Janus Henderson Growth And Income Fund NCSR Certified annual shareholder report (management investment company)

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)

Kathryn Santoro, 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: 9/30/19

Item 1 - Reports to Shareholders



		ANNUAL REPORT September 30, 2019

	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

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 -0.68% over the one-year period ended September 30, 2019. The Fund’s primary benchmark, the MSCI All Country Asia ex Japan Index^SM, returned -3.44%. The Fund’s secondary benchmark, the MSCI All Country Asia Pacific ex Japan Index^SM, returned -1.77%.

INVESTMENT ENVIRONMENT

Asian equity markets declined by close to 3% during the 12-month period, as the highly publicized U.S.-China trade wars weighed on market sentiment. This hit equity markets in particular in the final quarter of 2018, after which we saw a recovery through the early part of 2019 before hopes of a clear resolution faded. With the threat of increased tariffs from those originally proposed and a general deterioration in global economic data, Asian equity markets ended the period weaker.

In other political news, incumbents in both India and Indonesia won re-election. This was expected in Indonesia, but in India the strength of Prime Minister Narendra Modi’s victory was a surprise. In both cases, there is increased optimism for bolder reforms in their second terms of government. At the end of the period, the Indian government delivered a surprising and significant cut in corporate taxes as well as other incentives to attract foreign direct investments, a move that we believe bodes well for the future.

Economic data was sluggish but it is worth stressing that economic growth rates in the region remain among the highest in the world, with GDP growth above 5% in many Asian economies. Interest-rate policy is also conventional and we already have seen some interest-rate cuts in the region as a response to the softer data. There is more policy flexibility available in the future across much of the region, given higher interest rates than compared to much of the developed world.

PERFORMANCE DISCUSSION

The Fund outperformed its primary and secondary benchmarks over the 12-month period, posting a small decline. Our overweight position to India proved the most significant contributor in terms of asset allocation. Modi’s victory and the Indian government’s corporate tax cut were supportive, but the Indian economy is also more domestically demand-driven, and therefore is less impacted by the trade disputes. By sector, our financials exposure was the greatest contributor, driven primarily by stock selection, although our overweight also proved positive given the sector outperformed. Within financials, we can find both structural growth in the case of life insurance and emerging-market banks, as well as defensive attributes and a good dividend yield in markets like Taiwan and Singapore. Two Indian private-sector financials, HDFC Bank and its parent company, HDFC Ltd.; Taiwanese bank E Sun Financial Holding; and Ping An Insurance, a Chinese life insurance company, were among our top contributors for the year.

Consumer discretionary was the biggest detractor, due primarily to stock selection from positions in Chinese car manufacturer Brilliance China Automotive and global luggage company Samsonite International SA. We have maintained the position in the latter, but have exited the position in the former, given some industry challenges on top of various company-specific issues. At the country level, our holdings in Hong Kong detracted, as ongoing demonstrations created volatility. Baidu.com, a Chinese multinational technology company, and Catcher Technology, a Taiwan-based electronic component manufacturer, also detracted.

In terms of portfolio activity, during the 12-month period we increased our exposure to Southeast Asia (ASEAN) and to Indonesia in particular, where we added two banks to the portfolio. Both offer the potential for good structural growth and an attractive return on equity, and further, we believe that ASEAN is less impacted from the trade


Janus Investment Fund	1

Janus Henderson Asia Equity Fund (unaudited)

dispute versus North Asia. We also exited a tobacco company in India, as we felt that the unfavorable regulatory environment would continue to dampen the company’s growth prospects. We redeployed the proceeds into another Indian consumer staples company, where we felt its dominant position in the oral-care industry will continue to drive sustainable growth going forward in an area where penetration rates remain relatively low. We added to a number of existing holdings in China on relative market weakness toward the end of the period. Other changes made through the year were more company-specific and we continue to run a focused portfolio of fewer than 40 companies.

OUTLOOK

The trade war will continue to dictate sentiment in the near-term, and there is a possibility of a relief rally on any kind of resolution, hence our decision to narrow some of our underweight to China toward the period-end. We remain cautious on China as there still is no sign of any major stimulus; economic weakness may continue for longer and valuations particularly in the local A share market look a little stretched. Hong Kong-listed China shares are more reasonably priced. We remain overweight to India and Taiwan as we are comfortable with the structural-growth opportunities and high return on capital available in India, while Taiwanese companies provide a good combination of strong balance sheets and cash flow at reasonable prices. For the region as a whole, corporate earnings growth remains lackluster so we are still slightly cautious until we see stronger earnings revisions. A trade deal could help this as it will give more certainty for companies to invest, and we suspect it also will boost consumer sentiment. Longer-term, the case for Asia remains very positive given its economic growth and valuations at an attractive discount to developed-market equities.


2	SEPTEMBER 30, 2019

Janus Henderson Asia Equity Fund (unaudited)

Fund At A Glance

September 30, 2019





	5 Top Performers - Holdings		5 Bottom Performers - Holdings
		Contribution		Contribution
	HDFC Bank Ltd	1.14%	Brilliance China Automotive Holdings Ltd	-0.97%
	Housing Development Finance Corp Ltd	0.68%	Samsonite International SA	-0.95%
	E.Sun Financial Holding Co Ltd	0.59%	Baidu Inc (ADR)	-0.56%
	Advantech Co Ltd	0.58%	Catcher Technology Co Ltd	-0.50%
	Ping An Insurance Group Co of China Ltd	0.45%	BOC Hong Kong Holdings Ltd	-0.41%

	5 Top Performers - Sectors*
		Fund	Fund Weighting	MSCI All Country Asia ex-Japan Index
		Contribution	(Average % of Equity)	Weighting
	Financials	3.52%	33.24%	23.97%
	Health Care	0.76%	0.00%	2.92%
	Industrials	0.68%	2.72%	6.90%
	Materials	0.54%	0.00%	4.63%
	Information Technology	0.49%	21.29%	16.78%

	5 Bottom Performers - Sectors*
		Fund	Fund Weighting	MSCI All Country Asia ex-Japan Index
		Contribution	(Average % of Equity)	Weighting
	Consumer Discretionary	-1.31%	14.57%	12.91%
	Real Estate	-0.25%	4.89%	6.27%
	Utilities	-0.13%	0.00%	3.33%
	Communication Services	0.08%	5.18%	12.61%
	Consumer Staples	0.16%	13.25%	5.05%

	Security contribution to performance is measured by using an algorithm that multiplies the daily performance of each security with the previous day’s ending weight in the portfolio and is gross of advisory fees. Fixed income securities and certain equity securities, such as private placements and some share classes of equity securities, are excluded.
*	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 Asia Equity Fund (unaudited)

Fund At A Glance

September 30, 2019


5 Largest Equity Holdings - (% of Net Assets)
Tencent Holdings Ltd
Interactive Media & Services	5.3%
Alibaba Group Holding Ltd (ADR)
Internet & Direct Marketing Retail	5.1%
AIA Group Ltd
Insurance	5.0%
Taiwan Semiconductor Manufacturing Co Ltd
Semiconductor & Semiconductor Equipment	5.0%
HDFC Bank Ltd
Banks	4.7%
	25.1%


Asset Allocation - (% of Net Assets)
Common Stocks	91.3%
Investment Companies	4.9%
Preferred Stocks	4.3%
Other		(0.5)%
		100.0%

Emerging markets comprised 76.3% of total net assets.

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

As of September 30, 2019

As of September 30, 2018


4	SEPTEMBER 30, 2019

Janus Henderson Asia Equity Fund (unaudited)

Performance

See important disclosures on the next page.




Average Annual Total Return - for the periods ended September 30, 2019				Expense Ratios
	One Year	Five Year	Since Inception*	Total Annual Fund Operating Expenses^‡	Net Annual Fund Operating Expenses^‡
Class A Shares at NAV	-0.95%	5.96%	4.08%	2.08%	1.51%
Class A Shares at MOP	-6.66%	4.71%	3.33%
Class C Shares at NAV	-1.45%	5.24%	3.37%	2.79%	2.22%
Class C Shares at CDSC	-2.36%	5.24%	3.37%
Class D Shares⁽¹⁾	-0.78%	6.16%	4.25%	1.72%	1.29%
Class I Shares	-0.68%	6.29%	4.39%	1.44%	1.16%
Class N Shares	-0.68%	5.88%	3.83%	1.75%	1.13%
Class S Shares	-0.81%	5.99%	4.06%	2.36%	1.63%
Class T Shares	-0.66%	6.15%	4.23%	1.81%	1.38%
MSCI All Country Asia ex-Japan Index	-3.44%	4.23%	3.38%
MSCI All Country Asia-Pacific ex-Japan Index	-1.77%	4.07%	3.46%
Morningstar Quartile - Class I Shares	3rd	1st	2nd
Morningstar Ranking - based on total returns for Pacific/Asia ex-Japan Stock Funds	57/89	14/78	18/68

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 through February 1, 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.

The Fund will normally invest at least 80% of its net assets, measured at the time of purchase, in the type of securities described by its name.

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.

(1) Closed to certain new investors.


6	SEPTEMBER 30, 2019

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 (4/1/19)	Ending Account Value (9/30/19)	Expenses Paid During Period (4/1/19 - 9/30/19)†	Beginning Account Value (4/1/19)	Ending Account Value (9/30/19)	Expenses Paid During Period (4/1/19 - 9/30/19)†	Net Annualized Expense Ratio (4/1/19 - 9/30/19)
Class A Shares		$1,000.00	$983.00	$7.51	$1,000.00	$1,017.50	$7.64	1.51%
Class C Shares		$1,000.00	$980.80	$9.73	$1,000.00	$1,015.24	$9.90	1.96%
Class D Shares		$1,000.00	$983.20	$6.76	$1,000.00	$1,018.25	$6.88	1.36%
Class I Shares		$1,000.00	$984.10	$6.12	$1,000.00	$1,018.90	$6.23	1.23%
Class N Shares		$1,000.00	$984.10	$5.97	$1,000.00	$1,019.05	$6.07	1.20%
Class S Shares		$1,000.00	$983.90	$6.07	$1,000.00	$1,018.95	$6.17	1.22%
Class T Shares		$1,000.00	$983.00	$7.16	$1,000.00	$1,017.85	$7.28	1.44%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/365 (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, 2019


Shares			Value
Common Stocks– 91.3%
Banks – 13.5%
	Bank Central Asia Tbk PT	224,500	$480,167
	Bank Rakyat Indonesia Persero Tbk PT	2,001,300	581,068
	E.Sun Financial Holding Co Ltd	657,374	556,007
	HDFC Bank Ltd	67,567	1,170,387
	Oversea-Chinese Banking Corp Ltd	67,400	529,718
			3,317,347
Beverages – 5.0%
	Jiangsu Yanghe Brewery Joint-Stock Co Ltd	23,971	349,192
��	Treasury Wine Estates Ltd	71,558	896,696
			1,245,888
Diversified Financial Services – 6.4%
	Ayala Corp	58,150	992,736
	Bajaj Holdings & Investment Ltd	11,376	576,857
			1,569,593
Food Products – 5.4%
	Uni-President Enterprises Corp	385,000	926,779
	Vietnam Dairy Products JSC	72,854	407,292
			1,334,071
Hotels, Restaurants & Leisure – 2.3%
	Sands China Ltd	122,800	556,223
Household Durables – 9.4%
	Midea Group Co Ltd	68,778	492,283
	Nien Made Enterprise Co Ltd	55,000	480,740
	Techtronic Industries Co Ltd	98,000	682,092
	Woongjin Coway Co Ltd	9,313	658,762
			2,313,877
Information Technology Services – 5.5%
	Infosys Ltd	62,956	715,772
	Tata Consultancy Services Ltd	21,447	635,378
			1,351,150
Insurance – 8.5%
	AIA Group Ltd	129,800	1,226,372
	Ping An Insurance Group Co of China Ltd	76,000	873,212
			2,099,584
Interactive Media & Services – 5.3%
	Tencent Holdings Ltd	31,300	1,318,693
Internet & Direct Marketing Retail – 5.1%
	Alibaba Group Holding Ltd (ADR)*	7,538	1,260,580
Personal Products – 3.6%
	Colgate-Palmolive India Ltd	14,000	297,134
	LG Household & Health Care Ltd	538	587,931
			885,065
Real Estate Management & Development – 5.1%
	City Developments Ltd	78,200	555,742
	Land & Houses PCL (REG)	2,206,000	692,531
			1,248,273
Semiconductor & Semiconductor Equipment – 5.0%
	Taiwan Semiconductor Manufacturing Co Ltd	140,000	1,226,124
Technology Hardware, Storage & Peripherals – 5.4%
	Advantech Co Ltd	88,797	780,900
	Catcher Technology Co Ltd	49,000	369,400
	Samsung Electronics Co Ltd	4,466	183,158
			1,333,458
Textiles, Apparel & Luxury Goods – 1.2%
	Samsonite International SA (144A)	138,600	293,558
Thrifts & Mortgage Finance – 4.6%
	Housing Development Finance Corp Ltd	40,770	1,137,494
Total Common Stocks (cost $19,848,833)			22,490,978


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

8	SEPTEMBER 30, 2019

Janus Henderson Asia Equity Fund

Schedule of Investments

September 30, 2019


Shares			Value
Preferred Stocks– 4.3%
Technology Hardware, Storage & Peripherals – 4.3%
	Samsung Electronics Co Ltd(cost $920,237)	32,056	$1,058,706
Investment Companies– 4.9%
Money Markets – 4.9%
	Fidelity Investments Money Market Treasury Portfolio, 1.8200%^ºº(cost $1,213,782)	1,213,782	1,213,782
Total Investments (total cost $21,982,852) – 100.5%			24,763,466
Liabilities, net of Cash, Receivables and Other Assets – (0.5)%			(123,672)
Net Assets – 100%			$24,639,794


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

		% of
		Investment
Country	Value	Securities
India	$4,533,022	18.3	%
Taiwan	4,339,950	17.5
China	4,293,960	17.3
Hong Kong	2,758,245	11.1
South Korea	2,488,557	10.1
United States	1,213,782	4.9
Singapore	1,085,460	4.4
Indonesia	1,061,235	4.3
Philippines	992,736	4.0
Australia	896,696	3.6
Thailand	692,531	2.8
Vietnam	407,292	1.7



Total	$24,763,466	100.0	%


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
PCL	Public Company Limited
REG	Registered

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, 2019 is $293,558, which represents 1.2% of net assets.


