N-CSR 1 ncsr.htm JIF 9-30 N-CSR ANNUAL 9.30.20

United States Securities and Exchange Commission
Washington, D.C. 20549

Form N-CSR

Certified Shareholder Report of Registered Management Investment Companies

Investment Company Act file number 811-01879

Janus Investment Fund
(Exact name of registrant as specified in charter)

151 Detroit Street, Denver, Colorado 80206
(Address of principal executive offices) (Zip code)

Byron D. Hittle, 151 Detroit Street, Denver, Colorado 80206
(Name and address of agent for service)

Registrant's telephone number, including area code: 303-333-3863

Date of fiscal year end: 9/30

Date of reporting period: 9/30/20

Item 1 - Reports to Shareholders



		ANNUAL REPORT September 30, 2020

	Janus Henderson Asia Equity Fund

	Janus Investment Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by contacting a Janus Henderson representative. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by visiting janushenderson.com/edelivery. You may elect to receive all future reports in paper free of charge. If you do not invest directly with the Fund, you should contact your plan sponsor, broker-dealer, or financial intermediary, to request to continue receiving paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-525-3713 to let the Fund know that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Janus Henderson mutual funds where held (i.e., all Janus Henderson mutual funds held in your account if you invest through your financial intermediary or all Janus Henderson mutual funds held with the fund complex if you invest directly with a fund).
			HIGHLIGHTS · Portfolio management perspective · Investment strategy behind your fund · Fund performance, characteristics and holdings

Table of Contents

Janus Henderson Asia Equity Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	10
Statement of Assets and Liabilities	11
Statement of Operations	13
Statements of Changes in Net Assets	14
Financial Highlights	15
Notes to Financial Statements	19
Report of Independent Registered Public Accounting Firm	31
Additional Information	32
Useful Information About Your Fund Report	45
Designation Requirements	48
Trustees and Officers	49

Janus Henderson Asia Equity Fund (unaudited)

FUND SNAPSHOT

This Asia Pacific ex Japan Fund is an all-cap, high-conviction portfolio focused on companies that have strong franchises, a high return on equity and management with a proven track record of execution. We believe that high-quality companies, if bought at the right price, should produce outperformance relative to the broader market over a three- to five-year time horizon.

Andrew Gillan

co-portfolio manager

Mervyn Koh

co-portfolio manager

PERFORMANCE

The Janus Henderson Asia Equity Fund Class I Shares returned 16.62% for the 12-month period ended September 30, 2020. The Fund’s primary benchmark, the MSCI All Country Asia ex-Japan Index^SM, returned 17.83%, while its secondary benchmark, the MSCI All Country Asia-Pacific ex-Japan Index^SM, returned 13.59%.

INVESTMENT ENVIRONMENT

The beginning of the period saw positive equity markets as the U.S. and China finally progressed toward a trade agreement, the lack of which had weighed on markets most of the previous year. Sentiment completely changed at the end of January when concerns over the COVID-19 coronavirus first emerged. Initially this resulted in a sell-off in China and Asian assets, and then the sell-off spread, like the virus itself, to other markets globally as the sheer economic impact of the virus became apparent. While the fall was sharp, the recovery was equally so, as markets rebounded thanks to lowered interest rates and substantial fiscal support by central banks and governments around the world. Even while a number of countries experienced increasing virus cases and second waves, equity markets continued to move higher through the second and third quarters of 2020 as markets focused more on fiscal support and the reopening of economies. Relations between the U.S. and China remain strained under President Trump, with more attempts by the U.S. in September to impose restrictions against some Chinese companies in semiconductors and social media on top of the telecom infrastructure restrictions announced earlier in the year.

PERFORMANCE DISCUSSION

The Fund underperformed over the period, with asset allocation detracting and stock selection contributing on a relative basis. At the country level, we lacked sufficient exposure to China earlier in the year as the country proved relatively defensive during the virus-related sell-off in the first quarter of 2020. We increased our allocation to China in the second half of the period, as economic data showed the country recovering more quickly and the revenue and profit trends of its corporates looking more positive relative to the rest of the region. Our overweight allocation to Taiwan proved positive as the country’s technology sector outperformed, while our overweight to India and some Southeast Asian countries such as Indonesia and the Philippines detracted early in the period given these stock markets were hit hardest from the COVID-19-related sell-off. Stock selection was positive, with China and Hong Kong the top contributors to relative performance at the country level.

In more detail, our positions within the Chinese Internet sector proved positive as their businesses are much less impacted by the changes to daily routines during the virus outbreak, and some even have benefited from the changes. Among our top five contributors to relative returns was leading Chinese Internet shopping platform Meituan Dianping, which was purchased during the period. Techtronic Industries, a global leading manufacturer of power tools for both the consumer and professional markets, was our largest individual contributor as the growth of its sales continued despite the pandemic. Other top individual contributors were China A-share companies, which reported positive trends across different categories – construction machinery, liquor and consumer electronics – illustrating the relative strength of the country’s domestic market.

Our detractors were more diverse and company-specific, although one consistent theme was that those listed in India and Southeast Asian markets dominated the list. One exception was Treasury Wine Estates, an Australian company that disappointed with a number of changes to the management team while the market conditions in the U.S. deteriorated more than expected. We exited the position following this news and also on concerns over relations between Australia and China, which could threaten the company’s main growth market. Two Indian financials also were among the Fund’s largest individual


Janus Investment Fund	1

Janus Henderson Asia Equity Fund (unaudited)

detractors, though pleasingly there has been some recovery toward the end of the period as their updates to the market showed improving trends. While COVID-19 has hit India hard and there already were stresses in the country’s financial system before the virus, we are confident in the track record and risk controls of the private-sector financials in which we are invested. Thailand property company Land and Houses also detracted during the period. We have exited the position given our belief that the property sector will take longer to recover from the economic damage wrought by COVID-19.

OUTLOOK

As the world awaits a more sustainable macroeconomic recovery, we believe the accommodative monetary environment and the large fiscal stimulus from central governments around the world should continue to provide much needed support for capital markets in general. The ongoing pandemic and the latest earnings releases have reiterated our belief that the strongest, most dominant franchises would not only survive but emerge stronger from the crisis. While the risks of a second or even third wave of infection in the region remains and the geopolitical uncertainties amid the U.S. presidential election persist, we believe that positives should continue to emerge, such as clearer signs of Asian companies continuously investing in research and development and innovation, management teams becoming more nimble in embracing the digital world and longerterm structural growth prospects remaining undisturbed. Lastly, we believe the attractive valuation of Asian equities relative to the developed world continues to offer compelling opportunities for investors.

Thank you for investing in Janus Henderson Asia Equity Fund.


2	SEPTEMBER 30, 2020

Janus Henderson Asia Equity Fund (unaudited)

Fund At A Glance

September 30, 2020





5 Top Contributors - Holdings			5 Top Detractors - Holdings
	Average Weight	Relative Contribution		Average Weight	Relative Contribution
Techtronic Industries Co Ltd	2.25%	1.01%	Treasury Wine Estates Ltd	1.16%	-1.91%
Sany Heavy Industry Co Ltd	1.41%	1.00%	HDFC Bank Ltd	4.07%	-1.55%
Meituan Dianping	1.08%	0.92%	Bajaj Holdings & Investment Ltd	1.92%	-1.29%
Kweichow Moutai Co Ltd	0.91%	0.86%	Land & Houses PCL (REG)	1.57%	-1.00%
Midea Group Co Ltd	2.67%	0.81%	Uni-President Enterprises Corp	3.61%	-0.93%


	5 Top Contributors - Sectors*
		Relative	Fund	MSCI All Country Asia ex-Japan Index
		Contribution	Average Weight	Average Weight
	Industrials	2.88%	6.01%	6.24%
	Communication Services	1.31%	7.97%	12.55%
	Utilities	1.06%	0.00%	2.87%
	Energy	1.02%	0.26%	3.64%
	Consumer Discretionary	0.46%	20.93%	16.26%


	5 Top Detractors - Sectors*
		Relative	Fund	MSCI All Country Asia ex-Japan Index
		Contribution	Average Weight	Average Weight
	Information Technology	-2.14%	20.18%	18.91%
	Consumer Staples	-1.57%	11.86%	5.32%
	Financials	-1.50%	24.72%	21.10%
	Health Care	-1.11%	0.00%	3.72%
	Other**	-1.02%	3.65%	0.00%

	Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance. Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index.
*	Based on sector classification according to the Global Industry Classification Standard (“GICS”) codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
**	Not a GICS classified sector.


Janus Investment Fund	3

Janus Henderson Asia Equity Fund (unaudited)

Fund At A Glance

September 30, 2020


5 Largest Equity Holdings - (% of Net Assets)
Alibaba Group Holding Ltd (ADR)
Internet & Direct Marketing Retail	10.6%
Tencent Holdings Ltd
Interactive Media & Services	8.9%
Taiwan Semiconductor Manufacturing Co Ltd
Semiconductor & Semiconductor Equipment	7.2%
Samsung Electronics Co Ltd
Technology Hardware, Storage & Peripherals	6.9%
AIA Group Ltd
Insurance	4.0%
	37.6%


Asset Allocation - (% of Net Assets)
Common Stocks	91.0%
Preferred Stocks	6.9%
Investment Companies	1.5%
Other		0.6%
		100.0%

Emerging markets comprised 89.9% of total net assets.

Top Country Allocations - Long Positions - (% of Investment Securities)

As of September 30, 2020

As of September 30, 2019


4	SEPTEMBER 30, 2020

Janus Henderson Asia Equity Fund (unaudited)

Performance

See important disclosures on the next page.




Average Annual Total Return - for the periods ended September 30, 2020				Expense Ratios
	One Year	Five Year	Since Inception*	Total Annual Fund Operating Expenses^‡	Net Annual Fund Operating Expenses^‡
Class A Shares at NAV	16.20%	11.54%	5.34%	2.74%	1.51%
Class A Shares at MOP	9.56%	10.22%	4.66%
Class C Shares at NAV	15.25%	10.77%	4.60%	3.56%	2.28%
Class C Shares at CDSC	14.25%	10.77%	4.60%
Class D Shares	16.45%	11.77%	5.51%	2.30%	1.35%
Class I Shares	16.62%	11.89%	5.66%	2.33%	1.22%
Class N Shares	16.69%	11.62%	5.16%	2.06%	1.18%
Class S Shares	16.13%	11.52%	5.31%	3.19%	1.68%
Class T Shares	16.37%	11.72%	5.49%	2.54%	1.44%
MSCI All Country Asia ex-Japan Index	17.83%	10.60%	4.87%
MSCI All Country Asia-Pacific ex-Japan Index	13.59%	10.14%	4.52%
Morningstar Quartile - Class I Shares	3rd	2nd	2nd
Morningstar Ranking - based on total returns for Pacific/Asia ex-Japan Stock Funds	38/63	20/57	24/50

Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold. For the most recent month-end performance call 800.668.0434 (or 800.525.3713 if you hold shares directly with Janus Henderson) or visit janushenderson.com/performance (or janushenderson.com/allfunds if you hold shares directly with Janus Henderson).

Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on January 28, 2020.

This Fund has a performance-based management fee that may adjust up or down based on the Fund’s performance.


Janus Investment Fund	5

Janus Henderson Asia Equity Fund (unaudited)

Performance

Performance may be affected by risks that include those associated with non-diversification, portfolio turnover, short sales, potential conflicts of interest, foreign and emerging markets, initial public offerings (IPOs), high-yield and high-risk securities, undervalued, overlooked and smaller capitalization companies, real estate related securities including Real Estate Investment Trusts (REITs), derivatives, and commodity-linked investments. Each product has different risks. Please see the prospectus for more information about risks, holdings and other details.

Returns include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Class N Shares commenced operations on January 26, 2018. Performance shown for periods prior to January 26, 2018, reflects the historical performance of the Fund's Class I Shares, calculated using the fees and expenses of Class N Shares, without the effect of any fee and expense limitations or waivers.

If Class N Shares of the Fund had been available during periods prior to January 26, 2018, the performance shown may have been different. The performance shown for periods following the Fund's commencement of Class N Shares reflects the fees and expenses of Class N Shares, net of any applicable fee and expense limitations or waivers. Please refer to the Fund's prospectuses for further details concerning historical performance.

Ranking is for the share class shown only; other classes may have different performance characteristics. When an expense waiver is in effect, it may have a material effect on the total return, and therefore the ranking for the period.

There is no assurance that the investment process will consistently lead to successful investing.

See Notes to Schedule of Investments and Other Information for index definitions.

Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

See “Useful Information About Your Fund Report.”

*The Fund’s inception date – July 29, 2011

‡ As stated in the prospectus. See Financial Highlights for actual expense ratios during the reporting period.


6	SEPTEMBER 30, 2020

Janus Henderson Asia Equity Fund (unaudited)

Expense Examples

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, such as sales charges (loads) on purchase payments (applicable to Class A Shares only); and (2) ongoing costs, including management fees; 12b-1 distribution and shareholder servicing fees; transfer agent fees and expenses payable pursuant to the Transfer Agency Agreement; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The example is based upon an investment of $1,000 invested at the beginning of the period and held for the six-months indicated, unless noted otherwise in the table and footnotes below.

Actual Expenses

The information in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate column for your share class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based upon the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Additionally, for an analysis of the fees associated with an investment in any share class or other similar funds, please visit www.finra.org/fundanalyzer.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. These fees are fully described in the Fund’s prospectuses. Therefore, the hypothetical examples are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (4/1/20)	Ending Account Value (9/30/20)	Expenses Paid During Period (4/1/20 - 9/30/20)†	Beginning Account Value (4/1/20)	Ending Account Value (9/30/20)	Expenses Paid During Period (4/1/20 - 9/30/20)†	Net Annualized Expense Ratio (4/1/20 - 9/30/20)
Class A Shares		$1,000.00	$1,354.40	$8.12	$1,000.00	$1,018.10	$6.96	1.38%
Class C Shares		$1,000.00	$1,349.00	$12.63	$1,000.00	$1,014.25	$10.83	2.15%
Class D Shares		$1,000.00	$1,355.20	$7.18	$1,000.00	$1,018.90	$6.16	1.22%
Class I Shares		$1,000.00	$1,356.00	$6.48	$1,000.00	$1,019.50	$5.55	1.10%
Class N Shares		$1,000.00	$1,356.70	$6.25	$1,000.00	$1,019.70	$5.35	1.06%
Class S Shares		$1,000.00	$1,352.90	$9.53	$1,000.00	$1,016.90	$8.17	1.62%
Class T Shares		$1,000.00	$1,354.70	$7.71	$1,000.00	$1,018.45	$6.61	1.31%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


Janus Investment Fund	7

Janus Henderson Asia Equity Fund

Schedule of Investments

September 30, 2020


Shares			Value
Common Stocks– 91.0%
Banks – 8.6%
	Bank Central Asia Tbk PT	243,600	$445,762
	E.Sun Financial Holding Co Ltd	434,440	384,357
	HDFC Bank Ltd*	72,152	1,063,237
	Ping An Bank Co Ltd - Class A	223,132	499,500
			2,392,856
Construction Materials – 2.4%
	Anhui Conch Cement Co Ltd	97,000	670,679
Diversified Consumer Services – 3.0%
	New Oriental Education & Technology Group Inc (ADR)*	5,625	840,937
Diversified Financial Services – 1.7%
	Bajaj Holdings & Investment Ltd	14,580	479,292
Electronic Equipment, Instruments & Components – 2.6%
	FPT Corp	64,832	140,148
	Largan Precision Co Ltd	5,000	584,228
			724,376
Food Products – 5.6%
	Tata Consumer Products Ltd	62,782	425,755
	Uni-President Enterprises Corp	375,000	810,829
	Vietnam Dairy Products JSC	68,284	322,035
			1,558,619
Hotels, Restaurants & Leisure – 3.7%
	Sands China Ltd	163,200	635,080
	Yum China Holdings Inc	7,676	406,444
			1,041,524
Household Durables – 6.2%
	Midea Group Co Ltd	79,921	857,967
	Techtronic Industries Co Ltd	36,500	479,978
	Zhejiang Supor Co Ltd - Class A	33,665	392,282
			1,730,227
Information Technology Services – 2.6%
	Tata Consultancy Services Ltd	21,096	715,548
Insurance – 6.7%
	AIA Group Ltd	113,200	1,115,189
	Ping An Insurance Group Co of China Ltd	74,000	763,426
			1,878,615
Interactive Media & Services – 8.9%
	Tencent Holdings Ltd	37,200	2,477,353
Internet & Direct Marketing Retail – 12.7%
	Alibaba Group Holding Ltd (ADR)*	10,063	2,958,321
	Meituan Dianping*	18,800	591,265
			3,549,586
Machinery – 2.8%
	Sany Heavy Industry Co Ltd	213,430	782,199
Oil, Gas & Consumable Fuels – 1.8%
	Reliance Industries Ltd	16,608	505,868
Personal Products – 2.1%
	LG Household & Health Care Ltd	485	602,214
Semiconductor & Semiconductor Equipment – 9.2%
	SK Hynix Inc	7,933	569,304
	Taiwan Semiconductor Manufacturing Co Ltd	134,000	2,012,628
			2,581,932
Technology Hardware, Storage & Peripherals – 2.5%
	Advantech Co Ltd	69,068	694,588
Textiles, Apparel & Luxury Goods – 4.7%
	Li Ning Co Ltd	116,000	544,333
	Shenzhou International Group Holdings Ltd	44,700	759,043
			1,303,376


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

8	SEPTEMBER 30, 2020

Janus Henderson Asia Equity Fund

Schedule of Investments

September 30, 2020


Shares			Value
Common Stocks– (continued)
Thrifts & Mortgage Finance – 3.2%
	Housing Development Finance Corp Ltd	37,697	$894,743
Total Common Stocks (cost $18,893,268)			25,424,532
Preferred Stocks– 6.9%
Technology Hardware, Storage & Peripherals – 6.9%
	Samsung Electronics Co Ltd((cost $1,448,137)	44,858	1,935,644
Investment Companies– 1.5%
Money Markets – 1.5%
	Janus Henderson Cash Liquidity Fund LLC, 0.1028%^ºº,£((cost $426,145)	426,102	426,145
Total Investments (total cost $20,767,550) – 99.4%			27,786,321
Cash, Receivables and Other Assets, net of Liabilities – 0.6%			170,844
Net Assets – 100%			$27,957,165


Summary of Investments by Country - (Long Positions) (unaudited)

		% of
		Investment
Country	Value	Securities
China	$12,543,749	45.1	%
Taiwan	4,486,630	16.2
India	4,084,443	14.7
South Korea	3,107,162	11.2
Hong Kong	2,230,247	8.0
Vietnam	462,183	1.7
Indonesia	445,762	1.6
United States	426,145	1.5



Total	$27,786,321	100.0	%

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 9/30/20
Investment Companies - 1.5%
Money Markets - 1.5%
	Janus Henderson Cash Liquidity Fund LLC, 0.1028%^ºº	$	99	$	2	$	-	$	426,145


		Value at 9/30/19		Purchases		Sales Proceeds		Value at 9/30/20
Investment Companies - 1.5%
Money Markets - 1.5%
	Janus Henderson Cash Liquidity Fund LLC, 0.1028%^ºº		-		2,107,605		(1,681,462)		426,145


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	9

Janus Henderson Asia Equity Fund

Notes to Schedule of Investments and Other Information

MSCI All Country Asia

ex-Japan Index^SM

MSCI All Country Asia ex-Japan Index^SM reflects the equity market performance of Asia, excluding Japan.

MSCI All Country Asia-Pacific

ex-Japan Index^SM

The MSCI All Country Asia-Pacific ex-Japan Index^SM reflects the performance of large and mid-cap companies in developed and emerging markets in the Asia Pacific region, excluding Japan.


ADR	American Depositary Receipt
LLC	Limited Liability Company


*	Non-income producing security.


ºº	Rate shown is the 7-day yield as of September 30, 2020.


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


The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of September 30, 2020. See Notes to Financial Statements for more information.

Valuation Inputs Summary

				Level 2 -		Level 3 -
		Level 1 -		Other Significant		Significant
		Quoted Prices		Observable Inputs		Unobservable Inputs

Assets
Investments In Securities:
Common Stocks
Diversified Consumer Services	$	840,937	$	-	$	-
Hotels, Restaurants & Leisure		406,444		635,080		-
Internet & Direct Marketing Retail		2,958,321		591,265		-
All Other		-		19,992,485		-
Preferred Stocks		-		1,935,644		-
Investment Companies		-		426,145		-
Total Assets	$	4,205,702	$	23,580,619	$	-


10	SEPTEMBER 30, 2020

Janus Henderson Asia Equity Fund

Statement of Assets and Liabilities

September 30, 2020

See footnotes at the end of the Statement.



Assets:
	Unaffiliated investments, at value⁽¹⁾		$	27,360,176
	Affiliated investments, at value⁽²⁾			426,145
	Cash denominated in foreign currency⁽³⁾			125,191
	Non-interested Trustees' deferred compensation			602
	Receivables:
		Fund shares sold		285,502
		Dividends		32,260
		Foreign tax reclaims		114
		Dividends from affiliates		25
	Other assets			3,067
Total Assets				28,233,082
Liabilities:
	Payables:			—
		Fund shares repurchased		95,639
		Foreign tax liability		53,108
		Professional fees		44,976
		Advisory fees		42,504
		Non-affiliated fund administration fees payable		20,179
		Transfer agent fees and expenses		3,976
		Custodian fees		2,727
		12b-1 Distribution and shareholder servicing fees		720
		Non-interested Trustees' deferred compensation fees		602
		Non-interested Trustees' fees and expenses		112
		Affiliated fund administration fees payable		56
		Accrued expenses and other payables		11,318
Total Liabilities				275,917
Net Assets			$	27,957,165


See Notes to Financial Statements.

Janus Investment Fund	11

Janus Henderson Asia Equity Fund

Statement of Assets and Liabilities

September 30, 2020




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	23,072,286
	Total distributable earnings (loss)⁽⁴⁾		4,884,879
Total Net Assets		$	27,957,165
Net Assets - Class A Shares		$	950,872
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		79,250
Net Asset Value Per Share⁽⁵⁾		$	12.00
Maximum Offering Price Per Share⁽⁶⁾		$	12.73
Net Assets - Class C Shares		$	505,715
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		42,885
Net Asset Value Per Share⁽⁵⁾		$	11.79
Net Assets - Class D Shares		$	10,793,323
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		887,226
Net Asset Value Per Share		$	12.17
Net Assets - Class I Shares		$	691,614
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		56,757
Net Asset Value Per Share		$	12.19
Net Assets - Class N Shares		$	12,809,348
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,052,935
Net Asset Value Per Share		$	12.17
Net Assets - Class S Shares		$	565,754
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		47,141
Net Asset Value Per Share		$	12.00
Net Assets - Class T Shares		$	1,640,539
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		136,418
Net Asset Value Per Share		$	12.03

(1) Includes cost of $20,341,405.

(2) Includes cost of $426,145.

(3) Includes cost of $125,191.

(4) Includes $53,108 of foreign capital gains tax on investments.

(5) Redemption price per share may be reduced for any applicable contingent deferred sales charge.

(6) Maximum offering price is computed at 100/94.25 of net asset value.


See Notes to Financial Statements.

12	SEPTEMBER 30, 2020

Janus Henderson Asia Equity Fund

Statement of Operations

For the year ended September 30, 2020



Investment Income:
	Dividends		$	472,323
	Dividends from affiliates			99
	Other income			297
	Foreign tax withheld			(63,768)
Total Investment Income				408,951
Expenses:
	Advisory fees			238,890
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		2,233
		Class C Shares		4,783
		Class S Shares		1,058
	Transfer agent administrative fees and expenses:
		Class D Shares		12,630
		Class S Shares		1,254
		Class T Shares		3,350
	Transfer agent networking and omnibus fees:
		Class A Shares		566
		Class C Shares		449
		Class I Shares		216
	Other transfer agent fees and expenses:
		Class A Shares		155
		Class C Shares		53
		Class D Shares		4,421
		Class I Shares		180
		Class N Shares		504
		Class S Shares		19
		Class T Shares		63
	Registration fees			111,605
	Non-affiliated fund administration fees			60,209
	Professional fees			57,180
	Custodian fees			14,073
	Shareholder reports expense			6,272
	Affiliated fund administration fees			659
	Non-interested Trustees’ fees and expenses			489
	Other expenses			5,472
Total Expenses				526,783
Less: Excess Expense Reimbursement and Waivers				(206,517)
Net Expenses				320,266
Net Investment Income/(Loss)				88,685
Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions⁽¹⁾			(1,102,036)
	Investments in affiliates			2
Total Net Realized Gain/(Loss) on Investments				(1,102,034)
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation⁽²⁾			4,325,763
Total Change in Unrealized Net Appreciation/Depreciation				4,325,763
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	3,312,414

(1) Includes realized foreign capital gains tax on investments of $(42,197).

(2) Includes change in unrealized appreciation/depreciation of $87,967 due to foreign capital gains tax on investments.


See Notes to Financial Statements.

Janus Investment Fund	13

Janus Henderson Asia Equity Fund

Statements of Changes in Net Assets



			Year ended September 30, 2020		Year ended September 30, 2019

Operations:
	Net investment income/(loss)		$	88,685	$	225,692
	Net realized gain/(loss) on investments			(1,102,034)		(1,041,868)
	Change in unrealized net appreciation/depreciation			4,325,763		500,895
Net Increase/(Decrease) in Net Assets Resulting from Operations				3,312,414		(315,281)
Dividends and Distributions to Shareholders:
		Class A Shares		(5,855)		(63,549)
		Class C Shares		—		(85,343)
		Class D Shares		(91,345)		(916,560)
		Class I Shares		(12,458)		(97,500)
		Class N Shares		(82,050)		(632,223)
		Class S Shares		(3,865)		(37,204)
		Class T Shares		(9,399)		(67,544)
Net Decrease from Dividends and Distributions to Shareholders				(204,972)		(1,899,923)
Capital Share Transactions:
		Class A Shares		17,388		89,862
		Class C Shares		(86,660)		(566,502)
		Class D Shares		(1,753,286)		(824,350)
		Class I Shares		(699,799)		471,095
		Class N Shares		2,584,115		1,119,910
		Class S Shares		10,004		37,204
		Class T Shares		138,167		332,850
Net Increase/(Decrease) from Capital Share Transactions				209,929		660,069
Net Increase/(Decrease) in Net Assets				3,317,371		(1,555,135)
Net Assets:
	Beginning of period			24,639,794		26,194,929
	End of period		$	27,957,165	$	24,639,794


See Notes to Financial Statements.

14	SEPTEMBER 30, 2020

Janus Henderson Asia Equity Fund

Financial Highlights


Class A Shares
For a share outstanding during the year ended September 30			2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$10.39	$11.42	$11.45	$9.42	$8.31
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.01	0.10	0.07	0.02	0.05
		Net realized and unrealized gain/(loss)	1.67	(0.27)	0.22	2.12	1.44
	Total from Investment Operations		1.68	(0.17)	0.29	2.14	1.49
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.07)	(0.02)	(0.05)	(0.11)	—
		Distributions (from capital gains)	—	(0.84)	(0.27)	—	(0.38)
	Total Dividends and Distributions		(0.07)	(0.86)	(0.32)	(0.11)	(0.38)
	Net Asset Value, End of Period		$12.00	$10.39	$11.42	$11.45	$9.42
	Total Return*		16.20%	(0.69)%	2.48%	23.10%	18.58%
	Net Assets, End of Period (in thousands)		$951	$822	$816	$366	$253
	Average Net Assets for the Period (in thousands)		$901	$822	$954	$293	$333
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.44%	2.72%	2.08%	2.49%	3.51%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.43%	1.49%	1.53%	1.63%	1.56%
		Ratio of Net Investment Income/(Loss)	0.14%	0.95%	0.60%	0.17%	0.64%
	Portfolio Turnover Rate		53%	34%	41%	120%	59%


Class C Shares
For a share outstanding during the year ended September 30			2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$10.23	$11.30	$11.36	$9.34	$8.29
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.07)	(0.03)	(0.01)	(0.04)	0.01
		Net realized and unrealized gain/(loss)	1.63	(0.20)	0.22	2.10	1.42
	Total from Investment Operations		1.56	(0.23)	0.21	2.06	1.43
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	(0.04)	—
		Distributions (from capital gains)	—	(0.84)	(0.27)	—	(0.38)
	Total Dividends and Distributions		—	(0.84)	(0.27)	(0.04)	(0.38)
	Net Asset Value, End of Period		$11.79	$10.23	$11.30	$11.36	$9.34
	Total Return*		15.25%	(1.28)%	1.80%	22.17%	17.87%
	Net Assets, End of Period (in thousands)		$506	$535	$1,244	$957	$413
	Average Net Assets for the Period (in thousands)		$482	$746	$1,233	$519	$381
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	3.50%	3.35%	2.78%	3.09%	4.23%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.20%	2.07%	2.25%	2.33%	2.25%
		Ratio of Net Investment Income/(Loss)	(0.66)%	(0.28)%	(0.04)%	(0.42)%	0.10%
	Portfolio Turnover Rate		53%	34%	41%	120%	59%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.


See Notes to Financial Statements.

Janus Investment Fund	15

Janus Henderson Asia Equity Fund

Financial Highlights


Class D Shares
For a share outstanding during the year ended September 30			2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$10.53	$11.54	$11.56	$9.49	$8.35
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.03	0.09	0.07	0.07	0.08
		Net realized and unrealized gain/(loss)	1.70	(0.23)	0.23	2.11	1.45
	Total from Investment Operations		1.73	(0.14)	0.30	2.18	1.53
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.09)	(0.03)	(0.05)	(0.11)	(0.01)
		Distributions (from capital gains)	—	(0.84)	(0.27)	—	(0.38)
	Total Dividends and Distributions		(0.09)	(0.87)	(0.32)	(0.11)	(0.39)
	Net Asset Value, End of Period		$12.17	$10.53	$11.54	$11.56	$9.49
	Total Return*		16.45%	(0.44)%	2.57%	23.30%	18.95%
	Net Assets, End of Period (in thousands)		$10,793	$11,198	$13,089	$21,577	$5,314
	Average Net Assets for the Period (in thousands)		$10,678	$11,599	$21,221	$11,542	$5,013
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.03%	2.29%	1.72%	2.19%	3.38%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.26%	1.33%	1.33%	1.44%	1.36%
		Ratio of Net Investment Income/(Loss)	0.27%	0.88%	0.55%	0.67%	0.89%
	Portfolio Turnover Rate		53%	34%	41%	120%	59%


Class I Shares
For a share outstanding during the year ended September 30			2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$10.54	$11.45	$11.56	$9.51	$8.37
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	—⁽²⁾	0.13	(0.03)	0.11	0.10
		Net realized and unrealized gain/(loss)	1.74	(0.17)	0.26	2.07	1.44
	Total from Investment Operations		1.74	(0.04)	0.23	2.18	1.54
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.09)	(0.03)	(0.07)	(0.13)	(0.02)
		Distributions (from capital gains)	—	(0.84)	(0.27)	—	(0.38)
	Total Dividends and Distributions		(0.09)	(0.87)	(0.34)	(0.13)	(0.40)
	Net Asset Value, End of Period		$12.19	$10.54	$11.45	$11.56	$9.51
	Total Return*		16.62%	0.45%	1.90%	23.39%	19.09%
	Net Assets, End of Period (in thousands)		$692	$1,406	$1,029	$12,675	$2,665
	Average Net Assets for the Period (in thousands)		$1,061	$1,208	$5,848	$7,408	$2,528
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.07%	2.32%	1.44%	2.00%	3.19%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.15%	1.21%	1.26%	1.32%	1.21%
		Ratio of Net Investment Income/(Loss)	0.02%	1.28%	(0.25)%	1.01%	1.14%
	Portfolio Turnover Rate		53%	34%	41%	120%	59%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Less than $0.005 on a per share basis.


See Notes to Financial Statements.

16	SEPTEMBER 30, 2020

Janus Henderson Asia Equity Fund

Financial Highlights


Class N Shares
For a share outstanding during the year or period ended September 30			2020	2019	2018⁽¹⁾
	Net Asset Value, Beginning of Period		$10.52	$11.56	$12.73
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.06	0.11	0.16
		Net realized and unrealized gain/(loss)	1.69	(0.26)	(1.33)
	Total from Investment Operations		1.75	(0.15)	(1.17)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.10)	(0.05)	—
		Distributions (from capital gains)	—	(0.84)	—
	Total Dividends and Distributions		(0.10)	(0.89)	—
	Net Asset Value, End of Period		$12.17	$10.52	$11.56
	Total Return*		16.69%	(0.51)%	(9.19)%
	Net Assets, End of Period (in thousands)		$12,809	$8,886	$8,501
	Average Net Assets for the Period (in thousands)		$11,337	$7,989	$7,978
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.80%	2.05%	1.75%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.10%	1.17%	1.13%
		Ratio of Net Investment Income/(Loss)	0.51%	1.08%	1.96%
	Portfolio Turnover Rate		53%	34%	41%


Class S Shares
For a share outstanding during the year ended September 30			2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$10.41	$11.45	$11.48	$9.43	$8.32
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.01	0.09	0.06	0.01	0.07
		Net realized and unrealized gain/(loss)	1.66	(0.25)	0.22	2.14	1.42
	Total from Investment Operations		1.67	(0.16)	0.28	2.15	1.49
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.08)	(0.04)	(0.04)	(0.10)	—
		Distributions (from capital gains)	—	(0.84)	(0.27)	—	(0.38)
	Total Dividends and Distributions		(0.08)	(0.88)	(0.31)	(0.10)	(0.38)
	Net Asset Value, End of Period		$12.00	$10.41	$11.45	$11.48	$9.43
	Total Return*		16.13%	(0.55)%	2.37%	23.07%	18.56%
	Net Assets, End of Period (in thousands)		$566	$481	$484	$472	$368
	Average Net Assets for the Period (in thousands)		$502	$467	$501	$413	$329
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.85%	2.98%	2.36%	2.64%	3.67%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.47%	1.34%	1.58%	1.66%	1.56%
		Ratio of Net Investment Income/(Loss)	0.11%	0.91%	0.52%	0.15%	0.83%
	Portfolio Turnover Rate		53%	34%	41%	120%	59%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Period from January 26, 2018 (inception date) through September 30, 2018.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.


See Notes to Financial Statements.

Janus Investment Fund	17

Janus Henderson Asia Equity Fund

Financial Highlights


Class T Shares
For a share outstanding during the year ended September 30			2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$10.41	$11.37	$11.42	$9.36	$8.25
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.03	0.10	0.06	0.06	0.04
		Net realized and unrealized gain/(loss)	1.67	(0.21)	0.20	2.08	1.46
	Total from Investment Operations		1.70	(0.11)	0.26	2.14	1.50
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.08)	(0.01)	(0.04)	(0.08)	(0.01)
		Distributions (from capital gains)	—	(0.84)	(0.27)	—	(0.38)
	Total Dividends and Distributions		(0.08)	(0.85)	(0.31)	(0.08)	(0.39)
	Net Asset Value, End of Period		$12.03	$10.41	$11.37	$11.42	$9.36
	Total Return*		16.37%	(0.14)%	2.27%	23.18%	18.88%
	Net Assets, End of Period (in thousands)		$1,641	$1,310	$1,032	$2,937	$230
	Average Net Assets for the Period (in thousands)		$1,340	$1,210	$2,799	$756	$332
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.27%	2.53%	1.81%	2.14%	3.41%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.35%	1.40%	1.41%	1.55%	1.44%
		Ratio of Net Investment Income/(Loss)	0.26%	0.98%	0.54%	0.55%	0.47%
	Portfolio Turnover Rate		53%	34%	41%	120%	59%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.


See Notes to Financial Statements.

18	SEPTEMBER 30, 2020

Janus Henderson Asia Equity Fund

Notes to Financial Statements

1. Organization and Significant Accounting Policies

Janus Henderson Asia Equity Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 45 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term growth of capital. The Fund is classified as diversified, as defined in the 1940 Act.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Funds have adopted an auto-conversion policy pursuant to which Class C Shares that have been held for ten years will be automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the tenth anniversary of the date of purchase. Effective December 31, 2020, the auto-conversion policy will change so that Class C Shares that have been held for eight years will be automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund will rely on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares. Please contact your financial intermediary for additional information.

Effective July 6, 2020, Class D Shares are available to new investors, subject to any closed fund policies for a Fund, as applicable. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.

Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. Class I Shares are also available to certain direct institutional investors including, but not limited to, corporations, certain retirement plans, public plans, and foundations/endowments, who established Class I Share accounts before August 4, 2017.

Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, Janus Capital Management LLC (“Janus Capital”), or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Distributors LLC dba Janus Henderson Distributors (“Janus Henderson Distributors”) including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.


Janus Investment Fund	19

Janus Henderson Asia Equity Fund

Notes to Financial Statements

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with Janus Capital or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with Janus Capital or its affiliates to offer Class T Shares on their supermarket platforms.

The following accounting policies have been followed by the Fund and are in conformity with United States of America generally accepted accounting principles ("US GAAP").

Investment Valuation

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

Valuation Inputs Summary

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

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

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


20	SEPTEMBER 30, 2020

Janus Henderson Asia Equity Fund

Notes to Financial Statements

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

Level 3 – Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

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

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of September 30, 2020 to fair value the Fund’s investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments and Other Information.

Investment Transactions and Investment Income

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Interest income is recorded daily on an accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

Expenses

The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.

Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Indemnifications

In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.

Foreign Currency Translations

The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date


Janus Investment Fund	21

Janus Henderson Asia Equity Fund

Notes to Financial Statements

of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

Currency gains and losses are also calculated on payables and receivables that are denominated in foreign currencies. The payables and receivables are generally related to foreign security transactions and income translations.

Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

Dividends and Distributions

The Fund generally declares and distributes dividends of net investment income and realized capital gains (if any) annually. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as “equalization,” has no effect on the redeeming shareholder or a Fund’s total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.

The Fund may make certain investments in real estate investment trusts (“REITs”) which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs’ taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal income tax purposes.

Federal Income Taxes

The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund’s tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund’s financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

2. Other Investments and Strategies

Additional Investment Risk

In the aftermath of the 2007-2008 financial crisis, the financial sector experienced reduced liquidity in credit and other fixed-income markets, and an unusually high degree of volatility, both domestically and internationally. In response to the crisis, the United States and certain foreign governments, along with the U.S. Federal Reserve and certain foreign central banks, took a number of unprecedented steps designed to support the financial markets. For example, the enactment of the Dodd-Frank Act in 2010 provided for widespread regulation of financial institutions, consumer financial products and services, broker-dealers, over-the-counter derivatives, investment advisers, credit rating agencies, and mortgage lending, which expanded federal oversight in the financial sector, including the investment management industry. More recently, in response to the COVID-19 pandemic, the U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets, including reducing interest rates to record low levels. Extremely low or negative interest rates may become more prevalent or may not work as intended. As there is little precedent for this situation, the impact on various markets that interest rate or other significant policy changes may have is unknown. The withdrawal of this support, a failure of measures put in place in response to such economic uncertainty, or investor perception that such efforts were not sufficient could each negatively affect financial markets generally, and the value and liquidity of specific securities. In addition, policy and legislative changes in the United States and in other countries continue to impact many aspects of financial regulation.


22	SEPTEMBER 30, 2020

Janus Henderson Asia Equity Fund

Notes to Financial Statements

likelihood that events or conditions in one region or country will adversely affect markets or issuers in other regions or countries, including the United States. These disruptions could prevent a Fund from executing advantageous investment decisions in a timely manner and negatively impact a Fund’s ability to achieve its investment objective(s). Any such event(s) could have a significant adverse impact on the value of a Fund. In addition, these disruptions could also impair the information technology and other operational systems upon which the Fund’s service providers, including Janus Capital or the subadviser (as applicable), rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform essential tasks on behalf of the Fund. Adverse weather conditions may also have a particularly significant negative effect on issuers in the agricultural sector and on insurance and reinsurance companies that insure or reinsure against the impact of natural disasters.

A number of countries in the European Union (the “EU”) have experienced, and may continue to experience, severe economic and financial difficulties. In particular, many EU nations are susceptible to economic risks associated with high levels of debt. Many non-governmental issuers, and even certain governments, have defaulted on, or been forced to restructure, their debts. Many other issuers have faced difficulties obtaining credit or refinancing existing obligations. Financial institutions have in many cases required government or central bank support, have needed to raise capital, and/or have been impaired in their ability to extend credit. As a result, financial markets in the EU have experienced extreme volatility and declines in asset values and liquidity. Responses to these financial problems by European governments, central banks, and others, including austerity measures and reforms, may not work, may result in social unrest, and may limit future growth and economic recovery or have other unintended consequences. The risk of investing in securities in the European markets may also be heightened due to the referendum in which the United Kingdom voted to exit the EU, commonly known as “Brexit”, which immediately led to significant market volatility around the world, as well as political, economic and legal uncertainty. The United Kingdom formally left the EU on January 31, 2020 and entered into an eleven-month transition period, during which the United Kingdom will remain subject to EU laws and regulations. There is considerable uncertainty relating to the potential consequences of the United Kingdom’s exit and how negotiations for new trade agreements will be conducted or concluded.

Emerging Market Investing

Within the parameters of its specific investment policies, the Fund may invest in securities of issuers or companies from or with exposure to one or more “developing countries” or “emerging market countries.” To the extent that the Fund invests a significant amount of its assets in one or more of these countries, its returns and net asset value may be affected to a large degree by events and economic conditions in such countries. The risks of foreign investing are heightened when investing in emerging markets, which may result in the price of investments in emerging markets experiencing sudden and sharp price swings. In many developing markets, there is less government supervision and regulation of business and industry practices (including the potential lack of strict finance and accounting controls and standards), stock exchanges, brokers, and listed companies, making these investments potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. There is a risk in developing countries that a future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government monopolies, any of which may have a detrimental effect on the Fund’s investments. In addition, the Fund’s investments may be denominated in foreign currencies and therefore, changes in the value of a country’s currency compared to the U.S. dollar may affect the value of the Fund’s investments. To the extent that the Fund invests a significant portion of its assets in the securities of issuers in or companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region, which could have a negative impact on the Fund’s performance. Additionally, foreign and emerging market risks, including, but not limited to, price controls, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, nationalization, and restrictions on repatriation of assets may be heightened to the extent the Fund invests in Chinese local market securities.

3. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pays Janus Capital an investment advisory fee which is calculated daily and paid monthly. The Fund’s "base" fee rate prior to any performance adjustment (expressed as an annual rate) is 0.92%.


Janus Investment Fund	23

Janus Henderson Asia Equity Fund

Notes to Financial Statements

or decreases the base fee depending on how well the Fund has performed relative to its benchmark index. The Fund's benchmark index used in the calculation is the MSCI All Country Asia ex-Japan Index.

The calculation of the performance adjustment applies as follows:

Investment Advisory Fee = Base Fee Rate +/- Performance Adjustment

The investment advisory fee rate paid to Janus Capital by the Fund consists of two components: (1) a base fee calculated by applying the contractual fixed rate of the advisory fee to the Fund’s average daily net assets during the previous month (“Base Fee Rate”), plus or minus (2) a performance-fee adjustment (“Performance Adjustment”) calculated by applying a variable rate of up to 0.15% (positive or negative) to the Fund’s average daily net assets based on the Fund’s relative performance compared to the cumulative investment record of its benchmark index over a 36-month performance measurement period or shorter time period, as applicable. The investment performance of the Fund’s Class A Shares (waiving the upfront sales load) for the performance measurement period is used to calculate the Performance Adjustment. No Performance Adjustment is applied unless the difference between the Fund’s investment performance and the cumulative investment record of the Fund’s benchmark index is 0.50% or greater (positive or negative) during the applicable performance measurement period.

The Fund’s prospectuses and statement(s) of additional information contain additional information about performance-based fees. The amount shown as advisory fees on the Statement of Operations reflects the Base Fee Rate plus/minus any Performance Adjustment. For the year ended September 30, 2020, the performance adjusted investment advisory fee rate before any waivers and/or reimbursements of expenses is 0.91%.

Janus Capital has entered into a personnel-sharing arrangement with its foreign (non-U.S.) affiliates, Henderson Global Investors Limited, Henderson Global Investors (Japan) Ltd., and Henderson Global Investors (Singapore) Ltd. (collectively, “HGIL”), pursuant to which HGIL and certain employees of HGIL serve as “associated persons” of Janus Capital. In this capacity, such employees of HGIL are subject to the oversight and supervision of Janus Capital and may provide portfolio management, research, and related services to the Fund on behalf of Janus Capital.

Janus Capital has contractually agreed to waive the advisory fee payable by the Fund or reimburse expenses in an amount equal to the amount, if any, that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding any performance adjustments to management fees (if applicable), the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus/administrative fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 1.11% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waiver for at least a one-year period commencing January 28, 2020. If applicable, amounts waived and/or reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.

Janus Services LLC (“Janus Services”), a wholly-owned subsidiary of Janus Capital, is the Fund’s transfer agent. In addition, Janus Services provides or arranges for the provision of certain other administrative services including, but not limited to, recordkeeping, accounting, order processing, and other shareholder services for the Fund. Janus Services is not compensated for its services related to the shares, except for out-of-pocket costs. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.

Certain, but not all, intermediaries may charge administrative fees (such as networking and omnibus) to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to Janus Services, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between Janus Services and the Fund, Janus Services may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. Janus Capital and its affiliates benefit from an increase in assets that may result from such relationships. The Funds’ Trustees have set limits on fees that the Funds may incur with respect to administrative fees paid for omnibus or networked accounts. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.

The Fund pays an annual administrative services fee based on the average daily net assets of Class D Shares for shareholder services provided by Janus Services, as detailed below.


24	SEPTEMBER 30, 2020

Janus Henderson Asia Equity Fund

Notes to Financial Statements


Average Daily Net Assets of Class D Shares of the Janus Henderson funds	Administrative Services Fee
Under $40 billion	0.12%
$40 billion – $49.9 billion	0.10%
Over $49.9 billion	0.08%

The Fund’s actual Class D administrative fee rate was 0.12% for the reporting period.

Janus Services provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, accounting, answering inquiries regarding accounts, transaction processing, transaction confirmations, and the mailing of prospectuses and shareholder reports. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.

Janus Services receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class S Shares and Class T Shares for providing or procuring administrative services to investors in Class S Shares and Class T Shares of the Fund. Janus Services expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. Janus Services or its affiliates may also pay fees for services provided by intermediaries to the extent the fees charged by intermediaries exceed the 0.25% of net assets charged to Class S Shares and Class T Shares of the Fund. Janus Services may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class S Shares and Class T Shares. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.

Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with Janus Capital. For all share classes, Janus Services also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Janus Services is compensated for its services related to the Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.

Under a distribution and shareholder servicing plan (the “Plan”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, Janus Henderson Distributors, a wholly-owned subsidiary of Janus Capital, a fee for the sale and distribution and/or shareholder servicing of the Shares at an annual rate of up to 0.25% of the Class A Shares’ average daily net assets, of up to 1.00% of the Class C Shares’ average daily net assets, and of up to 0.25% of the Class S Shares’ average daily net assets. Under the terms of the Plan, the Trust is authorized to make payments to Janus Henderson Distributors for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations. Payments under the Plan are not tied exclusively to actual 12b-1 distribution and shareholder service expenses, and the payments may exceed 12b-1 distribution and shareholder service expenses actually incurred. If any of the Fund’s actual 12b-1 distribution and shareholder service expenses incurred during a calendar year are less than the payments made during a calendar year, the Fund will be refunded the difference. Refunds, if any, are included in “12b-1 Distribution and shareholder servicing fees” in the Statement of Operations.


Janus Investment Fund	25

Janus Henderson Asia Equity Fund

Notes to Financial Statements

administration fees” on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund’s Chief Compliance Officer and certain compliance staff, all of whom are employees of Janus Capital and/or its affiliates, are shared with the Fund. Total compensation of $467,191 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended September 30, 2020. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of September 30, 2020 on the Statement of Assets and Liabilities in the asset, “Non-interested Trustees’ deferred compensation,” and liability, “Non-interested Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Total distributable earnings (loss)” on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended September 30, 2020 are included in “Non-interested Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $482,775 were paid by the Trust to the Trustees under the Deferred Plan during the year ended September 30, 2020.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the “Investing Funds”). As adviser, Janus Capital has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the “Sweep Vehicle”) is an affiliated unregistered cash management pooled investment vehicle that invests primarily in highly-rated short-term fixed-income securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a “floating” NAV) rounded to the fourth decimal place (e.g., $1.0000). The Sweep Vehicle is permitted to impose a liquidity fee (of up to 2%) on redemptions from the Sweep Vehicle or a redemption gate that temporarily suspends redemptions from the Sweep Vehicle for up to 10 business days during a 90 day period. There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the year ended September 30, 2020 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between Janus Henderson Distributors and financial intermediaries. During the year ended September 30, 2020, Janus Henderson Distributors retained upfront sales charges of $1,372.

A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to Janus Henderson Distributors during the year ended September 30, 2020.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the year ended September 30, 2020, redeeming shareholders of Class C Shares paid CDSCs of $61.


26	SEPTEMBER 30, 2020

Janus Henderson Asia Equity Fund

Notes to Financial Statements

As of September 30, 2020, shares of the Fund were owned by affiliates of Janus Henderson Investors, and/or other funds advised by Janus Henderson, as indicated in the table below:


Class	% of Class Owned		% of Fund Owned
Class A Shares	-	%	-	%
Class C Shares	-		-
Class D Shares	-		-
Class I Shares	-		-
Class N Shares	95		44
Class S Shares	95		2
Class T Shares	-		-

In addition, other shareholders, including other funds, individuals, accounts, as well as the Fund’s portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund’s Shares and can be considered to “control” the Fund when that ownership exceeds 25% of the Fund’s assets (and which may differ from control as determined in accordance with US GAAP).

4. Federal Income Tax

The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes (reduced by foreign tax liability).

Other book to tax differences primarily consist of deferred compensation. The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.


			Loss Deferrals		Other Book	Net Tax
Undistributed Ordinary Income	Undistributed Long-Term Gains	Accumulated Capital Losses	Late-Year Ordinary Loss	Post-October Capital Loss	to Tax Differences	Appreciation/ (Depreciation)
$ 31,632	$ -	$ (2,100,799)	$ -	$ -	$ (1,706)	$ 6,955,752

Accumulated capital losses noted below represent net capital loss carryovers, as of September 30, 2020, that may be available to offset future realized capital gains and thereby reduce future taxable gains distributions. The following table shows these capital loss carryovers.



Capital Loss Carryover Schedule
For the year ended September 30, 2020
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$(1,043,446)	$(1,057,353)	$ (2,100,799)

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of September 30, 2020 are noted below. The primary difference between book and tax appreciation or depreciation of investments is wash sale loss deferrals.


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 20,777,461	$ 7,541,137	$ (532,277)	$ 7,008,860


Janus Investment Fund	27

Janus Henderson Asia Equity Fund

Notes to Financial Statements

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, and capital loss carryovers. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.


For the year ended September 30, 2020
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 204,972	$ -	$ -	$ -


For the year ended September 30, 2019
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 475,669	$ 1,424,254	$ -	$ -

Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets. The following reclassifications have been made to the Fund:



Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ (93)	$ (57,020)	$ 57,113


28	SEPTEMBER 30, 2020

Janus Henderson Asia Equity Fund

Notes to Financial Statements

5. Capital Share Transactions



	Year ended September 30, 2020		Year ended September 30, 2019
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	28,257	$ 317,136	38,021	$ 393,823
Reinvested dividends and distributions	523	5,801	6,736	63,182
Shares repurchased	(28,714)	(305,549)	(37,040)	(367,143)
Net Increase/(Decrease)	66	$ 17,388	7,717	$ 89,862
Class C Shares:
Shares sold	9,573	$ 101,995	10,176	$ 101,691
Reinvested dividends and distributions	-	-	9,206	85,343
Shares repurchased	(19,056)	(188,655)	(77,092)	(753,536)
Net Increase/(Decrease)	(9,483)	$ (86,660)	(57,710)	$ (566,502)
Class D Shares:
Shares sold	313,305	$ 3,347,247	153,680	$1,601,409
Reinvested dividends and distributions	8,053	90,510	94,663	898,352
Shares repurchased	(497,727)	(5,191,043)	(319,202)	(3,324,111)
Net Increase/(Decrease)	(176,369)	$(1,753,286)	(70,859)	$ (824,350)
Class I Shares:
Shares sold	105,407	$ 1,183,755	100,625	$1,063,486
Reinvested dividends and distributions	898	10,101	10,263	97,500
Shares repurchased	(182,914)	(1,893,655)	(67,386)	(689,891)
Net Increase/(Decrease)	(76,609)	$ (699,799)	43,502	$ 471,095
Class N Shares:
Shares sold	421,761	$ 4,808,151	159,659	$1,706,729
Reinvested dividends and distributions	7,306	82,050	66,690	632,223
Shares repurchased	(220,570)	(2,306,086)	(117,517)	(1,219,042)
Net Increase/(Decrease)	208,497	$ 2,584,115	108,832	$1,119,910
Class S Shares:
Shares sold	578	$ 6,150	-	$ -
Reinvested dividends and distributions	348	3,865	3,966	37,204
Shares repurchased	(1)	(11)	-	-
Net Increase/(Decrease)	925	$ 10,004	3,966	$ 37,204
Class T Shares:
Shares sold	82,817	$ 859,403	102,159	$1,026,567
Reinvested dividends and distributions	808	8,981	6,744	63,330
Shares repurchased	(73,041)	(730,217)	(73,842)	(757,047)
Net Increase/(Decrease)	10,584	$ 138,167	35,061	$ 332,850

6. Purchases and Sales of Investment Securities

For the year ended September 30, 2020, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as applicable) was as follows:


Purchases of Securities	Proceeds from Sales of Securities	Purchases of Long- Term U.S. Government Obligations	Proceeds from Sales of Long-Term U.S. Government Obligations
$13,783,105	$ 13,165,849	$ -	$ -


Janus Investment Fund	29

Janus Henderson Asia Equity Fund

Notes to Financial Statements

7. Recent Accounting Pronouncements

The FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820) in August 2018. The new guidance removes, modifies and enhances the disclosures to Topic 820. For public entities, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. An entity is permitted, and Management has decided, to early adopt the standard in these financial statements.

8. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to September 30, 2020 and through the date of issuance of the Fund’s financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund’s financial statements.


30	SEPTEMBER 30, 2020

Janus Henderson Asia Equity Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Asia Equity Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Asia Equity Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the “Fund”) as of September 30, 2020, the related statement of operations for the year ended September 30, 2020, the statements of changes in net assets for each of the two years in the period ended September 30, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2020 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2020 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

Denver, Colorado

November 17, 2020

We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.


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Janus Henderson Asia Equity Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities is available without charge: (i) upon request, by calling 1-800-525-1093; (ii) on the Fund’s website at janushenderson.com/proxyvoting; and (iii) on the SEC’s website at http://www.sec.gov. Additionally, information regarding the Fund’s proxy voting record for the most recent twelve-month period ended June 30 is also available, free of charge, through janushenderson.com/proxyvoting and from the SEC’s website at http://www.sec.gov.

Full Holdings

The Fund is required to disclose its complete holdings as an exhibit to Form N-PORT within 60 days of the end of the first and third fiscal quarters, and in the annual report and semiannual report to Fund shareholders. Historically, the Fund filed its complete portfolio holdings (schedule of investments) with the SEC for the first and third quarters each fiscal year on Form N-Q. The Fund’s Form N-PORT and Form N-Q filings: (i) are available on the SEC’s website at http://www.sec.gov; (ii) may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. (information on the Public Reference Room may be obtained by calling 1-800-SEC-0330); and (iii) are available without charge, upon request, by calling a Janus Henderson representative at 1-877-335-2687 (toll free) (or 1-800-525-3713 if you hold Class D Shares). Portfolio holdings consisting of at least the names of the holdings are generally available on a monthly basis with a 30-day lag. Holdings are generally posted approximately two business days thereafter under Full Holdings for the Fund at janushenderson.com/info (or janushenderson.com/reports if you hold Class D Shares).

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD

The Trustees of Janus Aspen Series, each of whom serves as an “independent” Trustee (the “Trustees”), oversee the management of each Portfolio of Janus Aspen Series (each, a “VIT Portfolio,” and collectively, the “VIT Portfolios”), as well as each Fund of Janus Investment Fund (together with the VIT Portfolios, the “Janus Henderson Funds,” and each, a “Janus Henderson Fund”). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund and the subadvisory agreements for the Janus Henderson Funds that utilize subadvisers.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Capital and the respective subadvisers in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analysis provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.

At a meeting held on December 5, 2019, based on the Trustees’ evaluation of the information provided by Janus Capital, the subadvisers, and the independent fee consultant, as well as other information, the Trustees determined that the overall arrangements between each Janus Henderson Fund and Janus Capital and each subadviser, as applicable, were fair and reasonable in light of the nature, extent and quality of the services provided by Janus Capital, its affiliates and the subadvisers, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment. At that meeting, the Trustees unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund, and the subadvisory agreement for each subadvised Janus Henderson Fund, for the period from February 1, 2020 through February 1, 2021, subject to earlier termination as provided for in each agreement.

In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees’ determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant’s conclusions and opinions that arose during, and were included as part of, the Trustees’ consideration of the agreements. “Management fees,” as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.


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Janus Henderson Asia Equity Fund

Additional Information (unaudited)

Nature, Extent and Quality of Services

The Trustees reviewed the nature, extent and quality of the services provided by Janus Capital and the subadvisers to the Janus Henderson Funds, taking into account the investment objective, strategies and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of Janus Capital and each subadviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by Janus Capital or the subadvisers, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered Janus Capital’s role as administrator to the Janus Henderson Funds, noting that Janus Capital generally, does not receive a fee for its services but is reimbursed for its out-of-pocket costs. The Trustees considered the role of Janus Capital in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

In this regard, the independent fee consultant noted that Janus Capital provides a number of different services for the Janus Henderson Funds and fund shareholders, ranging from investment management services to various other servicing functions, and that, in its view, Janus Capital is a capable provider of those services. The independent fee consultant also provided its belief that Janus Capital has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.

The Trustees concluded that the nature, extent and quality of the services provided by Janus Capital or the subadviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory and subadvisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that Janus Capital and each subadviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract well-qualified personnel.

Performance of the Funds

The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including periodic meetings with each Janus Henderson Fund’s portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund’s performance with the performance of comparable funds and peer groups identified by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent data provider, and with the Janus Henderson Fund’s benchmark index. In this regard, the independent fee consultant found that the overall Janus Henderson Funds’ performance has been reasonable: for the 36 months ended September 30, 2019, approximately 69% of the Janus Henderson Funds were in the top two quartiles of performance, as reported by Morningstar, and for the 12 months ended September 30, 2019, approximately 71% of the Janus Henderson Funds were in the top two quartiles of performance, as reported by Morningstar.

The Trustees considered the performance of each Fund, noting that performance may vary by share class, and noted the following:

Alternative Fund

· For Janus Henderson Diversified Alternatives Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2019 and the bottom Broadridge quartile for the 12 months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance.

Asset Allocation Funds

· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2019 and the bottom Broadridge quartile for the 12 months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance.


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Janus Henderson Asia Equity Fund

Additional Information (unaudited)

· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2019 and the bottom Broadridge quartile for the 12 months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2019 and the bottom Broadridge quartile for the 12 months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance.

Fixed-Income Funds

· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2019 and the third Broadridge quartile for the 12 months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Developed World Bond Fund, the Trustees noted the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2019 and the first quartile for the 12 months ended May 31, 2019.

· For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2019 and the bottom Broadridge quartile for the 12 months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2019 and the bottom Broadridge quartile for the 12 months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2019 and the second Broadridge quartile for the 12 months ended May 31, 2019.

· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2019 and the first Broadridge quartile for the 12 months ended May 31, 2019.

· For Janus Henderson Short-Term Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2019 and the third Broadridge quartile for the 12 months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

Global and International Equity Funds

· For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2019 and the second Broadridge quartile for the 12 months ended May 31, 2019.

· For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2019 and the second Broadridge quartile for the 12 months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving

· For Janus Henderson European Focus Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2019 and the bottom Broadridge quartile for the 12 months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2019 and the bottom Broadridge quartile for the 12


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Janus Henderson Asia Equity Fund

Additional Information (unaudited)

months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2019 and the second Broadridge quartile for the 12 months ended May 31, 2019.

· For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2019 and the first Broadridge quartile for the 12 months ended May 31, 2019.

· For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2019 and the third Broadridge quartile for the 12 months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2019 and the bottom Broadridge quartile for the 12 months ended May 31, 2019.

· For Janus Henderson Global Technology Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2019 and the first Broadridge quartile for the 12 months ended May 31, 2019.

· For Janus Henderson Global Value Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2019 and the first Broadridge quartile for the 12 months ended May 31, 2019.

· For Janus Henderson International Opportunities Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2019 and the bottom Broadridge quartile for the 12 months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson International Small Cap Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 12 months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance, and its limited performance history.

· For Janus Henderson International Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2019 and the second Broadridge quartile for the 12 months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital and Perkins had taken or were taking to improve performance, and that the performance trend was improving

· For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2019 and the bottom Broadridge quartile for the 12 months ended May 31, 2019.

Money Market Funds

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2019 and the third Broadridge quartile for the 12 months ended May 31, 2019.

· For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2019 and the third Broadridge quartile for the 12 months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.


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Janus Henderson Asia Equity Fund

Additional Information (unaudited)

Multi-Asset Funds

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in third quartile for the 36 months ended May 31, 2019 and the third Broadridge quartile for the 12 months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Dividend & Income Builder Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2019 and the third Broadridge quartile for the 12 months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Value Plus Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2019 and the first Broadridge quartile for the 12 months ended May 31, 2019.

Multi-Asset U.S. Equity Funds

· For Janus Henderson Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2019 and the first Broadridge quartile for the 12 months ended May 31, 2019.

· For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2019 and the first Broadridge quartile for the 12 months ended May 31, 2019.

· For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2019 and the first Broadridge quartile for the 12 months ended May 31, 2019.

· For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2019 and the first Broadridge quartile for the 12 months ended May 31, 2019.

· For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2019 and the second Broadridge quartile for the 12 months ended May 31, 2019.

· For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2019 and the second Broadridge quartile for the 12 months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2019 and the second Broadridge quartile for the 12 months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance, and the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson U.S. Growth Opportunities Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2019 and the first Broadridge quartile for the 12 months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance, and the steps Janus Capital and Geneva had taken or were taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2019 and the second Broadridge quartile for the 12 months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance, and the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.


36	SEPTEMBER 30, 2020

Janus Henderson Asia Equity Fund

Additional Information (unaudited)

Quantitative Equity Funds

· For Janus Henderson Emerging Markets Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2019 and the first Broadridge quartile for the 12 months ended May 31, 2019.

· For Janus Henderson Global Income Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2019 and the first Broadridge quartile for the 12 months ended May 31, 2019.

· For Janus Henderson International Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2019 and the second Broadridge quartile for the 12 months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital and Intech had taken or were taking to improve performance, and that the performance trend was improving.

· For Janus Henderson U.S. Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2019 and the second Broadridge quartile for the 12 months ended May 31, 2019.

U.S. Equity Funds

· For Janus Henderson Large Cap Value Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2019 and the first Broadridge quartile for the 12 months ended May 31, 2019.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2019 and the second Broadridge quartile for the 12 months ended May 31, 2019.

· For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2019 and the first Broadridge quartile for the 12 months ended May 31, 2019.

· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2019 and the second Broadridge quartile for the 12 months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps Janus Capital and Perkins had taken or were taking to improve performance, and that the performance trend was improving.

In consideration of each Janus Henderson Fund’s performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, the Janus Henderson Fund’s performance warranted continuation of such Janus Henderson Fund’s investment advisory and subadvisory agreement(s).

Costs of Services Provided

The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant and noted that the rate of management fees (investment advisory and any administration but excluding out-of-pocket costs) for many of the Janus Henderson Funds, after applicable waivers, was below the average management fee rate of the respective peer group of funds selected by an independent data provider. The Trustees also examined information regarding the subadvisory fees charged for subadvisory services, as applicable, noting that all such fees were paid by Janus Capital out of its management fees collected from such Janus Henderson Fund.

The independent fee consultant provided its belief that the management fees charged by Janus Capital to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by Janus Capital. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other mutual funds; (2) the total expenses, on average, were 10% under the average total expenses of their respective Broadridge Expense Group


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Janus Henderson Asia Equity Fund

Additional Information (unaudited)

peers; and (3) and the management fees for the Janus Henderson Funds, on average, were 7% under the average management fees for their Expense Groups. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group peers and to average total expenses for its Broadridge Expense Universe.

For certain Janus Henderson Funds, the independent fee consultant also performed a systematic “focus list” analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable in light of performance trends, performance histories, and existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by Janus Capital and each subadviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by Janus Capital and each subadviser to comparable separate account clients and to comparable non-affiliated funds subadvised by Janus Capital or by a subadviser (for which Janus Capital or the subadviser provides only or primarily portfolio management services). Although in most instances subadvisory and separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered that Janus Capital noted that, under the terms of the management agreements with the Janus Henderson Funds, Janus Capital performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds’ other service providers, trustee support, regulatory compliance and numerous other services, and that, in serving the Janus Henderson Funds, Janus Capital assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, they noted that the independent fee consultant found that: (1) the management fees Janus Capital charges to the Janus Henderson Funds are reasonable in relation to the management fees Janus Capital charges to funds subadvised by Janus Capital and to the fees Janus Capital charges to its institutional separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs; and (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged to Janus Henderson subadvised fund and separate account investors; (4) 11 of 12 Janus Henderson Funds have lower management fees than similar funds subadvised by Janus Capital; and (5) six of nine Janus Henderson Funds have lower management fees than similar separate accounts managed by Janus Capital.

The Trustees considered the fees for each Fund for its fiscal year ended in 2018, and noted the following with regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”):

Alternative Fund

· For Janus Henderson Diversified Alternatives Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

Asset Allocation Funds

· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.


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Janus Henderson Asia Equity Fund

Additional Information (unaudited)

Fixed-Income Funds

· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Developed World Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Global Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson High-Yield Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Short-Term Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

Global and International Equity Funds

· For Janus Henderson Asia Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Emerging Markets Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Real Estate Fund, the Trustees noted although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Select Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Global Technology Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.


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Additional Information (unaudited)

· For Janus Henderson Global Value Fund, the Trustees noted that although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable.

· For Janus Henderson International Opportunities Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson International Small Cap Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson International Value Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

Money Market Funds

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for both share classes.

· For Janus Henderson Money Market Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable.

Multi-Asset Funds

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Dividend & Income Builder Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Value Plus Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

Multi-Asset U.S. Equity Funds

· For Janus Henderson Balanced Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

· For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital had contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Forty Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

· For Janus Henderson Growth and Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

· For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.


