |
| | Dividends | | | 19,351 | |
| | Fund shares sold | | | 9,188 | |
| | Foreign tax reclaims | | | 5,995 | |
| | Dividends from affiliates | | | 2,866 | |
| Other assets | | | 169 | |
Total Assets | | | 33,832,481 | |
Liabilities: | | | | |
| Payables: | | | — | |
| | Professional fees | | | 35,779 | |
| | Advisory fees | | | 21,260 | |
| | Fund shares repurchased | | | 10,311 | |
| | Transfer agent fees and expenses | | | 5,725 | |
| | Custodian fees | | | 1,757 | |
| | Trustees' deferred compensation fees | | | 933 | |
| | 12b-1 Distribution and shareholder servicing fees | | | 219 | |
| | Trustees' fees and expenses | | | 157 | |
| | Affiliated fund administration fees payable | | | 71 | |
| | Accrued expenses and other payables | | | 54,924 | |
Total Liabilities | | | 131,136 | |
Commitments and contingent liabilities (Note 3) | | | | |
Net Assets | | $ | 33,701,345 | |
| | |
See Notes to Financial Statements. |
| |
10 | MARCH 31, 2024 |
Janus Henderson Global Sustainable Equity Fund
Statement of Assets and Liabilities (unaudited)
March 31, 2024
| | | | | | | |
| | | | | | |
| | | | | | |
Net Assets Consist of: | | | | |
| Capital (par value and paid-in surplus) | | $ | 27,768,785 | |
| Total distributable earnings (loss) | | | 5,932,560 | |
Total Net Assets | | $ | 33,701,345 | |
Net Assets - Class A Shares | | $ | 320,787 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 21,280 | |
Net Asset Value Per Share(1) | | $ | 15.07 | |
Maximum Offering Price Per Share(2) | | $ | 15.99 | |
Net Assets - Class C Shares | | $ | 127,846 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 8,486 | |
Net Asset Value Per Share(1) | | $ | 15.07 | |
Net Assets - Class D Shares | | $ | 26,924,607 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 1,781,056 | |
Net Asset Value Per Share | | $ | 15.12 | |
Net Assets - Class I Shares | | $ | 3,366,019 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 223,596 | |
Net Asset Value Per Share | | $ | 15.05 | |
Net Assets - Class N Shares | | $ | 2,111,356 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 139,325 | |
Net Asset Value Per Share | | $ | 15.15 | |
Net Assets - Class R Shares | | $ | 67,449 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 4,464 | |
Net Asset Value Per Share | | $ | 15.11 | |
Net Assets - Class S Shares | | $ | 76,836 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 5,096 | |
Net Asset Value Per Share | | $ | 15.08 | |
Net Assets - Class T Shares | | $ | 706,445 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 46,762 | |
Net Asset Value Per Share | | $ | 15.11 | |
| |
(1) Redemption price per share may be reduced for any applicable contingent deferred sales charge. (2) Maximum offering price is computed at 100/94.25 of net asset value. |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 11 |
Janus Henderson Global Sustainable Equity Fund
Statement of Operations (unaudited)
For the period ended March 31, 2024
| | | | | | |
| | | | | |
Investment Income: | | | |
| Dividends | $ | 159,010 | |
| Dividends from affiliates | | 17,625 | |
| Other income | | 85 | |
| Foreign tax withheld | | (5,246) | |
Total Investment Income | | 171,474 | |
Expenses: | | | |
| Advisory fees | | 114,093 | |
| 12b-1 Distribution and shareholder servicing fees: | | | |
| | Class A Shares | | 354 | |
| | Class C Shares | | 297 | |
| | Class R Shares | | 39 | |
| | Class S Shares | | 17 | |
| Transfer agent administrative fees and expenses: | | | |
| | Class D Shares | | 13,991 | |
| | Class R Shares | | 73 | |
| | Class S Shares | | 86 | |
| | Class T Shares | | 828 | |
| Transfer agent networking and omnibus fees: | | | |
| | Class A Shares | | 158 | |
| | Class C Shares | | 27 | |
| | Class I Shares | | 2,263 | |
| Other transfer agent fees and expenses: | | | |
| | Class A Shares | | 16 | |
| | Class C Shares | | 6 | |
| | Class D Shares | | 3,550 | |
| | Class I Shares | | 123 | |
| | Class N Shares | | 62 | |
| | Class R Shares | | 3 | |
| | Class S Shares | | 2 | |
| | Class T Shares | | 23 | |
| Registration fees | | 54,208 | |
| Non-affiliated fund administration fees | | 34,667 | |
| Professional fees | | 27,507 | |
| Accounting systems fee | | 16,902 | |
| Shareholder reports expense | | 5,576 | |
| Custodian fees | | 2,151 | |
| Affiliated fund administration fees | | 382 | |
| Trustees’ fees and expenses | | 305 | |
| Other expenses | | 9,651 | |
Total Expenses | | 287,360 | |
Less: Excess Expense Reimbursement and Waivers | | (135,441) | |
Net Expenses | | 151,919 | |
Net Investment Income/(Loss) | | 19,555 | |
| | | | | |
| | |
See Notes to Financial Statements. |
| |
12 | MARCH 31, 2024 |
Janus Henderson Global Sustainable Equity Fund
Statement of Operations (unaudited)
For the period ended March 31, 2024
| | | | | | |
| | | | | |
Net Realized Gain/(Loss) on Investments: | | | |
| Investments and foreign currency transactions | $ | (135,323) | |
| Investments in affiliates | | 7 | |
Total Net Realized Gain/(Loss) on Investments | | (135,316) | |
Change in Unrealized Net Appreciation/Depreciation: | | | |
| Investments, foreign currency translations and Trustees’ deferred compensation | | 6,664,689 | |
| Investments in affiliates | | (77) | |
Total Change in Unrealized Net Appreciation/Depreciation | 6,664,612 | |
Net Increase/(Decrease) in Net Assets Resulting from Operations | $ | 6,548,851 | |
| | | | | |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 13 |
Janus Henderson Global Sustainable Equity Fund
Statements of Changes in Net Assets
| | | | | | | | | |
| | | | | | | | |
| | | Period ended
March 31, 2024 (unaudited) | | Year ended
September 30, 2023 | |
| | | | | | | | |
Operations: | | | | | | |
| Net investment income/(loss) | $ | 19,555 | | $ | 137,005 | |
| Net realized gain/(loss) on investments | | (135,316) | | | (795,165) | |
| Change in unrealized net appreciation/depreciation | | 6,664,612 | | | 5,153,975 | |
Net Increase/(Decrease) in Net Assets Resulting from Operations | | 6,548,851 | | | 4,495,815 | |
Dividends and Distributions to Shareholders: | | | | | | |
| | Class A Shares | | (286) | | | (572) | |
| | Class C Shares | | — | | | (336) | |
| | Class D Shares | | (79,337) | | | (50,792) | |
| | Class I Shares | | (7,927) | | | (14,523) | |
| | Class N Shares | | (8,229) | | | (5,818) | |
| | Class R Shares | | — | | | (266) | |
| | Class S Shares | | (53) | | | (315) | |
| | Class T Shares | | (1,439) | | | (704) | |
Net Decrease from Dividends and Distributions to Shareholders | | (97,271) | | | (73,326) | |
Capital Share Transactions: | | | | | | |
| | Class A Shares | | 518 | | | 41,576 | |
| | Class C Shares | | — | | | 31,709 | |
| | Class D Shares | | (736,687) | | | (1,756,270) | |
| | Class I Shares | | 60,955 | | | (1,756,037) | |
| | Class N Shares | | 234,433 | | | (12,810) | |
| | Class R Shares | | 3,804 | | | 3,823 | |
| | Class S Shares | | 53 | | | 315 | |
| | Class T Shares | | (30,360) | | | (37,794) | |
Net Increase/(Decrease) from Capital Share Transactions | | (467,284) | | | (3,485,488) | |
Net Increase/(Decrease) in Net Assets | | 5,984,296 | | | 937,001 | |
Net Assets: | | | | | | |
| Beginning of period | | 27,717,049 | | | 26,780,048 | |
| End of period | $ | 33,701,345 | | $ | 27,717,049 | |
| | | | | | | | |
| | |
See Notes to Financial Statements. |
| |
14 | MARCH 31, 2024 |
Janus Henderson Global Sustainable Equity Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | |
Class A Shares | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year or period ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020(1) | |
| Net Asset Value, Beginning of Period | | $12.21 | | | $10.37 | | | $14.16 | | | $11.18 | | | $10.00 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(2) | | (0.01) | | | 0.04 | | | 0.02 | | | 0.02 | | | 0.01 | |
| | Net realized and unrealized gain/(loss) | | 2.88 | | | 1.82 | | | (3.67) | | | 3.00 | | | 1.17 | |
| Total from Investment Operations | | 2.87 | | | 1.86 | | | (3.65) | | | 3.02 | | | 1.18 | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | (0.01) | | | (0.02) | | | (0.01) | | | (0.03) | | | — | |
| | Distributions (from capital gains) | | — | | | — | | | (0.13) | | | (0.01) | | | — | |
| Total Dividends and Distributions | | (0.01) | | | (0.02) | | | (0.14) | | | (0.04) | | | — | |
| Net Asset Value, End of Period | | $15.07 | | | $12.21 | | | $10.37 | | | $14.16 | | | $11.18 | |
| Total Return* | | 23.55% | | | 17.98% | | | (26.05)% | | | 27.05% | | | 11.80% | |
| Net Assets, End of Period (in thousands) | | $321 | | | $259 | | | $182 | | | $181 | | | $67 | |
| Average Net Assets for the Period (in thousands) | | $290 | | | $259 | | | $208 | | | $123 | | | $63 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 3.03% | | | 3.19% | | | 3.18% | | | 4.43% | | | 15.65% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 1.22% | | | 1.17% | | | 1.05% | | | 1.06% | | | 1.13% | |
| | Ratio of Net Investment Income/(Loss) | | (0.09)% | | | 0.34% | | | 0.15% | | | 0.12% | | | 0.27% | |
| Portfolio Turnover Rate | | 11% | | | 20% | | | 33% | | | 12% | | | 11% | |
| | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. ** Annualized for periods of less than one full year. (1) Period from June 25, 2020 (inception date) through September 30, 2020. (2) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 15 |
Janus Henderson Global Sustainable Equity Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | |
Class C Shares | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year or period ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020(1) | |
| Net Asset Value, Beginning of Period | | $12.20 | | | $10.39 | | | $14.13 | | | $11.16 | | | $10.00 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(2) | | (0.02) | | | 0.04 | | | 0.07 | | | (0.01) | | | (0.01) | |
| | Net realized and unrealized gain/(loss) | | 2.89 | | | 1.83 | | | (3.68) | | | 3.01 | | | 1.17 | |
| Total from Investment Operations | | 2.87 | | | 1.87 | | | (3.61) | | | 3.00 | | | 1.16 | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | — | | | (0.06) | | | —(3) | | | (0.02) | | | — | |
| | Distributions (from capital gains) | | — | | | — | | | (0.13) | | | (0.01) | | | — | |
| Total Dividends and Distributions | | — | | | (0.06) | | | (0.13) | | | (0.03) | | | — | |
| Net Asset Value, End of Period | | $15.07 | | | $12.20 | | | $10.39 | | | $14.13 | | | $11.16 | |
| Total Return* | | 23.52% | | | 18.02% | | | (25.79)% | | | 26.91% | | | 11.60% | |
| Net Assets, End of Period (in thousands) | | $128 | | | $104 | | | $61 | | | $77 | | | $56 | |
| Average Net Assets for the Period (in thousands) | | $115 | | | $88 | | | $74 | | | $67 | | | $54 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 4.81% | | | 5.48% | | | 5.34% | | | 6.64% | | | 17.28% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 1.42% | | | 1.20% | | | 0.59% | | | 1.19% | | | 1.87% | |
| | Ratio of Net Investment Income/(Loss) | | (0.30)% | | | 0.34% | | | 0.57% | | | (0.04)% | | | (0.46)% | |
| Portfolio Turnover Rate | | 11% | | | 20% | | | 33% | | | 12% | | | 11% | |
| | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. ** Annualized for periods of less than one full year. (1) Period from June 25, 2020 (inception date) through September 30, 2020. (2) Per share amounts are calculated based on average shares outstanding during the year or period. (3) Less than $0.005 on a per share basis. |
| | |
See Notes to Financial Statements. |
| |
16 | MARCH 31, 2024 |
Janus Henderson Global Sustainable Equity Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | |
Class D Shares | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year or period ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020(1) | |
| Net Asset Value, Beginning of Period | | $12.26 | | | $10.40 | | | $14.20 | | | $11.18 | | | $10.00 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(2) | | 0.01 | | | 0.06 | | | 0.02 | | | 0.02 | | | 0.01 | |
| | Net realized and unrealized gain/(loss) | | 2.89 | | | 1.83 | | | (3.68) | | | 3.01 | | | 1.17 | |
| Total from Investment Operations | | 2.90 | | | 1.89 | | | (3.66) | | | 3.03 | | | 1.18 | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | (0.04) | | | (0.03) | | | (0.01) | | | — | | | — | |
| | Distributions (from capital gains) | | — | | | — | | | (0.13) | | | (0.01) | | | — | |
| Total Dividends and Distributions | | (0.04) | | | (0.03) | | | (0.14) | | | (0.01) | | | — | |
| Net Asset Value, End of Period | | $15.12 | | | $12.26 | | | $10.40 | | | $14.20 | | | $11.18 | |
| Total Return* | | 23.74% | | | 18.16% | | | (26.02)% | | | 27.15% | | | 11.80% | |
| Net Assets, End of Period (in thousands) | | $26,925 | | | $22,473 | | | $20,664 | | | $23,921 | | | $5,226 | |
| Average Net Assets for the Period (in thousands) | | $24,611 | | | $22,960 | | | $24,549 | | | $16,804 | | | $2,485 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 1.82% | | | 1.93% | | | 1.71% | | | 1.97% | | | 10.52% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.99% | | | 1.01% | | | 1.00% | | | 1.00% | | | 0.98% | |
| | Ratio of Net Investment Income/(Loss) | | 0.13% | | | 0.48% | | | 0.16% | | | 0.18% | | | 0.50% | |
| Portfolio Turnover Rate | | 11% | | | 20% | | | 33% | | | 12% | | | 11% | |
| | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Period from June 25, 2020 (inception date) through September 30, 2020. (2) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 17 |
Janus Henderson Global Sustainable Equity Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | |
Class I Shares | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year or period ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020(1) | |
| Net Asset Value, Beginning of Period | | $12.20 | | | $10.39 | | | $14.19 | | | $11.19 | | | $10.00 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(2) | | 0.01 | | | 0.05 | | | 0.02 | | | 0.04 | | | 0.02 | |
| | Net realized and unrealized gain/(loss) | | 2.88 | | | 1.83 | | | (3.66) | | | 3.00 | | | 1.17 | |
| Total from Investment Operations | | 2.89 | | | 1.88 | | | (3.64) | | | 3.04 | | | 1.19 | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | (0.04) | | | (0.07) | | | (0.03) | | | (0.03) | | | — | |
| | Distributions (from capital gains) | | — | | | — | | | (0.13) | | | (0.01) | | | — | |
| Total Dividends and Distributions | | (0.04) | | | (0.07) | | | (0.16) | | | (0.04) | | | — | |
| Net Asset Value, End of Period | | $15.05 | | | $12.20 | | | $10.39 | | | $14.19 | | | $11.19 | |
| Total Return* | | 23.72% | | | 18.10% | | | (25.97)% | | | 27.25% | | | 11.90% | |
| Net Assets, End of Period (in thousands) | | $3,366 | | | $2,678 | | | $3,991 | | | $11,353 | | | $5,317 | |
| Average Net Assets for the Period (in thousands) | | $2,944 | | | $2,750 | | | $7,265 | | | $7,780 | | | $5,071 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 1.90% | | | 1.98% | | | 1.57% | | | 1.86% | | | 10.72% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.00% | | | 1.01% | | | 0.92% | | | 0.87% | | | 0.86% | |
| | Ratio of Net Investment Income/(Loss) | | 0.12% | | | 0.44% | | | 0.11% | | | 0.29% | | | 0.55% | |
| Portfolio Turnover Rate | | 11% | | | 20% | | | 33% | | | 12% | | | 11% | |
| | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Period from June 25, 2020 (inception date) through September 30, 2020. (2) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
18 | MARCH 31, 2024 |
Janus Henderson Global Sustainable Equity Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | |
Class N Shares | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year or period ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020(1) | |
| Net Asset Value, Beginning of Period | | $12.29 | | | $10.43 | | | $14.23 | | | $11.19 | | | $10.00 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(2) | | 0.02 | | | 0.08 | | | 0.04 | | | 0.05 | | | 0.02 | |
| | Net realized and unrealized gain/(loss) | | 2.90 | | | 1.83 | | | (3.69) | | | 3.00 | | | 1.17 | |
| Total from Investment Operations | | 2.92 | | | 1.91 | | | (3.65) | | | 3.05 | | | 1.19 | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | (0.06) | | | (0.05) | | | (0.02) | | | — | | | — | |
| | Distributions (from capital gains) | | — | | | — | | | (0.13) | | | (0.01) | | | — | |
| Total Dividends and Distributions | | (0.06) | | | (0.05) | | | (0.15) | | | (0.01) | | | — | |
| Net Asset Value, End of Period | | $15.15 | | | $12.29 | | | $10.43 | | | $14.23 | | | $11.19 | |
| Total Return* | | 23.82% | | | 18.33% | | | (25.93)% | | | 27.30% | | | 11.90% | |
| Net Assets, End of Period (in thousands) | | $2,111 | | | $1,494 | | | $1,250 | | | $1,449 | | | $192 | |
| Average Net Assets for the Period (in thousands) | | $1,823 | | | $1,598 | | | $1,432 | | | $831 | | | $83 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 1.81% | | | 1.97% | | | 1.73% | | | 2.14% | | | 14.24% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 0.86% | | | 0.86% | | | 0.86% | | | 0.86% | | | 0.86% | |
| | Ratio of Net Investment Income/(Loss) | | 0.27% | | | 0.64% | | | 0.31% | | | 0.33% | | | 0.73% | |
| Portfolio Turnover Rate | | 11% | | | 20% | | | 33% | | | 12% | | | 11% | |
| | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Period from June 25, 2020 (inception date) through September 30, 2020. (2) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 19 |
Janus Henderson Global Sustainable Equity Fund
Financial Highlights
| | | | | | | | | | | | | | | | |
Class R Shares | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year or period ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021(1) | |
| Net Asset Value, Beginning of Period | | $12.22 | | | $10.40 | | | $14.13 | | | $13.08 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | |
| | Net investment income/(loss)(2) | | —(3) | | | 0.06 | | | 0.08 | | | (0.03) | |
| | Net realized and unrealized gain/(loss) | | 2.89 | | | 1.83 | | | (3.68) | | | 1.08 | |
| Total from Investment Operations | | 2.89 | | | 1.89 | | | (3.60) | | | 1.05 | |
| Less Dividends and Distributions: | | | | | | | | | | | | |
| | Dividends (from net investment income) | | — | | | (0.07) | | | — | | | — | |
| | Distributions (from capital gains) | | — | | | — | | | (0.13) | | | — | |
| Total Dividends and Distributions | | — | | | (0.07) | | | (0.13) | | | — | |
| Net Asset Value, End of Period | | $15.11 | | | $12.22 | | | $10.40 | | | $14.13 | |
| Total Return* | | 23.65% | | | 18.21% | | | (25.72)% | | | 8.03% | |
| Net Assets, End of Period (in thousands) | | $67 | | | $51 | | | $40 | | | $54 | |
| Average Net Assets for the Period (in thousands) | | $58 | | | $49 | | | $51 | | | $53 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 7.14% | | | 8.16% | | | 7.35% | | | 7.99% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 1.13% | | | 1.01% | | | 0.57% | | | 1.46% | |
| | Ratio of Net Investment Income/(Loss) | | —(4) | | | 0.50% | | | 0.59% | | | (0.27)% | |
| Portfolio Turnover Rate | | 11% | | | 20% | | | 33% | | | 12% | |
| | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Period from January 28, 2021 (inception date) through September 30, 2021. (2) Per share amounts are calculated based on average shares outstanding during the year or period. (3) Less than $0.005 on a per share basis. (4) Less than 0.005%. |
| | |
See Notes to Financial Statements. |
| |
20 | MARCH 31, 2024 |
Janus Henderson Global Sustainable Equity Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | |
Class S Shares | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year or period ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020(1) | |
| Net Asset Value, Beginning of Period | | $12.20 | | | $10.37 | | | $14.15 | | | $11.17 | | | $10.00 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(2) | | 0.01 | | | 0.06 | | | 0.04 | | | —(3) | | | —(3) | |
| | Net realized and unrealized gain/(loss) | | 2.88 | | | 1.83 | | | (3.68) | | | 3.01 | | | 1.17 | |
| Total from Investment Operations | | 2.89 | | | 1.89 | | | (3.64) | | | 3.01 | | | 1.17 | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | (0.01) | | | (0.06) | | | (0.01) | | | (0.02) | | | — | |
| | Distributions (from capital gains) | | — | | | — | | | (0.13) | | | (0.01) | | | — | |
| Total Dividends and Distributions | | (0.01) | | | (0.06) | | | (0.14) | | | (0.03) | | | — | |
| Net Asset Value, End of Period | | $15.08 | | | $12.20 | | | $10.37 | | | $14.15 | | | $11.17 | |
| Total Return* | | 23.70% | | | 18.29% | | | (25.98)% | | | 27.05% | | | 11.70% | |
| Net Assets, End of Period (in thousands) | | $77 | | | $62 | | | $53 | | | $71 | | | $56 | |
| Average Net Assets for the Period (in thousands) | | $69 | | | $62 | | | $66 | | | $67 | | | $54 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 6.26% | | | 6.82% | | | 6.24% | | | 6.65% | | | 16.77% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 1.04% | | | 0.99% | | | 0.83% | | | 1.11% | | | 1.37% | |
| | Ratio of Net Investment Income/(Loss) | | 0.09% | | | 0.50% | | | 0.32% | | | 0.03% | | | 0.04% | |
| Portfolio Turnover Rate | | 11% | | | 20% | | | 33% | | | 12% | | | 11% | |
| | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Period from June 25, 2020 (inception date) through September 30, 2020. (2) Per share amounts are calculated based on average shares outstanding during the year or period. (3) Less than $0.005 on a per share basis. |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 21 |
Janus Henderson Global Sustainable Equity Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | |
Class T Shares | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year or period ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020(1) | |
| Net Asset Value, Beginning of Period | | $12.24 | | | $10.38 | | | $14.18 | | | $11.18 | | | $10.00 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(2) | | —(3) | | | 0.05 | | | 0.01 | | | 0.01 | | | 0.01 | |
| | Net realized and unrealized gain/(loss) | | 2.90 | | | 1.83 | | | (3.68) | | | 3.01 | | | 1.17 | |
| Total from Investment Operations | | 2.90 | | | 1.88 | | | (3.67) | | | 3.02 | | | 1.18 | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | (0.03) | | | (0.02) | | | —(3) | | | (0.01) | | | — | |
| | Distributions (from capital gains) | | — | | | — | | | (0.13) | | | (0.01) | | | — | |
| Total Dividends and Distributions | | (0.03) | | | (0.02) | | | (0.13) | | | (0.02) | | | — | |
| Net Asset Value, End of Period | | $15.11 | | | $12.24 | | | $10.38 | | | $14.18 | | | $11.18 | |
| Total Return* | | 23.72% | | | 18.08% | | | (26.12)% | | | 27.02% | | | 11.80% | |
| Net Assets, End of Period (in thousands) | | $706 | | | $597 | | | $540 | | | $697 | | | $99 | |
| Average Net Assets for the Period (in thousands) | | $666 | | | $616 | | | $633 | | | $387 | | | $77 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 2.34% | | | 2.44% | | | 2.25% | | | 2.82% | | | 14.65% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 1.10% | | | 1.09% | | | 1.09% | | | 1.09% | | | 1.11% | |
| | Ratio of Net Investment Income/(Loss) | | 0.02% | | | 0.39% | | | 0.05% | | | 0.10% | | | 0.33% | |
| Portfolio Turnover Rate | | 11% | | | 20% | | | 33% | | | 12% | | | 11% | |
| | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Period from June 25, 2020 (inception date) through September 30, 2020. (2) Per share amounts are calculated based on average shares outstanding during the year or period. (3) Less than $0.005 on a per share basis. |
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See Notes to Financial Statements. |
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22 | MARCH 31, 2024 |
Janus Henderson Global Sustainable Equity Fund
Notes to Financial Statements (unaudited)
1. Organization and Significant Accounting Policies
Janus Henderson Global Sustainable Equity Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 37 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term growth of capital. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the “Adviser”) to the Fund.
The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.
Shareholders, including individuals, accounts, as well as the Fund’s portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund’s Shares and can be considered to “control” the Fund when that ownership exceeds 25% of the Fund’s assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).
Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.
Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.
Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.
The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.
Effective July 6, 2020, Class D Shares are available to new investors, subject to any closed fund policies for a Fund, as applicable. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.
Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. Class I Shares are also available to certain direct institutional investors including, but not limited to, corporations, certain retirement plans, public plans, and foundations/endowments, who established Class I Share accounts before August 4, 2017.
Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the “Distributor”) including, but not limited to,
Janus Henderson Global Sustainable Equity Fund
Notes to Financial Statements (unaudited)
corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.
Class R Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms.
Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.
Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.
The following accounting policies have been followed by the Fund and are in conformity with US GAAP.
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 Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-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 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 value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that operate as money market funds held by the Fund, if any, will be calculated using the NAV of such 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.
Janus Henderson Global Sustainable Equity Fund
Notes to Financial Statements (unaudited)
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.
There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal period.
The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of March 31, 2024 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 and Other Information.
Investment Transactions and Investment Income
Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on an accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.
Expenses
The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.
Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Indemnifications
In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.
Janus Henderson Global Sustainable Equity Fund
Notes to Financial Statements (unaudited)
Foreign Currency Translations
The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.
Currency gains and losses are also calculated on payables and receivables that are denominated in foreign currencies. The payables and receivables are generally related to foreign security transactions and income translations.
Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.
Dividends and Distributions
The Fund generally declares and distributes dividends of net investment income and realized capital gains (if any) annually. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as “equalization,” has no effect on the redeeming shareholder or a Fund’s total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.
The Fund may make certain investments in real estate investment trusts (“REITs”) which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs’ taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal income tax purposes.
Federal Income Taxes
The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund’s tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund’s financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
2. Other Investments and Strategies
Market Risk
The value of the Fund’s portfolio may decrease if the value of one or more issuers in the Fund’s portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund’s portfolio decreases, the Fund’s NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, war, conflicts, including related sanctions, social unrest, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.
• COVID-19 Pandemic. The effects of COVID-19 have contributed to increased volatility in global financial markets and have affected and may continue to affect certain countries, regions, issuers, industries and market sectors more dramatically than others. These conditions and events could have a significant impact on the Fund and its investments,
Janus Henderson Global Sustainable Equity Fund
Notes to Financial Statements (unaudited)
the Fund’s ability to meet redemption requests, and the processes and operations of the Fund’s service providers, including the Adviser.
• Armed Conflict. Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global economic environment and the markets for certain securities and commodities.
3. Investment Advisory Agreements and Other Transactions with Affiliates
The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The following table reflects the Fund’s contractual investment advisory fee rate (expressed as an annual rate).
| | |
Average Daily Net Assets of the Fund | Contractual Investment Advisory Fee (%) |
First $2 Billion | 0.75 |
Over $2 Billion | 0.70 |
The Fund’s actual investment advisory fee rate for the reporting period was 0.75% of average annual net assets before any applicable waivers.
The Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding any performance adjustments to the management fee, if applicable, the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.85% for at least a one-year period commencing on January 26, 2024. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.
The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (or any subadvisor, as applicable) provides to the Fund. These amounts are disclosed as “Affiliated fund administration fees” on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund’s Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $222,870 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended March 31, 2024. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.
Janus Henderson Services US LLC (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.
Janus Henderson Global Sustainable Equity Fund
Notes to Financial Statements (unaudited)
Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.
| | |
Average Daily Net Assets of Class D Shares of the Janus Henderson funds | Administrative Services Fee |
Under $40 billion | 0.12% |
$40 billion – $49.9 billion | 0.10% |
Over $49.9 billion | 0.08% |
During the reporting period, the administrative services fee rate was 0.11%.
The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class R Shares, Class S Shares and Class T Shares for providing or procuring administrative services to investors in Class R Shares, Class S Shares and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class R Shares, Class S Shares and Class T Shares.
Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.
Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.
The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.
Under distribution and shareholder servicing plans (the “Plans”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, up to 0.50% for Class R Shares, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations.
Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the period ended March 31, 2024, the Distributor retained upfront sales charges of $16.
A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were
Janus Henderson Global Sustainable Equity Fund
Notes to Financial Statements (unaudited)
no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the period ended March 31, 2024.
A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class C Shares during the period ended March 31, 2024.
The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of March 31, 2024 on the Statement of Assets and Liabilities in the asset, “Trustees’ deferred compensation,” and liability, “Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Total distributable earnings (loss)” on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended March 31, 2024 are included in “Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $318,650 were paid by the Trust to the Trustees under the Deferred Plan during the period ended March 31, 2024.
Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the “Investing Funds”). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the “Sweep Vehicle”) is an affiliated unregistered cash management pooled investment vehicle that invests primarily in highly-rated short-term fixed-income securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a “floating” NAV) rounded to the fourth decimal place (e.g., $1.0000). The Sweep Vehicle is permitted to impose a liquidity fee (of up to 2%) on redemptions from the Sweep Vehicle or a redemption gate that temporarily suspends redemptions from the Sweep Vehicle for up to 10 business days during a 90 day period. There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.
Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended March 31, 2024 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.
Janus Henderson Global Sustainable Equity Fund
Notes to Financial Statements (unaudited)
As of March 31, 2024, shares of the Fund were owned by affiliates of the Adviser, and/or other funds advised by the Adviser, as indicated in the table below:
| | | | | | | |
Class | % of Class Owned | | % of Fund Owned | | |
Class A Shares | - | % | - | % | |
Class C Shares | 60 | | -* | | |
Class D Shares | - | | - | | |
Class I Shares | - | | - | | |
Class N Shares | 4 | | -* | | |
Class R Shares | 88 | | -* | | |
Class S Shares | 100 | | -* | | |
Class T Shares | - | | - | | |
| | | | | |
* | Less than 0.50% | | | | | |
4. Federal Income Tax
Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.
The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.
Accumulated capital losses noted below represent net capital loss carryovers, as of September 30, 2023, that may be available to offset future realized capital gains and thereby reduce future taxable gains distributions. The following table shows these capital loss carryovers.
| | | | | | |
| | | | | |
Capital Loss Carryover Schedule | | |
For the year ended September 30, 2023 | | |
| No Expiration | | | |
| Short-Term | Long-Term | Accumulated
Capital Losses | | |
| $(1,499,223) | $(771,936) | $ (2,271,159) | | |
The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of March 31, 2024 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals and investments in partnerships.
| | | | |
Federal Tax Cost | Unrealized
Appreciation | Unrealized
(Depreciation) | Net Tax Appreciation/
(Depreciation) |
$25,385,864 | $10,020,439 | $ (1,644,756) | $ 8,375,683 |
| | | |
Janus Henderson Global Sustainable Equity Fund
Notes to Financial Statements (unaudited)
5. Capital Share Transactions
| | | | | | | |
| | | | | | |
| | Period ended March 31, 2024 | | Year ended September 30, 2023 |
| | Shares | Amount | | Shares | Amount |
| | | | | | |
Class A Shares: | | | | | |
Shares sold | 1,964 | $ 25,529 | | 10,282 | $ 122,324 |
Reinvested dividends and distributions | 22 | 286 | | 50 | 572 |
Shares repurchased | (1,902) | (25,297) | | (6,651) | (81,320) |
Net Increase/(Decrease) | 84 | $ 518 | | 3,681 | $ 41,576 |
Class C Shares: | | | | | |
Shares sold | - | $ - | | 2,608 | $ 31,373 |
Reinvested dividends and distributions | - | - | | 30 | 336 |
Shares repurchased | - | - | | - | - |
Net Increase/(Decrease) | - | $ - | | 2,638 | $ 31,709 |
Class D Shares: | | | | | |
Shares sold | 120,434 | $ 1,616,155 | | 305,968 | $ 3,792,350 |
Reinvested dividends and distributions | 5,911 | 78,493 | | 4,409 | 50,092 |
Shares repurchased | (178,835) | (2,431,335) | | (464,459) | (5,598,712) |
Net Increase/(Decrease) | (52,490) | $ (736,687) | | (154,082) | $ (1,756,270) |
Class I Shares: | | | | | |
Shares sold | 32,693 | $ 436,406 | | 106,135 | $ 1,277,535 |
Reinvested dividends and distributions | 599 | 7,927 | | 1,284 | 14,523 |
Shares repurchased | (29,160) | (383,378) | | (272,137) | (3,048,095) |
Net Increase/(Decrease) | 4,132 | $ 60,955 | | (164,718) | $ (1,756,037) |
Class N Shares: | | | | | |
Shares sold | 22,418 | $ 299,080 | | 49,433 | $ 616,420 |
Reinvested dividends and distributions | 618 | 8,229 | | 511 | 5,818 |
Shares repurchased | (5,267) | (72,876) | | (48,247) | (635,048) |
Net Increase/(Decrease) | 17,769 | $ 234,433 | | 1,697 | $ (12,810) |
Class R Shares: | | | | | |
Shares sold | 371 | $ 5,037 | | 283 | $ 3,557 |
Reinvested dividends and distributions | - | - | | 23 | 266 |
Shares repurchased | (103) | (1,233) | | - | - |
Net Increase/(Decrease) | 268 | $ 3,804 | | 306 | $ 3,823 |
Class S Shares: | | | | | |
Shares sold | - | $ - | | - | $ - |
Reinvested dividends and distributions | 4 | 53 | | 27 | 315 |
Shares repurchased | - | - | | - | - |
Net Increase/(Decrease) | 4 | $ 53 | | 27 | $ 315 |
Class T Shares: | | | | | |
Shares sold | 12,003 | $ 160,246 | | 44,691 | $ 548,234 |
Reinvested dividends and distributions | 108 | 1,439 | | 62 | 704 |
Shares repurchased | (14,139) | (192,045) | | (47,978) | (586,732) |
Net Increase/(Decrease) | (2,028) | $ (30,360) | | (3,225) | $ (37,794) |
Janus Henderson Global Sustainable Equity Fund
Notes to Financial Statements (unaudited)
6. Purchases and Sales of Investment Securities
For the period ended March 31, 2024, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as applicable) was as follows:
| | | | |
Purchases of
Securities | Proceeds from Sales
of Securities | Purchases of Long-
Term U.S. Government
Obligations | Proceeds from Sales
of Long-Term U.S.
Government Obligations |
$3,297,675 | $ 3,743,850 | $ - | $ - |
7. Subsequent Event
Management has evaluated whether any events or transactions occurred subsequent to March 31, 2024 and through the date of issuance of the Fund’s financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund’s financial statements.
Janus Henderson Global Sustainable Equity Fund
Additional Information (unaudited)
Proxy Voting Policies and Voting Record
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities is available without charge: (i) upon request, by calling 1-800-525-1093; (ii) on the Fund’s website at janushenderson.com/proxyvoting; and (iii) on the SEC’s website at http://www.sec.gov. Additionally, information regarding the Fund’s proxy voting record for the most recent twelve-month period ended June 30 is also available, free of charge, through janushenderson.com/proxyvoting and from the SEC’s website at http://www.sec.gov.
Full Holdings
The Fund files its complete portfolio holdings (schedule of investments) with the SEC as an exhibit to Form N-PORT within 60 days of the end of the first and third fiscal quarters, and in the annual report and semiannual report to shareholders. The Fund’s Form N-PORT filings and annual and semiannual reports: (i) are available on the SEC’s website at http://www.sec.gov; and (ii) are available without charge, upon request, by calling a Janus Henderson representative at 1-877-335-2687 (toll free) (or 1-800-525-3713 if you hold Class D Shares). Portfolio holdings consisting of at least the names of the holdings are generally available on a monthly basis with a 30-day lag under Full Holdings for the Fund at janushenderson.com/info (or janushenderson.com/reports if you hold Class D Shares).
APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD
The Trustees of Janus Aspen Series and Janus Investment Fund, each of whom serves as an “independent” Trustee (collectively, the “Trustees”), oversee the management of each portfolio of Janus Aspen Series (each, a “VIT Portfolio,” and collectively, the “VIT Portfolios”), as well as each fund of Janus Investment Fund (each, a “Fund,” and collectively, the “Funds” and together with the VIT Portfolios, the “Janus Henderson Funds,” and each, a “Janus Henderson Fund”). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.
In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the “Adviser”) in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analysis provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.
At meetings held on November 3, 2023 and December 14-15, 2023, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2024 through February 1, 2025, subject to earlier termination as provided for in each agreement.
In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees’ determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant’s conclusions and opinions that arose during, and were included as part of, the Trustees’ consideration of the agreements. “Management fees,” as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.
Nature, Extent and Quality of Services
The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management
Janus Henderson Global Sustainable Equity Fund
Additional Information (unaudited)
services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.
In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.
The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract well-qualified personnel.
Performance of the Funds
The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including periodic meetings with each Janus Henderson Fund’s portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund’s performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent data provider, and with the Janus Henderson Fund’s benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2023, approximately 44% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2023, approximately 50% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds’ average 2023 performance has been reasonable, noting that: (i) for the 12 months ended September 30, 2023, approximately 43% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; (ii) for the 36 months ended September 30, 2023, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; and (iii) for the 5- and 10-year periods ended September 30, 2023, approximately 63% and 66% of the Janus Henderson Funds were in the top two quartiles of performance, respectively, as reported by Morningstar.
The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:
Asset Allocation Funds
· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12
Janus Henderson Global Sustainable Equity Fund
Additional Information (unaudited)
months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Fixed-Income Funds
· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Developed World Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Global and International Equity Funds
· For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson European Focus Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Janus Henderson Global Sustainable Equity Fund
Additional Information (unaudited)
· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
Money Market Funds
· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Multi-Asset Funds
· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
Janus Henderson Global Sustainable Equity Fund
Additional Information (unaudited)
U.S. Equity Funds
· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
· For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.
· For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the evaluated performance period ended June 30, 2023. The Trustees noted that the 12- and 36-month end performance periods ended June 30, 2023 were not yet available.
Janus Henderson Global Sustainable Equity Fund
Additional Information (unaudited)
· For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
In consideration of each Janus Henderson Fund’s performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund’s performance warranted continuation of such Janus Henderson Fund’s investment advisory agreement.
Costs of Services Provided
The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 6% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.
For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic “focus list” analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.
The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.
The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered that the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds’ other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant referenced its past analyses from 2022, which found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser charges to its institutional separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) 9 of 11 Janus Henderson Funds had lower management fees than similar funds subadvised by the Adviser. As part of their review of the 2022 independent consultant findings, the Trustees noted that for the two Janus Henderson Funds that did not have lower management fees than similar funds subadvised by the Adviser, management fees for each were under the average of its 15(c) peer group.
The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2022 (except for Janus Henderson U.S. Dividend Income Fund, for which the period end was March 31, 2023) and noted the following with
Janus Henderson Global Sustainable Equity Fund
Additional Information (unaudited)
regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”) as reflected in the comparative information provided by Broadridge:
Asset Allocation Funds
· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
Fixed-Income Funds
· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson Developed World Bond Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson Global Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson High-Yield Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
Global and International Equity Funds
· For Janus Henderson Asia Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson Emerging Markets Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
Janus Henderson Global Sustainable Equity Fund
Additional Information (unaudited)
· For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson Global Equity Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Global Select Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Overseas Fund, the Trustees noted that although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.
Money Market Funds
· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
Multi-Asset Funds
· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that, that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Balanced Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
U.S. Equity Funds
· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were
Janus Henderson Global Sustainable Equity Fund
Additional Information (unaudited)
reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Contrarian Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Forty Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Growth and Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Triton Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Venture Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.
Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized
Janus Henderson Global Sustainable Equity Fund
Additional Information (unaudited)
by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees noted that the Adviser reported no changes to its allocation methodology for the 2023 15(c) process; however, at the Trustees’ request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant’s analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund’s investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.
The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser were reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund’s total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.
Economies of Scale
The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant’s 2023 report: (1) past analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 28% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have low flat-rate fees (the “Low Flat-Rate Fee Funds”) versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets.
With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2023 report that (1) 70% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Low Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.
The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.
Based on all of the information reviewed, including the recent and past research and analysis conducted by the Trustees’ independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.
Janus Henderson Global Sustainable Equity Fund
Additional Information (unaudited)
Other Benefits to the Adviser
The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser’s ability to serve the Janus Henderson Funds.
Janus Henderson Global Sustainable Equity Fund
Liquidity Risk Management Program (unaudited)
Liquidity Risk Management Program
Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), requires open-end funds (but not money market funds) to adopt and implement a written liquidity risk management program (the “LRMP”) that is reasonably designed to assess and manage liquidity risk, which is the risk that a fund could not meet redemption requests without significant dilution of remaining investors’ interest in the fund. The Fund has implemented a LRMP, which incorporates the following elements: (i) assessment, management, and periodic review of liquidity risk; (ii) classification of portfolio holdings; (iii) the establishment and monitoring of a highly liquid investment minimum, as applicable; (iv) a 15% limitation on a Fund’s illiquid investments; (v) redemptions in-kind; and (vi) board oversight.
The Trustees of the Fund (the “Trustees”) have designated Janus Henderson Investors US LLC, the Fund’s investment adviser (the “Adviser”), as the Program Administrator for the LRMP responsible for administering the LRMP and carrying out the specific responsibilities of the LRMP. A working group comprised of various teams within the Adviser’s business is responsible for administering the LRMP and carrying out the specific responsibilities of different aspects of the LRMP (the “Liquidity Risk Working Group”). In assessing each Fund’s liquidity risk, the Liquidity Risk Working Group periodically considers, as relevant, factors including (i) the liquidity of a Fund’s portfolio investments during normal and reasonably foreseeable stressed conditions; (ii) whether a Fund’s investment strategy is appropriate for an open-end fund; (iii) the extent to which a Fund’s strategy involves a relatively concentrated portfolio or large positions in any issuer; (iv) a Fund’s use of borrowing for investment purposes; and (v) a Fund’s use of derivatives.
The Liquidity Rule requires the Trustees to review at least annually a written report provided by the Program Administrator that addresses the operation of the LRMP and assesses its adequacy and the effectiveness of its implementation, including, if applicable, the operation of the highly liquid investment minimum, and any material changes to the LRMP (the “Program Administrator Report”). At a meeting held on March 12, 2024, the Adviser provided the Program Administrator Report to the Trustees which covered the operation of the LRMP from January 1, 2023 through December 31, 2023 (the “Reporting Period”).
The Program Administrator Report discussed the operation and effectiveness of the LRMP during the Reporting Period. Among other things, the Program Administrator Report indicated that there were no material changes to the LRMP during the Reporting Period. Additionally, the findings presented in the Program Administrator Report indicated that the LRMP operated adequately during the Reporting Period. These findings included that the Fund was able to meet redemptions during the normal course of business during the Reporting Period. The Program Administrator Report also stated that the Fund did not exceed the 15% limit on illiquid assets during the Reporting Period, that the Fund held primarily highly liquid assets, and was considered to be a primarily highly liquid fund during the Reporting Period. Also included among the Program Administrator Report’s findings was the determination that the Fund’s investment strategy remains appropriate for an open-end fund. In addition, the Adviser expressed its belief in the Program Administrator Report that the LRMP is reasonably designed and adequate to assess and manage the Fund’s liquidity risk, considering the Fund’s particular risks and circumstances, and includes policies and procedures reasonably designed to implement each required component of the Liquidity Rule.
There can be no assurance that the LRMP will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the risks to which an investment in the Fund may be subject.
Janus Henderson Global Sustainable Equity Fund
Useful Information About Your Fund Report (unaudited)
Performance Overviews
Performance overview graphs compare the performance of a hypothetical $10,000 investment in the Fund with one or more widely used market indices. When comparing the performance of the Fund with an index, keep in mind that market indices are not available for investment and do not reflect deduction of expenses.
Average annual total returns are quoted for a Fund with more than one year of performance history. Average annual total return is calculated by taking the growth or decline in value of an investment over a period of time, including reinvestment of dividends and distributions, then calculating the annual compounded percentage rate that would have produced the same result had the rate of growth been constant throughout the period. Average annual total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Cumulative total returns are quoted for a Fund with less than one year of performance history. Cumulative total return is the growth or decline in value of an investment over time, independent of the period of time involved. Cumulative total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Pursuant to federal securities rules, expense ratios shown in the performance chart reflect subsidized (if applicable) and unsubsidized ratios. The total annual fund operating expenses ratio is gross of any fee waivers, reflecting the Fund’s unsubsidized expense ratio. The net annual fund operating expenses ratio (if applicable) includes contractual waivers of the Adviser and reflects the Fund’s subsidized expense ratio. Ratios may be higher or lower than those shown in the “Financial Highlights” in this report.
Schedule of Investments
Following the performance overview section is the Fund’s Schedule of Investments. This schedule reports the types of securities held in the Fund on the last day of the reporting period. Securities are usually listed by type (common stock, corporate bonds, U.S. Government obligations, etc.) and by industry classification (banking, communications, insurance, etc.). Holdings are subject to change without notice.
The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.
If the Fund invests in foreign securities, it will also provide a summary of investments by country. This summary reports the Fund exposure to different countries by providing the percentage of securities invested in each country. The country of each security represents the country of risk. A company may be allocated to a country based on other factors such as location of the company’s principal office, the location of the principal trading market for the company’s securities, or the country where a majority of the company’s revenues are derived. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by Bloomberg and/or MSCI Inc.
Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund’s Schedule of Investments (if applicable).
Statement of Assets and Liabilities
This statement is often referred to as the “balance sheet.” It lists the assets and liabilities of the Fund on the last day of the reporting period.
The Fund’s assets are calculated by adding the value of the securities owned, the receivable for securities sold but not yet settled, the receivable for dividends declared but not yet received on securities owned, and the receivable for Fund shares sold to investors but not yet settled. The Fund’s liabilities include payables for securities purchased but not yet settled, Fund shares redeemed but not yet paid, and expenses owed but not yet paid. Additionally, there may be other assets and liabilities such as unrealized gain or loss on forward currency contracts.
The section entitled “Net Assets Consist of” breaks down the components of the Fund’s net assets. Because the Fund must distribute substantially all earnings, you will notice that a significant portion of net assets is shareholder capital.
The last section of this statement reports the net asset value (“NAV”) per share on the last day of the reporting period. The NAV is calculated by dividing the Fund’s net assets for each share class (assets minus liabilities) by the number of shares outstanding.
Janus Henderson Global Sustainable Equity Fund
Useful Information About Your Fund Report (unaudited)
Statement of Operations
This statement details the Fund’s income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.
The first section in this statement, entitled “Investment Income,” reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.
The next section reports the expenses incurred by the Fund, including the advisory fee paid to the investment adviser, transfer agent fees and expenses, and printing and postage for mailing statements, financial reports and prospectuses. Expense offsets and expense reimbursements, if any, are also shown.
The last section lists the amounts of realized gains or losses from investment and foreign currency transactions, and changes in unrealized appreciation or depreciation of investments and foreign currency-denominated assets and liabilities. The Fund will realize a gain (or loss) when it sells its position in a particular security. A change in unrealized gain (or loss) refers to the change in net appreciation or depreciation of the Fund during the reporting period. “Net Realized and Unrealized Gain/(Loss) on Investments” is affected both by changes in the market value of Fund holdings and by gains (or losses) realized during the reporting period.
Statements of Changes in Net Assets
These statements report the increase or decrease in the Fund’s net assets during the reporting period. Changes in the Fund’s net assets are attributable to investment operations, dividends and distributions to investors, and capital share transactions. This is important to investors because it shows exactly what caused the Fund’s net asset size to change during the period.
The first section summarizes the information from the Statement of Operations regarding changes in net assets due to the Fund’s investment operations. The Fund’s net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends and/or distributions in cash, money is taken out of the Fund to pay the dividend and/or distribution. If investors reinvest their dividends and/or distributions, the Fund’s net assets will not be affected.
The reinvestment of dividends and distributions is included under “Capital Share Transactions.” “Capital Shares” refers to the money investors contribute to the Fund through purchases or withdrawals via redemptions. The Fund’s net assets will increase and decrease in value as investors purchase and redeem shares from the Fund.
Financial Highlights
This schedule provides a per-share breakdown of the components that affect the Fund’s NAV for current and past reporting periods as well as total return, asset size, ratios, and portfolio turnover rate.
The first line in the table reflects the NAV per share at the beginning of the reporting period. The next line reports the net investment income/(loss) per share. Following is the per share total of net gains/(losses), realized and unrealized. Per share dividends and distributions to investors are then subtracted to arrive at the NAV per share at the end of the period. The next line reflects the total return for the period. The total return may include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. As a result, the total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.
The Fund’s expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.
The ratio of net investment income/(loss) summarizes the income earned less expenses, divided by the average net assets of the Fund during the reporting period. Do not confuse this ratio with the Fund’s yield. The net investment income ratio is not a true measure of the Fund’s yield because it does not take into account the dividends distributed to the Fund’s investors.
The next figure is the portfolio turnover rate, which measures the buying and selling activity in the Fund. Portfolio turnover is affected by market conditions, changes in the asset size of the Fund, fluctuating volume of shareholder purchase and redemption orders, the nature of the Fund’s investments, and the investment style and/or outlook of the portfolio manager(s) and/or investment personnel. A 100% rate implies that an amount equal to the value of the entire portfolio was replaced once during the fiscal year; a 50% rate means that an amount equal to the value of half the
Janus Henderson Global Sustainable Equity Fund
Useful Information About Your Fund Report (unaudited)
portfolio is traded in a year; and a 200% rate means that an amount equal to the value of the entire portfolio is traded every six months.
Janus Henderson Global Sustainable Equity Fund
Notes
NotesPage1
Janus Henderson Global Sustainable Equity Fund
Notes
NotesPage2
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This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. |
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Mutual funds distributed by Janus Henderson Distributors US LLC |
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| | | SEMIANNUAL REPORT March 31, 2024 |
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| | Janus Henderson Global Technology and Innovation Fund |
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| | Janus Investment Fund |
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| | | HIGHLIGHTS · Investment strategy behind your fund · Fund performance, characteristics
and holdings |
Table of Contents
Janus Henderson Global Technology and Innovation Fund
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Jonathan Cofsky co-portfolio manager | 
Denny Fish co-portfolio manager |
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Important Notice – Tailored Shareholder Reports
Effective January 24, 2023, the Securities and Exchange Commission (the “SEC”) adopted rule and form amendments that require mutual funds and exchange-traded funds to provide shareholders with streamlined annual and semi-annual shareholder reports that highlight key information. Other information, including financial statements, that currently appears in shareholder reports will be made available online, delivered free of charge to shareholders upon request, and filed with the SEC. The first tailored shareholder report for the Fund will be for the reporting period ending September 30, 2024. Currently, management is evaluating the impact of the rule and form amendments on the content of the Fund’s current shareholder reports.
Janus Henderson Global Technology and Innovation Fund (unaudited)
Fund At A Glance
March 31, 2024
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| 5 Top Contributors - Holdings | 5 Top Detractors - Holdings |
| | Average
Weight | | Relative
Contribution | | | Average
Weight | | Relative
Contribution |
| Apple Inc | 5.55% | | 4.61% | | CCC Intelligent Solutions Holdings Inc | 1.79% | | -0.86% |
| Meta Platforms Inc - Class A | 5.14% | | 1.48% | | Broadcom Inc | 0.75% | | -0.61% |
| ASML Holding NV | 4.35% | | 0.67% | | Alphabet Inc - Class C | 3.46% | | -0.60% |
| KLA Corp | 2.72% | | 0.48% | | NVIDIA Corp | 8.61% | | -0.58% |
| Lam Research Corp | 2.81% | | 0.46% | | ON Semiconductor Corp | 0.83% | | -0.44% |
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| 4 Top Contributors - Sectors* | | | | | |
| | | Relative | | Fund | MSCI All Country World Information Technology Index |
| | | Contribution | | Average Weight | Average Weight |
| Information Technology | | 4.75% | | 76.59% | 99.99% |
| Communication Services | | 0.79% | | 9.89% | 0.00% |
| Consumer Discretionary | | 0.07% | | 4.43% | 0.00% |
| Industrials | | 0.04% | | 2.34% | 0.01% |
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| 3 Top Detractors - Sectors* | | | | | |
| | | Relative | | Fund | MSCI All Country World Information Technology Index |
| | | Contribution | | Average Weight | Average Weight |
| Financials | | -0.32% | | 3.20% | 0.00% |
| Other** | | -0.27% | | 1.38% | 0.00% |
| Real Estate | | -0.17% | | 2.17% | 0.00% |
| | | | | | |
| Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance.
Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index. |
* | Based on sector classification according to the Global Industry Classification Standard (“GICS”) codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
** | Not a GICS classified sector. |
Janus Henderson Global Technology and Innovation Fund (unaudited)
Fund At A Glance
March 31, 2024
| | |
5 Largest Equity Holdings - (% of Net Assets) |
Microsoft Corp | |
Software | 10.7% |
NVIDIA Corp | |
Semiconductor & Semiconductor Equipment | 10.4% |
Meta Platforms Inc - Class A | |
Interactive Media & Services | 5.7% |
Taiwan Semiconductor Manufacturing Co Ltd | |
Semiconductor & Semiconductor Equipment | 5.3% |
ASML Holding NV | |
Semiconductor & Semiconductor Equipment | 5.1% |
| | 37.2% |
| | | | | |
Asset Allocation - (% of Net Assets) |
Common Stocks | | 96.8% |
Investment Companies | | 2.2% |
Private Placements | | 0.7% |
Investments Purchased with Cash Collateral from Securities Lending | | 0.2% |
Warrants | | 0.0% |
Other | | 0.1% |
| | | 100.0% |
Emerging markets comprised 6.3% of total net assets.
| | |
Top Country Allocations - Long Positions - (% of Investment Securities) |
As of March 31, 2024 
| As of September 30, 2023 
|
Janus Henderson Global Technology and Innovation Fund (unaudited)
Performance
| |
See important disclosures on the next page. |
| | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | |
Average Annual Total Return - for the periods ended March 31, 2024 | | | Prospectus Expense Ratios |
| | Fiscal
Year-to-Date | One
Year | Five
Year | Ten
Year | Since
Inception* | | | Total Annual Fund
Operating Expenses‡ |
Class A Shares at NAV | | 35.63% | 47.87% | 18.97% | 18.51% | 11.02% | | | 1.00% |
Class A Shares at MOP | | 27.84% | 39.37% | 17.57% | 17.81% | 10.76% | | | |
Class C Shares at NAV | | 35.12% | 46.75% | 18.17% | 17.71% | 10.23% | | | 1.76% |
Class C Shares at CDSC | | 34.12% | 45.75% | 18.17% | 17.71% | 10.23% | | | |
Class D Shares | | 35.74% | 48.16% | 19.19% | 18.74% | 11.20% | | | 0.81% |
Class I Shares | | 35.77% | 48.23% | 19.25% | 18.82% | 11.25% | | | 0.76% |
Class N Shares | | 35.83% | 48.35% | 19.35% | 18.84% | 11.23% | | | 0.67% |
Class S Shares | | 35.51% | 47.62% | 18.75% | 18.33% | 10.85% | | | 1.18% |
Class T Shares | | 35.68% | 47.99% | 19.07% | 18.64% | 11.15% | | | 0.92% |
S&P 500 Index | | 23.48% | 29.88% | 15.05% | 12.96% | 7.91% | | | |
MSCI All Country World Information Technology Index | | 31.73% | 40.52% | 21.75% | 18.68% | 8.67% | | | |
Morningstar Quartile - Class T Shares | | - | 1st | 2nd | 2nd | 2nd | | | |
Morningstar Ranking - based on total returns for Technology Funds | | - | 61/267 | 78/205 | 64/174 | 31/91 | | | |
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold. For the most recent month-end performance call 800.668.0434 (or 800.525.3713 if you hold shares directly with Janus Henderson) or visit janushenderson.com/performance (or janushenderson.com/allfunds if you hold shares directly with Janus Henderson).
Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.
CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.
Performance may be affected by risks that include those associated with foreign and emerging markets, fixed income securities, high-yield and high-risk securities, undervalued, overlooked and smaller capitalization companies, real estate related securities including Real Estate Investment Trusts (REITs), Environmental, Social and Governance (ESG) factors, non-diversification, portfolio turnover, derivatives, short sales, initial public offerings (IPOs) and potential conflicts of interest. Each product has different risks. Please see the prospectus for more information about risks, holdings and other details.
Janus Henderson Global Technology and Innovation Fund (unaudited)
Performance
High absolute short-term performance is not typical and may not be achieved in the future. Such results should not be the sole basis for evaluating material facts in making an investment decision.
Returns include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.
Class A Shares, Class C Shares, and Class S Shares commenced operations on July 6, 2009. Performance shown for each class for periods prior to July 6, 2009, reflects the performance of the Fund’s Class J Shares, the initial share class (renamed Class T Shares effective February 16, 2010), calculated using the fees and expenses of each respective class, without the effect of any fee and expense limitations or waivers.
Class D Shares commenced operations on February 16, 2010. Performance shown for periods prior to February 16, 2010, reflects the performance of the Fund’s former Class J Shares, calculated using the fees and expenses in effect during the periods shown, net of any applicable fee and expense limitations or waivers.
Class I Shares commenced operations on July 6, 2009. Performance shown for periods prior to July 6, 2009, reflects the performance of the Fund’s former Class J Shares, calculated using the fees and expenses of Class J Shares, net of any applicable fee and expense limitations or waivers.
Class N Shares commenced operations on January 27, 2017. Performance shown for periods prior to January 27, 2017, reflects the historical performance of the Fund’s Class T Shares, calculated using the fees and expenses of Class T Shares, net of any applicable fee and expense limitations or waivers.
If each share class of the Fund had been available during periods prior to its commencement, the performance shown may have been different. The performance shown for periods following the Fund's commencement of each share class reflects the fees and expenses of each respective share class, net of any applicable fee and expense limitations or waivers. Please refer to the Fund's prospectuses for further details concerning historical performance.
Ranking is for the share class shown only; other classes may have different performance characteristics. When an expense waiver is in effect, it may have a material effect on the total return, and therefore the ranking for the period.
© 2024 Morningstar, Inc. All Rights Reserved.
There is no assurance that the investment process will consistently lead to successful investing.
See Notes to Schedule of Investments and Other Information for index definitions.
Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.
See “Useful Information About Your Fund Report.”
*The Fund’s inception date – December 31, 1998.
‡ As stated in the prospectus. See Financial Highlights for actual expense ratios during the reporting period.
Janus Henderson Global Technology and Innovation Fund (unaudited)
Expense Examples
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, such as sales charges (loads) on purchase payments (applicable to Class A Shares only); and (2) ongoing costs, including management fees; 12b-1 distribution and shareholder servicing fees; transfer agent fees and expenses payable pursuant to the Transfer Agency Agreement; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The example is based upon an investment of $1,000 invested at the beginning of the period and held for the six-months indicated, unless noted otherwise in the table and footnotes below.
Actual Expenses
The information in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate column for your share class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.