*	Non-income producing security.


ºº	Rate shown is the 7-day yield as of September 30, 2019.


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, 2019. 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
Banks	$	2,761,340	$	556,007	$	-
Beverages		896,696		349,192		-
Food Products		407,292		926,779		-
Household Durables		1,340,854		973,023		-
Real Estate Management & Development		555,742		692,531		-
Semiconductor & Semiconductor Equipment		-		1,226,124		-
Technology Hardware, Storage & Peripherals		183,158		1,150,300		-
All Other		10,471,940		-		-
Preferred Stocks		-		1,058,706		-
Investment Companies		1,213,782		-		-
Total Assets	$	17,830,804	$	6,932,662	$	-


10	SEPTEMBER 30, 2019

Janus Henderson Asia Equity Fund

Statement of Assets and Liabilities

September 30, 2019

See footnotes at the end of the Statement.



Assets:
	Investments, at value⁽¹⁾		$	24,763,466
	Cash denominated in foreign currency⁽²⁾			1,992
	Non-interested Trustees' deferred compensation			637
	Receivables:
		Investments sold		205,249
		Dividends		61,715
		Fund shares sold		3,568
		Foreign tax reclaims		1,069
	Other assets			2,458
Total Assets				25,040,154
Liabilities:
	Payables:			—
		Investments purchased		154,610
		Foreign tax liability		141,074
		Professional fees		43,075
		Fund shares repurchased		19,699
		Non-affiliated fund administration fees payable		14,431
		Advisory fees		8,754
		Custodian fees		4,490
		Transfer agent fees and expenses		3,707
		12b-1 Distribution and shareholder servicing fees		709
		Non-interested Trustees' deferred compensation fees		637
		Non-interested Trustees' fees and expenses		158
		Affiliated fund administration fees payable		51
		Accrued expenses and other payables		8,965
Total Liabilities				400,360
Net Assets			$	24,639,794


See Notes to Financial Statements.

Janus Investment Fund	11

Janus Henderson Asia Equity Fund

Statement of Assets and Liabilities

September 30, 2019




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	22,862,450
	Total distributable earnings (loss)⁽³⁾		1,777,344
Total Net Assets		$	24,639,794
Net Assets - Class A Shares		$	822,497
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		79,184
Net Asset Value Per Share⁽⁴⁾		$	10.39
Maximum Offering Price Per Share⁽⁵⁾		$	11.02
Net Assets - Class C Shares		$	535,491
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		52,368
Net Asset Value Per Share⁽⁴⁾		$	10.23
Net Assets - Class D Shares		$	11,198,373
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,063,595
Net Asset Value Per Share		$	10.53
Net Assets - Class I Shares		$	1,406,029
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		133,366
Net Asset Value Per Share		$	10.54
Net Assets - Class N Shares		$	8,886,431
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		844,438
Net Asset Value Per Share		$	10.52
Net Assets - Class S Shares		$	481,010
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		46,216
Net Asset Value Per Share		$	10.41
Net Assets - Class T Shares		$	1,309,963
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		125,834
Net Asset Value Per Share		$	10.41

(1) Includes cost of $21,982,852.

(2) Includes cost of $1,992.

(3) Includes $141,074 of foreign capital gains tax on investments.

(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.

12	SEPTEMBER 30, 2019

Janus Henderson Asia Equity Fund

Statement of Operations

For the year ended September 30, 2019



Investment Income:
	Dividends		$	590,725
	Interest			4,469
	Foreign tax withheld			(55,961)
Total Investment Income				539,233
Expenses:
	Advisory fees			233,033
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		1,963
		Class C Shares		5,997
		Class S Shares		243
	Transfer agent administrative fees and expenses:
		Class D Shares		13,892
		Class S Shares		1,167
		Class T Shares		3,025
	Transfer agent networking and omnibus fees:
		Class A Shares		529
		Class C Shares		684
		Class I Shares		351
	Other transfer agent fees and expenses:
		Class A Shares		218
		Class C Shares		159
		Class D Shares		6,485
		Class I Shares		258
		Class N Shares		1,167
		Class S Shares		70
		Class T Shares		185
	Registration fees			108,368
	Professional fees			72,779
	Non-affiliated fund administration fees			66,928
	Custodian fees			14,566
	Shareholder reports expense			10,767
	Non-interested Trustees’ fees and expenses			643
	Affiliated fund administration fees			566
	Other expenses			4,894
Total Expenses				548,937
Less: Excess Expense Reimbursement and Waivers				(235,396)
Net Expenses				313,541
Net Investment Income/(Loss)				225,692
Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions⁽¹⁾			(1,041,868)
Total Net Realized Gain/(Loss) on Investments				(1,041,868)
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation⁽²⁾			500,895
Total Change in Unrealized Net Appreciation/Depreciation				500,895
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	(315,281)

(1) Includes realized foreign capital gains tax on investments of $(3,910).

(2) Includes change in unrealized appreciation/depreciation of $(45,383) 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, 2019		Year ended September 30, 2018⁽¹⁾

Operations:
	Net investment income/(loss)		$	225,692	$	231,650
	Net realized gain/(loss) on investments			(1,041,868)		2,156,515
	Change in unrealized net appreciation/depreciation			500,895		(949,637)
Net Increase/(Decrease) in Net Assets Resulting from Operations				(315,281)		1,438,528
Dividends and Distributions to Shareholders
		Class A Shares		(63,549)		(27,500)
		Class C Shares		(85,343)		(26,838)
		Class D Shares		(916,560)		(653,620)
		Class I Shares		(97,500)		(337,205)
		Class N Shares		(632,223)		—
		Class S Shares		(37,204)		(12,848)
		Class T Shares		(67,544)		(80,293)
Net Decrease from Dividends and Distributions to Shareholders				(1,899,923)		(1,138,304)
Capital Share Transactions:
		Class A Shares		89,862		484,453
		Class C Shares		(566,502)		315,110
		Class D Shares		(824,350)		(8,674,983)
		Class I Shares		471,095		(12,337,210)
		Class N Shares		1,119,910		9,035,795
		Class S Shares		37,204		12,848
		Class T Shares		332,850		(1,925,915)
Net Increase/(Decrease) from Capital Share Transactions				660,069		(13,089,902)
Net Increase/(Decrease) in Net Assets				(1,555,135)		(12,789,678)
Net Assets:
	Beginning of period			26,194,929		38,984,607
	End of period		$	24,639,794	$	26,194,929

(1) Period from January 26, 2018 (inception date) through September 30, 2018 for Class N Shares.


See Notes to Financial Statements.

14	SEPTEMBER 30, 2019

Janus Henderson Asia Equity Fund

Financial Highlights


Class A Shares
For a share outstanding during the year ended September 30			2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$11.42	$11.45	$9.42	$8.31	$9.79
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.10	0.07	0.02	0.05	0.01
		Net realized and unrealized gain/(loss)	(0.27)	0.22	2.12	1.44	(0.95)
	Total from Investment Operations		(0.17)	0.29	2.14	1.49	(0.94)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.02)	(0.05)	(0.11)	—	(0.17)
		Distributions (from capital gains)	(0.84)	(0.27)	—	(0.38)	(0.37)
	Total Dividends and Distributions		(0.86)	(0.32)	(0.11)	(0.38)	(0.54)
	Net Asset Value, End of Period		$10.39	$11.42	$11.45	$9.42	$8.31
	Total Return*		(0.69)%	2.48%	23.10%	18.58%	(10.07)%
	Net Assets, End of Period (in thousands)		$822	$816	$366	$253	$348
	Average Net Assets for the Period (in thousands)		$822	$954	$293	$333	$400
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.72%	2.08%	2.49%	3.51%	2.87%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.49%	1.53%	1.63%	1.56%	1.61%
		Ratio of Net Investment Income/(Loss)	0.95%	0.60%	0.17%	0.64%	0.07%
	Portfolio Turnover Rate		34%	41%	120%	59%	152%


Class C Shares
For a share outstanding during the year ended September 30			2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$11.30	$11.36	$9.34	$8.29	$9.72
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.03)	(0.01)	(0.04)	0.01	(0.03)
		Net realized and unrealized gain/(loss)	(0.20)	0.22	2.10	1.42	(0.98)
	Total from Investment Operations		(0.23)	0.21	2.06	1.43	(1.01)
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	(0.04)	—	(0.05)
		Distributions (from capital gains)	(0.84)	(0.27)	—	(0.38)	(0.37)
	Total Dividends and Distributions		(0.84)	(0.27)	(0.04)	(0.38)	(0.42)
	Net Asset Value, End of Period		$10.23	$11.30	$11.36	$9.34	$8.29
	Total Return*		(1.28)%	1.80%	22.17%	17.87%	(10.81)%
	Net Assets, End of Period (in thousands)		$535	$1,244	$957	$413	$360
	Average Net Assets for the Period (in thousands)		$746	$1,233	$519	$381	$373
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	3.35%	2.78%	3.09%	4.23%	3.59%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.07%	2.25%	2.33%	2.25%	2.30%
		Ratio of Net Investment Income/(Loss)	(0.28)%	(0.04)%	(0.42)%	0.10%	(0.31)%
	Portfolio Turnover Rate		34%	41%	120%	59%	152%

* 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			2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$11.54	$11.56	$9.49	$8.35	$9.84
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.09	0.07	0.07	0.08	0.07
		Net realized and unrealized gain/(loss)	(0.23)	0.23	2.11	1.45	(1.00)
	Total from Investment Operations		(0.14)	0.30	2.18	1.53	(0.93)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.03)	(0.05)	(0.11)	(0.01)	(0.19)
		Distributions (from capital gains)	(0.84)	(0.27)	—	(0.38)	(0.37)
	Total Dividends and Distributions		(0.87)	(0.32)	(0.11)	(0.39)	(0.56)
	Net Asset Value, End of Period		$10.53	$11.54	$11.56	$9.49	$8.35
	Total Return*		(0.44)%	2.57%	23.30%	18.95%	(9.99)%
	Net Assets, End of Period (in thousands)		$11,198	$13,089	$21,577	$5,314	$5,640
	Average Net Assets for the Period (in thousands)		$11,599	$21,221	$11,542	$5,013	$6,632
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.29%	1.72%	2.19%	3.38%	2.75%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.33%	1.33%	1.44%	1.36%	1.42%
		Ratio of Net Investment Income/(Loss)	0.88%	0.55%	0.67%	0.89%	0.67%
	Portfolio Turnover Rate		34%	41%	120%	59%	152%


Class I Shares
For a share outstanding during the year ended September 30			2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$11.45	$11.56	$9.51	$8.37	$9.85
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.13	(0.03)	0.11	0.10	0.06
		Net realized and unrealized gain/(loss)	(0.17)	0.26	2.07	1.44	(0.98)
	Total from Investment Operations		(0.04)	0.23	2.18	1.54	(0.92)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.03)	(0.07)	(0.13)	(0.02)	(0.19)
		Distributions (from capital gains)	(0.84)	(0.27)	—	(0.38)	(0.37)
	Total Dividends and Distributions		(0.87)	(0.34)	(0.13)	(0.40)	(0.56)
	Net Asset Value, End of Period		$10.54	$11.45	$11.56	$9.51	$8.37
	Total Return*		0.45%	1.90%	23.39%	19.09%	(9.79)%
	Net Assets, End of Period (in thousands)		$1,406	$1,029	$12,675	$2,665	$2,470
	Average Net Assets for the Period (in thousands)		$1,208	$5,848	$7,408	$2,528	$3,017
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.32%	1.44%	2.00%	3.19%	2.56%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.21%	1.26%	1.32%	1.21%	1.27%
		Ratio of Net Investment Income/(Loss)	1.28%	(0.25)%	1.01%	1.14%	0.57%
	Portfolio Turnover Rate		34%	41%	120%	59%	152%

* 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.

