0000906185 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010404Member 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010404Member jas:C000028734Member 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010404Member oef:RiskLoseMoneyMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010404Member jas:MarketRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010404Member jas:FixedIncomeSecuritiesRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010404Member jas:HighYieldBondRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010404Member jas:MortgageandAssetBackedSecuritiesRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010404Member jas:ForeignExposureRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010404Member jas:SovereignDebtRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010404Member jas:CreditRiskTransferSecuritiesRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010404Member jas:FloatingRateObligationsRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010404Member jas:PortfolioTurnoverRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010404Member jas:TBACommitmentsRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010404Member jas:PortfolioManagementRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010404Member jas:DerivativesRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010404Member jas:ShortExposureRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010404Member jas:Rule144ASecuritiesandOtherExemptSecuritiesRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010404Member jas:SecuritiesLendingRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010404Member jas:ESGIntegrationRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010404Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010402Member 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010402Member jas:C000028730Member 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010402Member oef:RiskLoseMoneyMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010402Member jas:MarketRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010402Member jas:EquitySecuritiesRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010402Member jas:GrowthSecuritiesRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010402Member jas:LargeSizedCompaniesRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010402Member jas:ForeignExposureRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010402Member jas:PortfolioManagementRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010402Member jas:IndustryandSectorRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010402Member jas:TechnologySectorRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010402Member jas:MidSizedCompaniesRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010402Member jas:CurrencyRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010402Member jas:ESGIntegrationRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010402Member jas:SecuritiesLendingRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010402Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000074910Member 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000074910Member jas:C000233309Member 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000074910Member oef:RiskLoseMoneyMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000074910Member jas:MarketRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000074910Member jas:IndustryandSectorRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000074910Member jas:IndustrialsSectorRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000074910Member jas:TechnologySectorRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000074910Member jas:SustainableInvestmentRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000074910Member jas:EquitySecuritiesRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000074910Member jas:LargeSizedCompaniesRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000074910Member jas:CurrencyRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000074910Member jas:ForeignExposureRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000074910Member jas:PortfolioManagementRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000074910Member jas:MidSizedCompaniesRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000074910Member jas:SmallerSizedPortfolioRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000074910Member jas:DepositaryReceiptsRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000074910Member jas:WarrantsRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000074910Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010410Member 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010410Member jas:C000028747Member 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010410Member oef:RiskLoseMoneyMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010410Member jas:MarketRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010410Member jas:ForeignExposureRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010410Member jas:CurrencyRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010410Member jas:EmergingMarketsRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010410Member jas:IndustryandSectorRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010410Member jas:PortfolioManagementRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010410Member jas:IssuerConcentrationRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010410Member us-gaap:GeographicConcentrationRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010410Member jas:EuropeanInvestmentsRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010410Member jas:MidSizedCompaniesRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010410Member jas:EquitySecuritiesRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010410Member jas:GrowthSecuritiesRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010410Member jas:ValueInvestingRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010410Member jas:DerivativesRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010410Member jas:ESGIntegrationRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010410Member jas:SecuritiesLendingRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010410Member jas:LargeSizedCompaniesRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010410Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010394Member 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010394Member jas:C000028717Member 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010394Member oef:RiskLoseMoneyMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010394Member jas:MarketRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010394Member jas:GrowthSecuritiesRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010394Member jas:EquitySecuritiesRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010394Member jas:LargeSizedCompaniesRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010394Member jas:DividendOrientedStocksRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010394Member jas:PortfolioManagementRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010394Member jas:FixedIncomeSecuritiesRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010394Member jas:HighYieldBondRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010394Member jas:MortgageandAssetBackedSecuritiesRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010394Member jas:SovereignDebtRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010394Member jas:DerivativesRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010394Member jas:FloatingRateObligationsRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010394Member jas:TBACommitmentsRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010394Member jas:ShortExposureRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010394Member jas:Rule144ASecuritiesandOtherExemptSecuritiesRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010394Member jas:ESGIntegrationRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010394Member jas:SecuritiesLendingRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010394Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010396Member 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010396Member jas:C000028721Member 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010396Member oef:RiskLoseMoneyMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010396Member jas:MarketRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010396Member jas:MidSizedCompaniesRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010396Member jas:GrowthSecuritiesRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010396Member jas:EquitySecuritiesRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010396Member jas:PortfolioManagementRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010396Member jas:IndustryandSectorRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010396Member jas:IndustrialsSectorRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010396Member jas:ForeignExposureRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010396Member jas:ESGIntegrationRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010396Member jas:SecuritiesLendingRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010396Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010406Member 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010406Member jas:C000028737Member 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010406Member oef:RiskLoseMoneyMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010406Member jas:MarketRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010406Member jas:PortfolioManagementRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010406Member jas:GrowthSecuritiesRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010406Member jas:LargeSizedCompaniesRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010406Member jas:EquitySecuritiesRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010406Member oef:RiskNondiversifiedStatusMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010406Member jas:IssuerConcentrationRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010406Member jas:IndustryandSectorRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010406Member jas:TechnologySectorRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010406Member jas:ForeignExposureRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010406Member jas:MidSizedCompaniesRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010406Member jas:SecuritiesLendingRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010406Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010395Member 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010395Member jas:C000028719Member 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010395Member oef:RiskLoseMoneyMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010395Member jas:MarketRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010395Member jas:EquitySecuritiesRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010395Member jas:GrowthSecuritiesRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010395Member jas:LargeSizedCompaniesRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010395Member oef:RiskNondiversifiedStatusMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010395Member jas:IndustryandSectorRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010395Member jas:TechnologySectorRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010395Member jas:MidSizedCompaniesRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010395Member jas:PortfolioManagementRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010395Member jas:ESGIntegrationRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010395Member jas:SecuritiesLendingRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010395Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010408Member 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010408Member jas:C000028742Member 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010408Member oef:RiskLoseMoneyMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010408Member jas:MarketRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010408Member jas:IndustryandSectorRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010408Member jas:TechnologySectorRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010408Member jas:SemiconductorIndustryRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010408Member jas:SoftwareIndustryRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010408Member jas:EquitySecuritiesRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010408Member jas:GrowthSecuritiesRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010408Member oef:RiskNondiversifiedStatusMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010408Member jas:LargeSizedCompaniesRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010408Member jas:ForeignExposureRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010408Member jas:PortfolioManagementRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010408Member jas:InitialPublicOfferingRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010408Member jas:EmergingMarketsRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010408Member jas:ESGIntegrationRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010408Member jas:SecuritiesLendingRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010408Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010397Member 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010397Member jas:C000028723Member 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010397Member oef:RiskLoseMoneyMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010397Member jas:MarketRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010397Member jas:ValueInvestingRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010397Member jas:MidSizedCompaniesRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010397Member jas:PortfolioManagementRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010397Member jas:EquitySecuritiesRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010397Member jas:REITRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010397Member jas:InitialPublicOfferingRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010397Member jas:ForeignExposureRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010397Member jas:ESGIntegrationRiskMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010397Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010404Member 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010404Member jas:C000028733Member 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010404Member oef:RiskLoseMoneyMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010404Member jas:MarketRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010404Member jas:FixedIncomeSecuritiesRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010404Member jas:HighYieldBondRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010404Member jas:MortgageandAssetBackedSecuritiesRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010404Member jas:ForeignExposureRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010404Member jas:SovereignDebtRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010404Member jas:CreditRiskTransferSecuritiesRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010404Member jas:FloatingRateObligationsRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010404Member jas:PortfolioTurnoverRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010404Member jas:TBACommitmentsRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010404Member jas:PortfolioManagementRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010404Member jas:DerivativesRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010404Member jas:ShortExposureRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010404Member jas:Rule144ASecuritiesandOtherExemptSecuritiesRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010404Member jas:SecuritiesLendingRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010404Member jas:ESGIntegrationRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010404Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010402Member 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010402Member jas:C000028728Member 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010402Member oef:RiskLoseMoneyMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010402Member jas:MarketRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010402Member jas:EquitySecuritiesRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010402Member jas:GrowthSecuritiesRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010402Member jas:LargeSizedCompaniesRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010402Member jas:ForeignExposureRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010402Member jas:PortfolioManagementRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010402Member jas:IndustryandSectorRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010402Member jas:TechnologySectorRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010402Member jas:MidSizedCompaniesRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010402Member jas:CurrencyRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010402Member jas:ESGIntegrationRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010402Member jas:SecuritiesLendingRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010402Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000074910Member 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000074910Member jas:C000233310Member 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000074910Member oef:RiskLoseMoneyMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000074910Member jas:MarketRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000074910Member jas:IndustryandSectorRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000074910Member jas:IndustrialsSectorRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000074910Member jas:TechnologySectorRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000074910Member jas:SustainableInvestmentRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000074910Member jas:EquitySecuritiesRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000074910Member jas:LargeSizedCompaniesRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000074910Member jas:CurrencyRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000074910Member jas:ForeignExposureRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000074910Member jas:PortfolioManagementRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000074910Member jas:MidSizedCompaniesRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000074910Member jas:SmallerSizedPortfolioRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000074910Member jas:DepositaryReceiptsRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000074910Member jas:WarrantsRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000074910Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010410Member 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010410Member jas:C000028745Member 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010410Member oef:RiskLoseMoneyMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010410Member jas:MarketRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010410Member jas:ForeignExposureRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010410Member jas:CurrencyRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010410Member jas:EmergingMarketsRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010410Member jas:IndustryandSectorRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010410Member jas:PortfolioManagementRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010410Member jas:IssuerConcentrationRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010410Member us-gaap:GeographicConcentrationRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010410Member jas:EuropeanInvestmentsRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010410Member jas:MidSizedCompaniesRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010410Member jas:EquitySecuritiesRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010410Member jas:GrowthSecuritiesRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010410Member jas:ValueInvestingRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010410Member jas:DerivativesRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010410Member jas:ESGIntegrationRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010410Member jas:SecuritiesLendingRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010410Member jas:LargeSizedCompaniesRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010410Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010394Member 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010394Member jas:C000028716Member 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010394Member oef:RiskLoseMoneyMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010394Member jas:MarketRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010394Member jas:GrowthSecuritiesRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010394Member jas:EquitySecuritiesRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010394Member jas:LargeSizedCompaniesRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010394Member jas:DividendOrientedStocksRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010394Member jas:PortfolioManagementRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010394Member jas:FixedIncomeSecuritiesRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010394Member jas:HighYieldBondRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010394Member jas:MortgageandAssetBackedSecuritiesRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010394Member jas:SovereignDebtRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010394Member jas:DerivativesRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010394Member jas:FloatingRateObligationsRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010394Member jas:TBACommitmentsRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010394Member jas:ShortExposureRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010394Member jas:Rule144ASecuritiesandOtherExemptSecuritiesRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010394Member jas:ESGIntegrationRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010394Member jas:SecuritiesLendingRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010394Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010396Member 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010396Member jas:C000028720Member 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010396Member oef:RiskLoseMoneyMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010396Member jas:MarketRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010396Member jas:MidSizedCompaniesRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010396Member jas:GrowthSecuritiesRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010396Member jas:EquitySecuritiesRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010396Member jas:PortfolioManagementRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010396Member jas:IndustryandSectorRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010396Member jas:IndustrialsSectorRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010396Member jas:ForeignExposureRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010396Member jas:ESGIntegrationRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010396Member jas:SecuritiesLendingRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010396Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010406Member 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010406Member jas:C000028736Member 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010406Member oef:RiskLoseMoneyMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010406Member jas:MarketRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010406Member jas:PortfolioManagementRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010406Member jas:GrowthSecuritiesRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010406Member jas:LargeSizedCompaniesRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010406Member jas:EquitySecuritiesRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010406Member oef:RiskNondiversifiedStatusMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010406Member jas:IssuerConcentrationRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010406Member jas:IndustryandSectorRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010406Member jas:TechnologySectorRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010406Member jas:ForeignExposureRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010406Member jas:MidSizedCompaniesRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010406Member jas:SecuritiesLendingRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010406Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010395Member 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010395Member jas:C000028718Member 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010395Member oef:RiskLoseMoneyMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010395Member jas:MarketRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010395Member jas:EquitySecuritiesRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010395Member jas:GrowthSecuritiesRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010395Member jas:LargeSizedCompaniesRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010395Member oef:RiskNondiversifiedStatusMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010395Member jas:IndustryandSectorRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010395Member jas:TechnologySectorRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010395Member jas:MidSizedCompaniesRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010395Member jas:PortfolioManagementRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010395Member jas:ESGIntegrationRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010395Member jas:SecuritiesLendingRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010395Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010408Member 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010408Member jas:C000028740Member 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010408Member oef:RiskLoseMoneyMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010408Member jas:MarketRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010408Member jas:IndustryandSectorRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010408Member jas:TechnologySectorRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010408Member jas:SemiconductorIndustryRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010408Member jas:SoftwareIndustryRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010408Member jas:EquitySecuritiesRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010408Member jas:GrowthSecuritiesRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010408Member oef:RiskNondiversifiedStatusMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010408Member jas:LargeSizedCompaniesRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010408Member jas:ForeignExposureRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010408Member jas:PortfolioManagementRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010408Member jas:InitialPublicOfferingRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010408Member jas:EmergingMarketsRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010408Member jas:ESGIntegrationRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010408Member jas:SecuritiesLendingRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010408Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010397Member 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010397Member jas:C000028722Member 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010397Member oef:RiskLoseMoneyMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010397Member jas:MarketRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010397Member jas:ValueInvestingRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010397Member jas:MidSizedCompaniesRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010397Member jas:PortfolioManagementRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010397Member jas:EquitySecuritiesRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010397Member jas:REITRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010397Member jas:InitialPublicOfferingRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010397Member jas:ForeignExposureRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010397Member jas:ESGIntegrationRiskMember 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010397Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-12-31 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010394Member jas:C000028717Member 2016-01-01 2016-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010394Member jas:C000028717Member 2017-01-01 2017-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010394Member jas:C000028717Member 2018-01-01 2018-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010394Member jas:C000028717Member 2019-01-01 2019-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010394Member jas:C000028717Member 2020-01-01 2020-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010394Member jas:C000028717Member 2021-01-01 2021-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010394Member jas:C000028717Member 2022-01-01 2022-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010394Member jas:C000028717Member 2023-01-01 2023-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010394Member jas:C000028717Member 2024-01-01 2024-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010394Member jas:C000028717Member 2025-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:C000028717Member 2025-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:C000028717Member 2021-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:C000028717Member 2016-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:SP500IndexMember 2025-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:SP500IndexMember 2021-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:SP500IndexMember 2016-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:BloombergUSAggregateBondIndexMember 2021-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:BloombergUSAggregateBondIndexMember 2016-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:BalancedIndexMember 2025-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:BalancedIndexMember 2021-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:BalancedIndexMember 2016-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010394Member jas:C000028716Member 2016-01-01 2016-12-31 0000906185 jas:ServiceSharesMember jas:S000010394Member jas:C000028716Member 2017-01-01 2017-12-31 0000906185 jas:ServiceSharesMember jas:S000010394Member jas:C000028716Member 2018-01-01 2018-12-31 0000906185 jas:ServiceSharesMember jas:S000010394Member jas:C000028716Member 2019-01-01 2019-12-31 0000906185 jas:ServiceSharesMember jas:S000010394Member jas:C000028716Member 2020-01-01 2020-12-31 0000906185 jas:ServiceSharesMember jas:S000010394Member jas:C000028716Member 2021-01-01 2021-12-31 0000906185 jas:ServiceSharesMember jas:S000010394Member jas:C000028716Member 2022-01-01 2022-12-31 0000906185 jas:ServiceSharesMember jas:S000010394Member jas:C000028716Member 2023-01-01 2023-12-31 0000906185 jas:ServiceSharesMember jas:S000010394Member jas:C000028716Member 2024-01-01 2024-12-31 0000906185 jas:ServiceSharesMember jas:S000010394Member jas:C000028716Member 2025-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:C000028716Member 2025-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:C000028716Member 2021-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:C000028716Member 2016-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:SP500IndexMember 2025-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:SP500IndexMember 2021-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:SP500IndexMember 2016-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:BloombergUSAggregateBondIndexMember 2021-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:BloombergUSAggregateBondIndexMember 2016-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:BalancedIndexMember 2025-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:BalancedIndexMember 2021-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:BalancedIndexMember 2016-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010396Member jas:C000028721Member 2016-01-01 2016-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010396Member jas:C000028721Member 2017-01-01 2017-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010396Member jas:C000028721Member 2018-01-01 2018-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010396Member jas:C000028721Member 2019-01-01 2019-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010396Member jas:C000028721Member 2020-01-01 2020-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010396Member jas:C000028721Member 2021-01-01 2021-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010396Member jas:C000028721Member 2022-01-01 2022-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010396Member jas:C000028721Member 2023-01-01 2023-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010396Member jas:C000028721Member 2024-01-01 2024-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010396Member jas:C000028721Member 2025-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:C000028721Member 2025-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:C000028721Member 2021-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:C000028721Member 2016-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:Russell3000IndexMember 2025-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:Russell3000IndexMember 2021-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:Russell3000IndexMember 2016-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:RussellMidcapGrowthIndexMember 2025-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:RussellMidcapGrowthIndexMember 2021-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:RussellMidcapGrowthIndexMember 2016-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010396Member jas:C000028720Member 2016-01-01 2016-12-31 0000906185 jas:ServiceSharesMember jas:S000010396Member jas:C000028720Member 2017-01-01 2017-12-31 0000906185 jas:ServiceSharesMember jas:S000010396Member jas:C000028720Member 2018-01-01 2018-12-31 0000906185 jas:ServiceSharesMember jas:S000010396Member jas:C000028720Member 2019-01-01 2019-12-31 0000906185 jas:ServiceSharesMember jas:S000010396Member jas:C000028720Member 2020-01-01 2020-12-31 0000906185 jas:ServiceSharesMember jas:S000010396Member jas:C000028720Member 2021-01-01 2021-12-31 0000906185 jas:ServiceSharesMember jas:S000010396Member jas:C000028720Member 2022-01-01 2022-12-31 0000906185 jas:ServiceSharesMember jas:S000010396Member jas:C000028720Member 2023-01-01 2023-12-31 0000906185 jas:ServiceSharesMember jas:S000010396Member jas:C000028720Member 2024-01-01 2024-12-31 0000906185 jas:ServiceSharesMember jas:S000010396Member jas:C000028720Member 2025-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:C000028720Member 2025-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:C000028720Member 2021-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:C000028720Member 2016-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:Russell3000IndexMember 2025-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:Russell3000IndexMember 2021-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:Russell3000IndexMember 2016-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:RussellMidcapGrowthIndexMember 2025-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:RussellMidcapGrowthIndexMember 2021-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:RussellMidcapGrowthIndexMember 2016-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000074910Member jas:C000233309Member 2023-01-01 2023-12-31 0000906185 jas:InstitutionalSharesMember jas:S000074910Member jas:C000233309Member 2024-01-01 2024-12-31 0000906185 jas:InstitutionalSharesMember jas:S000074910Member jas:C000233309Member 2025-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:C000233309Member 2025-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:C000233309Member 2022-01-26 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:MSCIWorldIndexSMMember 2025-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:MSCIWorldIndexSMMember 2022-01-26 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000074910Member jas:C000233310Member 2023-01-01 2023-12-31 0000906185 jas:ServiceSharesMember jas:S000074910Member jas:C000233310Member 2024-01-01 2024-12-31 0000906185 jas:ServiceSharesMember jas:S000074910Member jas:C000233310Member 2025-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:C000233310Member 2025-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:C000233310Member 2022-01-26 2025-12-31 0000906185 jas:ServiceSharesMember jas:MSCIWorldIndexSMMember 2025-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:MSCIWorldIndexSMMember 2022-01-26 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010410Member jas:C000028747Member 2016-01-01 2016-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010410Member jas:C000028747Member 2017-01-01 2017-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010410Member jas:C000028747Member 2018-01-01 2018-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010410Member jas:C000028747Member 2019-01-01 2019-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010410Member jas:C000028747Member 2020-01-01 2020-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010410Member jas:C000028747Member 2021-01-01 2021-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010410Member jas:C000028747Member 2022-01-01 2022-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010410Member jas:C000028747Member 2023-01-01 2023-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010410Member jas:C000028747Member 2024-01-01 2024-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010410Member jas:C000028747Member 2025-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:C000028747Member 2025-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:C000028747Member 2021-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:C000028747Member 2016-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:MSCIAllCountryWorldexUSAIndexSMMember 2025-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:MSCIAllCountryWorldexUSAIndexSMMember 2021-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:MSCIAllCountryWorldexUSAIndexSMMember 2016-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010410Member jas:C000028745Member 2016-01-01 2016-12-31 0000906185 jas:ServiceSharesMember jas:S000010410Member jas:C000028745Member 2017-01-01 2017-12-31 0000906185 jas:ServiceSharesMember jas:S000010410Member jas:C000028745Member 2018-01-01 2018-12-31 0000906185 jas:ServiceSharesMember jas:S000010410Member jas:C000028745Member 2019-01-01 2019-12-31 0000906185 jas:ServiceSharesMember jas:S000010410Member jas:C000028745Member 2020-01-01 2020-12-31 0000906185 jas:ServiceSharesMember jas:S000010410Member jas:C000028745Member 2021-01-01 2021-12-31 0000906185 jas:ServiceSharesMember jas:S000010410Member jas:C000028745Member 2022-01-01 2022-12-31 0000906185 jas:ServiceSharesMember jas:S000010410Member jas:C000028745Member 2023-01-01 2023-12-31 0000906185 jas:ServiceSharesMember jas:S000010410Member jas:C000028745Member 2024-01-01 2024-12-31 0000906185 jas:ServiceSharesMember jas:S000010410Member jas:C000028745Member 2025-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:C000028745Member 2025-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:C000028745Member 2021-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:C000028745Member 2016-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:MSCIAllCountryWorldexUSAIndexSMMember 2025-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:MSCIAllCountryWorldexUSAIndexSMMember 2021-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:MSCIAllCountryWorldexUSAIndexSMMember 2016-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010408Member jas:C000028742Member 2016-01-01 2016-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010408Member jas:C000028742Member 2017-01-01 2017-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010408Member jas:C000028742Member 2018-01-01 2018-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010408Member jas:C000028742Member 2019-01-01 2019-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010408Member jas:C000028742Member 2020-01-01 2020-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010408Member jas:C000028742Member 2021-01-01 2021-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010408Member jas:C000028742Member 2022-01-01 2022-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010408Member jas:C000028742Member 2023-01-01 2023-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010408Member jas:C000028742Member 2024-01-01 2024-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010408Member jas:C000028742Member 2025-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:C000028742Member 2025-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:C000028742Member 2021-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:C000028742Member 2016-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:MSCIAllCountryWorldInformationTechnologyIndexMember 2025-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:MSCIAllCountryWorldInformationTechnologyIndexMember 2021-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:MSCIAllCountryWorldInformationTechnologyIndexMember 2016-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010408Member jas:C000028740Member 2016-01-01 2016-12-31 0000906185 jas:ServiceSharesMember jas:S000010408Member jas:C000028740Member 2017-01-01 2017-12-31 0000906185 jas:ServiceSharesMember jas:S000010408Member jas:C000028740Member 2018-01-01 2018-12-31 0000906185 jas:ServiceSharesMember jas:S000010408Member jas:C000028740Member 2019-01-01 2019-12-31 0000906185 jas:ServiceSharesMember jas:S000010408Member jas:C000028740Member 2020-01-01 2020-12-31 0000906185 jas:ServiceSharesMember jas:S000010408Member jas:C000028740Member 2021-01-01 2021-12-31 0000906185 jas:ServiceSharesMember jas:S000010408Member jas:C000028740Member 2022-01-01 2022-12-31 0000906185 jas:ServiceSharesMember jas:S000010408Member jas:C000028740Member 2023-01-01 2023-12-31 0000906185 jas:ServiceSharesMember jas:S000010408Member jas:C000028740Member 2024-01-01 2024-12-31 0000906185 jas:ServiceSharesMember jas:S000010408Member jas:C000028740Member 2025-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:C000028740Member 2025-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:C000028740Member 2021-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:C000028740Member 2016-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:MSCIAllCountryWorldInformationTechnologyIndexMember 2025-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:MSCIAllCountryWorldInformationTechnologyIndexMember 2021-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:MSCIAllCountryWorldInformationTechnologyIndexMember 2016-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010406Member jas:C000028737Member 2016-01-01 2016-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010406Member jas:C000028737Member 2017-01-01 2017-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010406Member jas:C000028737Member 2018-01-01 2018-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010406Member jas:C000028737Member 2019-01-01 2019-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010406Member jas:C000028737Member 2020-01-01 2020-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010406Member jas:C000028737Member 2021-01-01 