Hypothetical Example for Comparison Purposes
The information in the table under the heading “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based upon the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Additionally, for an analysis of the fees associated with an investment in any share class or other similar funds, please visit www.finra.org/fundanalyzer.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. These fees are fully described in the Fund’s prospectuses. Therefore, the hypothetical examples are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
| | | | | | | | | | | |
| | | | | | | | |
| | | Actual | | Hypothetical
(5% return before expenses) | |
| Beginning
Account
Value
(10/1/23) | Ending
Account
Value
(3/31/24) | Expenses
Paid During
Period
(10/1/23 - 3/31/24)† | | Beginning
Account
Value
(10/1/23) | Ending
Account
Value
(3/31/24) | Expenses
Paid During
Period
(10/1/23 - 3/31/24)† | Net Annualized
Expense Ratio
(10/1/23 - 3/31/24) |
Class A Shares | $1,000.00 | $1,356.30 | $5.77 | | $1,000.00 | $1,020.10 | $4.95 | 0.98% |
Class C Shares | $1,000.00 | $1,351.20 | $10.17 | | $1,000.00 | $1,016.35 | $8.72 | 1.73% |
Class D Shares | $1,000.00 | $1,357.40 | $4.60 | | $1,000.00 | $1,021.10 | $3.94 | 0.78% |
Class I Shares | $1,000.00 | $1,357.70 | $4.42 | | $1,000.00 | $1,021.25 | $3.79 | 0.75% |
Class N Shares | $1,000.00 | $1,358.30 | $3.89 | | $1,000.00 | $1,021.70 | $3.34 | 0.66% |
Class S Shares | $1,000.00 | $1,355.10 | $6.89 | | $1,000.00 | $1,019.15 | $5.91 | 1.17% |
Class T Shares | $1,000.00 | $1,356.80 | $5.24 | | $1,000.00 | $1,020.55 | $4.50 | 0.89% |
† | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements. |
Janus Henderson Global Technology and Innovation Fund
Schedule of Investments (unaudited)
March 31, 2024
| | | | | | | | |
Shares or
Principal Amounts | | | Value | |
Common Stocks– 96.8% | | | |
Aerospace & Defense – 0.5% | | | |
| | Axon Enterprise Inc* | | 110,809 | | | $34,669,920 | |
Automobiles – 0.1% | | | |
| | Tesla Inc* | | 39,408 | | | 6,927,532 | |
Diversified Financial Services – 3.1% | | | |
| | Mastercard Inc - Class A | | 362,392 | | | 174,517,115 | |
| | Visa Inc | | 103,202 | | | 28,801,614 | |
| | | 203,318,729 | |
Electrical Equipment – 0.7% | | | |
| | Vertiv Holdings Co | | 581,760 | | | 47,512,339 | |
Electronic Equipment, Instruments & Components – 1.0% | | | |
| | Amphenol Corp | | 570,141 | | | 65,765,764 | |
Hotels, Restaurants & Leisure – 2.2% | | | |
| | Booking Holdings Inc | | 22,792 | | | 82,686,641 | |
| | DoorDash Inc - Class A* | | 457,806 | | | 63,049,042 | |
| | | 145,735,683 | |
Information Technology Services – 0.4% | | | |
| | GoDaddy Inc* | | 110,078 | | | 13,064,057 | |
| | MongoDB Inc* | | 19,824 | | | 7,109,679 | |
| | Snowflake Inc - Class A* | | 45,040 | | | 7,278,464 | |
| | | 27,452,200 | |
Interactive Media & Services – 8.9% | | | |
| | Alphabet Inc - Class C* | | 1,404,055 | | | 213,781,414 | |
| | Meta Platforms Inc - Class A | | 779,123 | | | 378,326,546 | |
| | | 592,107,960 | |
Media – 0.2% | | | |
| | Trade Desk Inc* | | 181,492 | | | 15,866,031 | |
Multiline Retail – 3.2% | | | |
| | Amazon.com Inc* | | 774,582 | | | 139,719,101 | |
| | MercadoLibre Inc* | | 47,208 | | | 71,376,608 | |
| | | 211,095,709 | |
Professional Services – 0.5% | | | |
| | Paylocity Holding Corp* | | 200,667 | | | 34,486,631 | |
Real Estate Management & Development – 2.1% | | | |
| | CoStar Group Inc* | | 1,437,291 | | | 138,842,311 | |
Road & Rail – 1.3% | | | |
| | Uber Technologies Inc* | | 1,083,180 | | | 83,394,028 | |
Semiconductor & Semiconductor Equipment – 37.7% | | | |
| | Advanced Micro Devices Inc* | | 693,253 | | | 125,125,234 | |
| | Analog Devices Inc | | 704,258 | | | 139,295,190 | |
| | Applied Materials Inc | | 701,656 | | | 144,702,517 | |
| | ASM International NV | | 46,216 | | | 28,211,981 | |
| | ASML Holding NV | | 354,399 | | | 341,079,983 | |
| | Astera Labs Inc*,# | | 210,827 | | | 15,641,255 | |
| | BE Semiconductor Industries NV | | 94,192 | | | 14,417,765 | |
| | Broadcom Inc | | 42,115 | | | 55,819,642 | |
| | KLA Corp | | 217,320 | | | 151,813,232 | |
| | Lam Research Corp | | 164,396 | | | 159,722,222 | |
| | Lattice Semiconductor Corp* | | 324,587 | | | 25,392,441 | |
| | Marvell Technology Inc | | 1,006,743 | | | 71,357,944 | |
| | NVIDIA Corp | | 764,215 | | | 690,514,105 | |
| | NXP Semiconductors NV | | 248,022 | | | 61,452,411 | |
| | ON Semiconductor Corp* | | 603,152 | | | 44,361,830 | |
| | Taiwan Semiconductor Manufacturing Co Ltd | | 14,560,000 | | | 349,916,870 | |
| | Texas Instruments Inc | | 470,484 | | | 81,963,018 | |
| | | 2,500,787,640 | |
Software – 29.0% | | | |
| | Adobe Inc* | | 143,372 | | | 72,345,511 | |
| | Amplitude Inc - Class A* | | 668,277 | | | 7,270,854 | |
| | Cadence Design Systems Inc* | | 406,144 | | | 126,424,504 | |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
6 | MARCH 31, 2024 |
Janus Henderson Global Technology and Innovation Fund
Schedule of Investments (unaudited)
March 31, 2024
| | | | | | | | |
Shares or
Principal Amounts | | | Value | |
Common Stocks– (continued) | | | |
Software– (continued) | | | |
| | CCC Intelligent Solutions Holdings Inc* | | 10,064,427 | | | $120,370,547 | |
| | Constellation Software Inc/Canada | | 75,012 | | | 204,920,555 | |
| | Dynatrace Inc* | | 909,110 | | | 42,219,068 | |
| | HashiCorp Inc - Class A* | | 734,487 | | | 19,794,425 | |
| | HubSpot Inc* | | 14,913 | | | 9,343,889 | |
| | Intuit Inc | | 28,102 | | | 18,266,300 | |
| | Lumine Group Inc* | | 1,260,804 | | | 33,335,345 | |
| | Microsoft Corp | | 1,683,079 | | | 708,104,997 | |
| | Nice Ltd (ADR)* | | 218,208 | | | 56,869,369 | |
| | Oracle Corp | | 1,019,860 | | | 128,104,615 | |
| | Pagerduty Inc* | | 303,145 | | | 6,875,329 | |
| | Procore Technologies Inc* | | 490,437 | | | 40,299,208 | |
| | ServiceNow Inc* | | 71,835 | | | 54,767,004 | |
| | Synopsys Inc* | | 173,152 | | | 98,956,368 | |
| | Tyler Technologies Inc* | | 166,940 | | | 70,951,169 | |
| | Workday Inc - Class A* | | 376,163 | | | 102,598,458 | |
| | | 1,921,817,515 | |
Specialized Real Estate Investment Trusts (REITs) – 0.6% | | | |
| | Equinix Inc | | 49,765 | | | 41,072,548 | |
Technology Hardware, Storage & Peripherals – 4.4% | | | |
| | Apple Inc | | 1,709,524 | | | 293,149,176 | |
Wireless Telecommunication Services – 0.9% | | | |
| | T-Mobile US Inc | | 383,336 | | | 62,568,102 | |
Total Common Stocks (cost $3,144,160,033) | | 6,426,569,818 | |
Private Placements– 0.7% | | | |
Professional Services – 0.2% | | | |
| | Apartment List Inc*,¢,§ | | 3,783,673 | | | 12,637,468 | |
Software – 0.5% | | | |
| | Magic Leap Inc - Class A private equity common shares*,¢,§ | | 18,847 | | | 0 | |
| | Via Transportation Inc - Preferred shares*,¢,§ | | 546,008 | | | 26,099,182 | |
| | Via Transportation Inc - private equity common shares*,¢,§ | | 78,474 | | | 3,751,057 | |
| | Via Transportation Inc - Series A*,¢,§ | | 50,741 | | | 2,425,420 | |
| | Via Transportation Inc - Series B*,¢,§ | | 9,272 | | | 443,202 | |
| | Via Transportation Inc - Series C*,¢,§ | | 8,331 | | | 398,222 | |
| | Via Transportation Inc - Series D*,¢,§ | | 29,804 | | | 1,424,631 | |
| | Via Transportation Inc - Series E*,¢,§ | | 13,836 | | | 661,361 | |
| | Via Transportation Inc - Series G-1*,¢,§ | | 17,973 | | | 859,109 | |
| | | 36,062,184 | |
Total Private Placements (cost $56,880,997) | | 48,699,652 | |
Warrants– 0% | | | |
Road & Rail – 0% | | | |
| | Grab Holdings Ltd, expires 12/1/26* | | 333,275 | | | 66,655 | |
Software – 0% | | | |
| | Constellation Software Inc/Canada, expires 3/31/40*,¢ | | 75,723 | | | 6 | |
Total Warrants (cost $986,182) | | 66,661 | |
Investment Companies– 2.2% | | | |
Money Markets – 2.2% | | | |
| | Janus Henderson Cash Liquidity Fund LLC, 5.3830%ºº,£((cost $145,656,866) | | 145,627,741 | | | 145,656,866 | |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
Janus Investment Fund | 7 |
Janus Henderson Global Technology and Innovation Fund
Schedule of Investments (unaudited)
March 31, 2024
| | | | | | | | |
Shares or
Principal Amounts | | | Value | |
Investments Purchased with Cash Collateral from Securities Lending– 0.2% | | | |
Investment Companies – 0.1% | | | |
| | Janus Henderson Cash Collateral Fund LLC, 5.2800%ºº,£ | | 3,237,235 | | | $3,237,235 | |
Time Deposits – 0.1% | | | |
| | Royal Bank of Canada, 5.3100%, 4/1/24 | | $7,815,284 | | | 7,815,284 | |
Total Investments Purchased with Cash Collateral from Securities Lending (cost $11,052,519) | | 11,052,519 | |
Total Investments (total cost $3,358,736,597) – 99.9% | | 6,632,045,516 | |
Cash, Receivables and Other Assets, net of Liabilities – 0.1% | | 5,724,030 | |
Net Assets – 100% | | $6,637,769,546 | |
| | | | | | |
Summary of Investments by Country - (Long Positions) (unaudited) |
| |
| | | | | % of | |
| | | | | Investment | |
Country | | Value | | Securities | |
United States | | $5,531,850,379 | | 83.4 | % |
Netherlands | | 383,709,729 | | 5.8 | |
Taiwan | | 349,916,870 | | 5.3 | |
Canada | | 238,255,906 | | 3.6 | |
Argentina | | 71,376,608 | | 1.1 | |
Israel | | 56,869,369 | | 0.8 | |
Singapore | | 66,655 | | 0.0 | |
| | | | | | |
| | | | | | |
Total | | $6,632,045,516 | | 100.0 | % |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
8 | MARCH 31, 2024 |
Janus Henderson Global Technology and Innovation Fund
Schedule of Investments (unaudited)
March 31, 2024
Schedules of Affiliated Investments – (% of Net Assets)
| | | | | | | | | | | |
| | Dividend Income | Realized Gain/(Loss) | Change in Unrealized Appreciation/ Depreciation | Value at 3/31/24 |
Investment Companies - 2.2% |
Money Markets - 2.2% | |
| | Janus Henderson Cash Liquidity Fund LLC, 5.3830%ºº | $ | 2,185,320 | $ | (1,613) | $ | (14,139) | $ | 145,656,866 |
Investments Purchased with Cash Collateral from Securities Lending - 0.1% |
Investment Companies - 0.1% | |
| | Janus Henderson Cash Collateral Fund LLC, 5.2800%ºº | | 53,256∆ | | - | | - | | 3,237,235 |
Total Affiliated Investments - 2.3% | $ | 2,238,576 | $ | (1,613) | $ | (14,139) | $ | 148,894,101 |
| | | | | | | | | | | |
| | Value at 9/30/23 | Purchases | Sales Proceeds | Value at 3/31/24 |
Investment Companies - 2.2% |
Money Markets - 2.2% | |
| | Janus Henderson Cash Liquidity Fund LLC, 5.3830%ºº | | 157,569,479 | | 470,233,853 | | (482,130,714) | | 145,656,866 |
Investments Purchased with Cash Collateral from Securities Lending - 0.1% |
Investment Companies - 0.1% | |
| | Janus Henderson Cash Collateral Fund LLC, 5.2800%ºº | | 3,144,520 | | 137,546,424 | | (137,453,709) | | 3,237,235 |
| | | | | | | | | | |
Offsetting of Financial Assets and Derivative Assets |
| |
| | | Gross Amounts | | | | | | |
| | | of Recognized | | Offsetting Asset | | Collateral | | |
Counterparty | | Assets | | or Liability(a) | | Pledged(b) | | Net Amount |
| | | | | | | | | |
JPMorgan Chase Bank, National Association | $ | 10,030,414 | $ | — | $ | (10,030,414) | $ | — |
| | | | | | | | | |
(a) | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. |
(b) | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
Janus Investment Fund | 9 |
Janus Henderson Global Technology and Innovation Fund
Notes to Schedule of Investments and Other Information (unaudited)
| | |
MSCI All Country World Information Technology IndexSM | MSCI All Country World Information Technology IndexSM reflects the performance of information technology stocks from developed and emerging markets. |
S&P 500® Index | S&P 500® Index reflects U.S. large-cap equity performance and represents broad U.S. equity market performance. |
| | |
ADR | American Depositary Receipt |
LLC | Limited Liability Company |
| | |
* | Non-income producing security. |
| | |
ºº | Rate shown is the 7-day yield as of March 31, 2024. |
| | |
# | Loaned security; a portion of the security is on loan at March 31, 2024. |
| | |
¢ | Security is valued using significant unobservable inputs. The total value of Level 3 securities as of the period ended March 31, 2024 is $48,699,658, which represents 0.7% 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 March 31, 2024) |
| | | | | | | | Value as a | |
| | Acquisition | | | | | | % of Net | |
| | Date | | Cost | | Value | | Assets | |
Apartment List Inc | 11/2/20 | $ | 13,821,757 | $ | 12,637,468 | | 0.2 | % |
Magic Leap Inc - Class A private equity common shares | 10/5/17 | | 9,160,263 | | 0 | | 0.0 | |
Via Transportation Inc - Preferred shares | 11/4/21 | | 24,847,568 | | 26,099,182 | | 0.4 | |
Via Transportation Inc - private equity common shares | 12/2/21 | | 3,392,431 | | 3,751,057 | | 0.1 | |
Via Transportation Inc - Series A | 12/2/21 | | 2,193,533 | | 2,425,420 | | 0.0 | |
Via Transportation Inc - Series B | 12/2/21 | | 400,829 | | 443,202 | | 0.0 | |
Via Transportation Inc - Series C | 12/2/21 | | 360,149 | | 398,222 | | 0.0 | |
Via Transportation Inc - Series D | 12/2/21 | | 1,288,427 | | 1,424,631 | | 0.0 | |
Via Transportation Inc - Series E | 12/2/21 | | 598,130 | | 661,361 | | 0.0 | |
Via Transportation Inc - Series G-1 | 2/2/23 | | 817,910 | | 859,109 | | 0.0 | |
Total | | $ | 56,880,997 | $ | 48,699,652 | | 0.7 | % |
| | | | | | | | | |
The Fund has registration rights for certain restricted securities held as of March 31, 2024. The issuer incurs all registration costs. | |
Janus Henderson Global Technology and Innovation Fund
Notes to Schedule of Investments and Other Information (unaudited)
| | | | | | | | | | | | | |
The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of March 31, 2024. See Notes to Financial Statements for more information. |
| |
Valuation Inputs Summary |
| | | | | | | |
| | | | | Level 2 - | | Level 3 - |
| | | Level 1 - | | Other Significant | | Significant |
| | | Quoted Prices | | Observable Inputs | | Unobservable Inputs |
| | | | | | | |
Assets | | | | | | |
Investments In Securities: | | | | | | |
Common Stocks | $ | 6,426,569,818 | $ | - | $ | - |
Private Placements | | - | | - | | 48,699,652 |
Warrants | | 66,655 | | - | | 6 |
Investment Companies | | - | | 145,656,866 | | - |
Investments Purchased with Cash Collateral from Securities Lending | | - | | 11,052,519 | | - |
Total Assets | $ | 6,426,636,473 | $ | 156,709,385 | $ | 48,699,658 |
| | | | | | | |
Janus Henderson Global Technology and Innovation Fund
Statement of Assets and Liabilities (unaudited)
March 31, 2024
| | | | | | | |
| | | | | | |
Assets: | | | | |
| Unaffiliated investments, at value (cost $3,209,842,496)(1) | | $ | 6,483,151,415 | |
| Affiliated investments, at value (cost $148,894,101) | | | 148,894,101 | |
| Cash | | | 221,105 | |
| Trustees' deferred compensation | | | 183,728 | |
| Receivables: | | | | |
| | Investments sold | | | 49,704,951 | |
| | Fund shares sold | | | 2,987,753 | |
| | Dividends | | | 2,005,072 | |
| | Dividends from affiliates | | | 833,865 | |
| | Foreign tax reclaims | | | 4,834 | |
| Other assets | | | 48,134 | |
Total Assets | | | 6,688,034,958 | |
Liabilities: | | | | |
| Collateral for securities loaned (Note 2) | | | 11,052,519 | |
| Payables: | | | — | |
| | Investments purchased | | | 30,098,812 | |
| | Fund shares repurchased | | | 3,987,074 | |
| | Advisory fees | | | 3,585,460 | |
| | Transfer agent fees and expenses | | | 905,505 | |
| | Trustees' deferred compensation fees | | | 183,728 | |
| | 12b-1 Distribution and shareholder servicing fees | | | 128,918 | |
| | Professional fees | | | 43,813 | |
| | Custodian fees | | | 35,503 | |
| | Trustees' fees and expenses | | | 28,440 | |
| | Affiliated fund administration fees payable | | | 14,006 | |
| | Accrued expenses and other payables | | | 201,634 | |
Total Liabilities | | | 50,265,412 | |
Commitments and contingent liabilities (Note 3) | | | | |
Net Assets | | $ | 6,637,769,546 | |
| | |
See Notes to Financial Statements. |
| |
12 | MARCH 31, 2024 |
Janus Henderson Global Technology and Innovation Fund
Statement of Assets and Liabilities (unaudited)
March 31, 2024
| | | | | | | |
| | | | | | |
| | | | | | |
Net Assets Consist of: | | | | |
| Capital (par value and paid-in surplus) | | $ | 3,071,157,928 | |
| Total distributable earnings (loss) | | | 3,566,611,618 | |
Total Net Assets | | $ | 6,637,769,546 | |
Net Assets - Class A Shares | | $ | 288,233,727 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 4,912,689 | |
Net Asset Value Per Share(2) | | $ | 58.67 | |
Maximum Offering Price Per Share(3) | | $ | 62.25 | |
Net Assets - Class C Shares | | $ | 72,535,258 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 1,477,022 | |
Net Asset Value Per Share(2) | | $ | 49.11 | |
Net Assets - Class D Shares | | $ | 3,245,555,333 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 53,031,346 | |
Net Asset Value Per Share | | $ | 61.20 | |
Net Assets - Class I Shares | | $ | 1,025,170,202 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 16,527,223 | |
Net Asset Value Per Share | | $ | 62.03 | |
Net Assets - Class N Shares | | $ | 256,442,532 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 4,182,682 | |
Net Asset Value Per Share | | $ | 61.31 | |
Net Assets - Class S Shares | | $ | 32,607,668 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 575,334 | |
Net Asset Value Per Share | | $ | 56.68 | |
Net Assets - Class T Shares | | $ | 1,717,224,826 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 28,450,244 | |
Net Asset Value Per Share | | $ | 60.36 | |
| |
(1) Includes $10,030,414 of securities on loan. See Note 2 in Notes to Financial Statements. (2) Redemption price per share may be reduced for any applicable contingent deferred sales charge. (3) Maximum offering price is computed at 100/94.25 of net asset value. |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 13 |
Janus Henderson Global Technology and Innovation Fund
Statement of Operations (unaudited)
For the period ended March 31, 2024
| | | | | | |
| | | | | |
Investment Income: |
| Dividends | $ | 15,912,958 | |
| Dividends from affiliates | | 2,185,320 | |
| Affiliated securities lending income, net | | 53,256 | |
| Unaffiliated securities lending income, net | | 17,572 | |
| Other income | | 11,609 | |
| Foreign tax withheld | | (914,018) | |
Total Investment Income | | 17,266,697 | |
Expenses: | | | |
| Advisory fees | | 18,283,967 | |
| 12b-1 Distribution and shareholder servicing fees: |
| | Class A Shares | | 309,481 | |
| | Class C Shares | | 320,400 | |
| | Class S Shares | | 35,261 | |
| Transfer agent administrative fees and expenses: | | |
| | Class D Shares | | 1,593,063 | |
| | Class S Shares | | 35,261 | |
| | Class T Shares | | 1,850,519 | |
| Transfer agent networking and omnibus fees: | | | |
| | Class A Shares | | 85,433 | |
| | Class C Shares | | 23,439 | |
| | Class I Shares | | 381,758 | |
| Other transfer agent fees and expenses: | | | |
| | Class A Shares | | 6,347 | |
| | Class C Shares | | 1,298 | |
| | Class D Shares | | 129,753 | |
| | Class I Shares | | 20,174 | |
| | Class N Shares | | 3,985 | |
| | Class S Shares | | 128 | |
| | Class T Shares | | 6,151 | |
| Shareholder reports expense | | 120,618 | |
| Registration fees | | 79,012 | |
| Affiliated fund administration fees | | 71,422 | |
| Custodian fees | | 70,082 | |
| Trustees’ fees and expenses | | 59,743 | |
| Professional fees | | 45,821 | |
| Other expenses | | 191,012 | |
Total Expenses | | 23,724,128 | |
Less: Excess Expense Reimbursement and Waivers | | (86,933) | |
Net Expenses | | 23,637,195 | |
Net Investment Income/(Loss) | | (6,370,498) | |
| | | | | |
| | |
See Notes to Financial Statements. |
| |
14 | MARCH 31, 2024 |
Janus Henderson Global Technology and Innovation Fund
Statement of Operations (unaudited)
For the period ended March 31, 2024
| | | | | | |
| | | | | |
Net Realized Gain/(Loss) on Investments: | |
| Investments and foreign currency transactions | $ | 316,301,350 | |
| Investments in affiliates | | (1,613) | |
Total Net Realized Gain/(Loss) on Investments | 316,299,737 | |
Change in Unrealized Net Appreciation/Depreciation: |
| Investments, foreign currency translations and Trustees’ deferred compensation | | 1,439,680,413 | |
| Investments in affiliates | | (14,139) | |
Total Change in Unrealized Net Appreciation/Depreciation | 1,439,666,274 | |
Net Increase/(Decrease) in Net Assets Resulting from Operations | $ | 1,749,595,513 | |
| | | | | |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 15 |
Janus Henderson Global Technology and Innovation Fund
Statements of Changes in Net Assets
| | | | | | | | | |
| | | | | | | | |
| | | Period ended
March 31, 2024 (unaudited) | | Year ended
September 30, 2023 | |
| | | | | | | | |
Operations: | | | | | | |
| Net investment income/(loss) | $ | (6,370,498) | | $ | (6,813,855) | |
| Net realized gain/(loss) on investments | | 316,299,737 | | | 64,716,646 | |
| Change in unrealized net appreciation/depreciation | 1,439,666,274 | | | 1,344,894,854 | |
Net Increase/(Decrease) in Net Assets Resulting from Operations | 1,749,595,513 | | | 1,402,797,645 | |
Dividends and Distributions to Shareholders: | | | | | | |
| | Class A Shares | | (1,980,490) | | | — | |
| | Class C Shares | | (607,848) | | | — | |
| | Class D Shares | | (21,279,163) | | | — | |
| | Class I Shares | | (6,773,290) | | | — | |
| | Class N Shares | | (1,560,100) | | | — | |
| | Class S Shares | | (243,994) | | | — | |
| | Class T Shares | | (11,503,625) | | | — | |
Net Decrease from Dividends and Distributions to Shareholders | (43,948,510) | | | — | |
Capital Share Transactions: | | | | | | |
| | Class A Shares | | 834,006 | | | (30,643,810) | |
| | Class C Shares | | (2,240,479) | | | (11,136,999) | |
| | Class D Shares | | 9,815,928 | | | (63,266,072) | |
| | Class I Shares | | (15,910,248) | | | (98,704,511) | |
| | Class N Shares | | 20,090,041 | | | 13,296,296 | |
| | Class S Shares | | 577,318 | | | (903,037) | |
| | Class T Shares | | (14,627,858) | | | (128,748,639) | |
Net Increase/(Decrease) from Capital Share Transactions | (1,461,292) | | | (320,106,772) | |
Net Increase/(Decrease) in Net Assets | | 1,704,185,711 | | | 1,082,690,873 | |
Net Assets: | | | | | | |
| Beginning of period | | 4,933,583,835 | | | 3,850,892,962 | |
| End of period | $ | 6,637,769,546 | | $ | 4,933,583,835 | |
| | | | | | | | |
| | |
See Notes to Financial Statements. |
| |
16 | MARCH 31, 2024 |
Janus Henderson Global Technology and Innovation Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class A Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $43.62 | | | $31.58 | | | $59.21 | | | $50.45 | | | $36.72 | | | $36.33 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | (0.10) | | | (0.12) | | | (0.22) | | | (0.27) | | | (0.11) | | | (0.05) | |
| | Net realized and unrealized gain/(loss) | | 15.55 | | | 12.16 | | | (18.76) | | | 13.83 | | | 17.17 | | | 2.33 | |
| Total from Investment Operations | | 15.45 | | | 12.04 | | | (18.98) | | | 13.56 | | | 17.06 | | | 2.28 | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | — | | | — | | | — | | | — | | | — | | | —(2) | |
| | Distributions (from capital gains) | | (0.40) | | | — | | | (8.65) | | | (4.80) | | | (3.33) | | | (1.89) | |
| Total Dividends and Distributions | | (0.40) | | | — | | | (8.65) | | | (4.80) | | | (3.33) | | | (1.89) | |
| Net Asset Value, End of Period | | $58.67 | | | $43.62 | | | $31.58 | | | $59.21 | | | $50.45 | | | $36.72 | |
| Total Return* | | 35.63% | | | 38.13% | | | (37.50)% | | | 28.19% | | | 49.64% | | | 7.70% | |
| Net Assets, End of Period (in thousands) | | $288,234 | | | $213,742 | | | $182,141 | | | $319,194 | | | $252,037 | | | $172,237 | |
| Average Net Assets for the Period (in thousands) | | $248,749 | | | $199,763 | | | $260,997 | | | $299,780 | | | $204,220 | | | $151,979 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 0.98% | | | 1.00% | | | 0.99% | | | 0.98% | | | 0.99% | | | 1.01% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 0.98% | | | 1.00% | | | 0.99% | | | 0.98% | | | 0.99% | | | 1.01% | |
| | Ratio of Net Investment Income/(Loss) | | (0.38)% | | | (0.31)% | | | (0.49)% | | | (0.47)% | | | (0.26)% | | | (0.14)% | |
| Portfolio Turnover Rate | | 15% | | | 43% | | | 47% | | | 43% | | | 37% | | | 36% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. (2) Less than $0.005 on a per share basis. |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 17 |
Janus Henderson Global Technology and Innovation Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class C Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $36.71 | | | $26.76 | | | $51.77 | | | $44.91 | | | $33.24 | | | $33.31 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | (0.24) | | | (0.33) | | | (0.42) | | | (0.56) | | | (0.36) | | | (0.26) | |
| | Net realized and unrealized gain/(loss) | | 13.04 | | | 10.28 | | | (15.94) | | | 12.22 | | | 15.36 | | | 2.08 | |
| Total from Investment Operations | | 12.80 | | | 9.95 | | | (16.36) | | | 11.66 | | | 15.00 | | | 1.82 | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | — | | | — | | | — | | | — | | | — | | | — | |
| | Distributions (from capital gains) | | (0.40) | | | — | | | (8.65) | | | (4.80) | | | (3.33) | | | (1.89) | |
| Total Dividends and Distributions | | (0.40) | | | — | | | (8.65) | | | (4.80) | | | (3.33) | | | (1.89) | |
| Net Asset Value, End of Period | | $49.11 | | | $36.71 | | | $26.76 | | | $51.77 | | | $44.91 | | | $33.24 | |
| Total Return* | | 35.12% | | | 37.18% | | | (37.88)% | | | 27.37% | | | 48.56% | | | 6.97% | |
| Net Assets, End of Period (in thousands) | | $72,535 | | | $56,246 | | | $50,614 | | | $101,860 | | | $89,141 | | | $64,636 | |
| Average Net Assets for the Period (in thousands) | | $63,827 | | | $54,709 | | | $79,418 | | | $98,033 | | | $75,085 | | | $66,888 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 1.73% | | | 1.68% | | | 1.58% | | | 1.64% | | | 1.69% | | | 1.70% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 1.73% | | | 1.68% | | | 1.58% | | | 1.64% | | | 1.69% | | | 1.70% | |
| | Ratio of Net Investment Income/(Loss) | | (1.13)% | | | (0.99)% | | | (1.09)% | | | (1.13)% | | | (0.96)% | | | (0.85)% | |
| Portfolio Turnover Rate | | 15% | | | 43% | | | 47% | | | 43% | | | 37% | | | 36% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
18 | MARCH 31, 2024 |
Janus Henderson Global Technology and Innovation Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class D Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $45.44 | | | $32.83 | | | $61.11 | | | $51.89 | | | $37.62 | | | $37.14 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | (0.05) | | | (0.05) | | | (0.14) | | | (0.16) | | | (0.03) | | | 0.01 | |
| | Net realized and unrealized gain/(loss) | | 16.21 | | | 12.66 | | | (19.49) | | | 14.23 | | | 17.63 | | | 2.40 | |
| Total from Investment Operations | | 16.16 | | | 12.61 | | | (19.63) | | | 14.07 | | | 17.60 | | | 2.41 | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | — | | | — | | | — | | | (0.05) | | | — | | | (0.04) | |
| | Distributions (from capital gains) | | (0.40) | | | — | | | (8.65) | | | (4.80) | | | (3.33) | | | (1.89) | |
| Total Dividends and Distributions | | (0.40) | | | — | | | (8.65) | | | (4.85) | | | (3.33) | | | (1.93) | |
| Net Asset Value, End of Period | | $61.20 | | | $45.44 | | | $32.83 | | | $61.11 | | | $51.89 | | | $37.62 | |
| Total Return* | | 35.77% | | | 38.41% | | | (37.39)% | | | 28.43% | | | 49.90% | | | 7.91% | |
| Net Assets, End of Period (in thousands) | | $3,245,555 | | | $2,401,660 | | | $1,794,752 | | | $3,058,182 | | | $2,426,380 | | | $1,603,112 | |
| Average Net Assets for the Period (in thousands) | | $2,803,604 | | | $2,164,470 | | | $2,524,660 | | | $2,878,436 | | | $1,911,725 | | | $1,501,953 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 0.78% | | | 0.80% | | | 0.80% | | | 0.79% | | | 0.80% | | | 0.83% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 0.78% | | | 0.80% | | | 0.80% | | | 0.79% | | | 0.80% | | | 0.83% | |
| | Ratio of Net Investment Income/(Loss) | | (0.18)% | | | (0.11)% | | | (0.30)% | | | (0.29)% | | | (0.08)% | | | 0.03% | |
| Portfolio Turnover Rate | | 15% | | | 43% | | | 47% | | | 43% | | | 37% | | | 36% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 19 |
Janus Henderson Global Technology and Innovation Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class I Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $46.05 | | | $33.25 | | | $61.76 | | | $52.40 | | | $37.94 | | | $37.45 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | (0.04) | | | (0.03) | | | (0.12) | | | (0.14) | | | (0.01) | | | 0.04 | |
| | Net realized and unrealized gain/(loss) | | 16.42 | | | 12.83 | | | (19.74) | | | 14.38 | | | 17.80 | | | 2.41 | |
| Total from Investment Operations | | 16.38 | | | 12.80 | | | (19.86) | | | 14.24 | | | 17.79 | | | 2.45 | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | — | | | — | | | — | | | (0.08) | | | — | | | (0.07) | |
| | Distributions (from capital gains) | | (0.40) | | | — | | | (8.65) | | | (4.80) | | | (3.33) | | | (1.89) | |
| Total Dividends and Distributions | | (0.40) | | | — | | | (8.65) | | | (4.88) | | | (3.33) | | | (1.96) | |
| Net Asset Value, End of Period | | $62.03 | | | $46.05 | | | $33.25 | | | $61.76 | | | $52.40 | | | $37.94 | |
| Total Return* | | 35.77% | | | 38.50% | | | (37.36)% | | | 28.48% | | | 49.99% | | | 7.97% | |
| Net Assets, End of Period (in thousands) | | $1,025,170 | | | $773,769 | | | $644,388 | | | $1,189,917 | | | $890,656 | | | $418,834 | |
| Average Net Assets for the Period (in thousands) | | $897,892 | | | $724,972 | | | $944,382 | | | $1,074,031 | | | $606,085 | | | $356,404 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 0.75% | | | 0.76% | | | 0.76% | | | 0.75% | | | 0.75% | | | 0.76% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 0.75% | | | 0.76% | | | 0.76% | | | 0.75% | | | 0.75% | | | 0.76% | |
| | Ratio of Net Investment Income/(Loss) | | (0.15)% | | | (0.07)% | | | (0.26)% | | | (0.24)% | | | (0.02)% | | | 0.11% | |
| Portfolio Turnover Rate | | 15% | | | 43% | | | 47% | | | 43% | | | 37% | | | 36% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
20 | MARCH 31, 2024 |
Janus Henderson Global Technology and Innovation Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class N Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $45.50 | | | $32.83 | | | $61.03 | | | $51.81 | | | $37.52 | | | $37.05 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | (0.02) | | | 0.01 | | | (0.08) | | | (0.09) | | | 0.02 | | | 0.07 | |
| | Net realized and unrealized gain/(loss) | | 16.23 | | | 12.66 | | | (19.47) | | | 14.21 | | | 17.60 | | | 2.37 | |
| Total from Investment Operations | | 16.21 | | | 12.67 | | | (19.55) | | | 14.12 | | | 17.62 | | | 2.44 | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | — | | | — | | | — | | | (0.10) | | | — | | | (0.08) | |
| | Distributions (from capital gains) | | (0.40) | | | — | | | (8.65) | | | (4.80) | | | (3.33) | | | (1.89) | |
| Total Dividends and Distributions | | (0.40) | | | — | | | (8.65) | | | (4.90) | | | (3.33) | | | (1.97) | |
| Net Asset Value, End of Period | | $61.31 | | | $45.50 | | | $32.83 | | | $61.03 | | | $51.81 | | | $37.52 | |
| Total Return* | | 35.83% | | | 38.59% | | | (37.29)% | | | 28.59% | | | 50.10% | | | 8.06% | |
| Net Assets, End of Period (in thousands) | | $256,443 | | | $173,761 | | | $115,297 | | | $175,740 | | | $117,541 | | | $41,043 | |
| Average Net Assets for the Period (in thousands) | | $210,760 | | | $148,567 | | | $155,684 | | | $158,218 | | | $70,265 | | | $28,002 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 0.66% | | | 0.67% | | | 0.67% | | | 0.67% | | | 0.67% | | | 0.69% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 0.66% | | | 0.67% | | | 0.67% | | | 0.67% | | | 0.67% | | | 0.69% | |
| | Ratio of Net Investment Income/(Loss) | | (0.06)% | | | 0.01% | | | (0.17)% | | | (0.16)% | | | 0.06% | | | 0.19% | |
| Portfolio Turnover Rate | | 15% | | | 43% | | | 47% | | | 43% | | | 37% | | | 36% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 21 |
Janus Henderson Global Technology and Innovation Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class S Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $42.19 | | | $30.59 | | | $57.73 | | | $49.38 | | | $36.07 | | | $35.79 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | (0.14) | | | (0.18) | | | (0.29) | | | (0.36) | | | (0.19) | | | (0.12) | |
| | Net realized and unrealized gain/(loss) | | 15.03 | | | 11.78 | | | (18.20) | | | 13.51 | | | 16.83 | | | 2.29 | |
| Total from Investment Operations | | 14.89 | | | 11.60 | | | (18.49) | | | 13.15 | | | 16.64 | | | 2.17 | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | — | | | — | | | — | | | — | | | — | | | — | |
| | Distributions (from capital gains) | | (0.40) | | | — | | | (8.65) | | | (4.80) | | | (3.33) | | | (1.89) | |
| Total Dividends and Distributions | | (0.40) | | | — | | | (8.65) | | | (4.80) | | | (3.33) | | | (1.89) | |
| Net Asset Value, End of Period | | $56.68 | | | $42.19 | | | $30.59 | | | $57.73 | | | $49.38 | | | $36.07 | |
| Total Return* | | 35.51% | | | 37.92% | | | (37.63)% | | | 27.95% | | | 49.35% | | | 7.49% | |
| Net Assets, End of Period (in thousands) | | $32,608 | | | $23,734 | | | $17,985 | | | $27,069 | | | $21,002 | | | $9,084 | |
| Average Net Assets for the Period (in thousands) | | $28,338 | | | $21,555 | | | $26,676 | | | $25,961 | | | $14,529 | | | $7,654 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 1.17% | | | 1.18% | | | 1.18% | | | 1.17% | | | 1.19% | | | 1.22% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 1.17% | | | 1.18% | | | 1.17% | | | 1.17% | | | 1.18% | | | 1.22% | |
| | Ratio of Net Investment Income/(Loss) | | (0.57)% | | | (0.48)% | | | (0.68)% | | | (0.66)% | | | (0.46)% | | | (0.35)% | |
| Portfolio Turnover Rate | | 15% | | | 43% | | | 47% | | | 43% | | | 37% | | | 36% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
22 | MARCH 31, 2024 |
Janus Henderson Global Technology and Innovation Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class T Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $44.85 | | | $32.43 | | | $60.53 | | | $51.47 | | | $37.37 | | | $36.91 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | (0.08) | | | (0.09) | | | (0.19) | | | (0.23) | | | (0.08) | | | (0.02) | |
| | Net realized and unrealized gain/(loss) | | 15.99 | | | 12.51 | | | (19.26) | | | 14.11 | | | 17.51 | | | 2.39 | |
| Total from Investment Operations | | 15.91 | | | 12.42 | | | (19.45) | | | 13.88 | | | 17.43 | | | 2.37 | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | — | | | — | | | — | | | (0.02) | | | — | | | (0.02) | |
| | Distributions (from capital gains) | | (0.40) | | | — | | | (8.65) | | | (4.80) | | | (3.33) | | | (1.89) | |
| Total Dividends and Distributions | | (0.40) | | | — | | | (8.65) | | | (4.82) | | | (3.33) | | | (1.91) | |
| Net Asset Value, End of Period | | $60.36 | | | $44.85 | | | $32.43 | | | $60.53 | | | $51.47 | | | $37.37 | |
| Total Return* | | 35.68% | | | 38.30% | | | (37.45)% | | | 28.26% | | | 49.77% | | | 7.82% | |
| Net Assets, End of Period (in thousands) | | $1,717,225 | | | $1,290,671 | | | $1,045,715 | | | $1,958,570 | | | $1,601,653 | | | $936,931 | |
| Average Net Assets for the Period (in thousands) | | $1,487,448 | | | $1,200,202 | | | $1,554,115 | | | $1,860,359 | | | $1,210,097 | | | $869,267 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 0.91% | | | 0.92% | | | 0.91% | | | 0.91% | | | 0.92% | | | 0.93% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 0.89% | | | 0.90% | | | 0.90% | | | 0.91% | | | 0.91% | | | 0.92% | |
| | Ratio of Net Investment Income/(Loss) | | (0.29)% | | | (0.21)% | | | (0.41)% | | | (0.40)% | | | (0.18)% | | | (0.06)% | |
| Portfolio Turnover Rate | | 15% | | | 43% | | | 47% | | | 43% | | | 37% | | | 36% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 23 |
Janus Henderson Global Technology and Innovation Fund
Notes to Financial Statements (unaudited)
1. Organization and Significant Accounting Policies
Janus Henderson Global Technology and Innovation Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 37 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term growth of capital. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the “Adviser”) to the Fund.
The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.
Shareholders, including other funds, individuals, accounts, as well as the Fund’s portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund’s Shares and can be considered to “control” the Fund when that ownership exceeds 25% of the Fund’s assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).
Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.
Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.
Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.
The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.
Effective July 6, 2020, Class D Shares are available to new investors, subject to any closed fund policies for a Fund, as applicable. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.
Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. Class I Shares are also available to certain direct institutional investors including, but not limited to, corporations, certain retirement plans, public plans, and foundations/endowments, who established Class I Share accounts before August 4, 2017.
Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the “Distributor”) including, but not limited to,
Janus Henderson Global Technology and Innovation Fund
Notes to Financial Statements (unaudited)
corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.
Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.
Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.
The following accounting policies have been followed by the Fund and are in conformity with US GAAP.
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 Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-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 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 value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that operate as money market funds held by the Fund, if any, will be calculated using the NAV of such 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
Janus Henderson Global Technology and Innovation Fund
Notes to Financial Statements (unaudited)
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.
There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal period.
The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of March 31, 2024 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 and Other Information.
The following describes the amounts of transfers into or out of Level 3 of the fair value hierarchy during the period.
Financial assets of $6 were transferred out of Level 2 to Level 3 since certain security’s prices were determined using significant unobservable inputs at the end of the current period and other significant observable inputs at the end of the prior fiscal year.
The Fund did not hold a significant amount of Level 3 securities as of March 31, 2024.
Investment Transactions and Investment Income
Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on an accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.
Expenses
The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.
Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Janus Henderson Global Technology and Innovation Fund
Notes to Financial Statements (unaudited)
Indemnifications
In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.
Foreign Currency Translations
The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.
Currency gains and losses are also calculated on payables and receivables that are denominated in foreign currencies. The payables and receivables are generally related to foreign security transactions and income translations.
Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.
Dividends and Distributions
The Fund generally declares and distributes dividends of net investment income and realized capital gains (if any) annually. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as “equalization,” has no effect on the redeeming shareholder or a Fund’s total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.
The Fund may make certain investments in real estate investment trusts (“REITs”) which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs’ taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal income tax purposes.
Federal Income Taxes
The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund’s tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund’s financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
2. Other Investments and Strategies
Market Risk
The value of the Fund’s portfolio may decrease if the value of one or more issuers in the Fund’s portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund’s portfolio decreases, the Fund’s NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, war, conflicts, including related sanctions, social unrest, financial institution failures, and
Janus Henderson Global Technology and Innovation Fund
Notes to Financial Statements (unaudited)
economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.
• COVID-19 Pandemic. The effects of COVID-19 have contributed to increased volatility in global financial markets and have affected and may continue to affect certain countries, regions, issuers, industries and market sectors more dramatically than others. These conditions and events could have a significant impact on the Fund and its investments, the Fund’s ability to meet redemption requests, and the processes and operations of the Fund’s service providers, including the Adviser.
• Armed Conflict. Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global economic environment and the markets for certain securities and commodities.
Emerging Market Investing
Within the parameters of its specific investment policies, the Fund may invest in securities of issuers or companies from or with exposure to one or more “developing countries” or “emerging market countries.” Such countries include but are not limited to countries included in the MSCI Emerging Markets IndexSM. Emerging market countries in which the Fund may invest include frontier market countries, the economies of which are less developed than other emerging market countries. To the extent that the Fund invests a significant amount of its assets in one or more of these countries, its returns and net asset value may be affected to a large degree by events and economic conditions in such countries. The risks of foreign investing are heightened when investing in emerging markets, which may result in the price of investments in emerging markets experiencing sudden and sharp price swings. In many developing markets, there is less government supervision and regulation of stock exchanges, brokers, and listed companies, making these investments potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. Similarly, issuers in such markets may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which U.S. companies are subject. There is a risk in developing countries that a current or future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government monopolies, any of which may have a detrimental effect on the Fund’s investments. In addition, the Fund’s investments may be denominated in foreign currencies and therefore, changes in the value of a country’s currency compared to the U.S. dollar may affect the value of the Fund’s investments. To the extent that the Fund invests a significant portion of its assets in the securities of issuers in or companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region, which could have a negative impact on the Fund’s performance. Developing countries may also experience a higher level of exposure and vulnerability to the adverse effects of climate change. This can be attributed to both the geographic location of emerging market countries and/or a country’s lack of access to technology or resources to adjust and adapt to its effects. An increased occurrence and severity of natural disasters and extreme weather events such as droughts and decreased crop yields, heat waves, flooding and rising sea levels, and increased spread of disease, could cause harmful effects to the performance of affected economies. Additionally, foreign and emerging market risks, including, but not limited to, price controls, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, nationalization, and restrictions on repatriation of assets may be heightened to the extent the Fund invests in Chinese local market securities.
Restricted Security Transactions
Restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933, as amended. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. Lack of a secondary market and resale restrictions may result in the inability of the Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, these securities may exhibit greater price volatility than securities for which secondary markets exist.
Counterparties
Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund (“counterparty risk”). Counterparty risk may arise because of the counterparty’s financial condition
Janus Henderson Global Technology and Innovation Fund
Notes to Financial Statements (unaudited)
(i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund’s exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.
The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund’s cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser’s analysis of a counterparty’s creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.
Securities Lending
Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments’ payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the SEC. If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.
Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05% for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.
The value of the collateral must be at least 102% of the market value of the loaned securities that are denominated in U.S. dollars and 105% of the market value of the loaned securities that are not denominated in U.S. dollars. Loaned securities and related collateral are marked-to-market each business day based upon the market value of the loaned securities at the close of business, employing the most recent available pricing information. Collateral levels are then adjusted based on this mark-to-market evaluation. Additional required collateral, or excess collateral returned, is delivered on the next business day. Therefore, the value of the collateral held may be temporarily less than 102% or 105% value of the securities on loan. The cash collateral invested by the Adviser is disclosed in the Schedule of Investments (if applicable).
Janus Henderson Global Technology and Innovation Fund
Notes to Financial Statements (unaudited)
Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations. As of March 31, 2024, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $10,030,414. Gross amounts of recognized liabilities for securities lending (collateral received) as of March 31, 2024 is $11,052,519, resulting in the net amount due to the counterparty of $1,022,105.
Offsetting Assets and Liabilities
The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.
The Offsetting Assets and Liabilities table located in the Schedule of Investments presents gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the Fund's Schedule of Investments.
3. Investment Advisory Agreements and Other Transactions with Affiliates
The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The Fund’s contractual investment advisory fee rate (expressed as an annual rate) is 0.64% of its average daily net assets.
The Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding any performance adjustments to the management fee, if applicable, the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.71% for at least a one-year period commencing on January 26, 2024. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.
The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (or any subadvisor, as applicable) provides to the Fund. These amounts are disclosed as “Affiliated fund administration fees” on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund’s Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $222,870 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended March 31, 2024. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.
Janus Henderson Services US LLC (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.
Janus Henderson Global Technology and Innovation Fund
Notes to Financial Statements (unaudited)
Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.
| | |
Average Daily Net Assets of Class D Shares of the Janus Henderson funds | Administrative Services Fee |
Under $40 billion | 0.12% |
$40 billion – $49.9 billion | 0.10% |
Over $49.9 billion | 0.08% |
During the reporting period, the administrative services fee rate was 0.11%.
The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class S Shares and Class T Shares for providing or procuring administrative services to investors in Class S Shares and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class S Shares and Class T Shares.
Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.
Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.
The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.
Under distribution and shareholder servicing plans (the “Plans”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations.
Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the period ended March 31, 2024, the Distributor retained upfront sales charges of $30,906.
A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the period ended March 31, 2024.
Janus Henderson Global Technology and Innovation Fund
Notes to Financial Statements (unaudited)
A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the period ended March 31, 2024, redeeming shareholders of Class C Shares paid CDSCs of $1,070.
The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of March 31, 2024 on the Statement of Assets and Liabilities in the asset, “Trustees’ deferred compensation,” and liability, “Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Total distributable earnings (loss)” on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended March 31, 2024 are included in “Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $318,650 were paid by the Trust to the Trustees under the Deferred Plan during the period ended March 31, 2024.
Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the “Investing Funds”). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the “Sweep Vehicle”) is an affiliated unregistered cash management pooled investment vehicle that invests primarily in highly-rated short-term fixed-income securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a “floating” NAV) rounded to the fourth decimal place (e.g., $1.0000). The Sweep Vehicle is permitted to impose a liquidity fee (of up to 2%) on redemptions from the Sweep Vehicle or a redemption gate that temporarily suspends redemptions from the Sweep Vehicle for up to 10 business days during a 90 day period. There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.
Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended March 31, 2024 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.
4. Federal Income Tax
Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.
The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.
Janus Henderson Global Technology and Innovation Fund
Notes to Financial Statements (unaudited)
The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of March 31, 2024 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals and investments in partnerships
| | | | |
Federal Tax Cost | Unrealized
Appreciation | Unrealized
(Depreciation) | Net Tax Appreciation/
(Depreciation) |
$ 3,360,555,677 | $3,288,986,640 | $(17,496,801) | $ 3,271,489,839 |
| | | |
5. Capital Share Transactions
| | | | | | | |
| | | | | | |
| | Period ended March 31, 2024 | | Year ended September 30, 2023 |
| | Shares | Amount | | Shares | Amount |
| | | | | | |
Class A Shares: | | | | | |
Shares sold | 407,217 | $ 21,011,098 | | 436,382 | $ 17,488,428 |
Reinvested dividends and distributions | 35,516 | 1,708,655 | | - | - |
Shares repurchased | (429,721) | (21,885,747) | | (1,304,998) | (48,132,238) |
Net Increase/(Decrease) | 13,012 | $ 834,006 | | (868,616) | $ (30,643,810) |
Class C Shares: | | | | | |
Shares sold | 109,268 | $ 4,767,133 | | 154,282 | $ 5,151,176 |
Reinvested dividends and distributions | 14,186 | 572,541 | | - | - |
Shares repurchased | (178,521) | (7,580,153) | | (513,935) | (16,288,175) |
Net Increase/(Decrease) | (55,067) | $ (2,240,479) | | (359,653) | $ (11,136,999) |
Class D Shares: | | | | | |
Shares sold | 2,345,341 | $125,855,727 | | 3,313,443 | $ 140,177,494 |
Reinvested dividends and distributions | 410,049 | 20,563,943 | | - | - |
Shares repurchased | (2,571,748) | (136,603,742) | | (5,132,227) | (203,443,566) |
Net Increase/(Decrease) | 183,642 | $ 9,815,928 | | (1,818,784) | $ (63,266,072) |
Class I Shares: | | | | | |
Shares sold | 2,410,807 | $129,963,946 | | 4,403,666 | $ 178,894,447 |
Reinvested dividends and distributions | 123,860 | 6,295,790 | | - | - |
Shares repurchased | (2,811,602) | (152,169,984) | | (6,978,731) | (277,598,958) |
Net Increase/(Decrease) | (276,935) | $(15,910,248) | | (2,575,065) | $ (98,704,511) |
Class N Shares: | | | | | |
Shares sold | 879,763 | $ 47,075,523 | | 1,753,124 | $ 71,527,802 |
Reinvested dividends and distributions | 30,486 | 1,530,987 | | - | - |
Shares repurchased | (546,662) | (28,516,469) | | (1,446,362) | (58,231,506) |
Net Increase/(Decrease) | 363,587 | $ 20,090,041 | | 306,762 | $ 13,296,296 |
Class S Shares: | | | | | |
Shares sold | 162,144 | $ 7,902,851 | | 222,072 | $ 8,436,393 |
Reinvested dividends and distributions | 5,247 | 243,994 | | - | - |
Shares repurchased | (154,599) | (7,569,527) | | (247,392) | (9,339,430) |
Net Increase/(Decrease) | 12,792 | $ 577,318 | | (25,320) | $ (903,037) |
Class T Shares: | | | | | |
Shares sold | 1,966,995 | $106,164,582 | | 2,549,081 | $ 102,982,215 |
Reinvested dividends and distributions | 227,758 | 11,269,441 | | - | - |
Shares repurchased | (2,522,633) | (132,061,881) | | (6,013,420) | (231,730,854) |
Net Increase/(Decrease) | (327,880) | $(14,627,858) | | (3,464,339) | $(128,748,639) |
Janus Henderson Global Technology and Innovation Fund
Notes to Financial Statements (unaudited)
6. Purchases and Sales of Investment Securities
For the period ended March 31, 2024, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as applicable) was as follows:
| | | | |
Purchases of
Securities | Proceeds from Sales
of Securities | Purchases of Long-
Term U.S. Government
Obligations | Proceeds from Sales
of Long-Term U.S.
Government Obligations |
$866,409,540 | $ 940,232,087 | $ - | $ - |
7. Subsequent Event
Management has evaluated whether any events or transactions occurred subsequent to March 31, 2024 and through the date of issuance of the Fund’s financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund’s financial statements.
Janus Henderson Global Technology and Innovation Fund
Additional Information (unaudited)
Proxy Voting Policies and Voting Record
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities is available without charge: (i) upon request, by calling 1-800-525-1093; (ii) on the Fund’s website at janushenderson.com/proxyvoting; and (iii) on the SEC’s website at http://www.sec.gov. Additionally, information regarding the Fund’s proxy voting record for the most recent twelve-month period ended June 30 is also available, free of charge, through janushenderson.com/proxyvoting and from the SEC’s website at http://www.sec.gov.
Full Holdings
The Fund files its complete portfolio holdings (schedule of investments) with the SEC as an exhibit to Form N-PORT within 60 days of the end of the first and third fiscal quarters, and in the annual report and semiannual report to shareholders. The Fund’s Form N-PORT filings and annual and semiannual reports: (i) are available on the SEC’s website at http://www.sec.gov; and (ii) are available without charge, upon request, by calling a Janus Henderson representative at 1-877-335-2687 (toll free) (or 1-800-525-3713 if you hold Class D Shares). Portfolio holdings consisting of at least the names of the holdings are generally available on a monthly basis with a 30-day lag under Full Holdings for the Fund at janushenderson.com/info (or janushenderson.com/reports if you hold Class D Shares).
APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD
The Trustees of Janus Aspen Series and Janus Investment Fund, each of whom serves as an “independent” Trustee (collectively, the “Trustees”), oversee the management of each portfolio of Janus Aspen Series (each, a “VIT Portfolio,” and collectively, the “VIT Portfolios”), as well as each fund of Janus Investment Fund (each, a “Fund,” and collectively, the “Funds” and together with the VIT Portfolios, the “Janus Henderson Funds,” and each, a “Janus Henderson Fund”). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.
In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the “Adviser”) in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analysis provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.
At meetings held on November 3, 2023 and December 14-15, 2023, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2024 through February 1, 2025, subject to earlier termination as provided for in each agreement.
In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees’ determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant’s conclusions and opinions that arose during, and were included as part of, the Trustees’ consideration of the agreements. “Management fees,” as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.
Nature, Extent and Quality of Services
The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management
Janus Henderson Global Technology and Innovation Fund
Additional Information (unaudited)
services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.
In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.
The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract well-qualified personnel.
Performance of the Funds
The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including periodic meetings with each Janus Henderson Fund’s portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund’s performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent data provider, and with the Janus Henderson Fund’s benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2023, approximately 44% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2023, approximately 50% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds’ average 2023 performance has been reasonable, noting that: (i) for the 12 months ended September 30, 2023, approximately 43% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; (ii) for the 36 months ended September 30, 2023, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; and (iii) for the 5- and 10-year periods ended September 30, 2023, approximately 63% and 66% of the Janus Henderson Funds were in the top two quartiles of performance, respectively, as reported by Morningstar.
The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:
Asset Allocation Funds
· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12
Janus Henderson Global Technology and Innovation Fund
Additional Information (unaudited)
months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Fixed-Income Funds
· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Developed World Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Global and International Equity Funds
· For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson European Focus Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Janus Henderson Global Technology and Innovation Fund
Additional Information (unaudited)
· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
Money Market Funds
· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Multi-Asset Funds
· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
Janus Henderson Global Technology and Innovation Fund
Additional Information (unaudited)
U.S. Equity Funds
· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
· For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.
· For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the evaluated performance period ended June 30, 2023. The Trustees noted that the 12- and 36-month end performance periods ended June 30, 2023 were not yet available.
Janus Henderson Global Technology and Innovation Fund
Additional Information (unaudited)
· For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
In consideration of each Janus Henderson Fund’s performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund’s performance warranted continuation of such Janus Henderson Fund’s investment advisory agreement.
Costs of Services Provided
The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 6% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.
For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic “focus list” analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.
The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.
The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered that the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds’ other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant referenced its past analyses from 2022, which found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser charges to its institutional separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) 9 of 11 Janus Henderson Funds had lower management fees than similar funds subadvised by the Adviser. As part of their review of the 2022 independent consultant findings, the Trustees noted that for the two Janus Henderson Funds that did not have lower management fees than similar funds subadvised by the Adviser, management fees for each were under the average of its 15(c) peer group.
The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2022 (except for Janus Henderson U.S. Dividend Income Fund, for which the period end was March 31, 2023) and noted the following with
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Additional Information (unaudited)
regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”) as reflected in the comparative information provided by Broadridge:
Asset Allocation Funds
· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
Fixed-Income Funds
· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson Developed World Bond Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson Global Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson High-Yield Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
Global and International Equity Funds
· For Janus Henderson Asia Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson Emerging Markets Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
Janus Henderson Global Technology and Innovation Fund
Additional Information (unaudited)
· For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson Global Equity Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Global Select Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Overseas Fund, the Trustees noted that although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.
Money Market Funds
· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
Multi-Asset Funds
· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that, that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Balanced Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
U.S. Equity Funds
· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were
Janus Henderson Global Technology and Innovation Fund
Additional Information (unaudited)
reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Contrarian Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Forty Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Growth and Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Triton Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Venture Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.
Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized
Janus Henderson Global Technology and Innovation Fund
Additional Information (unaudited)
by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees noted that the Adviser reported no changes to its allocation methodology for the 2023 15(c) process; however, at the Trustees’ request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant’s analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund’s investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.
The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser were reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund’s total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.
Economies of Scale
The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant’s 2023 report: (1) past analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 28% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have low flat-rate fees (the “Low Flat-Rate Fee Funds”) versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets.
With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2023 report that (1) 70% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Low Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.
The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.
Based on all of the information reviewed, including the recent and past research and analysis conducted by the Trustees’ independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.
Janus Henderson Global Technology and Innovation Fund
Additional Information (unaudited)
Other Benefits to the Adviser
The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser’s ability to serve the Janus Henderson Funds.
Janus Henderson Global Technology and Innovation Fund
Liquidity Risk Management Program (unaudited)
Liquidity Risk Management Program
Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), requires open-end funds (but not money market funds) to adopt and implement a written liquidity risk management program (the “LRMP”) that is reasonably designed to assess and manage liquidity risk, which is the risk that a fund could not meet redemption requests without significant dilution of remaining investors’ interest in the fund. The Fund has implemented a LRMP, which incorporates the following elements: (i) assessment, management, and periodic review of liquidity risk; (ii) classification of portfolio holdings; (iii) the establishment and monitoring of a highly liquid investment minimum, as applicable; (iv) a 15% limitation on a Fund’s illiquid investments; (v) redemptions in-kind; and (vi) board oversight.
The Trustees of the Fund (the “Trustees”) have designated Janus Henderson Investors US LLC, the Fund’s investment adviser (the “Adviser”), as the Program Administrator for the LRMP responsible for administering the LRMP and carrying out the specific responsibilities of the LRMP. A working group comprised of various teams within the Adviser’s business is responsible for administering the LRMP and carrying out the specific responsibilities of different aspects of the LRMP (the “Liquidity Risk Working Group”). In assessing each Fund’s liquidity risk, the Liquidity Risk Working Group periodically considers, as relevant, factors including (i) the liquidity of a Fund’s portfolio investments during normal and reasonably foreseeable stressed conditions; (ii) whether a Fund’s investment strategy is appropriate for an open-end fund; (iii) the extent to which a Fund’s strategy involves a relatively concentrated portfolio or large positions in any issuer; (iv) a Fund’s use of borrowing for investment purposes; and (v) a Fund’s use of derivatives.
The Liquidity Rule requires the Trustees to review at least annually a written report provided by the Program Administrator that addresses the operation of the LRMP and assesses its adequacy and the effectiveness of its implementation, including, if applicable, the operation of the highly liquid investment minimum, and any material changes to the LRMP (the “Program Administrator Report”). At a meeting held on March 12, 2024, the Adviser provided the Program Administrator Report to the Trustees which covered the operation of the LRMP from January 1, 2023 through December 31, 2023 (the “Reporting Period”).
The Program Administrator Report discussed the operation and effectiveness of the LRMP during the Reporting Period. Among other things, the Program Administrator Report indicated that there were no material changes to the LRMP during the Reporting Period. Additionally, the findings presented in the Program Administrator Report indicated that the LRMP operated adequately during the Reporting Period. These findings included that the Fund was able to meet redemptions during the normal course of business during the Reporting Period. The Program Administrator Report also stated that the Fund did not exceed the 15% limit on illiquid assets during the Reporting Period, that the Fund held primarily highly liquid assets, and was considered to be a primarily highly liquid fund during the Reporting Period. Also included among the Program Administrator Report’s findings was the determination that the Fund’s investment strategy remains appropriate for an open-end fund. In addition, the Adviser expressed its belief in the Program Administrator Report that the LRMP is reasonably designed and adequate to assess and manage the Fund’s liquidity risk, considering the Fund’s particular risks and circumstances, and includes policies and procedures reasonably designed to implement each required component of the Liquidity Rule.
There can be no assurance that the LRMP will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the risks to which an investment in the Fund may be subject.
Janus Henderson Global Technology and Innovation Fund
Useful Information About Your Fund Report (unaudited)
Performance Overviews
Performance overview graphs compare the performance of a hypothetical $10,000 investment in the Fund with one or more widely used market indices. When comparing the performance of the Fund with an index, keep in mind that market indices are not available for investment and do not reflect deduction of expenses.
Average annual total returns are quoted for a Fund with more than one year of performance history. Average annual total return is calculated by taking the growth or decline in value of an investment over a period of time, including reinvestment of dividends and distributions, then calculating the annual compounded percentage rate that would have produced the same result had the rate of growth been constant throughout the period. Average annual total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Cumulative total returns are quoted for a Fund with less than one year of performance history. Cumulative total return is the growth or decline in value of an investment over time, independent of the period of time involved. Cumulative total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Pursuant to federal securities rules, expense ratios shown in the performance chart reflect subsidized (if applicable) and unsubsidized ratios. The total annual fund operating expenses ratio is gross of any fee waivers, reflecting the Fund’s unsubsidized expense ratio. The net annual fund operating expenses ratio (if applicable) includes contractual waivers of the Adviser and reflects the Fund’s subsidized expense ratio. Ratios may be higher or lower than those shown in the “Financial Highlights” in this report.
Schedule of Investments
Following the performance overview section is the Fund’s Schedule of Investments. This schedule reports the types of securities held in the Fund on the last day of the reporting period. Securities are usually listed by type (common stock, corporate bonds, U.S. Government obligations, etc.) and by industry classification (banking, communications, insurance, etc.). Holdings are subject to change without notice.
The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.
If the Fund invests in foreign securities, it will also provide a summary of investments by country. This summary reports the Fund exposure to different countries by providing the percentage of securities invested in each country. The country of each security represents the country of risk. A company may be allocated to a country based on other factors such as location of the company’s principal office, the location of the principal trading market for the company’s securities, or the country where a majority of the company’s revenues are derived. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by Bloomberg and/or MSCI Inc.
Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund’s Schedule of Investments (if applicable).
Statement of Assets and Liabilities
This statement is often referred to as the “balance sheet.” It lists the assets and liabilities of the Fund on the last day of the reporting period.
The Fund’s assets are calculated by adding the value of the securities owned, the receivable for securities sold but not yet settled, the receivable for dividends declared but not yet received on securities owned, and the receivable for Fund shares sold to investors but not yet settled. The Fund’s liabilities include payables for securities purchased but not yet settled, Fund shares redeemed but not yet paid, and expenses owed but not yet paid. Additionally, there may be other assets and liabilities such as unrealized gain or loss on forward currency contracts.
The section entitled “Net Assets Consist of” breaks down the components of the Fund’s net assets. Because the Fund must distribute substantially all earnings, you will notice that a significant portion of net assets is shareholder capital.
The last section of this statement reports the net asset value (“NAV”) per share on the last day of the reporting period. The NAV is calculated by dividing the Fund’s net assets for each share class (assets minus liabilities) by the number of shares outstanding.
Janus Henderson Global Technology and Innovation Fund
Useful Information About Your Fund Report (unaudited)
Statement of Operations
This statement details the Fund’s income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.
The first section in this statement, entitled “Investment Income,” reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.
The next section reports the expenses incurred by the Fund, including the advisory fee paid to the investment adviser, transfer agent fees and expenses, and printing and postage for mailing statements, financial reports and prospectuses. Expense offsets and expense reimbursements, if any, are also shown.
The last section lists the amounts of realized gains or losses from investment and foreign currency transactions, and changes in unrealized appreciation or depreciation of investments and foreign currency-denominated assets and liabilities. The Fund will realize a gain (or loss) when it sells its position in a particular security. A change in unrealized gain (or loss) refers to the change in net appreciation or depreciation of the Fund during the reporting period. “Net Realized and Unrealized Gain/(Loss) on Investments” is affected both by changes in the market value of Fund holdings and by gains (or losses) realized during the reporting period.
Statements of Changes in Net Assets
These statements report the increase or decrease in the Fund’s net assets during the reporting period. Changes in the Fund’s net assets are attributable to investment operations, dividends and distributions to investors, and capital share transactions. This is important to investors because it shows exactly what caused the Fund’s net asset size to change during the period.
The first section summarizes the information from the Statement of Operations regarding changes in net assets due to the Fund’s investment operations. The Fund’s net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends and/or distributions in cash, money is taken out of the Fund to pay the dividend and/or distribution. If investors reinvest their dividends and/or distributions, the Fund’s net assets will not be affected.
The reinvestment of dividends and distributions is included under “Capital Share Transactions.” “Capital Shares” refers to the money investors contribute to the Fund through purchases or withdrawals via redemptions. The Fund’s net assets will increase and decrease in value as investors purchase and redeem shares from the Fund.
Financial Highlights
This schedule provides a per-share breakdown of the components that affect the Fund’s NAV for current and past reporting periods as well as total return, asset size, ratios, and portfolio turnover rate.
The first line in the table reflects the NAV per share at the beginning of the reporting period. The next line reports the net investment income/(loss) per share. Following is the per share total of net gains/(losses), realized and unrealized. Per share dividends and distributions to investors are then subtracted to arrive at the NAV per share at the end of the period. The next line reflects the total return for the period. The total return may include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. As a result, the total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.
The Fund’s expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.
The ratio of net investment income/(loss) summarizes the income earned less expenses, divided by the average net assets of the Fund during the reporting period. Do not confuse this ratio with the Fund’s yield. The net investment income ratio is not a true measure of the Fund’s yield because it does not take into account the dividends distributed to the Fund’s investors.
The next figure is the portfolio turnover rate, which measures the buying and selling activity in the Fund. Portfolio turnover is affected by market conditions, changes in the asset size of the Fund, fluctuating volume of shareholder purchase and redemption orders, the nature of the Fund’s investments, and the investment style and/or outlook of the portfolio manager(s) and/or investment personnel. A 100% rate implies that an amount equal to the value of the entire portfolio was replaced once during the fiscal year; a 50% rate means that an amount equal to the value of half the
Janus Henderson Global Technology and Innovation Fund
Useful Information About Your Fund Report (unaudited)
portfolio is traded in a year; and a 200% rate means that an amount equal to the value of the entire portfolio is traded every six months.
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This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. |
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Mutual funds distributed by Janus Henderson Distributors US LLC |
| | | | 125-24-93047 05-24 |
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| | | SEMIANNUAL REPORT March 31, 2024 |
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| | Janus Henderson Growth and Income Fund |
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| | Janus Investment Fund |
| |
| | | HIGHLIGHTS · Investment strategy behind your fund · Fund performance, characteristics
and holdings |
Table of Contents
Janus Henderson Growth and Income Fund
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Jeremiah Buckley portfolio manager |
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Important Notice – Tailored Shareholder Reports
Effective January 24, 2023, the Securities and Exchange Commission (the “SEC”) adopted rule and form amendments that require mutual funds and exchange-traded funds to provide shareholders with streamlined annual and semi-annual shareholder reports that highlight key information. Other information, including financial statements, that currently appears in shareholder reports will be made available online, delivered free of charge to shareholders upon request, and filed with the SEC. The first tailored shareholder report for the Fund will be for the reporting period ending September 30, 2024. Currently, management is evaluating the impact of the rule and form amendments on the content of the Fund’s current shareholder reports.
Janus Henderson Growth and Income Fund (unaudited)
Fund At A Glance
March 31, 2024
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| 5 Top Contributors - Holdings | 5 Top Detractors - Holdings |
| | Average
Weight | | Relative
Contribution | | | Average
Weight | | Relative
Contribution |
| KLA Corp | 4.05% | | 0.99% | | Meta Platforms Inc - Class A | 0.42% | | -0.76% |
| American Express Co | 2.76% | | 0.67% | | Comcast Corp - Class A | 2.23% | | -0.51% |
| Apple Inc | 5.43% | | 0.42% | | UnitedHealth Group Inc | 3.09% | | -0.49% |
| Microsoft Corp | 10.84% | | 0.35% | | NIKE Inc - Class B | 1.97% | | -0.43% |
| Lam Research Corp | 1.33% | | 0.34% | | Accenture PLC | 4.68% | | -0.40% |
| | | | | | | |
| 5 Top Contributors - Sectors* | | | | | |
| | | Relative | | Fund | S&P 500 Index |
| | | Contribution | | Average Weight | Average Weight |
| Utilities | | 0.24% | | 0.00% | 2.30% |
| Real Estate | | 0.12% | | 0.00% | 2.38% |
| Materials | | 0.01% | | 1.43% | 2.36% |
| Financials | | 0.01% | | 13.91% | 12.88% |
| Other** | | -0.03% | | 0.14% | 0.00% |
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| 5 Top Detractors - Sectors* | | | | | |
| | | Relative | | Fund | S&P 500 Index |
| | | Contribution | | Average Weight | Average Weight |
| Information Technology | | -1.82% | | 35.04% | 29.09% |
| Industrials | | -1.08% | | 10.36% | 8.53% |
| Communication Services | | -1.04% | | 2.83% | 8.83% |
| Consumer Discretionary | | -0.64% | | 10.83% | 10.60% |
| Consumer Staples | | -0.18% | | 6.79% | 6.20% |
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| Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance.
Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index. |
* | Based on sector classification according to the Global Industry Classification Standard (“GICS”) codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
** | Not a GICS classified sector. |
Janus Henderson Growth and Income Fund (unaudited)
Fund At A Glance
March 31, 2024
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5 Largest Equity Holdings - (% of Net Assets) |
Microsoft Corp | |
Software | 10.9% |
KLA Corp | |
Semiconductor & Semiconductor Equipment | 4.6% |
Accenture PLC | |
Information Technology Services | 4.4% |
Apple Inc | |
Technology Hardware, Storage & Peripherals | 4.1% |
American Express Co | |
Consumer Finance | 3.2% |
| | 27.2% |
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Asset Allocation - (% of Net Assets) |
Common Stocks | | 100.0% |
Investment Companies | | 0.1% |
Other | | (0.1)% |
| | | 100.0% |
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Top Country Allocations - Long Positions - (% of Investment Securities) |
As of March 31, 2024 
| As of September 30, 2023 
|
Janus Henderson Growth and Income Fund (unaudited)
Performance
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See important disclosures on the next page. |
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Average Annual Total Return - for the periods ended March 31, 2024 | | | Prospectus Expense Ratios |
| | Fiscal
Year-to-Date | One
Year | Five
Year | Ten
Year | Since
Inception* | | | Total Annual Fund
Operating Expenses‡ | Net Annual Fund
Operating Expenses‡ |
Class A Shares at NAV | | 18.36% | 20.30% | 11.80% | 11.38% | 10.83% | | | 1.01% | 1.01% |
Class A Shares at MOP | | 11.55% | 13.38% | 10.49% | 10.72% | 10.63% | | | | |
Class C Shares at NAV | | 17.96% | 19.55% | 11.08% | 10.61% | 10.08% | | | 1.69% | 1.68% |
Class C Shares at CDSC | | 16.96% | 18.55% | 11.08% | 10.61% | 10.08% | | | | |
Class D Shares | | 18.49% | 20.60% | 12.08% | 11.61% | 10.95% | | | 0.75% | 0.75% |
Class I Shares | | 18.52% | 20.66% | 12.13% | 11.68% | 10.99% | | | 0.70% | 0.70% |
Class N Shares | | 18.57% | 20.76% | 12.22% | 11.68% | 10.96% | | | 0.63% | 0.62% |
Class R Shares | | 18.11% | 19.82% | 11.35% | 10.91% | 10.40% | | | 1.42% | 1.37% |
Class S Shares | | 18.28% | 20.16% | 11.66% | 11.21% | 10.66% | | | 1.14% | 1.12% |
Class T Shares | | 18.45% | 20.50% | 11.96% | 11.51% | 10.91% | | | 0.87% | 0.87% |
S&P 500 Index | | 23.48% | 29.88% | 15.05% | 12.96% | 10.60% | | | | |
Morningstar Quartile - Class T Shares | | - | 4th | 4th | 3rd | 1st | | | | |
Morningstar Ranking - based on total returns for Large Blend Funds | | - | 1,248/1,434 | 1,037/1,232 | 572/1,066 | 35/318 | | | | |
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold. For the most recent month-end performance call 800.668.0434 (or 800.525.3713 if you hold shares directly with Janus Henderson) or visit janushenderson.com/performance (or janushenderson.com/allfunds if you hold shares directly with Janus Henderson).
Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.
CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.
Janus Henderson Growth and Income Fund (unaudited)
Performance
Performance may be affected by risks that include those associated with foreign and emerging markets, fixed income securities, high-yield and high-risk securities, undervalued, overlooked and smaller capitalization companies, real estate related securities including Real Estate Investment Trusts (REITs), Environmental, Social and Governance (ESG) factors, non-diversification, portfolio turnover, derivatives, short sales, initial public offerings (IPOs) and potential conflicts of interest. Each product has different risks. Please see the prospectus for more information about risks, holdings and other details.
Returns include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.
Class A Shares, Class C Shares, Class R Shares, and Class S Shares commenced operations on July 6, 2009. Performance shown for each class for periods prior to July 6, 2009, reflects the performance of the Fund’s Class J Shares, the initial share class (renamed Class T Shares effective February 16, 2010), calculated using the fees and expenses of each respective class, without the effect of any fee and expense limitations or waivers.
Class D Shares commenced operations on February 16, 2010. Performance shown for periods prior to February 16, 2010, reflects the performance of the Fund’s former Class J Shares, calculated using the fees and expenses in effect during the periods shown, net of any applicable fee and expense limitations or waivers.
Class I Shares commenced operations on July 6, 2009. Performance shown for periods prior to July 6, 2009, reflects the performance of the Fund’s former Class J Shares, calculated using the fees and expenses of Class J Shares, net of any applicable fee and expense limitations or waivers.
Class N Shares commenced operations on August 4, 2017. Performance shown for periods prior to August 4, 2017, reflects the performance of the Fund’s Class T Shares, calculated using the fees and expenses of Class T Shares, net of any applicable fee and expense limitations or waivers.
If each share class of the Fund had been available during periods prior to its commencement, the performance shown may have been different. The performance shown for periods following the Fund’s commencement of each share class reflects the fees and expenses of each respective share class, net of any applicable fee and expense limitations or waivers. Please refer to the Fund’s prospectuses for further details concerning historical performance.
Ranking is for the share class shown only; other classes may have different performance characteristics. When an expense waiver is in effect, it may have a material effect on the total return, and therefore the ranking for the period.
© 2024 Morningstar, Inc. All Rights Reserved.
There is no assurance that the investment process will consistently lead to successful investing.
See Notes to Schedule of Investments and Other Information for index definitions.
Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.
See “Useful Information About Your Fund Report.”
*The Fund’s inception date – May 15, 1991
‡ As stated in the prospectus. Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on January 26, 2024. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees. See Financial Highlights for actual expense ratios during the reporting period.
Janus Henderson Growth and Income Fund (unaudited)
Expense Examples
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, such as sales charges (loads) on purchase payments (applicable to Class A Shares only); and (2) ongoing costs, including management fees; 12b-1 distribution and shareholder servicing fees; transfer agent fees and expenses payable pursuant to the Transfer Agency Agreement; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The example is based upon an investment of $1,000 invested at the beginning of the period and held for the six-months indicated, unless noted otherwise in the table and footnotes below.
Actual Expenses
The information in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate column for your share class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.
Hypothetical Example for Comparison Purposes
The information in the table under the heading “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based upon the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Additionally, for an analysis of the fees associated with an investment in any share class or other similar funds, please visit www.finra.org/fundanalyzer.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. These fees are fully described in the Fund’s prospectuses. Therefore, the hypothetical examples are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
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| | | Actual | | Hypothetical
(5% return before expenses) | |
| Beginning
Account
Value
(10/1/23) | Ending
Account
Value
(3/31/24) | Expenses
Paid During
Period
(10/1/23 - 3/31/24)† | | Beginning
Account
Value
(10/1/23) | Ending
Account
Value
(3/31/24) | Expenses
Paid During
Period
(10/1/23 - 3/31/24)† | Net Annualized
Expense Ratio
(10/1/23 - 3/31/24) |
Class A Shares | $1,000.00 | $1,183.60 | $5.46 | | $1,000.00 | $1,020.00 | $5.05 | 1.00% |
Class C Shares | $1,000.00 | $1,179.60 | $8.94 | | $1,000.00 | $1,016.80 | $8.27 | 1.64% |
Class D Shares | $1,000.00 | $1,184.90 | $4.04 | | $1,000.00 | $1,021.30 | $3.74 | 0.74% |
Class I Shares | $1,000.00 | $1,185.20 | $3.82 | | $1,000.00 | $1,021.50 | $3.54 | 0.70% |
Class N Shares | $1,000.00 | $1,185.70 | $3.39 | | $1,000.00 | $1,021.90 | $3.13 | 0.62% |
Class R Shares | $1,000.00 | $1,181.10 | $7.63 | | $1,000.00 | $1,018.00 | $7.06 | 1.40% |
Class S Shares | $1,000.00 | $1,182.80 | $6.11 | | $1,000.00 | $1,019.40 | $5.65 | 1.12% |
Class T Shares | $1,000.00 | $1,184.50 | $4.64 | | $1,000.00 | $1,020.75 | $4.29 | 0.85% |
† | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements. |
Janus Henderson Growth and Income Fund
Schedule of Investments (unaudited)
March 31, 2024
| | | | | | | | |
Shares
| | | Value | |
Common Stocks– 100.0% | | | |
Aerospace & Defense – 1.3% | | | |
| | General Dynamics Corp | | 323,857 | | | $91,486,364 | |
Air Freight & Logistics – 0.8% | | | |
| | United Parcel Service Inc | | 373,537 | | | 55,518,804 | |
Banks – 3.1% | | | |
| | JPMorgan Chase & Co | | 1,135,321 | | | 227,404,796 | |
Beverages – 1.6% | | | |
| | Brown-Forman Corp | | 1,067,491 | | | 55,103,885 | |
| | Constellation Brands Inc - Class A | | 216,265 | | | 58,772,176 | |
| | | 113,876,061 | |
Biotechnology – 3.0% | | | |
| | AbbVie Inc | | 640,517 | | | 116,638,146 | |
| | Amgen Inc | | 122,675 | | | 34,878,956 | |
| | Gilead Sciences Inc | | 898,448 | | | 65,811,316 | |
| | | 217,328,418 | |
Building Products – 0.9% | | | |
| | Trane Technologies PLC | | 213,927 | | | 64,220,885 | |
Capital Markets – 4.1% | | | |
| | Charles Schwab Corp | | 824,720 | | | 59,660,245 | |
| | CME Group Inc | | 601,483 | | | 129,493,275 | |
| | Morgan Stanley | | 1,207,785 | | | 113,725,036 | |
| | | 302,878,556 | |
Chemicals – 1.3% | | | |
| | Corteva Inc | | 762,772 | | | 43,989,061 | |
| | Sherwin-Williams Co | | 138,002 | | | 47,932,235 | |
| | | 91,921,296 | |
Commercial Services & Supplies – 0.9% | | | |
| | Waste Management Inc | | 295,326 | | | 62,948,737 | |
Communications Equipment – 0.3% | | | |
| | Motorola Solutions Inc | | 68,795 | | | 24,420,849 | |
Consumer Finance – 3.2% | | | |
| | American Express Co | | 1,029,654 | | | 234,441,919 | |
Diversified Financial Services – 3.1% | | | |
| | Visa Inc | | 807,642 | | | 225,396,729 | |
Electrical Equipment – 0.7% | | | |
| | Rockwell Automation Inc | | 187,351 | | | 54,580,967 | |
Energy Equipment & Services – 0.8% | | | |
| | Schlumberger Ltd | | 1,004,557 | | | 55,059,769 | |
Entertainment – 0.8% | | | |
| | Walt Disney Co | | 477,301 | | | 58,402,550 | |
Food & Staples Retailing – 1.7% | | | |
| | Costco Wholesale Corp | | 73,351 | | | 53,739,143 | |
| | Sysco Corp | | 837,750 | | | 68,008,545 | |
| | | 121,747,688 | |
Food Products – 1.1% | | | |
| | Hershey Co | | 421,374 | | | 81,957,243 | |
Health Care Equipment & Supplies – 4.1% | | | |
| | Abbott Laboratories | | 1,226,487 | | | 139,402,513 | |
| | Medtronic PLC | | 1,184,394 | | | 103,219,937 | |
| | Stryker Corp | | 166,900 | | | 59,728,503 | |
| | | 302,350,953 | |
Health Care Providers & Services – 3.6% | | | |
| | HCA Healthcare Inc | | 195,199 | | | 65,104,723 | |
| | UnitedHealth Group Inc | | 402,099 | | | 198,918,375 | |
| | | 264,023,098 | |
Hotels, Restaurants & Leisure – 6.5% | | | |
| | Booking Holdings Inc | | 20,618 | | | 74,799,630 | |
| | Marriott International Inc/MD - Class A | | 459,694 | | | 115,985,393 | |
| | McDonald's Corp | | 567,964 | | | 160,137,450 | |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
6 | MARCH 31, 2024 |
Janus Henderson Growth and Income Fund
Schedule of Investments (unaudited)
March 31, 2024
| | | | | | | | |
Shares
| | | Value | |
Common Stocks– (continued) | | | |
Hotels, Restaurants & Leisure– (continued) | | | |
| | Starbucks Corp | | 1,334,439 | | | $121,954,380 | |
| | | 472,876,853 | |
Household Products – 1.8% | | | |
| | Procter & Gamble Co | | 818,092 | | | 132,735,427 | |
Industrial Conglomerates – 1.5% | | | |
| | Honeywell International Inc | | 533,199 | | | 109,439,095 | |
Information Technology Services – 5.6% | | | |
| | Accenture PLC | | 931,006 | | | 322,695,990 | |
| | International Business Machines Corp | | 459,883 | | | 87,819,258 | |
| | | 410,515,248 | |
Insurance – 1.1% | | | |
| | Marsh & McLennan Cos Inc | | 376,780 | | | 77,609,144 | |
Interactive Media & Services – 1.7% | | | |
| | Meta Platforms Inc - Class A | | 255,062 | | | 123,853,006 | |
Life Sciences Tools & Services – 0.8% | | | |
| | Danaher Corp | | 242,161 | | | 60,472,445 | |
Machinery – 1.8% | | | |
| | Deere & Co | | 328,776 | | | 135,041,454 | |
Media – 1.6% | | | |
| | Comcast Corp - Class A | | 2,719,686 | | | 117,898,388 | |
Oil, Gas & Consumable Fuels – 2.2% | | | |
| | Chevron Corp | | 660,704 | | | 104,219,449 | |
| | ConocoPhillips | | 458,263 | | | 58,327,715 | |
| | | 162,547,164 | |
Pharmaceuticals – 4.1% | | | |
| | Eli Lilly & Co | | 181,243 | | | 140,999,804 | |
| | Merck & Co Inc | | 788,845 | | | 104,088,098 | |
| | Zoetis Inc | | 343,110 | | | 58,057,643 | |
| | | 303,145,545 | |
Professional Services – 2.3% | | | |
| | Automatic Data Processing Inc | | 455,912 | | | 113,859,463 | |
| | Booz Allen Hamilton Holding Corp | | 380,748 | | | 56,518,233 | |
| | | 170,377,696 | |
Semiconductor & Semiconductor Equipment – 10.4% | | | |
| | Analog Devices Inc | | 272,005 | | | 53,799,869 | |
| | Broadcom Inc | | 70,555 | | | 93,514,303 | |
| | KLA Corp | | 478,160 | | | 334,028,231 | |
| | Lam Research Corp | | 122,291 | | | 118,814,267 | |
| | Texas Instruments Inc | | 935,627 | | | 162,995,580 | |
| | | 763,152,250 | |
Software – 13.7% | | | |
| | Intuit Inc | | 109,447 | | | 71,140,550 | |
| | Microsoft Corp | | 1,885,238 | | | 793,157,331 | |
| | Oracle Corp | | 1,073,251 | | | 134,811,058 | |
| | | 999,108,939 | |
Specialty Retail – 2.7% | | | |
| | Home Depot Inc | | 296,002 | | | 113,546,367 | |
| | TJX Cos Inc | | 797,387 | | | 80,870,990 | |
| | | 194,417,357 | |
Technology Hardware, Storage & Peripherals – 4.1% | | | |
| | Apple Inc | | 1,730,341 | | | 296,718,875 | |
Textiles, Apparel & Luxury Goods – 1.7% | | | |
| | NIKE Inc - Class B | | 1,298,141 | | | 121,999,291 | |
Total Common Stocks (cost $3,628,885,355) | | 7,301,873,859 | |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
Janus Investment Fund | 7 |
Janus Henderson Growth and Income Fund
Schedule of Investments (unaudited)
March 31, 2024
| | | | | | | | |
Shares
| | | Value | |
Investment Companies– 0.1% | | | |
Money Markets – 0.1% | | | |
| | Janus Henderson Cash Liquidity Fund LLC, 5.3830%ºº,£((cost $9,001,573) | | 8,999,773 | | | $9,001,573 | |
Total Investments (total cost $3,637,886,928) – 100.1% | | 7,310,875,432 | |
Liabilities, net of Cash, Receivables and Other Assets – (0.1)% | | (4,803,847) | |
Net Assets – 100% | | $7,306,071,585 | |
Schedules of Affiliated Investments – (% of Net Assets)
| | | | | | | | | | | |
| | Dividend Income | Realized Gain/(Loss) | Change in Unrealized Appreciation/ Depreciation | Value at 3/31/24 |
Investment Companies - 0.1% |
Money Markets - 0.1% | |
| | Janus Henderson Cash Liquidity Fund LLC, 5.3830%ºº | $ | 63,256 | $ | - | $ | (394) | $ | 9,001,573 |
| |
| | | | | | | | | | | |
| | Value at 9/30/23 | Purchases | Sales Proceeds | Value at 3/31/24 |
Investment Companies - 0.1% |
Money Markets - 0.1% | |
| | Janus Henderson Cash Liquidity Fund LLC, 5.3830%ºº | | 3,943,103 | | 81,100,902 | | (76,042,038) | | 9,001,573 |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
8 | MARCH 31, 2024 |
Janus Henderson Growth and Income Fund
Notes to Schedule of Investments and Other Information (unaudited)
| | |
S&P 500® Index | S&P 500® Index reflects U.S. large-cap equity performance and represents broad U.S. equity market performance. |
| | |
LLC | Limited Liability Company |
PLC | Public Limited Company |
| | |
ºº | Rate shown is the 7-day yield as of March 31, 2024. |
| | |
£ | The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control. |
| | | | | | | | | | | | | |
The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of March 31, 2024. See Notes to Financial Statements for more information. |
| |
Valuation Inputs Summary |
| | | | | | | |
| | | | | Level 2 - | | Level 3 - |
| | | Level 1 - | | Other Significant | | Significant |
| | | Quoted Prices | | Observable Inputs | | Unobservable Inputs |
| | | | | | | |
Assets | | | | | | |
Investments In Securities: | | | | | | |
Common Stocks | $ | 7,301,873,859 | $ | - | $ | - |
Investment Companies | | - | | 9,001,573 | | - |
Total Assets | $ | 7,301,873,859 | $ | 9,001,573 | $ | - |
| | | | | | | |
Janus Henderson Growth and Income Fund
Statement of Assets and Liabilities (unaudited)
March 31, 2024
| |
See footnotes at the end of the Statement. |
| | | | | | | |
| | | | | | |
Assets: | | | | |
| Unaffiliated investments, at value (cost $3,628,885,355) | | $ | 7,301,873,859 | |
| Affiliated investments, at value (cost $9,001,573) | | | 9,001,573 | |
| Cash | | | 990,344 | |
| Trustees' deferred compensation | | | 201,716 | |
| Receivables: | | | | |
| | Dividends | | | 3,846,502 | |
| | Fund shares sold | | | 1,574,899 | |
| | Dividends from affiliates | | | 18,718 | |
| Other assets | | | 39,194 | |
Total Assets | | | 7,317,546,805 | |
Liabilities: | | | | |
| Payables: | | | — | |
| | Fund shares repurchased | | | 5,355,923 | |
| | Advisory fees | | | 3,676,035 | |
| | Transfer agent fees and expenses | | | 1,050,795 | |
| | Dividends | | | 804,461 | |
| | Trustees' deferred compensation fees | | | 201,716 | |
| | 12b-1 Distribution and shareholder servicing fees | | | 64,266 | |
| | Professional fees | | | 42,758 | |
| | Trustees' fees and expenses | | | 35,843 | |
| | Affiliated fund administration fees payable | | | 15,385 | |
| | Custodian fees | | | 5,501 | |
| | Accrued expenses and other payables | | | 222,537 | |
Total Liabilities | | | 11,475,220 | |
Commitments and contingent liabilities (Note 3) | | | | |
Net Assets | | $ | 7,306,071,585 | |
| | |
See Notes to Financial Statements. |
| |
10 | MARCH 31, 2024 |
Janus Henderson Growth and Income Fund
Statement of Assets and Liabilities (unaudited)
March 31, 2024
| | | | | | | |
| | | | | | |
| | | | | | |
Net Assets Consist of: | | | | |
| Capital (par value and paid-in surplus) | | $ | 3,396,377,880 | |
| Total distributable earnings (loss) | | | 3,909,693,705 | |
Total Net Assets | | $ | 7,306,071,585 | |
Net Assets - Class A Shares | | $ | 97,250,967 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 1,323,388 | |
Net Asset Value Per Share(1) | | $ | 73.49 | |
Maximum Offering Price Per Share(2) | | $ | 77.97 | |
Net Assets - Class C Shares | | $ | 44,986,295 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 623,926 | |
Net Asset Value Per Share(1) | | $ | 72.10 | |
Net Assets - Class D Shares | | $ | 4,577,166,538 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 62,151,901 | |
Net Asset Value Per Share | | $ | 73.64 | |
Net Assets - Class I Shares | | $ | 401,266,709 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 5,445,197 | |
Net Asset Value Per Share | | $ | 73.69 | |
Net Assets - Class N Shares | | $ | 77,746,248 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 1,057,023 | |
Net Asset Value Per Share | | $ | 73.55 | |
Net Assets - Class R Shares | | $ | 5,402,758 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 74,125 | |
Net Asset Value Per Share | | $ | 72.89 | |
Net Assets - Class S Shares | | $ | 14,705,710 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 200,188 | |
Net Asset Value Per Share | | $ | 73.46 | |
Net Assets - Class T Shares | | $ | 2,087,546,360 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 28,379,449 | |
Net Asset Value Per Share | | $ | 73.56 | |
| |
(1) Redemption price per share may be reduced for any applicable contingent deferred sales charge. (2) Maximum offering price is computed at 100/94.25 of net asset value. |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 11 |
Janus Henderson Growth and Income Fund
Statement of Operations (unaudited)
For the period ended March 31, 2024
| | | | | | |
| | | | | |
Investment Income: |
| Dividends | $ | 66,169,736 | |
| Dividends from affiliates | | 63,256 | |
| Other income | | 14,213 | |
Total Investment Income | | 66,247,205 | |
Expenses: | | | |
| Advisory fees | | 20,525,223 | |
| 12b-1 Distribution and shareholder servicing fees: |
| | Class A Shares | | 110,634 | |
| | Class C Shares | | 208,994 | |
| | Class R Shares | | 13,070 | |
| | Class S Shares | | 16,846 | |
| Transfer agent administrative fees and expenses: | | |
| | Class D Shares | | 2,439,282 | |
| | Class R Shares | | 6,568 | |
| | Class S Shares | | 16,839 | |
| | Class T Shares | | 2,458,034 | |
| Transfer agent networking and omnibus fees: | | | |
| | Class A Shares | | 57,378 | |
| | Class C Shares | | 13,398 | |
| | Class I Shares | | 153,774 | |
| Other transfer agent fees and expenses: | | | |
| | Class A Shares | | 2,282 | |
| | Class C Shares | | 887 | |
| | Class D Shares | | 194,051 | |
| | Class I Shares | | 8,694 | |
| | Class N Shares | | 1,524 | |
| | Class R Shares | | 82 | |
| | Class S Shares | | 117 | |
| | Class T Shares | | 8,087 | |
| Shareholder reports expense | | 160,799 | |
| Registration fees | | 98,592 | |
| Affiliated fund administration fees | | 85,522 | |
| Trustees’ fees and expenses | | 72,888 | |
| Custodian fees | | 67,343 | |
| Professional fees | | 47,621 | |
| Other expenses | | 201,318 | |
Total Expenses | | 26,969,847 | |
Less: Excess Expense Reimbursement and Waivers | | (189,801) | |
Net Expenses | | 26,780,046 | |
Net Investment Income/(Loss) | | 39,467,159 | |
| | | | | |
| | |
See Notes to Financial Statements. |
| |
12 | MARCH 31, 2024 |
Janus Henderson Growth and Income Fund
Statement of Operations (unaudited)
For the period ended March 31, 2024
| | | | | | |
| | | | | |
Net Realized Gain/(Loss) on Investments: | | | |
| Investments | $ | 310,146,771 | |
Total Net Realized Gain/(Loss) on Investments | | 310,146,771 | |
Change in Unrealized Net Appreciation/Depreciation: | | | |
| Investments and Trustees’ deferred compensation | | 813,504,247 | |
| Investments in affiliates | | (394) | |
Total Change in Unrealized Net Appreciation/Depreciation | | 813,503,853 | |
Net Increase/(Decrease) in Net Assets Resulting from Operations | $ | 1,163,117,783 | |
| | | | | |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 13 |
Janus Henderson Growth and Income Fund
Statements of Changes in Net Assets
| | | | | | | | | |
| | | | | | | | |
| | | Period ended
March 31, 2024 (unaudited) | | Year ended
September 30, 2023 | |
| | | | | | | | |
Operations: | | | | | | |
| Net investment income/(loss) | $ | 39,467,159 | | $ | 77,887,516 | |
| Net realized gain/(loss) on investments | | 310,146,771 | | | 388,859,279 | |
| Change in unrealized net appreciation/depreciation | | 813,503,853 | | | 606,945,185 | |
Net Increase/(Decrease) in Net Assets Resulting from Operations | | 1,163,117,783 | | | 1,073,691,980 | |
Dividends and Distributions to Shareholders: | | | | | | |
| | Class A Shares | | (5,936,663) | | | (4,820,669) | |
| | Class C Shares | | (2,993,421) | | | (2,515,368) | |
| | Class D Shares | | (299,776,106) | | | (248,798,148) | |
| | Class I Shares | | (27,197,294) | | | (23,560,589) | |
| | Class N Shares | | (5,744,442) | | | (4,208,965) | |
| | Class R Shares | | (365,197) | | | (335,210) | |
| | Class S Shares | | (912,156) | | | (776,458) | |
| | Class T Shares | | (138,262,738) | | | (116,499,325) | |
Net Decrease from Dividends and Distributions to Shareholders | | (481,188,017) | | | (401,514,732) | |
Capital Share Transactions: | | | | | | |
| | Class A Shares | | 6,411,408 | | | 1,853,572 | |
| | Class C Shares | | (1,185,254) | | | (2,809,521) | |
| | Class D Shares | | 169,839,645 | | | 36,377,473 | |
| | Class I Shares | | (10,501,874) | | | (10,138,589) | |
| | Class N Shares | | (9,018,730) | | | 26,245,479 | |
| | Class R Shares | | (346,261) | | | (899,708) | |
| | Class S Shares | | 563,175 | | | (631,186) | |
| | Class T Shares | | 36,696,931 | | | (25,346,584) | |
Net Increase/(Decrease) from Capital Share Transactions | | 192,459,040 | | | 24,650,936 | |
Net Increase/(Decrease) in Net Assets | | 874,388,806 | | | 696,828,184 | |
Net Assets: | | | | | | |
| Beginning of period | | 6,431,682,779 | | | 5,734,854,595 | |
| End of period | $ | 7,306,071,585 | | $ | 6,431,682,779 | |
| | | | | | | | |
| | |
See Notes to Financial Statements. |
| |
14 | MARCH 31, 2024 |
Janus Henderson Growth and Income Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class A Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $66.68 | | | $59.86 | | | $73.95 | | | $59.77 | | | $58.49 | | | $59.20 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | 0.32 | | | 0.65 | | | 0.55 | | | 0.49 | | | 0.80 | | | 1.00 | |
| | Net realized and unrealized gain/(loss) | | 11.46 | | | 10.25 | | | (10.31) | | | 16.06 | | | 2.53 | | | 2.27 | |
| Total from Investment Operations | | 11.78 | | | 10.90 | | | (9.76) | | | 16.55 | | | 3.33 | | | 3.27 | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | (0.33) | | | (0.66) | | | (0.57) | | | (0.51) | | | (0.83) | | | (1.01) | |
| | Distributions (from capital gains) | | (4.64) | | | (3.42) | | | (3.76) | | | (1.86) | | | (1.22) | | | (2.97) | |
| Total Dividends and Distributions | | (4.97) | | | (4.08) | | | (4.33) | | | (2.37) | | | (2.05) | | | (3.98) | |
| Net Asset Value, End of Period | | $73.49 | | | $66.68 | | | $59.86 | | | $73.95 | | | $59.77 | | | $58.49 | |
| Total Return* | | 18.36% | | | 18.62% | | | (14.38)% | | | 28.28% | | | 5.81% | | | 6.53% | |
| Net Assets, End of Period (in thousands) | | $97,251 | | | $81,967 | | | $71,633 | | | $91,735 | | | $80,310 | | | $88,445 | |
| Average Net Assets for the Period (in thousands) | | $88,957 | | | $81,344 | | | $90,358 | | | $88,624 | | | $80,441 | | | $64,525 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 1.00% | | | 1.01% | | | 1.01% | | | 1.01% | | | 0.99% | | | 0.95% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 1.00% | | | 1.01% | | | 1.01% | | | 1.01% | | | 0.99% | | | 0.95% | |
| | Ratio of Net Investment Income/(Loss) | | 0.92% | | | 0.98% | | | 0.77% | | | 0.71% | | | 1.41% | | | 1.79% | |
| Portfolio Turnover Rate | | 10% | | | 22% | | | 17% | | | 11% | | | 24% | | | 13% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 15 |
Janus Henderson Growth and Income Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class C Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $65.52 | | | $58.87 | | | $72.81 | | | $58.90 | | | $57.68 | | | $58.46 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | 0.10 | | | 0.24 | | | 0.10 | | | 0.05 | | | 0.43 | | | 0.56 | |
| | Net realized and unrealized gain/(loss) | | 11.23 | | | 10.08 | | | (10.13) | | | 15.82 | | | 2.49 | | | 2.26 | |
| Total from Investment Operations | | 11.33 | | | 10.32 | | | (10.03) | | | 15.87 | | | 2.92 | | | 2.82 | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | (0.11) | | | (0.25) | | | (0.15) | | | (0.10) | | | (0.48) | | | (0.63) | |
| | Distributions (from capital gains) | | (4.64) | | | (3.42) | | | (3.76) | | | (1.86) | | | (1.22) | | | (2.97) | |
| Total Dividends and Distributions | | (4.75) | | | (3.67) | | | (3.91) | | | (1.96) | | | (1.70) | | | (3.60) | |
| Net Asset Value, End of Period | | $72.10 | | | $65.52 | | | $58.87 | | | $72.81 | | | $58.90 | | | $57.68 | |
| Total Return* | | 17.96% | | | 17.91% | | | (14.93)% | | | 27.48% | | | 5.12% | | | 5.75% | |
| Net Assets, End of Period (in thousands) | | $44,986 | | | $41,905 | | | $40,161 | | | $53,156 | | | $49,982 | | | $59,591 | |
| Average Net Assets for the Period (in thousands) | | $43,863 | | | $43,861 | | | $50,122 | | | $53,200 | | | $55,935 | | | $42,229 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 1.64% | | | 1.63% | | | 1.64% | | | 1.65% | | | 1.64% | | | 1.69% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 1.64% | | | 1.63% | | | 1.64% | | | 1.65% | | | 1.64% | | | 1.69% | |
| | Ratio of Net Investment Income/(Loss) | | 0.29% | | | 0.36% | | | 0.15% | | | 0.08% | | | 0.77% | | | 1.02% | |
| Portfolio Turnover Rate | | 10% | | | 22% | | | 17% | | | 11% | | | 24% | | | 13% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
16 | MARCH 31, 2024 |
Janus Henderson Growth and Income Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class D Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $66.82 | | | $59.97 | | | $74.09 | | | $59.87 | | | $58.58 | | | $59.27 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | 0.41 | | | 0.83 | | | 0.74 | | | 0.67 | | | 0.93 | | | 1.09 | |
| | Net realized and unrealized gain/(loss) | | 11.47 | | | 10.28 | | | (10.34) | | | 16.11 | | | 2.54 | | | 2.28 | |
| Total from Investment Operations | | 11.88 | | | 11.11 | | | (9.60) | | | 16.78 | | | 3.47 | | | 3.37 | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | (0.42) | | | (0.84) | | | (0.76) | | | (0.70) | | | (0.96) | | | (1.09) | |
| | Distributions (from capital gains) | | (4.64) | | | (3.42) | | | (3.76) | | | (1.86) | | | (1.22) | | | (2.97) | |
| Total Dividends and Distributions | | (5.06) | | | (4.26) | | | (4.52) | | | (2.56) | | | (2.18) | | | (4.06) | |
| Net Asset Value, End of Period | | $73.64 | | | $66.82 | | | $59.97 | | | $74.09 | | | $59.87 | | | $58.58 | |
| Total Return* | | 18.49% | | | 18.94% | | | (14.17)% | | | 28.63% | | | 6.07% | | | 6.71% | |
| Net Assets, End of Period (in thousands) | | $4,577,167 | | | $3,980,874 | | | $3,529,397 | | | $4,284,567 | | | $3,506,038 | | | $3,546,939 | |
| Average Net Assets for the Period (in thousands) | | $4,290,467 | | | $4,003,145 | | | $4,238,795 | | | $4,038,177 | | | $3,410,901 | | | $3,396,252 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 0.74% | | | 0.75% | | | 0.75% | | | 0.75% | | | 0.76% | | | 0.76% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 0.74% | | | 0.75% | | | 0.75% | | | 0.75% | | | 0.76% | | | 0.76% | |
| | Ratio of Net Investment Income/(Loss) | | 1.18% | | | 1.24% | | | 1.04% | | | 0.97% | | | 1.64% | | | 1.95% | |
| Portfolio Turnover Rate | | 10% | | | 22% | | | 17% | | | 11% | | | 24% | | | 13% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 17 |
Janus Henderson Growth and Income Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class I Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $66.86 | | | $60.00 | | | $74.12 | | | $59.90 | | | $58.61 | | | $59.29 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | 0.43 | | | 0.86 | | | 0.78 | | | 0.71 | | | 0.97 | | | 1.13 | |
| | Net realized and unrealized gain/(loss) | | 11.48 | | | 10.29 | | | (10.35) | | | 16.10 | | | 2.52 | | | 2.29 | |
| Total from Investment Operations | | 11.91 | | | 11.15 | | | (9.57) | | | 16.81 | | | 3.49 | | | 3.42 | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | (0.44) | | | (0.87) | | | (0.79) | | | (0.73) | | | (0.98) | | | (1.13) | |
| | Distributions (from capital gains) | | (4.64) | | | (3.42) | | | (3.76) | | | (1.86) | | | (1.22) | | | (2.97) | |
| Total Dividends and Distributions | | (5.08) | | | (4.29) | | | (4.55) | | | (2.59) | | | (2.20) | | | (4.10) | |
| Net Asset Value, End of Period | | $73.69 | | | $66.86 | | | $60.00 | | | $74.12 | | | $59.90 | | | $58.61 | |
| Total Return* | | 18.52% | | | 19.01% | | | (14.12)% | | | 28.68% | | | 6.11% | | | 6.80% | |
| Net Assets, End of Period (in thousands) | | $401,267 | | | $374,459 | | | $344,524 | | | $458,387 | | | $429,567 | | | $537,792 | |
| Average Net Assets for the Period (in thousands) | | $379,326 | | | $375,504 | | | $425,515 | | | $443,087 | | | $500,070 | | | $359,418 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 0.70% | | | 0.70% | | | 0.70% | | | 0.70% | | | 0.71% | | | 0.71% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 0.70% | | | 0.70% | | | 0.70% | | | 0.70% | | | 0.71% | | | 0.71% | |
| | Ratio of Net Investment Income/(Loss) | | 1.23% | | | 1.29% | | | 1.08% | | | 1.03% | | | 1.70% | | | 2.02% | |
| Portfolio Turnover Rate | | 10% | | | 22% | | | 17% | | | 11% | | | 24% | | | 13% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
18 | MARCH 31, 2024 |
Janus Henderson Growth and Income Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class N Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $66.74 | | | $59.90 | | | $74.01 | | | $59.80 | | | $58.52 | | | $59.22 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | 0.46 | | | 0.89 | | | 0.84 | | | 0.76 | | | 1.00 | | | 1.14 | |
| | Net realized and unrealized gain/(loss) | | 11.46 | | | 10.29 | | | (10.35) | | | 16.09 | | | 2.53 | | | 2.30 | |
| Total from Investment Operations | | 11.92 | | | 11.18 | | | (9.51) | | | 16.85 | | | 3.53 | | | 3.44 | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | (0.47) | | | (0.92) | | | (0.84) | | | (0.78) | | | (1.03) | | | (1.17) | |
| | Distributions (from capital gains) | | (4.64) | | | (3.42) | | | (3.76) | | | (1.86) | | | (1.22) | | | (2.97) | |
| Total Dividends and Distributions | | (5.11) | | | (4.34) | | | (4.60) | | | (2.64) | | | (2.25) | | | (4.14) | |
| Net Asset Value, End of Period | | $73.55 | | | $66.74 | | | $59.90 | | | $74.01 | | | $59.80 | | | $58.52 | |
| Total Return* | | 18.57% | | | 19.10% | | | (14.06)% | | | 28.81% | | | 6.20% | | | 6.85% | |
| Net Assets, End of Period (in thousands) | | $77,746 | | | $79,133 | | | $47,906 | | | $73,167 | | | $55,506 | | | $40,399 | |
| Average Net Assets for the Period (in thousands) | | $78,952 | | | $66,259 | | | $73,633 | | | $65,537 | | | $50,678 | | | $17,524 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 0.62% | | | 0.63% | | | 0.63% | | | 0.62% | | | 0.63% | | | 0.64% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 0.62% | | | 0.63% | | | 0.63% | | | 0.62% | | | 0.63% | | | 0.64% | |
| | Ratio of Net Investment Income/(Loss) | | 1.32% | | | 1.34% | | | 1.17% | | | 1.09% | | | 1.76% | | | 2.04% | |
| Portfolio Turnover Rate | | 10% | | | 22% | | | 17% | | | 11% | | | 24% | | | 13% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 19 |
Janus Henderson Growth and Income Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class R Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $66.18 | | | $59.42 | | | $73.44 | | | $59.35 | | | $58.10 | | | $58.86 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | 0.19 | | | 0.39 | | | 0.27 | | | 0.23 | | | 0.57 | | | 0.72 | |
| | Net realized and unrealized gain/(loss) | | 11.35 | | | 10.17 | | | (10.23) | | | 15.95 | | | 2.51 | | | 2.27 | |
| Total from Investment Operations | | 11.54 | | | 10.56 | | | (9.96) | | | 16.18 | | | 3.08 | | | 2.99 | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | (0.19) | | | (0.38) | | | (0.30) | | | (0.23) | | | (0.61) | | | (0.78) | |
| | Distributions (from capital gains) | | (4.64) | | | (3.42) | | | (3.76) | | | (1.86) | | | (1.22) | | | (2.97) | |
| Total Dividends and Distributions | | (4.83) | | | (3.80) | | | (4.06) | | | (2.09) | | | (1.83) | | | (3.75) | |
| Net Asset Value, End of Period | | $72.89 | | | $66.18 | | | $59.42 | | | $73.44 | | | $59.35 | | | $58.10 | |
| Total Return* | | 18.11% | | | 18.15% | | | (14.72)% | | | 27.82% | | | 5.38% | | | 6.03% | |
| Net Assets, End of Period (in thousands) | | $5,403 | | | $5,231 | | | $5,477 | | | $7,329 | | | $8,023 | | | $7,760 | |
| Average Net Assets for the Period (in thousands) | | $5,283 | | | $5,805 | | | $6,786 | | | $8,987 | | | $8,032 | | | $6,321 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 1.42% | | | 1.42% | | | 1.40% | | | 1.39% | | | 1.40% | | | 1.42% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 1.40% | | | 1.42% | | | 1.40% | | | 1.39% | | | 1.40% | | | 1.42% | |
| | Ratio of Net Investment Income/(Loss) | | 0.53% | | | 0.58% | | | 0.38% | | | 0.34% | | | 1.00% | | | 1.30% | |
| Portfolio Turnover Rate | | 10% | | | 22% | | | 17% | | | 11% | | | 24% | | | 13% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
20 | MARCH 31, 2024 |
Janus Henderson Growth and Income Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class S Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $66.66 | | | $59.83 | | | $73.92 | | | $59.74 | | | $58.47 | | | $59.17 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | 0.28 | | | 0.58 | | | 0.46 | | | 0.42 | | | 0.72 | | | 0.89 | |
| | Net realized and unrealized gain/(loss) | | 11.45 | | | 10.25 | | | (10.31) | | | 16.05 | | | 2.53 | | | 2.28 | |
| Total from Investment Operations | | 11.73 | | | 10.83 | | | (9.85) | | | 16.47 | | | 3.25 | | | 3.17 | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | (0.29) | | | (0.58) | | | (0.48) | | | (0.43) | | | (0.76) | | | (0.90) | |
| | Distributions (from capital gains) | | (4.64) | | | (3.42) | | | (3.76) | | | (1.86) | | | (1.22) | | | (2.97) | |
| Total Dividends and Distributions | | (4.93) | | | (4.00) | | | (4.24) | | | (2.29) | | | (1.98) | | | (3.87) | |
| Net Asset Value, End of Period | | $73.46 | | | $66.66 | | | $59.83 | | | $73.92 | | | $59.74 | | | $58.47 | |
| Total Return* | | 18.28% | | | 18.51% | | | (14.49)% | | | 28.15% | | | 5.67% | | | 6.34% | |
| Net Assets, End of Period (in thousands) | | $14,706 | | | $12,791 | | | $12,049 | | | $23,935 | | | $22,870 | | | $24,559 | |
| Average Net Assets for the Period (in thousands) | | $13,541 | | | $12,949 | | | $19,602 | | | $23,621 | | | $23,489 | | | $22,203 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 1.14% | | | 1.14% | | | 1.13% | | | 1.13% | | | 1.13% | | | 1.13% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 1.12% | | | 1.12% | | | 1.12% | | | 1.12% | | | 1.13% | | | 1.12% | |
| | Ratio of Net Investment Income/(Loss) | | 0.81% | | | 0.87% | | | 0.63% | | | 0.61% | | | 1.28% | | | 1.59% | |
| Portfolio Turnover Rate | | 10% | | | 22% | | | 17% | | | 11% | | | 24% | | | 13% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 21 |
Janus Henderson Growth and Income Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class T Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $66.75 | | | $59.90 | | | $74.01 | | | $59.81 | | | $58.53 | | | $59.22 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | 0.38 | | | 0.76 | | | 0.67 | | | 0.60 | | | 0.88 | | | 1.04 | |
| | Net realized and unrealized gain/(loss) | | 11.46 | | | 10.28 | | | (10.34) | | | 16.08 | | | 2.52 | | | 2.28 | |
| Total from Investment Operations | | 11.84 | | | 11.04 | | | (9.67) | | | 16.68 | | | 3.40 | | | 3.32 | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | (0.39) | | | (0.77) | | | (0.68) | | | (0.62) | | | (0.90) | | | (1.04) | |
| | Distributions (from capital gains) | | (4.64) | | | (3.42) | | | (3.76) | | | (1.86) | | | (1.22) | | | (2.97) | |
| Total Dividends and Distributions | | (5.03) | | | (4.19) | | | (4.44) | | | (2.48) | | | (2.12) | | | (4.01) | |
| Net Asset Value, End of Period | | $73.56 | | | $66.75 | | | $59.90 | | | $74.01 | | | $59.81 | | | $58.53 | |
| Total Return* | | 18.43% | | | 18.84% | | | (14.26)% | | | 28.49% | | | 5.95% | | | 6.62% | |
| Net Assets, End of Period (in thousands) | | $2,087,546 | | | $1,855,322 | | | $1,683,707 | | | $2,108,286 | | | $1,805,935 | | | $1,996,900 | |
| Average Net Assets for the Period (in thousands) | | $1,976,604 | | | $1,886,917 | | | $2,048,237 | | | $2,025,668 | | | $1,863,456 | | | $1,852,659 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 0.86% | | | 0.87% | | | 0.87% | | | 0.87% | | | 0.87% | | | 0.87% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 0.85% | | | 0.85% | | | 0.85% | | | 0.86% | | | 0.86% | | | 0.86% | |
| | Ratio of Net Investment Income/(Loss) | | 1.08% | | | 1.14% | | | 0.93% | | | 0.87% | | | 1.54% | | | 1.86% | |
| Portfolio Turnover Rate | | 10% | | | 22% | | | 17% | | | 11% | | | 24% | | | 13% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
22 | MARCH 31, 2024 |
Janus Henderson Growth and Income Fund
Notes to Financial Statements (unaudited)
1. Organization and Significant Accounting Policies
Janus Henderson Growth and Income Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 37 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term capital growth and current income. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the “Adviser”) to the Fund.