16	SEPTEMBER 30, 2019

Janus Henderson Asia Equity Fund

Financial Highlights


Class N Shares
For a share outstanding during the year or period ended September 30			2019	2018⁽¹⁾
	Net Asset Value, Beginning of Period		$11.56	$12.73
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.11	0.16
		Net realized and unrealized gain/(loss)	(0.26)	(1.33)⁽³⁾
	Total from Investment Operations		(0.15)	(1.17)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.05)	—
		Distributions (from capital gains)	(0.84)	—
	Total Dividends and Distributions		(0.89)	—
	Net Asset Value, End of Period		$10.52	$11.56
	Total Return*		(0.51)%	(9.19)%
	Net Assets, End of Period (in thousands)		$8,886	$8,501
	Average Net Assets for the Period (in thousands)		$7,989	$7,978
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.05%	1.75%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.17%	1.13%
		Ratio of Net Investment Income/(Loss)	1.08%	1.96%
	Portfolio Turnover Rate		34%	41%


Class S Shares
For a share outstanding during the year ended September 30			2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$11.45	$11.48	$9.43	$8.32	$9.79
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.09	0.06	0.01	0.07	0.07
		Net realized and unrealized gain/(loss)	(0.25)	0.22	2.14	1.42	(1.00)
	Total from Investment Operations		(0.16)	0.28	2.15	1.49	(0.93)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.04)	(0.04)	(0.10)	—	(0.17)
		Distributions (from capital gains)	(0.84)	(0.27)	—	(0.38)	(0.37)
	Total Dividends and Distributions		(0.88)	(0.31)	(0.10)	(0.38)	(0.54)
	Net Asset Value, End of Period		$10.41	$11.45	$11.48	$9.43	$8.32
	Total Return*		(0.55)%	2.37%	23.07%	18.56%	(9.97)%
	Net Assets, End of Period (in thousands)		$481	$484	$472	$368	$310
	Average Net Assets for the Period (in thousands)		$467	$501	$413	$329	$390
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.98%	2.36%	2.64%	3.67%	3.06%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.34%	1.58%	1.66%	1.56%	1.48%
		Ratio of Net Investment Income/(Loss)	0.91%	0.52%	0.15%	0.83%	0.71%
	Portfolio Turnover Rate		34%	41%	120%	59%	152%

* 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.

(3) The amount shown does not correlate with the change in the aggregate gains and losses in the Fund’s securities for the year or period due to the timing of sales and repurchases of the Fund’s shares in relation to fluctuating market values for the Fund’s securities.


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			2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$11.37	$11.42	$9.36	$8.25	$9.81
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.10	0.06	0.06	0.04	0.04
		Net realized and unrealized gain/(loss)	(0.21)	0.20	2.08	1.46	(0.96)
	Total from Investment Operations		(0.11)	0.26	2.14	1.50	(0.92)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.01)	(0.04)	(0.08)	(0.01)	(0.27)
		Distributions (from capital gains)	(0.84)	(0.27)	—	(0.38)	(0.37)
	Total Dividends and Distributions		(0.85)	(0.31)	(0.08)	(0.39)	(0.64)
	Net Asset Value, End of Period		$10.41	$11.37	$11.42	$9.36	$8.25
	Total Return*		(0.14)%	2.27%	23.18%	18.88%	(9.98)%
	Net Assets, End of Period (in thousands)		$1,310	$1,032	$2,937	$230	$306
	Average Net Assets for the Period (in thousands)		$1,210	$2,799	$756	$332	$566
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.53%	1.81%	2.14%	3.41%	2.73%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.40%	1.41%	1.55%	1.44%	1.39%
		Ratio of Net Investment Income/(Loss)	0.98%	0.54%	0.55%	0.47%	0.46%
	Portfolio Turnover Rate		34%	41%	120%	59%	152%

* 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, 2019

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 47 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 D Shares are closed to certain new investors.

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. 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.

Class D Shares are generally no longer being made available to new investors who do not already have a direct account with the Janus Henderson funds. Class D Shares are available only to investors who hold accounts directly with the Janus Henderson funds, to immediate family members or members of the same household of an eligible individual investor, and to 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

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 accounting principles generally accepted in the United States of America.

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, 2019

Janus Henderson Asia Equity Fund

Notes to Financial Statements

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, 2019 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 accounting principles generally accepted in the United States of America 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 of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.


Janus Investment Fund	21

Janus Henderson Asia Equity Fund

Notes to Financial Statements

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 Funds’ 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 steps 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. The withdrawal of this support, a failure of measures put in place to respond to the crisis, 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.

A number of countries in the European Union (“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 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”). There is considerable uncertainty about how Brexit will be conducted, how negotiations of necessary treaties and trade agreements will conclude, or how financial markets will react.


22	SEPTEMBER 30, 2019

Janus Henderson Asia Equity Fund

Notes to Financial Statements

Certain areas of the world have historically been prone to and economically sensitive to environmental events such as, but not limited to, hurricanes, earthquakes, typhoons, flooding, tidal waves, tsunamis, erupting volcanoes, wildfires or droughts, tornadoes, mudslides, or other weather-related phenomena. Such disasters, and the resulting physical or economic damage, could have a severe and negative impact on the Fund’s investment portfolio and, in the longer term, could impair the ability of issuers in which the Fund invests to conduct their businesses as they would under normal conditions. Adverse weather conditions may also have a particularly significant negative effect on issuers in the agricultural sector and on insurance companies that insure against the impact of natural disasters.

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.

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.

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%.

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 MSCI All Country Asia ex-Japan Index.

The calculation of the performance adjustment applies as follows:

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


Janus Investment Fund	23

Janus Henderson Asia Equity Fund

Notes to Financial Statements

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, 2019, the performance adjusted investment advisory fee rate before any waivers and/or reimbursements of expenses is 0.97%.

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 until at least February 1, 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.

Effective July 1, 2019, the Board of Trustees of Janus Investment Fund approved a new administrative fee rate for Class D Shares detailed in the table 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.

Prior to July 1, 2019, the Fund’s Class D Shares paid an administrative services fee at an annual rate of 0.12% of the average daily net assets of Class D Shares for shareholder services provided by Janus Services. 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


24	SEPTEMBER 30, 2019

Janus Henderson Asia Equity Fund

Notes to Financial Statements

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 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 $484,142 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended September 30, 2019. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.


Janus Investment Fund	25

Janus Henderson Asia Equity Fund

Notes to Financial Statements

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, 2019 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 “Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation” on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended September 30, 2019 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 $475,338 were paid by the Trust to the Trustees under the Deferred Plan during the year ended September 30, 2019.

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, 2019, Janus Henderson Distributors retained upfront sales charges of $1,503.

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, 2019.

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, 2019, redeeming shareholders of Class C Shares paid CDSCs of $197.

As of September 30, 2019, 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	96		35
Class S Shares	96		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 accounting principles generally accepted in the United States of America).


26	SEPTEMBER 30, 2019

Janus Henderson Asia Equity Fund

Notes to Financial Statements

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)
$ 204,972	$ -	$ (1,036,305)	$ -	$ -	$ (1,379)	$ 2,610,056

Accumulated capital losses noted below represent net capital loss carryovers, as of September 30, 2019, 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, 2019
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$ (774,404)	$ (261,901)	$ (1,036,305)

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, 2019 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals.


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 22,012,336	$ 3,494,193	$ (743,063)	$ 2,751,130


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 accounting principles generally accepted in the United States of America. 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, 2019
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 475,669	$ 1,424,254	$ -	$ -


For the year ended September 30, 2018
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 614,580	$ 523,724	$ -	$ -

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
$ -	$ (20,791)	$ 20,791


28	SEPTEMBER 30, 2019

Janus Henderson Asia Equity Fund

Notes to Financial Statements

5. Capital Share Transactions



		Year ended September 30, 2019		Year ended September 30, 2018⁽¹⁾
		Shares	Amount	Shares	Amount

Class A Shares:
Shares sold		38,021	$ 393,823	88,209	$ 1,064,767
Reinvested dividends and distributions		6,736	63,182	2,333	27,500
Shares repurchased		(37,040)	(367,143)	(51,015)	(607,814)
Net Increase/(Decrease)		7,717	$ 89,862	39,527	$ 484,453
Class C Shares:
Shares sold		10,176	$ 101,691	29,714	$ 358,544
Reinvested dividends and distributions		9,206	85,343	2,288	26,838
Shares repurchased		(77,092)	(753,536)	(6,159)	(70,272)
Net Increase/(Decrease)		(57,710)	$ (566,502)	25,843	$ 315,110
Class D Shares:
Shares sold		153,680	$1,601,409	824,634	$ 10,061,423
Reinvested dividends and distributions		94,663	898,352	54,013	643,296
Shares repurchased		(319,202)	(3,324,111)	(1,611,063)	(19,379,702)
Net Increase/(Decrease)		(70,859)	$ (824,350)	(732,416)	$ (8,674,983)
Class I Shares:
Shares sold		100,625	$1,063,486	103,861	$ 1,247,856
Reinvested dividends and distributions		10,263	97,500	28,337	337,205
Shares repurchased		(67,386)	(689,891)	(1,138,895)	(13,922,271)
Net Increase/(Decrease)		43,502	$ 471,095	(1,006,697)	$(12,337,210)
Class N Shares:
Shares sold		159,659	$1,706,729	802,257	$ 9,826,191
Reinvested dividends and distributions		66,690	632,223	-	-
Shares repurchased		(117,517)	(1,219,042)	(66,651)	(790,396)
Net Increase/(Decrease)		108,832	$1,119,910	735,606	$ 9,035,795
Class S Shares:
Shares sold		-	$ -	-	$ -
Reinvested dividends and distributions		3,966	37,204	1,086	12,848
Shares repurchased		-	-	-	-
Net Increase/(Decrease)		3,966	$ 37,204	1,086	$ 12,848
Class T Shares:
Shares sold		102,159	$1,026,567	109,999	$ 1,329,447
Reinvested dividends and distributions		6,744	63,330	6,689	78,728
Shares repurchased		(73,842)	(757,047)	(283,108)	(3,334,090)
Net Increase/(Decrease)		35,061	$ 332,850	(166,420)	$ (1,925,915)
(1)	Period from January 26, 2018 (inception date) through September 30, 2018 for Class N Shares.

6. Purchases and Sales of Investment Securities

For the year ended September 30, 2019, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as applicable) was as follows:


Purchases of Securities	Proceeds from Sales of Securities	Purchases of Long- Term U.S. Government Obligations	Proceeds from Sales of Long-Term U.S. Government Obligations
$ 7,895,575	$ 9,718,121	$ -	$ -


Janus Investment Fund	29

Janus Henderson Asia Equity 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 is currently evaluating the impacts of ASU 2017-08 on the Fund’s financial statements.

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 removed and modified disclosures in these financial statements.

8. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to September 30, 2019 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, 2019

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, 2019, the related statement of operations for the year ended September 30, 2019, the statements of changes in net assets for each of the two years in the period ended September 30, 2019, 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, 2019, 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, 2019 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, 2019 by correspondence with the custodian 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 15, 2019

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


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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 on Form N-Q within 60 days of the end of the first and third fiscal quarters, and in the annual report and semiannual report to Fund shareholders. These reports (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

Renewal of Advisory and Sub-Advisory Agreements with Janus Capital and Janus Capital Affiliates during the Period

The Trustees of Janus Investment Fund, each of whom serves as an “independent” Trustee (the “Trustees”), oversee the management of each Fund of Janus Investment Fund (each, a “JIF Fund,” and collectively, the “JIF Funds”), as well as each Portfolio of Janus Aspen Series (together with the JIF Funds, 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 agreement for each Janus Henderson Funds that utilizes a subadviser.

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 each subadviser 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 the information provided, and also met separately in executive session with their independent legal counsel and their independent fee consultant.

At a meeting held on December 6, 2018, 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, 2019 through February 1, 2020, 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, refer to actual annual advisory fees (and, for the purposes 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 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 fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

In this regard, the independent fee consultant noted that 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 expressed the view 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 and the subadviser to each Janus Henderson Fund that utilizes a subadviser were appropriate and consistent with the terms of the respective investment 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, 2018, approximately 48% 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, 2018, approximately 56% of the Janus Henderson Funds were in the top two quartiles of performance, as reported by Morningstar.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the JIF Funds:

Alternative Fund

· For Janus Henderson Diversified Alternatives Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2018 and the second Broadridge quartile for the 12 months ended May 31, 2018.

Asset Allocation Funds

· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2018 and the first Broadridge quartile for the 12 months ended May 31, 2018.


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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, 2018 and the first Broadridge quartile for the 12 months ended May 31, 2018. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.

· 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, 2018 and the first Broadridge quartile for the 12 months ended May 31, 2018. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.

Fixed-Income Funds

· 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, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018. 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, 2018 and the first Broadridge quartile for the 12 months ended May 31, 2018. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Absolute Return Income Opportunities Fund (formerly, Janus Henderson Global Unconstrained Bond Fund), the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2018 and the bottom Broadridge quartile for the 12 months ended May 31, 2018. 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 High-Yield Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018.