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Additional Information (unaudited)

· For Janus Henderson Triton Fund, the Trustees noted that, although the Fund’s expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital had contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

· For Janus Henderson U.S. Growth Opportunities Fund, that Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Venture Fund, the Trustees noted that, although the Fund’s expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital had contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

Quantitative Equity Funds

· For Janus Henderson Emerging Markets Managed Volatility Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Global Income Managed Volatility Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson International Managed Volatility Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson U.S. Managed Volatility Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

U.S. Equity Funds

· For Janus Henderson Large Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that, although the Fund’s expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital had contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

· For Janus Henderson Small Cap Value Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

The Trustees reviewed information on the overall profitability to Janus Capital and its affiliates of their relationship with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses, and the fund manager’s capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to Janus Capital from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether Janus Capital and each subadviser receive adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is


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Additional Information (unaudited)

necessarily a product of the allocation methodology utilized by Janus Capital to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found that (1) the expense allocation methodology and rationales utilized by Janus Capital were reasonable and (2) no clear correlation between expense allocations and operating margins. The Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund’s investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that Janus Capital’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to Janus Capital and its affiliates, as well as the fees paid by Janus Capital to the subadvisers of subadvised Janus Henderson Funds, were reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies, the fees Janus Capital and the subadvisers charge to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund’s total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by Janus Capital and any subadviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by Janus Capital.

Economies of Scale

The Trustees considered information about the potential for Janus Capital to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in November 2019 which provided its research and analysis into economies of scale. They also noted that, although many Janus Henderson Funds pay advisory fees at a base fixed rate as a percentage of net assets, without any breakpoints or performance fees, their independent fee consultant concluded that 64% of these Janus Henderson Funds’ share classes have contractual management fees (gross of waivers) below their Broadridge expense group averages. They also noted the following: (1) that for those Janus Henderson Funds whose expenses are being reduced by the contractual expense limitations of Janus Capital, Janus Capital is subsidizing certain of these Janus Henderson Funds because they have not reached adequate scale; (2) as the assets of some of the Janus Henderson Funds have declined in the past few years, certain Janus Henderson Funds have benefited from having advisory fee rates that have remained constant rather than increasing as assets declined; (3) performance fee structures have been implemented for various Janus Henderson Funds that have caused the effective rate of advisory fees payable by such a Janus Henderson Fund to vary depending on the investment performance of the Janus Henderson Fund relative to its benchmark index over the measurement period; and (4) a few Janus Henderson Funds have fee schedules with breakpoints and reduced fee rates above certain asset levels. The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

The Trustees also considered the independent fee consultant’s conclusion that, given the limitations of various analytical approaches to economies of scale and their conflicting results, it is difficult to analytically confirm or deny the existence of economies of scale in the Janus Henderson complex. In this regard, the independent consultant concluded that (1) to the extent there were economies of scale at Janus Capital, Janus Capital’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds which have not yet achieved those economies and (2) by setting lower fixed fees from the start on these Janus Henderson Funds, Janus Capital appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any scale economies that may exist. Further, the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at Janus Capital.

Based on all of the information reviewed, including the recent and past research and analysis conducted by the Trustees’ independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between Janus Capital and the Janus


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Additional Information (unaudited)

Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

Other Benefits to Janus Capital

The Trustees also considered benefits that accrue to Janus Capital and its affiliates and subadvisers to the Janus Henderson Funds from their relationships with the Janus Henderson Funds. They recognized that two affiliates of Janus Capital separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market funds for services provided, and that such compensation contributes to the overall profitability of Janus Capital and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered Janus Capital’s past and proposed use of commissions paid by the Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of Janus Capital and/or Janus Capital, and/or a subadviser to a Janus Henderson Fund. The Trustees concluded that Janus Capital’s and the subadvisers’ use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit each Janus Henderson Fund. The Trustees also concluded that, other than the services provided by Janus Capital and its affiliates and subadvisers pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and Janus Capital and the subadvisers may potentially benefit from their relationship with each other in other ways. They concluded that Janus Capital and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by Janus Capital and its affiliates. They also concluded that Janus Capital and/or the subadvisers benefit from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from Janus Capital’s and/or the subadvisers’ receipt of those products and services as well as research products and services acquired through commissions paid by other clients of Janus Capital and/or other clients of the subadvisers. They further concluded that the success of any Janus Henderson Fund could attract other business to Janus Capital, the subadvisers or other Janus Henderson funds, and that the success of Janus Capital and the subadvisers could enhance Janus Capital’s and the subadvisers’ ability to serve the Janus Henderson Funds.

LIQUIDITY RISK MANAGEMENT PROGRAM

Janus Henderson Funds (other than the money market funds) have adopted and implemented a written liquidity risk management program (the “LRMP”) as required by Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”). Rule 22e-4, requires open-end funds to adopt and implement a written liquidity risk management program that is reasonably designed to assess and manage liquidity risk, which is the risk that a fund could not meet redemption requests without significant dilution of remaining investors’ interest in the fund. The LRMP incorporates the following elements: (i) assessment, management, and periodic review of liquidity risk; (ii) classification of portfolio investments; (iii) the establishment and monitoring of a highly liquid investment minimum, as applicable; (iv) a 15% limitation on a Fund’s illiquid investments; (v) redemptions in-kind; and (vi) board oversight.

The Trustees have designated Janus Capital Management LLC, the Fund’s investment adviser (“Janus Capital”), as the Program Administrator for the LRMP responsible for administering the LRMP and carrying out the specific responsibilities of the LRMP. A working group comprised of various groups within Janus Capital’s business is responsible for administering the LRMP and carrying out the specific responsibilities of different aspects of the LRMP.

The Liquidity Rule requires the Trustees to review at least annually a written report provided by the Program Administrator that addresses the operation of the LRMP and assesses its adequacy and the effectiveness of its implementation, including, if applicable, the operation of the highly liquid investment minimum, and any material changes to the LRMP (the “Program Administrator Report”). During the annual period ended September 30, 2020, the Program Administrator provided the Program Administrator Report to the Trustees which covered the operation of the LRMP from December 1, 2018 through December 31, 2019 (the “Reporting Period”). No significant liquidity events impacting the Fund were noted in the Program Administrator Report, and the Fund was able to process redemptions during the normal course of business during the Reporting Period. In addition, the Program Administrator expressed its belief in the Program Administrator Report that:


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Additional Information (unaudited)

· the LRMP is reasonably designed and adequate to assess and manage the Fund’s liquidity risk, taking into account the Fund’s particular risks and circumstances, and includes policies and procedures reasonably designed to implement each required component of the Liquidity Rule; and

· the LRMP, including the Highly Liquid Investment Minimum where applicable, was implemented and operated effectively to achieve the goal of assessing and managing the Fund’s liquidity risk.

There can be no assurance that the LRMP will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the risks to which an investment in the Fund may be subject.


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Janus Henderson Asia Equity Fund

Useful Information About Your Fund Report (unaudited)

Management Commentary

The Management Commentary in this report includes valuable insight as well as statistical information to help you understand how your Fund’s performance and characteristics stack up against those of comparable indices.

If the Fund invests in foreign securities, this report may include information about country exposure. Country exposure is based primarily on the country of risk. A company may be allocated to a country based on other factors such as location of the company’s principal office, the location of the principal trading market for the company’s securities, or the country where a majority of the company’s revenues are derived.

Please keep in mind that the opinions expressed in the Management Commentary are just that: opinions. They are a reflection based on best judgment at the time this report was compiled, which was September 30, 2020. As the investing environment changes, so could opinions. These views are unique and are not necessarily shared by fellow employees or by Janus Henderson in general.

Performance Overviews

Performance overview graphs compare the performance of a hypothetical $10,000 investment in the Fund with one or more widely used market indices. When comparing the performance of the Fund with an index, keep in mind that market indices are not available for investment and do not reflect deduction of expenses.

Average annual total returns are quoted for a Fund with more than one year of performance history. Average annual total return is calculated by taking the growth or decline in value of an investment over a period of time, including reinvestment of dividends and distributions, then calculating the annual compounded percentage rate that would have produced the same result had the rate of growth been constant throughout the period. Average annual total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Cumulative total returns are quoted for a Fund with less than one year of performance history. Cumulative total return is the growth or decline in value of an investment over time, independent of the period of time involved. Cumulative total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Pursuant to federal securities rules, expense ratios shown in the performance chart reflect subsidized (if applicable) and unsubsidized ratios. The total annual fund operating expenses ratio is gross of any fee waivers, reflecting the Fund’s unsubsidized expense ratio. The net annual fund operating expenses ratio (if applicable) includes contractual waivers of Janus Capital and reflects the Fund’s subsidized expense ratio. Ratios may be higher or lower than those shown in the “Financial Highlights” in this report.

Schedule of Investments

Following the performance overview section is the Fund’s Schedule of Investments. This schedule reports the types of securities held in the Fund on the last day of the reporting period. Securities are usually listed by type (common stock, corporate bonds, U.S. Government obligations, etc.) and by industry classification (banking, communications, insurance, etc.). Holdings are subject to change without notice.

The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.

If the Fund invests in foreign securities, it will also provide a summary of investments by country. This summary reports the Fund exposure to different countries by providing the percentage of securities invested in each country. The country of each security represents the country of risk. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by Barclays and/or MSCI Inc.

Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund’s Schedule of Investments (if applicable).

Statement of Assets and Liabilities

This statement is often referred to as the “balance sheet.” It lists the assets and liabilities of the Fund on the last day of the reporting period.


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Useful Information About Your Fund Report (unaudited)

The Fund’s assets are calculated by adding the value of the securities owned, the receivable for securities sold but not yet settled, the receivable for dividends declared but not yet received on securities owned, and the receivable for Fund shares sold to investors but not yet settled. The Fund’s liabilities include payables for securities purchased but not yet settled, Fund shares redeemed but not yet paid, and expenses owed but not yet paid. Additionally, there may be other assets and liabilities such as unrealized gain or loss on forward currency contracts.

The section entitled “Net Assets Consist of” breaks down the components of the Fund’s net assets. Because the Fund must distribute substantially all earnings, you will notice that a significant portion of net assets is shareholder capital.

The last section of this statement reports the net asset value (“NAV”) per share on the last day of the reporting period. The NAV is calculated by dividing the Fund’s net assets for each share class (assets minus liabilities) by the number of shares outstanding.

Statement of Operations

This statement details the Fund’s income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.

The first section in this statement, entitled “Investment Income,” reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.

The next section reports the expenses incurred by the Fund, including the advisory fee paid to the investment adviser, transfer agent fees and expenses, and printing and postage for mailing statements, financial reports and prospectuses. Expense offsets and expense reimbursements, if any, are also shown.

The last section lists the amounts of realized gains or losses from investment and foreign currency transactions, and changes in unrealized appreciation or depreciation of investments and foreign currency-denominated assets and liabilities. The Fund will realize a gain (or loss) when it sells its position in a particular security. A change in unrealized gain (or loss) refers to the change in net appreciation or depreciation of the Fund during the reporting period. “Net Realized and Unrealized Gain/(Loss) on Investments” is affected both by changes in the market value of Fund holdings and by gains (or losses) realized during the reporting period.

Statements of Changes in Net Assets

These statements report the increase or decrease in the Fund’s net assets during the reporting period. Changes in the Fund’s net assets are attributable to investment operations, dividends and distributions to investors, and capital share transactions. This is important to investors because it shows exactly what caused the Fund’s net asset size to change during the period.

The first section summarizes the information from the Statement of Operations regarding changes in net assets due to the Fund’s investment operations. The Fund’s net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends and/or distributions in cash, money is taken out of the Fund to pay the dividend and/or distribution. If investors reinvest their dividends and/or distributions, the Fund’s net assets will not be affected. If you compare the Fund’s “Net Decrease from Dividends and Distributions” to “Reinvested Dividends and Distributions,” you will notice that dividends and distributions have little effect on the Fund’s net assets. This is because the majority of the Fund’s investors reinvest their dividends and/or distributions.

The reinvestment of dividends and distributions is included under “Capital Share Transactions.” “Capital Shares” refers to the money investors contribute to the Fund through purchases or withdrawals via redemptions. The Fund’s net assets will increase and decrease in value as investors purchase and redeem shares from the Fund.

Financial Highlights

This schedule provides a per-share breakdown of the components that affect the Fund’s NAV for current and past reporting periods as well as total return, asset size, ratios, and portfolio turnover rate.

The first line in the table reflects the NAV per share at the beginning of the reporting period. The next line reports the net investment income/(loss) per share. Following is the per share total of net gains/(losses), realized and unrealized. Per share dividends and distributions to investors are then subtracted to arrive at the NAV per share at the end of the period. The next line reflects the total return for the period. The total return may include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. As a result, the


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Useful Information About Your Fund Report (unaudited)

total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.

The Fund’s expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.

The ratio of net investment income/(loss) summarizes the income earned less expenses, divided by the average net assets of the Fund during the reporting period. Do not confuse this ratio with the Fund’s yield. The net investment income ratio is not a true measure of the Fund’s yield because it does not take into account the dividends distributed to the Fund’s investors.

The next figure is the portfolio turnover rate, which measures the buying and selling activity in the Fund. Portfolio turnover is affected by market conditions, changes in the asset size of the Fund, fluctuating volume of shareholder purchase and redemption orders, the nature of the Fund’s investments, and the investment style and/or outlook of the portfolio manager(s) and/or investment personnel. A 100% rate implies that an amount equal to the value of the entire portfolio was replaced once during the fiscal year; a 50% rate means that an amount equal to the value of half the portfolio is traded in a year; and a 200% rate means that an amount equal to the value of the entire portfolio is traded every six months.


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Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2020:



Foreign Taxes Paid	$63,769
Foreign Source Income	$462,830
Dividends Received Deduction Percentage	30%
Qualified Dividend Income Percentage	100%


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Janus Henderson Asia Equity Fund

Trustees and Officers (unaudited)

The Fund’s Statement of Additional Information includes additional information about the Trustees and officers and is available, without charge, by calling 1-877-335-2687.

The following are the Trustees and officers of the Trust, together with a brief description of their principal occupations during the last five years (principal occupations for certain Trustees may include periods over five years).

Each Trustee has served in that capacity since he or she was originally elected or appointed. The Trustees do not serve a specified term of office. Each Trustee will hold office until the termination of the Trust or his or her earlier death, resignation, retirement, incapacity, or removal. Under the Fund’s Governance Procedures and Guidelines, the policy is for Trustees to retire no later than the end of the calendar year in which the Trustee turns 75. The Trustees review the Fund’s Governance Procedures and Guidelines from time to time and may make changes they deem appropriate. The Fund’s Nominating and Governance Committee will consider nominees for the position of Trustee recommended by shareholders. Shareholders may submit the name of a candidate for consideration by the Committee by submitting their recommendations to the Trust’s Secretary. Each Trustee is currently a Trustee of one other registered investment company advised by Janus Capital: Janus Aspen Series. Collectively, these two registered investment companies consist of 56 series or funds referred to herein as the Fund Complex.

The Trust’s officers are elected annually by the Trustees for a one-year term. Certain officers also serve as officers of Janus Aspen Series. Certain officers of the Fund may also be officers and/or directors of Janus Capital. Except as otherwise disclosed, Fund officers receive no compensation from the Fund, except for the Fund’s Chief Compliance Officer, as authorized by the Trustees.


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Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William F. McCalpin 151 Detroit Street Denver, CO 80206 DOB: 1957	Chairman Trustee	1/08-Present 6/02-Present	Independent Consultant, Formerly, Managing Partner, Impact Investments, Athena Capital Advisors (independent registered investment advisor) (2016-2019), Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations) (2009-2016), Chief Executive Officer, Imprint Capital Advisors (impact investment firm) (2013-2015), and Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a private family foundation) (1998-2006).	56	Director of Mutual Fund Directors Forum (a non-profit organization serving independent directors of U.S. mutual funds) (since 2016), Chairman of the Board and Trustee of The Investment Fund for Foundations Investment Program (TIP) (consisting of 2 funds) (since 2008), and Director of the F.B. Heron Foundation (a private grantmaking foundation) (since 2006).


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Janus Henderson Asia Equity Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Trustee	1/13-Present	Principal, Curam Holdings LLC (since 2018). Formerly, Executive Vice President, Institutional Markets, of Black Creek Group (private equity real estate investment management firm) (2012-2018), Executive Vice President and Co-Head, Global Private Client Group (2007-2010), Executive Vice President, Mutual Funds (2005-2007), and Chief Marketing Officer (2001-2005) of Nuveen Investments, Inc. (asset management).	56	Advisory Board Member of AEW Core Property Trust (open-end property fund) (since 2020), and Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of MotiveQuest LLC (strategic social market research company) (2003-2016), Director of Nuveen Global Investors LLC (2007-2011), Director of Communities in Schools (2004-2010), and Director of Mutual Fund Education Alliance (until 2010).


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Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William D. Cvengros 151 Detroit Street Denver, CO 80206 DOB: 1948	Trustee	1/11-Present	Chief Executive Officer of SJC Capital, LLC (a personal investment company and consulting firm) (since 2002). Formerly, Venture Partner for The Edgewater Funds (a middle market private equity firm) (2002-2004), Chief Executive Officer and President of PIMCO Advisors Holdings L.P. (a publicly traded investment management firm) (1994-2000), and Chief Investment Officer (1987-1994) and Vice Chairman and Director (1990-1994) of Pacific Life Insurance Company (a mutual life insurance and annuity company) (1987-1994).	56	Advisory Board Member, RevOZ Fund LP and related funds (real estate investments for opportunity zones) (since 2020), and Advisory Board Member, Innovate Partners Emerging Growth and Equity Fund I (early stage venture capital fund) (since 2014). Formerly, Managing Trustee of National Retirement Partners Liquidating Trust (2013-2016), Chairman, National Retirement Partners, Inc. (formerly a network of advisors to 401(k) plans) (2005-2013), Director of Prospect Acquisition Corp. (a special purpose acquisition corporation) (2007-2009), Director of RemedyTemp, Inc. (temporary help services company) (1996-2006), and Trustee of PIMCO Funds Multi-Manager Series (1990-2000) and Pacific Life Variable Life & Annuity Trusts (1987-1994).


52	SEPTEMBER 30, 2020

Janus Henderson Asia Equity Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Raudline Etienne 151 Detroit Street Denver, CO 80206 DOB: 1965	Trustee	6/16-Present	Founder, Daraja Capital (advisory and investment firm) (since 2016), and Senior Advisor, Albright Stonebridge Group LLC (global strategy firm) (since 2016). Formerly, Senior Vice President (2011-2015), Albright Stonebridge Group LLC, and Deputy Comptroller and Chief Investment Officer, New York State Common Retirement Fund (public pension fund) (2008-2011).	56	Board Member, Van Alen Institute (nonprofit architectural and design organization) (since 2019), and Director of Brightwood Capital Advisors, LLC (since 2014).
William M. Fitzgerald, Sr. 151 Detroit Street Denver, CO 80206 DOB: 1964	Trustee	9/19-Present	Founder, Fitzgerald Asset Management LLC (since 2012). Formerly, Founder and Chief Investment Officer, Global Infrastructure Asset Management LLC (2008-2017), Chief Investment Officer of Nuveen Asset Management (2000-2007), and Managing Director, Nuveen Investment LLC (1988-2007).	56	Board of Directors, Municipal Securities Rulemaking Board (since 2017). Formerly, Board of Directors of Syncora Holdings Ltd, Syncora Guarantee Inc., and Syncora Capital Assurance Inc. (2009-2016), and Trustee, Destra Investment Trust (2010-2014).


Janus Investment Fund	53

Janus Henderson Asia Equity Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Gary A. Poliner 151 Detroit Street Denver, CO 80206 DOB: 1953	Trustee	6/16-Present	Retired. Formerly, President (2010-2013) of Northwestern Mutual Life Insurance Company.	56	Director of MGIC Investment Corporation (private mortgage insurance) (since 2013) and West Bend Mutual Insurance Company (property/casualty insurance) (since 2013). Formerly, Trustee of Northwestern Mutual Life Insurance Company (2010-2013), and Director of Frank Russell Company (global asset management firm) (2008-2013).
Diane L. Wallace 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	6/17-Present	Retired.	56	Formerly, Independent Trustee, Henderson Global Funds (13 portfolios) (2015-2017), Independent Trustee, State Farm Associates' Funds Trust, State Farm Mutual Fund Trust, and State Farm Variable Product Trust (28 portfolios) (2013-2017), Chief Operating Officer, Senior Vice President-Operations, and Chief Financial Officer for Driehaus Capital Management, LLC (1988-2006), and Treasurer for Driehaus Mutual Funds (1996-2002).


54	SEPTEMBER 30, 2020

Janus Henderson Asia Equity Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Linda S. Wolf 151 Detroit Street Denver, CO 80206 DOB: 1947	Trustee	11/05-Present	Retired. Formerly, Chairman and Chief Executive Officer of Leo Burnett (Worldwide) (advertising agency) (2001-2005).	56	Director of Chicago Community Trust (Regional Community Foundation), Lurie Children’s Hospital (Chicago, IL), Shirley Ryan Ability Lab and Wrapports, LLC (digital communications company). Formerly, Director of Chicago Council on Global Affairs (until 2019), InnerWorkings (until 2019), Director of Walmart (until 2017), Director of Chicago Convention & Tourism Bureau (until 2014), and The Field Museum of Natural History (Chicago, IL) (until 2014).


Janus Investment Fund	55

Janus Henderson Asia Equity Fund

Trustees and Officers (unaudited)


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Andrew Gillan 151 Detroit Street Denver, CO 80206 DOB: 1977	Executive Vice President and Co-Portfolio Manager Janus Henderson Asia Equity Fund	6/17-Present	Head of Asia (ex-Japan) Equities of Janus Henderson Investors and Portfolio Manager for other Janus Henderson accounts.
Mervyn Koh 151 Detroit Street Denver, CO 80206 DOB: 1979	Executive Vice President and Co-Portfolio Manager Janus Henderson Asia Equity Fund	6/17-Present	Portfolio Manager on the Asia Equity strategy of Janus Henderson Investors and Portfolio Manager for other Janus Henderson accounts. Formerly, Vice President of Emerging Markets Group of Franklin Templeton Investments (2010-2015).
Bruce L. Koepfgen 151 Detroit Street Denver, CO 80206 DOB: 1952	President and Chief Executive Officer	7/14-Present	Executive Vice President, Head of North America at Janus Henderson Investors and Janus Capital Management LLC (since 2017), Executive Vice President and Director of Janus International Holding LLC (since 2011), Executive Vice President of Janus Distributors LLC (since 2011), Vice President and Director of Intech Investment Management LLC (since 2011), Executive Vice President and Director of Perkins Investment Management LLC (since 2011), and President and Director of Janus Management Holdings Corporation (since 2011). Formerly, President of Janus Capital Group Inc. and Janus Capital Management LLC (2013-2017), Executive Vice President of Janus Services LLC (2011-2015), Janus Capital Group Inc. and Janus Capital Management LLC (2011-2013), and Chief Financial Officer of Janus Capital Group Inc., Janus Capital Management LLC, Janus Distributors LLC, Janus Management Holdings Corporation, and Janus Services LLC (2011-2013).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.


56	SEPTEMBER 30, 2020

Janus Henderson Asia Equity Fund

Trustees and Officers (unaudited)


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Kristin Mariani 151 Detroit Street Denver, CO 80206 DOB: 1966	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	7/20-Present	Chief Compliance Officer for Janus Capital Management LLC (since September 2017), Global Head of Investment Management Compliance for Janus Henderson Investors (since 2019). Formerly, Vice President, Head of Global Distribution Compliance and Chief Compliance Officer of Janus Henderson Distributors (May 2017 – September 2017), Vice President, Compliance at Janus Capital Group Inc., Janus Capital Management LLC, and Janus Distributors LLC (2009-2017).
Jesper Nergaard 151 Detroit Street Denver, CO 80206 DOB: 1962	Chief Financial Officer Vice President, Treasurer, and Principal Accounting Officer	3/05-Present 2/05-Present	Vice President of Janus Capital and Janus Services LLC.
Byron D. Hittle 151 Detroit Street Denver, CO 80206 DOB: 1974	Interim Vice President, Chief Legal Counsel, and Secretary	8/20-Present	Managing Counsel (2017-present). Formerly, Assistant Vice President and Senior Legal Counsel, Janus Capital Management LLC (2012-2016).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.


Janus Investment Fund	57

Knowledge Shared

At Janus Henderson, we believe in the sharing of expert insight for better investment and business decisions. We call this ethos Knowledge Shared.

Learn more by visiting janushenderson.com.




This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson, Janus, Henderson, Perkins, Intech and Knowledge Shared are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Janus Henderson Distributors
							125-02-93036 11-20



		ANNUAL REPORT September 30, 2020

	Janus Henderson Balanced Fund

	Janus Investment Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by contacting a Janus Henderson representative. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by visiting janushenderson.com/edelivery. You may elect to receive all future reports in paper free of charge. If you do not invest directly with the Fund, you should contact your plan sponsor, broker-dealer, or financial intermediary, to request to continue receiving paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-525-3713 to let the Fund know that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Janus Henderson mutual funds where held (i.e., all Janus Henderson mutual funds held in your account if you invest through your financial intermediary or all Janus Henderson mutual funds held with the fund complex if you invest directly with a fund).
			HIGHLIGHTS · Portfolio management perspective · Investment strategy behind your fund · Fund performance, characteristics and holdings

Table of Contents

Janus Henderson Balanced Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	25
Statement of Assets and Liabilities	27
Statement of Operations	29
Statements of Changes in Net Assets	31
Financial Highlights	32
Notes to Financial Statements	36
Report of Independent Registered Public Accounting Firm	49
Additional Information	50
Useful Information About Your Fund Report	63
Designation Requirements	66
Trustees and Officers	67

Janus Henderson Balanced Fund (unaudited)

FUND SNAPSHOT

We believe a dynamic approach to asset allocation that leverages our bottom-up, fundamental equity and fixed income research will allow us to outperform our peers over time. Our integrated equity and fixed income team seeks an optimal balance of asset class opportunities across market cycles.

Marc Pinto

co-portfolio manager

Jeremiah Buckley

co-portfolio manager

Michael Keough

co-portfolio manager

Greg Wilensky

co-portfolio manager

PERFORMANCE SUMMARY

Janus Henderson Balanced Fund’s Class I Shares returned 12.53% for the 12-month period ended September 30, 2020. That compares with 15.15% for the Fund’s primary benchmark, the S&P 500^{^®} Index, and 6.98% for the Bloomberg Barclays U.S. Aggregate Bond Index. The Balanced Index, an internally calculated benchmark composed of a 55% weighting in the S&P 500 Index and a 45% weighting in the Bloomberg Barclays U.S. Aggregate Bond Index, returned 12.11%.

INVESTMENT ENVIRONMENT

The period began with a generally positive backdrop for U.S. equities. The relatively strong U.S. economy, benign interest rate environment and progress in U.S.-China trade relations all contributed to positive investor sentiment. However, in March, U.S. stocks faced an unprecedented sell-off, with speed and magnitude of historic proportion. The exogenous shock of the COVID-19 coronavirus ushered in a period of severe economic uncertainty and market volatility as governments around the world restricted travel and social activity to help contain the virus. Central bank and government stimulus action was swift and aggressive. Equity markets recovered at a brisk pace, spurred on by signs that the stimulus measures were having positive impact on the real economy. Late in the period, the increasing likelihood of a vaccine being available in 2021 led to additional optimism. The S&P 500 ultimately generated a strong return, but performance across sectors varied significantly. Information technology stocks, especially those businesses benefiting from stay-at-home measures, led the index higher. Consumer discretionary and health care stocks also performed well. Energy stocks plummeted when the price of crude oil futures briefly went negative intra-period and ended the year with sharp losses. Financials, real estate and utilities stocks also generated negative returns.

The bond market ultimately fared well, despite a dramatic sell-off in credit sectors during the COVID correction. The Federal Reserve’s (Fed) aggressive stimulus measures, including open-ended quantitative easing, contributed to a rapid improvement in debt market liquidity and a successful primary market for companies looking to issue debt. Valuations made up considerable ground over the summer and both investment-grade and high-yield bonds finished the period with positive returns. Rates fell across the yield curve as the Fed cut policy rates to zero and investors sought safety in U.S. Treasuries in the height of the correction. The yield on the 10-year Treasury note ended September at 0.69%, down from 1.66% one year ago.

PERFORMANCE DISCUSSION

At the start of the period, the Fund’s asset allocation was roughly 63% in equities and 37% fixed income. Heading into March’s precipitous decline in risk markets, we trimmed equity exposure – particularly in travel and leisure, energy and rate-sensitive financials – and adopted a more defensive stance within the fixed income sleeve. By late March, over half the portfolio was allocated to fixed income, with an increased allocation to 30-year Treasuries to provide some hedge against volatility in risk assets. Later in the period, robust monetary and fiscal stimulus, the reopening of economies and progress in treating the virus gave us confidence to begin shifting the portfolio toward a more aggressive stance. Our equity-to-fixed income allocation ended the period approximately 61% equities, 38% fixed income and a small position in cash. The Fund’s asset allocation is dynamic, based on market conditions and the investment opportunities our teams identify across asset classes, a feature which allowed us to outperform the Balanced Index in this volatile period.

The Fund’s equity sleeve outperformed the S&P 500 Index. Contributing to relative results was our sector positioning, including a material underweight to energy – the worst-performing benchmark sector during the period – and an overweight to the strong-performing information technology sector. The COVID-19 pandemic radically


Janus Investment Fund	1

Janus Henderson Balanced Fund (unaudited)

accelerated the digital transformation, and companies offering services and products relevant to this shift in technology and capital spending were rewarded by the market. Positions in Adobe, Microsoft and Nvidia were among the sleeve’s top performers.

Weakness in travel was a common thread among the sleeve’s largest detractors. Boeing and Norwegian Cruise Line faced severe declines in business activity due to social distancing constraints, resulting in concerns around future liquidity. We exited both positions. A position in aerospace company General Dynamics was further impacted by U.S. election-related concerns given its defense contract exposure. However, we believe demand for the company’s defense portfolio will prove resilient, and we expect an eventual recovery and market share opportunities for its Gulfstream franchise in the business jet market.

The Fund’s fixed income sleeve outperformed the Bloomberg Barclays U.S. Aggregate Bond Index. We adjusted our allocations throughout the period to account for the levels of risk and reward we were identifying across fixed income sectors, reducing our credit allocations into the height of the market sell-off and adding risk back to the sleeve as the Fed’s backstop solidified. Our allocation decisions, including an overweight to corporate credit, contributed to relative performance. As the period progressed, moving further underweight agency mortgage-backed securities and U.S. Treasuries also aided results. A modest allocation to asset-backed securities detracted from relative returns, largely due to security selection.

At the issuer level, food services company Sysco was a top contributor, performing well after an attractive new issue was launched in March. However, a position in Continental Resources weighed on results when its credit ratings were downgraded, reflecting reduced profitability and cash flows amid highly volatile oil prices.

OUTLOOK

We expect the economic recovery to continue, led largely by the Fed’s commitment to keep interest rates low. Fiscal policy around the globe has also been supportive, and we are hopeful for another fiscal stimulus package in the U.S. The direct fiscal support that individuals received via enhanced unemployment benefits and stimulus checks along with this summer’s bounce in equity prices and strength in home values have created a positive wealth impact for many consumers, which we expect to support spending. Additionally, the increasing likelihood that treatments and vaccines in development for COVID-19 will be brought to fruition globally in the next nine to 18 months offers optimism to some of the sectors most challenged by the pandemic. Still, we know that uncertainties will remain high and volatility could spike at any time.

We do expect politics-driven volatility to rise as the U.S. elections approach. While we will continue to monitor for potential changes to the regulatory and tax landscapes in which our holdings operate, we do not believe the outcomes of the elections will be the primary driver of returns in capital markets in the year ahead. We are focused on populating both sleeves of the portfolio with business models we think can thrive regardless of political outcomes.

Equity valuations have increased and are concerning in select parts of the market but we are comfortable with our overweight, believing that, in aggregate, equity valuations remain favorable – particularly amid the modest recovery and low interest-rate environment. In the equity sleeve, we remain focused on high-quality growth companies with strong balance sheets and significant free cash flow that return value to shareholders. The sleeve remains positioned with considerable exposure to secular trends that are gaining momentum as the pandemic lingers, including cloud services, Software as a Service (SaaS) and health care innovation.

In the fixed income sleeve, we remain constructive on credit sectors, and equally focused on corporate issuers exhibiting strength across balance sheets, cash flows and long-term competitive advantages. We are also seeking securitized credit opportunities that offer attractive risk-adjusted return profiles. As the recovery takes hold, we expect corporate fundamentals to improve as companies work through balance sheet repair, and the resulting decline in credit risk should be favorable for valuations. Further, we anticipate low yields broadly will encourage both foreign (given lower hedged costs) and domestic investors to seek returns from higher-yielding securities and asset classes.

As always, we will dynamically adjust the Fund’s asset allocation based on market conditions and the investment opportunities our equity and fixed income teams identify through their bottom-up, fundamental research.

Thank you for investing in Janus Henderson Balanced Fund.


2	SEPTEMBER 30, 2020

Janus Henderson Balanced Fund (unaudited)

Fund At A Glance

September 30, 2020





5 Top Contributors - Equity Sleeve Holdings			5 Top Detractors - Equity Sleeve Holdings
	Average Weight	Relative Contribution		Average Weight	Relative Contribution
Adobe Inc	2.79%	1.03%	Boeing Co	1.39%	-1.60%
Microsoft Corp	7.41%	0.73%	LyondellBasell Industries NV	0.89%	-0.93%
NVIDIA Corp	1.26%	0.61%	General Dynamics Corp	1.92%	-0.78%
UnitedHealth Group Inc	3.14%	0.48%	Norwegian Cruise Line Holdings Ltd	0.34%	-0.69%
Lam Research Corp	1.72%	0.41%	US Bancorp	1.43%	-0.66%


	5 Top Contributors - Equity Sleeve Sectors*
		Relative	Equity Sleeve	S&P 500 Index
		Contribution	Average Weight	Average Weight
	Information Technology	2.47%	29.36%	25.18%
	Energy	1.73%	0.80%	3.34%
	Financials	0.79%	10.89%	11.41%
	Utilities	0.59%	0.19%	3.29%
	Health Care	0.39%	14.24%	14.44%


	5 Top Detractors - Equity Sleeve Sectors*
		Relative	Equity Sleeve	S&P 500 Index
		Contribution	Average Weight	Average Weight
	Industrials	-2.10%	8.48%	8.54%
	Consumer Discretionary	-1.36%	14.07%	10.35%
	Other**	-0.85%	1.57%	0.00%
	Materials	-0.82%	1.13%	2.57%
	Communication Services	-0.63%	7.57%	10.72%

	Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance. Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index.
*	Based on sector classification according to the Global Industry Classification Standard (“GICS”) codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
**	Not a GICS classified sector.


Janus Investment Fund	3

Janus Henderson Balanced Fund (unaudited)

Fund At A Glance

September 30, 2020


5 Largest Equity Holdings - (% of Net Assets)
Microsoft Corp
Software	4.8%
Apple Inc
Technology Hardware, Storage & Peripherals	3.5%
Amazon.com Inc
Internet & Direct Marketing Retail	3.1%
Mastercard Inc
Information Technology Services	2.5%
Alphabet Inc - Class C
Interactive Media & Services	2.3%
	16.2%


Asset Allocation - (% of Net Assets)
Common Stocks	61.1%
Corporate Bonds	22.2%
Mortgage-Backed Securities	6.2%
Asset-Backed/Commercial Mortgage-Backed Securities	5.2%
United States Treasury Notes/Bonds	4.1%
Investment Companies	2.6%
Preferred Stocks	0.3%
Bank Loans and Mezzanine Loans	0.1%
Other		(1.8)%
		100.0%

Top Country Allocations - Long Positions - (% of Investment Securities)

As of September 30, 2020

As of September 30, 2019


4	SEPTEMBER 30, 2020

Janus Henderson Balanced Fund (unaudited)

Performance

See important disclosures on the next page.




Average Annual Total Return - for the periods ended September 30, 2020					Expense Ratios
	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses^‡
Class A Shares at NAV	12.26%	10.95%	9.49%	9.78%	0.93%
Class A Shares at MOP	5.81%	9.65%	8.84%	9.55%
Class C Shares at NAV	11.46%	10.19%	8.71%	9.09%	1.65%
Class C Shares at CDSC	10.46%	10.19%	8.71%	9.09%
Class D Shares	12.47%	11.19%	9.73%	9.88%	0.72%
Class I Shares	12.53%	11.26%	9.80%	9.91%	0.65%
Class N Shares	12.62%	11.34%	9.83%	9.92%	0.58%
Class R Shares	11.80%	10.52%	9.07%	9.39%	1.32%
Class S Shares	12.08%	10.80%	9.34%	9.62%	1.08%
Class T Shares	12.35%	11.08%	9.61%	9.84%	0.83%
S&P 500 Index	15.15%	14.15%	13.74%	9.90%
Bloomberg Barclays U.S. Aggregate Bond Index	6.98%	4.18%	3.64%	5.47%
Balanced Index	12.11%	9.87%	9.35%	8.19%
Morningstar Quartile - Class T Shares	1st	1st	1st	1st
Morningstar Ranking - based on total returns for Allocation - 50% to 70% Equity Funds	84/680	30/652	64/520	14/183

Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.


Janus Investment Fund	5

Janus Henderson Balanced Fund (unaudited)

Performance

companies, real estate related securities including Real Estate Investment Trusts (REITs), derivatives, and commodity-linked investments. Each product has different risks. Please see the prospectus for more information about risks, holdings and other details.

Class A Shares, Class C Shares, Class R Shares, and Class S Shares commenced operations on July 6, 2009. Performance shown for each class for periods prior to July 6, 2009, reflects the performance of the Fund’s Class J Shares, the initial share class (renamed Class T Shares effective February 16, 2010), calculated using the fees and expenses of each respective class, without the effect of any fee and expense limitations or waivers.

Class D Shares commenced operations on February 16, 2010. Performance shown for periods prior to February 16, 2010, reflects the performance of the Fund’s former Class J Shares, calculated using the fees and expenses in effect during the periods shown, net of any applicable fee and expense limitations or waivers.

Class I Shares commenced operations on July 6, 2009. Performance shown for periods prior to July 6, 2009, reflects the performance of the Fund’s former Class J Shares, calculated using the fees and expenses of Class J Shares, net of any applicable fee and expense limitations or waivers.

Class N Shares commenced operations on May 31, 2012. Performance shown for periods prior to May 31, 2012, reflects the performance of the Fund’s Class T Shares, calculated using the fees and expenses of Class T Shares, net of any applicable fee and expense limitations or waivers.

If each share class of the Fund had been available during periods prior to its commencement, the performance shown may have been different. The performance shown for periods following the Fund’s commencement of each share class reflects the fees and expenses of each respective share class, net of any applicable fee and expense limitations or waivers. Please refer to the Fund’s prospectuses for further details concerning historical performance.

There is no assurance that the investment process will consistently lead to successful investing.

See Notes to Schedule of Investments and Other Information for index definitions.

Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

See “Useful Information About Your Fund Report.”

Effective February 1, 2020, Jeremiah Buckley, Michael Keough, Marc Pinto, and Greg Wilensky are Co-Portfolio Managers of the Fund.

Portfolio Manager Marc Pinto has announced his retirement effective April 2, 2021.

*The Fund’s inception date – September 1, 1992

‡ As stated in the prospectus. See Financial Highlights for actual expense ratios during the reporting period.


6	SEPTEMBER 30, 2020

Janus Henderson Balanced Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (4/1/20)	Ending Account Value (9/30/20)	Expenses Paid During Period (4/1/20 - 9/30/20)†	Beginning Account Value (4/1/20)	Ending Account Value (9/30/20)	Expenses Paid During Period (4/1/20 - 9/30/20)†	Net Annualized Expense Ratio (4/1/20 - 9/30/20)
Class A Shares		$1,000.00	$1,205.10	$4.91	$1,000.00	$1,020.55	$4.50	0.89%
Class C Shares		$1,000.00	$1,201.00	$8.97	$1,000.00	$1,016.85	$8.22	1.63%
Class D Shares		$1,000.00	$1,206.30	$3.92	$1,000.00	$1,021.45	$3.59	0.71%
Class I Shares		$1,000.00	$1,206.60	$3.53	$1,000.00	$1,021.80	$3.23	0.64%
Class N Shares		$1,000.00	$1,207.20	$3.15	$1,000.00	$1,022.15	$2.88	0.57%
Class R Shares		$1,000.00	$1,202.80	$7.27	$1,000.00	$1,018.40	$6.66	1.32%
Class S Shares		$1,000.00	$1,204.30	$5.90	$1,000.00	$1,019.65	$5.40	1.07%
Class T Shares		$1,000.00	$1,205.80	$4.52	$1,000.00	$1,020.90	$4.14	0.82%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


Janus Investment Fund	7

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2020


Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– 5.2%
	208 Park Avenue Mortgage Trust 2017-280P,
	ICE LIBOR USD 1 Month + 0.8800%, 1.0324%, 9/15/34 (144A)^‡	$11,417,538	$11,402,718
	Angel Oak Mortgage Trust I LLC 2018-2,
	ICE LIBOR USD 12 Month + 0.7600%, 3.6740%, 7/27/48 (144A)^‡	1,858,158	1,889,449
	Angel Oak Mortgage Trust I LLC 2019-5, 2.5930%, 10/25/49 (144A)^‡	8,824,284	8,918,227
	Angel Oak Mortgage Trust I LLC 2019-6,
	ICE LIBOR USD 12 Month + 0.9500%, 2.6200%, 11/25/59 (144A)^‡	8,363,924	8,465,244
	Angel Oak Mortgage Trust I LLC 2020-3,
	ICE LIBOR USD 12 Month + 1.0000%, 2.4100%, 4/25/65 (144A)^‡	12,892,038	12,869,731
	Applebee's Funding LLC / IHOP Funding LLC, 4.1940%, 6/7/49 (144A)	12,512,000	11,513,158
	Arbys Funding LLC 2020-1A, 3.2370%, 7/30/50 (144A)	22,243,000	22,879,142
	Arroyo Mortgage Trust 2018-1,
	ICE LIBOR USD 12 Month + 0.8500%, 3.7630%, 4/25/48 (144A)^‡	2,615,843	2,682,952
	Bank 2018-BN12 A4, 4.2550%, 5/15/61^‡	4,125,378	4,885,599
	Bank 2019-BN17, 3.7140%, 4/15/52	9,215,976	10,747,389
	Bank 2019-BN18, 3.5840%, 5/15/62	15,686,824	18,157,867
	Bank 2019-BN20, 3.0110%, 9/15/62	7,541,395	8,456,713
	Bank 2019-BN23, 2.9200%, 12/15/52	13,566,507	15,118,574
	Bank 2019-BNK24, 2.9600%, 11/15/62	3,184,800	3,563,916
	Barclays Comercial Mortgage Securities LLC 2015-SRCH,
	4.1970%, 8/10/35 (144A)	9,288,000	10,607,317
	Barclays Comercial Mortgage Securities LLC 2017-DELC,
	ICE LIBOR USD 1 Month + 0.8500%, 1.0024%, 8/15/36 (144A)^‡	7,703,000	7,476,099
	Benchmark Mortgage Trust 2020-B16, 2.7320%, 2/15/53	8,236,000	9,059,067
	BX Commercial Mortgage Trust 2018-IND,
	ICE LIBOR USD 1 Month + 0.7500%, 0.9024%, 11/15/35 (144A)^‡	8,141,481	8,141,763
	BX Commercial Mortgage Trust 2019-XL,
	ICE LIBOR USD 1 Month + 0.9200%, 1.0724%, 10/15/36 (144A)^‡	15,853,273	15,855,686
	BX Commercial Mortgage Trust 2019-XL,
	ICE LIBOR USD 1 Month + 1.0800%, 1.2324%, 10/15/36 (144A)^‡	2,468,174	2,463,176
	BX Trust 2019-OC11, 3.2020%, 12/9/41 (144A)	16,437,000	17,424,560
	BX Trust 2019-OC11, 3.6050%, 12/9/41 (144A)	8,218,000	8,535,385
	BX Trust 2019-OC11, 3.8560%, 12/9/41 (144A)	8,218,000	8,091,995
	BX Trust 2019-OC11, 4.0755%, 12/9/41 (144A)^‡	12,325,000	11,864,960
	BX Trust 2019-OC11, 4.0755%, 12/9/41 (144A)^‡	3,137,000	2,855,509
	BXP Trust 2017-GM, 3.3790%, 6/13/39 (144A)	4,190,000	4,656,075
	CarMax Auto Owner Trust 2017-3, 2.7200%, 5/15/23	9,978,000	10,174,693
	Chase Home Lending Mortgage Trust 2019-ATR2,
	ICE LIBOR USD 1 Month + 0.9000%, 1.0481%, 7/25/49 (144A)^‡	1,683,940	1,731,296
	COLT Funding LLC 2020-2,
	ICE LIBOR USD 12 Month + 1.5000%, 1.8530%, 3/25/65 (144A)^‡	7,392,074	7,430,028
	COLT Funding LLC 2020-3,
	ICE LIBOR USD 12 Month + 1.2000%, 1.5060%, 4/27/65 (144A)^‡	7,660,683	7,611,264
	Connecticut Avenue Securities Trust 2014-C04,
	ICE LIBOR USD 1 Month + 4.9000%, 5.0481%, 11/25/24^‡	1,718,427	1,752,629
	Connecticut Avenue Securities Trust 2016-C03,
	ICE LIBOR USD 1 Month + 5.9000%, 6.0481%, 10/25/28^‡	2,416,915	2,495,256
	Connecticut Avenue Securities Trust 2016-C04,
	ICE LIBOR USD 1 Month + 4.2500%, 4.3981%, 1/25/29^‡	5,964,572	6,180,070
	Connecticut Avenue Securities Trust 2017-C01,
	ICE LIBOR USD 1 Month + 3.5500%, 3.6981%, 7/25/29^‡	8,311,566	8,462,529
	Connecticut Avenue Securities Trust 2018-C05,
	ICE LIBOR USD 1 Month + 2.3500%, 2.4981%, 1/25/31^‡	5,330,604	5,232,403
	Connecticut Avenue Securities Trust 2018-R07,
	ICE LIBOR USD 1 Month + 2.4000%, 2.5481%, 4/25/31 (144A)^‡	12,197,355	12,134,741
	Connecticut Avenue Securities Trust 2019-R02,
	ICE LIBOR USD 1 Month + 2.3000%, 2.4481%, 8/25/31 (144A)^‡	16,118,193	16,027,956
	Connecticut Avenue Securities Trust 2019-R03,
	ICE LIBOR USD 1 Month + 2.1500%, 2.2981%, 9/25/31 (144A)^‡	11,422,634	11,326,611
	Connecticut Avenue Securities Trust 2019-R04,


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

8	SEPTEMBER 30, 2020

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2020


Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– (continued)
	ICE LIBOR USD 1 Month + 2.1000%, 2.2481%, 6/25/39 (144A)^‡	$9,197,401	$9,134,905
	Connecticut Avenue Securities Trust 2019-R05,
	ICE LIBOR USD 1 Month + 2.0000%, 2.1481%, 7/25/39 (144A)^‡	16,026,099	15,887,711
	Connecticut Avenue Securities Trust 2019-R07,
	ICE LIBOR USD 1 Month + 2.1000%, 2.2481%, 10/25/39 (144A)^‡	17,263,969	16,558,205
	Connecticut Avenue Securities Trust 2020-R01,
	ICE LIBOR USD 1 Month + 0.8000%, 0.9481%, 1/25/40 (144A)^‡	3,874,536	3,856,893
	Connecticut Avenue Securities Trust 2020-R02,
	ICE LIBOR USD 1 Month + 2.0000%, 2.1481%, 1/25/40 (144A)^‡	20,198,699	19,508,860
	Cosmopolitan Hotel Trust 2017,
	ICE LIBOR USD 1 Month + 0.9300%, 1.0824%, 11/15/36 (144A)^‡	9,655,820	9,337,582
	Credit Acceptance Auto Loan Trust 2018-2, 3.9400%, 7/15/27 (144A)	4,276,000	4,427,666
	Credit Suisse Commercial Mortgage Trust 2019-ICE4,
	ICE LIBOR USD 1 Month + 0.9800%, 1.1324%, 5/15/36 (144A)^‡	28,757,000	28,746,203
	DB Master Finance LLC, 3.7870%, 5/20/49 (144A)	7,442,820	7,662,263
	DB Master Finance LLC, 4.0210%, 5/20/49 (144A)	3,917,430	4,132,996
	DB Master Finance LLC, 4.3520%, 5/20/49 (144A)	5,943,960	6,417,629
	Domino's Pizza Master Issuer LLC, 3.0820%, 7/25/47 (144A)	2,586,850	2,590,890
	Domino's Pizza Master Issuer LLC, 4.1180%, 7/25/47 (144A)	3,266,628	3,459,437
	Domino's Pizza Master Issuer LLC, 4.1160%, 7/25/48 (144A)	12,517,540	13,241,920
	Domino's Pizza Master Issuer LLC, 4.3280%, 7/25/48 (144A)	7,558,740	8,098,716
	Domino's Pizza Master Issuer LLC, 3.6680%, 10/25/49 (144A)	23,922,228	25,420,191
	Drive Auto Receivables Trust 2017-1, 5.1700%, 9/16/24	12,150,000	12,413,178
	Drive Auto Receivables Trust 2017-2, 5.2700%, 11/15/24	10,594,000	10,922,441
	Drive Auto Receivables Trust 2017-3, 3.5300%, 12/15/23 (144A)	2,170,297	2,206,620
	Drive Auto Receivables Trust 2017-A, 4.1600%, 5/15/24 (144A)	3,482,180	3,540,486
	Drive Auto Receivables Trust 2018-4, 3.6600%, 11/15/24	2,923,632	2,959,208
	Drive Auto Receivables Trust 2019-2, 3.0400%, 3/15/23	2,354,500	2,359,829
	Fannie Mae Connecticut Avenue Securities,
	ICE LIBOR USD 1 Month + 5.0000%, 5.1481%, 7/25/25^‡	9,937,817	10,159,725
	Fannie Mae Connecticut Avenue Securities,
	ICE LIBOR USD 1 Month + 5.7000%, 5.8481%, 4/25/28^‡	5,041,933	5,218,045
	Fannie Mae Connecticut Avenue Securities,
	ICE LIBOR USD 1 Month + 2.0000%, 2.1481%, 3/25/31^‡	13,491,952	13,154,977
	Fannie Mae REMICS, 3.0000%, 5/25/48	16,242,106	17,434,710
	Fannie Mae REMICS, 3.0000%, 11/25/49	24,163,574	25,871,755
	Freddie Mac Structured Agency Credit Risk Debt Notes,
	ICE LIBOR USD 1 Month + 1.3500%, 1.4981%, 3/25/29^‡	160,489	160,463
	Freddie Mac Structured Agency Credit Risk Debt Notes,
	ICE LIBOR USD 1 Month + 0.7500%, 0.8981%, 3/25/30^‡	71,234	71,058
	Freddie Mac Structured Agency Credit Risk Debt Notes,
	ICE LIBOR USD 1 Month + 1.7000%, 1.8481%, 1/25/50 (144A)^‡	14,609,000	14,343,055
	Freddie Mac Structured Agency Credit Risk Debt Notes,
	ICE LIBOR USD 1 Month + 3.0000%, 3.1481%, 6/25/50 (144A)^‡	14,245,010	14,279,840
	Freddie Mac Structured Agency Credit Risk Debt Notes 2016-DNA1 M3,
	ICE LIBOR USD 1 Month + 5.5500%, 5.7251%, 7/25/28^‡	6,785,403	7,166,921
	Freddie Mac Structured Agency Credit Risk Debt Notes 2020-HQA4 M2,
	ICE LIBOR USD 1 Month + 3.1500%, 3.3019%, 9/25/50 (144A)^‡	9,072,000	9,096,285
	Great Wolf Trust,
	ICE LIBOR USD 1 Month + 1.0340%, 1.1864%, 12/15/36 (144A)^‡	3,938,000	3,805,581
	Great Wolf Trust,
	ICE LIBOR USD 1 Month + 1.3340%, 1.4864%, 12/15/36 (144A)^‡	4,405,000	4,135,643
	Great Wolf Trust,
	ICE LIBOR USD 1 Month + 1.6330%, 1.7854%, 12/15/36 (144A)^‡	4,900,000	4,531,486
	GS Mortgage Securities Trust 2018-GS10, 4.1550%, 7/10/51^‡	5,899,397	7,006,802
	GS Mortgage Securities Trust 2018-GS9, 3.9920%, 3/10/51^‡	9,847,362	11,481,791
	GS Mortgage Securities Trust 2020-GC45, 2.9106%, 2/13/53	8,130,000	9,029,351
	GS Mortgage Securities Trust 2020-GC47, 2.3772%, 5/12/53	11,479,000	12,309,471
	Jack in the Box Funding LLC 2019-1A A23, 4.9700%, 8/25/49 (144A)	11,314,701	11,865,570
	Jack in the Box Funding LLC 2019-1A A2I, 3.9820%, 8/25/49 (144A)	12,661,748	12,940,994


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	9

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2020


Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– (continued)
	Jack in the Box Funding LLC 2019-1A A2II, 4.4760%, 8/25/49 (144A)	$22,393,778	$23,199,890
	JP Morgan Mortgage Trust 2019-LTV2,
	ICE LIBOR USD 1 Month + 0.9000%, 1.0481%, 12/25/49 (144A)^‡	4,320,084	4,319,966
	Mello Warehouse Securitization Trust 2018-1,
	ICE LIBOR USD 1 Month + 0.8500%, 0.9981%, 11/25/51 (144A)^‡	17,300,476	17,293,898
	Mello Warehouse Securitization Trust 2018-1,
	ICE LIBOR USD 1 Month + 1.0500%, 1.1981%, 11/25/51 (144A)^‡	1,469,333	1,468,979
	Morgan Stanley Capital I Trust 2016-UB11, 2.7820%, 8/15/49	10,247,000	11,051,072
	Morgan Stanley Capital I Trust 2019-H6, 3.4170%, 6/15/52	5,254,084	5,995,763
	Morgan Stanley Capital I Trust 2015-UBS8, 3.8090%, 12/15/48	8,173,000	9,158,303
	Morgan Stanley Capital I Trust 2018-H3, 4.1770%, 7/15/51	8,398,928	9,912,590
	Morgan Stanley Capital I Trust 2018-H4, 4.3100%, 12/15/51	12,532,337	15,093,729
	New Residential Mortgage Loan Trust 2018-2,
	ICE LIBOR USD 6 Month + 0.6800%, 4.5000%, 2/25/58 (144A)^‡	3,460,141	3,727,879
	OneMain Direct Auto Receivables Trust 2018-1, 3.8500%, 10/14/25 (144A)	2,018,000	2,072,025
	OneMain Direct Auto Receivables Trust 2018-1, 4.4000%, 1/14/28 (144A)	2,065,000	2,158,691
	Planet Fitness Master Issuer LLC 2018-1A, 4.2620%, 9/5/48 (144A)	9,813,720	9,901,287
	Planet Fitness Master Issuer LLC 2019-1A, 3.8580%, 12/5/49 (144A)	12,510,463	11,539,549
	Preston Ridge Partners Mortgage Trust 2019-1A, 4.5000%, 1/25/24 (144A)^Ç	4,817,399	4,865,243
	Preston Ridge Partners Mortgage Trust 2019-2A, 3.9670%, 4/25/24 (144A)^Ç	9,162,350	9,210,923
	Preston Ridge Partners Mortgage Trust 2019-3A, 3.3510%, 7/25/24 (144A)^Ç	7,106,817	7,091,098
	Preston Ridge Partners Mortgage Trust 2019-4A, 3.3510%, 11/25/24 (144A)^Ç	9,434,236	9,453,820
	Preston Ridge Partners Mortgage Trust 2020-1A, 2.9810%, 2/25/25 (144A)^Ç	3,880,496	3,846,963
	Preston Ridge Partners Mortgage Trust 2020-2, 3.6710%, 8/25/25 (144A)^Ç	7,619,818	7,651,611
	Preston Ridge Partners Mortgage Trust 2020-3, 0%, 9/25/25 (144A)^Ç	23,214,000	23,213,610
	Provident Funding Mortgage Trust 2020-1, 3.0000%, 2/25/50 (144A)^‡	5,511,565	5,641,389
	Santander Consumer Auto Receivables Trust 2020-AA, 1.3700%, 10/15/24 (144A)	10,924,565	11,022,475
	Santander Drive Auto Receivables Trust 2016-3, 4.2900%, 2/15/24	12,409,000	12,576,637
	Santander Drive Auto Receivables Trust 2020-1 A2A, 2.0700%, 1/17/23	6,200,092	6,243,452
	Sequoia Mortgage Trust 2013-5, 2.5000%, 5/25/43 (144A)^‡	6,776,502	6,968,276
	Sequoia Mortgage Trust 2013-7, 3.0000%, 6/25/43^‡	2,146,776	2,204,356
	Sequoia Mortgage Trust 2013-9, 3.5000%, 7/25/43 (144A)	1,017,233	1,052,441
	Sequoia Mortgage Trust 2019-3, 3.5000%, 9/25/49 (144A)^‡	2,191,875	2,253,151
	Sequoia Mortgage Trust 2020-2, 3.5000%, 3/25/50 (144A)^‡	3,469,273	3,553,579
	Spruce Hill Mortgage Loan Trust 2020-SH1 A1,
	ICE LIBOR USD 12 Month + 0.9500%, 2.5210%, 1/28/50 (144A)^‡	3,007,425	3,008,908
	Spruce Hill Mortgage Loan Trust 2020-SH1 A2,
	ICE LIBOR USD 12 Month + 1.0500%, 2.6240%, 1/28/50 (144A)^‡	7,477,167	7,516,358
	Spruce Hill Mortgage Loan Trust 2020-SH2, 3.4070%, 6/25/55 (144A)^‡	24,559,132	24,529,096
	Starwood Mortgage Residential Trust 2020-2, 2.7180%, 4/25/60 (144A)^‡	6,770,063	6,875,927
	Station Place Securitization Trust Series 2019-10,
	ICE LIBOR USD 1 Month + 0.9000%, 1.0511%, 10/24/20 (144A)^‡	29,594,000	29,593,160
	Taco Bell Funding LLC, 4.9400%, 11/25/48 (144A)	2,808,968	3,096,139
	Towd Point Asset Funding LLC 2019-HE1 A1,
	ICE LIBOR USD 1 Month + 0.9000%, 1.0481%, 4/25/48 (144A)^‡	4,814,235	4,792,700
	United Auto Credit Securitization Trust 2019-1 C, 3.1600%, 8/12/24 (144A)	6,040,000	6,100,620
	Vantage Data Centers LLC 2020-1A A2, 1.6450%, 9/15/45 (144A)	26,390,000	26,404,393
	Vantage Data Centers LLC 2020-2A A2, 1.9920%, 9/15/45 (144A)	11,511,000	11,511,630
	VCAT Asset Securitization LLC 2020-NPL1, 3.6710%, 8/25/50 (144A)^Ç	13,180,098	13,178,770
	Wells Fargo Mortgage Backed Securities Trust 2019-4,
	3.5000%, 9/25/49 (144A)^‡	4,939,529	5,029,658
	Wendy's Funding LLC, 3.5730%, 3/15/48 (144A)	4,143,823	4,280,210
	Wendy's Funding LLC, 3.8840%, 3/15/48 (144A)	1,208,818	1,264,304
	Wendy's Funding LLC, 3.7830%, 6/15/49 (144A)	7,722,250	8,178,309
	WFRBS Commercial Mortgage Trust 2014-C25, 3.6310%, 11/15/47	8,674,000	9,506,090
Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $1,132,078,750)			1,154,698,016
Bank Loans and Mezzanine Loans– 0.1%
Consumer Non-Cyclical – 0.1%
	Elanco Animal Health Inc, ICE LIBOR USD 1 Month + 1.7500%, 1.8990%, 8/1/27^‡((cost $34,522,185)	34,522,185	33,515,173


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

10	SEPTEMBER 30, 2020

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2020


Shares or Principal Amounts			Value
Corporate Bonds– 22.2%
Banking – 3.8%
	Bank of America Corp, ICE LIBOR USD 3 Month + 1.5120%, 3.7050%, 4/24/28^‡	$34,263,000	$38,687,087
	Bank of America Corp, ICE LIBOR USD 3 Month + 1.0700%, 3.9700%, 3/5/29^‡	12,114,000	13,891,070
	Bank of America Corp, SOFR + 2.1500%, 2.5920%, 4/29/31^‡	52,136,000	55,054,913
	Bank of America Corp, ICE LIBOR USD 3 Month + 3.7050%, 6.2500%^‡,µ	17,473,000	18,717,951
	Bank of America Corp, ICE LIBOR USD 3 Month + 3.8980%, 6.1000%^‡,µ	7,642,000	8,319,158
	Bank of New York Mellon Corp,
	US Treasury Yield Curve Rate 5 Year + 4.3580%, 4.7000%^‡,µ	31,607,000	33,535,027
	Barclays PLC, US Treasury Yield Curve Rate 5 Year + 5.8670%, 6.1250%^‡,µ	21,626,000	21,923,357
	BNP Paribas SA, ICE LIBOR USD 3 Month + 2.2350%, 4.7050%, 1/10/25 (144A)^‡	11,216,000	12,415,537
	BNP Paribas SA, ICE LIBOR USD 3 Month + 1.1110%, 2.8190%, 11/19/25 (144A)^‡	7,621,000	8,039,355
	BNP Paribas SA, SOFR + 1.5070%, 3.0520%, 1/13/31 (144A)^‡	20,971,000	22,525,161
	BNP Paribas SA,
	US Treasury Yield Curve Rate 5 Year + 2.0500%, 2.5880%, 8/12/35 (144A)^‡	32,800,000	31,829,279
	Citigroup Inc, ICE LIBOR USD 3 Month + 1.5630%, 3.8870%, 1/10/28^‡	37,030,000	41,883,400
	Citigroup Inc, SOFR + 3.9140%, 4.4120%, 3/31/31^‡	25,051,000	30,044,737
	Citigroup Inc, ICE LIBOR USD 3 Month + 4.0680%, 5.9500%^‡,µ	13,286,000	13,631,436
	Citigroup Inc, 5.9000%^µ	1,682,000	1,722,301
	Citigroup Inc, ICE LIBOR USD 3 Month + 3.9050%, 5.9500%^‡,µ	8,715,000	9,128,962
	Citizens Financial Group Inc, 2.6380%, 9/30/32	13,414,000	13,364,726
	Credit Agricole SA/London, SOFR + 1.6760%, 1.9070%, 6/16/26 (144A)^‡	6,568,000	6,715,682
	First Republic Bank/CA, 4.6250%, 2/13/47	5,833,000	7,267,108
	Goldman Sachs Group Inc, 3.5000%, 4/1/25	55,550,000	61,290,999
	Goldman Sachs Group Inc, ICE LIBOR USD 3 Month + 3.9220%, 4.1653%^‡,µ	30,942,000	30,409,798
	HSBC Holdings PLC, SOFR + 1.5380%, 1.6450%, 4/18/26^‡	13,807,000	13,768,085
	HSBC Holdings PLC, SOFR + 1.9470%, 2.3570%, 8/18/31^‡	10,572,000	10,463,530
	JPMorgan Chase & Co, SOFR + 1.8500%, 2.0830%, 4/22/26^‡	61,913,000	64,664,210
	JPMorgan Chase & Co, ICE LIBOR USD 3 Month + 1.2450%, 3.9600%, 1/29/27^‡	30,813,000	35,140,150
	JPMorgan Chase & Co, ICE LIBOR USD 3 Month + 1.3300%, 4.4520%, 12/5/29^‡	21,473,000	25,809,655
	JPMorgan Chase & Co, SOFR + 2.5150%, 2.9560%, 5/13/31^‡	48,261,000	51,586,653
	Morgan Stanley, SOFR + 1.9900%, 2.1880%, 4/28/26^‡	46,716,000	48,901,197
	Morgan Stanley, 4.3500%, 9/8/26	14,728,000	17,023,368
	Morgan Stanley, 3.9500%, 4/23/27	22,928,000	25,902,079
	Natwest Group PLC,
	US Treasury Yield Curve Rate 5 Year + 2.3500%, 3.0320%, 11/28/35^‡	20,379,000	19,575,660
	UBS Group AG,
	US Treasury Yield Curve Rate 1 Year + 0.8300%, 1.0080%, 7/30/24 (144A)^‡	6,941,000	6,956,176
	UBS Group AG,
	US Treasury Yield Curve Rate 1 Year + 1.0800%, 1.3640%, 1/30/27 (144A)^‡	25,839,000	25,819,139
	Wells Fargo & Co, SOFR + 1.6000%, 1.6540%, 6/2/24^‡	20,573,000	20,951,150
	Wells Fargo & Co, SOFR + 2.0000%, 2.1880%, 4/30/26^‡	8,765,000	9,103,011
			856,061,107
Basic Industry – 0.6%
	Allegheny Technologies Inc, 5.8750%, 12/1/27	15,160,000	14,563,454
	Constellium NV, 5.7500%, 5/15/24 (144A)	15,446,000	15,716,305
	Ecolab Inc, 4.8000%, 3/24/30	8,652,000	10,996,471
	Element Solutions Inc, 3.8750%, 9/1/28 (144A)	21,343,000	20,942,819
	Georgia-Pacific LLC, 3.1630%, 11/15/21 (144A)	15,454,000	15,859,906
	Nutrition & Biosciences Inc, 1.8320%, 10/15/27 (144A)	15,123,000	15,187,400
	Nutrition & Biosciences Inc, 2.3000%, 11/1/30 (144A)	9,103,000	9,161,613
	Nutrition & Biosciences Inc, 3.2680%, 11/15/40 (144A)	5,539,000	5,570,222
	Nutrition & Biosciences Inc, 3.4680%, 12/1/50 (144A)	16,446,000	16,477,443
	Reliance Steel & Aluminum Co, 4.5000%, 4/15/23	8,092,000	8,758,157
			133,233,790
Brokerage – 0.7%
	Cboe Global Markets Inc, 3.6500%, 1/12/27	10,781,000	12,253,105
	Charles Schwab Corp,
	US Treasury Yield Curve Rate 5 Year + 4.9710%, 5.3750%^‡,µ	56,797,000	61,542,389
	Intercontinental Exchange Inc, 3.7500%, 12/1/25	4,185,000	4,731,878