The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.
Shareholders, including other funds, individuals, accounts, as well as the Fund’s portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund’s Shares and can be considered to “control” the Fund when that ownership exceeds 25% of the Fund’s assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).
Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.
Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.
Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.
The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.
Effective July 6, 2020, Class D Shares are available to new investors, subject to any closed fund policies for a Fund, as applicable. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.
Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. Class I Shares are also available to certain direct institutional investors including, but not limited to, corporations, certain retirement plans, public plans, and foundations/endowments, who established Class I Share accounts before August 4, 2017.
Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the “Distributor”) including, but not limited to,
Janus Henderson Growth and Income Fund
Notes to Financial Statements (unaudited)
corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.
Class R Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms.
Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.
Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.
The following accounting policies have been followed by the Fund and are in conformity with US GAAP.
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 Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-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 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 value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that operate as money market funds held by the Fund, if any, will be calculated using the NAV of such 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.
Janus Henderson Growth and Income Fund
Notes to Financial Statements (unaudited)
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.
There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal period.
The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of March 31, 2024 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 and Other Information.
Investment Transactions and Investment Income
Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on an accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.
Expenses
The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.
Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Indemnifications
In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.
Janus Henderson Growth and Income Fund
Notes to Financial Statements (unaudited)
Dividends and Distributions
Dividends of net investment income are generally declared and distributed quarterly, and realized capital gains (if any) are distributed annually. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as “equalization,” has no effect on the redeeming shareholder or a Fund’s total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.
The Fund may make certain investments in real estate investment trusts (“REITs”) which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs’ taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal income tax purposes.
Federal Income Taxes
The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund’s tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund’s financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
2. Other Investments and Strategies
Market Risk
The value of the Fund’s portfolio may decrease if the value of one or more issuers in the Fund’s portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund’s portfolio decreases, the Fund’s NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, war, conflicts, including related sanctions, social unrest, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.
• COVID-19 Pandemic. The effects of COVID-19 have contributed to increased volatility in global financial markets and have affected and may continue to affect certain countries, regions, issuers, industries and market sectors more dramatically than others. These conditions and events could have a significant impact on the Fund and its investments, the Fund’s ability to meet redemption requests, and the processes and operations of the Fund’s service providers, including the Adviser.
• Armed Conflict. Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global economic environment and the markets for certain securities and commodities.
3. Investment Advisory Agreements and Other Transactions with Affiliates
The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The Fund’s contractual investment advisory fee rate (expressed as an annual rate) is 0.60% of its average daily net assets.
The Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding any performance
Janus Henderson Growth and Income Fund
Notes to Financial Statements (unaudited)
adjustments to the management fee, if applicable, the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.62% for at least a one-year period commencing on January 26, 2024. The previous expense limit (for the one-year period commencing January 27, 2023) was 0.67%. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.
The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (or any subadvisor, as applicable) provides to the Fund. These amounts are disclosed as “Affiliated fund administration fees” on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund’s Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $222,870 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended March 31, 2024. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.
Janus Henderson Services US LLC (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.
Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.
| | |
Average Daily Net Assets of Class D Shares of the Janus Henderson funds | Administrative Services Fee |
Under $40 billion | 0.12% |
$40 billion – $49.9 billion | 0.10% |
Over $49.9 billion | 0.08% |
During the reporting period, the administrative services fee rate was 0.11%.
The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class R Shares, Class S Shares and Class T Shares for providing or procuring administrative services to investors in Class R Shares, Class S Shares and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class R Shares, Class S Shares and Class T Shares.
Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.
Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the
Janus Henderson Growth and Income Fund
Notes to Financial Statements (unaudited)
Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.
The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund’s Reordering IAA Comps to match JHI requestClass D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.
Under distribution and shareholder servicing plans (the “Plans”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, of up to 0.50% of the Class R Shares’ average daily net assets, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations.
Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the period ended March 31, 2024, the Distributor retained upfront sales charges of $9,541.
A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the period ended March 31, 2024.
A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the period ended March 31, 2024, redeeming shareholders of Class C Shares paid CDSCs of $349.
The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of March 31, 2024 on the Statement of Assets and Liabilities in the asset, “Trustees’ deferred compensation,” and liability, “Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Total distributable earnings (loss)” on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended March 31, 2024 are included in “Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $318,650 were paid by the Trust to the Trustees under the Deferred Plan during the period ended March 31, 2024.
Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the “Investing Funds”). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash
Janus Henderson Growth and Income Fund
Notes to Financial Statements (unaudited)
management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the “Sweep Vehicle”) is an affiliated unregistered cash management pooled investment vehicle that invests primarily in highly-rated short-term fixed-income securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a “floating” NAV) rounded to the fourth decimal place (e.g., $1.0000). The Sweep Vehicle is permitted to impose a liquidity fee (of up to 2%) on redemptions from the Sweep Vehicle or a redemption gate that temporarily suspends redemptions from the Sweep Vehicle for up to 10 business days during a 90 day period. There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.
Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended March 31, 2024 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.
As of March 31, 2024, shares of the Fund were owned by affiliates of the Adviser, and/or other funds advised by the Adviser, as indicated in the table below:
| | | | | | | |
Class | % of Class Owned | | % of Fund Owned | | |
Class A Shares | - | % | - | % | |
Class C Shares | - | | - | | |
Class D Shares | - | | - | | |
Class I Shares | - | | - | | |
Class N Shares | 35 | | -* | | |
Class R Shares | - | | - | | |
Class S Shares | - | | - | | |
Class T Shares | - | | - | | |
| | | | | |
* | Less than 0.50% | | | | | |
4. Federal Income Tax
Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.
The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.
The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of March 31, 2024 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals and investments in partnerships.
| | | | |
Federal Tax Cost | Unrealized
Appreciation | Unrealized
(Depreciation) | Net Tax Appreciation/
(Depreciation) |
$ 3,639,388,064 | $3,701,162,097 | $(29,674,729) | $ 3,671,487,368 |
| | | |
Janus Henderson Growth and Income Fund
Notes to Financial Statements (unaudited)
5. Capital Share Transactions
| | | | | | | |
| | | | | | |
| | Period ended March 31, 2024 | | Year ended September 30, 2023 |
| | Shares | Amount | | Shares | Amount |
| | | | | | |
Class A Shares: | | | | | |
Shares sold | 223,060 | $ 15,546,388 | | 282,167 | $ 18,662,811 |
Reinvested dividends and distributions | 70,608 | 4,761,363 | | 60,259 | 3,821,499 |
Shares repurchased | (199,451) | (13,896,343) | | (310,020) | (20,630,738) |
Net Increase/(Decrease) | 94,217 | $ 6,411,408 | | 32,406 | $ 1,853,572 |
Class C Shares: | | | | | |
Shares sold | 40,041 | $ 2,729,223 | | 90,885 | $ 5,954,450 |
Reinvested dividends and distributions | 41,165 | 2,719,067 | | 36,977 | 2,292,894 |
Shares repurchased | (96,902) | (6,633,544) | | (170,467) | (11,056,865) |
Net Increase/(Decrease) | (15,696) | $ (1,185,254) | | (42,605) | $ (2,809,521) |
Class D Shares: | | | | | |
Shares sold | 875,448 | $ 61,453,591 | | 1,284,134 | $ 85,579,617 |
Reinvested dividends and distributions | 4,264,840 | 288,262,363 | | 3,767,677 | 239,784,514 |
Shares repurchased | (2,565,966) | (179,876,309) | | (4,330,392) | (288,986,658) |
Net Increase/(Decrease) | 2,574,322 | $169,839,645 | | 721,419 | $ 36,377,473 |
Class I Shares: | | | | | |
Shares sold | 660,258 | $ 46,691,414 | | 1,025,617 | $ 68,554,073 |
Reinvested dividends and distributions | 372,378 | 25,185,635 | | 339,910 | 21,654,006 |
Shares repurchased | (1,188,242) | (82,378,923) | | (1,506,780) | (100,346,668) |
Net Increase/(Decrease) | (155,606) | $ (10,501,874) | | (141,253) | $ (10,138,589) |
Class N Shares: | | | | | |
Shares sold | 119,266 | $ 8,418,731 | | 621,001 | $ 42,288,702 |
Reinvested dividends and distributions | 80,853 | 5,457,153 | | 62,497 | 3,979,211 |
Shares repurchased | (328,786) | (22,894,614) | | (297,575) | (20,022,434) |
Net Increase/(Decrease) | (128,667) | $ (9,018,730) | | 385,923 | $ 26,245,479 |
Class R Shares: | | | | | |
Shares sold | 2,799 | $ 195,424 | | 13,119 | $ 879,290 |
Reinvested dividends and distributions | 5,448 | 363,929 | | 5,329 | 334,246 |
Shares repurchased | (13,173) | (905,614) | | (31,582) | (2,113,244) |
Net Increase/(Decrease) | (4,926) | $ (346,261) | | (13,134) | $ (899,708) |
Class S Shares: | | | | | |
Shares sold | 11,774 | $ 834,215 | | 15,256 | $ 1,016,050 |
Reinvested dividends and distributions | 13,520 | 910,963 | | 12,195 | 772,296 |
Shares repurchased | (16,977) | (1,182,003) | | (36,957) | (2,419,532) |
Net Increase/(Decrease) | 8,317 | $ 563,175 | | (9,506) | $ (631,186) |
Class T Shares: | | | | | |
Shares sold | 785,274 | $ 55,040,414 | | 1,543,553 | $103,100,821 |
Reinvested dividends and distributions | 2,004,849 | 135,319,455 | | 1,794,193 | 113,986,763 |
Shares repurchased | (2,207,689) | (153,662,938) | | (3,647,202) | (242,434,168) |
Net Increase/(Decrease) | 582,434 | $ 36,696,931 | | (309,456) | $ (25,346,584) |
6. Purchases and Sales of Investment Securities
For the period ended March 31, 2024, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as applicable) was as follows:
| | | | |
Purchases of
Securities | Proceeds from Sales
of Securities | Purchases of Long-
Term U.S. Government
Obligations | Proceeds from Sales
of Long-Term U.S.
Government Obligations |
$664,085,901 | $ 910,761,334 | $ - | $ - |
Janus Henderson Growth and Income Fund
Notes to Financial Statements (unaudited)
7. Subsequent Event
Management has evaluated whether any events or transactions occurred subsequent to March 31, 2024 and through the date of issuance of the Fund’s financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund’s financial statements.
Janus Henderson Growth and Income Fund
Additional Information (unaudited)
Proxy Voting Policies and Voting Record
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities is available without charge: (i) upon request, by calling 1-800-525-1093; (ii) on the Fund’s website at janushenderson.com/proxyvoting; and (iii) on the SEC’s website at http://www.sec.gov. Additionally, information regarding the Fund’s proxy voting record for the most recent twelve-month period ended June 30 is also available, free of charge, through janushenderson.com/proxyvoting and from the SEC’s website at http://www.sec.gov.
Full Holdings
The Fund files its complete portfolio holdings (schedule of investments) with the SEC as an exhibit to Form N-PORT within 60 days of the end of the first and third fiscal quarters, and in the annual report and semiannual report to shareholders. The Fund’s Form N-PORT filings and annual and semiannual reports: (i) are available on the SEC’s website at http://www.sec.gov; and (ii) are available without charge, upon request, by calling a Janus Henderson representative at 1-877-335-2687 (toll free) (or 1-800-525-3713 if you hold Class D Shares). Portfolio holdings consisting of at least the names of the holdings are generally available on a monthly basis with a 30-day lag under Full Holdings for the Fund at janushenderson.com/info (or janushenderson.com/reports if you hold Class D Shares).
APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD
The Trustees of Janus Aspen Series and Janus Investment Fund, each of whom serves as an “independent” Trustee (collectively, the “Trustees”), oversee the management of each portfolio of Janus Aspen Series (each, a “VIT Portfolio,” and collectively, the “VIT Portfolios”), as well as each fund of Janus Investment Fund (each, a “Fund,” and collectively, the “Funds” and together with the VIT Portfolios, the “Janus Henderson Funds,” and each, a “Janus Henderson Fund”). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.
In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the “Adviser”) in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analysis provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.
At meetings held on November 3, 2023 and December 14-15, 2023, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2024 through February 1, 2025, subject to earlier termination as provided for in each agreement.
In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees’ determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant’s conclusions and opinions that arose during, and were included as part of, the Trustees’ consideration of the agreements. “Management fees,” as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.
Nature, Extent and Quality of Services
The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management
Janus Henderson Growth and Income Fund
Additional Information (unaudited)
services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.
In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.
The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract well-qualified personnel.
Performance of the Funds
The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including periodic meetings with each Janus Henderson Fund’s portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund’s performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent data provider, and with the Janus Henderson Fund’s benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2023, approximately 44% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2023, approximately 50% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds’ average 2023 performance has been reasonable, noting that: (i) for the 12 months ended September 30, 2023, approximately 43% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; (ii) for the 36 months ended September 30, 2023, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; and (iii) for the 5- and 10-year periods ended September 30, 2023, approximately 63% and 66% of the Janus Henderson Funds were in the top two quartiles of performance, respectively, as reported by Morningstar.
The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:
Asset Allocation Funds
· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12
Janus Henderson Growth and Income Fund
Additional Information (unaudited)
months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Fixed-Income Funds
· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Developed World Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Global and International Equity Funds
· For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson European Focus Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Janus Henderson Growth and Income Fund
Additional Information (unaudited)
· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
Money Market Funds
· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Multi-Asset Funds
· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
Janus Henderson Growth and Income Fund
Additional Information (unaudited)
U.S. Equity Funds
· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
· For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.
· For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the evaluated performance period ended June 30, 2023. The Trustees noted that the 12- and 36-month end performance periods ended June 30, 2023 were not yet available.
Janus Henderson Growth and Income Fund
Additional Information (unaudited)
· For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
In consideration of each Janus Henderson Fund’s performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund’s performance warranted continuation of such Janus Henderson Fund’s investment advisory agreement.
Costs of Services Provided
The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 6% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.
For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic “focus list” analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.
The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.
The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered that the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds’ other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant referenced its past analyses from 2022, which found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser charges to its institutional separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) 9 of 11 Janus Henderson Funds had lower management fees than similar funds subadvised by the Adviser. As part of their review of the 2022 independent consultant findings, the Trustees noted that for the two Janus Henderson Funds that did not have lower management fees than similar funds subadvised by the Adviser, management fees for each were under the average of its 15(c) peer group.
The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2022 (except for Janus Henderson U.S. Dividend Income Fund, for which the period end was March 31, 2023) and noted the following with
Janus Henderson Growth and Income Fund
Additional Information (unaudited)
regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”) as reflected in the comparative information provided by Broadridge:
Asset Allocation Funds
· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
Fixed-Income Funds
· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson Developed World Bond Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson Global Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson High-Yield Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
Global and International Equity Funds
· For Janus Henderson Asia Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson Emerging Markets Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
Janus Henderson Growth and Income Fund
Additional Information (unaudited)
· For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson Global Equity Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Global Select Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Overseas Fund, the Trustees noted that although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.
Money Market Funds
· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
Multi-Asset Funds
· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that, that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Balanced Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
U.S. Equity Funds
· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were
Janus Henderson Growth and Income Fund
Additional Information (unaudited)
reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Contrarian Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Forty Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Growth and Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Triton Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Venture Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.
Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized
Janus Henderson Growth and Income Fund
Additional Information (unaudited)
by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees noted that the Adviser reported no changes to its allocation methodology for the 2023 15(c) process; however, at the Trustees’ request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant’s analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund’s investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.
The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser were reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund’s total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.
Economies of Scale
The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant’s 2023 report: (1) past analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 28% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have low flat-rate fees (the “Low Flat-Rate Fee Funds”) versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets.
With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2023 report that (1) 70% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Low Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.
The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.
Based on all of the information reviewed, including the recent and past research and analysis conducted by the Trustees’ independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.
Janus Henderson Growth and Income Fund
Additional Information (unaudited)
Other Benefits to the Adviser
The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser’s ability to serve the Janus Henderson Funds.
Janus Henderson Growth and Income Fund
Liquidity Risk Management Program (unaudited)
Liquidity Risk Management Program
Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), requires open-end funds (but not money market funds) to adopt and implement a written liquidity risk management program (the “LRMP”) that is reasonably designed to assess and manage liquidity risk, which is the risk that a fund could not meet redemption requests without significant dilution of remaining investors’ interest in the fund. The Fund has implemented a LRMP, which incorporates the following elements: (i) assessment, management, and periodic review of liquidity risk; (ii) classification of portfolio holdings; (iii) the establishment and monitoring of a highly liquid investment minimum, as applicable; (iv) a 15% limitation on a Fund’s illiquid investments; (v) redemptions in-kind; and (vi) board oversight.
The Trustees of the Fund (the “Trustees”) have designated Janus Henderson Investors US LLC, the Fund’s investment adviser (the “Adviser”), as the Program Administrator for the LRMP responsible for administering the LRMP and carrying out the specific responsibilities of the LRMP. A working group comprised of various teams within the Adviser’s business is responsible for administering the LRMP and carrying out the specific responsibilities of different aspects of the LRMP (the “Liquidity Risk Working Group”). In assessing each Fund’s liquidity risk, the Liquidity Risk Working Group periodically considers, as relevant, factors including (i) the liquidity of a Fund’s portfolio investments during normal and reasonably foreseeable stressed conditions; (ii) whether a Fund’s investment strategy is appropriate for an open-end fund; (iii) the extent to which a Fund’s strategy involves a relatively concentrated portfolio or large positions in any issuer; (iv) a Fund’s use of borrowing for investment purposes; and (v) a Fund’s use of derivatives.
The Liquidity Rule requires the Trustees to review at least annually a written report provided by the Program Administrator that addresses the operation of the LRMP and assesses its adequacy and the effectiveness of its implementation, including, if applicable, the operation of the highly liquid investment minimum, and any material changes to the LRMP (the “Program Administrator Report”). At a meeting held on March 12, 2024, the Adviser provided the Program Administrator Report to the Trustees which covered the operation of the LRMP from January 1, 2023 through December 31, 2023 (the “Reporting Period”).
The Program Administrator Report discussed the operation and effectiveness of the LRMP during the Reporting Period. Among other things, the Program Administrator Report indicated that there were no material changes to the LRMP during the Reporting Period. Additionally, the findings presented in the Program Administrator Report indicated that the LRMP operated adequately during the Reporting Period. These findings included that the Fund was able to meet redemptions during the normal course of business during the Reporting Period. The Program Administrator Report also stated that the Fund did not exceed the 15% limit on illiquid assets during the Reporting Period, that the Fund held primarily highly liquid assets, and was considered to be a primarily highly liquid fund during the Reporting Period. Also included among the Program Administrator Report’s findings was the determination that the Fund’s investment strategy remains appropriate for an open-end fund. In addition, the Adviser expressed its belief in the Program Administrator Report that the LRMP is reasonably designed and adequate to assess and manage the Fund’s liquidity risk, considering the Fund’s particular risks and circumstances, and includes policies and procedures reasonably designed to implement each required component of the Liquidity Rule.
There can be no assurance that the LRMP will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the risks to which an investment in the Fund may be subject.
Janus Henderson Growth and Income Fund
Useful Information About Your Fund Report (unaudited)
Performance Overviews
Performance overview graphs compare the performance of a hypothetical $10,000 investment in the Fund with one or more widely used market indices. When comparing the performance of the Fund with an index, keep in mind that market indices are not available for investment and do not reflect deduction of expenses.
Average annual total returns are quoted for a Fund with more than one year of performance history. Average annual total return is calculated by taking the growth or decline in value of an investment over a period of time, including reinvestment of dividends and distributions, then calculating the annual compounded percentage rate that would have produced the same result had the rate of growth been constant throughout the period. Average annual total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Cumulative total returns are quoted for a Fund with less than one year of performance history. Cumulative total return is the growth or decline in value of an investment over time, independent of the period of time involved. Cumulative total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Pursuant to federal securities rules, expense ratios shown in the performance chart reflect subsidized (if applicable) and unsubsidized ratios. The total annual fund operating expenses ratio is gross of any fee waivers, reflecting the Fund’s unsubsidized expense ratio. The net annual fund operating expenses ratio (if applicable) includes contractual waivers of the Adviser and reflects the Fund’s subsidized expense ratio. Ratios may be higher or lower than those shown in the “Financial Highlights” in this report.
Schedule of Investments
Following the performance overview section is the Fund’s Schedule of Investments. This schedule reports the types of securities held in the Fund on the last day of the reporting period. Securities are usually listed by type (common stock, corporate bonds, U.S. Government obligations, etc.) and by industry classification (banking, communications, insurance, etc.). Holdings are subject to change without notice.
The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.
If the Fund invests in foreign securities, it will also provide a summary of investments by country. This summary reports the Fund exposure to different countries by providing the percentage of securities invested in each country. The country of each security represents the country of risk. A company may be allocated to a country based on other factors such as location of the company’s principal office, the location of the principal trading market for the company’s securities, or the country where a majority of the company’s revenues are derived. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by Bloomberg and/or MSCI Inc.
Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund’s Schedule of Investments (if applicable).
Statement of Assets and Liabilities
This statement is often referred to as the “balance sheet.” It lists the assets and liabilities of the Fund on the last day of the reporting period.
The Fund’s assets are calculated by adding the value of the securities owned, the receivable for securities sold but not yet settled, the receivable for dividends declared but not yet received on securities owned, and the receivable for Fund shares sold to investors but not yet settled. The Fund’s liabilities include payables for securities purchased but not yet settled, Fund shares redeemed but not yet paid, and expenses owed but not yet paid. Additionally, there may be other assets and liabilities such as unrealized gain or loss on forward currency contracts.
The section entitled “Net Assets Consist of” breaks down the components of the Fund’s net assets. Because the Fund must distribute substantially all earnings, you will notice that a significant portion of net assets is shareholder capital.
The last section of this statement reports the net asset value (“NAV”) per share on the last day of the reporting period. The NAV is calculated by dividing the Fund’s net assets for each share class (assets minus liabilities) by the number of shares outstanding.
Janus Henderson Growth and Income Fund
Useful Information About Your Fund Report (unaudited)
Statement of Operations
This statement details the Fund’s income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.
The first section in this statement, entitled “Investment Income,” reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.
The next section reports the expenses incurred by the Fund, including the advisory fee paid to the investment adviser, transfer agent fees and expenses, and printing and postage for mailing statements, financial reports and prospectuses. Expense offsets and expense reimbursements, if any, are also shown.
The last section lists the amounts of realized gains or losses from investment and foreign currency transactions, and changes in unrealized appreciation or depreciation of investments and foreign currency-denominated assets and liabilities. The Fund will realize a gain (or loss) when it sells its position in a particular security. A change in unrealized gain (or loss) refers to the change in net appreciation or depreciation of the Fund during the reporting period. “Net Realized and Unrealized Gain/(Loss) on Investments” is affected both by changes in the market value of Fund holdings and by gains (or losses) realized during the reporting period.
Statements of Changes in Net Assets
These statements report the increase or decrease in the Fund’s net assets during the reporting period. Changes in the Fund’s net assets are attributable to investment operations, dividends and distributions to investors, and capital share transactions. This is important to investors because it shows exactly what caused the Fund’s net asset size to change during the period.
The first section summarizes the information from the Statement of Operations regarding changes in net assets due to the Fund’s investment operations. The Fund’s net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends and/or distributions in cash, money is taken out of the Fund to pay the dividend and/or distribution. If investors reinvest their dividends and/or distributions, the Fund’s net assets will not be affected.
The reinvestment of dividends and distributions is included under “Capital Share Transactions.” “Capital Shares” refers to the money investors contribute to the Fund through purchases or withdrawals via redemptions. The Fund’s net assets will increase and decrease in value as investors purchase and redeem shares from the Fund.
Financial Highlights
This schedule provides a per-share breakdown of the components that affect the Fund’s NAV for current and past reporting periods as well as total return, asset size, ratios, and portfolio turnover rate.
The first line in the table reflects the NAV per share at the beginning of the reporting period. The next line reports the net investment income/(loss) per share. Following is the per share total of net gains/(losses), realized and unrealized. Per share dividends and distributions to investors are then subtracted to arrive at the NAV per share at the end of the period. The next line reflects the total return for the period. The total return may include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. As a result, the total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.
The Fund’s expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.
The ratio of net investment income/(loss) summarizes the income earned less expenses, divided by the average net assets of the Fund during the reporting period. Do not confuse this ratio with the Fund’s yield. The net investment income ratio is not a true measure of the Fund’s yield because it does not take into account the dividends distributed to the Fund’s investors.
The next figure is the portfolio turnover rate, which measures the buying and selling activity in the Fund. Portfolio turnover is affected by market conditions, changes in the asset size of the Fund, fluctuating volume of shareholder purchase and redemption orders, the nature of the Fund’s investments, and the investment style and/or outlook of the portfolio manager(s) and/or investment personnel. A 100% rate implies that an amount equal to the value of the entire portfolio was replaced once during the fiscal year; a 50% rate means that an amount equal to the value of half the
Janus Henderson Growth and Income Fund
Useful Information About Your Fund Report (unaudited)
portfolio is traded in a year; and a 200% rate means that an amount equal to the value of the entire portfolio is traded every six months.
Janus Henderson Growth and Income Fund
Notes
NotesPage1
Janus Henderson Growth and Income Fund
Notes
NotesPage2
Janus Henderson Growth and Income Fund
Notes
NotesPage3
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This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. |
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Mutual funds distributed by Janus Henderson Distributors US LLC |
| | | | 125-24-93048 05-24 |
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| | | SEMIANNUAL REPORT March 31, 2024 |
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| | Janus Henderson Overseas Fund |
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| | Janus Investment Fund |
| |
| | | HIGHLIGHTS · Investment strategy behind your fund · Fund performance, characteristics
and holdings |
Table of Contents
Janus Henderson Overseas Fund
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Christopher O’Malley co-portfolio manager | 
Julian McManus co-portfolio manager |
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Important Notice – Tailored Shareholder Reports
Effective January 24, 2023, the Securities and Exchange Commission (the “SEC”) adopted rule and form amendments that require mutual funds and exchange-traded funds to provide shareholders with streamlined annual and semi-annual shareholder reports that highlight key information. Other information, including financial statements, that currently appears in shareholder reports will be made available online, delivered free of charge to shareholders upon request, and filed with the SEC. The first tailored shareholder report for the Fund will be for the reporting period ending September 30, 2024. Currently, management is evaluating the impact of the rule and form amendments on the content of the Fund’s current shareholder reports.
Janus Henderson Overseas Fund (unaudited)
Fund At A Glance
March 31, 2024
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| 5 Top Contributors - Holdings | 5 Top Detractors - Holdings |
| | Average
Weight | | Relative
Contribution | | | Average
Weight | | Relative
Contribution |
| ASML Holding NV | 4.03% | | 1.22% | | AIA Group Ltd | 2.76% | | -0.82% |
| BAE Systems PLC | 5.29% | | 1.19% | | Entain PLC | 2.50% | | -0.67% |
| Taiwan Semiconductor Manufacturing Co Ltd | 5.42% | | 1.08% | | HDFC Bank Ltd | 2.67% | | -0.54% |
| UniCredit SpA | 1.88% | | 0.64% | | Sanofi | 2.39% | | -0.52% |
| Ferguson PLC | 2.73% | | 0.50% | | Teck Resources Ltd | 4.24% | | -0.41% |
| | | | | | | |
| 5 Top Contributors - Sectors* | | | | | |
| | | Relative | | Fund | MSCI All Country World ex-USA Index |
| | | Contribution | | Average Weight | Average Weight |
| Information Technology | | 2.69% | | 15.79% | 12.41% |
| Industrials | | 0.65% | | 12.37% | 13.37% |
| Energy | | 0.43% | | 6.99% | 5.70% |
| Communication Services | | 0.16% | | 7.23% | 5.32% |
| Utilities | | 0.14% | | 0.00% | 3.15% |
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| 5 Top Detractors - Sectors* | | | | | |
| | | Relative | | Fund | MSCI All Country World ex-USA Index |
| | | Contribution | | Average Weight | Average Weight |
| Financials | | -0.64% | | 20.27% | 21.22% |
| Consumer Discretionary | | -0.55% | | 10.91% | 11.69% |
| Health Care | | -0.44% | | 11.90% | 9.43% |
| Other** | | -0.19% | | 2.04% | 0.00% |
| Materials | | -0.04% | | 4.67% | 7.65% |
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| Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance.
Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index. |
* | Based on sector classification according to the Global Industry Classification Standard (“GICS”) codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
** | Not a GICS classified sector. |
Janus Henderson Overseas Fund (unaudited)
Fund At A Glance
March 31, 2024
| | |
5 Largest Equity Holdings - (% of Net Assets) |
Taiwan Semiconductor Manufacturing Co Ltd | |
Semiconductor & Semiconductor Equipment | 5.9% |
BAE Systems PLC | |
Aerospace & Defense | 5.1% |
Teck Resources Ltd | |
Metals & Mining | 4.5% |
BNP Paribas SA | |
Banks | 4.4% |
ASML Holding NV | |
Semiconductor & Semiconductor Equipment | 3.8% |
| | 23.7% |
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Asset Allocation - (% of Net Assets) |
Common Stocks | | 94.7% |
Investment Companies | | 2.6% |
Preferred Stocks | | 2.3% |
Investments Purchased with Cash Collateral from Securities Lending | | 0.1% |
Other | | 0.3% |
| | | 100.0% |
Emerging markets comprised 12.4% of total net assets.
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Top Country Allocations - Long Positions - (% of Investment Securities) |
As of March 31, 2024 
| As of September 30, 2023 
|
Janus Henderson Overseas Fund (unaudited)
Performance
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See important disclosures on the next page. |
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Average Annual Total Return - for the periods ended March 31, 2024 | | | Prospectus Expense Ratios |
| | Fiscal
Year-to-Date | One
Year | Five
Year | Ten
Year | Since
Inception* | | | Total Annual Fund
Operating Expenses‡ |
Class A Shares at NAV | | 17.00% | 12.84% | 10.41% | 4.01% | 7.81% | | | 1.20% |
Class A Shares at MOP | | 10.27% | 6.36% | 9.11% | 3.40% | 7.59% | | | |
Class C Shares at NAV | | 16.65% | 12.17% | 9.54% | 3.21% | 7.05% | | | 1.94% |
Class C Shares at CDSC | | 15.65% | 11.17% | 9.54% | 3.21% | 7.05% | | | |
Class D Shares | | 17.13% | 13.12% | 10.72% | 4.31% | 8.00% | | | 0.94% |
Class I Shares | | 17.17% | 13.17% | 10.76% | 4.35% | 8.03% | | | 0.91% |
Class N Shares | | 17.25% | 13.31% | 10.88% | 4.46% | 8.05% | | | 0.80% |
Class R Shares | | 16.80% | 12.47% | 10.05% | 3.69% | 7.44% | | | 1.56% |
Class S Shares | | 16.95% | 12.76% | 10.33% | 3.96% | 7.69% | | | 1.29% |
Class T Shares | | 17.10% | 13.04% | 10.62% | 4.22% | 7.96% | | | 1.04% |
MSCI All Country World ex-USA Index | | 14.90% | 13.26% | 5.97% | 4.25% | N/A** | | | |
Morningstar Quartile - Class T Shares | | - | 3rd | 1st | 3rd | 1st | | | |
Morningstar Ranking - based on total returns for Foreign Large Blend Funds | | - | 402/752 | 20/675 | 339/529 | 11/109 | | | |
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold. For the most recent month-end performance call 800.668.0434 (or 800.525.3713 if you hold shares directly with Janus Henderson) or visit janushenderson.com/performance (or janushenderson.com/allfunds if you hold shares directly with Janus Henderson).
Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.
CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.
This Fund has a performance-based management fee that may adjust up or down based on the Fund’s performance.
Performance may be affected by risks that include those associated with foreign and emerging markets, fixed income securities, high-yield and high-risk securities, undervalued, overlooked and smaller capitalization companies, real estate related securities including Real Estate Investment Trusts (REITs), Environmental, Social and Governance (ESG) factors, non-diversification, portfolio turnover, derivatives, short sales, initial public offerings (IPOs) and
Janus Henderson Overseas Fund (unaudited)
Performance
potential conflicts of interest. Each product has different risks. Please see the prospectus for more information about risks, holdings and other details.
Returns include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.
Class A Shares, Class C Shares, Class R Shares, and Class S Shares commenced operations on July 6, 2009. Performance shown for each class for periods prior to July 6, 2009, reflects the performance of the Fund’s Class J Shares, the initial share class (renamed Class T Shares effective February 16, 2010), calculated using the fees and expenses of each respective class, without the effect of any fee and expense limitations or waivers.
Class D Shares commenced operations on February 16, 2010. Performance shown for periods prior to February 16, 2010, reflects the performance of the Fund’s former Class J Shares, calculated using the fees and expenses in effect during the periods shown, net of any applicable fee and expense limitations or waivers.
Class I Shares commenced operations on July 6, 2009. Performance shown for periods prior to July 6, 2009, reflects the performance of the Fund’s former Class J Shares, calculated using the fees and expenses of Class J Shares, net of any applicable fee and expense limitations or waivers.
Class N Shares commenced operations on May 31, 2012. Performance shown for periods prior to May 31, 2012, reflects the performance of the Fund's Class T Shares, calculated using the fees and expenses of Class T Shares, net of any applicable fee and expense limitations or waivers.
If each share class of the Fund had been available during periods prior to its commencement, the performance shown may have been different. The performance shown for periods following the Fund’s commencement of each share class reflects the fees and expenses of each respective share class, net of any applicable fee and expense limitations or waivers. Please refer to the Fund’s prospectuses for further details concerning historical performance.
Ranking is for the share class shown only; other classes may have different performance characteristics. When an expense waiver is in effect, it may have a material effect on the total return, and therefore the ranking for the period.
© 2024 Morningstar, Inc. All Rights Reserved.
There is no assurance that the investment process will consistently lead to successful investing.
See Notes to Schedule of Investments and Other Information for index definitions.
Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.
See “Useful Information About Your Fund Report.”
Effective January 26, 2024, Chris O’Malley is Co-Portfolio Manager with Lead Portfolio Manager Julian McManus.
*The Fund’s inception date – May 2, 1994
**Since inception index return is not available for indices created subsequent to fund inception.
‡ As stated in the prospectus. Net expense ratios reflect the expense waiver, if any, contractually agreed to for the one year period commencing January 26, 2024. C, D and R share classes are also subject to a non-standard expense waiver, contractually agreed to for at least a one-year period commencing on June 16, 2023. These contractual waivers may be terminated or modified only at the discretion of the Board of Trustees. See Financial Highlights for actual expense ratios during the reporting period.
Janus Henderson Overseas Fund (unaudited)
Expense Examples
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, such as sales charges (loads) on purchase payments (applicable to Class A Shares only); and (2) ongoing costs, including management fees; 12b-1 distribution and shareholder servicing fees; transfer agent fees and expenses payable pursuant to the Transfer Agency Agreement; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The example is based upon an investment of $1,000 invested at the beginning of the period and held for the six-months indicated, unless noted otherwise in the table and footnotes below.
Actual Expenses
The information in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate column for your share class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.
Hypothetical Example for Comparison Purposes
The information in the table under the heading “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based upon the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Additionally, for an analysis of the fees associated with an investment in any share class or other similar funds, please visit www.finra.org/fundanalyzer.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. These fees are fully described in the Fund’s prospectuses. Therefore, the hypothetical examples are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
| | | | | | | | | | | |
| | | | | | | | |
| | | Actual | | Hypothetical
(5% return before expenses) | |
| Beginning
Account
Value
(10/1/23) | Ending
Account
Value
(3/31/24) | Expenses
Paid During
Period
(10/1/23 - 3/31/24)† | | Beginning
Account
Value
(10/1/23) | Ending
Account
Value
(3/31/24) | Expenses
Paid During
Period
(10/1/23 - 3/31/24)† | Net Annualized
Expense Ratio
(10/1/23 - 3/31/24) |
Class A Shares | $1,000.00 | $1,170.00 | $6.40 | | $1,000.00 | $1,019.10 | $5.96 | 1.18% |
Class C Shares | $1,000.00 | $1,166.50 | $9.91 | | $1,000.00 | $1,015.85 | $9.22 | 1.83% |
Class D Shares | $1,000.00 | $1,171.30 | $5.05 | | $1,000.00 | $1,020.35 | $4.70 | 0.93% |
Class I Shares | $1,000.00 | $1,171.70 | $4.83 | | $1,000.00 | $1,020.55 | $4.50 | 0.89% |
Class N Shares | $1,000.00 | $1,172.50 | $4.29 | | $1,000.00 | $1,021.05 | $3.99 | 0.79% |
Class R Shares | $1,000.00 | $1,168.00 | $8.35 | | $1,000.00 | $1,017.30 | $7.77 | 1.54% |
Class S Shares | $1,000.00 | $1,169.50 | $7.00 | | $1,000.00 | $1,018.55 | $6.51 | 1.29% |
Class T Shares | $1,000.00 | $1,171.00 | $5.59 | | $1,000.00 | $1,019.85 | $5.20 | 1.03% |
† | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements. |
Janus Henderson Overseas Fund
Schedule of Investments (unaudited)
March 31, 2024
| | | | | | | | |
Shares or
Principal Amounts | | | Value | |
Common Stocks– 94.7% | | | |
Aerospace & Defense – 5.1% | | | |
| | BAE Systems PLC | | 9,718,236 | | | $165,494,277 | |
Automobiles – 2.0% | | | |
| | Toyota Motor Corp | | 2,606,800 | | | 65,548,895 | |
Banks – 12.5% | | | |
| | BNP Paribas SA | | 1,991,117 | | | 141,455,564 | |
| | Erste Group Bank AG | | 1,250,196 | | | 55,696,728 | |
| | HDFC Bank Ltd | | 4,452,502 | | | 77,301,809 | |
| | Natwest Group PLC | | 15,781,528 | | | 52,873,277 | |
| | UniCredit SpA | | 1,947,647 | | | 73,900,245 | |
| | | 401,227,623 | |
Beverages – 4.3% | | | |
| | Davide Campari-Milano NV | | 4,070,302 | | | 40,894,452 | |
| | Heineken NV | | 998,226 | | | 96,200,284 | |
| | | 137,094,736 | |
Biotechnology – 1.8% | | | |
| | Argenx SE (ADR)* | | 68,632 | | | 27,021,791 | |
| | Ascendis Pharma A/S (ADR)* | | 146,401 | | | 22,131,439 | |
| | Zai Lab Ltd (ADR)* | | 444,769 | | | 7,125,199 | |
| | | 56,278,429 | |
Chemicals – 1.0% | | | |
| | Shin-Etsu Chemical Co Ltd | | 713,400 | | | 31,135,838 | |
Commercial Services & Supplies – 2.6% | | | |
| | Rentokil Initial PLC | | 5,430,650 | | | 32,325,134 | |
| | Secom Co Ltd | | 726,200 | | | 52,584,250 | |
| | | 84,909,384 | |
Diversified Telecommunication Services – 3.4% | | | |
| | Deutsche Telekom AG | | 4,564,888 | | | 110,793,472 | |
Electronic Equipment, Instruments & Components – 3.5% | | | |
| | Hexagon AB - Class B | | 6,428,950 | | | 76,113,885 | |
| | Keyence Corp | | 76,800 | | | 35,563,636 | |
| | | 111,677,521 | |
Entertainment – 3.2% | | | |
| | Liberty Media Corp-Liberty Formula One - Series C* | | 1,583,054 | | | 103,848,342 | |
Health Care Equipment & Supplies – 2.4% | | | |
| | Hoya Corp | | 611,400 | | | 76,081,653 | |
Hotels, Restaurants & Leisure – 3.6% | | | |
| | Entain PLC | | 6,543,933 | | | 65,847,263 | |
| | Las Vegas Sands Corp | | 576,755 | | | 29,818,234 | |
| | MakeMyTrip Ltd* | | 260,552 | | | 18,512,220 | |
| | | 114,177,717 | |
Industrial Real Estate Investment Trusts (REITs) – 1.2% | | | |
| | Segro PLC | | 3,424,642 | | | 39,058,015 | |
Information Technology Services – 1.0% | | | |
| | Fujitsu Ltd | | 2,103,000 | | | 33,588,811 | |
Insurance – 5.6% | | | |
| | AIA Group Ltd | | 9,872,000 | | | 66,282,546 | |
| | Dai-ichi Life Holdings Inc | | 4,517,100 | | | 114,897,166 | |
| | | 181,179,712 | |
Life Sciences Tools & Services – 1.5% | | | |
| | ICON PLC* | | 138,625 | | | 46,571,069 | |
Machinery – 0.1% | | | |
| | Alstom SA# | | 240,548 | | | 3,666,447 | |
Metals & Mining – 4.5% | | | |
| | Teck Resources Ltd | | 3,127,905 | | | 143,185,255 | |
Multiline Retail – 0.8% | | | |
| | JD.Com Inc - Class A | | 1,954,139 | | | 26,940,038 | |
Oil, Gas & Consumable Fuels – 6.1% | | | |
| | Canadian Natural Resources Ltd | | 1,377,210 | | | 105,108,667 | |
| | Gaztransport Et Technigaz SA | | 192,773 | | | 28,800,333 | |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
6 | MARCH 31, 2024 |
Janus Henderson Overseas Fund
Schedule of Investments (unaudited)
March 31, 2024
| | | | | | | | |
Shares or
Principal Amounts | | | Value | |
Common Stocks– (continued) | | | |
Oil, Gas & Consumable Fuels– (continued) | | | |
| | TotalEnergies SE | | 894,267 | | | $61,226,189 | |
| | | 195,135,189 | |
Personal Products – 2.9% | | | |
| | Unilever PLC | | 1,850,888 | | | 92,852,702 | |
Pharmaceuticals – 5.8% | | | |
| | AstraZeneca PLC | | 359,899 | | | 48,494,580 | |
| | Daiichi Sankyo Co Ltd | | 518,000 | | | 16,420,217 | |
| | Novo Nordisk A/S - Class B | | 499,495 | | | 63,717,637 | |
| | Sanofi | | 587,338 | | | 57,628,867 | |
| | | 186,261,301 | |
Road & Rail – 1.0% | | | |
| | Full Truck Alliance Co (ADR)* | | 4,546,638 | | | 33,054,058 | |
Semiconductor & Semiconductor Equipment – 10.6% | | | |
| | ASML Holding NV | | 125,802 | | | 121,074,112 | |
| | SK Hynix Inc | | 235,672 | | | 31,198,834 | |
| | Taiwan Semiconductor Manufacturing Co Ltd | | 7,862,000 | | | 188,945,497 | |
| | | 341,218,443 | |
Specialty Retail – 0.7% | | | |
| | Shimamura Co Ltd | | 406,900 | | | 23,167,707 | |
Technology Hardware, Storage & Peripherals – 0.5% | | | |
| | Samsung Electronics Co Ltd | | 271,007 | | | 16,267,265 | |
Textiles, Apparel & Luxury Goods – 4.7% | | | |
| | LVMH Moet Hennessy Louis Vuitton SE | | 36,045 | | | 32,415,771 | |
| | Samsonite International SA (144A)* | | 31,252,229 | | | 118,193,617 | |
| | | 150,609,388 | |
Trading Companies & Distributors – 1.0% | | | |
| | Ferguson PLC | | 145,895 | | | 31,896,006 | |
Wireless Telecommunication Services – 1.3% | | | |
| | SoftBank Group Corp | | 689,800 | | | 40,842,941 | |
Total Common Stocks (cost $2,440,468,857) | | 3,043,762,234 | |
Preferred Stocks– 2.3% | | | |
Automobiles – 2.3% | | | |
| | Dr Ing hc F Porsche AG (144A)((cost $70,863,341) | | 738,885 | | | 73,550,556 | |
Investment Companies– 2.6% | | | |
Money Markets – 2.6% | | | |
| | Janus Henderson Cash Liquidity Fund LLC, 5.3830%ºº,£((cost $85,181,021) | | 85,163,988 | | | 85,181,021 | |
Investments Purchased with Cash Collateral from Securities Lending– 0.1% | | | |
Investment Companies – 0.1% | | | |
| | Janus Henderson Cash Collateral Fund LLC, 5.2800%ºº,£ | | 2,132,132 | | | 2,132,132 | |
Time Deposits – 0% | | | |
| | Royal Bank of Canada, 5.3100%, 4/1/24 | | $533,033 | | | 533,033 | |
Total Investments Purchased with Cash Collateral from Securities Lending (cost $2,665,165) | | 2,665,165 | |
Total Investments (total cost $2,599,178,384) – 99.7% | | 3,205,158,976 | |
Cash, Receivables and Other Assets, net of Liabilities – 0.3% | | 9,186,974 | |
Net Assets – 100% | | $3,214,345,950 | |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
Janus Investment Fund | 7 |
Janus Henderson Overseas Fund
Schedule of Investments (unaudited)
March 31, 2024
| | | | | | |
Summary of Investments by Country - (Long Positions) (unaudited) |
| |
| | | | | % of | |
| | | | | Investment | |
Country | | Value | | Securities | |
United Kingdom | | $496,945,248 | | 15.5 | % |
Japan | | 489,831,114 | | 15.3 | |
France | | 325,193,171 | | 10.1 | |
United States | | 253,408,768 | | 7.9 | |
Canada | | 248,293,922 | | 7.7 | |
Netherlands | | 217,274,396 | | 6.8 | |
Taiwan | | 188,945,497 | | 5.9 | |
Hong Kong | | 184,476,163 | | 5.8 | |
Germany | | 184,344,028 | | 5.7 | |
Italy | | 114,794,697 | | 3.6 | |
India | | 95,814,029 | | 3.0 | |
Denmark | | 85,849,076 | | 2.7 | |
Sweden | | 76,113,885 | | 2.4 | |
China | | 67,119,295 | | 2.1 | |
Austria | | 55,696,728 | | 1.7 | |
South Korea | | 47,466,099 | | 1.5 | |
Ireland | | 46,571,069 | | 1.5 | |
Belgium | | 27,021,791 | | 0.8 | |
| | | | | | |
| | | | | | |
Total | | $3,205,158,976 | | 100.0 | % |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
8 | MARCH 31, 2024 |
Janus Henderson Overseas Fund
Schedule of Investments (unaudited)
March 31, 2024
Schedules of Affiliated Investments – (% of Net Assets)
| | | | | | | | | | | |
| | Dividend Income | Realized Gain/(Loss) | Change in Unrealized Appreciation/ Depreciation | Value at 3/31/24 |
Investment Companies - 2.6% |
Money Markets - 2.6% | |
| | Janus Henderson Cash Liquidity Fund LLC, 5.3830%ºº | $ | 1,613,834 | $ | (1,441) | $ | (4,196) | $ | 85,181,021 |
Investments Purchased with Cash Collateral from Securities Lending - 0.1% |
Investment Companies - 0.1% | |
| | Janus Henderson Cash Collateral Fund LLC, 5.2800%ºº | | 19,142∆ | | - | | - | | 2,132,132 |
Total Affiliated Investments - 2.7% | $ | 1,632,976 | $ | (1,441) | $ | (4,196) | $ | 87,313,153 |
| | | | | | | | | | | |
| | Value at 9/30/23 | Purchases | Sales Proceeds | Value at 3/31/24 |
Investment Companies - 2.6% |
Money Markets - 2.6% | |
| | Janus Henderson Cash Liquidity Fund LLC, 5.3830%ºº | | 56,377,171 | | 310,464,201 | | (281,654,714) | | 85,181,021 |
Investments Purchased with Cash Collateral from Securities Lending - 0.1% |
Investment Companies - 0.1% | |
| | Janus Henderson Cash Collateral Fund LLC, 5.2800%ºº | | 584,080 | | 100,327,225 | | (98,779,173) | | 2,132,132 |
| | | | | | | | | | | | |
Schedule of Total Return Swaps |
Counterparty/ Return Paid by the Fund | | Return Received by the Fund | | Payment Frequency | | Termination Date | | Notional Amount | | | Swap Contracts, at Value and Unrealized Appreciation/ (Depreciation) |
UBS AG, London Branch:
| | | | | | | | | | | | |
Euro short-term rate + 0.55% | | Ryanair Holdings PLC | | At Maturity | | 1/15/25 | | 27,200,730 | EUR | $ | 3,751,637 |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
Janus Investment Fund | 9 |
Janus Henderson Overseas Fund
Schedule of Investments (unaudited)
March 31, 2024
The following table, grouped by derivative type, provides information about the fair value and location of derivatives within the Statement of Assets and Liabilities as of March 31, 2024.
| | | | | | |
Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of March 31, 2024 |
| | | | | |
| | | | | Equity
Contracts |
Asset Derivatives: | | | |
Swaps - OTC, at value | | | $3,751,637 |
| | | |
The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the period ended March 31, 2024.
| | | | | |
The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended March 31, 2024 |
| | | | |
Amount of Realized Gain/(Loss) Recognized on Derivatives |
Derivative | | Equity
Contracts |
Swap contracts | | $ 277,782 |
| | | | |
| | | | |
| | | | |
Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives |
Derivative | | Equity
Contracts |
Swap contracts | | $3,751,637 |
| | | | |
Please see the "Net Realized Gain/(Loss) on Investments" sections of the Fund’s Statement of Operations.