· 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, 2018 and the first Broadridge quartile for the 12 months ended May 31, 2018.

· 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, 2018 and the bottom Broadridge quartile for the 12 months ended May 31, 2018. 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 (formerly, Janus Henderson Strategic Income Fund), the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018.

Global and International Equity Funds

· For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2018 and the bottom Broadridge quartile for the 12 months ended May 31, 2018. The Trustees noted the reasons for the Fund’s underperformance, 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 Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2018 and the bottom Broadridge quartile for the 12 months ended May 31, 2018. 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 European Focus Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2018 and the bottom Broadridge quartile for the 12 months


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Janus Henderson Asia Equity Fund

Additional Information (unaudited)

ended May 31, 2018. 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, 2018 and the bottom Broadridge quartile for the 12 months ended May 31, 2018. 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 second Broadridge quartile for the 36 months ended May 31, 2018 and the first Broadridge quartile for the 12 months ended May 31, 2018.

· 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, 2018 and the first Broadridge quartile for the 12 months ended May 31, 2018.

· 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, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018. 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 third Broadridge quartile for the 36 months ended May 31, 2018 and the first Broadridge quartile for the 12 months ended May 31, 2018. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.

· 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, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018.

· For Janus Henderson Global Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018. 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.

· 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, 2018 and the bottom Broadridge quartile for the 12 months ended May 31, 2018. 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 second Broadridge quartile for the 12 months ended May 31, 2018.

· 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, 2018 and the bottom Broadridge quartile for the 12 months ended May 31, 2018. 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.

· For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2018 and the second Broadridge quartile for the 12 months ended May 31, 2018. 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, the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.


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Janus Henderson Asia Equity Fund

Additional Information (unaudited)

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, 2018 and the second Broadridge quartile for the 12 months ended May 31, 2018.

· 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, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018. The Trustees noted the reasons for the Fund’s underperformance, including the impact of waivers on comparative peer performance.

Multi-Asset Funds

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 12 months ended May 31, 2018. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance, and the Fund’s limited performance history.

· For Janus Henderson All Asset Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018. 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 second Broadridge quartile for the 36 months ended May 31, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018.

· For Janus Henderson Value Plus Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018.

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, 2018 and the first Broadridge quartile for the 12 months ended May 31, 2018.

· For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018. 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 Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2018 and the second Broadridge quartile for the 12 months ended May 31, 2018.

· 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, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018.

· 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, 2018 and the first Broadridge quartile for the 12 months ended May 31, 2018.

· 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, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018. The Trustees noted the reasons for the Fund’s underperformance, 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.


36	SEPTEMBER 30, 2019

Janus Henderson Asia Equity Fund

Additional Information (unaudited)

· For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018.

· 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, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018. 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.

· For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018.

Quantitative Equity Funds

· For Janus Henderson Emerging Markets Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2018 and the first Broadridge quartile for the 12 months ended May 31, 2018. 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 Global Income Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2018 and the bottom Broadridge quartile for the 12 months ended May 31, 2018.

· For Janus Henderson International Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2018 and the second Broadridge quartile for the 12 months ended May 31, 2018.

· For Janus Henderson U.S. Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2018 and the first Broadridge quartile for the 12 months ended May 31, 2018.

U.S. Equity Funds

· For Janus Henderson Large Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018. 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.

· 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, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018.

· For Janus Henderson Small-Mid Cap Value Fund (formerly, Janus Henderson Select Value Fund), the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2018 and the bottom Broadridge quartile for the 12 months ended May 31, 2018.

· 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, 2018 and the bottom Broadridge quartile for the 12 months ended May 31, 2018.

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


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Janus Henderson Asia Equity Fund

Additional Information (unaudited)

reviewed an analysis of that information provided by their independent fee consultant and noted that the management fee rate (investment advisory and any administration fees, but excluding out-of-pocket costs) for many of the Janus Henderson Funds, net of waivers, was below the average management fee rate of the respective peer group of funds selected by Broadridge. 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 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.

The independent fee consultant expressed the view 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. At the fund complex level, 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) total expenses, on average, were 10% under the average total expenses for the respective Broadridge Expense Group peers and 19% under the average total expenses for the respective Broadridge Expense Universes; (3) management fees for the Janus Henderson Funds, on average, were 8% under the average management fees for the respective Expense Groups and 10% under the average for the respective Expense Universes; and (4) Janus Henderson Fund expenses by function for each asset and share class category were reasonable relative to peer benchmarks.

The independent fee consultant concluded that, based on its strategic review of expenses at the complex, category and individual share class level, Janus Henderson Fund expenses were found to be reasonable relative to peer benchmarks. Further, for certain Janus Henderson Funds, the independent fee consultant also performed a systematic “focus list” analysis of expenses in the context of the performance or service delivered to investors in each Janus Henderson Fund. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds were reasonable in light of performance trends, performance histories, and existence of performance fees, breakpoints, and expense waivers on such “focus list” 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 comparable subadvisory and separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, while subadviser fee rates charged to the Janus Henderson Funds were generally within a reasonable range of the fee rates that the subadviser charges to comparable separate account clients or non-affiliated funds. 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, the Trustees 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 its institutional clients and to the fees Janus Capital charges to funds subadvised by Janus Capital; (2) these institutional and subadvised accounts have different service and infrastructure needs; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged to Janus Henderson institutional and subadvised fund investors; (4) in three of five product categories, the Janus Henderson Funds receive proportionally better pricing than the industry in relation to Janus Henderson institutional clients; and (5) in six of seven strategies, Janus Capital has lower management fees than the management fees charged to funds subadvised by Janus Capital.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2017, including the JIF Funds, and noted the following with regard to each JIF Fund’s total expenses, net of applicable fee waivers (the JIF Fund’s “total expenses”):


38	SEPTEMBER 30, 2019

Janus Henderson Asia Equity Fund

Additional Information (unaudited)

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, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

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

Fixed-Income Funds

· 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 Absolute Return Income Opportunities Fund (formerly, Janus Henderson Global Unconstrained 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, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

· 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, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that 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 the peer group comparisons did not take into account a recent management fee reduction for the Fund, effective December 14, 2018 and that Janus Capital has contractually agreed to limit the Fund’s expenses at a lower (more favorable) level.

· For Janus Henderson Developed World Bond Fund (formerly, Janus Henderson Strategic 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.


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Janus Henderson Asia Equity Fund

Additional Information (unaudited)

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 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 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, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

· 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.

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

· 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, 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 International 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. 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, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. In addition, the Trustees considered that Janus Capital voluntarily waives one-half of its advisory fee and other expenses in order to maintain a positive yield.

· For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s total expenses were above the peer group average for both share classes. In addition, the Trustees considered that Janus Capital voluntarily waives one-half of its advisory fee and other expenses in order to maintain a positive yield.


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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, 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 All Asset 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 total 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 were equal to or 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 were below the peer group average for all share classes.

· 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.

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

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

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 taking into account the limited peer group for the Fund. 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.


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Additional Information (unaudited)

· For Janus Henderson International Managed Volatility 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, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

· For Janus Henderson U.S. Managed Volatility 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, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

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 the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Small-Mid Cap Value Fund (formerly, Janus Henderson Select 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 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.

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 fund managers. 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, differences in product mix, differences in types of business (mutual fund, institutional and other), differences in 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 provides 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 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 concluded that (1) the expense allocation methodology utilized by Janus Capital was reasonable and (2) the estimated profitability to Janus Capital from the investment management services it provided to each Janus Henderson Fund was reasonable. 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, 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,


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Additional Information (unaudited)

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 the independent fee consultant’s analysis of economies of scale in prior years. 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, the independent fee consultant concluded that 74% of these Janus Henderson Funds’ share classes have contractual management fees (gross of waivers) below their Broadridge Expense Group averages. They also noted that for those Janus Henderson Funds whose expenses are being reduced by contractual expense limitations with Janus Capital, Janus Capital is subsidizing certain of these Janus Henderson Funds because they have not reached adequate scale. Moreover, 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. In addition, 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 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 information provided by the independent fee consultant, which concluded that, given the limitations of various analytical approaches to economies of scale it had considered in prior years, and their conflicting results, it is difficult to analytically confirm or deny the existence of economies of scale in the Janus Henderson complex. The independent consultant further 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 expressed the view that Janus Henderson Fund investors are well-served by the 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 they reviewed, including 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 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 and each subadviser’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 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


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Janus Henderson Asia Equity Fund

Additional Information (unaudited)

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 certain 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.

Approval of an Amended and Restated Investment Advisory Agreement for Janus Henderson Small-Mid Cap Value Fund (formerly, Janus Henderson Select Value Fund)

Janus Capital Management LLC (“Janus Capital”) met with the Trustees, each of whom serves as an “independent” Trustee (the “Trustees”), on December 5, 2018 and March 14, 2019, to discuss the Amended and Restated Investment Advisory Agreement (the “Amended Advisory Agreement”) for Janus Henderson Small-Mid Cap Value Fund (formerly, Janus Henderson Select Value Fund) (“Small-Mid Cap Value Fund”) and other matters related to investment strategy changes to shift the market capitalization focus of Small-Mid Cap Value Fund (the “Strategy Change”). At these meetings, the Trustees discussed the Amended Advisory Agreement and the Strategy Change with their independent counsel, separately from management. During the course of the meetings, the Trustees requested and considered such information as they deemed relevant to their deliberations. At the meeting held on March 14, 2019, the Trustees, upon the recommendation of Janus Capital, voted unanimously to approve the Amended Advisory Agreement for Small-Mid Cap Value Fund, and recommended that the Amended Advisory Agreement be submitted to shareholders for approval. The Trustees also approved matters related to the Strategy Change, effective upon approval of the Amended Advisory Agreement by the Fund’s shareholders.

In determining whether to approve the Amended Advisory Agreement, the Trustees noted their most recent consideration of Small-Mid Cap Value Fund’s current advisory agreement (the “Current Advisory Agreement”) as part of the Trustees’ annual review and consideration of whether to continue the investment advisory agreement and sub-advisory agreement, as applicable, for each Janus Henderson fund, including Small-Mid Cap Value Fund (the “Annual Review”). The Trustees noted that in connection with the Annual Review: (i) the Trustees received and reviewed information provided by Janus Capital and each sub-adviser, including Perkins Investment Management LLC (“Perkins”), in response to requests of the Trustees and their independent legal counsel, and also received and reviewed information and analysis provided by, and in response to requests of, their independent fee consultant; and (ii) throughout the Annual Review, the Trustees were advised by their independent legal counsel. The Trustees also noted that based on the Trustees’ evaluation of the information provided by Janus Capital, Perkins, and the independent fee consultant, as well as other information, the Trustees determined that the overall arrangements between Small-Mid Cap Value Fund and Janus Capital and Perkins were fair and reasonable in light of the nature, extent and quality of the services provided by Janus Capital, its affiliates and Perkins, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and the Trustees unanimously approved the continuation of the Current Advisory Agreement for another year.

In considering the Amended Advisory Agreement, 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 Amended Advisory Agreement are discussed separately below.

· The Trustees determined that the terms of the Amended Advisory Agreement are substantially similar to those of the Current Advisory Agreement, which the Trustees recently reviewed as part of the Annual Review, and the material changes made to the Amended Advisory Agreement address the proposed change to the benchmark index and the description of the period used for calculating the performance fee in order to allow for continuity of the fee based on Small-Mid Cap Value Fund’s historical performance over a 36-month measurement period.

· As part of the Strategy Change, Small-Mid Cap Value Fund will focus its investments on common stocks of companies that are small- and mid-capitalization stocks. The Trustees determined that the proposed benchmark index, the Russell 2500^TM Value Index, is more closely aligned with a small- and mid-cap stock focus than Small-Mid Cap Value Fund’s current benchmark index, the Russell 3000^{^®} Value Index.


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Additional Information (unaudited)

· Under the Amended Advisory Agreement, the structure of the performance fee was not changing, other than to utilize a different benchmark and performance calculation period to implement the new benchmark over time, and that this structure had been implemented initially for Small-Mid Cap Value Fund based on analysis provided by the independent fee consultant. The Trustees considered the information provided by Janus Capital in this regard, and noted Janus Capital’s belief that this performance fee structure remained reasonable and appropriate for Small-Mid Cap Value Fund. The Trustees concluded that this performance fee structure was reasonable for Small-Mid Cap Value Fund as proposed, and also determined to seek further analysis from their independent fee consultant with respect to this matter. In this regard, Janus Capital agreed to consider further revisions to the proposed performance fee structure should that be needed based on the additional analysis provided.

· As part of the Strategy Change, Perkins will continue to provide sub-advisory services to Small-Mid Cap Value Fund, but will utilize new portfolio managers to implement Small-Mid Cap Value Fund’s focus on common stocks of companies that are small- and mid-capitalization stocks. In this regard, the Trustees noted the information provided by Janus Capital with respect to the qualifications and experience of the new portfolio managers implementing investment strategies similar to the one to be utilized by Small-Mid Cap Value Fund, and also noted that Perkins and the new portfolio managers provide sub-advisory services to other Janus Henderson funds the Trustees oversee.