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	11

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2020


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Brokerage– (continued)
	Intercontinental Exchange Inc, 2.1000%, 6/15/30	$15,313,000	$15,826,751
	Intercontinental Exchange Inc, 1.8500%, 9/15/32	8,085,000	8,030,620
	Intercontinental Exchange Inc, 2.6500%, 9/15/40	7,412,000	7,364,571
	Intercontinental Exchange Inc, 3.0000%, 9/15/60	10,611,000	10,665,698
	Raymond James Financial Inc, 5.6250%, 4/1/24	5,610,000	6,472,540
	Raymond James Financial Inc, 4.6500%, 4/1/30	7,316,000	8,894,521
	Raymond James Financial Inc, 4.9500%, 7/15/46	9,798,000	12,645,875
			148,427,948
Capital Goods – 1.8%
	Avery Dennison Co, 2.6500%, 4/30/30	19,062,000	20,334,183
	BAE Systems PLC, 3.4000%, 4/15/30 (144A)	8,317,000	9,306,732
	BAE Systems PLC, 1.9000%, 2/15/31 (144A)	11,784,000	11,662,662
	BAE Systems PLC, 3.0000%, 9/15/50 (144A)	9,476,000	9,499,595
	Boeing Co, 4.5080%, 5/1/23	22,287,000	23,462,615
	Boeing Co, 4.8750%, 5/1/25	7,194,000	7,847,650
	Boeing Co, 2.2500%, 6/15/26	1,857,000	1,807,061
	Boeing Co, 3.6000%, 5/1/34	19,174,000	18,442,801
	Boeing Co, 5.7050%, 5/1/40	18,365,000	21,436,916
	Boeing Co, 5.8050%, 5/1/50	10,824,000	13,056,000
	Boeing Co, 5.9300%, 5/1/60	8,444,000	10,427,662
	General Dynamics Corp, 3.2500%, 4/1/25	13,112,000	14,514,090
	General Dynamics Corp, 3.5000%, 4/1/27	7,539,000	8,663,024
	General Dynamics Corp, 4.2500%, 4/1/50	3,720,000	4,847,207
	General Electric Co, 3.4500%, 5/1/27	6,835,000	7,224,761
	General Electric Co, 6.7500%, 3/15/32	7,872,000	9,895,577
	Huntington Ingalls Industries Inc, 3.8440%, 5/1/25 (144A)	13,147,000	14,443,014
	Huntington Ingalls Industries Inc, 5.0000%, 11/15/25 (144A)	21,929,000	22,539,515
	Huntington Ingalls Industries Inc, 4.2000%, 5/1/30 (144A)	23,682,000	27,156,117
	Northrop Grumman Corp, 4.4000%, 5/1/30	13,196,000	16,222,641
	Northrop Grumman Corp, 5.1500%, 5/1/40	5,734,000	7,694,717
	Northrop Grumman Corp, 5.2500%, 5/1/50	7,375,000	10,555,535
	Otis Worldwide Corp, 2.0560%, 4/5/25	10,754,000	11,295,576
	United Rentals North America Inc, 3.8750%, 2/15/31	5,713,000	5,798,695
	Vulcan Materials Co, 3.5000%, 6/1/30	10,460,000	11,706,576
	Wabtec Corp, 4.4000%, 3/15/24	12,942,000	14,053,169
	Wabtec Corp, 3.4500%, 11/15/26	3,625,000	3,847,887
	Wabtec Corp, 4.9500%, 9/15/28	36,925,000	43,102,896
	Westinghouse Air Brake Technologies Corp, 3.2000%, 6/15/25	17,872,000	18,829,405
			399,674,279
Communications – 2.3%
	AT&T Inc, 1.6500%, 2/1/28	11,297,000	11,309,173
	AT&T Inc, 4.5000%, 3/9/48	11,314,000	12,916,613
	AT&T Inc, 3.5000%, 9/15/53 (144A)	14,937,000	14,552,160
	AT&T Inc, 3.5500%, 9/15/55 (144A)	7,952,000	7,606,868
	AT&T Inc, 3.6500%, 9/15/59 (144A)	2,196,000	2,120,612
	AT&T Inc, 3.5000%, 2/1/61	17,313,000	16,438,799
	CCO Holdings LLC / CCO Holdings Capital Corp, 4.2500%, 2/1/31 (144A)	24,315,000	25,187,941
	CenturyLink Inc, 6.4500%, 6/15/21	9,843,000	10,101,379
	CenturyLink Inc, 5.8000%, 3/15/22	5,476,000	5,667,660
	Charter Communications Operating LLC / Charter Communications Operating Capital,
	2.8000%, 4/1/31	16,564,000	17,180,705
	Charter Communications Operating LLC / Charter Communications Operating Capital,
	6.4840%, 10/23/45	3,508,000	4,676,205
	Charter Communications Operating LLC / Charter Communications Operating Capital,
	5.3750%, 5/1/47	2,807,000	3,326,557


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

12	SEPTEMBER 30, 2020

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2020


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Communications– (continued)
	Charter Communications Operating LLC / Charter Communications Operating Capital,
	4.8000%, 3/1/50	$17,704,000	$20,234,689
	Charter Communications Operating LLC / Charter Communications Operating Capital,
	3.7000%, 4/1/51	17,144,000	16,943,878
	Comcast Corp, 3.3000%, 4/1/27	13,940,000	15,769,390
	Comcast Corp, 3.7500%, 4/1/40	6,554,000	7,645,401
	Crown Castle International Corp, 3.6500%, 9/1/27	7,252,000	8,110,828
	Crown Castle International Corp, 4.3000%, 2/15/29	11,688,000	13,623,898
	Crown Castle International Corp, 3.1000%, 11/15/29	15,783,000	17,076,572
	CSC Holdings LLC, 4.1250%, 12/1/30 (144A)	21,198,000	21,606,061
	CSC Holdings LLC, 4.6250%, 12/1/30 (144A)	19,195,000	19,285,792
	CSC Holdings LLC, 3.3750%, 2/15/31 (144A)	14,759,000	14,290,402
	Fox Corp, 4.0300%, 1/25/24	9,055,000	9,967,491
	GCI LLC, 4.7500%, 10/15/28 (144A)	35,638,000	36,083,831
	Level 3 Financing Inc, 3.8750%, 11/15/29 (144A)	30,147,000	32,630,829
	Sirius XM Radio Inc, 4.1250%, 7/1/30 (144A)	25,605,000	26,239,748
	T-Mobile USA Inc, 3.5000%, 4/15/25 (144A)	11,781,000	12,926,349
	T-Mobile USA Inc, 3.7500%, 4/15/27 (144A)	44,556,000	49,882,224
	T-Mobile USA Inc, 2.0500%, 2/15/28 (144A)	4,232,000	4,325,273
	T-Mobile USA Inc, 3.8750%, 4/15/30 (144A)	14,985,000	17,038,395
	T-Mobile USA Inc, 2.5500%, 2/15/31 (144A)	5,741,000	5,948,135
	T-Mobile USA Inc, 3.0000%, 2/15/41 (144A)	11,201,000	11,058,075
	T-Mobile USA Inc, 3.3000%, 2/15/51 (144A)	9,724,000	9,584,461
	Verizon Communications Inc, 3.0000%, 3/22/27	8,199,000	9,123,582
	Verizon Communications Inc, 4.8620%, 8/21/46	4,862,000	6,650,932
	Verizon Communications Inc, 4.5220%, 9/15/48	3,585,000	4,696,379
			521,827,287
Consumer Cyclical – 2.2%
	AutoZone Inc, 3.7500%, 4/18/29	16,231,000	18,760,331
	AutoZone Inc, 1.6500%, 1/15/31	19,414,000	19,077,048
	Booking Holdings Inc, 4.1000%, 4/13/25	42,289,000	47,633,781
	Booking Holdings Inc, 4.5000%, 4/13/27	21,918,000	25,721,669
	Booking Holdings Inc, 4.6250%, 4/13/30	15,292,000	18,275,649
	Choice Hotels International Inc, 3.7000%, 12/1/29	15,501,000	16,413,854
	Choice Hotels International Inc, 3.7000%, 1/15/31	4,671,000	4,915,527
	Dollar General Corp, 3.5000%, 4/3/30	12,048,000	13,703,526
	Dollar General Corp, 4.1250%, 4/3/50	11,628,000	13,885,579
	Experian Finance PLC, 2.7500%, 3/8/30 (144A)	37,937,000	41,089,347
	General Motors Co, 4.2000%, 10/1/27	5,709,000	6,115,468
	General Motors Co, 5.0000%, 10/1/28	16,117,000	18,125,456
	General Motors Co, 5.4000%, 4/1/48	5,565,000	6,148,833
	General Motors Financial Co Inc, 4.3500%, 4/9/25	9,494,000	10,297,379
	General Motors Financial Co Inc, 4.3000%, 7/13/25	2,916,000	3,172,846
	General Motors Financial Co Inc, 4.3500%, 1/17/27	8,077,000	8,772,463
	GLP Capital LP / GLP Financing II Inc, 3.3500%, 9/1/24	2,572,000	2,608,805
	GLP Capital LP / GLP Financing II Inc, 5.2500%, 6/1/25	4,671,000	5,071,865
	GLP Capital LP / GLP Financing II Inc, 5.3750%, 4/15/26	9,539,000	10,572,074
	GLP Capital LP / GLP Financing II Inc, 5.3000%, 1/15/29	1,278,000	1,423,270
	GLP Capital LP / GLP Financing II Inc, 4.0000%, 1/15/30	17,327,000	17,932,405
	GLP Capital LP / GLP Financing II Inc, 4.0000%, 1/15/31	6,761,000	7,038,404
	IHS Markit Ltd, 5.0000%, 11/1/22 (144A)	5,334,000	5,724,178
	IHS Markit Ltd, 4.7500%, 2/15/25 (144A)	9,209,000	10,433,429
	Lowe's Cos Inc, 4.5000%, 4/15/30	20,350,000	25,128,969
	Lowe's Cos Inc, 5.0000%, 4/15/40	10,401,000	13,625,238
	Marriott International Inc, 5.7500%, 5/1/25	23,658,000	26,378,416
	Mastercard Inc, 3.3000%, 3/26/27	16,360,000	18,702,239
	McDonald's Corp, 3.3000%, 7/1/25	5,528,000	6,145,531


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	13

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2020


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Consumer Cyclical– (continued)
	McDonald's Corp, 3.5000%, 7/1/27	$10,754,000	$12,239,216
	McDonald's Corp, 3.6250%, 9/1/49	4,801,000	5,362,738
	MDC Holdings Inc, 5.5000%, 1/15/24	8,120,000	8,749,300
	MGM Resorts International, 7.7500%, 3/15/22	1,964,000	2,070,154
	Nordstrom Inc, 4.3750%, 4/1/30	16,799,000	13,581,432
	O'Reilly Automotive Inc, 3.6000%, 9/1/27	333,000	378,613
	O'Reilly Automotive Inc, 4.3500%, 6/1/28	2,564,000	3,049,728
	O'Reilly Automotive Inc, 3.9000%, 6/1/29	18,302,000	21,385,983
	Service Corp International/US, 3.3750%, 8/15/30	7,530,000	7,539,412
			497,250,155
Consumer Non-Cyclical – 3.8%
	AbbVie Inc, 3.4500%, 3/15/22 (144A)	20,364,000	21,096,771
	AbbVie Inc, 3.2500%, 10/1/22 (144A)	9,148,000	9,565,303
	AbbVie Inc, 2.8000%, 3/15/23 (144A)	726,000	758,870
	AbbVie Inc, 2.6000%, 11/21/24 (144A)	10,264,000	10,884,869
	AbbVie Inc, 3.8000%, 3/15/25 (144A)	10,921,000	12,118,332
	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc,
	4.9000%, 2/1/46	16,865,000	20,905,651
	Anheuser-Busch InBev Worldwide Inc, 4.3500%, 6/1/40	13,146,000	15,338,829
	Aramark Services Inc, 6.3750%, 5/1/25 (144A)	31,412,000	32,721,095
	Avantor Funding Inc, 4.6250%, 7/15/28 (144A)	14,696,000	15,247,100
	Baxter International Inc, 3.7500%, 10/1/25 (144A)	17,519,000	19,869,793
	Baxter International Inc, 3.9500%, 4/1/30 (144A)	15,291,000	18,306,884
	Boston Scientific Corp, 3.7500%, 3/1/26	10,617,000	12,096,141
	Boston Scientific Corp, 4.0000%, 3/1/29	3,716,000	4,320,460
	Boston Scientific Corp, 4.7000%, 3/1/49	5,944,000	7,834,823
	Bristol-Myers Squibb Co, 3.4000%, 7/26/29	6,875,000	7,987,879
	Campbell Soup Co, 3.9500%, 3/15/25	6,894,000	7,689,399
	Cigna Corp, 3.4000%, 9/17/21	2,153,000	2,215,681
	Cigna Corp, 2.4000%, 3/15/30	7,285,000	7,532,628
	Cigna Corp, 3.2000%, 3/15/40	3,314,000	3,506,716
	Cigna Corp, 3.4000%, 3/15/50	4,998,000	5,237,309
	Coca-Cola Co, 3.3750%, 3/25/27	12,861,000	14,744,549
	Coca-Cola Femsa SAB de CV, 2.7500%, 1/22/30	9,660,000	10,396,674
	CVS Health Corp, 4.1000%, 3/25/25	4,356,000	4,921,616
	CVS Health Corp, 3.0000%, 8/15/26	1,849,000	2,019,711
	CVS Health Corp, 4.3000%, 3/25/28	11,369,000	13,299,684
	CVS Health Corp, 4.1250%, 4/1/40	9,026,000	10,262,686
	CVS Health Corp, 2.7000%, 8/21/40	7,113,000	6,803,561
	CVS Health Corp, 5.0500%, 3/25/48	9,520,000	12,106,661
	CVS Health Corp, 4.2500%, 4/1/50	4,460,000	5,230,460
	DaVita Inc, 4.6250%, 6/1/30 (144A)	16,574,000	17,011,554
	DaVita Inc, 3.7500%, 2/15/31 (144A)	20,684,000	19,930,068
	DH Europe Finance II Sarl, 2.2000%, 11/15/24	7,778,000	8,217,012
	DH Europe Finance II Sarl, 2.6000%, 11/15/29	4,266,000	4,622,398
	Diageo Capital PLC, 1.3750%, 9/29/25	11,728,000	12,016,690
	Diageo Capital PLC, 2.0000%, 4/29/30	11,047,000	11,372,054
	Diageo Capital PLC, 2.1250%, 4/29/32	8,862,000	9,186,206
	Elanco Animal Health Inc, 5.2720%, 8/28/23	20,297,000	21,743,161
	Fomento Economico Mexicano SAB de CV, 3.5000%, 1/16/50	11,871,000	12,598,231
	Hasbro Inc, 3.0000%, 11/19/24	6,914,000	7,324,488
	Hasbro Inc, 3.5500%, 11/19/26	29,862,000	31,733,741
	Hasbro Inc, 3.9000%, 11/19/29	31,506,000	33,057,101
	Hasbro Inc, 5.1000%, 5/15/44	4,912,000	5,107,964
	HCA Inc, 4.7500%, 5/1/23	14,309,000	15,608,516
	HCA Inc, 5.3750%, 2/1/25	8,166,000	8,941,770
	HCA Inc, 5.8750%, 2/15/26	4,299,000	4,814,880
	HCA Inc, 5.3750%, 9/1/26	3,296,000	3,642,080
	HCA Inc, 5.6250%, 9/1/28	4,648,000	5,317,080


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

14	SEPTEMBER 30, 2020

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2020


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Consumer Non-Cyclical– (continued)
	HCA Inc, 5.8750%, 2/1/29	$7,114,000	$8,287,810
	HCA Inc, 3.5000%, 9/1/30	25,079,000	25,535,724
	JBS USA LUX SA / JBS USA Finance Inc, 6.7500%, 2/15/28 (144A)	9,598,000	10,437,057
	JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc,
	6.5000%, 4/15/29 (144A)	15,343,000	17,030,270
	JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc,
	5.5000%, 1/15/30 (144A)	19,645,000	21,413,050
	Keurig Dr Pepper Inc, 4.5970%, 5/25/28	7,575,000	9,091,802
	Mars Inc, 4.2000%, 4/1/59 (144A)	6,289,000	8,007,689
	Mondelez International Holdings Netherlands BV, 2.2500%, 9/19/24 (144A)	14,117,000	14,848,568
	Mondelez International Inc, 2.7500%, 4/13/30	2,654,000	2,888,270
	Royalty Pharma PLC, 1.7500%, 9/2/27 (144A)	7,535,000	7,528,444
	Royalty Pharma PLC, 2.2000%, 9/2/30 (144A)	1,458,000	1,449,478
	Royalty Pharma PLC, 3.3000%, 9/2/40 (144A)	14,577,000	14,281,740
	Royalty Pharma PLC, 3.5500%, 9/2/50 (144A)	14,545,000	14,035,806
	Sysco Corp, 2.5000%, 7/15/21	2,241,000	2,272,336
	Sysco Corp, 5.6500%, 4/1/25	13,962,000	16,508,387
	Sysco Corp, 2.4000%, 2/15/30	4,513,000	4,549,214
	Sysco Corp, 5.9500%, 4/1/30	29,838,000	37,653,980
	Sysco Corp, 6.6000%, 4/1/40	17,344,000	23,360,628
	Sysco Corp, 6.6000%, 4/1/50	13,193,000	18,410,870
	Thermo Fisher Scientific Inc, 4.1330%, 3/25/25	10,164,000	11,580,088
	Thermo Fisher Scientific Inc, 4.4970%, 3/25/30	23,840,000	29,394,269
	Upjohn Inc, 1.6500%, 6/22/25 (144A)	3,249,000	3,325,111
			849,155,720
Electric – 1.0%
	AEP Transmission Co LLC, 3.6500%, 4/1/50	10,485,000	12,350,661
	Ameren Corp, 3.5000%, 1/15/31	43,048,000	49,179,543
	Berkshire Hathaway Energy, 4.2500%, 10/15/50 (144A)	8,847,000	11,005,170
	Black Hills Corp, 2.5000%, 6/15/30	6,419,000	6,633,278
	Dominion Energy Inc, 3.3750%, 4/1/30	21,892,000	24,660,133
	East Ohio Gas Co/The, 1.3000%, 6/15/25 (144A)	2,599,000	2,648,543
	East Ohio Gas Co/The, 2.0000%, 6/15/30 (144A)	2,390,000	2,473,470
	East Ohio Gas Co/The, 3.0000%, 6/15/50 (144A)	3,474,000	3,608,555
	NextEra Energy Capital Holdings Inc, 2.7500%, 5/1/25	9,596,000	10,365,338
	NRG Energy Inc, 7.2500%, 5/15/26	16,099,000	17,133,683
	NRG Energy Inc, 6.6250%, 1/15/27	18,534,000	19,599,705
	Oncor Electric Delivery Co LLC, 3.8000%, 6/1/49	15,875,000	19,272,426
	PPL WEM Ltd / Western Power Distribution Ltd, 5.3750%, 5/1/21 (144A)	9,215,000	9,348,052
	Southern Co, 3.7000%, 4/30/30	32,751,000	37,362,994
			225,641,551
Energy – 0.8%
	Cheniere Corpus Christi Holdings LLC, 3.7000%, 11/15/29 (144A)	17,446,000	18,122,089
	Cheniere Energy Inc, 4.6250%, 10/15/28 (144A)	39,773,000	40,817,041
	Energy Transfer Operating LP, 5.8750%, 1/15/24	5,737,000	6,309,715
	Energy Transfer Operating LP, 5.5000%, 6/1/27	4,277,000	4,664,574
	Energy Transfer Operating LP, 4.9500%, 6/15/28	705,000	746,225
	Hess Midstream Operations LP, 5.1250%, 6/15/28 (144A)	23,859,000	23,804,363
	Kinder Morgan Inc/DE, 4.3000%, 3/1/28	4,960,000	5,638,958
	NGPL PipeCo LLC, 4.3750%, 8/15/22 (144A)	11,522,000	11,959,569
	ONEOK Inc, 5.8500%, 1/15/26	5,882,000	6,763,432
	ONEOK Inc, 6.3500%, 1/15/31	12,575,000	14,628,472
	ONEOK Inc, 7.1500%, 1/15/51	3,284,000	3,895,525
	TransCanada PipeLines Ltd, 4.1000%, 4/15/30	27,368,000	31,542,372
			168,892,335
Finance Companies – 0.2%
	Quicken Loans LLC, 3.6250%, 3/1/29 (144A)	16,479,000	16,334,809
	Quicken Loans LLC, 3.8750%, 3/1/31 (144A)	24,085,000	23,783,937


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	15

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2020


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Finance Companies– (continued)
	USAA Capital Corp, 2.1250%, 5/1/30 (144A)	$1,048,000	$1,103,403
			41,222,149
Financial Institutions – 0%
	Jones Lang LaSalle Inc, 4.4000%, 11/15/22	10,463,000	11,064,735
Industrial Conglomerates – 0.1%
	General Electric Co, ICE LIBOR USD 3 Month + 3.3300%, 5.0000%^‡,µ	20,519,000	16,348,788
Information Technology Services – 0.1%
	Booz Allen Hamilton Inc, 3.8750%, 9/1/28 (144A)	20,033,000	20,564,876
Insurance – 0.8%
	Brown & Brown Inc, 4.5000%, 3/15/29	9,188,000	10,480,721
	Brown & Brown Inc, 2.3750%, 3/15/31	3,556,000	3,587,759
	Centene Corp, 4.7500%, 5/15/22	652,000	660,150
	Centene Corp, 5.3750%, 6/1/26 (144A)	23,064,000	24,343,360
	Centene Corp, 4.2500%, 12/15/27	19,937,000	20,862,675
	Centene Corp, 4.6250%, 12/15/29	29,819,000	32,164,563
	Centene Corp, 3.3750%, 2/15/30	13,281,000	13,779,037
	Molina Healthcare Inc, 4.3750%, 6/15/28 (144A)	44,623,000	45,537,771
	Prudential Financial Inc,
	US Treasury Yield Curve Rate 5 Year + 3.0350%, 3.7000%, 10/1/50^‡	28,598,000	29,178,539
			180,594,575
Real Estate Investment Trusts (REITs) – 0.3%
	Agree LP, 2.9000%, 10/1/30	7,617,000	7,860,068
	Alexandria Real Estate Equities Inc, 4.9000%, 12/15/30	17,613,000	22,155,844
	Camden Property Trust, 2.8000%, 5/15/30	22,590,000	24,551,813
	Mid-America Apartment Communities Inc, 1.7000%, 2/15/31	7,520,000	7,398,560
			61,966,285
Technology – 3.4%
	Analog Devices Inc, 2.9500%, 4/1/25	10,395,000	11,303,559
	Broadcom Inc, 4.7000%, 4/15/25	27,418,000	31,149,427
	Broadcom Inc, 3.1500%, 11/15/25	23,238,000	25,063,832
	Broadcom Inc, 4.1500%, 11/15/30	19,158,000	21,508,415
	Broadcom Inc, 4.3000%, 11/15/32	15,326,000	17,472,704
	Broadridge Financial Solutions Inc, 2.9000%, 12/1/29	31,275,000	33,859,110
	CoStar Group Inc, 2.8000%, 7/15/30 (144A)	21,248,000	22,001,667
	Dell International LLC / EMC Corp, 5.8750%, 6/15/21 (144A)	19,878,000	19,915,967
	Equifax Inc, 2.6000%, 12/1/24	25,689,000	27,416,939
	Equifax Inc, 2.6000%, 12/15/25	17,405,000	18,630,203
	Equifax Inc, 3.1000%, 5/15/30	15,864,000	17,271,587
	Equinix Inc, 2.9000%, 11/18/26	6,240,000	6,728,277
	Equinix Inc, 1.8000%, 7/15/27	21,573,000	21,762,173
	Equinix Inc, 3.2000%, 11/18/29	14,035,000	15,462,301
	Equinix Inc, 2.1500%, 7/15/30	9,838,000	9,959,310
	FLIR Systems Inc, 2.5000%, 8/1/30	7,426,000	7,593,850
	Gartner Inc, 3.7500%, 10/1/30 (144A)	3,859,000	3,903,571
	Global Payments Inc, 3.2000%, 8/15/29	4,239,000	4,623,953
	Global Payments Inc, 2.9000%, 5/15/30	15,906,000	17,008,069
	Keysight Technologies Inc, 3.0000%, 10/30/29	16,919,000	18,483,247
	Leidos Inc, 2.9500%, 5/15/23 (144A)	2,983,000	3,134,178
	Leidos Inc, 3.6250%, 5/15/25 (144A)	11,565,000	12,827,320
	Leidos Inc, 4.3750%, 5/15/30 (144A)	16,485,000	19,292,066
	Marvell Technology Group Ltd, 4.2000%, 6/22/23	4,911,000	5,301,810
	Marvell Technology Group Ltd, 4.8750%, 6/22/28	25,003,000	30,157,975
	Microchip Technology Inc, 2.6700%, 9/1/23 (144A)	23,803,000	24,640,549
	Microchip Technology Inc, 4.2500%, 9/1/25 (144A)	18,648,000	19,345,107
	Micron Technology Inc, 2.4970%, 4/24/23	24,264,000	25,195,402
	MSCI Inc, 4.0000%, 11/15/29 (144A)	1,580,000	1,659,000
	MSCI Inc, 3.6250%, 9/1/30 (144A)	12,440,000	12,760,703
	MSCI Inc, 3.8750%, 2/15/31 (144A)	17,687,000	18,433,391
	PayPal Holdings Inc, 1.6500%, 6/1/25	8,279,000	8,572,919


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

16	SEPTEMBER 30, 2020

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2020


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Technology– (continued)
	PayPal Holdings Inc, 2.6500%, 10/1/26	$24,196,000	$26,395,461
	PayPal Holdings Inc, 2.3000%, 6/1/30	9,566,000	10,093,013
	Qorvo Inc, 3.3750%, 4/1/31 (144A)	22,087,000	22,465,240
	Sensata Technologies Inc, 3.7500%, 2/15/31 (144A)	19,404,000	19,282,725
	ServiceNow Inc, 1.4000%, 9/1/30	11,227,000	10,911,413
	Total System Services Inc, 4.8000%, 4/1/26	11,514,000	13,440,067
	Trimble Inc, 4.7500%, 12/1/24	19,615,000	21,724,682
	Trimble Inc, 4.9000%, 6/15/28	35,200,000	41,516,117
	Verisk Analytics Inc, 5.5000%, 6/15/45	5,717,000	7,921,849
	Verisk Analytics Inc, 3.6250%, 5/15/50	10,963,000	12,472,179
	VMware Inc, 4.5000%, 5/15/25	18,355,000	20,758,300
	VMware Inc, 4.6500%, 5/15/27	20,594,000	23,995,342
			763,414,969
Transportation – 0.2%
	United Parcel Service Inc, 3.9000%, 4/1/25	11,125,000	12,668,762
	United Parcel Service Inc, 5.2000%, 4/1/40	6,353,000	8,698,816
	United Parcel Service Inc, 5.3000%, 4/1/50	13,740,000	20,219,218
			41,586,796
Water Utilities – 0.1%
	American Water Capital Corp, 2.8000%, 5/1/30	13,810,000	15,116,409
	American Water Capital Corp, 3.4500%, 5/1/50	16,410,000	18,354,999
			33,471,408
Total Corporate Bonds (cost $4,617,287,682)			4,970,398,753
Mortgage-Backed Securities– 6.2%
Fannie Mae:
	1.5000%, TBA, 15 Year Maturity	4,361,241	4,459,761
	2.0000%, TBA, 15 Year Maturity	33,789,159	35,104,909
	2.5000%, TBA, 15 Year Maturity	28,461,400	29,711,994
	2.0000%, TBA, 30 Year Maturity	12,161,964	12,569,147
	2.5000%, TBA, 30 Year Maturity	73,694,463	77,280,436
			159,126,247
Fannie Mae Pool:
	7.5000%, 7/1/28	69,322	79,961
	3.0000%, 10/1/34	2,836,834	3,016,368
	2.5000%, 11/1/34	1,800,135	1,910,195
	3.0000%, 11/1/34	1,031,266	1,108,762
	3.0000%, 12/1/34	1,052,072	1,127,276
	6.0000%, 2/1/37	338,640	403,805
	4.5000%, 11/1/42	2,098,239	2,356,248
	3.0000%, 1/1/43	1,096,140	1,170,195
	3.0000%, 2/1/43	315,583	336,527
	3.0000%, 5/1/43	13,928,538	14,689,742
	3.0000%, 5/1/43	2,331,711	2,485,083
	3.5000%, 4/1/44	4,026,046	4,492,988
	5.0000%, 7/1/44	260,951	292,098
	4.5000%, 10/1/44	4,885,927	5,613,623
	4.5000%, 3/1/45	7,447,556	8,556,774
	4.5000%, 6/1/45	4,489,796	5,010,686
	3.5000%, 12/1/45	3,433,919	3,686,325
	3.5000%, 12/1/45	2,826,695	3,149,431
	3.0000%, 1/1/46	467,645	493,202
	4.5000%, 2/1/46	10,082,553	11,322,348
	3.5000%, 7/1/46	5,130,683	5,636,654
	3.0000%, 9/1/46	28,988,863	30,933,583
	3.0000%, 2/1/47	85,820,599	91,577,882
	3.0000%, 3/1/47	9,246,878	9,886,101
	3.5000%, 3/1/47	2,986,898	3,206,446
	4.5000%, 5/1/47	1,492,123	1,663,790


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	17

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2020


Shares or Principal Amounts			Value
Mortgage-Backed Securities– (continued)
Fannie Mae Pool– (continued)
	4.5000%, 5/1/47	$1,330,864	$1,468,144
	4.5000%, 5/1/47	1,328,171	1,470,725
	4.5000%, 5/1/47	1,002,906	1,118,289
	4.5000%, 5/1/47	991,996	1,094,321
	4.5000%, 5/1/47	731,987	810,552
	4.5000%, 5/1/47	495,973	549,207
	4.5000%, 5/1/47	342,630	382,049
	4.5000%, 5/1/47	306,562	341,832
	4.0000%, 6/1/47	973,015	1,043,246
	4.0000%, 6/1/47	680,467	735,308
	4.0000%, 6/1/47	544,333	583,622
	4.0000%, 6/1/47	270,737	292,557
	4.5000%, 6/1/47	6,316,764	6,862,408
	4.5000%, 6/1/47	412,643	460,118
	3.5000%, 7/1/47	2,413,226	2,590,607
	4.0000%, 7/1/47	929,726	996,832
	4.0000%, 7/1/47	601,197	644,591
	4.0000%, 7/1/47	330,791	354,667
	4.0000%, 7/1/47	110,698	118,688
	4.5000%, 7/1/47	4,621,169	5,020,347
	4.5000%, 7/1/47	2,980,964	3,238,461
	4.5000%, 7/1/47	2,606,899	2,832,084
	3.5000%, 8/1/47	4,009,575	4,295,797
	3.5000%, 8/1/47	2,353,228	2,490,885
	3.5000%, 8/1/47	1,465,629	1,643,846
	4.0000%, 8/1/47	1,909,228	2,047,033
	4.0000%, 8/1/47	1,164,520	1,248,573
	4.5000%, 8/1/47	4,521,357	4,911,913
	4.5000%, 8/1/47	524,284	572,171
	4.0000%, 9/1/47	503,094	545,901
	4.5000%, 9/1/47	2,640,175	2,868,234
	4.5000%, 9/1/47	1,925,878	2,092,236
	4.5000%, 9/1/47	1,495,053	1,624,196
	4.0000%, 10/1/47	2,624,820	2,814,275
	4.0000%, 10/1/47	2,079,573	2,256,520
	4.0000%, 10/1/47	1,889,449	2,050,218
	4.0000%, 10/1/47	1,442,235	1,546,333
	4.0000%, 10/1/47	1,337,006	1,450,770
	4.5000%, 10/1/47	580,935	631,116
	4.5000%, 10/1/47	348,744	378,868
	4.0000%, 11/1/47	2,935,114	3,146,966
	4.0000%, 11/1/47	1,201,566	1,288,294
	4.5000%, 11/1/47	2,695,997	2,928,877
	3.5000%, 12/1/47	7,923,413	8,463,193
	3.5000%, 12/1/47	3,394,721	3,613,261
	3.5000%, 12/1/47	793,683	890,193
	3.5000%, 12/1/47	414,692	465,118
	4.0000%, 12/1/47	4,229,856	4,535,160
	3.5000%, 1/1/48	5,687,182	6,074,620
	3.5000%, 1/1/48	5,580,073	5,966,696
	4.0000%, 1/1/48	18,154,575	19,633,742
	4.0000%, 1/1/48	7,917,497	8,554,128
	4.0000%, 1/1/48	1,368,040	1,466,783
	3.0000%, 2/1/48	5,340,271	5,761,957
	3.5000%, 3/1/48	3,540,360	3,773,231
	3.5000%, 3/1/48	636,758	710,373
	4.0000%, 3/1/48	7,160,164	7,720,163
	4.5000%, 3/1/48	3,802,921	4,125,713
	4.5000%, 3/1/48	290,312	315,815


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

18	SEPTEMBER 30, 2020

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2020


Shares or Principal Amounts			Value
Mortgage-Backed Securities– (continued)
Fannie Mae Pool– (continued)
	3.5000%, 4/1/48	$6,918,145	$7,638,678
	4.5000%, 4/1/48	4,272,222	4,634,850
	3.0000%, 5/1/48	2,713,918	2,867,025
	4.0000%, 5/1/48	6,619,053	7,046,137
	4.5000%, 5/1/48	2,666,660	2,893,007
	4.5000%, 5/1/48	2,369,185	2,570,283
	5.0000%, 5/1/48	6,677,927	7,316,845
	4.5000%, 6/1/48	4,518,552	4,902,087
	4.5000%, 6/1/48	2,406,088	2,610,317
	3.5000%, 7/1/48	72,259,799	76,630,644
	4.5000%, 8/1/48	220,249	237,927
	3.0000%, 11/1/48	12,093,919	12,741,979
	3.5000%, 11/1/48	11,682,781	12,899,557
	4.0000%, 2/1/49	3,828,435	4,075,459
	3.5000%, 7/1/49	29,003,732	30,541,743
	3.0000%, 8/1/49	5,598,780	5,993,643
	3.0000%, 8/1/49	3,162,626	3,385,675
	3.0000%, 9/1/49	1,111,539	1,179,849
	4.0000%, 9/1/49	9,795,086	10,726,060
	2.5000%, 1/1/50	2,491,739	2,624,505
	2.5000%, 3/1/50	4,958,791	5,256,683
	3.5000%, 8/1/56	16,614,882	18,284,493
	3.0000%, 2/1/57	15,764,317	16,965,124
	3.5000%, 2/1/57	33,610,304	37,240,416
	3.0000%, 6/1/57	299,047	321,723
			653,702,625
Freddie Mac Gold Pool:
	3.5000%, 1/1/47	1,831,871	1,989,140
Freddie Mac Pool:
	3.0000%, 5/1/31	21,509,350	22,843,151
	3.0000%, 9/1/32	5,207,773	5,557,105
	3.0000%, 10/1/32	2,684,958	2,831,152
	3.0000%, 12/1/32	2,118,345	2,248,640
	3.0000%, 1/1/33	3,040,662	3,244,627
	2.5000%, 12/1/33	24,708,669	25,893,498
	3.0000%, 10/1/34	5,132,557	5,489,188
	3.0000%, 10/1/34	2,179,270	2,317,429
	2.5000%, 11/1/34	7,244,948	7,689,328
	2.5000%, 11/1/34	1,465,556	1,555,449
	6.0000%, 4/1/40	5,586,116	6,671,173
	3.5000%, 7/1/42	1,082,167	1,174,945
	3.5000%, 8/1/42	1,410,015	1,530,900
	3.5000%, 8/1/42	1,185,690	1,287,344
	3.5000%, 2/1/43	3,469,966	3,761,473
	3.0000%, 3/1/43	13,348,507	14,248,990
	3.0000%, 6/1/43	1,251,915	1,304,599
	3.5000%, 2/1/44	3,558,251	3,857,174
	4.5000%, 5/1/44	1,951,705	2,178,271
	3.5000%, 12/1/44	21,669,304	23,489,713
	3.0000%, 1/1/45	6,571,072	6,999,360
	4.0000%, 4/1/45	51,459	56,384
	3.0000%, 1/1/46	747,496	818,465
	3.5000%, 7/1/46	25,014,154	27,872,364
	3.5000%, 7/1/46	4,812,973	5,179,361
	3.0000%, 8/1/46	1,659,167	1,747,924
	3.0000%, 10/1/46	11,035,856	11,745,310
	4.0000%, 3/1/47	2,213,948	2,427,946
	3.0000%, 4/1/47	2,399,685	2,528,056
	3.5000%, 4/1/47	839,198	922,624


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	19

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2020


Shares or Principal Amounts			Value
Mortgage-Backed Securities– (continued)
Freddie Mac Pool– (continued)
	3.5000%, 9/1/47	$16,717,351	$17,694,743
	3.5000%, 9/1/47	8,410,494	8,902,220
	3.5000%, 11/1/47	6,658,349	7,111,705
	3.5000%, 12/1/47	12,085,068	13,202,387
	3.5000%, 12/1/47	5,317,985	5,680,078
	3.5000%, 2/1/48	5,648,148	6,018,238
	3.5000%, 2/1/48	4,547,500	4,845,639
	4.0000%, 3/1/48	5,246,938	5,657,660
	4.5000%, 3/1/48	272,999	294,869
	4.0000%, 4/1/48	10,050,799	10,699,876
	4.0000%, 4/1/48	5,517,773	5,944,571
	4.0000%, 5/1/48	10,307,127	10,972,759
	4.5000%, 7/1/48	2,416,515	2,628,389
	5.0000%, 9/1/48	835,236	923,961
	4.5000%, 12/1/48	4,385,588	4,835,720
	3.0000%, 8/1/49	5,106,038	5,403,089
	3.0000%, 8/1/49	1,870,948	2,003,020
	3.5000%, 8/1/49	1,700,633	1,790,651
	3.5000%, 8/1/49	1,018,568	1,072,483
	3.5000%, 9/1/49	2,635,029	2,785,490
	3.0000%, 10/1/49	4,116,849	4,307,364
	3.0000%, 10/1/49	2,863,484	2,995,997
	3.0000%, 11/1/49	5,883,748	6,156,030
	3.0000%, 11/1/49	5,371,252	5,619,816
	3.0000%, 11/1/49	3,376,051	3,532,284
	3.0000%, 12/1/49	5,798,694	6,067,040
	3.0000%, 12/1/49	3,432,043	3,590,867
	3.0000%, 12/1/49	2,955,220	3,091,978
	2.5000%, 1/1/50	1,098,485	1,157,242
	3.0000%, 3/1/50	3,990,506	4,201,665
	3.5000%, 3/1/50	2,512,361	2,705,736
			361,365,510
Ginnie Mae:
	2.0000%, TBA, 30 Year Maturity	4,305,450	4,469,832
	2.5000%, TBA, 30 Year Maturity	69,778,200	73,214,776
			77,684,608
Ginnie Mae I Pool:
	6.0000%, 1/15/34	88,299	102,746
	4.0000%, 1/15/45	19,116,329	20,832,487
	4.5000%, 8/15/46	22,481,666	24,938,510
	4.0000%, 7/15/47	6,120,920	6,654,753
	4.0000%, 8/15/47	1,450,573	1,577,084
	4.0000%, 11/15/47	2,395,813	2,604,763
	4.0000%, 12/15/47	2,856,039	3,105,128
			59,815,471
Ginnie Mae II Pool:
	4.0000%, 8/20/47	2,170,306	2,342,305
	4.0000%, 8/20/47	599,886	658,173
	4.0000%, 8/20/47	320,824	346,249
	4.5000%, 2/20/48	4,059,970	4,389,942
	4.5000%, 5/20/48	12,481,192	13,435,268
	4.5000%, 5/20/48	1,677,780	1,806,031
	4.0000%, 6/20/48	32,391,877	34,679,637
	5.0000%, 8/20/48	13,805,925	15,054,638
			72,712,243
Total Mortgage-Backed Securities (cost $1,360,523,661)			1,386,395,844
United States Treasury Notes/Bonds– 4.1%
	1.1250%, 2/28/22	244,496,900	247,877,832


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

20	SEPTEMBER 30, 2020

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2020


Shares or Principal Amounts			Value
United States Treasury Notes/Bonds– (continued)
	0.2500%, 6/30/25	$61,727,600	$61,689,020
	0.3750%, 9/30/27	13,916,000	13,822,502
	0.6250%, 8/15/30	118,049,600	117,367,126
	1.1250%, 5/15/40	10,794,000	10,623,657
	2.7500%, 8/15/42	126,411,600	161,974,738
	1.2500%, 5/15/50	308,443,600	292,298,505
Total United States Treasury Notes/Bonds (cost $884,311,824)			905,653,380
Common Stocks– 61.1%
Aerospace & Defense – 0.9%
	General Dynamics Corp	1,527,390	211,436,598
Air Freight & Logistics – 0.6%
	United Parcel Service Inc	754,074	125,651,351
Banks – 0.7%
	Bank of America Corp	6,857,355	165,193,682
Beverages – 0.7%
	Monster Beverage Corp*	2,019,436	161,958,767
Biotechnology – 0.6%
	AbbVie Inc	1,456,033	127,533,930
Capital Markets – 2.5%
	Apollo Global Management Inc	508,724	22,765,399
	Blackstone Group Inc	3,262,762	170,316,176
	CME Group Inc	944,727	158,062,274
	Morgan Stanley	3,130,198	151,345,073
	S&P Global Inc	187,016	67,437,970
			569,926,892
Chemicals – 0.5%
	Sherwin-Williams Co	149,844	104,402,309
Communications Equipment – 0.3%
	Motorola Solutions Inc	447,664	70,198,192
Consumer Finance – 0.6%
	American Express Co	1,275,127	127,831,482
Electronic Equipment, Instruments & Components – 0.4%
	Corning Inc	2,724,694	88,307,333
Entertainment – 0.9%
	Activision Blizzard Inc	516,379	41,800,880
	Walt Disney Co	1,221,232	151,530,467
			193,331,347
Equity Real Estate Investment Trusts (REITs) – 0.9%
	Crown Castle International Corp	841,134	140,048,811
	MGM Growth Properties LLC	2,433,370	68,085,693
			208,134,504
Food & Staples Retailing – 1.6%
	Costco Wholesale Corp	812,595	288,471,225
	Sysco Corp	1,005,274	62,548,148
			351,019,373
Food Products – 0.5%
	Hershey Co	749,345	107,411,112
Health Care Equipment & Supplies – 2.5%
	Abbott Laboratories	2,437,042	265,223,281
	Intuitive Surgical Inc*	90,902	64,498,605
	Medtronic PLC	1,465,431	152,287,590
	Stryker Corp	338,318	70,495,322
			552,504,798
Health Care Providers & Services – 2.0%
	UnitedHealth Group Inc	1,411,823	440,164,057
Hotels, Restaurants & Leisure – 2.6%
	Hilton Worldwide Holdings Inc	1,226,416	104,637,813
	McDonald's Corp	1,562,088	342,862,695


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	21

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2020


Shares or Principal Amounts			Value
Common Stocks– (continued)
Hotels, Restaurants & Leisure– (continued)
	Starbucks Corp	1,437,716	$123,528,559
			571,029,067
Household Products – 1.1%
	Clorox Co	251,670	52,893,484
	Procter & Gamble Co	1,452,752	201,918,000
			254,811,484
Industrial Conglomerates – 1.0%
	Honeywell International Inc	1,302,485	214,402,056
Information Technology Services – 3.9%
	Accenture PLC	1,394,872	315,227,123
	Mastercard Inc	1,679,010	567,790,812
			883,017,935
Insurance – 1.6%
	Marsh & McLennan Cos Inc	581,955	66,750,238
	Progressive Corp	3,112,842	294,692,752
			361,442,990
Interactive Media & Services – 2.3%
	Alphabet Inc - Class C*	353,626	519,688,770
Internet & Direct Marketing Retail – 3.4%
	Amazon.com Inc*	220,324	693,740,789
	Booking Holdings Inc*	40,003	68,432,332
			762,173,121
Leisure Products – 0.5%
	Hasbro Inc	1,354,137	112,014,213
Life Sciences Tools & Services – 1.0%
	Thermo Fisher Scientific Inc	532,029	234,901,444
Machinery – 0.8%
	Deere & Co	810,360	179,600,087
Media – 1.4%
	Comcast Corp	6,705,429	310,193,146
Multiline Retail – 1.0%
	Dollar General Corp	1,039,192	217,835,427
Multi-Utilities – 0.4%
	Sempra Energy	665,668	78,788,464
Personal Products – 0.2%
	Estee Lauder Cos Inc	232,104	50,656,698
Pharmaceuticals – 3.5%
	Bristol-Myers Squibb Co	3,569,808	215,223,724
	Eli Lilly & Co	1,669,767	247,158,911
	Merck & Co Inc	3,990,185	330,985,846
			793,368,481
Real Estate Management & Development – 0.4%
	CBRE Group Inc*	2,089,187	98,129,113
Road & Rail – 0.7%
	CSX Corp	2,125,498	165,087,430
Semiconductor & Semiconductor Equipment – 4.2%
	Intel Corp	3,867,085	200,237,661
	Lam Research Corp	798,544	264,916,972
	NVIDIA Corp	487,929	264,076,933
	QUALCOMM Inc	268,605	31,609,436
	Texas Instruments Inc	1,218,796	174,031,881
			934,872,883
Software – 7.9%
	Adobe Inc*	956,769	469,228,221
	Microsoft Corp	5,150,720	1,083,350,938
	salesforce.com Inc*	821,861	206,550,107
			1,759,129,266


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

22	SEPTEMBER 30, 2020

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2020


Shares or Principal Amounts			Value
Common Stocks– (continued)
Specialty Retail – 1.9%
	Home Depot Inc	1,559,087	$432,974,051
Technology Hardware, Storage & Peripherals – 3.5%
	Apple Inc	6,692,524	775,061,204
Textiles, Apparel & Luxury Goods – 1.0%
	NIKE Inc	1,763,380	221,374,725
Tobacco – 0.3%
	Altria Group Inc	1,554,389	60,061,591
Wireless Telecommunication Services – 0.3%
	T-Mobile US Inc*	664,685	76,013,377
Total Common Stocks (cost $8,383,833,140)			13,671,632,750
Preferred Stocks– 0.3%
Banks – 0.3%
	First Republic Bank/CA, 4.1250%^µ	1,065,400	27,061,160
	Truist Financial Corp, 4.7500%^µ	1,211,925	31,449,454
Total Preferred Stocks (cost $56,933,125)			58,510,614
Investment Companies– 2.6%
Money Markets – 2.6%
	Janus Henderson Cash Liquidity Fund LLC, 0.1028%^ºº,£((cost $589,050,868)	589,012,513	589,071,414
Total Investments (total cost $17,058,541,235) – 101.8%			22,769,875,944
Liabilities, net of Cash, Receivables and Other Assets – (1.8)%			(408,564,616)
Net Assets – 100%			$22,361,311,328


Summary of Investments by Country - (Long Positions) (unaudited)

		% of
		Investment
Country	Value	Securities
United States	$22,385,581,888	98.3	%
United Kingdom	179,211,970	0.8
France	81,525,014	0.4
Belgium	36,244,480	0.2
Switzerland	32,775,315	0.1
Canada	31,542,372	0.1
Mexico	22,994,905	0.1



Total	$22,769,875,944	100.0	%


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	23

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2020

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 9/30/20
Investment Companies - 2.6%
Money Markets - 2.6%
	Janus Henderson Cash Liquidity Fund LLC, 0.1028%^ºº	$	4,690,203	$	(28,218)	$	20,546	$	589,071,414


		Value at 9/30/19		Purchases		Sales Proceeds		Value at 9/30/20
Investment Companies - 2.6%
Money Markets - 2.6%
	Janus Henderson Cash Liquidity Fund LLC, 0.1028%^ºº		532,004,164		7,308,196,257		(7,251,121,335)		589,071,414


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

24	SEPTEMBER 30, 2020

Janus Henderson Balanced Fund

Notes to Schedule of Investments and Other Information


Balanced Index	Balanced Index is an internally-calculated, hypothetical combination of total returns from the S&P 500^{^®} Index (55%) and the Bloomberg Barclays U.S. Aggregate Bond Index (45%).
Bloomberg Barclays U.S. Aggregate Bond Index	Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based measure of the investment grade, US dollar-denominated, fixed-rate taxable bond market.
S&P 500^{^®} Index	S&P 500^{^®} Index reflects U.S. large-cap equity performance and represents broad U.S. equity market performance.


ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
LLC	Limited Liability Company
LP	Limited Partnership
PLC	Public Limited Company
SOFR	Secured Overnight Financing Rate
TBA	(To Be Announced) Securities are purchased/sold on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when specific mortgage pools are assigned.

144A

Securities sold under Rule 144A of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Unless otherwise noted, these securities have been determined to be liquid under guidelines established by the Board of Trustees. The total value of 144A securities as of the year ended September 30, 2020 is $2,241,371,720, which represents 10.0% of net assets.


*	Non-income producing security.


‡	Variable or floating rate security. Rate shown is the current rate as of September 30, 2020. Certain variable rate securities are not based on a published reference rate and spread; they are determined by the issuer or agent and current market conditions. Reference rate is as of reset date and may vary by security, which may not indicate a reference rate and/or spread in their description.


ºº	Rate shown is the 7-day yield as of September 30, 2020.


µ	Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. The date indicated, if any, represents the next call date.


Ç	Step bond. The coupon rate will increase or decrease periodically based upon a predetermined schedule. The rate shown reflects the current rate.


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


Janus Investment Fund	25

Janus Henderson Balanced Fund

Notes to Schedule of Investments and Other Information


The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of September 30, 2020. See Notes to Financial Statements for more information.

Valuation Inputs Summary

				Level 2 -		Level 3 -
		Level 1 -		Other Significant		Significant
		Quoted Prices		Observable Inputs		Unobservable Inputs

Assets
Investments In Securities:
Asset-Backed/Commercial Mortgage-Backed Securities	$	-	$	1,154,698,016	$	-
Bank Loans and Mezzanine Loans		-		33,515,173		-
Corporate Bonds		-		4,970,398,753		-
Mortgage-Backed Securities		-		1,386,395,844		-
United States Treasury Notes/Bonds		-		905,653,380		-
Common Stocks		13,671,632,750		-		-
Preferred Stocks		-		58,510,614		-
Investment Companies		-		589,071,414		-
Total Assets	$	13,671,632,750	$	9,098,243,194	$	-


26	SEPTEMBER 30, 2020

Janus Henderson Balanced Fund

Statement of Assets and Liabilities

September 30, 2020

See footnotes at the end of the Statement.



Assets:
	Unaffiliated investments, at value⁽¹⁾		$	22,180,804,530
	Affiliated investments, at value⁽²⁾			589,071,414
	Cash			2,121,414
	Non-interested Trustees' deferred compensation			485,300
	Receivables:
		Investments sold		179,887,567
		Interest		59,672,408
		Fund shares sold		40,758,977
		Dividends		9,680,035
		Dividends from affiliates		49,874
	Other assets			228,021
Total Assets				23,062,759,540
Liabilities:
	Payables:			—
		Investments purchased		588,278,043
		Fund shares repurchased		90,992,874
		Advisory fees		10,073,404
		Dividends		5,507,331
		Transfer agent fees and expenses		2,899,345
		12b-1 Distribution and shareholder servicing fees		2,567,400
		Non-interested Trustees' deferred compensation fees		485,300
		Non-interested Trustees' fees and expenses		89,699
		Professional fees		60,239
		Affiliated fund administration fees payable		45,788
		Custodian fees		14,989
		Accrued expenses and other payables		433,800
Total Liabilities				701,448,212
Net Assets			$	22,361,311,328


See Notes to Financial Statements.

Janus Investment Fund	27

Janus Henderson Balanced Fund

Statement of Assets and Liabilities

September 30, 2020




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	16,457,134,251
	Total distributable earnings (loss)		5,904,177,077
Total Net Assets		$	22,361,311,328
Net Assets - Class A Shares		$	1,519,092,869
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		39,179,676
Net Asset Value Per Share⁽³⁾		$	38.77
Maximum Offering Price Per Share⁽⁴⁾		$	41.14
Net Assets - Class C Shares		$	2,415,890,154
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		63,010,749
Net Asset Value Per Share⁽³⁾		$	38.34
Net Assets - Class D Shares		$	2,022,689,153
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		52,015,816
Net Asset Value Per Share		$	38.89
Net Assets - Class I Shares		$	7,688,726,419
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		197,650,055
Net Asset Value Per Share		$	38.90
Net Assets - Class N Shares		$	1,285,158,715
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		33,073,552
Net Asset Value Per Share		$	38.86
Net Assets - Class R Shares		$	404,419,705
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		10,500,253
Net Asset Value Per Share		$	38.52
Net Assets - Class S Shares		$	551,605,093
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		14,232,841
Net Asset Value Per Share		$	38.76
Net Assets - Class T Shares		$	6,473,729,220
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		166,733,461
Net Asset Value Per Share		$	38.83

(1) Includes cost of $16,469,490,367.

(2) Includes cost of $589,050,868.

(3) Redemption price per share may be reduced for any applicable contingent deferred sales charge.

(4) Maximum offering price is computed at 100/94.25 of net asset value.


See Notes to Financial Statements.

28	SEPTEMBER 30, 2020

Janus Henderson Balanced Fund

Statement of Operations

For the year ended September 30, 2020



Investment Income:
	Interest		$	228,766,626
	Dividends			209,652,013
	Dividends from affiliates			4,690,203
	Other income			1,354,256
	Foreign tax withheld			(655,870)
Total Investment Income				443,807,228
Expenses:
	Advisory fees			108,805,393
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		3,122,891
		Class C Shares		21,353,148
		Class R Shares		1,866,618
		Class S Shares		1,329,627
	Transfer agent administrative fees and expenses:
		Class D Shares		2,242,139
		Class R Shares		939,597
		Class S Shares		1,332,395
		Class T Shares		15,168,332
	Transfer agent networking and omnibus fees:
		Class A Shares		904,415
		Class C Shares		1,391,590
		Class I Shares		4,590,743
	Other transfer agent fees and expenses:
		Class A Shares		89,399
		Class C Shares		143,067
		Class D Shares		207,296
		Class I Shares		257,810
		Class N Shares		28,034
		Class R Shares		3,838
		Class S Shares		4,897
		Class T Shares		50,101
	Shareholder reports expense			1,094,331
	Registration fees			576,767
	Affiliated fund administration fees			494,571
	Non-interested Trustees’ fees and expenses			380,251
	Professional fees			179,180
	Custodian fees			139,899
	Other expenses			1,063,366
Total Expenses				167,759,695
Less: Excess Expense Reimbursement and Waivers				(254,870)
Net Expenses				167,504,825
Net Investment Income/(Loss)				276,302,403


See Notes to Financial Statements.

Janus Investment Fund	29

Janus Henderson Balanced Fund

Statement of Operations

For the year ended September 30, 2020



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	255,863,124
	Investments in affiliates		(28,218)
Total Net Realized Gain/(Loss) on Investments			255,834,906
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation		1,761,939,665
	Investments in affiliates		20,546
Total Change in Unrealized Net Appreciation/Depreciation			1,761,960,211
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	2,294,097,520


See Notes to Financial Statements.

30	SEPTEMBER 30, 2020

Janus Henderson Balanced Fund

Statements of Changes in Net Assets



			Year ended September 30, 2020		Year ended September 30, 2019

Operations:
	Net investment income/(loss)		$	276,302,403	$	309,308,642
	Net realized gain/(loss) on investments			255,834,906		963,715,522
	Change in unrealized net appreciation/depreciation			1,761,960,211		33,573,348
Net Increase/(Decrease) in Net Assets Resulting from Operations				2,294,097,520		1,306,597,512
Dividends and Distributions to Shareholders:
		Class A Shares		(30,595,604)		(52,849,111)
		Class C Shares		(41,344,777)		(95,581,853)
		Class D Shares		(50,514,257)		(114,091,382)
		Class I Shares		(166,535,785)		(248,241,782)
		Class N Shares		(31,004,255)		(151,398,502)
		Class R Shares		(8,077,022)		(20,705,389)
		Class S Shares		(12,650,843)		(34,594,747)
		Class T Shares		(155,032,772)		(349,870,163)
Net Decrease from Dividends and Distributions to Shareholders				(495,755,315)		(1,067,332,929)
Capital Share Transactions:
		Class A Shares		320,167,776		289,829,817
		Class C Shares		227,497,651		361,425,725
		Class D Shares		(7,545,879)		75,524,284
		Class I Shares		1,856,086,642		1,891,301,840
		Class N Shares		230,896,781		(1,467,693,222)
		Class R Shares		5,408,116		16,340,289
		Class S Shares		(48,105,963)		(42,138,187)
		Class T Shares		138,902,610		314,255,223
Net Increase/(Decrease) from Capital Share Transactions				2,723,307,734		1,438,845,769
Net Increase/(Decrease) in Net Assets				4,521,649,939		1,678,110,352
Net Assets:
	Beginning of period			17,839,661,389		16,161,551,037
	End of period		$	22,361,311,328	$	17,839,661,389


See Notes to Financial Statements.

Janus Investment Fund	31

Janus Henderson Balanced Fund

Financial Highlights


Class A Shares
For a share outstanding during the year ended September 30			2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$35.45	$35.22	$32.46	$29.00	$29.12
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.49	0.60	0.50	0.52	0.47
		Net realized and unrealized gain/(loss)	3.75	1.82	3.87	3.88	1.22
	Total from Investment Operations		4.24	2.42	4.37	4.40	1.69
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.53)	(0.60)	(0.50)	(0.59)	(0.48)
		Distributions (from capital gains)	(0.39)	(1.59)	(1.11)	(0.35)	(1.33)
	Total Dividends and Distributions		(0.92)	(2.19)	(1.61)	(0.94)	(1.81)
	Net Asset Value, End of Period		$38.77	$35.45	$35.22	$32.46	$29.00
	Total Return*		12.14%	7.73%	13.81%	15.44%	5.86%
	Net Assets, End of Period (in thousands)		$1,519,093	$1,082,508	$768,529	$625,454	$1,008,842
	Average Net Assets for the Period (in thousands)		$1,249,156	$905,165	$666,296	$781,785	$1,037,006
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.90%	0.93%	0.95%	0.94%	0.94%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.90%	0.93%	0.95%	0.94%	0.94%
		Ratio of Net Investment Income/(Loss)	1.34%	1.78%	1.48%	1.68%	1.63%
	Portfolio Turnover Rate		90%⁽²⁾	81%⁽²⁾	88%	60%	83%


Class C Shares
For a share outstanding during the year ended September 30			2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$35.09	$34.90	$32.19	$28.78	$28.95
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.23	0.37	0.27	0.31	0.26
		Net realized and unrealized gain/(loss)	3.71	1.79	3.84	3.85	1.20
	Total from Investment Operations		3.94	2.16	4.11	4.16	1.46
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.30)	(0.38)	(0.29)	(0.40)	(0.30)
		Distributions (from capital gains)	(0.39)	(1.59)	(1.11)	(0.35)	(1.33)
	Total Dividends and Distributions		(0.69)	(1.97)	(1.40)	(0.75)	(1.63)
	Net Asset Value, End of Period		$38.34	$35.09	$34.90	$32.19	$28.78
	Total Return*		11.37%	6.98%	13.06%	14.67%	5.09%
	Net Assets, End of Period (in thousands)		$2,415,890	$1,992,062	$1,594,610	$1,290,994	$1,408,455
	Average Net Assets for the Period (in thousands)		$2,207,746	$1,743,474	$1,403,777	$1,322,392	$1,401,426
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.61%	1.62%	1.62%	1.61%	1.65%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.61%	1.62%	1.62%	1.61%	1.65%
		Ratio of Net Investment Income/(Loss)	0.64%	1.10%	0.81%	1.03%	0.92%
	Portfolio Turnover Rate		90%⁽²⁾	81%⁽²⁾	88%	60%	83%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments.


See Notes to Financial Statements.

32	SEPTEMBER 30, 2020

Janus Henderson Balanced Fund

Financial Highlights


Class D Shares
For a share outstanding during the year ended September 30			2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$35.54	$35.30	$32.52	$29.06	$29.17
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.56	0.68	0.58	0.59	0.53
		Net realized and unrealized gain/(loss)	3.77	1.82	3.89	3.88	1.22
	Total from Investment Operations		4.33	2.50	4.47	4.47	1.75
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.59)	(0.67)	(0.58)	(0.66)	(0.53)
		Distributions (from capital gains)	(0.39)	(1.59)	(1.11)	(0.35)	(1.33)
	Total Dividends and Distributions		(0.98)	(2.26)	(1.69)	(1.01)	(1.86)
	Net Asset Value, End of Period		$38.89	$35.54	$35.30	$32.52	$29.06
	Total Return*		12.39%	7.95%	14.10%	15.68%	6.07%
	Net Assets, End of Period (in thousands)		$2,022,689	$1,860,900	$1,761,817	$1,562,693	$1,411,125
	Average Net Assets for the Period (in thousands)		$1,895,563	$1,759,287	$1,667,210	$1,477,105	$1,415,240
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.71%	0.72%	0.71%	0.72%	0.73%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.71%	0.72%	0.71%	0.72%	0.73%
		Ratio of Net Investment Income/(Loss)	1.54%	2.00%	1.71%	1.92%	1.83%
	Portfolio Turnover Rate		90%⁽²⁾	81%⁽²⁾	88%	60%	83%


Class I Shares
For a share outstanding during the year ended September 30			2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$35.55	$35.31	$32.53	$29.06	$29.18
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.58	0.70	0.61	0.61	0.55
		Net realized and unrealized gain/(loss)	3.77	1.83	3.88	3.89	1.21
	Total from Investment Operations		4.35	2.53	4.49	4.50	1.76
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.61)	(0.70)	(0.60)	(0.68)	(0.55)
		Distributions (from capital gains)	(0.39)	(1.59)	(1.11)	(0.35)	(1.33)
	Total Dividends and Distributions		(1.00)	(2.29)	(1.71)	(1.03)	(1.88)
	Net Asset Value, End of Period		$38.90	$35.55	$35.31	$32.53	$29.06
	Total Return*		12.45%	8.02%	14.18%	15.79%	6.10%
	Net Assets, End of Period (in thousands)		$7,688,726	$5,225,684	$3,197,893	$2,096,893	$1,636,459
	Average Net Assets for the Period (in thousands)		$6,311,815	$4,116,708	$2,460,247	$1,795,486	$1,651,399
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.65%	0.65%	0.64%	0.65%	0.67%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.65%	0.65%	0.64%	0.65%	0.67%
		Ratio of Net Investment Income/(Loss)	1.59%	2.07%	1.80%	2.00%	1.90%
	Portfolio Turnover Rate		90%⁽²⁾	81%⁽²⁾	88%	60%	83%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments.


See Notes to Financial Statements.

Janus Investment Fund	33

Janus Henderson Balanced Fund

Financial Highlights


Class N Shares
For a share outstanding during the year ended September 30			2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$35.51	$35.28	$32.50	$29.04	$29.15
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.61	0.73	0.63	0.64	0.57
		Net realized and unrealized gain/(loss)	3.76	1.81	3.88	3.87	1.22
	Total from Investment Operations		4.37	2.54	4.51	4.51	1.79
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.63)	(0.72)	(0.62)	(0.70)	(0.57)
		Distributions (from capital gains)	(0.39)	(1.59)	(1.11)	(0.35)	(1.33)
	Total Dividends and Distributions		(1.02)	(2.31)	(1.73)	(1.05)	(1.90)
	Net Asset Value, End of Period		$38.86	$35.51	$35.28	$32.50	$29.04
	Total Return*		12.53%	8.07%	14.26%	15.84%	6.23%
	Net Assets, End of Period (in thousands)		$1,285,159	$946,741	$2,480,945	$2,054,731	$1,834,036
	Average Net Assets for the Period (in thousands)		$1,142,389	$1,651,136	$2,273,486	$1,952,775	$1,801,032
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.57%	0.58%	0.57%	0.58%	0.59%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.57%	0.58%	0.57%	0.58%	0.59%
		Ratio of Net Investment Income/(Loss)	1.67%	2.19%	1.86%	2.07%	1.98%
	Portfolio Turnover Rate		90%⁽²⁾	81%⁽²⁾	88%	60%	83%


Class R Shares
For a share outstanding during the year ended September 30			2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$35.23	$35.02	$32.29	$28.87	$29.02
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.34	0.47	0.37	0.40	0.35
		Net realized and unrealized gain/(loss)	3.73	1.80	3.85	3.87	1.21
	Total from Investment Operations		4.07	2.27	4.22	4.27	1.56
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.39)	(0.47)	(0.38)	(0.50)	(0.38)
		Distributions (from capital gains)	(0.39)	(1.59)	(1.11)	(0.35)	(1.33)
	Total Dividends and Distributions		(0.78)	(2.06)	(1.49)	(0.85)	(1.71)
	Net Asset Value, End of Period		$38.52	$35.23	$35.02	$32.29	$28.87
	Total Return*		11.71%	7.29%	13.38%	15.02%	5.40%
	Net Assets, End of Period (in thousands)		$404,420	$366,621	$345,667	$341,389	$283,729
	Average Net Assets for the Period (in thousands)		$375,839	$347,861	$339,637	$327,651	$288,241
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.32%	1.32%	1.32%	1.32%	1.34%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.32%	1.32%	1.32%	1.32%	1.34%
		Ratio of Net Investment Income/(Loss)	0.93%	1.39%	1.11%	1.33%	1.23%
	Portfolio Turnover Rate		90%⁽²⁾	81%⁽²⁾	88%	60%	83%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments.


See Notes to Financial Statements.

34	SEPTEMBER 30, 2020

Janus Henderson Balanced Fund

Financial Highlights


Class S Shares
For a share outstanding during the year ended September 30			2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$35.43	$35.20	$32.44	$28.99	$29.12
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.43	0.55	0.46	0.48	0.43
		Net realized and unrealized gain/(loss)	3.76	1.82	3.87	3.88	1.21
	Total from Investment Operations		4.19	2.37	4.33	4.36	1.64
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.47)	(0.55)	(0.46)	(0.56)	(0.44)
		Distributions (from capital gains)	(0.39)	(1.59)	(1.11)	(0.35)	(1.33)
	Total Dividends and Distributions		(0.86)	(2.14)	(1.57)	(0.91)	(1.77)
	Net Asset Value, End of Period		$38.76	$35.43	$35.20	$32.44	$28.99
	Total Return*		11.99%	7.56%	13.67%	15.30%	5.68%
	Net Assets, End of Period (in thousands)		$551,605	$551,985	$589,812	$622,279	$657,563
	Average Net Assets for the Period (in thousands)		$532,958	$549,514	$610,278	$637,727	$706,818
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.07%	1.08%	1.07%	1.07%	1.09%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.07%	1.07%	1.07%	1.07%	1.08%
		Ratio of Net Investment Income/(Loss)	1.18%	1.64%	1.36%	1.57%	1.48%
	Portfolio Turnover Rate		90%⁽²⁾	81%⁽²⁾	88%	60%	83%


Class T Shares
For a share outstanding during the year ended September 30			2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$35.49	$35.26	$32.49	$29.02	$29.15
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.52	0.64	0.54	0.56	0.50
		Net realized and unrealized gain/(loss)	3.76	1.82	3.88	3.89	1.20
	Total from Investment Operations		4.28	2.46	4.42	4.45	1.70
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.55)	(0.64)	(0.54)	(0.63)	(0.50)
		Distributions (from capital gains)	(0.39)	(1.59)	(1.11)	(0.35)	(1.33)
	Total Dividends and Distributions		(0.94)	(2.23)	(1.65)	(0.98)	(1.83)
	Net Asset Value, End of Period		$38.83	$35.49	$35.26	$32.49	$29.02
	Total Return*		12.26%	7.82%	13.97%	15.62%	5.92%
	Net Assets, End of Period (in thousands)		$6,473,729	$5,813,161	$5,422,276	$4,736,612	$4,664,334
	Average Net Assets for the Period (in thousands)		$6,067,333	$5,475,178	$5,098,558	$4,654,904	$4,856,359
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.82%	0.83%	0.82%	0.83%	0.84%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.82%	0.82%	0.82%	0.82%	0.83%
		Ratio of Net Investment Income/(Loss)	1.43%	1.90%	1.61%	1.83%	1.74%
	Portfolio Turnover Rate		90%⁽²⁾	81%⁽²⁾	88%	60%	83%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments.