| | |
Average Ending Monthly Value of Derivative Instruments During the Period Ended March 31, 2024 |
| |
| |
Total return swaps: | |
Average notional amount | $15,543,274 |
| |
| |
| |
| |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
10 | MARCH 31, 2024 |
Janus Henderson Overseas Fund
Schedule of Investments (unaudited)
March 31, 2024
| | | | | | | | | | |
Offsetting of Financial Assets and Derivative Assets |
| |
| | | Gross Amounts | | | | | | |
| | | of Recognized | | Offsetting Asset | | Collateral | | |
Counterparty | | Assets | | or Liability(a) | | Pledged(b) | | Net Amount |
| | | | | | | | | |
JPMorgan Chase Bank, National Association | $ | 2,612,337 | $ | — | $ | (2,612,337) | $ | — |
UBS AG, London Branch | | 3,751,637 | | — | | — | | 3,751,637 |
| | | | | | | | | |
Total | $ | 6,363,974 | $ | — | $ | (2,612,337) | $ | 3,751,637 |
(a) | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. |
(b) | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
Janus Investment Fund | 11 |
Janus Henderson Overseas Fund
Notes to Schedule of Investments and Other Information (unaudited)
| | |
MSCI All Country World ex-USA IndexSM | MSCI All Country World ex-USA IndexSM reflects the equity market performance of global developed and emerging markets, excluding the U.S. |
| | |
| | |
ADR | American Depositary Receipt |
LLC | Limited Liability Company |
PLC | Public Limited Company |
| | |
144A | Securities sold under Rule 144A of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Unless otherwise noted, these securities have been determined to be liquid under guidelines established by the Board of Trustees. The total value of 144A securities as of the period ended March 31, 2024 is $191,744,173, which represents 6.0% of net assets. |
| | |
* | Non-income producing security. |
| | |
ºº | Rate shown is the 7-day yield as of March 31, 2024. |
| | |
# | Loaned security; a portion of the security is on loan at March 31, 2024. |
| | |
£ | 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. |
| | | | | | | | | | | | | | |
The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of March 31, 2024. See Notes to Financial Statements for more information. |
| |
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 | $ | 122,543,664 | $ | 63,717,637 | $ | - |
All Other | | 2,857,500,933 | | - | | - |
Preferred Stocks | | 73,550,556 | | - | | - |
Investment Companies | | - | | 85,181,021 | | - |
Investments Purchased with Cash Collateral from Securities Lending | | - | | 2,665,165 | | - |
Total Investments in Securities | $ | 3,053,595,153 | $ | 151,563,823 | $ | - |
Other Financial Instruments(a): | | | | | | |
OTC Swaps | | - | | 3,751,637 | | - |
Total Assets | $ | 3,053,595,153 | $ | 155,315,460 | $ | - |
| | | | | | | |
(a) | Other financial instruments may include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Written options and written swaptions are reported at their market value at measurement date. |
Janus Henderson Overseas Fund
Statement of Assets and Liabilities (unaudited)
March 31, 2024
| |
See footnotes at the end of the Statement. |
| | | | | | | |
| | | | | | |
Assets: | | | | |
| Unaffiliated investments, at value (cost $2,511,865,231)(1) | | $ | 3,117,845,823 | |
| Affiliated investments, at value (cost $87,313,153) | | | 87,313,153 | |
| OTC swap contracts, at value (net premium received $0) | | | 3,751,637 | |
| Trustees' deferred compensation | | | 89,072 | |
| Receivables: | | | | |
| | Dividends | | | 10,517,747 | |
| | Fund shares sold | | | 9,399,897 | |
| | Investments sold | | | 7,264,642 | |
| | Foreign tax reclaims | | | 6,785,768 | |
| | Dividends from affiliates | | | 334,163 | |
| | Dividends and interest on swap contracts | | | 276,505 | |
| Other assets | | | 17,422 | |
Total Assets | | | 3,243,595,829 | |
Liabilities: | | | | |
| Foreign cash due to custodian | | | 5,105 | |
| Collateral for securities loaned (Note 3) | | | 2,665,165 | |
| Payables: | | | — | |
| | Fund shares repurchased | | | 13,786,607 | |
| | Investments purchased | | | 5,355,990 | |
| | Foreign withholding tax reclaim fee | | | 4,025,133 | |
| | Advisory fees | | | 2,006,970 | |
| | Transfer agent fees and expenses | | | 500,111 | |
| | 12b-1 Distribution and shareholder servicing fees | | | 96,712 | |
| | Trustees' deferred compensation fees | | | 89,072 | |
| | Custodian fees | | | 71,104 | |
| | Professional fees | | | 57,125 | |
| | Trustees' fees and expenses | | | 15,796 | |
| | Affiliated fund administration fees payable | | | 6,771 | |
| | Accrued expenses and other payables | | | 568,218 | |
Total Liabilities | | | 29,249,879 | |
Commitments and contingent liabilities (Note 4) | | | | |
Net Assets | | $ | 3,214,345,950 | |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 13 |
Janus Henderson Overseas Fund
Statement of Assets and Liabilities (unaudited)
March 31, 2024
| | | | | | | |
| | | | | | |
| | | | | | |
Net Assets Consist of: | | | | |
| Capital (par value and paid-in surplus) | | $ | 4,019,292,286 | |
| Total distributable earnings (loss) | | | (804,946,336) | |
Total Net Assets | | $ | 3,214,345,950 | |
Net Assets - Class A Shares | | $ | 219,437,548 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 4,644,573 | |
Net Asset Value Per Share(2) | | $ | 47.25 | |
Maximum Offering Price Per Share(3) | | $ | 50.13 | |
Net Assets - Class C Shares | | $ | 13,537,201 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 292,577 | |
Net Asset Value Per Share(2) | | $ | 46.27 | |
Net Assets - Class D Shares | | $ | 687,698,283 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 14,668,293 | |
Net Asset Value Per Share | | $ | 46.88 | |
Net Assets - Class I Shares | | $ | 1,380,992,443 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 29,381,317 | |
Net Asset Value Per Share | | $ | 47.00 | |
Net Assets - Class N Shares | | $ | 233,684,313 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 4,997,047 | |
Net Asset Value Per Share | | $ | 46.76 | |
Net Assets - Class R Shares | | $ | 24,521,562 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 526,012 | |
Net Asset Value Per Share | | $ | 46.62 | |
Net Assets - Class S Shares | | $ | 136,909,358 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 2,915,128 | |
Net Asset Value Per Share | | $ | 46.97 | |
Net Assets - Class T Shares | | $ | 517,565,242 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 11,022,145 | |
Net Asset Value Per Share | | $ | 46.96 | |
| |
(1) Includes $2,612,337 of securities on loan. See Note 3 in Notes to Financial Statements. (2) Redemption price per share may be reduced for any applicable contingent deferred sales charge. (3) Maximum offering price is computed at 100/94.25 of net asset value. |
| | |
See Notes to Financial Statements. |
| |
14 | MARCH 31, 2024 |
Janus Henderson Overseas Fund
Statement of Operations (unaudited)
For the period ended March 31, 2024
| | | | | | |
| | | | | |
Investment Income: | | | |
| Dividends | $ | 21,177,814 | |
| Dividends from affiliates | | 1,613,834 | |
| Affiliated securities lending income, net | | 19,142 | |
| Unaffiliated securities lending income, net | | 4,475 | |
| Other income | | 79,670 | |
| Foreign tax withheld | | (1,282,112) | |
Total Investment Income | | 21,612,823 | |
Expenses: | | | |
| Advisory fees | | 11,127,244 | |
| 12b-1 Distribution and shareholder servicing fees: | | | |
| | Class A Shares | | 289,300 | |
| | Class C Shares | | 59,210 | |
| | Class R Shares | | 56,202 | |
| | Class S Shares | | 157,740 | |
| Transfer agent administrative fees and expenses: | | | |
| | Class D Shares | | 362,000 | |
| | Class R Shares | | 28,706 | |
| | Class S Shares | | 157,798 | |
| | Class T Shares | | 613,735 | |
| Transfer agent networking and omnibus fees: | | | |
| | Class A Shares | | 130,269 | |
| | Class C Shares | | 8,680 | |
| | Class I Shares | | 634,839 | |
| Other transfer agent fees and expenses: | | | |
| | Class A Shares | | 6,274 | |
| | Class C Shares | | 351 | |
| | Class D Shares | | 57,238 | |
| | Class I Shares | | 32,747 | |
| | Class N Shares | | 4,681 | |
| | Class R Shares | | 287 | |
| | Class S Shares | | 1,021 | |
| | Class T Shares | | 3,600 | |
| Shareholder reports expense | | 151,504 | |
| Registration fees | | 148,697 | |
| Custodian fees | | 123,073 | |
| Professional fees | | 87,547 | |
| Affiliated fund administration fees | | 37,268 | |
| Trustees’ fees and expenses | | 30,376 | |
| Other expenses | | 133,079 | |
Total Expenses | | 14,443,466 | |
Less: Excess Expense Reimbursement and Waivers | | (28,082) | |
Net Expenses | | 14,415,384 | |
Net Investment Income/(Loss) | | 7,197,439 | |
| | | | | |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 15 |
Janus Henderson Overseas Fund
Statement of Operations (unaudited)
For the period ended March 31, 2024
| | | | | | |
| | | | | |
Net Realized Gain/(Loss) on Investments: | | | |
| Investments and foreign currency transactions | $ | 97,949,957 | |
| Investments in affiliates | | (1,441) | |
| Swap contracts | | 277,782 | |
Total Net Realized Gain/(Loss) on Investments | | 98,226,298 | |
Change in Unrealized Net Appreciation/Depreciation: | | | |
| Investments, foreign currency translations and Trustees’ deferred compensation | | 370,436,986 | |
| Investments in affiliates | | (4,196) | |
| Swap contracts | | 3,751,637 | |
Total Change in Unrealized Net Appreciation/Depreciation | | 374,184,427 | |
Net Increase/(Decrease) in Net Assets Resulting from Operations | $ | 479,608,164 | |
| | | | | |
| | |
See Notes to Financial Statements. |
| |
16 | MARCH 31, 2024 |
Janus Henderson Overseas Fund
Statements of Changes in Net Assets
| | | | | | | | | |
| | | | | | | | |
| | | Period ended
March 31, 2024 (unaudited) | | Year ended
September 30, 2023 | |
| | | | | | | | |
Operations: | | | | | | |
| Net investment income/(loss) | $ | 7,197,439 | | $ | 41,427,446 | |
| Net realized gain/(loss) on investments | | 98,226,298 | | | 18,059,091 | |
| Change in unrealized net appreciation/depreciation | | 374,184,427 | | | 273,473,792 | |
Net Increase/(Decrease) in Net Assets Resulting from Operations | | 479,608,164 | | | 332,960,329 | |
Dividends and Distributions to Shareholders: | | | | | | |
| | Class A Shares | | (3,016,003) | | | (295,705) | |
| | Class C Shares | | (155,195) | | | (26,327) | |
| | Class D Shares | | (8,959,406) | | | (9,693,682) | |
| | Class I Shares | | (18,111,712) | | | (11,776,581) | |
| | Class N Shares | | (3,536,669) | | | (2,006,853) | |
| | Class R Shares | | (191,620) | | | (200,146) | |
| | Class S Shares | | (1,360,835) | | | (1,409,535) | |
| | Class T Shares | | (6,551,276) | | | (6,892,452) | |
Net Decrease from Dividends and Distributions to Shareholders | | (41,882,716) | | | (32,301,281) | |
Capital Share Transactions: (Note 5) | | | | | | |
| | Class A Shares | | (20,158,881) | | | 198,989,644 | |
| | Class C Shares | | (3,193,687) | | | 13,182,322 | |
| | Class D Shares | | (19,696,484) | | | (21,572,913) | |
| | Class I Shares | | (66,759,036) | | | 644,630,020 | |
| | Class N Shares | | 30,241,625 | | | 87,255,676 | |
| | Class R Shares | | (1,217,853) | | | 687,015 | |
| | Class S Shares | | (3,683,817) | | | 354,467 | |
| | Class T Shares | | (38,578,405) | | | 4,194,027 | |
Net Increase/(Decrease) from Capital Share Transactions | | (123,046,538) | | | 927,720,258 | |
Net Increase/(Decrease) in Net Assets | | 314,678,910 | | | 1,228,379,306 | |
Net Assets: | | | | | | |
| Beginning of period | | 2,899,667,040 | | | 1,671,287,734 | |
| End of period | $ | 3,214,345,950 | | $ | 2,899,667,040 | |
| | | | | | | | |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 17 |
Janus Henderson Overseas Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class A Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $40.98 | | | $34.10 | | | $43.91 | | | $33.08 | | | $30.94 | | | $32.42 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | 0.05 | | | 0.28 | | | 0.63 | | | 0.43 | | | 0.21 | | | 0.53 | |
| | Net realized and unrealized gain/(loss) | | 6.83 | | | 7.14 | | | (10.09) | | | 10.64 | | | 2.51 | | | (1.77) | |
| Total from Investment Operations | | 6.88 | | | 7.42 | | | (9.46) | | | 11.07 | | | 2.72 | | | (1.24) | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | (0.61) | | | (0.54) | | | (0.35) | | | (0.24) | | | (0.58) | | | (0.24) | |
| Total Dividends and Distributions | | (0.61) | | | (0.54) | | | (0.35) | | | (0.24) | | | (0.58) | | | (0.24) | |
| Net Asset Value, End of Period | | $47.25 | | | $40.98 | | | $34.10 | | | $43.91 | | | $33.08 | | | $30.94 | |
| Total Return* | | 17.00% | | | 21.80% | | | (21.71)% | | | 33.54% | | | 8.74% | | | (3.74)% | |
| Net Assets, End of Period (in thousands) | | $219,438 | | | $209,483 | | | $19,008 | | | $21,130 | | | $15,231 | | | $17,470 | |
| Average Net Assets for the Period (in thousands) | | $210,529 | | | $79,912 | | | $19,976 | | | $19,864 | | | $15,904 | | | $17,537 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 1.18% | | | 1.17% | | | 1.22% | | | 1.22% | | | 1.17% | | | 1.11% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 1.18% | | | 1.17% | | | 1.22% | | | 1.22% | | | 1.17% | | | 1.10% | |
| | Ratio of Net Investment Income/(Loss) | | 0.25% | | | 0.66% | | | 1.53% | | | 1.03% | | | 0.66% | | | 1.78% | |
| Portfolio Turnover Rate | | 18% | | | 42% | | | 32% | | | 27% | | | 18% | | | 22% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
18 | MARCH 31, 2024 |
Janus Henderson Overseas Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class C Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $40.11 | | | $33.48 | | | $43.14 | | | $32.58 | | | $30.34 | | | $31.76 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | (0.08) | | | 0.08 | | | 0.36 | | | (0.02) | | | (0.06) | | | 0.28 | |
| | Net realized and unrealized gain/(loss) | | 6.69 | | | 6.94 | | | (10.02) | | | 10.58 | | | 2.43 | | | (1.70) | |
| Total from Investment Operations | | 6.61 | | | 7.02 | | | (9.66) | | | 10.56 | | | 2.37 | | | (1.42) | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | (0.45) | | | (0.39) | | | — | | | — | | | (0.13) | | | — | |
| Total Dividends and Distributions | | (0.45) | | | (0.39) | | | — | | | — | | | (0.13) | | | — | |
| Net Asset Value, End of Period | | $46.27 | | | $40.11 | | | $33.48 | | | $43.14 | | | $32.58 | | | $30.34 | |
| Total Return* | | 16.65% | | | 20.98% | | | (22.39)% | | | 32.41% | | | 7.79% | | | (4.47)% | |
| Net Assets, End of Period (in thousands) | | $13,537 | | | $14,765 | | | $1,941 | | | $1,295 | | | $2,665 | | | $3,693 | |
| Average Net Assets for the Period (in thousands) | | $14,019 | | | $7,113 | | | $1,631 | | | $1,910 | | | $3,305 | | | $5,809 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 1.83% | | | 1.82% | | | 2.13% | | | 2.06% | | | 2.02% | | | 1.90% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 1.83% | | | 1.82% | | | 2.09% | | | 2.06% | | | 1.99% | | | 1.87% | |
| | Ratio of Net Investment Income/(Loss) | | (0.44)% | | | 0.19% | | | 0.90% | | | (0.04)% | | | (0.19)% | | | 0.95% | |
| Portfolio Turnover Rate | | 18% | | | 42% | | | 32% | | | 27% | | | 18% | | | 22% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 19 |
Janus Henderson Overseas Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class D Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $40.61 | | | $33.78 | | | $43.49 | | | $32.77 | | | $30.66 | | | $32.12 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | 0.11 | | | 0.68 | | | 0.73 | | | 0.53 | | | 0.30 | | | 0.63 | |
| | Net realized and unrealized gain/(loss) | | 6.76 | | | 6.78 | | | (9.98) | | | 10.54 | | | 2.50 | | | (1.78) | |
| Total from Investment Operations | | 6.87 | | | 7.46 | | | (9.25) | | | 11.07 | | | 2.80 | | | (1.15) | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | (0.60) | | | (0.63) | | | (0.46) | | | (0.35) | | | (0.69) | | | (0.31) | |
| Total Dividends and Distributions | | (0.60) | | | (0.63) | | | (0.46) | | | (0.35) | | | (0.69) | | | (0.31) | |
| Net Asset Value, End of Period | | $46.88 | | | $40.61 | | | $33.78 | | | $43.49 | | | $32.77 | | | $30.66 | |
| Total Return* | | 17.13% | | | 22.13% | | | (21.48)% | | | 33.89% | | | 9.06% | | | (3.46)% | |
| Net Assets, End of Period (in thousands) | | $687,698 | | | $614,116 | | | $528,221 | | | $726,916 | | | $572,590 | | | $587,147 | |
| Average Net Assets for the Period (in thousands) | | $636,698 | | | $633,545 | | | $668,081 | | | $704,107 | | | $570,593 | | | $605,377 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 0.93% | | | 0.94% | | | 0.95% | | | 0.95% | | | 0.89% | | | 0.79% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 0.93% | | | 0.94% | | | 0.95% | | | 0.95% | | | 0.89% | | | 0.79% | |
| | Ratio of Net Investment Income/(Loss) | | 0.51% | | | 1.65% | | | 1.77% | | | 1.28% | | | 0.98% | | | 2.11% | |
| Portfolio Turnover Rate | | 18% | | | 42% | | | 32% | | | 27% | | | 18% | | | 22% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
20 | MARCH 31, 2024 |
Janus Henderson Overseas Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class I Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $40.73 | | | $33.89 | | | $43.68 | | | $32.91 | | | $30.79 | | | $32.25 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | 0.12 | | | 0.72 | | | 0.83 | | | 0.72 | | | 0.32 | | | 0.64 | |
| | Net realized and unrealized gain/(loss) | | 6.77 | | | 6.79 | | | (10.11) | | | 10.41 | | | 2.50 | | | (1.77) | |
| Total from Investment Operations | | 6.89 | | | 7.51 | | | (9.28) | | | 11.13 | | | 2.82 | | | (1.13) | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | (0.62) | | | (0.67) | | | (0.51) | | | (0.36) | | | (0.70) | | | (0.33) | |
| Total Dividends and Distributions | | (0.62) | | | (0.67) | | | (0.51) | | | (0.36) | | | (0.70) | | | (0.33) | |
| Net Asset Value, End of Period | | $47.00 | | | $40.73 | | | $33.89 | | | $43.68 | | | $32.91 | | | $30.79 | |
| Total Return* | | 17.15% | | | 22.21% | | | (21.46)% | | | 33.96% | | | 9.10% | | | (3.40)% | |
| Net Assets, End of Period (in thousands) | | $1,380,992 | | | $1,261,147 | | | $532,808 | | | $312,685 | | | $44,806 | | | $42,606 | |
| Average Net Assets for the Period (in thousands) | | $1,279,364 | | | $1,041,727 | | | $434,124 | | | $90,200 | | | $43,005 | | | $45,239 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 0.89% | | | 0.90% | | | 0.92% | | | 0.90% | | | 0.84% | | | 0.74% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 0.89% | | | 0.90% | | | 0.92% | | | 0.90% | | | 0.84% | | | 0.74% | |
| | Ratio of Net Investment Income/(Loss) | | 0.55% | | | 1.73% | | | 2.05% | | | 1.72% | | | 1.04% | | | 2.14% | |
| Portfolio Turnover Rate | | 18% | | | 42% | | | 32% | | | 27% | | | 18% | | | 22% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 21 |
Janus Henderson Overseas Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class N Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $40.54 | | | $33.73 | | | $43.43 | | | $32.72 | | | $30.62 | | | $32.08 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | 0.14 | | | 0.77 | | | 0.84 | | | 0.64 | | | 0.32 | | | 0.68 | |
| | Net realized and unrealized gain/(loss) | | 6.74 | | | 6.73 | | | (10.02) | | | 10.46 | | | 2.52 | | | (1.77) | |
| Total from Investment Operations | | 6.88 | | | 7.50 | | | (9.18) | | | 11.10 | | | 2.84 | | | (1.09) | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | (0.66) | | | (0.69) | | | (0.52) | | | (0.39) | | | (0.74) | | | (0.37) | |
| Total Dividends and Distributions | | (0.66) | | | (0.69) | | | (0.52) | | | (0.39) | | | (0.74) | | | (0.37) | |
| Net Asset Value, End of Period | | $46.76 | | | $40.54 | | | $33.73 | | | $43.43 | | | $32.72 | | | $30.62 | |
| Total Return* | | 17.22% | | | 22.31% | | | (21.37)% | | | 34.06% | | | 9.20% | | | (3.27)% | |
| Net Assets, End of Period (in thousands) | | $233,684 | | | $171,597 | | | $70,342 | | | $61,263 | | | $23,810 | | | $51,945 | |
| Average Net Assets for the Period (in thousands) | | $213,077 | | | $144,128 | | | $72,777 | | | $42,249 | | | $45,317 | | | $59,886 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 0.79% | | | 0.79% | | | 0.81% | | | 0.81% | | | 0.74% | | | 0.63% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 0.79% | | | 0.79% | | | 0.81% | | | 0.81% | | | 0.74% | | | 0.63% | |
| | Ratio of Net Investment Income/(Loss) | | 0.67% | | | 1.87% | | | 2.07% | | | 1.54% | | | 1.02% | | | 2.27% | |
| Portfolio Turnover Rate | | 18% | | | 42% | | | 32% | | | 27% | | | 18% | | | 22% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
22 | MARCH 31, 2024 |
Janus Henderson Overseas Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class R Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $40.26 | | | $33.48 | | | $43.10 | | | $32.48 | | | $30.41 | | | $31.78 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | (0.02) | | | 0.42 | | | 0.47 | | | 0.27 | | | 0.11 | | | 0.44 | |
| | Net realized and unrealized gain/(loss) | | 6.73 | | | 6.73 | | | (9.90) | | | 10.48 | | | 2.45 | | | (1.72) | |
| Total from Investment Operations | | 6.71 | | | 7.15 | | | (9.43) | | | 10.75 | | | 2.56 | | | (1.28) | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | (0.35) | | | (0.37) | | | (0.19) | | | (0.13) | | | (0.49) | | | (0.09) | |
| Total Dividends and Distributions | | (0.35) | | | (0.37) | | | (0.19) | | | (0.13) | | | (0.49) | | | (0.09) | |
| Net Asset Value, End of Period | | $46.62 | | | $40.26 | | | $33.48 | | | $43.10 | | | $32.48 | | | $30.41 | |
| Total Return* | | 16.80% | | | 21.39% | | | (21.97)% | | | 33.12% | | | 8.37% | | | (4.00)% | |
| Net Assets, End of Period (in thousands) | | $24,522 | | | $22,305 | | | $18,008 | | | $24,155 | | | $21,288 | | | $24,381 | |
| Average Net Assets for the Period (in thousands) | | $23,087 | | | $22,272 | | | $22,449 | | | $24,617 | | | $22,679 | | | $25,588 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 1.54% | | | 1.55% | | | 1.56% | | | 1.56% | | | 1.49% | | | 1.39% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 1.54% | | | 1.55% | | | 1.56% | | | 1.56% | | | 1.49% | | | 1.39% | |
| | Ratio of Net Investment Income/(Loss) | | (0.10)% | | | 1.02% | | | 1.16% | | | 0.66% | | | 0.35% | | | 1.50% | |
| Portfolio Turnover Rate | | 18% | | | 42% | | | 32% | | | 27% | | | 18% | | | 22% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 23 |
Janus Henderson Overseas Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class S Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $40.61 | | | $33.77 | | | $43.48 | | | $32.77 | | | $30.67 | | | $32.08 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | 0.03 | | | 0.52 | | | 0.59 | | | 0.38 | | | 0.19 | | | 0.53 | |
| | Net realized and unrealized gain/(loss) | | 6.79 | | | 6.80 | | | (10.00) | | | 10.55 | | | 2.48 | | | (1.75) | |
| Total from Investment Operations | | 6.82 | | | 7.32 | | | (9.41) | | | 10.93 | | | 2.67 | | | (1.22) | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | (0.46) | | | (0.48) | | | (0.30) | | | (0.22) | | | (0.57) | | | (0.19) | |
| Total Dividends and Distributions | | (0.46) | | | (0.48) | | | (0.30) | | | (0.22) | | | (0.57) | | | (0.19) | |
| Net Asset Value, End of Period | | $46.97 | | | $40.61 | | | $33.77 | | | $43.48 | | | $32.77 | | | $30.67 | |
| Total Return* | | 16.95% | | | 21.72% | | | (21.77)% | | | 33.43% | | | 8.64% | | | (3.74)% | |
| Net Assets, End of Period (in thousands) | | $136,909 | | | $121,809 | | | $101,257 | | | $130,076 | | | $107,722 | | | $118,308 | |
| Average Net Assets for the Period (in thousands) | | $126,904 | | | $122,018 | | | $122,666 | | | $127,073 | | | $109,624 | | | $125,646 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 1.29% | | | 1.29% | | | 1.31% | | | 1.31% | | | 1.23% | | | 1.13% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 1.29% | | | 1.29% | | | 1.31% | | | 1.31% | | | 1.23% | | | 1.13% | |
| | Ratio of Net Investment Income/(Loss) | | 0.16% | | | 1.28% | | | 1.43% | | | 0.92% | | | 0.62% | | | 1.77% | |
| Portfolio Turnover Rate | | 18% | | | 42% | | | 32% | | | 27% | | | 18% | | | 22% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
24 | MARCH 31, 2024 |
Janus Henderson Overseas Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class T Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $40.66 | | | $33.81 | | | $43.53 | | | $32.80 | | | $30.70 | | | $32.14 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | 0.09 | | | 0.65 | | | 0.69 | | | 0.49 | | | 0.27 | | | 0.60 | |
| | Net realized and unrealized gain/(loss) | | 6.77 | | | 6.79 | | | (9.99) | | | 10.56 | | | 2.49 | | | (1.76) | |
| Total from Investment Operations | | 6.86 | | | 7.44 | | | (9.30) | | | 11.05 | | | 2.76 | | | (1.16) | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | (0.56) | | | (0.59) | | | (0.42) | | | (0.32) | | | (0.66) | | | (0.28) | |
| Total Dividends and Distributions | | (0.56) | | | (0.59) | | | (0.42) | | | (0.32) | | | (0.66) | | | (0.28) | |
| Net Asset Value, End of Period | | $46.96 | | | $40.66 | | | $33.81 | | | $43.53 | | | $32.80 | | | $30.70 | |
| Total Return* | | 17.07% | | | 22.05% | | | (21.56)% | | | 33.78% | | | 8.93% | | | (3.51)% | |
| Net Assets, End of Period (in thousands) | | $517,565 | | | $484,446 | | | $399,703 | | | $534,168 | | | $411,807 | | | $444,252 | |
| Average Net Assets for the Period (in thousands) | | $493,636 | | | $496,776 | | | $499,214 | | | $511,140 | | | $422,347 | | | $462,499 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 1.04% | | | 1.04% | | | 1.05% | | | 1.05% | | | 0.98% | | | 0.88% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 1.03% | | | 1.03% | | | 1.04% | | | 1.05% | | | 0.97% | | | 0.87% | |
| | Ratio of Net Investment Income/(Loss) | | 0.40% | | | 1.59% | | | 1.68% | | | 1.19% | | | 0.88% | | | 2.03% | |
| Portfolio Turnover Rate | | 18% | | | 42% | | | 32% | | | 27% | | | 18% | | | 22% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 25 |
Janus Henderson Overseas Fund
Notes to Financial Statements (unaudited)
1. Organization and Significant Accounting Policies
Janus Henderson Overseas Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 37 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term growth of capital. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the “Adviser”) to the Fund.
The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.
Shareholders, including individuals, accounts, as well as the Fund’s portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund’s Shares and can be considered to “control” the Fund when that ownership exceeds 25% of the Fund’s assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).
Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.
Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.
Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.
The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.
Effective July 6, 2020, Class D Shares are available to new investors, subject to any closed fund policies for a Fund, as applicable. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.
Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. Class I Shares are also available to certain direct institutional investors including, but not limited to, corporations, certain retirement plans, public plans, and foundations/endowments, who established Class I Share accounts before August 4, 2017.
Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the “Distributor”) including, but not limited to,
Janus Henderson Overseas Fund
Notes to Financial Statements (unaudited)
corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.
Class R Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms.
Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.
Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.
The following accounting policies have been followed by the Fund and are in conformity with US GAAP.
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 Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-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 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 value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that operate as money market funds held by the Fund, if any, will be calculated using the NAV of such 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.
Janus Henderson Overseas Fund
Notes to Financial Statements (unaudited)
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.
There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal period.
The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of March 31, 2024 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 and Other Information.
Investment Transactions and Investment Income
Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on an accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.
Expenses
The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.
Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Indemnifications
In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.
Janus Henderson Overseas Fund
Notes to Financial Statements (unaudited)
Foreign Currency Translations
The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.
Currency gains and losses are also calculated on payables and receivables that are denominated in foreign currencies. The payables and receivables are generally related to foreign security transactions and income translations.
Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.
Dividends and Distributions
The Fund generally declares and distributes dividends of net investment income and realized capital gains (if any) annually. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as “equalization,” has no effect on the redeeming shareholder or a Fund’s total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.
The Fund may make certain investments in real estate investment trusts (“REITs”) which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs’ taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal income tax purposes.
Federal Income Taxes
The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund’s tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund’s financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
2.Derivative Instruments
The Fund may invest in various types of derivatives, which may at times result in significant derivative exposure. A derivative is a financial instrument whose performance is derived from the performance of another asset. The Fund may invest in derivative instruments including, but not limited to: futures contracts, put options, call options, options on futures contracts, options on foreign currencies, options on recovery locks, options on security and commodity indices, swaps, forward contracts, structured investments, and other equity-linked derivatives. Each derivative instrument that was held by the Fund during the period ended March 31, 2024 is discussed in further detail below. A summary of derivative activity by the Fund is reflected in the tables at the end of the Schedule of Investments.
The Fund may use derivative instruments for hedging purposes (to offset risks associated with an investment, currency exposure, or market conditions), to adjust currency exposure relative to a benchmark index, or for speculative purposes (to earn income and seek to enhance returns). When the Fund invests in a derivative for speculative purposes, the Fund will be fully exposed to the risks of loss of that derivative, which may sometimes be greater than the derivative’s cost. The Fund may not use any derivative to gain exposure to an asset or class of assets that it would be prohibited by its investment restrictions from purchasing directly. The Fund’s ability to use derivative instruments may also be limited by tax considerations.
Investments in derivatives in general are subject to market risks that may cause their prices to fluctuate over time. Investments in derivatives may not directly correlate with the price movements of the underlying instrument. As a result, the use of derivatives may expose the Fund to additional risks that it would not be subject to if it invested directly in the
Janus Henderson Overseas Fund
Notes to Financial Statements (unaudited)
securities underlying those derivatives. The use of derivatives may result in larger losses or smaller gains than otherwise would be the case. Derivatives can be volatile and may involve significant risks.
In pursuit of its investment objective, the Fund may seek to use derivatives to increase or decrease exposure to the following market risk factors:
· Commodity Risk – the risk related to the change in value of commodities or commodity-linked investments due to changes in the overall market movements, volatility of the underlying benchmark, changes in interest rates, or other factors affecting a particular industry or commodity such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political, and regulatory developments.
· Counterparty Risk – the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its financial obligation to the Fund.
· Credit Risk – the risk an issuer will be unable to make principal and interest payments when due, or will default on its obligations.
· Currency Risk – the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment.
· Equity Risk – the risk related to the change in value of equity securities as they relate to increases or decreases in the general market.
· Index Risk – if the derivative is linked to the performance of an index, it will be subject to the risks associated with changes in that index. If the index changes, the Fund could receive lower interest payments or experience a reduction in the value of the derivative to below what the Fund paid. Certain indexed securities, including inverse securities (which move in an opposite direction to the index), may create leverage, to the extent that they increase or decrease in value at a rate that is a multiple of the changes in the applicable index.
· Interest Rate Risk – the risk that the value of fixed-income securities will generally decline as prevailing interest rates rise, which may cause the Fund’s NAV to likewise decrease.
· Leverage Risk – the risk associated with certain types of leveraged investments or trading strategies pursuant to which relatively small market movements may result in large changes in the value of an investment. The Fund creates leverage by investing in instruments, including derivatives, where the investment loss can exceed the original amount invested. Certain investments or trading strategies, such as short sales, that involve leverage can result in losses that greatly exceed the amount originally invested.
· Liquidity Risk – the risk that certain securities may be difficult or impossible to sell at the time that the seller would like or at the price that the seller believes the security is currently worth.
Derivatives may generally be traded OTC or on an exchange. Derivatives traded OTC are agreements that are individually negotiated between parties and can be tailored to meet a purchaser’s needs. OTC derivatives are not guaranteed by a clearing agency and may be subject to increased credit risk.
In an effort to mitigate credit risk associated with derivatives traded OTC, the Fund may enter into collateral agreements with certain counterparties whereby, subject to certain minimum exposure requirements, the Fund may require the counterparty to post collateral if the Fund has a net aggregate unrealized gain on all OTC derivative contracts with a particular counterparty. Additionally, the Fund may deposit cash and/or treasuries as collateral with the counterparty and/or custodian daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized loss on OTC derivative contracts with a particular counterparty. All liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund’s commitment with respect to certain exchange-traded derivatives, centrally cleared derivatives, forward foreign currency exchange contracts, short sales, and/or securities with extended settlement dates. There is no guarantee that counterparty exposure is reduced and these arrangements are dependent on the Adviser’s ability to establish and maintain appropriate systems and trading.
Swaps
Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a day to more than one year to exchange one set of cash flows for another. The most significant factor in the performance of swap agreements is the change in value of the specific index, security, or currency, or other factors that determine the
Janus Henderson Overseas Fund
Notes to Financial Statements (unaudited)
amounts of payments due to and from the Fund. The use of swaps is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Swap transactions may in some instances involve the delivery of securities or other underlying assets by the Fund or its counterparty to collateralize obligations under the swap. If the other party to a swap that is not collateralized defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. Swap agreements entail the risk that a party will default on its payment obligations to the Fund. If the other party to a swap defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. If the Fund utilizes a swap at the wrong time or judges market conditions incorrectly, the swap may result in a loss to the Fund and reduce the Fund’s total return.
Swap agreements also bear the risk that the Fund will not be able to meet its obligation to the counterparty. Swap agreements are typically privately negotiated and entered into in the OTC market. However, certain swap agreements are required to be cleared through a clearinghouse and traded on an exchange or swap execution facility. Swaps that are required to be cleared are required to post initial and variation margins in accordance with the exchange requirements. Regulations enacted require the Fund to centrally clear certain interest rate and credit default index swaps through a clearinghouse or central counterparty (“CCP”). To clear a swap with a CCP, the Fund will submit the swap to, and post collateral with, a futures clearing merchant (“FCM”) that is a clearinghouse member. Alternatively, the Fund may enter into a swap with a financial institution other than the FCM (the “Executing Dealer”) and arrange for the swap to be transferred to the FCM for clearing. The Fund may also enter into a swap with the FCM itself. The CCP, the FCM, and the Executing Dealer are all subject to regulatory oversight by the U.S. Commodity Futures Trading Commission (“CFTC”). A default or failure by a CCP or an FCM, or the failure of a swap to be transferred from an Executing Dealer to the FCM for clearing, may expose the Fund to losses, increase its costs, or prevent the Fund from entering or exiting swap positions, accessing collateral, or fully implementing its investment strategies. The regulatory requirement to clear certain swaps could, either temporarily or permanently, reduce the liquidity of cleared swaps or increase the costs of entering into those swaps.
Index swaps, interest rate swaps, inflation swaps and credit default swaps are valued using an approved vendor supplied price. Basket swaps are valued using a broker supplied price. Equity swaps that consist of a single underlying equity are valued either at the closing price, the latest bid price, or the last sale price on the primary market or exchange it trades. The market value of swap contracts are aggregated by positive and negative values and are disclosed separately as an asset or liability on the Fund’s Statement of Assets and Liabilities (if applicable). Realized gains and losses are reported on the Fund’s Statement of Operations (if applicable). The change in unrealized net appreciation or depreciation during the period is included in the Statement of Operations (if applicable).
The Fund’s maximum risk of loss from counterparty risk or credit risk is the discounted value of the payments to be received from/paid to the counterparty over the contract’s remaining life, to the extent that the amount is positive. The risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to cover the Fund’s exposure to the counterparty.
During the period, the Fund entered into total return swaps on equity securities or indices to increase exposure to equity risk. These total return swaps require the Fund to pay a floating reference interest rate, and an amount equal to the negative price movement of securities or an index multiplied by the notional amount of the contract. The Fund will receive payments equal to the positive price movement of the same securities or index multiplied by the notional amount of the contract and, in some cases, dividends paid on the securities.
3. Other Investments and Strategies
Market Risk
The value of the Fund’s portfolio may decrease if the value of one or more issuers in the Fund’s portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund’s portfolio decreases, the Fund’s NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social,
Janus Henderson Overseas Fund
Notes to Financial Statements (unaudited)
political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, war, conflicts, including related sanctions, social unrest, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.
• COVID-19 Pandemic. The effects of COVID-19 have contributed to increased volatility in global financial markets and have affected and may continue to affect certain countries, regions, issuers, industries and market sectors more dramatically than others. These conditions and events could have a significant impact on the Fund and its investments, the Fund’s ability to meet redemption requests, and the processes and operations of the Fund’s service providers, including the Adviser.
• Armed Conflict. Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global economic environment and the markets for certain securities and commodities.
Emerging Market Investing
Within the parameters of its specific investment policies, the Fund may invest in securities of issuers or companies from or with exposure to one or more “developing countries” or “emerging market countries.” Such countries include but are not limited to countries included in the MSCI Emerging Markets IndexSM. Emerging market countries in which the Fund may invest include frontier market countries, the economies of which are less developed than other emerging market countries. To the extent that the Fund invests a significant amount of its assets in one or more of these countries, its returns and net asset value may be affected to a large degree by events and economic conditions in such countries. The risks of foreign investing are heightened when investing in emerging markets, which may result in the price of investments in emerging markets experiencing sudden and sharp price swings. In many developing markets, there is less government supervision and regulation of stock exchanges, brokers, and listed companies, making these investments potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. Similarly, issuers in such markets may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which U.S. companies are subject. There is a risk in developing countries that a current or future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government monopolies, any of which may have a detrimental effect on the Fund’s investments. In addition, the Fund’s investments may be denominated in foreign currencies and therefore, changes in the value of a country’s currency compared to the U.S. dollar may affect the value of the Fund’s investments. To the extent that the Fund invests a significant portion of its assets in the securities of issuers in or companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region, which could have a negative impact on the Fund’s performance. Developing countries may also experience a higher level of exposure and vulnerability to the adverse effects of climate change. This can be attributed to both the geographic location of emerging market countries and/or a country’s lack of access to technology or resources to adjust and adapt to its effects. An increased occurrence and severity of natural disasters and extreme weather events such as droughts and decreased crop yields, heat waves, flooding and rising sea levels, and increased spread of disease, could cause harmful effects to the performance of affected economies. Additionally, foreign and emerging market risks, including, but not limited to, price controls, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, nationalization, and restrictions on repatriation of assets may be heightened to the extent the Fund invests in Chinese local market securities.
Counterparties
Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund (“counterparty risk”). Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund’s exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.
Janus Henderson Overseas Fund
Notes to Financial Statements (unaudited)
The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund’s cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser’s analysis of a counterparty’s creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.
Securities Lending
Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments’ payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the SEC. If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.
Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05% for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.
The value of the collateral must be at least 102% of the market value of the loaned securities that are denominated in U.S. dollars and 105% of the market value of the loaned securities that are not denominated in U.S. dollars. Loaned securities and related collateral are marked-to-market each business day based upon the market value of the loaned securities at the close of business, employing the most recent available pricing information. Collateral levels are then adjusted based on this mark-to-market evaluation. Additional required collateral, or excess collateral returned, is delivered on the next business day. Therefore, the value of the collateral held may be temporarily less than 102% or 105% value of the securities on loan. The cash collateral invested by the Adviser is disclosed in the Schedule of Investments (if applicable).
Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations. As of March 31, 2024, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $2,612,337. Gross amounts of recognized liabilities for securities lending (collateral received) as of March 31, 2024 is $2,665,165, resulting in the net amount due to the counterparty of $52,828.
Janus Henderson Overseas Fund
Notes to Financial Statements (unaudited)
Offsetting Assets and Liabilities
The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.
In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs OTC derivatives and forward foreign currency exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, in the event of a default and/or termination event, the Fund may offset with each counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment.
The Offsetting Assets and Liabilities tables located in the Schedule of Investments present gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the “Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of March 31, 2024” table located in the Fund’s Schedule of Investments.
The Fund may require the counterparty to pledge securities as collateral daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized gain on OTC derivative contracts with a particular counterparty. The Fund may deposit cash as collateral with the counterparty and/or custodian daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized loss on OTC derivative contracts with a particular counterparty. The collateral amounts are subject to minimum exposure requirements and initial margin requirements. Collateral amounts are monitored and subsequently adjusted up or down as valuations fluctuate by at least the minimum exposure requirement. Collateral may reduce the risk of loss.
4. Investment Advisory Agreements and Other Transactions with Affiliates
The Fund pays the Adviser an investment advisory fee rate that may adjust up or down based on the Fund’s performance relative to its benchmark index.
The investment advisory fee rate paid to the Adviser by the Fund consists of two components: (1) a base fee calculated by applying the contractual fixed rate of the advisory fee to the Fund’s average daily net assets during the previous month (the “Base Fee Rate”), plus or minus (2) a performance-fee adjustment (the “Performance Adjustment”) calculated by applying a variable rate of up to 0.15% (positive or negative) to the Fund’s average daily net assets based on the Fund’s relative performance compared to the cumulative investment record of its benchmark index over a 36-month performance measurement period or shorter time period, as applicable. The investment advisory fee rate is calculated daily and paid monthly.
The investment performance of the Fund’s Class A Shares (waiving the upfront sales load) for the performance measurement period is used to calculate the Performance Adjustment. The Fund’s Base Fee Rate prior to any performance adjustment (expressed as an annual rate) is 0.64%, and the Fund’s benchmark index used in the calculation is the MSCI All Country World ex-USA IndexSM.
No Performance Adjustment is applied unless the difference between the Fund’s investment performance and the cumulative investment record of the Fund’s benchmark index is 0.50% or greater (positive or negative) during the applicable performance measurement period. The Base Fee Rate is subject to an upward or downward Performance Adjustment for every full 0.50% increment by which the Fund outperforms or underperforms its benchmark index, up to the Fund’s full performance rate of ±7.00%. Because the Performance Adjustment is tied to a Fund’s relative performance compared to its benchmark index (and not its absolute performance), the Performance Adjustment could increase the Adviser’s fee even if the Fund’s Shares lose value during the performance measurement period and could decrease the Adviser’s fee even if the Fund’s Shares increase in value during the performance measurement period. For purposes of computing the Base Fee Rate and the Performance Adjustment, net assets are averaged over different periods (average daily net assets during the previous month for the Base Fee Rate, versus average daily net assets during the performance measurement period for the Performance Adjustment). Performance of the Fund is calculated
Janus Henderson Overseas Fund
Notes to Financial Statements (unaudited)
net of expenses whereas the Fund’s benchmark index does not have any fees or expenses. Reinvestment of dividends and distributions is included in calculating both the performance of a Fund and the Fund’s benchmark index.
The Fund’s prospectuses and statement(s) of additional information contain additional information about performance-based fees. The amount shown as advisory fees on the Statement of Operations reflects the Base Fee Rate plus/minus any Performance Adjustment. For the period ended March 31, 2024, the performance adjusted investment advisory fee rate before any waivers and/or reimbursements of expenses is 0.75%.
The Adviser has agreed to limit the net annual fund operating expenses of Class C Shares, Class D Shares, and Class R Shares (excluding any performance adjustments to management fees, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) to the extent they exceed 1.95%, 0.95%, and 1.54%, respectively. The Adviser has agreed to continue the waivers for a least a one-year period commencing on June 16, 2023. This arrangement is in addition to the existing expense limit wherein the Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, excluding any performance adjustments to management fees (if applicable), the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.82% through at least March 31, 2024. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.
The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (or any subadvisor, as applicable) provides to the Fund. These amounts are disclosed as “Affiliated fund administration fees” on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund’s Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $222,870 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended March 31, 2024. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.
Janus Henderson Services US LLC (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.
Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.
| | |
Average Daily Net Assets of Class D Shares of the Janus Henderson funds | Administrative Services Fee |
Under $40 billion | 0.12% |
$40 billion – $49.9 billion | 0.10% |
Over $49.9 billion | 0.08% |
During the reporting period, the administrative services fee rate was 0.11%.
The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class R Shares, Class S Shares, and Class T Shares for providing or procuring administrative services to investors in Class R Shares, Class S Shares, and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust
Janus Henderson Overseas Fund
Notes to Financial Statements (unaudited)
departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class R Shares, Class S Shares, and Class T Shares.
Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.
Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.
The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.
Under distribution and shareholder servicing plans (the “Plans”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, of up to 0.50% of the Class R Shares’ average daily net assets, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations.
Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the period ended March 31, 2024, the Distributor retained upfront sales charges of $1,570.
A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the period ended March 31, 2024.
A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the period ended March 31, 2024, redeeming shareholders of Class C Shares paid CDSCs of $184.
The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of March
Janus Henderson Overseas Fund
Notes to Financial Statements (unaudited)
31, 2024 on the Statement of Assets and Liabilities in the asset, “Trustees’ deferred compensation,” and liability, “Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Total distributable earnings (loss)” on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended March 31, 2024 are included in “Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $318,650 were paid by the Trust to the Trustees under the Deferred Plan during the period ended March 31, 2024.
Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the “Investing Funds”). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the “Sweep Vehicle”) is an affiliated unregistered cash management pooled investment vehicle that invests primarily in highly-rated short-term fixed-income securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a “floating” NAV) rounded to the fourth decimal place (e.g., $1.0000). The Sweep Vehicle is permitted to impose a liquidity fee (of up to 2%) on redemptions from the Sweep Vehicle or a redemption gate that temporarily suspends redemptions from the Sweep Vehicle for up to 10 business days during a 90 day period. There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.
Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended March 31, 2024 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.
5. Federal Income Tax
Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.
The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.
Accumulated capital losses noted below represent net capital loss carryovers, as of September 30, 2023, that may be available to offset future realized capital gains and thereby reduce future taxable gains distributions. The following table shows these capital loss carryovers.
| | | | | | |
| | | | | |
Capital Loss Carryover Schedule | | |
For the year ended September 30, 2023 | | |
| No Expiration | | | |
| Short-Term | Long-Term | Accumulated
Capital Losses | | |
| $(195,757,499) | $(1,312,104,388) | $(1,507,861,887) | | |
Janus Henderson Overseas Fund
Notes to Financial Statements (unaudited)
The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of March 31, 2024 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals, investments in partnerships, and investments in passive foreign investment companies.
| | | | |
Federal Tax Cost | Unrealized
Appreciation | Unrealized
(Depreciation) | Net Tax Appreciation/
(Depreciation) |
$ 2,605,773,268 | $711,153,509 | $(111,767,801) | $ 599,385,708 |
| | | |
Information on the tax components of derivatives as of March 31, 2024 is as follows:
| | | | |
Federal Tax Cost | Unrealized
Appreciation | Unrealized
(Depreciation) | Net Tax Appreciation/
(Depreciation) |
$ - | $ 3,751,637 | $ - | $ 3,751,637 |
| | | |
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Janus Henderson Overseas Fund
Notes to Financial Statements (unaudited)
6. Capital Share Transactions
| | | | | | | |
| | | | | | |
| | Period ended March 31, 2024 | | Year ended September 30, 2023 |
| | Shares | Amount | | Shares | Amount |
| | | | | | |
Class A Shares: | | | | | |
Shares sold | 203,678 | $ 8,709,600 | | 257,875 | $ 10,892,924 |
Shares from the Acquisition (See Note 9) | - | - | | 4,692,687 | 204,862,058 |
Reinvested dividends and distributions | 62,088 | 2,563,611 | | 5,978 | 237,997 |
Shares repurchased | (733,233) | (31,432,092) | | (401,920) | (17,003,335) |
Net Increase/(Decrease) | (467,467) | $ (20,158,881) | | 4,554,620 | $198,989,644 |
Class C Shares: | | | | | |
Shares sold | 39,058 | $ 1,628,233 | | 89,323 | $ 3,593,765 |
Shares from the Acquisition (See Note 9) | - | - | | 335,927 | 14,378,399 |
Reinvested dividends and distributions | 3,763 | 152,494 | | 672 | 26,327 |
Shares repurchased | (118,362) | (4,974,414) | | (115,788) | (4,816,169) |
Net Increase/(Decrease) | (75,541) | $ (3,193,687) | | 310,134 | $ 13,182,322 |
Class D Shares: | | | | | |
Shares sold | 178,179 | $ 7,663,434 | | 297,684 | $ 12,370,029 |
Shares from the Acquisition (See Note 9) | - | - | | 69,125 | 2,988,738 |
Reinvested dividends and distributions | 203,452 | 8,329,323 | | 230,818 | 9,085,002 |
Shares repurchased | (835,320) | (35,689,241) | | (1,114,780) | (46,016,682) |
Net Increase/(Decrease) | (453,689) | $ (19,696,484) | | (517,153) | $ (21,572,913) |
Class I Shares: | | | | | |
Shares sold | 6,430,774 | $273,712,503 | | 20,509,906 | $850,698,752 |
Shares from the Acquisition (See Note 9) | - | - | | 7,423,490 | 321,865,459 |
Reinvested dividends and distributions | 419,156 | 17,202,166 | | 286,787 | 11,319,469 |
Shares repurchased | (8,435,015) | (357,673,705) | | (12,974,900) | (539,253,660) |
Net Increase/(Decrease) | (1,585,085) | $ (66,759,036) | | 15,245,283 | $644,630,020 |
Class N Shares: | | | | | |
Shares sold | 1,937,655 | $ 81,625,031 | | 2,929,908 | $119,608,329 |
Shares from the Acquisition (See Note 9) | - | - | | 446,833 | 19,279,769 |
Reinvested dividends and distributions | 85,412 | 3,486,536 | | 51,130 | 2,006,853 |
Shares repurchased | (1,258,453) | (54,869,942) | | (1,281,066) | (53,639,275) |
Net Increase/(Decrease) | 764,614 | $ 30,241,625 | | 2,146,805 | $ 87,255,676 |
Class R Shares: | | | | | |
Shares sold | 39,894 | $ 1,682,735 | | 136,012 | $ 5,646,497 |
Shares from the Acquisition (See Note 9) | - | - | | 41,867 | 1,797,809 |
Reinvested dividends and distributions | 4,582 | 186,882 | | 5,082 | 199,263 |
Shares repurchased | (72,431) | (3,087,470) | | (166,907) | (6,956,554) |
Net Increase/(Decrease) | (27,955) | $ (1,217,853) | | 16,054 | $ 687,015 |
Class S Shares: | | | | | |
Shares sold | 233,514 | $ 9,951,866 | | 559,251 | $ 23,295,900 |
Shares from the Acquisition (See Note 9) | - | - | | 1,579 | 68,335 |
Reinvested dividends and distributions | 33,121 | 1,359,956 | | 35,677 | 1,408,178 |
Shares repurchased | (350,754) | (14,995,639) | | (595,684) | (24,417,946) |
Net Increase/(Decrease) | (84,119) | $ (3,683,817) | | 823 | $ 354,467 |
Class T Shares: | | | | | |
Shares sold | 292,594 | $ 12,446,752 | | 1,885,296 | $ 78,572,526 |
Shares from the Acquisition (See Note 9) | - | - | | 22,517 | 974,892 |
Reinvested dividends and distributions | 156,378 | 6,414,634 | | 171,986 | 6,781,400 |
Shares repurchased | (1,342,843) | (57,439,791) | | (1,986,552) | (82,134,791) |
Net Increase/(Decrease) | (893,871) | $ (38,578,405) | | 93,247 | $ 4,194,027 |
Janus Henderson Overseas Fund
Notes to Financial Statements (unaudited)
7. Purchases and Sales of Investment Securities
For the period ended March 31, 2024, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as applicable) was as follows:
| | | | |
Purchases of
Securities | Proceeds from Sales
of Securities | Purchases of Long-
Term U.S. Government
Obligations | Proceeds from Sales
of Long-Term U.S.
Government Obligations |
$536,219,197 | $ 727,309,863 | $ - | $ - |
8. Subsequent Event
Management has evaluated whether any events or transactions occurred subsequent to March 31, 2024 and through the date of issuance of the Fund’s financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund’s financial statements.
9. Fund Acquisition
At a special meeting of shareholders of Janus Henderson International Opportunities Fund (the "Target Fund") held on May 18, 2023, shareholders of the Target Fund approved an Agreement and Plan of Reorganization, which provided for the reorganization of the Target Fund with and into Janus Henderson Overseas Fund (the "Acquiring Fund") (the "Reorganization"). The Reorganization was effective immediately after the close of business on June 16, 2023. Upon closing of the Reorganization, the Target Fund transferred its assets to the Acquiring Fund in exchange for shares of beneficial interest of the Acquiring Fund and the assumption by the Acquiring Fund of all of the liabilities of the Target Fund. At the time of the Reorganization, shares of beneficial interest of the Acquiring Fund were distributed to Target Fund shareholders. The Target Fund was subsequently terminated. Each Target Fund shareholder received shares of beneficial interest of the Acquiring Fund with a total net asset value equal to the total net asset value of that shareholder’s shares of beneficial interest in the Target Fund shares immediately prior to the closing of the Reorganization. The Reorganization was tax-free for U.S. federal income tax purposes.
| | | | | | |
Target Fund’s Shares Outstanding Prior to Merger | Target Fund’s Net Assets Prior to Merger | Acquiring Fund’s Shares Issued in Merger | Acquiring Fund’s Net Assets Prior to Merger | Combined Net Assets after Merger | Target Fund’s Unrealized Appreciation/(Depreciation) Prior to Merger |
29,107,989 | $566,215,459 | 13,034,023 | $2,764,408,498 | $3,330,623,957 | $30,867,833 |
Assuming the Merger had been completed on 10/1/2022, the pro forma results of operations for the year ended 9/30/2023, are as follows:
Net investment income $64,547,670
Net realized gain/(loss) on investments $56,436,548
Change in unrealized net appreciation/depreciation $384,851,337
Net increase/(decrease) in net assets resulting from operations $505,835,554
Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the Fund’s accompanying Statement of Operations since the close of business on June 16, 2023.
Janus Henderson Overseas Fund
Additional Information (unaudited)
Proxy Voting Policies and Voting Record
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities is available without charge: (i) upon request, by calling 1-800-525-1093; (ii) on the Fund’s website at janushenderson.com/proxyvoting; and (iii) on the SEC’s website at http://www.sec.gov. Additionally, information regarding the Fund’s proxy voting record for the most recent twelve-month period ended June 30 is also available, free of charge, through janushenderson.com/proxyvoting and from the SEC’s website at http://www.sec.gov.
Full Holdings
The Fund files its complete portfolio holdings (schedule of investments) with the SEC as an exhibit to Form N-PORT within 60 days of the end of the first and third fiscal quarters, and in the annual report and semiannual report to shareholders. The Fund’s Form N-PORT filings and annual and semiannual reports: (i) are available on the SEC’s website at http://www.sec.gov; and (ii) are available without charge, upon request, by calling a Janus Henderson representative at 1-877-335-2687 (toll free) (or 1-800-525-3713 if you hold Class D Shares). Portfolio holdings consisting of at least the names of the holdings are generally available on a monthly basis with a 30-day lag under Full Holdings for the Fund at janushenderson.com/info (or janushenderson.com/reports if you hold Class D Shares).
APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD
The Trustees of Janus Aspen Series and Janus Investment Fund, each of whom serves as an “independent” Trustee (collectively, the “Trustees”), oversee the management of each portfolio of Janus Aspen Series (each, a “VIT Portfolio,” and collectively, the “VIT Portfolios”), as well as each fund of Janus Investment Fund (each, a “Fund,” and collectively, the “Funds” and together with the VIT Portfolios, the “Janus Henderson Funds,” and each, a “Janus Henderson Fund”). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.
In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the “Adviser”) in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analysis provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.
At meetings held on November 3, 2023 and December 14-15, 2023, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2024 through February 1, 2025, subject to earlier termination as provided for in each agreement.
In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees’ determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant’s conclusions and opinions that arose during, and were included as part of, the Trustees’ consideration of the agreements. “Management fees,” as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.
Nature, Extent and Quality of Services
The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management
Janus Henderson Overseas Fund
Additional Information (unaudited)
services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.
In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.
The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract well-qualified personnel.
Performance of the Funds
The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including periodic meetings with each Janus Henderson Fund’s portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund’s performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent data provider, and with the Janus Henderson Fund’s benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2023, approximately 44% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2023, approximately 50% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds’ average 2023 performance has been reasonable, noting that: (i) for the 12 months ended September 30, 2023, approximately 43% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; (ii) for the 36 months ended September 30, 2023, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; and (iii) for the 5- and 10-year periods ended September 30, 2023, approximately 63% and 66% of the Janus Henderson Funds were in the top two quartiles of performance, respectively, as reported by Morningstar.
The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:
Asset Allocation Funds
· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12
Janus Henderson Overseas Fund
Additional Information (unaudited)
months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Fixed-Income Funds
· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Developed World Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Global and International Equity Funds
· For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson European Focus Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Janus Henderson Overseas Fund
Additional Information (unaudited)
· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
Money Market Funds
· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Multi-Asset Funds
· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
Janus Henderson Overseas Fund
Additional Information (unaudited)
U.S. Equity Funds
· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
· For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.
· For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the evaluated performance period ended June 30, 2023. The Trustees noted that the 12- and 36-month end performance periods ended June 30, 2023 were not yet available.
Janus Henderson Overseas Fund
Additional Information (unaudited)
· For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
In consideration of each Janus Henderson Fund’s performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund’s performance warranted continuation of such Janus Henderson Fund’s investment advisory agreement.
Costs of Services Provided
The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 6% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.
For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic “focus list” analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.
The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.
The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered that the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds’ other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant referenced its past analyses from 2022, which found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser charges to its institutional separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) 9 of 11 Janus Henderson Funds had lower management fees than similar funds subadvised by the Adviser. As part of their review of the 2022 independent consultant findings, the Trustees noted that for the two Janus Henderson Funds that did not have lower management fees than similar funds subadvised by the Adviser, management fees for each were under the average of its 15(c) peer group.
The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2022 (except for Janus Henderson U.S. Dividend Income Fund, for which the period end was March 31, 2023) and noted the following with
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Additional Information (unaudited)
regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”) as reflected in the comparative information provided by Broadridge:
Asset Allocation Funds
· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
Fixed-Income Funds
· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson Developed World Bond Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson Global Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson High-Yield Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
Global and International Equity Funds
· For Janus Henderson Asia Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson Emerging Markets Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
Janus Henderson Overseas Fund
Additional Information (unaudited)
· For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson Global Equity Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Global Select Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Overseas Fund, the Trustees noted that although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.
Money Market Funds
· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
Multi-Asset Funds
· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that, that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Balanced Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
U.S. Equity Funds
· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were
Janus Henderson Overseas Fund
Additional Information (unaudited)
reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Contrarian Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Forty Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Growth and Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Triton Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Venture Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.
Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized
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Additional Information (unaudited)
by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees noted that the Adviser reported no changes to its allocation methodology for the 2023 15(c) process; however, at the Trustees’ request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant’s analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund’s investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.
The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser were reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund’s total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.
Economies of Scale
The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant’s 2023 report: (1) past analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 28% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have low flat-rate fees (the “Low Flat-Rate Fee Funds”) versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets.
With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2023 report that (1) 70% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Low Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.
The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.
Based on all of the information reviewed, including the recent and past research and analysis conducted by the Trustees’ independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.
Janus Henderson Overseas Fund
Additional Information (unaudited)
Other Benefits to the Adviser
The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser’s ability to serve the Janus Henderson Funds.
Janus Henderson Overseas Fund
Liquidity Risk Management Program (unaudited)
Liquidity Risk Management Program
Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), requires open-end funds (but not money market funds) to adopt and implement a written liquidity risk management program (the “LRMP”) that is reasonably designed to assess and manage liquidity risk, which is the risk that a fund could not meet redemption requests without significant dilution of remaining investors’ interest in the fund. The Fund has implemented a LRMP, which incorporates the following elements: (i) assessment, management, and periodic review of liquidity risk; (ii) classification of portfolio holdings; (iii) the establishment and monitoring of a highly liquid investment minimum, as applicable; (iv) a 15% limitation on a Fund’s illiquid investments; (v) redemptions in-kind; and (vi) board oversight.
The Trustees of the Fund (the “Trustees”) have designated Janus Henderson Investors US LLC, the Fund’s investment adviser (the “Adviser”), as the Program Administrator for the LRMP responsible for administering the LRMP and carrying out the specific responsibilities of the LRMP. A working group comprised of various teams within the Adviser’s business is responsible for administering the LRMP and carrying out the specific responsibilities of different aspects of the LRMP (the “Liquidity Risk Working Group”). In assessing each Fund’s liquidity risk, the Liquidity Risk Working Group periodically considers, as relevant, factors including (i) the liquidity of a Fund’s portfolio investments during normal and reasonably foreseeable stressed conditions; (ii) whether a Fund’s investment strategy is appropriate for an open-end fund; (iii) the extent to which a Fund’s strategy involves a relatively concentrated portfolio or large positions in any issuer; (iv) a Fund’s use of borrowing for investment purposes; and (v) a Fund’s use of derivatives.
The Liquidity Rule requires the Trustees to review at least annually a written report provided by the Program Administrator that addresses the operation of the LRMP and assesses its adequacy and the effectiveness of its implementation, including, if applicable, the operation of the highly liquid investment minimum, and any material changes to the LRMP (the “Program Administrator Report”). At a meeting held on March 12, 2024, the Adviser provided the Program Administrator Report to the Trustees which covered the operation of the LRMP from January 1, 2023 through December 31, 2023 (the “Reporting Period”).
The Program Administrator Report discussed the operation and effectiveness of the LRMP during the Reporting Period. Among other things, the Program Administrator Report indicated that there were no material changes to the LRMP during the Reporting Period. Additionally, the findings presented in the Program Administrator Report indicated that the LRMP operated adequately during the Reporting Period. These findings included that the Fund was able to meet redemptions during the normal course of business during the Reporting Period. The Program Administrator Report also stated that the Fund did not exceed the 15% limit on illiquid assets during the Reporting Period, that the Fund held primarily highly liquid assets, and was considered to be a primarily highly liquid fund during the Reporting Period. Also included among the Program Administrator Report’s findings was the determination that the Fund’s investment strategy remains appropriate for an open-end fund. In addition, the Adviser expressed its belief in the Program Administrator Report that the LRMP is reasonably designed and adequate to assess and manage the Fund’s liquidity risk, considering the Fund’s particular risks and circumstances, and includes policies and procedures reasonably designed to implement each required component of the Liquidity Rule.
There can be no assurance that the LRMP will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the risks to which an investment in the Fund may be subject.
Janus Henderson Overseas Fund
Useful Information About Your Fund Report (unaudited)
Performance Overviews
Performance overview graphs compare the performance of a hypothetical $10,000 investment in the Fund with one or more widely used market indices. When comparing the performance of the Fund with an index, keep in mind that market indices are not available for investment and do not reflect deduction of expenses.
Average annual total returns are quoted for a Fund with more than one year of performance history. Average annual total return is calculated by taking the growth or decline in value of an investment over a period of time, including reinvestment of dividends and distributions, then calculating the annual compounded percentage rate that would have produced the same result had the rate of growth been constant throughout the period. Average annual total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Cumulative total returns are quoted for a Fund with less than one year of performance history. Cumulative total return is the growth or decline in value of an investment over time, independent of the period of time involved. Cumulative total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Pursuant to federal securities rules, expense ratios shown in the performance chart reflect subsidized (if applicable) and unsubsidized ratios. The total annual fund operating expenses ratio is gross of any fee waivers, reflecting the Fund’s unsubsidized expense ratio. The net annual fund operating expenses ratio (if applicable) includes contractual waivers of the Adviser and reflects the Fund’s subsidized expense ratio. Ratios may be higher or lower than those shown in the “Financial Highlights” in this report.
Schedule of Investments
Following the performance overview section is the Fund’s Schedule of Investments. This schedule reports the types of securities held in the Fund on the last day of the reporting period. Securities are usually listed by type (common stock, corporate bonds, U.S. Government obligations, etc.) and by industry classification (banking, communications, insurance, etc.). Holdings are subject to change without notice.
The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.
If the Fund invests in foreign securities, it will also provide a summary of investments by country. This summary reports the Fund exposure to different countries by providing the percentage of securities invested in each country. The country of each security represents the country of risk. A company may be allocated to a country based on other factors such as location of the company’s principal office, the location of the principal trading market for the company’s securities, or the country where a majority of the company’s revenues are derived. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by Bloomberg and/or MSCI Inc.
Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund’s Schedule of Investments (if applicable).
Statement of Assets and Liabilities
This statement is often referred to as the “balance sheet.” It lists the assets and liabilities of the Fund on the last day of the reporting period.
The Fund’s assets are calculated by adding the value of the securities owned, the receivable for securities sold but not yet settled, the receivable for dividends declared but not yet received on securities owned, and the receivable for Fund shares sold to investors but not yet settled. The Fund’s liabilities include payables for securities purchased but not yet settled, Fund shares redeemed but not yet paid, and expenses owed but not yet paid. Additionally, there may be other assets and liabilities such as unrealized gain or loss on forward currency contracts.
The section entitled “Net Assets Consist of” breaks down the components of the Fund’s net assets. Because the Fund must distribute substantially all earnings, you will notice that a significant portion of net assets is shareholder capital.
The last section of this statement reports the net asset value (“NAV”) per share on the last day of the reporting period. The NAV is calculated by dividing the Fund’s net assets for each share class (assets minus liabilities) by the number of shares outstanding.
Janus Henderson Overseas Fund
Useful Information About Your Fund Report (unaudited)
Statement of Operations
This statement details the Fund’s income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.
The first section in this statement, entitled “Investment Income,” reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.
The next section reports the expenses incurred by the Fund, including the advisory fee paid to the investment adviser, transfer agent fees and expenses, and printing and postage for mailing statements, financial reports and prospectuses. Expense offsets and expense reimbursements, if any, are also shown.
The last section lists the amounts of realized gains or losses from investment and foreign currency transactions, and changes in unrealized appreciation or depreciation of investments and foreign currency-denominated assets and liabilities. The Fund will realize a gain (or loss) when it sells its position in a particular security. A change in unrealized gain (or loss) refers to the change in net appreciation or depreciation of the Fund during the reporting period. “Net Realized and Unrealized Gain/(Loss) on Investments” is affected both by changes in the market value of Fund holdings and by gains (or losses) realized during the reporting period.
Statements of Changes in Net Assets
These statements report the increase or decrease in the Fund’s net assets during the reporting period. Changes in the Fund’s net assets are attributable to investment operations, dividends and distributions to investors, and capital share transactions. This is important to investors because it shows exactly what caused the Fund’s net asset size to change during the period.
The first section summarizes the information from the Statement of Operations regarding changes in net assets due to the Fund’s investment operations. The Fund’s net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends and/or distributions in cash, money is taken out of the Fund to pay the dividend and/or distribution. If investors reinvest their dividends and/or distributions, the Fund’s net assets will not be affected.
The reinvestment of dividends and distributions is included under “Capital Share Transactions.” “Capital Shares” refers to the money investors contribute to the Fund through purchases or withdrawals via redemptions. The Fund’s net assets will increase and decrease in value as investors purchase and redeem shares from the Fund.
Financial Highlights
This schedule provides a per-share breakdown of the components that affect the Fund’s NAV for current and past reporting periods as well as total return, asset size, ratios, and portfolio turnover rate.
The first line in the table reflects the NAV per share at the beginning of the reporting period. The next line reports the net investment income/(loss) per share. Following is the per share total of net gains/(losses), realized and unrealized. Per share dividends and distributions to investors are then subtracted to arrive at the NAV per share at the end of the period. The next line reflects the total return for the period. The total return may include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. As a result, the total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.
The Fund’s expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.
The ratio of net investment income/(loss) summarizes the income earned less expenses, divided by the average net assets of the Fund during the reporting period. Do not confuse this ratio with the Fund’s yield. The net investment income ratio is not a true measure of the Fund’s yield because it does not take into account the dividends distributed to the Fund’s investors.
The next figure is the portfolio turnover rate, which measures the buying and selling activity in the Fund. Portfolio turnover is affected by market conditions, changes in the asset size of the Fund, fluctuating volume of shareholder purchase and redemption orders, the nature of the Fund’s investments, and the investment style and/or outlook of the portfolio manager(s) and/or investment personnel. A 100% rate implies that an amount equal to the value of the entire portfolio was replaced once during the fiscal year; a 50% rate means that an amount equal to the value of half the
Janus Henderson Overseas Fund
Useful Information About Your Fund Report (unaudited)
portfolio is traded in a year; and a 200% rate means that an amount equal to the value of the entire portfolio is traded every six months.
Janus Henderson Overseas Fund
Notes
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Notes
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This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. |
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Mutual funds distributed by Janus Henderson Distributors US LLC |
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| | | SEMIANNUAL REPORT March 31, 2024 |
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| | Janus Henderson Research Fund |
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| | Janus Investment Fund |
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| | | HIGHLIGHTS · Investment strategy behind your fund · Fund performance, characteristics
and holdings |
Table of Contents
Janus Henderson Research Fund
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| | | | | | Team-Based Approach Led by Matthew Peron, Director of Research |
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Important Notice – Tailored Shareholder Reports
Effective January 24, 2023, the Securities and Exchange Commission (the “SEC”) adopted rule and form amendments that require mutual funds and exchange-traded funds to provide shareholders with streamlined annual and semi-annual shareholder reports that highlight key information. Other information, including financial statements, that currently appears in shareholder reports will be made available online, delivered free of charge to shareholders upon request, and filed with the SEC. The first tailored shareholder report for the Fund will be for the reporting period ending September 30, 2024. Currently, management is evaluating the impact of the rule and form amendments on the content of the Fund’s current shareholder reports.
Janus Henderson Research Fund (unaudited)
Fund At A Glance
March 31, 2024
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| 5 Top Contributors - Holdings | 5 Top Detractors - Holdings |
| | Average
Weight | | Relative
Contribution | | | Average
Weight | | Relative
Contribution |
| Tesla Inc | 0.30% | | 1.67% | | Rivian Automotive Inc - Class A | 0.32% | | -0.44% |
| Apple Inc | 6.72% | | 1.37% | | Broadcom Inc | 0.92% | | -0.32% |
| NVIDIA Corp | 7.36% | | 1.08% | | ON Semiconductor Corp | 0.43% | | -0.28% |
| Meta Platforms Inc - Class A | 5.32% | | 0.56% | | Procter & Gamble Co | 1.78% | | -0.24% |
| Advanced Micro Devices Inc | 1.48% | | 0.48% | | Liberty Media Corp - Liberty Formula One - Series C | 1.06% | | -0.24% |
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| 5 Top Contributors - Sectors* | | | | | |
| | | Relative | | Fund | Russell 1000 Growth Index |
| | | Contribution | | Average Weight | Average Weight |
| Technology | | 2.81% | | 42.25% | 43.34% |
| Industrials | | 1.21% | | 7.89% | 7.68% |
| Communications | | 0.95% | | 14.11% | 13.36% |
| Financials | | 0.20% | | 7.47% | 7.42% |
| Energy | | 0.00% | | 0.50% | 0.56% |
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| 3 Top Detractors - Sectors* | | | | | |
| | | Relative | | Fund | Russell 1000 Growth Index |
| | | Contribution | | Average Weight | Average Weight |
| Consumer | | -0.32% | | 16.86% | 16.85% |
| Healthcare | | -0.12% | | 10.76% | 10.80% |
| Other** | | -0.09% | | 0.16% | 0.00% |
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| Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance.
Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index. |
* | The sectors listed above reflect those covered by the six analyst teams who comprise the Janus Henderson Research Team. |
** | Not a GICS classified sector. |
Janus Henderson Research Fund (unaudited)
Fund At A Glance
March 31, 2024
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5 Largest Equity Holdings - (% of Net Assets) |
Microsoft Corp | |
Software | 12.2% |
NVIDIA Corp | |
Semiconductor & Semiconductor Equipment | 10.0% |
Meta Platforms Inc - Class A | |
Interactive Media & Services | 6.0% |
Amazon.com Inc | |
Multiline Retail | 6.0% |
Apple Inc | |
Technology Hardware, Storage & Peripherals | 5.5% |
| | 39.7% |
| | | | | |
Asset Allocation - (% of Net Assets) |
Common Stocks | | 100.0% |
Private Placements | | 0.0% |
Other | | 0.0% |
| | | 100.0% |
| | |
Top Country Allocations - Long Positions - (% of Investment Securities) |
As of March 31, 2024 
| As of September 30, 2023 
|
Janus Henderson Research Fund (unaudited)
Performance
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See important disclosures on the next page. |
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Average Annual Total Return - for the periods ended March 31, 2024 | | | Prospectus Expense Ratios |
| | Fiscal
Year-to-Date | One
Year | Five
Year | Ten
Year | Since
Inception* | | | Total Annual Fund
Operating Expenses‡ | Net Annual Fund
Operating Expenses‡ |
Class A Shares at NAV | | 31.29% | 44.51% | 16.26% | 13.76% | 11.82% | | | 0.81% | 0.81% |
Class A Shares at MOP | | 23.74% | 36.20% | 14.89% | 13.09% | 11.61% | | | | |
Class C Shares at NAV | | 31.06% | 43.68% | 15.45% | 12.97% | 11.05% | | | 1.62% | 1.61% |
Class C Shares at CDSC | | 30.06% | 42.68% | 15.45% | 12.97% | 11.05% | | | | |
Class D Shares | | 31.42% | 44.78% | 16.48% | 13.99% | 12.06% | | | 0.62% | 0.62% |
Class I Shares | | 31.44% | 44.85% | 16.54% | 14.05% | 12.09% | | | 0.57% | 0.57% |
Class N Shares | | 31.50% | 44.95% | 16.63% | 14.14% | 12.11% | | | 0.49% | 0.49% |
Class R Shares | | 31.00% | 43.87% | 15.72% | 13.36% | 11.51% | | | 1.33% | 1.27% |
Class S Shares | | 31.16% | 44.21% | 16.03% | 13.57% | 11.66% | | | 1.01% | 1.01% |
Class T Shares | | 31.35% | 44.61% | 16.36% | 13.88% | 12.01% | | | 0.74% | 0.74% |
Russell 1000 Growth Index | | 27.19% | 39.00% | 18.52% | 15.98% | 10.90% | | | | |
S&P 500 Index | | 23.48% | 29.88% | 15.05% | 12.96% | 10.45% | | | | |
Morningstar Quartile - Class T Shares | | - | 1st | 2nd | 2nd | 1st | | | | |
Morningstar Ranking - based on total returns for Large Growth Funds | | - | 168/1,202 | 321/1,101 | 430/1,000 | 20/349 | | | | |
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold. For the most recent month-end performance call 800.668.0434 (or 800.525.3713 if you hold shares directly with Janus Henderson) or visit janushenderson.com/performance (or janushenderson.com/allfunds if you hold shares directly with Janus Henderson).
Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.
CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.
This Fund has a performance-based management fee that may adjust up or down based on the Fund’s performance.
Janus Henderson Research Fund (unaudited)
Performance
Performance may be affected by risks that include those associated with foreign and emerging markets, fixed income securities, high-yield and high-risk securities, undervalued, overlooked and smaller capitalization companies, real estate related securities including Real Estate Investment Trusts (REITs), Environmental, Social and Governance (ESG) factors, non-diversification, portfolio turnover, derivatives, short sales, initial public offerings (IPOs) and potential conflicts of interest. Each product has different risks. Please see the prospectus for more information about risks, holdings and other details.
High absolute short-term performance is not typical and may not be achieved in the future. Such results should not be the sole basis for evaluating material facts in making an investment decision.
Returns include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.
Class A Shares, Class C Shares, and Class S Shares commenced operations on July 6, 2009. Performance shown for each class for periods prior to July 6, 2009, reflects the performance of the Fund’s Class J Shares, the initial share class (renamed Class T Shares effective February 16, 2010), calculated using the fees and expenses of each respective class, without the effect of any fee and expense limitations or waivers.
Class D Shares commenced operations on February 16, 2010. Performance shown for periods prior to February 16, 2010, reflects the performance of the Fund’s former Class J Shares, calculated using the fees and expenses in effect during the periods shown, net of any applicable fee and expense limitations or waivers.
Class I Shares commenced operations on July 6, 2009. Performance shown for periods prior to July 6, 2009, reflects the performance of the Fund’s former Class J Shares, calculated using the fees and expenses of Class J Shares, net of any applicable fee and expense limitations or waivers.
Class N Shares commenced operations on May 31, 2012. Performance shown for periods prior to May 31, 2012, reflects the performance of the Fund's Class T Shares, calculated using the fees and expenses of Class T Shares, net of any applicable fee and expense limitations or waivers.
Class R Shares commenced operations on January 27, 2017. Performance shown for periods prior to January 27, 2017, reflects the historical performance of the Fund’s Class T Shares, calculated using the fees and expenses of Class R Shares, without the effect of any fee and expense limitations or waivers.
If each share class of the Fund had been available during periods prior to its commencement, the performance shown may have been different. The performance shown for periods following the Fund's commencement of each share class reflects the fees and expenses of each respective share class, net of any applicable fee and expense limitations or waivers. Please refer to the Fund's prospectuses for further details concerning historical performance.
Ranking is for the share class shown only; other classes may have different performance characteristics. When an expense waiver is in effect, it may have a material effect on the total return, and therefore the ranking for the period.
© 2024 Morningstar, Inc. All Rights Reserved.
There is no assurance that the investment process will consistently lead to successful investing.
See Notes to Schedule of Investments and Other Information for index definitions.
Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.
See “Useful Information About Your Fund Report.”
Effective January 26, 2024, Joshua Cummings and John Jordan are Co-Portfolio Managers with Portfolio Manager Matthew Peron.
*The Fund’s inception date – May 3, 1993
‡ As stated in the prospectus. Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on January 26, 2024. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees. See Financial Highlights for actual expense ratios during the reporting period.
Janus Henderson Research Fund (unaudited)
Expense Examples
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, such as sales charges (loads) on purchase payments (applicable to Class A Shares only); and (2) ongoing costs, including management fees; 12b-1 distribution and shareholder servicing fees; transfer agent fees and expenses payable pursuant to the Transfer Agency Agreement; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The example is based upon an investment of $1,000 invested at the beginning of the period and held for the six-months indicated, unless noted otherwise in the table and footnotes below.
Actual Expenses
The information in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate column for your share class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.