· The information provided by Janus Capital with respect to (i) the impact of the Amended Advisory Agreement on the potential advisory fees to be paid by Small-Mid Cap Value Fund going forward; and (ii) the potential transaction costs and capital gains to be incurred by Small-Mid Cap Value Fund as part of the efforts to reposition Small-Mid Cap Value Fund’s portfolio to focus its investments on common stocks of companies that are small- and mid-capitalization stocks. In this regard, the Trustees noted that Small-Mid Cap Value Fund’s operating costs were not expected otherwise to materially change under the Amended Advisory Agreement.

· Janus Capital’s reasons for seeking to implement the Strategy Change, including Janus Capital’s belief that current marketplace demands for a small and mid-cap strategy, combined with Perkins’ experience in managing small- and mid-cap stocks, will provide greater opportunity for Small-Mid Cap Value Fund to grow over the long-term, and that the Strategy Change is designed to create asset growth through increased sales for Small-Mid Cap Value Fund, potentially resulting in increased operational efficiencies for Small-Mid Cap Value Fund.

· Janus Capital will pay the fees and expenses related to seeking shareholder approval of the Amended Advisory Agreement, including the costs related to the preparation and distribution of proxy materials, and all other costs incurred in connection with the solicitation of proxies.

After discussion, the Trustees determined that the overall arrangements between Small-Mid Cap Value Fund, Janus Capital, and Perkins under the Amended Advisory Agreement would continue to be fair and reasonable in light of the nature, extent, and quality of the services expected to be provided by Janus Capital, its affiliates, and Perkins following the Strategy Change.


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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, 2019. 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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Janus Henderson Asia Equity 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.

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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Janus Henderson Asia Equity Fund

Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2019:



Capital Gain Distributions	$1,424,254
Foreign Taxes Paid	$55,961
Foreign Source Income	$503,147
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 58 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.


50	SEPTEMBER 30, 2019

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
William F. McCalpin 151 Detroit Street Denver, CO 80206 DOB: 1957	Chairman Trustee	1/08-Present 6/02-Present	Managing Partner, Impact Investments, Athena Capital Advisors LLC (independent registered investment advisor) (since 2016). Formerly, 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).	58	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	51

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 (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).	58	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).


52	SEPTEMBER 30, 2019

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
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).	58	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	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
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).	58	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).	58	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).


54	SEPTEMBER 30, 2019

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.	58	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).
William D. Stewart 151 Detroit Street Denver, CO 80206 DOB: 1944	Trustee	6/84-Present	Retired. Formerly, President and founder of HPS Products and Corporate Vice President of MKS Instruments, Boulder, CO (a provider of advanced process control systems for the semiconductor industry) (1976-2012).	58	None


Janus Investment Fund	55

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
Diane L. Wallace 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	6/17-Present	Retired.	58	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).


56	SEPTEMBER 30, 2019

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).	58	Director of Chicago Community Trust (Regional Community Foundation), Chicago Council on Global Affairs, InnerWorkings (U.S. provider of print procurement solutions to corporate clients), Lurie Children’s Hospital (Chicago, IL), Shirley Ryan Ability Lab and Wrapports, LLC (digital communications company). Formerly, 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	57

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. Formerly, Senior Investment Manager at Aberdeen Asset Management (2001-2013).
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).
* 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.


58	SEPTEMBER 30, 2019

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
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	59

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
Susan K. Wold 151 Detroit Street Denver, CO 80206 DOB: 1960	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	9/17-Present	Head of Compliance, North America for Janus Henderson (since September 2017). Formerly, Vice President, Head of Global Corporate Compliance, and Chief Compliance Officer for Janus Capital Management LLC (May 2017-September 2017), Vice President, Compliance at Janus Capital Group Inc. and Janus Capital Management LLC (2005-2017).
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.
Kathryn L. Santoro 151 Detroit Street Denver, CO 80206 DOB: 1974	Vice President, Chief Legal Counsel, and Secretary	12/16-Present	Assistant General Counsel of Janus Capital (since 2016). Formerly, Vice President and Associate Counsel of Curian Capital, LLC and Curian Clearing LLC (2013-2016), and General Counsel and Secretary (2011-2012) and Vice President (2009-2012) of Old Mutual Capital, Inc.
* 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.


60	SEPTEMBER 30, 2019

Janus Henderson Asia Equity Fund

Notes

NotesPage1


Janus Investment Fund	61

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 11-19



		ANNUAL REPORT September 30, 2019

	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

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 research team seeks an optimal balance of asset class opportunities across market cycles.

Jeremiah Buckley

co-portfolio manager

Marc Pinto

co-portfolio manager

Mayur Saigal

co-portfolio manager

Darrell Watters

co-portfolio manager

PERFORMANCE SUMMARY

Janus Henderson Balanced Fund’s Class I Shares returned 8.02% for the 12-month period ended September 30, 2019. That compares with 4.25% for the Fund’s primary benchmark, the S&P 500^{^®} Index, and 10.30% for the Fund’s secondary benchmark, 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 7.41%.

INVESTMENT ENVIRONMENT

The period began with a sense of nervousness as investors navigated myriad economic and political concerns. Fears of slowing global economic growth, U.S.-China trade relations, a potential policy misstep by the Federal Reserve (Fed) and the risk of a disorderly “Brexit” all played a role in heightened market volatility. Equities fell sharply at the end of 2018 and then rebounded in the early months of 2019. The recovery was driven in large part by the Fed, which pivoted its monetary policy, pausing rate hikes and indicating it would be more accommodative to sustain economic growth. Despite a resilient U.S. economy and continued consumer strength, the Fed responded to weaker manufacturing data and risks of slowing global growth with two interest rate cuts later in the period. Treasury yields fell significantly over the period, and equity sectors tied to rates, such as utilities and real estate, performed best. Stocks tied to global trade and the strong U.S. dollar, such as energy, generally struggled. Many health care stocks also performed poorly as the 2020 U.S. presidential election and rhetoric around Medicare for All policies generated uncertainty.

Despite an early-period sell-off and a few bouts of volatility, corporate credit performed well. Falling rates, persistently strong corporate earnings and a positive technical backdrop from limited new issuance supported the asset class. High yield was hit harder by intra-period volatility and underperformed investment grade. The U.S. Treasury yield curve flattened and became partially inverted for much of the period. The yield on the 10-year Treasury note ended September at 1.66%, down from 3.06% one year ago.

PERFORMANCE DISCUSSION

The Fund, which seeks to provide more consistent returns over time by allocating across the spectrum of fixed income and equity securities, outperformed the Balanced Index, its blended benchmark of the S&P 500 Index (55%) and the Bloomberg Barclays U.S. Aggregate Bond Index (45%). The Fund outperformed its primary benchmark, the S&P 500 Index, but underperformed its secondary benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index.

Our equity-to-fixed income allocation ended the period approximately 63% equities, 37% fixed income and a small position in cash, compared with roughly 61% equities, 39% fixed income and the remainder in cash as of September 30, 2018. The equity allocation may vary based on market conditions, and our positioning reflects our belief that equities offered greater risk-adjusted opportunities versus fixed income throughout the period. While we are cognizant of the many potential headwinds, we remain focused on companies that are focused on innovation, which we believe are less susceptible to macro headwinds and can grow despite these scenarios. Going forward, the equity weighting will continue to be dynamic, based on market conditions and the investment opportunities our teams identify across asset classes.

The Fund’s equity sleeve outperformed the S&P 500 Index. Outperformance was led by strong stock selection in the information technology and consumer discretionary sectors. An underweight to the poor-performing energy sector also aided results.

Microsoft led absolute contributors. The company’s Azure cloud platform and subscription-based Office 365 Suite continue to grow, and the demand outlook for these


Janus Investment Fund	1

Janus Henderson Balanced Fund (unaudited)

products remains robust. Microsoft’s consistent revenue growth is commendable for a company its size and we admire the consistency with which it returns capital to shareholders.

Mastercard was another top contributor on an absolute basis. The company is growing faster than its competition and benefiting from smart acquisitions and its fixed-cost business model, which is resulting in high incremental margins. Payments companies continue to benefit as credit cards and electronic payments grow in popularity among consumers and businesses, and we believe Mastercard is particularly well positioned given the majority of its revenues are generated outside the U.S., where many markets have a lower penetration of card and electronic payments and are experiencing significantly faster electronic purchase volume growth.

Other positions detracted for the period. At the sector level, our lack of exposure to the strong-performing utilities sector, which tends to not meet our earnings growth requirements, held back relative performance. Stock selection in the consumer staples sector also weighed on results.

Altria Group was the largest individual detractor. The stock fell as vaporizing-related illnesses made headlines throughout the period, and certain states introduced legislation to prohibit sales of flavored e-cigarettes. While its investment in vaporizer company Juul has been disappointing, we believe the cost of that investment is already reflected in Altria’s financials, and management recently reiterated forward-looking earnings growth guidance. Also, the decline in cigarette volumes has stabilized and Altria has been able to raise prices on its tobacco products. We believe the company can achieve modest growth in the dividend.

Managed health care company UnitedHealth Group was another detractor. Rhetoric around Medicare for All policies pressured the HMO industry during the period. We continue to have a strong opinion of UnitedHealth’s fundamentals and its future growth prospects.

The Fund’s fixed income sleeve underperformed the Bloomberg Barclays U.S. Aggregate Bond Index. The sleeve’s out-of-index allocation to high-yield corporate credit generated positive performance, but it led relative detractors given the asset class underperformed many index constituents. High-yield positions in exploration and production company Range Resources and miner Freeport McMoRan were among corporate detractors on a relative basis. Shorter-dated securities generally underperformed during the period, and while we significantly reduced our floating rate exposure early on, the lack of duration (a measure of a bond price’s sensitivity to changes in interest rates) in many of our front-end and floating-rate positions in securitized credit and bank loans still detracted from relative performance.

These detractors were partially offset by our positioning in Treasuries and investment-grade corporate bonds. The shift by the Fed and other developed world central banks toward more accommodative policy has fostered an environment in which both Treasuries and credit can perform well. As a result, we maintained our overweight allocation to corporate credit and continued adding exposure over the period. While we reduced our Treasury exposure, we remained biased to longer-dated Treasuries, which was particularly accretive in the latter half of the period as rates rallied and the curve flattened. Security selection and our ability to harvest more income than the index proved beneficial in investment-grade corporates, the strongest-performing benchmark sector. At the individual issuer level, our position in AT&T was a top contributor. We were comfortable taking a longer-duration position in the name given the defensive nature of the industry, which aided results as long-dated credit outperformed.

OUTLOOK

Despite macroeconomic concerns around slowing economic growth, Fed policy and political uncertainty, the attractive backdrop for U.S. equities remains intact. Low interest rates are supportive for growing companies that are investing in expansion, the type of companies that we would expect to take market share in a slow-growth economy. The strength of the consumer is another bright spot; consumer spending has shown no signs of abating, and unemployment remains at low levels. Further, equity valuations appear reasonable, and dividend yields are attractive compared to fixed income yields – in both Treasuries and corporate credit.

In the equity sleeve, we will continue our bottom-up focus on companies we believe have sound fundamentals and strong growth prospects. We particularly like those that are actively making investments that should drive shareholder value over time. This includes companies that are disruptors in their sectors and/or benefiting from attractive secular tailwinds, companies we believe will face less adverse impact from macroeconomic challenges.

Within the fixed income sleeve, we are mindful that fourth quarters tend to come with volatility, and we intend to


2	SEPTEMBER 30, 2019

Janus Henderson Balanced Fund (unaudited)

utilize our Treasuries allocation to help mitigate negative impact to the portfolio overall. However, we are still identifying opportunities in corporate credit and remain focused on finding stable sources of yield. We continue to look to agency mortgage-backed securities and securitized credit tied to the strength of the consumer as a means to help diversify the portfolio. Across asset classes, both thorough vetting of opportunities and security avoidance remain critical as we strive to deliver on our core tenets of capital preservation and strong risk-adjusted returns.

Thank you for investing in Janus Henderson Balanced Fund.


Janus Investment Fund	3

Janus Henderson Balanced Fund (unaudited)

Fund At A Glance

September 30, 2019





	5 Top Performers - Holdings		5 Bottom Performers - Holdings
		Contribution		Contribution
	Microsoft Corp	1.25%	Altria Group Inc	-0.82%
	Mastercard Inc	0.92%	Allergan PLC	-0.49%
	McDonald's Corp	0.82%	UnitedHealth Group Inc	-0.29%
	Costco Wholesale Corp	0.63%	EOG Resources Inc	-0.25%
	Comcast Corp	0.59%	Activision Blizzard Inc	-0.23%

	5 Top Performers - Sectors*
		Fund	Fund Weighting	S&P 500 Index
		Contribution	(Average % of Equity)	Weighting
	Information Technology	1.58%	23.61%	21.00%
	Consumer Discretionary	1.36%	12.33%	10.09%
	Financials	0.90%	12.83%	13.22%
	Energy	0.71%	2.25%	5.24%
	Health Care	0.55%	12.14%	14.55%

	5 Bottom Performers - Sectors*
		Fund	Fund Weighting	S&P 500 Index
		Contribution	(Average % of Equity)	Weighting
	Utilities	-0.66%	0.00%	3.27%
	Consumer Staples	-0.61%	10.70%	7.32%
	Materials	-0.29%	2.14%	2.66%
	Industrials	-0.20%	12.89%	9.40%
	Other**	-0.12%	1.27%	0.00%

	Security contribution to performance is measured by using an algorithm that multiplies the daily performance of each security with the previous day’s ending weight in the portfolio and is gross of advisory fees. Fixed income securities and certain equity securities, such as private placements and some share classes of equity securities, are excluded.
*	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.