See Notes to Financial Statements.

Janus Investment Fund	35

Janus Henderson Balanced Fund

Notes to Financial Statements

1. Organization and Significant Accounting Policies

Janus Henderson Balanced Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 45 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term capital growth, consistent with preservation of capital and balanced by current income. The Fund is classified as diversified, as defined in the 1940 Act.

Shareholders, including other funds, individuals, accounts, as well as the Fund’s portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund’s Shares and can be considered to “control” the Fund when that ownership exceeds 25% of the Fund’s assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting priciples ("US GAAP")).

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.


36	SEPTEMBER 30, 2020

Janus Henderson Balanced Fund

Notes to Financial Statements

intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, Janus Capital Management LLC (“Janus Capital”), or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Distributors LLC dba Janus Henderson Distributors (“Janus Henderson Distributors”) including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.

Class R Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms.

The following accounting policies have been followed by the Fund and are in conformity with US GAAP.

Investment Valuation

Valuation Inputs Summary

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


Janus Investment Fund	37

Janus Henderson Balanced Fund

Notes to Financial Statements

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

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

Investment Transactions and Investment Income

Expenses

Estimates

Indemnifications


38	SEPTEMBER 30, 2020

Janus Henderson Balanced Fund

Notes to Financial Statements

Foreign Currency Translations

Dividends and Distributions

Dividends of net investment income are generally declared and distributed quarterly, and realized capital gains (if any) are distributed annually. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as “equalization,” has no effect on the redeeming shareholder or a Fund’s total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.

Federal Income Taxes

2. Other Investments and Strategies

Additional Investment Risk


Janus Investment Fund	39

Janus Henderson Balanced Fund

Notes to Financial Statements

Widespread disease, including pandemics and epidemics, and natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and weather-related phenomena generally, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of a Fund’s investments. Economies and financial markets throughout the world have become increasingly interconnected, which increases the likelihood that events or conditions in one region or country will adversely affect markets or issuers in other regions or countries, including the United States. These disruptions could prevent a Fund from executing advantageous investment decisions in a timely manner and negatively impact a Fund’s ability to achieve its investment objective(s). Any such event(s) could have a significant adverse impact on the value of a Fund. In addition, these disruptions could also impair the information technology and other operational systems upon which the Fund’s service providers, including Janus Capital or the subadviser (as applicable), rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform essential tasks on behalf of the Fund. Adverse weather conditions may also have a particularly significant negative effect on issuers in the agricultural sector and on insurance and reinsurance companies that insure or reinsure against the impact of natural disasters.

Loans

The Fund may invest in various commercial loans, including bank loans, bridge loans, debtor-in-possession (“DIP”) loans, mezzanine loans, and other fixed and floating rate loans. These loans may be acquired through loan participations and assignments or on a when-issued basis. Commercial loans will comprise no more than 20% of the Fund’s total assets. Below are descriptions of the types of loans held by the Fund as of September 30, 2020.

· Bank Loans - Bank loans are obligations of companies or other entities entered into in connection with recapitalizations, acquisitions, and refinancings. The Fund’s investments in bank loans are generally acquired as a participation interest in, or assignment of, loans originated by a lender or other financial institution. These investments may include institutionally-traded floating and fixed-rate debt securities.

· Floating Rate Loans – Floating rate loans are debt securities that have floating interest rates, that adjust periodically, and are tied to a benchmark lending rate, such as London Interbank Offered Rate (“LIBOR”). In other cases, the lending rate could be tied to the prime rate offered by one or more major U.S. banks or the rate paid on large certificates of deposit traded in the secondary markets. If the benchmark lending rate changes, the rate payable to lenders under the loan will change at the next scheduled adjustment date specified in the loan agreement. Floating rate loans are typically issued to companies (‘‘borrowers’’) in connection with recapitalizations, acquisitions, and refinancings. Floating rate loan investments are generally below investment grade. Senior floating rate loans are secured by specific collateral of a borrower and are senior in the borrower’s capital structure. The senior position in the borrower’s capital structure generally gives holders of senior loans a claim on certain of the borrower’s assets that is senior to subordinated debt and preferred and common stock in the case of a borrower’s default. Floating rate loan investments may involve foreign borrowers, and investments may be denominated in foreign currencies. Floating rate loans often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged. The Fund may invest in obligations of borrowers who are in bankruptcy proceedings. While the Fund generally


40	SEPTEMBER 30, 2020

Janus Henderson Balanced Fund

Notes to Financial Statements

expects to invest in fully funded term loans, certain of the loans in which the Fund may invest include revolving loans, bridge loans, and delayed draw term loans.

Purchasers of floating rate loans may pay and/or receive certain fees. The Fund may receive fees such as covenant waiver fees or prepayment penalty fees. The Fund may pay fees such as facility fees. Such fees may affect the Fund’s return.

· Mezzanine Loans - Mezzanine loans are secured by the stock of the company that owns the assets. Mezzanine loans are a hybrid of debt and equity financing that is typically used to fund the expansion of existing companies. A mezzanine loan is composed of debt capital that gives the lender the right to convert to an ownership or equity interest in the company if the loan is not paid back in time and in full. Mezzanine loans typically are the most subordinated debt obligation in an issuer’s capital structure.

Mortgage- and Asset-Backed Securities

Mortgage- and asset-backed securities represent interests in “pools” of commercial or residential mortgages or other assets, including consumer and commercial loans or receivables. The Fund may purchase fixed or variable rate commercial or residential mortgage-backed securities issued by the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), the Federal Home Loan Mortgage Corporation (“Freddie Mac”), or other governmental or government-related entities. Ginnie Mae’s guarantees are backed by the full faith and credit of the U.S. Government, which means that the U.S. Government guarantees that the interest and principal will be paid when due. Fannie Mae and Freddie Mac securities are not backed by the full faith and credit of the U.S. Government. In September 2008, the Federal Housing Finance Agency (“FHFA”), an agency of the U.S. Government, placed Fannie Mae and Freddie Mac under conservatorship. Since that time, Fannie Mae and Freddie Mac have received capital support through U.S. Treasury preferred stock purchases, and Treasury and Federal Reserve purchases of their mortgage-backed securities. The FHFA and the U.S. Treasury have imposed strict limits on the size of these entities’ mortgage portfolios. The FHFA has the power to cancel any contract entered into by Fannie Mae and Freddie Mac prior to FHFA’s appointment as conservator or receiver, including the guarantee obligations of Fannie Mae and Freddie Mac.

The Fund may also purchase other mortgage- and asset-backed securities through single- and multi-seller conduits, collateralized debt obligations, structured investment vehicles, and other similar securities. Asset-backed securities may be backed by various consumer obligations, including automobile loans, equipment leases, credit card receivables, or other collateral. In the event the underlying loans are not paid, the securities’ issuer could be forced to sell the assets and recognize losses on such assets, which could impact your return. Unlike traditional debt instruments, payments on these securities include both interest and a partial payment of principal. Mortgage- and asset-backed securities are subject to both extension risk, where borrowers pay off their debt obligations more slowly in times of rising interest rates, and prepayment risk, where borrowers pay off their debt obligations sooner than expected in times of declining interest rates. These risks may reduce the Fund’s returns. In addition, investments in mortgage- and asset-backed securities, including those comprised of subprime mortgages, may be subject to a higher degree of credit risk, valuation risk, and liquidity risk than various other types of fixed-income securities. Additionally, although mortgage-backed securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that guarantors or insurers will meet their obligations.

Real Estate Investing

The Fund may invest in equity and debt securities of real estate-related companies. Such companies may include those in the real estate industry or real estate-related industries. These securities may include common stocks, corporate bonds, preferred stocks, and other equity securities, including, but not limited to, mortgage-backed securities, real estate-backed securities, securities of REITs and similar REIT-like entities. A REIT is a trust that invests in real estate-related projects, such as properties, mortgage loans, and construction loans. REITs are generally categorized as equity, mortgage, or hybrid REITs. A REIT may be listed on an exchange or traded OTC.

Sovereign Debt

The Fund may invest in U.S. and non-U.S. government debt securities (“sovereign debt”). Some investments in sovereign debt, such as U.S. sovereign debt, are considered low risk. However, investments in sovereign debt, especially the debt of less developed countries, 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


Janus Investment Fund	41

Janus Henderson Balanced Fund

Notes to Financial Statements

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, the relative size of its debt position in relation to its economy as a whole, the sovereign debtor’s policy toward international lenders, and local political constraints to which the governmental entity may be subject. Sovereign debtors may also be dependent on expected disbursements from foreign governments, multilateral agencies, and other entities. The failure of a sovereign debtor to implement economic reforms, achieve specified levels of economic performance, or repay principal or interest when due may result in the cancellation of third party commitments to lend funds to the sovereign debtor, which may further impair such debtor’s ability or willingness to timely service its debts. The Fund may be requested to participate in the rescheduling of such sovereign debt and to extend further loans to governmental entities, which may adversely affect the Fund’s holdings. 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 Fund may collect all or part of the sovereign debt that a governmental entity has not repaid. In addition, to the extent the Fund invests in non-U.S. sovereign debt, it may be subject to currency risk.

TBA Commitments

The Fund may enter into “to be announced” or “TBA” commitments. TBAs are forward agreements for the purchase or sale of securities, including mortgage-backed securities, for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate, and mortgage terms. Although the particular TBA securities must meet industry-accepted “good delivery” standards, there can be no assurance that a security purchased on forward commitment basis will ultimately be issued or delivered by the counterparty. During the settlement period, the Fund will still bear the risk of any decline in the value of the security to be delivered. Because TBA commitments do not require the purchase and sale of identical securities, the characteristics of the security delivered to the Fund may be less favorable than the security delivered to the dealer. If the counterparty to a transaction fails to deliver the security, the Fund could suffer a loss.

When-Issued, Delayed Delivery and Forward Commitment Transactions

The Fund may purchase or sell securities on a when-issued, delayed delivery, or forward commitment basis. When purchasing a security on a when-issued, delayed delivery, or forward commitment basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. Typically, no income accrues on securities the Fund has committed to purchase prior to the time delivery of the securities is made. Because the Fund is not required to pay for the security until the delivery date, these risks are in addition to the risks associated with the Fund’s other investments. If the other party to a transaction fails to deliver the securities, the Fund could miss a favorable price or yield opportunity. If the Fund remains substantially fully invested at a time when when-issued, delayed delivery, or forward commitment purchases are outstanding, the purchases may result in a form of leverage.

When the Fund has sold a security on a when-issued, delayed delivery, or forward commitment basis, the Fund does not participate in future gains or losses with respect to the security. If the other party to a transaction fails to pay for the securities, the Fund could suffer a loss. Additionally, when selling a security on a when-issued, delayed delivery, or forward commitment basis without owning the security, the Fund will incur a loss if the security’s price appreciates in value such that the security’s price is above the agreed upon price on the settlement date. The Fund may dispose of or renegotiate a transaction after it is entered into, and may purchase or sell when-issued, delayed delivery or forward commitment securities before the settlement date, which may result in a gain or loss.

3. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pay Janus Capital an investment advisory fee which is calculated daily and paid monthly. The Fund’s contractual investment advisory fee rate (expressed as an annual rate) is 0.55% of its average daily net assets.

Janus Capital has contractually agreed to waive the advisory fee payable by the Fund or reimburse expenses in an amount equal to the amount, if any, that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus/administrative fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.68% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waivers for at least a one-year period commencing January 28, 2020. If applicable, amounts waived and/or reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.


42	SEPTEMBER 30, 2020

Janus Henderson Balanced Fund

Notes to Financial Statements

The Fund pays an annual administrative services fee based on the average daily net assets of Class D Shares for shareholder services provided by Janus Services, as detailed below.


Average Daily Net Assets of Class D Shares of the Janus Henderson funds	Administrative Services Fee
Under $40 billion	0.12%
$40 billion – $49.9 billion	0.10%
Over $49.9 billion	0.08%

The Fund’s actual Class D administrative fee rate was 0.12% for the reporting period.

Janus Services receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class R Shares, Class S Shares, and Class T Shares for providing or procuring administrative services to investors in Class R Shares, Class S Shares, and Class T Shares of the Fund. Janus Services expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. Janus Services or its affiliates may also pay fees for services provided by intermediaries to the extent the fees charged by intermediaries exceed the 0.25% of net assets charged to Class R Shares, Class S Shares, and Class T Shares of the Fund. Janus Services may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class R Shares, Class S Shares, and Class T Shares. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.

Janus Services is compensated for its services related to the Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.


Janus Investment Fund	43

Janus Henderson Balanced Fund

Notes to Financial Statements

assets. Under the terms of the Plan, the Trust is authorized to make payments to Janus Henderson Distributors for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations. Payments under the Plan are not tied exclusively to actual 12b-1 distribution and shareholder service expenses, and the payments may exceed 12b-1 distribution and shareholder service expenses actually incurred. If any of the Fund’s actual 12b-1 distribution and shareholder service expenses incurred during a calendar year are less than the payments made during a calendar year, the Fund will be refunded the difference. Refunds, if any, are included in “12b-1 Distribution and shareholder servicing fees” in the Statement of Operations.

Janus Capital serves as administrator to the Fund pursuant to an administration agreement between Janus Capital and the Trust. Under the administration agreement, Janus Capital is obligated to provide or arrange for the provision of certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent Janus Capital seeks reimbursement and such costs are not otherwise waived). In addition, employees of Janus Capital and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of Janus Capital employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by Janus Capital, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services Janus Capital (or any subadvisor, as applicable) provides to the Fund. These amounts are disclosed as “Affiliated fund administration fees” on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund’s Chief Compliance Officer and certain compliance staff, all of whom are employees of Janus Capital and/or its affiliates, are shared with the Fund. Total compensation of $467,191 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended September 30, 2020. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.


44	SEPTEMBER 30, 2020

Janus Henderson Balanced Fund

Notes to Financial Statements

unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.

A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. During the year ended September 30, 2020, redeeming shareholders of Class A Shares paid CDSCs of $55,640 to Janus Henderson Distributors.

The Fund is permitted to purchase or sell securities (“cross-trade”) between itself and other funds or accounts managed by Janus Capital in accordance with Rule 17a-7 under the Investment Company Act of 1940 (“Rule 17a-7”), when the transaction is consistent with the investment objectives and policies of the Fund and in accordance with the Internal Cross Trade Procedures adopted by the Trust’s Board of Trustees. These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to another fund or account that is or could be considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser, common Officer, or common Trustee complies with Rule 17a-7. Under these procedures, each cross-trade is effected at the current market price to save costs where allowed. During the year ended September 30, 2020, the Fund engaged in cross trades amounting to $142,318,233 in purchases and $135,018,227 in sales, resulting in a net realized gain of $7,061,614. The net realized gain is included within the “Net Realized Gain/(Loss) on Investments” section of the Fund’s Statement of Operations.

4. Federal Income Tax

The Fund has elected to defer post-October losses as noted in the table below. These losses will be deferred for tax purposes and recognized during the next fiscal year.


			Loss Deferrals		Other Book	Net Tax
Undistributed Ordinary Income	Undistributed Long-Term Gains	Accumulated Capital Losses	Late-Year Ordinary Loss	Post-October Capital Loss	to Tax Differences	Appreciation/ (Depreciation)
$ 24,373,033	$ 233,267,094	$ -	$ -	$ (8,566,775)	$ (441,695)	$5,655,545,420


Janus Investment Fund	45

Janus Henderson Balanced Fund

Notes to Financial Statements

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of September 30, 2020 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals and investments in partnerships.


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 17,114,330,524	$5,777,767,380	$(122,221,960)	$ 5,655,545,420


For the year ended September 30, 2020
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 341,650,973	$ 154,104,342	$ -	$ -


For the year ended September 30, 2019
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 310,066,951	$ 757,265,978	$ -	$ -



Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ 26,765,844	$ 19,507,987	$ (46,273,831)

Capital has been adjusted by $26,655,287, all of which is long-term capital gain, for distributions in connection with Fund share redemptions (tax equalization).


46	SEPTEMBER 30, 2020

Janus Henderson Balanced Fund

Notes to Financial Statements

5. Capital Share Transactions



	Year ended September 30, 2020		Year ended September 30, 2019
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	17,021,435	$ 620,573,385	16,273,731	$ 546,664,019
Reinvested dividends and distributions	682,188	24,712,477	1,279,011	40,621,372
Shares repurchased	(9,064,403)	(325,118,086)	(8,834,343)	(297,455,574)
Net Increase/(Decrease)	8,639,220	$ 320,167,776	8,718,399	$ 289,829,817
Class C Shares:
Shares sold	20,401,790	$ 733,742,650	20,508,534	$ 682,788,094
Reinvested dividends and distributions	1,006,302	36,111,216	2,666,974	83,192,013
Shares repurchased	(15,165,095)	(542,356,215)	(12,097,343)	(404,554,382)
Net Increase/(Decrease)	6,242,997	$ 227,497,651	11,078,165	$ 361,425,725
Class D Shares:
Shares sold	5,211,825	$ 188,741,781	4,308,843	$ 145,313,079
Reinvested dividends and distributions	1,349,812	48,966,189	3,502,200	111,225,665
Shares repurchased	(6,906,028)	(245,253,849)	(5,359,070)	(181,014,460)
Net Increase/(Decrease)	(344,391)	$ (7,545,879)	2,451,973	$ 75,524,284
Class I Shares:
Shares sold	90,955,904	$3,282,340,783	83,283,385	$ 2,799,350,771
Reinvested dividends and distributions	3,948,313	143,398,457	6,424,417	205,281,317
Shares repurchased	(44,243,589)	(1,569,652,598)	(33,278,896)	(1,113,330,248)
Net Increase/(Decrease)	50,660,628	$1,856,086,642	56,428,906	$ 1,891,301,840
Class N Shares:
Shares sold	13,451,737	$ 487,376,260	14,742,448	$ 497,826,442
Reinvested dividends and distributions	768,946	27,848,035	4,735,435	148,864,551
Shares repurchased	(7,807,738)	(284,327,514)	(63,140,484)	(2,114,384,215)
Net Increase/(Decrease)	6,412,945	$ 230,896,781	(43,662,601)	$(1,467,693,222)
Class R Shares:
Shares sold	2,409,679	$ 87,368,215	2,670,202	$ 89,136,212
Reinvested dividends and distributions	219,000	7,891,751	622,703	19,521,398
Shares repurchased	(2,534,445)	(89,851,850)	(2,756,799)	(92,317,321)
Net Increase/(Decrease)	94,234	$ 5,408,116	536,106	$ 16,340,289
Class S Shares:
Shares sold	2,781,741	$ 100,313,506	3,341,925	$ 112,023,136
Reinvested dividends and distributions	346,973	12,566,350	1,090,566	34,407,371
Shares repurchased	(4,473,471)	(160,985,819)	(5,609,009)	(188,568,694)
Net Increase/(Decrease)	(1,344,757)	$ (48,105,963)	(1,176,518)	$ (42,138,187)
Class T Shares:
Shares sold	38,173,381	$1,387,459,486	36,126,617	$ 1,205,562,581
Reinvested dividends and distributions	4,239,903	153,592,721	10,938,919	346,719,896
Shares repurchased	(39,474,752)	(1,402,149,597)	(37,069,284)	(1,238,027,254)
Net Increase/(Decrease)	2,938,532	$ 138,902,610	9,996,252	$ 314,255,223

6. Purchases and Sales of Investment Securities


Purchases of Securities	Proceeds from Sales of Securities	Purchases of Long- Term U.S. Government Obligations	Proceeds from Sales of Long-Term U.S. Government Obligations
$ 13,375,859,095	$ 10,794,129,067	$ 6,521,554,359	$ 6,549,483,641


Janus Investment Fund	47

Janus Henderson Balanced Fund

Notes to Financial Statements

7. Recent Accounting Pronouncements

The FASB issued Accounting Standards Update No. 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities ("ASU 2017-08") to amend the amortization period for certain purchased callable debt securities held at a premium. The guidance requires certain premiums on callable debt securities to be amortized to the earliest call date. The amortization period for callable debt securities purchased at a discount will not be impacted. The amendments are effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2018. Management has adopted the amendments as of the beginning of this fiscal period.

8. Subsequent Event


48	SEPTEMBER 30, 2020

Janus Henderson Balanced Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Balanced Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Balanced Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the “Fund”) as of September 30, 2020, the related statement of operations for the year ended September 30, 2020, the statements of changes in net assets for each of the two years in the period ended September 30, 2020, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2020 and the financial highlights for each of the five years in the period ended September 30, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2020 by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Denver, Colorado

November 17, 2020

We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.


Janus Investment Fund	49

Janus Henderson Balanced Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD


50	SEPTEMBER 30, 2020

Janus Henderson Balanced Fund

Additional Information (unaudited)

Nature, Extent and Quality of Services

Performance of the Funds

The Trustees considered the performance of each Fund, noting that performance may vary by share class, and noted the following:

Alternative Fund

Asset Allocation Funds


Janus Investment Fund	51

Janus Henderson Balanced Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


52	SEPTEMBER 30, 2020

Janus Henderson Balanced Fund

Additional Information (unaudited)

months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

Money Market Funds


Janus Investment Fund	53

Janus Henderson Balanced Fund

Additional Information (unaudited)

Multi-Asset Funds

Multi-Asset U.S. Equity Funds


54	SEPTEMBER 30, 2020

Janus Henderson Balanced Fund

Additional Information (unaudited)

Quantitative Equity Funds

U.S. Equity Funds

Costs of Services Provided


Janus Investment Fund	55

Janus Henderson Balanced Fund

Additional Information (unaudited)

Alternative Fund

Asset Allocation Funds


56	SEPTEMBER 30, 2020

Janus Henderson Balanced Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Technology Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.


Janus Investment Fund	57

Janus Henderson Balanced Fund

Additional Information (unaudited)

· For Janus Henderson International Small Cap Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

Money Market Funds

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for both share classes.

Multi-Asset Funds

· For Janus Henderson Dividend & Income Builder Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Value Plus Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

Multi-Asset U.S. Equity Funds

· For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.


58	SEPTEMBER 30, 2020

Janus Henderson Balanced Fund

Additional Information (unaudited)

· For Janus Henderson U.S. Growth Opportunities Fund, that Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

Quantitative Equity Funds

· For Janus Henderson Global Income Managed Volatility Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson U.S. Managed Volatility Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

U.S. Equity Funds

· For Janus Henderson Large Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.


Janus Investment Fund	59

Janus Henderson Balanced Fund

Additional Information (unaudited)

Economies of Scale


60	SEPTEMBER 30, 2020

Janus Henderson Balanced Fund

Additional Information (unaudited)

Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

Other Benefits to Janus Capital

LIQUIDITY RISK MANAGEMENT PROGRAM


Janus Investment Fund	61

Janus Henderson Balanced Fund

Additional Information (unaudited)

· the LRMP, including the Highly Liquid Investment Minimum where applicable, was implemented and operated effectively to achieve the goal of assessing and managing the Fund’s liquidity risk.


62	SEPTEMBER 30, 2020

Janus Henderson Balanced Fund

Useful Information About Your Fund Report (unaudited)

Management Commentary

Performance Overviews

Schedule of Investments

The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.

Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund’s Schedule of Investments (if applicable).

Statement of Assets and Liabilities

This statement is often referred to as the “balance sheet.” It lists the assets and liabilities of the Fund on the last day of the reporting period.


Janus Investment Fund	63

Janus Henderson Balanced Fund

Useful Information About Your Fund Report (unaudited)

Statement of Operations

This statement details the Fund’s income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.

The first section in this statement, entitled “Investment Income,” reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.

Statements of Changes in Net Assets

Financial Highlights


64	SEPTEMBER 30, 2020

Janus Henderson Balanced Fund

Useful Information About Your Fund Report (unaudited)

total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.

The Fund’s expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.


Janus Investment Fund	65

Janus Henderson Balanced Fund

Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2020:



Capital Gain Distributions	$180,759,629
Dividends Received Deduction Percentage	62%
Qualified Dividend Income Percentage	65%


66	SEPTEMBER 30, 2020

Janus Henderson Balanced Fund

Trustees and Officers (unaudited)

The Fund’s Statement of Additional Information includes additional information about the Trustees and officers and is available, without charge, by calling 1-877-335-2687.


Janus Investment Fund	67

Janus Henderson Balanced Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William F. McCalpin 151 Detroit Street Denver, CO 80206 DOB: 1957	Chairman Trustee	1/08-Present 6/02-Present	Independent Consultant, Formerly, Managing Partner, Impact Investments, Athena Capital Advisors (independent registered investment advisor) (2016-2019), Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations) (2009-2016), Chief Executive Officer, Imprint Capital Advisors (impact investment firm) (2013-2015), and Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a private family foundation) (1998-2006).	56	Director of Mutual Fund Directors Forum (a non-profit organization serving independent directors of U.S. mutual funds) (since 2016), Chairman of the Board and Trustee of The Investment Fund for Foundations Investment Program (TIP) (consisting of 2 funds) (since 2008), and Director of the F.B. Heron Foundation (a private grantmaking foundation) (since 2006).


68	SEPTEMBER 30, 2020

Janus Henderson Balanced Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Trustee	1/13-Present	Principal, Curam Holdings LLC (since 2018). Formerly, Executive Vice President, Institutional Markets, of Black Creek Group (private equity real estate investment management firm) (2012-2018), Executive Vice President and Co-Head, Global Private Client Group (2007-2010), Executive Vice President, Mutual Funds (2005-2007), and Chief Marketing Officer (2001-2005) of Nuveen Investments, Inc. (asset management).	56	Advisory Board Member of AEW Core Property Trust (open-end property fund) (since 2020), and Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of MotiveQuest LLC (strategic social market research company) (2003-2016), Director of Nuveen Global Investors LLC (2007-2011), Director of Communities in Schools (2004-2010), and Director of Mutual Fund Education Alliance (until 2010).


Janus Investment Fund	69

Janus Henderson Balanced Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William D. Cvengros 151 Detroit Street Denver, CO 80206 DOB: 1948	Trustee	1/11-Present	Chief Executive Officer of SJC Capital, LLC (a personal investment company and consulting firm) (since 2002). Formerly, Venture Partner for The Edgewater Funds (a middle market private equity firm) (2002-2004), Chief Executive Officer and President of PIMCO Advisors Holdings L.P. (a publicly traded investment management firm) (1994-2000), and Chief Investment Officer (1987-1994) and Vice Chairman and Director (1990-1994) of Pacific Life Insurance Company (a mutual life insurance and annuity company) (1987-1994).	56	Advisory Board Member, RevOZ Fund LP and related funds (real estate investments for opportunity zones) (since 2020), and Advisory Board Member, Innovate Partners Emerging Growth and Equity Fund I (early stage venture capital fund) (since 2014). Formerly, Managing Trustee of National Retirement Partners Liquidating Trust (2013-2016), Chairman, National Retirement Partners, Inc. (formerly a network of advisors to 401(k) plans) (2005-2013), Director of Prospect Acquisition Corp. (a special purpose acquisition corporation) (2007-2009), Director of RemedyTemp, Inc. (temporary help services company) (1996-2006), and Trustee of PIMCO Funds Multi-Manager Series (1990-2000) and Pacific Life Variable Life & Annuity Trusts (1987-1994).


70	SEPTEMBER 30, 2020

Janus Henderson Balanced Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Raudline Etienne 151 Detroit Street Denver, CO 80206 DOB: 1965	Trustee	6/16-Present	Founder, Daraja Capital (advisory and investment firm) (since 2016), and Senior Advisor, Albright Stonebridge Group LLC (global strategy firm) (since 2016). Formerly, Senior Vice President (2011-2015), Albright Stonebridge Group LLC, and Deputy Comptroller and Chief Investment Officer, New York State Common Retirement Fund (public pension fund) (2008-2011).	56	Board Member, Van Alen Institute (nonprofit architectural and design organization) (since 2019), and Director of Brightwood Capital Advisors, LLC (since 2014).
William M. Fitzgerald, Sr. 151 Detroit Street Denver, CO 80206 DOB: 1964	Trustee	9/19-Present	Founder, Fitzgerald Asset Management LLC (since 2012). Formerly, Founder and Chief Investment Officer, Global Infrastructure Asset Management LLC (2008-2017), Chief Investment Officer of Nuveen Asset Management (2000-2007), and Managing Director, Nuveen Investment LLC (1988-2007).	56	Board of Directors, Municipal Securities Rulemaking Board (since 2017). Formerly, Board of Directors of Syncora Holdings Ltd, Syncora Guarantee Inc., and Syncora Capital Assurance Inc. (2009-2016), and Trustee, Destra Investment Trust (2010-2014).


Janus Investment Fund	71

Janus Henderson Balanced Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Gary A. Poliner 151 Detroit Street Denver, CO 80206 DOB: 1953	Trustee	6/16-Present	Retired. Formerly, President (2010-2013) of Northwestern Mutual Life Insurance Company.	56	Director of MGIC Investment Corporation (private mortgage insurance) (since 2013) and West Bend Mutual Insurance Company (property/casualty insurance) (since 2013). Formerly, Trustee of Northwestern Mutual Life Insurance Company (2010-2013), and Director of Frank Russell Company (global asset management firm) (2008-2013).
Diane L. Wallace 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	6/17-Present	Retired.	56	Formerly, Independent Trustee, Henderson Global Funds (13 portfolios) (2015-2017), Independent Trustee, State Farm Associates' Funds Trust, State Farm Mutual Fund Trust, and State Farm Variable Product Trust (28 portfolios) (2013-2017), Chief Operating Officer, Senior Vice President-Operations, and Chief Financial Officer for Driehaus Capital Management, LLC (1988-2006), and Treasurer for Driehaus Mutual Funds (1996-2002).


72	SEPTEMBER 30, 2020

Janus Henderson Balanced Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Linda S. Wolf 151 Detroit Street Denver, CO 80206 DOB: 1947	Trustee	11/05-Present	Retired. Formerly, Chairman and Chief Executive Officer of Leo Burnett (Worldwide) (advertising agency) (2001-2005).	56	Director of Chicago Community Trust (Regional Community Foundation), Lurie Children’s Hospital (Chicago, IL), Shirley Ryan Ability Lab and Wrapports, LLC (digital communications company). Formerly, Director of Chicago Council on Global Affairs (until 2019), InnerWorkings (until 2019), Director of Walmart (until 2017), Director of Chicago Convention & Tourism Bureau (until 2014), and The Field Museum of Natural History (Chicago, IL) (until 2014).


Janus Investment Fund	73

Janus Henderson Balanced Fund

Trustees and Officers (unaudited)


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Jeremiah Buckley 151 Detroit Street Denver, CO 80206 DOB: 1976	Executive Vice President and Co-Portfolio Manager Janus Henderson Balanced Fund	12/15-Present	Portfolio Manager for other Janus Henderson accounts.
Michael Keough 151 Detroit Street Denver, CO 80206 DOB: 1978	Executive Vice President and Co-Portfolio Manager Janus Henderson Balanced Fund	12/19-Present	Portfolio Manager for other Janus Henderson accounts.
Marc Pinto 151 Detroit Street Denver, CO 80206 DOB: 1961	Executive Vice President and Co-Portfolio Manager Janus Henderson Balanced Fund	5/05-Present	Portfolio Manager for other Janus Henderson accounts.
Greg Wilensky 151 Detroit Street Denver, CO 80206 DOB: 1975	Executive Vice President and Co-Portfolio Manager Janus Henderson Balanced Fund	2/20-Present	Head of U.S. Fixed Income and Portfolio Manager for other Janus Henderson accounts. Formerly, Director and Lead Portfolio Manager of the U.S. Multi-Sector Fixed Income team at AllianceBernstein (2007-2019).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.


74	SEPTEMBER 30, 2020

Janus Henderson Balanced Fund

Trustees and Officers (unaudited)


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Bruce L. Koepfgen 151 Detroit Street Denver, CO 80206 DOB: 1952	President and Chief Executive Officer	7/14-Present	Executive Vice President, Head of North America at Janus Henderson Investors and Janus Capital Management LLC (since 2017), Executive Vice President and Director of Janus International Holding LLC (since 2011), Executive Vice President of Janus Distributors LLC (since 2011), Vice President and Director of Intech Investment Management LLC (since 2011), Executive Vice President and Director of Perkins Investment Management LLC (since 2011), and President and Director of Janus Management Holdings Corporation (since 2011). Formerly, President of Janus Capital Group Inc. and Janus Capital Management LLC (2013-2017), Executive Vice President of Janus Services LLC (2011-2015), Janus Capital Group Inc. and Janus Capital Management LLC (2011-2013), and Chief Financial Officer of Janus Capital Group Inc., Janus Capital Management LLC, Janus Distributors LLC, Janus Management Holdings Corporation, and Janus Services LLC (2011-2013).
Kristin Mariani 151 Detroit Street Denver, CO 80206 DOB: 1966	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	7/20-Present	Chief Compliance Officer for Janus Capital Management LLC (since September 2017), Global Head of Investment Management Compliance for Janus Henderson Investors (since 2019). Formerly, Vice President, Head of Global Distribution Compliance and Chief Compliance Officer of Janus Henderson Distributors (May 2017 – September 2017), Vice President, Compliance at Janus Capital Group Inc., Janus Capital Management LLC, and Janus Distributors LLC (2009-2017).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.


Janus Investment Fund	75

Janus Henderson Balanced Fund

Trustees and Officers (unaudited)


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Jesper Nergaard 151 Detroit Street Denver, CO 80206 DOB: 1962	Chief Financial Officer Vice President, Treasurer, and Principal Accounting Officer	3/05-Present 2/05-Present	Vice President of Janus Capital and Janus Services LLC.
Byron D. Hittle 151 Detroit Street Denver, CO 80206 DOB: 1974	Interim Vice President, Chief Legal Counsel, and Secretary	8/20-Present	Managing Counsel (2017-present). Formerly, Assistant Vice President and Senior Legal Counsel, Janus Capital Management LLC (2012-2016).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.


76	SEPTEMBER 30, 2020

Janus Henderson Balanced Fund

Notes to Financial Statements

NotesPage1


Janus Investment Fund	77

Knowledge Shared

At Janus Henderson, we believe in the sharing of expert insight for better investment and business decisions. We call this ethos Knowledge Shared.

Learn more by visiting janushenderson.com.




This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson, Janus, Henderson, Perkins, Intech and Knowledge Shared are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Janus Henderson Distributors
							125-02-93037 11-20



		ANNUAL REPORT September 30, 2020

	Janus Henderson Contrarian Fund

	Janus Investment Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by contacting a Janus Henderson representative. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by visiting janushenderson.com/edelivery. You may elect to receive all future reports in paper free of charge. If you do not invest directly with the Fund, you should contact your plan sponsor, broker-dealer, or financial intermediary, to request to continue receiving paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-525-3713 to let the Fund know that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Janus Henderson mutual funds where held (i.e., all Janus Henderson mutual funds held in your account if you invest through your financial intermediary or all Janus Henderson mutual funds held with the fund complex if you invest directly with a fund).
			HIGHLIGHTS · Portfolio management perspective · Investment strategy behind your fund · Fund performance, characteristics and holdings

Table of Contents

Janus Henderson Contrarian Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	13
Statement of Assets and Liabilities	15
Statement of Operations	17
Statements of Changes in Net Assets	19
Financial Highlights	20
Notes to Financial Statements	24
Report of Independent Registered Public Accounting Firm	40
Additional Information	41
Useful Information About Your Fund Report	54
Designation Requirements	57
Trustees and Officers	58

Janus Henderson Contrarian Fund (unaudited)

FUND SNAPSHOT

We believe that constructing a high-conviction portfolio of companies where we believe the market does not properly recognize the intrinsic value of a business can outperform over time. We think of ourselves as business model investors first. We look to invest in companies with durable business models, whose intrinsic value grows over time, and whose management team’s interests are aligned with shareholders.

Nick Schommer

portfolio manager

OVERVIEW

The Janus Henderson Contrarian Fund Class I Shares returned 16.37% for the 12-month period ended September 30, 2020. The Fund’s benchmark, the S&P 500^{^®} Index, returned 15.15%.

INVESTMENT ENVIRONMENT

The period began with strong gains due largely to a partial truce in the ongoing trade war between the U.S. and China and accommodative monetary policy by the Federal Reserve (Fed). However, the COVID-19 pandemic soon became of primary concern to markets, causing a swift downturn in the first quarter of 2020 amid a near-total shutdown of the global economy. The S&P 500 Index then posted two straight quarters of positive results following the COVID-induced market correction as the U.S. economy continued down a path of recovery, fueled by enormous monetary and fiscal stimulus and an extremely low interest rate environment that is expected to persist. The potential for additional fiscal relief and progress on coronavirus vaccines could provide additional support; however, uncertainty remained around the U.S. elections, the potential for a spike in coronavirus cases, and ongoing geopolitical factors, including U.S.-China trade relations and Brexit.

PERFORMANCE DISCUSSION

The Fund outperformed its benchmark, the S&P 500 Index, for the period. As part of our contrarian investment approach, we seek stocks that trade at a discount to our estimate of fair value, whose intrinsic value we believe will grow over time, and whose management teams are aligned with shareholders. For most stocks in our portfolio, we believe the market misunderstands the business model, undervalues the company’s assets, or underappreciates the company’s long-term growth potential. We believe a concentrated, high-conviction portfolio of such companies can drive outperformance over time as the intrinsic value of these businesses gains greater appreciation by the market.

Horizon Therapeutics was among the top contributors to performance for the period. We believe the specialty pharmaceutical company’s business model is misunderstood by the market, as it has transitioned from a specialty pharmaceutical company to a biopharma company focused on rare disease and orphan drugs. The firm continued to report strong results during the period, driven by its two key pharmaceutical assets: Krystexxa, which is used to treat severe gout, and Tepezza, used to treat thyroid eye disease.

Freeport-McMoRan was also a top contributor. During the period, the copper miner’s stock benefited as copper prices rose on both an increase in demand from China as well as supply constraints that have led to tight inventories. We believe the global economy is beginning a decades-long transformation in the way we consumer power away from fossil fuels and toward electric generation. Copper is a key input in this transformation.

Chewy, an online retailer of pet food and supplies, benefited from broad stay-at-home mandates during the pandemic. As consumers embraced online shopping for themselves, they also turned to online shopping for their pets. This allowed Chewy to gain customers without having to spend heavily on customer acquisition.

PagSeguro, a Brazilian payment processing company, was among the top detractors. During the period the company reported lower-than-expected results, specifically, lower total payment volume per merchant. At the same time, the firm announced a follow-on offering of common shares. The combination of these two events drove the stock down sharply. We sold our position in the stock during the period.

Another detractor was Constellium, a downstream manufacturer of aluminum products for the packaging, aerospace and auto industries. The stock suffered as demand for some of the company’s products weakened and as the market became more concerned with its financial leverage. However, we continue to believe in the


Janus Investment Fund	1

Janus Henderson Contrarian Fund (unaudited)

long-term outlook for the company and its products’ usage in applications such as electric vehicles and sustainable packaging.

Citigroup Inc. was among the top detractors as financials stocks in general have underperformed the broader market. Investors continue to assess the impacts that an extended low interest rate environment and potential for increased credit risk may have on the bank’s businesses. During the period, Citigroup’s CEO announced his retirement as regulators planned to reprimand the firm for failure to improve its risk controls.

DERIVATIVES USAGE

Please see the Derivative Instruments section in the “Notes to Financial Statements” for a discussion of derivatives used by the Fund.

OUTLOOK

Unparalleled levels of fiscal and monetary stimulus and a historically low interest rate environment have continued to support company valuations, driving equity markets’ rapid rebound. Fairly strong economic activity and employment data have also signaled that the U.S. is continuing down the path to recovery. We have seen a wide divergence in performance between growth and value this year, particularly for a handful of mega-cap technology stocks that have driven a large portion of the market’s rise. We believe that some of the extraordinary performance discrepancy is justified, as consumers have thus far been willing to spend through digital means and experiences during the pandemic, to the benefit of these firms.

However, as we look further out, and get closer to a safe and widely implemented coronavirus vaccine or get closer to herd immunity, we think investors will become more confident that the economy can return to normal. As investors gain confidence in this outcome, we think the market recovery can become more broad-based and supportive for companies in other sectors and with more reasonable valuations. We believe that several of our holdings, particularly in the undervalued assets segment of Fund, can benefit from this recovery. Nevertheless, we expect elevated volatility to continue, particularly as the election approaches and investors assess the potential policy implications for various outcomes.

Importantly, we remain focused on investing in durable businesses whose stocks are trading at a significant discount to their fair value, whose intrinsic value grows over time and whose management teams are aligned with shareholders. We will continue to look for new ideas across all three sets of opportunities in our portfolio: misunderstood business models, undervalued assets and underappreciated growth stocks.

Thank you for your investment in Janus Henderson Contrarian Fund.


2	SEPTEMBER 30, 2020

Janus Henderson Contrarian Fund (unaudited)

Fund At A Glance

September 30, 2020





5 Top Contributors - Holdings			5 Top Detractors - Holdings
	Average Weight	Relative Contribution		Average Weight	Relative Contribution
Horizon Therapeutics PLC	3.04%	3.61%	PagSeguro Digital Ltd	1.20%	-1.91%
Freeport-McMoRan Inc	2.50%	1.77%	Constellium SE	2.21%	-1.51%
Marvell Technology Group Ltd	2.70%	1.66%	Citigroup Inc	2.88%	-1.36%
Avalara Inc	1.54%	1.29%	L3Harris Technologies Inc	4.29%	-1.30%
Chewy Inc	0.95%	1.09%	Sempra Energy	3.95%	-1.26%


	5 Top Contributors - Sectors*
		Relative	Fund	S&P 500 Index
		Contribution	Average Weight	Average Weight
	Health Care	4.80%	13.84%	14.44%
	Energy	2.67%	0.00%	3.34%
	Real Estate	1.35%	3.38%	2.92%
	Financials	1.17%	10.70%	11.41%
	Consumer Staples	0.73%	1.25%	7.27%


	5 Top Detractors - Sectors*
		Relative	Fund	S&P 500 Index
		Contribution	Average Weight	Average Weight
	Information Technology	-5.62%	12.53%	25.18%
	Utilities	-2.52%	6.54%	3.29%
	Materials	-0.74%	13.19%	2.57%
	Industrials	-0.37%	11.10%	8.54%
	Communication Services	0.18%	15.88%	10.72%

	Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance. Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index.
*	Based on sector classification according to the Global Industry Classification Standard (“GICS”) codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.


Janus Investment Fund	3

Janus Henderson Contrarian Fund (unaudited)

Fund At A Glance

September 30, 2020


5 Largest Equity Holdings - (% of Net Assets)
Crown Holdings Inc
Containers & Packaging	6.7%
VICI Properties Inc
Equity Real Estate Investment Trusts (REITs)	5.4%
Horizon Therapeutics PLC
Pharmaceuticals	4.8%
T-Mobile US Inc
Wireless Telecommunication Services	4.5%
Marvell Technology Group Ltd
Semiconductor & Semiconductor Equipment	4.4%
	25.8%


Asset Allocation - (% of Net Assets)
Common Stocks	97.0%
Corporate Bonds	1.8%
Investments Purchased with Cash Collateral from Securities Lending	1.1%
Investment Companies	1.1%
Rights	0.3%
Other		(1.3)%
		100.0%

Top Country Allocations - Long Positions - (% of Investment Securities)

As of September 30, 2020

As of September 30, 2019


4	SEPTEMBER 30, 2020

Janus Henderson Contrarian Fund (unaudited)

Performance

See important disclosures on the next page.




Average Annual Total Return - for the periods ended September 30, 2020					Expense Ratios
	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses^‡	Net Annual Fund Operating Expenses^‡
Class A Shares at NAV	16.01%	11.01%	9.63%	7.53%	0.94%	0.94%
Class A Shares at MOP	9.33%	9.71%	8.98%	7.22%
Class C Shares at NAV	15.20%	10.25%	8.82%	6.73%	1.67%	1.67%
Class C Shares at CDSC	14.20%	10.25%	8.82%	6.73%
Class D Shares	16.29%	11.26%	9.85%	7.71%	0.71%	0.71%
Class I Shares	16.37%	11.34%	9.93%	7.76%	0.65%	0.65%
Class N Shares	16.50%	11.33%	9.85%	7.71%	0.58%	0.58%
Class R Shares	15.42%	10.49%	9.16%	7.05%	1.74%	1.48%
Class S Shares	15.71%	10.80%	9.44%	7.33%	1.36%	1.22%
Class T Shares	16.22%	11.17%	9.76%	7.67%	0.81%	0.81%
S&P 500 Index	15.15%	14.15%	13.74%	6.52%
Morningstar Quartile - Class T Shares	1st	1st	2nd	2nd
Morningstar Ranking - based on total returns for Mid-Cap Blend Funds	17/407	30/343	137/289	67/155

Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on January 28, 2020.

This Fund has a performance-based management fee that may adjust up or down based on the Fund’s performance.

Performance may be affected by risks that include those associated with non-diversification, portfolio turnover, short sales, potential conflicts of interest,


Janus Investment Fund	5

Janus Henderson Contrarian Fund (unaudited)

Performance

foreign and emerging markets, initial public offerings (IPOs), high-yield and high-risk securities, undervalued, overlooked and smaller capitalization companies, real estate related securities including Real Estate Investment Trusts (REITs), derivatives, and commodity-linked investments. Each product has different risks. Please see the prospectus for more information about risks, holdings and other details.

Class N Shares commenced operations on August 4, 2017. Performance shown for periods prior to August 4, 2017, reflects the performance of the Fund’s Class T Shares, calculated using the fees and expenses of Class T Shares, net of any applicable fee and expense limitations or waivers.

There is no assurance that the investment process will consistently lead to successful investing.

See Notes to Schedule of Investments and Other Information for index definitions.

Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

See “Useful Information About Your Fund Report.”

*The Fund’s inception date – February 29, 2000

‡ As stated in the prospectus. See Financial Highlights for actual expense ratios during the reporting period.


6	SEPTEMBER 30, 2020

Janus Henderson Contrarian Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (4/1/20)	Ending Account Value (9/30/20)	Expenses Paid During Period (4/1/20 - 9/30/20)†	Beginning Account Value (4/1/20)	Ending Account Value (9/30/20)	Expenses Paid During Period (4/1/20 - 9/30/20)†	Net Annualized Expense Ratio (4/1/20 - 9/30/20)
Class A Shares		$1,000.00	$1,400.20	$6.06	$1,000.00	$1,019.95	$5.10	1.01%
Class C Shares		$1,000.00	$1,395.10	$9.94	$1,000.00	$1,016.70	$8.37	1.66%
Class D Shares		$1,000.00	$1,402.10	$4.50	$1,000.00	$1,021.25	$3.79	0.75%
Class I Shares		$1,000.00	$1,402.50	$4.14	$1,000.00	$1,021.55	$3.49	0.69%
Class N Shares		$1,000.00	$1,403.50	$3.67	$1,000.00	$1,021.95	$3.08	0.61%
Class R Shares		$1,000.00	$1,397.30	$9.11	$1,000.00	$1,017.40	$7.67	1.52%
Class S Shares		$1,000.00	$1,398.90	$7.44	$1,000.00	$1,018.80	$6.26	1.24%
Class T Shares		$1,000.00	$1,401.70	$5.04	$1,000.00	$1,020.80	$4.24	0.84%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


Janus Investment Fund	7

Janus Henderson Contrarian Fund

Schedule of Investments

September 30, 2020


Shares or Principal Amounts			Value
Corporate Bonds– 1.8%
Industrial Conglomerates – 1.8%
	General Electric Co, ICE LIBOR USD 3 Month + 3.3300%, 5.0000%^‡,µ((cost $63,498,063)	$69,319,000	$55,230,841
Common Stocks– 97.0%
Aerospace & Defense – 2.9%
	L3Harris Technologies Inc	522,055	88,665,821
Banks – 1.5%
	Citigroup Inc	1,086,665	46,846,128
Biotechnology – 1.6%
	Insmed Inc*	912,594	29,330,771
	Neurocrine Biosciences Inc*	225,800	21,712,928
			51,043,699
Capital Markets – 5.0%
	Apollo Global Management Inc	1,503,531	67,283,012
	Morgan Stanley	1,776,971	85,916,548
			153,199,560
Construction Materials – 0.8%
	Summit Materials Inc*	1,468,558	24,289,949
Containers & Packaging – 6.7%
	Crown Holdings Inc*	2,695,612	207,184,738
Diversified Consumer Services – 4.3%
	ServiceMaster Global Holdings Inc*	3,362,825	134,109,461
Electric Utilities – 3.3%
	American Electric Power Co Inc	1,251,236	102,263,518
Entertainment – 4.1%
	Liberty Media Corp-Liberty Formula One*	2,302,707	83,519,183
	Warner Music Group Corp - Class A	1,489,837	42,817,915
			126,337,098
Equity Real Estate Investment Trusts (REITs) – 5.4%
	VICI Properties Inc	7,102,020	165,974,207
Financial Institutions – 0.7%
	RedBall Acquisition Corp*	1,987,252	21,005,254
Health Care Equipment & Supplies – 5.5%
	Boston Scientific Corp*	3,031,356	115,828,113
	Globus Medical Inc*	537,957	26,639,631
	ICU Medical Inc*	158,055	28,886,132
			171,353,876
Hotels, Restaurants & Leisure – 3.5%
	Caesars Entertainment Inc*	1,507,052	84,485,335
	Monarch Casino & Resort Inc*	549,026	24,486,560
			108,971,895
Household Products – 1.4%
	Reynolds Consumer Products Inc	1,440,424	44,105,783
Interactive Media & Services – 1.7%
	Snap Inc*	1,978,430	51,656,807
Internet & Direct Marketing Retail – 5.0%
	Amazon.com Inc*	34,637	109,062,561
	Chewy Inc*^,#	825,174	45,244,290
			154,306,851
Leisure Products – 2.7%
	Hasbro Inc	1,015,973	84,041,287
Machinery – 1.6%
	Stanley Black & Decker Inc	305,613	49,570,429
Media – 2.6%
	GCI Liberty Inc*	964,645	79,062,304
Metals & Mining – 5.3%
	Constellium SE*^,£	7,523,036	59,055,833
	Freeport-McMoRan Inc	6,751,063	105,586,625
			164,642,458


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

8	SEPTEMBER 30, 2020

Janus Henderson Contrarian Fund

Schedule of Investments

September 30, 2020


Shares or Principal Amounts			Value
Common Stocks– (continued)
Multi-Utilities – 3.0%
	Sempra Energy	775,052	$91,735,155
Pharmaceuticals – 8.6%
	Collegium Pharmaceutical Inc*^,£	2,264,477	47,146,411
	Elanco Animal Health Inc*	2,573,743	71,884,642
	Horizon Therapeutics PLC*	1,889,150	146,749,172
			265,780,225
Semiconductor & Semiconductor Equipment – 8.9%
	Lam Research Corp	171,535	56,906,736
	Marvell Technology Group Ltd	3,442,340	136,660,898
	Microchip Technology Inc	427,802	43,960,934
	QUALCOMM Inc	322,904	37,999,343
			275,527,911
Software – 2.9%
	Avalara Inc*	70,000	8,913,800
	Ceridian HCM Holding Inc*	351,501	29,051,558
	Zendesk Inc*	496,514	51,101,221
			89,066,579
Textiles, Apparel & Luxury Goods – 1.5%
	Under Armour Inc*	4,646,992	45,726,401
Trading Companies & Distributors – 2.0%
	Ferguson PLC	613,361	61,702,492
Wireless Telecommunication Services – 4.5%
	T-Mobile US Inc*	1,222,255	139,777,082
Total Common Stocks (cost $2,343,555,727)			2,997,946,968
Rights– 0.3%
Pharmaceuticals – 0.3%
	Bristol-Myers Squibb Co*((cost $9,563,146)	4,043,301	9,097,427
Investment Companies– 1.1%
Money Markets – 1.1%
	Janus Henderson Cash Liquidity Fund LLC, 0.1028%^ºº,£((cost $32,262,754)	32,259,868	32,263,094
Investments Purchased with Cash Collateral from Securities Lending– 1.1%
Investment Companies – 0.9%
	Janus Henderson Cash Collateral Fund LLC, 0.0289%^ºº,£	27,849,600	27,849,600
Time Deposits – 0.2%
	Canadian Imperial Bank of Commerce, 0.0800%, 10/1/20	$6,962,400	6,962,400
Total Investments Purchased with Cash Collateral from Securities Lending (cost $34,812,000)			34,812,000
Total Investments (total cost $2,483,691,690) – 101.3%			3,129,350,330
Liabilities, net of Cash, Receivables and Other Assets – (1.3)%			(39,523,488)
Net Assets – 100%			$3,089,826,842


Summary of Investments by Country - (Long Positions) (unaudited)

		% of
		Investment
Country	Value	Securities
United States	$3,070,294,497	98.1	%
Netherlands	59,055,833	1.9



Total	$3,129,350,330	100.0	%


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	9

Janus Henderson Contrarian Fund

Schedule of Investments

September 30, 2020

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income⁽¹⁾		Realized Gain/(Loss)⁽¹⁾		Change in Unrealized Appreciation/ Depreciation⁽¹⁾		Value at 9/30/20
Common Stocks - 3.4%
Metals & Mining - 1.9%
	Constellium SE^*	$	-	$	(1,176,792)	$	(27,785,664)	$	59,055,833
Pharmaceuticals - 1.5%
	Collegium Pharmaceutical Inc^*		-		-		17,321,888		47,146,411
Total Common Stocks		$	-	$	(1,176,792)	$	(10,463,776)	$	106,202,244
Investment Companies - 1.1%
Money Markets - 1.1%
	Janus Henderson Cash Liquidity Fund LLC, 0.1028%^ºº		404,875		5,234		340		32,263,094
Investments Purchased with Cash Collateral from Securities Lending - 0.9%
Investment Companies - 0.9%
	Janus Henderson Cash Collateral Fund LLC, 0.0289%^ºº		167,078^∆		-		-		27,849,600
Total Affiliated Investments - 5.4%		$	571,953	$	(1,171,558)	$	(10,463,436)	$	166,314,938

(1) For securities that were affiliated for a portion of the year ended September 30, 2020, this column reflects amounts for the entire year ended September 30, 2020 and not just the period in which the security was affiliated.


		Value at 9/30/19		Purchases		Sales Proceeds		Value at 9/30/20
Common Stocks - 3.4%
Metals & Mining - 1.9%
	Constellium SE^*		66,154,203		22,667,639		(803,553)		59,055,833
Pharmaceuticals - 1.5%
	Collegium Pharmaceutical Inc^*		20,877,459		8,947,064		-		47,146,411
Investment Companies - 1.1%
Money Markets - 1.1%
	Janus Henderson Cash Liquidity Fund LLC, 0.1028%^ºº		118,196,467		958,780,822		(1,044,719,769)		32,263,094
Investments Purchased with Cash Collateral from Securities Lending - 0.9%
Investment Companies - 0.9%
	Janus Henderson Cash Collateral Fund LLC, 0.0289%^ºº		334,750		370,628,347		(343,113,497)		27,849,600


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

10	SEPTEMBER 30, 2020

Janus Henderson Contrarian Fund

Schedule of Investments

September 30, 2020

Schedule of OTC Written Options

Counterparty/

Reference Asset

Number of

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Premiums

Received

Unrealized

Appreciation/

(Depreciation)

Options

Written,

at Value

Written Call Options:

Citigroup:


Amazon.com Inc	50	4,000.00	USD	10/16/20	$	(15,743,650)	$	296,000	$	290,280	$	(5,720)
								296,000		290,280		(5,720)

Morgan Stanley:


Avalara Inc	400	140.00	USD	10/16/20	(5,093,600)		63,400		18,763		(44,637)
							63,400		18,763		(44,637)
Total - Written Call Options							359,400		309,043		(50,357)
Total OTC Written Options						$	359,400	$	309,043	$	(50,357)

The following table, grouped by derivative type, provides information about the fair value and location of derivatives within the Statement of Assets and Liabilities as of September 30, 2020.


Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of September 30, 2020

					Equity Contracts

Liability Derivatives:
Options written, at value					$ 50,357

The following table provides information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the year ended September 30, 2020.


The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the year ended September 30, 2020

Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative				Equity Contracts
Written options contracts				$3,235,962



Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative				Equity Contracts
Written options contracts				$ 309,043

Please see the "Net Realized Gain/(Loss) on Investments" and "Change in Unrealized Net Appreciation/Depreciation" section of the Fund’s Statement of Operations.


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	11

Janus Henderson Contrarian Fund

Schedule of Investments

September 30, 2020


Average Ending Monthly Market Value of Derivative Instruments During the Year Ended September 30, 2020

	Market Value
Written options contracts, call	$ 221,829


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

12	SEPTEMBER 30, 2020

Janus Henderson Contrarian Fund

Notes to Schedule of Investments and Other Information


S&P 500^{^®} Index	S&P 500^{^®} Index reflects U.S. large-cap equity performance and represents broad U.S. equity market performance.


ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
LLC	Limited Liability Company
OTC	Over-the-Counter
PLC	Public Limited Company


*	Non-income producing security.


‡	Variable or floating rate security. Rate shown is the current rate as of September 30, 2020. Certain variable rate securities are not based on a published reference rate and spread; they are determined by the issuer or agent and current market conditions. Reference rate is as of reset date and may vary by security, which may not indicate a reference rate and/or spread in their description.


ºº	Rate shown is the 7-day yield as of September 30, 2020.


#	Loaned security; a portion of the security is on loan at September 30, 2020.


µ	Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. The date indicated, if any, represents the next call date.


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


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


Janus Investment Fund	13

Janus Henderson Contrarian Fund

Notes to Schedule of Investments and Other Information


The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of September 30, 2020. See Notes to Financial Statements for more information.

Valuation Inputs Summary

					Level 2 -		Level 3 -
			Level 1 -		Other Significant		Significant
			Quoted Prices		Observable Inputs		Unobservable Inputs

Assets
Investments In Securities:
Corporate Bonds		$	-	$	55,230,841	$	-
Common Stocks
Trading Companies & Distributors			-		61,702,492		-
All Other			2,936,244,476		-		-
Rights			9,097,427		-		-
Investment Companies			-		32,263,094		-
Investments Purchased with Cash Collateral from Securities Lending			-		34,812,000		-
Total Assets		$	2,945,341,903	$	184,008,427	$	-
Liabilities
Other Financial Instruments^(a):
Options Written, at Value		$	-	$	50,357	$	-

(a)	Other financial instruments include forward foreign currency exchange, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Futures, certain written options on futures, and centrally cleared swap contracts are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Written options, written swaptions, and other swap contracts are reported at their market value at measurement date.


14	SEPTEMBER 30, 2020

Janus Henderson Contrarian Fund

Statement of Assets and Liabilities

September 30, 2020



Assets:
	Unaffiliated investments, at value⁽¹⁾⁽²⁾		$	2,963,035,392
	Affiliated investments, at value⁽³⁾			166,314,938
	Deposits with brokers for OTC derivatives			680,000
	Non-interested Trustees' deferred compensation			67,044
	Receivables:
		Investments sold		8,091,486
		Fund shares sold		4,048,299
		Dividends		3,432,268
		Interest		1,020,530
		Dividends from affiliates		2,281
	Other assets			36,945
Total Assets				3,146,729,183
Liabilities:
	Due to custodian			63
	Collateral for securities loaned (Note 3)			34,812,000
	Options written, at value⁽⁴⁾			50,357
	Payables:			—
		Investments purchased		14,772,352
		Fund shares repurchased		4,748,816
		Advisory fees		1,711,312
		Transfer agent fees and expenses		463,020
		Non-interested Trustees' deferred compensation fees		67,044
		Professional fees		43,898
		12b-1 Distribution and shareholder servicing fees		12,178
		Non-interested Trustees' fees and expenses		12,006
		Affiliated fund administration fees payable		6,310
		Custodian fees		3,400
		Accrued expenses and other payables		199,585
Total Liabilities				56,902,341
Net Assets			$	3,089,826,842


See Notes to Financial Statements.

Janus Investment Fund	15

Janus Henderson Contrarian Fund

Statement of Assets and Liabilities

September 30, 2020




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	2,406,008,575
	Total distributable earnings (loss)		683,818,267
Total Net Assets		$	3,089,826,842
Net Assets - Class A Shares		$	28,122,962
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,252,117
Net Asset Value Per Share⁽⁵⁾		$	22.46
Maximum Offering Price Per Share⁽⁶⁾		$	23.83
Net Assets - Class C Shares		$	7,177,944
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		349,249
Net Asset Value Per Share⁽⁵⁾		$	20.55
Net Assets - Class D Shares		$	2,152,848,214
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		95,411,411
Net Asset Value Per Share		$	22.56
Net Assets - Class I Shares		$	79,528,385
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,522,106
Net Asset Value Per Share		$	22.58
Net Assets - Class N Shares		$	48,110,836
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,134,747
Net Asset Value Per Share		$	22.54
Net Assets - Class R Shares		$	409,845
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		18,956
Net Asset Value Per Share		$	21.62
Net Assets - Class S Shares		$	451,197
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		20,135
Net Asset Value Per Share		$	22.41
Net Assets - Class T Shares		$	773,177,459
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		34,307,673
Net Asset Value Per Share		$	22.54

(1) Includes cost of $2,311,264,272.

(2) Includes $34,019,834 of securities on loan. See Note 3 in Notes to Financial Statements.

(3) Includes cost of $172,427,418.

(4) Premiums received $359,400.

(5) Redemption price per share may be reduced for any applicable contingent deferred sales charge.

(6) Maximum offering price is computed at 100/94.25 of net asset value.


See Notes to Financial Statements.

16	SEPTEMBER 30, 2020

Janus Henderson Contrarian Fund

Statement of Operations

For the year ended September 30, 2020



Investment Income:
	Dividends		$	39,126,581
	Interest			4,964,142
	Dividends from affiliates			404,875
	Affiliated securities lending income, net			167,078
	Unaffiliated securities lending income, net			4,171
	Other income			298
Total Investment Income				44,667,145
Expenses:
	Advisory fees			15,826,463
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		59,281
		Class C Shares		88,513
		Class R Shares		4,019
		Class S Shares		1,887
	Transfer agent administrative fees and expenses:
		Class D Shares		2,358,316
		Class R Shares		2,011
		Class S Shares		1,889
		Class T Shares		1,828,728
	Transfer agent networking and omnibus fees:
		Class A Shares		28,781
		Class C Shares		8,833
		Class I Shares		78,970
	Other transfer agent fees and expenses:
		Class A Shares		1,813
		Class C Shares		692
		Class D Shares		349,565
		Class I Shares		3,941
		Class N Shares		1,044
		Class R Shares		46
		Class S Shares		28
		Class T Shares		9,205
	Shareholder reports expense			309,295
	Registration fees			178,364
	Affiliated fund administration fees			72,158
	Professional fees			64,786
	Non-interested Trustees’ fees and expenses			54,864
	Custodian fees			19,162
	Other expenses			221,252
Total Expenses				21,573,906
Less: Excess Expense Reimbursement and Waivers				(69,029)
Net Expenses				21,504,877
Net Investment Income/(Loss)				23,162,268


See Notes to Financial Statements.

Janus Investment Fund	17

Janus Henderson Contrarian Fund

Statement of Operations

For the year ended September 30, 2020



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	39,294,535
	Investments in affiliates		(1,171,558)
	Written options contracts		3,235,962
Total Net Realized Gain/(Loss) on Investments			41,358,939
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation		356,359,455
	Investments in affiliates		(10,463,436)
	Written options contracts		309,043
Total Change in Unrealized Net Appreciation/Depreciation			346,205,062
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	410,726,269


See Notes to Financial Statements.

18	SEPTEMBER 30, 2020

Janus Henderson Contrarian Fund

Statements of Changes in Net Assets



			Year ended September 30, 2020		Year ended September 30, 2019

Operations:
	Net investment income/(loss)		$	23,162,268	$	20,388,856
	Net realized gain/(loss) on investments			41,358,939		296,088,438
	Change in unrealized net appreciation/depreciation			346,205,062		(89,344,910)
Net Increase/(Decrease) in Net Assets Resulting from Operations				410,726,269		227,132,384
Dividends and Distributions to Shareholders:
		Class A Shares		(2,947,626)		(1,306,188)
		Class C Shares		(1,204,403)		(921,287)
		Class D Shares		(227,011,394)		(130,044,636)
		Class I Shares		(14,114,955)		(3,674,159)
		Class N Shares		(4,513,968)		(1,825,989)
		Class R Shares		(83,817)		(48,055)
		Class S Shares		(109,054)		(69,577)
		Class T Shares		(88,977,616)		(45,148,251)
Net Decrease from Dividends and Distributions to Shareholders				(338,962,833)		(183,038,142)
Capital Share Transactions:
		Class A Shares		6,918,688		4,639,832
		Class C Shares		(3,324,105)		(7,795,100)
		Class D Shares		84,225,461		30,574,375
		Class I Shares		1,037,470		35,268,978
		Class N Shares		7,734,864		11,502,731
		Class R Shares		(405,392)		86,405
		Class S Shares		(492,405)		(12,857)
		Class T Shares		40,954,651		43,924,102
Net Increase/(Decrease) from Capital Share Transactions				136,649,232		118,188,466
Net Increase/(Decrease) in Net Assets				208,412,668		162,282,708
Net Assets:
	Beginning of period			2,881,414,174		2,719,131,466
	End of period		$	3,089,826,842	$	2,881,414,174


See Notes to Financial Statements.

Janus Investment Fund	19

Janus Henderson Contrarian Fund

Financial Highlights


Class A Shares
For a share outstanding during the year ended September 30			2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$21.63	$21.61	$19.92	$18.53	$18.56
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.12	0.12	0.06	0.05	0.07
		Net realized and unrealized gain/(loss)	3.17	1.36	3.10	2.02	0.43
	Total from Investment Operations		3.29	1.48	3.16	2.07	0.50
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.14)	(0.04)	—	—⁽²⁾	(0.03)
		Distributions (from capital gains)	(2.32)	(1.42)	(1.47)	(0.68)	(0.50)
	Total Dividends and Distributions		(2.46)	(1.46)	(1.47)	(0.68)	(0.53)
	Net Asset Value, End of Period		$22.46	$21.63	$21.61	$19.92	$18.53
	Total Return*		16.01%	8.76%	16.89%	11.24%	2.77%
	Net Assets, End of Period (in thousands)		$28,123	$20,126	$14,940	$14,557	$53,928
	Average Net Assets for the Period (in thousands)		$23,713	$17,754	$13,854	$30,749	$73,939
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.97%	0.94%	0.87%	0.82%	0.90%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.97%	0.94%	0.87%	0.82%	0.90%
		Ratio of Net Investment Income/(Loss)	0.60%	0.58%	0.31%	0.25%	0.37%
	Portfolio Turnover Rate		68%	76%	59%	116%	51%


Class C Shares
For a share outstanding during the year ended September 30			2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$19.98	$20.16	$18.80	$17.64	$17.79
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.03)	(0.02)	(0.07)	(0.10)	(0.06)
		Net realized and unrealized gain/(loss)	2.92	1.26	2.90	1.94	0.41
	Total from Investment Operations		2.89	1.24	2.83	1.84	0.35
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—
		Distributions (from capital gains)	(2.32)	(1.42)	(1.47)	(0.68)	(0.50)
	Total Dividends and Distributions		(2.32)	(1.42)	(1.47)	(0.68)	(0.50)
	Net Asset Value, End of Period		$20.55	$19.98	$20.16	$18.80	$17.64
	Total Return*		15.20%	8.08%	16.10%	10.46%	2.02%
	Net Assets, End of Period (in thousands)		$7,178	$10,556	$19,126	$27,507	$47,112
	Average Net Assets for the Period (in thousands)		$9,451	$12,089	$21,999	$35,731	$58,609
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.63%	1.58%	1.56%	1.53%	1.62%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.63%	1.58%	1.56%	1.53%	1.62%
		Ratio of Net Investment Income/(Loss)	(0.15)%	(0.10)%	(0.38)%	(0.54)%	(0.36)%
	Portfolio Turnover Rate		68%	76%	59%	116%	51%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Less than $0.005 on a per share basis.