Hypothetical Example for Comparison Purposes
The information in the table under the heading “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based upon the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Additionally, for an analysis of the fees associated with an investment in any share class or other similar funds, please visit www.finra.org/fundanalyzer.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. These fees are fully described in the Fund’s prospectuses. Therefore, the hypothetical examples are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
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| | | Actual | | Hypothetical
(5% return before expenses) | |
| Beginning
Account
Value
(10/1/23) | Ending
Account
Value
(3/31/24) | Expenses
Paid During
Period
(10/1/23 - 3/31/24)† | | Beginning
Account
Value
(10/1/23) | Ending
Account
Value
(3/31/24) | Expenses
Paid During
Period
(10/1/23 - 3/31/24)† | Net Annualized
Expense Ratio
(10/1/23 - 3/31/24) |
Class A Shares | $1,000.00 | $1,312.90 | $4.80 | | $1,000.00 | $1,020.85 | $4.19 | 0.83% |
Class C Shares | $1,000.00 | $1,310.60 | $8.09 | | $1,000.00 | $1,018.00 | $7.06 | 1.40% |
Class D Shares | $1,000.00 | $1,314.20 | $3.70 | | $1,000.00 | $1,021.80 | $3.23 | 0.64% |
Class I Shares | $1,000.00 | $1,314.40 | $3.47 | | $1,000.00 | $1,022.00 | $3.03 | 0.60% |
Class N Shares | $1,000.00 | $1,315.00 | $2.95 | | $1,000.00 | $1,022.45 | $2.58 | 0.51% |
Class R Shares | $1,000.00 | $1,310.00 | $7.28 | | $1,000.00 | $1,018.70 | $6.36 | 1.26% |
Class S Shares | $1,000.00 | $1,311.60 | $5.89 | | $1,000.00 | $1,019.90 | $5.15 | 1.02% |
Class T Shares | $1,000.00 | $1,313.50 | $4.28 | | $1,000.00 | $1,021.30 | $3.74 | 0.74% |
† | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements. |
Janus Henderson Research Fund
Schedule of Investments (unaudited)
March 31, 2024
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Shares
| | | Value | |
Common Stocks– 100.0% | | | |
Aerospace & Defense – 1.4% | | | |
| | General Dynamics Corp | | 421,199 | | | $118,984,506 | |
| | Howmet Aerospace Inc | | 2,646,728 | | | 181,115,597 | |
| | | 300,100,103 | |
Beverages – 1.9% | | | |
| | Constellation Brands Inc - Class A | | 715,627 | | | 194,478,794 | |
| | Monster Beverage Corp* | | 3,841,483 | | | 227,723,112 | |
| | | 422,201,906 | |
Biotechnology – 2.9% | | | |
| | AbbVie Inc | | 1,141,461 | | | 207,860,048 | |
| | Amgen Inc | | 532,189 | | | 151,311,976 | |
| | Argenx SE (ADR)* | | 126,977 | | | 49,993,384 | |
| | Madrigal Pharmaceuticals Inc* | | 96,234 | | | 25,698,327 | |
| | Sarepta Therapeutics Inc* | | 455,317 | | | 58,945,339 | |
| | Vertex Pharmaceuticals Inc* | | 333,029 | | | 139,209,452 | |
| | | 633,018,526 | |
Capital Markets – 1.5% | | | |
| | Ares Management Corp - Class A | | 529,901 | | | 70,466,235 | |
| | Blackstone Group Inc | | 962,623 | | | 126,459,784 | |
| | Charles Schwab Corp | | 778,060 | | | 56,284,860 | |
| | LPL Financial Holdings Inc | | 309,733 | | | 81,831,459 | |
| | | 335,042,338 | |
Chemicals – 1.1% | | | |
| | Sherwin-Williams Co | | 672,115 | | | 233,445,703 | |
Diversified Financial Services – 4.7% | | | |
| | Apollo Global Management Inc | | 920,295 | | | 103,487,173 | |
| | Global Payments Inc | | 294,336 | | | 39,340,950 | |
| | Mastercard Inc - Class A | | 919,997 | | | 443,042,955 | |
| | Visa Inc | | 1,580,826 | | | 441,176,920 | |
| | | 1,027,047,998 | |
Electronic Equipment, Instruments & Components – 0.2% | | | |
| | Keysight Technologies Inc* | | 268,170 | | | 41,936,425 | |
Energy Equipment & Services – 0.2% | | | |
| | Atlas Energy Solutions Inc | | 2,314,820 | | | 52,361,228 | |
Entertainment – 2.6% | | | |
| | Liberty Media Corp-Liberty Formula One - Series C* | | 3,482,440 | | | 228,448,064 | |
| | Netflix Inc* | | 553,568 | | | 336,198,453 | |
| | | 564,646,517 | |
Health Care Equipment & Supplies – 1.9% | | | |
| | Abbott Laboratories | | 273,062 | | | 31,036,227 | |
| | Boston Scientific Corp* | | 1,167,165 | | | 79,939,131 | |
| | Edwards Lifesciences Corp* | | 1,243,472 | | | 118,826,184 | |
| | Intuitive Surgical Inc* | | 257,377 | | | 102,716,587 | |
| | Stryker Corp | | 213,402 | | | 76,370,174 | |
| | | 408,888,303 | |
Health Care Providers & Services – 2.0% | | | |
| | HCA Healthcare Inc | | 175,968 | | | 58,690,607 | |
| | Humana Inc | | 138,416 | | | 47,991,596 | |
| | UnitedHealth Group Inc | | 680,238 | | | 336,513,739 | |
| | | 443,195,942 | |
Hotels, Restaurants & Leisure – 3.7% | | | |
| | Booking Holdings Inc | | 95,339 | | | 345,878,451 | |
| | Chipotle Mexican Grill Inc* | | 92,698 | | | 269,451,765 | |
| | Las Vegas Sands Corp | | 3,984,186 | | | 205,982,416 | |
| | | 821,312,632 | |
Household Products – 1.8% | | | |
| | Procter & Gamble Co | | 2,417,463 | | | 392,233,372 | |
Industrial Conglomerates – 0.3% | | | |
| | 3M Co | | 622,591 | | | 66,038,227 | |
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See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
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6 | MARCH 31, 2024 |
Janus Henderson Research Fund
Schedule of Investments (unaudited)
March 31, 2024
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Shares
| | | Value | |
Common Stocks– (continued) | | | |
Information Technology Services – 0.1% | | | |
| | Snowflake Inc - Class A* | | 115,625 | | | $18,685,000 | |
Insurance – 1.2% | | | |
| | Arthur J Gallagher & Co | | 293,746 | | | 73,448,250 | |
| | Progressive Corp/The | | 894,499 | | | 185,000,283 | |
| | | 258,448,533 | |
Interactive Media & Services – 11.4% | | | |
| | Alphabet Inc - Class C* | | 7,816,846 | | | 1,190,192,972 | |
| | Meta Platforms Inc - Class A | | 2,705,832 | | | 1,313,897,903 | |
| | | 2,504,090,875 | |
Life Sciences Tools & Services – 0.4% | | | |
| | Thermo Fisher Scientific Inc | | 170,851 | | | 99,300,310 | |
Machinery – 2.7% | | | |
| | Deere & Co | | 752,023 | | | 308,885,927 | |
| | Fortive Corp | | 1,537,884 | | | 132,288,782 | |
| | Ingersoll Rand Inc | | 1,658,744 | | | 157,497,743 | |
| | | 598,672,452 | |
Multiline Retail – 6.0% | | | |
| | Amazon.com Inc* | | 7,245,913 | | | 1,307,017,787 | |
Oil, Gas & Consumable Fuels – 0.4% | | | |
| | EOG Resources Inc | | 606,263 | | | 77,504,662 | |
Pharmaceuticals – 3.4% | | | |
| | AstraZeneca PLC (ADR) | | 1,070,175 | | | 72,504,356 | |
| | Eli Lilly & Co | | 650,418 | | | 505,999,187 | |
| | Merck & Co Inc | | 737,750 | | | 97,346,112 | |
| | Novo Nordisk A/S (ADR) | | 608,523 | | | 78,134,353 | |
| | | 753,984,008 | |
Real Estate Management & Development – 1.2% | | | |
| | CoStar Group Inc* | | 2,634,935 | | | 254,534,721 | |
Road & Rail – 2.0% | | | |
| | JB Hunt Transport Services Inc | | 513,305 | | | 102,276,021 | |
| | TFI International Inc | | 1,051,603 | | | 167,688,614 | |
| | Uber Technologies Inc* | | 2,166,734 | | | 166,816,851 | |
| | | 436,781,486 | |
Semiconductor & Semiconductor Equipment – 16.9% | | | |
| | Advanced Micro Devices Inc* | | 1,416,713 | | | 255,702,529 | |
| | Applied Materials Inc | | 617,523 | | | 127,351,768 | |
| | ASML Holding NV | | 230,478 | | | 223,671,985 | |
| | Broadcom Inc | | 212,835 | | | 282,093,637 | |
| | KLA Corp | | 223,594 | | | 156,196,061 | |
| | Lam Research Corp | | 282,645 | | | 274,609,403 | |
| | Lattice Semiconductor Corp* | | 338,326 | | | 26,467,243 | |
| | Marvell Technology Inc | | 702,568 | | | 49,798,020 | |
| | NVIDIA Corp | | 2,413,521 | | | 2,180,761,035 | |
| | ON Semiconductor Corp* | | 1,043,440 | | | 76,745,012 | |
| | Texas Instruments Inc | | 235,894 | | | 41,095,094 | |
| | | 3,694,491,787 | |
Software – 18.5% | | | |
| | Adobe Inc* | | 474,890 | | | 239,629,494 | |
| | Cadence Design Systems Inc* | | 867,366 | | | 269,993,688 | |
| | Dynatrace Inc* | | 1,122,011 | | | 52,106,191 | |
| | Microsoft Corp | | 6,332,231 | | | 2,664,096,226 | |
| | Oracle Corp | | 1,474,667 | | | 185,232,922 | |
| | Palo Alto Networks Inc* | | 138,684 | | | 39,404,285 | |
| | ServiceNow Inc* | | 182,432 | | | 139,086,157 | |
| | Synopsys Inc* | | 457,695 | | | 261,572,692 | |
| | Tyler Technologies Inc* | | 221,475 | | | 94,129,090 | |
| | Workday Inc - Class A* | | 422,907 | | | 115,347,884 | |
| | | 4,060,598,629 | |
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See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
Janus Investment Fund | 7 |
Janus Henderson Research Fund
Schedule of Investments (unaudited)
March 31, 2024
| | | | | | | | |
Shares
| | | Value | |
Common Stocks– (continued) | | | |
Specialty Retail – 2.6% | | | |
| | O'Reilly Automotive Inc* | | 215,112 | | | $242,835,635 | |
| | TJX Cos Inc | | 3,200,504 | | | 324,595,116 | |
| | | 567,430,751 | |
Technology Hardware, Storage & Peripherals – 5.5% | | | |
| | Apple Inc | | 7,055,546 | | | 1,209,885,028 | |
Trading Companies & Distributors – 0.9% | | | |
| | Ferguson PLC | | 878,579 | | | 191,908,011 | |
Wireless Telecommunication Services – 0.6% | | | |
| | T-Mobile US Inc | | 823,928 | | | 134,481,528 | |
Total Common Stocks (cost $9,743,817,742) | | 21,909,284,788 | |
Private Placements– 0% | | | |
Health Care Equipment & Supplies – 0% | | | |
| | MedicaMetrix Inc*,¢,£,§((cost $3,000,000) | | 2,727,273 | | | 3 | |
Total Investments (total cost $9,746,817,742) – 100.0% | | 21,909,284,791 | |
Cash, Receivables and Other Assets, net of Liabilities – 0% | | 7,048,414 | |
Net Assets – 100% | | $21,916,333,205 | |
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Summary of Investments by Country - (Long Positions) (unaudited) |
| |
| | | | | % of | |
| | | | | Investment | |
Country | | Value | | Securities | |
United States | | $21,317,292,099 | | 97.3 | % |
Netherlands | | 223,671,985 | | 1.0 | |
Canada | | 167,688,614 | | 0.8 | |
Denmark | | 78,134,353 | | 0.4 | |
United Kingdom | | 72,504,356 | | 0.3 | |
Belgium | | 49,993,384 | | 0.2 | |
| | | | | | |
| | | | | | |
Total | | $21,909,284,791 | | 100.0 | % |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
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8 | MARCH 31, 2024 |
Janus Henderson Research Fund
Schedule of Investments (unaudited)
March 31, 2024
Schedules of Affiliated Investments – (% of Net Assets)
| | | | | | | | | | | |
| | Dividend Income(1) | Realized Gain/(Loss)(1) | Change in Unrealized Appreciation/ Depreciation(1) | Value at 3/31/24 |
Private Placements – 0.0% |
Health Care Equipment & Supplies – 0.0% | |
| | MedicaMetrix Inc*,¢,§ | $ | - | $ | - | $ | - | $ | 3 |
Investment Companies - N/A |
Money Markets - N/A | |
| | Janus Henderson Cash Liquidity Fund LLC, 5.3830%ºº | | 674,528 | | - | | (313) | | - |
Investments Purchased with Cash Collateral from Securities Lending - N/A |
Investment Companies - N/A | |
| | Janus Henderson Cash Collateral Fund LLC, 5.2800%ºº | | 10,134∆ | | - | | - | | - |
Total Affiliated Investments – 0.0% | $ | 684,662 | $ | - | $ | (313) | $ | 3 |
(1) For securities that were affiliated for a portion of the period ended March 31, 2024, this column reflects amounts for the entire period ended March 31, 2024 and not just the period in which the security was affiliated.
| | | | | | | | | | | |
| | Value at 9/30/23 | Purchases | Sales Proceeds | Value at 3/31/24 |
Private Placements - 0.0% |
Health Care Equipment & Supplies - 0.0% | |
| | MedicaMetrix Inc*,¢,§ | | 3 | | - | | - | | 3 |
Investment Companies - N/A |
Money Markets - N/A | |
| | Janus Henderson Cash Liquidity Fund LLC, 5.3830%ºº | | 3,131,581 | | 913,975,236 | | (917,106,504) | | - |
Investments Purchased with Cash Collateral from Securities Lending - N/A |
Investment Companies - N/A | |
| | Janus Henderson Cash Collateral Fund LLC, 5.2800%ºº | | 17,386,427 | | 170,937,469 | | (188,323,896) | | - |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
Janus Investment Fund | 9 |
Janus Henderson Research Fund
Notes to Schedule of Investments and Other Information (unaudited)
| | |
Russell 1000® Growth Index | Russell 1000® Growth Index reflects the performance of U.S. large-cap equities with higher price-to-book ratios and higher forecasted growth values. |
S&P 500® Index | S&P 500® Index reflects U.S. large-cap equity performance and represents broad U.S. equity market performance. |
| | |
ADR | American Depositary Receipt |
LLC | Limited Liability Company |
PLC | Public Limited Company |
| | |
* | Non-income producing security. |
| | |
ºº | Rate shown is the 7-day yield as of March 31, 2024. |
| | |
¢ | Security is valued using significant unobservable inputs. The total value of Level 3 securities as of the period ended March 31, 2024 is $3, which represents 0.0% 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 March 31, 2024) |
| | | | | | | | Value as a | |
| | Acquisition | | | | | | % of Net | |
| | Date | | Cost | | Value | | Assets | |
MedicaMetrix Inc | 1/26/21 | $ | 3,000,000 | $ | 3 | | 0.0 | % |
| | | | | | | | | |
| | | | | | | | | |
The Fund has registration rights for certain restricted securities held as of March 31, 2024. The issuer incurs all registration costs. | |
Janus Henderson Research Fund
Notes to Schedule of Investments and Other Information (unaudited)
| | | | | | | | | | | | | |
The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of March 31, 2024. See Notes to Financial Statements for more information. |
| |
Valuation Inputs Summary |
| | | | | | | |
| | | | | Level 2 - | | Level 3 - |
| | | Level 1 - | | Other Significant | | Significant |
| | | Quoted Prices | | Observable Inputs | | Unobservable Inputs |
| | | | | | | |
Assets | | | | | | |
Investments In Securities: | | | | | | |
Common Stocks | $ | 21,909,284,788 | $ | - | $ | - |
Private Placements | | - | | - | | 3 |
Total Assets | $ | 21,909,284,788 | $ | - | $ | 3 |
| | | | | | | |
Janus Henderson Research Fund
Statement of Assets and Liabilities (unaudited)
March 31, 2024
| | | | | | | |
| | | | | | |
Assets: | | | | |
| Unaffiliated investments, at value (cost $9,743,817,742) | | $ | 21,909,284,788 | |
| Affiliated investments, at value (cost $3,000,000) | | | 3 | |
| Trustees' deferred compensation | | | 606,651 | |
| Receivables: | | | | |
| | Investments sold | | | 24,494,970 | |
| | Dividends | | | 4,269,074 | |
| | Fund shares sold | | | 4,157,874 | |
| | Foreign tax reclaims | | | 592,901 | |
| | Dividends from affiliates | | | 316,421 | |
| Other assets | | | 108,913 | |
Total Assets | | | 21,943,831,595 | |
Liabilities: | | | | |
| Due to custodian | | | 4,838,634 | |
| Payables: | | | — | |
| | Advisory fees | | | 9,557,858 | |
| | Fund shares repurchased | | | 8,922,427 | |
| | Transfer agent fees and expenses | | | 2,861,690 | |
| | Trustees' deferred compensation fees | | | 606,651 | |
| | Trustees' fees and expenses | | | 97,499 | |
| | Professional fees | | | 48,079 | |
| | Affiliated fund administration fees payable | | | 46,075 | |
| | 12b-1 Distribution and shareholder servicing fees | | | 27,297 | |
| | Custodian fees | | | 18,325 | |
| | Accrued expenses and other payables | | | 473,855 | |
Total Liabilities | | | 27,498,390 | |
Commitments and contingent liabilities (Note 3) | | | | |
Net Assets | | $ | 21,916,333,205 | |
| | |
See Notes to Financial Statements. |
| |
12 | MARCH 31, 2024 |
Janus Henderson Research Fund
Statement of Assets and Liabilities (unaudited)
March 31, 2024
| | | | | | | |
| | | | | | |
| | | | | | |
Net Assets Consist of: | | | | |
| Capital (par value and paid-in surplus) | | $ | 9,301,335,213 | |
| Total distributable earnings (loss) | | | 12,614,997,992 | |
Total Net Assets | | $ | 21,916,333,205 | |
Net Assets - Class A Shares | | $ | 67,058,746 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 894,881 | |
Net Asset Value Per Share(1) | | $ | 74.94 | |
Maximum Offering Price Per Share(2) | | $ | 79.51 | |
Net Assets - Class C Shares | | $ | 7,118,641 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 108,271 | |
Net Asset Value Per Share(1) | | $ | 65.75 | |
Net Assets - Class D Shares | | $ | 15,974,430,754 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 210,090,478 | |
Net Asset Value Per Share | | $ | 76.04 | |
Net Assets - Class I Shares | | $ | 548,622,710 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 7,229,999 | |
Net Asset Value Per Share | | $ | 75.88 | |
Net Assets - Class N Shares | | $ | 368,791,683 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 4,855,216 | |
Net Asset Value Per Share | | $ | 75.96 | |
Net Assets - Class R Shares | | $ | 3,876,702 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 52,894 | |
Net Asset Value Per Share | | $ | 73.29 | |
Net Assets - Class S Shares | | $ | 25,690,800 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 352,925 | |
Net Asset Value Per Share | | $ | 72.79 | |
Net Assets - Class T Shares | | $ | 4,920,743,169 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 64,779,449 | |
Net Asset Value Per Share | | $ | 75.96 | |
| |
(1) Redemption price per share may be reduced for any applicable contingent deferred sales charge. (2) Maximum offering price is computed at 100/94.25 of net asset value. |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 13 |
Janus Henderson Research Fund
Statement of Operations (unaudited)
For the period ended March 31, 2024
| | | | | | |
| | | | | |
Investment Income: | | | |
| Dividends | $ | 62,057,197 | |
| Dividends from affiliates | | 674,528 | |
| Affiliated securities lending income, net | | 10,134 | |
| Unaffiliated securities lending income, net | | 2,722 | |
| Other income | | 39,217 | |
| Foreign tax withheld | | (347,005) | |
Total Investment Income | | 62,436,793 | |
Expenses: | | | |
| Advisory fees | | 48,421,588 | |
| 12b-1 Distribution and shareholder servicing fees: | | | |
| | Class A Shares | | 71,312 | |
| | Class C Shares | | 19,224 | |
| | Class R Shares | | 8,356 | |
| | Class S Shares | | 29,252 | |
| Transfer agent administrative fees and expenses: | | | |
| | Class D Shares | | 8,059,815 | |
| | Class R Shares | | 4,389 | |
| | Class S Shares | | 29,243 | |
| | Class T Shares | | 5,405,950 | |
| Transfer agent networking and omnibus fees: | | | |
| | Class A Shares | | 15,673 | |
| | Class C Shares | | 2,446 | |
| | Class I Shares | | 188,314 | |
| Other transfer agent fees and expenses: | | | |
| | Class A Shares | | 1,421 | |
| | Class C Shares | | 143 | |
| | Class D Shares | | 487,812 | |
| | Class I Shares | | 9,928 | |
| | Class N Shares | | 5,912 | |
| | Class R Shares | | 24 | |
| | Class S Shares | | 536 | |
| | Class T Shares | | 15,356 | |
| Shareholder reports expense | | 372,112 | |
| Affiliated fund administration fees | | 241,501 | |
| Trustees’ fees and expenses | | 204,151 | |
| Custodian fees | | 130,811 | |
| Registration fees | | 96,187 | |
| Professional fees | | 81,765 | |
| Other expenses | | 476,402 | |
Total Expenses | | 64,379,623 | |
Less: Excess Expense Reimbursement and Waivers | | (401,700) | |
Net Expenses | | 63,977,923 | |
Net Investment Income/(Loss) | | (1,541,130) | |
| | | | | |
| | |
See Notes to Financial Statements. |
| |
14 | MARCH 31, 2024 |
Janus Henderson Research Fund
Statement of Operations (unaudited)
For the period ended March 31, 2024
| | | | | | |
| | | | | |
Net Realized Gain/(Loss) on Investments: | | | |
| Investments | $ | 499,986,037 | |
Total Net Realized Gain/(Loss) on Investments | | 499,986,037 | |
Change in Unrealized Net Appreciation/Depreciation: | | | |
| Investments, foreign currency translations and Trustees’ deferred compensation | | 4,803,413,628 | |
| Investments in affiliates | | (313) | |
Total Change in Unrealized Net Appreciation/Depreciation | | 4,803,413,315 | |
Net Increase/(Decrease) in Net Assets Resulting from Operations | $ | 5,301,858,222 | |
| | | | | |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 15 |
Janus Henderson Research Fund
Statements of Changes in Net Assets
| | | | | | | | | |
| | | | | | | | |
| | | Period ended
March 31, 2024 (unaudited) | | Year ended
September 30, 2023 | |
| | | | | | | | |
Operations: | | | | | | |
| Net investment income/(loss) | $ | (1,541,130) | | $ | 29,531,032 | |
| Net realized gain/(loss) on investments | | 499,986,037 | | | 545,097,799 | |
| Change in unrealized net appreciation/depreciation | | 4,803,413,315 | | | 3,731,763,326 | |
Net Increase/(Decrease) in Net Assets Resulting from Operations | | 5,301,858,222 | | | 4,306,392,157 | |
Dividends and Distributions to Shareholders: | | | | | | |
| | Class A Shares | | (1,585,265) | | | (90,957) | |
| | Class C Shares | | (218,523) | | | (22,695) | |
| | Class D Shares | | (401,216,194) | | | (44,917,698) | |
| | Class I Shares | | (13,161,013) | | | (1,571,320) | |
| | Class N Shares | | (9,217,249) | | | (1,852,697) | |
| | Class R Shares | | (101,829) | | | (7,488) | |
| | Class S Shares | | (682,039) | | | (43,861) | |
| | Class T Shares | | (121,280,339) | | | (8,746,211) | |
Net Decrease from Dividends and Distributions to Shareholders | | (547,462,451) | | | (57,252,927) | |
Capital Share Transactions: | | | | | | |
| | Class A Shares | | 5,054,535 | | | 436,264 | |
| | Class C Shares | | (901,809) | | | (4,255,541) | |
| | Class D Shares | | (36,127,720) | | | (588,451,094) | |
| | Class I Shares | | 40,457,077 | | | 4,159,561 | |
| | Class N Shares | | (72,315,932) | | | (14,029,247) | |
| | Class R Shares | | (128,855) | | | (593,752) | |
| | Class S Shares | | (668,564) | | | (3,635,851) | |
| | Class T Shares | | 22,649,882 | | | (158,586,632) | |
Net Increase/(Decrease) from Capital Share Transactions | | (41,981,386) | | | (764,956,292) | |
Net Increase/(Decrease) in Net Assets | | 4,712,414,385 | | | 3,484,182,938 | |
Net Assets: | | | | | | |
| Beginning of period | | 17,203,918,820 | | | 13,719,735,882 | |
| End of period | $ | 21,916,333,205 | | $ | 17,203,918,820 | |
| | | | | | | | |
| | |
See Notes to Financial Statements. |
| |
16 | MARCH 31, 2024 |
Janus Henderson Research Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class A Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $58.80 | | | $44.68 | | | $70.69 | | | $59.31 | | | $49.56 | | | $53.33 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | (0.06) | | | 0.01 | | | (0.10) | | | (0.15) | | | 0.06 | | | 0.14 | |
| | Net realized and unrealized gain/(loss) | | 18.10 | | | 14.22 | | | (17.06) | | | 13.37 | | | 14.75 | | | 0.50 | |
| Total from Investment Operations | | 18.04 | | | 14.23 | | | (17.16) | | | 13.22 | | | 14.81 | | | 0.64 | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | — | | | — | | | — | | | — | | | (0.13) | | | (0.06) | |
| | Distributions (from capital gains) | | (1.90) | | | (0.11) | | | (8.85) | | | (1.84) | | | (4.93) | | | (4.35) | |
| Total Dividends and Distributions | | (1.90) | | | (0.11) | | | (8.85) | | | (1.84) | | | (5.06) | | | (4.41) | |
| Net Asset Value, End of Period | | $74.94 | | | $58.80 | | | $44.68 | | | $70.69 | | | $59.31 | | | $49.56 | |
| Total Return* | | 31.32% | | | 31.92% | | | (28.11)% | | | 22.66% | | | 32.14% | | | 2.98% | |
| Net Assets, End of Period (in thousands) | | $67,059 | | | $47,978 | | | $36,486 | | | $53,589 | | | $36,300 | | | $29,853 | |
| Average Net Assets for the Period (in thousands) | | $57,312 | | | $42,314 | | | $48,724 | | | $45,054 | | | $31,223 | | | $28,823 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 0.83% | | | 0.81% | | | 0.84% | | | 0.86% | | | 0.86% | | | 0.89% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 0.83% | | | 0.81% | | | 0.84% | | | 0.86% | | | 0.86% | | | 0.89% | |
| | Ratio of Net Investment Income/(Loss) | | (0.18)% | | | 0.01% | | | (0.16)% | | | (0.22)% | | | 0.12% | | | 0.30% | |
| Portfolio Turnover Rate | | 13% | | | 27% | | | 32% | | | 31% | | | 38% | | | 41% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 17 |
Janus Henderson Research Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class C Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $51.90 | | | $39.79 | | | $64.28 | | | $54.45 | | | $46.06 | | | $50.18 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | (0.16) | | | (0.40) | | | (0.45) | | | (0.53) | | | (0.27) | | | (0.18) | |
| | Net realized and unrealized gain/(loss) | | 15.91 | | | 12.62 | | | (15.19) | | | 12.20 | | | 13.59 | | | 0.41 | |
| Total from Investment Operations | | 15.75 | | | 12.22 | | | (15.64) | | | 11.67 | | | 13.32 | | | 0.23 | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | — | | | — | | | — | | | — | | | — | | | — | |
| | Distributions (from capital gains) | | (1.90) | | | (0.11) | | | (8.85) | | | (1.84) | | | (4.93) | | | (4.35) | |
| Total Dividends and Distributions | | (1.90) | | | (0.11) | | | (8.85) | | | (1.84) | | | (4.93) | | | (4.35) | |
| Net Asset Value, End of Period | | $65.75 | | | $51.90 | | | $39.79 | | | $64.28 | | | $54.45 | | | $46.06 | |
| Total Return* | | 31.06% | | | 30.79% | | | (28.60)% | | | 21.81% | | | 31.20% | | | 2.27% | |
| Net Assets, End of Period (in thousands) | | $7,119 | | | $6,441 | | | $8,523 | | | $15,910 | | | $18,502 | | | $19,109 | |
| Average Net Assets for the Period (in thousands) | | $6,664 | | | $7,894 | | | $12,989 | | | $17,155 | | | $18,763 | | | $21,832 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 1.41% | | | 1.71% | | | 1.52% | | | 1.54% | | | 1.55% | | | 1.58% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 1.40% | | | 1.70% | | | 1.52% | | | 1.54% | | | 1.55% | | | 1.57% | |
| | Ratio of Net Investment Income/(Loss) | | (0.76)% | | | (0.85)% | | | (0.85)% | | | (0.88)% | | | (0.57)% | | | (0.39)% | |
| Portfolio Turnover Rate | | 13% | | | 27% | | | 32% | | | 31% | | | 38% | | | 41% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
18 | MARCH 31, 2024 |
Janus Henderson Research Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class D Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $59.62 | | | $45.30 | | | $71.42 | | | $59.86 | | | $49.98 | | | $53.74 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | —(2) | | | 0.11 | | | 0.02 | | | (0.01) | | | 0.17 | | | 0.24 | |
| | Net realized and unrealized gain/(loss) | | 18.35 | | | 14.41 | | | (17.29) | | | 13.48 | | | 14.87 | | | 0.50 | |
| Total from Investment Operations | | 18.35 | | | 14.52 | | | (17.27) | | | 13.47 | | | 15.04 | | | 0.74 | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | (0.03) | | | (0.09) | | | — | | | (0.07) | | | (0.23) | | | (0.15) | |
| | Distributions (from capital gains) | | (1.90) | | | (0.11) | | | (8.85) | | | (1.84) | | | (4.93) | | | (4.35) | |
| Total Dividends and Distributions | | (1.93) | | | (0.20) | | | (8.85) | | | (1.91) | | | (5.16) | | | (4.50) | |
| Net Asset Value, End of Period | | $76.04 | | | $59.62 | | | $45.30 | | | $71.42 | | | $59.86 | | | $49.98 | |
| Total Return* | | 31.42% | | | 32.18% | | | (27.96)% | | | 22.89% | | | 32.40% | | | 3.20% | |
| Net Assets, End of Period (in thousands) | | $15,974,431 | | | $12,534,833 | | | $10,017,030 | | | $14,715,777 | | | $12,635,778 | | | $10,221,640 | |
| Average Net Assets for the Period (in thousands) | | $14,181,482 | | | $11,667,368 | | | $13,156,776 | | | $14,113,628 | | | $11,047,912 | | | $9,901,606 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 0.64% | | | 0.62% | | | 0.64% | | | 0.66% | | | 0.66% | | | 0.69% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 0.64% | | | 0.62% | | | 0.64% | | | 0.66% | | | 0.66% | | | 0.68% | |
| | Ratio of Net Investment Income/(Loss) | | 0.01% | | | 0.21% | | | 0.03% | | | (0.02)% | | | 0.32% | | | 0.50% | |
| Portfolio Turnover Rate | | 13% | | | 27% | | | 32% | | | 31% | | | 38% | | | 41% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. (2) Less than $0.005 on a per share basis. |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 19 |
Janus Henderson Research Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class I Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $59.51 | | | $45.23 | | | $71.28 | | | $59.74 | | | $49.89 | | | $53.67 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | 0.02 | | | 0.13 | | | 0.05 | | | 0.02 | | | 0.20 | | | 0.27 | |
| | Net realized and unrealized gain/(loss) | | 18.30 | | | 14.39 | | | (17.25) | | | 13.46 | | | 14.84 | | | 0.48 | |
| Total from Investment Operations | | 18.32 | | | 14.52 | | | (17.20) | | | 13.48 | | | 15.04 | | | 0.75 | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | (0.05) | | | (0.13) | | | — | | | (0.10) | | | (0.26) | | | (0.18) | |
| | Distributions (from capital gains) | | (1.90) | | | (0.11) | | | (8.85) | | | (1.84) | | | (4.93) | | | (4.35) | |
| Total Dividends and Distributions | | (1.95) | | | (0.24) | | | (8.85) | | | (1.94) | | | (5.19) | | | (4.53) | |
| Net Asset Value, End of Period | | $75.88 | | | $59.51 | | | $45.23 | | | $71.28 | | | $59.74 | | | $49.89 | |
| Total Return* | | 31.44% | | | 32.24% | | | (27.91)% | | | 22.95% | | | 32.47% | | | 3.23% | |
| Net Assets, End of Period (in thousands) | | $548,623 | | | $394,958 | | | $298,319 | | | $448,508 | | | $383,533 | | | $340,425 | |
| Average Net Assets for the Period (in thousands) | | $463,002 | | | $352,581 | | | $396,836 | | | $428,367 | | | $349,367 | | | $339,641 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 0.60% | | | 0.57% | | | 0.59% | | | 0.61% | | | 0.60% | | | 0.63% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 0.60% | | | 0.57% | | | 0.59% | | | 0.61% | | | 0.60% | | | 0.62% | |
| | Ratio of Net Investment Income/(Loss) | | 0.05% | | | 0.25% | | | 0.08% | | | 0.03% | | | 0.38% | | | 0.56% | |
| Portfolio Turnover Rate | | 13% | | | 27% | | | 32% | | | 31% | | | 38% | | | 41% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
20 | MARCH 31, 2024 |
Janus Henderson Research Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class N Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $59.57 | | | $45.29 | | | $71.32 | | | $59.75 | | | $49.90 | | | $53.69 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | 0.04 | | | 0.18 | | | 0.09 | | | 0.07 | | | 0.23 | | | 0.31 | |
| | Net realized and unrealized gain/(loss) | | 18.33 | | | 14.39 | | | (17.27) | | | 13.47 | | | 14.85 | | | 0.47 | |
| Total from Investment Operations | | 18.37 | | | 14.57 | | | (17.18) | | | 13.54 | | | 15.08 | | | 0.78 | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | (0.08) | | | (0.18) | | | — | | | (0.13) | | | (0.30) | | | (0.22) | |
| | Distributions (from capital gains) | | (1.90) | | | (0.11) | | | (8.85) | | | (1.84) | | | (4.93) | | | (4.35) | |
| Total Dividends and Distributions | | (1.98) | | | (0.29) | | | (8.85) | | | (1.97) | | | (5.23) | | | (4.57) | |
| Net Asset Value, End of Period | | $75.96 | | | $59.57 | | | $45.29 | | | $71.32 | | | $59.75 | | | $49.90 | |
| Total Return* | | 31.50% | | | 32.35% | | | (27.86)% | | | 23.05% | | | 32.57% | | | 3.31% | |
| Net Assets, End of Period (in thousands) | | $368,792 | | | $361,772 | | | $286,346 | | | $432,553 | | | $394,953 | | | $308,922 | |
| Average Net Assets for the Period (in thousands) | | $332,957 | | | $336,090 | | | $378,504 | | | $426,650 | | | $350,927 | | | $296,644 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 0.51% | | | 0.49% | | | 0.52% | | | 0.54% | | | 0.53% | | | 0.55% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 0.51% | | | 0.49% | | | 0.52% | | | 0.54% | | | 0.53% | | | 0.54% | |
| | Ratio of Net Investment Income/(Loss) | | 0.13% | | | 0.33% | | | 0.15% | | | 0.11% | | | 0.45% | | | 0.64% | |
| Portfolio Turnover Rate | | 13% | | | 27% | | | 32% | | | 31% | | | 38% | | | 41% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 21 |
Janus Henderson Research Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class R Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $57.67 | | | $44.02 | | | $70.04 | | | $59.04 | | | $49.46 | | | $53.37 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | (0.20) | | | (0.22) | | | (0.35) | | | (0.42) | | | (0.18) | | | (0.05) | |
| | Net realized and unrealized gain/(loss) | | 17.72 | | | 13.98 | | | (16.82) | | | 13.26 | | | 14.69 | | | 0.49 | |
| Total from Investment Operations | | 17.52 | | | 13.76 | | | (17.17) | | | 12.84 | | | 14.51 | | | 0.44 | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | — | | | — | | | — | | | — | | | — | | | — | |
| | Distributions (from capital gains) | | (1.90) | | | (0.11) | | | (8.85) | | | (1.84) | | | (4.93) | | | (4.35) | |
| Total Dividends and Distributions | | (1.90) | | | (0.11) | | | (8.85) | | | (1.84) | | | (4.93) | | | (4.35) | |
| Net Asset Value, End of Period | | $73.29 | | | $57.67 | | | $44.02 | | | $70.04 | | | $59.04 | | | $49.46 | |
| Total Return* | | 31.02% | | | 31.33% | | | (28.41)% | | | 22.10% | | | 31.48% | | | 2.55% | |
| Net Assets, End of Period (in thousands) | | $3,877 | | | $3,151 | | | $2,903 | | | $4,226 | | | $4,269 | | | $4,476 | |
| Average Net Assets for the Period (in thousands) | | $3,529 | | | $3,222 | | | $3,822 | | | $4,354 | | | $4,322 | | | $4,550 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 1.32% | | | 1.32% | | | 1.33% | | | 1.34% | | | 1.34% | | | 1.30% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 1.26% | | | 1.26% | | | 1.27% | | | 1.30% | | | 1.34% | | | 1.30% | |
| | Ratio of Net Investment Income/(Loss) | | (0.62)% | | | (0.43)% | | | (0.60)% | | | (0.64)% | | | (0.36)% | | | (0.11)% | |
| Portfolio Turnover Rate | | 13% | | | 27% | | | 32% | | | 31% | | | 38% | | | 41% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
22 | MARCH 31, 2024 |
Janus Henderson Research Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class S Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $57.23 | | | $43.57 | | | $69.26 | | | $58.25 | | | $48.72 | | | $52.52 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | (0.12) | | | (0.09) | | | (0.20) | | | (0.26) | | | (0.03) | | | 0.07 | |
| | Net realized and unrealized gain/(loss) | | 17.58 | | | 13.86 | | | (16.64) | | | 13.11 | | | 14.49 | | | 0.48 | |
| Total from Investment Operations | | 17.46 | | | 13.77 | | | (16.84) | | | 12.85 | | | 14.46 | | | 0.55 | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | — | | | — | | | — | | | — | | | — | | | — | |
| | Distributions (from capital gains) | | (1.90) | | | (0.11) | | | (8.85) | | | (1.84) | | | (4.93) | | | (4.35) | |
| Total Dividends and Distributions | | (1.90) | | | (0.11) | | | (8.85) | | | (1.84) | | | (4.93) | | | (4.35) | |
| Net Asset Value, End of Period | | $72.79 | | | $57.23 | | | $43.57 | | | $69.26 | | | $58.25 | | | $48.72 | |
| Total Return* | | 31.16% | | | 31.68% | | | (28.24)% | | | 22.43% | | | 31.89% | | | 2.82% | |
| Net Assets, End of Period (in thousands) | | $25,691 | | | $20,642 | | | $19,124 | | | $30,909 | | | $26,600 | | | $33,835 | |
| Average Net Assets for the Period (in thousands) | | $23,508 | | | $19,517 | | | $26,683 | | | $29,786 | | | $25,562 | | | $28,972 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 1.03% | | | 1.01% | | | 1.04% | | | 1.05% | | | 1.03% | | | 1.06% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 1.02% | | | 1.00% | | | 1.03% | | | 1.04% | | | 1.03% | | | 1.05% | |
| | Ratio of Net Investment Income/(Loss) | | (0.38)% | | | (0.17)% | | | (0.35)% | | | (0.39)% | | | (0.06)% | | | 0.14% | |
| Portfolio Turnover Rate | | 13% | | | 27% | | | 32% | | | 31% | | | 38% | | | 41% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 23 |
Janus Henderson Research Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class T Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $59.56 | | | $45.23 | | | $71.39 | | | $59.86 | | | $49.98 | | | $53.74 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | (0.03) | | | 0.06 | | | (0.04) | | | (0.08) | | | 0.11 | | | 0.20 | |
| | Net realized and unrealized gain/(loss) | | 18.33 | | | 14.40 | | | (17.27) | | | 13.48 | | | 14.89 | | | 0.49 | |
| Total from Investment Operations | | 18.30 | | | 14.46 | | | (17.31) | | | 13.40 | | | 15.00 | | | 0.69 | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | — | | | (0.02) | | | — | | | (0.03) | | | (0.19) | | | (0.10) | |
| | Distributions (from capital gains) | | (1.90) | | | (0.11) | | | (8.85) | | | (1.84) | | | (4.93) | | | (4.35) | |
| Total Dividends and Distributions | | (1.90) | | | (0.13) | | | (8.85) | | | (1.87) | | | (5.12) | | | (4.45) | |
| Net Asset Value, End of Period | | $75.96 | | | $59.56 | | | $45.23 | | | $71.39 | | | $59.86 | | | $49.98 | |
| Total Return* | | 31.35% | | | 32.05% | | | (28.04)% | | | 22.76% | | | 32.27% | | | 3.07% | |
| Net Assets, End of Period (in thousands) | | $4,920,743 | | | $3,834,145 | | | $3,051,003 | | | $4,577,362 | | | $3,940,635 | | | $3,319,149 | |
| Average Net Assets for the Period (in thousands) | | $4,345,748 | | | $3,541,753 | | | $4,056,851 | | | $4,384,575 | | | $3,505,134 | | | $3,219,617 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 0.76% | | | 0.74% | | | 0.77% | | | 0.79% | | | 0.78% | | | 0.80% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 0.74% | | | 0.72% | | | 0.74% | | | 0.77% | | | 0.76% | | | 0.77% | |
| | Ratio of Net Investment Income/(Loss) | | (0.10)% | | | 0.11% | | | (0.07)% | | | (0.13)% | | | 0.22% | | | 0.41% | |
| Portfolio Turnover Rate | | 13% | | | 27% | | | 32% | | | 31% | | | 38% | | | 41% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
24 | MARCH 31, 2024 |
Janus Henderson Research Fund
Notes to Financial Statements (unaudited)
1. Organization and Significant Accounting Policies
Janus Henderson Research Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 37 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term growth of capital. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the “Adviser”) to the Fund.
The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.
Shareholders, including other funds, individuals, accounts, as well as the Fund’s portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund’s Shares and can be considered to “control” the Fund when that ownership exceeds 25% of the Fund’s assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).
Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.
Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.
Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.
The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.
Effective July 6, 2020, Class D Shares are available to new investors, subject to any closed fund policies for a Fund, as applicable. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.
Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. Class I Shares are also available to certain direct institutional investors including, but not limited to, corporations, certain retirement plans, public plans, and foundations/endowments, who established Class I Share accounts before August 4, 2017.
Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the “Distributor”) including, but not limited to,
Janus Henderson Research Fund
Notes to Financial Statements (unaudited)
corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.
Class R Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms.
Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.
Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.
The following accounting policies have been followed by the Fund and are in conformity with US GAAP.
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 Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-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 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 value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that operate as money market funds held by the Fund, if any, will be calculated using the NAV of such 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.
Janus Henderson Research Fund
Notes to Financial Statements (unaudited)
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.
There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal period.
The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of March 31, 2024 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 and Other Information.
The Fund did not hold a significant amount of Level 3 securities as of March 31, 2024.
Investment Transactions and Investment Income
Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on an accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.
Expenses
The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.
Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Indemnifications
In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and
Janus Henderson Research Fund
Notes to Financial Statements (unaudited)
would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.
Foreign Currency Translations
The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.
Currency gains and losses are also calculated on payables and receivables that are denominated in foreign currencies. The payables and receivables are generally related to foreign security transactions and income translations.
Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.
Dividends and Distributions
The Fund generally declares and distributes dividends of net investment income and realized capital gains (if any) annually. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as “equalization,” has no effect on the redeeming shareholder or a Fund’s total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.
The Fund may make certain investments in real estate investment trusts (“REITs”) which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs’ taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal income tax purposes.
Federal Income Taxes
The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund’s tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund’s financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
2. Other Investments and Strategies
Market Risk
The value of the Fund’s portfolio may decrease if the value of one or more issuers in the Fund’s portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund’s portfolio decreases, the Fund’s NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, war, conflicts, including related sanctions, social unrest, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.
Janus Henderson Research Fund
Notes to Financial Statements (unaudited)
• COVID-19 Pandemic. The effects of COVID-19 have contributed to increased volatility in global financial markets and have affected and may continue to affect certain countries, regions, issuers, industries and market sectors more dramatically than others. These conditions and events could have a significant impact on the Fund and its investments, the Fund’s ability to meet redemption requests, and the processes and operations of the Fund’s service providers, including the Adviser.
• Armed Conflict. Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global economic environment and the markets for certain securities and commodities.
Restricted Security Transactions
Restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933, as amended. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. Lack of a secondary market and resale restrictions may result in the inability of the Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, these securities may exhibit greater price volatility than securities for which secondary markets exist.
Counterparties
Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund (“counterparty risk”). Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund’s exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value.
The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund’s cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser’s analysis of a counterparty’s creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.
Securities Lending
Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments’ payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the Securities and Exchange Commission (the "SEC"). If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.
Janus Henderson Research Fund
Notes to Financial Statements (unaudited)
Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05% for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.
The value of the collateral must be at least 102% of the market value of the loaned securities that are denominated in U.S. dollars and 105% of the market value of the loaned securities that are not denominated in U.S. dollars. Loaned securities and related collateral are marked-to-market each business day based upon the market value of the loaned securities at the close of business, employing the most recent available pricing information. Collateral levels are then adjusted based on this mark-to-market evaluation. Additional required collateral, or excess collateral returned, is delivered on the next business day. Therefore, the value of the collateral held may be temporarily less than 102% or 105% value of the securities on loan. The cash collateral invested by the Adviser is disclosed in the Schedule of Investments (if applicable).
Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations.
There were no securities on loan as of March 31, 2024.
3. Investment Advisory Agreements and Other Transactions with Affiliates
The Fund pays the Adviser an investment advisory fee rate that may adjust up or down based on the Fund’s performance relative to its benchmark index.
The investment advisory fee rate paid to the Adviser by the Fund consists of two components: (1) a base fee calculated by applying the contractual fixed rate of the advisory fee to the Fund’s average daily net assets during the previous month (the “Base Fee Rate”), plus or minus (2) a performance-fee adjustment (the “Performance Adjustment”) calculated by applying a variable rate of up to 0.15% (positive or negative) to the Fund’s average daily net assets based on the Fund’s relative performance compared to the cumulative investment record of its benchmark index over a 36-month performance measurement period or shorter time period, as applicable. The investment advisory fee rate is calculated daily and paid monthly.
The investment performance of the Fund’s Class A Shares (waiving the upfront sales load) for the performance measurement period is used to calculate the Performance Adjustment. The Fund’s Base Fee Rate prior to any performance adjustment (expressed as an annual rate) is 0.64%, and the Fund’s benchmark index used in the calculation is the Russell 1000® Growth Index.
No Performance Adjustment is applied unless the difference between the Fund’s investment performance and the cumulative investment record of the Fund’s benchmark index is 0.50% or greater (positive or negative) during the applicable performance measurement period. The Base Fee Rate is subject to an upward or downward Performance Adjustment for every full 0.50% increment by which the Fund outperforms or underperforms its benchmark index, up to the Fund’s full performance rate of ±5.00%. Because the Performance Adjustment is tied to a Fund’s relative performance compared to its benchmark index (and not its absolute performance), the Performance Adjustment could increase the Adviser’s fee even if the Fund’s Shares lose value during the performance measurement period and could decrease the Adviser’s fee even if the Fund’s Shares increase in value during the performance measurement period. For purposes of computing the Base Fee Rate and the Performance Adjustment, net assets are averaged over different periods (average daily net assets during the previous month for the Base Fee Rate, versus average daily net assets during the performance measurement period for the Performance Adjustment). Performance of the Fund is calculated
Janus Henderson Research Fund
Notes to Financial Statements (unaudited)
net of expenses whereas the Fund’s benchmark index does not have any fees or expenses. Reinvestment of dividends and distributions is included in calculating both the performance of a Fund and the Fund’s benchmark index.
The Fund’s prospectuses and statement(s) of additional information contain additional information about performance-based fees. The amount shown as advisory fees on the Statement of Operations reflects the Base Fee Rate plus/minus any Performance Adjustment. For the period ended March 31, 2024, the performance adjusted investment advisory fee rate before any waivers and/or reimbursements of expenses is 0.50%.
The Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding any performance adjustments to management fees (if applicable), any performance adjustments to the management fee, if applicable, the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.68% for at least a one-year period commencing on January 26, 2024. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.
The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (or any subadvisor, as applicable) provides to the Fund. These amounts are disclosed as “Affiliated fund administration fees” on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund’s Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $222,870 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended March 31, 2024. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.
Janus Henderson Services US LLC (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.
Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.
| | |
Average Daily Net Assets of Class D Shares of the Janus Henderson funds | Administrative Services Fee |
Under $40 billion | 0.12% |
$40 billion – $49.9 billion | 0.10% |
Over $49.9 billion | 0.08% |
During the reporting period, the administrative services fee rate was 0.11%.
The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class R Shares, Class S Shares and Class T Shares for providing or procuring administrative services to investors in Class R Shares, Class S Shares and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class R Shares, Class S Shares and Class T Shares.
Janus Henderson Research Fund
Notes to Financial Statements (unaudited)
Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.
Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.
The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.
Under distribution and shareholder servicing plans (the “Plans”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, of up to 0.50% of the Class R Shares’ average daily net assets, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations.
Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the period ended March 31, 2024, the Distributor retained upfront sales charges of $3,745.
A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the period ended March 31, 2024.
A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the period ended March 31, 2024, redeeming shareholders of Class C Shares paid CDSCs of $3.
The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of March 31, 2024 on the Statement of Assets and Liabilities in the asset, “Trustees’ deferred compensation,” and liability, “Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Total distributable earnings (loss)” on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended March 31, 2024 are included in “Trustees’ fees and expenses” on the Statement of Operations. Trustees
Janus Henderson Research Fund
Notes to Financial Statements (unaudited)
are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $318,650 were paid by the Trust to the Trustees under the Deferred Plan during the period ended March 31, 2024.
Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the “Investing Funds”). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the “Sweep Vehicle”) is an affiliated unregistered cash management pooled investment vehicle that invests primarily in highly-rated short-term fixed-income securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a “floating” NAV) rounded to the fourth decimal place (e.g., $1.0000). The Sweep Vehicle is permitted to impose a liquidity fee (of up to 2%) on redemptions from the Sweep Vehicle or a redemption gate that temporarily suspends redemptions from the Sweep Vehicle for up to 10 business days during a 90 day period. There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.
Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended March 31, 2024 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.
4. Federal Income Tax
Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.
The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.
The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of March 31, 2024 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals, straddle deferrals, and investments in partnerships.
| | | | |
Federal Tax Cost | Unrealized
Appreciation | Unrealized
(Depreciation) | Net Tax Appreciation/
(Depreciation) |
$ 9,782,232,955 | $ 12,160,393,817 | $(33,341,981) | $ 12,127,051,836 |
| | | |
Janus Henderson Research Fund
Notes to Financial Statements (unaudited)
5. Capital Share Transactions
| | | | | | | |
| | | | | | |
| | Period ended March 31, 2024 | | Year ended September 30, 2023 |
| | Shares | Amount | | Shares | Amount |
| | | | | | |
Class A Shares: | | | | | |
Shares sold | 144,555 | $ 9,498,368 | | 207,953 | $ 11,056,450 |
Reinvested dividends and distributions | 22,523 | 1,407,897 | | 1,743 | 81,942 |
Shares repurchased | (88,079) | (5,851,730) | | (210,369) | (10,702,128) |
Net Increase/(Decrease) | 78,999 | $ 5,054,535 | | (673) | $ 436,264 |
Class C Shares: | | | | | |
Shares sold | 14,030 | $ 825,658 | | 19,188 | $ 903,902 |
Reinvested dividends and distributions | 3,883 | 213,472 | | 532 | 22,223 |
Shares repurchased | (33,758) | (1,940,939) | | (109,789) | (5,181,666) |
Net Increase/(Decrease) | (15,845) | $ (901,809) | | (90,069) | $ (4,255,541) |
Class D Shares: | | | | | |
Shares sold | 1,889,950 | $128,698,980 | | 2,597,999 | $ 141,234,795 |
Reinvested dividends and distributions | 6,046,330 | 383,276,847 | | 903,656 | 43,004,989 |
Shares repurchased | (8,104,129) | (548,103,547) | | (14,384,587) | (772,690,878) |
Net Increase/(Decrease) | (167,849) | $ (36,127,720) | | (10,882,932) | $(588,451,094) |
Class I Shares: | | | | | |
Shares sold | 1,053,263 | $ 71,616,816 | | 1,507,122 | $ 82,174,668 |
Reinvested dividends and distributions | 195,960 | 12,396,414 | | 30,850 | 1,464,759 |
Shares repurchased | (656,573) | (43,556,153) | | (1,496,943) | (79,479,866) |
Net Increase/(Decrease) | 592,650 | $ 40,457,077 | | 41,029 | $ 4,159,561 |
Class N Shares: | | | | | |
Shares sold | 378,078 | $ 25,912,424 | | 674,445 | $ 37,073,261 |
Reinvested dividends and distributions | 145,192 | 9,192,130 | | 38,960 | 1,850,588 |
Shares repurchased | (1,741,362) | (107,420,486) | | (963,058) | (52,953,096) |
Net Increase/(Decrease) | (1,218,092) | $ (72,315,932) | | (249,653) | $ (14,029,247) |
Class R Shares: | | | | | |
Shares sold | 1,888 | $ 122,728 | | 5,376 | $ 297,112 |
Reinvested dividends and distributions | 1,573 | 96,321 | | 160 | 7,408 |
Shares repurchased | (5,208) | (347,904) | | (16,844) | (898,272) |
Net Increase/(Decrease) | (1,747) | $ (128,855) | | (11,308) | $ (593,752) |
Class S Shares: | | | | | |
Shares sold | 29,924 | $ 1,926,448 | | 37,005 | $ 2,005,969 |
Reinvested dividends and distributions | 11,204 | 680,868 | | 955 | 43,737 |
Shares repurchased | (48,895) | (3,275,880) | | (116,198) | (5,685,557) |
Net Increase/(Decrease) | (7,767) | $ (668,564) | | (78,238) | $ (3,635,851) |
Class T Shares: | | | | | |
Shares sold | 2,960,566 | $200,967,323 | | 5,163,622 | $ 283,005,328 |
Reinvested dividends and distributions | 1,874,399 | 118,761,945 | | 180,157 | 8,571,880 |
Shares repurchased | (4,426,876) | (297,079,386) | | (8,426,142) | (450,163,840) |
Net Increase/(Decrease) | 408,089 | $ 22,649,882 | | (3,082,363) | $(158,586,632) |
6. Purchases and Sales of Investment Securities
For the period ended March 31, 2024, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as applicable) was as follows:
| | | | |
Purchases of
Securities | Proceeds from Sales
of Securities | Purchases of Long-
Term U.S. Government
Obligations | Proceeds from Sales
of Long-Term U.S.
Government Obligations |
$2,477,526,422 | $3,024,753,171 | $ - | $ - |
Janus Henderson Research Fund
Notes to Financial Statements (unaudited)
7. Subsequent Event
Management has evaluated whether any events or transactions occurred subsequent to March 31, 2024 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund’s financial statements.
Janus Henderson Research Fund
Additional Information (unaudited)
Proxy Voting Policies and Voting Record
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities is available without charge: (i) upon request, by calling 1-800-525-1093; (ii) on the Fund’s website at janushenderson.com/proxyvoting; and (iii) on the SEC’s website at http://www.sec.gov. Additionally, information regarding the Fund’s proxy voting record for the most recent twelve-month period ended June 30 is also available, free of charge, through janushenderson.com/proxyvoting and from the SEC’s website at http://www.sec.gov.
Full Holdings
The Fund files its complete portfolio holdings (schedule of investments) with the SEC as an exhibit to Form N-PORT within 60 days of the end of the first and third fiscal quarters, and in the annual report and semiannual report to shareholders. The Fund’s Form N-PORT filings and annual and semiannual reports: (i) are available on the SEC’s website at http://www.sec.gov; and (ii) are available without charge, upon request, by calling a Janus Henderson representative at 1-877-335-2687 (toll free) (or 1-800-525-3713 if you hold Class D Shares). Portfolio holdings consisting of at least the names of the holdings are generally available on a monthly basis with a 30-day lag under Full Holdings for the Fund at janushenderson.com/info (or janushenderson.com/reports if you hold Class D Shares).
APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD
The Trustees of Janus Aspen Series and Janus Investment Fund, each of whom serves as an “independent” Trustee (collectively, the “Trustees”), oversee the management of each portfolio of Janus Aspen Series (each, a “VIT Portfolio,” and collectively, the “VIT Portfolios”), as well as each fund of Janus Investment Fund (each, a “Fund,” and collectively, the “Funds” and together with the VIT Portfolios, the “Janus Henderson Funds,” and each, a “Janus Henderson Fund”). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.
In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the “Adviser”) in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analysis provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.
At meetings held on November 3, 2023 and December 14-15, 2023, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2024 through February 1, 2025, subject to earlier termination as provided for in each agreement.
In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees’ determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant’s conclusions and opinions that arose during, and were included as part of, the Trustees’ consideration of the agreements. “Management fees,” as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.
Nature, Extent and Quality of Services
The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management
Janus Henderson Research Fund
Additional Information (unaudited)
services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.
In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.
The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract well-qualified personnel.
Performance of the Funds
The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including periodic meetings with each Janus Henderson Fund’s portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund’s performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent data provider, and with the Janus Henderson Fund’s benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2023, approximately 44% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2023, approximately 50% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds’ average 2023 performance has been reasonable, noting that: (i) for the 12 months ended September 30, 2023, approximately 43% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; (ii) for the 36 months ended September 30, 2023, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; and (iii) for the 5- and 10-year periods ended September 30, 2023, approximately 63% and 66% of the Janus Henderson Funds were in the top two quartiles of performance, respectively, as reported by Morningstar.
The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:
Asset Allocation Funds
· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12
Janus Henderson Research Fund
Additional Information (unaudited)
months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Fixed-Income Funds
· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Developed World Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Global and International Equity Funds
· For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson European Focus Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Janus Henderson Research Fund
Additional Information (unaudited)
· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
Money Market Funds
· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Multi-Asset Funds
· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
Janus Henderson Research Fund
Additional Information (unaudited)
U.S. Equity Funds
· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
· For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.
· For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the evaluated performance period ended June 30, 2023. The Trustees noted that the 12- and 36-month end performance periods ended June 30, 2023 were not yet available.
Janus Henderson Research Fund
Additional Information (unaudited)
· For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
In consideration of each Janus Henderson Fund’s performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund’s performance warranted continuation of such Janus Henderson Fund’s investment advisory agreement.
Costs of Services Provided
The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 6% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.
For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic “focus list” analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.
The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.
The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered that the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds’ other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant referenced its past analyses from 2022, which found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser charges to its institutional separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) 9 of 11 Janus Henderson Funds had lower management fees than similar funds subadvised by the Adviser. As part of their review of the 2022 independent consultant findings, the Trustees noted that for the two Janus Henderson Funds that did not have lower management fees than similar funds subadvised by the Adviser, management fees for each were under the average of its 15(c) peer group.
The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2022 (except for Janus Henderson U.S. Dividend Income Fund, for which the period end was March 31, 2023) and noted the following with
Janus Henderson Research Fund
Additional Information (unaudited)
regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”) as reflected in the comparative information provided by Broadridge:
Asset Allocation Funds
· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund��s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
Fixed-Income Funds
· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson Developed World Bond Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson Global Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson High-Yield Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
Global and International Equity Funds
· For Janus Henderson Asia Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson Emerging Markets Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
Janus Henderson Research Fund
Additional Information (unaudited)
· For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson Global Equity Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Global Select Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Overseas Fund, the Trustees noted that although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.
Money Market Funds
· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
Multi-Asset Funds
· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that, that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Balanced Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
U.S. Equity Funds
· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were
Janus Henderson Research Fund
Additional Information (unaudited)
reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Contrarian Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Forty Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Growth and Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Triton Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Venture Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.
Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized
Janus Henderson Research Fund
Additional Information (unaudited)
by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees noted that the Adviser reported no changes to its allocation methodology for the 2023 15(c) process; however, at the Trustees’ request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant’s analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund’s investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.
The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser were reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund’s total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.
Economies of Scale
The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant’s 2023 report: (1) past analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 28% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have low flat-rate fees (the “Low Flat-Rate Fee Funds”) versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets.
With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2023 report that (1) 70% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Low Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.
The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.
Based on all of the information reviewed, including the recent and past research and analysis conducted by the Trustees’ independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.
Janus Henderson Research Fund
Additional Information (unaudited)
Other Benefits to the Adviser
The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser’s ability to serve the Janus Henderson Funds.
Janus Henderson Research Fund
Liquidity Risk Management Program (unaudited)
Liquidity Risk Management Program
Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), requires open-end funds (but not money market funds) to adopt and implement a written liquidity risk management program (the “LRMP”) that is reasonably designed to assess and manage liquidity risk, which is the risk that a fund could not meet redemption requests without significant dilution of remaining investors’ interest in the fund. The Fund has implemented a LRMP, which incorporates the following elements: (i) assessment, management, and periodic review of liquidity risk; (ii) classification of portfolio holdings; (iii) the establishment and monitoring of a highly liquid investment minimum, as applicable; (iv) a 15% limitation on a Fund’s illiquid investments; (v) redemptions in-kind; and (vi) board oversight.
The Trustees of the Fund (the “Trustees”) have designated Janus Henderson Investors US LLC, the Fund’s investment adviser (the “Adviser”), as the Program Administrator for the LRMP responsible for administering the LRMP and carrying out the specific responsibilities of the LRMP. A working group comprised of various teams within the Adviser’s business is responsible for administering the LRMP and carrying out the specific responsibilities of different aspects of the LRMP (the “Liquidity Risk Working Group”). In assessing each Fund’s liquidity risk, the Liquidity Risk Working Group periodically considers, as relevant, factors including (i) the liquidity of a Fund’s portfolio investments during normal and reasonably foreseeable stressed conditions; (ii) whether a Fund’s investment strategy is appropriate for an open-end fund; (iii) the extent to which a Fund’s strategy involves a relatively concentrated portfolio or large positions in any issuer; (iv) a Fund’s use of borrowing for investment purposes; and (v) a Fund’s use of derivatives.
The Liquidity Rule requires the Trustees to review at least annually a written report provided by the Program Administrator that addresses the operation of the LRMP and assesses its adequacy and the effectiveness of its implementation, including, if applicable, the operation of the highly liquid investment minimum, and any material changes to the LRMP (the “Program Administrator Report”). At a meeting held on March 12, 2024, the Adviser provided the Program Administrator Report to the Trustees which covered the operation of the LRMP from January 1, 2023 through December 31, 2023 (the “Reporting Period”).
The Program Administrator Report discussed the operation and effectiveness of the LRMP during the Reporting Period. Among other things, the Program Administrator Report indicated that there were no material changes to the LRMP during the Reporting Period. Additionally, the findings presented in the Program Administrator Report indicated that the LRMP operated adequately during the Reporting Period. These findings included that the Fund was able to meet redemptions during the normal course of business during the Reporting Period. The Program Administrator Report also stated that the Fund did not exceed the 15% limit on illiquid assets during the Reporting Period, that the Fund held primarily highly liquid assets, and was considered to be a primarily highly liquid fund during the Reporting Period. Also included among the Program Administrator Report’s findings was the determination that the Fund’s investment strategy remains appropriate for an open-end fund. In addition, the Adviser expressed its belief in the Program Administrator Report that the LRMP is reasonably designed and adequate to assess and manage the Fund’s liquidity risk, considering the Fund’s particular risks and circumstances, and includes policies and procedures reasonably designed to implement each required component of the Liquidity Rule.
There can be no assurance that the LRMP will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the risks to which an investment in the Fund may be subject.
Janus Henderson Research Fund
Useful Information About Your Fund Report (unaudited)
Performance Overviews
Performance overview graphs compare the performance of a hypothetical $10,000 investment in the Fund with one or more widely used market indices. When comparing the performance of the Fund with an index, keep in mind that market indices are not available for investment and do not reflect deduction of expenses.
Average annual total returns are quoted for a Fund with more than one year of performance history. Average annual total return is calculated by taking the growth or decline in value of an investment over a period of time, including reinvestment of dividends and distributions, then calculating the annual compounded percentage rate that would have produced the same result had the rate of growth been constant throughout the period. Average annual total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Cumulative total returns are quoted for a Fund with less than one year of performance history. Cumulative total return is the growth or decline in value of an investment over time, independent of the period of time involved. Cumulative total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Pursuant to federal securities rules, expense ratios shown in the performance chart reflect subsidized (if applicable) and unsubsidized ratios. The total annual fund operating expenses ratio is gross of any fee waivers, reflecting the Fund’s unsubsidized expense ratio. The net annual fund operating expenses ratio (if applicable) includes contractual waivers of the Adviser and reflects the Fund’s subsidized expense ratio. Ratios may be higher or lower than those shown in the “Financial Highlights” in this report.
Schedule of Investments
Following the performance overview section is the Fund’s Schedule of Investments. This schedule reports the types of securities held in the Fund on the last day of the reporting period. Securities are usually listed by type (common stock, corporate bonds, U.S. Government obligations, etc.) and by industry classification (banking, communications, insurance, etc.). Holdings are subject to change without notice.
The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.
If the Fund invests in foreign securities, it will also provide a summary of investments by country. This summary reports the Fund exposure to different countries by providing the percentage of securities invested in each country. The country of each security represents the country of risk. A company may be allocated to a country based on other factors such as location of the company’s principal office, the location of the principal trading market for the company’s securities, or the country where a majority of the company’s revenues are derived. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by Bloomberg and/or MSCI Inc.
Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund’s Schedule of Investments (if applicable).
Statement of Assets and Liabilities
This statement is often referred to as the “balance sheet.” It lists the assets and liabilities of the Fund on the last day of the reporting period.
The Fund’s assets are calculated by adding the value of the securities owned, the receivable for securities sold but not yet settled, the receivable for dividends declared but not yet received on securities owned, and the receivable for Fund shares sold to investors but not yet settled. The Fund’s liabilities include payables for securities purchased but not yet settled, Fund shares redeemed but not yet paid, and expenses owed but not yet paid. Additionally, there may be other assets and liabilities such as unrealized gain or loss on forward currency contracts.
The section entitled “Net Assets Consist of” breaks down the components of the Fund’s net assets. Because the Fund must distribute substantially all earnings, you will notice that a significant portion of net assets is shareholder capital.
The last section of this statement reports the net asset value (“NAV”) per share on the last day of the reporting period. The NAV is calculated by dividing the Fund’s net assets for each share class (assets minus liabilities) by the number of shares outstanding.
Janus Henderson Research Fund
Useful Information About Your Fund Report (unaudited)
Statement of Operations
This statement details the Fund’s income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.
The first section in this statement, entitled “Investment Income,” reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.
The next section reports the expenses incurred by the Fund, including the advisory fee paid to the investment adviser, transfer agent fees and expenses, and printing and postage for mailing statements, financial reports and prospectuses. Expense offsets and expense reimbursements, if any, are also shown.
The last section lists the amounts of realized gains or losses from investment and foreign currency transactions, and changes in unrealized appreciation or depreciation of investments and foreign currency-denominated assets and liabilities. The Fund will realize a gain (or loss) when it sells its position in a particular security. A change in unrealized gain (or loss) refers to the change in net appreciation or depreciation of the Fund during the reporting period. “Net Realized and Unrealized Gain/(Loss) on Investments” is affected both by changes in the market value of Fund holdings and by gains (or losses) realized during the reporting period.
Statements of Changes in Net Assets
These statements report the increase or decrease in the Fund’s net assets during the reporting period. Changes in the Fund’s net assets are attributable to investment operations, dividends and distributions to investors, and capital share transactions. This is important to investors because it shows exactly what caused the Fund’s net asset size to change during the period.
The first section summarizes the information from the Statement of Operations regarding changes in net assets due to the Fund’s investment operations. The Fund’s net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends and/or distributions in cash, money is taken out of the Fund to pay the dividend and/or distribution. If investors reinvest their dividends and/or distributions, the Fund’s net assets will not be affected.
The reinvestment of dividends and distributions is included under “Capital Share Transactions.” “Capital Shares” refers to the money investors contribute to the Fund through purchases or withdrawals via redemptions. The Fund’s net assets will increase and decrease in value as investors purchase and redeem shares from the Fund.
Financial Highlights
This schedule provides a per-share breakdown of the components that affect the Fund’s NAV for current and past reporting periods as well as total return, asset size, ratios, and portfolio turnover rate.
The first line in the table reflects the NAV per share at the beginning of the reporting period. The next line reports the net investment income/(loss) per share. Following is the per share total of net gains/(losses), realized and unrealized. Per share dividends and distributions to investors are then subtracted to arrive at the NAV per share at the end of the period. The next line reflects the total return for the period. The total return may include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. As a result, the total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.
The Fund’s expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.
The ratio of net investment income/(loss) summarizes the income earned less expenses, divided by the average net assets of the Fund during the reporting period. Do not confuse this ratio with the Fund’s yield. The net investment income ratio is not a true measure of the Fund’s yield because it does not take into account the dividends distributed to the Fund’s investors.
The next figure is the portfolio turnover rate, which measures the buying and selling activity in the Fund. Portfolio turnover is affected by market conditions, changes in the asset size of the Fund, fluctuating volume of shareholder purchase and redemption orders, the nature of the Fund’s investments, and the investment style and/or outlook of the portfolio manager(s) and/or investment personnel. A 100% rate implies that an amount equal to the value of the entire portfolio was replaced once during the fiscal year; a 50% rate means that an amount equal to the value of half the
Janus Henderson Research Fund
Useful Information About Your Fund Report (unaudited)
portfolio is traded in a year; and a 200% rate means that an amount equal to the value of the entire portfolio is traded every six months.
Janus Henderson Research Fund
Notes
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Janus Henderson Research Fund
Notes
NotesPage2
Janus Henderson Research Fund
Notes
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This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. |
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Mutual funds distributed by Janus Henderson Distributors US LLC |
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| | | SEMIANNUAL REPORT March 31, 2024 |
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| | Janus Henderson Triton Fund |
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| | Janus Investment Fund |
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| | | HIGHLIGHTS · Investment strategy behind your fund · Fund performance, characteristics
and holdings |
Table of Contents
Janus Henderson Triton Fund
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Aaron Schaechterle co-portfolio manager | 
Jonathan Coleman co-portfolio manager | 
Scott Stutzman co-portfolio manager |
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Important Notice – Tailored Shareholder Reports
Effective January 24, 2023, the Securities and Exchange Commission (the “SEC”) adopted rule and form amendments that require mutual funds and exchange-traded funds to provide shareholders with streamlined annual and semi-annual shareholder reports that highlight key information. Other information, including financial statements, that currently appears in shareholder reports will be made available online, delivered free of charge to shareholders upon request, and filed with the SEC. The first tailored shareholder report for the Fund will be for the reporting period ending September 30, 2024. Currently, management is evaluating the impact of the rule and form amendments on the content of the Fund’s current shareholder reports.
Janus Henderson Triton Fund (unaudited)
Fund At A Glance
March 31, 2024
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| 5 Top Contributors - Holdings | 5 Top Detractors - Holdings |
| | Average
Weight | | Relative
Contribution | | | Average
Weight | | Relative
Contribution |
| Williams-Sonoma Inc | 0.76% | | 0.45% | | Rentokil Initial PLC (ADR) | 2.06% | | -1.11% |
| Immunogen Inc | 0.49% | | 0.41% | | ON Semiconductor Corp | 1.67% | | -0.90% |
| Biohaven Ltd | 0.61% | | 0.39% | | Crown Holdings Inc | 2.00% | | -0.68% |
| Carlisle Cos Inc | 1.22% | | 0.33% | | Blackbaud Inc | 2.20% | | -0.36% |
| Madrigal Pharmaceuticals Inc | 0.79% | | 0.29% | | Akero Therapeutics Inc | 0.06% | | -0.36% |
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| 5 Top Contributors - Sectors* | | | | | |
| | | Relative | | Fund | Russell 2500 Growth Index |
| | | Contribution | | Average Weight | Average Weight |
| Energy | | 0.87% | | 1.62% | 4.26% |
| Utilities | | 0.33% | | 0.60% | 1.11% |
| Financials | | 0.33% | | 8.87% | 8.65% |
| Real Estate | | 0.17% | | 0.90% | 1.50% |
| Health Care | | 0.08% | | 24.67% | 20.40% |
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| 5 Top Detractors - Sectors* | | | | | |
| | | Relative | | Fund | Russell 2500 Growth Index |
| | | Contribution | | Average Weight | Average Weight |
| Information Technology | | -2.71% | | 19.51% | 21.54% |
| Industrials | | -1.59% | | 26.13% | 19.71% |
| Consumer Discretionary | | -0.95% | | 5.27% | 13.30% |
| Consumer Staples | | -0.45% | | 4.67% | 3.88% |
| Materials | | -0.29% | | 5.40% | 3.62% |
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| Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance.
Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index. |
* | Based on sector classification according to the Global Industry Classification Standard (“GICS”) codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
Janus Henderson Triton Fund (unaudited)
Fund At A Glance
March 31, 2024
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5 Largest Equity Holdings - (% of Net Assets) |
SS&C Technologies Holdings Inc | |
Professional Services | 2.3% |
Rentokil Initial PLC (ADR) | |
Commercial Services & Supplies | 2.0% |
Blackbaud Inc | |
Software | 2.0% |
WEX Inc | |
Diversified Financial Services | 1.8% |
Teledyne Technologies Inc | |
Electronic Equipment, Instruments & Components | 1.8% |
| | 9.9% |
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Asset Allocation - (% of Net Assets) |
Common Stocks | | 98.5% |
Investment Companies | | 0.9% |
Private Placements | | 0.5% |
Investments Purchased with Cash Collateral from Securities Lending | | 0.2% |
Warrants | | 0.0% |
Other | | (0.1)% |
| | | 100.0% |
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Top Country Allocations - Long Positions - (% of Investment Securities) |
As of March 31, 2024 
| As of September 30, 2023 
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Janus Henderson Triton Fund (unaudited)
Performance
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See important disclosures on the next page. |
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Average Annual Total Return - for the periods ended March 31, 2024 | | | Prospectus Expense Ratios |
| | Fiscal
Year-to-Date | One
Year | Five
Year | Ten
Year | Since
Inception* | | | Total Annual Fund
Operating Expenses‡ | Net Annual Fund
Operating Expenses‡ |
Class A Shares at NAV | | 17.15% | 14.05% | 6.58% | 9.11% | 10.98% | | | 1.36% | 1.32% |
Class A Shares at MOP | | 10.42% | 7.50% | 5.32% | 8.47% | 10.64% | | | | |
Class C Shares at NAV | | 16.84% | 13.42% | 6.02% | 8.49% | 10.26% | | | 1.77% | 1.77% |
Class C Shares at CDSC | | 15.84% | 12.42% | 6.02% | 8.49% | 10.26% | | | | |
Class D Shares | | 17.31% | 14.41% | 6.92% | 9.46% | 11.27% | | | 0.80% | 0.80% |
Class I Shares | | 17.34% | 14.48% | 6.96% | 9.51% | 11.33% | | | 0.77% | 0.77% |
Class N Shares | | 17.41% | 14.58% | 7.07% | 9.62% | 11.36% | | | 0.67% | 0.67% |
Class R Shares | | 16.97% | 13.73% | 6.27% | 8.80% | 10.63% | | | 1.41% | 1.41% |
Class S Shares | | 17.14% | 14.04% | 6.53% | 9.07% | 10.88% | | | 1.16% | 1.16% |
Class T Shares | | 17.26% | 14.27% | 6.81% | 9.35% | 11.19% | | | 0.91% | 0.91% |
Russell 2500 Growth Index | | 22.17% | 21.12% | 9.39% | 9.56% | 9.66% | | | | |
Russell 2000 Growth Index | | 21.30% | 20.35% | 7.38% | 7.89% | 8.49% | | | | |
Morningstar Quartile - Class T Shares | | - | 3rd | 4th | 2nd | 1st | | | | |
Morningstar Ranking - based on total returns for Small Growth Funds | | - | 435/585 | 430/552 | 178/524 | 14/417 | | | | |
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold. For the most recent month-end performance call 800.668.0434 (or 800.525.3713 if you hold shares directly with Janus Henderson) or visit janushenderson.com/performance (or janushenderson.com/allfunds if you hold shares directly with Janus Henderson).
Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.
CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.
Janus Henderson Triton Fund (unaudited)
Performance
Performance may be affected by risks that include those associated with foreign and emerging markets, fixed income securities, high-yield and high-risk securities, undervalued, overlooked and smaller capitalization companies, real estate related securities including Real Estate Investment Trusts (REITs), Environmental, Social and Governance (ESG) factors, non-diversification, portfolio turnover, derivatives, short sales, initial public offerings (IPOs) and potential conflicts of interest. Each product has different risks. Please see the prospectus for more information about risks, holdings and other details.
Returns include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.
Class A Shares, Class C Shares, Class R Shares, and Class S Shares commenced operations on July 6, 2009. Performance shown for each class for periods prior to July 6, 2009, reflects the performance of the Fund’s Class J Shares, the initial share class (renamed Class T Shares effective February 16, 2010), calculated using the fees and expenses of each respective class, without the effect of any fee and expense limitations or waivers.
Class D Shares commenced operations on February 16, 2010. Performance shown for periods prior to February 16, 2010, reflects the performance of the Fund’s former Class J Shares, calculated using the fees and expenses in effect during the periods shown, net of any applicable fee and expense limitations or waivers.
Class I Shares commenced operations on July 6, 2009. Performance shown for periods prior to July 6, 2009, reflects the performance of the Fund’s former Class J Shares, calculated using the fees and expenses of Class J Shares, net of any applicable fee and expense limitations or waivers.
Class N Shares commenced operations on May 31, 2012. Performance shown for periods prior to May 31, 2012, reflects the performance of the Fund's Class T Shares, calculated using the fees and expenses of Class T Shares, net of any applicable fee and expense limitations or waivers.
If each share class of the Fund had been available during periods prior to its commencement, the performance shown may have been different. The performance shown for periods following the Fund’s commencement of each share class reflects the fees and expenses of each respective share class, net of any applicable fee and expense limitations or waivers. Please refer to the Fund’s prospectuses for further details concerning historical performance.
Ranking is for the share class shown only; other classes may have different performance characteristics. When an expense waiver is in effect, it may have a material effect on the total return, and therefore the ranking for the period.
© 2024 Morningstar, Inc. All Rights Reserved.
There is no assurance that the investment process will consistently lead to successful investing.
See Notes to Schedule of Investments and Other Information for index definitions.
Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.
See “Useful Information About Your Fund Report.”
*The Fund’s inception date – February 25, 2005
‡ As stated in the prospectus. Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on January 26, 2024. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees. See Financial Highlights for actual expense ratios during the reporting period.
Janus Henderson Triton Fund (unaudited)
Expense Examples
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, such as sales charges (loads) on purchase payments (applicable to Class A Shares only); and (2) ongoing costs, including management fees; 12b-1 distribution and shareholder servicing fees; transfer agent fees and expenses payable pursuant to the Transfer Agency Agreement; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The example is based upon an investment of $1,000 invested at the beginning of the period and held for the six-months indicated, unless noted otherwise in the table and footnotes below.
Actual Expenses
The information in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate column for your share class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.