4	SEPTEMBER 30, 2019

Janus Henderson Balanced Fund (unaudited)

Fund At A Glance

September 30, 2019


5 Largest Equity Holdings - (% of Net Assets)
Microsoft Corp
Software	3.9%
Mastercard Inc
Information Technology Services	2.9%
Alphabet Inc - Class C
Interactive Media & Services	2.3%
Boeing Co
Aerospace & Defense	2.2%
Apple Inc
Technology Hardware, Storage & Peripherals	2.1%
	13.4%


Asset Allocation - (% of Net Assets)
Common Stocks	62.8%
Corporate Bonds	19.2%
Mortgage-Backed Securities	9.7%
United States Treasury Notes/Bonds	4.7%
Investment Companies	3.0%
Asset-Backed/Commercial Mortgage-Backed Securities	2.7%
Preferred Stocks	0.1%
Other		(2.2)%
		100.0%

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

As of September 30, 2019

As of September 30, 2018


Janus Investment Fund	5

Janus Henderson Balanced Fund (unaudited)

Performance

See important disclosures on the next page.




Average Annual Total Return - for the periods ended September 30, 2019					Expense Ratios
	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses^‡
Class A Shares at NAV	7.70%	8.29%	9.05%	9.69%	0.95%
Class A Shares at MOP	1.50%	7.01%	8.40%	9.45%
Class C Shares at NAV	6.98%	7.56%	8.28%	9.01%	1.64%
Class C Shares at CDSC	5.98%	7.56%	8.28%	9.01%
Class D Shares⁽¹⁾	7.95%	8.53%	9.28%	9.79%	0.71%
Class I Shares	8.02%	8.60%	9.36%	9.75%	0.64%
Class N Shares	8.07%	8.68%	9.17%	9.75%	0.57%
Class R Shares	7.29%	7.88%	8.62%	9.30%	1.32%
Class S Shares	7.56%	8.14%	8.90%	9.53%	1.07%
Class T Shares	7.85%	8.42%	9.17%	9.75%	0.82%
S&P 500 Index	4.25%	10.84%	13.24%	9.71%
Bloomberg Barclays U.S. Aggregate Bond Index	10.30%	3.38%	3.75%	5.41%
Balanced Index	7.41%	7.63%	9.11%	8.05%
Morningstar Quartile - Class T Shares	1st	1st	1st	1st
Morningstar Ranking - based on total returns for Allocation - 50% to 70% Equity Funds	47/724	20/660	78/541	13/183

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.


6	SEPTEMBER 30, 2019

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.”

*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.


Janus Investment Fund	7

Janus Henderson Balanced Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (4/1/19)	Ending Account Value (9/30/19)	Expenses Paid During Period (4/1/19 - 9/30/19)†	Beginning Account Value (4/1/19)	Ending Account Value (9/30/19)	Expenses Paid During Period (4/1/19 - 9/30/19)†	Net Annualized Expense Ratio (4/1/19 - 9/30/19)
Class A Shares		$1,000.00	$1,069.40	$4.77	$1,000.00	$1,020.46	$4.66	0.92%
Class C Shares		$1,000.00	$1,065.80	$8.34	$1,000.00	$1,017.00	$8.14	1.61%
Class D Shares		$1,000.00	$1,070.50	$3.69	$1,000.00	$1,021.51	$3.60	0.71%
Class I Shares		$1,000.00	$1,070.90	$3.37	$1,000.00	$1,021.81	$3.29	0.65%
Class N Shares		$1,000.00	$1,071.00	$2.96	$1,000.00	$1,022.21	$2.89	0.57%
Class R Shares		$1,000.00	$1,067.20	$6.84	$1,000.00	$1,018.45	$6.68	1.32%
Class S Shares		$1,000.00	$1,068.60	$5.55	$1,000.00	$1,019.70	$5.42	1.07%
Class T Shares		$1,000.00	$1,070.10	$4.26	$1,000.00	$1,020.96	$4.15	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 183/365 (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, 2019

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2019


Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– 2.7%
	Angel Oak Mortgage Trust I LLC 2018-2, 3.6740%, 7/27/48 (144A)^‡	$3,060,279	$3,119,789
	Applebee's Funding LLC / IHOP Funding LLC, 4.1940%, 6/7/49 (144A)	9,328,000	9,537,709
	Applebee's Funding LLC / IHOP Funding LLC, 4.7230%, 6/7/49 (144A)	5,698,000	5,872,595
	Arroyo Mortgage Trust 2018-1, 3.7630%, 4/25/48 (144A)^‡	3,684,488	3,748,502
	BAMLL Commercial Mortgage Securities Trust 2018-DSNY,
	ICE LIBOR USD 1 Month + 0.8500%, 2.8775%, 9/15/34 (144A)^‡	6,871,000	6,856,735
	BBCMS 2018-TALL Mortgage Trust,
	ICE LIBOR USD 1 Month + 0.7220%, 2.7495%, 3/15/37 (144A)^‡	19,034,000	18,987,874
	BBCMS Trust 2015-SRCH, 4.1970%, 8/10/35 (144A)	9,288,000	10,438,081
	BX Commercial Mortgage Trust 2018-IND,
	ICE LIBOR USD 1 Month + 0.7500%, 2.7775%, 11/15/33 (144A)^‡	16,208,369	16,208,505
	BXP Trust 2017-GM, 3.3790%, 6/13/39 (144A)	4,190,000	4,489,213
	Chase Home Lending Mortgage Trust 2019-ATR2,
	ICE LIBOR USD 1 Month + 0.9000%, 2.9184%, 7/25/49 (144A)^‡	2,967,793	2,955,214
	Connecticut Avenue Securities Trust 2019-R03,
	ICE LIBOR USD 1 Month + 2.1500%, 4.1684%, 9/25/31 (144A)^‡	11,629,488	11,683,544
	Connecticut Avenue Securities Trust 2019-R04,
	ICE LIBOR USD 1 Month + 2.1000%, 4.1184%, 6/25/39 (144A)^‡	4,412,000	4,425,627
	Connecticut Avenue Securities Trust 2019-R05,
	ICE LIBOR USD 1 Month + 2.0000%, 4.0184%, 7/25/39 (144A)^‡	2,267,199	2,272,543
	Credit Acceptance Auto Loan Trust 2018-2, 3.9400%, 7/15/27 (144A)	4,276,000	4,411,594
	DB Master Finance LLC, 3.7870%, 5/20/49 (144A)	7,499,205	7,713,044
	DB Master Finance LLC, 4.0210%, 5/20/49 (144A)	3,014,445	3,135,212
	DB Master Finance LLC, 4.3520%, 5/20/49 (144A)	5,988,990	6,323,936
	Domino's Pizza Master Issuer LLC, 3.0820%, 7/25/47 (144A)	2,058,980	2,055,423
	Domino's Pizza Master Issuer LLC, 4.1160%, 7/25/48 (144A)	12,613,338	13,146,294
	Domino's Pizza Master Issuer LLC, 4.3280%, 7/25/48 (144A)	2,290,013	2,414,349
	Drive Auto Receivables Trust 2017-1, 5.1700%, 9/16/24	12,150,000	12,564,930
	Drive Auto Receivables Trust 2017-2, 5.2700%, 11/15/24	10,594,000	10,981,973
	Drive Auto Receivables Trust 2017-A, 4.1600%, 5/15/24 (144A)	5,339,000	5,424,983
	Drive Auto Receivables Trust 2019-1, 4.0900%, 6/15/26	2,488,000	2,568,091
	Fannie Mae Connecticut Avenue Securities,
	ICE LIBOR USD 1 Month + 3.0000%, 5.0184%, 7/25/24^‡	10,214,882	10,720,653
	Fannie Mae Connecticut Avenue Securities,
	ICE LIBOR USD 1 Month + 1.1500%, 3.1684%, 9/25/29^‡	1,004,113	1,005,635
	Fannie Mae Connecticut Avenue Securities,
	ICE LIBOR USD 1 Month + 0.9500%, 2.9684%, 10/25/29^‡	869,771	871,046
	Fannie Mae Connecticut Avenue Securities,
	ICE LIBOR USD 1 Month + 0.6000%, 2.6184%, 7/25/30^‡	3,350,688	3,349,349
	Fannie Mae Connecticut Avenue Securities,
	ICE LIBOR USD 1 Month + 0.7200%, 2.7384%, 1/25/31^‡	601,478	601,526
	Fannie Mae Connecticut Avenue Securities,
	ICE LIBOR USD 1 Month + 2.0000%, 4.0184%, 3/25/31^‡	14,590,374	14,642,834
	Fannie Mae Connecticut Avenue Securities 2017-C06,
	ICE LIBOR USD 1 Month + 0.7500%, 2.7684%, 2/25/30^‡	421,981	421,997
	Fannie Mae Connecticut Avenue Securities 2018-C04,
	ICE LIBOR USD 1 Month + 0.7500%, 2.7684%, 2/25/30^‡	899,214	899,220
	Fannie Mae Pool, 3.0000%, 10/1/49	16,021,167	16,268,645
	Fannie Mae REMICS, 3.0000%, 5/25/48	19,245,281	19,564,817
	Freddie Mac Structured Agency Credit Risk Debt Notes,
	ICE LIBOR USD 1 Month + 1.3500%, 3.3684%, 3/25/29^‡	1,520,003	1,526,512
	Freddie Mac Structured Agency Credit Risk Debt Notes,
	ICE LIBOR USD 1 Month + 1.2000%, 3.2184%, 7/25/29^‡	2,693,581	2,699,621
	Freddie Mac Structured Agency Credit Risk Debt Notes,
	ICE LIBOR USD 1 Month + 0.7500%, 2.7684%, 3/25/30^‡	350,125	350,068
	Freddie Mac Structured Agency Credit Risk Debt Notes,
	ICE LIBOR USD 1 Month + 1.8000%, 3.8184%, 7/25/30^‡	8,730,971	8,732,774
	Ginnie Mae II Pool, 3.5000%, 5/20/49	16,887,672	17,259,181
	Ginnie Mae II Pool, 3.5000%, 6/20/49	7,077,034	7,232,721
	Jack in the Box Funding, LLC 2019-1A A23, 4.9700%, 8/25/49 (144A)	11,400,203	11,909,951