See Notes to Financial Statements.

20	SEPTEMBER 30, 2020

Janus Henderson Contrarian Fund

Financial Highlights


Class D Shares
For a share outstanding during the year ended September 30			2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$21.70	$21.65	$19.97	$18.60	$18.64
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.17	0.16	0.11	0.06	0.10
		Net realized and unrealized gain/(loss)	3.19	1.37	3.11	2.06	0.44
	Total from Investment Operations		3.36	1.53	3.22	2.12	0.54
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.18)	(0.06)	(0.07)	(0.07)	(0.08)
		Distributions (from capital gains)	(2.32)	(1.42)	(1.47)	(0.68)	(0.50)
	Total Dividends and Distributions		(2.50)	(1.48)	(1.54)	(0.75)	(0.58)
	Net Asset Value, End of Period		$22.56	$21.70	$21.65	$19.97	$18.60
	Total Return*		16.29%	8.99%	17.20%	11.43%	2.98%
	Net Assets, End of Period (in thousands)		$2,152,848	$1,988,711	$1,925,749	$1,824,343	$1,830,310
	Average Net Assets for the Period (in thousands)		$1,994,412	$1,855,826	$1,841,765	$1,882,932	$1,856,945
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.72%	0.71%	0.65%	0.64%	0.70%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.72%	0.71%	0.65%	0.64%	0.70%
		Ratio of Net Investment Income/(Loss)	0.83%	0.80%	0.53%	0.33%	0.56%
	Portfolio Turnover Rate		68%	76%	59%	116%	51%


Class I Shares
For a share outstanding during the year ended September 30			2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$21.73	$21.68	$19.99	$18.61	$18.64
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.18	0.17	0.12	0.07	0.11
		Net realized and unrealized gain/(loss)	3.20	1.37	3.12	2.07	0.44
	Total from Investment Operations		3.38	1.54	3.24	2.14	0.55
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.21)	(0.07)	(0.08)	(0.08)	(0.08)
		Distributions (from capital gains)	(2.32)	(1.42)	(1.47)	(0.68)	(0.50)
	Total Dividends and Distributions		(2.53)	(1.49)	(1.55)	(0.76)	(0.58)
	Net Asset Value, End of Period		$22.58	$21.73	$21.68	$19.99	$18.61
	Total Return*		16.37%	9.05%	17.29%	11.54%	3.05%
	Net Assets, End of Period (in thousands)		$79,528	$90,754	$54,348	$75,603	$93,875
	Average Net Assets for the Period (in thousands)		$86,316	$59,058	$58,166	$104,290	$144,380
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.66%	0.65%	0.57%	0.56%	0.63%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.66%	0.65%	0.57%	0.56%	0.63%
		Ratio of Net Investment Income/(Loss)	0.84%	0.85%	0.60%	0.37%	0.61%
	Portfolio Turnover Rate		68%	76%	59%	116%	51%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.


See Notes to Financial Statements.

Janus Investment Fund	21

Janus Henderson Contrarian Fund

Financial Highlights


Class N Shares
For a share outstanding during the year or period ended September 30			2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$21.68	$21.63	$19.96	$19.49
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.20	0.19	0.14	0.01
		Net realized and unrealized gain/(loss)	3.20	1.36	3.10	0.46
	Total from Investment Operations		3.40	1.55	3.24	0.47
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.22)	(0.08)	(0.10)	—
		Distributions (from capital gains)	(2.32)	(1.42)	(1.47)	—
	Total Dividends and Distributions		(2.54)	(1.50)	(1.57)	—
	Net Asset Value, End of Period		$22.54	$21.68	$21.63	$19.96
	Total Return*		16.50%	9.16%	17.37%	2.41%
	Net Assets, End of Period (in thousands)		$48,111	$39,056	$26,808	$19,528
	Average Net Assets for the Period (in thousands)		$39,349	$28,593	$24,664	$12,254
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.58%	0.58%	0.50%	0.51%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.58%	0.58%	0.50%	0.51%
		Ratio of Net Investment Income/(Loss)	0.97%	0.92%	0.69%	0.44%
	Portfolio Turnover Rate		68%	76%	59%	116%


Class R Shares
For a share outstanding during the year ended September 30			2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$20.88	$20.97	$19.47	$18.19	$18.27
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.01	0.01	(0.05)	(0.04)	—⁽³⁾
		Net realized and unrealized gain/(loss)	3.05	1.32	3.02	2.00	0.42
	Total from Investment Operations		3.06	1.33	2.97	1.96	0.42
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—
		Distributions (from capital gains)	(2.32)	(1.42)	(1.47)	(0.68)	(0.50)
	Total Dividends and Distributions		(2.32)	(1.42)	(1.47)	(0.68)	(0.50)
	Net Asset Value, End of Period		$21.62	$20.88	$20.97	$19.47	$18.19
	Total Return*		15.37%	8.21%	16.26%	10.81%	2.36%
	Net Assets, End of Period (in thousands)		$410	$780	$676	$740	$1,058
	Average Net Assets for the Period (in thousands)		$804	$695	$667	$974	$1,191
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.70%	1.74%	1.47%	1.23%	1.27%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.50%	1.48%	1.41%	1.23%	1.27%
		Ratio of Net Investment Income/(Loss)	0.07%	0.04%	(0.24)%	(0.21)%	0.00%⁽⁴⁾
	Portfolio Turnover Rate		68%	76%	59%	116%	51%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Period from August 4, 2017 (inception date) through September 30, 2017.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.

(3) Less than $0.005 on a per share basis.

(4) Less than 0.005%.


See Notes to Financial Statements.

22	SEPTEMBER 30, 2020

Janus Henderson Contrarian Fund

Financial Highlights


Class S Shares
For a share outstanding during the year ended September 30			2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$21.55	$21.53	$19.89	$18.53	$18.55
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.05	0.07	0.02	—⁽²⁾	0.04
		Net realized and unrealized gain/(loss)	3.18	1.37	3.09	2.04	0.44
	Total from Investment Operations		3.23	1.44	3.11	2.04	0.48
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.05)	—	—	—	—
		Distributions (from capital gains)	(2.32)	(1.42)	(1.47)	(0.68)	(0.50)
	Total Dividends and Distributions		(2.37)	(1.42)	(1.47)	(0.68)	(0.50)
	Net Asset Value, End of Period		$22.41	$21.55	$21.53	$19.89	$18.53
	Total Return*		15.71%	8.52%	16.65%	11.05%	2.65%
	Net Assets, End of Period (in thousands)		$451	$1,032	$1,033	$3,842	$4,052
	Average Net Assets for the Period (in thousands)		$756	$996	$3,068	$3,920	$4,208
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.46%	1.35%	1.04%	0.98%	1.04%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.21%	1.18%	1.03%	0.97%	1.03%
		Ratio of Net Investment Income/(Loss)	0.27%	0.33%	0.10%	0.00%⁽³⁾	0.22%
	Portfolio Turnover Rate		68%	76%	59%	116%	51%


Class T Shares
For a share outstanding during the year ended September 30			2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$21.68	$21.63	$19.95	$18.58	$18.62
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.15	0.14	0.09	0.05	0.09
		Net realized and unrealized gain/(loss)	3.19	1.38	3.11	2.05	0.43
	Total from Investment Operations		3.34	1.52	3.20	2.10	0.52
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.16)	(0.05)	(0.05)	(0.05)	(0.06)
		Distributions (from capital gains)	(2.32)	(1.42)	(1.47)	(0.68)	(0.50)
	Total Dividends and Distributions		(2.48)	(1.47)	(1.52)	(0.73)	(0.56)
	Net Asset Value, End of Period		$22.54	$21.68	$21.63	$19.95	$18.58
	Total Return*		16.22%	8.92%	17.11%	11.35%	2.87%
	Net Assets, End of Period (in thousands)		$773,177	$730,400	$676,452	$672,788	$754,333
	Average Net Assets for the Period (in thousands)		$731,491	$652,848	$656,674	$741,874	$814,169
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.82%	0.81%	0.74%	0.73%	0.79%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.81%	0.79%	0.73%	0.72%	0.77%
		Ratio of Net Investment Income/(Loss)	0.73%	0.72%	0.44%	0.26%	0.48%
	Portfolio Turnover Rate		68%	76%	59%	116%	51%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Less than $0.005 on a per share basis.

(3) Less than 0.005%.


See Notes to Financial Statements.

Janus Investment Fund	23

Janus Henderson Contrarian Fund

Notes to Financial Statements

1. Organization and Significant Accounting Policies

Janus Henderson Contrarian Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 45 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term growth of capital. The Fund is classified as nondiversified, as defined in the 1940 Act.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.


24	SEPTEMBER 30, 2020

Janus Henderson Contrarian Fund

Notes to Financial Statements

Class R Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms.

The following accounting policies have been followed by the Fund and are in conformity with United States of America generally accepted accounting principles ("US GAAP").

Investment Valuation

Valuation Inputs Summary

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


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Janus Henderson Contrarian Fund

Notes to Financial Statements

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

Investment Transactions and Investment Income

Expenses

Estimates

Indemnifications

Foreign Currency Translations


26	SEPTEMBER 30, 2020

Janus Henderson Contrarian Fund

Notes to Financial Statements

translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

Dividends and Distributions

Federal Income Taxes

2. Derivative Instruments

The Fund may invest in various types of derivatives, which may at times result in significant derivative exposure. A derivative is a financial instrument whose performance is derived from the performance of another asset. The Fund may invest in derivative instruments including, but not limited to: futures contracts, put options, call options, options on futures contracts, options on foreign currencies, options on recovery locks, options on security and commodity indices, swaps, forward contracts, structured investments, and other equity-linked derivatives. Each derivative instrument that was held by the Fund during the year ended September 30, 2020 is discussed in further detail below. A summary of derivative activity by the Fund is reflected in the tables at the end of the Schedule of Investments.

The Fund may use derivative instruments for hedging purposes (to offset risks associated with an investment, currency exposure, or market conditions), to adjust currency exposure relative to a benchmark index, or for speculative purposes (to earn income and seek to enhance returns). When the Fund invests in a derivative for speculative purposes, the Fund will be fully exposed to the risks of loss of that derivative, which may sometimes be greater than the derivative’s cost. The Fund may not use any derivative to gain exposure to an asset or class of assets that it would be prohibited by its investment restrictions from purchasing directly. The Fund’s ability to use derivative instruments may also be limited by tax considerations.

Investments in derivatives in general are subject to market risks that may cause their prices to fluctuate over time. Investments in derivatives may not directly correlate with the price movements of the underlying instrument. As a result, the use of derivatives may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. The use of derivatives may result in larger losses or smaller gains than otherwise would be the case. Derivatives can be volatile and may involve significant risks.


Janus Investment Fund	27

Janus Henderson Contrarian Fund

Notes to Financial Statements

In pursuit of its investment objective, the Fund may seek to use derivatives to increase or decrease exposure to the following market risk factors:

· Commodity Risk – the risk related to the change in value of commodities or commodity-linked investments due to changes in the overall market movements, volatility of the underlying benchmark, changes in interest rates, or other factors affecting a particular industry or commodity such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political, and regulatory developments.

· Counterparty Risk – the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its financial obligation to the Fund.

· Credit Risk – the risk an issuer will be unable to make principal and interest payments when due, or will default on its obligations.

· Currency Risk – the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment.

· Equity Risk – the risk related to the change in value of equity securities as they relate to increases or decreases in the general market.

· Index Risk – if the derivative is linked to the performance of an index, it will be subject to the risks associated with changes in that index. If the index changes, the Fund could receive lower interest payments or experience a reduction in the value of the derivative to below what the Fund paid. Certain indexed securities, including inverse securities (which move in an opposite direction to the index), may create leverage, to the extent that they increase or decrease in value at a rate that is a multiple of the changes in the applicable index.

· Interest Rate Risk – the risk that the value of fixed-income securities will generally decline as prevailing interest rates rise, which may cause the Fund’s NAV to likewise decrease.

· Leverage Risk – the risk associated with certain types of leveraged investments or trading strategies pursuant to which relatively small market movements may result in large changes in the value of an investment. The Fund creates leverage by investing in instruments, including derivatives, where the investment loss can exceed the original amount invested. Certain investments or trading strategies, such as short sales, that involve leverage can result in losses that greatly exceed the amount originally invested.

· Liquidity Risk – the risk that certain securities may be difficult or impossible to sell at the time that the seller would like or at the price that the seller believes the security is currently worth.

Derivatives may generally be traded OTC or on an exchange. Derivatives traded OTC are agreements that are individually negotiated between parties and can be tailored to meet a purchaser’s needs. OTC derivatives are not guaranteed by a clearing agency and may be subject to increased credit risk.

In an effort to mitigate credit risk associated with derivatives traded OTC, the Fund may enter into collateral agreements with certain counterparties whereby, subject to certain minimum exposure requirements, the Fund may require the counterparty to post collateral if the Fund has a net aggregate unrealized gain on all OTC derivative contracts with a particular counterparty. Additionally, the Fund may deposit cash and/or treasuries as collateral with the counterparty and/or custodian daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized loss on OTC derivative contracts with a particular counterparty. All liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund’s commitment with respect to certain exchange-traded derivatives, centrally cleared derivatives, forward foreign currency exchange contracts, short sales, and/or securities with extended settlement dates. There is no guarantee that counterparty exposure is reduced and these arrangements are dependent on Janus Capital's ability to establish and maintain appropriate systems and trading.

Options Contracts


28	SEPTEMBER 30, 2020

Janus Henderson Contrarian Fund

Notes to Financial Statements

Statement of Operations (if applicable). The difference between the premium paid/received and the market value of the option is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported on the Statement of Operations (if applicable). Option contracts are typically valued using an approved vendor’s option valuation model. To the extent reliable market quotations are available, option contracts are valued using market quotations. In cases when an approved vendor cannot provide coverage for an option and there is no reliable market quotation, a broker quotation or an internal valuation using the Black-Scholes model, the Cox-Rubinstein Binomial Option Pricing Model, or other appropriate option pricing model is used. Certain options contracts are marked-to-market daily, and the daily variation margin is recorded as a receivable or payable on the Statement of Assets and Liabilities as “Variation margin receivable” or “Variation margin payable” (if applicable).

The Fund may use options contracts to hedge against changes in interest rates, the values of equities, or foreign currencies. The Fund generally invests in options to hedge against adverse movements in the value of portfolio holdings. The use of such instruments may involve certain additional risks as a result of unanticipated movements in the market. A lack of correlation between the value of an instrument underlying an option and the asset being hedged, or unexpected adverse price movements, could render the Fund’s hedging strategy unsuccessful. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased or sold. The Fund may be subject to counterparty risk, interest rate risk, liquidity risk, equity risk, commodity risk, and currency risk in the normal course of pursuing its investment objective through its investments in options contracts.

Options traded on an exchange are regulated and the terms of the options are standardized. Options traded OTC expose the Fund to counterparty risk in the event that the counterparty does not perform. This risk is mitigated by having a netting arrangement between the Fund and the counterparty and by having the counterparty post collateral to cover the Fund’s exposure to the counterparty.

In writing an option, the Fund bears the risk of an unfavorable change in the price of the security underlying the written option. When an option is written, the Fund receives a premium and becomes obligated to sell or purchase the underlying security at a fixed price, upon exercise of the option. Options written are reported as a liability on the Statement of Assets and Liabilities as “Options written, at value” (if applicable). The risk in writing call options is that the Fund gives up the opportunity for profit if the market price of the security increases and the options are exercised. The risk in writing put options is that the Fund may incur a loss if the market price of the security decreases and the options are exercised. The risk in buying options is that the Fund pays a premium whether or not the options are exercised. Exercise of an option written by the Fund could result in the Fund buying or selling a security at a price different from the current market value.

During the year, the Fund wrote call options on various equity securities for the purpose of decreasing exposure to individual equity risk and/or generating income.

3. Other Investments and Strategies

Additional Investment Risk


Janus Investment Fund	29

Janus Henderson Contrarian Fund

Notes to Financial Statements

Counterparties

Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund (“counterparty risk”). Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund’s exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund’s cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that Janus Capital believes to be creditworthy at the time of the transaction. There is always the risk that Janus Capital’s analysis of a counterparty’s creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.

Offsetting Assets and Liabilities

The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.


30	SEPTEMBER 30, 2020

Janus Henderson Contrarian Fund

Notes to Financial Statements

agreement between the Fund and a counterparty that governs OTC derivatives and forward foreign currency exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, in the event of a default and/or termination event, the Fund may offset with each counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment.

The following tables present gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the “Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of September 30, 2020” table located in the Fund’s Schedule of Investments.


Offsetting of Financial Assets and Derivative Assets

			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Assets		or Liability^(a)		Pledged^(b)		Net Amount

JPMorgan Chase Bank, National Association		$	34,019,834	$	—	$	(34,019,834)	$	—

Offsetting of Financial Liabilities and Derivative Liabilities

			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Liabilities		or Liability^(a)		Pledged^(b)		Net Amount

Citigroup		$	5,720	$	—	$	—	$	5,720
Morgan Stanley			44,637		—		—		44,637

Total		$	50,357	$	—	$	—	$	50,357
(a)	Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities.
(b)	Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value.

JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments’ payables and receivables and related collateral on the Statement of Assets and Liabilities. Securities on loan will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the Securities and Exchange Commission (the “SEC”). See “Securities Lending” in the “Notes to Financial Statements” for additional information.

The Fund may require the counterparty to pledge securities as collateral daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized gain on OTC derivative contracts with a particular counterparty. The Fund may deposit cash as collateral with the counterparty and/or custodian daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized loss on OTC derivative contracts with a particular counterparty. The collateral amounts are subject to minimum exposure requirements and initial margin requirements. Collateral amounts are monitored and subsequently adjusted up or down as valuations fluctuate by at least the minimum exposure requirement. Collateral may reduce the risk of loss.


Janus Investment Fund	31

Janus Henderson Contrarian Fund

Notes to Financial Statements

Real Estate Investing

Securities Lending

Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. Effective December 16, 2019, JPMorgan Chase Bank, National Association replaced Deutsche Bank AG as securities lending agent for the Fund. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, Janus Capital makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the SEC. If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.

Upon receipt of cash collateral, Janus Capital may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. Janus Capital currently intends to primarily invest the cash collateral in a cash management vehicle for which Janus Capital serves as investment adviser, Janus Henderson Cash Collateral Fund LLC. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, Janus Capital has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, Janus Capital receives an investment advisory fee of 0.05% for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

The value of the collateral must be at least 102% of the market value of the loaned securities that are denominated in U.S. dollars and 105% of the market value of the loaned securities that are not denominated in U.S. dollars. Loaned securities and related collateral are marked-to-market each business day based upon the market value of the loaned securities at the close of business, employing the most recent available pricing information. Collateral levels are then adjusted based on this mark-to-market evaluation.

The cash collateral invested by Janus Capital is disclosed in the Schedule of Investments (if applicable).

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations. As of September 30, 2020, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $34,019,834. Gross amounts of recognized liabilities for securities lending (collateral received) as of September 30, 2020 is $34,812,000, resulting in the net amount due to the counterparty of $792,166.


32	SEPTEMBER 30, 2020

Janus Henderson Contrarian Fund

Notes to Financial Statements

4. Investment Advisory Agreements and Other Transactions with Affiliates

The investment advisory fee rate is determined by calculating a base fee and applying a performance adjustment. The base fee rate is the same as the contractual investment advisory fee rate. The performance adjustment either increases or decreases the base fee depending on how well the Fund has performed relative to its benchmark index. The Fund's benchmark index used in the calculation is the S&P 500^{^®} Index.

The calculation of the performance adjustment applies as follows:

Investment Advisory Fee = Base Fee Rate +/- Performance Adjustment

Janus Capital has contractually agreed to waive the advisory fee payable by the Fund or reimburse expenses in an amount equal to the amount, if any, that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding any performance adjustments to management fees (if applicable), the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus/administrative fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.83% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waivers for at least a one-year period commencing January 28, 2020. If applicable, amounts waived and/or reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.

The Fund pays an annual administrative services fee based on the average daily net assets of Class D Shares for shareholder services provided by Janus Services, as detailed below.


Janus Investment Fund	33

Janus Henderson Contrarian Fund

Notes to Financial Statements


Average Daily Net Assets of Class D Shares of the Janus Henderson funds	Administrative Services Fee
Under $40 billion	0.12%
$40 billion – $49.9 billion	0.10%
Over $49.9 billion	0.08%

The Fund’s actual Class D administrative fee rate was 0.12% for the reporting period.

Janus Services is compensated for its services related to the Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.

Under a distribution and shareholder servicing plan (the “Plan”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, Janus Henderson Distributors, a wholly-owned subsidiary of Janus Capital, a fee for the sale and distribution and/or shareholder servicing of the Shares at an annual rate of up to 0.25% of the Class A Shares’ average daily net assets, of up to 1.00% of the Class C Shares’ average daily net assets, of up to 0.50% of the Class R Shares' average daily net assets, and of up to 0.25% of the Class S Shares’ average daily net assets. Under the terms of the Plan, the Trust is authorized to make payments to Janus Henderson Distributors for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations. Payments under the Plan are not tied exclusively to actual 12b-1 distribution and shareholder service expenses, and the payments may exceed 12b-1 distribution and shareholder service expenses actually incurred. If any of the Fund’s actual 12b-1 distribution and shareholder service expenses incurred during a calendar year are less than the payments made during a calendar year, the Fund will be refunded the difference. Refunds, if any, are included in “12b-1 Distribution and shareholder servicing fees” in the Statement of Operations.


34	SEPTEMBER 30, 2020

Janus Henderson Contrarian Fund

Notes to Financial Statements

separate and apart from advisory fees and other expenses paid in connection with the investment advisory services Janus Capital (or any subadvisor, as applicable) provides to the Fund. These amounts are disclosed as “Affiliated fund administration fees” on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund’s Chief Compliance Officer and certain compliance staff, all of whom are employees of Janus Capital and/or its affiliates, are shared with the Fund. Total compensation of $467,191 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended September 30, 2020. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.


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Janus Henderson Contrarian Fund

Notes to Financial Statements

of the Class C Shares redeemed. During the year ended September 30, 2020, redeeming shareholders of Class C Shares paid CDSCs of $3,516.

As of September 30, 2020, shares of the Fund were owned by affiliates of Janus Henderson Investors, and/or other funds advised by Janus Henderson, as indicated in the table below:


Class	% of Class Owned		% of Fund Owned
Class A Shares	-	%	-	%
Class C Shares	-		-
Class D Shares	-		-
Class I Shares	-		-
Class N Shares	69		1
Class R Shares	-		-
Class S Shares	-		-
Class T Shares	-		-

The Fund is permitted to purchase or sell securities (“cross-trade”) between itself and other funds or accounts managed by Janus Capital in accordance with Rule 17a-7 under the Investment Company Act of 1940 (“Rule 17a-7”), when the transaction is consistent with the investment objectives and policies of the Fund and in accordance with the Internal Cross Trade Procedures adopted by the Trust’s Board of Trustees. These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to another fund or account that is or could be considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser, common Officer, or common Trustee complies with Rule 17a-7. Under these procedures, each cross-trade is effected at the current market price to save costs where allowed. During the year ended September 30, 2020, the Fund engaged in cross trades amounting to $946,284 in purchases and $21,654,426 in sales, resulting in a net realized gain of $5,346,976. The net realized gain is included within the “Net Realized Gain/(Loss) on Investments” section of the Fund’s Statement of Operations.

5. Federal Income Tax

Other book to tax differences primarily consist of deferred compensation and derivatives. The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.


			Loss Deferrals		Other Book	Net Tax
Undistributed Ordinary Income	Undistributed Long-Term Gains	Accumulated Capital Losses	Late-Year Ordinary Loss	Post-October Capital Loss	to Tax Differences	Appreciation/ (Depreciation)
$ 16,412,676	$ 29,263,126	$ -	$ -	$ -	$ 257,241	$637,885,224

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of September 30, 2020 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals, investments in partnerships, and investments in passive foreign investment companies.


36	SEPTEMBER 30, 2020

Janus Henderson Contrarian Fund

Notes to Financial Statements


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 2,491,465,106	$690,698,179	$(52,812,955)	$ 637,885,224

Information on the tax components of derivatives as of September 30, 2020 is as follows:


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ (359,400)	$ 309,043	$ -	$ 309,043

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, passive foreign investment companies, and capital loss carryovers. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.


For the year ended September 30, 2020
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 64,811,871	$ 274,150,962	$ -	$ -


For the year ended September 30, 2019
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 89,769,868	$ 93,268,274	$ -	$ -



Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ -	$ (2,146,602)	$ 2,146,602


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Janus Henderson Contrarian Fund

Notes to Financial Statements

6. Capital Share Transactions



	Year ended September 30, 2020		Year ended September 30, 2019
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	797,716	$ 16,805,877	413,666	$ 8,224,490
Reinvested dividends and distributions	128,570	2,703,832	67,958	1,146,458
Shares repurchased	(604,730)	(12,591,021)	(242,468)	(4,731,116)
Net Increase/(Decrease)	321,556	$ 6,918,688	239,156	$ 4,639,832
Class C Shares:
Shares sold	109,798	$ 2,111,235	58,945	$ 1,020,053
Reinvested dividends and distributions	43,434	840,011	44,462	696,277
Shares repurchased	(332,398)	(6,275,351)	(523,727)	(9,511,430)
Net Increase/(Decrease)	(179,166)	$ (3,324,105)	(420,320)	$ (7,795,100)
Class D Shares:
Shares sold	3,281,675	$ 65,601,151	2,847,325	$ 56,818,834
Reinvested dividends and distributions	10,434,366	219,956,432	7,467,962	126,208,562
Shares repurchased	(9,951,377)	(201,332,122)	(7,634,054)	(152,453,021)
Net Increase/(Decrease)	3,764,664	$ 84,225,461	2,681,233	$ 30,574,375
Class I Shares:
Shares sold	3,617,271	$ 79,268,320	2,600,734	$ 53,968,075
Reinvested dividends and distributions	480,688	10,137,709	169,932	2,873,546
Shares repurchased	(4,751,959)	(88,368,559)	(1,101,908)	(21,572,643)
Net Increase/(Decrease)	(654,000)	$ 1,037,470	1,668,758	$ 35,268,978
Class N Shares:
Shares sold	582,358	$ 12,176,442	674,798	$ 14,173,891
Reinvested dividends and distributions	212,663	4,474,433	107,622	1,814,499
Shares repurchased	(461,486)	(8,916,011)	(220,534)	(4,485,659)
Net Increase/(Decrease)	333,535	$ 7,734,864	561,886	$ 11,502,731
Class R Shares:
Shares sold	8,405	$ 168,685	8,085	$ 148,586
Reinvested dividends and distributions	4,013	81,585	2,862	46,801
Shares repurchased	(30,806)	(655,662)	(5,830)	(108,982)
Net Increase/(Decrease)	(18,388)	$ (405,392)	5,117	$ 86,405
Class S Shares:
Shares sold	5,629	$ 111,786	5,525	$ 109,528
Reinvested dividends and distributions	5,188	109,054	4,132	69,577
Shares repurchased	(38,590)	(713,245)	(9,728)	(191,962)
Net Increase/(Decrease)	(27,773)	$ (492,405)	(71)	$ (12,857)
Class T Shares:
Shares sold	9,029,658	$194,140,958	5,035,479	$103,383,425
Reinvested dividends and distributions	4,138,422	87,196,543	2,619,366	44,241,090
Shares repurchased	(12,551,221)	(240,382,850)	(5,237,969)	(103,700,413)
Net Increase/(Decrease)	616,859	$ 40,954,651	2,416,876	$ 43,924,102

7. Purchases and Sales of Investment Securities


Purchases of Securities	Proceeds from Sales of Securities	Purchases of Long- Term U.S. Government Obligations	Proceeds from Sales of Long-Term U.S. Government Obligations
$1,946,012,926	$2,041,832,208	$ -	$ -


38	SEPTEMBER 30, 2020

Janus Henderson Contrarian Fund

Notes to Financial Statements

8. Recent Accounting Pronouncements

9. Subsequent Event


Janus Investment Fund	39

Janus Henderson Contrarian Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Contrarian Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Contrarian Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of September 30, 2020, the related statement of operations for the year ended September 30, 2020, the statements of changes in net assets for each of the two years in the period ended September 30, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2020 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2020 by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Denver, Colorado

November 17, 2020

We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.


40	SEPTEMBER 30, 2020

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD


Janus Investment Fund	41

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Nature, Extent and Quality of Services

Performance of the Funds

The Trustees considered the performance of each Fund, noting that performance may vary by share class, and noted the following:

Alternative Fund

Asset Allocation Funds


42	SEPTEMBER 30, 2020

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


Janus Investment Fund	43

Janus Henderson Contrarian Fund

Additional Information (unaudited)

months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

Money Market Funds


44	SEPTEMBER 30, 2020

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Multi-Asset Funds

Multi-Asset U.S. Equity Funds


Janus Investment Fund	45

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Quantitative Equity Funds

U.S. Equity Funds

Costs of Services Provided


46	SEPTEMBER 30, 2020

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Alternative Fund

Asset Allocation Funds


Janus Investment Fund	47

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Technology Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.


48	SEPTEMBER 30, 2020

Janus Henderson Contrarian Fund

Additional Information (unaudited)

· For Janus Henderson International Small Cap Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

Money Market Funds

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for both share classes.

Multi-Asset Funds

· For Janus Henderson Dividend & Income Builder Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Value Plus Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

Multi-Asset U.S. Equity Funds

· For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.


Janus Investment Fund	49

Janus Henderson Contrarian Fund

Additional Information (unaudited)

· For Janus Henderson U.S. Growth Opportunities Fund, that Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

Quantitative Equity Funds

· For Janus Henderson Global Income Managed Volatility Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson U.S. Managed Volatility Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

U.S. Equity Funds

· For Janus Henderson Large Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.


50	SEPTEMBER 30, 2020

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Economies of Scale


Janus Investment Fund	51

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

Other Benefits to Janus Capital

LIQUIDITY RISK MANAGEMENT PROGRAM


52	SEPTEMBER 30, 2020

Janus Henderson Contrarian Fund

Additional Information (unaudited)

· the LRMP, including the Highly Liquid Investment Minimum where applicable, was implemented and operated effectively to achieve the goal of assessing and managing the Fund’s liquidity risk.


Janus Investment Fund	53

Janus Henderson Contrarian Fund

Useful Information About Your Fund Report (unaudited)

Management Commentary

Performance Overviews

Schedule of Investments

The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.

Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund’s Schedule of Investments (if applicable).

Statement of Assets and Liabilities

This statement is often referred to as the “balance sheet.” It lists the assets and liabilities of the Fund on the last day of the reporting period.


54	SEPTEMBER 30, 2020

Janus Henderson Contrarian Fund

Useful Information About Your Fund Report (unaudited)

Statement of Operations

This statement details the Fund’s income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.

The first section in this statement, entitled “Investment Income,” reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.

Statements of Changes in Net Assets

Financial Highlights


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Janus Henderson Contrarian Fund

Useful Information About Your Fund Report (unaudited)

total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.

The Fund’s expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.


56	SEPTEMBER 30, 2020

Janus Henderson Contrarian Fund

Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2020:



Capital Gain Distributions	$274,150,962
Dividends Received Deduction Percentage	90%
Qualified Dividend Income Percentage	90%


Janus Investment Fund	57

Janus Henderson Contrarian Fund

Trustees and Officers (unaudited)

The Fund’s Statement of Additional Information includes additional information about the Trustees and officers and is available, without charge, by calling 1-877-335-2687.


58	SEPTEMBER 30, 2020

Janus Henderson Contrarian Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William F. McCalpin 151 Detroit Street Denver, CO 80206 DOB: 1957	Chairman Trustee	1/08-Present 6/02-Present	Independent Consultant, Formerly, Managing Partner, Impact Investments, Athena Capital Advisors (independent registered investment advisor) (2016-2019), Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations) (2009-2016), Chief Executive Officer, Imprint Capital Advisors (impact investment firm) (2013-2015), and Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a private family foundation) (1998-2006).	56	Director of Mutual Fund Directors Forum (a non-profit organization serving independent directors of U.S. mutual funds) (since 2016), Chairman of the Board and Trustee of The Investment Fund for Foundations Investment Program (TIP) (consisting of 2 funds) (since 2008), and Director of the F.B. Heron Foundation (a private grantmaking foundation) (since 2006).


Janus Investment Fund	59

Janus Henderson Contrarian Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Trustee	1/13-Present	Principal, Curam Holdings LLC (since 2018). Formerly, Executive Vice President, Institutional Markets, of Black Creek Group (private equity real estate investment management firm) (2012-2018), Executive Vice President and Co-Head, Global Private Client Group (2007-2010), Executive Vice President, Mutual Funds (2005-2007), and Chief Marketing Officer (2001-2005) of Nuveen Investments, Inc. (asset management).	56	Advisory Board Member of AEW Core Property Trust (open-end property fund) (since 2020), and Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of MotiveQuest LLC (strategic social market research company) (2003-2016), Director of Nuveen Global Investors LLC (2007-2011), Director of Communities in Schools (2004-2010), and Director of Mutual Fund Education Alliance (until 2010).


60	SEPTEMBER 30, 2020

Janus Henderson Contrarian Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William D. Cvengros 151 Detroit Street Denver, CO 80206 DOB: 1948	Trustee	1/11-Present	Chief Executive Officer of SJC Capital, LLC (a personal investment company and consulting firm) (since 2002). Formerly, Venture Partner for The Edgewater Funds (a middle market private equity firm) (2002-2004), Chief Executive Officer and President of PIMCO Advisors Holdings L.P. (a publicly traded investment management firm) (1994-2000), and Chief Investment Officer (1987-1994) and Vice Chairman and Director (1990-1994) of Pacific Life Insurance Company (a mutual life insurance and annuity company) (1987-1994).	56	Advisory Board Member, RevOZ Fund LP and related funds (real estate investments for opportunity zones) (since 2020), and Advisory Board Member, Innovate Partners Emerging Growth and Equity Fund I (early stage venture capital fund) (since 2014). Formerly, Managing Trustee of National Retirement Partners Liquidating Trust (2013-2016), Chairman, National Retirement Partners, Inc. (formerly a network of advisors to 401(k) plans) (2005-2013), Director of Prospect Acquisition Corp. (a special purpose acquisition corporation) (2007-2009), Director of RemedyTemp, Inc. (temporary help services company) (1996-2006), and Trustee of PIMCO Funds Multi-Manager Series (1990-2000) and Pacific Life Variable Life & Annuity Trusts (1987-1994).


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Janus Henderson Contrarian Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Raudline Etienne 151 Detroit Street Denver, CO 80206 DOB: 1965	Trustee	6/16-Present	Founder, Daraja Capital (advisory and investment firm) (since 2016), and Senior Advisor, Albright Stonebridge Group LLC (global strategy firm) (since 2016). Formerly, Senior Vice President (2011-2015), Albright Stonebridge Group LLC, and Deputy Comptroller and Chief Investment Officer, New York State Common Retirement Fund (public pension fund) (2008-2011).	56	Board Member, Van Alen Institute (nonprofit architectural and design organization) (since 2019), and Director of Brightwood Capital Advisors, LLC (since 2014).
William M. Fitzgerald, Sr. 151 Detroit Street Denver, CO 80206 DOB: 1964	Trustee	9/19-Present	Founder, Fitzgerald Asset Management LLC (since 2012). Formerly, Founder and Chief Investment Officer, Global Infrastructure Asset Management LLC (2008-2017), Chief Investment Officer of Nuveen Asset Management (2000-2007), and Managing Director, Nuveen Investment LLC (1988-2007).	56	Board of Directors, Municipal Securities Rulemaking Board (since 2017). Formerly, Board of Directors of Syncora Holdings Ltd, Syncora Guarantee Inc., and Syncora Capital Assurance Inc. (2009-2016), and Trustee, Destra Investment Trust (2010-2014).


62	SEPTEMBER 30, 2020

Janus Henderson Contrarian Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Gary A. Poliner 151 Detroit Street Denver, CO 80206 DOB: 1953	Trustee	6/16-Present	Retired. Formerly, President (2010-2013) of Northwestern Mutual Life Insurance Company.	56	Director of MGIC Investment Corporation (private mortgage insurance) (since 2013) and West Bend Mutual Insurance Company (property/casualty insurance) (since 2013). Formerly, Trustee of Northwestern Mutual Life Insurance Company (2010-2013), and Director of Frank Russell Company (global asset management firm) (2008-2013).
Diane L. Wallace 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	6/17-Present	Retired.	56	Formerly, Independent Trustee, Henderson Global Funds (13 portfolios) (2015-2017), Independent Trustee, State Farm Associates' Funds Trust, State Farm Mutual Fund Trust, and State Farm Variable Product Trust (28 portfolios) (2013-2017), Chief Operating Officer, Senior Vice President-Operations, and Chief Financial Officer for Driehaus Capital Management, LLC (1988-2006), and Treasurer for Driehaus Mutual Funds (1996-2002).


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Janus Henderson Contrarian Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Linda S. Wolf 151 Detroit Street Denver, CO 80206 DOB: 1947	Trustee	11/05-Present	Retired. Formerly, Chairman and Chief Executive Officer of Leo Burnett (Worldwide) (advertising agency) (2001-2005).	56	Director of Chicago Community Trust (Regional Community Foundation), Lurie Children’s Hospital (Chicago, IL), Shirley Ryan Ability Lab and Wrapports, LLC (digital communications company). Formerly, Director of Chicago Council on Global Affairs (until 2019), InnerWorkings (until 2019), Director of Walmart (until 2017), Director of Chicago Convention & Tourism Bureau (until 2014), and The Field Museum of Natural History (Chicago, IL) (until 2014).


64	SEPTEMBER 30, 2020

Janus Henderson Contrarian Fund

Trustees and Officers (unaudited)


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Nick Schommer 151 Detroit Street Denver, CO 80206 DOB: 1978	Executive Vice President and Portfolio Manager Janus Henderson Contrarian Fund	7/17-Present	Portfolio Manager for other Janus Henderson accounts.
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.


Janus Investment Fund	65

Janus Henderson Contrarian Fund

Trustees and Officers (unaudited)


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Bruce L. Koepfgen 151 Detroit Street Denver, CO 80206 DOB: 1952	President and Chief Executive Officer	7/14-Present	Executive Vice President, Head of North America at Janus Henderson Investors and Janus Capital Management LLC (since 2017), Executive Vice President and Director of Janus International Holding LLC (since 2011), Executive Vice President of Janus Distributors LLC (since 2011), Vice President and Director of Intech Investment Management LLC (since 2011), Executive Vice President and Director of Perkins Investment Management LLC (since 2011), and President and Director of Janus Management Holdings Corporation (since 2011). Formerly, President of Janus Capital Group Inc. and Janus Capital Management LLC (2013-2017), Executive Vice President of Janus Services LLC (2011-2015), Janus Capital Group Inc. and Janus Capital Management LLC (2011-2013), and Chief Financial Officer of Janus Capital Group Inc., Janus Capital Management LLC, Janus Distributors LLC, Janus Management Holdings Corporation, and Janus Services LLC (2011-2013).
Kristin Mariani 151 Detroit Street Denver, CO 80206 DOB: 1966	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	7/20-Present	Chief Compliance Officer for Janus Capital Management LLC (since September 2017), Global Head of Investment Management Compliance for Janus Henderson Investors (since 2019). Formerly, Vice President, Head of Global Distribution Compliance and Chief Compliance Officer of Janus Henderson Distributors (May 2017 – September 2017), Vice President, Compliance at Janus Capital Group Inc., Janus Capital Management LLC, and Janus Distributors LLC (2009-2017).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.


66	SEPTEMBER 30, 2020

Janus Henderson Contrarian Fund

Trustees and Officers (unaudited)


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Jesper Nergaard 151 Detroit Street Denver, CO 80206 DOB: 1962	Chief Financial Officer Vice President, Treasurer, and Principal Accounting Officer	3/05-Present 2/05-Present	Vice President of Janus Capital and Janus Services LLC.
Byron D. Hittle 151 Detroit Street Denver, CO 80206 DOB: 1974	Interim Vice President, Chief Legal Counsel, and Secretary	8/20-Present	Managing Counsel (2017-present). Formerly, Assistant Vice President and Senior Legal Counsel, Janus Capital Management LLC (2012-2016).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.


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Janus Henderson Contrarian Fund

Notes

NotesPage1


68	SEPTEMBER 30, 2020

Janus Henderson Contrarian Fund

Notes

NotesPage2


Janus Investment Fund	69

Knowledge Shared

At Janus Henderson, we believe in the sharing of expert insight for better investment and business decisions. We call this ethos Knowledge Shared.

Learn more by visiting janushenderson.com.




This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson, Janus, Henderson, Perkins, Intech and Knowledge Shared are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Janus Henderson Distributors
							125-02-93038 11-20



		ANNUAL REPORT September 30, 2020

	Janus Henderson Emerging Markets Fund

	Janus Investment Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by contacting a Janus Henderson representative. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by visiting janushenderson.com/edelivery. You may elect to receive all future reports in paper free of charge. If you do not invest directly with the Fund, you should contact your plan sponsor, broker-dealer, or financial intermediary, to request to continue receiving paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-525-3713 to let the Fund know that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Janus Henderson mutual funds where held (i.e., all Janus Henderson mutual funds held in your account if you invest through your financial intermediary or all Janus Henderson mutual funds held with the fund complex if you invest directly with a fund).
			HIGHLIGHTS · Portfolio management perspective · Investment strategy behind your fund · Fund performance, characteristics and holdings

Table of Contents

Janus Henderson Emerging Markets Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	12
Statement of Assets and Liabilities	13
Statement of Operations	15
Statements of Changes in Net Assets	17
Financial Highlights	18
Notes to Financial Statements	26
Report of Independent Registered Public Accounting Firm	38
Additional Information	39
Useful Information About Your Fund Report	52
Designation Requirements	55
Trustees and Officers	56

Janus Henderson Emerging Markets Fund (unaudited)

FUND SNAPSHOT

The Janus Henderson Emerging Markets Fund seeks long-term growth of capital. The investment team employs both a “top-down” and “bottom-up” approach to select investments for the Fund. The top-down approach involves a macro analysis of factors that include an issuer’s economic growth profile, the stages of a country’s development, and trends in a country’s governance and regulatory framework. The bottom-up analysis focuses on fundamental research and considers, among other factors, a company’s valuation, growth potential, competitive positioning, projected future earnings, cash flows, governance, and dividends.

Daniel J. Graña

Portfolio manager

PERFORMANCE

The Janus Henderson Emerging Markets Fund outperformed its benchmark, the MSCI Emerging Markets Index^SM, for the 12-month period ending September 30, 2020. The Fund I shares returned 16.68%, compared with a 10.54% return for the index.

INVESTMENT ENVIRONMENT

After gaining early in the period, emerging market (EM) equities sold off considerably in the wake of the economic shutdowns in response to the spreading COVID-19 pandemic. The ensuing recovery was bifurcated as Asia-based EM stocks performed well while those in Latin America remained under pressure due, in part, to a less effective pandemic response. Companies offering products that helped businesses and households cope with sheltering in place were among the best performers, with many of them in the technology and consumer sectors. Given the uncertain economic outlook, cyclically sensitive energy stocks were among the worst performers.

PERFORMANCE DISCUSSION

We believe the market moves during the period illustrate the necessity of viewing EM equities through multiple lenses. The combination of seeking good companies, good governance and good countries, in our view, should lead to favorable investment outcomes over the longer term. Understanding how shifts in the macro landscape can impact equity performance is also an essential part of our process. These shifts were key factors in Fund performance during the period. With global trade – and thus exports – suppressed, the Chinese government has had to rely upon other levers to ignite economic growth. As was the case in the wake of the Global Financial Crisis, real estate and infrastructure promised to deliver the most bang for the buck. Consequently, this fueled a rally in certain industrial companies leveraged to these projects. Pipe and fitting provider China Lesso was one of the period’s top individual contributors as it was seen as benefiting from increased infrastructure expenditure.

The COVID-driven acceleration in secular trends such as the digitization of the global economy is perhaps best exemplified by MercadoLibre, another top contributor. Stay-at-home orders have boosted e-commerce engagement, including in demographic groups that had been slow to adopt online shopping. The company’s digital payments platform has also been an important tool during the shutdowns, resulting in rapid growth. Given that e-commerce penetration in Latin America is roughly half of that in the U.S. and one-quarter of China’s, we believe that MercadoLibre stands to generate attractive growth rates as the region closes this digital gap.

The rare occurrence of simultaneous supply and demand shocks weighed heavily on certain EM regions, especially countries that were already dependent on capital inflows to fund current account deficits. Countries already on tenuous economic footing were most vulnerable to these threats. Brazil had only been emerging from recession when confronted by this crisis. With demand for its commodities exports – chief among them, oil – slashed, efforts to maintain economic growth were overwhelmed. Consequently, many of the period’s top individual detractors were Brazilian entities, among them Petrobras, Banco Bradesco and IRB-Brasil Resseguros.

OUTLOOK

There is much to keep EM equities investors awake at night. Emerging regions are facing the one-two punch of the pandemic and the lurch away from globalization. With few exceptions, gone are the days of EM countries


Janus Investment Fund	1

Janus Henderson Emerging Markets Fund (unaudited)

exporting their way to prosperity. While we are likely past the high-water mark of globalization, EM countries, in our view, should still be on investors’ radars given their continued exposure to powerful secular themes. Chief among these is rising domestic consumption by an expanding middle class.

Low interest rates across the world may prove to be a double-edged sword for EM countries. Reform-minded countries are presented with an opportunity to get their fiscal house in order by paying down debt and investing in initiatives that stand to increase national productivity. Yet for other countries, low rates could be a green light to profligacy and kicking the can of substantive reform down the road. They may get away with it over the near term as yield-starved investors gravitate toward the asset class, but rates won’t stay low forever and a day of reckoning will eventually arrive.

With exports playing a diminishing role in growth, EM countries will have to identify other economic drivers. In addition to domestic consumption, we believe that the countries with the most promising future will be the ones to move up the value-added chain, especially with respect to developing intellectual property. And by this, we don’t mean just technology and patents but also brands and other difficult-to-replicate platforms that convey quality. By and large, we find these opportunities primarily residing in Asia.

With a two-decade tailwind no longer at EM’s back, investing in the region’s equities has gotten markedly more complex. This is an asset class – and a potentially volatile one – where active management, in our view, is necessary to separate the wheat from the chaff. This is all the truer given the tilt toward deglobalization and the reshuffling of supply chains as many companies may have to choose sides in a bipolar world with a Chinese sphere on one side and an American one on the other. There will be both winners and losers, but the process for all will likely be bumpy. Lastly, given the dynamic and potentially bifurcating landscape, active managers can apply a macro lens that helps to identify the reformist countries and ones that are moving up the value chain, thus increasing the odds of them being the masters of their own destiny.

Thank you for your investment in Janus Henderson Emerging Markets Fund.


2	SEPTEMBER 30, 2020

Janus Henderson Emerging Markets Fund (unaudited)

Fund At A Glance

September 30, 2020





5 Top Contributors - Holdings			5 Top Detractors - Holdings
	Average Weight	Relative Contribution		Average Weight	Relative Contribution
Tencent Holdings Ltd	8.30%	1.24%	Petroleo Brasileiro SA (ADR)	0.96%	-1.65%
MercadoLibre Inc	1.26%	1.01%	Banco Bradesco SA	1.13%	-1.40%
Beijing Tiantan Biological Products Corp Ltd	0.78%	0.96%	IRB Brasil Resseguros S/A	0.65%	-1.15%
Yandex NV	1.35%	0.89%	Geopark Ltd	1.03%	-1.11%
Voltronic Power Technology Corp	1.44%	0.88%	Network International Holdings PLC	1.24%	-0.99%


	5 Top Contributors - Sectors*
		Relative	Fund	MSCI Emerging Markets Index
		Contribution	Average Weight	Average Weight
	Communication Services	4.14%	14.61%	12.28%
	Financials	2.19%	18.24%	21.55%
	Industrials	2.15%	10.73%	4.98%
	Consumer Staples	1.09%	3.16%	6.46%
	Utilities	0.69%	1.60%	2.46%


	5 Top Detractors - Sectors*
		Relative	Fund	MSCI Emerging Markets Index
		Contribution	Average Weight	Average Weight
	Energy	-2.17%	5.07%	6.56%
	Consumer Discretionary	-1.44%	19.49%	15.79%
	Other**	-0.45%	1.72%	0.00%
	Real Estate	-0.31%	3.78%	2.77%
	Health Care	-0.12%	1.52%	3.49%

	Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance. Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index.
*	Based on sector classification according to the Global Industry Classification Standard (“GICS”) codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
**	Not a GICS classified sector.


Janus Investment Fund	3

Janus Henderson Emerging Markets Fund (unaudited)

Fund At A Glance

September 30, 2020


5 Largest Equity Holdings - (% of Net Assets)
Tencent Holdings Ltd
Interactive Media & Services	8.7%
Taiwan Semiconductor Manufacturing Co Ltd
Semiconductor & Semiconductor Equipment	7.8%
Alibaba Group Holding Ltd
Internet & Direct Marketing Retail	6.4%
Samsung Electronics Co Ltd
Technology Hardware, Storage & Peripherals	5.4%
Naspers Ltd
Internet & Direct Marketing Retail	3.9%
	32.2%


Asset Allocation - (% of Net Assets)
Common Stocks	96.7%
Investment Companies	2.1%
Preferred Stocks	0.9%
Other		0.3%
		100.0%

Emerging markets comprised 91.2% of total net assets.

Top Country Allocations - Long Positions - (% of Investment Securities)

As of September 30, 2020

As of September 30, 2019


4	SEPTEMBER 30, 2020

Janus Henderson Emerging Markets Fund (unaudited)

Performance

See important disclosures on the next page.




Average Annual Total Return - for the periods ended September 30, 2020				Expense Ratios
	One Year	Five Year	Since Inception*	Total Annual Fund Operating Expenses^‡	Net Annual Fund Operating Expenses^‡
Class A Shares at NAV	16.32%	6.46%	1.16%	1.66%	1.36%
Class A Shares at MOP	9.65%	5.20%	0.55%
Class C Shares at NAV	15.56%	5.67%	0.41%	2.56%	2.13%
Class C Shares at CDSC	14.56%	5.67%	0.41%
Class D Shares	16.66%	6.55%	1.19%	1.81%	1.21%
Class I Shares	16.68%	6.73%	1.42%	1.46%	1.12%
Class N Shares	16.74%	6.76%	1.30%	1.42%	1.04%
Class S Shares	16.26%	6.32%	0.92%	2.28%	1.54%
Class T Shares	16.43%	6.46%	1.11%	1.74%	1.29%
MSCI Emerging Markets Index	10.54%	8.97%	1.83%
Morningstar Quartile - Class I Shares	1st	3rd	3rd
Morningstar Ranking - based on total returns for Diversified Emerging Markets Funds	197/798	491/679	242/393

Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on January 28, 2020.


Janus Investment Fund	5

Janus Henderson Emerging Markets Fund (unaudited)

Performance

has different risks. Please see the prospectus for more information about risks, holdings and other details.

Returns of the Fund shown prior to June 5, 2017 are those for Henderson Emerging Markets Fund (the “Predecessor Fund”), which merged into the Fund after the close of business on June 2, 2017. The Predecessor Fund was advised by Henderson Global Investors (North America) Inc. and subadvised by Henderson Investment Management Limited. Class A Shares, Class C Shares, Class I Shares, and Class R6 Shares of the Predecessor Fund were reorganized into Class A Shares, Class C Shares, Class I Shares, and Class N Shares, respectively, of the Fund. In connection with this reorganization, certain shareholders of the Predecessor Fund who held shares directly with the Predecessor Fund and not through an intermediary had the Class A Shares, Class C Shares, Class I Shares, and Class N Shares of the Fund received in the reorganization automatically exchanged for Class D Shares of the Fund following the reorganization. Class A Shares, Class C Shares and Class I Shares of the Predecessor Fund commenced operations with the Predecessor Fund’s inception on December 31, 2010. Class R6 Shares of the Predecessor Fund commenced operations on November 30, 2015. Class D Shares, Class S Shares, and Class T Shares commenced operations on June 5, 2017.

Performance of Class A Shares shown for periods prior to June 5, 2017, reflects the performance of Class A Shares of the Predecessor Fund, calculated using the fees and expenses of Class A Shares of the Predecessor Fund, in effect during the periods shown, net of any applicable fee and expense limitations or waivers.

Performance of Class C Shares shown for periods prior to June 5, 2017, reflects the performance of Class C Shares of the Predecessor Fund, calculated using the fees and expenses of Class C Shares of the Predecessor Fund, in effect during the periods shown, net of any applicable fee and expense limitations or waivers.

Performance of Class N Shares shown for periods prior to June 5, 2017, reflects the performance of Class R6 Shares of the Predecessor Fund, calculated using the fees and expenses of Class R6 Shares of the Predecessor Fund, in effect during the periods shown, net of any applicable fee and expense limitations or waivers, except that for periods prior to November 30, 2015, performance for Class N Shares reflects the performance of Class I Shares of the Predecessor Fund, calculated using the estimated fees and expenses of Class N Shares, net of any applicable fee and expense limitations or waivers.

Performance of Class S Shares shown for periods prior to June 5, 2017, reflects the performance of Class I Shares of the Predecessor Fund, calculated using the estimated fees and expenses of Class S Shares, net of any applicable fee and expense limitations or waivers.

Performance of Class T Shares shown for periods prior to June 5, 2017, reflects the performance of Class I Shares of the Predecessor Fund, calculated using the estimated fees and expenses of Class T Shares, net of any applicable fee and expense limitations or waivers.

Performance of Class D Shares shown for periods prior to June 5, 2017, reflects the performance of Class I Shares of the Predecessor Fund, calculated using the estimated fees and expenses of Class D Shares, net of any applicable fee and expense limitations or waivers.

There is no assurance that the investment process will consistently lead to successful investing.

See important disclosures on the next page.


6	SEPTEMBER 30, 2020

Janus Henderson Emerging Markets Fund (unaudited)

Performance

See Notes to Schedule of Investments and Other Information for index definitions.

Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

See “Useful Information About Your Fund Report.”

*The Predecessor Fund’s inception date – December 31, 2010

‡ As stated in the prospectus. See Financial Highlights for actual expense ratios during the reporting period.


Janus Investment Fund	7

Janus Henderson Emerging Markets Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (4/1/20)	Ending Account Value (9/30/20)	Expenses Paid During Period (4/1/20 - 9/30/20)†	Beginning Account Value (4/1/20)	Ending Account Value (9/30/20)	Expenses Paid During Period (4/1/20 - 9/30/20)†	Net Annualized Expense Ratio (4/1/20 - 9/30/20)
Class A Shares		$1,000.00	$1,372.60	$8.07	$1,000.00	$1,018.20	$6.86	1.36%
Class C Shares		$1,000.00	$1,368.60	$12.55	$1,000.00	$1,014.40	$10.68	2.12%
Class D Shares		$1,000.00	$1,374.70	$7.06	$1,000.00	$1,019.05	$6.01	1.19%
Class I Shares		$1,000.00	$1,375.70	$6.53	$1,000.00	$1,019.50	$5.55	1.10%
Class N Shares		$1,000.00	$1,376.50	$6.12	$1,000.00	$1,019.85	$5.20	1.03%
Class S Shares		$1,000.00	$1,372.50	$8.90	$1,000.00	$1,017.50	$7.57	1.50%
Class T Shares		$1,000.00	$1,373.30	$7.59	$1,000.00	$1,018.60	$6.46	1.28%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


8	SEPTEMBER 30, 2020

Janus Henderson Emerging Markets Fund

Schedule of Investments

September 30, 2020


Shares			Value
Common Stocks– 96.7%
Banks – 0.9%
	Vietnam Technological & Commercial Joint Stock Bank*	688,500	$672,800
Beverages – 1.2%
	Varun Beverages Ltd	98,654	938,184
Building Products – 1.1%
	China Lesso Group Holdings Ltd	451,000	815,622
Capital Markets – 1.5%
	Hong Kong Exchanges & Clearing Ltd	23,700	1,114,040
Chemicals – 2.5%
	Hansol Chemical Co Ltd	7,328	935,728
	LG Chem Ltd	1,704	951,598
			1,887,326
Commercial Services & Supplies – 0.7%
	A-Living Services Co Ltd (144A)	110,000	560,141
Communications Equipment – 1.1%
	Accton Technology Corp	110,000	849,872
Construction & Engineering – 0.9%
	China Railway Group Ltd	1,502,000	707,861
Consumer Finance – 0.7%
	Boa Vista Servicos SA*	215,997	540,425
Diversified Consumer Services – 3.4%
	Afya Ltd*	53,796	1,465,403
	Fu Shou Yuan International Group Ltd	1,092,000	1,066,833
			2,532,236
Diversified Financial Services – 2.4%
	Chailease Holding Co Ltd	389,640	1,770,541
Electrical Equipment – 3.9%
	KEI Industries Ltd	151,578	718,830
	Shenzhen Megmeet Electrical Co Ltd - Class A	225,118	1,127,374
	Voltronic Power Technology Corp	32,550	1,111,005
			2,957,209
Entertainment – 1.4%
	NetEase Inc	39,250	704,084
	NetEase Inc (ADR)	761	346,004
			1,050,088
Food & Staples Retailing – 0.8%
	X5 Retail Group NV (GDR) (REG)	15,633	578,342
Health Care Providers & Services – 1.1%
	Notre Dame Intermedica Participacoes SA	68,424	792,746
Health Care Technology – 0.7%
	Ping An Healthcare and Technology Co Ltd (144A)*	39,800	513,997
Hotels, Restaurants & Leisure – 1.6%
	Yum China Holdings Inc	22,298	1,180,679
Independent Power and Renewable Electricity Producers – 1.6%
	China Longyuan Power Group Corp Ltd	1,895,000	1,189,281
Information Technology Services – 2.1%
	21Vianet Group Inc (ADR)*	39,191	907,664
	Network International Holdings PLC (144A)*	191,328	675,763
			1,583,427
Insurance – 5.7%
	AIA Group Ltd	148,000	1,458,021
	Ping An Insurance Group Co of China Ltd	273,500	2,821,581
			4,279,602
Interactive Media & Services – 12.0%
	AfreecaTV Co Ltd	12,141	615,706
	NAVER Corp	5,143	1,302,384
	Tencent Holdings Ltd	97,600	6,499,723
	Yandex NV*	8,994	586,858
			9,004,671


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	9

Janus Henderson Emerging Markets Fund

Schedule of Investments

September 30, 2020


Shares			Value
Common Stocks– (continued)
Internet & Direct Marketing Retail – 14.7%
	Alibaba Group Holding Ltd*	130,504	$4,826,020
	Alibaba Group Holding Ltd (ADR)*	8,041	2,363,893
	MercadoLibre Inc*	813	880,056
	Naspers Ltd*	16,719	2,950,390
			11,020,359
Life Sciences Tools & Services – 0.4%
	Syngene International Ltd (144A)*	39,742	299,546
Machinery – 1.3%
	China Conch Venture Holdings Ltd	214,000	992,022
Metals & Mining – 2.1%
	Ivanhoe Mines Ltd*	425,271	1,545,975
Oil, Gas & Consumable Fuels – 1.9%
	Geopark Ltd	66,604	490,205
	LUKOIL PJSC (ADR)	16,630	961,529
			1,451,734
Professional Services – 1.5%
	NICE Information Service Co Ltd	68,514	1,156,099
Real Estate Management & Development – 4.3%
	Logan Property Holdings Co Ltd	713,000	1,131,214
	Shimao Property Holdings Ltd	255,000	1,059,725
	Vinhomes JSC (144A)*	316,260	1,034,643
			3,225,582
Semiconductor & Semiconductor Equipment – 12.3%
	KoMiCo Ltd	4,482	145,881
	LEENO Industrial Inc	4,693	493,192
	MediaTek Inc	73,000	1,539,451
	SK Hynix Inc	17,038	1,222,715
	Taiwan Semiconductor Manufacturing Co Ltd	389,000	5,842,629
			9,243,868
Software – 1.6%
	Kingdee International Software Group Co Ltd*	335,000	870,627
	Ming Yuan Cloud Group Holdings Ltd*	81,000	303,105
			1,173,732
Specialty Retail – 0.9%
	Wilcon Depot Inc	2,092,000	690,579
Technology Hardware, Storage & Peripherals – 5.4%
	Samsung Electronics Co Ltd	80,476	4,055,531
Textiles, Apparel & Luxury Goods – 1.4%
	Li Ning Co Ltd	224,000	1,051,126
Thrifts & Mortgage Finance – 1.6%
	Housing Development Finance Corp Ltd	50,671	1,202,683
Total Common Stocks (cost $59,743,850)			72,627,926
Preferred Stocks– 0.9%
Electric Utilities – 0.9%
	Cia Paranaense de Energia((cost $692,219)	57,535	635,339
Investment Companies– 2.1%
Money Markets – 2.1%
	Janus Henderson Cash Liquidity Fund LLC, 0.1028%^ºº,£((cost $1,591,732)	1,591,573	1,591,732
Total Investments (total cost $62,027,801) – 99.7%			74,854,997
Cash, Receivables and Other Assets, net of Liabilities – 0.3%			257,117
Net Assets – 100%			$75,112,114


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

10	SEPTEMBER 30, 2020

Janus Henderson Emerging Markets Fund

Schedule of Investments

September 30, 2020


Summary of Investments by Country - (Long Positions) (unaudited)

		% of
		Investment
Country	Value	Securities
China	$31,038,576	41.5	%
Taiwan	11,113,498	14.9
South Korea	10,878,834	14.5
Brazil	3,433,913	4.6
India	3,159,243	4.2
South Africa	2,950,390	3.9
Hong Kong	2,572,061	3.4
Russia	2,126,729	2.8
Vietnam	1,707,443	2.3
United States	1,591,732	2.1
Canada	1,545,975	2.1
Argentina	880,056	1.2
Philippines	690,579	0.9
United Kingdom	675,763	0.9
Chile	490,205	0.7



Total	$74,854,997	100.0	%

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 9/30/20
Investment Companies - 2.1%
Money Markets - 2.1%
	Janus Henderson Cash Liquidity Fund LLC, 0.1028%^ºº	$	224	$	58	$	-	$	1,591,732


		Value at 9/30/19		Purchases		Sales Proceeds		Value at 9/30/20
Investment Companies - 2.1%
Money Markets - 2.1%
	Janus Henderson Cash Liquidity Fund LLC, 0.1028%^ºº		-		6,548,627		(4,956,953)		1,591,732


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	11

Janus Henderson Emerging Markets Fund

Notes to Schedule of Investments and Other Information


MSCI Emerging Markets Index^SM	MSCI Emerging Markets Index^SM reflects the equity market performance of emerging markets.


ADR	American Depositary Receipt
GDR	Global Depositary Receipt
LLC	Limited Liability Company
PJSC	Private Joint Stock Company
PLC	Public Limited Company
REG	Registered

144A


*	Non-income producing security.


ºº	Rate shown is the 7-day yield as of September 30, 2020.


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


The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of September 30, 2020. See Notes to Financial Statements for more information.

Valuation Inputs Summary

				Level 2 -		Level 3 -
		Level 1 -		Other Significant		Significant
		Quoted Prices		Observable Inputs		Unobservable Inputs

Assets
Investments In Securities:
Common Stocks
Consumer Finance	$	540,425	$	-	$	-
Diversified Consumer Services		1,465,403		1,066,833		-
Entertainment		346,004		704,084		-
Health Care Providers & Services		792,746		-		-
Hotels, Restaurants & Leisure		1,180,679		-		-
Information Technology Services		907,664		675,763		-
Interactive Media & Services		586,858		8,417,813		-
Internet & Direct Marketing Retail		3,243,949		7,776,410		-
Metals & Mining		1,545,975		-		-
Oil, Gas & Consumable Fuels		490,205		961,529		-
Software		303,105		870,627		-
All Other		-		40,751,854		-
Preferred Stocks		-		635,339		-
Investment Companies		-		1,591,732		-
Total Assets	$	11,403,013	$	63,451,984	$	-


12	SEPTEMBER 30, 2020

Janus Henderson Emerging Markets Fund

Statement of Assets and Liabilities

September 30, 2020

See footnotes at the end of the Statement.



Assets:
	Unaffiliated investments, at value⁽¹⁾		$	73,263,265
	Affiliated investments, at value⁽²⁾			1,591,732
	Cash			366,708
	Cash denominated in foreign currency⁽³⁾			172,970
	Non-interested Trustees' deferred compensation			1,630
	Receivables:
		Investments sold		279,861
		Foreign tax reclaims		171,104
		Dividends		106,914
		Fund shares sold		68,279
		Dividends from affiliates		79
	Other assets			13,562
Total Assets				76,036,104
Liabilities:
	Payables:			—
		Investments purchased		611,976
		Fund shares repurchased		86,410
		Advisory fees		80,754
		Professional fees		71,856
		Non-affiliated fund administration fees payable		24,076
		Custodian fees		8,875
		Transfer agent fees and expenses		7,358
		12b-1 Distribution and shareholder servicing fees		2,983
		Non-interested Trustees' deferred compensation fees		1,630
		Non-interested Trustees' fees and expenses		323
		Affiliated fund administration fees payable		155
		Accrued expenses and other payables		27,594
Total Liabilities				923,990
Net Assets			$	75,112,114


See Notes to Financial Statements.

Janus Investment Fund	13

Janus Henderson Emerging Markets Fund

Statement of Assets and Liabilities

September 30, 2020




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	74,971,878
	Total distributable earnings (loss)		140,236
Total Net Assets		$	75,112,114
Net Assets - Class A Shares		$	4,000,117
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		399,053
Net Asset Value Per Share⁽⁴⁾		$	10.02
Maximum Offering Price Per Share⁽⁵⁾		$	10.63
Net Assets - Class C Shares		$	2,573,060
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		265,602
Net Asset Value Per Share⁽⁴⁾		$	9.69
Net Assets - Class D Shares		$	10,854,205
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,075,600
Net Asset Value Per Share		$	10.09
Net Assets - Class I Shares		$	19,938,790
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,979,302
Net Asset Value Per Share		$	10.07
Net Assets - Class N Shares		$	35,206,878
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,488,156
Net Asset Value Per Share		$	10.09
Net Assets - Class S Shares		$	94,683
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		9,310
Net Asset Value Per Share		$	10.17
Net Assets - Class T Shares		$	2,444,381
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		242,424
Net Asset Value Per Share		$	10.08

(1) Includes cost of $60,436,069.