Hypothetical Example for Comparison Purposes
The information in the table under the heading “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based upon the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Additionally, for an analysis of the fees associated with an investment in any share class or other similar funds, please visit www.finra.org/fundanalyzer.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. These fees are fully described in the Fund’s prospectuses. Therefore, the hypothetical examples are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
| | | | | | | | | | | |
| | | | | | | | |
| | | Actual | | Hypothetical
(5% return before expenses) | |
| Beginning
Account
Value
(10/1/23) | Ending
Account
Value
(3/31/24) | Expenses
Paid During
Period
(10/1/23 - 3/31/24)† | | Beginning
Account
Value
(10/1/23) | Ending
Account
Value
(3/31/24) | Expenses
Paid During
Period
(10/1/23 - 3/31/24)† | Net Annualized
Expense Ratio
(10/1/23 - 3/31/24) |
Class A Shares | $1,000.00 | $1,171.50 | $5.97 | | $1,000.00 | $1,019.50 | $5.55 | 1.10% |
Class C Shares | $1,000.00 | $1,168.40 | $9.11 | | $1,000.00 | $1,016.60 | $8.47 | 1.68% |
Class D Shares | $1,000.00 | $1,173.10 | $4.29 | | $1,000.00 | $1,021.05 | $3.99 | 0.79% |
Class I Shares | $1,000.00 | $1,173.40 | $4.18 | | $1,000.00 | $1,021.15 | $3.89 | 0.77% |
Class N Shares | $1,000.00 | $1,174.10 | $3.59 | | $1,000.00 | $1,021.70 | $3.34 | 0.66% |
Class R Shares | $1,000.00 | $1,169.70 | $7.59 | | $1,000.00 | $1,018.00 | $7.06 | 1.40% |
Class S Shares | $1,000.00 | $1,171.40 | $6.30 | | $1,000.00 | $1,019.20 | $5.86 | 1.16% |
Class T Shares | $1,000.00 | $1,172.60 | $4.89 | | $1,000.00 | $1,020.50 | $4.55 | 0.90% |
† | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements. |
Janus Henderson Triton Fund
Schedule of Investments (unaudited)
March 31, 2024
| | | | | | | | |
Shares or
Principal Amounts | | | Value | |
Common Stocks– 98.5% | | | |
Aerospace & Defense – 1.1% | | | |
| | Axon Enterprise Inc* | | 251,355 | | | $78,643,952 | |
Auto Components – 0.1% | | | |
| | Quantumscape Corp* | | 1,006,530 | | | 6,331,074 | |
Automobiles – 0.4% | | | |
| | Thor Industries Inc | | 253,051 | | | 29,693,004 | |
Biotechnology – 8.7% | | | |
| | 89bio Inc* | | 1,385,613 | | | 16,128,535 | |
| | Amicus Therapeutics Inc* | | 1,559,156 | | | 18,366,858 | |
| | Ardelyx Inc* | | 4,522,506 | | | 33,014,294 | |
| | Ascendis Pharma A/S (ADR)* | | 325,010 | | | 49,131,762 | |
| | Biohaven Ltd* | | 1,023,147 | | | 55,955,909 | |
| | Bridgebio Pharma Inc* | | 435,423 | | | 13,463,279 | |
| | Crinetics Pharmaceuticals Inc* | | 215,214 | | | 10,074,167 | |
| | IDEAYA Biosciences Inc* | | 911,531 | | | 39,997,980 | |
| | Insmed Inc* | | 581,451 | | | 15,774,766 | |
| | Legend Biotech Corp (ADR)* | | 319,182 | | | 17,902,918 | |
| | Madrigal Pharmaceuticals Inc* | | 249,835 | | | 66,715,938 | |
| | Neurocrine Biosciences Inc* | | 347,796 | | | 47,968,024 | |
| | Revolution Medicines Inc* | | 973,296 | | | 31,369,330 | |
| | Rocket Pharmaceuticals Inc* | | 485,475 | | | 13,078,696 | |
| | Sarepta Therapeutics Inc* | | 508,168 | | | 65,787,429 | |
| | Soleno Therapeutics Inc* | | 466,947 | | | 19,985,332 | |
| | Vaxcyte Inc* | | 1,219,854 | | | 83,328,227 | |
| | | 598,043,444 | |
Building Products – 2.6% | | | |
| | Carlisle Cos Inc | | 258,308 | | | 101,217,990 | |
| | Zurn Water Solutions Corp | | 2,306,850 | | | 77,210,269 | |
| | | 178,428,259 | |
Capital Markets – 3.3% | | | |
| | Cboe Global Markets Inc | | 623,915 | | | 114,631,903 | |
| | LPL Financial Holdings Inc | | 416,405 | | | 110,014,201 | |
| | | 224,646,104 | |
Chemicals – 1.5% | | | |
| | Sensient Technologies Corp | | 1,511,493 | | | 104,580,201 | |
Commercial Services & Supplies – 5.0% | | | |
| | Brady Corp | | 570,937 | | | 33,845,145 | |
| | Clean Harbors Inc* | | 337,119 | | | 67,865,426 | |
| | Driven Brands Holdings Inc* | | 2,294,907 | | | 36,236,582 | |
| | MSA Safety Inc | | 181,184 | | | 35,075,411 | |
| | Rentokil Initial PLC (ADR) | | 4,655,367 | | | 140,359,315 | |
| | Vestis Corp | | 1,560,088 | | | 30,062,896 | |
| | | 343,444,775 | |
Construction & Engineering – 0.5% | | | |
| | APi Group Corp* | | 965,925 | | | 37,931,875 | |
Construction Materials – 1.6% | | | |
| | Summit Materials Inc* | | 2,458,217 | | | 109,562,732 | |
Containers & Packaging – 2.3% | | | |
| | Crown Holdings Inc | | 1,386,514 | | | 109,895,100 | |
| | Silgan Holdings Inc | | 1,016,965 | | | 49,383,820 | |
| | | 159,278,920 | |
Diversified Financial Services – 5.2% | | | |
| | Euronet Worldwide Inc* | | 874,740 | | | 96,160,168 | |
| | Shift4 Payments Inc - Class A* | | 759,032 | | | 50,149,244 | |
| | Walker & Dunlop Inc | | 854,139 | | | 86,319,287 | |
| | WEX Inc* | | 536,509 | | | 127,436,983 | |
| | | 360,065,682 | |
Diversified Telecommunication Services – 0.1% | | | |
| | AST SpaceMobile Inc*,# | | 3,294,328 | | | 9,553,551 | |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
6 | MARCH 31, 2024 |
Janus Henderson Triton Fund
Schedule of Investments (unaudited)
March 31, 2024
| | | | | | | | |
Shares or
Principal Amounts | | | Value | |
Common Stocks– (continued) | | | |
Electric Utilities – 0.6% | | | |
| | NRG Energy Inc | | 584,023 | | | $39,532,517 | |
Electrical Equipment – 1.1% | | | |
| | EnerSys | | 841,080 | | | 79,448,417 | |
Electronic Equipment, Instruments & Components – 6.6% | | | |
| | Flex Ltd* | | 2,692,448 | | | 77,030,937 | |
| | Itron Inc* | | 457,779 | | | 42,353,713 | |
| | Mirion Technologies Inc* | | 8,124,296 | | | 92,373,245 | |
| | OSI Systems Inc* | | 805,432 | | | 115,031,798 | |
| | Teledyne Technologies Inc* | | 294,750 | | | 126,542,070 | |
| | | 453,331,763 | |
Energy Equipment & Services – 0.8% | | | |
| | ChampionX Corp | | 1,467,955 | | | 52,684,905 | |
Food & Staples Retailing – 2.0% | | | |
| | Casey's General Stores Inc | | 283,791 | | | 90,373,244 | |
| | Grocery Outlet Holding Corp* | | 1,691,072 | | | 48,669,052 | |
| | | 139,042,296 | |
Food Products – 1.2% | | | |
| | Premium Brands Holdings Corp# | | 957,608 | | | 62,572,584 | |
| | Simply Good Foods Co* | | 610,484 | | | 20,774,770 | |
| | | 83,347,354 | |
Health Care Equipment & Supplies – 8.4% | | | |
| | Glaukos Corp* | | 1,016,284 | | | 95,825,418 | |
| | Globus Medical Inc* | | 1,656,123 | | | 88,834,438 | |
| | ICU Medical Inc* | | 524,731 | | | 56,314,131 | |
| | Lantheus Holdings Inc* | | 857,769 | | | 53,387,543 | |
| | Neogen Corp* | | 2,306,461 | | | 36,395,955 | |
| | Shockwave Medical Inc* | | 189,484 | | | 61,701,675 | |
| | STERIS PLC | | 366,652 | | | 82,430,703 | |
| | Tandem Diabetes Care Inc* | | 506,768 | | | 17,944,655 | |
| | Teleflex Inc | | 393,957 | | | 89,101,255 | |
| | | 581,935,773 | |
Health Care Providers & Services – 1.4% | | | |
| | HealthEquity Inc* | | 663,213 | | | 54,138,077 | |
| | NeoGenomics Inc* | | 2,383,055 | | | 37,461,625 | |
| | P3 Health Partners Inc* | | 1,986,861 | | | 2,046,467 | |
| | | 93,646,169 | |
Health Care Technology – 0.5% | | | |
| | Doximity Inc - Class A* | | 1,275,838 | | | 34,332,801 | |
Hotels, Restaurants & Leisure – 2.4% | | | |
| | Aramark | | 2,309,256 | | | 75,097,005 | |
| | Churchill Downs Inc | | 322,129 | | | 39,863,464 | |
| | Wendy's Co | | 2,879,375 | | | 54,247,425 | |
| | | 169,207,894 | |
Insurance – 0.8% | | | |
| | Axis Capital Holdings Ltd | | 903,075 | | | 58,717,936 | |
Interactive Media & Services – 0.9% | | | |
| | Ziff Davis Inc* | | 965,955 | | | 60,893,803 | |
Life Sciences Tools & Services – 3.5% | | | |
| | Bio-Techne Corp | | 600,567 | | | 42,273,911 | |
| | Bruker Corp | | 570,692 | | | 53,610,806 | |
| | Gerresheimer AG | | 393,842 | | | 44,353,107 | |
| | OmniAb Inc* | | 4,923,678 | | | 26,686,335 | |
| | OmniAb Inc - 12.5 Earnout* | | 340,494 | | | 1,245,084 | |
| | OmniAb Inc - 15 Earnout* | | 340,494 | | | 1,086,959 | |
| | PerkinElmer Inc | | 394,952 | | | 41,469,960 | |
| | Sotera Health Co* | | 2,347,169 | | | 28,189,500 | |
| | | 238,915,662 | |
Machinery – 4.6% | | | |
| | Chart Industries Inc* | | 222,005 | | | 36,568,664 | |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
Janus Investment Fund | 7 |
Janus Henderson Triton Fund
Schedule of Investments (unaudited)
March 31, 2024
| | | | | | | | |
Shares or
Principal Amounts | | | Value | |
Common Stocks– (continued) | | | |
Machinery– (continued) | | | |
| | Donaldson Co Inc | | 1,188,606 | | | $88,765,096 | |
| | Gates Industrial Corp PLC* | | 3,998,950 | | | 70,821,404 | |
| | ITT Inc | | 636,556 | | | 86,590,713 | |
| | Nordson Corp | | 113,949 | | | 31,283,558 | |
| | | 314,029,435 | |
Media – 0.4% | | | |
| | Cable One Inc | | 64,126 | | | 27,133,634 | |
Multiline Retail – 0.4% | | | |
| | Etsy Inc* | | 370,492 | | | 25,460,210 | |
Oil, Gas & Consumable Fuels – 1.1% | | | |
| | Magnolia Oil & Gas Corp | | 2,838,849 | | | 73,668,132 | |
Personal Products – 0.8% | | | |
| | BellRing Brands Inc* | | 919,242 | | | 54,262,855 | |
Pharmaceuticals – 1.9% | | | |
| | Catalent Inc* | | 1,339,206 | | | 75,598,179 | |
| | Edgewise Therapeutics Inc* | | 151,247 | | | 2,758,745 | |
| | Ligand Pharmaceuticals Inc* | | 626,077 | | | 45,766,229 | |
| | Structure Therapeutics Inc (ADR)* | | 225,135 | | | 9,649,286 | |
| | | 133,772,439 | |
Professional Services – 10.3% | | | |
| | Alight Inc - Class A* | | 12,479,223 | | | 122,920,347 | |
| | Broadridge Financial Solutions Inc | | 576,056 | | | 118,010,832 | |
| | CACI International Inc - Class A* | | 108,465 | | | 41,089,796 | |
| | Ceridian HCM Holding Inc* | | 649,824 | | | 43,024,847 | |
| | Clarivate Analytics PLC* | | 7,896,059 | | | 58,667,718 | |
| | MAXIMUS Inc | | 1,075,796 | | | 90,259,284 | |
| | SS&C Technologies Holdings Inc | | 2,466,367 | | | 158,760,044 | |
| | TriNet Group Inc | | 563,563 | | | 74,666,462 | |
| | | 707,399,330 | |
Road & Rail – 1.4% | | | |
| | Saia Inc* | | 170,715 | | | 99,868,275 | |
Semiconductor & Semiconductor Equipment – 3.2% | | | |
| | Entegris Inc | | 368,238 | | | 51,752,168 | |
| | MACOM Technology Solutions Holdings Inc* | | 490,948 | | | 46,954,267 | |
| | ON Semiconductor Corp* | | 1,391,466 | | | 102,342,324 | |
| | Wolfspeed Inc* | | 575,740 | | | 16,984,330 | |
| | | 218,033,089 | |
Software – 8.6% | | | |
| | Altair Engineering Inc* | | 641,818 | | | 55,292,621 | |
| | Aspen Technology Inc* | | 202,592 | | | 43,208,822 | |
| | Blackbaud Inc* | | 1,865,816 | | | 138,331,598 | |
| | Clearwater Analytics Holdings Inc - Class A* | | 1,453,256 | | | 25,708,099 | |
| | Consensus Cloud Solutions Inc* | | 923,181 | | | 14,641,651 | |
| | Dynatrace Inc* | | 1,729,774 | | | 80,330,705 | |
| | Envestnet Inc* | | 746,668 | | | 43,239,544 | |
| | LiveRamp Holdings Inc* | | 1,983,716 | | | 68,438,202 | |
| | Nice Ltd (ADR)* | | 238,132 | | | 62,061,962 | |
| | Pagerduty Inc* | | 2,653,401 | | | 60,179,135 | |
| | | 591,432,339 | |
Specialized Real Estate Investment Trusts (REITs) – 1.0% | | | |
| | Lamar Advertising Co | | 573,800 | | | 68,517,458 | |
Specialty Retail – 1.5% | | | |
| | Leslie's Inc* | | 6,424,778 | | | 41,761,057 | |
| | Williams-Sonoma Inc# | | 198,958 | | | 63,175,134 | |
| | | 104,936,191 | |
Textiles, Apparel & Luxury Goods – 0.7% | | | |
| | On Holding AG - Class A* | | 1,322,186 | | | 46,778,941 | |
Total Common Stocks (cost $4,235,594,305) | | 6,790,533,191 | |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
8 | MARCH 31, 2024 |
Janus Henderson Triton Fund
Schedule of Investments (unaudited)
March 31, 2024
| | | | | | | | |
Shares or
Principal Amounts | | | Value | |
Private Placements– 0.5% | | | |
Professional Services – 0.2% | | | |
| | IntelyCare Inc*,¢,§ | | 1,023,958 | | | $10,093,768 | |
Software – 0.3% | | | |
| | Loadsmart Inc - Series A*,¢,§ | | 377,303 | | | 5,690,559 | |
| | Loadsmart Inc - Series D*,¢,§ | | 1,075,313 | | | 16,218,086 | |
| | | 21,908,645 | |
Total Private Placements (cost $53,756,971) | | 32,002,413 | |
Warrants– 0% | | | |
Electrical Equipment – 0% | | | |
| | Amprius Technologies Inc, expires 9/14/27* | | 1,884,063 | | | 471,016 | |
| | Wallbox NV - Class A, expires 12/31/26* | | 665,780 | | | 133,156 | |
Total Warrants (cost $1,753,575) | | 604,172 | |
Investment Companies– 0.9% | | | |
Money Markets – 0.9% | | | |
| | Janus Henderson Cash Liquidity Fund LLC, 5.3830%ºº,£((cost $59,990,621) | | 59,978,625 | | | 59,990,621 | |
Investments Purchased with Cash Collateral from Securities Lending– 0.2% | | | |
Investment Companies – 0.2% | | | |
| | Janus Henderson Cash Collateral Fund LLC, 5.2800%ºº,£ | | 9,337,796 | | | 9,337,796 | |
Time Deposits – 0% | | | |
| | Royal Bank of Canada, 5.3100%, 4/1/24 | | $2,334,449 | | | 2,334,449 | |
Total Investments Purchased with Cash Collateral from Securities Lending (cost $11,672,245) | | 11,672,245 | |
Total Investments (total cost $4,362,767,717) – 100.1% | | 6,894,802,642 | |
Liabilities, net of Cash, Receivables and Other Assets – (0.1)% | | (4,030,433) | |
Net Assets – 100% | | $6,890,772,209 | |
| | | | | | |
Summary of Investments by Country - (Long Positions) (unaudited) |
| |
| | | | | % of | |
| | | | | Investment | |
Country | | Value | | Securities | |
United States | | $6,489,411,815 | | 94.1 | % |
United Kingdom | | 140,359,315 | | 2.0 | |
Canada | | 62,572,584 | | 0.9 | |
Israel | | 62,061,962 | | 0.9 | |
Denmark | | 49,131,762 | | 0.7 | |
Switzerland | | 46,778,941 | | 0.7 | |
Germany | | 44,353,107 | | 0.7 | |
Spain | | 133,156 | | 0.0 | |
| | | | | | |
| | | | | | |
Total | | $6,894,802,642 | | 100.0 | % |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
Janus Investment Fund | 9 |
Janus Henderson Triton Fund
Schedule of Investments (unaudited)
March 31, 2024
Schedules of Affiliated Investments – (% of Net Assets)
| | | | | | | | | | | |
| | Dividend Income(1) | Realized Gain/(Loss)(1) | Change in Unrealized Appreciation/ Depreciation(1) | Value at 3/31/24 |
Common Stocks - 0.0% |
Biotechnology - N/A | |
| | Eagle Pharmaceuticals Inc/DE | $ | - | $ | (42,890,142) | $ | 35,433,260 | $ | - |
Pharmaceuticals - N/A | |
| | Ligand Pharmaceuticals Inc*,š | | - | | (2,272,853) | | 14,429,226 | | N/A |
Total Common Stocks | $ | - | $ | (45,162,995) | $ | 49,862,486 | $ | - |
Investment Companies - 0.9% |
Money Markets - 0.9% | |
| | Janus Henderson Cash Liquidity Fund LLC, 5.3830%ºº | | 1,022,972 | | - | | (1,959) | | 59,990,621 |
Investments Purchased with Cash Collateral from Securities Lending - 0.2% |
Investment Companies - 0.2% | |
| | Janus Henderson Cash Collateral Fund LLC, 5.2800%ºº | | 192,383∆ | | - | | - | | 9,337,796 |
Total Affiliated Investments - 1.1% | $ | 1,215,355 | $ | (45,162,995) | $ | 49,860,527 | $ | 69,328,417 |
(1) For securities that were affiliated for a portion of the period ended March 31, 2024, this column reflects amounts for the entire period ended March 31, 2024 and not just the period in which the security was affiliated.
| | | | | | | | | | | |
| | Value at 9/30/23 | Purchases | Sales Proceeds | Value at 3/31/24 |
Common Stocks - 0.0% |
Biotechnology - N/A | |
| | Eagle Pharmaceuticals Inc/DE | | 11,237,040 | | - | | (3,780,158) | | - |
Pharmaceuticals - N/A | |
| | Ligand Pharmaceuticals Inc*,š | | 53,802,528 | | - | | (20,192,672) | | 45,766,229 |
Investment Companies - 0.9% |
Money Markets - 0.9% | |
| | Janus Henderson Cash Liquidity Fund LLC, 5.3830%ºº | | 19,587,578 | | 590,785,087 | | (550,380,085) | | 59,990,621 |
Investments Purchased with Cash Collateral from Securities Lending - 0.2% |
Investment Companies - 0.2% | |
| | Janus Henderson Cash Collateral Fund LLC, 5.2800%ºº | | 14,157,917 | | 106,733,248 | | (111,553,369) | | 9,337,796 |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
10 | MARCH 31, 2024 |
Janus Henderson Triton Fund
Schedule of Investments (unaudited)
March 31, 2024
| | | | | | | |
Schedule of Forward Foreign Currency Exchange Contracts | | | | | | |
| | | | | | | | | |
Counterparty/ Foreign Currency | Settlement Date | Foreign Currency Amount (Sold)/ Purchased | | USD Currency Amount (Sold)/ Purchased | | Market Value and Unrealized Appreciation/ (Depreciation) | |
Bank of America, National Association: | | | | | | | | |
British Pound | 4/18/24 | 41,885,000 | $ | (53,310,822) | $ | (452,186) | |
British Pound | 4/18/24 | (2,011,000) | | 2,558,675 | | 20,804 | |
Canadian Dollar | 4/18/24 | 4,526,000 | | (3,386,675) | | (44,088) | |
Euro | 4/18/24 | 730,000 | | (786,195) | | 1,787 | |
Euro | 4/18/24 | 2,837,000 | | (3,119,872) | | (57,535) | |
Euro | 4/18/24 | (2,425,000) | | 2,642,006 | | 24,394 | |
| | | | | | | | | |
| | | | | | | (506,824) | | |
Barclays Capital, Inc.: | | | | | | | | |
British Pound | 4/18/24 | 6,809,000 | | (8,681,027) | | (88,107) | |
British Pound | 4/18/24 | (14,329,000) | | 18,384,717 | | 301,598 | |
Canadian Dollar | 4/18/24 | 2,042,000 | | (1,507,454) | | 624 | |
Canadian Dollar | 4/18/24 | (14,644,000) | | 10,956,895 | | 141,860 | |
Euro | 4/18/24 | (8,009,000) | | 8,814,545 | | 169,410 | |
| | | | | | | | | |
| | | | | | | 525,385 | | |
BNP Paribas: | | | | | | | | |
Euro | 4/18/24 | 600,000 | | (660,068) | | (12,412) | |
Citibank, National Association: | | | | | | | | |
British Pound | 4/18/24 | (68,003,000) | | 86,598,502 | | 779,096 | |
Canadian Dollar | 4/18/24 | (6,426,000) | | 4,807,909 | | 62,115 | |
Euro | 4/18/24 | (7,079,000) | | 7,789,543 | | 148,275 | |
| | | | | | | | | |
| | | | | | | 989,486 | | |
Goldman Sachs & Co. LLC: | | | | | | | | |
British Pound | 4/18/24 | (4,425,000) | | 5,634,353 | | 50,027 | |
Canadian Dollar | 4/18/24 | 1,828,000 | | (1,351,487) | | (1,454) | |
Canadian Dollar | 4/18/24 | (859,000) | | 642,589 | | 8,192 | |
Euro | 4/18/24 | (2,102,000) | | 2,313,209 | | 44,252 | |
| | | | | | | | | |
| | | | | | | 101,017 | | |
HSBC Securities (USA), Inc.: | | | | | | | | |
British Pound | 4/18/24 | 2,236,000 | | (2,812,348) | | 9,472 | |
British Pound | 4/18/24 | (5,337,000) | | 6,794,587 | | 59,322 | |
Canadian Dollar | 4/18/24 | (17,647,000) | | 13,203,124 | | 170,283 | |
Euro | 4/18/24 | 1,505,000 | | (1,621,896) | | 2,642 | |
Euro | 4/18/24 | 3,937,000 | | (4,298,875) | | (49,168) | |
Euro | 4/18/24 | (1,859,000) | | 2,046,737 | | 40,081 | |
| | | | | | | | | |
| | | | | | | 232,632 | | |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
Janus Investment Fund | 11 |
Janus Henderson Triton Fund
Schedule of Investments (unaudited)
March 31, 2024
| | | | | | | | | |
Counterparty/ Foreign Currency | Settlement Date | Foreign Currency Amount (Sold)/ Purchased | | USD Currency Amount (Sold)/ Purchased | | Market Value and Unrealized Appreciation/ (Depreciation) | | |
JPMorgan Chase Bank, National Association: | | | | | | | | |
British Pound | 4/18/24 | 12,974,000 | $ | (16,517,435) | | (144,320) | |
British Pound | 4/18/24 | (4,260,000) | | 5,360,439 | | (15,657) | |
Canadian Dollar | 4/18/24 | (15,857,000) | | 11,861,270 | | 150,398 | |
Euro | 4/18/24 | 3,116,000 | | (3,430,228) | | (66,732) | |
Euro | 4/18/24 | (7,332,000) | | 7,974,959 | | 60,596 | |
| | | | | | | | | |
| | | | | | | (15,715) | | |
Morgan Stanley & Co. International PLC: | | | | | | | | |
British Pound | 4/18/24 | 2,824,000 | | (3,546,486) | | 17,386 | |
British Pound | 4/18/24 | 8,408,000 | | (10,667,580) | | (56,731) | |
British Pound | 4/18/24 | (6,469,000) | | 8,210,470 | | 46,630 | |
Canadian Dollar | 4/18/24 | 1,977,000 | | (1,458,065) | | 2,009 | |
Canadian Dollar | 4/18/24 | 50,000 | | (37,404) | | (477) | |
Canadian Dollar | 4/18/24 | (3,761,000) | | 2,792,702 | | 15,090 | |
Euro | 4/18/24 | 451,000 | | (496,062) | | (9,240) | |
Euro | 4/18/24 | (5,267,000) | | 5,719,000 | | 33,653 | |
Euro | 4/18/24 | (1,928,000) | | 2,078,952 | | (2,183) | |
| | | | | | | | | |
| | | | | | | 46,137 | | |
State Street Bank and Trust Company: | | | | | | | | |
British Pound | 4/18/24 | 3,116,000 | | (3,940,755) | | (8,381) | |
British Pound | 4/18/24 | (78,938,000) | | 100,647,006 | | 1,027,691 | |
Canadian Dollar | 4/18/24 | 2,099,000 | | (1,554,013) | | (3,838) | |
Canadian Dollar | 4/18/24 | (16,818,000) | | 12,582,748 | | 162,148 | |
Euro | 4/18/24 | 485,000 | | (534,082) | | (10,560) | |
Euro | 4/18/24 | (8,638,000) | | 9,417,938 | | 93,843 | |
| | | | | | | | | |
| | | | | | | 1,260,903 | | |
Total | | | | | $ | 2,620,609 | | |
The following table, grouped by derivative type, provides information about the fair value and location of derivatives within the Statement of Assets and Liabilities as of March 31, 2024.
| | | | | | |
Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of March 31, 2024 |
| | | | | |
| | | | | Currency
Contracts |
Asset Derivatives: | | | |
Forward foreign currency exchange contracts | | | $ 3,643,678 |
| | | |
Liability Derivatives: | | | |
Forward foreign currency exchange contracts | | | $ 1,023,069 |
| | | |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
12 | MARCH 31, 2024 |
Janus Henderson Triton Fund
Schedule of Investments (unaudited)
March 31, 2024
The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the period ended March 31, 2024.
| | | | | |
The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended March 31, 2024 |
| | | | |
Amount of Realized Gain/(Loss) Recognized on Derivatives |
Derivative | | Currency
Contracts |
Forward foreign currency exchange contracts | | $ 7,312,407 |
| | | | |
| | | | |
| | | | |
Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives |
Derivative | | Currency
Contracts |
Forward foreign currency exchange contracts | | $ (11,113,347) |
| | | | |
Please see the "Net Realized Gain/(Loss) on Investments" and "Change in Unrealized Net Appreciation/Depreciation" sections of the Fund’s Statement of Operations.
| | |
Average Ending Monthly Value of Derivative Instruments During the Period Ended March 31, 2024 |
| |
| |
Forward foreign currency exchange contracts: | |
Average amounts purchased - in USD | $107,691,780 |
Average amounts sold - in USD | 315,792,533 |
| |
| |
| |
| |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
Janus Investment Fund | 13 |
Janus Henderson Triton Fund
Schedule of Investments (unaudited)
March 31, 2024
| | | | | | | | | | |
Offsetting of Financial Assets and Derivative Assets |
| |
| | | Gross Amounts | | | | | | |
| | | of Recognized | | Offsetting Asset | | Collateral | | |
Counterparty | | Assets | | or Liability(a) | | Pledged(b) | | Net Amount |
| | | | | | | | | |
Bank of America, National Association | $ | 46,985 | $ | (46,985) | $ | — | $ | — |
Barclays Capital, Inc. | | 613,492 | | (88,107) | | — | | 525,385 |
Citibank, National Association | | 989,486 | | — | | — | | 989,486 |
Goldman Sachs & Co. LLC | | 102,471 | | (1,454) | | — | | 101,017 |
HSBC Securities (USA), Inc. | | 281,800 | | (49,168) | | — | | 232,632 |
JPMorgan Chase Bank, National Association | | 11,436,322 | | (210,994) | | (11,225,328) | | — |
Morgan Stanley & Co. International PLC | | 114,768 | | (68,631) | | — | | 46,137 |
State Street Bank and Trust Company | | 1,283,682 | | (22,779) | | — | | 1,260,903 |
| | | | | | | | | |
Total | $ | 14,869,006 | $ | (488,118) | $ | (11,225,328) | $ | 3,155,560 |
Offsetting of Financial Liabilities and Derivative Liabilities |
| |
| | | Gross Amounts | | | | | | |
| | | of Recognized | | Offsetting Asset | | Collateral | | |
Counterparty | | Liabilities | | or Liability(a) | | Pledged(b) | | Net Amount |
| | | | | | | | | |
Bank of America, National Association | $ | 553,809 | $ | (46,985) | $ | — | $ | 506,824 |
Barclays Capital, Inc. | | 88,107 | | (88,107) | | — | | — |
BNP Paribas | | 12,412 | | — | | — | | 12,412 |
Goldman Sachs & Co. LLC | | 1,454 | | (1,454) | | — | | — |
HSBC Securities (USA), Inc. | | 49,168 | | (49,168) | | — | | — |
JPMorgan Chase Bank, National Association | | 226,709 | | (210,994) | | — | | 15,715 |
Morgan Stanley & Co. International PLC | | 68,631 | | (68,631) | | — | | — |
State Street Bank and Trust Company | | 22,779 | | (22,779) | | — | | — |
| | | | | | | | | |
Total | $ | 1,023,069 | $ | (488,118) | $ | — | $ | 534,951 |
(a) | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. |
(b) | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
14 | MARCH 31, 2024 |
Janus Henderson Triton Fund
Notes to Schedule of Investments and Other Information (unaudited)
| | |
Russell 2000® Growth Index | Russell 2000® Growth Index reflects the performance of U.S. small-cap equities with higher price-to-book ratios and higher forecasted growth values. |
Russell 2500TM Growth Index | Russell 2500TM Growth Index reflects the performance of U.S. small to mid-cap equities with higher price-to-book ratios and higher forecasted growth values. |
| | |
ADR | American Depositary Receipt |
LLC | Limited Liability Company |
PLC | Public Limited Company |
| | |
* | Non-income producing security. |
| | |
ºº | Rate shown is the 7-day yield as of March 31, 2024. |
| | |
# | Loaned security; a portion of the security is on loan at March 31, 2024. |
| | |
¢ | Security is valued using significant unobservable inputs. The total value of Level 3 securities as of the period ended March 31, 2024 is $32,002,413, which represents 0.5% 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. |
| | |
š | Company was no longer an affiliate as of March 31, 2024. |
| | |
∆ | Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties. |
| | | | | | | | | | | |
§ | Schedule of Restricted Securities (as of March 31, 2024) |
| | | | | | | | Value as a | |
| | Acquisition | | | | | | % of Net | |
| | Date | | Cost | | Value | | Assets | |
IntelyCare Inc | 3/29/22 | $ | 25,081,954 | $ | 10,093,768 | | 0.2 | % |
Loadsmart Inc - Series A | 1/4/22 | | 7,168,757 | | 5,690,559 | | 0.1 | |
Loadsmart Inc - Series D | 1/4/22 | | 21,506,260 | | 16,218,086 | | 0.2 | |
Total | | $ | 53,756,971 | $ | 32,002,413 | | 0.5 | % |
| | | | | | | | | |
The Fund has registration rights for certain restricted securities held as of March 31, 2024. The issuer incurs all registration costs. | |
Janus Henderson Triton Fund
Notes to Schedule of Investments and Other Information (unaudited)
| | | | | | | | | | | | | | |
The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of March 31, 2024. See Notes to Financial Statements for more information. |
| |
Valuation Inputs Summary |
| | | | | | | |
| | | | | Level 2 - | | Level 3 - |
| | | Level 1 - | | Other Significant | | Significant |
| | | Quoted Prices | | Observable Inputs | | Unobservable Inputs |
| | | | | | | |
Assets | | | | | | |
Investments In Securities: | | | | | | |
Common Stocks | | | | | | |
Life Sciences Tools & Services | $ | 236,583,619 | $ | 2,332,043 | $ | - |
All Other | | 6,551,617,529 | | - | | - |
Private Placements | | - | | - | | 32,002,413 |
Warrants | | 604,172 | | - | | - |
Investment Companies | | - | | 59,990,621 | | - |
Investments Purchased with Cash Collateral from Securities Lending | | - | | 11,672,245 | | - |
Total Investments in Securities | $ | 6,788,805,320 | $ | 73,994,909 | $ | 32,002,413 |
Other Financial Instruments(a): | | | | | | |
Forward Foreign Currency Exchange Contracts | | - | | 3,643,678 | | - |
Total Assets | $ | 6,788,805,320 | $ | 77,638,587 | $ | 32,002,413 |
Liabilities | | | | | | |
Other Financial Instruments(a): | | | | | | |
Forward Foreign Currency Exchange Contracts | $ | - | $ | 1,023,069 | $ | - |
| | | | | | | |
(a) | Other financial instruments may include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Written options and written swaptions are reported at their market value at measurement date. |
Janus Henderson Triton Fund
Statement of Assets and Liabilities (unaudited)
March 31, 2024
| |
See footnotes at the end of the Statement. |
| | | | | | | |
| | | | | | |
Assets: | | | | |
| Unaffiliated investments, at value (cost $4,293,439,300)(1) | | $ | 6,825,474,225 | |
| Affiliated investments, at value (cost $69,328,417) | | | 69,328,417 | |
| Cash | | | 189,606 | |
| Forward foreign currency exchange contracts | | | 3,643,678 | |
| Trustees' deferred compensation | | | 190,940 | |
| Receivables: | | | | |
| | Investments sold | | | 46,835,947 | |
| | Fund shares sold | | | 4,300,912 | |
| | Dividends | | | 1,782,131 | |
| | Foreign tax reclaims | | | 201,263 | |
| | Dividends from affiliates | | | 141,018 | |
| Other assets | | | 52,136 | |
Total Assets | | | 6,952,140,273 | |
Liabilities: | | | | |
| Collateral for securities loaned (Note 3) | | | 11,672,245 | |
| Forward foreign currency exchange contracts | | | 1,023,069 | |
| Payables: | | | — | |
| | Investments purchased | | | 30,241,339 | |
| | Fund shares repurchased | | | 13,186,820 | |
| | Advisory fees | | | 3,679,852 | |
| | Transfer agent fees and expenses | | | 859,533 | |
| | 12b-1 Distribution and shareholder servicing fees | | | 204,773 | |
| | Trustees' deferred compensation fees | | | 190,940 | |
| | Professional fees | | | 53,807 | |
| | Trustees' fees and expenses | | | 35,042 | |
| | Affiliated fund administration fees payable | | | 14,374 | |
| | Custodian fees | | | 11,810 | |
| | Accrued expenses and other payables | | | 194,460 | |
Total Liabilities | | | 61,368,064 | |
Commitments and contingent liabilities (Note 4) | | | | |
Net Assets | | $ | 6,890,772,209 | |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 17 |
Janus Henderson Triton Fund
Statement of Assets and Liabilities (unaudited)
March 31, 2024
| | | | | | | |
| | | | | | |
| | | | | | |
Net Assets Consist of: | | | | |
| Capital (par value and paid-in surplus) | | $ | 4,004,056,070 | |
| Total distributable earnings (loss) | | | 2,886,716,139 | |
Total Net Assets | | $ | 6,890,772,209 | |
Net Assets - Class A Shares | | $ | 274,160,813 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 10,568,497 | |
Net Asset Value Per Share(2) | | $ | 25.94 | |
Maximum Offering Price Per Share(3) | | $ | 27.52 | |
Net Assets - Class C Shares | | $ | 11,946,445 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 545,320 | |
Net Asset Value Per Share(2) | | $ | 21.91 | |
Net Assets - Class D Shares | | $ | 977,329,743 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 35,455,300 | |
Net Asset Value Per Share | | $ | 27.57 | |
Net Assets - Class I Shares | | $ | 971,918,102 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 34,810,401 | |
Net Asset Value Per Share | | $ | 27.92 | |
Net Assets - Class N Shares | | $ | 2,633,617,163 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 93,066,164 | |
Net Asset Value Per Share | | $ | 28.30 | |
Net Assets - Class R Shares | | $ | 207,039,722 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 8,562,610 | |
Net Asset Value Per Share | | $ | 24.18 | |
Net Assets - Class S Shares | | $ | 238,090,293 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 9,345,698 | |
Net Asset Value Per Share | | $ | 25.48 | |
Net Assets - Class T Shares | | $ | 1,576,669,928 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 58,362,365 | |
Net Asset Value Per Share | | $ | 27.02 | |
| |
(1) Includes $11,225,328 of securities on loan. See Note 3 in Notes to Financial Statements. (2) Redemption price per share may be reduced for any applicable contingent deferred sales charge. (3) Maximum offering price is computed at 100/94.25 of net asset value. |
| | |
See Notes to Financial Statements. |
| |
18 | MARCH 31, 2024 |
Janus Henderson Triton Fund
Statement of Operations (unaudited)
For the period ended March 31, 2024
| | | | | | |
| | | | | |
Investment Income: | |
| Dividends | $ | 19,682,928 | |
| Dividends from affiliates | | 1,022,972 | |
| Affiliated securities lending income, net | | 192,383 | |
| Unaffiliated securities lending income, net | | 46,079 | |
| Other income | | 14,606 | |
| Foreign tax withheld | | (174,047) | |
Total Investment Income | | 20,784,921 | |
Expenses: | | | |
| Advisory fees | | 20,701,279 | |
| 12b-1 Distribution and shareholder servicing fees: |
| | Class A Shares | | 327,160 | |
| | Class C Shares | | 52,929 | |
| | Class R Shares | | 479,839 | |
| | Class S Shares | | 284,388 | |
| Transfer agent administrative fees and expenses: | | | |
| | Class D Shares | | 517,581 | |
| | Class R Shares | | 241,107 | |
| | Class S Shares | | 284,106 | |
| | Class T Shares | | 1,864,008 | |
| Transfer agent networking and omnibus fees: | | | |
| | Class A Shares | | 602,949 | |
| | Class C Shares | | 4,138 | |
| | Class I Shares | | 505,640 | |
| Other transfer agent fees and expenses: | | | |
| | Class A Shares | | 6,984 | |
| | Class C Shares | | 256 | |
| | Class D Shares | | 49,019 | |
| | Class I Shares | | 20,875 | |
| | Class N Shares | | 49,039 | |
| | Class R Shares | | 2,376 | |
| | Class S Shares | | 1,513 | |
| | Class T Shares | | 6,790 | |
| Shareholder reports expense | | 121,657 | |
| Registration fees | | 98,914 | |
| Affiliated fund administration fees | | 80,864 | |
| Trustees’ fees and expenses | | 67,891 | |
| Professional fees | | 48,415 | |
| Custodian fees | | 27,520 | |
| Other expenses | | 199,066 | |
Total Expenses | | 26,646,303 | |
Less: Excess Expense Reimbursement and Waivers | | (389,188) | |
Net Expenses | | 26,257,115 | |
Net Investment Income/(Loss) | | (5,472,194) | |
| | | | | |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 19 |
Janus Henderson Triton Fund
Statement of Operations (unaudited)
For the period ended March 31, 2024
| | | | | | |
| | | | | |
Net Realized Gain/(Loss) on Investments: | |
| Investments and foreign currency transactions(1) | $ | 417,102,786 | |
| Investments in affiliates | | (45,162,995) | |
| Forward foreign currency exchange contracts | | 7,312,407 | |
Total Net Realized Gain/(Loss) on Investments | 379,252,198 | |
Change in Unrealized Net Appreciation/Depreciation: |
| Investments, foreign currency translations and Trustees’ deferred compensation | | 640,227,194 | |
| Investments in affiliates | | 49,860,527 | |
| Forward foreign currency exchange contracts | | (11,113,347) | |
Total Change in Unrealized Net Appreciation/Depreciation | 678,974,374 | |
Net Increase/(Decrease) in Net Assets Resulting from Operations | $ | 1,052,754,378 | |
| | | | | |
| |
(1) Includes $4,974,040 of realized gains and losses resulting from a redemption-in-kind during the period ended March 31, 2024. |
| | |
See Notes to Financial Statements. |
| |
20 | MARCH 31, 2024 |
Janus Henderson Triton Fund
Statements of Changes in Net Assets
| | | | | | | | | |
| | | | | | | | |
| | | Period ended
March 31, 2024 (unaudited) | | Year ended
September 30, 2023 | |
| | | | | | | | |
Operations: | | | | | | |
| Net investment income/(loss) | $ | (5,472,194) | | $ | (5,228,420) | |
| Net realized gain/(loss) on investments | | 379,252,198 | | | 561,580,142 | |
| Change in unrealized net appreciation/depreciation | | 678,974,374 | | | 235,621,116 | |
Net Increase/(Decrease) in Net Assets Resulting from Operations | 1,052,754,378 | | | 791,972,838 | |
Dividends and Distributions to Shareholders: | | | | | | |
| | Class A Shares | | (19,456,859) | | | (17,964,474) | |
| | Class C Shares | | (997,791) | | | (1,339,127) | |
| | Class D Shares | | (63,809,901) | | | (53,671,559) | |
| | Class I Shares | | (66,697,940) | | | (68,298,977) | |
| | Class N Shares | | (168,010,363) | | | (149,713,854) | |
| | Class R Shares | | (15,324,147) | | | (12,943,552) | |
| | Class S Shares | | (17,173,162) | | | (15,468,292) | |
| | Class T Shares | | (108,167,774) | | | (98,199,980) | |
Net Decrease from Dividends and Distributions to Shareholders | (459,637,937) | | | (417,599,815) | |
Capital Share Transactions: | | | | | | |
| | Class A Shares | | (13,640,437) | | | (25,363,068) | |
| | Class C Shares | | (413,733) | | | (8,124,368) | |
| | Class D Shares | | 2,901,938 | | | (19,724,884) | |
| | Class I Shares | | (69,888,875) | | | (264,650,859) | |
| | Class N Shares | | (7,865,126) | | | (223,648,887) | |
| | Class R Shares | | 3,281,470 | | | (8,394,099) | |
| | Class S Shares | | (6,880,010) | | | (20,324,480) | |
| | Class T Shares | | (51,135,317) | | | (181,262,198) | |
Net Increase/(Decrease) from Capital Share Transactions | (143,640,090) | | | (751,492,843) | |
Net Increase/(Decrease) in Net Assets | | 449,476,351 | | | (377,119,820) | |
Net Assets: | | | | | | |
| Beginning of period | | 6,441,295,858 | | | 6,818,415,678 | |
| End of period | $ | 6,890,772,209 | | $ | 6,441,295,858 | |
| | | | | | | | |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 21 |
Janus Henderson Triton Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class A Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $23.95 | | | $23.01 | | | $38.38 | | | $30.01 | | | $29.95 | | | $33.12 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | (0.06) | | | (0.09) | | | (0.19) | | | (0.26) | | | (0.16) | | | (0.08) | |
| | Net realized and unrealized gain/(loss) | | 3.90 | | | 2.55 | | | (8.25) | | | 10.22 | | | 1.55 | | | (1.19) | |
| Total from Investment Operations | | 3.84 | | | 2.46 | | | (8.44) | | | 9.96 | | | 1.39 | | | (1.27) | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | — | | | — | | | — | | | — | | | — | | | — | |
| | Distributions (from capital gains) | | (1.85) | | | (1.52) | | | (6.93) | | | (1.59) | | | (1.33) | | | (1.90) | |
| Total Dividends and Distributions | | (1.85) | | | (1.52) | | | (6.93) | | | (1.59) | | | (1.33) | | | (1.90) | |
| Net Asset Value, End of Period | | $25.94 | | | $23.95 | | | $23.01 | | | $38.38 | | | $30.01 | | | $29.95 | |
| Total Return* | | 17.15% | | | 11.02% | | | (26.63)% | | | 33.41% | | | 4.64% | | | (2.69)% | |
| Net Assets, End of Period (in thousands) | | $274,161 | | | $265,744 | | | $277,727 | | | $467,269 | | | $416,036 | | | $491,045 | |
| Average Net Assets for the Period (in thousands) | | $263,028 | | | $294,438 | | | $376,354 | | | $494,458 | | | $430,974 | | | $501,143 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 1.37% | | | 1.36% | | | 1.30% | | | 1.29% | | | 1.35% | | | 1.33% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 1.10% | | | 1.12% | | | 1.12% | | | 1.10% | | | 1.12% | | | 1.12% | |
| | Ratio of Net Investment Income/(Loss) | | (0.46)% | | | (0.38)% | | | (0.65)% | | | (0.69)% | | | (0.57)% | | | (0.28)% | |
| Portfolio Turnover Rate | | 10% | | | 19% | | | 8% | | | 24% | | | 32% | | | 26% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
22 | MARCH 31, 2024 |
Janus Henderson Triton Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class C Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $20.56 | | | $20.05 | | | $34.49 | | | $27.23 | | | $27.45 | | | $30.72 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | (0.11) | | | (0.18) | | | (0.31) | | | (0.42) | | | (0.30) | | | (0.23) | |
| | Net realized and unrealized gain/(loss) | | 3.31 | | | 2.21 | | | (7.20) | | | 9.27 | | | 1.41 | | | (1.14) | |
| Total from Investment Operations | | 3.20 | | | 2.03 | | | (7.51) | | | 8.85 | | | 1.11 | | | (1.37) | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | — | | | — | | | — | | | — | | | — | | | — | |
| | Distributions (from capital gains) | | (1.85) | | | (1.52) | | | (6.93) | | | (1.59) | | | (1.33) | | | (1.90) | |
| Total Dividends and Distributions | | (1.85) | | | (1.52) | | | (6.93) | | | (1.59) | | | (1.33) | | | (1.90) | |
| Net Asset Value, End of Period | | $21.91 | | | $20.56 | | | $20.05 | | | $34.49 | | | $27.23 | | | $27.45 | |
| Total Return* | | 16.84% | | | 10.47% | | | (26.99)% | | | 32.72% | | | 4.02% | | | (3.26)% | |
| Net Assets, End of Period (in thousands) | | $11,946 | | | $11,573 | | | $18,940 | | | $49,738 | | | $97,105 | | | $150,431 | |
| Average Net Assets for the Period (in thousands) | | $11,424 | | | $16,028 | | | $33,240 | | | $75,187 | | | $124,872 | | | $168,909 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 1.68% | | | 1.59% | | | 1.60% | | | 1.65% | | | 1.70% | | | 1.68% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 1.68% | | | 1.59% | | | 1.60% | | | 1.65% | | | 1.70% | | | 1.68% | |
| | Ratio of Net Investment Income/(Loss) | | (1.05)% | | | (0.86)% | | | (1.15)% | | | (1.25)% | | | (1.14)% | | | (0.84)% | |
| Portfolio Turnover Rate | | 10% | | | 19% | | | 8% | | | 24% | | | 32% | | | 26% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 23 |
Janus Henderson Triton Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class D Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $25.30 | | | $24.15 | | | $39.82 | | | $30.99 | | | $30.79 | | | $33.89 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | (0.02) | | | (0.01) | | | (0.10) | | | (0.14) | | | (0.07) | | | 0.01 | |
| | Net realized and unrealized gain/(loss) | | 4.14 | | | 2.68 | | | (8.64) | | | 10.56 | | | 1.60 | | | (1.21) | |
| Total from Investment Operations | | 4.12 | | | 2.67 | | | (8.74) | | | 10.42 | | | 1.53 | | | (1.20) | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | — | | | — | | | — | | | — | | | — | | | — | |
| | Distributions (from capital gains) | | (1.85) | | | (1.52) | | | (6.93) | | | (1.59) | | | (1.33) | | | (1.90) | |
| Total Dividends and Distributions | | (1.85) | | | (1.52) | | | (6.93) | | | (1.59) | | | (1.33) | | | (1.90) | |
| Net Asset Value, End of Period | | $27.57 | | | $25.30 | | | $24.15 | | | $39.82 | | | $30.99 | | | $30.79 | |
| Total Return* | | 17.35% | | | 11.39% | | | (26.39)% | | | 33.85% | | | 4.98% | | | (2.41)% | |
| Net Assets, End of Period (in thousands) | | $977,330 | | | $890,168 | | | $864,531 | | | $1,289,904 | | | $1,057,332 | | | $1,191,950 | |
| Average Net Assets for the Period (in thousands) | | $910,619 | | | $938,887 | | | $1,111,102 | | | $1,297,945 | | | $1,088,543 | | | $1,183,056 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 0.79% | | | 0.80% | | | 0.79% | | | 0.78% | | | 0.80% | | | 0.80% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 0.79% | | | 0.80% | | | 0.79% | | | 0.78% | | | 0.80% | | | 0.80% | |
| | Ratio of Net Investment Income/(Loss) | | (0.15)% | | | (0.06)% | | | (0.32)% | | | (0.37)% | | | (0.25)% | | | 0.04% | |
| Portfolio Turnover Rate | | 10% | | | 19% | | | 8% | | | 24% | | | 32% | | | 26% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
24 | MARCH 31, 2024 |
Janus Henderson Triton Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class I Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $25.60 | | | $24.41 | | | $40.17 | | | $31.24 | | | $31.02 | | | $34.11 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | (0.02) | | | (0.01) | | | (0.09) | | | (0.13) | | | (0.06) | | | 0.02 | |
| | Net realized and unrealized gain/(loss) | | 4.19 | | | 2.72 | | | (8.74) | | | 10.65 | | | 1.61 | | | (1.21) | |
| Total from Investment Operations | | 4.17 | | | 2.71 | | | (8.83) | | | 10.52 | | | 1.55 | | | (1.19) | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | — | | | — | | | — | | | — | | | — | | | — | |
| | Distributions (from capital gains) | | (1.85) | | | (1.52) | | | (6.93) | | | (1.59) | | | (1.33) | | | (1.90) | |
| Total Dividends and Distributions | | (1.85) | | | (1.52) | | | (6.93) | | | (1.59) | | | (1.33) | | | (1.90) | |
| Net Asset Value, End of Period | | $27.92 | | | $25.60 | | | $24.41 | | | $40.17 | | | $31.24 | | | $31.02 | |
| Total Return* | | 17.34% | | | 11.43% | | | (26.38)% | | | 33.90% | | | 5.00% | | | (2.36)% | |
| Net Assets, End of Period (in thousands) | | $971,918 | | | $957,122 | | | $1,154,792 | | | $2,082,427 | | | $1,953,114 | | | $2,235,807 | |
| Average Net Assets for the Period (in thousands) | | $935,110 | | | $1,106,238 | | | $1,607,957 | | | $2,243,961 | | | $2,022,112 | | | $2,206,658 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 0.77% | | | 0.77% | | | 0.76% | | | 0.75% | | | 0.76% | | | 0.76% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 0.77% | | | 0.77% | | | 0.76% | | | 0.75% | | | 0.76% | | | 0.76% | |
| | Ratio of Net Investment Income/(Loss) | | (0.13)% | | | (0.04)% | | | (0.30)% | | | (0.34)% | | | (0.21)% | | | 0.08% | |
| Portfolio Turnover Rate | | 10% | | | 19% | | | 8% | | | 24% | | | 32% | | | 26% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 25 |
Janus Henderson Triton Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class N Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $25.90 | | | $24.66 | | | $40.48 | | | $31.44 | | | $31.18 | | | $34.24 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | —(2) | | | 0.02 | | | (0.06) | | | (0.10) | | | (0.03) | | | 0.05 | |
| | Net realized and unrealized gain/(loss) | | 4.25 | | | 2.74 | | | (8.83) | | | 10.73 | | | 1.62 | | | (1.21) | |
| Total from Investment Operations | | 4.25 | | | 2.76 | | | (8.89) | | | 10.63 | | | 1.59 | | | (1.16) | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | — | | | — | | | — | | | — | | | — | | | — | |
| | Distributions (from capital gains) | | (1.85) | | | (1.52) | | | (6.93) | | | (1.59) | | | (1.33) | | | (1.90) | |
| Total Dividends and Distributions | | (1.85) | | | (1.52) | | | (6.93) | | | (1.59) | | | (1.33) | | | (1.90) | |
| Net Asset Value, End of Period | | $28.30 | | | $25.90 | | | $24.66 | | | $40.48 | | | $31.44 | | | $31.18 | |
| Total Return* | | 17.45% | | | 11.52% | | | (26.32)% | | | 34.04% | | | 5.11% | | | (2.26)% | |
| Net Assets, End of Period (in thousands) | | $2,633,617 | | | $2,408,276 | | | $2,485,743 | | | $4,412,467 | | | $3,824,419 | | | $3,848,034 | |
| Average Net Assets for the Period (in thousands) | | $2,462,479 | | | $2,644,853 | | | $3,483,140 | | | $4,658,162 | | | $3,817,816 | | | $3,452,214 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 0.66% | | | 0.66% | | | 0.66% | | | 0.66% | | | 0.66% | | | 0.66% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 0.66% | | | 0.66% | | | 0.66% | | | 0.66% | | | 0.66% | | | 0.66% | |
| | Ratio of Net Investment Income/(Loss) | | (0.02)% | | | 0.08% | | | (0.20)% | | | (0.25)% | | | (0.12)% | | | 0.17% | |
| Portfolio Turnover Rate | | 10% | | | 19% | | | 8% | | | 24% | | | 32% | | | 26% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. (2) Less than $0.005 on a per share basis. |
| | |
See Notes to Financial Statements. |
| |
26 | MARCH 31, 2024 |
Janus Henderson Triton Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class R Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $22.48 | | | $21.74 | | | $36.75 | | | $28.86 | | | $28.94 | | | $32.17 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | (0.09) | | | (0.15) | | | (0.26) | | | (0.35) | | | (0.24) | | | (0.16) | |
| | Net realized and unrealized gain/(loss) | | 3.64 | | | 2.41 | | | (7.82) | | | 9.83 | | | 1.49 | | | (1.17) | |
| Total from Investment Operations | | 3.55 | | | 2.26 | | | (8.08) | | | 9.48 | | | 1.25 | | | (1.33) | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | — | | | — | | | — | | | — | | | — | | | — | |
| | Distributions (from capital gains) | | (1.85) | | | (1.52) | | | (6.93) | | | (1.59) | | | (1.33) | | | (1.90) | |
| Total Dividends and Distributions | | (1.85) | | | (1.52) | | | (6.93) | | | (1.59) | | | (1.33) | | | (1.90) | |
| Net Asset Value, End of Period | | $24.18 | | | $22.48 | | | $21.74 | | | $36.75 | | | $28.86 | | | $28.94 | |
| Total Return* | | 16.97% | | | 10.73% | | | (26.87)% | | | 33.06% | | | 4.30% | | | (2.97)% | |
| Net Assets, End of Period (in thousands) | | $207,040 | | | $188,079 | | | $188,832 | | | $293,567 | | | $281,907 | | | $325,507 | |
| Average Net Assets for the Period (in thousands) | | $193,921 | | | $201,211 | | | $248,880 | | | $316,824 | | | $295,035 | | | $341,001 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 1.40% | | | 1.41% | | | 1.41% | | | 1.40% | | | 1.41% | | | 1.41% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 1.40% | | | 1.41% | | | 1.41% | | | 1.40% | | | 1.41% | | | 1.41% | |
| | Ratio of Net Investment Income/(Loss) | | (0.76)% | | | (0.67)% | | | (0.94)% | | | (0.99)% | | | (0.86)% | | | (0.57)% | |
| Portfolio Turnover Rate | | 10% | | | 19% | | | 8% | | | 24% | | | 32% | | | 26% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 27 |
Janus Henderson Triton Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class S Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $23.56 | | | $22.67 | | | $37.93 | | | $29.68 | | | $29.65 | | | $32.83 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | (0.06) | | | (0.10) | | | (0.21) | | | (0.28) | | | (0.17) | | | (0.09) | |
| | Net realized and unrealized gain/(loss) | | 3.83 | | | 2.51 | | | (8.12) | | | 10.12 | | | 1.53 | | | (1.19) | |
| Total from Investment Operations | | 3.77 | | | 2.41 | | | (8.33) | | | 9.84 | | | 1.36 | | | (1.28) | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | — | | | — | | | — | | | — | | | — | | | — | |
| | Distributions (from capital gains) | | (1.85) | | | (1.52) | | | (6.93) | | | (1.59) | | | (1.33) | | | (1.90) | |
| Total Dividends and Distributions | | (1.85) | | | (1.52) | | | (6.93) | | | (1.59) | | | (1.33) | | | (1.90) | |
| Net Asset Value, End of Period | | $25.48 | | | $23.56 | | | $22.67 | | | $37.93 | | | $29.68 | | | $29.65 | |
| Total Return* | | 17.14% | | | 10.97% | | | (26.66)% | | | 33.37% | | | 4.58% | | | (2.75)% | |
| Net Assets, End of Period (in thousands) | | $238,090 | | | $225,745 | | | $234,961 | | | $452,832 | | | $450,947 | | | $520,950 | |
| Average Net Assets for the Period (in thousands) | | $228,530 | | | $247,711 | | | $338,266 | | | $498,603 | | | $471,543 | | | $541,037 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 1.16% | | | 1.16% | | | 1.16% | | | 1.16% | | | 1.16% | | | 1.16% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 1.16% | | | 1.16% | | | 1.16% | | | 1.16% | | | 1.16% | | | 1.16% | |
| | Ratio of Net Investment Income/(Loss) | | (0.52)% | | | (0.42)% | | | (0.69)% | | | (0.75)% | | | (0.61)% | | | (0.32)% | |
| Portfolio Turnover Rate | | 10% | | | 19% | | | 8% | | | 24% | | | 32% | | | 26% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
28 | MARCH 31, 2024 |
Janus Henderson Triton Fund
Financial Highlights
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Class T Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $24.84 | | | $23.76 | | | $39.34 | | | $30.67 | | | $30.51 | | | $33.64 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | (0.03) | | | (0.04) | | | (0.13) | | | (0.19) | | | (0.10) | | | (0.02) | |
| | Net realized and unrealized gain/(loss) | | 4.06 | | | 2.64 | | | (8.52) | | | 10.45 | | | 1.59 | | | (1.21) | |
| Total from Investment Operations | | 4.03 | | | 2.60 | | | (8.65) | | | 10.26 | | | 1.49 | | | (1.23) | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | — | | | — | | | — | | | — | | | — | | | — | |
| | Distributions (from capital gains) | | (1.85) | | | (1.52) | | | (6.93) | | | (1.59) | | | (1.33) | | | (1.90) | |
| Total Dividends and Distributions | | (1.85) | | | (1.52) | | | (6.93) | | | (1.59) | | | (1.33) | | | (1.90) | |
| Net Asset Value, End of Period | | $27.02 | | | $24.84 | | | $23.76 | | | $39.34 | | | $30.67 | | | $30.51 | |
| Total Return* | | 17.31% | | | 11.27% | | | (26.50)% | | | 33.67% | | | 4.89% | | | (2.52)% | |
| Net Assets, End of Period (in thousands) | | $1,576,670 | | | $1,494,589 | | | $1,592,889 | | | $2,670,126 | | | $2,379,045 | | | $2,881,377 | |
| Average Net Assets for the Period (in thousands) | | $1,499,423 | | | $1,636,791 | | | $2,140,397 | | | $2,809,155 | | | $2,557,135 | | | $2,940,071 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 0.90% | | | 0.91% | | | 0.91% | | | 0.91% | | | 0.91% | | | 0.91% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 0.90% | | | 0.91% | | | 0.90% | | | 0.90% | | | 0.90% | | | 0.90% | |
| | Ratio of Net Investment Income/(Loss) | | (0.26)% | | | (0.16)% | | | (0.44)% | | | (0.49)% | | | (0.35)% | | | (0.07)% | |
| Portfolio Turnover Rate | | 10% | | | 19% | | | 8% | | | 24% | | | 32% | | | 26% | |
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* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
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See Notes to Financial Statements. |
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Janus Investment Fund | 29 |
Janus Henderson Triton Fund
Notes to Financial Statements (unaudited)
1. Organization and Significant Accounting Policies
Janus Henderson Triton Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 37 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term growth of capital. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the “Adviser”) to the Fund.
The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares. Effective July 18, 2022, the Fund reopened to all new investors.
Shareholders, including other funds, individuals, accounts, as well as the Fund’s portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund’s Shares and can be considered to “control” the Fund when that ownership exceeds 25% of the Fund’s assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).
Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.
Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, employer-sponsored retirement plans, and bank trust platforms.
The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.
Effective July 6, 2020, Class D Shares are available to new investors, subject to any closed fund policies for a Fund, as applicable. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.
Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. Class I Shares are also available to certain direct institutional investors including, but not limited to, corporations, certain retirement plans, public plans, and foundations/endowments, who established Class I Share accounts before August 4, 2017.
Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the “Distributor”) including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.
Class R Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms.
Janus Henderson Triton Fund
Notes to Financial Statements (unaudited)
Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.
Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.
The following accounting policies have been followed by the Fund and are in conformity with US GAAP.
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 Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-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 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 value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that operate as money market funds held by the Fund, if any, will be calculated using the NAV of such 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.
Janus Henderson Triton Fund
Notes to Financial Statements (unaudited)
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.
There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal period.
The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of March 31, 2024 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 and Other Information.
The Fund did not hold a significant amount of Level 3 securities as of March 31, 2024.
Investment Transactions and Investment Income
Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on an accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.
Expenses
The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.
Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Indemnifications
In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.
Foreign Currency Translations
The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the
Janus Henderson Triton Fund
Notes to Financial Statements (unaudited)
date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.
Currency gains and losses are also calculated on payables and receivables that are denominated in foreign currencies. The payables and receivables are generally related to foreign security transactions and income translations.
Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.
Dividends and Distributions
The Fund generally declares and distributes dividends of net investment income and realized capital gains (if any) annually. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as “equalization,” has no effect on the redeeming shareholder or a Fund’s total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.
The Fund may make certain investments in real estate investment trusts (“REITs”) which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs’ taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal income tax purposes.
Federal Income Taxes
The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund’s tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund’s financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
2. Derivative Instruments
The Fund may invest in various types of derivatives, which may at times result in significant derivative exposure. A derivative is a financial instrument whose performance is derived from the performance of another asset. The Fund may invest in derivative instruments including, but not limited to: futures contracts, put options, call options, options on futures contracts, options on foreign currencies, options on recovery locks, options on security and commodity indices, swaps, forward contracts, structured investments, and other equity-linked derivatives. Each derivative instrument that was held by the Fund during the period ended March 31, 2024 is discussed in further detail below. A summary of derivative activity by the Fund is reflected in the tables at the end of the Schedule of Investments.
The Fund may use derivative instruments for hedging purposes (to offset risks associated with an investment, currency exposure, or market conditions), to adjust currency exposure relative to a benchmark index, or for speculative purposes (to earn income and seek to enhance returns). When the Fund invests in a derivative for speculative purposes, the Fund will be fully exposed to the risks of loss of that derivative, which may sometimes be greater than the derivative’s cost. The Fund may not use any derivative to gain exposure to an asset or class of assets that it would be prohibited by its investment restrictions from purchasing directly. The Fund’s ability to use derivative instruments may also be limited by tax considerations.
Investments in derivatives in general are subject to market risks that may cause their prices to fluctuate over time. Investments in derivatives may not directly correlate with the price movements of the underlying instrument. As a result, the use of derivatives may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. The use of derivatives may result in larger losses or smaller gains than otherwise would be the case. Derivatives can be volatile and may involve significant risks.
Janus Henderson Triton Fund
Notes to Financial Statements (unaudited)
In pursuit of its investment objective, the Fund may seek to use derivatives to increase or decrease exposure to the following market risk factors:
· Commodity Risk – the risk related to the change in value of commodities or commodity-linked investments due to changes in the overall market movements, volatility of the underlying benchmark, changes in interest rates, or other factors affecting a particular industry or commodity such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political, and regulatory developments.
· Counterparty Risk – the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its financial obligation to the Fund.
· Credit Risk – the risk an issuer will be unable to make principal and interest payments when due, or will default on its obligations.
· Currency Risk – the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment.
· Equity Risk – the risk related to the change in value of equity securities as they relate to increases or decreases in the general market.
· Index Risk – if the derivative is linked to the performance of an index, it will be subject to the risks associated with changes in that index. If the index changes, the Fund could receive lower interest payments or experience a reduction in the value of the derivative to below what the Fund paid. Certain indexed securities, including inverse securities (which move in an opposite direction to the index), may create leverage, to the extent that they increase or decrease in value at a rate that is a multiple of the changes in the applicable index.
· Interest Rate Risk – the risk that the value of fixed-income securities will generally decline as prevailing interest rates rise, which may cause the Fund’s NAV to likewise decrease.
· Leverage Risk – the risk associated with certain types of leveraged investments or trading strategies pursuant to which relatively small market movements may result in large changes in the value of an investment. The Fund creates leverage by investing in instruments, including derivatives, where the investment loss can exceed the original amount invested. Certain investments or trading strategies, such as short sales, that involve leverage can result in losses that greatly exceed the amount originally invested.
· Liquidity Risk – the risk that certain securities may be difficult or impossible to sell at the time that the seller would like or at the price that the seller believes the security is currently worth.
Derivatives may generally be traded OTC or on an exchange. Derivatives traded OTC are agreements that are individually negotiated between parties and can be tailored to meet a purchaser’s needs. OTC derivatives are not guaranteed by a clearing agency and may be subject to increased credit risk.
In an effort to mitigate credit risk associated with derivatives traded OTC, the Fund may enter into collateral agreements with certain counterparties whereby, subject to certain minimum exposure requirements, the Fund may require the counterparty to post collateral if the Fund has a net aggregate unrealized gain on all OTC derivative contracts with a particular counterparty. Additionally, the Fund may deposit cash and/or treasuries as collateral with the counterparty and/or custodian daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized loss on OTC derivative contracts with a particular counterparty. All liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund’s commitment with respect to certain exchange-traded derivatives, centrally cleared derivatives, forward foreign currency exchange contracts, short sales, and/or securities with extended settlement dates. There is no guarantee that counterparty exposure is reduced and these arrangements are dependent on the Adviser’s ability to establish and maintain appropriate systems and trading.
Forward Foreign Currency Exchange Contracts
A forward foreign currency exchange contract (“forward currency contract”) is an obligation to buy or sell a specified currency at a future date at a negotiated rate (which may be U.S. dollars or a foreign currency). The Fund may enter into forward currency contracts for hedging purposes, including, but not limited to, reducing exposure to changes in foreign currency exchange rates on foreign portfolio holdings and locking in the U.S. dollar cost of firm purchase and sale commitments for securities denominated in or exposed to foreign currencies. The Fund may also invest in forward currency contracts for non-hedging purposes such as seeking to enhance returns. The Fund is subject to currency risk
Janus Henderson Triton Fund
Notes to Financial Statements (unaudited)
and counterparty risk in the normal course of pursuing its investment objective through its investments in forward currency contracts.
Forward currency contracts are valued by converting the foreign value to U.S. dollars by using the current spot U.S. dollar exchange rate and/or forward rate for that currency. Exchange and forward rates as of the close of the NYSE are used to value the forward currency contracts. The unrealized appreciation/(depreciation) for forward currency contracts is reported in the Statement of Assets and Liabilities as a receivable or payable and in the Statement of Operations for the change in unrealized net appreciation/depreciation (if applicable). The realized gain or loss arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon closing a forward currency contract is reported on the Statement of Operations (if applicable).
During the period, the Fund entered into forward currency contracts with the obligation to purchase foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency denominated securities held by the Fund.
During the period, the Fund entered into forward currency contracts with the obligation to sell foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency denominated securities held by the Fund.
3. Other Investments and Strategies
Market Risk
The value of the Fund’s portfolio may decrease if the value of one or more issuers in the Fund’s portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund’s portfolio decreases, the Fund’s NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, war, conflicts, including related sanctions, social unrest, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.
• COVID-19 Pandemic. The effects of COVID-19 have contributed to increased volatility in global financial markets and have affected and may continue to affect certain countries, regions, issuers, industries and market sectors more dramatically than others. These conditions and events could have a significant impact on the Fund and its investments, the Fund’s ability to meet redemption requests, and the processes and operations of the Fund’s service providers, including the Adviser.
• Armed Conflict. Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global economic environment and the markets for certain securities and commodities.
Restricted Security Transactions
Restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933, as amended. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. Lack of a secondary market and resale restrictions may result in the inability of the Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, these securities may exhibit greater price volatility than securities for which secondary markets exist.
Counterparties
Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund (“counterparty risk”). Counterparty risk may arise because of the counterparty’s financial condition
Janus Henderson Triton Fund
Notes to Financial Statements (unaudited)
(i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund’s exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.
The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund’s cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser’s analysis of a counterparty’s creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.
Securities Lending
Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments’ payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the SEC. If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.
Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05% for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.
The value of the collateral must be at least 102% of the market value of the loaned securities that are denominated in U.S. dollars and 105% of the market value of the loaned securities that are not denominated in U.S. dollars. Loaned securities and related collateral are marked-to-market each business day based upon the market value of the loaned securities at the close of business, employing the most recent available pricing information. Collateral levels are then adjusted based on this mark-to-market evaluation. Additional required collateral, or excess collateral returned, is delivered on the next business day. Therefore, the value of the collateral held may be temporarily less than 102% or 105% value of the securities on loan. The cash collateral invested by the Adviser is disclosed in the Schedule of Investments (if applicable).
Janus Henderson Triton Fund
Notes to Financial Statements (unaudited)
Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations. As of March 31, 2024, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $11,225,328. Gross amounts of recognized liabilities for securities lending (collateral received) as of March 31, 2024 is $11,672,245, resulting in the net amount due from the counterparty of $446,917.
Offsetting Assets and Liabilities
The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.
In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs OTC derivatives and forward foreign currency exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, in the event of a default and/or termination event, the Fund may offset with each counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment.
The Offsetting Assets and Liabilities tables located in the Schedule of Investments present gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the “Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of March 31, 2024” table located in the Fund’s Schedule of Investments.The Fund generally does not exchange collateral on its forward foreign currency contracts with its counterparties; however, all liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund’s commitment with respect to these contracts. Certain securities may be segregated at the Fund’s custodian. These segregated securities are denoted on the accompanying Schedule of Investments and are evaluated daily to ensure their cover and/or market value equals or exceeds the Fund’s corresponding forward foreign currency exchange contract's obligation value.
4. Investment Advisory Agreements and Other Transactions with Affiliates
The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The Fund’s contractual investment advisory fee rate (expressed as an annual rate) is 0.64% of its average daily net assets.
The Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding any performance adjustments to the management fee, if applicable, the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.86% for at least a one-year period commencing on January 26, 2024. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.
The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (or any subadvisor, as applicable) provides to the Fund. These amounts are disclosed as “Affiliated fund administration fees” on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund’s Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its
Janus Henderson Triton Fund
Notes to Financial Statements (unaudited)
affiliates, are shared with the Fund. Total compensation of $222,870 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended March 31, 2024. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.
Janus Henderson Services US LLC (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.
Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.
| | |
Average Daily Net Assets of Class D Shares of the Janus Henderson funds | Administrative Services Fee |
Under $40 billion | 0.12% |
$40 billion – $49.9 billion | 0.10% |
Over $49.9 billion | 0.08% |
During the reporting period, the administrative services fee rate was 0.11%.
The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class R Shares, Class S Shares, and Class T Shares for providing or procuring administrative services to investors in Class R Shares, Class S Shares, and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class R Shares, Class S Shares, and Class T Shares.
Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.
Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.
The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.
Under distribution and shareholder servicing plans (the “Plans”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, of up to 0.50% of the Class R Shares' average daily net assets, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or
Janus Henderson Triton Fund
Notes to Financial Statements (unaudited)
shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations.
Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the period ended March 31, 2024, the Distributor retained upfront sales charges of $2,905.
A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the period ended March 31, 2024.
A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the period ended March 31, 2024, redeeming shareholders of Class C Shares paid CDSCs of $439.
The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of March 31, 2024 on the Statement of Assets and Liabilities in the asset, “Trustees’ deferred compensation,” and liability, “Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Total distributable earnings (loss)” on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended March 31, 2024 are included in “Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $318,650 were paid by the Trust to the Trustees under the Deferred Plan during the period ended March 31, 2024.
Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the “Investing Funds”). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the “Sweep Vehicle”) is an affiliated unregistered cash management pooled investment vehicle that invests primarily in highly-rated short-term fixed-income securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a “floating” NAV) rounded to the fourth decimal place (e.g., $1.0000). The Sweep Vehicle is permitted to impose a liquidity fee (of up to 2%) on redemptions from the Sweep Vehicle or a redemption gate that temporarily suspends redemptions from the Sweep Vehicle for up to 10 business days during a 90 day period. There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.
Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended March 31, 2024 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.
The Fund is permitted to purchase or sell securities (“cross-trade”) between itself and other funds or accounts managed by the Adviser in accordance with Rule 17a-7 under the Investment Company Act of 1940 (“Rule 17a-7”), when the transaction is consistent with the investment objectives and policies of the Fund and in accordance with the Internal Cross Trade Procedures adopted by the Trust’s Board of Trustees. These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to another fund or account that is or could be considered an
Janus Henderson Triton Fund
Notes to Financial Statements (unaudited)
affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser, common Officer, or common Trustee complies with Rule 17a-7. Under these procedures, each cross-trade is effected at the current market price to save costs where allowed. During the period ended March 31, 2024, the Fund engaged in cross trades amounting to $3,907,011 in purchases.
5. Federal Income Tax
Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.
The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.
The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of March 31, 2024 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals and investments in partnerships.
| | | | |
Federal Tax Cost | Unrealized
Appreciation | Unrealized
(Depreciation) | Net Tax Appreciation/
(Depreciation) |
$ 4,365,997,770 | $2,885,393,859 | $(356,588,987) | $ 2,528,804,872 |
| | | |
Information on the tax components of derivatives as of March 31, 2024 is as follows:
| | | | |
Federal Tax Cost | Unrealized
Appreciation | Unrealized
(Depreciation) | Net Tax Appreciation/
(Depreciation) |
$ - | $ 3,643,678 | $ (1,023,069) | $ 2,620,609 |
| | | |
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Janus Henderson Triton Fund
Notes to Financial Statements (unaudited)
6. Capital Share Transactions
| | | | | | | |
| | | | | | |
| | Period ended March 31, 2024 | | Year ended September 30, 2023 |
| | Shares | Amount | | Shares | Amount |
| | | | | | |
Class A Shares: | | | | | |
Shares sold | 1,069,466 | $ 25,398,925 | | 2,017,248 | $ 49,028,187 |
Reinvested dividends and distributions | 540,497 | 12,280,092 | | 496,850 | 11,338,124 |
Shares repurchased | (2,138,317) | (51,319,454) | | (3,486,777) | (85,729,379) |
Net Increase/(Decrease) | (528,354) | $ (13,640,437) | | (972,679) | $ (25,363,068) |
Class C Shares: | | | | | |
Shares sold | 41,789 | $ 862,902 | | 86,656 | $ 1,854,792 |
Reinvested dividends and distributions | 49,700 | 955,232 | | 66,657 | 1,311,143 |
Shares repurchased | (109,003) | (2,231,867) | | (535,059) | (11,290,303) |
Net Increase/(Decrease) | (17,514) | $ (413,733) | | (381,746) | $ (8,124,368) |
Class D Shares: | | | | | |
Shares sold | 615,540 | $ 15,850,519 | | 919,270 | $ 23,926,367 |
Reinvested dividends and distributions | 2,544,728 | 61,353,405 | | 2,153,271 | 51,764,626 |
Shares repurchased | (2,895,049) | (74,301,986) | | (3,680,517) | (95,415,877) |
Net Increase/(Decrease) | 265,219 | $ 2,901,938 | | (607,976) | $ (19,724,884) |
Class I Shares: | | | | | |
Shares sold | 3,485,479 | $ 89,315,169 | | 5,756,050 | $ 150,808,274 |
Reinvested dividends and distributions | 2,419,822 | 59,092,059 | | 2,549,500 | 62,003,849 |
Shares repurchased | (8,487,827) | (218,296,103) | | (18,214,407) | (477,462,982) |
Net Increase/(Decrease) | (2,582,526) | $ (69,888,875) | | (9,908,857) | $ (264,650,859) |
Class N Shares: | | | | | |
Shares sold | 6,878,415 | $ 179,602,127 | | 15,807,818 | $ 418,825,837 |
Reinvested dividends and distributions | 6,439,958 | 159,388,955 | | 5,765,645 | 141,834,865 |
Shares repurchased | (13,220,203) | (346,856,208) | | (29,388,607) | (784,309,589) |
Net Increase/(Decrease) | 98,170 | $ (7,865,126) | | (7,815,144) | $ (223,648,887) |
Class R Shares: | | | | | |
Shares sold | 480,644 | $ 10,794,584 | | 910,689 | $ 21,144,215 |
Reinvested dividends and distributions | 718,463 | 15,224,241 | | 599,036 | 12,861,310 |
Shares repurchased | (1,004,448) | (22,737,355) | | (1,826,536) | (42,399,624) |
Net Increase/(Decrease) | 194,659 | $ 3,281,470 | | (316,811) | $ (8,394,099) |
Class S Shares: | | | | | |
Shares sold | 528,768 | $ 12,529,783 | | 1,030,153 | $ 24,888,290 |
Reinvested dividends and distributions | 753,953 | 16,820,691 | | 675,912 | 15,174,226 |
Shares repurchased | (1,520,086) | (36,230,484) | | (2,489,096) | (60,386,996) |
Net Increase/(Decrease) | (237,365) | $ (6,880,010) | | (783,031) | $ (20,324,480) |
Class T Shares: | | | | | |
Shares sold | 2,333,274 | $ 58,222,642 | | 3,632,560 | $ 92,531,273 |
Reinvested dividends and distributions | 4,508,622 | 106,583,816 | | 4,090,248 | 96,652,553 |
Shares repurchased | (8,647,493) | (215,941,775) | | (14,582,073) | (370,446,024) |
Net Increase/(Decrease) | (1,805,597) | $ (51,135,317) | | (6,859,265) | $ (181,262,198) |
7. Purchases and Sales of Investment Securities
For the period ended March 31, 2024, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as applicable) was as follows:
| | | | |
Purchases of
Securities | Proceeds from Sales
of Securities | Purchases of Long-
Term U.S. Government
Obligations | Proceeds from Sales
of Long-Term U.S.
Government Obligations |
$638,244,061 | $1,256,833,375 | $ - | $ - |
Janus Henderson Triton Fund
Notes to Financial Statements (unaudited)
8. Subsequent Event
Management has evaluated whether any events or transactions occurred subsequent to March 31, 2024 and through the date of issuance of the Fund’s financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund’s financial statements.
Janus Henderson Triton Fund
Additional Information (unaudited)
Proxy Voting Policies and Voting Record
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities is available without charge: (i) upon request, by calling 1-800-525-1093; (ii) on the Fund’s website at janushenderson.com/proxyvoting; and (iii) on the SEC’s website at http://www.sec.gov. Additionally, information regarding the Fund’s proxy voting record for the most recent twelve-month period ended June 30 is also available, free of charge, through janushenderson.com/proxyvoting and from the SEC’s website at http://www.sec.gov.
Full Holdings
The Fund files its complete portfolio holdings (schedule of investments) with the SEC as an exhibit to Form N-PORT within 60 days of the end of the first and third fiscal quarters, and in the annual report and semiannual report to shareholders. The Fund’s Form N-PORT filings and annual and semiannual reports: (i) are available on the SEC’s website at http://www.sec.gov; and (ii) are available without charge, upon request, by calling a Janus Henderson representative at 1-877-335-2687 (toll free) (or 1-800-525-3713 if you hold Class D Shares). Portfolio holdings consisting of at least the names of the holdings are generally available on a monthly basis with a 30-day lag under Full Holdings for the Fund at janushenderson.com/info (or janushenderson.com/reports if you hold Class D Shares).
APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD
The Trustees of Janus Aspen Series and Janus Investment Fund, each of whom serves as an “independent” Trustee (collectively, the “Trustees”), oversee the management of each portfolio of Janus Aspen Series (each, a “VIT Portfolio,” and collectively, the “VIT Portfolios”), as well as each fund of Janus Investment Fund (each, a “Fund,” and collectively, the “Funds” and together with the VIT Portfolios, the “Janus Henderson Funds,” and each, a “Janus Henderson Fund”). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.
In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the “Adviser”) in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analysis provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.
At meetings held on November 3, 2023 and December 14-15, 2023, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2024 through February 1, 2025, subject to earlier termination as provided for in each agreement.
In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees’ determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant’s conclusions and opinions that arose during, and were included as part of, the Trustees’ consideration of the agreements. “Management fees,” as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.
Nature, Extent and Quality of Services
The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management
Janus Henderson Triton Fund
Additional Information (unaudited)
services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.
In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.
The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract well-qualified personnel.
Performance of the Funds
The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including periodic meetings with each Janus Henderson Fund’s portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund’s performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent data provider, and with the Janus Henderson Fund’s benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2023, approximately 44% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2023, approximately 50% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds’ average 2023 performance has been reasonable, noting that: (i) for the 12 months ended September 30, 2023, approximately 43% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; (ii) for the 36 months ended September 30, 2023, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; and (iii) for the 5- and 10-year periods ended September 30, 2023, approximately 63% and 66% of the Janus Henderson Funds were in the top two quartiles of performance, respectively, as reported by Morningstar.
The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:
Asset Allocation Funds
· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12
Janus Henderson Triton Fund
Additional Information (unaudited)
months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Fixed-Income Funds
· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Developed World Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Global and International Equity Funds
· For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson European Focus Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Janus Henderson Triton Fund
Additional Information (unaudited)
· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
Money Market Funds
· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Multi-Asset Funds
· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
Janus Henderson Triton Fund
Additional Information (unaudited)
U.S. Equity Funds
· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
· For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.
· For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the evaluated performance period ended June 30, 2023. The Trustees noted that the 12- and 36-month end performance periods ended June 30, 2023 were not yet available.
Janus Henderson Triton Fund
Additional Information (unaudited)
· For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
In consideration of each Janus Henderson Fund’s performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund’s performance warranted continuation of such Janus Henderson Fund’s investment advisory agreement.
Costs of Services Provided
The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 6% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.
For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic “focus list” analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.
The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.
The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered that the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds’ other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant referenced its past analyses from 2022, which found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser charges to its institutional separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) 9 of 11 Janus Henderson Funds had lower management fees than similar funds subadvised by the Adviser. As part of their review of the 2022 independent consultant findings, the Trustees noted that for the two Janus Henderson Funds that did not have lower management fees than similar funds subadvised by the Adviser, management fees for each were under the average of its 15(c) peer group.
The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2022 (except for Janus Henderson U.S. Dividend Income Fund, for which the period end was March 31, 2023) and noted the following with
Janus Henderson Triton Fund
Additional Information (unaudited)
regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”) as reflected in the comparative information provided by Broadridge:
Asset Allocation Funds
· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
Fixed-Income Funds
· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson Developed World Bond Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson Global Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson High-Yield Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
Global and International Equity Funds
· For Janus Henderson Asia Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson Emerging Markets Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
Janus Henderson Triton Fund
Additional Information (unaudited)
· For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson Global Equity Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Global Select Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Overseas Fund, the Trustees noted that although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.
Money Market Funds
· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
Multi-Asset Funds
· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that, that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Balanced Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
U.S. Equity Funds
· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were
Janus Henderson Triton Fund
Additional Information (unaudited)
reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Contrarian Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Forty Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Growth and Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Triton Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Venture Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.
Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized
Janus Henderson Triton Fund
Additional Information (unaudited)
by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees noted that the Adviser reported no changes to its allocation methodology for the 2023 15(c) process; however, at the Trustees’ request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant’s analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund’s investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.
The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser were reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund’s total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.
Economies of Scale
The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant’s 2023 report: (1) past analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 28% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have low flat-rate fees (the “Low Flat-Rate Fee Funds”) versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets.
With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2023 report that (1) 70% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Low Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.
The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.
Based on all of the information reviewed, including the recent and past research and analysis conducted by the Trustees’ independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.
Janus Henderson Triton Fund
Additional Information (unaudited)
Other Benefits to the Adviser
The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser’s ability to serve the Janus Henderson Funds.
Janus Henderson Triton Fund
Liquidity Risk Management Program (unaudited)
Liquidity Risk Management Program
Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), requires open-end funds (but not money market funds) to adopt and implement a written liquidity risk management program (the “LRMP”) that is reasonably designed to assess and manage liquidity risk, which is the risk that a fund could not meet redemption requests without significant dilution of remaining investors’ interest in the fund. The Fund has implemented a LRMP, which incorporates the following elements: (i) assessment, management, and periodic review of liquidity risk; (ii) classification of portfolio holdings; (iii) the establishment and monitoring of a highly liquid investment minimum, as applicable; (iv) a 15% limitation on a Fund’s illiquid investments; (v) redemptions in-kind; and (vi) board oversight.
The Trustees of the Fund (the “Trustees”) have designated Janus Henderson Investors US LLC, the Fund’s investment adviser (the “Adviser”), as the Program Administrator for the LRMP responsible for administering the LRMP and carrying out the specific responsibilities of the LRMP. A working group comprised of various teams within the Adviser’s business is responsible for administering the LRMP and carrying out the specific responsibilities of different aspects of the LRMP (the “Liquidity Risk Working Group”). In assessing each Fund’s liquidity risk, the Liquidity Risk Working Group periodically considers, as relevant, factors including (i) the liquidity of a Fund’s portfolio investments during normal and reasonably foreseeable stressed conditions; (ii) whether a Fund’s investment strategy is appropriate for an open-end fund; (iii) the extent to which a Fund’s strategy involves a relatively concentrated portfolio or large positions in any issuer; (iv) a Fund’s use of borrowing for investment purposes; and (v) a Fund’s use of derivatives.
The Liquidity Rule requires the Trustees to review at least annually a written report provided by the Program Administrator that addresses the operation of the LRMP and assesses its adequacy and the effectiveness of its implementation, including, if applicable, the operation of the highly liquid investment minimum, and any material changes to the LRMP (the “Program Administrator Report”). At a meeting held on March 12, 2024, the Adviser provided the Program Administrator Report to the Trustees which covered the operation of the LRMP from January 1, 2023 through December 31, 2023 (the “Reporting Period”).
The Program Administrator Report discussed the operation and effectiveness of the LRMP during the Reporting Period. Among other things, the Program Administrator Report indicated that there were no material changes to the LRMP during the Reporting Period. Additionally, the findings presented in the Program Administrator Report indicated that the LRMP operated adequately during the Reporting Period. These findings included that the Fund was able to meet redemptions during the normal course of business during the Reporting Period. The Program Administrator Report also stated that the Fund did not exceed the 15% limit on illiquid assets during the Reporting Period, that the Fund held primarily highly liquid assets, and was considered to be a primarily highly liquid fund during the Reporting Period. Also included among the Program Administrator Report’s findings was the determination that the Fund’s investment strategy remains appropriate for an open-end fund. In addition, the Adviser expressed its belief in the Program Administrator Report that the LRMP is reasonably designed and adequate to assess and manage the Fund’s liquidity risk, considering the Fund’s particular risks and circumstances, and includes policies and procedures reasonably designed to implement each required component of the Liquidity Rule.
There can be no assurance that the LRMP will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the risks to which an investment in the Fund may be subject.
Janus Henderson Triton Fund
Useful Information About Your Fund Report (unaudited)
Performance Overviews
Performance overview graphs compare the performance of a hypothetical $10,000 investment in the Fund with one or more widely used market indices. When comparing the performance of the Fund with an index, keep in mind that market indices are not available for investment and do not reflect deduction of expenses.