2021-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010406Member jas:C000028737Member 2022-01-01 2022-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010406Member jas:C000028737Member 2023-01-01 2023-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010406Member jas:C000028737Member 2024-01-01 2024-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010406Member jas:C000028737Member 2025-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:C000028737Member 2025-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:C000028737Member 2021-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:C000028737Member 2016-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:Russell1000IndexMember 2025-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:Russell1000IndexMember 2021-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:Russell1000IndexMember 2016-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:Russell1000GrowthIndexMember 2025-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:Russell1000GrowthIndexMember 2021-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:Russell1000GrowthIndexMember 2016-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010406Member jas:C000028736Member 2016-01-01 2016-12-31 0000906185 jas:ServiceSharesMember jas:S000010406Member jas:C000028736Member 2017-01-01 2017-12-31 0000906185 jas:ServiceSharesMember jas:S000010406Member jas:C000028736Member 2018-01-01 2018-12-31 0000906185 jas:ServiceSharesMember jas:S000010406Member jas:C000028736Member 2019-01-01 2019-12-31 0000906185 jas:ServiceSharesMember jas:S000010406Member jas:C000028736Member 2020-01-01 2020-12-31 0000906185 jas:ServiceSharesMember jas:S000010406Member jas:C000028736Member 2021-01-01 2021-12-31 0000906185 jas:ServiceSharesMember jas:S000010406Member jas:C000028736Member 2022-01-01 2022-12-31 0000906185 jas:ServiceSharesMember jas:S000010406Member jas:C000028736Member 2023-01-01 2023-12-31 0000906185 jas:ServiceSharesMember jas:S000010406Member jas:C000028736Member 2024-01-01 2024-12-31 0000906185 jas:ServiceSharesMember jas:S000010406Member jas:C000028736Member 2025-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:C000028736Member 2025-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:C000028736Member 2021-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:C000028736Member 2016-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:Russell1000IndexMember 2025-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:Russell1000IndexMember 2021-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:Russell1000IndexMember 2016-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:Russell1000GrowthIndexMember 2025-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:Russell1000GrowthIndexMember 2021-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:Russell1000GrowthIndexMember 2016-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010404Member jas:C000028734Member 2016-01-01 2016-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010404Member jas:C000028734Member 2017-01-01 2017-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010404Member jas:C000028734Member 2018-01-01 2018-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010404Member jas:C000028734Member 2019-01-01 2019-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010404Member jas:C000028734Member 2020-01-01 2020-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010404Member jas:C000028734Member 2021-01-01 2021-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010404Member jas:C000028734Member 2022-01-01 2022-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010404Member jas:C000028734Member 2023-01-01 2023-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010404Member jas:C000028734Member 2024-01-01 2024-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010404Member jas:C000028734Member 2025-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:C000028734Member 2025-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:C000028734Member 2021-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:C000028734Member 2016-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010404Member jas:C000028733Member 2016-01-01 2016-12-31 0000906185 jas:ServiceSharesMember jas:S000010404Member jas:C000028733Member 2017-01-01 2017-12-31 0000906185 jas:ServiceSharesMember jas:S000010404Member jas:C000028733Member 2018-01-01 2018-12-31 0000906185 jas:ServiceSharesMember jas:S000010404Member jas:C000028733Member 2019-01-01 2019-12-31 0000906185 jas:ServiceSharesMember jas:S000010404Member jas:C000028733Member 2020-01-01 2020-12-31 0000906185 jas:ServiceSharesMember jas:S000010404Member jas:C000028733Member 2021-01-01 2021-12-31 0000906185 jas:ServiceSharesMember jas:S000010404Member jas:C000028733Member 2022-01-01 2022-12-31 0000906185 jas:ServiceSharesMember jas:S000010404Member jas:C000028733Member 2023-01-01 2023-12-31 0000906185 jas:ServiceSharesMember jas:S000010404Member jas:C000028733Member 2024-01-01 2024-12-31 0000906185 jas:ServiceSharesMember jas:S000010404Member jas:C000028733Member 2025-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:C000028733Member 2025-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:C000028733Member 2021-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:C000028733Member 2016-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010402Member jas:C000028730Member 2016-01-01 2016-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010402Member jas:C000028730Member 2017-01-01 2017-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010402Member jas:C000028730Member 2018-01-01 2018-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010402Member jas:C000028730Member 2019-01-01 2019-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010402Member jas:C000028730Member 2020-01-01 2020-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010402Member jas:C000028730Member 2021-01-01 2021-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010402Member jas:C000028730Member 2022-01-01 2022-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010402Member jas:C000028730Member 2023-01-01 2023-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010402Member jas:C000028730Member 2024-01-01 2024-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010402Member jas:C000028730Member 2025-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:C000028730Member 2025-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:C000028730Member 2021-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:C000028730Member 2016-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:MSCIWorldIndexSMMember 2021-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:MSCIWorldIndexSMMember 2016-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:MSCIAllCountryWorldIndexSMMember 2025-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:MSCIAllCountryWorldIndexSMMember 2021-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:MSCIAllCountryWorldIndexSMMember 2016-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010402Member jas:C000028728Member 2016-01-01 2016-12-31 0000906185 jas:ServiceSharesMember jas:S000010402Member jas:C000028728Member 2017-01-01 2017-12-31 0000906185 jas:ServiceSharesMember jas:S000010402Member jas:C000028728Member 2018-01-01 2018-12-31 0000906185 jas:ServiceSharesMember jas:S000010402Member jas:C000028728Member 2019-01-01 2019-12-31 0000906185 jas:ServiceSharesMember jas:S000010402Member jas:C000028728Member 2020-01-01 2020-12-31 0000906185 jas:ServiceSharesMember jas:S000010402Member jas:C000028728Member 2021-01-01 2021-12-31 0000906185 jas:ServiceSharesMember jas:S000010402Member jas:C000028728Member 2022-01-01 2022-12-31 0000906185 jas:ServiceSharesMember jas:S000010402Member jas:C000028728Member 2023-01-01 2023-12-31 0000906185 jas:ServiceSharesMember jas:S000010402Member jas:C000028728Member 2024-01-01 2024-12-31 0000906185 jas:ServiceSharesMember jas:S000010402Member jas:C000028728Member 2025-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:C000028728Member 2025-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:C000028728Member 2021-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:C000028728Member 2016-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:MSCIWorldIndexSMMember 2021-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:MSCIWorldIndexSMMember 2016-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:MSCIAllCountryWorldIndexSMMember 2025-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:MSCIAllCountryWorldIndexSMMember 2021-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:MSCIAllCountryWorldIndexSMMember 2016-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010395Member jas:C000028719Member 2016-01-01 2016-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010395Member jas:C000028719Member 2017-01-01 2017-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010395Member jas:C000028719Member 2018-01-01 2018-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010395Member jas:C000028719Member 2019-01-01 2019-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010395Member jas:C000028719Member 2020-01-01 2020-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010395Member jas:C000028719Member 2021-01-01 2021-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010395Member jas:C000028719Member 2022-01-01 2022-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010395Member jas:C000028719Member 2023-01-01 2023-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010395Member jas:C000028719Member 2024-01-01 2024-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010395Member jas:C000028719Member 2025-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:C000028719Member 2025-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:C000028719Member 2021-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:C000028719Member 2016-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010395Member jas:C000028718Member 2016-01-01 2016-12-31 0000906185 jas:ServiceSharesMember jas:S000010395Member jas:C000028718Member 2017-01-01 2017-12-31 0000906185 jas:ServiceSharesMember jas:S000010395Member jas:C000028718Member 2018-01-01 2018-12-31 0000906185 jas:ServiceSharesMember jas:S000010395Member jas:C000028718Member 2019-01-01 2019-12-31 0000906185 jas:ServiceSharesMember jas:S000010395Member jas:C000028718Member 2020-01-01 2020-12-31 0000906185 jas:ServiceSharesMember jas:S000010395Member jas:C000028718Member 2021-01-01 2021-12-31 0000906185 jas:ServiceSharesMember jas:S000010395Member jas:C000028718Member 2022-01-01 2022-12-31 0000906185 jas:ServiceSharesMember jas:S000010395Member jas:C000028718Member 2023-01-01 2023-12-31 0000906185 jas:ServiceSharesMember jas:S000010395Member jas:C000028718Member 2024-01-01 2024-12-31 0000906185 jas:ServiceSharesMember jas:S000010395Member jas:C000028718Member 2025-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:C000028718Member 2025-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:C000028718Member 2021-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:C000028718Member 2016-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010397Member jas:C000028723Member 2016-01-01 2016-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010397Member jas:C000028723Member 2017-01-01 2017-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010397Member jas:C000028723Member 2018-01-01 2018-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010397Member jas:C000028723Member 2019-01-01 2019-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010397Member jas:C000028723Member 2020-01-01 2020-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010397Member jas:C000028723Member 2021-01-01 2021-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010397Member jas:C000028723Member 2022-01-01 2022-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010397Member jas:C000028723Member 2023-01-01 2023-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010397Member jas:C000028723Member 2024-01-01 2024-12-31 0000906185 jas:InstitutionalSharesMember jas:S000010397Member jas:C000028723Member 2025-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:C000028723Member 2025-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:C000028723Member 2021-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:C000028723Member 2016-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:RussellMidcapValueIndexMember 2025-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:RussellMidcapValueIndexMember 2021-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:RussellMidcapValueIndexMember 2016-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:S000010397Member jas:C000028722Member 2016-01-01 2016-12-31 0000906185 jas:ServiceSharesMember jas:S000010397Member jas:C000028722Member 2017-01-01 2017-12-31 0000906185 jas:ServiceSharesMember jas:S000010397Member jas:C000028722Member 2018-01-01 2018-12-31 0000906185 jas:ServiceSharesMember jas:S000010397Member jas:C000028722Member 2019-01-01 2019-12-31 0000906185 jas:ServiceSharesMember jas:S000010397Member jas:C000028722Member 2020-01-01 2020-12-31 0000906185 jas:ServiceSharesMember jas:S000010397Member jas:C000028722Member 2021-01-01 2021-12-31 0000906185 jas:ServiceSharesMember jas:S000010397Member jas:C000028722Member 2022-01-01 2022-12-31 0000906185 jas:ServiceSharesMember jas:S000010397Member jas:C000028722Member 2023-01-01 2023-12-31 0000906185 jas:ServiceSharesMember jas:S000010397Member jas:C000028722Member 2024-01-01 2024-12-31 0000906185 jas:ServiceSharesMember jas:S000010397Member jas:C000028722Member 2025-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:C000028722Member 2025-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:C000028722Member 2021-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:C000028722Member 2016-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:RussellMidcapValueIndexMember 2025-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:RussellMidcapValueIndexMember 2021-01-01 2025-12-31 0000906185 jas:ServiceSharesMember jas:RussellMidcapValueIndexMember 2016-01-01 2025-12-31 0000906185 jas:InstitutionalSharesMember jas:C000233309Member 2025-12-31 2025-12-31 0000906185 jas:ServiceSharesMember jas:C000233310Member 2025-12-31 2025-12-31 pure iso4217:USD ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) Annual Total Returns for Institutional Shares (calendar year-end) Average Annual Total Returns (periods ended 12/31/25) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) Annual Total Returns for Service Shares (calendar year-end) Average Annual Total Returns (periods ended 12/31/25) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) Annual Total Returns for Institutional Shares (calendar year-end) Average Annual Total Returns (periods ended 12/31/25) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) Annual Total Returns for Service Shares (calendar year-end) Average Annual Total Returns (periods ended 12/31/25) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) Annual Total Returns for Institutional Shares (calendar year-end) Average Annual Total Returns (periods ended 12/31/25) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) Annual Total Returns for Service Shares (calendar year-end) Average Annual Total Returns (periods ended 12/31/25) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) Annual Total Returns for Institutional Shares (calendar year-end) Average Annual Total Returns (periods ended 12/31/25) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) Annual Total Returns for Service Shares (calendar year-end) Average Annual Total Returns (periods ended 12/31/25) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) Annual Total Returns for Institutional Shares (calendar year-end) Average Annual Total Returns (periods ended 12/31/25) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) Annual Total Returns for Service Shares (calendar year-end) Average Annual Total Returns (periods ended 12/31/25) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) Annual Total Returns for Institutional Shares (calendar year-end) Average Annual Total Returns (periods ended 12/31/25) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) Annual Total Returns for Service Shares (calendar year-end) Average Annual Total Returns (periods ended 12/31/25) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) Annual Total Returns for Institutional Shares (calendar year-end) Average Annual Total Returns (periods ended 12/31/25) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) Annual Total Returns for Service Shares (calendar year-end) Average Annual Total Returns (periods ended 12/31/25) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) Annual Total Returns for Institutional Shares (calendar year-end) Average Annual Total Returns (periods ended 12/31/25) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) Annual Total Returns for Service Shares (calendar year-end) Average Annual Total Returns (periods ended 12/31/25) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) Annual Total Returns for Institutional Shares (calendar year-end) Average Annual Total Returns (periods ended 12/31/25) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) Annual Total Returns for Service Shares (calendar year-end) Average Annual Total Returns (periods ended 12/31/25) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) Annual Total Returns for Institutional Shares (calendar year-end) Average Annual Total Returns (periods ended 12/31/25) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) Annual Total Returns for Service Shares (calendar year-end) Average Annual Total Returns (periods ended 12/31/25) 2025-12-31 0000906185 false 485BPOS Best Quarter 2020-06-30 Worst Quarter 2022-06-30 Best Quarter 2020-06-30 Worst Quarter 2022-06-30 Best Quarter 2020-06-30 Worst Quarter 2020-03-31 Best Quarter 2020-06-30 Worst Quarter 2020-03-31 Best Quarter 2025-06-30 Worst Quarter 2023-09-30 2022-01-26 Best Quarter 2025-06-30 Worst Quarter 2023-09-30 2022-01-26 Best Quarter 2020-12-31 Worst Quarter 2020-03-31 Best Quarter 2020-12-31 Worst Quarter 2020-03-31 Best Quarter 2020-06-30 Worst Quarter 2022-06-30 Best Quarter 2020-06-30 Worst Quarter 2022-06-30 Best Quarter 2020-06-30 Worst Quarter 2022-06-30 Best Quarter 2020-06-30 Worst Quarter 2022-06-30 Best Quarter 2023-12-31 Worst Quarter 2022-03-31 Best Quarter 2023-12-31 Worst Quarter 2022-03-31 Best Quarter 2020-06-30 Worst Quarter 2020-03-31 Best Quarter 2020-06-30 Worst Quarter 2020-03-31 Best Quarter 2020-06-30 Worst Quarter 2022-06-30 Best Quarter 2020-06-30 Worst Quarter 2022-06-30 Best Quarter 2020-12-31 Worst Quarter 2020-03-31 Best Quarter 2020-12-31 Worst Quarter 2020-03-31 0.0055 0.0007 0.0062 0.0460 0.1843 0.0068 0.2259 0.1431 0.1720 -0.1640 0.1541 0.1543 0.1511 0.1292 -0.1158 0.1511 0.0848 0.1014 0.1788 0.1442 0.1482 0.0730 -0.0036 0.0201 0.1370 0.0795 0.0925 0.0055 0.0025 0.0007 0.0087 0.0432 0.1813 0.0043 0.2227 0.1403 0.1691 -0.1662 0.1513 0.1515 0.1482 0.1285 -0.1163 0.1482 0.0821 0.0986 0.1788 0.1442 0.1482 0.0730 -0.0036 0.0201 0.1370 0.0795 0.0925 0.0064 0.0008 0.0072 0.1236 0.2742 -0.0041 0.3548 0.1947 0.1683 -0.1594 0.1807 0.1561 0.0767 0.2310 -0.2439 0.0767 0.0762 0.1279 0.1715 0.1315 0.1429 0.0866 0.0665 0.1249 0.0064 0.0025 0.0008 0.0097 0.1210 0.2709 -0.0066 0.3516 0.1918 0.1654 -0.1615 0.1778 0.1532 0.0741 0.2304 -0.2443 0.0741 0.0735 0.1251 0.1715 0.1315 0.1429 0.0866 0.0665 0.1249 0.0075 0.0141 0.0216 -0.0142 0.0074 0.2332 0.1106 0.1746 0.1388 -0.0733 0.1746 0.0846 0.2109 0.1232 0.0075 0.0025 0.0150 0.0250 -0.0151 0.0099 0.2324 0.1101 0.1726 0.1387 -0.0742 0.1726 0.0839 0.2109 0.1232 0.0061 0.0011 0.0072 -0.0645 0.3112 -0.1494 0.2702 0.1630 0.1358 -0.0860 0.1087 0.0584 0.2887 0.2118 -0.2490 0.2887 0.0944 0.0924 0.3239 0.0791 0.0841 0.0061 0.0025 0.0010 0.0096 -0.0671 0.3080 -0.1514 0.2671 0.1602 0.1329 -0.0884 0.1058 0.0558 0.2858 0.2110 -0.2495 0.2858 0.0917 0.0897 0.3239 0.0791 0.0841 0.0064 0.0009 0.0073 0.1421 0.4509 0.0119 0.4517 0.5120 0.1801 -0.3695 0.5455 0.3210 0.2515 0.3303 -0.2599 0.2515 0.1371 0.2148 0.1788 0.1442 0.1482 0.2637 0.1713 0.2159 0.0064 0.0025 0.0008 0.0097 0.1385 0.4491 0.0091 0.4482 0.5073 0.1775 -0.3712 0.5427 0.3176 0.2484 0.3298 -0.2602 0.2484 0.1344 0.2118 0.1788 0.1442 0.1482 0.2637 0.1713 0.2159 0.0054 0.0008 0.0062 0.0220 0.3031 0.0198 0.3716 0.3940 0.2290 -0.3355 0.3996 0.2847 0.1814 0.2677 -0.2547 0.1814 0.1165 0.1624 0.1737 0.1359 0.1459 0.1856 0.1532 0.1813 0.1788 0.1442 0.1482 0.0054 0.0025 0.0008 0.0087 0.0194 0.2999 0.0172 0.3685 0.3903 0.2260 -0.3373 0.3965 0.2814 0.1786 0.2670 -0.2553 0.1786 0.1137 0.1596 0.1737 0.1359 0.1459 0.1856 0.1532 0.1813 0.1788 0.1442 0.1482 0.0050 0.0014 0.0064 -0.0007 0.0057 0.0246 0.0362 -0.0100 0.0957 0.1048 -0.0090 -0.1366 0.0550 0.0196 0.0740 0.0712 -0.0622 0.0740 -0.0023 0.0232 0.0730 -0.0036 0.0201 0.0050 0.0025 0.0014 0.0089 -0.0007 0.0082 0.0222 0.0335 -0.0129 0.0928 0.1025 -0.0111 -0.1390 0.0529 0.0163 0.0722 0.0708 -0.0625 0.0722 -0.0047 0.0207 0.0730 -0.0036 0.0201 0.0072 0.0010 0.0082 0.0207 0.2703 -0.0687 0.2904 0.2006 0.1809 -0.1941 0.2678 0.2358 0.2092 0.2143 -0.2069 0.2092 0.1251 0.1293 0.2109 0.1215 0.1217 0.2234 0.1119 0.1172 0.0072 0.0025 0.0010 0.0107 0.0182 0.2668 -0.0708 0.2871 0.1976 0.1780 -0.1961 0.2647 0.2327 0.2060 0.2134 -0.2073 0.2060 0.1223 0.1264 0.2109 0.1215 0.1217 0.2234 0.1119 0.1172 0.0073 0.0009 0.0082 0.0050 0.2788 -0.0258 0.3552 0.3295 0.2033 -0.2989 0.4317 0.3531 0.1839 0.2672 -0.2228 0.1839 0.1411 0.1588 0.1737 0.1359 0.1459 0.1856 0.1532 0.1813 0.1788 0.1442 0.1482 0.0073 0.0025 0.0009 0.0107 0.0027 0.2755 -0.0284 0.3522 0.3258 0.2005 -0.3006 0.4281 0.3496 0.1810 0.2663 -0.2232 0.1810 0.1383 0.1559 0.1737 0.1359 0.1459 0.1856 0.1532 0.1813 0.1788 0.1442 0.1482 0.0065 0.0021 0.0086 -0.0003 0.0083 0.1903 0.1394 -0.1363 0.3035 -0.0092 0.1973 -0.0556 0.1140 0.1311 0.0650 0.1829 -0.2911 0.0650 0.0869 0.0866 0.1715 0.1315 0.1429 0.1105 0.0983 0.0978 0.0065 0.0025 0.0021 0.0111 -0.0003 0.0108 0.1876 0.1363 -0.1382 0.3005 -0.0121 0.1942 -0.0577 0.1111 0.1280 0.0629 0.1815 -0.2916 0.0629 0.0843 0.0840 0.1715 0.1315 0.1429 0.1105 0.0983 0.0978 N-1A JANUS ASPEN SERIES 2026-04-30 Janus Henderson Flexible Bond Portfolio Investment Objective Janus Henderson Flexible Bond Portfolio (“Flexible Bond Portfolio”) seeks to obtain maximum total return, consistent with preservation of capital. Fees and Expenses of the Portfolio This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Portfolio. Owners of variable insurance contracts that invest in the Shares should refer to the variable insurance contract prospectus for a description of fees and expenses, as the following table and examples do not reflect deductions at the separate account level or contract level for any charges that may be incurred under a contract. Inclusion of these charges would increase the fees and expenses described below. The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse Portfolio expenses to the extent that the Portfolio’s total annual fund operating expenses (excluding shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.52%. In addition, the Adviser has contractually agreed to waive and/or reimburse a portion of the Portfolio’s management fee in an amount equal to the management fee it earns as an investment adviser to any affiliated exchange-traded funds (“ETFs”) in which the Portfolio invests, less certain operating expenses. The contractual waivers will remain in effect for at least a one-year period commencing on April 30, 2026. These contractual waivers may be terminated or modified only at the discretion of the Board of Trustees. EXAMPLE: The Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses are equal to the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the first year and the Total Annual Fund Operating Expenses thereafter. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 58 198 350 792 Portfolio Turnover: The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover rate was 177% of the average value of its portfolio. 1.77 Principal investment strategies The Portfolio pursues its investment objective by primarily investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in bonds. Bonds include, but are not limited to, government notes and bonds, corporate bonds, commercial and residential mortgage-backed securities, asset-backed securities, credit risk transfer securities (“CRTs”), and money market instruments. The Portfolio may invest in fixed and floating rate obligations with varying durations. The Portfolio’s average portfolio duration typically ranges between three and seven years. As of December 31, 2025, the Portfolio’s average portfolio duration was 5.88 years. The Portfolio will invest at least 65% of its net assets in investment grade debt securities. The Portfolio will limit its investment in high-yield bonds (also known as “junk” bonds) to 35% or less of its net assets. The Portfolio generates total return from a combination of current income and capital appreciation, but income is usually the dominant portion. The Portfolio may enter into “to be announced” or “TBA” commitments when purchasing mortgage-backed securities or other securities. The Portfolio also invests in securities that have contractual restrictions that prohibit or limit their public resale, which may include Rule 144A securities. The Portfolio may also invest in foreign securities. Due to the nature of the securities in which the Portfolio invests, it may have relatively high portfolio turnover compared to other portfolios. Additionally, the Portfolio may invest its assets in derivatives. Derivative instruments have a value derived from, or directly linked to, an underlying asset, such as fixed-income securities, commodities, currencies, interest rates, or market indices. In particular, the Portfolio may use futures, including Treasury bond futures, to manage interest rate risk, yield curve positioning, and country exposure. The Portfolio may also use index credit default swaps for hedging purposes (to offset risks associated with an investment exposure, or market conditions), to increase or decrease the Portfolio’s exposure to a particular market, to manage or adjust the risk profile of the Portfolio relative to its benchmark index, and to earn income, enhance returns, or preserve capital. The Portfolio’s exposure to derivatives will vary. For purposes of meeting its 80% investment policy, the Portfolio may include derivatives that have characteristics similar to the securities in which the Portfolio may directly invest. The Portfolio may take short positions on derivatives instruments. Portfolio management’s investment process is research-driven, incorporating “top-down” and “bottom-up” factors to identify and manage exposure to risks across sectors, industries, and individual investments. Portfolio management evaluates expected risk-adjusted returns on a portfolio and position level by analyzing fundamentals, valuations, and market technical indicators. This research encompasses both traditional fundamental analysis and data driven quantitative models and signals from such models.As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers. ESG Factors are one of many considerations in the investment decision-making process, may not be determinative in deciding to include or exclude an investment from the portfolio, and may not be considered for every investment decision.The Portfolio may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions in an amount equal to up to one-third of its total assets as determined at the time of the loan origination. The biggest risk is that the Portfolio’s returns and yields will vary, and you could lose money. Market Risk. The value of the Portfolio’s holdings may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Portfolio’s net asset value may fluctuate and it may be more difficult to value or sell the Portfolio’s holdings. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as financial institution failures, economic recessions, tariffs, trade disputes, terrorism, war, armed conflicts, including related sanctions, social unrest, natural disasters, and epidemics and pandemics) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money. Fixed-Income Securities Risk. Fixed-income securities are generally subject to the following risks: •Interest rate risk, which is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. Changing interest rates have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. •Credit risk, which is the risk that the credit strength of an issuer of a fixed-income security will weaken and/or that the issuer will be unable to make timely principal and interest payments and that the security may go into default. •Prepayment risk, which is the risk that, during periods of falling interest rates, certain debt obligations may be paid off quicker than originally anticipated, which may cause the Portfolio to reinvest its assets in securities with lower yields, resulting in a decline in the Portfolio’s income or return potential. •Extension risk, which is the risk that, during periods of rising interest rates, certain debt obligations may be paid off substantially slower than originally anticipated, and as a result, the value of those obligations may fall. •Valuation risk, which is the risk that one or more of the fixed-income securities in which the Portfolio invests are priced differently than the value realized upon such security’s sale. In times of market instability, valuation may be more difficult. Valuation may also be affected by changes in the issuer’s financial strength, the market’s perception of such strength, or in the credit rating of the issuer or the security. •Liquidity risk, which is the risk that fixed-income securities may be difficult or impossible to sell at the time that portfolio management would like or at the price portfolio management believes the security is currently worth. Consequently, the Portfolio may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Portfolio’s performance. In unusual market conditions, even normally liquid securities may be affected by a degree of liquidity risk (i.e., if the number and capacity of traditional market participants is reduced). High-Yield Bond Risk. High-yield bonds (also known as “junk” bonds) are considered speculative and may be more sensitive than other types of bonds to economic changes, political changes, or adverse developments specific to the company that issued the bond, which may adversely affect their value. Mortgage- and Asset-Backed Securities Risk. Mortgage- and asset-backed securities represent interests in “pools” of commercial or residential mortgages or other assets, including consumer loans or receivables. The value of mortgage- and asset-backed securities will be influenced by factors affecting the real estate market and the assets underlying these securities. Investments in mortgage-and asset-backed securities may be subject to credit risk, valuation risk, liquidity risk, extension risk, and prepayment risk. These securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn. Foreign Exposure Risk. Foreign markets can be more volatile than the U.S. market. As a result, the Portfolio’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. Investments in foreign securities, particularly those of issuers located in emerging market countries, tend to have greater exposure to liquidity risk than domestic securities. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Portfolio to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Portfolio has invested a significant amount of its assets may have a greater effect on the Portfolio’s performance than it would in a more geographically diversified portfolio. Sovereign Debt Risk. Investments in U.S. and non-U.S. government debt securities (“sovereign debt”) can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner. A sovereign debtor’s willingness or ability to satisfy its debt obligation may be affected by various factors including, but not limited to, its cash flow situation, the extent of its foreign currency reserves, the availability of foreign exchange when a payment is due, and the relative size of its debt position in relation to its economy as a whole. In the event of default, there may be limited or no legal remedies for collecting sovereign debt and there may be no bankruptcy proceedings through which the Portfolio may collect all or part of the sovereign debt that a governmental entity has not repaid. In addition, to the extent the Portfolio invests in non-U.S. sovereign debt, it may be subject to currency risk. Credit Risk Transfer Securities Risk. CRTs are unguaranteed and unsecured fixed or floating rate general obligations that are commonly issued by government sponsored enterprises. CRTs are not directly linked to or backed by the underlying mortgage loans, so investors such as the Portfolio have no direct recourse to the underlying mortgage loans in the event of a default. The risks associated with CRTs are different from the risks associated with investments in mortgage-backed securities issued by government sponsored enterprises or private issuers because some or all of the mortgage default or credit risk associated with the underlying mortgage loans is transferred to investors. These risks are in addition to the risks described under “Fixed-Income Securities Risk.” Floating Rate Obligations Risk. The Portfolio may invest in floating rate obligations with interest rates that reset regularly. The interest rates on floating rate obligations typically reset quarterly, although rates on some obligations may adjust at other intervals. Changes in the interest rates on floating rate obligations could result in lower income to the Portfolio. In addition, the secondary market on which floating rate obligations are traded may be less liquid than the market for investment grade securities or other types of income-producing securities, which may have an adverse impact on their market price. There is also a potential that there is no active market to trade floating rate obligations, that there may be restrictions on their transfer, or that the issuer may default. As a result, the Portfolio may be unable to sell floating rate obligations at the desired time or may be able to sell only at a price less than fair market value. Portfolio Turnover Risk. Increased portfolio turnover may result in higher costs, which may have a negative effect on the Portfolio’s performance. TBA Commitments Risk. Although TBA commitments must meet industry-accepted “good delivery” standards, there can be no assurance that a security purchased on a forward commitment basis will ultimately be issued or delivered by the counterparty. If the counterparty to a transaction fails to deliver the securities, the Portfolio could suffer a loss. Because TBA commitments do not require the delivery of a specific security, the characteristics of a security delivered to the Portfolio may be less favorable than expected. There is a risk that the security that the Portfolio buys will lose value between the purchase and settlement dates. TBA purchase and sales commitments may significantly increase the portfolio turnover rate and are not included in the portfolio turnover rate calculation. Portfolio Management Risk. The Portfolio is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Portfolio may fail to produce the intended results. Accordingly, the Portfolio may underperform benchmark indices or other funds with similar investment objectives. Derivatives Risk. Derivatives can be volatile and involve risks in addition to the risks of the underlying referenced securities or asset. Gains or losses from a derivative investment can be substantially greater than the derivative’s original cost, and can therefore involve leverage. Leverage may cause the Portfolio to be more volatile than if it had not used leverage. Derivatives entail the risk that the counterparty may default on its payment obligations. If the counterparty to a derivative transaction defaults, the Portfolio may lose the net amount of the payments that it contractually is entitled to receive. The Portfolio’s investments in interest rate futures in particular entail the risk that portfolio management’s prediction of the direction of interest rates is wrong, and the Portfolio could incur a loss. Derivatives used for hedging purposes may reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by portfolio management or if the cost of the derivative outweighs the benefit of the hedge. Short Exposure Risk. The Portfolio may enter into a derivatives transaction to obtain short investment exposure to the underlying reference asset. If the value of the underlying reference asset on which the Portfolio has obtained a short investment exposure increases, the Portfolio will incur a loss. This potential loss is theoretically unlimited. A short exposure through a derivative also exposes the Portfolio to credit risk, counterparty risk, and leverage risk. Rule 144A Securities and Other Exempt Securities Risk. Investments in securities issued under Regulation S and Rule 144A and other securities exempt from certain registration requirements could have the effect of decreasing the Portfolio’s liquidity profile or preventing the Portfolio from disposing of them promptly at advantageous prices. Investments in securities exempt from certain registration requirements may be less liquid than other investments because such securities may not always be readily sold in broad public markets and may have no active trading market. As a result, they may be difficult to value because market quotations may not be readily available. Securities Lending Risk. There is the risk that when portfolio securities are lent, the securities may not be returned on a timely basis, and the Portfolio may experience delays and costs in recovering the security or gaining access to the collateral provided to the Portfolio to collateralize the loan. If the Portfolio is unable to recover a security on loan, the Portfolio 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 Portfolio. ESG Integration Risk. There is a risk that considering ESG Factors as part of the Portfolio’s investment process may fail to produce the intended results or that the Portfolio may perform differently from funds that have a similar investment style but do not formally incorporate such considerations in their strategy. Information related to ESG Factors provided by issuers and third parties, which portfolio management may utilize, continues to develop and may be incomplete or inaccurate, use different or inconsistent methodologies, or be applied differently across issuers and industries. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance information The following information provides some indication of the risks of investing in the Portfolio by showing how the Portfolio’s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. Total return figures include the effect of the Portfolio’s expenses, but do not include charges or expenses attributable to any insurance product, which would lower the performance illustrated.The table compares the average annual returns for the Institutional Shares of the Portfolio for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions. For certain periods, the Portfolio’s performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower.The Portfolio’s past performance does not necessarily indicate how it will perform in the future.Updated performance information is available at janushenderson.com/VITperformance or by calling 1-877-335-2687. The following information provides some indication of the risks of investing in the Portfolio by showing how the Portfolio’s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. Total return figures include the effect of the Portfolio’s expenses, but do not include charges or expenses attributable to any insurance product, which would lower the performance illustrated. The table compares the average annual returns for the Institutional Shares of the Portfolio for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions. The Portfolio’s past performance does not necessarily indicate how it will perform in the future. Updated performance information is available at janushenderson.com/VITperformance or by calling 1-877-335-2687. janushenderson.com/VITperformance 1-877-335-2687 Best Quarter:4th Quarter 20237.12%Worst Quarter:1st Quarter 2022– 6.22% The Portfolio’s broad-based benchmark index is the Bloomberg U.S. Aggregate Bond Index. The index is described below. •The Bloomberg U.S. Aggregate Bond Index is made up of U.S. dollar-denominated, fixed-rate taxable bonds, including securities that are of investment grade quality or better. Janus Henderson Global Research Portfolio Investment Objective Janus Henderson Global Research Portfolio (“Global Research Portfolio”) seeks long-term growth of capital. Fees and Expenses of the Portfolio This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Portfolio. Owners of variable insurance contracts that invest in the Shares should refer to the variable insurance contract prospectus for a description of fees and expenses, as the following table and examples do not reflect deductions at the separate account level or contract level for any charges that may be incurred under a contract. Inclusion of these charges would increase the fees and expenses described below. EXAMPLE: The Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 84 262 455 1014 Portfolio Turnover: The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover rate was 31% of the average value of its portfolio. 0.31 Principal investment strategies The Portfolio pursues its investment objective by investing primarily in common stocks. The Portfolio may invest in companies of any size located anywhere in the world, from larger, well-established companies to smaller, emerging growth companies. The Portfolio typically invests at least 40% of its net assets in securities of issuers or companies that are economically tied to different countries throughout the world, excluding the United States. Because the Portfolio’s investments in foreign securities are partially based on the composition of the Portfolio’s benchmark index, the MSCI World Indexsm, the Portfolio’s exposure to foreign markets may fluctuate in connection with variations in the foreign exposure of the benchmark index. The Adviser’s equity research analysts (the “Central Research Team”) select investments for the Portfolio that represent the Central Research Team’s high-conviction investment ideas in all market capitalizations, styles, and geographies. The Central Research Team conducts fundamental analysis with a focus on “bottom-up” research, quantitative modeling, and valuation analysis. Using this research process, analysts rate their stocks based upon attractiveness. Stocks considered to be attractive may have all or some of the following characteristics: (i) good and preferably growing free cash flow, (ii) strong and defensible market position, (iii) healthy risk/return profile, (iv) exemplary governance, (v) attractive valuation, and (vi) growth potential. Analysts bring their high-conviction ideas to their respective sector teams. Each sector team compares the appreciation and risk potential of its high-conviction ideas and constructs a sector sleeve that is intended to maximize the best risk-reward opportunities. The sector sleeves are then combined to form the Portfolio’s overall portfolio. The Portfolio Oversight Team, which includes portfolio management, oversees the overall portfolio to manage unintended style risks. Positions may be sold when, among other things, there is no longer high conviction in the return potential of the investment, if the risk characteristics have caused a re-evaluation of the opportunity, or if the investment thesis for owning a position has changed. This may occur if the stock has appreciated and reflects the anticipated value, if another company represents a better risk-reward opportunity, or if the investment’s fundamental characteristics deteriorate. Securities may also be sold from the portfolio to rebalance sector weightings. Portfolio management, which includes two analysts on the Central Research Team, oversees the investment process and is responsible for the day-to-day management of the Portfolio. Although the Portfolio’s exposure to certain sectors may be higher than to others, it is expected that the Portfolio will be broadly diversified among a variety of sectors. The Portfolio intends to be fully invested under normal circumstances. However, under unusual circumstances, if the Central Research Team does not have high conviction in enough investment opportunities, the Portfolio’s uninvested assets may be held in cash or similar instruments.As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers. ESG Factors are one of many considerations in the investment decision-making process, may not be determinative in deciding to include or exclude an investment from the portfolio, and may not be considered for every investment decision.The Portfolio may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions in an amount equal to up to one-third of its total assets as determined at the time of the loan origination. The biggest risk is that the Portfolio’s returns will vary, and you could lose money. Market Risk. The value of the Portfolio’s holdings may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Portfolio’s net asset value may fluctuate and it may be more difficult to value or sell the Portfolio’s holdings. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as financial institution failures, economic recessions, tariffs, trade disputes, terrorism, war, armed conflicts, including related sanctions, social unrest, natural disasters, and epidemics and pandemics) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money. Equity Securities Risk. Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The value of the Portfolio’s holdings may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Portfolio’s holdings could also decrease if there are deteriorating economic or market conditions or perceptions regarding the industries in which the issuers of securities the Portfolio holds participate. Growth Securities Risk. Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks. If portfolio management’s perception of a company’s growth potential is not realized, the securities purchased may not perform as expected, reducing the Portfolio’s returns. In addition, because different types of stocks tend to shift in and out of favor depending on market and economic conditions, “growth” stocks may perform differently from other types of securities and the market as a whole. Large-Sized Companies Risk. Large-sized companies may be less able than smaller-sized companies to adapt to changing market conditions. Large-sized companies may be more mature and subject to more limited growth potential compared with smaller sized companies. During different market cycles, the performance of large-sized companies has trailed the overall performance of the broader securities markets. Foreign Exposure Risk. Foreign markets can be more volatile than the U.S. market. As a result, the Portfolio’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. Investments in foreign securities, particularly those of issuers located in emerging market countries, tend to have greater exposure to liquidity risk than domestic securities. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Portfolio to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Portfolio has invested a significant amount of its assets may have a greater effect on the Portfolio’s performance than it would in a more geographically diversified portfolio. Portfolio Management Risk. The Portfolio is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Portfolio may fail to produce the intended results. Accordingly, the Portfolio may underperform benchmark indices or other funds with similar investment objectives. Industry and Sector Risk. Although the Portfolio does not concentrate its investments in specific industries, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses within the same economic sector. Companies in the same industry or economic sector may be similarly affected by negative economic or market events, making the Portfolio more vulnerable to unfavorable developments than portfolios that invest more broadly. As the Portfolio’s holdings become more concentrated, the Portfolio is less able to spread risk and potentially reduce the risk of loss and volatility. As the Portfolio’s holdings change over time, the Portfolio’s exposure to a particular economic sector may fluctuate. •Technology Sector Risk. In the technology sector, competitive pressures may have a significant effect on the performance of companies in which the Portfolio may invest. In addition, technology and technology-related companies often progress at an accelerated rate, and these companies may be subject to short product cycles and aggressive pricing, which may increase their volatility. Mid-Sized Companies Risk. Investments in securities issued by mid-sized companies may involve greater risks than are customarily associated with larger, more established companies. Securities issued by mid-sized companies tend to be more volatile than securities issued by larger or more established companies and may underperform as compared to the securities of larger or more established companies. These holdings are also subject to wider price fluctuations and tend to be less liquid than stocks of larger or more established companies, which could have a significant adverse effect on the Portfolio’s returns, especially as market conditions change. Currency Risk. Currency risk is the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment. As long as the Portfolio holds a foreign security, its value will be affected by the value of the local currency relative to the U.S. dollar. When the Portfolio sells a foreign currency denominated security, its value may be worth less in U.S. dollars even if the security increases in value in its home country. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk, as the value of these securities may also be affected by changes in the issuer’s local currency. ESG Integration Risk. There is a risk that considering ESG Factors as part of the Portfolio’s investment process may fail to produce the intended results or that the Portfolio may perform differently from funds that have a similar investment style but do not formally incorporate such considerations in their strategy. Information related to ESG Factors provided by issuers and third parties, which portfolio management may utilize, continues to develop and may be incomplete or inaccurate, use different or inconsistent methodologies, or be applied differently across issuers and industries. Securities Lending Risk. There is the risk that when portfolio securities are lent, the securities may not be returned on a timely basis, and the Portfolio may experience delays and costs in recovering the security or gaining access to the collateral provided to the Portfolio to collateralize the loan. If the Portfolio is unable to recover a security on loan, the Portfolio 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 Portfolio. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance information The following information provides some indication of the risks of investing in the Portfolio by showing how the Portfolio’s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. Total return figures include the effect of the Portfolio’s expenses, but do not include charges or expenses attributable to any insurance product, which would lower the performance illustrated.The table compares the average annual returns for the Institutional Shares of the Portfolio for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Portfolio. All figures assume reinvestment of dividends and distributions. For certain periods, the Portfolio’s performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower.The Portfolio’s past performance does not necessarily indicate how it will perform in the future.Updated performance information is available at janushenderson.com/VITperformance or by calling 1-877-335-2687. The following information provides some indication of the risks of investing in the Portfolio by showing how the Portfolio’s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. Total return figures include the effect of the Portfolio’s expenses, but do not include charges or expenses attributable to any insurance product, which would lower the performance illustrated. The table compares the average annual returns for the Institutional Shares of the Portfolio for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Portfolio. All figures assume reinvestment of dividends and distributions. The Portfolio’s past performance does not necessarily indicate how it will perform in the future. Updated performance information is available at janushenderson.com/VITperformance or by calling 1-877-335-2687. janushenderson.com/VITperformance 1-877-335-2687 Best Quarter:2nd Quarter 202021.43%Worst Quarter:1st Quarter 2020– 20.69% The Portfolio’s broad-based benchmark index is the MSCI World Index. The Portfolio’s additional benchmark index is the MSCI All Country World Index. The indices are described below. •The MSCI World Index is designed to measure the equity market performance of developed market countries in North America, Europe, and the Asia/Pacific Region. •The MSCI All Country World Index is designed to measure equity market performance in global developed and emerging markets. Janus Henderson Global Sustainable Equity Portfolio Investment Objective Janus Henderson Global Sustainable Equity Portfolio (“Global Sustainable Equity Portfolio”) seeks long-term growth of capital. Fees and Expenses of the Portfolio This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Portfolio. Owners of variable insurance contracts that invest in the Shares should refer to the variable insurance contract prospectus for a description of fees and expenses, as the following table and examples do not reflect deductions at the separate account level or contract level for any charges that may be incurred under a contract. Inclusion of these charges would increase the fees and expenses described below. The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse Portfolio expenses to the extent that the Portfolio’s total annual fund operating expenses (excluding shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.68% for at least a one-year period commencing on April 30, 2026. This contractual waiver may be terminated or modified only at the discretion of the Portfolio’s Board of Trustees. EXAMPLE: The Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses are equal to the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the first year and the Total Annual Fund Operating Expenses thereafter. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 76 539 1029 2381 Portfolio Turnover: The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover rate was 66% of the average value of its portfolio. 0.66 Principal investment strategies The Portfolio pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities. The Portfolio will typically invest in companies whose products and services are considered by portfolio management as contributing to positive environmental or social change and sustainable economic development, including those that are strategically aligned with environmental and social megatrends such as climate change, resource constraints, growing populations, and aging populations. The Portfolio typically invests at least 40% of its net assets in securities of issuers or companies that are economically tied to different countries throughout the world, excluding the United States. An issuer is deemed to be economically tied to a country or countries if one or more of the following tests are met: (i) the issuer is organized in, or its primary business office or principal trading market of its equity is located in, the country; (ii) a majority of the issuer’s revenues are derived from one or more countries; or (iii) a majority of the issuer’s assets are located in one or more countries. The Portfolio’s investments may be in non-U.S. currency or U.S. dollar-denominated. The Portfolio generally invests in a core group of 50-70 equity securities, which consist primarily of common stocks, but may also include other types of instruments, such as depositary receipts and warrants. The Portfolio will invest primarily in larger, well-established companies but may also invest in mid-sized companies. The Portfolio’s uninvested assets may be held in cash or cash equivalents. In selecting investments, portfolio management employs a “bottom-up” approach that focuses on fundamental research. To identify the universe of investible securities for the Portfolio, portfolio management first employs positive selection criteria that seeks to identify companies that derive at least 50% of their current or future expected revenues from at least one of ten environmental and social themes. Environmental themes include efficiency, cleaner energy, water management, environmental services, and sustainable transport. Social themes include sustainable property and finance, safety, quality of life, knowledge and technology, and health. Next, portfolio management applies broad-based negative screens, which incorporate third-party inputs, to seek to avoid securities of issuers that, in the determination of the Adviser, are significantly engaged in or derive more than de minimis revenue from industries, activities, or assets considered by portfolio management to have a negative impact on society or the environment. A current list of such industries, activities, or assets, which may evolve over time, follows:•alcohol; •animal testing (non-medical); •chemicals of concern; •civilian firearms and ammunition; •controversial weapons; •conventional weapons; •fossil fuels; •fur; •gambling; •genetically modified organisms;•intensive farming;•pornography; •tobacco; and •United Nations Global Compact and Organization for Economic Co-operation and Development violators.In selecting investments, portfolio management will then consider, among other factors, a company’s growth potential, competitive positioning, operational quality, and strategy. Portfolio management may also consider factors such as a company’s historic and projected return on capital, balance sheets, and financial models. Portfolio management will also consider environmental, social, and governance (“ESG”) factors (“ESG Factors”), which may include climate change, deforestation, biodiversity, human rights, company culture, community relations, board structure and diversity, executive pay, and corporate reporting. Portfolio management seeks to maintain a portfolio of securities that has: •a carbon footprint and carbon intensity that is at least 20% below the MSCI World Indexsm; •a weighted average exposure to companies with notable ESG controversies that is below the MSCI World Index; and •a weighted average exposure to companies with a hazardous waste ratio below the MSCI World Index. At portfolio management’s discretion, the Portfolio will engage with a company’s management regarding matters that may include shareholder rights, governance and remuneration, climate change, carbon emissions, pollution, biodiversity, human capital, and diversity and inclusion. Portfolio management evaluates and applies ESG and sustainable investment criteria relying on a mix of third-party data and internally-generated analyses based on information that may include web-based research reports from a company or independent sources, as well as corporate engagement. Portfolio management does not apply these ESG and sustainable investment criteria in managing the Portfolio’s exposure to cash and cash equivalents. The Portfolio will generally consider selling a stock if, in portfolio management’s opinion, there has been a regulatory, industry, or position-level change that may impair a company’s revenue growth. The Portfolio will also consider selling a stock if, in portfolio management’s opinion, the company’s business model no longer meets the ESG and sustainable investment criteria employed in managing the Portfolio. The biggest risk is that the Portfolio’s returns will vary, and you could lose money. Market Risk. The value of the Portfolio’s holdings may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Portfolio’s net asset value may fluctuate and it may be more difficult to value or sell the Portfolio’s holdings. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as financial institution failures, economic recessions, tariffs, trade disputes, terrorism, war, armed conflicts, including related sanctions, social unrest, natural disasters, and epidemics and pandemics) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money. Industry and Sector Risk. Although the Portfolio does not concentrate its investments in specific industries, it emphasizes certain themes and megatrends. As a result, at times, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses within the same economic sector or that benefit from the same megatrend. Companies in the same industry or economic sector or that benefit from the same megatrend may be similarly affected by economic or market events, making the Portfolio more vulnerable to unfavorable developments than portfolios that invest more broadly. As the Portfolio’s holdings become more concentrated, the Portfolio is less able to spread risk and potentially reduce the risk of loss and volatility. •Industrials Sector Risk. The industrials sector is comprised of companies that produce capital goods used in construction and manufacturing, such as companies that make and sell machinery, equipment and supplies that are used to produce other goods. Companies in the industrials sector may be adversely affected by changes in government regulation and spending, import controls, and worldwide competition. In addition, companies may be adversely affected by environmental damages, product liability claims and exchange rates, and may face product obsolescence due to rapid technological developments and frequent new product introduction. •Technology Sector Risk. In the technology sector, competitive pressures may have a significant effect on the performance of companies in which the Portfolio may invest. In addition, technology and technology-related companies often progress at an accelerated rate, and these companies may be subject to short product cycles and aggressive pricing, which may increase their volatility. Sustainable Investment Risk. The Portfolio follows a sustainable investment approach by investing in companies that relate to certain sustainable development themes and demonstrate adherence to ESG practices. Accordingly, the Portfolio may have a significant portion of its assets invested in securities of companies conducting similar business or businesses within the same economic sector, which may make the Portfolio more vulnerable to unfavorable developments in a particular sector than portfolios that invest more broadly. Additionally, due to its exclusionary criteria, the Portfolio may not be invested in certain industries or sectors, and therefore may have lower performance than portfolios that do not apply similar criteria. In addition, because sustainable and ESG investing takes into consideration factors beyond traditional financial analysis, the investment opportunities for the Portfolio may be limited at times. Sustainability and ESG-related information provided by issuers and third parties, upon which portfolio management may rely, continues to develop, and may be incomplete, inaccurate, use different methodologies, or be applied differently across companies and industries. As the regulatory landscape around responsible investing continues to evolve across regions, future rules and regulations may require the Portfolio to modify or alter its investment process. There is also a risk that the companies identified through the investment process may fail to adhere to sustainable and/or ESG-related business practices, which may result in the Portfolio selling a security when it might otherwise be disadvantageous to do so. Equity Securities Risk. Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The value of the Portfolio’s holdings may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Portfolio’s holdings could also decrease if there are deteriorating economic or market conditions or perceptions regarding the industries in which the issuers of securities the Portfolio holds participate. Large-Sized Companies Risk. Large-sized companies may be less able than smaller-sized companies to adapt to changing market conditions. Large-sized companies may be more mature and subject to more limited growth potential compared with smaller sized companies. During different market cycles, the performance of large-sized companies has trailed the overall performance of the broader securities markets. Currency Risk. Currency risk is the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment. As long as the Portfolio holds a foreign security, its value will be affected by the value of the local currency relative to the U.S. dollar. When the Portfolio sells a foreign currency denominated security, its value may be worth less in U.S. dollars even if the security increases in value in its home country. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk, as the value of these securities may also be affected by changes in the issuer’s local currency. Foreign Exposure Risk. Foreign markets can be more volatile than the U.S. market. As a result, the Portfolio’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. Investments in foreign securities, particularly those of issuers located in emerging market countries, tend to have greater exposure to liquidity risk than domestic securities. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Portfolio to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Portfolio has invested a significant amount of its assets may have a greater effect on the Portfolio’s performance than it would in a more geographically diversified portfolio. Portfolio Management Risk. The Portfolio is an actively managed investment portfolio and is therefore subject to the risk that portfolio management may not be successful in identifying investment opportunities that are aligned with the sustainable investment approach that the Portfolio employs. Accordingly, the Portfolio may underperform its benchmark index or other mutual funds with similar investment objectives. Mid-Sized Companies Risk. Investments in securities issued by mid-sized companies may involve greater risks than are customarily associated with larger, more established companies. Securities issued by mid-sized companies tend to be more volatile than securities issued by larger or more established companies and may underperform as compared to the securities of larger or more established companies. These holdings are also subject to wider price fluctuations and tend to be less liquid than stocks of larger or more established companies, which could have a significant adverse effect on the Portfolio’s returns, especially as market conditions change. Smaller Sized Portfolio Risk. Because the Portfolio has a small asset base, large inflows and outflows may have a disproportionate impact, negative or positive, on the Portfolio’s performance, which may be more volatile than that of a larger portfolio. If a smaller portfolio were to fail to attract sufficient assets to achieve or maintain economies of scale, performance may be negatively impacted, and any resulting liquidation could create negative transaction costs for the Portfolio and tax consequences for investors. Depositary Receipts Risk. Depositary receipts are generally subject to the same sort of risks as direct investments in a foreign country, such as currency risk, market risk, and foreign exposure risk, because their values depend on the performance of a foreign security denominated in its home currency. Warrants Risk. The price, performance and liquidity of warrants to purchase equity securities are typically linked to the underlying stock. These instruments have many characteristics of convertible securities and, similarly, will react to variations in the general market for equity securities. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance information The following information provides some indication of the risks of investing in the Portfolio by showing how the Portfolio’s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. Total return figures include the effect of the Portfolio’s expenses, but do not include charges or expenses attributable to any insurance product, which would lower the performance illustrated.The table compares the average annual returns for the Institutional Shares of the Portfolio for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions. For certain periods, the Portfolio’s performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower.The Portfolio’s past performance does not necessarily indicate how it will perform in the future.Updated performance information is available at janushenderson.com/VITperformance or by calling 1-877-335-2687. The following information provides some indication of the risks of investing in the Portfolio by showing how the Portfolio’s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. Total return figures include the effect of the Portfolio’s expenses, but do not include charges or expenses attributable to any insurance product, which would lower the performance illustrated. The table compares the average annual returns for the Institutional Shares of the Portfolio for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions. The Portfolio’s past performance does not necessarily indicate how it will perform in the future. Updated performance information is available at janushenderson.com/VITperformance or by calling 1-877-335-2687. janushenderson.com/VITperformance 1-877-335-2687 Best Quarter:2nd Quarter 202513.88%Worst Quarter:3rd Quarter 2023– 7.33% The Portfolio’s broad-based benchmark index is the MSCI World Index. The index is described below. •The MSCI World Index is designed to measure the equity market performance of developed market countries in North America, Europe, and the Asia/Pacific Region. Janus Henderson Overseas Portfolio Investment Objective Janus Henderson Overseas Portfolio (“Overseas Portfolio”) seeks long-term growth of capital. Fees and Expenses of the Portfolio This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Portfolio. Owners of variable insurance contracts that invest in the Shares should refer to the variable insurance contract prospectus for a description of fees and expenses, as the following table and examples do not reflect deductions at the separate account level or contract level for any charges that may be incurred under a contract. Inclusion of these charges would increase the fees and expenses described below. EXAMPLE: The Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 74 230 401 894 Portfolio Turnover: The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover rate was 42% of the average value of its portfolio. 0.42 Principal investment strategies The Portfolio pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in securities of issuers or companies from countries outside of the United States. The Portfolio normally invests in a portfolio of 30-50 securities of issuers from several different countries, excluding the United States, and it may, under unusual circumstances, invest all or substantially all of its assets in a single country. The Portfolio may invest up to 20% of its net assets, measured at the time of purchase, in U.S. issuers. An issuer is deemed to be from a country or countries outside of the United States if one or more of the following tests are met: (i) the issuer is organized in, or its primary business office or principal trading market of its equity is located in, a country outside of the United States; (ii) a majority of the issuer’s revenues are derived from outside of the United States; or (iii) a majority of the issuer’s assets are located outside of the United States. The Portfolio may have significant exposure to emerging markets. The Portfolio typically invests in equity securities (such as stocks or any other security representing an ownership interest) in all market capitalizations. Portfolio management applies a “bottom-up” approach in choosing investments. In other words, portfolio management looks at companies one at a time to determine if a company is an attractive investment opportunity and if it is consistent with the Portfolio’s investment policies. Portfolio management will generally consider selling a security when, among other things, the security no longer reflects portfolio management’s investment thesis, the security approaches or exceeds its targeted value, there has been a change in a security’s risk/reward potential, or a better idea is identified.The Portfolio may take long or short positions in derivatives. Derivatives are instruments that have a value derived from, or directly linked to, an underlying asset, such as equity securities, commodities, currencies, interest rates, or market indices. For purposes of meeting its 80% investment policy, the Portfolio may include derivatives that have characteristics similar to the securities in which the Portfolio may directly invest. The types of derivatives in which the Portfolio may invest include options, futures, swaps, warrants, and forward foreign currency contracts. The Portfolio may use derivatives to hedge, to earn income or enhance returns, as a substitute for securities in which the Portfolio invests, to increase or decrease the Portfolio’s exposure to a particular market, to adjust the Portfolio’s currency exposure relative to its benchmark index, to gain access to foreign markets where direct investment may be restricted or unavailable, or to manage the Portfolio’s risk profile.As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers. ESG Factors are one of many considerations in the investment decision-making process, may not be determinative in deciding to include or exclude an investment from the portfolio, and may not be considered for every investment decision.The Portfolio may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions in an amount equal to up to one-third of its total assets as determined at the time of the loan origination. The biggest risk is that the Portfolio’s returns will vary, and you could lose money. Market Risk. The value of the Portfolio’s holdings may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Portfolio’s net asset value may fluctuate and it may be more difficult to value or sell the Portfolio’s holdings. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as financial institution failures, economic recessions, tariffs, trade disputes, terrorism, war, armed conflicts, including related sanctions, social unrest, natural disasters, and epidemics and pandemics) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money. Foreign Exposure Risk. Foreign markets can be more volatile than the U.S. market. As a result, the Portfolio’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. Investments in foreign securities, particularly those of issuers located in emerging market countries, tend to have greater exposure to liquidity risk than domestic securities. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Portfolio to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Portfolio has invested a significant amount of its assets may have a greater effect on the Portfolio’s performance than it would in a more geographically diversified portfolio. Currency Risk. Currency risk is the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment. As long as the Portfolio holds a foreign security, its value will be affected by the value of the local currency relative to the U.S. dollar. When the Portfolio sells a foreign currency denominated security, its value may be worth less in U.S. dollars even if the security increases in value in its home country. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk, as the value of these securities may also be affected by changes in the issuer’s local currency. Emerging Markets Risk. Emerging market securities involve a number of risks, which may result from less government supervision and regulation of business and industry practices (including the potential lack of strict finance and accounting controls and standards), stock exchanges, brokers, and listed companies. Information about emerging market companies, including financial information, may be less available or reliable and the Adviser’s ability to conduct due diligence with respect to such companies may be limited. Accordingly, these investments may be potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. 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 Portfolio’s investments. In addition, the taxation systems at the federal, regional, and local levels in developing or emerging market countries may be less transparent, inconsistently enforced, and subject to change. Emerging markets may be subject to a higher degree of corruption and fraud than developed markets, and financial institutions and transaction counterparties may have less financial sophistication, creditworthiness, and/or resources than participants in developed markets. Industry and Sector Risk. Although the Portfolio does not concentrate its investments in specific industries, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses within the same economic sector. Companies in the same industry or economic sector may be similarly affected by negative economic or market events, making the Portfolio more vulnerable to unfavorable developments than portfolios that invest more broadly. As the Portfolio’s holdings become more concentrated, the Portfolio is less able to spread risk and potentially reduce the risk of loss and volatility. As the Portfolio’s holdings change over time, the Portfolio’s exposure to a particular economic sector may fluctuate. Portfolio Management Risk. The Portfolio is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Portfolio may fail to produce the intended results. Accordingly, the Portfolio may underperform benchmark indices or other funds with similar investment objectives. Issuer Concentration Risk. The Portfolio’s holdings may be comprised of a relatively small number of issuers in comparison to other portfolios. As a result, the Portfolio may be subject to greater risks than a portfolio that invests in a greater number of issuers. A change in the value of any single investment held by the Portfolio may affect the overall value of the Portfolio more than it would affect a portfolio that holds more investments. In particular, the Portfolio may be more susceptible to adverse developments affecting any single issuer held by the Portfolio and may be susceptible to greater losses because of these developments. Geographic Concentration Risk. To the extent the Portfolio invests a substantial amount of its assets in issuers located in a single country or region, the economic, political, social, regulatory, or other developments or conditions within such country or region will generally have a greater effect on the Portfolio than they would on a more geographically diversified portfolio, which may result in greater losses and volatility. Adverse developments in certain regions could also adversely affect securities of other countries whose economies appear to be unrelated and could have a negative impact on the Portfolio’s performance. •European Investments Risk. The economies and markets of European countries are often closely connected and interdependent. Changes in regulations on trade, decreasing imports or exports, changes in the exchange rate of European currencies, default or threat of a default by a European country on its sovereign debt, and budget deficits and recessions among European countries may have a significant adverse effect on the economies of other European countries and major trading partners outside Europe. The markets in Eastern Europe remain relatively undeveloped and can be particularly sensitive to political and economic developments. Mid-Sized Companies Risk. Investments in securities issued by mid-sized companies may involve greater risks than are customarily associated with larger, more established companies. Securities issued by mid-sized companies tend to be more volatile than securities issued by larger or more established companies and may underperform as compared to the securities of larger or more established companies. These holdings are also subject to wider price fluctuations and tend to be less liquid than stocks of larger or more established companies, which could have a significant adverse effect on the Portfolio’s returns, especially as market conditions change. Equity Securities Risk. Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The value of the Portfolio’s holdings may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Portfolio’s holdings could also decrease if there are deteriorating economic or market conditions or perceptions regarding the industries in which the issuers of securities the Portfolio holds participate. Growth Securities Risk. Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks. If portfolio management’s perception of a company’s growth potential is not realized, the securities purchased may not perform as expected, reducing the Portfolio’s returns. In addition, because different types of stocks tend to shift in and out of favor depending on market and economic conditions, “growth” stocks may perform differently from other types of securities and the market as a whole. Value Investing Risk. Because different types of stocks tend to shift in and out of favor depending on market and economic conditions, “value” stocks may perform differently than other types of stocks and from the market as a whole, and can continue to be undervalued by the market for long periods of time. It is also possible that a value stock will never appreciate to the extent expected. Derivatives Risk. Derivatives can be volatile and involve risks in addition to the risks of the underlying referenced securities or asset. Gains or losses from a derivative investment can be substantially greater than the derivative’s original cost, and can therefore involve leverage. Leverage may cause the Portfolio to be more volatile than if it had not used leverage. Derivatives entail the risk that the counterparty may default on its payment obligations. If the counterparty to a derivative transaction defaults, the Portfolio may lose the net amount of the payments that it contractually is entitled to receive. Derivatives used for hedging purposes may reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by portfolio management or if the cost of the derivative outweighs the benefit of the hedge. ESG Integration Risk. There is a risk that considering ESG Factors as part of the Portfolio’s investment process may fail to produce the intended results or that the Portfolio may perform differently from funds that have a similar investment style but do not formally incorporate such considerations in their strategy. Information related to ESG Factors provided by issuers and third parties, which portfolio management may utilize, continues to develop and may be incomplete or inaccurate, use different or inconsistent methodologies, or be applied differently across issuers and industries. Securities Lending Risk. There is the risk that when portfolio securities are lent, the securities may not be returned on a timely basis, and the Portfolio may experience delays and costs in recovering the security or gaining access to the collateral provided to the Portfolio to collateralize the loan. If the Portfolio is unable to recover a security on loan, the Portfolio 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 Portfolio. Large-Sized Companies Risk. Large-sized companies may be less able than smaller-sized companies to adapt to changing market conditions. Large-sized companies may be more mature and subject to more limited growth potential compared with smaller sized companies. During different market cycles, the performance of large-sized companies has trailed the overall performance of the broader securities markets. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance information The following information provides some indication of the risks of investing in the Portfolio by showing how the Portfolio’s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. Total return figures include the effect of the Portfolio’s expenses, but do not include charges or expenses attributable to any insurance product, which would lower the performance illustrated.The table compares the average annual returns for the Institutional Shares of the Portfolio for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.The Portfolio’s past performance does not necessarily indicate how it will perform in the future.Updated performance information is available at janushenderson.com/VITperformance or by calling 1-877-335-2687. The following information provides some indication of the risks of investing in the Portfolio by showing how the Portfolio’s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. Total return figures include the effect of the Portfolio’s expenses, but do not include charges or expenses attributable to any insurance product, which would lower the performance illustrated. The table compares the average annual returns for the Institutional Shares of the Portfolio for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions. The Portfolio’s past performance does not necessarily indicate how it will perform in the future. Updated performance information is available at janushenderson.com/VITperformance or by calling 1-877-335-2687. janushenderson.com/VITperformance 1-877-335-2687 Best Quarter:4th Quarter 202021.18%Worst Quarter:1st Quarter 2020– 24.90% The Portfolio’s broad-based benchmark index is the MSCI All Country World ex-USA Index. The index is described below. •The MSCI All Country World ex-USA Index is designed to measure equity market performance in global developed and emerging markets outside the United States. Janus Henderson Balanced Portfolio Investment Objective Janus Henderson Balanced Portfolio (“Balanced Portfolio”) seeks long-term capital growth, consistent with preservation of capital and balanced by current income. Fees and Expenses of the Portfolio This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Portfolio. Owners of variable insurance contracts that invest in the Shares should refer to the variable insurance contract prospectus for a description of fees and expenses, as the following table and examples do not reflect deductions at the separate account level or contract level for any charges that may be incurred under a contract. Inclusion of these charges would increase the fees and expenses described below. EXAMPLE: The Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 63 199 346 774 Portfolio Turnover: The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover rate was 79% of the average value of its portfolio. 