(2) Includes cost of $1,591,732.

(3) Includes cost of $172,970.

(4) Redemption price per share may be reduced for any applicable contingent deferred sales charge.

(5) Maximum offering price is computed at 100/94.25 of net asset value.


See Notes to Financial Statements.

14	SEPTEMBER 30, 2020

Janus Henderson Emerging Markets Fund

Statement of Operations

For the year ended September 30, 2020



Investment Income:
	Dividends		$	1,409,783
	Dividends from affiliates			224
	Other income			2,241
	Foreign tax withheld			(139,524)
Total Investment Income				1,272,724
Expenses:
	Advisory fees			762,986
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		10,950
		Class C Shares		28,409
		Class S Shares		199
	Transfer agent administrative fees and expenses:
		Class D Shares		12,756
		Class S Shares		199
		Class T Shares		6,193
	Transfer agent networking and omnibus fees:
		Class A Shares		3,831
		Class C Shares		2,347
		Class I Shares		17,581
	Other transfer agent fees and expenses:
		Class A Shares		374
		Class C Shares		256
		Class D Shares		4,711
		Class I Shares		1,209
		Class N Shares		853
		Class S Shares		7
		Class T Shares		62
	Registration fees			130,613
	Professional fees			105,939
	Non-affiliated fund administration fees			69,093
	Custodian fees			48,799
	Shareholder reports expense			13,105
	Affiliated fund administration fees			1,907
	Non-interested Trustees’ fees and expenses			1,035
	Other expenses			7,784
Total Expenses				1,231,198
Less: Excess Expense Reimbursement and Waivers				(354,713)
Net Expenses				876,485
Net Investment Income/(Loss)				396,239


See Notes to Financial Statements.

Janus Investment Fund	15

Janus Henderson Emerging Markets Fund

Statement of Operations

For the year ended September 30, 2020



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	(1,706,034)
	Investments in affiliates		58
Total Net Realized Gain/(Loss) on Investments			(1,705,976)
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation⁽¹⁾		10,369,083
Total Change in Unrealized Net Appreciation/Depreciation			10,369,083
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	9,059,346

(1) Includes change in unrealized appreciation/depreciation of $7,540 due to foreign capital gains tax on investments.


See Notes to Financial Statements.

16	SEPTEMBER 30, 2020

Janus Henderson Emerging Markets Fund

Statements of Changes in Net Assets



			Year ended September 30, 2020		Year ended September 30, 2019

Operations:
	Net investment income/(loss)		$	396,239	$	1,794,410
	Net realized gain/(loss) on investments			(1,705,976)		(9,889,702)
	Change in unrealized net appreciation/depreciation			10,369,083		2,911,940
Net Increase/(Decrease) in Net Assets Resulting from Operations				9,059,346		(5,183,352)
Dividends and Distributions to Shareholders:
		Class A Shares		(63,132)		(457,330)
		Class C Shares		(15,232)		(116,611)
		Class D Shares		(176,488)		(428,310)
		Class I Shares		(542,789)		(2,922,779)
		Class N Shares		(307,706)		(815,126)
		Class S Shares		(597)		(13,840)
		Class T Shares		(42,971)		(146,144)
Net Decrease from Dividends and Distributions to Shareholders				(1,148,915)		(4,900,140)
Capital Share Transactions:
		Class A Shares		(1,387,104)		(10,008,606)
		Class C Shares		(1,102,842)		(2,184,824)
		Class D Shares		(1,499,746)		(1,182,282)
		Class I Shares		(17,899,480)		(66,839,075)
		Class N Shares		16,680,024		(7,083,972)
		Class S Shares		5,995		(1,596,508)
		Class T Shares		(957,215)		(1,543,913)
Net Increase/(Decrease) from Capital Share Transactions				(6,160,368)		(90,439,180)
Net Increase/(Decrease) in Net Assets				1,750,063		(100,522,672)
Net Assets:
	Beginning of period			73,362,051		173,884,723
	End of period		$	75,112,114	$	73,362,051


See Notes to Financial Statements.

Janus Investment Fund	17

Janus Henderson Emerging Markets Fund

Financial Highlights


Class A Shares
For a share outstanding during the year or period ended September 30			2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$8.72	$9.48	$10.36	$10.19
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.02	0.10	0.10	0.04
		Net realized and unrealized gain/(loss)	1.40	(0.55)	(0.67)	0.13
	Total from Investment Operations		1.42	(0.45)	(0.57)	0.17
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.12)	(0.13)	(0.10)	—
		Distributions (from capital gains)	—	(0.18)	(0.21)	—
	Total Dividends and Distributions		(0.12)	(0.31)	(0.31)	—
	Net Asset Value, End of Period		$10.02	$8.72	$9.48	$10.36
	Total Return*		16.32%	(4.66)%⁽³⁾	(5.80)%	1.67%
	Net Assets, End of Period (in thousands)		$4,000	$4,859	$15,771	$15,562
	Average Net Assets for the Period (in thousands)		$4,394	$8,932	$16,103	$15,471
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.87%	1.65%	1.51%	1.75%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.37%	1.30%	1.33%	1.46%
		Ratio of Net Investment Income/(Loss)	0.27%	1.11%	0.93%	2.18%
	Portfolio Turnover Rate		110%	68%	26%	2%


Class C Shares
For a share outstanding during the year or period ended September 30			2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$8.42	$9.12	$9.98	$9.83
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	(0.04)	0.05	0.01	0.02
		Net realized and unrealized gain/(loss)	1.35	(0.55)	(0.65)	0.13
	Total from Investment Operations		1.31	(0.50)	(0.64)	0.15
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.04)	(0.02)	(0.01)	—
		Distributions (from capital gains)	—	(0.18)	(0.21)	—
	Total Dividends and Distributions		(0.04)	(0.20)	(0.22)	—
	Net Asset Value, End of Period		$9.69	$8.42	$9.12	$9.98
	Total Return*		15.56%	(5.38)%⁽⁴⁾	(6.59)%	1.53%
	Net Assets, End of Period (in thousands)		$2,573	$3,432	$5,985	$9,017
	Average Net Assets for the Period (in thousands)		$2,927	$4,604	$8,442	$8,877
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.61%	2.54%	2.26%	2.65%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.09%	2.11%	2.07%	2.35%
		Ratio of Net Investment Income/(Loss)	(0.44)%	0.56%	0.11%	1.29%
	Portfolio Turnover Rate		110%	68%	26%	2%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Period from August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.

(3) Total return without the effect of affiliated payments would have been (4.89)%.

(4) Total return without the effect of affiliated payments would have been (5.61)%.


See Notes to Financial Statements.

18	SEPTEMBER 30, 2020

Janus Henderson Emerging Markets Fund

Financial Highlights


Class A Shares
For a share outstanding during the year ended July 31			2017	2016
	Net Asset Value, Beginning of Period		$9.10	$8.60
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.10	0.13
		Net realized and unrealized gain/(loss)	1.05	0.39
	Total from Investment Operations		1.15	0.52
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.06)	(0.02)
	Total Dividends and Distributions		(0.06)	(0.02)
	Net Asset Value, End of Period		$10.19	$9.10
	Total Return*		12.80%	6.07%
	Net Assets, End of Period (in thousands)		$15,124	$6,510
	Average Net Assets for the Period (in thousands)		$12,523	$5,958
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.76%	2.36%⁽²⁾
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.54%	1.79%
		Ratio of Net Investment Income/(Loss)	1.05%	1.64%
	Portfolio Turnover Rate		32%	86%


Class C Shares
For a share outstanding during the year ended July 31			2017	2016
	Net Asset Value, Beginning of Period		$8.79	$8.35
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.03	0.06
		Net realized and unrealized gain/(loss)	1.02	0.38
	Total from Investment Operations		1.05	0.44
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.01)	—
	Total Dividends and Distributions		(0.01)	—
	Net Asset Value, End of Period		$9.83	$8.79
	Total Return*		12.03%	5.27%
	Net Assets, End of Period (in thousands)		$8,530	$3,553
	Average Net Assets for the Period (in thousands)		$6,219	$3,028
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.53%	3.16%⁽²⁾
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.29%	2.54%
		Ratio of Net Investment Income/(Loss)	0.37%	0.70%
	Portfolio Turnover Rate		32%	86%

* Total return not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) The Ratio of Gross Expenses include a reimbursement of prior period custodian out-of-pocket expenses. The Ratio of Gross Expenses would have been 0.07% higher had the custodian not reimbursed the Fund.


See Notes to Financial Statements.

Janus Investment Fund	19

Janus Henderson Emerging Markets Fund

Financial Highlights


Class D Shares
For a share outstanding during the year or period ended September 30			2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$8.78	$9.53	$10.41	$10.24
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.05	0.14	0.11	0.04
		Net realized and unrealized gain/(loss)	1.41	(0.59)	(0.67)	0.13
	Total from Investment Operations		1.46	(0.45)	(0.56)	0.17
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.15)	(0.12)	(0.11)	—
		Distributions (from capital gains)	—	(0.18)	(0.21)	—
	Total Dividends and Distributions		(0.15)	(0.30)	(0.32)	—
	Net Asset Value, End of Period		$10.09	$8.78	$9.53	$10.41
	Total Return*		16.66%	(4.59)%⁽³⁾	(5.64)%	1.66%
	Net Assets, End of Period (in thousands)		$10,854	$10,957	$13,104	$16,053
	Average Net Assets for the Period (in thousands)		$10,785	$12,337	$15,607	$16,501
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.70%	1.80%	1.38%	1.80%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.19%	1.19%	1.15%	1.46%
		Ratio of Net Investment Income/(Loss)	0.50%	1.51%	1.08%	2.18%
	Portfolio Turnover Rate		110%	68%	26%	2%


Class I Shares
For a share outstanding during the year or period ended September 30			2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$8.78	$9.52	$10.42	$10.24
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.05	0.14	0.12	0.04
		Net realized and unrealized gain/(loss)	1.41	(0.57)	(0.69)	0.14
	Total from Investment Operations		1.46	(0.43)	(0.57)	0.18
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.17)	(0.13)	(0.12)	—
		Distributions (from capital gains)	—	(0.18)	(0.21)	—
	Total Dividends and Distributions		(0.17)	(0.31)	(0.33)	—
	Net Asset Value, End of Period		$10.07	$8.78	$9.52	$10.42
	Total Return*		16.68%	(4.38)%⁽⁴⁾	(5.72)%	1.76%
	Net Assets, End of Period (in thousands)		$19,939	$34,499	$107,276	$112,952
	Average Net Assets for the Period (in thousands)		$25,327	$71,330	$119,036	$110,859
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.54%	1.45%	1.26%	1.49%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.11%	1.13%	1.09%	1.20%
		Ratio of Net Investment Income/(Loss)	0.50%	1.49%	1.17%	2.42%
	Portfolio Turnover Rate		110%	68%	26%	2%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Period from August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.

(3) Total return without the effect of affiliated payments would have been (4.82)%.

(4) Total return without the effect of affiliated payments would have been (4.61)%.


See Notes to Financial Statements.

20	SEPTEMBER 30, 2020

Janus Henderson Emerging Markets Fund

Financial Highlights


Class D Shares
For a share outstanding during the period ended July 31			2017⁽¹⁾
	Net Asset Value, Beginning of Period		$10.05
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.07
		Net realized and unrealized gain/(loss)	0.12
	Total from Investment Operations		0.19
	Less Dividends and Distributions:
		Dividends (from net investment income)	—
	Total Dividends and Distributions		—
	Net Asset Value, End of Period		$10.24
	Total Return*		1.89%
	Net Assets, End of Period (in thousands)		$16,527
	Average Net Assets for the Period (in thousands)		$14,711
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.35%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.32%
		Ratio of Net Investment Income/(Loss)	4.63%
	Portfolio Turnover Rate		32%


Class I Shares
For a share outstanding during the year ended July 31			2017	2016
	Net Asset Value, Beginning of Period		$9.13	$8.63
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.15	0.13
		Net realized and unrealized gain/(loss)	1.03	0.42
	Total from Investment Operations		1.18	0.55
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.07)	(0.05)
	Total Dividends and Distributions		(0.07)	(0.05)
	Net Asset Value, End of Period		$10.24	$9.13
	Total Return*		13.15%	6.41%
	Net Assets, End of Period (in thousands)		$107,513	$36,815
	Average Net Assets for the Period (in thousands)		$62,396	$21,242
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.46%	2.09%⁽³⁾
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.27%	1.54%
		Ratio of Net Investment Income/(Loss)	1.63%	1.52%
	Portfolio Turnover Rate		32%	86%

* Total return not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Period from June 5, 2017 (inception date) through July 31, 2017.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.

(3) The Ratio of Gross Expenses include a reimbursement of prior period custodian out-of-pocket expenses. The Ratio of Gross Expenses would have been 0.07% higher had the custodian not reimbursed the Fund.


See Notes to Financial Statements.

Janus Investment Fund	21

Janus Henderson Emerging Markets Fund

Financial Highlights


Class N Shares
For a share outstanding during the year or period ended September 30			2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$8.79	$9.53	$10.42	$10.24
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.06	0.15	0.12	0.05
		Net realized and unrealized gain/(loss)	1.40	(0.57)	(0.68)	0.13
	Total from Investment Operations		1.46	(0.42)	(0.56)	0.18
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.16)	(0.14)	(0.12)	—
		Distributions (from capital gains)	—	(0.18)	(0.21)	—
	Total Dividends and Distributions		(0.16)	(0.32)	(0.33)	—
	Net Asset Value, End of Period		$10.09	$8.79	$9.53	$10.42
	Total Return*		16.74%	(4.33)%⁽³⁾	(5.63)%	1.76%
	Net Assets, End of Period (in thousands)		$35,207	$16,531	$25,134	$41,206
	Average Net Assets for the Period (in thousands)		$30,308	$21,520	$29,832	$41,394
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.48%	1.41%	1.20%	1.35%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.03%	1.03%	1.03%	1.05%
		Ratio of Net Investment Income/(Loss)	0.68%	1.65%	1.15%	2.59%
	Portfolio Turnover Rate		110%	68%	26%	2%


Class S Shares
For a share outstanding during the year or period ended September 30			2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$8.81	$9.51	$10.41	$10.23
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.02	0.08	0.13	0.04
		Net realized and unrealized gain/(loss)	1.41	(0.52)	(0.73)	0.14
	Total from Investment Operations		1.43	(0.44)	(0.60)	0.18
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.07)	(0.08)	(0.09)	—
		Distributions (from capital gains)	—	(0.18)	(0.21)	—
	Total Dividends and Distributions		(0.07)	(0.26)	(0.30)	—
	Net Asset Value, End of Period		$10.17	$8.81	$9.51	$10.41
	Total Return*		16.26%	(4.49)%⁽⁴⁾	(5.98)%	1.76%
	Net Assets, End of Period (in thousands)		$95	$77	$1,753	$316
	Average Net Assets for the Period (in thousands)		$79	$488	$1,189	$311
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	5.74%	2.25%	1.85%	1.91%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.46%	1.18%	1.47%	1.51%
		Ratio of Net Investment Income/(Loss)	0.27%	0.89%	1.28%	2.11%
	Portfolio Turnover Rate		110%	68%	26%	2%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Period from August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.

(3) Total return without the effect of affiliated payments would have been (4.56)%.

(4) Total return without the effect of affiliated payments would have been (4.72)%.


See Notes to Financial Statements.

22	SEPTEMBER 30, 2020

Janus Henderson Emerging Markets Fund

Financial Highlights


Class N Shares
For a share outstanding during the year or period ended July 31			2017	2016⁽¹⁾
	Net Asset Value, Beginning of Period		$9.13	$8.06
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.40	0.06
		Net realized and unrealized gain/(loss)	0.79	1.06
	Total from Investment Operations		1.19	1.12
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.08)	(0.05)
	Total Dividends and Distributions		(0.08)	(0.05)
	Net Asset Value, End of Period		$10.24	$9.13
	Total Return*		13.17%	13.92%
	Net Assets, End of Period (in thousands)		$40,785	$318
	Average Net Assets for the Period (in thousands)		$6,417	$282
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.32%	2.17%⁽³⁾
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.24%	1.54%
		Ratio of Net Investment Income/(Loss)	4.20%	1.07%
	Portfolio Turnover Rate		32%	86%


Class S Shares
For a share outstanding during the period ended July 31			2017⁽⁴⁾
	Net Asset Value, Beginning of Period		$10.05
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.07
		Net realized and unrealized gain/(loss)	0.11
	Total from Investment Operations		0.18
	Less Dividends and Distributions:
		Dividends (from net investment income)	—
	Total Dividends and Distributions		—
	Net Asset Value, End of Period		$10.23
	Total Return*		1.79%
	Net Assets, End of Period (in thousands)		$304
	Average Net Assets for the Period (in thousands)		$266
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.69%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.59%
		Ratio of Net Investment Income/(Loss)	4.51%
	Portfolio Turnover Rate		32%

* Total return not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Period from November 30, 2015 (inception date) through July 31, 2016.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.

(4) Period from June 5, 2017 (inception date) through July 31, 2017.


See Notes to Financial Statements.

Janus Investment Fund	23

Janus Henderson Emerging Markets Fund

Financial Highlights


Class T Shares
For a share outstanding during the year or period ended September 30			2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$8.78	$9.52	$10.42	$10.24
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.04	0.13	0.10	0.04
		Net realized and unrealized gain/(loss)	1.40	(0.57)	(0.68)	0.14
	Total from Investment Operations		1.44	(0.44)	(0.58)	0.18
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.14)	(0.12)	(0.11)	—
		Distributions (from capital gains)	—	(0.18)	(0.21)	—
	Total Dividends and Distributions		(0.14)	(0.30)	(0.32)	—
	Net Asset Value, End of Period		$10.08	$8.78	$9.52	$10.42
	Total Return*		16.43%	(4.56)%⁽³⁾	(5.86)%	1.76%
	Net Assets, End of Period (in thousands)		$2,444	$3,008	$4,862	$7,770
	Average Net Assets for the Period (in thousands)		$2,477	$4,046	$7,275	$7,786
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.82%	1.73%	1.45%	1.62%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.28%	1.27%	1.26%	1.30%
		Ratio of Net Investment Income/(Loss)	0.40%	1.41%	0.93%	2.34%
	Portfolio Turnover Rate		110%	68%	26%	2%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Period from August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.

(3) Total return without the effect of affiliated payments would have been (4.79)%.


See Notes to Financial Statements.

24	SEPTEMBER 30, 2020

Janus Henderson Emerging Markets Fund

Financial Highlights


Class T Shares
For a share outstanding during the period ended July 31			2017⁽¹⁾
	Net Asset Value, Beginning of Period		$10.05
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.08
		Net realized and unrealized gain/(loss)	0.11
	Total from Investment Operations		0.19
	Less Dividends and Distributions:
		Dividends (from net investment income)	—
	Total Dividends and Distributions		—
	Net Asset Value, End of Period		$10.24
	Total Return*		1.89%
	Net Assets, End of Period (in thousands)		$7,629
	Average Net Assets for the Period (in thousands)		$6,024
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.42%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.38%
		Ratio of Net Investment Income/(Loss)	5.01%
	Portfolio Turnover Rate		32%

* Total return not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Period from June 5, 2017 (inception date) through July 31, 2017.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.


See Notes to Financial Statements.

Janus Investment Fund	25

Janus Henderson Emerging Markets Fund

Notes to Financial Statements

1. Organization and Significant Accounting Policies

Janus Henderson Emerging Markets Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 45 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term growth of capital. The Fund is classified as diversified, as defined in the 1940 Act.

Pursuant to the Agreement and Plan of Reorganization, the Fund acquired all the assets and liabilities of the Henderson Emerging Markets Fund (the “Predecessor Fund”), a series of Henderson Global Funds, in exchange for Class A, Class C, Class I and Class N Fund shares having an aggregate net asset value equal to the value of the aggregate net assets of the same share class of the Predecessor Fund (except that Class R6 Predecessor Fund shares were exchanged for Class N Fund shares) (the “Reorganization”). The Reorganization occurred at the close of business on June 2, 2017.

The Predecessor Fund and the Fund had identical investment objectives and substantially similar investment policies and principal risks. For financial reporting purposes, the Predecessor Fund’s financial and performance history prior to the Reorganization is carried forward and reflected in the Fund’s financial highlights.

The last fiscal year end of the Predecessor Fund was July 31, 2016. The Fund's first fiscal year end was July 31, 2017. Subsequent to July 31, 2017, the Fund changed its fiscal year end to September 30, 2017, to reflect the fiscal year end of certain funds of the Trust.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.


26	SEPTEMBER 30, 2020

Janus Henderson Emerging Markets Fund

Notes to Financial Statements

corporations, certain retirement plans, public plans, and foundations/endowments, who established Class I Share accounts before August 4, 2017.

The following accounting policies have been followed by the Fund and are in conformity with United States of America generally accepted accounting principles ("US GAAP").

Investment Valuation


Janus Investment Fund	27

Janus Henderson Emerging Markets Fund

Notes to Financial Statements

Valuation Inputs Summary

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

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

Investment Transactions and Investment Income

Expenses


28	SEPTEMBER 30, 2020

Janus Henderson Emerging Markets Fund

Notes to Financial Statements

Estimates

Indemnifications

Foreign Currency Translations

Dividends and Distributions

Federal Income Taxes

2. Other Investments and Strategies

Additional Investment Risk


Janus Investment Fund	29

Janus Henderson Emerging Markets Fund

Notes to Financial Statements

impact on various markets that interest rate or other significant policy changes may have is unknown. The withdrawal of this support, a failure of measures put in place in response to such economic uncertainty, or investor perception that such efforts were not sufficient could each negatively affect financial markets generally, and the value and liquidity of specific securities. In addition, policy and legislative changes in the United States and in other countries continue to impact many aspects of financial regulation.

Emerging Market Investing


30	SEPTEMBER 30, 2020

Janus Henderson Emerging Markets Fund

Notes to Financial Statements

expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, nationalization, and restrictions on repatriation of assets may be heightened to the extent the Fund invests in Chinese local market securities.

Real Estate Investing

3. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pays Janus Capital an investment advisory fee which is calculated daily and paid monthly. The following table reflects the Fund’s contractual investment advisory fee rate (expressed as an annual rate).


Average Daily Net Assets of the Fund	Contractual Investment Advisory Fee (%)
First $1 Billion	1.00
Next $1 Billion	0.90
Over $2 Billion	0.85

The Fund’s actual investment advisory fee rate for the reporting period was 1.00% of average annual net assets before any applicable waivers.

Janus Capital has contractually agreed to waive the advisory fee payable by the Fund or reimburse expenses in an amount equal to the amount, if any, that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus/administrative fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 1.03% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waivers for at least a one-year period commencing January 28, 2020. If applicable, amounts waived and/or reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.


Janus Investment Fund	31

Janus Henderson Emerging Markets Fund

Notes to Financial Statements

The Fund pays an annual administrative services fee based on the average daily net assets of Class D Shares for shareholder services provided by Janus Services, as detailed below.


Average Daily Net Assets of Class D Shares of the Janus Henderson funds	Administrative Services Fee
Under $40 billion	0.12%
$40 billion – $49.9 billion	0.10%
Over $49.9 billion	0.08%

The Fund’s actual Class D administrative fee rate was 0.12% for the reporting period.

Janus Services is compensated for its services related to the Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.

Under a distribution and shareholder servicing plan (the “Plan”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, Janus Henderson Distributors, a wholly-owned subsidiary of Janus Capital, a fee for the sale and distribution and/or shareholder servicing of the Shares at an annual rate of up to 0.25% of the Class A Shares’ average daily net assets, of up to 1.00% of the Class C Shares’ average daily net assets and of up to 0.25% of the Class S Shares’ average daily net assets. Under the terms of the Plan, the Trust is authorized to make payments to Janus Henderson Distributors for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations. Payments under the Plan are not tied exclusively to actual 12b-1 distribution and shareholder service expenses, and the payments may exceed 12b-1 distribution and shareholder service expenses actually incurred. If any of the Fund’s actual 12b-1 distribution and shareholder service expenses incurred during a calendar year are less than the payments made during a calendar year, the Fund will be refunded the difference. Refunds, if any, are included in “12b-1 Distribution and shareholder servicing fees” in the Statement of Operations.


32	SEPTEMBER 30, 2020

Janus Henderson Emerging Markets Fund

Notes to Financial Statements


Janus Investment Fund	33

Janus Henderson Emerging Markets Fund

Notes to Financial Statements

of the Class C Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class C Shares during the year ended September 30, 2020.

As of September 30, 2020, shares of the Fund were owned by affiliates of Janus Henderson Investors, and/or other funds advised by Janus Henderson, as indicated in the table below:


Class	% of Class Owned		% of Fund Owned
Class A Shares	-	%	-	%
Class C Shares	-		-
Class D Shares	-		-
Class I Shares	-		-
Class N Shares	94		44
Class S Shares	-		-
Class T Shares	-		-

4. Federal Income Tax


			Loss Deferrals		Other Book	Net Tax
Undistributed Ordinary Income	Undistributed Long-Term Gains	Accumulated Capital Losses	Late-Year Ordinary Loss	Post-October Capital Loss	to Tax Differences	Appreciation/ (Depreciation)
$ 902,640	$ -	$ (12,851,967)	$ -	$ -	$ 1,260	$ 12,088,303



Capital Loss Carryover Schedule
For the year ended September 30, 2020
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$(8,983,132)	$(3,868,835)	$ (12,851,967)

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of September 30, 2020 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals, investments in partnerships, and investments in passive foreign investment companies.


34	SEPTEMBER 30, 2020

Janus Henderson Emerging Markets Fund

Notes to Financial Statements


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 62,931,368	$14,917,508	$ (2,993,879)	$ 11,923,629

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, passive foreign investment companies, and capital loss carryovers. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.


For the year ended September 30, 2020
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 1,148,915	$ -	$ -	$ -


For the year ended September 30, 2019
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 2,008,793	$ 2,891,347	$ -	$ -



Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ (4,018)	$ 20,978	$ (16,960)


Janus Investment Fund	35

Janus Henderson Emerging Markets Fund

Notes to Financial Statements

5. Capital Share Transactions



	Year ended September 30, 2020		Year ended September 30, 2019
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	188,412	$ 1,785,489	117,396	$ 1,066,661
Reinvested dividends and distributions	6,582	62,859	53,031	456,598
Shares repurchased	(353,358)	(3,235,452)	(1,277,310)	(11,531,865)
Net Increase/(Decrease)	(158,364)	$ (1,387,104)	(1,106,883)	$(10,008,606)
Class C Shares:
Shares sold	160,924	$ 1,528,333	68,357	$ 581,489
Reinvested dividends and distributions	1,628	15,123	13,874	115,990
Shares repurchased	(304,537)	(2,646,298)	(330,948)	(2,882,303)
Net Increase/(Decrease)	(141,985)	$ (1,102,842)	(248,717)	$ (2,184,824)
Class D Shares:
Shares sold	280,747	$ 2,525,693	299,067	$ 2,738,295
Reinvested dividends and distributions	18,120	173,947	48,819	422,774
Shares repurchased	(470,571)	(4,199,386)	(476,175)	(4,343,351)
Net Increase/(Decrease)	(171,704)	$ (1,499,746)	(128,289)	$ (1,182,282)
Class I Shares:
Shares sold	707,341	$ 6,316,278	2,864,218	$ 26,094,612
Reinvested dividends and distributions	56,073	537,175	337,015	2,915,180
Shares repurchased	(2,713,177)	(24,752,933)	(10,535,869)	(95,848,867)
Net Increase/(Decrease)	(1,949,763)	$(17,899,480)	(7,334,636)	$(66,839,075)
Class N Shares:
Shares sold	2,558,973	$ 24,980,004	74,824	$ 684,311
Reinvested dividends and distributions	32,086	307,706	94,125	815,126
Shares repurchased	(983,633)	(8,607,686)	(925,237)	(8,583,409)
Net Increase/(Decrease)	1,607,426	$ 16,680,024	(756,288)	$ (7,083,972)
Class S Shares:
Shares sold	1,378	$ 12,859	5,649	$ 51,820
Reinvested dividends and distributions	62	597	1,596	13,840
Shares repurchased	(824)	(7,461)	(182,908)	(1,662,168)
Net Increase/(Decrease)	616	$ 5,995	(175,663)	$ (1,596,508)
Class T Shares:
Shares sold	34,581	$ 314,136	33,594	$ 299,757
Reinvested dividends and distributions	4,476	42,971	16,876	146,144
Shares repurchased	(139,330)	(1,314,322)	(218,637)	(1,989,814)
Net Increase/(Decrease)	(100,273)	$ (957,215)	(168,167)	$ (1,543,913)

6. Purchases and Sales of Investment Securities


Purchases of Securities	Proceeds from Sales of Securities	Purchases of Long- Term U.S. Government Obligations	Proceeds from Sales of Long-Term U.S. Government Obligations
$81,288,497	$ 84,724,008	$ -	$ -

7. Recent Accounting Pronouncements


36	SEPTEMBER 30, 2020

Janus Henderson Emerging Markets Fund

Notes to Financial Statements

effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. An entity is permitted, and Management has decided, to early adopt the standard in these financial statements.

8. Subsequent Event


Janus Investment Fund	37

Janus Henderson Emerging Markets Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Emerging Markets Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Emerging Markets Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of September 30, 2020, the related statement of operations for the year ended September 30, 2020, the statements of changes in net assets for each of the two years in the period ended September 30, 2020, including the related notes, and the financial highlights for each of the periods indicated therein beginning on or after August 1, 2016 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2020 and the financial highlights for each of the periods indicated therein beginning on or after August 1, 2016 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Fund as of and for the year ended July 31, 2016, and the financial highlights for each of the periods ended on or prior to July 31, 2016 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated September 23, 2016 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2020 by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Denver, Colorado

November 17, 2020

We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.


38	SEPTEMBER 30, 2020

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD


Janus Investment Fund	39

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Nature, Extent and Quality of Services

Performance of the Funds

The Trustees considered the performance of each Fund, noting that performance may vary by share class, and noted the following:

Alternative Fund

Asset Allocation Funds


40	SEPTEMBER 30, 2020

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


Janus Investment Fund	41

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

Money Market Funds


42	SEPTEMBER 30, 2020

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Multi-Asset Funds

Multi-Asset U.S. Equity Funds


Janus Investment Fund	43

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Quantitative Equity Funds

U.S. Equity Funds

Costs of Services Provided


44	SEPTEMBER 30, 2020

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Alternative Fund

Asset Allocation Funds


Janus Investment Fund	45

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Technology Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.


46	SEPTEMBER 30, 2020

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

· For Janus Henderson International Small Cap Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

Money Market Funds

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for both share classes.

Multi-Asset Funds

· For Janus Henderson Dividend & Income Builder Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Value Plus Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

Multi-Asset U.S. Equity Funds

· For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.


Janus Investment Fund	47

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

· For Janus Henderson U.S. Growth Opportunities Fund, that Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

Quantitative Equity Funds

· For Janus Henderson Global Income Managed Volatility Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson U.S. Managed Volatility Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

U.S. Equity Funds

· For Janus Henderson Large Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.


48	SEPTEMBER 30, 2020

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Economies of Scale


Janus Investment Fund	49

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

Other Benefits to Janus Capital

LIQUIDITY RISK MANAGEMENT PROGRAM


50	SEPTEMBER 30, 2020

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

· the LRMP, including the Highly Liquid Investment Minimum where applicable, was implemented and operated effectively to achieve the goal of assessing and managing the Fund’s liquidity risk.


Janus Investment Fund	51

Janus Henderson Emerging Markets Fund

Useful Information About Your Fund Report (unaudited)

Management Commentary

Performance Overviews

Schedule of Investments

The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.

Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund’s Schedule of Investments (if applicable).

Statement of Assets and Liabilities

This statement is often referred to as the “balance sheet.” It lists the assets and liabilities of the Fund on the last day of the reporting period.


52	SEPTEMBER 30, 2020

Janus Henderson Emerging Markets Fund

Useful Information About Your Fund Report (unaudited)

Statement of Operations

This statement details the Fund’s income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.

The first section in this statement, entitled “Investment Income,” reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.

Statements of Changes in Net Assets

Financial Highlights


Janus Investment Fund	53

Janus Henderson Emerging Markets Fund

Useful Information About Your Fund Report (unaudited)

total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.

The Fund’s expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.


54	SEPTEMBER 30, 2020

Janus Henderson Emerging Markets Fund

Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2020:



Foreign Taxes Paid	$138,303
Foreign Source Income	$1,369,679
Dividends Received Deduction Percentage	4%
Qualified Dividend Income Percentage	44%


Janus Investment Fund	55

Janus Henderson Emerging Markets Fund

Trustees and Officers (unaudited)

The Fund’s Statement of Additional Information includes additional information about the Trustees and officers and is available, without charge, by calling 1-877-335-2687.


56	SEPTEMBER 30, 2020

Janus Henderson Emerging Markets Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William F. McCalpin 151 Detroit Street Denver, CO 80206 DOB: 1957	Chairman Trustee	1/08-Present 6/02-Present	Independent Consultant, Formerly, Managing Partner, Impact Investments, Athena Capital Advisors (independent registered investment advisor) (2016-2019), Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations) (2009-2016), Chief Executive Officer, Imprint Capital Advisors (impact investment firm) (2013-2015), and Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a private family foundation) (1998-2006).	56	Director of Mutual Fund Directors Forum (a non-profit organization serving independent directors of U.S. mutual funds) (since 2016), Chairman of the Board and Trustee of The Investment Fund for Foundations Investment Program (TIP) (consisting of 2 funds) (since 2008), and Director of the F.B. Heron Foundation (a private grantmaking foundation) (since 2006).


Janus Investment Fund	57

Janus Henderson Emerging Markets Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Trustee	1/13-Present	Principal, Curam Holdings LLC (since 2018). Formerly, Executive Vice President, Institutional Markets, of Black Creek Group (private equity real estate investment management firm) (2012-2018), Executive Vice President and Co-Head, Global Private Client Group (2007-2010), Executive Vice President, Mutual Funds (2005-2007), and Chief Marketing Officer (2001-2005) of Nuveen Investments, Inc. (asset management).	56	Advisory Board Member of AEW Core Property Trust (open-end property fund) (since 2020), and Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of MotiveQuest LLC (strategic social market research company) (2003-2016), Director of Nuveen Global Investors LLC (2007-2011), Director of Communities in Schools (2004-2010), and Director of Mutual Fund Education Alliance (until 2010).


58	SEPTEMBER 30, 2020

Janus Henderson Emerging Markets Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William D. Cvengros 151 Detroit Street Denver, CO 80206 DOB: 1948	Trustee	1/11-Present	Chief Executive Officer of SJC Capital, LLC (a personal investment company and consulting firm) (since 2002). Formerly, Venture Partner for The Edgewater Funds (a middle market private equity firm) (2002-2004), Chief Executive Officer and President of PIMCO Advisors Holdings L.P. (a publicly traded investment management firm) (1994-2000), and Chief Investment Officer (1987-1994) and Vice Chairman and Director (1990-1994) of Pacific Life Insurance Company (a mutual life insurance and annuity company) (1987-1994).	56	Advisory Board Member, RevOZ Fund LP and related funds (real estate investments for opportunity zones) (since 2020), and Advisory Board Member, Innovate Partners Emerging Growth and Equity Fund I (early stage venture capital fund) (since 2014). Formerly, Managing Trustee of National Retirement Partners Liquidating Trust (2013-2016), Chairman, National Retirement Partners, Inc. (formerly a network of advisors to 401(k) plans) (2005-2013), Director of Prospect Acquisition Corp. (a special purpose acquisition corporation) (2007-2009), Director of RemedyTemp, Inc. (temporary help services company) (1996-2006), and Trustee of PIMCO Funds Multi-Manager Series (1990-2000) and Pacific Life Variable Life & Annuity Trusts (1987-1994).


Janus Investment Fund	59

Janus Henderson Emerging Markets Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Raudline Etienne 151 Detroit Street Denver, CO 80206 DOB: 1965	Trustee	6/16-Present	Founder, Daraja Capital (advisory and investment firm) (since 2016), and Senior Advisor, Albright Stonebridge Group LLC (global strategy firm) (since 2016). Formerly, Senior Vice President (2011-2015), Albright Stonebridge Group LLC, and Deputy Comptroller and Chief Investment Officer, New York State Common Retirement Fund (public pension fund) (2008-2011).	56	Board Member, Van Alen Institute (nonprofit architectural and design organization) (since 2019), and Director of Brightwood Capital Advisors, LLC (since 2014).
William M. Fitzgerald, Sr. 151 Detroit Street Denver, CO 80206 DOB: 1964	Trustee	9/19-Present	Founder, Fitzgerald Asset Management LLC (since 2012). Formerly, Founder and Chief Investment Officer, Global Infrastructure Asset Management LLC (2008-2017), Chief Investment Officer of Nuveen Asset Management (2000-2007), and Managing Director, Nuveen Investment LLC (1988-2007).	56	Board of Directors, Municipal Securities Rulemaking Board (since 2017). Formerly, Board of Directors of Syncora Holdings Ltd, Syncora Guarantee Inc., and Syncora Capital Assurance Inc. (2009-2016), and Trustee, Destra Investment Trust (2010-2014).


60	SEPTEMBER 30, 2020

Janus Henderson Emerging Markets Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Gary A. Poliner 151 Detroit Street Denver, CO 80206 DOB: 1953	Trustee	6/16-Present	Retired. Formerly, President (2010-2013) of Northwestern Mutual Life Insurance Company.	56	Director of MGIC Investment Corporation (private mortgage insurance) (since 2013) and West Bend Mutual Insurance Company (property/casualty insurance) (since 2013). Formerly, Trustee of Northwestern Mutual Life Insurance Company (2010-2013), and Director of Frank Russell Company (global asset management firm) (2008-2013).
Diane L. Wallace 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	6/17-Present	Retired.	56	Formerly, Independent Trustee, Henderson Global Funds (13 portfolios) (2015-2017), Independent Trustee, State Farm Associates' Funds Trust, State Farm Mutual Fund Trust, and State Farm Variable Product Trust (28 portfolios) (2013-2017), Chief Operating Officer, Senior Vice President-Operations, and Chief Financial Officer for Driehaus Capital Management, LLC (1988-2006), and Treasurer for Driehaus Mutual Funds (1996-2002).


Janus Investment Fund	61

Janus Henderson Emerging Markets Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Linda S. Wolf 151 Detroit Street Denver, CO 80206 DOB: 1947	Trustee	11/05-Present	Retired. Formerly, Chairman and Chief Executive Officer of Leo Burnett (Worldwide) (advertising agency) (2001-2005).	56	Director of Chicago Community Trust (Regional Community Foundation), Lurie Children’s Hospital (Chicago, IL), Shirley Ryan Ability Lab and Wrapports, LLC (digital communications company). Formerly, Director of Chicago Council on Global Affairs (until 2019), InnerWorkings (until 2019), Director of Walmart (until 2017), Director of Chicago Convention & Tourism Bureau (until 2014), and The Field Museum of Natural History (Chicago, IL) (until 2014).


62	SEPTEMBER 30, 2020

Janus Henderson Emerging Markets Fund

Trustees and Officers (unaudited)


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Daniel J. Graña 151 Detroit Street Denver, CO 80206 DOB:1971	Executive Vice President and Portfolio Manager Janus Henderson Emerging Markets Fund	9/19-Present	Portfolio Manager for other Janus Henderson accounts. Formerly, Portfolio Manager at Putnam Investment Management, LLC (2003-2019).
Bruce L. Koepfgen 151 Detroit Street Denver, CO 80206 DOB: 1952	President and Chief Executive Officer	7/14-Present	Executive Vice President, Head of North America at Janus Henderson Investors and Janus Capital Management LLC (since 2017), Executive Vice President and Director of Janus International Holding LLC (since 2011), Executive Vice President of Janus Distributors LLC (since 2011), Vice President and Director of Intech Investment Management LLC (since 2011), Executive Vice President and Director of Perkins Investment Management LLC (since 2011), and President and Director of Janus Management Holdings Corporation (since 2011). Formerly, President of Janus Capital Group Inc. and Janus Capital Management LLC (2013-2017), Executive Vice President of Janus Services LLC (2011-2015), Janus Capital Group Inc. and Janus Capital Management LLC (2011-2013), and Chief Financial Officer of Janus Capital Group Inc., Janus Capital Management LLC, Janus Distributors LLC, Janus Management Holdings Corporation, and Janus Services LLC (2011-2013).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.


Janus Investment Fund	63

Janus Henderson Emerging Markets Fund

Trustees and Officers (unaudited)


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Kristin Mariani 151 Detroit Street Denver, CO 80206 DOB: 1966	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	7/20-Present	Chief Compliance Officer for Janus Capital Management LLC (since September 2017), Global Head of Investment Management Compliance for Janus Henderson Investors (since 2019). Formerly, Vice President, Head of Global Distribution Compliance and Chief Compliance Officer of Janus Henderson Distributors (May 2017 – September 2017), Vice President, Compliance at Janus Capital Group Inc., Janus Capital Management LLC, and Janus Distributors LLC (2009-2017).
Jesper Nergaard 151 Detroit Street Denver, CO 80206 DOB: 1962	Chief Financial Officer Vice President, Treasurer, and Principal Accounting Officer	3/05-Present 2/05-Present	Vice President of Janus Capital and Janus Services LLC.
Byron D. Hittle 151 Detroit Street Denver, CO 80206 DOB: 1974	Interim Vice President, Chief Legal Counsel, and Secretary	8/20-Present	Managing Counsel (2017-present). Formerly, Assistant Vice President and Senior Legal Counsel, Janus Capital Management LLC (2012-2016).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.


64	SEPTEMBER 30, 2020

Janus Henderson Emerging Markets Fund

Notes

NotesPage1


Janus Investment Fund	65

Knowledge Shared

At Janus Henderson, we believe in the sharing of expert insight for better investment and business decisions. We call this ethos Knowledge Shared.

Learn more by visiting janushenderson.com.




This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson, Janus, Henderson, Perkins, Intech and Knowledge Shared are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Janus Henderson Distributors
							125-02-93079 11-20



		ANNUAL REPORT September 30, 2020

	Janus Henderson Enterprise Fund

	Janus Investment Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by contacting a Janus Henderson representative. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by visiting janushenderson.com/edelivery. You may elect to receive all future reports in paper free of charge. If you do not invest directly with the Fund, you should contact your plan sponsor, broker-dealer, or financial intermediary, to request to continue receiving paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-525-3713 to let the Fund know that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Janus Henderson mutual funds where held (i.e., all Janus Henderson mutual funds held in your account if you invest through your financial intermediary or all Janus Henderson mutual funds held with the fund complex if you invest directly with a fund).
			HIGHLIGHTS · Portfolio management perspective · Investment strategy behind your fund · Fund performance, characteristics and holdings

Table of Contents

Janus Henderson Enterprise Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	15
Statement of Assets and Liabilities	17
Statement of Operations	19
Statements of Changes in Net Assets	21
Financial Highlights	22
Notes to Financial Statements	26
Report of Independent Registered Public Accounting Firm	41
Additional Information	42
Useful Information About Your Fund Report	55
Designation Requirements	58
Trustees and Officers	59

Janus Henderson Enterprise Fund (unaudited)(closed to certain new investors)

FUND SNAPSHOT

We believe that investing in companies with sustainable growth can deliver a portfolio with compelling results and allow us to outperform our benchmark and peers, while also looking to mitigate volatility. We seek to identify mid-cap companies with high-quality management teams that wisely allocate capital to fund and drive growth over time.

Brian Demain

co-portfolio manager

Cody Wheaton

co-portfolio manager

PERFORMANCE OVERVIEW

The Janus Henderson Enterprise Fund Class I Shares returned 6.20% over the 12-month period ended September 30, 2020. The Fund’s benchmark, the Russell Midcap^{^®} Growth Index, returned 23.23%.

INVESTMENT ENVIRONMENT

The past 12 months have seen extreme volatility in the equity markets. Stocks delivered strong returns in the fourth quarter of 2019, aided by a benign interest rate environment. These gains gave way to an unprecedented market sell-off in the first quarter of 2020, as the COVID-19 pandemic halted travel and disrupted supply chains. Efforts to contain the pandemic also led to a sharp economic contraction. The Federal Reserve (Fed) responded aggressively to this crisis, cutting policy rates to zero and committing to open-ended quantitative easing. Congress also passed a $2 trillion economic stimulus package. Stocks regained ground in the second and third quarters, as easing lockdown orders led investors to focus on prospects for economic recovery in the second half of the year. Data for the third quarter also indicated improved spending and employment gains. Stocks experienced some renewed volatility in September, however, amid fears of a second wave of the pandemic and disappointment over the lack of additional fiscal stimulus. Nonetheless, mid-cap stocks ended the 12-month period with positive returns, with notable performance by growth stocks relative to value.

PERFORMANCE DISCUSSION

In our view, one of the most stunning developments of the past 12 months has been the extreme outperformance of the most expensive stocks in the market. An unusual combination of factors has contributed to this imbalance, including low interest rates, disruptions to companies exposed to the physical economy as a result of COVID-19, and winner-take-all dynamics that allow companies to quickly scale and dominate markets. Heightened uncertainty around COVID-19 has also made investors willing to pay high prices for any stocks they view as either insulated or benefiting from disruptions to the physical economy due to their virtual or digital business models. This confluence of factors has pushed valuations higher even when companies have not substantially raised their revenue or earnings outlooks. Instead, these valuation increases have been driven by multiple expansion, a dynamic we find worrisome and unsustainable. In our view, these expensive stocks, in many cases, will fail to produce the future growth rates needed to justify current valuations. Our experience has shown us that such periods of market divergence are not sustainable, and we have continued to approach these expensive, more speculative growth stocks with caution.

While this approach hurt performance relative to our benchmark, we would emphasize that our investment approach has remained consistent even as our benchmark index has changed. The Russell Midcap Growth Index has become increasingly narrow, shrinking from 464 stocks in 2016 to just 341 as of September 30, 2020. With this increased concentration, a few high-valuation stocks have had an outsized effect on returns. The index has also become more expensive, with its forward price-to-earnings ratio reaching 43.7 as of September 30, compared with an average of 20 to 22 over the past seven years. By contrast, the Fund’s forward price-to-earnings ratio stood at 28.1 as of September 30.

These changes have created some divergent priorities for us in the current environment. To chase short-term index returns would subject our investors to valuation risk we believe is unsupported by fundamentals. It would also require us to abandon the disciplined investment approach that has worked to our advantage for over 20


Janus Investment Fund	1

Janus Henderson Enterprise Fund (unaudited)(closed to certain new investors)

years. In our view, neither choice is advisable and would jeopardize our primary objective of providing strong risk-adjusted returns to our investors over the long term.

At the same time, we continue to rely on our disciplined investment approach to identify compelling mid-cap growth companies we believe have the potential to emerge as market leaders of tomorrow. In selecting these stocks, we continue to rely on our rigorous analytic approach to understand the competitive advantages, unit economics and market opportunity underlying each company’s earnings potential. We also continue to manage risk by not paying more for these stocks than we believe they are worth.

DERIVATIVES USE

Please see “Notes to Financial Statements” for information about the derivatives used by the Fund.

OUTLOOK

We remain confident that we will eventually see a return to more rational market behavior. While we are less certain on the timing of this shift, potential catalysts might include the waning effects of Federal Reserve stimulus, the election, a COVID-19 vaccine, or a significant increase in inflation. As we continue to navigate this environment, we remain committed to our long-term approach that focuses on a three- to five-year time horizon. At the same time, we are also considering what the economy may look like on the other side of this crisis. We recognize that the pandemic may have accelerated some trends we were already following. It could also lead to more sustained changes in the way people live, work, shop and travel. This may create some exciting growth investment opportunities for disciplined, risk-conscious investors such as ourselves that have long-term time horizons.


2	SEPTEMBER 30, 2020

Janus Henderson Enterprise Fund (unaudited)(closed to certain new investors)

Fund At A Glance

September 30, 2020





5 Top Contributors - Holdings			5 Top Detractors - Holdings
	Average Weight	Relative Contribution		Average Weight	Relative Contribution
Wayfair Inc	0.80%	1.22%	Magellan Midstream Partners LP	1.57%	-1.34%
Nice Ltd (ADR)	2.44%	0.69%	WEX Inc	1.57%	-0.91%
Catalent Inc	1.31%	0.55%	Cimpress PLC	0.99%	-0.90%
PerkinElmer Inc	1.85%	0.35%	Norwegian Cruise Line Holdings Ltd	0.40%	-0.73%
Ritchie Bros Auctioneers Inc	1.03%	0.28%	Gildan Activewear Inc	0.67%	-0.71%


	5 Top Contributors - Sectors*
		Relative	Fund	Russell Midcap Growth Index
		Contribution	Average Weight	Average Weight
	Materials	0.26%	1.10%	2.58%
	Communication Services	0.23%	0.71%	4.86%
	Consumer Staples	0.15%	0.00%	3.56%
	Utilities	-0.16%	0.33%	0.03%
	Real Estate	-0.16%	3.23%	2.46%


	5 Top Detractors - Sectors*
		Relative	Fund	Russell Midcap Growth Index
		Contribution	Average Weight	Average Weight
	Information Technology	-6.87%	34.25%	35.00%
	Health Care	-4.21%	18.06%	17.60%
	Financials	-2.29%	11.55%	4.21%
	Consumer Discretionary	-1.31%	7.28%	13.45%
	Industrials	-1.23%	16.52%	15.37%

	Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance. Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index.
*	Based on sector classification according to the Global Industry Classification Standard (“GICS”) codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.


Janus Investment Fund	3

Janus Henderson Enterprise Fund (unaudited)(closed to certain new investors)

Fund At A Glance

September 30, 2020


5 Largest Equity Holdings - (% of Net Assets)
Nice Ltd (ADR)
Software	2.6%
Microchip Technology Inc
Semiconductor & Semiconductor Equipment	2.6%
SS&C Technologies Holdings Inc
Software	2.6%
Aon PLC
Insurance	2.4%
Global Payments Inc
Information Technology Services	2.3%
	12.5%


Asset Allocation - (% of Net Assets)
Common Stocks	96.7%
Investment Companies	3.3%
Investments Purchased with Cash Collateral from Securities Lending	0.1%
Limited Partnership Interests	0.0%
Other		(0.1)%
		100.0%

Top Country Allocations - Long Positions - (% of Investment Securities)

As of September 30, 2020

As of September 30, 2019


4	SEPTEMBER 30, 2020

Janus Henderson Enterprise Fund (unaudited)(closed to certain new investors)

Performance

See important disclosures on the next page.




Average Annual Total Return - for the periods ended September 30, 2020					Expense Ratios
	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses^‡
Class A Shares at NAV⁽¹⁾	5.81%	14.44%	13.84%	11.02%	1.16%
Class A Shares at MOP⁽¹⁾	-0.27%	13.09%	13.16%	10.79%
Class C Shares at NAV⁽¹⁾	5.21%	13.76%	13.09%	10.25%	1.74%
Class C Shares at CDSC⁽¹⁾	4.21%	13.76%	13.09%	10.25%
Class D Shares⁽¹⁾	6.15%	14.79%	14.17%	11.18%	0.81%
Class I Shares⁽¹⁾	6.20%	14.85%	14.25%	11.21%	0.75%
Class N Shares⁽¹⁾	6.30%	14.96%	14.30%	11.22%	0.66%
Class R Shares⁽¹⁾	5.51%	14.11%	13.49%	10.64%	1.41%
Class S Shares⁽¹⁾	5.77%	14.39%	13.78%	10.90%	1.16%
Class T Shares⁽¹⁾	6.04%	14.68%	14.07%	11.14%	0.91%
Russell Midcap Growth Index	23.23%	15.53%	14.55%	10.72%
Morningstar Quartile - Class T Shares	4th	2nd	2nd	2nd
Morningstar Ranking - based on total returns for Mid-Cap Growth Funds	548/611	271/560	223/509	63/137

Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.


Janus Investment Fund	5

Janus Henderson Enterprise Fund (unaudited)(closed to certain new investors)

Performance

Class N Shares commenced operations on July 12, 2012. Performance shown for periods prior to July 12, 2012, reflects the performance of the Fund's Class T Shares, calculated using the fees and expenses of Class T Shares, net of any applicable fee and expense limitations or waivers.

There is no assurance that the investment process will consistently lead to successful investing.

See Notes to Schedule of Investments and Other Information for index definitions.

Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

See “Useful Information About Your Fund Report.”

*The Fund’s inception date – September 1, 1992

‡ As stated in the prospectus. See Financial Highlights for actual expense ratios during the reporting period.

(1) Closed to certain new investors.


6	SEPTEMBER 30, 2020

Janus Henderson Enterprise Fund (unaudited)(closed to certain new investors)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (4/1/20)	Ending Account Value (9/30/20)	Expenses Paid During Period (4/1/20 - 9/30/20)†	Beginning Account Value (4/1/20)	Ending Account Value (9/30/20)	Expenses Paid During Period (4/1/20 - 9/30/20)†	Net Annualized Expense Ratio (4/1/20 - 9/30/20)
Class A Shares		$1,000.00	$1,317.70	$6.37	$1,000.00	$1,019.50	$5.55	1.10%
Class C Shares		$1,000.00	$1,313.90	$9.83	$1,000.00	$1,016.50	$8.57	1.70%
Class D Shares		$1,000.00	$1,319.80	$4.64	$1,000.00	$1,021.00	$4.04	0.80%
Class I Shares		$1,000.00	$1,320.10	$4.35	$1,000.00	$1,021.25	$3.79	0.75%
Class N Shares		$1,000.00	$1,320.70	$3.83	$1,000.00	$1,021.70	$3.34	0.66%
Class R Shares		$1,000.00	$1,315.80	$8.16	$1,000.00	$1,017.95	$7.11	1.41%
Class S Shares		$1,000.00	$1,317.40	$6.72	$1,000.00	$1,019.20	$5.86	1.16%
Class T Shares		$1,000.00	$1,319.10	$5.22	$1,000.00	$1,020.50	$4.55	0.90%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


Janus Investment Fund	7

Janus Henderson Enterprise Fund

Schedule of Investments

September 30, 2020


Shares or Principal Amounts			Value
Common Stocks– 96.7%
Aerospace & Defense – 3.0%
	HEICO Corp	950,685	$84,287,732
	L3Harris Technologies Inc	1,572,814	267,126,730
	Teledyne Technologies Inc*	831,952	258,079,830
			609,494,292
Airlines – 0.8%
	Ryanair Holdings PLC (ADR)*	2,030,937	166,049,409
Auto Components – 0.4%
	Visteon Corp*	1,263,047	87,428,113
Banks – 0.6%
	SVB Financial Group*	541,901	130,392,219
Biotechnology – 2.3%
	Ascendis Pharma A/S (ADR)*	543,958	83,943,599
	BioMarin Pharmaceutical Inc*	1,461,442	111,186,507
	Neurocrine Biosciences Inc*	858,275	82,531,724
	RPI International Holdings LP^§	1,808,030	72,260,631
	Sarepta Therapeutics Inc*	771,550	108,348,766
			458,271,227
Capital Markets – 3.5%
	Cboe Global Markets Inc	1,599,178	140,311,878
	LPL Financial Holdings Inc^£	4,111,220	315,207,237
	MSCI Inc	340,713	121,559,584
	TD Ameritrade Holding Corp	3,136,794	122,805,485
			699,884,184
Commercial Services & Supplies – 3.0%
	Cimpress PLC*^,£	2,154,740	161,950,258
	Edenred	3,438,610	154,255,450
	Ritchie Bros Auctioneers Inc	4,870,747	288,591,760
			604,797,468
Containers & Packaging – 1.3%
	Sealed Air Corp	6,542,565	253,916,948
Diversified Consumer Services – 1.6%
	frontdoor Inc*	2,553,727	99,365,518
	ServiceMaster Global Holdings Inc*	5,485,620	218,766,526
			318,132,044
Electric Utilities – 0.8%
	Alliant Energy Corp	2,993,426	154,610,453
Electrical Equipment – 1.6%
	Sensata Technologies Holding PLC*	7,500,411	323,567,731
Electronic Equipment, Instruments & Components – 5.1%
	Dolby Laboratories Inc^£	2,921,197	193,616,937
	Flex Ltd*	19,364,236	215,717,589
	National Instruments Corp	5,909,661	210,974,898
	TE Connectivity Ltd	4,092,001	399,952,178
			1,020,261,602
Entertainment – 0.5%
	Liberty Media Corp-Liberty Formula One*	2,965,054	107,542,509
Equity Real Estate Investment Trusts (REITs) – 2.5%
	Crown Castle International Corp	1,393,227	231,972,295
	Lamar Advertising Co	4,251,997	281,354,641
			513,326,936
Health Care Equipment & Supplies – 9.3%
	Boston Scientific Corp*	10,361,024	395,894,727
	Cooper Cos Inc	1,303,156	439,319,951
	Dentsply Sirona Inc	3,571,812	156,195,339
	ICU Medical Inc*	1,011,072	184,783,519
	STERIS PLC	1,965,266	346,260,217
	Teleflex Inc	526,725	179,307,724


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

8	SEPTEMBER 30, 2020

Janus Henderson Enterprise Fund

Schedule of Investments

September 30, 2020


Shares or Principal Amounts			Value
Common Stocks– (continued)
Health Care Equipment & Supplies– (continued)
	Varian Medical Systems Inc*	1,012,999	$174,235,828
			1,875,997,305
Hotels, Restaurants & Leisure – 2.1%
	Aramark	5,025,079	132,913,340
	Dunkin' Brands Group Inc	3,536,509	289,675,452
			422,588,792
Information Technology Services – 11.8%
	Amdocs Ltd	5,484,437	314,861,528
	Broadridge Financial Solutions Inc	3,434,236	453,319,152
	Euronet Worldwide Inc*	740,032	67,416,915
	Fidelity National Information Services Inc	2,652,558	390,483,063
	Global Payments Inc	2,659,057	472,195,342
	GoDaddy Inc*	5,538,033	420,724,367
	WEX Inc*	1,933,556	268,706,277
			2,387,706,644
Insurance – 6.8%
	Aon PLC	2,391,118	493,287,643
	Intact Financial Corp	3,674,011	393,450,870
	Willis Towers Watson PLC	785,790	164,088,668
	WR Berkley Corp	5,220,135	319,211,255
			1,370,038,436
Internet & Direct Marketing Retail – 1.1%
	Wayfair Inc*^,#	759,941	221,150,430
Life Sciences Tools & Services – 4.6%
	Illumina Inc*	239,274	73,954,808
	IQVIA Holdings Inc*	1,004,727	158,375,117
	PerkinElmer Inc	2,252,898	282,761,228
	PRA Health Sciences Inc*	1,935,691	196,356,495
	Waters Corp*	1,155,051	226,020,380
			937,468,028
Machinery – 3.2%
	Ingersoll Rand Inc*	5,771,292	205,457,995
	Middleby Corp*	1,056,954	94,819,343
	Rexnord Corp^£	4,538,839	135,438,956
	Wabtec Corp	3,492,998	216,146,716
			651,863,010
Oil, Gas & Consumable Fuels – 1.2%
	Magellan Midstream Partners LP	7,147,831	244,455,820
Pharmaceuticals – 3.9%
	Bristol-Myers Squibb Co	2,323,016	140,054,635
	Catalent Inc*	4,129,690	353,749,245
	Elanco Animal Health Inc*	6,150,175	171,774,388
	Royalty Pharma PLC - Class A	2,877,723	121,065,807
			786,644,075
Professional Services – 2.9%
	CoStar Group Inc*	259,535	220,218,043
	IHS Markit Ltd	1,970,976	154,741,326
	Verisk Analytics Inc	1,157,958	214,581,197
			589,540,566
Semiconductor & Semiconductor Equipment – 8.5%
	KLA Corp	1,973,353	382,317,410
	Lam Research Corp	1,041,793	345,614,828
	Microchip Technology Inc	5,141,541	528,344,753
	ON Semiconductor Corp*	10,913,108	236,705,312
	Xilinx Inc	2,130,153	222,047,149
			1,715,029,452
Software – 10.7%
	Atlassian Corp PLC*	1,755,500	319,132,345


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	9

Janus Henderson Enterprise Fund

Schedule of Investments

September 30, 2020


Shares or Principal Amounts			Value
Common Stocks– (continued)
Software– (continued)
	Ceridian HCM Holding Inc*	3,162,791	$261,404,676
	Constellation Software Inc/Canada	366,294	407,074,952
	Dynatrace Inc*	2,336,067	95,825,468
	JFrog Inc*	170,189	14,406,499
	Nice Ltd (ADR)*	2,348,355	533,147,036
	SS&C Technologies Holdings Inc	8,676,112	525,078,298
			2,156,069,274
Specialty Retail – 2.1%
	Burlington Stores Inc*	586,749	120,923,101
	CarMax Inc*	3,281,943	301,643,381
			422,566,482
Textiles, Apparel & Luxury Goods – 0.6%
	Gildan Activewear Inc	6,528,988	128,425,194
Trading Companies & Distributors – 0.9%
	Ferguson PLC	1,715,179	172,542,464
Total Common Stocks (cost $12,536,068,575)			19,529,761,107
Limited Partnership Interests– 0%
Biotechnology – 0%
	RPI International Holdings LP^§((cost $2,905,084)	14,102	5,636,076
Investment Companies– 3.3%
Money Markets – 3.3%
	Janus Henderson Cash Liquidity Fund LLC, 0.1028%^ºº,£((cost $659,449,075)	659,440,737	659,506,681
Investments Purchased with Cash Collateral from Securities Lending– 0.1%
Investment Companies – 0.1%
	Janus Henderson Cash Collateral Fund LLC, 0.0289%^ºº,£	17,467,560	17,467,560
Time Deposits – 0%
	Canadian Imperial Bank of Commerce, 0.0800%, 10/1/20	$4,366,890	4,366,890
Total Investments Purchased with Cash Collateral from Securities Lending (cost $21,834,450)			21,834,450
Total Investments (total cost $13,220,257,184) – 100.1%			20,216,738,314
Liabilities, net of Cash, Receivables and Other Assets – (0.1)%			(28,223,938)
Net Assets – 100%			$20,188,514,376


Summary of Investments by Country - (Long Positions) (unaudited)

		% of
		Investment
Country	Value	Securities
United States	$17,728,261,200	87.7	%
Canada	1,217,542,776	6.0
Israel	547,553,535	2.7
Australia	319,132,345	1.6
Ireland	166,049,409	0.8
France	154,255,450	0.8
Denmark	83,943,599	0.4



Total	$20,216,738,314	100.0	%


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

10	SEPTEMBER 30, 2020

Janus Henderson Enterprise Fund

Schedule of Investments

September 30, 2020

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income⁽¹⁾		Realized Gain/(Loss)⁽¹⁾		Change in Unrealized Appreciation/ Depreciation⁽¹⁾		Value at 9/30/20
Common Stocks - 2.4%
Capital Markets - 1.6%
	LPL Financial Holdings Inc	$	4,357,313	$	8,380,257	$	(30,320,632)	$	315,207,237
Commercial Services & Supplies - 0.8%
	Cimpress PLC^*		-		-		(122,130,664)		161,950,258
Electronic Equipment, Instruments & Components - N/A
	Dolby Laboratories Inc^š		3,162,452		2,400,495		5,271,114		N/A
Machinery - N/A
	Rexnord Corp^š		1,525,846		1,602,615		18,845,044		N/A
Total Common Stocks		$	9,045,611	$	12,383,367	$	(128,335,138)	$	477,157,495
Preferred Stocks - N/A
Machinery - N/A
	Rexnord Corp, 5.7500%, 11/15/19		431,250		-		(2,818,682)		-
Investment Companies - 3.2%
Money Markets - 3.2%
	Janus Henderson Cash Liquidity Fund LLC, 0.1028%^ºº		13,426,879		128,150		57,606		659,506,681
Investments Purchased with Cash Collateral from Securities Lending - 0.1%
Investment Companies - 0.1%
	Janus Henderson Cash Collateral Fund LLC, 0.0289%^ºº		299,606^∆		-		-		17,467,560
Total Affiliated Investments - 5.7%		$	23,203,346	$	12,511,517	$	(131,096,214)	$	1,154,131,736


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	11

Janus Henderson Enterprise Fund

Schedule of Investments

September 30, 2020


		Value at 9/30/19		Purchases		Sales Proceeds		Value at 9/30/20
Common Stocks - 2.4%
Capital Markets - 1.6%
	LPL Financial Holdings Inc		356,863,935		-		(19,716,323)		315,207,237
Commercial Services & Supplies - 0.8%
	Cimpress PLC^*		284,080,922		-		-		161,950,258
Electronic Equipment, Instruments & Components - N/A
	Dolby Laboratories Inc^š		232,296,509		-		(46,351,181)		193,616,937
Machinery - N/A
	Rexnord Corp^š		164,357,342		30,000,000^Ð		(79,366,045)		135,438,956
Preferred Stocks - N/A
Machinery - N/A
	Rexnord Corp, 5.7500%, 11/15/19		32,818,682		-		(30,000,000)^Ð		-
Investment Companies - 3.2%
Money Markets - 3.2%
	Janus Henderson Cash Liquidity Fund LLC, 0.1028%^ºº		1,490,802,402		2,120,096,394		(2,951,577,871)		659,506,681
Investments Purchased with Cash Collateral from Securities Lending - 0.1%
Investment Companies - 0.1%
	Janus Henderson Cash Collateral Fund LLC, 0.0289%^ºº		-		1,117,131,861		(1,099,664,301)		17,467,560


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

12	SEPTEMBER 30, 2020

Janus Henderson Enterprise Fund

Schedule of Investments

September 30, 2020


Schedule of Forward Foreign Currency Exchange Contracts, Open


Counterparty/ Foreign Currency	Settlement Date	Foreign Currency Amount (Sold)/ Purchased		USD Currency Amount (Sold)/ Purchased		Market Value and Unrealized Appreciation/ (Depreciation)
Barclays Capital, Inc.:
Canadian Dollar	10/8/20	(48,428,000)	$	35,894,167	$	(480,394)
Euro	10/8/20	(29,925,000)		33,977,447		(1,108,377)

						(1,588,771)
Citibank, National Association:
Canadian Dollar	12/17/20	(104,092,000)		78,895,828		682,466
Euro	12/17/20	(84,701,000)		100,320,618		846,716

						1,529,182
Credit Suisse International:
Canadian Dollar	12/3/20	(177,132,000)		135,371,306		2,299,510
HSBC Securities (USA), Inc.:
Canadian Dollar	12/17/20	(162,083,000)		122,752,489		965,450
Euro	12/17/20	(37,055,000)		43,857,927		340,077

						1,305,527
JPMorgan Chase Bank, National Association:
Euro	10/8/20	(14,500,000)		17,150,125		149,474
Euro	10/8/20	(94,161,000)		107,012,579		(3,387,296)

						(3,237,822)
Total					$	307,626

The following table, grouped by derivative type, provides information about the fair value and location of derivatives within the Statement of Assets and Liabilities as of September 30, 2020.


Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of September 30, 2020

					Currency Contracts
Asset Derivatives:
Forward foreign currency exchange contracts					$5,283,693

Liability Derivatives:
Forward foreign currency exchange contracts					$4,976,067


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	13

Janus Henderson Enterprise Fund

Schedule of Investments

September 30, 2020

The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the year ended September 30, 2020.


The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the year ended September 30, 2020

Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative				Currency Contracts
Forward foreign currency exchange contracts				$(5,964,567)



Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative				Currency Contracts
Forward foreign currency exchange contracts				$(5,206,171)

Please see the "Net Realized Gain/(Loss) on Investments" and "Change in Unrealized Net Appreciation/Depreciation" sections of the Fund’s Statement of Operations.


Average Ending Monthly Market Value of Derivative Instruments During the Year Ended September 30, 2020

	Market Value^(a)
Forward foreign currency exchange contracts, sold	$ 657,439,035

(a) Forward foreign currency exchange contracts are reported as the average ending monthly currency amount sold.


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

14	SEPTEMBER 30, 2020

Janus Henderson Enterprise Fund

Notes to Schedule of Investments and Other Information


Russell Midcap^{^®}Growth Index	Russell Midcap^{^®} Growth Index reflects the performance of U.S. mid-cap equities with higher price-to-book ratios and higher forecasted growth values.


ADR	American Depositary Receipt
LLC	Limited Liability Company
LP	Limited Partnership
PLC	Public Limited Company


*	Non-income producing security.


ºº	Rate shown is the 7-day yield as of September 30, 2020.


#	Loaned security; a portion of the security is on loan at September 30, 2020.


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


š	Company was no longer an affiliate as of September 30, 2020.


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


Ð	All or a portion is the result of a corporate action.


§	Schedule of Restricted Securities (as of September 30, 2020)
							Value as a
		Acquisition					% of Net
		Date		Cost		Value	Assets
RPI International Holdings LP		2/4/20	$	2,905,084	$	5,636,076	0.0	%
RPI International Holdings LP		2/4/20		37,245,346		72,260,631	0.4
Total			$	40,150,430	$	77,896,707	0.4	%

The Fund has registration rights for certain restricted securities held as of September 30, 2020. The issuer incurs all registration costs.


Janus Investment Fund	15

Janus Henderson Enterprise Fund

Notes to Schedule of Investments and Other Information


The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of September 30, 2020. See Notes to Financial Statements for more information.

Valuation Inputs Summary

					Level 2 -		Level 3 -
			Level 1 -		Other Significant		Significant
			Quoted Prices		Observable Inputs		Unobservable Inputs

Assets
Investments In Securities:
Common Stocks
Biotechnology		$	386,010,596	$	72,260,631	$	-
Commercial Services & Supplies			450,542,018		154,255,450		-
Trading Companies & Distributors			-		172,542,464		-
All Other			18,294,149,948		-		-
Limited Partnership Interests			-		5,636,076		-
Investment Companies			-		659,506,681		-
Investments Purchased with Cash Collateral from Securities Lending			-		21,834,450		-
Total Investments in Securities		$	19,130,702,562	$	1,086,035,752	$	-
Other Financial Instruments^(a):
Forward Foreign Currency Exchange Contracts			-		5,283,693		-
Total Assets		$	19,130,702,562	$	1,091,319,445	$	-
Liabilities
Other Financial Instruments^(a):
Forward Foreign Currency Exchange Contracts		$	-	$	4,976,067	$	-

(a)	Other financial instruments include forward foreign currency exchange, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Futures, certain written options on futures, and centrally cleared swap contracts are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Written options, written swaptions, and other swap contracts are reported at their market value at measurement date.


16	SEPTEMBER 30, 2020

Janus Henderson Enterprise Fund

Statement of Assets and Liabilities

September 30, 2020

See footnotes at the end of the Statement.



Assets:
	Unaffiliated investments, at value⁽¹⁾⁽²⁾		$	19,062,606,578
	Affiliated investments, at value⁽³⁾			1,154,131,736
	Forward foreign currency exchange contracts			5,283,693
	Closed foreign currency contracts			143,196
	Non-interested Trustees' deferred compensation			438,114
	Receivables:
		Fund shares sold		83,459,765
		Investments sold		33,587,128
		Dividends		6,481,133
		Dividends from affiliates		58,517
	Other assets			243,451
Total Assets				20,346,433,311
Liabilities:
	Collateral for securities loaned (Note 3)			21,834,450
	Forward foreign currency exchange contracts			4,976,067
	Closed foreign currency contracts			1,105,290
	Payables:			—
		Fund shares repurchased		93,098,502
		Investments purchased		21,788,380
		Advisory fees		10,685,479
		Transfer agent fees and expenses		2,654,657
		Non-interested Trustees' deferred compensation fees		438,114
		12b-1 Distribution and shareholder servicing fees		384,163
		Non-interested Trustees' fees and expenses		87,157
		Professional fees		54,932
		Affiliated fund administration fees payable		41,740
		Custodian fees		22,815
		Accrued expenses and other payables		747,189
Total Liabilities				157,918,935
Net Assets			$	20,188,514,376


See Notes to Financial Statements.

Janus Investment Fund	17

Janus Henderson Enterprise Fund

Statement of Assets and Liabilities

September 30, 2020




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	11,702,278,083
	Total distributable earnings (loss)		8,486,236,293
Total Net Assets		$	20,188,514,376
Net Assets - Class A Shares		$	456,432,504
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,313,122
Net Asset Value Per Share⁽⁴⁾		$	137.77
Maximum Offering Price Per Share⁽⁵⁾		$	146.18
Net Assets - Class C Shares		$	173,128,646
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,376,815
Net Asset Value Per Share⁽⁴⁾		$	125.75
Net Assets - Class D Shares		$	1,983,824,047
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		13,960,877
Net Asset Value Per Share		$	142.10
Net Assets - Class I Shares		$	6,919,544,903
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		48,427,083
Net Asset Value Per Share		$	142.89
Net Assets - Class N Shares		$	4,867,666,716
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		33,914,974
Net Asset Value Per Share		$	143.53
Net Assets - Class R Shares		$	119,190,232
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		900,389
Net Asset Value Per Share		$	132.38
Net Assets - Class S Shares		$	465,206,776
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,397,154
Net Asset Value Per Share		$	136.94
Net Assets - Class T Shares		$	5,203,520,552
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		36,900,354
Net Asset Value Per Share		$	141.02

(1) Includes cost of $12,234,531,925.

(2) Includes $21,392,316 of securities on loan. See Note 3 in Notes to Financial Statements.

(3) Includes cost of $985,725,259.

(4) Redemption price per share may be reduced for any applicable contingent deferred sales charge.

(5) Maximum offering price is computed at 100/94.25 of net asset value.


See Notes to Financial Statements.

18	SEPTEMBER 30, 2020

Janus Henderson Enterprise Fund

Statement of Operations

For the year ended September 30, 2020



Investment Income:
	Dividends		$	198,841,320
	Dividends from affiliates			22,903,740
	Affiliated securities lending income, net			299,606
	Unaffiliated securities lending income, net			17,607
	Other income			43
	Foreign tax withheld			(3,012,738)
Total Investment Income				219,049,578
Expenses:
	Advisory fees			133,436,275
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		1,241,266
		Class C Shares		1,800,048
		Class R Shares		649,253
		Class S Shares		1,343,554
	Transfer agent administrative fees and expenses:
		Class D Shares		2,335,609
		Class R Shares		327,295
		Class S Shares		1,345,030
		Class T Shares		13,115,262
	Transfer agent networking and omnibus fees:
		Class A Shares		1,254,643
		Class C Shares		128,305
		Class I Shares		6,725,921
	Other transfer agent fees and expenses:
		Class A Shares		37,644
		Class C Shares		12,929
		Class D Shares		281,303
		Class I Shares		319,111
		Class N Shares		130,771
		Class R Shares		2,117
		Class S Shares		7,514
		Class T Shares		52,149
	Shareholder reports expense			1,168,902
	Affiliated fund administration fees			521,236
	Non-interested Trustees’ fees and expenses			394,713
	Registration fees			318,166
	Custodian fees			291,126
	Professional fees			176,398
	Other expenses			1,179,081
Total Expenses				168,595,621
Less: Excess Expense Reimbursement and Waivers				(565,247)
Net Expenses				168,030,374
Net Investment Income/(Loss)				51,019,204


See Notes to Financial Statements.

Janus Investment Fund	19

Janus Henderson Enterprise Fund

Statement of Operations

For the year ended September 30, 2020



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	1,447,162,823
	Investments in affiliates		12,511,517
	Forward foreign currency exchange contracts		(5,964,567)
Total Net Realized Gain/(Loss) on Investments			1,453,709,773
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation		(312,463,548)
	Investments in affiliates		(131,096,214)
	Forward foreign currency exchange contracts		(5,206,171)
Total Change in Unrealized Net Appreciation/Depreciation			(448,765,933)
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	1,055,963,044


See Notes to Financial Statements.

20	SEPTEMBER 30, 2020

Janus Henderson Enterprise Fund

Statements of Changes in Net Assets



			Year ended September 30, 2020		Year ended September 30, 2019

Operations:
	Net investment income/(loss)		$	51,019,204	$	54,276,928
	Net realized gain/(loss) on investments			1,453,709,773		984,326,877
	Change in unrealized net appreciation/depreciation			(448,765,933)		912,811,635
Net Increase/(Decrease) in Net Assets Resulting from Operations				1,055,963,044		1,951,415,440
Dividends and Distributions to Shareholders:
		Class A Shares		(23,793,931)		(34,071,264)
		Class C Shares		(10,095,941)		(12,858,752)
		Class D Shares		(91,743,793)		(100,885,586)
		Class I Shares		(351,705,307)		(336,166,498)
		Class N Shares		(231,735,533)		(210,986,462)
		Class R Shares		(6,798,272)		(8,368,913)
		Class S Shares		(26,571,882)		(33,421,027)
		Class T Shares		(246,601,883)		(263,071,002)
Net Decrease from Dividends and Distributions to Shareholders				(989,046,542)		(999,829,504)
Capital Share Transactions:
		Class A Shares		(91,578,569)		(140,642,060)
		Class C Shares		(36,773,178)		(45,765,892)
		Class D Shares		(98,110,959)		(877,821)
		Class I Shares		(715,367,037)		846,096,794
		Class N Shares		(43,513,001)		667,657,097
		Class R Shares		(30,705,544)		(16,392,592)
		Class S Shares		(122,670,300)		(55,720,217)
		Class T Shares		(290,823,533)		(73,334,727)
Net Increase/(Decrease) from Capital Share Transactions				(1,429,542,121)		1,181,020,582
Net Increase/(Decrease) in Net Assets				(1,362,625,619)		2,132,606,518
Net Assets:
	Beginning of period			21,551,139,995		19,418,533,477
	End of period		$	20,188,514,376	$	21,551,139,995


See Notes to Financial Statements.

Janus Investment Fund	21

Janus Henderson Enterprise Fund

Financial Highlights


Class A Shares
For a share outstanding during the year ended September 30			2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$136.07	$131.70	$111.15	$94.24	$83.92
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.09)	(0.02)	(0.15)	(0.14)	(0.04)
		Net realized and unrealized gain/(loss)	7.94	11.19	22.79	18.61	13.68
	Total from Investment Operations		7.85	11.17	22.64	18.47	13.64
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	(0.18)
		Distributions (from capital gains)	(6.15)	(6.80)	(2.09)	(1.56)	(3.14)
	Total Dividends and Distributions		(6.15)	(6.80)	(2.09)	(1.56)	(3.32)
	Net Asset Value, End of Period		$137.77	$136.07	$131.70	$111.15	$94.24
	Total Return*		5.81%	9.88%	20.63%	19.89%	16.72%
	Net Assets, End of Period (in thousands)		$456,433	$547,328	$666,848	$617,749	$552,545
	Average Net Assets for the Period (in thousands)		$493,576	$611,182	$647,856	$632,639	$385,855
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.17%	1.15%	1.16%	1.18%	1.18%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.12%	1.11%	1.12%	1.13%	1.15%
		Ratio of Net Investment Income/(Loss)	(0.07)%	(0.02)%	(0.13)%	(0.14)%	(0.05)%
	Portfolio Turnover Rate		14%	13%	13%	10%	8%


Class C Shares
For a share outstanding during the year ended September 30			2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$125.40	$122.67	$104.26	$89.01	$79.78
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.77)	(0.71)	(0.81)	(0.70)	(0.58)
		Net realized and unrealized gain/(loss)	7.27	10.24	21.31	17.51	12.95
	Total from Investment Operations		6.50	9.53	20.50	16.81	12.37
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—
		Distributions (from capital gains)	(6.15)	(6.80)	(2.09)	(1.56)	(3.14)
	Total Dividends and Distributions		(6.15)	(6.80)	(2.09)	(1.56)	(3.14)
	Net Asset Value, End of Period		$125.75	$125.40	$122.67	$104.26	$89.01
	Total Return*		5.21%	9.25%	19.93%	19.19%	15.95%
	Net Assets, End of Period (in thousands)		$173,129	$212,985	$254,496	$250,285	$185,629
	Average Net Assets for the Period (in thousands)		$188,953	$219,505	$255,949	$233,290	$118,888
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.69%	1.70%	1.70%	1.73%	1.81%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.69%	1.70%	1.70%	1.73%	1.81%
		Ratio of Net Investment Income/(Loss)	(0.64)%	(0.61)%	(0.71)%	(0.74)%	(0.71)%
	Portfolio Turnover Rate		14%	13%	13%	10%	8%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.


See Notes to Financial Statements.

22	SEPTEMBER 30, 2020

Janus Henderson Enterprise Fund

Financial Highlights


Class D Shares
For a share outstanding during the year ended September 30			2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$139.87	$134.99	$113.64	$96.10	$85.33
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.33	0.37	0.23	0.17	0.23
		Net realized and unrealized gain/(loss)	8.20	11.50	23.31	19.02	13.92
	Total from Investment Operations		8.53	11.87	23.54	19.19	14.15
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.15)	(0.19)	(0.10)	(0.09)	(0.24)
		Distributions (from capital gains)	(6.15)	(6.80)	(2.09)	(1.56)	(3.14)
	Total Dividends and Distributions		(6.30)	(6.99)	(2.19)	(1.65)	(3.38)
	Net Asset Value, End of Period		$142.10	$139.87	$134.99	$113.64	$96.10
	Total Return*		6.15%	10.22%	20.99%	20.27%	17.06%
	Net Assets, End of Period (in thousands)		$1,983,824	$2,061,471	$1,973,861	$1,696,184	$1,420,155
	Average Net Assets for the Period (in thousands)		$1,974,784	$1,930,540	$1,853,456	$1,547,274	$1,301,480
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.80%	0.81%	0.81%	0.82%	0.84%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.80%	0.81%	0.81%	0.82%	0.84%
		Ratio of Net Investment Income/(Loss)	0.25%	0.28%	0.18%	0.17%	0.26%
	Portfolio Turnover Rate		14%	13%	13%	10%	8%


Class I Shares
For a share outstanding during the year ended September 30			2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$140.62	$135.69	$114.20	$96.60	$85.81
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.40	0.45	0.32	0.23	0.29
		Net realized and unrealized gain/(loss)	8.24	11.55	23.42	19.09	14.00
	Total from Investment Operations		8.64	12.00	23.74	19.32	14.29
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.22)	(0.27)	(0.16)	(0.16)	(0.36)
		Distributions (from capital gains)	(6.15)	(6.80)	(2.09)	(1.56)	(3.14)
	Total Dividends and Distributions		(6.37)	(7.07)	(2.25)	(1.72)	(3.50)
	Net Asset Value, End of Period		$142.89	$140.62	$135.69	$114.20	$96.60
	Total Return*		6.20%	10.28%	21.07%	20.32%	17.15%
	Net Assets, End of Period (in thousands)		$6,919,545	$7,666,702	$6,443,068	$4,550,263	$2,524,615
	Average Net Assets for the Period (in thousands)		$7,335,476	$6,775,060	$5,408,221	$3,535,026	$1,776,987
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.75%	0.75%	0.75%	0.77%	0.78%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.75%	0.75%	0.75%	0.77%	0.78%
		Ratio of Net Investment Income/(Loss)	0.30%	0.34%	0.25%	0.22%	0.32%
	Portfolio Turnover Rate		14%	13%	13%	10%	8%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.


See Notes to Financial Statements.

Janus Investment Fund	23

Janus Henderson Enterprise Fund

Financial Highlights


Class N Shares
For a share outstanding during the year ended September 30			2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$141.19	$136.18	$114.57	$96.86	$86.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.53	0.56	0.42	0.33	0.37
		Net realized and unrealized gain/(loss)	8.28	11.60	23.51	19.15	14.03
	Total from Investment Operations		8.81	12.16	23.93	19.48	14.40
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.32)	(0.35)	(0.23)	(0.21)	(0.40)
		Distributions (from capital gains)	(6.15)	(6.80)	(2.09)	(1.56)	(3.14)
	Total Dividends and Distributions		(6.47)	(7.15)	(2.32)	(1.77)	(3.54)
	Net Asset Value, End of Period		$143.53	$141.19	$136.18	$114.57	$96.86
	Total Return*		6.30%	10.38%	21.18%	20.45%	17.25%
	Net Assets, End of Period (in thousands)		$4,867,667	$4,860,043	$3,947,225	$2,940,422	$1,416,813
	Average Net Assets for the Period (in thousands)		$4,941,595	$4,213,287	$3,463,197	$2,309,608	$935,924
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.66%	0.66%	0.66%	0.67%	0.68%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.66%	0.66%	0.66%	0.67%	0.68%
		Ratio of Net Investment Income/(Loss)	0.39%	0.43%	0.34%	0.31%	0.41%
	Portfolio Turnover Rate		14%	13%	13%	10%	8%


Class R Shares
For a share outstanding during the year ended September 30			2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$131.34	$127.76	$108.20	$92.03	$82.09
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.46)	(0.39)	(0.50)	(0.41)	(0.28)
		Net realized and unrealized gain/(loss)	7.65	10.77	22.15	18.14	13.36
	Total from Investment Operations		7.19	10.38	21.65	17.73	13.08
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—
		Distributions (from capital gains)	(6.15)	(6.80)	(2.09)	(1.56)	(3.14)
	Total Dividends and Distributions		(6.15)	(6.80)	(2.09)	(1.56)	(3.14)
	Net Asset Value, End of Period		$132.38	$131.34	$127.76	$108.20	$92.03
	Total Return*		5.51%	9.56%	20.27%	19.56%	16.38%
	Net Assets, End of Period (in thousands)		$119,190	$150,860	$162,271	$171,439	$134,396
	Average Net Assets for the Period (in thousands)		$130,918	$150,191	$167,123	$160,164	$115,477
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.41%	1.41%	1.41%	1.42%	1.43%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.41%	1.41%	1.41%	1.42%	1.43%
		Ratio of Net Investment Income/(Loss)	(0.36)%	(0.32)%	(0.43)%	(0.42)%	(0.33)%
	Portfolio Turnover Rate		14%	13%	13%	10%	8%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.


See Notes to Financial Statements.

24	SEPTEMBER 30, 2020

Janus Henderson Enterprise Fund

Financial Highlights


Class S Shares
For a share outstanding during the year ended September 30			2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$135.34	$131.09	$110.70	$93.89	$83.56
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.14)	(0.08)	(0.21)	(0.17)	(0.07)
		Net realized and unrealized gain/(loss)	7.89	11.13	22.69	18.54	13.62
	Total from Investment Operations		7.75	11.05	22.48	18.37	13.55
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	(0.08)
		Distributions (from capital gains)	(6.15)	(6.80)	(2.09)	(1.56)	(3.14)
	Total Dividends and Distributions		(6.15)	(6.80)	(2.09)	(1.56)	(3.22)
	Net Asset Value, End of Period		$136.94	$135.34	$131.09	$110.70	$93.89
	Total Return*		5.77%	9.84%	20.57%	19.86%	16.67%
	Net Assets, End of Period (in thousands)		$465,207	$589,792	$626,458	$580,629	$470,126
	Average Net Assets for the Period (in thousands)		$538,012	$592,420	$593,963	$536,354	$391,803
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.16%	1.16%	1.16%	1.17%	1.18%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.16%	1.16%	1.16%	1.17%	1.18%
		Ratio of Net Investment Income/(Loss)	(0.11)%	(0.06)%	(0.17)%	(0.17)%	(0.08)%
	Portfolio Turnover Rate		14%	13%	13%	10%	8%


Class T Shares
For a share outstanding during the year ended September 30			2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$138.90	$134.10	$112.96	$95.60	$84.97
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.20	0.24	0.11	0.08	0.15
		Net realized and unrealized gain/(loss)	8.13	11.44	23.17	18.91	13.85
	Total from Investment Operations		8.33	11.68	23.28	18.99	14.00
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.06)	(0.08)	(0.05)	(0.07)	(0.23)
		Distributions (from capital gains)	(6.15)	(6.80)	(2.09)	(1.56)	(3.14)
	Total Dividends and Distributions		(6.21)	(6.88)	(2.14)	(1.63)	(3.37)
	Net Asset Value, End of Period		$141.02	$138.90	$134.10	$112.96	$95.60
	Total Return*		6.04%	10.12%	20.88%	20.16%	16.96%
	Net Assets, End of Period (in thousands)		$5,203,521	$5,461,958	$5,344,306	$4,374,383	$3,050,476
	Average Net Assets for the Period (in thousands)		$5,246,105	$5,059,206	$4,920,845	$3,748,225	$2,355,843
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.91%	0.91%	0.91%	0.92%	0.93%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.90%	0.91%	0.91%	0.91%	0.93%
		Ratio of Net Investment Income/(Loss)	0.15%	0.19%	0.09%	0.08%	0.17%
	Portfolio Turnover Rate		14%	13%	13%	10%	8%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.


See Notes to Financial Statements.

Janus Investment Fund	25

Janus Henderson Enterprise Fund

Notes to Financial Statements

1. Organization and Significant Accounting Policies

Janus Henderson Enterprise Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 45 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term growth of capital. The Fund is classified as diversified, as defined in the 1940 Act.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.


26	SEPTEMBER 30, 2020

Janus Henderson Enterprise Fund

Notes to Financial Statements

Management LLC (“Janus Capital”), or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Distributors LLC dba Janus Henderson Distributors (“Janus Henderson Distributors”) including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.

Class R Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms.

The following accounting policies have been followed by the Fund and are in conformity with US GAAP.

Investment Valuation

Valuation Inputs Summary

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


Janus Investment Fund	27

Janus Henderson Enterprise Fund

Notes to Financial Statements

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

Investment Transactions and Investment Income

Expenses

Estimates

Indemnifications


28	SEPTEMBER 30, 2020

Janus Henderson Enterprise Fund

Notes to Financial Statements

Foreign Currency Translations

Dividends and Distributions

Federal Income Taxes

2. Derivative Instruments


Janus Investment Fund	29

Janus Henderson Enterprise Fund

Notes to Financial Statements

securities underlying those derivatives. The use of derivatives may result in larger losses or smaller gains than otherwise would be the case. Derivatives can be volatile and may involve significant risks.

In pursuit of its investment objective, the Fund may seek to use derivatives to increase or decrease exposure to the following market risk factors:

· Counterparty Risk – the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its financial obligation to the Fund.

· Credit Risk – the risk an issuer will be unable to make principal and interest payments when due, or will default on its obligations.

· Currency Risk – the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment.

· Equity Risk – the risk related to the change in value of equity securities as they relate to increases or decreases in the general market.

· Interest Rate Risk – the risk that the value of fixed-income securities will generally decline as prevailing interest rates rise, which may cause the Fund’s NAV to likewise decrease.

Forward Foreign Currency Exchange Contracts

A forward foreign currency exchange contract (“forward currency contract”) is an obligation to buy or sell a specified currency at a future date at a negotiated rate (which may be U.S. dollars or a foreign currency). The Fund may enter into forward currency contracts for hedging purposes, including, but not limited to, reducing exposure to changes in foreign


30	SEPTEMBER 30, 2020

Janus Henderson Enterprise Fund

Notes to Financial Statements

currency exchange rates on foreign portfolio holdings and locking in the U.S. dollar cost of firm purchase and sale commitments for securities denominated in or exposed to foreign currencies. The Fund may also invest in forward currency contracts for non-hedging purposes such as seeking to enhance returns. The Fund is subject to currency risk and counterparty risk in the normal course of pursuing its investment objective through its investments in forward currency contracts.

Forward currency contracts are valued by converting the foreign value to U.S. dollars by using the current spot U.S. dollar exchange rate and/or forward rate for that currency. Exchange and forward rates as of the close of the NYSE shall be used to value the forward currency contracts. The unrealized appreciation/(depreciation) for forward currency contracts is reported in the Statement of Assets and Liabilities as a receivable or payable and in the Statement of Operations for the change in unrealized net appreciation/depreciation (if applicable). The gain or loss arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon closing a forward currency contract is reported on the Statement of Operations (if applicable).

During the year, the Fund entered into forward currency contracts with the obligation to sell foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency denominated securities held by the Fund.

3. Other Investments and Strategies

Additional Investment Risk


Janus Investment Fund	31

Janus Henderson Enterprise Fund

Notes to Financial Statements

Financial institutions have in many cases required government or central bank support, have needed to raise capital, and/or have been impaired in their ability to extend credit. As a result, financial markets in the EU have experienced extreme volatility and declines in asset values and liquidity. Responses to these financial problems by European governments, central banks, and others, including austerity measures and reforms, may not work, may result in social unrest, and may limit future growth and economic recovery or have other unintended consequences. The risk of investing in securities in the European markets may also be heightened due to the referendum in which the United Kingdom voted to exit the EU, commonly known as “Brexit”, which immediately led to significant market volatility around the world, as well as political, economic and legal uncertainty. The United Kingdom formally left the EU on January 31, 2020 and entered into an eleven-month transition period, during which the United Kingdom will remain subject to EU laws and regulations. There is considerable uncertainty relating to the potential consequences of the United Kingdom’s exit and how negotiations for new trade agreements will be conducted or concluded.

Counterparties

Offsetting Assets and Liabilities

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs OTC derivatives and forward foreign currency exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, in the event of a default and/or termination event, the Fund may offset with each counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment.


32	SEPTEMBER 30, 2020

Janus Henderson Enterprise Fund

Notes to Financial Statements


Offsetting of Financial Assets and Derivative Assets

			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Assets		or Liability^(a)		Pledged^(b)		Net Amount

Citibank, National Association		$	1,529,182	$	—	$	—	$	1,529,182
Credit Suisse International			2,299,510		—		—		2,299,510
HSBC Securities (USA), Inc.			1,305,527		—		—		1,305,527
JPMorgan Chase Bank, National Association			21,541,790		(149,474)		(21,392,316)		—

Total		$	26,676,009	$	(149,474)	$	(21,392,316)	$	5,134,219
Offsetting of Financial Liabilities and Derivative Liabilities

			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Liabilities		or Liability^(a)		Pledged^(b)		Net Amount

Barclays Capital, Inc.		$	1,588,771	$	—	$	—	$	1,588,771
JPMorgan Chase Bank, National Association			3,387,296		(149,474)		—		3,237,822

Total		$	4,976,067	$	(149,474)	$	—	$	4,826,593
(a)	Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities.
(b)	Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value.

The Fund generally does not exchange collateral on its forward foreign currency contracts with its counterparties; however, all liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund’s commitment with respect to these contracts. Certain securities may be segregated at the Fund’s custodian. These segregated securities are denoted on the accompanying Schedule of Investments and are evaluated daily to ensure their cover and/or market value equals or exceeds the Fund’s corresponding forward foreign currency exchange contract's obligation value.

Real Estate Investing


Janus Investment Fund	33

Janus Henderson Enterprise Fund

Notes to Financial Statements

Restricted Security Transactions

Restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933, as amended. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. Lack of a secondary market and resale restrictions may result in the inability of the Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, these securities may exhibit greater price volatility than securities for which secondary markets exist.

Securities Lending

The cash collateral invested by Janus Capital is disclosed in the Schedule of Investments (if applicable).

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations. As of September 30, 2020, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $21,392,316. Gross amounts of recognized liabilities for securities lending (collateral received) as of September 30, 2020 is $21,834,450, resulting in the net amount due to the counterparty of $442,134.


34	SEPTEMBER 30, 2020

Janus Henderson Enterprise Fund

Notes to Financial Statements

4. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pays Janus Capital an investment advisory fee which is calculated daily and paid monthly. The Fund’s contractual investment advisory fee rate (expressed as an annual rate) is 0.64% of its average daily net assets.

Janus Capital has contractually agreed to waive the advisory fee payable by the Fund or reimburse expenses in an amount equal to the amount, if any, that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus/administrative fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.80% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waivers for at least a one-year period commencing January 28, 2020. If applicable, amounts waived and/or reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.

The Fund pays an annual administrative services fee based on the average daily net assets of Class D Shares for shareholder services provided by Janus Services, as detailed below.


Average Daily Net Assets of Class D Shares of the Janus Henderson funds	Administrative Services Fee
Under $40 billion	0.12%
$40 billion – $49.9 billion	0.10%
Over $49.9 billion	0.08%

The Fund’s actual Class D administrative fee rate was 0.12% for the reporting period.


Janus Investment Fund	35

Janus Henderson Enterprise Fund

Notes to Financial Statements

Janus Services is compensated for its services related to the Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.

Under a distribution and shareholder servicing plan (the “Plan”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, Janus Henderson Distributors, a wholly-owned subsidiary of Janus Capital, a fee for the sale and distribution and/or shareholder servicing of the Shares at an annual rate of up to 0.25% of the Class A Shares’ average daily net assets, of up to 1.00% of the Class C Shares’ average daily net assets, of up to 0.50% of the Class R Shares' average daily net assets, and of up to 0.25% of the Class S Shares’ average daily net assets. Under the terms of the Plan, the Trust is authorized to make payments to Janus Henderson Distributors for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations. Payments under the Plan are not tied exclusively to actual 12b-1 distribution and shareholder service expenses, and the payments may exceed 12b-1 distribution and shareholder service expenses actually incurred. If any of the Fund’s actual 12b-1 distribution and shareholder service expenses incurred during a calendar year are less than the payments made during a calendar year, the Fund will be refunded the difference. Refunds, if any, are included in “12b-1 Distribution and shareholder servicing fees” in the Statement of Operations.


36	SEPTEMBER 30, 2020

Janus Henderson Enterprise Fund

Notes to Financial Statements

Deferred fees of $482,775 were paid by the Trust to the Trustees under the Deferred Plan during the year ended September 30, 2020.

The Fund is permitted to purchase or sell securities (“cross-trade”) between itself and other funds or accounts managed by Janus Capital in accordance with Rule 17a-7 under the Investment Company Act of 1940 (“Rule 17a-7”), when the transaction is consistent with the investment objectives and policies of the Fund and in accordance with the Internal Cross Trade Procedures adopted by the Trust’s Board of Trustees. These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to another fund or account that is or could be considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser, common Officer, or common Trustee complies with Rule 17a-7. Under these procedures, each cross-trade is effected at the current market price to save costs where allowed. During the year ended September 30, 2020, the Fund engaged in cross trades amounting to $537,018 in purchases and $19,430,447 in sales, resulting in a net realized gain of $3,122,586. The net realized gain is included within the “Net Realized Gain/(Loss) on Investments” section of the Fund’s Statement of Operations.

5. Federal Income Tax

Other book to tax differences primarily consist of deferred compensation, derivatives, and foreign currency contract adjustments. The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and


Janus Investment Fund	37

Janus Henderson Enterprise Fund

Notes to Financial Statements

losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.


			Loss Deferrals		Other Book	Net Tax
Undistributed Ordinary Income	Undistributed Long-Term Gains	Accumulated Capital Losses	Late-Year Ordinary Loss	Post-October Capital Loss	to Tax Differences	Appreciation/ (Depreciation)
$ 62,927,507	$ 1,413,589,631	$ -	$ -	$ -	$ (428,692)	$7,010,147,847

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of September 30, 2020 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals, investments in partnerships, and investments in passive foreign investment companies.


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 13,206,590,467	$7,441,845,465	$(431,697,618)	$ 7,010,147,847

Information on the tax components of derivatives as of September 30, 2020 is as follows:


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 307,626	$ -	$ -	$ -

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, passive foreign investment companies, and capital loss carryovers. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.


For the year ended September 30, 2020
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 47,535,983	$ 941,510,559	$ -	$ -


For the year ended September 30, 2019
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 38,532,939	$ 961,296,565	$ -	$ -


38	SEPTEMBER 30, 2020

Janus Henderson Enterprise Fund

Notes to Financial Statements



Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ (3)	$ (28,463,234)	$ 28,463,237

6. Capital Share Transactions



	Year ended September 30, 2020		Year ended September 30, 2019
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	881,121	$ 112,715,268	1,133,871	$ 139,424,186
Reinvested dividends and distributions	120,158	16,418,356	224,816	24,057,573
Shares repurchased	(1,710,600)	(220,712,193)	(2,399,453)	(304,123,819)
Net Increase/(Decrease)	(709,321)	$ (91,578,569)	(1,040,766)	$ (140,642,060)
Class C Shares:
Shares sold	58,829	$ 7,114,133	81,168	$ 9,058,222
Reinvested dividends and distributions	74,527	9,335,946	120,262	11,913,111
Shares repurchased	(455,029)	(53,223,257)	(577,575)	(66,737,225)
Net Increase/(Decrease)	(321,673)	$ (36,773,178)	(376,145)	$ (45,765,892)
Class D Shares:
Shares sold	579,296	$ 75,194,707	548,676	$ 70,395,573
Reinvested dividends and distributions	635,739	89,372,263	898,116	98,559,340
Shares repurchased	(1,992,204)	(262,677,929)	(1,331,036)	(169,832,734)
Net Increase/(Decrease)	(777,169)	$ (98,110,959)	115,756	$ (877,821)
Class I Shares:
Shares sold	14,554,241	$1,925,449,381	17,901,555	$2,281,473,886
Reinvested dividends and distributions	2,008,727	283,853,271	2,406,349	265,372,189
Shares repurchased	(22,655,383)	(2,924,669,689)	(13,271,746)	(1,700,749,281)
Net Increase/(Decrease)	(6,092,415)	$ (715,367,037)	7,036,158	$ 846,096,794
Class N Shares:
Shares sold	8,769,103	$1,186,576,185	8,311,242	$1,075,958,324
Reinvested dividends and distributions	1,610,043	228,352,328	1,899,191	210,126,495
Shares repurchased	(10,887,285)	(1,458,441,514)	(4,772,714)	(618,427,722)
Net Increase/(Decrease)	(508,139)	$ (43,513,001)	5,437,719	$ 667,657,097
Class R Shares:
Shares sold	221,184	$ 27,357,556	286,077	$ 34,610,009
Reinvested dividends and distributions	49,064	6,456,280	73,059	7,563,843
Shares repurchased	(518,503)	(64,519,380)	(480,603)	(58,566,444)
Net Increase/(Decrease)	(248,255)	$ (30,705,544)	(121,467)	$ (16,392,592)
Class S Shares:
Shares sold	945,692	$ 122,422,594	1,169,304	$ 144,670,332
Reinvested dividends and distributions	195,365	26,540,272	311,545	33,170,161
Shares repurchased	(2,101,920)	(271,633,166)	(1,901,622)	(233,560,710)
Net Increase/(Decrease)	(960,863)	$ (122,670,300)	(420,773)	$ (55,720,217)
Class T Shares:
Shares sold	9,766,944	$1,229,924,597	7,771,150	$ 990,769,408
Reinvested dividends and distributions	1,742,852	243,336,927	2,380,078	259,571,317
Shares repurchased	(13,932,598)	(1,764,085,057)	(10,680,402)	(1,323,675,452)
Net Increase/(Decrease)	(2,422,802)	$ (290,823,533)	(529,174)	$ (73,334,727)


Janus Investment Fund	39

Janus Henderson Enterprise Fund

Notes to Financial Statements

7. Purchases and Sales of Investment Securities


Purchases of Securities	Proceeds from Sales of Securities	Purchases of Long- Term U.S. Government Obligations	Proceeds from Sales of Long-Term U.S. Government Obligations
$2,834,361,674	$4,371,019,841	$ -	$ -

8. Recent Accounting Pronouncements

9. Subsequent Event


40	SEPTEMBER 30, 2020

Janus Henderson Enterprise Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Enterprise Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Enterprise Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the “Fund”) as of September 30, 2020, the related statement of operations for the year ended September 30, 2020, the statements of changes in net assets for each of the two years in the period ended September 30, 2020, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2020 and the financial highlights for each of the five years in the period ended September 30, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2020 by correspondence with the custodian, transfer agent, investee company and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Denver, Colorado

November 17, 2020

We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.


Janus Investment Fund	41

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD


42	SEPTEMBER 30, 2020

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Nature, Extent and Quality of Services

Performance of the Funds

The Trustees considered the performance of each Fund, noting that performance may vary by share class, and noted the following:

Alternative Fund

Asset Allocation Funds


Janus Investment Fund	43

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


44	SEPTEMBER 30, 2020

Janus Henderson Enterprise Fund

Additional Information (unaudited)

months ended May 31, 2019. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

Money Market Funds


Janus Investment Fund	45

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Multi-Asset Funds

Multi-Asset U.S. Equity Funds


46	SEPTEMBER 30, 2020

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Quantitative Equity Funds

U.S. Equity Funds

Costs of Services Provided


Janus Investment Fund	47

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Alternative Fund

Asset Allocation Funds


48	SEPTEMBER 30, 2020

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Technology Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.


Janus Investment Fund	49

Janus Henderson Enterprise Fund

Additional Information (unaudited)

· For Janus Henderson International Small Cap Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

Money Market Funds

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for both share classes.

Multi-Asset Funds

· For Janus Henderson Dividend & Income Builder Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Value Plus Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

Multi-Asset U.S. Equity Funds

· For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.


50	SEPTEMBER 30, 2020

Janus Henderson Enterprise Fund

Additional Information (unaudited)

· For Janus Henderson U.S. Growth Opportunities Fund, that Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

Quantitative Equity Funds

· For Janus Henderson Global Income Managed Volatility Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson U.S. Managed Volatility Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

U.S. Equity Funds

· For Janus Henderson Large Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.


Janus Investment Fund	51

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Economies of Scale


52	SEPTEMBER 30, 2020

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

Other Benefits to Janus Capital

LIQUIDITY RISK MANAGEMENT PROGRAM


Janus Investment Fund	53

Janus Henderson Enterprise Fund

Additional Information (unaudited)

· the LRMP, including the Highly Liquid Investment Minimum where applicable, was implemented and operated effectively to achieve the goal of assessing and managing the Fund’s liquidity risk.


54	SEPTEMBER 30, 2020

Janus Henderson Enterprise Fund

Useful Information About Your Fund Report (unaudited)

Management Commentary

Performance Overviews

Schedule of Investments

The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.

Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund’s Schedule of Investments (if applicable).

Statement of Assets and Liabilities

This statement is often referred to as the “balance sheet.” It lists the assets and liabilities of the Fund on the last day of the reporting period.


Janus Investment Fund	55

Janus Henderson Enterprise Fund

Useful Information About Your Fund Report (unaudited)

Statement of Operations

This statement details the Fund’s income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.

The first section in this statement, entitled “Investment Income,” reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.

Statements of Changes in Net Assets

Financial Highlights


56	SEPTEMBER 30, 2020

Janus Henderson Enterprise Fund

Useful Information About Your Fund Report (unaudited)

total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.

The Fund’s expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.


Janus Investment Fund	57

Janus Henderson Enterprise Fund

Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2020:



Capital Gain Distributions	$941,510,559
Dividends Received Deduction Percentage	86%
Qualified Dividend Income Percentage	81%


58	SEPTEMBER 30, 2020

Janus Henderson Enterprise Fund

Trustees and Officers (unaudited)

The Fund’s Statement of Additional Information includes additional information about the Trustees and officers and is available, without charge, by calling 1-877-335-2687.


Janus Investment Fund	59

Janus Henderson Enterprise Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William F. McCalpin 151 Detroit Street Denver, CO 80206 DOB: 1957	Chairman Trustee	1/08-Present 6/02-Present	Independent Consultant, Formerly, Managing Partner, Impact Investments, Athena Capital Advisors (independent registered investment advisor) (2016-2019), Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations) (2009-2016), Chief Executive Officer, Imprint Capital Advisors (impact investment firm) (2013-2015), and Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a private family foundation) (1998-2006).	56	Director of Mutual Fund Directors Forum (a non-profit organization serving independent directors of U.S. mutual funds) (since 2016), Chairman of the Board and Trustee of The Investment Fund for Foundations Investment Program (TIP) (consisting of 2 funds) (since 2008), and Director of the F.B. Heron Foundation (a private grantmaking foundation) (since 2006).


60	SEPTEMBER 30, 2020

Janus Henderson Enterprise Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Trustee	1/13-Present	Principal, Curam Holdings LLC (since 2018). Formerly, Executive Vice President, Institutional Markets, of Black Creek Group (private equity real estate investment management firm) (2012-2018), Executive Vice President and Co-Head, Global Private Client Group (2007-2010), Executive Vice President, Mutual Funds (2005-2007), and Chief Marketing Officer (2001-2005) of Nuveen Investments, Inc. (asset management).	56	Advisory Board Member of AEW Core Property Trust (open-end property fund) (since 2020), and Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of MotiveQuest LLC (strategic social market research company) (2003-2016), Director of Nuveen Global Investors LLC (2007-2011), Director of Communities in Schools (2004-2010), and Director of Mutual Fund Education Alliance (until 2010).


Janus Investment Fund	61

Janus Henderson Enterprise Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William D. Cvengros 151 Detroit Street Denver, CO 80206 DOB: 1948	Trustee	1/11-Present	Chief Executive Officer of SJC Capital, LLC (a personal investment company and consulting firm) (since 2002). Formerly, Venture Partner for The Edgewater Funds (a middle market private equity firm) (2002-2004), Chief Executive Officer and President of PIMCO Advisors Holdings L.P. (a publicly traded investment management firm) (1994-2000), and Chief Investment Officer (1987-1994) and Vice Chairman and Director (1990-1994) of Pacific Life Insurance Company (a mutual life insurance and annuity company) (1987-1994).	56	Advisory Board Member, RevOZ Fund LP and related funds (real estate investments for opportunity zones) (since 2020), and Advisory Board Member, Innovate Partners Emerging Growth and Equity Fund I (early stage venture capital fund) (since 2014). Formerly, Managing Trustee of National Retirement Partners Liquidating Trust (2013-2016), Chairman, National Retirement Partners, Inc. (formerly a network of advisors to 401(k) plans) (2005-2013), Director of Prospect Acquisition Corp. (a special purpose acquisition corporation) (2007-2009), Director of RemedyTemp, Inc. (temporary help services company) (1996-2006), and Trustee of PIMCO Funds Multi-Manager Series (1990-2000) and Pacific Life Variable Life & Annuity Trusts (1987-1994).


62	SEPTEMBER 30, 2020

Janus Henderson Enterprise Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Raudline Etienne 151 Detroit Street Denver, CO 80206 DOB: 1965	Trustee	6/16-Present	Founder, Daraja Capital (advisory and investment firm) (since 2016), and Senior Advisor, Albright Stonebridge Group LLC (global strategy firm) (since 2016). Formerly, Senior Vice President (2011-2015), Albright Stonebridge Group LLC, and Deputy Comptroller and Chief Investment Officer, New York State Common Retirement Fund (public pension fund) (2008-2011).	56	Board Member, Van Alen Institute (nonprofit architectural and design organization) (since 2019), and Director of Brightwood Capital Advisors, LLC (since 2014).
William M. Fitzgerald, Sr. 151 Detroit Street Denver, CO 80206 DOB: 1964	Trustee	9/19-Present	Founder, Fitzgerald Asset Management LLC (since 2012). Formerly, Founder and Chief Investment Officer, Global Infrastructure Asset Management LLC (2008-2017), Chief Investment Officer of Nuveen Asset Management (2000-2007), and Managing Director, Nuveen Investment LLC (1988-2007).	56	Board of Directors, Municipal Securities Rulemaking Board (since 2017). Formerly, Board of Directors of Syncora Holdings Ltd, Syncora Guarantee Inc., and Syncora Capital Assurance Inc. (2009-2016), and Trustee, Destra Investment Trust (2010-2014).


Janus Investment Fund	63

Janus Henderson Enterprise Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Gary A. Poliner 151 Detroit Street Denver, CO 80206 DOB: 1953	Trustee	6/16-Present	Retired. Formerly, President (2010-2013) of Northwestern Mutual Life Insurance Company.	56	Director of MGIC Investment Corporation (private mortgage insurance) (since 2013) and West Bend Mutual Insurance Company (property/casualty insurance) (since 2013). Formerly, Trustee of Northwestern Mutual Life Insurance Company (2010-2013), and Director of Frank Russell Company (global asset management firm) (2008-2013).
Diane L. Wallace 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	6/17-Present	Retired.	56	Formerly, Independent Trustee, Henderson Global Funds (13 portfolios) (2015-2017), Independent Trustee, State Farm Associates' Funds Trust, State Farm Mutual Fund Trust, and State Farm Variable Product Trust (28 portfolios) (2013-2017), Chief Operating Officer, Senior Vice President-Operations, and Chief Financial Officer for Driehaus Capital Management, LLC (1988-2006), and Treasurer for Driehaus Mutual Funds (1996-2002).


64	SEPTEMBER 30, 2020

Janus Henderson Enterprise Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Linda S. Wolf 151 Detroit Street Denver, CO 80206 DOB: 1947	Trustee	11/05-Present	Retired. Formerly, Chairman and Chief Executive Officer of Leo Burnett (Worldwide) (advertising agency) (2001-2005).	56	Director of Chicago Community Trust (Regional Community Foundation), Lurie Children’s Hospital (Chicago, IL), Shirley Ryan Ability Lab and Wrapports, LLC (digital communications company). Formerly, Director of Chicago Council on Global Affairs (until 2019), InnerWorkings (until 2019), Director of Walmart (until 2017), Director of Chicago Convention & Tourism Bureau (until 2014), and The Field Museum of Natural History (Chicago, IL) (until 2014).


Janus Investment Fund	65

Janus Henderson Enterprise Fund

Trustees and Officers (unaudited)


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Brian Demain 151 Detroit Street Denver, CO 80206 DOB: 1977	Executive Vice President and Co-Portfolio Manager Janus Henderson Enterprise Fund	11/07-Present	Portfolio Manager for other Janus Henderson accounts.
Cody Wheaton 151 Detroit Street Denver, CO 80206 DOB: 1978	Executive Vice President and Co-Portfolio Manager Janus Henderson Enterprise Fund	7/16-Present	Portfolio Manager for other Janus Henderson accounts and Analyst for Janus Capital.
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.


66	SEPTEMBER 30, 2020

Janus Henderson Enterprise Fund

Trustees and Officers (unaudited)


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Bruce L. Koepfgen 151 Detroit Street Denver, CO 80206 DOB: 1952	President and Chief Executive Officer	7/14-Present	Executive Vice President, Head of North America at Janus Henderson Investors and Janus Capital Management LLC (since 2017), Executive Vice President and Director of Janus International Holding LLC (since 2011), Executive Vice President of Janus Distributors LLC (since 2011), Vice President and Director of Intech Investment Management LLC (since 2011), Executive Vice President and Director of Perkins Investment Management LLC (since 2011), and President and Director of Janus Management Holdings Corporation (since 2011). Formerly, President of Janus Capital Group Inc. and Janus Capital Management LLC (2013-2017), Executive Vice President of Janus Services LLC (2011-2015), Janus Capital Group Inc. and Janus Capital Management LLC (2011-2013), and Chief Financial Officer of Janus Capital Group Inc., Janus Capital Management LLC, Janus Distributors LLC, Janus Management Holdings Corporation, and Janus Services LLC (2011-2013).
Kristin Mariani 151 Detroit Street Denver, CO 80206 DOB: 1966	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	7/20-Present	Chief Compliance Officer for Janus Capital Management LLC (since September 2017), Global Head of Investment Management Compliance for Janus Henderson Investors (since 2019). Formerly, Vice President, Head of Global Distribution Compliance and Chief Compliance Officer of Janus Henderson Distributors (May 2017 – September 2017), Vice President, Compliance at Janus Capital Group Inc., Janus Capital Management LLC, and Janus Distributors LLC (2009-2017).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.


Janus Investment Fund	67

Janus Henderson Enterprise Fund

Trustees and Officers (unaudited)


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Jesper Nergaard 151 Detroit Street Denver, CO 80206 DOB: 1962	Chief Financial Officer Vice President, Treasurer, and Principal Accounting Officer	3/05-Present 2/05-Present	Vice President of Janus Capital and Janus Services LLC.
Byron D. Hittle 151 Detroit Street Denver, CO 80206 DOB: 1974	Interim Vice President, Chief Legal Counsel, and Secretary	8/20-Present	Managing Counsel (2017-present). Formerly, Assistant Vice President and Senior Legal Counsel, Janus Capital Management LLC (2012-2016).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.


68	SEPTEMBER 30, 2020

Janus Henderson Enterprise Fund

Notes

NotesPage1


Janus Investment Fund	69

Knowledge Shared

At Janus Henderson, we believe in the sharing of expert insight for better investment and business decisions. We call this ethos Knowledge Shared.

Learn more by visiting janushenderson.com.




This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson, Janus, Henderson, Perkins, Intech and Knowledge Shared are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Janus Henderson Distributors
							125-02-93040 11-20



		ANNUAL REPORT September 30, 2020

	Janus Henderson European Focus Fund

	Janus Investment Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by contacting a Janus Henderson representative. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by visiting janushenderson.com/edelivery. You may elect to receive all future reports in paper free of charge. If you do not invest directly with the Fund, you should contact your plan sponsor, broker-dealer, or financial intermediary, to request to continue receiving paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-525-3713 to let the Fund know that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Janus Henderson mutual funds where held (i.e., all Janus Henderson mutual funds held in your account if you invest through your financial intermediary or all Janus Henderson mutual funds held with the fund complex if you invest directly with a fund).
			HIGHLIGHTS · Portfolio management perspective · Investment strategy behind your fund · Fund performance, characteristics and holdings

Table of Contents

Janus Henderson European Focus Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	14
Statement of Assets and Liabilities	16
Statement of Operations	18
Statements of Changes in Net Assets	20
Financial Highlights	21
Notes to Financial Statements	29
Report of Independent Registered Public Accounting Firm	45
Additional Information	46
Useful Information About Your Fund Report	59
Designation Requirements	62
Trustees and Officers	63

Janus Henderson European Focus Fund (unaudited)

FUND SNAPSHOT

The Janus Henderson European Focus Fund is a regional equity fund that seeks to achieve long-term capital appreciation primarily through investment in European companies. Management applies a high-conviction approach, with a focus on opportunities that offer material upside potential, regardless of style.

Robert Schramm-Fuchs

Portfolio manager

PERFORMANCE

The Janus Henderson European Focus Fund Class I Shares returned 27.35% during the 12-month period ended September 30, 2020, outperforming its benchmark, the MSCI Europe Index^SM, which returned -0.79%.

INVESTMENT ENVIRONMENT

There were three very distinct periods for equity markets over the 12-month period. The fourth quarter of 2019 saw markets rally as trade discussions moved in the right direction, the UK general election outcome was perceived as market-friendly and further economic lead indicators suggested a steadily improving economy. By contrast, the first quarter of 2020 will go down as one of the worst for global equities in recorded history. The MSCI Europe Index sold off by 25% at the beginning of March and extreme volatility was aggravated by forced liquidation of excess leverage: leveraged corporates and leveraged funds found themselves in the crosshairs. Now at summer’s end equities have staged a remarkable comeback as economic data points toward a robust recovery.

PERFORMANCE DISCUSSION

The Fund comprises high-quality, liquid, large-cap stocks in European blue chips with a good balance between cyclicals and defensives. This has enabled the Fund to outperform its benchmark both in the rising markets of fourth quarter 2019 and summer 2020, and in the extremely volatile first quarter 2020.

In terms of attribution over the 12-month period, semiconductor stocks VAT Group and STMicroelectronics were among the top individual contributors to relative performance. As well as having a powerful market position and technological leadership, they are also exposed to very strong structural growth owing to the growing ubiquity of semiconductors. We also had good performance from KION Group, a German producer of industrial forklift trucks and warehouse equipment. Epitomizing the German “Mittelstand” – small- and middle-size enterprises in German-speaking countries often described as the heart of Germany’s economy – KION’s products sell internationally and command high market shares. Much has been written about COVID-19’s effect of accelerating a number of market and economic phenomena, home shopping among them. We identified KION, a key supplier to warehouses, as a beneficiary of such trends. Another example of a flushed inventory channel, also a strong contributor to the Fund’s relative outperformance, was a Swedish supplier of components to the RV and outdoor leisure sectors. Indeed, both the European and U.S. RV markets had been destocking for many months prior to the onset of the pandemic. In a world of much-curtailed freedoms and travel, there has been something of a resurgence in “staycations” and we expect this to be to the benefit of these markets.

The Fund’s cash allocation hurt performance, as did an underweight in health care. British and Swedish biopharmaceutical company AstraZeneca was the largest individual detractor on a relative basis, followed by Paris-based multinational food products corporation Danone and British residential-housing construction company Bellway PLC.

The Fund’s three biggest themes of short-cycle industrials, semiconductors and renewable energy utilities remain. We added a manufacturer of mining equipment designed to reduce energy consumption and enhance water conservation, products we view as essential to extract and process the extra volumes of copper required in an e-mobility world. The transition to e-mobility is likely to contribute to an increase in demand for copper by 50% over 20 years. We also added a global leader in the provision of diagnostic ophthalmologic systems as well as intraocular lenses, refractive laser eye surgery hardware and surgical microscopes. We believe the market is underestimating the company’s competitive position, the


Janus Investment Fund	1

Janus Henderson European Focus Fund (unaudited)

speed at which eye surgeries are returning and, ultimately, cash flow returns.

DERIVATIVES USAGE

Please see the Derivative Instruments section in the “Notes to Financial Statements” for a discussion of derivatives used by the Fund.

OUTLOOK

Judging from the big macroeconomic indicators such as the purchasing managers' indices (PMIs) and also from the set of real-time alternative economic indicators, the summer slowdown in activity has given way to a modest reacceleration into autumn. The surge in U.S. retail and housing demand has pushed inventories in these sectors to record lows. General manufacturing inventories are also falling rapidly and have reached quite low levels, though not yet historical extremes. This leaves some uncertainty as to the exact timing of a major restocking cycle, but in our view it should not be too far away. Our guess is that on an individual corporate level, many management teams right now are struggling with a tug-of-war between tight balance-sheet management for liquidity and year-end credit rating assessments, required restocking given the better near-term order outlook and “just in case” inventory-building to keep operations running smoothly in case of renewed harsher antivirus measures. When those microlevel decisions become clearer, we believe they will likely combine to lead to the biggest restocking cycle on record. As usual, the semiconductor cycle seems to run a bit ahead of general industrial markets, and the signals we are getting are very encouraging indeed. Monthly shipment volumes are accelerating, distributor channels are being refilled and memory spot prices seem to have inflected upward.

On the monetary front, the final few months of the period have brought no incremental stimulus and central bank balance sheets have barely expanded. There are some well-publicized differences of opinion in the leadership of the U.S. Federal Reserve (Fed) and the European Central Bank (ECB), but it seems likely to us that in the end the doves will win given the high underemployment rates and worsening headline inflation (or should we call it deflation?) data. This is particularly relevant for the eurozone data in which core inflation is at its lowest-ever level and ECB staff projections already look outdated and too optimistic again. In the U.S., there may have been an element of the Fed holding off for the time being so as to not influence the outcome of the election Fiscal stimulus is similarly in a holding pattern on both sides of the Atlantic plus China, though again time seems likely to bring progress. In Europe, the European Recovery Fund agreement should happen in November at the European Union level, after which it possibly will be another six months before it is ratified by all the national parliaments. Thus, its impact will likely only be felt from the second quarter of 2021. In the U.S., it seems increasingly unlikely that both parties will find a compromise on the new stimulus package before the elections. Once done, it has the potential to happen more quickly than in Europe. In China, the 14^th five-year plan is to be decided at the end of October, and reports indicate it will also be combined with a 2035 strategic vision.

On the pandemic front, while we acknowledge the Western world is faced with a second wave, the numbers, when adjusted for the massively increased testing volume, still are much lower than in the spring. The hospitalization rates, intensive care unit (ICU) bed capacity utilization levels and deaths currently are only a fraction of what we experienced in the first wave. We will have to learn to live with COVID-19 for a while. Although upcoming likely vaccine approvals by the FDA will create a lot of excitement, it does not change the world quickly. The hurdles for a vaccine are simply too low to have a clear picture to what extent they really will reduce morbidity and mortality and limit onward transmission. Neither is it clear for how long the vaccines offer protection, and when it needs to be renewed, especially with a potentially mutating virus. Further, distribution and acceptance challenges could make it hard to declare reaching the herd immunity threshold throughout 2021. Our politicians therefore need to continuously update their learning for the many treatment progresses made. It is this element that is hardest to pin down, but again we are hopeful a point of maximum uncertainty will soon be reached. If hospitalization rates, ICU utilizations and death rates just do not rise to the same extent as the new case rates over the coming weeks, it is our hope that this will sway public opinion and thus potentially force politicians to better balance anti-COVID-19 measures with the vast negative economic impacts and the just-as-dire consequences on non-COVID-19 health care and well-being.

Thank you for investing in Janus Henderson European Focus Fund.


2	SEPTEMBER 30, 2020

Janus Henderson European Focus Fund (unaudited)

Fund At A Glance

September 30, 2020





5 Top Contributors - Holdings			5 Top Detractors - Holdings
	Average Weight	Relative Contribution		Average Weight	Relative Contribution
VAT Group AG	3.18%	2.02%	AstraZeneca PLC	0.90%	-0.64%
KION Group AG	3.28%	1.93%	Danone SA	0.87%	-0.33%
STMicroelectronics NV	2.93%	1.69%	Bellway PLC	0.39%	-0.29%
Jungheinrich AG	0.82%	1.44%	Mowi ASA	1.36%	-0.28%
Volvo AB	3.34%	1.20%	Smurfit Kappa Group PLC	0.66%	-0.26%


	5 Top Contributors - Sectors*
		Relative	Fund	MSCI Europe Index
		Contribution	Average Weight	Average Weight
	Industrials	8.66%	21.08%	13.57%
	Information Technology	5.52%	14.11%	6.75%
	Financials	4.85%	7.47%	16.29%
	Energy	3.39%	1.11%	5.62%
	Utilities	1.95%	7.12%	4.77%


	5 Top Detractors - Sectors*
		Relative	Fund	MSCI Europe Index
		Contribution	Average Weight	Average Weight
	Other**	-0.00%	3.63%	0.00%
	Health Care	0.14%	11.84%	15.37%
	Real Estate	0.15%	0.00%	1.41%
	Consumer Staples	0.39%	12.89%	14.65%
	Consumer Discretionary	0.84%	7.54%	9.89%

	Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance. Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index.
*	Based on sector classification according to the Global Industry Classification Standard (“GICS”) codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
**	Not a GICS classified sector.


Janus Investment Fund	3

Janus Henderson European Focus Fund (unaudited)

Fund At A Glance

September 30, 2020


5 Largest Equity Holdings - (% of Net Assets)
Nestle SA (REG)
Food Products	4.5%
ASML Holding NV
Semiconductor & Semiconductor Equipment	3.5%
Roche Holding AG
Pharmaceuticals	3.3%
SAP SE
Software	2.9%
Daimler AG
Automobiles	2.9%
	17.1%


Asset Allocation - (% of Net Assets)
Common Stocks	96.5%
Investment Companies	5.4%
Preferred Stocks	1.2%
OTC Purchased Options – Calls	0.1%
Other		(3.2)%
		100.0%

Top Country Allocations - Long Positions - (% of Investment Securities)

As of September 30, 2020

As of September 30, 2019


4	SEPTEMBER 30, 2020

Janus Henderson European Focus Fund (unaudited)

Performance

See important disclosures on the next page.




Average Annual Total Return - for the periods ended September 30, 2020					Expense Ratios
	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses^‡	Net Annual Fund Operating Expenses^‡
Class A Shares at NAV	27.04%	3.01%	5.14%	11.54%	1.47%	1.33%
Class A Shares at MOP	19.74%	1.80%	4.52%	11.20%
Class C Shares at NAV	26.12%	2.23%	4.34%	10.71%	2.22%	2.08%
Class C Shares at CDSC	25.12%	2.23%	4.34%	10.71%
Class D Shares	27.27%	3.13%	5.20%	11.58%	1.60%	1.14%
Class I Shares	27.35%	3.28%	5.42%	11.72%	1.17%	1.05%
Class N Shares	27.51%	3.31%	5.29%	11.63%	2.57%	0.98%
Class S Shares	26.98%	2.96%	5.10%	11.52%	8.67%	1.48%
Class T Shares	27.20%	3.09%	5.18%	11.56%	1.77%	1.22%
MSCI Europe Index	-0.79%	4.24%	4.26%	4.87%
Morningstar Quartile - Class A Shares	1st	4th	2nd	1st
Morningstar Ranking - based on total returns for Europe Stock Funds	13/95	64/86	32/65	9/54

Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on January 28, 2020.


Janus Investment Fund	5

Janus Henderson European Focus Fund (unaudited)

Performance

has different risks. Please see the prospectus for more information about risks, holdings and other details.

High absolute short-term performance is not typical and may not be achieved in the future. Such results should not be the sole basis for evaluating material facts in making an investment decision.

Returns of the Fund shown prior to June 5, 2017, are those for Henderson European Focus Fund (the “Predecessor Fund”), which merged into the Fund after the close of business on June 2, 2017. The Predecessor Fund was advised by Henderson Global Investors (North America) Inc. and subadvised by Henderson Investment Management Limited. Class A Shares, Class C Shares, Class I Shares, and Class R6 Shares of the Predecessor Fund were reorganized into Class A Shares, Class C Shares, Class I Shares, and Class N Shares, respectively, of the Fund. In connection with this reorganization, certain shareholders of the Predecessor Fund who held shares directly with the Predecessor Fund and not through an intermediary had the Class A Shares, Class C Shares, Class I Shares, and Class N Shares of the Fund received in the reorganization automatically exchanged for Class D Shares of the Fund following the reorganization. Class A Shares and Class C Shares of the Predecessor Fund commenced operations with the Predecessor Fund’s inception on August 31, 2001. Class I Shares and Class R6 Shares of the Predecessor Fund commenced operations on March 31, 2009 and November 30, 2015, respectively. Class D Shares, Class S Shares, and Class T Shares commenced operations on June 5, 2017.

Performance of Class I Shares shown for periods prior to June 5, 2017, reflects the performance of Class I Shares of the Predecessor Fund, calculated using the fees and expenses of Class I Shares of the Predecessor Fund, in effect during the periods shown, net of any applicable fee and expense limitations or waivers, except that for periods prior to March 31, 2009, performance for Class I Shares reflects the performance of Class A Shares of the Predecessor Fund, calculated using the fees and expenses of Class A Shares of the Predecessor Fund (without sales charges), net of any applicable fee and expense limitations or waivers.

Performance of Class N Shares shown for periods prior to June 5, 2017, reflects the performance of Class R6 Shares of the Predecessor Fund, calculated using the fees and expenses of Class R6 Shares of the Predecessor Fund, in effect during the periods shown, net of any applicable fee and expense limitations or waivers, except that for periods prior to November 30, 2015, performance for Class N Shares reflects the performance of Class A Shares of the Predecessor Fund, calculated using the fees and expenses of Class A Shares of the Predecessor Fund (without sales charges), net of any applicable fee and expense limitations or waivers.

Performance of Class S Shares shown for periods prior to June 5, 2017, reflects the performance of Class A Shares of the Predecessor Fund, calculated using the fees and expenses of Class A Shares of the Predecessor Fund (without sales charges), net of any applicable fee and expense limitations or waivers.

Performance of Class T Shares shown for periods prior to June 5, 2017, reflects the performance of Class A Shares of the Predecessor Fund, calculated using the fees and expenses of Class A Shares of the Predecessor Fund (without sales charges), net of any applicable fee and expense limitations or waivers.

Performance of Class D Shares shown for periods prior to June 5, 2017, reflects the performance of Class A Shares of the Predecessor Fund, calculated using the fees and expenses of Class A Shares of the Predecessor Fund (without sales charges), net of any applicable fee and expense limitations or waivers.

See important disclosures on the next page.


6	SEPTEMBER 30, 2020

Janus Henderson European Focus Fund (unaudited)

Performance

There is no assurance that the investment process will consistently lead to successful investing.

See Notes to Schedule of Investments and Other Information for index definitions.

Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

See “Useful Information About Your Fund Report.”

*The Predecessor Fund’s inception date – August 31, 2001

‡ As stated in the prospectus. See Financial Highlights for actual expense ratios during the reporting period.