Average annual total returns are quoted for a Fund with more than one year of performance history. Average annual total return is calculated by taking the growth or decline in value of an investment over a period of time, including reinvestment of dividends and distributions, then calculating the annual compounded percentage rate that would have produced the same result had the rate of growth been constant throughout the period. Average annual total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Cumulative total returns are quoted for a Fund with less than one year of performance history. Cumulative total return is the growth or decline in value of an investment over time, independent of the period of time involved. Cumulative total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Pursuant to federal securities rules, expense ratios shown in the performance chart reflect subsidized (if applicable) and unsubsidized ratios. The total annual fund operating expenses ratio is gross of any fee waivers, reflecting the Fund’s unsubsidized expense ratio. The net annual fund operating expenses ratio (if applicable) includes contractual waivers of the Adviser and reflects the Fund’s subsidized expense ratio. Ratios may be higher or lower than those shown in the “Financial Highlights” in this report.
Schedule of Investments
Following the performance overview section is the Fund’s Schedule of Investments. This schedule reports the types of securities held in the Fund on the last day of the reporting period. Securities are usually listed by type (common stock, corporate bonds, U.S. Government obligations, etc.) and by industry classification (banking, communications, insurance, etc.). Holdings are subject to change without notice.
The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.
If the Fund invests in foreign securities, it will also provide a summary of investments by country. This summary reports the Fund exposure to different countries by providing the percentage of securities invested in each country. The country of each security represents the country of risk. A company may be allocated to a country based on other factors such as location of the company’s principal office, the location of the principal trading market for the company’s securities, or the country where a majority of the company’s revenues are derived. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by Bloomberg and/or MSCI Inc.
Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund’s Schedule of Investments (if applicable).
Statement of Assets and Liabilities
This statement is often referred to as the “balance sheet.” It lists the assets and liabilities of the Fund on the last day of the reporting period.
The Fund’s assets are calculated by adding the value of the securities owned, the receivable for securities sold but not yet settled, the receivable for dividends declared but not yet received on securities owned, and the receivable for Fund shares sold to investors but not yet settled. The Fund’s liabilities include payables for securities purchased but not yet settled, Fund shares redeemed but not yet paid, and expenses owed but not yet paid. Additionally, there may be other assets and liabilities such as unrealized gain or loss on forward currency contracts.
The section entitled “Net Assets Consist of” breaks down the components of the Fund’s net assets. Because the Fund must distribute substantially all earnings, you will notice that a significant portion of net assets is shareholder capital.
The last section of this statement reports the net asset value (“NAV”) per share on the last day of the reporting period. The NAV is calculated by dividing the Fund’s net assets for each share class (assets minus liabilities) by the number of shares outstanding.
Janus Henderson Triton Fund
Useful Information About Your Fund Report (unaudited)
Statement of Operations
This statement details the Fund’s income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.
The first section in this statement, entitled “Investment Income,” reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.
The next section reports the expenses incurred by the Fund, including the advisory fee paid to the investment adviser, transfer agent fees and expenses, and printing and postage for mailing statements, financial reports and prospectuses. Expense offsets and expense reimbursements, if any, are also shown.
The last section lists the amounts of realized gains or losses from investment and foreign currency transactions, and changes in unrealized appreciation or depreciation of investments and foreign currency-denominated assets and liabilities. The Fund will realize a gain (or loss) when it sells its position in a particular security. A change in unrealized gain (or loss) refers to the change in net appreciation or depreciation of the Fund during the reporting period. “Net Realized and Unrealized Gain/(Loss) on Investments” is affected both by changes in the market value of Fund holdings and by gains (or losses) realized during the reporting period.
Statements of Changes in Net Assets
These statements report the increase or decrease in the Fund’s net assets during the reporting period. Changes in the Fund’s net assets are attributable to investment operations, dividends and distributions to investors, and capital share transactions. This is important to investors because it shows exactly what caused the Fund’s net asset size to change during the period.
The first section summarizes the information from the Statement of Operations regarding changes in net assets due to the Fund’s investment operations. The Fund’s net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends and/or distributions in cash, money is taken out of the Fund to pay the dividend and/or distribution. If investors reinvest their dividends and/or distributions, the Fund’s net assets will not be affected.
The reinvestment of dividends and distributions is included under “Capital Share Transactions.” “Capital Shares” refers to the money investors contribute to the Fund through purchases or withdrawals via redemptions. The Fund’s net assets will increase and decrease in value as investors purchase and redeem shares from the Fund.
Financial Highlights
This schedule provides a per-share breakdown of the components that affect the Fund’s NAV for current and past reporting periods as well as total return, asset size, ratios, and portfolio turnover rate.
The first line in the table reflects the NAV per share at the beginning of the reporting period. The next line reports the net investment income/(loss) per share. Following is the per share total of net gains/(losses), realized and unrealized. Per share dividends and distributions to investors are then subtracted to arrive at the NAV per share at the end of the period. The next line reflects the total return for the period. The total return may include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. As a result, the total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.
The Fund’s expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.
The ratio of net investment income/(loss) summarizes the income earned less expenses, divided by the average net assets of the Fund during the reporting period. Do not confuse this ratio with the Fund’s yield. The net investment income ratio is not a true measure of the Fund’s yield because it does not take into account the dividends distributed to the Fund’s investors.
The next figure is the portfolio turnover rate, which measures the buying and selling activity in the Fund. Portfolio turnover is affected by market conditions, changes in the asset size of the Fund, fluctuating volume of shareholder purchase and redemption orders, the nature of the Fund’s investments, and the investment style and/or outlook of the portfolio manager(s) and/or investment personnel. A 100% rate implies that an amount equal to the value of the entire portfolio was replaced once during the fiscal year; a 50% rate means that an amount equal to the value of half the
Janus Henderson Triton Fund
Useful Information About Your Fund Report (unaudited)
portfolio is traded in a year; and a 200% rate means that an amount equal to the value of the entire portfolio is traded every six months.
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This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. |
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Mutual funds distributed by Janus Henderson Distributors US LLC |
| | | | 125-24-93054 05-24 |
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| | | SEMIANNUAL REPORT March 31, 2024 |
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| | Janus Henderson U.S. Dividend Income Fund |
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| | Janus Investment Fund |
| |
| | | HIGHLIGHTS · Investment strategy behind your fund · Fund performance, characteristics
and holdings |
Table of Contents
Janus Henderson U.S. Dividend Income Fund
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Jeremiah Buckley portfolio manager |
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Important Notice – Tailored Shareholder Reports
Effective January 24, 2023, the Securities and Exchange Commission (the “SEC”) adopted rule and form amendments that require mutual funds and exchange-traded funds to provide shareholders with streamlined annual and semi-annual shareholder reports that highlight key information. Other information, including financial statements, that currently appears in shareholder reports will be made available online, delivered free of charge to shareholders upon request, and filed with the SEC. The first tailored shareholder report for the Fund will be for the reporting period ending September 30, 2024. Currently, management is evaluating the impact of the rule and form amendments on the content of the Fund’s current shareholder reports.
Janus Henderson U.S. Dividend Income Fund (unaudited)
Fund At A Glance
March 31, 2024
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| 5 Top Contributors - Holdings | 5 Top Detractors - Holdings |
| | Average
Weight | | Relative
Contribution | | | Average
Weight | | Relative
Contribution |
| Broadcom Inc | 1.81% | | 0.59% | | Air Products & Chemicals Inc | 1.23% | | -0.57% |
| International Business Machines Corp | 4.03% | | 0.55% | | Chevron Corp | 3.25% | | -0.54% |
| Lam Research Corp | 1.74% | | 0.53% | | Comcast Corp - Class A | 3.01% | | -0.47% |
| American Express Co | 1.81% | | 0.44% | | Gilead Sciences Inc | 3.02% | | -0.46% |
| Target Corp | 1.15% | | 0.43% | | Cisco Systems Inc | 2.40% | | -0.46% |
| | | | | | | |
| 5 Top Contributors - Sectors* | | | | | |
| | | Relative | | Fund | Russell 1000 Value Index |
| | | Contribution | | Average Weight | Average Weight |
| Information Technology | | 0.57% | | 18.68% | 9.36% |
| Consumer Staples | | 0.46% | | 13.17% | 8.03% |
| Utilities | | 0.24% | | 0.00% | 4.82% |
| Real Estate | | 0.15% | | 0.00% | 4.80% |
| Health Care | | 0.02% | | 15.00% | 14.82% |
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| 5 Top Detractors - Sectors* | | | | | |
| | | Relative | | Fund | Russell 1000 Value Index |
| | | Contribution | | Average Weight | Average Weight |
| Industrials | | -1.51% | | 12.71% | 13.75% |
| Consumer Discretionary | | -0.81% | | 7.82% | 4.99% |
| Communication Services | | -0.69% | | 3.01% | 4.78% |
| Materials | | -0.58% | | 1.23% | 4.79% |
| Energy | | -0.44% | | 7.45% | 8.15% |
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| Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance.
Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index. |
* | Based on sector classification according to the Global Industry Classification Standard (“GICS”) codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
Janus Henderson U.S. Dividend Income Fund (unaudited)
Fund At A Glance
March 31, 2024
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5 Largest Equity Holdings - (% of Net Assets) |
JPMorgan Chase & Co | |
Banks | 4.5% |
International Business Machines Corp | |
Information Technology Services | 4.3% |
CME Group Inc | |
Capital Markets | 3.5% |
Sysco Corp | |
Food & Staples Retailing | 3.3% |
Chevron Corp | |
Oil, Gas & Consumable Fuels | 3.1% |
| | 18.7% |
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Asset Allocation - (% of Net Assets) |
Common Stocks | | 99.7% |
Investment Companies | | 0.3% |
Other | | (0.0)% |
| | | 100.0% |
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Top Country Allocations - Long Positions - (% of Investment Securities) |
As of March 31, 2024 
| As of September 30, 2023 
|
Janus Henderson U.S. Dividend Income Fund (unaudited)
Performance
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See important disclosures on the next page. |
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Average Annual Total Return - for the periods ended March 31, 2024 | | | Prospectus Expense Ratios |
| | Fiscal
Year-to-Date | One
Year | Since
Inception* | | | Total Annual Fund
Operating Expenses‡ | Net Annual Fund
Operating Expenses‡ |
Class D Shares | | 15.92% | 14.14% | 12.04% | | | 10.39% | 0.91% |
Class I Shares | | 16.00% | 14.30% | 12.16% | | | 16.44% | 0.79% |
Class N Shares | | 16.00% | 14.30% | 12.17% | | | 2.00% | 0.76% |
Russell 1000 Value Index | | 19.34% | 20.27% | 17.71% | | | | |
Morningstar Quartile - Class I Shares | | - | 4th | 4th | | | | |
Morningstar Ranking - based on total returns for Large Cap Value | | - | 1,075/1,207 | 1,021/1,203 | | | | |
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold. For the most recent month-end performance call 800.668.0434 (or 800.525.3713 if you hold shares directly with Janus Henderson) or visit janushenderson.com/performance (or janushenderson.com/allfunds if you hold shares directly with Janus Henderson).
Until the earlier of three years from inception or the Fund’s assets meeting the first fee breakpoint, expenses previously waived or reimbursed may be recovered if the expense ratio falls below certain limits.
Performance may be affected by risks that include those associated with foreign and emerging markets, fixed income securities, high-yield and high-risk securities, undervalued, overlooked and smaller capitalization companies, real estate related securities including Real Estate Investment Trusts (REITs), Environmental, Social and Governance (ESG) factors, non-diversification, portfolio turnover, derivatives, short sales, initial public offerings (IPOs) and potential conflicts of interest. Each product has different risks. Please see the prospectus for more information about risks, holdings and other details.
Returns include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.
Ranking is for the share class shown only; other classes may have different performance characteristics. When an expense waiver is in effect, it may have a material effect on the total return, and therefore the ranking for the period.
© 2024 Morningstar, Inc. All Rights Reserved.
There is no assurance that the investment process will consistently lead to successful investing.
See Notes to Schedule of Investments and Other Information for index definitions.
Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.
See “Useful Information About Your Fund Report.”
Janus Henderson U.S. Dividend Income Fund (unaudited)
Performance
*The Fund’s inception date – December 20, 2022
‡ As stated in the prospectus. Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on January 26, 2024. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees. See Financial Highlights for actual expense ratios during the reporting period.
Janus Henderson U.S. Dividend Income Fund (unaudited)
Expense Examples
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees; 12b-1 distribution and shareholder servicing fees; transfer agent fees and expenses payable pursuant to the Transfer Agency Agreement; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The example is based upon an investment of $1,000 invested at the beginning of the period and held for the six-months indicated, unless noted otherwise in the table and footnotes below.
Actual Expenses
The information in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate column for your share class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.
Hypothetical Example for Comparison Purposes
The information in the table under the heading “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based upon the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Additionally, for an analysis of the fees associated with an investment in any share class or other similar funds, please visit www.finra.org/fundanalyzer.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. These fees are fully described in the Fund’s prospectuses. Therefore, the hypothetical examples are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
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| | | Actual | | Hypothetical
(5% return before expenses) | |
| Beginning
Account
Value
(10/1/23) | Ending
Account
Value
(3/31/24) | Expenses
Paid During
Period
(10/1/23 - 3/31/24)† | | Beginning
Account
Value
(10/1/23) | Ending
Account
Value
(3/31/24) | Expenses
Paid During
Period
(10/1/23 - 3/31/24)† | Net Annualized
Expense Ratio
(10/1/23 - 3/31/24) |
Class D Shares | $1,000.00 | $1,159.20 | $4.75 | | $1,000.00 | $1,020.60 | $4.45 | 0.88% |
Class I Shares | $1,000.00 | $1,160.00 | $4.10 | | $1,000.00 | $1,021.20 | $3.84 | 0.76% |
Class N Shares | $1,000.00 | $1,160.00 | $4.10 | | $1,000.00 | $1,021.20 | $3.84 | 0.76% |
† | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements. |
Janus Henderson U.S. Dividend Income Fund
Schedule of Investments (unaudited)
March 31, 2024
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Shares
| | | Value | |
Common Stocks– 99.7% | | | |
Aerospace & Defense – 2.1% | | | |
| | General Dynamics Corp | | 2,002 | | | $565,545 | |
Air Freight & Logistics – 1.0% | | | |
| | United Parcel Service Inc | | 1,793 | | | 266,494 | |
Banks – 8.0% | | | |
| | Bank of America Corp | | 18,263 | | | 692,533 | |
| | JPMorgan Chase & Co | | 6,204 | | | 1,242,661 | |
| | US Bancorp | | 6,097 | | | 272,536 | |
| | | 2,207,730 | |
Beverages – 2.3% | | | |
| | Coca-Cola Co | | 5,126 | | | 313,609 | |
| | PepsiCo Inc | | 1,798 | | | 314,668 | |
| | | 628,277 | |
Biotechnology – 6.7% | | | |
| | AbbVie Inc | | 3,033 | | | 552,309 | |
| | Amgen Inc | | 2,033 | | | 578,023 | |
| | Gilead Sciences Inc | | 9,698 | | | 710,378 | |
| | | 1,840,710 | |
Capital Markets – 8.2% | | | |
| | Charles Schwab Corp | | 4,772 | | | 345,206 | |
| | CME Group Inc | | 4,493 | | | 967,298 | |
| | Goldman Sachs Group Inc | | 1,002 | | | 418,525 | |
| | Morgan Stanley | | 5,712 | | | 537,842 | |
| | | 2,268,871 | |
Commercial Services & Supplies – 1.6% | | | |
| | Waste Management Inc | | 2,104 | | | 448,468 | |
Communications Equipment – 1.8% | | | |
| | Cisco Systems Inc | | 10,178 | | | 507,984 | |
Consumer Finance – 2.2% | | | |
| | American Express Co | | 2,606 | | | 593,360 | |
Electrical Equipment – 0.9% | | | |
| | Rockwell Automation Inc | | 859 | | | 250,252 | |
Energy Equipment & Services – 1.3% | | | |
| | Schlumberger Ltd | | 6,613 | | | 362,459 | |
Food & Staples Retailing – 4.7% | | | |
| | Sysco Corp | | 11,048 | | | 896,877 | |
| | Target Corp | | 2,216 | | | 392,697 | |
| | | 1,289,574 | |
Food Products – 1.6% | | | |
| | Hershey Co | | 2,328 | | | 452,796 | |
Health Care Equipment & Supplies – 5.2% | | | |
| | Abbott Laboratories | | 5,204 | | | 591,487 | |
| | Medtronic PLC | | 9,666 | | | 842,392 | |
| | | 1,433,879 | |
Health Care Providers & Services – 1.8% | | | |
| | UnitedHealth Group Inc | | 1,025 | | | 507,067 | |
Hotels, Restaurants & Leisure – 3.7% | | | |
| | McDonald's Corp | | 1,798 | | | 506,946 | |
| | Starbucks Corp | | 5,645 | | | 515,897 | |
| | | 1,022,843 | |
Household Durables – 1.8% | | | |
| | Garmin Ltd | | 3,257 | | | 484,870 | |
Household Products – 2.6% | | | |
| | Procter & Gamble Co | | 4,362 | | | 707,734 | |
Industrial Conglomerates – 1.5% | | | |
| | Honeywell International Inc | | 1,964 | | | 403,111 | |
Information Technology Services – 6.0% | | | |
| | Accenture PLC | | 1,283 | | | 444,701 | |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
6 | MARCH 31, 2024 |
Janus Henderson U.S. Dividend Income Fund
Schedule of Investments (unaudited)
March 31, 2024
| | | | | | | | |
Shares
| | | Value | |
Common Stocks– (continued) | | | |
Information Technology Services– (continued) | | | |
| | International Business Machines Corp | | 6,245 | | | $1,192,545 | |
| | | 1,637,246 | |
Insurance – 3.8% | | | |
| | Marsh & McLennan Cos Inc | | 2,216 | | | 456,452 | |
| | Travelers Cos Inc | | 2,566 | | | 590,539 | |
| | | 1,046,991 | |
Machinery – 2.7% | | | |
| | Cummins Inc | | 1,424 | | | 419,582 | |
| | Illinois Tool Works Inc | | 1,174 | | | 315,019 | |
| | | 734,601 | |
Media – 2.7% | | | |
| | Comcast Corp - Class A | | 17,410 | | | 754,723 | |
Oil, Gas & Consumable Fuels – 5.9% | | | |
| | Chevron Corp | | 5,361 | | | 845,644 | |
| | ConocoPhillips | | 6,115 | | | 778,317 | |
| | | 1,623,961 | |
Pharmaceuticals – 2.2% | | | |
| | Merck & Co Inc | | 4,686 | | | 618,318 | |
Professional Services – 2.5% | | | |
| | Paychex Inc | | 5,619 | | | 690,013 | |
Semiconductor & Semiconductor Equipment – 9.4% | | | |
| | Broadcom Inc | | 437 | | | 579,204 | |
| | Lam Research Corp | | 593 | | | 576,141 | |
| | NXP Semiconductors NV | | 2,701 | | | 669,227 | |
| | Texas Instruments Inc | | 4,365 | | | 760,427 | |
| | | 2,584,999 | |
Software – 2.2% | | | |
| | Oracle Corp | | 4,713 | | | 592,000 | |
Specialty Retail – 2.1% | | | |
| | Home Depot Inc | | 1,503 | | | 576,551 | |
Textiles, Apparel & Luxury Goods – 1.2% | | | |
| | NIKE Inc - Class B | | 3,621 | | | 340,302 | |
Total Common Stocks (cost $24,186,242) | | 27,441,729 | |
Investment Companies– 0.3% | | | |
Money Markets – 0.3% | | | |
| | Janus Henderson Cash Liquidity Fund LLC, 5.3830%ºº,£((cost $75,664) | | 75,649 | | | 75,664 | |
Total Investments (total cost $24,261,906) – 100.0% | | 27,517,393 | |
Liabilities, net of Cash, Receivables and Other Assets – (0)% | | (5,050) | |
Net Assets – 100% | | $27,512,343 | |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
Janus Investment Fund | 7 |
Janus Henderson U.S. Dividend Income Fund
Schedule of Investments (unaudited)
March 31, 2024
Schedules of Affiliated Investments – (% of Net Assets)
| | | | | | | | | | | |
| | Dividend Income | Realized Gain/(Loss) | Change in Unrealized Appreciation/ Depreciation | Value at 3/31/24 |
Investment Companies - 0.3% |
Money Markets - 0.3% | |
| | Janus Henderson Cash Liquidity Fund LLC, 5.3830%ºº | $ | 3,710 | $ | (5) | $ | (12) | $ | 75,664 |
| |
| | | | | | | | | | | |
| | Value at 9/30/23 | Purchases | Sales Proceeds | Value at 3/31/24 |
Investment Companies - 0.3% |
Money Markets - 0.3% | |
| | Janus Henderson Cash Liquidity Fund LLC, 5.3830%ºº | | 165,317 | | 3,657,531 | | (3,747,167) | | 75,664 |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
8 | MARCH 31, 2024 |
Janus Henderson U.S. Dividend Income Fund
Notes to Schedule of Investments and Other Information (unaudited)
| | |
Russell 1000® Value Index | Russell 1000® Value Index reflects the performance of U.S. large-cap equities with lower price-to-book ratios and lower expected growth values. |
| | |
LLC | Limited Liability Company |
PLC | Public Limited Company |
| | |
ºº | Rate shown is the 7-day yield as of March 31, 2024. |
| | |
£ | The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control. |
| | | | | | | | | | | | | |
The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of March 31, 2024. See Notes to Financial Statements for more information. |
| |
Valuation Inputs Summary |
| | | | | | | |
| | | | | Level 2 - | | Level 3 - |
| | | Level 1 - | | Other Significant | | Significant |
| | | Quoted Prices | | Observable Inputs | | Unobservable Inputs |
| | | | | | | |
Assets | | | | | | |
Investments In Securities: | | | | | | |
Common Stocks | $ | 27,441,729 | $ | - | $ | - |
Investment Companies | | - | | 75,664 | | - |
Total Assets | $ | 27,441,729 | $ | 75,664 | $ | - |
| | | | | | | |
Janus Henderson U.S. Dividend Income Fund
Statement of Assets and Liabilities (unaudited)
March 31, 2024
| | | | | | | |
| | | | | | |
Assets: | | | | |
| Unaffiliated investments, at value (cost $24,186,242) | | $ | 27,441,729 | |
| Affiliated investments, at value (cost $75,664) | | | 75,664 | |
| Cash | | | 22,875 | |
| Trustees' deferred compensation | | | 757 | |
| Receivables: | | | | |
| | Fund shares sold | | | 46,048 | |
| | Dividends | | | 26,137 | |
| | Dividends from affiliates | | | 791 | |
| | Foreign tax reclaims | | | 466 | |
| Other assets | | | 120 | |
Total Assets | | | 27,614,587 | |
Liabilities: | | | | |
| Payables: | | | — | |
| | Professional fees | | | 41,125 | |
| | Fund shares repurchased | | | 6,388 | |
| | Dividends | | | 6,386 | |
| | Advisory fees | | | 1,988 | |
| | Custodian fees | | | 1,923 | |
| | Transfer agent fees and expenses | | | 1,051 | |
| | Trustees' deferred compensation fees | | | 757 | |
| | Trustees' fees and expenses | | | 111 | |
| | Affiliated fund administration fees payable | | | 56 | |
| | Accrued expenses and other payables | | | 42,459 | |
Total Liabilities | | | 102,244 | |
Commitments and contingent liabilities (Note 3) | | | | |
Net Assets | | $ | 27,512,343 | |
Net Assets Consist of: | | | | |
| Capital (par value and paid-in surplus) | | $ | 24,626,745 | |
| Total distributable earnings (loss) | | | 2,885,598 | |
Total Net Assets | | $ | 27,512,343 | |
Net Assets - Class D Shares | | $ | 8,171,661 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 721,207 | |
Net Asset Value Per Share | | $ | 11.33 | |
Net Assets - Class I Shares | | $ | 345,003 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 30,458 | |
Net Asset Value Per Share | | $ | 11.33 | |
Net Assets - Class N Shares | | $ | 18,995,679 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 1,677,101 | |
Net Asset Value Per Share | | $ | 11.33 | |
| | |
See Notes to Financial Statements. |
| |
10 | MARCH 31, 2024 |
Janus Henderson U.S. Dividend Income Fund
Statement of Operations (unaudited)
For the period ended March 31, 2024
| | | | | | |
| | | | | |
Investment Income: |
| Dividends | $ | 326,731 | |
| Dividends from affiliates | | 3,710 | |
| Other income | | 47 | |
| Foreign tax withheld | | (1,262) | |
Total Investment Income | | 329,226 | |
Expenses: | | | |
| Advisory fees | | 67,999 | |
| Transfer agent administrative fees and expenses: | | |
| | Class D Shares | | 2,703 | |
| Transfer agent networking and omnibus fees: | | | |
| | Class I Shares | | 6 | |
| Other transfer agent fees and expenses: | | | |
| | Class D Shares | | 438 | |
| | Class I Shares | | 9 | |
| | Class N Shares | | 662 | |
| Registration fees | | 77,571 | |
| Professional fees | | 25,262 | |
| Non-affiliated fund administration fees | | 24,420 | |
| Custodian fees | | 2,839 | |
| Shareholder reports expense | | 2,269 | |
| Affiliated fund administration fees | | 283 | |
| Trustees’ fees and expenses | | 226 | |
| Other expenses | | 6,521 | |
Total Expenses | | 211,208 | |
Less: Excess Expense Reimbursement and Waivers | | (121,990) | |
Net Expenses | | 89,218 | |
Net Investment Income/(Loss) | | 240,008 | |
Net Realized Gain/(Loss) on Investments: |
| Investments | | (339,883) | |
| Investments in affiliates | | (5) | |
Total Net Realized Gain/(Loss) on Investments | (339,888) | |
Change in Unrealized Net Appreciation/Depreciation: |
| Investments and Trustees’ deferred compensation | | 3,576,545 | |
| Investments in affiliates | | (12) | |
Total Change in Unrealized Net Appreciation/Depreciation | 3,576,533 | |
Net Increase/(Decrease) in Net Assets Resulting from Operations | $ | 3,476,653 | |
| | | | | |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 11 |
Janus Henderson U.S. Dividend Income Fund
Statements of Changes in Net Assets
| | | | | | | | | |
| | | | | | | | |
| | | Period ended
March 31, 2024 (unaudited) | | Period ended
September 30, 2023(1) | |
| | | | | | | | |
Operations: | | | | | | |
| Net investment income/(loss) | $ | 240,008 | | $ | 184,945 | |
| Net realized gain/(loss) on investments | | (339,888) | | | 26,081 | |
| Change in unrealized net appreciation/depreciation | 3,576,533 | | | (321,045) | |
Net Increase/(Decrease) in Net Assets Resulting from Operations | 3,476,653 | | | (110,019) | |
Dividends and Distributions to Shareholders: | | | | | | |
| | Class D Shares | | (64,332) | | | (18,198) | |
| | Class I Shares | | (3,281) | | | (1,850) | |
| | Class N Shares | | (226,217) | | | (159,025) | |
Net Decrease from Dividends and Distributions to Shareholders | (293,830) | | | (179,073) | |
Capital Share Transactions: | | | | | | |
| | Class D Shares | | 5,098,728 | | | 2,427,194 | |
| | Class I Shares | | 108,043 | | | 201,850 | |
| | Class N Shares | | (310,368) | | | 17,093,165 | |
Net Increase/(Decrease) from Capital Share Transactions | 4,896,403 | | | 19,722,209 | |
Net Increase/(Decrease) in Net Assets | | 8,079,226 | | | 19,433,117 | |
Net Assets: | | | | | | |
| Beginning of period | | 19,433,117 | | | — | |
| End of period | $ | 27,512,343 | | $ | 19,433,117 | |
| | | | | | | | |
| |
(1) Period from December 20, 2022 (inception date) through September 30, 2023. |
| | |
See Notes to Financial Statements. |
| |
12 | MARCH 31, 2024 |
Janus Henderson U.S. Dividend Income Fund
Financial Highlights
| | | | | | | | | | |
Class D Shares | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the period ended September 30, 2023 | 2024 | | | 2023(1) | |
| Net Asset Value, Beginning of Period | | $9.89 | | | $10.00 | |
| Income/(Loss) from Investment Operations: | | | | | | |
| | Net investment income/(loss)(2) | | 0.10 | | | 0.17 | |
| | Net realized and unrealized gain/(loss) | | 1.47 | | | (0.19) | |
| Total from Investment Operations | | 1.57 | | | (0.02) | |
| Less Dividends and Distributions: | | | | | | |
| | Dividends (from net investment income) | | (0.10) | | | (0.09) | |
| | Distributions (from capital gains) | | (0.03) | | | — | |
| Total Dividends and Distributions | | (0.13) | | | (0.09) | |
| Net Asset Value, End of Period | | $11.33 | | | $9.89 | |
| Total Return* | | 15.92% | | | (0.25)% | |
| Net Assets, End of Period (in thousands) | | $8,172 | | | $2,363 | |
| Average Net Assets for the Period (in thousands) | | $4,766 | | | $1,411 | |
| Ratios to Average Net Assets**: | | | | | | |
| | Ratio of Gross Expenses | | 1.89% | | | 10.39% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 0.88% | | | 0.92% | |
| | Ratio of Net Investment Income/(Loss) | | 1.96% | | | 2.11% | |
| Portfolio Turnover Rate | | 12% | | | 85% | |
| | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Period from December 20, 2022 (inception date) through September 30, 2023. (2) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 13 |
Janus Henderson U.S. Dividend Income Fund
Financial Highlights
| | | | | | | | | | |
Class I Shares | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the period ended September 30, 2023 | 2024 | | | 2023(1) | |
| Net Asset Value, Beginning of Period | | $9.89 | | | $10.00 | |
| Income/(Loss) from Investment Operations: | | | | | | |
| | Net investment income/(loss)(2) | | 0.11 | | | 0.18 | |
| | Net realized and unrealized gain/(loss) | | 1.47 | | | (0.20) | |
| Total from Investment Operations | | 1.58 | | | (0.02) | |
| Less Dividends and Distributions: | | | | | | |
| | Dividends (from net investment income) | | (0.11) | | | (0.09) | |
| | Distributions (from capital gains) | | (0.03) | | | — | |
| Total Dividends and Distributions | | (0.14) | | | (0.09) | |
| Net Asset Value, End of Period | | $11.33 | | | $9.89 | |
| Total Return* | | 16.00% | | | (0.19)% | |
| Net Assets, End of Period (in thousands) | | $345 | | | $200 | |
| Average Net Assets for the Period (in thousands) | | $258 | | | $204 | |
| Ratios to Average Net Assets**: | | | | | | |
| | Ratio of Gross Expenses | | 2.87% | | | 16.44% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 0.76% | | | 0.80% | |
| | Ratio of Net Investment Income/(Loss) | | 2.09% | | | 2.30% | |
| Portfolio Turnover Rate | | 12% | | | 85% | |
| | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Period from December 20, 2022 (inception date) through September 30, 2023. (2) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
14 | MARCH 31, 2024 |
Janus Henderson U.S. Dividend Income Fund
Financial Highlights
| | | | | | | | | | |
Class N Shares | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the period ended September 30, 2023 | 2024 | | | 2023(1) | |
| Net Asset Value, Beginning of Period | | $9.89 | | | $10.00 | |
| Income/(Loss) from Investment Operations: | | | | | | |
| | Net investment income/(loss)(2) | | 0.11 | | | 0.18 | |
| | Net realized and unrealized gain/(loss) | | 1.47 | | | (0.20) | |
| Total from Investment Operations | | 1.58 | | | (0.02) | |
| Less Dividends and Distributions: | | | | | | |
| | Dividends (from net investment income) | | (0.11) | | | (0.09) | |
| | Distributions (from capital gains) | | (0.03) | | | — | |
| Total Dividends and Distributions | | (0.14) | | | (0.09) | |
| Net Asset Value, End of Period | | $11.33 | | | $9.89 | |
| Total Return* | | 16.00% | | | (0.18)% | |
| Net Assets, End of Period (in thousands) | | $18,996 | | | $16,870 | |
| Average Net Assets for the Period (in thousands) | | $17,749 | | | $9,065 | |
| Ratios to Average Net Assets**: | | | | | | |
| | Ratio of Gross Expenses | | 1.83% | | | 2.00% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 0.76% | | | 0.76% | |
| | Ratio of Net Investment Income/(Loss) | | 2.15% | | | 2.23% | |
| Portfolio Turnover Rate | | 12% | | | 85% | |
| | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Period from December 20, 2022 (inception date) through September 30, 2023. (2) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 15 |
Janus Henderson U.S. Dividend Income Fund
Notes to Financial Statements (unaudited)
1. Organization and Significant Accounting Policies
Janus Henderson U.S. Dividend Income Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 37 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks to provide current income and aims to provide a growing stream of income per share over time. The Fund’s secondary objective is to seek to provide long-term capital appreciation. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the “Adviser”) to the Fund.
The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.
Shareholders, including other funds, individuals, accounts, as well as the Fund’s portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund’s Shares and can be considered to “control” the Fund when that ownership exceeds 25% of the Fund’s assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).
The Fund currently offers Class D Shares. Class D Shares are available to new investors, subject to any closed fund policies for a Fund, as applicable.
Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. Class I Shares are also available to certain direct institutional investors including, but not limited to, corporations, certain retirement plans, public plans, and foundations/endowments, who established Class I Share accounts before August 4, 2017.
Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the “Distributor”) including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.
The following accounting policies have been followed by the Fund and are in conformity with US GAAP.
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 Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-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 pricing service that is intended to reflect market value. The evaluated bid price
Janus Henderson U.S. Dividend Income Fund
Notes to Financial Statements (unaudited)
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 value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that operate as money market funds held by the Fund, if any, will be calculated using the NAV of such 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.
There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal period.
The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of March 31, 2024 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 and Other Information.
Investment Transactions and Investment Income
Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of
Janus Henderson U.S. Dividend Income Fund
Notes to Financial Statements (unaudited)
the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on an accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.
Expenses
The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.
Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Indemnifications
In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.
Dividends and Distributions
The Fund generally declares and distributes dividends of net investment income and realized capital gains (if any) quarterly. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as “equalization,” has no effect on the redeeming shareholder or a Fund’s total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.
The Fund may make certain investments in real estate investment trusts (“REITs”) which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs’ taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal income tax purposes.
Federal Income Taxes
The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund’s tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund’s financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
2. Other Investments and Strategies
Market Risk
The value of the Fund’s portfolio may decrease if the value of one or more issuers in the Fund’s portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market
Janus Henderson U.S. Dividend Income Fund
Notes to Financial Statements (unaudited)
favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund’s portfolio decreases, the Fund’s NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, war, conflicts, including related sanctions, social unrest, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.
• COVID-19 Pandemic. The effects of COVID-19 have contributed to increased volatility in global financial markets and have affected and may continue to affect certain countries, regions, issuers, industries and market sectors more dramatically than others. These conditions and events could have a significant impact on the Fund and its investments, the Fund’s ability to meet redemption requests, and the processes and operations of the Fund’s service providers, including the Adviser.
• Armed Conflict. Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global economic environment and the markets for certain securities and commodities.
3. Investment Advisory Agreements and Other Transactions with Affiliates
The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The following table reflects the Fund’s contractual investment advisory fee rate (expressed as an annual rate).
| | |
Average Daily Net Assets of the Fund | Contractual Investment Advisory Fee (%) |
First $2 Billion | 0.60 |
Over $2 Billion | 0.55 |
The Fund’s actual investment advisory fee rate for the reporting period was 0.60% of average annual net assets before applicable waivers.
The Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding any performance adjustments to the management fee, if applicable, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), brokerage commissions, interest, dividends, taxes, and extraordinary expenses, exceed the annual rate of 0.75% for at least a one-year period commencing on January 26, 2024. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.
For a period of three years subsequent to the Fund’s commencement of operations, or until the Fund’s assets meet the first breakpoint in the investment advisory fee schedule, whichever occurs first, the Adviser may recover from the Fund fees and expenses previously waived or reimbursed, if the Fund’s expense ratio, including recovered expenses, falls below the expense limit. If applicable, this amount is disclosed as “Recoupment expense” on the Statement of Operations. During the period ended March 31, 2024, the Adviser reimbursed the Fund $121,990 of fees and expense that are eligible for recoupment. As of March 31, 2024, the aggregate amount of recoupment that may potentially be made to the Adviser is $338,658. The recoupment of such reimbursements expires at the latest December 20, 2025.
The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the
Janus Henderson U.S. Dividend Income Fund
Notes to Financial Statements (unaudited)
Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (or any subadvisor, as applicable) provides to the Fund. These amounts are disclosed as “Affiliated fund administration fees” on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund’s Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $222,870 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended March 31, 2024. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.
Janus Henderson Services US LLC (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.
Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.
| | |
Average Daily Net Assets of Class D Shares of the Janus Henderson funds | Administrative Services Fee |
Under $40 billion | 0.12% |
$40 billion – $49.9 billion | 0.10% |
Over $49.9 billion | 0.08% |
During the reporting period, the administrative services fee rate was 0.11%.
Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.
Certain, but not all, intermediaries may charge administrative fees to investors in Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.15% for Class I Shares on an annual basis based on the daily net assets of the share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.
The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.
The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of March 31, 2024 on the Statement of Assets and Liabilities in the asset, “Trustees’ deferred compensation,” and liability, “Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Total distributable earnings (loss)” on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended March 31, 2024 are included in “Trustees’ fees and expenses” on the Statement of Operations. Trustees
Janus Henderson U.S. Dividend Income Fund
Notes to Financial Statements (unaudited)
are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $318,650 were paid by the Trust to the Trustees under the Deferred Plan during the period ended March 31, 2024.
Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the “Investing Funds”). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the “Sweep Vehicle”) is an affiliated unregistered cash management pooled investment vehicle that invests primarily in highly-rated short-term fixed-income securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a “floating” NAV) rounded to the fourth decimal place (e.g., $1.0000). The Sweep Vehicle is permitted to impose a liquidity fee (of up to 2%) on redemptions from the Sweep Vehicle or a redemption gate that temporarily suspends redemptions from the Sweep Vehicle for up to 10 business days during a 90 day period. There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.
Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended March 31, 2024 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.
As of March 31, 2024, shares of the Fund were owned by affiliates of the Adviser, and/or other funds advised by the Adviser, as indicated in the table below:
| | | | | | |
Class | % of Class Owned | | % of Fund Owned | | |
Class D Shares | - | % | - | % | |
Class I Shares | 67 | | 1 | | |
Class N Shares | 98 | | 67 | | |
| | | | | |
4. Federal Income Tax
Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.
The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.
The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of March 31, 2024 are noted below. The primary difference between book and tax appreciation or depreciation of investments is wash sale loss deferrals.
| | | | |
Federal Tax Cost | Unrealized
Appreciation | Unrealized
(Depreciation) | Net Tax Appreciation/
(Depreciation) |
$24,334,064 | $ 3,486,378 | $ (303,049) | $ 3,183,329 |
| | | |
Janus Henderson U.S. Dividend Income Fund
Notes to Financial Statements (unaudited)
5. Capital Share Transactions
| | | | | | | |
| | | | | | |
| | Period ended March 31, 2024 | | Period ended September 30, 2023(1) |
| | Shares | Amount | | Shares | Amount |
| | | | | | |
Class D Shares: | | | | | |
Shares sold | 505,035 | $5,334,661 | | 370,031 | $ 3,792,033 |
Reinvested dividends and distributions | 4,698 | 51,093 | | 1,413 | 14,134 |
Shares repurchased | (27,384) | (287,026) | | (132,586) | (1,378,973) |
Net Increase/(Decrease) | 482,349 | $5,098,728 | | 238,858 | $ 2,427,194 |
Class I Shares: | | | | | |
Shares sold | 9,969 | $ 104,762 | | 20,000 | $ 200,000 |
Reinvested dividends and distributions | 304 | 3,281 | | 185 | 1,850 |
Shares repurchased | - | - | | - | - |
Net Increase/(Decrease) | 10,273 | $ 108,043 | | 20,185 | $ 201,850 |
Class N Shares: | | | | | |
Shares sold | 65,845 | $ 675,475 | | 1,785,390 | $17,914,671 |
Reinvested dividends and distributions | 21,143 | 226,217 | | 15,864 | 159,025 |
Shares repurchased | (115,288) | (1,212,060) | | (95,853) | (980,531) |
Net Increase/(Decrease) | (28,300) | $ (310,368) | | 1,705,401 | $17,093,165 |
(1) | Period from December 20, 2022 (inception date) through September 30, 2023. |
6. Purchases and Sales of Investment Securities
For the period ended March 31, 2024, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as applicable) was as follows:
| | | | |
Purchases of
Securities | Proceeds from Sales
of Securities | Purchases of Long-
Term U.S. Government
Obligations | Proceeds from Sales
of Long-Term U.S.
Government Obligations |
$ 7,496,818 | $ 2,664,051 | $ - | $ - |
7. Subsequent Event
Management has evaluated whether any events or transactions occurred subsequent to March 31, 2024 and through the date of issuance of the Fund’s financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund’s financial statements.
Janus Henderson U.S. Dividend Income Fund
Additional Information (unaudited)
Proxy Voting Policies and Voting Record
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities is available without charge: (i) upon request, by calling 1-800-525-1093; (ii) on the Fund’s website at janushenderson.com/proxyvoting; and (iii) on the SEC’s website at http://www.sec.gov. Additionally, information regarding the Fund’s proxy voting record for the most recent twelve-month period ended June 30 is also available, free of charge, through janushenderson.com/proxyvoting and from the SEC’s website at http://www.sec.gov.
Full Holdings
The Fund files its complete portfolio holdings (schedule of investments) with the SEC as an exhibit to Form N-PORT within 60 days of the end of the first and third fiscal quarters, and in the annual report and semiannual report to shareholders. The Fund’s Form N-PORT filings and annual and semiannual reports: (i) are available on the SEC’s website at http://www.sec.gov; and (ii) are available without charge, upon request, by calling a Janus Henderson representative at 1-877-335-2687 (toll free) (or 1-800-525-3713 if you hold Class D Shares). Portfolio holdings consisting of at least the names of the holdings are generally available on a monthly basis with a 30-day lag under Full Holdings for the Fund at janushenderson.com/info (or janushenderson.com/reports if you hold Class D Shares).
APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD
The Trustees of Janus Aspen Series and Janus Investment Fund, each of whom serves as an “independent” Trustee (collectively, the “Trustees”), oversee the management of each portfolio of Janus Aspen Series (each, a “VIT Portfolio,” and collectively, the “VIT Portfolios”), as well as each fund of Janus Investment Fund (each, a “Fund,” and collectively, the “Funds” and together with the VIT Portfolios, the “Janus Henderson Funds,” and each, a “Janus Henderson Fund”). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.
In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the “Adviser”) in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analysis provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.
At meetings held on November 3, 2023 and December 14-15, 2023, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2024 through February 1, 2025, subject to earlier termination as provided for in each agreement.
In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees’ determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant’s conclusions and opinions that arose during, and were included as part of, the Trustees’ consideration of the agreements. “Management fees,” as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.
Nature, Extent and Quality of Services
The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management
Janus Henderson U.S. Dividend Income Fund
Additional Information (unaudited)
services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.
In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.
The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract well-qualified personnel.
Performance of the Funds
The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including periodic meetings with each Janus Henderson Fund’s portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund’s performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent data provider, and with the Janus Henderson Fund’s benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2023, approximately 44% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2023, approximately 50% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds’ average 2023 performance has been reasonable, noting that: (i) for the 12 months ended September 30, 2023, approximately 43% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; (ii) for the 36 months ended September 30, 2023, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; and (iii) for the 5- and 10-year periods ended September 30, 2023, approximately 63% and 66% of the Janus Henderson Funds were in the top two quartiles of performance, respectively, as reported by Morningstar.
The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:
Asset Allocation Funds
· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12
Janus Henderson U.S. Dividend Income Fund
Additional Information (unaudited)
months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Fixed-Income Funds
· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Developed World Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Global and International Equity Funds
· For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson European Focus Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Janus Henderson U.S. Dividend Income Fund
Additional Information (unaudited)
· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
Money Market Funds
· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Multi-Asset Funds
· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
Janus Henderson U.S. Dividend Income Fund
Additional Information (unaudited)
U.S. Equity Funds
· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
· For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.
· For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the evaluated performance period ended June 30, 2023. The Trustees noted that the 12- and 36-month end performance periods ended June 30, 2023 were not yet available.
Janus Henderson U.S. Dividend Income Fund
Additional Information (unaudited)
· For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
In consideration of each Janus Henderson Fund’s performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund’s performance warranted continuation of such Janus Henderson Fund’s investment advisory agreement.
Costs of Services Provided
The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 6% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.
For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic “focus list” analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.
The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.
The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered that the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds’ other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant referenced its past analyses from 2022, which found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser charges to its institutional separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) 9 of 11 Janus Henderson Funds had lower management fees than similar funds subadvised by the Adviser. As part of their review of the 2022 independent consultant findings, the Trustees noted that for the two Janus Henderson Funds that did not have lower management fees than similar funds subadvised by the Adviser, management fees for each were under the average of its 15(c) peer group.
The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2022 (except for Janus Henderson U.S. Dividend Income Fund, for which the period end was March 31, 2023) and noted the following with
Janus Henderson U.S. Dividend Income Fund
Additional Information (unaudited)
regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”) as reflected in the comparative information provided by Broadridge:
Asset Allocation Funds
· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
Fixed-Income Funds
· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson Developed World Bond Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson Global Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson High-Yield Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
Global and International Equity Funds
· For Janus Henderson Asia Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson Emerging Markets Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
Janus Henderson U.S. Dividend Income Fund
Additional Information (unaudited)
· For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson Global Equity Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Global Select Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Overseas Fund, the Trustees noted that although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.
Money Market Funds
· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
Multi-Asset Funds
· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that, that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Balanced Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
U.S. Equity Funds
· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were
Janus Henderson U.S. Dividend Income Fund
Additional Information (unaudited)
reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Contrarian Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Forty Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Growth and Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Triton Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Venture Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.
Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized
Janus Henderson U.S. Dividend Income Fund
Additional Information (unaudited)
by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees noted that the Adviser reported no changes to its allocation methodology for the 2023 15(c) process; however, at the Trustees’ request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant’s analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund’s investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.
The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser were reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund’s total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.
Economies of Scale
The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant’s 2023 report: (1) past analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 28% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have low flat-rate fees (the “Low Flat-Rate Fee Funds”) versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets.
With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2023 report that (1) 70% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Low Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.
The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.
Based on all of the information reviewed, including the recent and past research and analysis conducted by the Trustees’ independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.
Janus Henderson U.S. Dividend Income Fund
Additional Information (unaudited)
Other Benefits to the Adviser
The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser’s ability to serve the Janus Henderson Funds.
Janus Henderson U.S. Dividend Income Fund
Liquidity Risk Management Program (unaudited)
Liquidity Risk Management Program
Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), requires open-end funds (but not money market funds) to adopt and implement a written liquidity risk management program (the “LRMP”) that is reasonably designed to assess and manage liquidity risk, which is the risk that a fund could not meet redemption requests without significant dilution of remaining investors’ interest in the fund. The Fund has implemented a LRMP, which incorporates the following elements: (i) assessment, management, and periodic review of liquidity risk; (ii) classification of portfolio holdings; (iii) the establishment and monitoring of a highly liquid investment minimum, as applicable; (iv) a 15% limitation on a Fund’s illiquid investments; (v) redemptions in-kind; and (vi) board oversight.
The Trustees of the Fund (the “Trustees”) have designated Janus Henderson Investors US LLC, the Fund’s investment adviser (the “Adviser”), as the Program Administrator for the LRMP responsible for administering the LRMP and carrying out the specific responsibilities of the LRMP. A working group comprised of various teams within the Adviser’s business is responsible for administering the LRMP and carrying out the specific responsibilities of different aspects of the LRMP (the “Liquidity Risk Working Group”). In assessing each Fund’s liquidity risk, the Liquidity Risk Working Group periodically considers, as relevant, factors including (i) the liquidity of a Fund’s portfolio investments during normal and reasonably foreseeable stressed conditions; (ii) whether a Fund’s investment strategy is appropriate for an open-end fund; (iii) the extent to which a Fund’s strategy involves a relatively concentrated portfolio or large positions in any issuer; (iv) a Fund’s use of borrowing for investment purposes; and (v) a Fund’s use of derivatives.
The Liquidity Rule requires the Trustees to review at least annually a written report provided by the Program Administrator that addresses the operation of the LRMP and assesses its adequacy and the effectiveness of its implementation, including, if applicable, the operation of the highly liquid investment minimum, and any material changes to the LRMP (the “Program Administrator Report”). At a meeting held on March 12, 2024, the Adviser provided the Program Administrator Report to the Trustees which covered the operation of the LRMP from January 1, 2023 through December 31, 2023 (the “Reporting Period”).
The Program Administrator Report discussed the operation and effectiveness of the LRMP during the Reporting Period. Among other things, the Program Administrator Report indicated that there were no material changes to the LRMP during the Reporting Period. Additionally, the findings presented in the Program Administrator Report indicated that the LRMP operated adequately during the Reporting Period. These findings included that the Fund was able to meet redemptions during the normal course of business during the Reporting Period. The Program Administrator Report also stated that the Fund did not exceed the 15% limit on illiquid assets during the Reporting Period, that the Fund held primarily highly liquid assets, and was considered to be a primarily highly liquid fund during the Reporting Period. Also included among the Program Administrator Report’s findings was the determination that the Fund’s investment strategy remains appropriate for an open-end fund. In addition, the Adviser expressed its belief in the Program Administrator Report that the LRMP is reasonably designed and adequate to assess and manage the Fund’s liquidity risk, considering the Fund’s particular risks and circumstances, and includes policies and procedures reasonably designed to implement each required component of the Liquidity Rule.
There can be no assurance that the LRMP will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the risks to which an investment in the Fund may be subject.
Janus Henderson U.S. Dividend Income Fund
Useful Information About Your Fund Report (unaudited)
Performance Overviews
Performance overview graphs compare the performance of a hypothetical $10,000 investment in the Fund with one or more widely used market indices. When comparing the performance of the Fund with an index, keep in mind that market indices are not available for investment and do not reflect deduction of expenses.
Average annual total returns are quoted for a Fund with more than one year of performance history. Average annual total return is calculated by taking the growth or decline in value of an investment over a period of time, including reinvestment of dividends and distributions, then calculating the annual compounded percentage rate that would have produced the same result had the rate of growth been constant throughout the period. Average annual total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Cumulative total returns are quoted for a Fund with less than one year of performance history. Cumulative total return is the growth or decline in value of an investment over time, independent of the period of time involved. Cumulative total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Pursuant to federal securities rules, expense ratios shown in the performance chart reflect subsidized (if applicable) and unsubsidized ratios. The total annual fund operating expenses ratio is gross of any fee waivers, reflecting the Fund’s unsubsidized expense ratio. The net annual fund operating expenses ratio (if applicable) includes contractual waivers of the Adviser and reflects the Fund’s subsidized expense ratio. Ratios may be higher or lower than those shown in the “Financial Highlights” in this report.
Schedule of Investments
Following the performance overview section is the Fund’s Schedule of Investments. This schedule reports the types of securities held in the Fund on the last day of the reporting period. Securities are usually listed by type (common stock, corporate bonds, U.S. Government obligations, etc.) and by industry classification (banking, communications, insurance, etc.). Holdings are subject to change without notice.
The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.
If the Fund invests in foreign securities, it will also provide a summary of investments by country. This summary reports the Fund exposure to different countries by providing the percentage of securities invested in each country. The country of each security represents the country of risk. A company may be allocated to a country based on other factors such as location of the company’s principal office, the location of the principal trading market for the company’s securities, or the country where a majority of the company’s revenues are derived. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by Bloomberg and/or MSCI Inc.
Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund’s Schedule of Investments (if applicable).
Statement of Assets and Liabilities
This statement is often referred to as the “balance sheet.” It lists the assets and liabilities of the Fund on the last day of the reporting period.
The Fund’s assets are calculated by adding the value of the securities owned, the receivable for securities sold but not yet settled, the receivable for dividends declared but not yet received on securities owned, and the receivable for Fund shares sold to investors but not yet settled. The Fund’s liabilities include payables for securities purchased but not yet settled, Fund shares redeemed but not yet paid, and expenses owed but not yet paid. Additionally, there may be other assets and liabilities such as unrealized gain or loss on forward currency contracts.
The section entitled “Net Assets Consist of” breaks down the components of the Fund’s net assets. Because the Fund must distribute substantially all earnings, you will notice that a significant portion of net assets is shareholder capital.
The last section of this statement reports the net asset value (“NAV”) per share on the last day of the reporting period. The NAV is calculated by dividing the Fund’s net assets for each share class (assets minus liabilities) by the number of shares outstanding.
Janus Henderson U.S. Dividend Income Fund
Useful Information About Your Fund Report (unaudited)
Statement of Operations
This statement details the Fund’s income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.
The first section in this statement, entitled “Investment Income,” reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.
The next section reports the expenses incurred by the Fund, including the advisory fee paid to the investment adviser, transfer agent fees and expenses, and printing and postage for mailing statements, financial reports and prospectuses. Expense offsets and expense reimbursements, if any, are also shown.
The last section lists the amounts of realized gains or losses from investment and foreign currency transactions, and changes in unrealized appreciation or depreciation of investments and foreign currency-denominated assets and liabilities. The Fund will realize a gain (or loss) when it sells its position in a particular security. A change in unrealized gain (or loss) refers to the change in net appreciation or depreciation of the Fund during the reporting period. “Net Realized and Unrealized Gain/(Loss) on Investments” is affected both by changes in the market value of Fund holdings and by gains (or losses) realized during the reporting period.
Statements of Changes in Net Assets
These statements report the increase or decrease in the Fund’s net assets during the reporting period. Changes in the Fund’s net assets are attributable to investment operations, dividends and distributions to investors, and capital share transactions. This is important to investors because it shows exactly what caused the Fund’s net asset size to change during the period.
The first section summarizes the information from the Statement of Operations regarding changes in net assets due to the Fund’s investment operations. The Fund’s net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends and/or distributions in cash, money is taken out of the Fund to pay the dividend and/or distribution. If investors reinvest their dividends and/or distributions, the Fund’s net assets will not be affected.
The reinvestment of dividends and distributions is included under “Capital Share Transactions.” “Capital Shares” refers to the money investors contribute to the Fund through purchases or withdrawals via redemptions. The Fund’s net assets will increase and decrease in value as investors purchase and redeem shares from the Fund.
Financial Highlights
This schedule provides a per-share breakdown of the components that affect the Fund’s NAV for current and past reporting periods as well as total return, asset size, ratios, and portfolio turnover rate.
The first line in the table reflects the NAV per share at the beginning of the reporting period. The next line reports the net investment income/(loss) per share. Following is the per share total of net gains/(losses), realized and unrealized. Per share dividends and distributions to investors are then subtracted to arrive at the NAV per share at the end of the period. The next line reflects the total return for the period. The total return may include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. As a result, the total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.
The Fund’s expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.
The ratio of net investment income/(loss) summarizes the income earned less expenses, divided by the average net assets of the Fund during the reporting period. Do not confuse this ratio with the Fund’s yield. The net investment income ratio is not a true measure of the Fund’s yield because it does not take into account the dividends distributed to the Fund’s investors.
The next figure is the portfolio turnover rate, which measures the buying and selling activity in the Fund. Portfolio turnover is affected by market conditions, changes in the asset size of the Fund, fluctuating volume of shareholder purchase and redemption orders, the nature of the Fund’s investments, and the investment style and/or outlook of the portfolio manager(s) and/or investment personnel. A 100% rate implies that an amount equal to the value of the entire portfolio was replaced once during the fiscal year; a 50% rate means that an amount equal to the value of half the
Janus Henderson U.S. Dividend Income Fund
Useful Information About Your Fund Report (unaudited)
portfolio is traded in a year; and a 200% rate means that an amount equal to the value of the entire portfolio is traded every six months.
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This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. |
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Mutual funds distributed by Janus Henderson Distributors US LLC |
| | | | 125-24-93097 05-24 |
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| | | |
| | | SEMIANNUAL REPORT March 31, 2024 |
| | |
| | Janus Henderson Venture Fund |
| | |
| | Janus Investment Fund |
| |
| | | HIGHLIGHTS · Investment strategy behind your fund · Fund performance, characteristics
and holdings |
Table of Contents
Janus Henderson Venture Fund
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Aaron Schaechterle co-portfolio manager | 
Jonathan Coleman co-portfolio manager | 
Scott Stutzman co-portfolio manager |
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Important Notice – Tailored Shareholder Reports
Effective January 24, 2023, the Securities and Exchange Commission (the “SEC”) adopted rule and form amendments that require mutual funds and exchange-traded funds to provide shareholders with streamlined annual and semi-annual shareholder reports that highlight key information. Other information, including financial statements, that currently appears in shareholder reports will be made available online, delivered free of charge to shareholders upon request, and filed with the SEC. The first tailored shareholder report for the Fund will be for the reporting period ending September 30, 2024. Currently, management is evaluating the impact of the rule and form amendments on the content of the Fund’s current shareholder reports.
Janus Henderson Venture Fund (unaudited)
Fund At A Glance
March 31, 2024
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| 5 Top Contributors - Holdings | 5 Top Detractors - Holdings |
| | Average
Weight | | Relative
Contribution | | | Average
Weight | | Relative
Contribution |
| Core & Main Inc - Class A | 1.71% | | 1.02% | | Rentokil Initial PLC (ADR) | 1.78% | | -0.93% |
| Biohaven Ltd | 1.05% | | 0.70% | | ATS Corp | 1.83% | | -0.83% |
| Williams-Sonoma Inc | 0.88% | | 0.62% | | ON Semiconductor Corp | 1.56% | | -0.83% |
| Nice Ltd (ADR) | 2.07% | | 0.59% | | WNS Holdings Ltd (ADR) | 1.28% | | -0.70% |
| Immunogen Inc | 0.52% | | 0.38% | | Paylocity Holding Corp | 1.19% | | -0.35% |
| | | | | | | |
| 5 Top Contributors - Sectors* | | | | | |
| | | Relative | | Fund | Russell 2000 Growth Index |
| | | Contribution | | Average Weight | Average Weight |
| Consumer Discretionary | | 1.05% | | 6.02% | 10.92% |
| Energy | | 0.85% | | 1.28% | 4.75% |
| Materials | | 0.63% | | 4.28% | 4.14% |
| Financials | | 0.54% | | 10.82% | 6.34% |
| Utilities | | 0.37% | | 0.00% | 1.49% |
| | | | | | |
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| 5 Top Detractors - Sectors* | | | | | |
| | | Relative | | Fund | Russell 2000 Growth Index |
| | | Contribution | | Average Weight | Average Weight |
| Information Technology | | -2.78% | | 16.90% | 22.16% |
| Industrials | | -1.23% | | 28.94% | 20.22% |
| Other** | | -0.43% | | 1.29% | 0.00% |
| Communication Services | | -0.28% | | 2.92% | 2.15% |
| Real Estate | | -0.00% | | 0.61% | 1.61% |
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| Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance.
Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index. |
* | Based on sector classification according to the Global Industry Classification Standard (“GICS”) codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
** | Not a GICS classified sector. |
Janus Henderson Venture Fund (unaudited)
Fund At A Glance
March 31, 2024
| | |
5 Largest Equity Holdings - (% of Net Assets) |
Nice Ltd (ADR) | |
Software | 2.3% |
SS&C Technologies Holdings Inc | |
Professional Services | 1.9% |
Core & Main Inc - Class A | |
Trading Companies & Distributors | 1.9% |
Descartes Systems Group Inc/The | |
Software | 1.9% |
Stride Inc | |
Diversified Consumer Services | 1.8% |
| | 9.8% |
| | | | | |
Asset Allocation - (% of Net Assets) |
Common Stocks | | 97.9% |
Investment Companies | | 1.3% |
Private Placements | | 0.8% |
Investments Purchased with Cash Collateral from Securities Lending | | 0.2% |
Warrants | | 0.0% |
Other | | (0.2)% |
| | | 100.0% |
| | |
Top Country Allocations - Long Positions - (% of Investment Securities) |
As of March 31, 2024 
| As of September 30, 2023 
|
Janus Henderson Venture Fund (unaudited)
Performance
| |
See important disclosures on the next page. |
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Average Annual Total Return - for the periods ended March 31, 2024 | | | Prospectus Expense Ratios |
| | Fiscal
Year-to-Date | One
Year | Five
Year | Ten
Year | Since
Inception* | | | Total Annual Fund
Operating Expenses‡ | Net Annual Fund
Operating Expenses‡ |
Class A Shares at NAV | | 19.97% | 14.99% | 7.44% | 9.11% | 11.44% | | | 1.02% | 1.02% |
Class A Shares at MOP | | 13.07% | 8.38% | 6.18% | 8.46% | 11.27% | | | | |
Class C Shares at NAV | | 19.82% | 14.33% | 6.66% | 8.32% | 10.68% | | | 2.00% | 1.96% |
Class C Shares at CDSC | | 18.82% | 13.33% | 6.66% | 8.32% | 10.68% | | | | |
Class D Shares | | 20.11% | 15.25% | 7.68% | 9.35% | 11.65% | | | 0.80% | 0.80% |
Class I Shares | | 20.14% | 15.30% | 7.72% | 9.40% | 11.67% | | | 0.76% | 0.76% |
Class N Shares | | 20.19% | 15.40% | 7.81% | 9.50% | 11.69% | | | 0.67% | 0.67% |
Class S Shares | | 19.89% | 14.81% | 7.27% | 8.95% | 11.30% | | | 1.17% | 1.17% |
Class T Shares | | 20.06% | 15.13% | 7.56% | 9.24% | 11.61% | | | 0.91% | 0.91% |
Russell 2000 Growth Index | | 21.30% | 20.35% | 7.38% | 7.89% | 8.17% | | | | |
Russell 2000 Index | | 19.94% | 19.71% | 8.10% | 7.58% | 9.44% | | | | |
Morningstar Quartile - Class T Shares | | - | 3rd | 3rd | 2nd | 1st | | | | |
Morningstar Ranking - based on total returns for Small Growth Funds | | - | 396/585 | 357/552 | 192/524 | 4/48 | | | | |
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold. For the most recent month-end performance call 800.668.0434 (or 800.525.3713 if you hold shares directly with Janus Henderson) or visit janushenderson.com/performance (or janushenderson.com/allfunds if you hold shares directly with Janus Henderson).
Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.
CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.
Performance may be affected by risks that include those associated with foreign and emerging markets, fixed income securities, high-yield and high-risk securities, undervalued, overlooked and smaller capitalization companies, real estate related securities including Real Estate Investment Trusts (REITs), Environmental, Social and Governance (ESG) factors, non-diversification, portfolio turnover, derivatives, short sales, initial public offerings (IPOs) and
Janus Henderson Venture Fund (unaudited)
Performance
potential conflicts of interest. Each product has different risks. Please see the prospectus for more information about risks, holdings and other details.
Returns include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.
Class A Shares, Class C Shares, and Class S Shares commenced operations on May 6, 2011. Performance shown for each class for periods prior to May 6, 2011, reflects the performance of the Fund’s Class J Shares, the initial share class (renamed Class T Shares effective February 16, 2010), calculated using the fees and expenses of each respective class, without the effect of any fee and expense limitations or waivers.
Class D Shares commenced operations on February 16, 2010. Performance shown for periods prior to February 16, 2010, reflects the performance of the Fund’s former Class J Shares, calculated using the fees and expenses in effect during the periods shown, net of any applicable fee and expense limitations or waivers.
Class I Shares commenced operations on May 6, 2011. Performance shown for periods prior to May 6, 2011, reflects the performance of the Fund’s former Class J Shares, calculated using the fees and expenses of Class J Shares, net of any applicable fee and expense limitations or waivers.
Class N Shares commenced operations on May 31, 2012. Performance shown for periods prior to May 31, 2012, reflects the performance of the Fund's Class T Shares, calculated using the fees and expenses of the Fund's Class T Shares, net of any applicable fee and expense limitations or waivers.
If each share class of the Fund had been available during periods prior to its commencement, the performance shown may have been different. The performance shown for periods following the Fund's commencement of each share class reflects the fees and expenses of each respective share class, net of any applicable fee and expense limitations or waivers. Please refer to the Fund's prospectuses for further details concerning historical performance.
Ranking is for the share class shown only; other classes may have different performance characteristics. When an expense waiver is in effect, it may have a material effect on the total return, and therefore the ranking for the period.
© 2024 Morningstar, Inc. All Rights Reserved.
There is no assurance that the investment process will consistently lead to successful investing.
See Notes to Schedule of Investments and Other Information for index definitions.
Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.
See “Useful Information About Your Fund Report.”
*The Fund’s inception date – April 30, 1985
‡ As stated in the prospectus. Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on January 26, 2024. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees. See Financial Highlights for actual expense ratios during the reporting period.
Janus Henderson Venture Fund (unaudited)
Expense Examples
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, such as sales charges (loads) on purchase payments (applicable to Class A Shares only); and (2) ongoing costs, including management fees; 12b-1 distribution and shareholder servicing fees; transfer agent fees and expenses payable pursuant to the Transfer Agency Agreement; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The example is based upon an investment of $1,000 invested at the beginning of the period and held for the six-months indicated, unless noted otherwise in the table and footnotes below.
Actual Expenses
The information in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate column for your share class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.
Hypothetical Example for Comparison Purposes
The information in the table under the heading “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based upon the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Additionally, for an analysis of the fees associated with an investment in any share class or other similar funds, please visit www.finra.org/fundanalyzer.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. These fees are fully described in the Fund’s prospectuses. Therefore, the hypothetical examples are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
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| | | Actual | | Hypothetical
(5% return before expenses) | |
| Beginning
Account
Value
(10/1/23) | Ending
Account
Value
(3/31/24) | Expenses
Paid During
Period
(10/1/23 - 3/31/24)† | | Beginning
Account
Value
(10/1/23) | Ending
Account
Value
(3/31/24) | Expenses
Paid During
Period
(10/1/23 - 3/31/24)† | Net Annualized
Expense Ratio
(10/1/23 - 3/31/24) |
Class A Shares | $1,000.00 | $1,199.70 | $5.61 | | $1,000.00 | $1,019.90 | $5.15 | 1.02% |
Class C Shares | $1,000.00 | $1,198.20 | $9.01 | | $1,000.00 | $1,016.80 | $8.27 | 1.64% |
Class D Shares | $1,000.00 | $1,201.10 | $4.35 | | $1,000.00 | $1,021.05 | $3.99 | 0.79% |
Class I Shares | $1,000.00 | $1,201.40 | $4.18 | | $1,000.00 | $1,021.20 | $3.84 | 0.76% |
Class N Shares | $1,000.00 | $1,201.90 | $3.69 | | $1,000.00 | $1,021.65 | $3.39 | 0.67% |
Class S Shares | $1,000.00 | $1,198.90 | $6.43 | | $1,000.00 | $1,019.15 | $5.91 | 1.17% |
Class T Shares | $1,000.00 | $1,200.60 | $4.95 | | $1,000.00 | $1,020.50 | $4.55 | 0.90% |
† | Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements. |
Janus Henderson Venture Fund
Schedule of Investments (unaudited)
March 31, 2024
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Shares or
Principal Amounts | | | Value | |
Common Stocks– 97.9% | | | |
Auto Components – 0.1% | | | |
| | Quantumscape Corp* | | 480,423 | | | $3,021,861 | |
Automobiles – 0.4% | | | |
| | Thor Industries Inc | | 110,957 | | | 13,019,694 | |
Banks – 0.9% | | | |
| | Bancorp Inc/The* | | 867,030 | | | 29,010,824 | |
Biotechnology – 8.7% | | | |
| | 89bio Inc* | | 617,450 | | | 7,187,118 | |
| | Amicus Therapeutics Inc* | | 937,366 | | | 11,042,171 | |
| | Ascendis Pharma A/S (ADR)* | | 155,350 | | | 23,484,260 | |
| | Biohaven Ltd* | | 655,095 | | | 35,827,146 | |
| | Bridgebio Pharma Inc* | | 274,255 | | | 8,479,965 | |
| | Crinetics Pharmaceuticals Inc* | | 95,164 | | | 4,454,627 | |
| | Halozyme Therapeutics Inc* | | 345,630 | | | 14,060,228 | |
| | IDEAYA Biosciences Inc* | | 440,193 | | | 19,315,669 | |
| | Insmed Inc* | | 378,721 | | | 10,274,701 | |
| | Madrigal Pharmaceuticals Inc* | | 126,120 | | | 33,679,085 | |
| | Mirum Pharmaceuticals Inc* | | 304,299 | | | 7,643,991 | |
| | Neurocrine Biosciences Inc* | | 66,609 | | | 9,186,713 | |
| | PTC Therapeutics Inc* | | 172,930 | | | 5,030,534 | |
| | Revolution Medicines Inc* | | 437,814 | | | 14,110,745 | |
| | Rocket Pharmaceuticals Inc* | | 218,076 | | | 5,874,967 | |
| | Sarepta Therapeutics Inc* | | 99,544 | | | 12,886,966 | |
| | Soleno Therapeutics Inc* | | 210,392 | | | 9,004,778 | |
| | Vaxcyte Inc* | | 621,025 | | | 42,422,218 | |
| | | 273,965,882 | |
Building Products – 4.0% | | | |
| | CSW Industrials Inc | | 195,368 | | | 45,833,333 | |
| | Janus International Group Inc* | | 2,753,510 | | | 41,660,606 | |
| | Zurn Water Solutions Corp | | 1,130,096 | | | 37,824,313 | |
| | | 125,318,252 | |
Capital Markets – 2.2% | | | |
| | Assetmark Financial Holdings Inc* | | 669,711 | | | 23,714,467 | |
| | LPL Financial Holdings Inc | | 176,630 | | | 46,665,646 | |
| | | 70,380,113 | |
Chemicals – 3.0% | | | |
| | Innospec Inc | | 236,204 | | | 30,456,144 | |
| | Perimeter Solutions SA* | | 2,525,348 | | | 18,738,082 | |
| | Sensient Technologies Corp | | 647,069 | | | 44,770,704 | |
| | | 93,964,930 | |
Commercial Services & Supplies – 3.7% | | | |
| | Brady Corp | | 235,390 | | | 13,953,919 | |
| | CECO Environmental Corp* | | 590,849 | | | 13,601,344 | |
| | Montrose Environmental Group Inc* | | 437,823 | | | 17,149,527 | |
| | MSA Safety Inc | | 82,513 | | | 15,973,692 | |
| | Rentokil Initial PLC (ADR) | | 1,823,861 | | | 54,989,409 | |
| | | 115,667,891 | |
Diversified Consumer Services – 1.8% | | | |
| | Stride Inc* | | 915,283 | | | 57,708,593 | |
Diversified Financial Services – 6.7% | | | |
| | AvidXchange Holdings Inc* | | 2,177,088 | | | 28,628,707 | |
| | Euronet Worldwide Inc* | | 359,902 | | | 39,564,027 | |
| | Payfare Inc*,£ | | 3,126,955 | | | 16,068,818 | |
| | Repay Holdings Corp* | | 2,730,048 | | | 30,030,528 | |
| | Shift4 Payments Inc - Class A* | | 515,374 | | | 34,050,760 | |
| | Walker & Dunlop Inc | | 179,484 | | | 18,138,653 | |
| | WEX Inc* | | 190,604 | | | 45,274,168 | |
| | | 211,755,661 | |
Diversified Telecommunication Services – 0.1% | | | |
| | AST SpaceMobile Inc*,# | | 900,895 | | | 2,612,596 | |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
6 | MARCH 31, 2024 |
Janus Henderson Venture Fund
Schedule of Investments (unaudited)
March 31, 2024
| | | | | | | | |
Shares or
Principal Amounts | | | Value | |
Common Stocks– (continued) | | | |
Electrical Equipment – 1.0% | | | |
| | EnerSys | | 326,419 | | | $30,833,539 | |
Electronic Equipment, Instruments & Components – 3.0% | | | |
| | Napco Security Technologies Inc | | 782,317 | | | 31,417,851 | |
| | Novanta Inc* | | 105,932 | | | 18,513,736 | |
| | OSI Systems Inc* | | 310,597 | | | 44,359,464 | |
| | | 94,291,051 | |
Entertainment – 1.4% | | | |
| | Atlanta Braves Holdings Inc - Class C* | | 587,372 | | | 22,942,750 | |
| | Manchester United PLC*,# | | 456,310 | | | 6,370,088 | |
| | Vivid Seats Inc - Class A* | | 2,707,702 | | | 16,219,135 | |
| | | 45,531,973 | |
Food & Staples Retailing – 1.1% | | | |
| | Casey's General Stores Inc | | 108,080 | | | 34,418,076 | |
Health Care Equipment & Supplies – 7.1% | | | |
| | Alphatec Holdings Inc* | | 969,612 | | | 13,370,949 | |
| | Glaukos Corp* | | 432,479 | | | 40,778,445 | |
| | Globus Medical Inc* | | 747,305 | | | 40,085,440 | |
| | ICU Medical Inc* | | 229,683 | | | 24,649,580 | |
| | Lantheus Holdings Inc* | | 411,035 | | | 25,582,818 | |
| | Neogen Corp* | | 855,768 | | | 13,504,019 | |
| | Paragon 28 Inc* | | 1,114,038 | | | 13,758,369 | |
| | Shockwave Medical Inc* | | 38,456 | | | 12,522,427 | |
| | STERIS PLC | | 138,460 | | | 31,128,577 | |
| | Tandem Diabetes Care Inc* | | 279,814 | | | 9,908,214 | |
| | | 225,288,838 | |
Health Care Providers & Services – 1.4% | | | |
| | HealthEquity Inc* | | 289,758 | | | 23,652,946 | |
| | NeoGenomics Inc* | | 1,310,927 | | | 20,607,772 | |
| | | 44,260,718 | |
Health Care Technology – 0.5% | | | |
| | Doximity Inc - Class A* | | 576,619 | | | 15,516,817 | |
Hotels, Restaurants & Leisure – 0.9% | | | |
| | Monarch Casino & Resort Inc | | 362,661 | | | 27,195,948 | |
Household Durables – 0.4% | | | |
| | Lovesac Co* | | 549,162 | | | 12,411,061 | |
Insurance – 1.2% | | | |
| | BRP Group Inc - Class A* | | 486,175 | | | 14,069,905 | |
| | RLI Corp | | 163,743 | | | 24,310,923 | |
| | | 38,380,828 | |
Interactive Media & Services – 1.0% | | | |
| | Ziff Davis Inc* | | 510,352 | | | 32,172,590 | |
Life Sciences Tools & Services – 3.5% | | | |
| | Bio-Techne Corp | | 271,844 | | | 19,135,099 | |
| | CryoPort Inc* | | 661,526 | | | 11,709,010 | |
| | Gerresheimer AG | | 170,155 | | | 19,162,261 | |
| | ICON PLC* | | 117,044 | | | 39,320,932 | |
| | OmniAb Inc* | | 2,159,960 | | | 11,706,983 | |
| | OmniAb Inc - 12.5 Earnout* | | 104,942 | | | 383,741 | |
| | OmniAb Inc - 15 Earnout* | | 104,942 | | | 335,006 | |
| | Sotera Health Co* | | 747,740 | | | 8,980,357 | |
| | | 110,733,389 | |
Machinery – 7.4% | | | |
| | Alamo Group Inc | | 148,654 | | | 33,942,168 | |
| | ATS Corp* | | 1,099,985 | | | 37,018,101 | |
| | EnPro Industries Inc | | 128,177 | | | 21,632,432 | |
| | Gates Industrial Corp PLC* | | 1,757,322 | | | 31,122,173 | |
| | ITT Inc | | 245,601 | | | 33,409,104 | |
| | Kornit Digital Ltd* | | 697,341 | | | 12,635,819 | |
| | Nordson Corp | | 58,337 | | | 16,015,840 | |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
Janus Investment Fund | 7 |
Janus Henderson Venture Fund
Schedule of Investments (unaudited)
March 31, 2024
| | | | | | | | |
Shares or
Principal Amounts | | | Value | |
Common Stocks– (continued) | | | |
Machinery– (continued) | | | |
| | SPX Technologies Inc* | | 388,573 | | | $47,844,993 | |
| | | 233,620,630 | |
Metals & Mining – 1.6% | | | |
| | Constellium SE* | | 2,296,765 | | | 50,781,474 | |
Oil, Gas & Consumable Fuels – 1.3% | | | |
| | California Resources Corp | | 237,460 | | | 13,084,046 | |
| | Magnolia Oil & Gas Corp | | 1,065,317 | | | 27,644,976 | |
| | | 40,729,022 | |
Personal Products – 1.9% | | | |
| | BellRing Brands Inc* | | 707,917 | | | 41,788,341 | |
| | Oddity Tech Ltd - Class A* | | 395,451 | | | 17,182,346 | |
| | | 58,970,687 | |
Pharmaceuticals – 2.8% | | | |
| | Avadel Pharmaceuticals PLC (ADR)* | | 1,166,618 | | | 19,704,178 | |
| | Catalent Inc* | | 614,269 | | | 34,675,485 | |
| | Edgewise Therapeutics Inc* | | 60,049 | | | 1,095,294 | |
| | Ligand Pharmaceuticals Inc* | | 286,411 | | | 20,936,644 | |
| | Structure Therapeutics Inc (ADR)* | | 97,346 | | | 4,172,250 | |
| | Verona Pharma PLC (ADR)* | | 492,127 | | | 7,918,323 | |
| | | 88,502,174 | |
Professional Services – 9.9% | | | |
| | Alight Inc - Class A* | | 4,382,164 | | | 43,164,315 | |
| | Asure Software Inc*,£ | | 1,614,458 | | | 12,560,483 | |
| | Broadridge Financial Solutions Inc | | 251,609 | | | 51,544,620 | |
| | CACI International Inc - Class A* | | 50,183 | | | 19,010,826 | |
| | Clarivate Analytics PLC* | | 3,585,852 | | | 26,642,880 | |
| | CRA International Inc | | 170,640 | | | 25,524,331 | |
| | Innodata Inc* | | 1,186,607 | | | 7,831,606 | |
| | Paylocity Holding Corp* | | 212,172 | | | 36,463,880 | |
| | SS&C Technologies Holdings Inc | | 939,411 | | | 60,469,886 | |
| | WNS Holdings Ltd* | | 551,181 | | | 27,851,176 | |
| | | 311,064,003 | |
Real Estate Management & Development – 0.5% | | | |
| | FirstService Corp | | 102,677 | | | 17,023,847 | |
Road & Rail – 0.6% | | | |
| | AMERCO Series N | | 266,435 | | | 17,765,886 | |
Semiconductor & Semiconductor Equipment – 3.3% | | | |
| | Camtek Ltd* | | 191,035 | | | 16,003,002 | |
| | MACOM Technology Solutions Holdings Inc* | | 299,514 | | | 28,645,519 | |
| | ON Semiconductor Corp* | | 574,623 | | | 42,263,522 | |
| | PDF Solutions Inc* | | 509,511 | | | 17,155,235 | |
| | | 104,067,278 | |
Software – 9.7% | | | |
| | Altair Engineering Inc* | | 300,411 | | | 25,880,408 | |
| | Blackbaud Inc* | | 660,549 | | | 48,973,103 | |
| | Consensus Cloud Solutions Inc* | | 504,324 | | | 7,998,579 | |
| | CoreCard Corp* | | 127,837 | | | 1,412,599 | |
| | Descartes Systems Group Inc/The* | | 642,062 | | | 58,735,589 | |
| | Enfusion Inc - Class A* | | 1,497,886 | | | 13,855,446 | |
| | Envestnet Inc* | | 341,944 | | | 19,801,977 | |
| | Nice Ltd (ADR)* | | 277,561 | | | 72,337,948 | |
| | Tyler Technologies Inc* | | 75,067 | | | 31,904,226 | |
| | Vertex Inc - Class A* | | 792,311 | | | 25,163,797 | |
| | | 306,063,672 | |
Specialty Retail – 2.6% | | | |
| | Valvoline Inc* | | 1,038,618 | | | 46,291,204 | |
| | Williams-Sonoma Inc | | 107,276 | | | 34,063,348 | |
| | | 80,354,552 | |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
8 | MARCH 31, 2024 |
Janus Henderson Venture Fund
Schedule of Investments (unaudited)
March 31, 2024
| | | | | | | | |
Shares or
Principal Amounts | | | Value | |
Common Stocks– (continued) | | | |
Trading Companies & Distributors – 2.2% | | | |
| | Core & Main Inc - Class A* | | 1,043,336 | | | $59,730,986 | |
| | Xometry Inc - Class A* | | 610,126 | | | 10,305,028 | |
| | | 70,036,014 | |
Total Common Stocks (cost $1,856,095,092) | | 3,086,440,364 | |
Private Placements– 0.8% | | | |
Biotechnology – 0.1% | | | |
| | Claris Biotherapeutics Inc - Series A-3*,¢,§ | | 5,023,916 | | | 4,811,555 | |
Professional Services – 0.4% | | | |
| | Apartment List Inc*,¢,§ | | 2,431,401 | | | 8,120,879 | |
| | IntelyCare Inc*,¢,§ | | 384,276 | | | 3,788,039 | |
| | | 11,908,918 | |
Software – 0.3% | | | |
| | Loadsmart Inc - Series A*,¢,§ | | 140,312 | | | 2,116,214 | |
| | Loadsmart Inc - Series D*,¢,§ | | 399,891 | | | 6,031,236 | |
| | | 8,147,450 | |
Total Private Placements (cost $33,770,090) | | 24,867,923 | |
Warrants– 0% | | | |
Chemicals – 0% | | | |
| | Perimeter Solutions SA, expires 11/8/24*((cost $13,929) | | 1,392,883 | | | 1,254 | |
Investment Companies– 1.3% | | | |
Money Markets – 1.3% | | | |
| | Janus Henderson Cash Liquidity Fund LLC, 5.3830%ºº,£((cost $39,974,695) | | 39,966,702 | | | 39,974,695 | |
Investments Purchased with Cash Collateral from Securities Lending– 0.2% | | | |
Investment Companies – 0.2% | | | |
| | Janus Henderson Cash Collateral Fund LLC, 5.2800%ºº,£ | | 5,293,748 | | | 5,293,748 | |
Time Deposits – 0% | | | |
| | Royal Bank of Canada, 5.3100%, 4/1/24 | | $1,323,437 | | | 1,323,437 | |
Total Investments Purchased with Cash Collateral from Securities Lending (cost $6,617,185) | | 6,617,185 | |
Total Investments (total cost $1,936,470,991) – 100.2% | | 3,157,901,421 | |
Liabilities, net of Cash, Receivables and Other Assets – (0.2)% | | (5,347,004) | |
Net Assets – 100% | | $3,152,554,417 | |
| | | | | | |
Summary of Investments by Country - (Long Positions) (unaudited) |
| |
| | | | | % of | |
| | | | | Investment | |
Country | | Value | | Securities | |
United States | | $2,681,018,028 | | 84.9 | % |
Canada | | 128,846,355 | | 4.1 | |
Israel | | 118,159,115 | | 3.7 | |
United Kingdom | | 69,277,820 | | 2.2 | |
Netherlands | | 50,781,474 | | 1.6 | |
Ireland | | 39,320,932 | | 1.3 | |
India | | 27,851,176 | | 0.9 | |
Denmark | | 23,484,260 | | 0.7 | |
Germany | | 19,162,261 | | 0.6 | |
| | | | | | |
| | | | | | |
Total | | $3,157,901,421 | | 100.0 | % |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
Janus Investment Fund | 9 |
Janus Henderson Venture Fund
Schedule of Investments (unaudited)
March 31, 2024
Schedules of Affiliated Investments – (% of Net Assets)
| | | | | | | | | | | |
| | Dividend Income(1) | Realized Gain/(Loss)(1) | Change in Unrealized Appreciation/ Depreciation(1) | Value at 3/31/24 |
Common Stocks - 0.9% |
Diversified Financial Services - 0.5% | |
| | Payfare Inc* | $ | - | $ | (206,770) | $ | 3,863,740 | $ | 16,068,818 |
Professional Services - 0.4% | |
| | Asure Software Inc* | | - | | - | | (2,893,213) | | 12,560,483 |
Software - N/A | |
| | CoreCard Corp*,š | | - | | (9,310,477) | | 6,285,215 | | N/A |
Total Common Stocks | $ | - | $ | (9,517,247) | $ | 7,255,742 | $ | 28,629,301 |
Investment Companies - 1.3% |
Money Markets - 1.3% | |
| | Janus Henderson Cash Liquidity Fund LLC, 5.3830%ºº | | 921,428 | | - | | (3,335) | | 39,974,695 |
Investments Purchased with Cash Collateral from Securities Lending - 0.2% |
Investment Companies - 0.2% | |
| | Janus Henderson Cash Collateral Fund LLC, 5.2800%ºº | | 123,711∆ | | - | | - | | 5,293,748 |
Total Affiliated Investments - 2.4% | $ | 1,045,139 | $ | (9,517,247) | $ | 7,252,407 | $ | 73,897,744 |
(1) For securities that were affiliated for a portion of the period ended March 31, 2024, this column reflects amounts for the entire period ended March 31, 2024 and not just the period in which the security was affiliated.