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, 2019


Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– (continued)
	Jack in the Box Funding, LLC 2019-1A A2I, 3.9820%, 8/25/49 (144A)	$12,757,429	$13,015,879
	Jack in the Box Funding, LLC 2019-1A A2II, 4.4760%, 8/25/49 (144A)	11,394,792	11,637,365
	JP Morgan Mortgage Trust,
	ICE LIBOR USD 1 Month + 0.9000%, 2.9184%, 11/25/49 (144A)^‡	2,591,771	2,591,749
	JP Morgan Mortgage Trust,
	ICE LIBOR USD 1 Month + 0.9000%, 2.9184%, 12/25/49 (144A)^‡	5,326,910	5,315,261
	JP Morgan Mortgage Trust 2019-7,
	ICE LIBOR USD 1 Month + 0.9000%, 2.9248%, 2/25/50 (144A)^‡	5,831,000	5,819,712
	JP Morgan Mortgage Trust 2019-LTV2,
	ICE LIBOR USD 1 Month + 0.9000%, 2.9184%, 12/25/49 (144A)^‡	8,027,602	7,995,111
	Mello Warehouse Securitization Trust 2018-1,
	ICE LIBOR USD 1 Month + 0.8500%, 2.8684%, 11/25/51 (144A)^‡	23,804,714	23,815,536
	New Residential Mortgage Loan Trust 2018-2, 4.5000%, 2/25/58 (144A)^‡	4,371,051	4,601,055
	OneMain Direct Auto Receivables Trust 2018-1, 3.8500%, 10/14/25 (144A)	2,018,000	2,083,478
	OneMain Direct Auto Receivables Trust 2018-1, 4.4000%, 1/14/28 (144A)	2,065,000	2,135,145
	Santander Drive Auto Receivables Trust 2016-3, 4.2900%, 2/15/24	12,409,000	12,573,433
	Santander Drive Auto Receivables Trust 2018-1, 4.3700%, 5/15/25 (144A)	16,238,000	16,474,328
	Sequoia Mortgage Trust 2018-7 A19, 4.0000%, 9/25/48 (144A)^‡	2,986,862	3,026,656
	Station Place Securitization Trust Series 2019-10, 2.9365%, 10/24/20	28,036,000	28,036,000
	Station Place Securitization Trust Series 2019-4, 2.9365%, 6/24/20^‡	27,000,000	27,019,645
	Station Place Securitization Trust Series 2019-WL1,
	ICE LIBOR USD 1 Month + 1.2000%, 3.2184%, 8/25/52 (144A)^‡	2,634,000	2,636,169
	Station Place Securitization Trust Series 2019-WL1,
	ICE LIBOR USD 1 Month + 1.4000%, 3.4184%, 8/25/52 (144A)^‡	4,785,000	4,788,935
	Towd Point Asset Funding, LLC 2019-HE1 A1,
	ICE LIBOR USD 1 Month + 0.9000%, 2.9184%, 4/25/48 (144A)^‡	8,043,374	8,046,897
	Wachovia Bank Commercial Mortgage Trust Series 2007-C34, 6.2863%, 5/15/46^‡	506,706	514,735
	Wells Fargo Mortgage Backed Securities 2018-1, 3.5000%, 7/25/47 (144A)^‡	2,759,543	2,789,109
	Wendy's Funding LLC, 3.5730%, 3/15/48 (144A)	3,910,350	3,931,765
	Wendy's Funding LLC, 3.8840%, 3/15/48 (144A)	1,221,248	1,254,305
Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $474,122,156)			479,494,578
Corporate Bonds– 19.2%
Banking – 2.4%
	Bank of America Corp, ICE LIBOR USD 3 Month + 1.5120%, 3.7050%, 4/24/28^‡	49,524,000	52,745,194
	Bank of America Corp, ICE LIBOR USD 3 Month + 1.0700%, 3.9700%, 3/5/29^‡	12,114,000	13,190,599
	Bank of America Corp, ICE LIBOR USD 3 Month + 1.2100%, 3.9740%, 2/7/30^‡	16,343,000	17,891,571
	Bank of Montreal, 3.3000%, 2/5/24	16,193,000	16,851,940
	CIT Bank NA, SOFR + 1.7150%, 2.9690%, 9/27/25^‡	5,964,000	5,971,455
	Citigroup Inc, ICE LIBOR USD 3 Month + 1.5630%, 3.8870%, 1/10/28^‡	60,879,000	65,148,766
	Citizens Financial Group Inc, 3.7500%, 7/1/24	3,136,000	3,234,923
	Citizens Financial Group Inc, 4.3500%, 8/1/25	2,232,000	2,387,751
	Citizens Financial Group Inc, 4.3000%, 12/3/25	8,046,000	8,604,339
	First Republic Bank/CA, 4.6250%, 2/13/47	5,833,000	6,711,129
	JPMorgan Chase & Co, ICE LIBOR USD 3 Month + 1.2450%, 3.9600%, 1/29/27^‡	29,483,000	31,908,428
	JPMorgan Chase & Co, ICE LIBOR USD 3 Month + 1.3370%, 3.7820%, 2/1/28^‡	18,152,000	19,444,425
	JPMorgan Chase & Co, ICE LIBOR USD 3 Month + 1.3300%, 4.4520%, 12/5/29^‡	48,819,000	55,221,918
	JPMorgan Chase & Co, ICE LIBOR USD 3 Month + 1.1600%, 3.7020%, 5/6/30^‡	16,279,000	17,462,342
	Morgan Stanley, 4.3500%, 9/8/26	14,728,000	15,967,055
	Morgan Stanley, 3.9500%, 4/23/27	22,928,000	24,229,093
	Morgan Stanley, ICE LIBOR USD 3 Month + 1.6280%, 4.4310%, 1/23/30^‡	31,368,000	35,246,643
	Synchrony Financial, 2.8500%, 7/25/22	1,973,000	1,990,391
	Synchrony Financial, 4.3750%, 3/19/24	3,260,000	3,459,615
	Synchrony Financial, 3.9500%, 12/1/27	13,735,000	14,082,735
	Synchrony Financial, 5.1500%, 3/19/29	16,208,000	17,978,626
			429,728,938
Basic Industry – 1.4%
	Allegheny Technologies Inc, 5.9500%, 1/15/21	11,882,000	12,141,919
	CF Industries Inc, 4.5000%, 12/1/26 (144A)	5,333,000	5,818,902
	Constellium NV, 5.7500%, 5/15/24 (144A)	15,446,000	15,870,765
	Freeport-McMoRan Inc, 3.5500%, 3/1/22	47,767,000	47,886,417


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

10	SEPTEMBER 30, 2019

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2019


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Basic Industry – (continued)
	Freeport-McMoRan Inc, 3.8750%, 3/15/23	$15,990,000	$16,109,925
	Freeport-McMoRan Inc, 5.0000%, 9/1/27	11,484,000	11,440,935
	Freeport-McMoRan Inc, 5.2500%, 9/1/29	10,799,000	10,769,735
	Georgia-Pacific LLC, 3.1630%, 11/15/21 (144A)	15,454,000	15,709,387
	Hudbay Minerals Inc, 7.2500%, 1/15/23 (144A)	16,098,000	16,621,185
	Novelis Corp, 5.8750%, 9/30/26 (144A)	24,429,000	25,619,914
	Nutrien Ltd, 4.2000%, 4/1/29	2,962,000	3,261,528
	Reliance Steel & Aluminum Co, 4.5000%, 4/15/23	8,092,000	8,549,095
	Steel Dynamics Inc, 5.5000%, 10/1/24	14,966,000	15,359,606
	WRKCo Inc, 3.7500%, 3/15/25	953,000	1,003,310
	WRKCo Inc, 4.6500%, 3/15/26	5,765,000	6,328,614
	WRKCo Inc, 3.3750%, 9/15/27	1,030,000	1,047,993
	WRKCo Inc, 4.0000%, 3/15/28	3,464,000	3,690,040
	WRKCo Inc, 4.9000%, 3/15/29	28,604,000	32,349,891
			249,579,161
Brokerage – 0.2%
	Cboe Global Markets Inc, 3.6500%, 1/12/27	10,781,000	11,468,431
	Raymond James Financial Inc, 5.6250%, 4/1/24	5,610,000	6,331,681
	Raymond James Financial Inc, 4.9500%, 7/15/46	9,798,000	11,714,213
			29,514,325
Capital Goods – 0.9%
	Arconic Inc, 5.4000%, 4/15/21	5,661,000	5,856,502
	Ball Corp, 4.3750%, 12/15/20	7,499,000	7,652,804
	Boeing Co, 2.2500%, 6/15/26	1,857,000	1,852,722
	Boeing Co, 3.2500%, 3/1/28	2,295,000	2,412,890
	Boeing Co, 3.2000%, 3/1/29	13,547,000	14,225,535
	Boeing Co, 3.6000%, 5/1/34	19,174,000	20,802,019
	Entegris Inc, 4.6250%, 2/10/26 (144A)	8,377,000	8,670,195
	Huntington Ingalls Industries Inc, 5.0000%, 11/15/25 (144A)	21,929,000	22,970,627
	Wabtec Corp, 4.4000%, 3/15/24	12,942,000	13,784,933
	Wabtec Corp, 3.4500%, 11/15/26	3,625,000	3,664,195
	Wabtec Corp, 4.9500%, 9/15/28	56,563,000	62,421,449
			164,313,871
Communications – 3.1%
	AT&T Inc, 3.6000%, 7/15/25	6,875,000	7,239,817
	AT&T Inc, 4.3500%, 3/1/29	66,200,000	73,159,818
	AT&T Inc, 5.2500%, 3/1/37	3,121,000	3,674,775
	AT&T Inc, 4.8500%, 3/1/39	9,371,000	10,622,130
	AT&T Inc, 4.7500%, 5/15/46	10,056,000	11,158,753
	AT&T Inc, 5.1500%, 11/15/46	7,224,000	8,379,901
	AT&T Inc, 4.5000%, 3/9/48	9,253,000	9,946,658
	CCO Holdings LLC / CCO Holdings Capital Corp, 5.2500%, 3/15/21	8,070,000	8,076,456
	CenturyLink Inc, 6.4500%, 6/15/21	9,843,000	10,335,150
	CenturyLink Inc, 5.8000%, 3/15/22	5,476,000	5,770,335
	Charter Communications Operating LLC / Charter Communications Operating
	Capital, 5.0500%, 3/30/29	52,948,000	59,250,111
	Charter Communications Operating LLC / Charter Communications Operating
	Capital, 6.4840%, 10/23/45	3,508,000	4,274,482
	Charter Communications Operating LLC / Charter Communications Operating
	Capital, 5.3750%, 5/1/47	2,807,000	3,054,555
	Charter Communications Operating LLC / Charter Communications Operating
	Capital, 5.7500%, 4/1/48	12,209,000	13,913,196
	Comcast Corp, 3.1500%, 3/1/26	6,645,000	6,960,013
	Comcast Corp, 4.1500%, 10/15/28	8,193,000	9,192,731
	Comcast Corp, 4.2500%, 10/15/30	12,294,000	13,993,132
	Comcast Corp, 4.6000%, 10/15/38	7,205,000	8,633,499
	Comcast Corp, 4.9500%, 10/15/58	7,419,000	9,518,314
	Crown Castle International Corp, 3.6500%, 9/1/27	7,252,000	7,682,786
	Crown Castle International Corp, 4.3000%, 2/15/29	11,688,000	12,907,683


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, 2019


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Communications – (continued)
	Crown Castle International Corp, 3.1000%, 11/15/29	$19,152,000	$19,330,550
	Crown Castle International Corp, 5.2000%, 2/15/49	17,982,000	22,325,410
	CSC Holdings LLC, 6.5000%, 2/1/29 (144A)	17,013,000	18,909,524
	CSC Holdings LLC, 5.7500%, 1/15/30 (144A)	20,064,000	20,969,288
	Diamond Sports Group LLC / Diamond Sports Finance Co,
	5.3750%, 8/15/26 (144A)	12,990,000	13,477,125
	Fox Corp, 4.0300%, 1/25/24 (144A)	5,458,000	5,806,496
	Netflix Inc, 4.3750%, 11/15/26	9,217,000	9,337,282
	Netflix Inc, 5.8750%, 11/15/28	1,815,000	1,971,635
	Netflix Inc, 5.3750%, 11/15/29 (144A)	8,099,000	8,422,960
	Sirius XM Radio Inc, 5.5000%, 7/1/29 (144A)	13,041,000	13,921,267
	T-Mobile USA Inc, 6.3750%, 3/1/25	17,458,000	18,085,790
	UBM PLC, 5.7500%, 11/3/20 (144A)	10,600,000	10,928,458
	Verizon Communications Inc, 2.6250%, 8/15/26	15,284,000	15,482,373
	Verizon Communications Inc, 4.3290%, 9/21/28	31,531,000	35,766,095
	Verizon Communications Inc, 3.8750%, 2/8/29	4,803,000	5,274,853
	Verizon Communications Inc, 4.8620%, 8/21/46	4,862,000	5,944,837
	Verizon Communications Inc, 4.5220%, 9/15/48	3,585,000	4,233,488
	Verizon Communications Inc, 5.0120%, 8/21/54	7,293,000	9,186,011
	Viacom Inc, 5.8500%, 9/1/43	13,669,000	16,810,893
			553,928,630
Consumer Cyclical – 1.6%
	AutoZone Inc, 3.7500%, 4/18/29	16,231,000	17,421,776
	Fiat Chrysler Automobiles NV, 4.5000%, 4/15/20	1,944,000	1,957,802
	Ford Motor Credit Co LLC, 4.3890%, 1/8/26	16,945,000	16,865,637
	Ford Motor Credit Co LLC, 3.8150%, 11/2/27	21,039,000	19,952,000
	Ford Motor Credit Co LLC, 5.1130%, 5/3/29	49,655,000	50,013,272
	General Motors Co, 5.0000%, 10/1/28	14,076,000	14,964,336
	General Motors Financial Co Inc, 4.3500%, 4/9/25	9,494,000	9,899,891
	General Motors Financial Co Inc, 4.3000%, 7/13/25	2,916,000	3,034,192
	General Motors Financial Co Inc, 4.3500%, 1/17/27	4,984,000	5,126,509
	GLP Capital LP / GLP Financing II Inc, 3.3500%, 9/1/24	2,572,000	2,586,660
	GLP Capital LP / GLP Financing II Inc, 5.2500%, 6/1/25	4,671,000	5,145,247
	GLP Capital LP / GLP Financing II Inc, 5.3750%, 4/15/26	5,422,000	5,970,977
	GLP Capital LP / GLP Financing II Inc, 4.0000%, 1/15/30	17,327,000	17,413,115
	IHS Markit Ltd, 5.0000%, 11/1/22 (144A)	5,334,000	5,681,624
	IHS Markit Ltd, 4.7500%, 2/15/25 (144A)	9,209,000	9,991,765
	Lowe's Cos Inc, 3.6500%, 4/5/29	10,017,000	10,713,008
	McDonald's Corp, 2.6250%, 9/1/29	16,366,000	16,306,709
	McDonald's Corp, 3.6250%, 9/1/49	8,343,000	8,441,172
	MDC Holdings Inc, 5.5000%, 1/15/24	8,120,000	8,871,100
	MGM Resorts International, 6.6250%, 12/15/21	5,473,000	5,935,469
	MGM Resorts International, 7.7500%, 3/15/22	1,964,000	2,197,245
	O'Reilly Automotive Inc, 3.6000%, 9/1/27	333,000	354,454
	O'Reilly Automotive Inc, 4.3500%, 6/1/28	2,564,000	2,865,874
	O'Reilly Automotive Inc, 3.9000%, 6/1/29	18,302,000	20,033,694
	Service Corp International/US, 5.1250%, 6/1/29	10,779,000	11,520,056
	Starbucks Corp, 4.4500%, 8/15/49	9,729,000	11,294,048
			284,557,632
Consumer Non-Cyclical – 3.8%
	Allergan Finance LLC, 3.2500%, 10/1/22	9,148,000	9,346,146
	Allergan Funding SCS, 3.4500%, 3/15/22	20,364,000	20,871,075
	Allergan Funding SCS, 3.8000%, 3/15/25	10,921,000	11,437,016
	Allergan Inc/United States, 2.8000%, 3/15/23	726,000	732,731
	Anheuser-Busch InBev Worldwide Inc, 4.1500%, 1/23/25	30,603,000	33,435,021
	Anheuser-Busch InBev Worldwide Inc, 4.7500%, 1/23/29	14,159,000	16,488,247
	Bausch Health Cos Inc, 7.0000%, 3/15/24 (144A)	13,185,000	13,856,908
	Boston Scientific Corp, 3.7500%, 3/1/26	10,617,000	11,351,696
	Boston Scientific Corp, 4.0000%, 3/1/29	3,716,000	4,108,283