Janus Investment Fund	7

Janus Henderson European Focus Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (4/1/20)	Ending Account Value (9/30/20)	Expenses Paid During Period (4/1/20 - 9/30/20)†	Beginning Account Value (4/1/20)	Ending Account Value (9/30/20)	Expenses Paid During Period (4/1/20 - 9/30/20)†	Net Annualized Expense Ratio (4/1/20 - 9/30/20)
Class A Shares		$1,000.00	$1,339.70	$7.66	$1,000.00	$1,018.45	$6.61	1.31%
Class C Shares		$1,000.00	$1,334.40	$12.08	$1,000.00	$1,014.65	$10.43	2.07%
Class D Shares		$1,000.00	$1,341.10	$6.50	$1,000.00	$1,019.45	$5.60	1.11%
Class I Shares		$1,000.00	$1,341.30	$6.09	$1,000.00	$1,019.80	$5.25	1.04%
Class N Shares		$1,000.00	$1,341.80	$5.68	$1,000.00	$1,020.15	$4.90	0.97%
Class S Shares		$1,000.00	$1,338.10	$8.94	$1,000.00	$1,017.35	$7.72	1.53%
Class T Shares		$1,000.00	$1,340.40	$7.02	$1,000.00	$1,019.00	$6.06	1.20%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


8	SEPTEMBER 30, 2020

Janus Henderson European Focus Fund

Schedule of Investments

September 30, 2020


Shares or Contract Amounts			Value
Common Stocks– 96.5%
Air Freight & Logistics – 2.4%
	DSV Panalpina A/S	52,979	$8,647,381
Auto Components – 2.8%
	Dometic Group AB (144A)*	455,386	5,631,172
	Nokian Renkaat Oyj	164,392	4,650,524
			10,281,696
Automobiles – 4.3%
	Daimler AG	195,223	10,525,217
	Peugeot SA*	288,137	5,194,566
			15,719,783
Banks – 1.9%
	FinecoBank Banca Fineco SpA*	496,589	6,832,100
Beverages – 1.4%
	Carlsberg A/S	38,514	5,186,976
Building Products – 4.0%
	Cie de Saint-Gobain*	114,703	4,815,305
	Geberit AG	16,060	9,518,616
			14,333,921
Capital Markets – 1.3%
	Deutsche Boerse AG	27,619	4,849,827
Chemicals – 5.6%
	Givaudan SA	1,392	6,001,186
	Linde PLC	22,964	5,434,510
	Symrise AG	64,421	8,911,025
			20,346,721
Containers & Packaging – 1.1%
	Smurfit Kappa Group PLC	103,728	4,069,716
Electric Utilities – 5.4%
	EDP - Energias de Portugal SA	1,223,306	6,011,886
	Enel SpA	816,842	7,091,890
	Orsted A/S (144A)	46,524	6,418,597
			19,522,373
Food Products – 8.1%
	Barry Callebaut AG (REG)	3,466	7,708,613
	Chocoladefabriken Lindt & Spruengli AG (PC)	646	5,453,737
	Nestle SA (REG)	137,682	16,338,903
			29,501,253
Health Care Equipment & Supplies – 3.5%
	Carl Zeiss Meditec AG	56,501	7,150,165
	Straumann Holding AG	5,409	5,443,283
			12,593,448
Hotels, Restaurants & Leisure – 1.5%
	BNN Technology PLC*^,¢	11,756,231	576,338
	Flutter Entertainment PLC*	30,302	4,800,898
			5,377,236
Insurance – 1.5%
	NN Group NV	147,399	5,535,890
Machinery – 18.6%
	Atlas Copco AB	196,186	9,341,029
	Duerr AG	109,426	3,366,916
	Epiroc AB	377,848	5,486,521
	KION Group AG	99,253	8,522,910
	Knorr-Bremse AG	85,994	10,156,854
	Outotec OYJ	742,088	5,210,382
	SKF AB	354,098	7,299,936
	VAT Group AG (144A)	42,512	8,129,420
	Volvo AB*	525,161	10,090,778
			67,604,746


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	9

Janus Henderson European Focus Fund

Schedule of Investments

September 30, 2020


Shares or Contract Amounts					Value
Common Stocks– (continued)
Metals & Mining – 2.0%
		Rio Tinto PLC	120,047		$7,242,042
Multi-Utilities – 2.5%
		RWE AG	246,183		9,228,586
Paper & Forest Products – 2.0%
		UPM-Kymmene Oyj	232,384		7,071,979
Personal Products – 4.7%
		L'Oreal SA	29,771		9,686,353
		Unilever PLC	116,740		7,191,918
					16,878,271
Pharmaceuticals – 7.8%
		AstraZeneca PLC	91,677		9,976,327
		Novo Nordisk A/S	94,719		6,580,697
		Roche Holding AG	34,766		11,897,624
					28,454,648
Semiconductor & Semiconductor Equipment – 8.1%
		ASML Holding NV	34,427		12,692,862
		Infineon Technologies AG	226,977		6,419,650
		STMicroelectronics NV	339,426		10,374,054
					29,486,566
Software – 4.5%
		Nemetschek SE	78,598		5,756,011
		SAP SE	68,675		10,692,987
					16,448,998
Trading Companies & Distributors – 1.5%
		Ashtead Group PLC	151,911		5,441,805
Total Common Stocks (cost $313,189,874)					350,655,962
Preferred Stocks– 1.2%
Machinery – 1.2%
		Jungheinrich AG((cost $2,008,830)	128,247		4,423,872
Investment Companies– 5.4%
Money Markets – 5.4%
		Janus Henderson Cash Liquidity Fund LLC, 0.1028%^ºº,£((cost $19,625,486)	19,624,528		19,626,491
OTC Purchased Options – Calls– 0.1%
Counterparty/Reference Asset
JP Morgan Chase & Co:
	Dow Jones EURO STOXX 50,
	Notional amount $28,079,148, premiums paid $263,292, unrealized depreciation $(81,881), exercise price $4000.00, expires 12/17/21*		750	181,411
Total Investments (total cost $335,087,482) – 103.2%					374,887,736
Liabilities, net of Cash, Receivables and Other Assets – (3.2)%					(11,515,868)
Net Assets – 100%					$363,371,868


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

10	SEPTEMBER 30, 2020

Janus Henderson European Focus Fund

Schedule of Investments

September 30, 2020


Summary of Investments by Country - (Long Positions) (unaudited)

		% of
		Investment
Country	Value	Securities
Germany	$90,004,020	24.0	%
Switzerland	70,491,382	18.8
Sweden	37,849,436	10.1
United Kingdom	35,862,940	9.6
France	30,070,278	8.0
Denmark	26,833,651	7.1
United States	19,807,902	5.3
Netherlands	18,228,752	4.9
Finland	16,932,885	4.5
Italy	13,923,990	3.7
Ireland	8,870,614	2.4
Portugal	6,011,886	1.6



Total	$374,887,736	100.0	%

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 9/30/20
Investment Companies - 5.4%
Money Markets - 5.4%
	Janus Henderson Cash Liquidity Fund LLC, 0.1028%^ºº	$	1,544	$	(346)	$	1,005	$	19,626,491
Investments Purchased with Cash Collateral from Securities Lending - N/A
Investment Companies - N/A
	Janus Henderson Cash Collateral Fund LLC, 0.0289%^ºº		35,990^∆		-		-		-
Total Affiliated Investments - 5.4%		$	37,534	$	(346)	$	1,005	$	19,626,491


		Value at 9/30/19		Purchases		Sales Proceeds		Value at 9/30/20
Investment Companies - 5.4%
Money Markets - 5.4%
	Janus Henderson Cash Liquidity Fund LLC, 0.1028%^ºº		-		57,180,580		(37,554,748)		19,626,491
Investments Purchased with Cash Collateral from Securities Lending - N/A
Investment Companies - N/A
	Janus Henderson Cash Collateral Fund LLC, 0.0289%^ºº		1,871,100		18,878,888		(20,749,988)		-


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	11

Janus Henderson European Focus Fund

Schedule of Investments

September 30, 2020

Schedule of OTC Written Options

Counterparty/

Reference Asset

Number of

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Premiums

Received

Unrealized

Appreciation/

(Depreciation)

Options

Written,

at Value

Written Put Options:

Citigroup:


Airbus SE	1,100	54.00	EUR		12/18/20	$	8,004,150	$	361,655	$	40,944	$	(320,711)

The following table, grouped by derivative type, provides information about the fair value and location of derivatives within the Statement of Assets and Liabilities as of September 30, 2020.


Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of September 30, 2020

					Equity Contracts
Asset Derivatives:
Purchased options, at value					$181,411

Liability Derivatives:
Options written, at value					$320,711

The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the year ended September 30, 2020.


The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the year ended September 30, 2020

Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative	Currency Contracts	Equity Contracts	Total
Purchased options contracts	$(43,858)	$1,810,831	$1,766,973
Written options contracts	-	1,016,626	1,016,626

Total	$(43,858)	$2,827,457	$2,783,599


Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative	Currency Contracts	Equity Contracts	Total
Purchased options contracts	$ -	$ 28,153	$ 28,153
Written options contracts	-	(200,399)	(200,399)

Total	$ -	$ (172,246)	$ (172,246)

Please see the "Net Realized Gain/(Loss) on Investments" and "Change in Unrealized Net Appreciation/Depreciation" sections of the Fund’s Statement of Operations.


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

12	SEPTEMBER 30, 2020

Janus Henderson European Focus Fund

Schedule of Investments

September 30, 2020


Average Ending Monthly Market Value of Derivative Instruments During the Year Ended September 30, 2020

	Market Value
Purchased options contracts, call	$ 216,975
Purchased options contracts, put	49,175
Written options contracts, call	3,336
Written options contracts, put	776,638


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	13

Janus Henderson European Focus Fund

Notes to Schedule of Investments and Other Information


MSCI Europe Index^SM	MSCI Europe Index^SM reflects the equity market performance of developed markets in Europe.


LLC	Limited Liability Company
OTC	Over-the-Counter
PC	Participation Certificate
PLC	Public Limited Company
REG	Registered

144A


*	Non-income producing security.


ºº	Rate shown is the 7-day yield as of September 30, 2020.


¢	Security is valued using significant unobservable inputs.


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


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


14	SEPTEMBER 30, 2020

Janus Henderson European Focus Fund

Notes to Schedule of Investments and Other Information


The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of September 30, 2020. See Notes to Financial Statements for more information.

Valuation Inputs Summary

					Level 2 -		Level 3 -
			Level 1 -		Other Significant		Significant
			Quoted Prices		Observable Inputs		Unobservable Inputs

Assets
Investments In Securities:
Common Stocks
Hotels, Restaurants & Leisure		$	-	$	4,800,898	$	576,338
All Other			-		345,278,726		-
Preferred Stocks			-		4,423,872		-
Investment Companies			-		19,626,491		-
OTC Purchased Options – Calls			-		181,411		-
Total Assets		$	-	$	374,311,398	$	576,338
Liabilities
Other Financial Instruments^(a):
Options Written, at Value		$	-	$	320,711	$	-

(a)	Other financial instruments include forward foreign currency exchange, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Futures, certain written options on futures, and centrally cleared swap contracts are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Written options, written swaptions, and other swap contracts are reported at their market value at measurement date.


Janus Investment Fund	15

Janus Henderson European Focus Fund

Statement of Assets and Liabilities

September 30, 2020

See footnotes at the end of the Statement.



Assets:
	Unaffiliated investments, at value⁽¹⁾		$	355,079,834
	Affiliated investments, at value⁽²⁾			19,626,491
	Purchased options, at value⁽³⁾			181,411
	Deposits with brokers for OTC derivatives			440,000
	Non-interested Trustees' deferred compensation			7,891
	Receivables:
		Foreign tax reclaims		3,162,234
		Fund shares sold		246,126
		Investments sold		72,494
		Dividends from affiliates		698
	Other assets			17,477
Total Assets				378,834,656
Liabilities:
	Foreign cash due to custodian			28
	Options written, at value⁽⁴⁾			320,711
	Payables:			—
		Investments purchased		13,875,368
		Fund shares repurchased		705,247
		Advisory fees		312,629
		Transfer agent fees and expenses		51,895
		12b-1 Distribution and shareholder servicing fees		51,362
		Professional fees		44,254
		Non-interested Trustees' deferred compensation fees		7,891
		Custodian fees		6,205
		Non-interested Trustees' fees and expenses		1,483
		Affiliated fund administration fees payable		749
		Accrued expenses and other payables		84,966
Total Liabilities				15,462,788
Net Assets			$	363,371,868


See Notes to Financial Statements.

16	SEPTEMBER 30, 2020

Janus Henderson European Focus Fund

Statement of Assets and Liabilities

September 30, 2020




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	826,602,869
	Total distributable earnings (loss)		(463,231,001)
Total Net Assets		$	363,371,868
Net Assets - Class A Shares		$	116,047,259
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,389,973
Net Asset Value Per Share⁽⁵⁾		$	34.23
Maximum Offering Price Per Share⁽⁶⁾		$	36.32
Net Assets - Class C Shares		$	29,652,135
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		915,243
Net Asset Value Per Share⁽⁵⁾		$	32.40
Net Assets - Class D Shares		$	3,509,774
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		103,189
Net Asset Value Per Share		$	34.01
Net Assets - Class I Shares		$	208,158,683
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		6,116,782
Net Asset Value Per Share		$	34.03
Net Assets - Class N Shares		$	4,370,657
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		129,323
Net Asset Value Per Share		$	33.80
Net Assets - Class S Shares		$	54,431
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,671
Net Asset Value Per Share		$	32.57
Net Assets - Class T Shares		$	1,578,929
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		46,417
Net Asset Value Per Share		$	34.02

(1) Includes cost of $315,198,704.

(2) Includes cost of $19,625,486.

(3) Premiums paid of $263,292.

(4) Premiums received $361,655.

(5) Redemption price per share may be reduced for any applicable contingent deferred sales charge.

(6) Maximum offering price is computed at 100/94.25 of net asset value.


See Notes to Financial Statements.

Janus Investment Fund	17

Janus Henderson European Focus Fund

Statement of Operations

For the year ended September 30, 2020



Investment Income:
	Dividends		$	6,666,407
	Affiliated securities lending income, net			35,990
	Dividends from affiliates			1,544
	Unaffiliated securities lending income, net			206
	Other income			173,741
	Foreign tax withheld			(819,359)
Total Investment Income				6,058,529
Expenses:
	Advisory fees			3,587,362
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		275,311
		Class C Shares		369,074
		Class S Shares		103
	Transfer agent administrative fees and expenses:
		Class D Shares		3,116
		Class S Shares		120
		Class T Shares		2,097
	Transfer agent networking and omnibus fees:
		Class A Shares		103,766
		Class C Shares		38,570
		Class I Shares		155,980
	Other transfer agent fees and expenses:
		Class A Shares		8,345
		Class C Shares		2,719
		Class D Shares		868
		Class I Shares		8,376
		Class N Shares		90
		Class S Shares		3
		Class T Shares		20
	Registration fees			139,508
	Professional fees			71,735
	Custodian fees			29,613
	Affiliated fund administration fees			8,969
	Non-interested Trustees’ fees and expenses			5,875
	Shareholder reports expense			2,820
	Other expenses			93,475
Total Expenses				4,907,915
Less: Excess Expense Reimbursement and Waivers				(490,228)
Net Expenses				4,417,687
Net Investment Income/(Loss)				1,640,842


See Notes to Financial Statements.

18	SEPTEMBER 30, 2020

Janus Henderson European Focus Fund

Statement of Operations

For the year ended September 30, 2020



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	40,975,106
	Investments in affiliates		(346)
	Purchased options contracts		1,766,973
	Written options contracts		1,016,626
Total Net Realized Gain/(Loss) on Investments			43,758,359
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation		39,097,054
	Investments in affiliates		1,005
	Purchased options contracts		28,153
	Written options contracts		(200,399)
Total Change in Unrealized Net Appreciation/Depreciation			38,925,813
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	84,325,014


See Notes to Financial Statements.

Janus Investment Fund	19

Janus Henderson European Focus Fund

Statements of Changes in Net Assets



			Year ended September 30, 2020		Year ended September 30, 2019

Operations:
	Net investment income/(loss)		$	1,640,842	$	7,845,974
	Net realized gain/(loss) on investments			43,758,359		(201,374,090)
	Change in unrealized net appreciation/depreciation			38,925,813		70,787,966
Net Increase/(Decrease) in Net Assets Resulting from Operations				84,325,014		(122,740,150)
Dividends and Distributions to Shareholders:
		Class A Shares		(1,186,901)		(5,655,916)
		Class C Shares		—		(1,535,900)
		Class D Shares		(32,297)		(96,577)
		Class I Shares		(2,905,921)		(17,985,378)
		Class N Shares		(19,353)		(10,309)
		Class S Shares		(610)		(3,066)
		Class T Shares		(9,250)		(29,575)
Net Decrease from Dividends and Distributions to Shareholders				(4,154,332)		(25,316,721)
Capital Share Transactions:
		Class A Shares		(21,249,933)		(38,867,538)
		Class C Shares		(21,581,585)		(59,668,935)
		Class D Shares		648,406		(201,983)
		Class I Shares		(58,387,988)		(368,408,126)
		Class N Shares		3,923,326		(105,258)
		Class S Shares		610		3,066
		Class T Shares		755,031		(136,636)
Net Increase/(Decrease) from Capital Share Transactions				(95,892,133)		(467,385,410)
Net Increase/(Decrease) in Net Assets				(15,721,451)		(615,442,281)
Net Assets:
	Beginning of period			379,093,319		994,535,600
	End of period		$	363,371,868	$	379,093,319


See Notes to Financial Statements.

20	SEPTEMBER 30, 2020

Janus Henderson European Focus Fund

Financial Highlights


Class A Shares
For a share outstanding during the year or period ended September 30			2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$27.21	$31.73	$35.02	$34.22
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.11	0.41	0.46	0.13
		Net realized and unrealized gain/(loss)	7.22	(3.91)	(3.16)	0.67
	Total from Investment Operations		7.33	(3.50)	(2.70)	0.80
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.31)	(1.02)	(0.59)	—
	Total Dividends and Distributions		(0.31)	(1.02)	(0.59)	—
	Net Asset Value, End of Period		$34.23	$27.21	$31.73	$35.02
	Total Return*		27.04%	(10.61)%	(7.84)%	2.34%
	Net Assets, End of Period (in thousands)		$116,047	$112,110	$176,690	$273,184
	Average Net Assets for the Period (in thousands)		$109,879	$135,260	$227,911	$268,061
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.45%	1.46%	1.31%	1.35%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.31%	1.32%	1.30%	1.35%
		Ratio of Net Investment Income/(Loss)	0.38%	1.49%	1.37%	2.29%
	Portfolio Turnover Rate		160%	145%	82%	6%


Class C Shares
For a share outstanding during the year or period ended September 30			2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$25.69	$29.66	$32.68	$31.98
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	(0.11)	0.16	0.21	0.08
		Net realized and unrealized gain/(loss)	6.82	(3.57)	(2.97)	0.62
	Total from Investment Operations		6.71	(3.41)	(2.76)	0.70
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	(0.56)	(0.26)	—
	Total Dividends and Distributions		—	(0.56)	(0.26)	—
	Net Asset Value, End of Period		$32.40	$25.69	$29.66	$32.68
	Total Return*		26.12%	(11.26)%	(8.51)%	2.19%
	Net Assets, End of Period (in thousands)		$29,652	$43,110	$118,408	$184,366
	Average Net Assets for the Period (in thousands)		$37,468	$62,633	$154,929	$183,018
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.19%	2.19%	2.04%	2.22%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.06%	2.06%	2.02%	2.22%
		Ratio of Net Investment Income/(Loss)	(0.40)%	0.62%	0.65%	1.44%
	Portfolio Turnover Rate		160%	145%	82%	6%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Period from August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.


See Notes to Financial Statements.

Janus Investment Fund	21

Janus Henderson European Focus Fund

Financial Highlights


Class A Shares
For a share outstanding during the year ended July 31			2017	2016
	Net Asset Value, Beginning of Period		$32.17	$36.91
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.34	0.44
		Net realized and unrealized gain/(loss)	2.50	(4.94)
	Total from Investment Operations		2.84	(4.50)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.79)	(0.24)
	Total Dividends and Distributions		(0.79)	(0.24)
	Net Asset Value, End of Period		$34.22	$32.17
	Total Return*		9.15%	(12.22)%
	Net Assets, End of Period (in thousands)		$274,588	$560,452
	Average Net Assets for the Period (in thousands)		$381,753	$810,537
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.33%	1.28%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.33%	1.28%
		Ratio of Net Investment Income/(Loss)	1.06%	1.35%
	Portfolio Turnover Rate		57%	62%


Class C Shares
For a share outstanding during the year ended July 31			2017	2016
	Net Asset Value, Beginning of Period		$30.06	$34.57
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.11	0.22
		Net realized and unrealized gain/(loss)	2.32	(4.69)
	Total from Investment Operations		2.43	(4.47)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.51)	(0.04)
	Total Dividends and Distributions		(0.51)	(0.04)
	Net Asset Value, End of Period		$31.98	$30.06
	Total Return*		8.32%	(12.94)%
	Net Assets, End of Period (in thousands)		$188,120	$287,339
	Average Net Assets for the Period (in thousands)		$219,705	$328,767
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.11%	2.07%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.11%	2.07%
		Ratio of Net Investment Income/(Loss)	0.36%	0.71%
	Portfolio Turnover Rate		57%	62%

* Total return not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.


See Notes to Financial Statements.

22	SEPTEMBER 30, 2020

Janus Henderson European Focus Fund

Financial Highlights


Class D Shares
For a share outstanding during the year or period ended September 30			2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$27.05	$31.61	$35.02	$34.21
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.18	0.49	0.57	0.14
		Net realized and unrealized gain/(loss)	7.16	(3.92)	(3.20)	0.67
	Total from Investment Operations		7.34	(3.43)	(2.63)	0.81
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.38)	(1.13)	(0.78)	—
	Total Dividends and Distributions		(0.38)	(1.13)	(0.78)	—
	Net Asset Value, End of Period		$34.01	$27.05	$31.61	$35.02
	Total Return*		27.27%	(10.39)%	(7.67)%	2.37%
	Net Assets, End of Period (in thousands)		$3,510	$2,293	$2,875	$2,776
	Average Net Assets for the Period (in thousands)		$2,636	$2,421	$3,071	$2,683
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.40%	1.59%	1.19%	1.11%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.11%	1.14%	1.11%	1.11%
		Ratio of Net Investment Income/(Loss)	0.60%	1.81%	1.71%	2.52%
	Portfolio Turnover Rate		160%	145%	82%	6%


Class I Shares
For a share outstanding during the year or period ended September 30			2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$27.07	$31.59	$34.94	$34.13
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.19	0.42	0.54	0.15
		Net realized and unrealized gain/(loss)	7.17	(3.82)	(3.14)	0.66
	Total from Investment Operations		7.36	(3.40)	(2.60)	0.81
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.40)	(1.12)	(0.75)	—
	Total Dividends and Distributions		(0.40)	(1.12)	(0.75)	—
	Net Asset Value, End of Period		$34.03	$27.07	$31.59	$34.94
	Total Return*		27.35%	(10.30)%	(7.60)%	2.37%
	Net Assets, End of Period (in thousands)		$208,159	$220,722	$695,302	$1,234,695
	Average Net Assets for the Period (in thousands)		$204,753	$353,101	$1,025,799	$1,231,744
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.17%	1.16%	1.03%	1.06%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.04%	1.03%	1.02%	1.06%
		Ratio of Net Investment Income/(Loss)	0.64%	1.53%	1.60%	2.59%
	Portfolio Turnover Rate		160%	145%	82%	6%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Period from August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.


See Notes to Financial Statements.

Janus Investment Fund	23

Janus Henderson European Focus Fund

Financial Highlights


Class D Shares
For a share outstanding during the period ended July 31			2017⁽¹⁾
	Net Asset Value, Beginning of Period		$33.53
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.11
		Net realized and unrealized gain/(loss)	0.57
	Total from Investment Operations		0.68
	Less Dividends and Distributions:
		Dividends (from net investment income)	—
	Total Dividends and Distributions		—
	Net Asset Value, End of Period		$34.21
	Total Return*		2.03%
	Net Assets, End of Period (in thousands)		$2,585
	Average Net Assets for the Period (in thousands)		$2,342
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.25%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.08%
		Ratio of Net Investment Income/(Loss)	2.11%
	Portfolio Turnover Rate		57%


Class I Shares
For a share outstanding during the year ended July 31			2017	2016
	Net Asset Value, Beginning of Period		$32.18	$36.90
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.44	0.60
		Net realized and unrealized gain/(loss)	2.47	(5.02)
	Total from Investment Operations		2.91	(4.42)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.96)	(0.30)
	Total Dividends and Distributions		(0.96)	(0.30)
	Net Asset Value, End of Period		$34.13	$32.18
	Total Return*		9.44%	(12.01)%
	Net Assets, End of Period (in thousands)		$1,277,021	$1,874,371
	Average Net Assets for the Period (in thousands)		$1,414,519	$2,276,749
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.07%	1.04%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.07%	1.04%
		Ratio of Net Investment Income/(Loss)	1.38%	1.83%
	Portfolio Turnover Rate		57%	62%

* Total return not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Period from June 5, 2017 (inception date) through July 31, 2017.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.


See Notes to Financial Statements.

24	SEPTEMBER 30, 2020

Janus Henderson European Focus Fund

Financial Highlights


Class N Shares
For a share outstanding during the year or period ended September 30			2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$26.86	$31.64	$34.89	$34.10
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.34	0.49	0.56	0.13
		Net realized and unrealized gain/(loss)	7.01	(3.91)	(3.14)	0.66
	Total from Investment Operations		7.35	(3.42)	(2.58)	0.79
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.41)	(1.36)	(0.67)	—
	Total Dividends and Distributions		(0.41)	(1.36)	(0.67)	—
	Net Asset Value, End of Period		$33.80	$26.86	$31.64	$34.89
	Total Return*		27.51%	(10.25)%	(7.54)%	2.32%
	Net Assets, End of Period (in thousands)		$4,371	$139	$284	$318
	Average Net Assets for the Period (in thousands)		$3,114	$207	$332	$245
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.20%	2.56%	1.43%	1.19%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.96%	0.97%	0.97%	1.19%
		Ratio of Net Investment Income/(Loss)	1.17%	1.82%	1.68%	2.29%
	Portfolio Turnover Rate		160%	145%	82%	6%


Class S Shares
For a share outstanding during the year or period ended September 30			2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$25.98	$31.53	$35.01	$34.20
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.11	0.45	0.47	0.13
		Net realized and unrealized gain/(loss)	6.85	(3.98)	(3.20)	0.68
	Total from Investment Operations		6.96	(3.53)	(2.73)	0.81
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.37)	(2.02)	(0.75)	—
	Total Dividends and Distributions		(0.37)	(2.02)	(0.75)	—
	Net Asset Value, End of Period		$32.57	$25.98	$31.53	$35.01
	Total Return*		26.93%	(10.35)%	(7.96)%	2.37%
	Net Assets, End of Period (in thousands)		$54	$43	$48	$52
	Average Net Assets for the Period (in thousands)		$48	$43	$50	$50
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	7.83%	8.50%	4.42%	1.48%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.34%	1.17%	1.35%	1.30%
		Ratio of Net Investment Income/(Loss)	0.40%	1.73%	1.42%	2.34%
	Portfolio Turnover Rate		160%	145%	82%	6%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Period from August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.


See Notes to Financial Statements.

Janus Investment Fund	25

Janus Henderson European Focus Fund

Financial Highlights


Class N Shares
For a share outstanding during the year or period ended July 31			2017	2016⁽¹⁾
	Net Asset Value, Beginning of Period		$32.18	$34.37
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.42	0.57
		Net realized and unrealized gain/(loss)	2.47	(2.46)
	Total from Investment Operations		2.89	(1.89)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.97)	(0.30)
	Total Dividends and Distributions		(0.97)	(0.30)
	Net Asset Value, End of Period		$34.10	$32.18
	Total Return*		9.36%	(5.54)%
	Net Assets, End of Period (in thousands)		$210	$1,413
	Average Net Assets for the Period (in thousands)		$1,074	$1,393
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.10%	1.05%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.10%	1.05%
		Ratio of Net Investment Income/(Loss)	1.34%	2.68%
	Portfolio Turnover Rate		57%	62%


Class S Shares
For a share outstanding during the period ended July 31			2017⁽³⁾
	Net Asset Value, Beginning of Period		$33.53
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.09
		Net realized and unrealized gain/(loss)	0.58
	Total from Investment Operations		0.67
	Less Dividends and Distributions:
		Dividends (from net investment income)	—
	Total Dividends and Distributions		—
	Net Asset Value, End of Period		$34.20
	Total Return*		2.00%
	Net Assets, End of Period (in thousands)		$51
	Average Net Assets for the Period (in thousands)		$49
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.45%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.45%
		Ratio of Net Investment Income/(Loss)	1.67%
	Portfolio Turnover Rate		57%

* Total return not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Period from November 30, 2015 (inception date) through July 31, 2016.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.

(3) Period from June 5, 2017 (inception date) through July 31, 2017.


See Notes to Financial Statements.

26	SEPTEMBER 30, 2020

Janus Henderson European Focus Fund

Financial Highlights


Class T Shares
For a share outstanding during the year or period ended September 30			2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$27.06	$31.57	$35.03	$34.22
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.12	0.47	0.54	0.13
		Net realized and unrealized gain/(loss)	7.20	(3.90)	(3.21)	0.68
	Total from Investment Operations		7.32	(3.43)	(2.67)	0.81
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.36)	(1.08)	(0.79)	—
	Total Dividends and Distributions		(0.36)	(1.08)	(0.79)	—
	Net Asset Value, End of Period		$34.02	$27.06	$31.57	$35.03
	Total Return*		27.20%	(10.43)%	(7.79)%	2.37%
	Net Assets, End of Period (in thousands)		$1,579	$676	$929	$1,275
	Average Net Assets for the Period (in thousands)		$839	$762	$1,598	$1,077
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.70%	1.76%	1.31%	1.22%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.19%	1.18%	1.20%	1.18%
		Ratio of Net Investment Income/(Loss)	0.41%	1.74%	1.59%	2.26%
	Portfolio Turnover Rate		160%	145%	82%	6%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Period from August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.


See Notes to Financial Statements.

Janus Investment Fund	27

Janus Henderson European Focus Fund

Financial Highlights


Class T Shares
For a share outstanding during the period ended July 31			2017⁽¹⁾
	Net Asset Value, Beginning of Period		$33.53
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.05
		Net realized and unrealized gain/(loss)	0.64
	Total from Investment Operations		0.69
	Less Dividends and Distributions:
		Dividends (from net investment income)	—
	Total Dividends and Distributions		—
	Net Asset Value, End of Period		$34.22
	Total Return*		2.06%
	Net Assets, End of Period (in thousands)		$983
	Average Net Assets for the Period (in thousands)		$63
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.51%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.21%
		Ratio of Net Investment Income/(Loss)	1.60%
	Portfolio Turnover Rate		57%

* Total return not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Period from June 5, 2017 (inception date) through July 31, 2017.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.


See Notes to Financial Statements.

28	SEPTEMBER 30, 2020

Janus Henderson European Focus Fund

Notes to Financial Statements

1. Organization and Significant Accounting Policies

Janus Henderson European Focus Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 45 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term capital appreciation primarily through investment in equities of European companies. The Fund is classified as diversified, as defined in the 1940 Act.

Pursuant to the Agreement and Plan of Reorganization, the Fund acquired all the assets and liabilities of the Henderson European Focus Fund (the “Predecessor Fund”), a series of Henderson Global Funds, in exchange for Class A, Class C, Class I and Class N Fund shares having an aggregate net asset value equal to the value of the aggregate net assets of the same share class of the Predecessor Fund (except that Class R6 Predecessor Fund shares were exchanged for Class N Fund shares) (the “Reorganization”). The Reorganization occurred at the close of business on June 2, 2017.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.


Janus Investment Fund	29

Janus Henderson European Focus Fund

Notes to Financial Statements

corporations, certain retirement plans, public plans, and foundations/endowments, who established Class I Share accounts before August 4, 2017.

The following accounting policies have been followed by the Fund and are in conformity with United States of America generally accepted accounting principles ("US GAAP").

Investment Valuation


30	SEPTEMBER 30, 2020

Janus Henderson European Focus Fund

Notes to Financial Statements

Valuation Inputs Summary

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

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

The Fund did not hold a significant amount of Level 3 securities as of September 30, 2020.

Investment Transactions and Investment Income

Expenses


Janus Investment Fund	31

Janus Henderson European Focus Fund

Notes to Financial Statements

Estimates

Indemnifications

Foreign Currency Translations

Dividends and Distributions

Federal Income Taxes

2. Derivative Instruments


32	SEPTEMBER 30, 2020

Janus Henderson European Focus Fund

Notes to Financial Statements

In pursuit of its investment objective, the Fund may seek to use derivatives to increase or decrease exposure to the following market risk factors:

· Counterparty Risk – the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its financial obligation to the Fund.

· Credit Risk – the risk an issuer will be unable to make principal and interest payments when due, or will default on its obligations.

· Currency Risk – the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment.

· Equity Risk – the risk related to the change in value of equity securities as they relate to increases or decreases in the general market.

· Interest Rate Risk – the risk that the value of fixed-income securities will generally decline as prevailing interest rates rise, which may cause the Fund’s NAV to likewise decrease.


Janus Investment Fund	33

Janus Henderson European Focus Fund

Notes to Financial Statements

and/or custodian daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized loss on OTC derivative contracts with a particular counterparty. All liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund’s commitment with respect to certain exchange-traded derivatives, centrally cleared derivatives, forward foreign currency exchange contracts, short sales, and/or securities with extended settlement dates. There is no guarantee that counterparty exposure is reduced and these arrangements are dependent on Janus Capital's ability to establish and maintain appropriate systems and trading.

Options Contracts

An options contract provides the purchaser with the right, but not the obligation, to buy (call option) or sell (put option) a financial instrument at an agreed upon price on or before a specified date. The purchaser pays a premium to the seller for this right. The seller has the corresponding obligation to sell or buy a financial instrument if the purchaser (owner) "exercises" the option. When an option is exercised, the proceeds on sales for a written call option, the purchase cost for a written put option, or the cost of the security for a purchased put or call option are adjusted by the amount of premium received or paid. Upon expiration, or closing of the option transaction, a realized gain or loss is reported on the Statement of Operations (if applicable). The difference between the premium paid/received and the market value of the option is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported on the Statement of Operations (if applicable). Option contracts are typically valued using an approved vendor’s option valuation model. To the extent reliable market quotations are available, option contracts are valued using market quotations. In cases when an approved vendor cannot provide coverage for an option and there is no reliable market quotation, a broker quotation or an internal valuation using the Black-Scholes model, the Cox-Rubinstein Binomial Option Pricing Model, or other appropriate option pricing model is used. Certain options contracts are marked-to-market daily, and the daily variation margin is recorded as a receivable or payable on the Statement of Assets and Liabilities as “Variation margin receivable” or “Variation margin payable” (if applicable).

The Fund may purchase put options to hedge against a decline in the value of its portfolio. By using put options in this way, the Fund will reduce any profit it might otherwise have realized in the underlying security by the amount of the premium paid for the put option and by transaction costs. The Fund may purchase call options to hedge against an increase in the price of securities that it may buy in the future. The premium paid for the call option plus any transaction costs will reduce the benefit, if any, realized by the Fund upon exercise of the option, and, unless the price of the underlying security rises sufficiently, the option may expire worthless to the Fund. The risk in buying options is that the Fund pays a premium whether or not the options are exercised. Options purchased are reported in the Schedule of Investments (if applicable).

During the year, the Fund purchased call options on various equity index securities for the purpose of increasing exposure to broad equity risk.

During the year, the Fund purchased put options on various equity index securities for the purpose of decreasing exposure to broad equity risk.

During the year, the Fund purchased put options on foreign exchange rates vs. the U.S. dollar in order to decrease foreign currency exposure and increase U.S. dollar exposure where decreasing this exposure via the options market was most attractive.


34	SEPTEMBER 30, 2020

Janus Henderson European Focus Fund

Notes to Financial Statements

During the year, the Fund wrote call options on various equity securities for the purpose of decreasing exposure to individual equity risk and/or generating income.

During the year, the Fund wrote call options on various equity indices for the purpose of decreasing exposure to broad equity risk.

During the year, the Fund wrote put options on various equity securities for the purpose of increasing exposure to individual equity risk and/or generating income.

During the year, the Fund wrote put options on various equity indices for the purpose of increasing exposure to broad equity risk.

3. Other Investments and Strategies

Additional Investment Risk


Janus Investment Fund	35

Janus Henderson European Focus Fund

Notes to Financial Statements

Counterparties

Offsetting Assets and Liabilities

The following table presents gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the “Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of September 30, 2020” table located in the Fund’s Schedule of Investments.


36	SEPTEMBER 30, 2020

Janus Henderson European Focus Fund

Notes to Financial Statements


Offsetting of Financial Assets and Derivative Assets

			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Assets		or Liability^(a)		Pledged^(b)		Net Amount

JP Morgan Chase & Co		$	181,411	$	—	$	—	$	181,411

Offsetting of Financial Liabilities and Derivative Liabilities

			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Liabilities		or Liability^(a)		Pledged^(b)		Net Amount

Citigroup		$	320,711	$	—	$	—	$	320,711

(a)	Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities.
(b)	Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value.

Securities Lending

Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. Effective December 16, 2019, JPMorgan Chase Bank, National Association replaced Deutsche Bank AG as securities lending agent for the Fund. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, Janus Capital makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the Securities and Exchange Commission (the "SEC"). If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.


Janus Investment Fund	37

Janus Henderson European Focus Fund

Notes to Financial Statements

Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, Janus Capital has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, Janus Capital receives an investment advisory fee of 0.05% for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

The cash collateral invested by Janus Capital is disclosed in the Schedule of Investments (if applicable). Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations.

There were no securities on loan as of September 30, 2020.

4. Investment Advisory Agreements and Other Transactions with Affiliates


Average Daily Net Assets of the Fund	Contractual Investment Advisory Fee (%)
First $500 Million	1.00
Next $1 Billion	0.90
Next $1 Billion	0.85
Over $2.5 Billion	0.80

The Fund’s actual investment advisory fee rate for the reporting period was 1.00% of average annual net assets before any applicable waivers.

Janus Capital has contractually agreed to waive the advisory fee payable by the Fund or reimburse expenses in an amount equal to the amount, if any, that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus/administrative fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.96% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waivers for at least a one-year period commencing January 28, 2020. If applicable, amounts waived and/or reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.


38	SEPTEMBER 30, 2020

Janus Henderson European Focus Fund

Notes to Financial Statements

Services, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between Janus Services and the Fund, Janus Services may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. Janus Capital and its affiliates benefit from an increase in assets that may result from such relationships. The Funds’ Trustees have set limits on fees that the Funds may incur with respect to administrative fees paid for omnibus or networked accounts. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.

The Fund pays an annual administrative services fee based on the average daily net assets of Class D Shares for shareholder services provided by Janus Services, as detailed below.


Average Daily Net Assets of Class D Shares of the Janus Henderson funds	Administrative Services Fee
Under $40 billion	0.12%
$40 billion – $49.9 billion	0.10%
Over $49.9 billion	0.08%

The Fund’s actual Class D administrative fee rate was 0.12% for the reporting period.

Janus Services is compensated for its services related to the Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.

Under a distribution and shareholder servicing plan (the “Plan”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, Janus Henderson Distributors, a wholly-owned subsidiary of Janus Capital, a fee for the sale and distribution and/or shareholder servicing of the Shares at an annual rate of up to 0.25% of the Class A Shares’ average daily net assets, of up to 1.00% of the Class C Shares’ average daily net assets and of up to 0.25% of the Class S Shares’ average daily net assets. Under the terms of the Plan, the Trust is authorized to make payments to Janus Henderson Distributors for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations. Payments under the Plan are not tied exclusively to actual 12b-1 distribution and shareholder service expenses, and the payments may exceed 12b-1 distribution and shareholder service expenses actually incurred. If any of the Fund’s actual 12b-1 distribution and shareholder service expenses incurred during a calendar year are less than the payments made during a calendar year, the Fund will be refunded the difference. Refunds, if any, are included in “12b-1 Distribution and shareholder servicing fees” in the Statement of Operations.


Janus Investment Fund	39

Janus Henderson European Focus Fund

Notes to Financial Statements


40	SEPTEMBER 30, 2020



Foreign Taxes Paid	$807,901
Foreign Source Income	$6,067,795
Qualified Dividend Income Percentage	100%




This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson, Janus, Henderson, Perkins, Intech and Knowledge Shared are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Janus Henderson Distributors
							125-02-93080 11-20



		ANNUAL REPORT September 30, 2020

	Janus Henderson Forty Fund

	Janus Investment Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by contacting a Janus Henderson representative. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by visiting janushenderson.com/edelivery. You may elect to receive all future reports in paper free of charge. If you do not invest directly with the Fund, you should contact your plan sponsor, broker-dealer, or financial intermediary, to request to continue receiving paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-525-3713 to let the Fund know that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Janus Henderson mutual funds where held (i.e., all Janus Henderson mutual funds held in your account if you invest through your financial intermediary or all Janus Henderson mutual funds held with the fund complex if you invest directly with a fund).
			HIGHLIGHTS · Portfolio management perspective · Investment strategy behind your fund · Fund performance, characteristics and holdings


Asset Allocation - (% of Net Assets)
Common Stocks	99.0%
Investment Companies	1.1%
Investments Purchased with Cash Collateral from Securities Lending	0.0%
Other		(0.1)%
		100.0%


Shares			Value
Common Stocks– 99.0%
Aerospace & Defense – 2.2%
	L3Harris Technologies Inc	2,274,375	$386,279,850
Capital Markets – 2.3%
	Blackstone Group Inc	7,672,271	400,492,546
Chemicals – 1.9%
	Sherwin-Williams Co	473,137	329,653,473
Electronic Equipment, Instruments & Components – 0.5%
	Cognex Corp	1,368,247	89,072,880
Entertainment – 3.5%
	Netflix Inc*	807,980	404,014,239
	Walt Disney Co	1,692,417	209,995,101
			614,009,340
Equity Real Estate Investment Trusts (REITs) – 2.3%
	American Tower Corp	1,671,085	403,951,377
Health Care Equipment & Supplies – 10.3%
	Align Technology Inc*	815,449	266,945,385
	Boston Scientific Corp*	13,768,783	526,105,198
	Danaher Corp	2,257,004	486,000,671
	Edwards Lifesciences Corp*	2,067,341	165,015,159
	Intuitive Surgical Inc*	482,641	342,453,095
			1,786,519,508
Hotels, Restaurants & Leisure – 0.5%
	Caesars Entertainment Inc*	1,479,554	82,943,797
Household Products – 2.4%
	Procter & Gamble Co	2,993,499	416,066,426
Information Technology Services – 8.1%
	Mastercard Inc	3,302,303	1,116,739,806
	PayPal Holdings Inc*	1,467,996	289,239,252
	Snowflake Inc - Class A*	13,159	3,302,909
			1,409,281,967
Interactive Media & Services – 9.9%
	Alphabet Inc - Class C*	344,920	506,894,432
	Facebook Inc*	2,805,213	734,685,285
	Match Group Inc*	1,663,732	184,091,946
	Snap Inc*	11,089,526	289,547,524
			1,715,219,187
Internet & Direct Marketing Retail – 11.1%
	Amazon.com Inc*	490,558	1,544,634,691
	Booking Holdings Inc*	222,825	381,182,271
			1,925,816,962
Pharmaceuticals – 4.3%
	Elanco Animal Health Inc*	10,078,795	281,500,744
	Merck & Co Inc	2,105,609	174,660,267
	Zoetis Inc	1,772,591	293,133,374
			749,294,385
Professional Services – 2.2%
	CoStar Group Inc*	459,461	389,857,253
Semiconductor & Semiconductor Equipment – 7.9%
	ASML Holding NV	911,540	336,604,376
	NVIDIA Corp	849,552	459,794,533
	Taiwan Semiconductor Manufacturing Co Ltd (ADR)	1,667,706	135,200,925
	Texas Instruments Inc	3,081,677	440,032,659
			1,371,632,493
Software – 15.7%
	Adobe Inc*	1,055,388	517,593,937
	Avalara Inc*	1,027,747	130,873,303
	Microsoft Corp	6,432,481	1,352,943,729
	salesforce.com Inc*	2,922,115	734,385,942
			2,735,796,911


Russell 1000^{^®} Growth Index	Russell 1000^{^®} Growth Index reflects the performance of U.S. large-cap equities with higher price-to-book ratios and higher forecasted growth values.
S&P 500^{^®} Index	S&P 500^{^®} Index reflects U.S. large-cap equity performance and represents broad U.S. equity market performance.



Assets:
	Unaffiliated investments, at value⁽¹⁾⁽²⁾		$	17,216,186,543
	Affiliated investments, at value⁽³⁾			193,656,060
	Non-interested Trustees' deferred compensation			377,607
	Receivables:
		Investments sold		90,199,491
		Fund shares sold		15,299,633
		Dividends		5,488,855
		Foreign tax reclaims		32,114
		Dividends from affiliates		22,519
	Other assets			179,935
Total Assets				17,521,442,757
Liabilities:
	Collateral for securities loaned (Note 2)			2,088,280
	Payables:			—
		Investments purchased		82,855,024
		Fund shares repurchased		22,968,759
		Advisory fees		8,845,702
		Transfer agent fees and expenses		2,248,335
		Non-interested Trustees' deferred compensation fees		377,607
		12b-1 Distribution and shareholder servicing fees		353,666
		Non-interested Trustees' fees and expenses		66,546
		Professional fees		43,828
		Affiliated fund administration fees payable		35,676
		Custodian fees		9,798
		Accrued expenses and other payables		489,950
Total Liabilities				120,383,171
Net Assets			$	17,401,059,586




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	8,358,985,425
	Total distributable earnings (loss)		9,042,074,161
Total Net Assets		$	17,401,059,586
Net Assets - Class A Shares		$	411,898,995
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		8,800,004
Net Asset Value Per Share⁽⁴⁾		$	46.81
Maximum Offering Price Per Share⁽⁵⁾		$	49.67
Net Assets - Class C Shares		$	137,951,832
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,713,625
Net Asset Value Per Share⁽⁴⁾		$	37.15
Net Assets - Class D Shares		$	10,287,827,978
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		227,409,119
Net Asset Value Per Share		$	45.24
Net Assets - Class I Shares		$	1,783,056,988
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		36,470,169
Net Asset Value Per Share		$	48.89
Net Assets - Class N Shares		$	511,464,905
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		10,414,177
Net Asset Value Per Share		$	49.11
Net Assets - Class R Shares		$	101,440,190
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,473,597
Net Asset Value Per Share		$	41.01
Net Assets - Class S Shares		$	546,340,815
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		12,231,822
Net Asset Value Per Share		$	44.67
Net Assets - Class T Shares		$	3,621,077,883
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		79,005,174
Net Asset Value Per Share		$	45.83



Investment Income:
	Dividends		$	110,486,459
	Affiliated securities lending income, net			5,025,677
	Dividends from affiliates			3,564,876
	Unaffiliated securities lending income, net			44,236
	Other income			4,210
	Foreign tax withheld			(880,259)
Total Investment Income				118,245,199
Expenses:
	Advisory fees			96,444,760
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		849,537
		Class C Shares		1,198,006
		Class R Shares		499,258
		Class S Shares		1,227,760
	Transfer agent administrative fees and expenses:
		Class D Shares		10,357,167
		Class R Shares		254,378
		Class S Shares		1,229,989
		Class T Shares		7,846,100
	Transfer agent networking and omnibus fees:
		Class A Shares		295,458
		Class C Shares		88,517
		Class I Shares		910,532
	Other transfer agent fees and expenses:
		Class A Shares		24,391
		Class C Shares		8,329
		Class D Shares		657,595
		Class I Shares		57,000
		Class N Shares		9,109
		Class R Shares		1,113
		Class S Shares		4,578
		Class T Shares		24,699
	Shareholder reports expense			694,012
	Affiliated fund administration fees			369,021
	Non-interested Trustees’ fees and expenses			282,432
	Registration fees			222,338
	Professional fees			119,847
	Custodian fees			91,291
	Other expenses			798,945
Total Expenses				124,566,162
Less: Excess Expense Reimbursement and Waivers				(395,092)
Net Expenses				124,171,070
Net Investment Income/(Loss)				(5,925,871)



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	1,361,607,843
	Investments in affiliates		88,828
Total Net Realized Gain/(Loss) on Investments			1,361,696,671
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation		3,191,795,494
	Investments in affiliates		11,843
Total Change in Unrealized Net Appreciation/Depreciation			3,191,807,337
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	4,547,578,137




This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson, Janus, Henderson, Perkins, Intech and Knowledge Shared are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Janus Henderson Distributors
							125-02-93041 11-20



		ANNUAL REPORT September 30, 2020

	Janus Henderson Global Equity Income Fund

	Janus Investment Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by contacting a Janus Henderson representative. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by visiting janushenderson.com/edelivery. You may elect to receive all future reports in paper free of charge. If you do not invest directly with the Fund, you should contact your plan sponsor, broker-dealer, or financial intermediary, to request to continue receiving paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-525-3713 to let the Fund know that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Janus Henderson mutual funds where held (i.e., all Janus Henderson mutual funds held in your account if you invest through your financial intermediary or all Janus Henderson mutual funds held with the fund complex if you invest directly with a fund).
			HIGHLIGHTS · Portfolio management perspective · Investment strategy behind your fund · Fund performance, characteristics and holdings


Asset Allocation - (% of Net Assets)
Common Stocks	93.5%
Investments Purchased with Cash Collateral from Securities Lending	5.3%
Investment Companies	3.9%
Preferred Stocks	2.8%
Other		(5.5)%
		100.0%


Shares or Principal Amounts			Value
Common Stocks– 93.5%
Aerospace & Defense – 1.4%
	BAE Systems PLC	9,279,274	$57,386,138
Air Freight & Logistics – 1.7%
	Deutsche Post AG	1,506,504	68,689,837
Auto Components – 2.1%
	Cie Generale des Etablissements Michelin SCA	792,081	84,746,024
Automobiles – 1.0%
	Toyota Motor Corp	615,900	40,741,147
Banks – 0.9%
	United Overseas Bank Ltd	2,551,700	35,830,362
Beverages – 1.5%
	Coca-Cola Co	843,190	41,628,290
	Coca-Cola Femsa SAB de CV (ADR)	512,250	20,858,820
			62,487,110
Capital Markets – 4.1%
	CME Group Inc	501,482	83,902,953
	Intermediate Capital Group PLC	1,290,927	19,829,235
	UBS Group AG	5,470,676	61,089,380
			164,821,568
Chemicals – 2.5%
	Air Liquide SA	248,330	39,400,972
	Nutrien Ltd^#	1,595,969	62,584,904
			101,985,876
Communications Equipment – 0.7%
	Cisco Systems Inc	747,921	29,460,608
Construction Materials – 2.0%
	LafargeHolcim Ltd*	699,023	31,872,554
	Taiwan Cement Corp	34,800,691	49,899,403
			81,771,957
Containers & Packaging – 2.6%
	Amcor PLC	9,585,171	106,565,948
Diversified Telecommunication Services – 4.3%
	Deutsche Telekom AG	2,300,765	38,538,200
	Telenor ASA	5,783,555	96,958,668
	Verizon Communications Inc	691,918	41,162,202
			176,659,070
Electric Utilities – 4.9%
	Enel SpA	4,458,599	38,709,926
	Red Electrica Corp SA	4,288,931	80,465,244
	SSE PLC	1,196,311	18,621,478
	Terna Rete Elettrica Nazionale SpA	8,746,349	61,271,409
			199,068,057
Electrical Equipment – 2.2%
	Legrand SA	499,828	39,898,170
	Schneider Electric SE	393,082	48,781,362
			88,679,532
Entertainment – 0.2%
	Vivendi SA	243,584	6,788,383
Equity Real Estate Investment Trusts (REITs) – 4.7%
	CyrusOne Inc	455,932	31,928,918
	Dexus	11,564,500	73,788,230
	VICI Properties Inc	3,697,544	86,411,603
			192,128,751
Food & Staples Retailing – 3.3%
	Koninklijke Ahold Delhaize NV	1,090,238	32,262,302
	Tesco PLC	36,507,311	100,069,091
			132,331,393
Food Products – 1.7%
	Kraft Heinz Co	990,041	29,651,728



Assets:
	Unaffiliated investments, at value⁽¹⁾⁽²⁾		$	3,960,668,430
	Affiliated investments, at value⁽³⁾			331,137,897
	Forward foreign currency exchange contracts			3,104,343
	Cash denominated in foreign currency⁽⁴⁾			2,632,264
	Non-interested Trustees' deferred compensation			87,231
	Receivables:
		Foreign tax reclaims		38,804,957
		Fund shares sold		16,773,390
		Dividends		10,926,433
		Dividends from affiliates		7,902
	Other assets			1,559,249
Total Assets				4,365,702,096
Liabilities:
	Due to custodian			3,057
	Collateral for securities loaned (Note 3)			215,017,976
	Forward foreign currency exchange contracts			1,804,577
	Payables:			—
		Fund shares repurchased		34,359,994
		Investments purchased		31,865,898
		Dividends		9,435,406
		Advisory fees		2,286,050
		Transfer agent fees and expenses		612,535
		12b-1 Distribution and shareholder servicing fees		539,973
		Non-interested Trustees' deferred compensation fees		87,231
		Custodian fees		60,041
		Professional fees		43,836
		Non-interested Trustees' fees and expenses		22,555
		Affiliated fund administration fees payable		8,501
		Accrued expenses and other payables		355,405
Total Liabilities				296,503,035
Net Assets			$	4,069,199,061




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	5,602,430,825
	Total distributable earnings (loss)		(1,533,231,764)
Total Net Assets		$	4,069,199,061
Net Assets - Class A Shares		$	610,105,807
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		103,371,256
Net Asset Value Per Share⁽⁵⁾		$	5.90
Maximum Offering Price Per Share⁽⁶⁾		$	6.26
Net Assets - Class C Shares		$	469,890,971
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		80,557,330
Net Asset Value Per Share⁽⁵⁾		$	5.83
Net Assets - Class D Shares		$	8,276,895
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,407,312
Net Asset Value Per Share		$	5.88
Net Assets - Class I Shares		$	2,830,699,160
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		479,127,693
Net Asset Value Per Share		$	5.91
Net Assets - Class N Shares		$	68,992,743
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		11,682,557
Net Asset Value Per Share		$	5.91
Net Assets - Class S Shares		$	10,825,138
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,848,384
Net Asset Value Per Share		$	5.86
Net Assets - Class T Shares		$	70,408,347
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		11,978,263
Net Asset Value Per Share		$	5.88



Investment Income:
	Dividends		$	436,591,781
	Affiliated securities lending income, net			509,279
	Dividends from affiliates			21,970
	Unaffiliated securities lending income, net			7,350
	Other income			380,162
	Foreign tax withheld			(36,933,289)
Total Investment Income				400,577,253
Expenses:
	Advisory fees			28,680,747
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		1,597,706
		Class C Shares		5,617,208
		Class S Shares		17,437
	Transfer agent administrative fees and expenses:
		Class D Shares		9,463
		Class S Shares		17,458
		Class T Shares		179,570
	Transfer agent networking and omnibus fees:
		Class A Shares		1,138,438
		Class C Shares		431,829
		Class I Shares		2,282,397
	Other transfer agent fees and expenses:
		Class A Shares		48,965
		Class C Shares		41,210
		Class D Shares		2,236
		Class I Shares		128,543
		Class N Shares		1,013
		Class S Shares		95
		Class T Shares		758
	Custodian fees			291,382
	Registration fees			213,326
	Shareholder reports expense			213,314
	Affiliated fund administration fees			107,003
	Non-interested Trustees’ fees and expenses			82,985
	Professional fees			66,149
	Other expenses			340,558
Total Expenses				41,509,790
Less: Excess Expense Reimbursement and Waivers				(12,203)
Net Expenses				41,497,587
Net Investment Income/(Loss)				359,079,666



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	(763,114,750)
	Investments in affiliates		(3,154)
	Forward foreign currency exchange contracts		(19,580,573)
Total Net Realized Gain/(Loss) on Investments			(782,698,477)
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation		244,519,098
	Investments in affiliates		4,951
	Forward foreign currency exchange contracts		(12,618,434)
Total Change in Unrealized Net Appreciation/Depreciation			231,905,615
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	(191,713,196)



Foreign Taxes Paid	$36,249,581
Foreign Source Income	$312,193,559
Dividends Received Deduction Percentage	6%
Qualified Dividend Income Percentage	100%




This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson, Janus, Henderson, Perkins, Intech and Knowledge Shared are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Janus Henderson Distributors
							125-02-93081 11-20



		ANNUAL REPORT September 30, 2020

	Janus Henderson Global Life Sciences Fund

	Janus Investment Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by contacting a Janus Henderson representative. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by visiting janushenderson.com/edelivery. You may elect to receive all future reports in paper free of charge. If you do not invest directly with the Fund, you should contact your plan sponsor, broker-dealer, or financial intermediary, to request to continue receiving paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-525-3713 to let the Fund know that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Janus Henderson mutual funds where held (i.e., all Janus Henderson mutual funds held in your account if you invest through your financial intermediary or all Janus Henderson mutual funds held with the fund complex if you invest directly with a fund).
			HIGHLIGHTS · Portfolio management perspective · Investment strategy behind your fund · Fund performance, characteristics and holdings


	1 Top Contributors - Sectors*
		Relative	Fund	MSCI World Health Care Index
		Contribution	Average Weight	Average Weight
	Health Care	8.01%	98.73%	100.00%


	1 Top Detractors - Sectors*
		Relative	Fund	MSCI World Health Care Index
		Contribution	Average Weight	Average Weight
	Other**	-0.11%	1.27%	0.00%

	Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance. Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index.
*	Based on sector classification according to the Global Industry Classification Standard (“GICS”) codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
**	Not a GICS classified sector.


Asset Allocation - (% of Net Assets)
Common Stocks	96.8%
Preferred Stocks	2.2%
Investments Purchased with Cash Collateral from Securities Lending	1.7%
Investment Companies	0.8%
Rights	0.4%
Limited Partnership Interests	0.1%
Other		(2.0)%
		100.0%


Shares or Principal Amounts			Value
Common Stocks– 96.8%
Biotechnology – 31.7%
	AbbVie Inc	1,504,204	$131,753,228
	ACADIA Pharmaceuticals Inc*	1,177,816	48,584,910
	Acceleron Pharma Inc*	350,984	39,496,230
	Akero Therapeutics Inc*	1,040,809	32,046,509
	Alexion Pharmaceuticals Inc*	460,421	52,685,975
	ALX Oncology Holdings Inc*^,#	147,153	5,553,554
	ALX Oncology Ltd^§	540,821	18,369,526
	Amicus Therapeutics Inc*	2,564,430	36,209,752
	Annexon Inc^§	470,901	12,811,804
	Annexon Inc*	333,554	10,083,337
	Aprea Therapeutics Inc*	343,726	8,270,048
	Argenx SE (ADR)*	96,393	25,305,090
	Ascendis Pharma A/S (ADR)*	434,752	67,090,929
	BioMarin Pharmaceutical Inc*	670,084	50,979,991
	BioNTech SE*	156,971	10,867,102
	Bridgebio Pharma Inc*^,#	445,351	16,709,570
	Cardiff Oncology Inc*	311,283	4,412,848
	Dyne Therapeutics Inc*	381,834	7,709,228
	Exelixis Inc*	945,369	23,114,272
	Fate Therapeutics Inc*	569,522	22,763,794
	FibroGen Inc*	385,852	15,866,234
	FORMA Therapeutics Inc*	461,670	23,009,633
	Gilead Sciences Inc	882,790	55,783,500
	Global Blood Therapeutics Inc*	740,172	40,813,084
	IGM Biosciences Inc*^,#	332,070	24,510,087
	Insmed Inc*	1,473,822	47,368,639
	Ironwood Pharmaceuticals Inc*	1,341,793	12,069,428
	iTeos Therapeutics Inc*^,#	357,955	8,830,750
	iTeos Therapeutics SA^§	827,499	18,372,960
	Kiniksa Pharmaceuticals Ltd*	533,922	8,179,685
	Mirati Therapeutics Inc*	283,096	47,008,091
	Myovant Sciences Ltd*	1,069,314	15,023,862
	Neurocrine Biosciences Inc*	788,867	75,857,451
	Odonate Therapeutics Inc*	947,745	12,728,215
	PTC Therapeutics Inc*	525,394	24,562,170
	Regeneron Pharmaceuticals Inc*	43,690	24,456,788
	Retrophin Inc*	1,147,825	21,188,850
	Rhythm Pharmaceuticals Inc*	1,264,916	27,410,730
	RPI International Holdings LP^§	1,180,210	47,168,688
	Sage Therapeutics Inc*	571,876	34,953,061
	Sarepta Therapeutics Inc*	458,425	64,376,623
	Seres Therapeutics Inc*	552,513	15,641,643
	Vaxcyte Inc*^,§	229,851	10,782,540
	Vaxcyte Inc*^,#	381,007	18,814,126
	Vertex Pharmaceuticals Inc*	257,309	70,018,925
			1,389,613,460
Health Care Equipment & Supplies – 17.6%
	Abbott Laboratories	1,045,490	113,780,677
	Align Technology Inc*	90,327	29,569,447
	Baxter International Inc	495,850	39,876,257
	Boston Scientific Corp*	2,779,951	106,221,928
	Cooper Cos Inc	104,082	35,088,124
	Danaher Corp	395,854	85,239,242
	Dentsply Sirona Inc	551,805	24,130,433
	DexCom Inc*	50,222	20,703,015
	Edwards Lifesciences Corp*	430,730	34,380,869
	Globus Medical Inc*	598,094	29,617,615
	ICU Medical Inc*	156,808	28,658,230
	Intuitive Surgical Inc*	50,532	35,854,475


Shares or Principal Amounts			Value
Preferred Stocks– (continued)
Biotechnology– (continued)
	Olema Pharmaceuticals Inc - Series B^¢,§	3,056,701	$12,128,439
	Olema Pharmaceuticals Inc - Series C*^,¢,§	1,057,577	4,196,275
	VelosBio Inc*^,¢,§	2,407,561	4,695,225
			63,017,117
Health Care Providers & Services – 0.4%
	Bigfoot Biomedical Inc - Series B^¢,§	1,035,873	9,808,940
	Bigfoot Biomedical Inc - Series C-1^¢,§	168,418	1,594,792
	C4 Therapeutics Inc PP^¢,§	344,928	4,966,963
			16,370,695
Health Care Technology – 0%
	Freenome Inc*^,¢,§	337,474	2,231,817
Pharmaceuticals – 0.4%
	Everest Medicines US Ltd*^,¢,§	1,779,419	10,332,377
	Shattuck Labs Inc PP^¢,§	98,014	6,163,169
			16,495,546
Total Preferred Stocks (cost $75,055,372)			98,115,175
Limited Partnership Interests– 0.1%
Biotechnology – 0.1%
	RPI International Holdings LP^§((cost $1,085,321)	9,205	3,679,091
Rights– 0.4%
Biotechnology – 0%
	Clementia Pharmaceuticals Inc CVR*^,¢,§	874,311	0
Pharmaceuticals – 0.4%
	Bristol-Myers Squibb Co*	7,448,433	16,758,974
Total Rights (cost $23,159,613)			16,758,974
Investment Companies– 0.8%
Money Markets – 0.8%
	Janus Henderson Cash Liquidity Fund LLC, 0.1028%^ºº,£((cost $35,187,169)	35,183,760	35,187,278
Investments Purchased with Cash Collateral from Securities Lending– 1.7%
Investment Companies – 1.4%
	Janus Henderson Cash Collateral Fund LLC, 0.0289%^ºº,£	60,161,577	60,161,577
Time Deposits – 0.3%
	Canadian Imperial Bank of Commerce, 0.0800%, 10/1/20	$15,040,394	15,040,394
Total Investments Purchased with Cash Collateral from Securities Lending (cost $75,201,971)			75,201,971
Total Investments (total cost $3,169,568,412) – 102.0%			4,472,933,022
Liabilities, net of Cash, Receivables and Other Assets – (2.0)%			(85,891,192)
Net Assets – 100%			$4,387,041,830


MSCI World Health Care Index^SM	MSCI World Health Care Index^SM reflects the performance of health care stocks from global developed markets.

S&P 500^{^®} Index	S&P 500^{^®} Index reflects U.S. large-cap equity performance and represents broad U.S. equity market performance.


Level 3 Valuation Reconciliation of Assets (for the year ended September 30, 2020)

	Balance as of September 30, 2019	Realized Gain/(Loss)	Change in Unrealized Appreciation/ Depreciation^(a)	Gross Purchases	Gross Sales	Transfers In and/or Out of Level 3	Balance as of September 30, 2020
Investment in Securities:
Convertible Promissory Notes
Health Care Providers & Services	$ 1,314,000	$ -	$ -	$ -	$ (1,314,000)^(b)	$ -	$ -
Pharmaceuticals	6,278,000	-	-	-	-	(6,278,000)	-
Preferred Stocks
Biotechnology	37,055,801	-	13,246,865	31,244,756	-	(18,530,305)	63,017,117
Health Care Providers & Services	9,808,940	-	2,151,774	4,409,981^(b)	-	-	16,370,695
Health Care Technology	-	-	-	2,231,817	-	-	2,231,817
Pharmaceuticals	-	-	3,926,469	12,569,077	-	-	16,495,546
Limited Partnership Interests
Biotechnology	20,179,316	-	-	-	-	(20,179,316)	-
Rights
Biotechnology	1,180,320	-	(1,180,320)	-	-	-	-
Total	$ 75,816,377	$ -	$ 18,144,788	$ 50,455,631	$ (1,314,000)	$ (44,987,621)	$ 98,115,175
(a) Included in "Change in unrealized net appreciation/depreciation of investments, foreign currency translations and non-interested Trustees' deferred compensation" on the Statement of Operations.
(b) All or a portion is the result of a corporate action.



Assets:
	Unaffiliated investments, at value⁽¹⁾⁽²⁾		$	4,377,584,167
	Affiliated investments, at value⁽³⁾			95,348,855
	Non-interested Trustees' deferred compensation			95,163
	Receivables:
		Investments sold		7,862,337
		Foreign tax reclaims		5,184,610
		Dividends		3,462,001
		Fund shares sold		3,416,962
		Dividends from affiliates		2,483
	Other assets			214,788
Total Assets				4,493,171,366
Liabilities:
	Foreign cash due to custodian			26
	Collateral for securities loaned (Note 2)			75,201,971
	Payables:			—
		Investments purchased		23,669,307
		Fund shares repurchased		3,765,093
		Advisory fees		2,283,435
		Transfer agent fees and expenses		621,036
		12b-1 Distribution and shareholder servicing fees		179,404
		Non-interested Trustees' deferred compensation fees		95,163
		Professional fees		50,945
		Non-interested Trustees' fees and expenses		18,065
		Custodian fees		10,943
		Affiliated fund administration fees payable		8,920
		Accrued expenses and other payables		225,228
Total Liabilities				106,129,536
Net Assets			$	4,387,041,830




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	2,794,912,366
	Total distributable earnings (loss)		1,592,129,464
Total Net Assets		$	4,387,041,830
Net Assets - Class A Shares		$	228,005,097
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,444,142
Net Asset Value Per Share⁽⁴⁾		$	66.20
Maximum Offering Price Per Share⁽⁵⁾		$	70.24
Net Assets - Class C Shares		$	155,598,696
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,600,811
Net Asset Value Per Share⁽⁴⁾		$	59.83
Net Assets - Class D Shares		$	1,653,849,248
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		24,512,366
Net Asset Value Per Share		$	67.47
Net Assets - Class I Shares		$	911,962,623
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		13,488,707
Net Asset Value Per Share		$	67.61
Net Assets - Class N Shares		$	144,543,493
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,144,368
Net Asset Value Per Share		$	67.41
Net Assets - Class S Shares		$	24,286,518
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		374,069
Net Asset Value Per Share		$	64.93
Net Assets - Class T Shares		$	1,268,796,155
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		18,905,546
Net Asset Value Per Share		$	67.11



Investment Income:
	Dividends		$	68,836,936
	Dividends from affiliates			314,067
	Affiliated securities lending income, net			237,831
	Interest			51,168
	Unaffiliated securities lending income, net			11,457
	Other income			56
	Foreign tax withheld			(2,363,904)
Total Investment Income				67,087,611
Expenses:
	Advisory fees			25,577,585
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		497,016
		Class C Shares		1,456,658
		Class S Shares		55,734
	Transfer agent administrative fees and expenses:
		Class D Shares		1,804,941
		Class S Shares		55,781
		Class T Shares		2,978,356
	Transfer agent networking and omnibus fees:
		Class A Shares		115,504
		Class C Shares		134,811
		Class I Shares		667,822
	Other transfer agent fees and expenses:
		Class A Shares		15,072
		Class C Shares		10,790
		Class D Shares		218,926
		Class I Shares		35,273
		Class N Shares		3,046
		Class S Shares		361
		Class T Shares		13,653
	Shareholder reports expense			329,318
	Registration fees			174,948
	Custodian fees			134,614
	Affiliated fund administration fees			99,914
	Professional fees			77,583
	Non-interested Trustees’ fees and expenses			74,617
	Other expenses			286,451
Total Expenses				34,818,774
Less: Excess Expense Reimbursement and Waivers				(88,231)
Net Expenses				34,730,543
Net Investment Income/(Loss)				32,357,068