| | | | | | | | | | | |
| | Value at 9/30/23 | Purchases | Sales Proceeds | Value at 3/31/24 |
Common Stocks - 0.9% |
Diversified Financial Services - 0.5% | |
| | Payfare Inc* | | 12,615,669 | | - | | (203,821) | | 16,068,818 |
Professional Services - 0.4% | |
| | Asure Software Inc* | | 6,045,668 | | 9,408,028 | | - | | 12,560,483 |
Software - N/A | |
| | CoreCard Corp*,š | | 9,547,040 | | - | | (5,109,179) | | 1,412,599 |
Investment Companies - 1.3% |
Money Markets - 1.3% | |
| | Janus Henderson Cash Liquidity Fund LLC, 5.3830%ºº | | 33,361,965 | | 250,819,671 | | (244,203,606) | | 39,974,695 |
Investments Purchased with Cash Collateral from Securities Lending - 0.2% |
Investment Companies - 0.2% | |
| | Janus Henderson Cash Collateral Fund LLC, 5.2800%ºº | | 18,276,040 | | 100,713,003 | | (113,695,295) | | 5,293,748 |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
10 | MARCH 31, 2024 |
Janus Henderson Venture Fund
Schedule of Investments (unaudited)
March 31, 2024
| | | | | | | |
Schedule of Forward Foreign Currency Exchange Contracts | | | | | | |
| | | | | | | | | |
Counterparty/ Foreign Currency | Settlement Date | Foreign Currency Amount (Sold)/ Purchased | | USD Currency Amount (Sold)/ Purchased | | Market Value and Unrealized Appreciation/ (Depreciation) | |
Bank of America, National Association: | | | | | | | | |
British Pound | 4/18/24 | 20,855,000 | $ | (26,524,023) | $ | (205,130) | |
British Pound | 4/18/24 | (1,969,000) | | 2,496,768 | | 11,901 | |
Euro | 4/18/24 | 293,000 | | (315,555) | | 717 | |
Euro | 4/18/24 | (832,000) | | 906,453 | | 8,369 | |
| | | | | | | | | |
| | | | | | | (184,143) | | |
Barclays Capital, Inc.: | | | | | | | | |
British Pound | 4/18/24 | 8,384,100 | | (10,663,989) | | (83,301) | |
British Pound | 4/18/24 | (4,894,000) | | 6,290,471 | | 114,270 | |
Canadian Dollar | 4/18/24 | 6,856,000 | | (5,061,267) | | 2,095 | |
Canadian Dollar | 4/18/24 | (16,912,900) | | 12,654,526 | | 163,839 | |
Euro | 4/18/24 | 395,000 | | (428,230) | | (1,856) | |
Euro | 4/18/24 | (1,198,000) | | 1,310,527 | | 17,373 | |
| | | | | | | | | |
| | | | | | | 212,420 | | |
Citibank, National Association: | | | | | | | | |
British Pound | 4/18/24 | (29,253,800) | | 37,253,287 | | 335,155 | |
Canadian Dollar | 4/18/24 | (51,899,900) | | 38,803,577 | | 473,937 | |
Euro | 4/18/24 | (671,000) | | 738,351 | | 14,055 | |
| | | | | | | | | |
| | | | | | | 823,147 | | |
Goldman Sachs & Co. LLC: | | | | | | | | |
British Pound | 4/18/24 | (863,000) | | 1,098,858 | | 9,757 | |
Canadian Dollar | 4/18/24 | 3,365,000 | | (2,517,243) | | (32,089) | |
Euro | 4/18/24 | (1,158,000) | | 1,274,356 | | 24,379 | |
| | | | | | | | | |
| | | | | | | 2,047 | | |
HSBC Securities (USA), Inc.: | | | | | | | | |
British Pound | 4/18/24 | (16,424,900) | | 20,898,949 | | 170,818 | |
Canadian Dollar | 4/18/24 | 5,248,000 | | (3,881,013) | | (5,206) | |
Canadian Dollar | 4/18/24 | (32,177,700) | | 24,040,885 | | 276,684 | |
Euro | 4/18/24 | 344,000 | | (370,719) | | 604 | |
Euro | 4/18/24 | 970,000 | | (1,057,706) | | (10,661) | |
Euro | 4/18/24 | (806,000) | | 887,460 | | 17,442 | |
| | | | | | | | | |
| | | | | | | 449,681 | | |
JPMorgan Chase Bank, National Association: | | | | | | | | |
British Pound | 4/18/24 | (12,996,800) | | 16,546,463 | | 144,574 | |
British Pound | 4/18/24 | (1,144,000) | | 1,439,517 | | (4,205) | |
Canadian Dollar | 4/18/24 | (33,414,500) | | 24,994,539 | | 316,924 | |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
Janus Investment Fund | 11 |
Janus Henderson Venture Fund
Schedule of Investments (unaudited)
March 31, 2024
| | | | | | | | | |
Counterparty/ Foreign Currency | Settlement Date | Foreign Currency Amount (Sold)/ Purchased | | USD Currency Amount (Sold)/ Purchased | | Market Value and Unrealized Appreciation/ (Depreciation) | | |
Euro | 4/18/24 | (3,436,000) | $ | 3,742,979 | | 34,065 | |
| | | | | | | | | |
| | | | | | | 491,358 | | |
Morgan Stanley & Co. International PLC: | | | | | | | | |
British Pound | 4/18/24 | 6,514,000 | | (8,272,386) | | (51,755) | |
Canadian Dollar | 4/18/24 | 3,412,000 | | (2,552,433) | | (32,568) | |
Canadian Dollar | 4/18/24 | (4,166,000) | | 3,113,338 | | 36,622 | |
Euro | 4/18/24 | (3,455,000) | | 3,762,520 | | 33,095 | |
Euro | 4/18/24 | (428,000) | | 461,957 | | (38) | |
| | | | | | | | | |
| | | | | | | (14,644) | | |
State Street Bank and Trust Company: | | | | | | | | |
British Pound | 4/18/24 | 7,303,000 | | (9,172,418) | | 43,928 | |
British Pound | 4/18/24 | 1,656,000 | | (2,094,317) | | (4,454) | |
British Pound | 4/18/24 | (29,751,000) | | 37,874,047 | | 328,451 | |
Canadian Dollar | 4/18/24 | 9,128,000 | | (6,764,198) | | (22,895) | |
Canadian Dollar | 4/18/24 | (26,370,500) | | 19,729,656 | | 254,247 | |
Euro | 4/18/24 | (2,822,000) | | 3,077,999 | | 31,856 | |
| | | | | | | | | |
| | | | | | | 631,133 | | |
Total | | | | | $ | 2,410,999 | | |
The following table, grouped by derivative type, provides information about the fair value and location of derivatives within the Statement of Assets and Liabilities as of March 31, 2024.
| | | | | | |
Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of March 31, 2024 |
| | | | | |
| | | | | Currency
Contracts |
Asset Derivatives: | | | |
Forward foreign currency exchange contracts | | | $2,865,157 |
| | | |
Liability Derivatives: | | | |
Forward foreign currency exchange contracts | | | $ 454,158 |
| | | |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
12 | MARCH 31, 2024 |
Janus Henderson Venture Fund
Schedule of Investments (unaudited)
March 31, 2024
The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the period ended March 31, 2024.
| | | | | |
The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended March 31, 2024 |
| | | | |
Amount of Realized Gain/(Loss) Recognized on Derivatives |
Derivative | | Currency
Contracts |
Forward foreign currency exchange contracts | | $ 3,962,418 |
| | | | |
| | | | |
| | | | |
Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives |
Derivative | | Currency
Contracts |
Forward foreign currency exchange contracts | | $(5,841,844) |
| | | | |
Please see the "Net Realized Gain/(Loss) on Investments" and "Change in Unrealized Net Appreciation/Depreciation" sections of the Fund’s Statement of Operations.
| | |
Average Ending Monthly Value of Derivative Instruments During the Period Ended March 31, 2024 |
| |
| |
Forward foreign currency exchange contracts: | |
Average amounts purchased - in USD | $59,709,207 |
Average amounts sold - in USD | 240,393,380 |
| |
| |
| |
| |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
Janus Investment Fund | 13 |
Janus Henderson Venture Fund
Schedule of Investments (unaudited)
March 31, 2024
| | | | | | | | | | |
Offsetting of Financial Assets and Derivative Assets |
| |
| | | Gross Amounts | | | | | | |
| | | of Recognized | | Offsetting Asset | | Collateral | | |
Counterparty | | Assets | | or Liability(a) | | Pledged(b) | | Net Amount |
| | | | | | | | | |
Bank of America, National Association | $ | 20,987 | $ | (20,987) | $ | — | $ | — |
Barclays Capital, Inc. | | 297,577 | | (85,157) | | — | | 212,420 |
Citibank, National Association | | 823,147 | | — | | — | | 823,147 |
Goldman Sachs & Co. LLC | | 34,136 | | (32,089) | | — | | 2,047 |
HSBC Securities (USA), Inc. | | 465,548 | | (15,867) | | — | | 449,681 |
JPMorgan Chase Bank, National Association | | 6,889,529 | | (4,205) | | (6,393,966) | | 491,358 |
Morgan Stanley & Co. International PLC | | 69,717 | | (69,717) | | — | | — |
State Street Bank and Trust Company | | 658,482 | | (27,349) | | — | | 631,133 |
| | | | | | | | | |
Total | $ | 9,259,123 | $ | (255,371) | $ | (6,393,966) | $ | 2,609,786 |
Offsetting of Financial Liabilities and Derivative Liabilities |
| |
| | | Gross Amounts | | | | | | |
| | | of Recognized | | Offsetting Asset | | Collateral | | |
Counterparty | | Liabilities | | or Liability(a) | | Pledged(b) | | Net Amount |
| | | | | | | | | |
Bank of America, National Association | $ | 205,130 | $ | (20,987) | $ | — | $ | 184,143 |
Barclays Capital, Inc. | | 85,157 | | (85,157) | | — | | — |
Goldman Sachs & Co. LLC | | 32,089 | | (32,089) | | — | | — |
HSBC Securities (USA), Inc. | | 15,867 | | (15,867) | | — | | — |
JPMorgan Chase Bank, National Association | | 4,205 | | (4,205) | | — | | — |
Morgan Stanley & Co. International PLC | | 84,361 | | (69,717) | | — | | 14,644 |
State Street Bank and Trust Company | | 27,349 | | (27,349) | | — | | — |
| | | | | | | | | |
Total | $ | 454,158 | $ | (255,371) | $ | — | $ | 198,787 |
(a) | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. |
(b) | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. |
| | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements. |
| |
14 | MARCH 31, 2024 |
Janus Henderson Venture Fund
Notes to Schedule of Investments and Other Information (unaudited)
| | |
Russell 2000® Growth Index | Russell 2000® Growth Index reflects the performance of U.S. small-cap equities with higher price-to-book ratios and higher forecasted growth values. |
Russell 2000® Index | Russell 2000® Index reflects the performance of U.S. small-cap equities. |
| | |
ADR | American Depositary Receipt |
LLC | Limited Liability Company |
PLC | Public Limited Company |
| | |
* | Non-income producing security. |
| | |
ºº | Rate shown is the 7-day yield as of March 31, 2024. |
| | |
# | Loaned security; a portion of the security is on loan at March 31, 2024. |
| | |
¢ | Security is valued using significant unobservable inputs. The total value of Level 3 securities as of the period ended March 31, 2024 is $24,867,923, which represents 0.8% 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. |
| | |
š | Company was no longer an affiliate as of March 31, 2024. |
| | |
∆ | Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties. |
| | | | | | | | | | | |
§ | Schedule of Restricted Securities (as of March 31, 2024) |
| | | | | | | | Value as a | |
| | Acquisition | | | | | | % of Net | |
| | Date | | Cost | | Value | | Assets | |
Apartment List Inc | 11/2/20 | $ | 8,881,908 | $ | 8,120,879 | | 0.3 | % |
Claris Biotherapeutics Inc - Series A-3 | 12/28/23 | | 4,811,555 | | 4,811,555 | | 0.1 | |
IntelyCare Inc | 3/29/22 | | 9,412,879 | | 3,788,039 | | 0.1 | |
Loadsmart Inc - Series A | 1/4/22 | | 2,665,928 | | 2,116,214 | | 0.1 | |
Loadsmart Inc - Series D | 1/4/22 | | 7,997,820 | | 6,031,236 | | 0.2 | |
Total | | $ | 33,770,090 | $ | 24,867,923 | | 0.8 | % |
| | | | | | | | | |
The Fund has registration rights for certain restricted securities held as of March 31, 2024. The issuer incurs all registration costs. | |
Janus Henderson Venture Fund
Notes to Schedule of Investments and Other Information (unaudited)
| | | | | | | | | | | | | | |
The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of March 31, 2024. See Notes to Financial Statements for more information. |
| |
Valuation Inputs Summary |
| | | | | | | |
| | | | | Level 2 - | | Level 3 - |
| | | Level 1 - | | Other Significant | | Significant |
| | | Quoted Prices | | Observable Inputs | | Unobservable Inputs |
| | | | | | | |
Assets | | | | | | |
Investments In Securities: | | | | | | |
Common Stocks | | | | | | |
Life Sciences Tools & Services | $ | 110,014,642 | $ | 718,747 | $ | - |
All Other | | 2,975,706,975 | | - | | - |
Private Placements | | - | | - | | 24,867,923 |
Warrants | | 1,254 | | - | | - |
Investment Companies | | - | | 39,974,695 | | - |
Investments Purchased with Cash Collateral from Securities Lending | | - | | 6,617,185 | | - |
Total Investments in Securities | $ | 3,085,722,871 | $ | 47,310,627 | $ | 24,867,923 |
Other Financial Instruments(a): | | | | | | |
Forward Foreign Currency Exchange Contracts | | - | | 2,865,157 | | - |
Total Assets | $ | 3,085,722,871 | $ | 50,175,784 | $ | 24,867,923 |
Liabilities | | | | | | |
Other Financial Instruments(a): | | | | | | |
Forward Foreign Currency Exchange Contracts | $ | - | $ | 454,158 | $ | - |
| | | | | | | |
(a) | Other financial instruments may include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Written options and written swaptions are reported at their market value at measurement date. |
Janus Henderson Venture Fund
Statement of Assets and Liabilities (unaudited)
March 31, 2024
| |
See footnotes at the end of the Statement. |
| | | | | | | |
| | | | | | |
Assets: | | | | |
| Unaffiliated investments, at value (cost $1,850,198,925)(1) | | $ | 3,084,003,677 | |
| Affiliated investments, at value (cost $86,272,066) | | | 73,897,744 | |
| Cash | | | 73,462 | |
| Forward foreign currency exchange contracts | | | 2,865,157 | |
| Trustees' deferred compensation | | | 87,281 | |
| Receivables: | | | | |
| | Investments sold | | | 19,715,238 | |
| | Fund shares sold | | | 642,499 | |
| | Dividends | | | 308,392 | |
| | Dividends from affiliates | | | 77,669 | |
| | Foreign tax reclaims | | | 71,362 | |
| Other assets | | | 49,082 | |
Total Assets | | | 3,181,791,563 | |
Liabilities: | | | | |
| Collateral for securities loaned (Note 3) | | | 6,617,185 | |
| Forward foreign currency exchange contracts | | | 454,158 | |
| Payables: | | | — | |
| | Investments purchased | | | 17,779,076 | |
| | Fund shares repurchased | | | 1,995,775 | |
| | Advisory fees | | | 1,683,883 | |
| | Transfer agent fees and expenses | | | 400,615 | |
| | Trustees' deferred compensation fees | | | 87,281 | |
| | Professional fees | | | 41,462 | |
| | Trustees' fees and expenses | | | 15,450 | |
| | 12b-1 Distribution and shareholder servicing fees | | | 11,082 | |
| | Custodian fees | | | 7,448 | |
| | Affiliated fund administration fees payable | | | 6,579 | |
| | Accrued expenses and other payables | | | 137,152 | |
Total Liabilities | | | 29,237,146 | |
Commitments and contingent liabilities (Note 4) | | | | |
Net Assets | | $ | 3,152,554,417 | |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 17 |
Janus Henderson Venture Fund
Statement of Assets and Liabilities (unaudited)
March 31, 2024
| | | | | | | |
| | | | | | |
| | | | | | |
Net Assets Consist of: | | | | |
| Capital (par value and paid-in surplus) | | $ | 1,852,183,371 | |
| Total distributable earnings (loss) | | | 1,300,371,046 | |
Total Net Assets | | $ | 3,152,554,417 | |
Net Assets - Class A Shares | | $ | 22,163,338 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 279,923 | |
Net Asset Value Per Share(2) | | $ | 79.18 | |
Maximum Offering Price Per Share(3) | | $ | 84.01 | |
Net Assets - Class C Shares | | $ | 869,155 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 12,888 | |
Net Asset Value Per Share(2) | | $ | 67.44 | |
Net Assets - Class D Shares | | $ | 1,786,653,540 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 21,362,902 | |
Net Asset Value Per Share | | $ | 83.63 | |
Net Assets - Class I Shares | | $ | 221,749,223 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 2,628,664 | |
Net Asset Value Per Share | | $ | 84.36 | |
Net Assets - Class N Shares | | $ | 340,465,411 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 3,976,789 | |
Net Asset Value Per Share | | $ | 85.61 | |
Net Assets - Class S Shares | | $ | 27,155,577 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 351,551 | |
Net Asset Value Per Share | | $ | 77.25 | |
Net Assets - Class T Shares | | $ | 753,498,173 | |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | | | 9,248,448 | |
Net Asset Value Per Share | | $ | 81.47 | |
| |
(1) Includes $6,393,966 of securities on loan. See Note 3 in Notes to Financial Statements. (2) Redemption price per share may be reduced for any applicable contingent deferred sales charge. (3) Maximum offering price is computed at 100/94.25 of net asset value. |
| | |
See Notes to Financial Statements. |
| |
18 | MARCH 31, 2024 |
Janus Henderson Venture Fund
Statement of Operations (unaudited)
For the period ended March 31, 2024
| | | | | | |
| | | | | |
Investment Income: | |
| Dividends | $ | 5,024,317 | |
| Dividends from affiliates | | 921,428 | |
| Affiliated securities lending income, net | | 123,711 | |
| Unaffiliated securities lending income, net | | 33,201 | |
| Other income | | 6,893 | |
| Foreign tax withheld | | (9,272) | |
Total Investment Income | | 6,100,278 | |
Expenses: | | | |
| Advisory fees | | 9,272,824 | |
| 12b-1 Distribution and shareholder servicing fees: |
| | Class A Shares | | 24,040 | |
| | Class C Shares | | 1,595 | |
| | Class S Shares | | 33,942 | |
| Transfer agent administrative fees and expenses: | | | |
| | Class D Shares | | 926,558 | |
| | Class S Shares | | 33,942 | |
| | Class T Shares | | 857,818 | |
| Transfer agent networking and omnibus fees: | | | |
| | Class A Shares | | 8,048 | |
| | Class C Shares | | 333 | |
| | Class I Shares | | 94,554 | |
| Other transfer agent fees and expenses: | | | |
| | Class A Shares | | 547 | |
| | Class C Shares | | 23 | |
| | Class D Shares | | 64,890 | |
| | Class I Shares | | 4,943 | |
| | Class N Shares | | 6,659 | |
| | Class S Shares | | 171 | |
| | Class T Shares | | 2,958 | |
| Registration fees | | 95,765 | |
| Shareholder reports expense | | 73,643 | |
| Professional fees | | 45,262 | |
| Affiliated fund administration fees | | 36,222 | |
| Trustees’ fees and expenses | | 30,285 | |
| Custodian fees | | 26,551 | |
| Other expenses | | 111,956 | |
Total Expenses | | 11,753,529 | |
Less: Excess Expense Reimbursement and Waivers | | (50,105) | |
Net Expenses | | 11,703,424 | |
Net Investment Income/(Loss) | | (5,603,146) | |
| | | | | |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 19 |
Janus Henderson Venture Fund
Statement of Operations (unaudited)
For the period ended March 31, 2024
| | | | | | |
| | | | | |
Net Realized Gain/(Loss) on Investments: | |
| Investments and foreign currency transactions | $ | 103,272,046 | |
| Investments in affiliates | | (9,517,247) | |
| Forward foreign currency exchange contracts | | 3,962,418 | |
Total Net Realized Gain/(Loss) on Investments | 97,717,217 | |
Change in Unrealized Net Appreciation/Depreciation: |
| Investments, foreign currency translations and Trustees’ deferred compensation | | 449,792,873 | |
| Investments in affiliates | | 7,252,407 | |
| Forward foreign currency exchange contracts | | (5,841,844) | |
Total Change in Unrealized Net Appreciation/Depreciation | 451,203,436 | |
Net Increase/(Decrease) in Net Assets Resulting from Operations | $ | 543,317,507 | |
| | | | | |
| | |
See Notes to Financial Statements. |
| |
20 | MARCH 31, 2024 |
Janus Henderson Venture Fund
Statements of Changes in Net Assets
| | | | | | | | | |
| | | | | | | | |
| | | Period ended
March 31, 2024 (unaudited) | | Year ended
September 30, 2023 | |
| | | | | | | | |
Operations: | | | | | | |
| Net investment income/(loss) | $ | (5,603,146) | | $ | (5,604,513) | |
| Net realized gain/(loss) on investments | | 97,717,217 | | | 175,173,326 | |
| Change in unrealized net appreciation/depreciation | 451,203,436 | | | 113,685,315 | |
Net Increase/(Decrease) in Net Assets Resulting from Operations | 543,317,507 | | | 283,254,128 | |
Dividends and Distributions to Shareholders: | | | | | | |
| | Class A Shares | | (1,011,736) | | | (755,705) | |
| | Class C Shares | | (44,572) | | | (77,952) | |
| | Class D Shares | | (85,227,851) | | | (66,559,828) | |
| | Class I Shares | | (11,052,607) | | | (9,789,044) | |
| | Class N Shares | | (17,446,754) | | | (14,171,285) | |
| | Class S Shares | | (1,561,437) | | | (1,332,618) | |
| | Class T Shares | | (36,995,742) | | | (29,907,426) | |
Net Decrease from Dividends and Distributions to Shareholders | (153,340,699) | | | (122,593,858) | |
Capital Share Transactions: | | | | | | |
| | Class A Shares | | 1,964,422 | | | 1,532,934 | |
| | Class C Shares | | 42,645 | | | (989,513) | |
| | Class D Shares | | 9,854,923 | | | (29,563,977) | |
| | Class I Shares | | (16,677,385) | | | (23,795,907) | |
| | Class N Shares | | (27,130,546) | | | (34,214,214) | |
| | Class S Shares | | (4,368,959) | | | (2,633,229) | |
| | Class T Shares | | (6,473,818) | | | (33,525,662) | |
Net Increase/(Decrease) from Capital Share Transactions | (42,788,718) | | | (123,189,568) | |
Net Increase/(Decrease) in Net Assets | | 347,188,090 | | | 37,470,702 | |
Net Assets: | | | | | | |
| Beginning of period | | 2,805,366,327 | | | 2,767,895,625 | |
| End of period | $ | 3,152,554,417 | | $ | 2,805,366,327 | |
| | | | | | | | |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 21 |
Janus Henderson Venture Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class A Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $69.91 | | | $66.65 | | | $106.21 | | | $82.08 | | | $76.74 | | | $88.38 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | (0.22) | | | (0.29) | | | (0.49) | | | (0.67) | | | (0.37) | | | (0.24) | |
| | Net realized and unrealized gain/(loss) | | 13.57 | | | 6.69 | | | (26.74) | | | 30.42 | | | 8.89 | | | (4.67) | |
| Total from Investment Operations | | 13.35 | | | 6.40 | | | (27.23) | | | 29.75 | | | 8.52 | | | (4.91) | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | — | | | — | | | — | | | — | | | — | | | — | |
| | Distributions (from capital gains) | | (4.08) | | | (3.14) | | | (12.33) | | | (5.62) | | | (3.18) | | | (6.73) | |
| Total Dividends and Distributions | | (4.08) | | | (3.14) | | | (12.33) | | | (5.62) | | | (3.18) | | | (6.73) | |
| Net Asset Value, End of Period | | $79.18 | | | $69.91 | | | $66.65 | | | $106.21 | | | $82.08 | | | $76.74 | |
| Total Return* | | 20.01% | | | 9.83% | | | (28.58)% | | | 36.78% | | | 11.26% | | | (4.08)% | |
| Net Assets, End of Period (in thousands) | | $22,163 | | | $17,572 | | | $15,149 | | | $24,644 | | | $18,447 | | | $27,201 | |
| Average Net Assets for the Period (in thousands) | | $19,329 | | | $18,285 | | | $20,355 | | | $23,550 | | | $22,978 | | | $27,960 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 1.02% | | | 1.02% | | | 1.01% | | | 1.00% | | | 1.02% | | | 1.02% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 1.02% | | | 1.02% | | | 1.01% | | | 1.00% | | | 1.02% | | | 1.02% | |
| | Ratio of Net Investment Income/(Loss) | | (0.60)% | | | (0.40)% | | | (0.59)% | | | (0.66)% | | | (0.49)% | | | (0.32)% | |
| Portfolio Turnover Rate | | 9% | | | 23% | | | 14% | | | 21% | | | 25% | | | 19% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
22 | MARCH 31, 2024 |
Janus Henderson Venture Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class C Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $60.20 | | | $58.35 | | | $95.22 | | | $74.59 | | | $70.48 | | | $82.39 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | (0.29) | | | (0.85) | | | (0.99) | | | (1.29) | | | (0.82) | | | (0.72) | |
| | Net realized and unrealized gain/(loss) | | 11.61 | | | 5.84 | | | (23.55) | | | 27.54 | | | 8.11 | | | (4.46) | |
| Total from Investment Operations | | 11.32 | | | 4.99 | | | (24.54) | | | 26.25 | | | 7.29 | | | (5.18) | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | — | | | — | | | — | | | — | | | — | | | — | |
| | Distributions (from capital gains) | | (4.08) | | | (3.14) | | | (12.33) | | | (5.62) | | | (3.18) | | | (6.73) | |
| Total Dividends and Distributions | | (4.08) | | | (3.14) | | | (12.33) | | | (5.62) | | | (3.18) | | | (6.73) | |
| Net Asset Value, End of Period | | $67.44 | | | $60.20 | | | $58.35 | | | $95.22 | | | $74.59 | | | $70.48 | |
| Total Return* | | 19.84% | | | 8.77% | | | (29.11)% | | | 35.74% | | | 10.49% | | | (4.76)% | |
| Net Assets, End of Period (in thousands) | | $869 | | | $734 | | | $1,642 | | | $3,747 | | | $5,562 | | | $8,561 | |
| Average Net Assets for the Period (in thousands) | | $779 | | | $1,220 | | | $2,525 | | | $4,965 | | | $6,913 | | | $9,783 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 1.83% | | | 2.07% | | | 1.73% | | | 1.76% | | | 1.71% | | | 1.73% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 1.64% | | | 2.01% | | | 1.73% | | | 1.76% | | | 1.71% | | | 1.73% | |
| | Ratio of Net Investment Income/(Loss) | | (1.22)% | | | (1.35)% | | | (1.31)% | | | (1.42)% | | | (1.18)% | | | (1.03)% | |
| Portfolio Turnover Rate | | 9% | | | 23% | | | 14% | | | 21% | | | 25% | | | 19% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 23 |
Janus Henderson Venture Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class D Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $73.54 | | | $69.81 | | | $110.41 | | | $84.98 | | | $79.17 | | | $90.73 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | (0.14) | | | (0.13) | | | (0.32) | | | (0.47) | | | (0.22) | | | (0.08) | |
| | Net realized and unrealized gain/(loss) | | 14.31 | | | 7.00 | | | (27.95) | | | 31.52 | | | 9.21 | | | (4.75) | |
| Total from Investment Operations | | 14.17 | | | 6.87 | | | (28.27) | | | 31.05 | | | 8.99 | | | (4.83) | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | — | | | — | | | — | | | — | | | — | | | — | |
| | Distributions (from capital gains) | | (4.08) | | | (3.14) | | | (12.33) | | | (5.62) | | | (3.18) | | | (6.73) | |
| Total Dividends and Distributions | | (4.08) | | | (3.14) | | | (12.33) | | | (5.62) | | | (3.18) | | | (6.73) | |
| Net Asset Value, End of Period | | $83.63 | | | $73.54 | | | $69.81 | | | $110.41 | | | $84.98 | | | $79.17 | |
| Total Return* | | 20.14% | | | 10.06% | | | (28.42)% | | | 37.07% | | | 11.52% | | | (3.87)% | |
| Net Assets, End of Period (in thousands) | | $1,786,654 | | | $1,557,240 | | | $1,500,311 | | | $2,228,324 | | | $1,731,098 | | | $1,668,639 | |
| Average Net Assets for the Period (in thousands) | | $1,630,465 | | | $1,641,508 | | | $1,877,171 | | | $2,160,434 | | | $1,645,324 | | | $1,668,200 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 0.79% | | | 0.80% | | | 0.79% | | | 0.78% | | | 0.80% | | | 0.80% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 0.79% | | | 0.80% | | | 0.79% | | | 0.78% | | | 0.80% | | | 0.80% | |
| | Ratio of Net Investment Income/(Loss) | | (0.37)% | | | (0.18)% | | | (0.37)% | | | (0.45)% | | | (0.28)% | | | (0.10)% | |
| Portfolio Turnover Rate | | 9% | | | 23% | | | 14% | | | 21% | | | 25% | | | 19% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
24 | MARCH 31, 2024 |
Janus Henderson Venture Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class I Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $74.13 | | | $70.32 | | | $111.10 | | | $85.45 | | | $79.57 | | | $91.10 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | (0.13) | | | (0.11) | | | (0.30) | | | (0.44) | | | (0.19) | | | (0.04) | |
| | Net realized and unrealized gain/(loss) | | 14.44 | | | 7.06 | | | (28.15) | | | 31.71 | | | 9.25 | | | (4.76) | |
| Total from Investment Operations | | 14.31 | | | 6.95 | | | (28.45) | | | 31.27 | | | 9.06 | | | (4.80) | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | — | | | — | | | — | | | — | | | — | | | — | |
| | Distributions (from capital gains) | | (4.08) | | | (3.14) | | | (12.33) | | | (5.62) | | | (3.18) | | | (6.73) | |
| Total Dividends and Distributions | | (4.08) | | | (3.14) | | | (12.33) | | | (5.62) | | | (3.18) | | | (6.73) | |
| Net Asset Value, End of Period | | $84.36 | | | $74.13 | | | $70.32 | | | $111.10 | | | $85.45 | | | $79.57 | |
| Total Return* | | 20.17% | | | 10.11% | | | (28.40)% | | | 37.13% | | | 11.55% | | | (3.82)% | |
| Net Assets, End of Period (in thousands) | | $221,749 | | | $210,384 | | | $220,157 | | | $363,007 | | | $287,582 | | | $315,109 | |
| Average Net Assets for the Period (in thousands) | | $212,483 | | | $237,418 | | | $294,435 | | | $357,200 | | | $292,611 | | | $318,833 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 0.76% | | | 0.76% | | | 0.76% | | | 0.75% | | | 0.75% | | | 0.75% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 0.76% | | | 0.76% | | | 0.76% | | | 0.75% | | | 0.75% | | | 0.75% | |
| | Ratio of Net Investment Income/(Loss) | | (0.34)% | | | (0.14)% | | | (0.34)% | | | (0.42)% | | | (0.23)% | | | (0.05)% | |
| Portfolio Turnover Rate | | 9% | | | 23% | | | 14% | | | 21% | | | 25% | | | 19% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 25 |
Janus Henderson Venture Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class N Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $75.15 | | | $71.17 | | | $112.20 | | | $86.18 | | | $80.15 | | | $91.63 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | (0.10) | | | (0.03) | | | (0.22) | | | (0.35) | | | (0.12) | | | 0.02 | |
| | Net realized and unrealized gain/(loss) | | 14.64 | | | 7.15 | | | (28.48) | | | 31.99 | | | 9.33 | | | (4.77) | |
| Total from Investment Operations | | 14.54 | | | 7.12 | | | (28.70) | | | 31.64 | | | 9.21 | | | (4.75) | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | — | | | — | | | — | | | — | | | — | | | — | |
| | Distributions (from capital gains) | | (4.08) | | | (3.14) | | | (12.33) | | | (5.62) | | | (3.18) | | | (6.73) | |
| Total Dividends and Distributions | | (4.08) | | | (3.14) | | | (12.33) | | | (5.62) | | | (3.18) | | | (6.73) | |
| Net Asset Value, End of Period | | $85.61 | | | $75.15 | | | $71.17 | | | $112.20 | | | $86.18 | | | $80.15 | |
| Total Return* | | 20.20% | | | 10.23% | | | (28.34)% | | | 37.25% | | | 11.65% | | | (3.74)% | |
| Net Assets, End of Period (in thousands) | | $340,465 | | | $322,200 | | | $335,608 | | | $565,040 | | | $454,982 | | | $411,523 | |
| Average Net Assets for the Period (in thousands) | | $332,874 | | | $352,422 | | | $458,042 | | | $572,312 | | | $430,317 | | | $365,491 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 0.67% | | | 0.67% | | | 0.67% | | | 0.66% | | | 0.66% | | | 0.67% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 0.67% | | | 0.67% | | | 0.67% | | | 0.66% | | | 0.66% | | | 0.67% | |
| | Ratio of Net Investment Income/(Loss) | | (0.25)% | | | (0.04)% | | | (0.25)% | | | (0.33)% | | | (0.15)% | | | 0.03% | |
| Portfolio Turnover Rate | | 9% | | | 23% | | | 14% | | | 21% | | | 25% | | | 19% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
26 | MARCH 31, 2024 |
Janus Henderson Venture Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class S Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $68.35 | | | $65.32 | | | $104.51 | | | $80.97 | | | $75.85 | | | $87.56 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | (0.26) | | | (0.39) | | | (0.62) | | | (0.83) | | | (0.49) | | | (0.35) | |
| | Net realized and unrealized gain/(loss) | | 13.24 | | | 6.56 | | | (26.24) | | | 29.99 | | | 8.79 | | | (4.63) | |
| Total from Investment Operations | | 12.98 | | | 6.17 | | | (26.86) | | | 29.16 | | | 8.30 | | | (4.98) | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | — | | | — | | | — | | | — | | | — | | | — | |
| | Distributions (from capital gains) | | (4.08) | | | (3.14) | | | (12.33) | | | (5.62) | | | (3.18) | | | (6.73) | |
| Total Dividends and Distributions | | (4.08) | | | (3.14) | | | (12.33) | | | (5.62) | | | (3.18) | | | (6.73) | |
| Net Asset Value, End of Period | | $77.25 | | | $68.35 | | | $65.32 | | | $104.51 | | | $80.97 | | | $75.85 | |
| Total Return* | | 19.92% | | | 9.67% | | | (28.70)% | | | 36.55% | | | 11.10% | | | (4.21)% | |
| Net Assets, End of Period (in thousands) | | $27,156 | | | $28,124 | | | $29,213 | | | $54,537 | | | $64,120 | | | $73,302 | |
| Average Net Assets for the Period (in thousands) | | $27,309 | | | $31,317 | | | $42,248 | | | $59,918 | | | $66,822 | | | $74,076 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 1.17% | | | 1.17% | | | 1.17% | | | 1.16% | | | 1.17% | | | 1.17% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 1.17% | | | 1.17% | | | 1.17% | | | 1.16% | | | 1.17% | | | 1.17% | |
| | Ratio of Net Investment Income/(Loss) | | (0.75)% | | | (0.55)% | | | (0.75)% | | | (0.83)% | | | (0.65)% | | | (0.47)% | |
| Portfolio Turnover Rate | | 9% | | | 23% | | | 14% | | | 21% | | | 25% | | | 19% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
Janus Investment Fund | 27 |
Janus Henderson Venture Fund
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | |
Class T Shares | | | | | | | | | | | | | | | | | | |
For a share outstanding during the period ended March 31, 2024 (unaudited) and the year ended September 30 | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| Net Asset Value, Beginning of Period | | $71.78 | | | $68.27 | | | $108.38 | | | $83.59 | | | $78.01 | | | $89.60 | |
| Income/(Loss) from Investment Operations: | | | | | | | | | | | | | | | | | | |
| | Net investment income/(loss)(1) | | (0.18) | | | (0.21) | | | (0.41) | | | (0.58) | | | (0.30) | | | (0.16) | |
| | Net realized and unrealized gain/(loss) | | 13.95 | | | 6.86 | | | (27.37) | | | 30.99 | | | 9.06 | | | (4.70) | |
| Total from Investment Operations | | 13.77 | | | 6.65 | | | (27.78) | | | 30.41 | | | 8.76 | | | (4.86) | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | |
| | Dividends (from net investment income) | | — | | | — | | | — | | | — | | | — | | | — | |
| | Distributions (from capital gains) | | (4.08) | | | (3.14) | | | (12.33) | | | (5.62) | | | (3.18) | | | (6.73) | |
| Total Dividends and Distributions | | (4.08) | | | (3.14) | | | (12.33) | | | (5.62) | | | (3.18) | | | (6.73) | |
| Net Asset Value, End of Period | | $81.47 | | | $71.78 | | | $68.27 | | | $108.38 | | | $83.59 | | | $78.01 | |
| Total Return* | | 20.07% | | | 9.96% | | | (28.51)% | | | 36.91% | | | 11.39% | | | (3.96)% | |
| Net Assets, End of Period (in thousands) | | $753,498 | | | $669,111 | | | $665,815 | | | $1,051,872 | | | $815,350 | | | $896,264 | |
| Average Net Assets for the Period (in thousands) | | $689,929 | | | $711,595 | | | $858,977 | | | $1,026,384 | | | $839,860 | | | $899,106 | |
| Ratios to Average Net Assets**: | | | | | | | | | | | | | | | | | | |
| | Ratio of Gross Expenses | | 0.91% | | | 0.91% | | | 0.92% | | | 0.91% | | | 0.91% | | | 0.91% | |
| | Ratio of Net Expenses (After Waivers and Expense Offsets) | | 0.90% | | | 0.90% | | | 0.90% | | | 0.90% | | | 0.91% | | | 0.91% | |
| | Ratio of Net Investment Income/(Loss) | | (0.48)% | | | (0.28)% | | | (0.47)% | | | (0.57)% | | | (0.38)% | | | (0.20)% | |
| Portfolio Turnover Rate | | 9% | | | 23% | | | 14% | | | 21% | | | 25% | | | 19% | |
| | | | | | | | | | | | | | | | | | | | | |
| |
* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. ** Annualized for periods of less than one full year. (1) Per share amounts are calculated based on average shares outstanding during the year or period. |
| | |
See Notes to Financial Statements. |
| |
28 | MARCH 31, 2024 |
Janus Henderson Venture Fund
Notes to Financial Statements (unaudited)
1. Organization and Significant Accounting Policies
Janus Henderson Venture Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 37 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks capital appreciation. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the “Adviser”) to the Fund.
The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.
Shareholders, including other funds, individuals, accounts, as well as the Fund’s portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund’s Shares and can be considered to “control” the Fund when that ownership exceeds 25% of the Fund’s assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).
Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.
Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, employer-sponsored retirement plans, and bank trust platforms.
The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.
Effective July 6, 2020, Class D Shares are available to new investors, subject to any closed fund policies for a Fund, as applicable. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.
Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. Class I Shares are also available to certain direct institutional investors including, but not limited to, corporations, certain retirement plans, public plans, and foundations/endowments, who established Class I Share accounts before August 4, 2017.
Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the “Distributor”) including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.
Janus Henderson Venture Fund
Notes to Financial Statements (unaudited)
Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.
Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.
The following accounting policies have been followed by the Fund and are in conformity with US GAAP.
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 Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-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 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 value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that operate as money market funds held by the Fund, if any, will be calculated using the NAV of such 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.
Janus Henderson Venture Fund
Notes to Financial Statements (unaudited)
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.
There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal period.
The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of March 31, 2024 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 and Other Information.
The Fund did not hold a significant amount of Level 3 securities as of March 31, 2024.
Investment Transactions and Investment Income
Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on an accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.
Expenses
The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.
Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Indemnifications
In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.
Foreign Currency Translations
The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the
Janus Henderson Venture Fund
Notes to Financial Statements (unaudited)
date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.
Currency gains and losses are also calculated on payables and receivables that are denominated in foreign currencies. The payables and receivables are generally related to foreign security transactions and income translations.
Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.
Dividends and Distributions
The Fund generally declares and distributes dividends of net investment income and realized capital gains (if any) annually. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as “equalization,” has no effect on the redeeming shareholder or a Fund’s total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.
The Fund may make certain investments in real estate investment trusts (“REITs”) which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs’ taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal income tax purposes.
Federal Income Taxes
The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund’s tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund’s financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
2. Derivative Instruments
The Fund may invest in various types of derivatives, which may at times result in significant derivative exposure. A derivative is a financial instrument whose performance is derived from the performance of another asset. The Fund may invest in derivative instruments including, but not limited to: futures contracts, put options, call options, options on futures contracts, options on foreign currencies, options on recovery locks, options on security and commodity indices, swaps, forward contracts, structured investments, and other equity-linked derivatives. Each derivative instrument that was held by the Fund during the period ended March 31, 2024 is discussed in further detail below. A summary of derivative activity by the Fund is reflected in the tables at the end of the Schedule of Investments.
The Fund may use derivative instruments for hedging purposes (to offset risks associated with an investment, currency exposure, or market conditions), to adjust currency exposure relative to a benchmark index, or for speculative purposes (to earn income and seek to enhance returns). When the Fund invests in a derivative for speculative purposes, the Fund will be fully exposed to the risks of loss of that derivative, which may sometimes be greater than the derivative’s cost. The Fund may not use any derivative to gain exposure to an asset or class of assets that it would be prohibited by its investment restrictions from purchasing directly. The Fund’s ability to use derivative instruments may also be limited by tax considerations.
Investments in derivatives in general are subject to market risks that may cause their prices to fluctuate over time. Investments in derivatives may not directly correlate with the price movements of the underlying instrument. As a result, the use of derivatives may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. The use of derivatives may result in larger losses or smaller gains than otherwise would be the case. Derivatives can be volatile and may involve significant risks.
Janus Henderson Venture Fund
Notes to Financial Statements (unaudited)
In pursuit of its investment objective, the Fund may seek to use derivatives to increase or decrease exposure to the following market risk factors:
· Commodity Risk – the risk related to the change in value of commodities or commodity-linked investments due to changes in the overall market movements, volatility of the underlying benchmark, changes in interest rates, or other factors affecting a particular industry or commodity such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political, and regulatory developments.
· Counterparty Risk – the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its financial obligation to the Fund.
· Credit Risk – the risk an issuer will be unable to make principal and interest payments when due, or will default on its obligations.
· Currency Risk – the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment.
· Equity Risk – the risk related to the change in value of equity securities as they relate to increases or decreases in the general market.
· Index Risk – if the derivative is linked to the performance of an index, it will be subject to the risks associated with changes in that index. If the index changes, the Fund could receive lower interest payments or experience a reduction in the value of the derivative to below what the Fund paid. Certain indexed securities, including inverse securities (which move in an opposite direction to the index), may create leverage, to the extent that they increase or decrease in value at a rate that is a multiple of the changes in the applicable index.
· Interest Rate Risk – the risk that the value of fixed-income securities will generally decline as prevailing interest rates rise, which may cause the Fund’s NAV to likewise decrease.
· Leverage Risk – the risk associated with certain types of leveraged investments or trading strategies pursuant to which relatively small market movements may result in large changes in the value of an investment. The Fund creates leverage by investing in instruments, including derivatives, where the investment loss can exceed the original amount invested. Certain investments or trading strategies, such as short sales, that involve leverage can result in losses that greatly exceed the amount originally invested.
· Liquidity Risk – the risk that certain securities may be difficult or impossible to sell at the time that the seller would like or at the price that the seller believes the security is currently worth.
Derivatives may generally be traded OTC or on an exchange. Derivatives traded OTC are agreements that are individually negotiated between parties and can be tailored to meet a purchaser’s needs. OTC derivatives are not guaranteed by a clearing agency and may be subject to increased credit risk.
In an effort to mitigate credit risk associated with derivatives traded OTC, the Fund may enter into collateral agreements with certain counterparties whereby, subject to certain minimum exposure requirements, the Fund may require the counterparty to post collateral if the Fund has a net aggregate unrealized gain on all OTC derivative contracts with a particular counterparty. Additionally, the Fund may deposit cash and/or treasuries as collateral with the counterparty and/or custodian daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized loss on OTC derivative contracts with a particular counterparty. All liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund’s commitment with respect to certain exchange-traded derivatives, centrally cleared derivatives, forward foreign currency exchange contracts, short sales, and/or securities with extended settlement dates. There is no guarantee that counterparty exposure is reduced and these arrangements are dependent on the Adviser’s ability to establish and maintain appropriate systems and trading.
Forward Foreign Currency Exchange Contracts
A forward foreign currency exchange contract (“forward currency contract”) is an obligation to buy or sell a specified currency at a future date at a negotiated rate (which may be U.S. dollars or a foreign currency). The Fund may enter into forward currency contracts for hedging purposes, including, but not limited to, reducing exposure to changes in foreign currency exchange rates on foreign portfolio holdings and locking in the U.S. dollar cost of firm purchase and sale commitments for securities denominated in or exposed to foreign currencies. The Fund may also invest in forward currency contracts for non-hedging purposes such as seeking to enhance returns. The Fund is subject to currency risk
Janus Henderson Venture Fund
Notes to Financial Statements (unaudited)
and counterparty risk in the normal course of pursuing its investment objective through its investments in forward currency contracts.
Forward currency contracts are valued by converting the foreign value to U.S. dollars by using the current spot U.S. dollar exchange rate and/or forward rate for that currency. Exchange and forward rates as of the close of the NYSE are used to value the forward currency contracts. The unrealized appreciation/(depreciation) for forward currency contracts is reported in the Statement of Assets and Liabilities as a receivable or payable and in the Statement of Operations for the change in unrealized net appreciation/depreciation (if applicable). The realized gain or loss arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon closing a forward currency contract is reported on the Statement of Operations (if applicable).
During the period, the Fund entered into forward currency contracts with the obligation to purchase foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency denominated securities held by the Fund.
During the period, the Fund entered into forward currency contracts with the obligation to sell foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency denominated securities held by the Fund.
3. Other Investments and Strategies
Market Risk
The value of the Fund’s portfolio may decrease if the value of one or more issuers in the Fund’s portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund’s portfolio decreases, the Fund’s NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, war, conflicts, including related sanctions, social unrest, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.
• COVID-19 Pandemic. The effects of COVID-19 have contributed to increased volatility in global financial markets and have affected and may continue to affect certain countries, regions, issuers, industries and market sectors more dramatically than others. These conditions and events could have a significant impact on the Fund and its investments, the Fund’s ability to meet redemption requests, and the processes and operations of the Fund’s service providers, including the Adviser.
• Armed Conflict. Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global economic environment and the markets for certain securities and commodities.
Restricted Security Transactions
Restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933, as amended. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. Lack of a secondary market and resale restrictions may result in the inability of the Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, these securities may exhibit greater price volatility than securities for which secondary markets exist.
Counterparties
Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund (“counterparty risk”). Counterparty risk may arise because of the counterparty’s financial condition
Janus Henderson Venture Fund
Notes to Financial Statements (unaudited)
(i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund’s exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.
The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund’s cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser’s analysis of a counterparty’s creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.
Securities Lending
Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments’ payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the SEC. If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.
Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05% for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.
The value of the collateral must be at least 102% of the market value of the loaned securities that are denominated in U.S. dollars and 105% of the market value of the loaned securities that are not denominated in U.S. dollars. Loaned securities and related collateral are marked-to-market each business day based upon the market value of the loaned securities at the close of business, employing the most recent available pricing information. Collateral levels are then adjusted based on this mark-to-market evaluation. Additional required collateral, or excess collateral returned, is delivered on the next business day. Therefore, the value of the collateral held may be temporarily less than 102% or 105% value of the securities on loan. The cash collateral invested by the Adviser is disclosed in the Schedule of Investments (if applicable).
Janus Henderson Venture Fund
Notes to Financial Statements (unaudited)
Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations. As of March 31, 2024, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $6,393,966. Gross amounts of recognized liabilities for securities lending (collateral received) as of March 31, 2024 is $6,617,185, resulting in the net amount due to the counterparty of $223,219.
Offsetting Assets and Liabilities
The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.
In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs OTC derivatives and forward foreign currency exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, in the event of a default and/or termination event, the Fund may offset with each counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment.
The Offsetting Assets and Liabilities tables located in the Schedule of Investments present gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the “Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of March 31, 2024” table located in the Fund’s Schedule of Investments.
The Fund generally does not exchange collateral on its forward foreign currency contracts with its counterparties; however, all liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund’s commitment with respect to these contracts. Certain securities may be segregated at the Fund’s custodian. These segregated securities are denoted on the accompanying Schedule of Investments and are evaluated daily to ensure their cover and/or market value equals or exceeds the Fund’s corresponding forward foreign currency exchange contract's obligation value.
4. Investment Advisory Agreements and Other Transactions with Affiliates
The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The Fund’s contractual investment advisory fee rate (expressed as an annual rate) is 0.64% of its average daily net assets.
The Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding any performance adjustments to the management fee, if applicable, the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.86% for at least a one-year period commencing on January 26, 2024. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.
The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (or any subadvisor, as applicable) provides to the Fund. These amounts are disclosed as “Affiliated fund administration fees” on the Statement of Operations. In addition, some expenses related to compensation payable to the
Janus Henderson Venture Fund
Notes to Financial Statements (unaudited)
Fund’s Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $222,870 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended March 31, 2024. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.
Janus Henderson Services US LLC (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.
Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.
| | |
Average Daily Net Assets of Class D Shares of the Janus Henderson funds | Administrative Services Fee |
Under $40 billion | 0.12% |
$40 billion – $49.9 billion | 0.10% |
Over $49.9 billion | 0.08% |
During the reporting period, the administrative services fee rate was 0.11%.
The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class S Shares and Class T Shares for providing or procuring administrative services to investors in Class S Shares and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class S Shares and Class T Shares.
Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.
Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.
The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.
Under distribution and shareholder servicing plans (the “Plans”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their
Janus Henderson Venture Fund
Notes to Financial Statements (unaudited)
customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations.
Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. There were no upfront sales charges retained by the Distributor during the period ended March 31, 2024.
A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the period ended March 31, 2024.
A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class C Shares during the period ended March 31, 2024.
The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of March 31, 2024 on the Statement of Assets and Liabilities in the asset, “Trustees’ deferred compensation,” and liability, “Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Total distributable earnings (loss)” on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended March 31, 2024 are included in “Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $318,650 were paid by the Trust to the Trustees under the Deferred Plan during the period ended March 31, 2024.
Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the “Investing Funds”). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the “Sweep Vehicle”) is an affiliated unregistered cash management pooled investment vehicle that invests primarily in highly-rated short-term fixed-income securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a “floating” NAV) rounded to the fourth decimal place (e.g., $1.0000). The Sweep Vehicle is permitted to impose a liquidity fee (of up to 2%) on redemptions from the Sweep Vehicle or a redemption gate that temporarily suspends redemptions from the Sweep Vehicle for up to 10 business days during a 90 day period. There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.
Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended March 31, 2024 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.
5. Federal Income Tax
Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.
Janus Henderson Venture Fund
Notes to Financial Statements (unaudited)
The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.
The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of March 31, 2024 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals and investments in partnerships.
| | | | |
Federal Tax Cost | Unrealized
Appreciation | Unrealized
(Depreciation) | Net Tax Appreciation/
(Depreciation) |
$1,937,576,179 | $1,351,279,549 | $(130,954,307) | $1,220,325,242 |
| | | |
Information on the tax components of derivatives as of March 31, 2024 is as follows:
| | | | |
Federal Tax Cost | Unrealized
Appreciation | Unrealized
(Depreciation) | Net Tax Appreciation/
(Depreciation) |
$ - | $ 2,865,157 | $ (454,158) | $ 2,410,999 |
| | | |
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Janus Henderson Venture Fund
Notes to Financial Statements (unaudited)
6. Capital Share Transactions
| | | | | | | |
| | | | | | |
| | Period ended March 31, 2024 | | Year ended September 30, 2023 |
| | Shares | Amount | | Shares | Amount |
| | | | | | |
Class A Shares: | | | | | |
Shares sold | 41,691 | $ 2,962,819 | | 77,028 | $ 5,466,572 |
Reinvested dividends and distributions | 14,759 | 1,010,689 | | 11,317 | 754,729 |
Shares repurchased | (27,888) | (2,009,086) | | (64,293) | (4,688,367) |
Net Increase/(Decrease) | 28,562 | $ 1,964,422 | | 24,052 | $ 1,532,934 |
Class C Shares: | | | | | |
Shares sold | 3,454 | $ 217,213 | | 6,155 | $ 384,701 |
Reinvested dividends and distributions | 762 | 44,572 | | 1,348 | 77,952 |
Shares repurchased | (3,523) | (219,140) | | (23,451) | (1,452,166) |
Net Increase/(Decrease) | 693 | $ 42,645 | | (15,948) | $ (989,513) |
Class D Shares: | | | | | |
Shares sold | 169,263 | $ 13,031,811 | | 330,352 | $ 25,165,166 |
Reinvested dividends and distributions | 1,094,661 | 79,122,132 | | 884,233 | 61,922,862 |
Shares repurchased | (1,075,562) | (82,299,020) | | (1,532,711) | (116,652,005) |
Net Increase/(Decrease) | 188,362 | $ 9,854,923 | | (318,126) | $(29,563,977) |
Class I Shares: | | | | | |
Shares sold | 178,351 | $ 13,780,087 | | 514,430 | $ 39,497,837 |
Reinvested dividends and distributions | 149,235 | 10,879,222 | | 138,314 | 9,762,171 |
Shares repurchased | (536,796) | (41,336,694) | | (945,596) | (73,055,915) |
Net Increase/(Decrease) | (209,210) | $(16,677,385) | | (292,852) | $(23,795,907) |
Class N Shares: | | | | | |
Shares sold | 388,360 | $ 30,112,806 | | 862,123 | $ 66,958,880 |
Reinvested dividends and distributions | 234,645 | 17,354,335 | | 197,315 | 14,106,023 |
Shares repurchased | (933,835) | (74,597,687) | | (1,487,090) | (115,279,117) |
Net Increase/(Decrease) | (310,830) | $(27,130,546) | | (427,652) | $(34,214,214) |
Class S Shares: | | | | | |
Shares sold | 29,575 | $ 2,063,168 | | 143,131 | $ 10,159,490 |
Reinvested dividends and distributions | 23,361 | 1,561,437 | | 20,414 | 1,332,618 |
Shares repurchased | (112,849) | (7,993,564) | | (199,272) | (14,125,337) |
Net Increase/(Decrease) | (59,913) | $ (4,368,959) | | (35,727) | $ (2,633,229) |
Class T Shares: | | | | | |
Shares sold | 489,481 | $ 36,540,111 | | 653,783 | $ 48,901,383 |
Reinvested dividends and distributions | 515,771 | 36,330,882 | | 427,410 | 29,239,103 |
Shares repurchased | (1,078,258) | (79,344,811) | | (1,511,907) | (111,666,148) |
Net Increase/(Decrease) | (73,006) | $ (6,473,818) | | (430,714) | $(33,525,662) |
7. Purchases and Sales of Investment Securities
For the period ended March 31, 2024, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as applicable) was as follows:
| | | | |
Purchases of
Securities | Proceeds from Sales
of Securities | Purchases of Long-
Term U.S. Government
Obligations | Proceeds from Sales
of Long-Term U.S.
Government Obligations |
$251,346,764 | $462,660,250 | $ - | $ - |
Janus Henderson Venture Fund
Notes to Financial Statements (unaudited)
8. Subsequent Event
Management has evaluated whether any events or transactions occurred subsequent to March 31, 2024 and through the date of issuance of the Fund’s financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund’s financial statements.
Janus Henderson Venture Fund
Additional Information (unaudited)
Proxy Voting Policies and Voting Record
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities is available without charge: (i) upon request, by calling 1-800-525-1093; (ii) on the Fund’s website at janushenderson.com/proxyvoting; and (iii) on the SEC’s website at http://www.sec.gov. Additionally, information regarding the Fund’s proxy voting record for the most recent twelve-month period ended June 30 is also available, free of charge, through janushenderson.com/proxyvoting and from the SEC’s website at http://www.sec.gov.
Full Holdings
The Fund files its complete portfolio holdings (schedule of investments) with the SEC as an exhibit to Form N-PORT within 60 days of the end of the first and third fiscal quarters, and in the annual report and semiannual report to shareholders. The Fund’s Form N-PORT filings and annual and semiannual reports: (i) are available on the SEC’s website at http://www.sec.gov; and (ii) are available without charge, upon request, by calling a Janus Henderson representative at 1-877-335-2687 (toll free) (or 1-800-525-3713 if you hold Class D Shares). Portfolio holdings consisting of at least the names of the holdings are generally available on a monthly basis with a 30-day lag under Full Holdings for the Fund at janushenderson.com/info (or janushenderson.com/reports if you hold Class D Shares).
APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD
The Trustees of Janus Aspen Series and Janus Investment Fund, each of whom serves as an “independent” Trustee (collectively, the “Trustees”), oversee the management of each portfolio of Janus Aspen Series (each, a “VIT Portfolio,” and collectively, the “VIT Portfolios”), as well as each fund of Janus Investment Fund (each, a “Fund,” and collectively, the “Funds” and together with the VIT Portfolios, the “Janus Henderson Funds,” and each, a “Janus Henderson Fund”). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.
In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the “Adviser”) in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analysis provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.
At meetings held on November 3, 2023 and December 14-15, 2023, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2024 through February 1, 2025, subject to earlier termination as provided for in each agreement.
In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees’ determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant’s conclusions and opinions that arose during, and were included as part of, the Trustees’ consideration of the agreements. “Management fees,” as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.
Nature, Extent and Quality of Services
The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management
Janus Henderson Venture Fund
Additional Information (unaudited)
services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.
In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.
The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract well-qualified personnel.
Performance of the Funds
The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including periodic meetings with each Janus Henderson Fund’s portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund’s performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent data provider, and with the Janus Henderson Fund’s benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2023, approximately 44% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2023, approximately 50% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds’ average 2023 performance has been reasonable, noting that: (i) for the 12 months ended September 30, 2023, approximately 43% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; (ii) for the 36 months ended September 30, 2023, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; and (iii) for the 5- and 10-year periods ended September 30, 2023, approximately 63% and 66% of the Janus Henderson Funds were in the top two quartiles of performance, respectively, as reported by Morningstar.
The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:
Asset Allocation Funds
· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12
Janus Henderson Venture Fund
Additional Information (unaudited)
months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Fixed-Income Funds
· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Developed World Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Global and International Equity Funds
· For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson European Focus Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Janus Henderson Venture Fund
Additional Information (unaudited)
· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
Money Market Funds
· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Multi-Asset Funds
· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
Janus Henderson Venture Fund
Additional Information (unaudited)
U.S. Equity Funds
· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
· For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
· For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.
· For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
· For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the evaluated performance period ended June 30, 2023. The Trustees noted that the 12- and 36-month end performance periods ended June 30, 2023 were not yet available.
Janus Henderson Venture Fund
Additional Information (unaudited)
· For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
In consideration of each Janus Henderson Fund’s performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund’s performance warranted continuation of such Janus Henderson Fund’s investment advisory agreement.
Costs of Services Provided
The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 6% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.
For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic “focus list” analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.
The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.
The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered that the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds’ other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant referenced its past analyses from 2022, which found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser charges to its institutional separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) 9 of 11 Janus Henderson Funds had lower management fees than similar funds subadvised by the Adviser. As part of their review of the 2022 independent consultant findings, the Trustees noted that for the two Janus Henderson Funds that did not have lower management fees than similar funds subadvised by the Adviser, management fees for each were under the average of its 15(c) peer group.
The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2022 (except for Janus Henderson U.S. Dividend Income Fund, for which the period end was March 31, 2023) and noted the following with
Janus Henderson Venture Fund
Additional Information (unaudited)
regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”) as reflected in the comparative information provided by Broadridge:
Asset Allocation Funds
· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
Fixed-Income Funds
· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson Developed World Bond Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson Global Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson High-Yield Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
Global and International Equity Funds
· For Janus Henderson Asia Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson Emerging Markets Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
Janus Henderson Venture Fund
Additional Information (unaudited)
· For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson Global Equity Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Global Select Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Overseas Fund, the Trustees noted that although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.
Money Market Funds
· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
Multi-Asset Funds
· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that, that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Balanced Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
U.S. Equity Funds
· For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were
Janus Henderson Venture Fund
Additional Information (unaudited)
reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Contrarian Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Forty Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Growth and Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Triton Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
· For Janus Henderson Venture Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.
Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized
Janus Henderson Venture Fund
Additional Information (unaudited)
by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees noted that the Adviser reported no changes to its allocation methodology for the 2023 15(c) process; however, at the Trustees’ request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant’s analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund’s investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.
The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser were reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund’s total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.
Economies of Scale
The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant’s 2023 report: (1) past analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 28% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have low flat-rate fees (the “Low Flat-Rate Fee Funds”) versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets.
With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2023 report that (1) 70% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Low Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.
The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.
Based on all of the information reviewed, including the recent and past research and analysis conducted by the Trustees’ independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.
Janus Henderson Venture Fund
Additional Information (unaudited)
Other Benefits to the Adviser
The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser’s ability to serve the Janus Henderson Funds.
Janus Henderson Venture Fund
Liquidity Risk Management Program (unaudited)
Liquidity Risk Management Program
Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), requires open-end funds (but not money market funds) to adopt and implement a written liquidity risk management program (the “LRMP”) that is reasonably designed to assess and manage liquidity risk, which is the risk that a fund could not meet redemption requests without significant dilution of remaining investors’ interest in the fund. The Fund has implemented a LRMP, which incorporates the following elements: (i) assessment, management, and periodic review of liquidity risk; (ii) classification of portfolio holdings; (iii) the establishment and monitoring of a highly liquid investment minimum, as applicable; (iv) a 15% limitation on a Fund’s illiquid investments; (v) redemptions in-kind; and (vi) board oversight.
The Trustees of the Fund (the “Trustees”) have designated Janus Henderson Investors US LLC, the Fund’s investment adviser (the “Adviser”), as the Program Administrator for the LRMP responsible for administering the LRMP and carrying out the specific responsibilities of the LRMP. A working group comprised of various teams within the Adviser’s business is responsible for administering the LRMP and carrying out the specific responsibilities of different aspects of the LRMP (the “Liquidity Risk Working Group”). In assessing each Fund’s liquidity risk, the Liquidity Risk Working Group periodically considers, as relevant, factors including (i) the liquidity of a Fund’s portfolio investments during normal and reasonably foreseeable stressed conditions; (ii) whether a Fund’s investment strategy is appropriate for an open-end fund; (iii) the extent to which a Fund’s strategy involves a relatively concentrated portfolio or large positions in any issuer; (iv) a Fund’s use of borrowing for investment purposes; and (v) a Fund’s use of derivatives.
The Liquidity Rule requires the Trustees to review at least annually a written report provided by the Program Administrator that addresses the operation of the LRMP and assesses its adequacy and the effectiveness of its implementation, including, if applicable, the operation of the highly liquid investment minimum, and any material changes to the LRMP (the “Program Administrator Report”). At a meeting held on March 12, 2024, the Adviser provided the Program Administrator Report to the Trustees which covered the operation of the LRMP from January 1, 2023 through December 31, 2023 (the “Reporting Period”).
The Program Administrator Report discussed the operation and effectiveness of the LRMP during the Reporting Period. Among other things, the Program Administrator Report indicated that there were no material changes to the LRMP during the Reporting Period. Additionally, the findings presented in the Program Administrator Report indicated that the LRMP operated adequately during the Reporting Period. These findings included that the Fund was able to meet redemptions during the normal course of business during the Reporting Period. The Program Administrator Report also stated that the Fund did not exceed the 15% limit on illiquid assets during the Reporting Period, that the Fund held primarily highly liquid assets, and was considered to be a primarily highly liquid fund during the Reporting Period. Also included among the Program Administrator Report’s findings was the determination that the Fund’s investment strategy remains appropriate for an open-end fund. In addition, the Adviser expressed its belief in the Program Administrator Report that the LRMP is reasonably designed and adequate to assess and manage the Fund’s liquidity risk, considering the Fund’s particular risks and circumstances, and includes policies and procedures reasonably designed to implement each required component of the Liquidity Rule.
There can be no assurance that the LRMP will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the risks to which an investment in the Fund may be subject.
Janus Henderson Venture Fund
Useful Information About Your Fund Report (unaudited)
Performance Overviews
Performance overview graphs compare the performance of a hypothetical $10,000 investment in the Fund with one or more widely used market indices. When comparing the performance of the Fund with an index, keep in mind that market indices are not available for investment and do not reflect deduction of expenses.
Average annual total returns are quoted for a Fund with more than one year of performance history. Average annual total return is calculated by taking the growth or decline in value of an investment over a period of time, including reinvestment of dividends and distributions, then calculating the annual compounded percentage rate that would have produced the same result had the rate of growth been constant throughout the period. Average annual total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Cumulative total returns are quoted for a Fund with less than one year of performance history. Cumulative total return is the growth or decline in value of an investment over time, independent of the period of time involved. Cumulative total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Pursuant to federal securities rules, expense ratios shown in the performance chart reflect subsidized (if applicable) and unsubsidized ratios. The total annual fund operating expenses ratio is gross of any fee waivers, reflecting the Fund’s unsubsidized expense ratio. The net annual fund operating expenses ratio (if applicable) includes contractual waivers of the Adviser and reflects the Fund’s subsidized expense ratio. Ratios may be higher or lower than those shown in the “Financial Highlights” in this report.
Schedule of Investments
Following the performance overview section is the Fund’s Schedule of Investments. This schedule reports the types of securities held in the Fund on the last day of the reporting period. Securities are usually listed by type (common stock, corporate bonds, U.S. Government obligations, etc.) and by industry classification (banking, communications, insurance, etc.). Holdings are subject to change without notice.
The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.
If the Fund invests in foreign securities, it will also provide a summary of investments by country. This summary reports the Fund exposure to different countries by providing the percentage of securities invested in each country. The country of each security represents the country of risk. A company may be allocated to a country based on other factors such as location of the company’s principal office, the location of the principal trading market for the company’s securities, or the country where a majority of the company’s revenues are derived. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by Bloomberg and/or MSCI Inc.
Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund’s Schedule of Investments (if applicable).
Statement of Assets and Liabilities
This statement is often referred to as the “balance sheet.” It lists the assets and liabilities of the Fund on the last day of the reporting period.
The Fund’s assets are calculated by adding the value of the securities owned, the receivable for securities sold but not yet settled, the receivable for dividends declared but not yet received on securities owned, and the receivable for Fund shares sold to investors but not yet settled. The Fund’s liabilities include payables for securities purchased but not yet settled, Fund shares redeemed but not yet paid, and expenses owed but not yet paid. Additionally, there may be other assets and liabilities such as unrealized gain or loss on forward currency contracts.
The section entitled “Net Assets Consist of” breaks down the components of the Fund’s net assets. Because the Fund must distribute substantially all earnings, you will notice that a significant portion of net assets is shareholder capital.
The last section of this statement reports the net asset value (“NAV”) per share on the last day of the reporting period. The NAV is calculated by dividing the Fund’s net assets for each share class (assets minus liabilities) by the number of shares outstanding.
Janus Henderson Venture Fund
Useful Information About Your Fund Report (unaudited)
Statement of Operations
This statement details the Fund’s income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.
The first section in this statement, entitled “Investment Income,” reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.
The next section reports the expenses incurred by the Fund, including the advisory fee paid to the investment adviser, transfer agent fees and expenses, and printing and postage for mailing statements, financial reports and prospectuses. Expense offsets and expense reimbursements, if any, are also shown.
The last section lists the amounts of realized gains or losses from investment and foreign currency transactions, and changes in unrealized appreciation or depreciation of investments and foreign currency-denominated assets and liabilities. The Fund will realize a gain (or loss) when it sells its position in a particular security. A change in unrealized gain (or loss) refers to the change in net appreciation or depreciation of the Fund during the reporting period. “Net Realized and Unrealized Gain/(Loss) on Investments” is affected both by changes in the market value of Fund holdings and by gains (or losses) realized during the reporting period.
Statements of Changes in Net Assets
These statements report the increase or decrease in the Fund’s net assets during the reporting period. Changes in the Fund’s net assets are attributable to investment operations, dividends and distributions to investors, and capital share transactions. This is important to investors because it shows exactly what caused the Fund’s net asset size to change during the period.
The first section summarizes the information from the Statement of Operations regarding changes in net assets due to the Fund’s investment operations. The Fund’s net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends and/or distributions in cash, money is taken out of the Fund to pay the dividend and/or distribution. If investors reinvest their dividends and/or distributions, the Fund’s net assets will not be affected.
The reinvestment of dividends and distributions is included under “Capital Share Transactions.” “Capital Shares” refers to the money investors contribute to the Fund through purchases or withdrawals via redemptions. The Fund’s net assets will increase and decrease in value as investors purchase and redeem shares from the Fund.
Financial Highlights
This schedule provides a per-share breakdown of the components that affect the Fund’s NAV for current and past reporting periods as well as total return, asset size, ratios, and portfolio turnover rate.
The first line in the table reflects the NAV per share at the beginning of the reporting period. The next line reports the net investment income/(loss) per share. Following is the per share total of net gains/(losses), realized and unrealized. Per share dividends and distributions to investors are then subtracted to arrive at the NAV per share at the end of the period. The next line reflects the total return for the period. The total return may include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. As a result, the total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.
The Fund’s expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.
The ratio of net investment income/(loss) summarizes the income earned less expenses, divided by the average net assets of the Fund during the reporting period. Do not confuse this ratio with the Fund’s yield. The net investment income ratio is not a true measure of the Fund’s yield because it does not take into account the dividends distributed to the Fund’s investors.
The next figure is the portfolio turnover rate, which measures the buying and selling activity in the Fund. Portfolio turnover is affected by market conditions, changes in the asset size of the Fund, fluctuating volume of shareholder purchase and redemption orders, the nature of the Fund’s investments, and the investment style and/or outlook of the portfolio manager(s) and/or investment personnel. A 100% rate implies that an amount equal to the value of the entire portfolio was replaced once during the fiscal year; a 50% rate means that an amount equal to the value of half the
Janus Henderson Venture Fund
Useful Information About Your Fund Report (unaudited)
portfolio is traded in a year; and a 200% rate means that an amount equal to the value of the entire portfolio is traded every six months.
Janus Henderson Venture Fund
Notes
NotesPage1
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This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. |
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Mutual funds distributed by Janus Henderson Distributors US LLC |
| | | | 125-24-93056 05-24 |
(b) Not applicable.
Item 2 - Code of Ethics
Not applicable to semiannual reports.
Item 3 - Audit Committee Financial Expert
Not applicable to semiannual reports.
Item 4 - Principal Accountant Fees and Services
Not applicable to semiannual reports.
Item 5 - Audit Committee of Listed Registrants
Not applicable.
Item 6 - Investments
(a) Schedule of Investments is contained in the Reports to Shareholders included under Item 1 of this Form N-CSR.
(b) Not applicable.
Item 7 - Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable to this Registrant.
Item 8 - Portfolio Managers of Closed-End Management Investment Companies
Not applicable to this Registrant.
Item 9 - Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable to this Registrant.
Item 10 - Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees.
Item 11 - Controls and Procedures
(a) The Registrant's Principal Executive Officer and Principal Financial Officer have evaluated the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) within 90 days of this filing and have concluded that the Registrant's disclosure controls and procedures were effective, as of that date.
(b) There have been no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 12 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
(a) Not applicable
(b) Not applicable.
Item 13 - Exhibits
(a) (1) Not applicable because the Registrant has posted its Code of Ethics (as defined in Item 2(b) of
Form N-CSR) on its website pursuant to paragraph (f)(2) of Item 2 of Form N-CSR.
(a) (2) Separate certifications for the Registrant's Principal Executive Officer and Principal Financial Officer, as required under Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are attached as Ex99.CERT.
(b) A certification for the Registrant's Principal Executive Officer and Principal Financial Officer, as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, is attached as Ex99.906CERT.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Janus Investment Fund
By: /s/ Michelle Rosenberg
Michelle Rosenberg, President and Chief Executive Officer of Janus Investment Fund
(Principal Executive Officer)
Date: May 30, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: /s/ Michelle Rosenberg
Michelle Rosenberg, President and Chief Executive Officer of Janus Investment Fund
(Principal Executive Officer)
Date: May 30, 2024
By: /s/ Jesper Nergaard
Jesper Nergaard, Vice President, Chief Financial Officer, Treasurer and Principal Accounting Officer of Janus Investment Fund
(Principal Accounting Officer and Principal Financial Officer)
Date: May 30, 2024