0.79 Principal investment strategies The Portfolio pursues its investment objective by normally investing 35-70% of its assets in equity securities and the remaining assets in fixed-income securities and cash equivalents. The Portfolio normally invests at least 25% of its assets in fixed-income senior securities. As of December 31, 2025, approximately 64.48% of the Portfolio’s assets were held in equity securities, including common stocks, and 35.52% of the Portfolio’s assets were held in fixed-income securities and cash equivalents. The Portfolio’s equity investments include, but are not limited to, common stocks and other securities with equity characteristics. The Portfolio’s fixed-income investments include, but are not limited to, government notes and bonds, corporate bonds, commercial and residential mortgage-backed securities, and asset-backed securities. The Portfolio may also invest in money market instruments. The Portfolio may invest in fixed and floating rate obligations with varying durations. The Portfolio will limit its investments in high-yield bonds (also known as “junk” bonds) to 35% of the fixed-income portion of its net assets. The Portfolio may enter into “to be announced” or “TBA” commitments when purchasing mortgage-backed securities or other securities. The Portfolio also invests in securities that have contractual restrictions that prohibit or limit their public resale, which may include Rule 144A securities. The Portfolio may also invest its assets in derivatives, which are instruments that have a value derived from, or directly linked to, an underlying asset, such as fixed-income securities, currencies, interest rates, or market indices. In particular, the Portfolio may use index credit default swaps for hedging purposes (to offset risks associated with an investment exposure or market conditions), to increase or decrease the Portfolio’s exposure to a particular market, to manage or adjust the risk profile of the Portfolio relative to its benchmark index, and to earn income, enhance returns, or preserve capital. The Portfolio’s exposure to derivatives will vary and may include derivatives that have characteristics similar to the securities in which the Portfolio may directly invest. The Portfolio may take short positions on derivatives instruments. In choosing equity investments, portfolio management applies a “bottom-up” approach. In other words, equity portfolio management looks at companies one at a time to determine if a company is an attractive investment opportunity and if it is consistent with the Portfolio’s investment policies. Factors that equity portfolio management will consider in its fundamental analysis include a company’s revenue growth potential, returns on capital, and balance sheet flexibility. Equity portfolio management will generally consider selling a security when, among other things, it reaches or exceeds its targeted value, the investment thesis for owning the position has changed, or to rebalance industry or sector weightings. In choosing fixed-income investments, portfolio management’s investment process is research-driven, incorporating “top-down” and “bottom-up” factors to identify and manage exposure to risks across sectors, industries, and individual investments. Fixed-income portfolio management evaluates expected risk-adjusted returns on a portfolio and position level by analyzing fundamentals, valuations, and market technical indicators. This research encompasses both traditional fundamental analysis and data driven quantitative models and signals from such models.As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers. ESG Factors are one of many considerations in the investment decision-making process, may not be determinative in deciding to include or exclude an investment from the portfolio, and may not be considered for every investment decision.The Portfolio may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions in an amount equal to up to one-third of its total assets as determined at the time of the loan origination. The biggest risk is that the Portfolio’s returns will vary, and you could lose money. Market Risk. The value of the Portfolio’s holdings may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Portfolio’s net asset value may fluctuate and it may be more difficult to value or sell the Portfolio’s holdings. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as financial institution failures, economic recessions, tariffs, trade disputes, terrorism, war, armed conflicts, including related sanctions, social unrest, natural disasters, and epidemics and pandemics) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money. Growth Securities Risk. Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks. If portfolio management’s perception of a company’s growth potential is not realized, the securities purchased may not perform as expected, reducing the Portfolio’s returns. In addition, because different types of stocks tend to shift in and out of favor depending on market and economic conditions, “growth” stocks may perform differently from other types of securities and the market as a whole. Equity Securities Risk. Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The value of the Portfolio’s holdings may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Portfolio’s holdings could also decrease if there are deteriorating economic or market conditions or perceptions regarding the industries in which the issuers of securities the Portfolio holds participate. Large-Sized Companies Risk. Large-sized companies may be less able than smaller-sized companies to adapt to changing market conditions. Large-sized companies may be more mature and subject to more limited growth potential compared with smaller sized companies. During different market cycles, the performance of large-sized companies has trailed the overall performance of the broader securities markets. Dividend-Oriented Stocks Risk. Companies that have paid regular dividends to shareholders may decrease or eliminate dividend payments in the future. A decrease in dividend payments by an issuer may result in a decrease in the value of the security held by the Portfolio or the Portfolio receiving less income. Portfolio Management Risk. The Portfolio is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Portfolio may fail to produce the intended results. Accordingly, the Portfolio may underperform benchmark indices or other funds with similar investment objectives. Fixed-Income Securities Risk. Fixed-income securities are generally subject to the following risks: •Interest rate risk, which is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. Changing interest rates have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. •Credit risk, which is the risk that the credit strength of an issuer of a fixed-income security will weaken and/or that the issuer will be unable to make timely principal and interest payments and that the security may go into default. •Prepayment risk, which is the risk that, during periods of falling interest rates, certain debt obligations may be paid off quicker than originally anticipated, which may cause the Portfolio to reinvest its assets in securities with lower yields, resulting in a decline in the Portfolio’s income or return potential. •Extension risk, which is the risk that, during periods of rising interest rates, certain debt obligations may be paid off substantially slower than originally anticipated, and as a result, the value of those obligations may fall. •Valuation risk, which is the risk that one or more of the fixed-income securities in which the Portfolio invests are priced differently than the value realized upon such security’s sale. In times of market instability, valuation may be more difficult. Valuation may also be affected by changes in the issuer’s financial strength, the market’s perception of such strength, or in the credit rating of the issuer or the security. •Liquidity risk, which is the risk that fixed-income securities may be difficult or impossible to sell at the time that portfolio management would like or at the price portfolio management believes the security is currently worth. Consequently, the Portfolio may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Portfolio’s performance. In unusual market conditions, even normally liquid securities may be affected by a degree of liquidity risk (i.e., if the number and capacity of traditional market participants is reduced). High-Yield Bond Risk. High-yield bonds (also known as “junk” bonds) are considered speculative and may be more sensitive than other types of bonds to economic changes, political changes, or adverse developments specific to the company that issued the bond, which may adversely affect their value. Mortgage- and Asset-Backed Securities Risk. Mortgage- and asset-backed securities represent interests in “pools” of commercial or residential mortgages or other assets, including consumer loans or receivables. The value of mortgage- and asset-backed securities will be influenced by factors affecting the real estate market and the assets underlying these securities. Investments in mortgage-and asset-backed securities may be subject to credit risk, valuation risk, liquidity risk, extension risk, and prepayment risk. These securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn. Sovereign Debt Risk. Investments in U.S. and non-U.S. government debt securities (“sovereign debt”) can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner. A sovereign debtor’s willingness or ability to satisfy its debt obligation may be affected by various factors including, but not limited to, its cash flow situation, the extent of its foreign currency reserves, the availability of foreign exchange when a payment is due, and the relative size of its debt position in relation to its economy as a whole. In the event of default, there may be limited or no legal remedies for collecting sovereign debt and there may be no bankruptcy proceedings through which the Portfolio may collect all or part of the sovereign debt that a governmental entity has not repaid. In addition, to the extent the Portfolio invests in non-U.S. sovereign debt, it may be subject to currency risk. Derivatives Risk. Derivatives can be volatile and involve risks in addition to the risks of the underlying referenced securities or asset. Gains or losses from a derivative investment can be substantially greater than the derivative’s original cost, and can therefore involve leverage. Leverage may cause the Portfolio to be more volatile than if it had not used leverage. Derivatives entail the risk that the counterparty may default on its payment obligations. If the counterparty to a derivative transaction defaults, the Portfolio may lose the net amount of the payments that it contractually is entitled to receive. Derivatives used for hedging purposes may reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by portfolio management or if the cost of the derivative outweighs the benefit of the hedge. Floating Rate Obligations Risk. The Portfolio may invest in floating rate obligations with interest rates that reset regularly. The interest rates on floating rate obligations typically reset quarterly, although rates on some obligations may adjust at other intervals. Changes in the interest rates on floating rate obligations could result in lower income to the Portfolio. In addition, the secondary market on which floating rate obligations are traded may be less liquid than the market for investment grade securities or other types of income-producing securities, which may have an adverse impact on their market price. There is also a potential that there is no active market to trade floating rate obligations, that there may be restrictions on their transfer, or that the issuer may default. As a result, the Portfolio may be unable to sell floating rate obligations at the desired time or may be able to sell only at a price less than fair market value. TBA Commitments Risk. Although TBA commitments must meet industry-accepted “good delivery” standards, there can be no assurance that a security purchased on a forward commitment basis will ultimately be issued or delivered by the counterparty. If the counterparty to a transaction fails to deliver the securities, the Portfolio could suffer a loss. Because TBA commitments do not require the delivery of a specific security, the characteristics of a security delivered to the Portfolio may be less favorable than expected. There is a risk that the security that the Portfolio buys will lose value between the purchase and settlement dates. TBA purchase and sales commitments may significantly increase the portfolio turnover rate and are not included in the portfolio turnover rate calculation. Short Exposure Risk. The Portfolio may enter into a derivatives transaction to obtain short investment exposure to the underlying reference asset. If the value of the underlying reference asset on which the Portfolio has obtained a short investment exposure increases, the Portfolio will incur a loss. This potential loss is theoretically unlimited. A short exposure through a derivative also exposes the Portfolio to credit risk, counterparty risk, and leverage risk. Rule 144A Securities and Other Exempt Securities Risk. Investments in securities issued under Regulation S and Rule 144A and other securities exempt from certain registration requirements could have the effect of decreasing the Portfolio’s liquidity profile or preventing the Portfolio from disposing of them promptly at advantageous prices. Investments in securities exempt from certain registration requirements may be less liquid than other investments because such securities may not always be readily sold in broad public markets and may have no active trading market. As a result, they may be difficult to value because market quotations may not be readily available. ESG Integration Risk. There is a risk that considering ESG Factors as part of the Portfolio’s investment process may fail to produce the intended results or that the Portfolio may perform differently from funds that have a similar investment style but do not formally incorporate such considerations in their strategy. Information related to ESG Factors provided by issuers and third parties, which portfolio management may utilize, continues to develop and may be incomplete or inaccurate, use different or inconsistent methodologies, or be applied differently across issuers and industries. Securities Lending Risk. There is the risk that when portfolio securities are lent, the securities may not be returned on a timely basis, and the Portfolio may experience delays and costs in recovering the security or gaining access to the collateral provided to the Portfolio to collateralize the loan. If the Portfolio is unable to recover a security on loan, the Portfolio 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 Portfolio. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance information The following information provides some indication of the risks of investing in the Portfolio by showing how the Portfolio’s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. Total return figures include the effect of the Portfolio’s expenses, but do not include charges or expenses attributable to any insurance product, which would lower the performance illustrated.The table compares the average annual returns for the Institutional Shares of the Portfolio for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Portfolio. All figures assume reinvestment of dividends and distributions.The Portfolio’s past performance does not necessarily indicate how it will perform in the future.Updated performance information is available at janushenderson.com/VITperformance or by calling 1-877-335-2687. The following information provides some indication of the risks of investing in the Portfolio by showing how the Portfolio’s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. Total return figures include the effect of the Portfolio’s expenses, but do not include charges or expenses attributable to any insurance product, which would lower the performance illustrated. The table compares the average annual returns for the Institutional Shares of the Portfolio for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Portfolio. All figures assume reinvestment of dividends and distributions. The Portfolio’s past performance does not necessarily indicate how it will perform in the future. Updated performance information is available at janushenderson.com/VITperformance or by calling 1-877-335-2687. janushenderson.com/VITperformance 1-877-335-2687 Best Quarter:2nd Quarter 202012.92%Worst Quarter:2nd Quarter 2022– 11.58% The Portfolio’s broad-based benchmark indices are the S&P 500 Index and the Bloomberg U.S. Aggregate Bond Index. The Portfolio’s additional benchmark index is the Balanced Index. The indices are described below. •The S&P 500 Index is a commonly recognized, market capitalization-weighted index of 500 widely held equity securities, designed to measure broad U.S. equity performance. •The Bloomberg U.S. Aggregate Bond Index is made up of U.S. dollar-denominated, fixed-rate taxable bonds, including securities that are of investment grade quality or better. •The Balanced Index is an internally-calculated, hypothetical combination of unmanaged indices. Prior to April 29, 2024, the Balanced Index reflects total returns of the S&P 500 Index (55%) and the Bloomberg U.S. Aggregate Bond Index (45%). Effective April 29, 2024, the Balanced Index reflects the total returns of the S&P 500 Index (60%) and the Bloomberg U.S. Aggregate Bond Index (40%). Janus Henderson Enterprise Portfolio Investment Objective Janus Henderson Enterprise Portfolio (“Enterprise Portfolio”) seeks long-term growth of capital. Fees and Expenses of the Portfolio This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Portfolio. Owners of variable insurance contracts that invest in the Shares should refer to the variable insurance contract prospectus for a description of fees and expenses, as the following table and examples do not reflect deductions at the separate account level or contract level for any charges that may be incurred under a contract. Inclusion of these charges would increase the fees and expenses described below. EXAMPLE: The Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 74 230 401 894 Portfolio Turnover: The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover rate was 21% of the average value of its portfolio. 0.21 Principal investment strategies The Portfolio pursues its investment objective by investing primarily in common stocks. The Portfolio normally invests at least 50% of its equity assets in medium-sized companies whose market capitalization falls within the 12-month capitalization range of companies in the Russell Midcap® Growth Index. The market capitalizations within the index will vary, but as of December 31, 2025, they ranged from approximately $122 million to $83.54 billion. The Portfolio may also invest in foreign securities. Portfolio management applies a “bottom-up” approach in choosing investments. In other words, portfolio management looks at companies one at a time to determine if a company is an attractive investment opportunity and if it is consistent with the Portfolio’s investment policies. Attributes considered in the process of securities selection may include growth potential and sustainable growth, return on invested capital, attractive valuation, strength of management, and competitive positioning. The Portfolio will generally consider selling a stock when, in portfolio management’s opinion, there is a change in the company’s or industry’s fundamentals, there is a deterioration in a company’s competitive positioning, or if a company reaches or exceeds its targeted value. The Portfolio will also consider selling a stock if a company’s market capitalization exceeds the top of the medium-sized company range.As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers. ESG Factors are one of many considerations in the investment decision-making process, may not be determinative in deciding to include or exclude an investment from the portfolio, and may not be considered for every investment decision.The Portfolio may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions in an amount equal to up to one-third of its total assets as determined at the time of the loan origination. The biggest risk is that the Portfolio’s returns will vary, and you could lose money. Market Risk. The value of the Portfolio’s holdings may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Portfolio’s net asset value may fluctuate and it may be more difficult to value or sell the Portfolio’s holdings. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as financial institution failures, economic recessions, tariffs, trade disputes, terrorism, war, armed conflicts, including related sanctions, social unrest, natural disasters, and epidemics and pandemics) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money. Mid-Sized Companies Risk. Investments in securities issued by mid-sized companies may involve greater risks than are customarily associated with larger, more established companies. Securities issued by mid-sized companies tend to be more volatile than securities issued by larger or more established companies and may underperform as compared to the securities of larger or more established companies. These holdings are also subject to wider price fluctuations and tend to be less liquid than stocks of larger or more established companies, which could have a significant adverse effect on the Portfolio’s returns, especially as market conditions change. Growth Securities Risk. Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks. If portfolio management’s perception of a company’s growth potential is not realized, the securities purchased may not perform as expected, reducing the Portfolio’s returns. In addition, because different types of stocks tend to shift in and out of favor depending on market and economic conditions, “growth” stocks may perform differently from other types of securities and the market as a whole. Equity Securities Risk. Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The value of the Portfolio’s holdings may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Portfolio’s holdings could also decrease if there are deteriorating economic or market conditions or perceptions regarding the industries in which the issuers of securities the Portfolio holds participate. Portfolio Management Risk. The Portfolio is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Portfolio may fail to produce the intended results. Accordingly, the Portfolio may underperform benchmark indices or other funds with similar investment objectives. Industry and Sector Risk. Although the Portfolio does not concentrate its investments in specific industries, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses within the same economic sector. Companies in the same industry or economic sector may be similarly affected by negative economic or market events, making the Portfolio more vulnerable to unfavorable developments than portfolios that invest more broadly. As the Portfolio’s holdings become more concentrated, the Portfolio is less able to spread risk and potentially reduce the risk of loss and volatility. As the Portfolio’s holdings change over time, the Portfolio’s exposure to a particular economic sector may fluctuate. •Industrials Sector Risk. The industrials sector is comprised of companies that produce capital goods used in construction and manufacturing, such as companies that make and sell machinery, equipment and supplies that are used to produce other goods. Companies in the industrials sector may be adversely affected by changes in government regulation and spending, import controls, and worldwide competition. In addition, companies may be adversely affected by environmental damages, product liability claims and exchange rates, and may face product obsolescence due to rapid technological developments and frequent new product introduction. Foreign Exposure Risk. Foreign markets can be more volatile than the U.S. market. As a result, the Portfolio’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. Investments in foreign securities, particularly those of issuers located in emerging market countries, tend to have greater exposure to liquidity risk than domestic securities. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Portfolio to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Portfolio has invested a significant amount of its assets may have a greater effect on the Portfolio’s performance than it would in a more geographically diversified portfolio. ESG Integration Risk. There is a risk that considering ESG Factors as part of the Portfolio’s investment process may fail to produce the intended results or that the Portfolio may perform differently from funds that have a similar investment style but do not formally incorporate such considerations in their strategy. Information related to ESG Factors provided by issuers and third parties, which portfolio management may utilize, continues to develop and may be incomplete or inaccurate, use different or inconsistent methodologies, or be applied differently across issuers and industries. Securities Lending Risk. There is the risk that when portfolio securities are lent, the securities may not be returned on a timely basis, and the Portfolio may experience delays and costs in recovering the security or gaining access to the collateral provided to the Portfolio to collateralize the loan. If the Portfolio is unable to recover a security on loan, the Portfolio 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 Portfolio. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance information The following information provides some indication of the risks of investing in the Portfolio by showing how the Portfolio’s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. Total return figures include the effect of the Portfolio’s expenses, but do not include charges or expenses attributable to any insurance product, which would lower the performance illustrated.The table compares the average annual returns for the Institutional Shares of the Portfolio for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Portfolio. All figures assume reinvestment of dividends and distributions.The Portfolio’s past performance does not necessarily indicate how it will perform in the future.Updated performance information is available at janushenderson.com/VITperformance or by calling 1-877-335-2687. The following information provides some indication of the risks of investing in the Portfolio by showing how the Portfolio’s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. Total return figures include the effect of the Portfolio’s expenses, but do not include charges or expenses attributable to any insurance product, which would lower the performance illustrated. The table compares the average annual returns for the Institutional Shares of the Portfolio for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Portfolio. All figures assume reinvestment of dividends and distributions. The Portfolio’s past performance does not necessarily indicate how it will perform in the future. Updated performance information is available at janushenderson.com/VITperformance or by calling 1-877-335-2687. janushenderson.com/VITperformance 1-877-335-2687 Best Quarter:2nd Quarter 202023.10%Worst Quarter:1st Quarter 2020– 24.39% The Portfolio’s broad-based benchmark index is the Russell 3000 Index due to regulatory requirements. The Portfolio’s additional benchmark is the Russell Midcap Growth Index, which has investment characteristics similar to those of the Portfolio. The indices are described below. •The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies. •The Russell Midcap Growth Index measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000® Growth Index. Janus Henderson Forty Portfolio Investment Objective Janus Henderson Forty Portfolio (“Forty Portfolio”) seeks long-term growth of capital. Fees and Expenses of the Portfolio This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Portfolio. Owners of variable insurance contracts that invest in the Shares should refer to the variable insurance contract prospectus for a description of fees and expenses, as the following table and examples do not reflect deductions at the separate account level or contract level for any charges that may be incurred under a contract. Inclusion of these charges would increase the fees and expenses described below. EXAMPLE: The Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 63 199 346 774 Portfolio Turnover: The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover rate was 30% of the average value of its portfolio. 0.30 Principal investment strategies The Portfolio pursues its investment objective by normally investing in a portfolio of 30-40 common stocks. The Portfolio may invest in companies of any size but will invest primarily in larger, well-established companies. The Portfolio may also invest in foreign securities. The Portfolio is classified as nondiversified, which allows it to hold larger positions in more securities as compared to a portfolio that is classified as diversified. As of December 31, 2025, the Portfolio held stocks of 31 companies. Of these holdings, 15 comprised approximately 75.28% of the Portfolio’s holdings. Portfolio management applies a “bottom-up” approach that focuses on fundamental research and considers, among other factors, a company’s sustainable competitive advantages, long-term growth potential, and shareholder value. The Portfolio will generally consider selling a security when, in portfolio management’s opinion, there is a deterioration in a company’s financials, the investment thesis for owning the position has changed, or if the security exceeds its targeted value.The Portfolio may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions in an amount equal to up to one-third of its total assets as determined at the time of the loan origination. The biggest risk is that the Portfolio’s returns will vary, and you could lose money. Market Risk. The value of the Portfolio’s holdings may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Portfolio’s net asset value may fluctuate and it may be more difficult to value or sell the Portfolio’s holdings. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as financial institution failures, economic recessions, tariffs, trade disputes, terrorism, war, armed conflicts, including related sanctions, social unrest, natural disasters, and epidemics and pandemics) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money. Portfolio Management Risk. The Portfolio is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Portfolio may fail to produce the intended results. Accordingly, the Portfolio may underperform benchmark indices or other funds with similar investment objectives. Growth Securities Risk. Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks. If portfolio management’s perception of a company’s growth potential is not realized, the securities purchased may not perform as expected, reducing the Portfolio’s returns. In addition, because different types of stocks tend to shift in and out of favor depending on market and economic conditions, “growth” stocks may perform differently from other types of securities and the market as a whole. Large-Sized Companies Risk. Large-sized companies may be less able than smaller-sized companies to adapt to changing market conditions. Large-sized companies may be more mature and subject to more limited growth potential compared with smaller sized companies. During different market cycles, the performance of large-sized companies has trailed the overall performance of the broader securities markets. Equity Securities Risk. Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The value of the Portfolio’s holdings may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Portfolio’s holdings could also decrease if there are deteriorating economic or market conditions or perceptions regarding the industries in which the issuers of securities the Portfolio holds participate. Nondiversification Risk. The Portfolio is classified as nondiversified under the Investment Company Act of 1940, as amended. This gives portfolio management more flexibility to hold larger positions in more securities than a portfolio that is classified as diversified. As a result, an increase or decrease in the value of a single security held by the Portfolio may have a greater impact on the Portfolio’s net asset value and total return. Issuer Concentration Risk. The Portfolio’s holdings may be comprised of a relatively small number of issuers in comparison to other portfolios. As a result, the Portfolio may be subject to greater risks than a portfolio that invests in a greater number of issuers. A change in the value of any single investment held by the Portfolio may affect the overall value of the Portfolio more than it would affect a portfolio that holds more investments. In particular, the Portfolio may be more susceptible to adverse developments affecting any single issuer held by the Portfolio and may be susceptible to greater losses because of these developments. The Portfolio’s policy of concentrating its portfolio in a smaller number of holdings could result in more volatility in the Portfolio’s performance and share price. Industry and Sector Risk. Although the Portfolio does not concentrate its investments in specific industries, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses within the same economic sector. Companies in the same industry or economic sector may be similarly affected by negative economic or market events, making the Portfolio more vulnerable to unfavorable developments than portfolios that invest more broadly. As the Portfolio’s holdings become more concentrated, the Portfolio is less able to spread risk and potentially reduce the risk of loss and volatility. As the Portfolio’s holdings change over time, the Portfolio’s exposure to a particular economic sector may fluctuate. •Technology Sector Risk. In the technology sector, competitive pressures may have a significant effect on the performance of companies in which the Portfolio may invest. In addition, technology and technology-related companies often progress at an accelerated rate, and these companies may be subject to short product cycles and aggressive pricing, which may increase their volatility. Foreign Exposure Risk. Foreign markets can be more volatile than the U.S. market. As a result, the Portfolio’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. Investments in foreign securities, particularly those of issuers located in emerging market countries, tend to have greater exposure to liquidity risk than domestic securities. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Portfolio to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Portfolio has invested a significant amount of its assets may have a greater effect on the Portfolio’s performance than it would in a more geographically diversified portfolio. Mid-Sized Companies Risk. Investments in securities issued by mid-sized companies may involve greater risks than are customarily associated with larger, more established companies. Securities issued by mid-sized companies tend to be more volatile than securities issued by larger or more established companies and may underperform as compared to the securities of larger or more established companies. These holdings are also subject to wider price fluctuations and tend to be less liquid than stocks of larger or more established companies, which could have a significant adverse effect on the Portfolio’s returns, especially as market conditions change. Securities Lending Risk. There is the risk that when portfolio securities are lent, the securities may not be returned on a timely basis, and the Portfolio may experience delays and costs in recovering the security or gaining access to the collateral provided to the Portfolio to collateralize the loan. If the Portfolio is unable to recover a security on loan, the Portfolio 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 Portfolio. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance information The following information provides some indication of the risks of investing in the Portfolio by showing how the Portfolio’s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. Total return figures include the effect of the Portfolio’s expenses, but do not include charges or expenses attributable to any insurance product, which would lower the performance illustrated.The table compares the average annual returns for the Institutional Shares of the Portfolio for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Portfolio. All figures assume reinvestment of dividends and distributions.The Portfolio’s past performance does not necessarily indicate how it will perform in the future.Updated performance information is available at janushenderson.com/VITperformance or by calling 1-877-335-2687. The following information provides some indication of the risks of investing in the Portfolio by showing how the Portfolio’s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. Total return figures include the effect of the Portfolio’s expenses, but do not include charges or expenses attributable to any insurance product, which would lower the performance illustrated. The table compares the average annual returns for the Institutional Shares of the Portfolio for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Portfolio. All figures assume reinvestment of dividends and distributions. The Portfolio’s past performance does not necessarily indicate how it will perform in the future. Updated performance information is available at janushenderson.com/VITperformance or by calling 1-877-335-2687. janushenderson.com/VITperformance 1-877-335-2687 Best Quarter:2nd Quarter 202026.77%Worst Quarter:2nd Quarter 2022– 25.47% The Portfolio’s broad-based benchmark index is the Russell 1000 Index due to regulatory requirements. The Portfolio’s additional benchmark index is the Russell 1000 Growth Index, which has investment characteristics similar to those of the Portfolio. The Portfolio’s additional benchmark index is the S&P 500 Index. The indices are described below. •The Russell 1000 Index measures the performance of the large-cap segment of the U.S. equity universe. •The Russell 1000 Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. •The S&P 500 Index is a commonly recognized, market capitalization-weighted index of 500 widely held equity securities, designed to measure broad U.S. equity performance. Janus Henderson Research Portfolio Investment Objective Janus Henderson Research Portfolio (“Research Portfolio”) seeks long-term growth of capital. Fees and Expenses of the Portfolio This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Portfolio. Owners of variable insurance contracts that invest in the Shares should refer to the variable insurance contract prospectus for a description of fees and expenses, as the following table and examples do not reflect deductions at the separate account level or contract level for any charges that may be incurred under a contract. Inclusion of these charges would increase the fees and expenses described below. EXAMPLE: The Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 84 262 455 1014 Portfolio Turnover: The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover rate was 31% of the average value of its portfolio. 0.31 Principal investment strategies The Portfolio pursues its investment objective by investing primarily in common stocks. The Portfolio may invest in companies of any size, from larger, well-established companies to smaller, emerging growth companies. The Portfolio is classified as nondiversified, which allows it to hold larger positions in more securities as compared to a portfolio that is classified as diversified. The Adviser’s equity research analysts (the “Central Research Team”) select investments for the Portfolio that represent the Central Research Team’s high-conviction investment ideas in all market capitalizations and styles. The Central Research Team conducts fundamental analysis with a focus on “bottom-up” research, quantitative modeling, and valuation analysis. Using this research process, analysts rate their stocks based upon attractiveness. Stocks considered to be attractive may have all or some of the following characteristics: (i) good and preferably growing free cash flow, (ii) strong and defensible market position, (iii) healthy risk/return profile, (iv) exemplary governance, (v) attractive valuation, and (vi) growth potential. Analysts bring their high-conviction ideas to their respective sector teams. Each sector team compares the appreciation and risk potential of its high-conviction ideas and constructs a sector sleeve that is intended to maximize the best risk-reward opportunities. The sector sleeves are then combined to form the Portfolio’s overall portfolio. The Portfolio Oversight Team, which includes portfolio management, oversees the overall portfolio to manage unintended style risks. Although the Central Research Team may find high-conviction investment ideas anywhere in the world, the Central Research Team emphasizes investments in securities of U.S.-based issuers for the Portfolio. Positions may be sold when, among other things, there is no longer high conviction in the return potential of the investment, if the risk characteristics have caused a re-evaluation of the opportunity, or if the investment thesis for owning a position has changed. This may occur if the stock has appreciated and reflects the anticipated value, if another company represents a better risk-reward opportunity, or if the investment’s fundamental characteristics deteriorate. Securities may also be sold from the portfolio to rebalance sector weightings. Portfolio management, which includes two analysts on the Central Research Team, oversees the investment process and is responsible for the day-to-day management of the Portfolio. Although the Portfolio’s exposure to certain sectors may be higher than to others, it is expected that the Portfolio will be broadly diversified among a variety of sectors. The Portfolio intends to be fully invested under normal circumstances. However, under unusual circumstances, if the Central Research Team does not have high conviction in enough investment opportunities, the Portfolio’s uninvested assets may be held in cash or similar instruments.As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers. ESG Factors are one of many considerations in the investment decision-making process, may not be determinative in deciding to include or exclude an investment from the portfolio, and may not be considered for every investment decision.The Portfolio may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions in an amount equal to up to one-third of its total assets as determined at the time of the loan origination. The biggest risk is that the Portfolio’s returns will vary, and you could lose money. Market Risk. The value of the Portfolio’s holdings may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Portfolio’s net asset value may fluctuate and it may be more difficult to value or sell the Portfolio’s holdings. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as financial institution failures, economic recessions, tariffs, trade disputes, terrorism, war, armed conflicts, including related sanctions, social unrest, natural disasters, and epidemics and pandemics) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money. Equity Securities Risk. Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The value of the Portfolio’s holdings may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Portfolio’s holdings could also decrease if there are deteriorating economic or market conditions or perceptions regarding the industries in which the issuers of securities the Portfolio holds participate. Growth Securities Risk. Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks. If portfolio management’s perception of a company’s growth potential is not realized, the securities purchased may not perform as expected, reducing the Portfolio’s returns. In addition, because different types of stocks tend to shift in and out of favor depending on market and economic conditions, “growth” stocks may perform differently from other types of securities and the market as a whole. The Portfolio’s Central Research Team compares and broadly matches the Portfolio’s sector weights to those of a growth-based index. If growth stocks are out of favor, sectors that are larger in a growth index may underperform, leading to Portfolio underperformance relative to indices less biased toward growth stocks. Large-Sized Companies Risk. Large-sized companies may be less able than smaller-sized companies to adapt to changing market conditions. Large-sized companies may be more mature and subject to more limited growth potential compared with smaller sized companies. During different market cycles, the performance of large-sized companies has trailed the overall performance of the broader securities markets. Nondiversification Risk. The Portfolio is classified as nondiversified under the Investment Company Act of 1940, as amended. This gives portfolio management more flexibility to hold larger positions in more securities than a portfolio that is classified as diversified. As a result, an increase or decrease in the value of a single security held by the Portfolio may have a greater impact on the Portfolio’s net asset value and total return. Industry and Sector Risk. Although the Portfolio does not concentrate its investments in specific industries, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses within the same economic sector. Companies in the same industry or economic sector may be similarly affected by negative economic or market events, making the Portfolio more vulnerable to unfavorable developments than portfolios that invest more broadly. As the Portfolio’s holdings become more concentrated, the Portfolio is less able to spread risk and potentially reduce the risk of loss and volatility. As the Portfolio’s holdings change over time, the Portfolio’s exposure to a particular economic sector may fluctuate. •Technology Sector Risk. In the technology sector, competitive pressures may have a significant effect on the performance of companies in which the Portfolio may invest. In addition, technology and technology-related companies often progress at an accelerated rate, and these companies may be subject to short product cycles and aggressive pricing, which may increase their volatility. Mid-Sized Companies Risk. Investments in securities issued by mid-sized companies may involve greater risks than are customarily associated with larger, more established companies. Securities issued by mid-sized companies tend to be more volatile than securities issued by larger or more established companies and may underperform as compared to the securities of larger or more established companies. These holdings are also subject to wider price fluctuations and tend to be less liquid than stocks of larger or more established companies, which could have a significant adverse effect on the Portfolio’s returns, especially as market conditions change. Portfolio Management Risk. The Portfolio is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Portfolio may fail to produce the intended results. Accordingly, the Portfolio may underperform benchmark indices or other funds with similar investment objectives. ESG Integration Risk. There is a risk that considering ESG Factors as part of the Portfolio’s investment process may fail to produce the intended results or that the Portfolio may perform differently from funds that have a similar investment style but do not formally incorporate such considerations in their strategy. Information related to ESG Factors provided by issuers and third parties, which portfolio management may utilize, continues to develop and may be incomplete or inaccurate, use different or inconsistent methodologies, or be applied differently across issuers and industries. Securities Lending Risk. There is the risk that when portfolio securities are lent, the securities may not be returned on a timely basis, and the Portfolio may experience delays and costs in recovering the security or gaining access to the collateral provided to the Portfolio to collateralize the loan. If the Portfolio is unable to recover a security on loan, the Portfolio 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 Portfolio. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance information The following information provides some indication of the risks of investing in the Portfolio by showing how the Portfolio’s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. Total return figures include the effect of the Portfolio’s expenses, but do not include charges or expenses attributable to any insurance product, which would lower the performance illustrated.The table compares the average annual returns for the Institutional Shares of the Portfolio for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Portfolio. All figures assume reinvestment of dividends and distributions.The Portfolio’s past performance does not necessarily indicate how it will perform in the future.Updated performance information is available at janushenderson.com/VITperformance or by calling 1-877-335-2687. The following information provides some indication of the risks of investing in the Portfolio by showing how the Portfolio’s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. Total return figures include the effect of the Portfolio’s expenses, but do not include charges or expenses attributable to any insurance product, which would lower the performance illustrated. The table compares the average annual returns for the Institutional Shares of the Portfolio for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Portfolio. All figures assume reinvestment of dividends and distributions. The Portfolio’s past performance does not necessarily indicate how it will perform in the future. Updated performance information is available at janushenderson.com/VITperformance or by calling 1-877-335-2687. janushenderson.com/VITperformance 1-877-335-2687 Best Quarter:2nd Quarter 202026.72%Worst Quarter:2nd Quarter 2022– 22.28% The Portfolio’s broad-based benchmark index is the Russell 1000 Index due to regulatory requirements. The Portfolio’s additional benchmark index is the Russell 1000 Growth Index, which has investment characteristics similar to those of the Portfolio. The Portfolio’s additional benchmark is the S&P 500 Index. The indices are described below. •The Russell 1000 Index measures the performance of the large-cap segment of the U.S. equity universe. •The Russell 1000 Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. •The S&P 500 Index is a commonly recognized, market capitalization-weighted index of 500 widely held equity securities, designed to measure broad U.S. equity performance. Janus Henderson Global Technology and Innovation Portfolio Investment Objective Janus Henderson Global Technology and Innovation Portfolio (“Global Technology and Innovation Portfolio”) seeks long-term growth of capital. Fees and Expenses of the Portfolio This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Portfolio. Owners of variable insurance contracts that invest in the Shares should refer to the variable insurance contract prospectus for a description of fees and expenses, as the following table and examples do not reflect deductions at the separate account level or contract level for any charges that may be incurred under a contract. Inclusion of these charges would increase the fees and expenses described below. EXAMPLE: The Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 75 233 406 906 Portfolio Turnover: The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover rate was 50% of the average value of its portfolio. 0.50 Principal investment strategies The Portfolio pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in securities of companies that portfolio management believes will benefit significantly from advances or improvements in technology. These companies generally fall into two categories: •companies that portfolio management believes have or will develop products, processes, or services that will provide significant technological advancements or improvements; and •companies that portfolio management believes rely extensively on technology in connection with their operations or services. Some of the industries and companies likely to be represented in the Portfolio’s holdings include e-commerce (companies doing business through the Internet); computer (hardware and software); communications (voice, data, and wireless); industrials; Internet (software, services, and infrastructure equipment); and media and entertainment. The Portfolio implements this policy by investing primarily in equity securities of U.S. and foreign companies selected for their growth potential. The Portfolio typically invests at least 40% of its net assets in securities of issuers or companies that are economically tied to different countries throughout the world, excluding the United States. An issuer is deemed to be economically tied to a country or countries outside of the United States if one or more of the following tests are met: (i) the issuer is organized in, or its primary business office or principal trading market of its equity is located in, a country outside of the United States; (ii) a majority of the issuer’s revenues are derived from outside of the United States; or (iii) a majority of the issuer’s assets are located outside of the United States. The Portfolio may have exposure to emerging markets. From time to time, the Portfolio may invest in shares of companies through initial public offerings. The Portfolio has a fundamental policy to invest 25% or more of the value of its total assets in the industries within the information technology sector in the aggregate. The Portfolio is classified as nondiversified, which allows it to hold larger positions in more securities as compared to a portfolio that is classified as diversified. Portfolio management applies a “bottom-up” approach in choosing investments. In other words, portfolio management looks at companies one at a time to determine if a company is an attractive investment opportunity and if it is consistent with the Portfolio’s investment policies. Factors that portfolio management may consider in its fundamental analysis include the strength of a company’s balance sheet and a company’s projected returns or growth rates. Portfolio management will generally consider selling a position when, among other things, the investment thesis for owning a position has changed or if the position exceeds its targeted value.As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers. ESG Factors are one of many considerations in the investment decision-making process, may not be determinative in deciding to include or exclude an investment from the portfolio, and may not be considered for every investment decision.The Portfolio may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions in an amount equal to up to one-third of its total assets as determined at the time of the loan origination. The biggest risk is that the Portfolio’s returns will vary, and you could lose money. Market Risk. The value of the Portfolio’s holdings may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Portfolio’s net asset value may fluctuate and it may be more difficult to value or sell the Portfolio’s holdings. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as financial institution failures, economic recessions, tariffs, trade disputes, terrorism, war, armed conflicts, including related sanctions, social unrest, natural disasters, and epidemics and pandemics) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money. Industry and Sector Risk. The Portfolio may have a significant portion of its assets invested in securities of companies conducting similar business or businesses within the same industries. Companies in the same industry or economic sector may be similarly affected by negative economic or market events, making the Portfolio more vulnerable to unfavorable developments than portfolios that invest more broadly. As the Portfolio’s holdings become more concentrated, the Portfolio is less able to spread risk and potentially reduce the risk of loss and volatility. •Technology Sector Risk. In the technology sector, competitive pressures may have a significant effect on the performance of companies in which the Portfolio may invest. In addition, technology and technology-related companies often progress at an accelerated rate, and these companies may be subject to short product cycles and aggressive pricing, which may increase their volatility. •Semiconductor Industry Risk. Semiconductor companies may have limited product lines, markets, financial resources or personnel. Semiconductor companies typically face intense competition, potentially rapid product obsolescence and high capital costs and are dependent on third-party suppliers and the availability of materials. They are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. Semiconductor companies are also affected by the economic performance of their customers. •Software Industry Risk. Software companies can be significantly affected by intense competition, aggressive pricing, technological innovation, product obsolescence, and the ability to attract and retain skilled employees. Software companies also may be dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. Equity Securities Risk. Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The value of the Portfolio’s holdings may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Portfolio’s holdings could also decrease if there are deteriorating economic or market conditions or perceptions regarding the industries in which the issuers of securities the Portfolio holds participate. Growth Securities Risk. Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks. If portfolio management’s perception of a company’s growth potential is not realized, the securities purchased may not perform as expected, reducing the Portfolio’s returns. In addition, because different types of stocks tend to shift in and out of favor depending on market and economic conditions, “growth” stocks may perform differently from other types of securities and the market as a whole. Nondiversification Risk. The Portfolio is classified as nondiversified under the Investment Company Act of 1940, as amended. This gives portfolio management more flexibility to hold larger positions in more securities than a portfolio that is classified as diversified. As a result, an increase or decrease in the value of a single security held by the Portfolio may have a greater impact on the Portfolio’s net asset value and total return. Large-Sized Companies Risk. Large-sized companies may be less able than smaller-sized companies to adapt to changing market conditions. Large-sized companies may be more mature and subject to more limited growth potential compared with smaller sized companies. During different market cycles, the performance of large-sized companies has trailed the overall performance of the broader securities markets. Foreign Exposure Risk. Foreign markets can be more volatile than the U.S. market. As a result, the Portfolio’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. Investments in foreign securities, particularly those of issuers located in emerging market countries, tend to have greater exposure to liquidity risk than domestic securities. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Portfolio to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Portfolio has invested a significant amount of its assets may have a greater effect on the Portfolio’s performance than it would in a more geographically diversified portfolio. Portfolio Management Risk. The Portfolio is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Portfolio may fail to produce the intended results. Accordingly, the Portfolio may underperform benchmark indices or other funds with similar investment objectives. Initial Public Offering Risk. The Portfolio’s purchase of shares issued in an initial public offering (“IPO”) exposes it to the risks associated with companies that have little operating history as public companies, as well as to the risks inherent in those sectors of the market where these new issuers operate. There can be no assurance that the Portfolio will identify favorable IPO investment opportunities. Emerging Markets Risk. Emerging market securities involve a number of risks, which may result from less government supervision and regulation of business and industry practices (including the potential lack of strict finance and accounting controls and standards), stock exchanges, brokers, and listed companies. Information about emerging market companies, including financial information, may be less available or reliable and the Adviser’s ability to conduct due diligence with respect to such companies may be limited. Accordingly, these investments may be potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. 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 Portfolio’s investments. In addition, the taxation systems at the federal, regional, and local levels in developing or emerging market countries may be less transparent, inconsistently enforced, and subject to change. Emerging markets may be subject to a higher degree of corruption and fraud than developed markets, and financial institutions and transaction counterparties may have less financial sophistication, creditworthiness, and/or resources than participants in developed markets. ESG Integration Risk. There is a risk that considering ESG Factors as part of the Portfolio’s investment process may fail to produce the intended results or that the Portfolio may perform differently from funds that have a similar investment style but do not formally incorporate such considerations in their strategy. Information related to ESG Factors provided by issuers and third parties, which portfolio management may utilize, continues to develop and may be incomplete or inaccurate, use different or inconsistent methodologies, or be applied differently across issuers and industries. Securities Lending Risk. There is the risk that when portfolio securities are lent, the securities may not be returned on a timely basis, and the Portfolio may experience delays and costs in recovering the security or gaining access to the collateral provided to the Portfolio to collateralize the loan. If the Portfolio is unable to recover a security on loan, the Portfolio 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 Portfolio. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance information The following information provides some indication of the risks of investing in the Portfolio by showing how the Portfolio’s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. Total return figures include the effect of the Portfolio’s expenses, but do not include charges or expenses attributable to any insurance product, which would lower the performance illustrated.The table compares the average annual returns for the Institutional Shares of the Portfolio for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Portfolio. All figures assume reinvestment of dividends and distributions. For certain periods, the Portfolio’s performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower.The Portfolio’s past performance does not necessarily indicate how it will perform in the future.Updated performance information is available at janushenderson.com/VITperformance or by calling 1-877-335-2687. The following information provides some indication of the risks of investing in the Portfolio by showing how the Portfolio’s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. Total return figures include the effect of the Portfolio’s expenses, but do not include charges or expenses attributable to any insurance product, which would lower the performance illustrated. The table compares the average annual returns for the Institutional Shares of the Portfolio for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Portfolio. All figures assume reinvestment of dividends and distributions. The Portfolio’s past performance does not necessarily indicate how it will perform in the future. Updated performance information is available at janushenderson.com/VITperformance or by calling 1-877-335-2687. janushenderson.com/VITperformance 1-877-335-2687 Best Quarter:2nd Quarter 202033.03%Worst Quarter:2nd Quarter 2022– 25.99% The Portfolio’s broad-based benchmark index is the S&P 500 Index. The Portfolio’s additional benchmark index is the MSCI All Country World Information Technology Index. The indices are described below. •The S&P 500 Index is a commonly recognized, market capitalization-weighted index of 500 widely held equity securities, designed to measure broad U.S. equity performance. •The MSCI All Country World Information Technology Index is a capitalization-weighted index that measures the performance of information technology securities from developed market countries and emerging market countries. Janus Henderson Mid Cap Value Portfolio Investment Objective Janus Henderson Mid Cap Value Portfolio (“Mid Cap Value Portfolio”) seeks capital appreciation. Fees and Expenses of the Portfolio This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Portfolio. Owners of variable insurance contracts that invest in the Shares should refer to the variable insurance contract prospectus for a description of fees and expenses, as the following table and examples do not reflect deductions at the separate account level or contract level for any charges that may be incurred under a contract. Inclusion of these charges would increase the fees and expenses described below. The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse Portfolio expenses to the extent that the Portfolio’s total annual fund operating expenses (excluding any performance adjustments to management fees, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.77% for at least a one-year period commencing on April 30, 2026. This contractual waiver may be terminated or modified only at the discretion of the Portfolio’s Board of Trustees. EXAMPLE: The Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses are equal to the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the first year and the Total Annual Fund Operating Expenses thereafter. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 85 271 474 1058 Portfolio Turnover: The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover rate was 40% of the average value of its portfolio. 0.40 Principal investment strategies The Portfolio pursues its investment objective by investing primarily in the common stocks of mid-sized companies and focuses on companies whose stock prices are believed to be undervalued by portfolio management or that have fallen out of favor with the market. The Portfolio invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of companies whose market capitalization falls, at the time of purchase, within the 12-month capitalization range of the Russell Midcap® Value Index. The market capitalizations within the index will vary, but as of December 31, 2025, they ranged from approximately $122 million to $83.54 billion. From time to time, the Portfolio may invest in shares of companies through initial public offerings. The Portfolio may also invest in foreign securities, as well as in real estate investment trusts (“REITs”) and similar REIT-like entities. As defensive value managers, portfolio management generally looks for companies with: •strong management teams; •strong and stable balance sheets and solid recurring free cash flows; •attractive relative and absolute valuation ratios or that have underperformed recently; •favorable reward to risk characteristics; •sustainable competitive advantages that are trading at attractive valuations; and •strong long-term prospects. Portfolio management’s philosophy is to weigh a security’s downside risk before considering its upside potential, which may help provide an element of capital preservation.As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers. ESG Factors are one of many considerations in the investment decision-making process, may not be determinative in deciding to include or exclude an investment from the portfolio, and may not be considered for every investment decision. The biggest risk is that the Portfolio’s returns will vary, and you could lose money. Market Risk. The value of the Portfolio’s holdings may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Portfolio’s net asset value may fluctuate and it may be more difficult to value or sell the Portfolio’s holdings. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as financial institution failures, economic recessions, tariffs, trade disputes, terrorism, war, armed conflicts, including related sanctions, social unrest, natural disasters, and epidemics and pandemics) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money. Value Investing Risk. Because different types of stocks tend to shift in and out of favor depending on market and economic conditions, “value” stocks may perform differently than other types of stocks and from the market as a whole, and can continue to be undervalued by the market for long periods of time. It is also possible that a value stock will never appreciate to the extent expected. Mid-Sized Companies Risk. Investments in securities issued by mid-sized companies may involve greater risks than are customarily associated with larger, more established companies. Securities issued by mid-sized companies tend to be more volatile than securities issued by larger or more established companies and may underperform as compared to the securities of larger or more established companies. These holdings are also subject to wider price fluctuations and tend to be less liquid than stocks of larger or more established companies, which could have a significant adverse effect on the Portfolio’s returns, especially as market conditions change. Portfolio Management Risk. The Portfolio is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Portfolio may fail to produce the intended results. Accordingly, the Portfolio may underperform benchmark indices or other funds with similar investment objectives. Equity Securities Risk. Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The value of the Portfolio’s holdings may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Portfolio’s holdings could also decrease if there are deteriorating economic or market conditions or perceptions regarding the industries in which the issuers of securities the Portfolio holds participate. REIT Risk. REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. In addition, a REIT could fail to qualify for tax-free pass-through of its income under the Internal Revenue Code of 1986, as amended, or fail to maintain its exemption from registration under the Investment Company Act of 1940, as amended, which could produce adverse economic consequences for the REIT and its investors, including the Portfolio. Dividends received by the Portfolio from a REIT generally will not constitute qualified dividend income. Initial Public Offering Risk. The Portfolio’s purchase of shares issued in an initial public offering (“IPO”) exposes it to the risks associated with companies that have little operating history as public companies, as well as to the risks inherent in those sectors of the market where these new issuers operate. There can be no assurance that the Portfolio will identify favorable IPO investment opportunities. Foreign Exposure Risk. Foreign markets can be more volatile than the U.S. market. As a result, the Portfolio’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. Investments in foreign securities, particularly those of issuers located in emerging market countries, tend to have greater exposure to liquidity risk than domestic securities. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Portfolio to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Portfolio has invested a significant amount of its assets may have a greater effect on the Portfolio’s performance than it would in a more geographically diversified portfolio. ESG Integration Risk. There is a risk that considering ESG Factors as part of the Portfolio’s investment process may fail to produce the intended results or that the Portfolio may perform differently from funds that have a similar investment style but do not formally incorporate such considerations in their strategy. Information related to ESG Factors provided by issuers and third parties, which portfolio management may utilize, continues to develop and may be incomplete or inaccurate, use different or inconsistent methodologies, or be applied differently across issuers and industries. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance information The following information provides some indication of the risks of investing in the Portfolio by showing how the Portfolio’s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. Total return figures include the effect of the Portfolio’s expenses, but do not include charges or expenses attributable to any insurance product, which would lower the performance illustrated.The table compares the average annual returns for the Institutional Shares of the Portfolio for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Portfolio. All figures assume reinvestment of dividends and distributions. For certain periods, the Portfolio’s performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower.The Portfolio’s past performance does not necessarily indicate how it will perform in the future.Updated performance information is available at janushenderson.com/VITperformance or by calling 1-877-335-2687. The following information provides some indication of the risks of investing in the Portfolio by showing how the Portfolio’s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. Total return figures include the effect of the Portfolio’s expenses, but do not include charges or expenses attributable to any insurance product, which would lower the performance illustrated. The table compares the average annual returns for the Institutional Shares of the Portfolio for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Portfolio. All figures assume reinvestment of dividends and distributions. The Portfolio’s past performance does not necessarily indicate how it will perform in the future. Updated performance information is available at janushenderson.com/VITperformance or by calling 1-877-335-2687. janushenderson.com/VITperformance 1-877-335-2687 Best Quarter:4th Quarter 202018.29%Worst Quarter:1st Quarter 2020– 29.11% The Portfolio’s broad-based benchmark index is the Russell 3000 Index due to regulatory requirements. The Portfolio’s additional benchmark is the Russell Midcap Value Index, which has investment characteristics similar to those of the Portfolio. The indices are described below. •The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies. •The Russell Midcap Value Index measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. Janus Henderson Flexible Bond Portfolio Investment Objective Janus Henderson Flexible Bond Portfolio (“Flexible Bond Portfolio”) seeks to obtain maximum total return, consistent with preservation of capital. Fees and Expenses of the Portfolio This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Portfolio. Owners of variable insurance contracts that invest in the Shares should refer to the variable insurance contract prospectus for a description of fees and expenses, as the following table and examples do not reflect deductions at the separate account level or contract level for any charges that may be incurred under a contract. Inclusion of these charges would increase the fees and expenses described below. The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse Portfolio expenses to the extent that the Portfolio’s total annual fund operating expenses (excluding fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.52%. In addition, the Adviser has contractually agreed to waive and/or reimburse a portion of the Portfolio’s management fee in an amount equal to the management fee it earns as an investment adviser to any affiliated exchange-traded funds (“ETFs”) in which the Portfolio invests, less certain operating expenses. The contractual waivers will remain in effect for at least a one-year period commencing on April 30, 2026. These contractual waivers may be terminated or modified only at the discretion of the Board of Trustees. EXAMPLE: The Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses are equal to the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the first year and the Total Annual Fund Operating Expenses thereafter. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 84 277 486 1090 Portfolio Turnover: The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover rate was 177% of the average value of its portfolio. 1.77 Principal investment strategies The Portfolio pursues its investment objective by primarily investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in bonds. Bonds include, but are not limited to, government notes and bonds, corporate bonds, commercial and residential mortgage-backed securities, asset-backed securities, credit risk transfer securities (“CRTs”), and money market instruments. The Portfolio may invest in fixed and floating rate obligations with varying durations. The Portfolio’s average portfolio duration typically ranges between three and seven years. As of December 31, 2025, the Portfolio’s average portfolio duration was 5.88 years. The Portfolio will invest at least 65% of its net assets in investment grade debt securities. The Portfolio will limit its investment in high-yield bonds (also known as “junk” bonds) to 35% or less of its net assets. The Portfolio generates total return from a combination of current income and capital appreciation, but income is usually the dominant portion. The Portfolio may enter into “to be announced” or “TBA” commitments when purchasing mortgage-backed securities or other securities. The Portfolio also invests in securities that have contractual restrictions that prohibit or limit their public resale, which may include Rule 144A securities. The Portfolio may also invest in foreign securities. Due to the nature of the securities in which the Portfolio invests, it may have relatively high portfolio turnover compared to other portfolios. Additionally, the Portfolio may invest its assets in derivatives. Derivative instruments have a value derived from, or directly linked to, an underlying asset, such as fixed-income securities, commodities, currencies, interest rates, or market indices. In particular, the Portfolio may use futures, including Treasury bond futures, to manage interest rate risk, yield curve positioning, and country exposure. The Portfolio may also use index credit default swaps for hedging purposes (to offset risks associated with an investment exposure, or market conditions), to increase or decrease the Portfolio’s exposure to a particular market, to manage or adjust the risk profile of the Portfolio relative to its benchmark index, and to earn income, enhance returns, or preserve capital. The Portfolio’s exposure to derivatives will vary. For purposes of meeting its 80% investment policy, the Portfolio may include derivatives that have characteristics similar to the securities in which the Portfolio may directly invest. The Portfolio may take short positions on derivatives instruments. Portfolio management’s investment process is research-driven, incorporating “top-down” and “bottom-up” factors to identify and manage exposure to risks across sectors, industries, and individual investments. Portfolio management evaluates expected risk-adjusted returns on a portfolio and position level by analyzing fundamentals, valuations, and market technical indicators. This research encompasses both traditional fundamental analysis and data driven quantitative models and signals from such models.As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers. ESG Factors are one of many considerations in the investment decision-making process, may not be determinative in deciding to include or exclude an investment from the portfolio, and may not be considered for every investment decision.The Portfolio may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions in an amount equal to up to one-third of its total assets as determined at the time of the loan origination. The biggest risk is that the Portfolio’s returns and yields will vary, and you could lose money. Market Risk. The value of the Portfolio’s holdings may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Portfolio’s net asset value may fluctuate and it may be more difficult to value or sell the Portfolio’s holdings. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as financial institution failures, economic recessions, tariffs, trade disputes, terrorism, war, armed conflicts, including related sanctions, social unrest, natural disasters, and epidemics and pandemics) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money. Fixed-Income Securities Risk. Fixed-income securities are generally subject to the following risks: •Interest rate risk, which is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. Changing interest rates have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. •Credit risk, which is the risk that the credit strength of an issuer of a fixed-income security will weaken and/or that the issuer will be unable to make timely principal and interest payments and that the security may go into default. •Prepayment risk, which is the risk that, during periods of falling interest rates, certain debt obligations may be paid off quicker than originally anticipated, which may cause the Portfolio to reinvest its assets in securities with lower yields, resulting in a decline in the Portfolio’s income or return potential. •Extension risk, which is the risk that, during periods of rising interest rates, certain debt obligations may be paid off substantially slower than originally anticipated, and as a result, the value of those obligations may fall. •Valuation risk, which is the risk that one or more of the fixed-income securities in which the Portfolio invests are priced differently than the value realized upon such security’s sale. In times of market instability, valuation may be more difficult. Valuation may also be affected by changes in the issuer’s financial strength, the market’s perception of such strength, or in the credit rating of the issuer or the security. •Liquidity risk, which is the risk that fixed-income securities may be difficult or impossible to sell at the time that portfolio management would like or at the price portfolio management believes the security is currently worth. Consequently, the Portfolio may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Portfolio’s performance. In unusual market conditions, even normally liquid securities may be affected by a degree of liquidity risk (i.e., if the number and capacity of traditional market participants is reduced). High-Yield Bond Risk. High-yield bonds (also known as “junk” bonds) are considered speculative and may be more sensitive than other types of bonds to economic changes, political changes, or adverse developments specific to the company that issued the bond, which may adversely affect their value. Mortgage- and Asset-Backed Securities Risk. Mortgage- and asset-backed securities represent interests in “pools” of commercial or residential mortgages or other assets, including consumer loans or receivables. The value of mortgage- and asset-backed securities will be influenced by factors affecting the real estate market and the assets underlying these securities. Investments in mortgage-and asset-backed securities may be subject to credit risk, valuation risk, liquidity risk, extension risk, and prepayment risk. These securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn. Foreign Exposure Risk. Foreign markets can be more volatile than the U.S. market. As a result, the Portfolio’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. Investments in foreign securities, particularly those of issuers located in emerging market countries, tend to have greater exposure to liquidity risk than domestic securities. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Portfolio to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Portfolio has invested a significant amount of its assets may have a greater effect on the Portfolio’s performance than it would in a more geographically diversified portfolio. Sovereign Debt Risk. Investments in U.S. and non-U.S. government debt securities (“sovereign debt”) can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner. A sovereign debtor’s willingness or ability to satisfy its debt obligation may be affected by various factors including, but not limited to, its cash flow situation, the extent of its foreign currency reserves, the availability of foreign exchange when a payment is due, and the relative size of its debt position in relation to its economy as a whole. In the event of default, there may be limited or no legal remedies for collecting sovereign debt and there may be no bankruptcy proceedings through which the Portfolio may collect all or part of the sovereign debt that a governmental entity has not repaid. In addition, to the extent the Portfolio invests in non-U.S. sovereign debt, it may be subject to currency risk. Credit Risk Transfer Securities Risk. CRTs are unguaranteed and unsecured fixed or floating rate general obligations that are commonly issued by government sponsored enterprises. CRTs are not directly linked to or backed by the underlying mortgage loans, so investors such as the Portfolio have no direct recourse to the underlying mortgage loans in the event of a default. The risks associated with CRTs are different from the risks associated with investments in mortgage-backed securities issued by government sponsored enterprises or private issuers because some or all of the mortgage default or credit risk associated with the underlying mortgage loans is transferred to investors. These risks are in addition to the risks described under “Fixed-Income Securities Risk.” Floating Rate Obligations Risk. The Portfolio may invest in floating rate obligations with interest rates that reset regularly. The interest rates on floating rate obligations typically reset quarterly, although rates on some obligations may adjust at other intervals. Changes in the interest rates on floating rate obligations could result in lower income to the Portfolio. In addition, the secondary market on which floating rate obligations are traded may be less liquid than the market for investment grade securities or other types of income-producing securities, which may have an adverse impact on their market price. There is also a potential that there is no active market to trade floating rate obligations, that there may be restrictions on their transfer, or that the issuer may default. As a result, the Portfolio may be unable to sell floating rate obligations at the desired time or may be able to sell only at a price less than fair market value. Portfolio Turnover Risk. Increased portfolio turnover may result in higher costs, which may have a negative effect on the Portfolio’s performance. TBA Commitments Risk. Although TBA commitments must meet industry-accepted “good delivery” standards, there can be no assurance that a security purchased on a forward commitment basis will ultimately be issued or delivered by the counterparty. If the counterparty to a transaction fails to deliver the securities, the Portfolio could suffer a loss. Because TBA commitments do not require the delivery of a specific security, the characteristics of a security delivered to the Portfolio may be less favorable than expected. There is a risk that the security that the Portfolio buys will lose value between the purchase and settlement dates. TBA purchase and sales commitments may significantly increase the portfolio turnover rate and are not included in the portfolio turnover rate calculation. Portfolio Management Risk. The Portfolio is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Portfolio may fail to produce the intended results. Accordingly, the Portfolio may underperform benchmark indices or other funds with similar investment objectives. Derivatives Risk. Derivatives can be volatile and involve risks in addition to the risks of the underlying referenced securities or asset. Gains or losses from a derivative investment can be substantially greater than the derivative’s original cost, and can therefore involve leverage. Leverage may cause the Portfolio to be more volatile than if it had not used leverage. Derivatives entail the risk that the counterparty may default on its payment obligations. If the counterparty to a derivative transaction defaults, the Portfolio may lose the net amount of the payments that it contractually is entitled to receive. The Portfolio’s investments in interest rate futures in particular entail the risk that portfolio management’s prediction of the direction of interest rates is wrong, and the Portfolio could incur a loss. Derivatives used for hedging purposes may reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by portfolio management or if the cost of the derivative outweighs the benefit of the hedge. Short Exposure Risk. The Portfolio may enter into a derivatives transaction to obtain short investment exposure to the underlying reference asset. If the value of the underlying reference asset on which the Portfolio has obtained a short investment exposure increases, the Portfolio will incur a loss. This potential loss is theoretically unlimited. A short exposure through a derivative also exposes the Portfolio to credit risk, counterparty risk, and leverage risk. Rule 144A Securities and Other Exempt Securities Risk. Investments in securities issued under Regulation S and Rule 144A and other securities exempt from certain registration requirements could have the effect of decreasing the Portfolio’s liquidity profile or preventing the Portfolio from disposing of them promptly at advantageous prices. Investments in securities exempt from certain registration requirements may be less liquid than other investments because such securities may not always be readily sold in broad public markets and may have no active trading market. As a result, they may be difficult to value because market quotations may not be readily available. Securities Lending Risk. There is the risk that when portfolio securities are lent, the securities may not be returned on a timely basis, and the Portfolio may experience delays and costs in recovering the security or gaining access to the collateral provided to the Portfolio to collateralize the loan. If the Portfolio is unable to recover a security on loan, the Portfolio 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 Portfolio. ESG Integration Risk. There is a risk that considering ESG Factors as part of the Portfolio’s investment process may fail to produce the intended results or that the Portfolio may perform differently from funds that have a similar investment style but do not formally incorporate such considerations in their strategy. Information related to ESG Factors provided by issuers and third parties, which portfolio management may utilize, continues to develop and may be incomplete or inaccurate, use different or inconsistent methodologies, or be applied differently across issuers and industries. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance information The following information provides some indication of the risks of investing in the Portfolio by showing how the Portfolio’s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. Total return figures include the effect of the Portfolio’s expenses, but do not include charges or expenses attributable to any insurance product, which would lower the performance illustrated.The table compares the average annual returns for the Service Shares of the Portfolio for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions. For certain periods, the Portfolio’s performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower.The Portfolio’s past performance does not necessarily indicate how it will perform in the future.Updated performance information is available at janushenderson.com/VITperformance or by calling 1-877-335-2687. The following information provides some indication of the risks of investing in the Portfolio by showing how the Portfolio’s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. Total return figures include the effect of the Portfolio’s expenses, but do not include charges or expenses attributable to any insurance product, which would lower the performance illustrated. The table compares the average annual returns for the Service Shares of the Portfolio for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions. The Portfolio’s past performance does not necessarily indicate how it will perform in the future. Updated performance information is available at janushenderson.com/VITperformance or by calling 1-877-335-2687. janushenderson.com/VITperformance 1-877-335-2687 Best Quarter:4th Quarter 20237.08%Worst Quarter:1st Quarter 2022– 6.25% The Portfolio’s broad-based benchmark index is the Bloomberg U.S. Aggregate Bond Index. The index is described below. •The Bloomberg U.S. Aggregate Bond Index is made up of U.S. dollar-denominated, fixed-rate taxable bonds, including securities that are of investment grade quality or better. Janus Henderson Global Research Portfolio Investment Objective Janus Henderson Global Research Portfolio (“Global Research Portfolio”) seeks long-term growth of capital. Fees and Expenses of the Portfolio This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Portfolio. Owners of variable insurance contracts that invest in the Shares should refer to the variable insurance contract prospectus for a description of fees and expenses, as the following table and examples do not reflect deductions at the separate account level or contract level for any charges that may be incurred under a contract. Inclusion of these charges would increase the fees and expenses described below. EXAMPLE: The Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 109 340 590 1306 Portfolio Turnover: The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover rate was 31% of the average value of its portfolio. 0.31 Principal investment strategies The Portfolio pursues its investment objective by investing primarily in common stocks. The Portfolio may invest in companies of any size located anywhere in the world, from larger, well-established companies to smaller, emerging growth companies. The Portfolio typically invests at least 40% of its net assets in securities of issuers or companies that are economically tied to different countries throughout the world, excluding the United States. Because the Portfolio’s investments in foreign securities are partially based on the composition of the Portfolio’s benchmark index, the MSCI World Indexsm, the Portfolio’s exposure to foreign markets may fluctuate in connection with variations in the foreign exposure of the benchmark index. The Adviser’s equity research analysts (the “Central Research Team”) select investments for the Portfolio that represent the Central Research Team’s high-conviction investment ideas in all market capitalizations, styles, and geographies. The Central Research Team conducts fundamental analysis with a focus on “bottom-up” research, quantitative modeling, and valuation analysis. Using this research process, analysts rate their stocks based upon attractiveness. Stocks considered to be attractive may have all or some of the following characteristics: (i) good and preferably growing free cash flow, (ii) strong and defensible market position, (iii) healthy risk/return profile, (iv) exemplary governance, (v) attractive valuation, and (vi) growth potential. Analysts bring their high-conviction ideas to their respective sector teams. Each sector team compares the appreciation and risk potential of its high-conviction ideas and constructs a sector sleeve that is intended to maximize the best risk-reward opportunities. The sector sleeves are then combined to form the Portfolio’s overall portfolio. The Portfolio Oversight Team, which includes portfolio management, oversees the overall portfolio to manage unintended style risks. Positions may be sold when, among other things, there is no longer high conviction in the return potential of the investment, if the risk characteristics have caused a re-evaluation of the opportunity, or if the investment thesis for owning a position has changed. This may occur if the stock has appreciated and reflects the anticipated value, if another company represents a better risk-reward opportunity, or if the investment’s fundamental characteristics deteriorate. Securities may also be sold from the portfolio to rebalance sector weightings. Portfolio management, which includes two analysts on the Central Research Team, oversees the investment process and is responsible for the day-to-day management of the Portfolio. Although the Portfolio’s exposure to certain sectors may be higher than to others, it is expected that the Portfolio will be broadly diversified among a variety of sectors. The Portfolio intends to be fully invested under normal circumstances. However, under unusual circumstances, if the Central Research Team does not have high conviction in enough investment opportunities, the Portfolio’s uninvested assets may be held in cash or similar instruments.As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers. ESG Factors are one of many considerations in the investment decision-making process, may not be determinative in deciding to include or exclude an investment from the portfolio, and may not be considered for every investment decision.The Portfolio may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions in an amount equal to up to one-third of its total assets as determined at the time of the loan origination. The biggest risk is that the Portfolio’s returns will vary, and you could lose money. Market Risk. The value of the Portfolio’s holdings may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Portfolio’s net asset value may fluctuate and it may be more difficult to value or sell the Portfolio’s holdings. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as financial institution failures, economic recessions, tariffs, trade disputes, terrorism, war, armed conflicts, including related sanctions, social unrest, natural disasters, and epidemics and pandemics) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money. Equity Securities Risk. Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The value of the Portfolio’s holdings may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Portfolio’s holdings could also decrease if there are deteriorating economic or market conditions or perceptions regarding the industries in which the issuers of securities the Portfolio holds participate. Growth Securities Risk. Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks. If portfolio management’s perception of a company’s growth potential is not realized, the securities purchased may not perform as expected, reducing the Portfolio’s returns. In addition, because different types of stocks tend to shift in and out of favor depending on market and economic conditions, “growth” stocks may perform differently from other types of securities and the market as a whole. Large-Sized Companies Risk. Large-sized companies may be less able than smaller-sized companies to adapt to changing market conditions. Large-sized companies may be more mature and subject to more limited growth potential compared with smaller sized companies. During different market cycles, the performance of large-sized companies has trailed the overall performance of the broader securities markets. Foreign Exposure Risk. Foreign markets can be more volatile than the U.S. market. As a result, the Portfolio’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. Investments in foreign securities, particularly those of issuers located in emerging market countries, tend to have greater exposure to liquidity risk than domestic securities. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Portfolio to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Portfolio has invested a significant amount of its assets may have a greater effect on the Portfolio’s performance than it would in a more geographically diversified portfolio. Portfolio Management Risk. The Portfolio is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Portfolio may fail to produce the intended results. Accordingly, the Portfolio may underperform benchmark indices or other funds with similar investment objectives. Industry and Sector Risk. Although the Portfolio does not concentrate its investments in specific industries, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses within the same economic sector. Companies in the same industry or economic sector may be similarly affected by negative economic or market events, making the Portfolio more vulnerable to unfavorable developments than portfolios that invest more broadly. As the Portfolio’s holdings become more concentrated, the Portfolio is less able to spread risk and potentially reduce the risk of loss and volatility. As the Portfolio’s holdings change over time, the Portfolio’s exposure to a particular economic sector may fluctuate. •Technology Sector Risk. In the technology sector, competitive pressures may have a significant effect on the performance of companies in which the Portfolio may invest. In addition, technology and technology-related companies often progress at an accelerated rate, and these companies may be subject to short product cycles and aggressive pricing, which may increase their volatility. Mid-Sized Companies Risk. Investments in securities issued by mid-sized companies may involve greater risks than are customarily associated with larger, more established companies. Securities issued by mid-sized companies tend to be more volatile than securities issued by larger or more established companies and may underperform as compared to the securities of larger or more established companies. These holdings are also subject to wider price fluctuations and tend to be less liquid than stocks of larger or more established companies, which could have a significant adverse effect on the Portfolio’s returns, especially as market conditions change. Currency Risk. Currency risk is the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment. As long as the Portfolio holds a foreign security, its value will be affected by the value of the local currency relative to the U.S. dollar. When the Portfolio sells a foreign currency denominated security, its value may be worth less in U.S. dollars even if the security increases in value in its home country. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk, as the value of these securities may also be affected by changes in the issuer’s local currency. ESG Integration Risk. There is a risk that considering ESG Factors as part of the Portfolio’s investment process may fail to produce the intended results or that the Portfolio may perform differently from funds that have a similar investment style but do not formally incorporate such considerations in their strategy. Information related to ESG Factors provided by issuers and third parties, which portfolio management may utilize, continues to develop and may be incomplete or inaccurate, use different or inconsistent methodologies, or be applied differently across issuers and industries. Securities Lending Risk. There is the risk that when portfolio securities are lent, the securities may not be returned on a timely basis, and the Portfolio may experience delays and costs in recovering the security or gaining access to the collateral provided to the Portfolio to collateralize the loan. If the Portfolio is unable to recover a security on loan, the Portfolio 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 Portfolio. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance information The following information provides some indication of the risks of investing in the Portfolio by showing how the Portfolio’s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. Total return figures include the effect of the Portfolio’s expenses, but do not include charges or expenses attributable to any insurance product, which would lower the performance illustrated.The table compares the average annual returns for the Service Shares of the Portfolio for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Portfolio. All figures assume reinvestment of dividends and distributions. For certain periods, the Portfolio’s performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower.The Portfolio’s past performance does not necessarily indicate how it will perform in the future.Updated performance information is available at janushenderson.com/VITperformance or by calling 1-877-335-2687. The following information provides some indication of the risks of investing in the Portfolio by showing how the Portfolio’s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. Total return figures include the effect of the Portfolio’s expenses, but do not include charges or expenses attributable to any insurance product, which would lower the performance illustrated. The table compares the average annual returns for the Service Shares of the Portfolio for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Portfolio. All figures assume reinvestment of dividends and distributions. The Portfolio’s past performance does not necessarily indicate how it will perform in the future. Updated performance information is available at janushenderson.com/VITperformance or by calling 1-877-335-2687. janushenderson.com/VITperformance 1-877-335-2687 Best Quarter:2nd Quarter 202021.34%Worst Quarter:1st Quarter 2020– 20.73% The Portfolio’s broad-based benchmark index is the MSCI World Index. The Portfolio’s additional benchmark index is the MSCI All Country World Index. The indices are described below. •The MSCI World Index is designed to measure the equity market performance of developed market countries in North America, Europe, and the Asia/Pacific Region. •The MSCI All Country World Index is designed to measure equity market performance in global developed and emerging markets. Janus Henderson Global Sustainable Equity Portfolio Investment Objective Janus Henderson Global Sustainable Equity Portfolio (“Global Sustainable Equity Portfolio”) seeks long-term growth of capital. Fees and Expenses of the Portfolio This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Portfolio. Owners of variable insurance contracts that invest in the Shares should refer to the variable insurance contract prospectus for a description of fees and expenses, as the following table and examples do not reflect deductions at the separate account level or contract level for any charges that may be incurred under a contract. Inclusion of these charges would increase the fees and expenses described below. The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse Portfolio expenses to the extent that the Portfolio’s total annual fund operating expenses (excluding fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.68% for at least a one-year period commencing on April 30, 2026. This contractual waiver may be terminated or modified only at the discretion of the Portfolio’s Board of Trustees. EXAMPLE: The Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses are equal to the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the first year and the Total Annual Fund Operating Expenses thereafter. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 101 634 1194 2722 Portfolio Turnover: The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover rate was 66% of the average value of its portfolio. 0.66 Principal investment strategies The Portfolio pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities. The Portfolio will typically invest in companies whose products and services are considered by portfolio management as contributing to positive environmental or social change and sustainable economic development, including those that are strategically aligned with environmental and social megatrends such as climate change, resource constraints, growing populations, and aging populations. The Portfolio typically invests at least 40% of its net assets in securities of issuers or companies that are economically tied to different countries throughout the world, excluding the United States. An issuer is deemed to be economically tied to a country or countries if one or more of the following tests are met: (i) the issuer is organized in, or its primary business office or principal trading market of its equity is located in, the country; (ii) a majority of the issuer’s revenues are derived from one or more countries; or (iii) a majority of the issuer’s assets are located in one or more countries. The Portfolio’s investments may be in non-U.S. currency or U.S. dollar-denominated. The Portfolio generally invests in a core group of 50-70 equity securities, which consist primarily of common stocks, but may also include other types of instruments, such as depositary receipts and warrants. The Portfolio will invest primarily in larger, well-established companies but may also invest in mid-sized companies. The Portfolio’s uninvested assets may be held in cash or cash equivalents. In selecting investments, portfolio management employs a “bottom-up” approach that focuses on fundamental research. To identify the universe of investible securities for the Portfolio, portfolio management first employs positive selection criteria that seeks to identify companies that derive at least 50% of their current or future expected revenues from at least one of ten environmental and social themes. Environmental themes include efficiency, cleaner energy, water management, environmental services, and sustainable transport. Social themes include sustainable property and finance, safety, quality of life, knowledge and technology, and health. Next, portfolio management applies broad-based negative screens, which incorporate third-party inputs, to seek to avoid securities of issuers that, in the determination of the Adviser, are significantly engaged in or derive more than de minimis revenue from industries, activities, or assets considered by portfolio management to have a negative impact on society or the environment. A current list of such industries, activities, or assets, which may evolve over time, follows:•alcohol; •animal testing (non-medical); •chemicals of concern; •civilian firearms and ammunition; •controversial weapons; •conventional weapons; •fossil fuels; •fur; •gambling; •genetically modified organisms;•intensive farming;•pornography; •tobacco; and •United Nations Global Compact and Organization for Economic Co-operation and Development violators.In selecting investments, portfolio management will then consider, among other factors, a company’s growth potential, competitive positioning, operational quality, and strategy. Portfolio management may also consider factors such as a company’s historic and projected return on capital, balance sheets, and financial models. Portfolio management will also consider environmental, social, and governance (“ESG”) factors (“ESG Factors”), which may include climate change, deforestation, biodiversity, human rights, company culture, community relations, board structure and diversity, executive pay, and corporate reporting. Portfolio management seeks to maintain a portfolio of securities that has: •a carbon footprint and carbon intensity that is at least 20% below the MSCI World Indexsm; •a weighted average exposure to companies with notable ESG controversies that is below the MSCI World Index; and •a weighted average exposure to companies with a hazardous waste ratio below the MSCI World Index. At portfolio management’s discretion, the Portfolio will engage with a company’s management regarding matters that may include shareholder rights, governance and remuneration, climate change, carbon emissions, pollution, biodiversity, human capital, and diversity and inclusion. Portfolio management evaluates and applies ESG and sustainable investment criteria relying on a mix of third-party data and internally-generated analyses based on information that may include web-based research reports from a company or independent sources, as well as corporate engagement. Portfolio management does not apply these ESG and sustainable investment criteria in managing the Portfolio’s exposure to cash and cash equivalents. The Portfolio will generally consider selling a stock if, in portfolio management’s opinion, there has been a regulatory, industry, or position-level change that may impair a company’s revenue growth. The Portfolio will also consider selling a stock if, in portfolio management’s opinion, the company’s business model no longer meets the ESG and sustainable investment criteria employed in managing the Portfolio. The biggest risk is that the Portfolio’s returns will vary, and you could lose money. Market Risk. The value of the Portfolio’s holdings may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Portfolio’s net asset value may fluctuate and it may be more difficult to value or sell the Portfolio’s holdings. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as financial institution failures, economic recessions, tariffs, trade disputes, terrorism, war, armed conflicts, including related sanctions, social unrest, natural disasters, and epidemics and pandemics) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money. Industry and Sector Risk. Although the Portfolio does not concentrate its investments in specific industries, it emphasizes certain themes and megatrends. As a result, at times, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses within the same economic sector or that benefit from the same megatrend. Companies in the same industry or economic sector or that benefit from the same megatrend may be similarly affected by economic or market events, making the Portfolio more vulnerable to unfavorable developments than portfolios that invest more broadly. As the Portfolio’s holdings become more concentrated, the Portfolio is less able to spread risk and potentially reduce the risk of loss and volatility. •Industrials Sector Risk. The industrials sector is comprised of companies that produce capital goods used in construction and manufacturing, such as companies that make and sell machinery, equipment and supplies that are used to produce other goods. Companies in the industrials sector may be adversely affected by changes in government regulation and spending, import controls, and worldwide competition. In addition, companies may be adversely affected by environmental damages, product liability claims and exchange rates, and may face product obsolescence due to rapid technological developments and frequent new product introduction. •Technology Sector Risk. In the technology sector, competitive pressures may have a significant effect on the performance of companies in which the Portfolio may invest. In addition, technology and technology-related companies often progress at an accelerated rate, and these companies may be subject to short product cycles and aggressive pricing, which may increase their volatility. Sustainable Investment Risk. The Portfolio follows a sustainable investment approach by investing in companies that relate to certain sustainable development themes and demonstrate adherence to ESG practices. Accordingly, the Portfolio may have a significant portion of its assets invested in securities of companies conducting similar business or businesses within the same economic sector, which may make the Portfolio more vulnerable to unfavorable developments in a particular sector than portfolios that invest more broadly. Additionally, due to its exclusionary criteria, the Portfolio may not be invested in certain industries or sectors, and therefore may have lower performance than portfolios that do not apply similar criteria. In addition, because sustainable and ESG investing takes into consideration factors beyond traditional financial analysis, the investment opportunities for the Portfolio may be limited at times. Sustainability and ESG-related information provided by issuers and third parties, upon which portfolio management may rely, continues to develop, and may be incomplete, inaccurate, use different methodologies, or be applied differently across companies and industries. As the regulatory landscape around responsible investing continues to evolve across regions, future rules and regulations may require the Portfolio to modify or alter its investment process. There is also a risk that the companies identified through the investment process may fail to adhere to sustainable and/or ESG-related business practices, which may result in the Portfolio selling a security when it might otherwise be disadvantageous to do so. Equity Securities Risk. Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The value of the Portfolio’s holdings may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Portfolio’s holdings could also decrease if there are deteriorating economic or market conditions or perceptions regarding the industries in which the issuers of securities the Portfolio holds participate. Large-Sized Companies Risk. Large-sized companies may be less able than smaller-sized companies to adapt to changing market conditions. Large-sized companies may be more mature and subject to more limited growth potential compared with smaller sized companies. During different market cycles, the performance of large-sized companies has trailed the overall performance of the broader securities markets. Currency Risk. Currency risk is the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment. As long as the Portfolio holds a foreign security, its value will be affected by the value of the local currency relative to the U.S. dollar. When the Portfolio sells a foreign currency denominated security, its value may be worth less in U.S. dollars even if the security increases in value in its home country. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk, as the value of these securities may also be affected by changes in the issuer’s local currency. Foreign Exposure Risk. Foreign markets can be more volatile than the U.S. market. As a result, the Portfolio’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. Investments in foreign securities, particularly those of issuers located in emerging market countries, tend to have greater exposure to liquidity risk than domestic securities. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Portfolio to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Portfolio has invested a significant amount of its assets may have a greater effect on the Portfolio’s performance than it would in a more geographically diversified portfolio. Portfolio Management Risk. The Portfolio is an actively managed investment portfolio and is therefore subject to the risk that portfolio management may not be successful in identifying investment opportunities that are aligned with the sustainable investment approach that the Portfolio employs. Accordingly, the Portfolio may underperform its benchmark index or other mutual funds with similar investment objectives. Mid-Sized Companies Risk. Investments in securities issued by mid-sized companies may involve greater risks than are customarily associated with larger, more established companies. Securities issued by mid-sized companies tend to be more volatile than securities issued by larger or more established companies and may underperform as compared to the securities of larger or more established companies. These holdings are also subject to wider price fluctuations and tend to be less liquid than stocks of larger or more established companies, which could have a significant adverse effect on the Portfolio’s returns, especially as market conditions change. Smaller Sized Portfolio Risk. Because the Portfolio has a small asset base, large inflows and outflows may have a disproportionate impact, negative or positive, on the Portfolio’s performance, which may be more volatile than that of a larger portfolio. If a smaller portfolio were to fail to attract sufficient assets to achieve or maintain economies of scale, performance may be negatively impacted, and any resulting liquidation could create negative transaction costs for the Portfolio and tax consequences for investors. Depositary Receipts Risk. Depositary receipts are generally subject to the same sort of risks as direct investments in a foreign country, such as currency risk, market risk, and foreign exposure risk, because their values depend on the performance of a foreign security denominated in its home currency. Warrants Risk. The price, performance and liquidity of warrants to purchase equity securities are typically linked to the underlying stock. These instruments have many characteristics of convertible securities and, similarly, will react to variations in the general market for equity securities. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance information The following information provides some indication of the risks of investing in the Portfolio by showing how the Portfolio’s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. Total return figures include the effect of the Portfolio’s expenses, but do not include charges or expenses attributable to any insurance product, which would lower the performance illustrated.The table compares the average annual returns for the Service Shares of the Portfolio for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions. For certain periods, the Portfolio’s performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower.The Portfolio’s past performance does not necessarily indicate how it will perform in the future.Updated performance information is available at janushenderson.com/VITperformance or by calling 1-877-335-2687. The following information provides some indication of the risks of investing in the Portfolio by showing how the Portfolio’s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. Total return figures include the effect of the Portfolio’s expenses, but do not include charges or expenses attributable to any insurance product, which would lower the performance illustrated. The table compares the average annual returns for the Service Shares of the Portfolio for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions. The Portfolio’s past performance does not necessarily indicate how it will perform in the future. Updated performance information is available at janushenderson.com/VITperformance or by calling 1-877-335-2687. janushenderson.com/VITperformance 1-877-335-2687 Best Quarter:2nd Quarter 202513.87%Worst Quarter:3rd Quarter 2023– 7.42% The Portfolio’s broad-based benchmark index is the MSCI World Index. The index is described below. •The MSCI World Index is designed to measure the equity market performance of developed market countries in North America, Europe, and the Asia/Pacific Region. Janus Henderson Overseas Portfolio Investment Objective Janus Henderson Overseas Portfolio (“Overseas Portfolio”) seeks long-term growth of capital. Fees and Expenses of the Portfolio This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Portfolio. Owners of variable insurance contracts that invest in the Shares should refer to the variable insurance contract prospectus for a description of fees and expenses, as the following table and examples do not reflect deductions at the separate account level or contract level for any charges that may be incurred under a contract. Inclusion of these charges would increase the fees and expenses described below. EXAMPLE: The Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 98 306 531 1178 Portfolio Turnover: The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover rate was 42% of the average value of its portfolio. 0.42 Principal investment strategies The Portfolio pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in securities of issuers or companies from countries outside of the United States. The Portfolio normally invests in a portfolio of 30-50 securities of issuers from several different countries, excluding the United States, and it may, under unusual circumstances, invest all or substantially all of its assets in a single country. The Portfolio may invest up to 20% of its net assets, measured at the time of purchase, in U.S. issuers. An issuer is deemed to be from a country or countries outside of the United States if one or more of the following tests are met: (i) the issuer is organized in, or its primary business office or principal trading market of its equity is located in, a country outside of the United States; (ii) a majority of the issuer’s revenues are derived from outside of the United States; or (iii) a majority of the issuer’s assets are located outside of the United States. The Portfolio may have significant exposure to emerging markets. The Portfolio typically invests in equity securities (such as stocks or any other security representing an ownership interest) in all market capitalizations. Portfolio management applies a “bottom-up” approach in choosing investments. In other words, portfolio management looks at companies one at a time to determine if a company is an attractive investment opportunity and if it is consistent with the Portfolio’s investment policies. Portfolio management will generally consider selling a security when, among other things, the security no longer reflects portfolio management’s investment thesis, the security approaches or exceeds its targeted value, there has been a change in a security’s risk/reward potential, or a better idea is identified.The Portfolio may take long or short positions in derivatives. Derivatives are instruments that have a value derived from, or directly linked to, an underlying asset, such as equity securities, commodities, currencies, interest rates, or market indices. For purposes of meeting its 80% investment policy, the Portfolio may include derivatives that have characteristics similar to the securities in which the Portfolio may directly invest. The types of derivatives in which the Portfolio may invest include options, futures, swaps, warrants, and forward foreign currency contracts. The Portfolio may use derivatives to hedge, to earn income or enhance returns, as a substitute for securities in which the Portfolio invests, to increase or decrease the Portfolio’s exposure to a particular market, to adjust the Portfolio’s currency exposure relative to its benchmark index, to gain access to foreign markets where direct investment may be restricted or unavailable, or to manage the Portfolio’s risk profile.As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers. ESG Factors are one of many considerations in the investment decision-making process, may not be determinative in deciding to include or exclude an investment from the portfolio, and may not be considered for every investment decision.The Portfolio may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions in an amount equal to up to one-third of its total assets as determined at the time of the loan origination. The biggest risk is that the Portfolio’s returns will vary, and you could lose money. Market Risk. The value of the Portfolio’s holdings may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Portfolio’s net asset value may fluctuate and it may be more difficult to value or sell the Portfolio’s holdings. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as financial institution failures, economic recessions, tariffs, trade disputes, terrorism, war, armed conflicts, including related sanctions, social unrest, natural disasters, and epidemics and pandemics) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money. Foreign Exposure Risk. Foreign markets can be more volatile than the U.S. market. As a result, the Portfolio’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. Investments in foreign securities, particularly those of issuers located in emerging market countries, tend to have greater exposure to liquidity risk than domestic securities. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Portfolio to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Portfolio has invested a significant amount of its assets may have a greater effect on the Portfolio’s performance than it would in a more geographically diversified portfolio. Currency Risk. Currency risk is the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment. As long as the Portfolio holds a foreign security, its value will be affected by the value of the local currency relative to the U.S. dollar. When the Portfolio sells a foreign currency denominated security, its value may be worth less in U.S. dollars even if the security increases in value in its home country. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk, as the value of these securities may also be affected by changes in the issuer’s local currency. Emerging Markets Risk. Emerging market securities involve a number of risks, which may result from less government supervision and regulation of business and industry practices (including the potential lack of strict finance and accounting controls and standards), stock exchanges, brokers, and listed companies. Information about emerging market companies, including financial information, may be less available or reliable and the Adviser’s ability to conduct due diligence with respect to such companies may be limited. Accordingly, these investments may be potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. 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 Portfolio’s investments. In addition, the taxation systems at the federal, regional, and local levels in developing or emerging market countries may be less transparent, inconsistently enforced, and subject to change. Emerging markets may be subject to a higher degree of corruption and fraud than developed markets, and financial institutions and transaction counterparties may have less financial sophistication, creditworthiness, and/or resources than participants in developed markets. Industry and Sector Risk. Although the Portfolio does not concentrate its investments in specific industries, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses within the same economic sector. Companies in the same industry or economic sector may be similarly affected by negative economic or market events, making the Portfolio more vulnerable to unfavorable developments than portfolios that invest more broadly. As the Portfolio’s holdings become more concentrated, the Portfolio is less able to spread risk and potentially reduce the risk of loss and volatility. As the Portfolio’s holdings change over time, the Portfolio’s exposure to a particular economic sector may fluctuate. Portfolio Management Risk. The Portfolio is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Portfolio may fail to produce the intended results. Accordingly, the Portfolio may underperform benchmark indices or other funds with similar investment objectives. Issuer Concentration Risk. The Portfolio’s holdings may be comprised of a relatively small number of issuers in comparison to other portfolios. As a result, the Portfolio may be subject to greater risks than a portfolio that invests in a greater number of issuers. A change in the value of any single investment held by the Portfolio may affect the overall value of the Portfolio more than it would affect a portfolio that holds more investments. In particular, the Portfolio may be more susceptible to adverse developments affecting any single issuer held by the Portfolio and may be susceptible to greater losses because of these developments. Geographic Concentration Risk. To the extent the Portfolio invests a substantial amount of its assets in issuers located in a single country or region, the economic, political, social, regulatory, or other developments or conditions within such country or region will generally have a greater effect on the Portfolio than they would on a more geographically diversified portfolio, which may result in greater losses and volatility. Adverse developments in certain regions could also adversely affect securities of other countries whose economies appear to be unrelated and could have a negative impact on the Portfolio’s performance. •European Investments Risk. The economies and markets of European countries are often closely connected and interdependent. Changes in regulations on trade, decreasing imports or exports, changes in the exchange rate of European currencies, default or threat of a default by a European country on its sovereign debt, and budget deficits and recessions among European countries may have a significant adverse effect on the economies of other European countries and major trading partners outside Europe. The markets in Eastern Europe remain relatively undeveloped and can be particularly sensitive to political and economic developments. Mid-Sized Companies Risk. Investments in securities issued by mid-sized companies may involve greater risks than are customarily associated with larger, more established companies. Securities issued by mid-sized companies tend to be more volatile than securities issued by larger or more established companies and may underperform as compared to the securities of larger or more established companies. These holdings are also subject to wider price fluctuations and tend to be less liquid than stocks of larger or more established companies, which could have a significant adverse effect on the Portfolio’s returns, especially as market conditions change. Equity Securities Risk. Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The value of the Portfolio’s holdings may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Portfolio’s holdings could also decrease if there are deteriorating economic or market conditions or perceptions regarding the industries in which the issuers of securities the Portfolio holds participate. Growth Securities Risk. Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks. If portfolio management’s perception of a company’s growth potential is not realized, the securities purchased may not perform as expected, reducing the Portfolio’s returns. In addition, because different types of stocks tend to shift in and out of favor depending on market and economic conditions, “growth” stocks may perform differently from other types of securities and the market as a whole. Value Investing Risk. Because different types of stocks tend to shift in and out of favor depending on market and economic conditions, “value” stocks may perform differently than other types of stocks and from the market as a whole, and can continue to be undervalued by the market for long periods of time. It is also possible that a value stock will never appreciate to the extent expected. Derivatives Risk. Derivatives can be volatile and involve risks in addition to the risks of the underlying referenced securities or asset. Gains or losses from a derivative investment can be substantially greater than the derivative’s original cost, and can therefore involve leverage. Leverage may cause the Portfolio to be more volatile than if it had not used leverage. Derivatives entail the risk that the counterparty may default on its payment obligations. If the counterparty to a derivative transaction defaults, the Portfolio may lose the net amount of the payments that it contractually is entitled to receive. Derivatives used for hedging purposes may reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by portfolio management or if the cost of the derivative outweighs the benefit of the hedge. ESG Integration Risk. There is a risk that considering ESG Factors as part of the Portfolio’s investment process may fail to produce the intended results or that the Portfolio may perform differently from funds that have a similar investment style but do not formally incorporate such considerations in their strategy. Information related to ESG Factors provided by issuers and third parties, which portfolio management may utilize, continues to develop and may be incomplete or inaccurate, use different or inconsistent methodologies, or be applied differently across issuers and industries. Securities Lending Risk. There is the risk that when portfolio securities are lent, the securities may not be returned on a timely basis, and the Portfolio may experience delays and costs in recovering the security or gaining access to the collateral provided to the Portfolio to collateralize the loan. If the Portfolio is unable to recover a security on loan, the Portfolio 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 Portfolio. Large-Sized Companies Risk. Large-sized companies may be less able than smaller-sized companies to adapt to changing market conditions. Large-sized companies may be more mature and subject to more limited growth potential compared with smaller sized companies. During different market cycles, the performance of large-sized companies has trailed the overall performance of the broader securities markets. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance information The following information provides some indication of the risks of investing in the Portfolio by showing how the Portfolio’s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. Total return figures include the effect of the Portfolio’s expenses, but do not include charges or expenses attributable to any insurance product, which would lower the performance illustrated.The table compares the average annual returns for the Service Shares of the Portfolio for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.The Portfolio’s past performance does not necessarily indicate how it will perform in the future.Updated performance information is available at janushenderson.com/VITperformance or by calling 1-877-335-2687. The following information provides some indication of the risks of investing in the Portfolio by showing how the Portfolio’s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. Total return figures include the effect of the Portfolio’s expenses, but do not include charges or expenses attributable to any insurance product, which would lower the performance illustrated. The table compares the average annual returns for the Service Shares of the Portfolio for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions. The Portfolio’s past performance does not necessarily indicate how it will perform in the future. Updated performance information is available at janushenderson.com/VITperformance or by calling 1-877-335-2687. janushenderson.com/VITperformance 1-877-335-2687 Best Quarter:4th Quarter 202021.10%Worst Quarter:1st Quarter 2020– 24.95% The Portfolio’s broad-based benchmark index is the MSCI All Country World ex-USA Index. The index is described below. •The MSCI All Country World ex-USA Index is designed to measure equity market performance in global developed and emerging markets outside the United States. Janus Henderson Balanced Portfolio Investment Objective Janus Henderson Balanced Portfolio (“Balanced Portfolio”) seeks long-term capital growth, consistent with preservation of capital and balanced by current income. Fees and Expenses of the Portfolio This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Portfolio. Owners of variable insurance contracts that invest in the Shares should refer to the variable insurance contract prospectus for a description of fees and expenses, as the following table and examples do not reflect deductions at the separate account level or contract level for any charges that may be incurred under a contract. Inclusion of these charges would increase the fees and expenses described below. EXAMPLE: The Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 89 278 482 1073 Portfolio Turnover: The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover rate was 79% of the average value of its portfolio. 0.79 Principal investment strategies The Portfolio pursues its investment objective by normally investing 35-70% of its assets in equity securities and the remaining assets in fixed-income securities and cash equivalents. The Portfolio normally invests at least 25% of its assets in fixed-income senior securities. As of December 31, 2025, approximately 64.48% of the Portfolio’s assets were held in equity securities, including common stocks, and 35.52% of the Portfolio’s assets were held in fixed-income securities and cash equivalents. The Portfolio’s equity investments include, but are not limited to, common stocks and other securities with equity characteristics. The Portfolio’s fixed-income investments include, but are not limited to, government notes and bonds, corporate bonds, commercial and residential mortgage-backed securities, and asset-backed securities. The Portfolio may also invest in money market instruments. The Portfolio may invest in fixed and floating rate obligations with varying durations. The Portfolio will limit its investments in high-yield bonds (also known as “junk” bonds) to 35% of the fixed-income portion of its net assets. The Portfolio may enter into “to be announced” or “TBA” commitments when purchasing mortgage-backed securities or other securities. The Portfolio also invests in securities that have contractual restrictions that prohibit or limit their public resale, which may include Rule 144A securities. The Portfolio may also invest its assets in derivatives, which are instruments that have a value derived from, or directly linked to, an underlying asset, such as fixed-income securities, currencies, interest rates, or market indices. In particular, the Portfolio may use index credit default swaps for hedging purposes (to offset risks associated with an investment exposure or market conditions), to increase or decrease the Portfolio’s exposure to a particular market, to manage or adjust the risk profile of the Portfolio relative to its benchmark index, and to earn income, enhance returns, or preserve capital. The Portfolio’s exposure to derivatives will vary and may include derivatives that have characteristics similar to the securities in which the Portfolio may directly invest. The Portfolio may take short positions on derivatives instruments. In choosing equity investments, portfolio management applies a “bottom-up” approach. In other words, equity portfolio management looks at companies one at a time to determine if a company is an attractive investment opportunity and if it is consistent with the Portfolio’s investment policies. Factors that equity portfolio management will consider in its fundamental analysis include a company’s revenue growth potential, returns on capital, and balance sheet flexibility. Equity portfolio management will generally consider selling a security when, among other things, it reaches or exceeds its targeted value, the investment thesis for owning the position has changed, or to rebalance industry or sector weightings. In choosing fixed-income investments, portfolio management’s investment process is research-driven, incorporating “top-down” and “bottom-up” factors to identify and manage exposure to risks across sectors, industries, and individual investments. Fixed-income portfolio management evaluates expected risk-adjusted returns on a portfolio and position level by analyzing fundamentals, valuations, and market technical indicators. This research encompasses both traditional fundamental analysis and data driven quantitative models and signals from such models.As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers. ESG Factors are one of many considerations in the investment decision-making process, may not be determinative in deciding to include or exclude an investment from the portfolio, and may not be considered for every investment decision.The Portfolio may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions in an amount equal to up to one-third of its total assets as determined at the time of the loan origination. The biggest risk is that the Portfolio’s returns will vary, and you could lose money. Market Risk. The value of the Portfolio’s holdings may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Portfolio’s net asset value may fluctuate and it may be more difficult to value or sell the Portfolio’s holdings. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as financial institution failures, economic recessions, tariffs, trade disputes, terrorism, war, armed conflicts, including related sanctions, social unrest, natural disasters, and epidemics and pandemics) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money. Growth Securities Risk. Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks. If portfolio management’s perception of a company’s growth potential is not realized, the securities purchased may not perform as expected, reducing the Portfolio’s returns. In addition, because different types of stocks tend to shift in and out of favor depending on market and economic conditions, “growth” stocks may perform differently from other types of securities and the market as a whole. Equity Securities Risk. Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The value of the Portfolio’s holdings may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Portfolio’s holdings could also decrease if there are deteriorating economic or market conditions or perceptions regarding the industries in which the issuers of securities the Portfolio holds participate. Large-Sized Companies Risk. Large-sized companies may be less able than smaller-sized companies to adapt to changing market conditions. Large-sized companies may be more mature and subject to more limited growth potential compared with smaller sized companies. During different market cycles, the performance of large-sized companies has trailed the overall performance of the broader securities markets. Dividend-Oriented Stocks Risk. Companies that have paid regular dividends to shareholders may decrease or eliminate dividend payments in the future. A decrease in dividend payments by an issuer may result in a decrease in the value of the security held by the Portfolio or the Portfolio receiving less income. Portfolio Management Risk. The Portfolio is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Portfolio may fail to produce the intended results. Accordingly, the Portfolio may underperform benchmark indices or other funds with similar investment objectives. Fixed-Income Securities Risk. Fixed-income securities are generally subject to the following risks: •Interest rate risk, which is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. Changing interest rates have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. •Credit risk, which is the risk that the credit strength of an issuer of a fixed-income security will weaken and/or that the issuer will be unable to make timely principal and interest payments and that the security may go into default. •Prepayment risk, which is the risk that, during periods of falling interest rates, certain debt obligations may be paid off quicker than originally anticipated, which may cause the Portfolio to reinvest its assets in securities with lower yields, resulting in a decline in the Portfolio’s income or return potential. •Extension risk, which is the risk that, during periods of rising interest rates, certain debt obligations may be paid off substantially slower than originally anticipated, and as a result, the value of those obligations may fall. •Valuation risk, which is the risk that one or more of the fixed-income securities in which the Portfolio invests are priced differently than the value realized upon such security’s sale. In times of market instability, valuation may be more difficult. Valuation may also be affected by changes in the issuer’s financial strength, the market’s perception of such strength, or in the credit rating of the issuer or the security. •Liquidity risk, which is the risk that fixed-income securities may be difficult or impossible to sell at the time that portfolio management would like or at the price portfolio management believes the security is currently worth. Consequently, the Portfolio may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Portfolio’s performance. In unusual market conditions, even normally liquid securities may be affected by a degree of liquidity risk (i.e., if the number and capacity of traditional market participants is reduced). High-Yield Bond Risk. High-yield bonds (also known as “junk” bonds) are considered speculative and may be more sensitive than other types of bonds to economic changes, political changes, or adverse developments specific to the company that issued the bond, which may adversely affect their value. Mortgage- and Asset-Backed Securities Risk. Mortgage- and asset-backed securities represent interests in “pools” of commercial or residential mortgages or other assets, including consumer loans or receivables. The value of mortgage- and asset-backed securities will be influenced by factors affecting the real estate market and the assets underlying these securities. Investments in mortgage-and asset-backed securities may be subject to credit risk, valuation risk, liquidity risk, extension risk, and prepayment risk. These securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn. Sovereign Debt Risk. Investments in U.S. and non-U.S. government debt securities (“sovereign debt”) can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner. A sovereign debtor’s willingness or ability to satisfy its debt obligation may be affected by various factors including, but not limited to, its cash flow situation, the extent of its foreign currency reserves, the availability of foreign exchange when a payment is due, and the relative size of its debt position in relation to its economy as a whole. In the event of default, there may be limited or no legal remedies for collecting sovereign debt and there may be no bankruptcy proceedings through which the Portfolio may collect all or part of the sovereign debt that a governmental entity has not repaid. In addition, to the extent the Portfolio invests in non-U.S. sovereign debt, it may be subject to currency risk. Derivatives Risk. Derivatives can be volatile and involve risks in addition to the risks of the underlying referenced securities or asset. Gains or losses from a derivative investment can be substantially greater than the derivative’s original cost, and can therefore involve leverage. Leverage may cause the Portfolio to be more volatile than if it had not used leverage. Derivatives entail the risk that the counterparty may default on its payment obligations. If the counterparty to a derivative transaction defaults, the Portfolio may lose the net amount of the payments that it contractually is entitled to receive. Derivatives used for hedging purposes may reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by portfolio management or if the cost of the derivative outweighs the benefit of the hedge. Floating Rate Obligations Risk. The Portfolio may invest in floating rate obligations with interest rates that reset regularly. The interest rates on floating rate obligations typically reset quarterly, although rates on some obligations may adjust at other intervals. Changes in the interest rates on floating rate obligations could result in lower income to the Portfolio. In addition, the secondary market on which floating rate obligations are traded may be less liquid than the market for investment grade securities or other types of income-producing securities, which may have an adverse impact on their market price. There is also a potential that there is no active market to trade floating rate obligations, that there may be restrictions on their transfer, or that the issuer may default. As a result, the Portfolio may be unable to sell floating rate obligations at the desired time or may be able to sell only at a price less than fair market value. TBA Commitments Risk. Although TBA commitments must meet industry-accepted “good delivery” standards, there can be no assurance that a security purchased on a forward commitment basis will ultimately be issued or delivered by the counterparty. If the counterparty to a transaction fails to deliver the securities, the Portfolio could suffer a loss. Because TBA commitments do not require the delivery of a specific security, the characteristics of a security delivered to the Portfolio may be less favorable than expected. There is a risk that the security that the Portfolio buys will lose value between the purchase and settlement dates. TBA purchase and sales commitments may significantly increase the portfolio turnover rate and are not included in the portfolio turnover rate calculation. Short Exposure Risk. The Portfolio may enter into a derivatives transaction to obtain short investment exposure to the underlying reference asset. If the value of the underlying reference asset on which the Portfolio has obtained a short investment exposure increases, the Portfolio will incur a loss. This potential loss is theoretically unlimited. A short exposure through a derivative also exposes the Portfolio to credit risk, counterparty risk, and leverage risk. Rule 144A Securities and Other Exempt Securities Risk. Investments in securities issued under Regulation S and Rule 144A and other securities exempt from certain registration requirements could have the effect of decreasing the Portfolio’s liquidity profile or preventing the Portfolio from disposing of them promptly at advantageous prices. Investments in securities exempt from certain registration requirements may be less liquid than other investments because such securities may not always be readily sold in broad public markets and may have no active trading market. As a result, they may be difficult to value because market quotations may not be readily available. ESG Integration Risk. There is a risk that considering ESG Factors as part of the Portfolio’s investment process may fail to produce the intended results or that the Portfolio may perform differently from funds that have a similar investment style but do not formally incorporate such considerations in their strategy. Information related to ESG Factors provided by issuers and third parties, which portfolio management may utilize, continues to develop and may be incomplete or inaccurate, use different or inconsistent methodologies, or be applied differently across issuers and industries. Securities Lending Risk. There is the risk that when portfolio securities are lent, the securities may not be returned on a timely basis, and the Portfolio may experience delays and costs in recovering the security or gaining access to the collateral provided to the Portfolio to collateralize the loan. If the Portfolio is unable to recover a security on loan, the Portfolio 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 Portfolio. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance information The following information provides some indication of the risks of investing in the Portfolio by showing how the Portfolio’s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. Total return figures include the effect of the Portfolio’s expenses, but do not include charges or expenses attributable to any insurance product, which would lower the performance illustrated.The table compares the average annual returns for the Service Shares of the Portfolio for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Portfolio. All figures assume reinvestment of dividends and distributions.The Portfolio’s past performance does not necessarily indicate how it will perform in the future.Updated performance information is available at janushenderson.com/VITperformance or by calling 1-877-335-2687. The following information provides some indication of the risks of investing in the Portfolio by showing how the Portfolio’s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. Total return figures include the effect of the Portfolio’s expenses, but do not include charges or expenses attributable to any insurance product, which would lower the performance illustrated. The table compares the average annual returns for the Service Shares of the Portfolio for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Portfolio. All figures assume reinvestment of dividends and distributions. The Portfolio’s past performance does not necessarily indicate how it will perform in the future. Updated performance information is available at janushenderson.com/VITperformance or by calling 1-877-335-2687. janushenderson.com/VITperformance 1-877-335-2687 Best Quarter:2nd Quarter 202012.85%Worst Quarter:2nd Quarter 2022– 11.63% The Portfolio’s broad-based benchmark indices are the S&P 500 Index and the Bloomberg U.S. Aggregate Bond Index. The Portfolio’s additional benchmark index is the Balanced Index. The indices are described below. •The S&P 500 Index is a commonly recognized, market capitalization-weighted index of 500 widely held equity securities, designed to measure broad U.S. equity performance. •The Bloomberg U.S. Aggregate Bond Index is made up of U.S. dollar-denominated, fixed-rate taxable bonds, including securities that are of investment grade quality or better. •The Balanced Index is an internally-calculated, hypothetical combination of unmanaged indices. Prior to April 29, 2024, the Balanced Index reflects total returns of the S&P 500 Index (55%) and the Bloomberg U.S. Aggregate Bond Index (45%). Effective April 29, 2024, the Balanced Index reflects the total returns of the S&P 500 Index (60%) and the Bloomberg U.S. Aggregate Bond Index (40%). Janus Henderson Enterprise Portfolio Investment Objective Janus Henderson Enterprise Portfolio (“Enterprise Portfolio”) seeks long-term growth of capital. Fees and Expenses of the Portfolio This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Portfolio. Owners of variable insurance contracts that invest in the Shares should refer to the variable insurance contract prospectus for a description of fees and expenses, as the following table and examples do not reflect deductions at the separate account level or contract level for any charges that may be incurred under a contract. Inclusion of these charges would increase the fees and expenses described below. EXAMPLE: The Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 99 309 536 1190 Portfolio Turnover: The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover rate was 21% of the average value of its portfolio. 0.21 Principal investment strategies The Portfolio pursues its investment objective by investing primarily in common stocks. The Portfolio normally invests at least 50% of its equity assets in medium-sized companies whose market capitalization falls within the 12-month capitalization range of companies in the Russell Midcap® Growth Index. The market capitalizations within the index will vary, but as of December 31, 2025, they ranged from approximately $122 million to $83.54 billion. The Portfolio may also invest in foreign securities. Portfolio management applies a “bottom-up” approach in choosing investments. In other words, portfolio management looks at companies one at a time to determine if a company is an attractive investment opportunity and if it is consistent with the Portfolio’s investment policies. Attributes considered in the process of securities selection may include growth potential and sustainable growth, return on invested capital, attractive valuation, strength of management, and competitive positioning. The Portfolio will generally consider selling a stock when, in portfolio management’s opinion, there is a change in the company’s or industry’s fundamentals, there is a deterioration in a company’s competitive positioning, or if a company reaches or exceeds its targeted value. The Portfolio will also consider selling a stock if a company’s market capitalization exceeds the top of the medium-sized company range.As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers. ESG Factors are one of many considerations in the investment decision-making process, may not be determinative in deciding to include or exclude an investment from the portfolio, and may not be considered for every investment decision.The Portfolio may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions in an amount equal to up to one-third of its total assets as determined at the time of the loan origination. The biggest risk is that the Portfolio’s returns will vary, and you could lose money. Market Risk. The value of the Portfolio’s holdings may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Portfolio’s net asset value may fluctuate and it may be more difficult to value or sell the Portfolio’s holdings. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as financial institution failures, economic recessions, tariffs, trade disputes, terrorism, war, armed conflicts, including related sanctions, social unrest, natural disasters, and epidemics and pandemics) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money. Mid-Sized Companies Risk. Investments in securities issued by mid-sized companies may involve greater risks than are customarily associated with larger, more established companies. Securities issued by mid-sized companies tend to be more volatile than securities issued by larger or more established companies and may underperform as compared to the securities of larger or more established companies. These holdings are also subject to wider price fluctuations and tend to be less liquid than stocks of larger or more established companies, which could have a significant adverse effect on the Portfolio’s returns, especially as market conditions change. Growth Securities Risk. Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks. If portfolio management’s perception of a company’s growth potential is not realized, the securities purchased may not perform as expected, reducing the Portfolio’s returns. In addition, because different types of stocks tend to shift in and out of favor depending on market and economic conditions, “growth” stocks may perform differently from other types of securities and the market as a whole. Equity Securities Risk. Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The value of the Portfolio’s holdings may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Portfolio’s holdings could also decrease if there are deteriorating economic or market conditions or perceptions regarding the industries in which the issuers of securities the Portfolio holds participate. Portfolio Management Risk. The Portfolio is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Portfolio may fail to produce the intended results. Accordingly, the Portfolio may underperform benchmark indices or other funds with similar investment objectives. Industry and Sector Risk. Although the Portfolio does not concentrate its investments in specific industries, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses within the same economic sector. Companies in the same industry or economic sector may be similarly affected by negative economic or market events, making the Portfolio more vulnerable to unfavorable developments than portfolios that invest more broadly. As the Portfolio’s holdings become more concentrated, the Portfolio is less able to spread risk and potentially reduce the risk of loss and volatility. As the Portfolio’s holdings change over time, the Portfolio’s exposure to a particular economic sector may fluctuate. •Industrials Sector Risk. The industrials sector is comprised of companies that produce capital goods used in construction and manufacturing, such as companies that make and sell machinery, equipment and supplies that are used to produce other goods. Companies in the industrials sector may be adversely affected by changes in government regulation and spending, import controls, and worldwide competition. In addition, companies may be adversely affected by environmental damages, product liability claims and exchange rates, and may face product obsolescence due to rapid technological developments and frequent new product introduction. Foreign Exposure Risk. Foreign markets can be more volatile than the U.S. market. As a result, the Portfolio’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. Investments in foreign securities, particularly those of issuers located in emerging market countries, tend to have greater exposure to liquidity risk than domestic securities. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Portfolio to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Portfolio has invested a significant amount of its assets may have a greater effect on the Portfolio’s performance than it would in a more geographically diversified portfolio. ESG Integration Risk. There is a risk that considering ESG Factors as part of the Portfolio’s investment process may fail to produce the intended results or that the Portfolio may perform differently from funds that have a similar investment style but do not formally incorporate such considerations in their strategy. Information related to ESG Factors provided by issuers and third parties, which portfolio management may utilize, continues to develop and may be incomplete or inaccurate, use different or inconsistent methodologies, or be applied differently across issuers and industries. Securities Lending Risk. There is the risk that when portfolio securities are lent, the securities may not be returned on a timely basis, and the Portfolio may experience delays and costs in recovering the security or gaining access to the collateral provided to the Portfolio to collateralize the loan. If the Portfolio is unable to recover a security on loan, the Portfolio 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 Portfolio. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance information The following information provides some indication of the risks of investing in the Portfolio by showing how the Portfolio’s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. Total return figures include the effect of the Portfolio’s expenses, but do not include charges or expenses attributable to any insurance product, which would lower the performance illustrated.The table compares the average annual returns for the Service Shares of the Portfolio for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Portfolio. All figures assume reinvestment of dividends and distributions.The Portfolio’s past performance does not necessarily indicate how it will perform in the future.Updated performance information is available at janushenderson.com/VITperformance or by calling 1-877-335-2687. The following information provides some indication of the risks of investing in the Portfolio by showing how the Portfolio’s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. Total return figures include the effect of the Portfolio’s expenses, but do not include charges or expenses attributable to any insurance product, which would lower the performance illustrated. The table compares the average annual returns for the Service Shares of the Portfolio for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Portfolio. All figures assume reinvestment of dividends and distributions. The Portfolio’s past performance does not necessarily indicate how it will perform in the future. Updated performance information is available at janushenderson.com/VITperformance or by calling 1-877-335-2687. janushenderson.com/VITperformance 1-877-335-2687 Best Quarter:2nd Quarter 202023.04%Worst Quarter:1st Quarter 2020– 24.43% The Portfolio’s broad-based benchmark index is the Russell 3000 Index due to regulatory requirements. The Portfolio’s additional benchmark is the Russell Midcap Growth Index, which has investment characteristics similar to those of the Portfolio. The indices are described below. •The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies. •The Russell Midcap Growth Index measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000® Growth Index. Janus Henderson Forty Portfolio Investment Objective Janus Henderson Forty Portfolio (“Forty Portfolio”) seeks long-term growth of capital. Fees and Expenses of the Portfolio This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Portfolio. Owners of variable insurance contracts that invest in the Shares should refer to the variable insurance contract prospectus for a description of fees and expenses, as the following table and examples do not reflect deductions at the separate account level or contract level for any charges that may be incurred under a contract. Inclusion of these charges would increase the fees and expenses described below. EXAMPLE: The Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 89 278 482 1073 Portfolio Turnover: The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover rate was 30% of the average value of its portfolio. 0.30 Principal investment strategies The Portfolio pursues its investment objective by normally investing in a portfolio of 30-40 common stocks. The Portfolio may invest in companies of any size but will invest primarily in larger, well-established companies. The Portfolio may also invest in foreign securities. The Portfolio is classified as nondiversified, which allows it to hold larger positions in more securities as compared to a portfolio that is classified as diversified. As of December 31, 2025, the Portfolio held stocks of 31 companies. Of these holdings, 15 comprised approximately 75.28% of the Portfolio’s holdings. Portfolio management applies a “bottom-up” approach that focuses on fundamental research and considers, among other factors, a company’s sustainable competitive advantages, long-term growth potential, and shareholder value. The Portfolio will generally consider selling a security when, in portfolio management’s opinion, there is a deterioration in a company’s financials, the investment thesis for owning the position has changed, or if the security exceeds its targeted value.The Portfolio may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions in an amount equal to up to one-third of its total assets as determined at the time of the loan origination. The biggest risk is that the Portfolio’s returns will vary, and you could lose money. Market Risk. The value of the Portfolio’s holdings may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Portfolio’s net asset value may fluctuate and it may be more difficult to value or sell the Portfolio’s holdings. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as financial institution failures, economic recessions, tariffs, trade disputes, terrorism, war, armed conflicts, including related sanctions, social unrest, natural disasters, and epidemics and pandemics) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money. Portfolio Management Risk. The Portfolio is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Portfolio may fail to produce the intended results. Accordingly, the Portfolio may underperform benchmark indices or other funds with similar investment objectives. Growth Securities Risk. Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks. If portfolio management’s perception of a company’s growth potential is not realized, the securities purchased may not perform as expected, reducing the Portfolio’s returns. In addition, because different types of stocks tend to shift in and out of favor depending on market and economic conditions, “growth” stocks may perform differently from other types of securities and the market as a whole. Large-Sized Companies Risk. Large-sized companies may be less able than smaller-sized companies to adapt to changing market conditions. Large-sized companies may be more mature and subject to more limited growth potential compared with smaller sized companies. During different market cycles, the performance of large-sized companies has trailed the overall performance of the broader securities markets. Equity Securities Risk. Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The value of the Portfolio’s holdings may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Portfolio’s holdings could also decrease if there are deteriorating economic or market conditions or perceptions regarding the industries in which the issuers of securities the Portfolio holds participate. Nondiversification Risk. The Portfolio is classified as nondiversified under the Investment Company Act of 1940, as amended. This gives portfolio management more flexibility to hold larger positions in more securities than a portfolio that is classified as diversified. As a result, an increase or decrease in the value of a single security held by the Portfolio may have a greater impact on the Portfolio’s net asset value and total return. Issuer Concentration Risk. The Portfolio’s holdings may be comprised of a relatively small number of issuers in comparison to other portfolios. As a result, the Portfolio may be subject to greater risks than a portfolio that invests in a greater number of issuers. A change in the value of any single investment held by the Portfolio may affect the overall value of the Portfolio more than it would affect a portfolio that holds more investments. In particular, the Portfolio may be more susceptible to adverse developments affecting any single issuer held by the Portfolio and may be susceptible to greater losses because of these developments. The Portfolio’s policy of concentrating its portfolio in a smaller number of holdings could result in more volatility in the Portfolio’s performance and share price. Industry and Sector Risk. Although the Portfolio does not concentrate its investments in specific industries, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses within the same economic sector. Companies in the same industry or economic sector may be similarly affected by negative economic or market events, making the Portfolio more vulnerable to unfavorable developments than portfolios that invest more broadly. As the Portfolio’s holdings become more concentrated, the Portfolio is less able to spread risk and potentially reduce the risk of loss and volatility. As the Portfolio’s holdings change over time, the Portfolio’s exposure to a particular economic sector may fluctuate. •Technology Sector Risk. In the technology sector, competitive pressures may have a significant effect on the performance of companies in which the Portfolio may invest. In addition, technology and technology-related companies often progress at an accelerated rate, and these companies may be subject to short product cycles and aggressive pricing, which may increase their volatility. Foreign Exposure Risk. Foreign markets can be more volatile than the U.S. market. As a result, the Portfolio’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. Investments in foreign securities, particularly those of issuers located in emerging market countries, tend to have greater exposure to liquidity risk than domestic securities. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Portfolio to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Portfolio has invested a significant amount of its assets may have a greater effect on the Portfolio’s performance than it would in a more geographically diversified portfolio. Mid-Sized Companies Risk. Investments in securities issued by mid-sized companies may involve greater risks than are customarily associated with larger, more established companies. Securities issued by mid-sized companies tend to be more volatile than securities issued by larger or more established companies and may underperform as compared to the securities of larger or more established companies. These holdings are also subject to wider price fluctuations and tend to be less liquid than stocks of larger or more established companies, which could have a significant adverse effect on the Portfolio’s returns, especially as market conditions change. Securities Lending Risk. There is the risk that when portfolio securities are lent, the securities may not be returned on a timely basis, and the Portfolio may experience delays and costs in recovering the security or gaining access to the collateral provided to the Portfolio to collateralize the loan. If the Portfolio is unable to recover a security on loan, the Portfolio 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 Portfolio. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance information The following information provides some indication of the risks of investing in the Portfolio by showing how the Portfolio’s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. Total return figures include the effect of the Portfolio’s expenses, but do not include charges or expenses attributable to any insurance product, which would lower the performance illustrated.The table compares the average annual returns for the Service Shares of the Portfolio for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Portfolio. All figures assume reinvestment of dividends and distributions.The Portfolio’s past performance does not necessarily indicate how it will perform in the future.Updated performance information is available at janushenderson.com/VITperformance or by calling 1-877-335-2687. The following information provides some indication of the risks of investing in the Portfolio by showing how the Portfolio’s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. Total return figures include the effect of the Portfolio’s expenses, but do not include charges or expenses attributable to any insurance product, which would lower the performance illustrated. The table compares the average annual returns for the Service Shares of the Portfolio for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Portfolio. All figures assume reinvestment of dividends and distributions. The Portfolio’s past performance does not necessarily indicate how it will perform in the future. Updated performance information is available at janushenderson.com/VITperformance or by calling 1-877-335-2687. janushenderson.com/VITperformance 1-877-335-2687 Best Quarter:2nd Quarter 202026.70%Worst Quarter:2nd Quarter 2022– 25.53% The Portfolio’s broad-based benchmark index is the Russell 1000 Index due to regulatory requirements. The Portfolio’s additional benchmark index is the Russell 1000 Growth Index, which has investment characteristics similar to those of the Portfolio. The Portfolio’s additional benchmark index is the S&P 500 Index. The indices are described below. •The Russell 1000 Index measures the performance of the large-cap segment of the U.S. equity universe. •The Russell 1000 Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. •The S&P 500 Index is a commonly recognized, market capitalization-weighted index of 500 widely held equity securities, designed to measure broad U.S. equity performance. Janus Henderson Research Portfolio Investment Objective Janus Henderson Research Portfolio (“Research Portfolio”) seeks long-term growth of capital. Fees and Expenses of the Portfolio This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Portfolio. Owners of variable insurance contracts that invest in the Shares should refer to the variable insurance contract prospectus for a description of fees and expenses, as the following table and examples do not reflect deductions at the separate account level or contract level for any charges that may be incurred under a contract. Inclusion of these charges would increase the fees and expenses described below. EXAMPLE: The Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 109 340 590 1306 Portfolio Turnover: The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover rate was 31% of the average value of its portfolio. 0.31 Principal investment strategies The Portfolio pursues its investment objective by investing primarily in common stocks. The Portfolio may invest in companies of any size, from larger, well-established companies to smaller, emerging growth companies. The Portfolio is classified as nondiversified, which allows it to hold larger positions in more securities as compared to a portfolio that is classified as diversified. The Adviser’s equity research analysts (the “Central Research Team”) select investments for the Portfolio that represent the Central Research Team’s high-conviction investment ideas in all market capitalizations and styles. The Central Research Team conducts fundamental analysis with a focus on “bottom-up” research, quantitative modeling, and valuation analysis. Using this research process, analysts rate their stocks based upon attractiveness. Stocks considered to be attractive may have all or some of the following characteristics: (i) good and preferably growing free cash flow, (ii) strong and defensible market position, (iii) healthy risk/return profile, (iv) exemplary governance, (v) attractive valuation, and (vi) growth potential. Analysts bring their high-conviction ideas to their respective sector teams. Each sector team compares the appreciation and risk potential of its high-conviction ideas and constructs a sector sleeve that is intended to maximize the best risk-reward opportunities. The sector sleeves are then combined to form the Portfolio’s overall portfolio. The Portfolio Oversight Team, which includes portfolio management, oversees the overall portfolio to manage unintended style risks. Although the Central Research Team may find high-conviction investment ideas anywhere in the world, the Central Research Team emphasizes investments in securities of U.S.-based issuers for the Portfolio. Positions may be sold when, among other things, there is no longer high conviction in the return potential of the investment, if the risk characteristics have caused a re-evaluation of the opportunity, or if the investment thesis for owning a position has changed. This may occur if the stock has appreciated and reflects the anticipated value, if another company represents a better risk-reward opportunity, or if the investment’s fundamental characteristics deteriorate. Securities may also be sold from the portfolio to rebalance sector weightings. Portfolio management, which includes two analysts on the Central Research Team, oversees the investment process and is responsible for the day-to-day management of the Portfolio. Although the Portfolio’s exposure to certain sectors may be higher than to others, it is expected that the Portfolio will be broadly diversified among a variety of sectors. The Portfolio intends to be fully invested under normal circumstances. However, under unusual circumstances, if the Central Research Team does not have high conviction in enough investment opportunities, the Portfolio’s uninvested assets may be held in cash or similar instruments.As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers. ESG Factors are one of many considerations in the investment decision-making process, may not be determinative in deciding to include or exclude an investment from the portfolio, and may not be considered for every investment decision.The Portfolio may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions in an amount equal to up to one-third of its total assets as determined at the time of the loan origination. The biggest risk is that the Portfolio’s returns will vary, and you could lose money. Market Risk. The value of the Portfolio’s holdings may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Portfolio’s net asset value may fluctuate and it may be more difficult to value or sell the Portfolio’s holdings. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as financial institution failures, economic recessions, tariffs, trade disputes, terrorism, war, armed conflicts, including related sanctions, social unrest, natural disasters, and epidemics and pandemics) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money. Equity Securities Risk. Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The value of the Portfolio’s holdings may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Portfolio’s holdings could also decrease if there are deteriorating economic or market conditions or perceptions regarding the industries in which the issuers of securities the Portfolio holds participate. Growth Securities Risk. Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks. If portfolio management’s perception of a company’s growth potential is not realized, the securities purchased may not perform as expected, reducing the Portfolio’s returns. In addition, because different types of stocks tend to shift in and out of favor depending on market and economic conditions, “growth” stocks may perform differently from other types of securities and the market as a whole. The Portfolio’s Central Research Team compares and broadly matches the Portfolio’s sector weights to those of a growth-based index. If growth stocks are out of favor, sectors that are larger in a growth index may underperform, leading to Portfolio underperformance relative to indices less biased toward growth stocks. Large-Sized Companies Risk. Large-sized companies may be less able than smaller-sized companies to adapt to changing market conditions. Large-sized companies may be more mature and subject to more limited growth potential compared with smaller sized companies. During different market cycles, the performance of large-sized companies has trailed the overall performance of the broader securities markets. Nondiversification Risk. The Portfolio is classified as nondiversified under the Investment Company Act of 1940, as amended. This gives portfolio management more flexibility to hold larger positions in more securities than a portfolio that is classified as diversified. As a result, an increase or decrease in the value of a single security held by the Portfolio may have a greater impact on the Portfolio’s net asset value and total return. Industry and Sector Risk. Although the Portfolio does not concentrate its investments in specific industries, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses within the same economic sector. Companies in the same industry or economic sector may be similarly affected by negative economic or market events, making the Portfolio more vulnerable to unfavorable developments than portfolios that invest more broadly. As the Portfolio’s holdings become more concentrated, the Portfolio is less able to spread risk and potentially reduce the risk of loss and volatility. As the Portfolio’s holdings change over time, the Portfolio’s exposure to a particular economic sector may fluctuate. •Technology Sector Risk. In the technology sector, competitive pressures may have a significant effect on the performance of companies in which the Portfolio may invest. In addition, technology and technology-related companies often progress at an accelerated rate, and these companies may be subject to short product cycles and aggressive pricing, which may increase their volatility. Mid-Sized Companies Risk. Investments in securities issued by mid-sized companies may involve greater risks than are customarily associated with larger, more established companies. Securities issued by mid-sized companies tend to be more volatile than securities issued by larger or more established companies and may underperform as compared to the securities of larger or more established companies. These holdings are also subject to wider price fluctuations and tend to be less liquid than stocks of larger or more established companies, which could have a significant adverse effect on the Portfolio’s returns, especially as market conditions change. Portfolio Management Risk. The Portfolio is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Portfolio may fail to produce the intended results. Accordingly, the Portfolio may underperform benchmark indices or other funds with similar investment objectives. ESG Integration Risk. There is a risk that considering ESG Factors as part of the Portfolio’s investment process may fail to produce the intended results or that the Portfolio may perform differently from funds that have a similar investment style but do not formally incorporate such considerations in their strategy. Information related to ESG Factors provided by issuers and third parties, which portfolio management may utilize, continues to develop and may be incomplete or inaccurate, use different or inconsistent methodologies, or be applied differently across issuers and industries. Securities Lending Risk. There is the risk that when portfolio securities are lent, the securities may not be returned on a timely basis, and the Portfolio may experience delays and costs in recovering the security or gaining access to the collateral provided to the Portfolio to collateralize the loan. If the Portfolio is unable to recover a security on loan, the Portfolio 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 Portfolio. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance information The following information provides some indication of the risks of investing in the Portfolio by showing how the Portfolio’s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. Total return figures include the effect of the Portfolio’s expenses, but do not include charges or expenses attributable to any insurance product, which would lower the performance illustrated.The table compares the average annual returns for the Service Shares of the Portfolio for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Portfolio. All figures assume reinvestment of dividends and distributions.The Portfolio’s past performance does not necessarily indicate how it will perform in the future.Updated performance information is available at janushenderson.com/VITperformance or by calling 1-877-335-2687. The following information provides some indication of the risks of investing in the Portfolio by showing how the Portfolio’s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. Total return figures include the effect of the Portfolio’s expenses, but do not include charges or expenses attributable to any insurance product, which would lower the performance illustrated. The table compares the average annual returns for the Service Shares of the Portfolio for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Portfolio. All figures assume reinvestment of dividends and distributions. The Portfolio’s past performance does not necessarily indicate how it will perform in the future. Updated performance information is available at janushenderson.com/VITperformance or by calling 1-877-335-2687. janushenderson.com/VITperformance 1-877-335-2687 Best Quarter:2nd Quarter 202026.63%Worst Quarter:2nd Quarter 2022– 22.32% The Portfolio’s broad-based benchmark index is the Russell 1000 Index due to regulatory requirements. The Portfolio’s additional benchmark index is the Russell 1000 Growth Index, which has investment characteristics similar to those of the Portfolio. The Portfolio’s additional benchmark is the S&P 500 Index. The indices are described below. •The Russell 1000 Index measures the performance of the large-cap segment of the U.S. equity universe. •The Russell 1000 Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. •The S&P 500 Index is a commonly recognized, market capitalization-weighted index of 500 widely held equity securities, designed to measure broad U.S. equity performance. Janus Henderson Global Technology and Innovation Portfolio Investment Objective Janus Henderson Global Technology and Innovation Portfolio (“Global Technology and Innovation Portfolio”) seeks long-term growth of capital. Fees and Expenses of the Portfolio This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Portfolio. Owners of variable insurance contracts that invest in the Shares should refer to the variable insurance contract prospectus for a description of fees and expenses, as the following table and examples do not reflect deductions at the separate account level or contract level for any charges that may be incurred under a contract. Inclusion of these charges would increase the fees and expenses described below. EXAMPLE: The Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 99 309 536 1190 Portfolio Turnover: The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover rate was 50% of the average value of its portfolio. 0.50 Principal investment strategies The Portfolio pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in securities of companies that portfolio management believes will benefit significantly from advances or improvements in technology. These companies generally fall into two categories: •companies that portfolio management believes have or will develop products, processes, or services that will provide significant technological advancements or improvements; and •companies that portfolio management believes rely extensively on technology in connection with their operations or services. Some of the industries and companies likely to be represented in the Portfolio’s holdings include e-commerce (companies doing business through the Internet); computer (hardware and software); communications (voice, data, and wireless); industrials; Internet (software, services, and infrastructure equipment); and media and entertainment. The Portfolio implements this policy by investing primarily in equity securities of U.S. and foreign companies selected for their growth potential. The Portfolio typically invests at least 40% of its net assets in securities of issuers or companies that are economically tied to different countries throughout the world, excluding the United States. An issuer is deemed to be economically tied to a country or countries outside of the United States if one or more of the following tests are met: (i) the issuer is organized in, or its primary business office or principal trading market of its equity is located in, a country outside of the United States; (ii) a majority of the issuer’s revenues are derived from outside of the United States; or (iii) a majority of the issuer’s assets are located outside of the United States. The Portfolio may have exposure to emerging markets. From time to time, the Portfolio may invest in shares of companies through initial public offerings. The Portfolio has a fundamental policy to invest 25% or more of the value of its total assets in the industries within the information technology sector in the aggregate. The Portfolio is classified as nondiversified, which allows it to hold larger positions in more securities as compared to a portfolio that is classified as diversified. Portfolio management applies a “bottom-up” approach in choosing investments. In other words, portfolio management looks at companies one at a time to determine if a company is an attractive investment opportunity and if it is consistent with the Portfolio’s investment policies. Factors that portfolio management may consider in its fundamental analysis include the strength of a company’s balance sheet and a company’s projected returns or growth rates. Portfolio management will generally consider selling a position when, among other things, the investment thesis for owning a position has changed or if the position exceeds its targeted value.As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers. ESG Factors are one of many considerations in the investment decision-making process, may not be determinative in deciding to include or exclude an investment from the portfolio, and may not be considered for every investment decision.The Portfolio may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions in an amount equal to up to one-third of its total assets as determined at the time of the loan origination. The biggest risk is that the Portfolio’s returns will vary, and you could lose money. Market Risk. The value of the Portfolio’s holdings may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Portfolio’s net asset value may fluctuate and it may be more difficult to value or sell the Portfolio’s holdings. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as financial institution failures, economic recessions, tariffs, trade disputes, terrorism, war, armed conflicts, including related sanctions, social unrest, natural disasters, and epidemics and pandemics) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money. Industry and Sector Risk. The Portfolio may have a significant portion of its assets invested in securities of companies conducting similar business or businesses within the same industries. Companies in the same industry or economic sector may be similarly affected by negative economic or market events, making the Portfolio more vulnerable to unfavorable developments than portfolios that invest more broadly. As the Portfolio’s holdings become more concentrated, the Portfolio is less able to spread risk and potentially reduce the risk of loss and volatility. •Technology Sector Risk. In the technology sector, competitive pressures may have a significant effect on the performance of companies in which the Portfolio may invest. In addition, technology and technology-related companies often progress at an accelerated rate, and these companies may be subject to short product cycles and aggressive pricing, which may increase their volatility. •Semiconductor Industry Risk. Semiconductor companies may have limited product lines, markets, financial resources or personnel. Semiconductor companies typically face intense competition, potentially rapid product obsolescence and high capital costs and are dependent on third-party suppliers and the availability of materials. They are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. Semiconductor companies are also affected by the economic performance of their customers. •Software Industry Risk. Software companies can be significantly affected by intense competition, aggressive pricing, technological innovation, product obsolescence, and the ability to attract and retain skilled employees. Software companies also may be dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. Equity Securities Risk. Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The value of the Portfolio’s holdings may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Portfolio’s holdings could also decrease if there are deteriorating economic or market conditions or perceptions regarding the industries in which the issuers of securities the Portfolio holds participate. Growth Securities Risk. Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks. If portfolio management’s perception of a company’s growth potential is not realized, the securities purchased may not perform as expected, reducing the Portfolio’s returns. In addition, because different types of stocks tend to shift in and out of favor depending on market and economic conditions, “growth” stocks may perform differently from other types of securities and the market as a whole. Nondiversification Risk. The Portfolio is classified as nondiversified under the Investment Company Act of 1940, as amended. This gives portfolio management more flexibility to hold larger positions in more securities than a portfolio that is classified as diversified. As a result, an increase or decrease in the value of a single security held by the Portfolio may have a greater impact on the Portfolio’s net asset value and total return. Large-Sized Companies Risk. Large-sized companies may be less able than smaller-sized companies to adapt to changing market conditions. Large-sized companies may be more mature and subject to more limited growth potential compared with smaller sized companies. During different market cycles, the performance of large-sized companies has trailed the overall performance of the broader securities markets. Foreign Exposure Risk. Foreign markets can be more volatile than the U.S. market. As a result, the Portfolio’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. Investments in foreign securities, particularly those of issuers located in emerging market countries, tend to have greater exposure to liquidity risk than domestic securities. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Portfolio to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Portfolio has invested a significant amount of its assets may have a greater effect on the Portfolio’s performance than it would in a more geographically diversified portfolio. Portfolio Management Risk. The Portfolio is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Portfolio may fail to produce the intended results. Accordingly, the Portfolio may underperform benchmark indices or other funds with similar investment objectives. Initial Public Offering Risk. The Portfolio’s purchase of shares issued in an initial public offering (“IPO”) exposes it to the risks associated with companies that have little operating history as public companies, as well as to the risks inherent in those sectors of the market where these new issuers operate. There can be no assurance that the Portfolio will identify favorable IPO investment opportunities. Emerging Markets Risk. Emerging market securities involve a number of risks, which may result from less government supervision and regulation of business and industry practices (including the potential lack of strict finance and accounting controls and standards), stock exchanges, brokers, and listed companies. Information about emerging market companies, including financial information, may be less available or reliable and the Adviser’s ability to conduct due diligence with respect to such companies may be limited. Accordingly, these investments may be potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. 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 Portfolio’s investments. In addition, the taxation systems at the federal, regional, and local levels in developing or emerging market countries may be less transparent, inconsistently enforced, and subject to change. Emerging markets may be subject to a higher degree of corruption and fraud than developed markets, and financial institutions and transaction counterparties may have less financial sophistication, creditworthiness, and/or resources than participants in developed markets. ESG Integration Risk. There is a risk that considering ESG Factors as part of the Portfolio’s investment process may fail to produce the intended results or that the Portfolio may perform differently from funds that have a similar investment style but do not formally incorporate such considerations in their strategy. Information related to ESG Factors provided by issuers and third parties, which portfolio management may utilize, continues to develop and may be incomplete or inaccurate, use different or inconsistent methodologies, or be applied differently across issuers and industries. Securities Lending Risk. There is the risk that when portfolio securities are lent, the securities may not be returned on a timely basis, and the Portfolio may experience delays and costs in recovering the security or gaining access to the collateral provided to the Portfolio to collateralize the loan. If the Portfolio is unable to recover a security on loan, the Portfolio 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 Portfolio. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance information The following information provides some indication of the risks of investing in the Portfolio by showing how the Portfolio’s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. Total return figures include the effect of the Portfolio’s expenses, but do not include charges or expenses attributable to any insurance product, which would lower the performance illustrated.The table compares the average annual returns for the Service Shares of the Portfolio for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Portfolio. All figures assume reinvestment of dividends and distributions. For certain periods, the Portfolio’s performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower.The Portfolio’s past performance does not necessarily indicate how it will perform in the future.Updated performance information is available at janushenderson.com/VITperformance or by calling 1-877-335-2687. The following information provides some indication of the risks of investing in the Portfolio by showing how the Portfolio’s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. Total return figures include the effect of the Portfolio’s expenses, but do not include charges or expenses attributable to any insurance product, which would lower the performance illustrated. The table compares the average annual returns for the Service Shares of the Portfolio for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Portfolio. All figures assume reinvestment of dividends and distributions. The Portfolio’s past performance does not necessarily indicate how it will perform in the future. Updated performance information is available at janushenderson.com/VITperformance or by calling 1-877-335-2687. janushenderson.com/VITperformance 1-877-335-2687 Best Quarter:2nd Quarter 202032.98%Worst Quarter:2nd Quarter 2022– 26.02% The Portfolio’s broad-based benchmark index is the S&P 500 Index. The Portfolio’s additional benchmark index is the MSCI All Country World Information Technology Index. The indices are described below. •The S&P 500 Index is a commonly recognized, market capitalization-weighted index of 500 widely held equity securities, designed to measure broad U.S. equity performance. •The MSCI All Country World Information Technology Index is a capitalization-weighted index that measures the performance of information technology securities from developed market countries and emerging market countries. Janus Henderson Mid Cap Value Portfolio Investment Objective Janus Henderson Mid Cap Value Portfolio (“Mid Cap Value Portfolio”) seeks capital appreciation. Fees and Expenses of the Portfolio This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Portfolio. Owners of variable insurance contracts that invest in the Shares should refer to the variable insurance contract prospectus for a description of fees and expenses, as the following table and examples do not reflect deductions at the separate account level or contract level for any charges that may be incurred under a contract. Inclusion of these charges would increase the fees and expenses described below. The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse Portfolio expenses to the extent that the Portfolio’s total annual fund operating expenses (excluding any performance adjustments to management fees, fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.77% for at least a one-year period commencing on April 30, 2026. This contractual waiver may be terminated or modified only at the discretion of the Portfolio’s Board of Trustees. EXAMPLE: The Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses are equal to the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the first year and the Total Annual Fund Operating Expenses thereafter. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 110 350 609 1349 Portfolio Turnover: The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover rate was 40% of the average value of its portfolio. 0.40 Principal investment strategies The Portfolio pursues its investment objective by investing primarily in the common stocks of mid-sized companies and focuses on companies whose stock prices are believed to be undervalued by portfolio management or that have fallen out of favor with the market. The Portfolio invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of companies whose market capitalization falls, at the time of purchase, within the 12-month capitalization range of the Russell Midcap® Value Index. The market capitalizations within the index will vary, but as of December 31, 2025, they ranged from approximately $122 million to $83.54 billion. From time to time, the Portfolio may invest in shares of companies through initial public offerings. The Portfolio may also invest in foreign securities, as well as in real estate investment trusts (“REITs”) and similar REIT-like entities. As defensive value managers, portfolio management generally looks for companies with: •strong management teams; •strong and stable balance sheets and solid recurring free cash flows; •attractive relative and absolute valuation ratios or that have underperformed recently; •favorable reward to risk characteristics; •sustainable competitive advantages that are trading at attractive valuations; and •strong long-term prospects. Portfolio management’s philosophy is to weigh a security’s downside risk before considering its upside potential, which may help provide an element of capital preservation.As part of its investment process, portfolio management considers environmental, social, and governance (“ESG”) risks and opportunities (“ESG Factors”) that it believes are financially material, alongside other fundamental investment factors. Examples of potential financially material ESG Factors include: corporate governance, company culture, exposure to climate change, and human capital management. To assess ESG Factors, portfolio management uses issuer reports, third-party data, and internally-generated analyses and may engage directly with issuers. ESG Factors are one of many considerations in the investment decision-making process, may not be determinative in deciding to include or exclude an investment from the portfolio, and may not be considered for every investment decision. The biggest risk is that the Portfolio’s returns will vary, and you could lose money. Market Risk. The value of the Portfolio’s holdings may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Portfolio’s net asset value may fluctuate and it may be more difficult to value or sell the Portfolio’s holdings. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as financial institution failures, economic recessions, tariffs, trade disputes, terrorism, war, armed conflicts, including related sanctions, social unrest, natural disasters, and epidemics and pandemics) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money. Value Investing Risk. Because different types of stocks tend to shift in and out of favor depending on market and economic conditions, “value” stocks may perform differently than other types of stocks and from the market as a whole, and can continue to be undervalued by the market for long periods of time. It is also possible that a value stock will never appreciate to the extent expected. Mid-Sized Companies Risk. Investments in securities issued by mid-sized companies may involve greater risks than are customarily associated with larger, more established companies. Securities issued by mid-sized companies tend to be more volatile than securities issued by larger or more established companies and may underperform as compared to the securities of larger or more established companies. These holdings are also subject to wider price fluctuations and tend to be less liquid than stocks of larger or more established companies, which could have a significant adverse effect on the Portfolio’s returns, especially as market conditions change. Portfolio Management Risk. The Portfolio is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Portfolio may fail to produce the intended results. Accordingly, the Portfolio may underperform benchmark indices or other funds with similar investment objectives. Equity Securities Risk. Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The value of the Portfolio’s holdings may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Portfolio’s holdings could also decrease if there are deteriorating economic or market conditions or perceptions regarding the industries in which the issuers of securities the Portfolio holds participate. REIT Risk. REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. In addition, a REIT could fail to qualify for tax-free pass-through of its income under the Internal Revenue Code of 1986, as amended, or fail to maintain its exemption from registration under the Investment Company Act of 1940, as amended, which could produce adverse economic consequences for the REIT and its investors, including the Portfolio. Dividends received by the Portfolio from a REIT generally will not constitute qualified dividend income. Initial Public Offering Risk. The Portfolio’s purchase of shares issued in an initial public offering (“IPO”) exposes it to the risks associated with companies that have little operating history as public companies, as well as to the risks inherent in those sectors of the market where these new issuers operate. There can be no assurance that the Portfolio will identify favorable IPO investment opportunities. Foreign Exposure Risk. Foreign markets can be more volatile than the U.S. market. As a result, the Portfolio’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. Investments in foreign securities, particularly those of issuers located in emerging market countries, tend to have greater exposure to liquidity risk than domestic securities. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Portfolio to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Portfolio has invested a significant amount of its assets may have a greater effect on the Portfolio’s performance than it would in a more geographically diversified portfolio. ESG Integration Risk. There is a risk that considering ESG Factors as part of the Portfolio’s investment process may fail to produce the intended results or that the Portfolio may perform differently from funds that have a similar investment style but do not formally incorporate such considerations in their strategy. Information related to ESG Factors provided by issuers and third parties, which portfolio management may utilize, continues to develop and may be incomplete or inaccurate, use different or inconsistent methodologies, or be applied differently across issuers and industries. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance information The following information provides some indication of the risks of investing in the Portfolio by showing how the Portfolio’s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. Total return figures include the effect of the Portfolio’s expenses, but do not include charges or expenses attributable to any insurance product, which would lower the performance illustrated.The table compares the average annual returns for the Service Shares of the Portfolio for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Portfolio. All figures assume reinvestment of dividends and distributions. For certain periods, the Portfolio’s performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower.The Portfolio’s past performance does not necessarily indicate how it will perform in the future.Updated performance information is available at janushenderson.com/VITperformance or by calling 1-877-335-2687. The following information provides some indication of the risks of investing in the Portfolio by showing how the Portfolio’s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. Total return figures include the effect of the Portfolio’s expenses, but do not include charges or expenses attributable to any insurance product, which would lower the performance illustrated. The table compares the average annual returns for the Service Shares of the Portfolio for the periods indicated to a broad-based securities market index, as well as to one or more additional indices that have investment characteristics similar to those of the Portfolio. All figures assume reinvestment of dividends and distributions. The Portfolio’s past performance does not necessarily indicate how it will perform in the future. Updated performance information is available at janushenderson.com/VITperformance or by calling 1-877-335-2687. janushenderson.com/VITperformance 1-877-335-2687 Best Quarter:4th Quarter 202018.15%Worst Quarter:1st Quarter 2020– 29.16% The Portfolio’s broad-based benchmark index is the Russell 3000 Index due to regulatory requirements. The Portfolio’s additional benchmark is the Russell Midcap Value Index, which has investment characteristics similar to those of the Portfolio. The indices are described below. •The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies. •The Russell Midcap Value Index measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse Portfolio expenses to the extent that the Portfolio’s total annual fund operating expenses (excluding shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.68% for at least a one-year period commencing on April 30, 2026. This contractual waiver may be terminated or modified only at the discretion of the Portfolio’s Board of Trustees. The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse Portfolio expenses to the extent that the Portfolio’s total annual fund operating expenses (excluding fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.68% for at least a one-year period commencing on April 30, 2026. This contractual waiver may be terminated or modified only at the discretion of the Portfolio’s Board of Trustees. This fee may adjust up or down monthly based on the Portfolio’s performance relative to its benchmark index over the performance measurement period. For more information regarding performance-based advisory fees, refer to “Management Expenses” in the Portfolio’s Prospectus. This fee may adjust up or down monthly based on the Portfolio’s performance relative to its benchmark index over the performance measurement period. For more information regarding performance-based advisory fees, refer to “Management Expenses” in the Portfolio’s Prospectus. This fee may adjust up or down monthly based on the Portfolio’s performance relative to its benchmark index over the performance measurement period. For more information regarding performance-based advisory fees, refer to “Management Expenses” in the Portfolio’s Prospectus. This fee may adjust up or down monthly based on the Portfolio’s performance relative to its benchmark index over the performance measurement period. For more information regarding performance-based advisory fees, refer to “Management Expenses” in the Portfolio’s Prospectus. The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse Portfolio expenses to the extent that the Portfolio’s total annual fund operating expenses (excluding shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.52%. In addition, the Adviser has contractually agreed to waive and/or reimburse a portion of the Portfolio’s management fee in an amount equal to the management fee it earns as an investment adviser to any affiliated exchange-traded funds (“ETFs”) in which the Portfolio invests, less certain operating expenses. The contractual waivers will remain in effect for at least a one-year period commencing on April 30, 2026. These contractual waivers may be terminated or modified only at the discretion of the Board of Trustees. The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse Portfolio expenses to the extent that the Portfolio’s total annual fund operating expenses (excluding fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.52%. In addition, the Adviser has contractually agreed to waive and/or reimburse a portion of the Portfolio’s management fee in an amount equal to the management fee it earns as an investment adviser to any affiliated exchange-traded funds (“ETFs”) in which the Portfolio invests, less certain operating expenses. The contractual waivers will remain in effect for at least a one-year period commencing on April 30, 2026. These contractual waivers may be terminated or modified only at the discretion of the Board of Trustees. This fee may adjust up or down monthly based on the Portfolio’s performance relative to its benchmark index over the performance measurement period. For more information regarding performance-based advisory fees, refer to “Management Expenses” in the Portfolio’s Prospectus. This fee may adjust up or down monthly based on the Portfolio’s performance relative to its benchmark index over the performance measurement period. For more information regarding performance-based advisory fees, refer to “Management Expenses” in the Portfolio’s Prospectus. This fee may adjust up or down monthly based on the Portfolio’s performance relative to its benchmark index over the performance measurement period. For more information regarding performance-based advisory fees, refer to “Management Expenses” in the Portfolio’s Prospectus. This fee may adjust up or down monthly based on the Portfolio’s performance relative to its benchmark index over the performance measurement period. For more information regarding performance-based advisory fees, refer to “Management Expenses” in the Portfolio’s Prospectus. This fee may adjust up or down monthly based on the Portfolio’s performance relative to its benchmark index over the performance measurement period. For more information regarding performance-based advisory fees, refer to “Management Expenses” in the Portfolio’s Prospectus. The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse Portfolio expenses to the extent that the Portfolio’s total annual fund operating expenses (excluding any performance adjustments to management fees, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.77% for at least a one-year period commencing on April 30, 2026. This contractual waiver may be terminated or modified only at the discretion of the Portfolio’s Board of Trustees. This fee may adjust up or down monthly based on the Portfolio’s performance relative to its benchmark index over the performance measurement period. For more information regarding performance-based advisory fees, refer to “Management Expenses” in the Portfolio’s Prospectus. The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse Portfolio expenses to the extent that the Portfolio’s total annual fund operating expenses (excluding any performance adjustments to management fees, fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses) exceed 0.77% for at least a one-year period commencing on April 30, 2026. This contractual waiver may be terminated or modified only at the discretion of the Portfolio’s Board of Trustees.