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

12	SEPTEMBER 30, 2019

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2019


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Consumer Non-Cyclical – (continued)
	Boston Scientific Corp, 4.7000%, 3/1/49	$5,944,000	$7,278,288
	Bristol-Myers Squibb Co, 3.4000%, 7/26/29 (144A)	6,875,000	7,350,859
	Bristol-Myers Squibb Co, 4.1250%, 6/15/39 (144A)	4,963,000	5,627,519
	Bristol-Myers Squibb Co, 4.2500%, 10/26/49 (144A)	11,998,000	13,971,350
	Campbell Soup Co, 3.9500%, 3/15/25	6,894,000	7,309,127
	Campbell Soup Co, 4.1500%, 3/15/28	13,691,000	14,745,308
	Campbell Soup Co, 4.8000%, 3/15/48	13,163,000	14,847,890
	Cigna Corp, 3.4000%, 9/17/21	2,153,000	2,201,833
	Cigna Corp, 3.7500%, 7/15/23	8,762,000	9,163,212
	CVS Health Corp, 4.7500%, 12/1/22	4,304,000	4,590,303
	CVS Health Corp, 4.1000%, 3/25/25	18,139,000	19,368,744
	CVS Health Corp, 3.0000%, 8/15/26	1,849,000	1,857,835
	CVS Health Corp, 4.3000%, 3/25/28	7,394,000	7,997,442
	CVS Health Corp, 3.2500%, 8/15/29	2,988,000	3,004,357
	CVS Health Corp, 5.0500%, 3/25/48	31,446,000	35,761,412
	Elanco Animal Health Inc, 4.2720%, 8/28/23	5,166,000	5,423,632
	Elanco Animal Health Inc, 4.9000%, 8/28/28	4,818,000	5,256,671
	Eli Lilly & Co, 3.3750%, 3/15/29	30,975,000	33,540,858
	General Mills Inc, 4.2000%, 4/17/28	16,396,000	18,283,250
	GlaxoSmithKline Capital PLC, 3.3750%, 6/1/29	17,835,000	19,146,151
	HCA Inc, 4.7500%, 5/1/23	14,309,000	15,328,148
	HCA Inc, 4.5000%, 2/15/27	15,600,000	16,729,041
	HCA Inc, 4.1250%, 6/15/29	42,194,000	44,179,772
	HCA Inc, 5.1250%, 6/15/39	6,787,000	7,422,467
	HCA Inc, 5.2500%, 6/15/49	9,895,000	10,864,413
	IQVIA Inc, 5.0000%, 5/15/27 (144A)	8,549,000	8,955,077
	JBS USA LUX SA / JBS USA Finance Inc, 5.8750%, 7/15/24 (144A)	3,753,000	3,865,778
	JBS USA LUX SA / JBS USA Finance Inc, 5.7500%, 6/15/25 (144A)	6,746,000	7,028,118
	JBS USA LUX SA / JBS USA Finance Inc, 6.7500%, 2/15/28 (144A)	2,074,000	2,296,955
	JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc,
	6.5000%, 4/15/29 (144A)	2,949,000	3,273,390
	Keurig Dr Pepper Inc, 4.5970%, 5/25/28	18,661,000	20,958,842
	Keurig Dr Pepper Inc, 5.0850%, 5/25/48	5,998,000	7,081,657
	Kraft Heinz Foods Co, 3.0000%, 6/1/26	31,359,000	31,027,022
	Kraft Heinz Foods Co, 4.6250%, 1/30/29	5,258,000	5,692,675
	Kraft Heinz Foods Co, 3.7500%, 4/1/30 (144A)	8,245,000	8,324,116
	Kraft Heinz Foods Co, 4.6250%, 10/1/39 (144A)	4,207,000	4,231,004
	Kraft Heinz Foods Co, 5.0000%, 6/4/42	4,485,000	4,626,483
	Kraft Heinz Foods Co, 4.3750%, 6/1/46	11,976,000	11,369,674
	Kraft Heinz Foods Co, 4.8750%, 10/1/49 (144A)	8,414,000	8,491,696
	Mars Inc, 2.7000%, 4/1/25 (144A)	6,045,000	6,203,444
	Mars Inc, 3.2000%, 4/1/30 (144A)	7,422,000	7,853,869
	Mars Inc, 3.9500%, 4/1/49 (144A)	13,351,000	15,229,537
	Mars Inc, 4.2000%, 4/1/59 (144A)	6,289,000	7,260,678
	Mondelez International Holdings Netherlands BV, 2.2500%, 9/19/24 (144A)	14,117,000	14,064,173
	Mylan Inc, 4.5500%, 4/15/28	5,374,000	5,724,610
	Newell Brands Inc, 4.2000%, 4/1/26	17,094,000	17,856,887
	Newell Brands Inc, 5.3750%, 4/1/36	23,035,000	24,573,052
	Sysco Corp, 2.5000%, 7/15/21	2,241,000	2,255,023
			681,120,765
Electric – 1.2%
	NRG Energy Inc, 3.7500%, 6/15/24 (144A)	16,897,000	17,388,985
	NRG Energy Inc, 7.2500%, 5/15/26	16,099,000	17,632,430
	NRG Energy Inc, 6.6250%, 1/15/27	18,534,000	20,078,809
	NRG Energy Inc, 5.7500%, 1/15/28	3,585,000	3,853,875
	NRG Energy Inc, 4.4500%, 6/15/29 (144A)	16,284,000	16,969,716
	NRG Energy Inc, 5.2500%, 6/15/29 (144A)	6,596,000	7,092,679
	Oncor Electric Delivery Co LLC, 2.7500%, 6/1/24 (144A)	13,178,000	13,532,427
	Oncor Electric Delivery Co LLC, 3.7000%, 11/15/28 (144A)	10,505,000	11,569,927


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, 2019


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Electric – (continued)
	Oncor Electric Delivery Co LLC, 3.8000%, 6/1/49 (144A)	$15,875,000	$17,811,333
	PPL WEM Ltd / Western Power Distribution Ltd, 5.3750%, 5/1/21 (144A)	9,215,000	9,508,706
	Southern Co, 2.9500%, 7/1/23	7,120,000	7,267,334
	Vistra Operations Co LLC, 5.5000%, 9/1/26 (144A)	5,883,000	6,154,795
	Vistra Operations Co LLC, 5.6250%, 2/15/27 (144A)	32,962,000	34,681,957
	Vistra Operations Co LLC, 5.0000%, 7/31/27 (144A)	21,750,000	22,395,540
			205,938,513
Energy – 1.9%
	AmeriGas Partners LP / AmeriGas Finance Corp, 5.6250%, 5/20/24	563,000	602,762
	AmeriGas Partners LP / AmeriGas Finance Corp, 5.5000%, 5/20/25	21,138,000	22,696,927
	Cenovus Energy Inc, 4.2500%, 4/15/27	5,361,000	5,589,782
	Cheniere Energy Partners LP, 5.6250%, 10/1/26	7,575,000	8,038,211
	Continental Resources Inc/OK, 5.0000%, 9/15/22	11,011,000	11,108,007
	Continental Resources Inc/OK, 4.5000%, 4/15/23	13,097,000	13,605,087
	Energy Transfer Operating LP, 4.2500%, 3/15/23	5,994,000	6,262,769
	Energy Transfer Operating LP, 5.8750%, 1/15/24	5,737,000	6,378,659
	Energy Transfer Operating LP, 5.5000%, 6/1/27	4,277,000	4,830,670
	Energy Transfer Operating LP, 4.9500%, 6/15/28	705,000	774,967
	Energy Transfer Operating LP, 6.1250%, 12/15/45	29,658,000	34,775,669
	Energy Transfer Operating LP, 6.0000%, 6/15/48	14,785,000	17,478,036
	EnLink Midstream Partners LP, 4.1500%, 6/1/25	9,615,000	8,917,912
	EQM Midstream Partners LP, 5.5000%, 7/15/28	13,357,000	13,361,363
	Exxon Mobil Corp, 2.4400%, 8/16/29	21,688,000	21,887,229
	Exxon Mobil Corp, 3.0950%, 8/16/49	23,568,000	23,719,183
	Hess Corp, 4.3000%, 4/1/27	33,565,000	35,073,895
	HollyFrontier Corp, 5.8750%, 4/1/26	13,285,000	14,876,100
	Kinder Morgan Energy Partners LP, 5.0000%, 10/1/21	4,683,000	4,897,699
	Kinder Morgan Inc/DE, 6.5000%, 9/15/20	476,000	494,694
	Kinder Morgan Inc/DE, 4.3000%, 3/1/28	4,960,000	5,390,604
	Kinder Morgan Inc/DE, 5.5500%, 6/1/45	3,035,000	3,581,541
	Kinder Morgan Inc/DE, 5.2000%, 3/1/48	2,058,000	2,371,432
	NGPL PipeCo LLC, 4.3750%, 8/15/22 (144A)	11,522,000	11,944,166
	NGPL PipeCo LLC, 4.8750%, 8/15/27 (144A)	15,213,000	16,309,953
	NuStar Logistics LP, 5.6250%, 4/28/27	6,277,000	6,630,081
	Plains All American Pipeline LP / PAA Finance Corp, 4.6500%, 10/15/25	14,498,000	15,511,392
	Range Resources Corp, 5.7500%, 6/1/21	5,980,000	5,935,150
	Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp,
	4.7500%, 10/1/23 (144A)	12,631,000	12,662,577
	Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp,
	5.5000%, 9/15/24 (144A)	4,675,000	4,651,625
			340,358,142
Finance Companies – 0.1%
	GE Capital International Funding Co Unlimited Co, 4.4180%, 11/15/35	17,423,000	18,275,176
Financial Institutions – 0.1%
	Jones Lang LaSalle Inc, 4.4000%, 11/15/22	10,463,000	10,888,200
Government Sponsored – 0%
	Petroleos Mexicanos, 6.8400%, 1/23/30 (144A)	3,562,000	3,683,820
	Petroleos Mexicanos, 7.6900%, 1/23/50 (144A)	3,258,000	3,397,442
			7,081,262
Industrial Conglomerates – 0.2%
	General Electric Co, ICE LIBOR USD 3 Month + 3.3300%, 5.0000%^‡,µ	33,059,000	31,364,726
Insurance – 0.2%
	Brown & Brown Inc, 4.5000%, 3/15/29	7,354,000	8,011,870
	Centene Corp, 4.7500%, 5/15/22	652,000	665,170
	Centene Corp, 6.1250%, 2/15/24	7,576,000	7,899,495
	Centene Corp, 5.3750%, 6/1/26 (144A)	23,064,000	24,159,540
	Humana Inc, 3.1250%, 8/15/29	3,277,000	3,274,779
			44,010,854


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

14	SEPTEMBER 30, 2019

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2019


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Real Estate Investment Trusts (REITs) – 0.2%
	Reckson Operating Partnership LP, 7.7500%, 3/15/20	$13,713,000	$14,032,494
	Ventas Realty LP, 3.5000%, 4/15/24	14,689,000	15,386,779
			29,419,273
Technology – 1.9%
	Broadcom Corp / Broadcom Cayman Finance Ltd, 3.8750%, 1/15/27	7,403,000	7,441,268
	Broadcom Inc, 4.2500%, 4/15/26 (144A)	9,466,000	9,779,478
	Broadcom Inc, 4.7500%, 4/15/29 (144A)	16,636,000	17,584,041
	CommScope Inc, 5.5000%, 3/1/24 (144A)	5,980,000	6,151,925
	CommScope Inc, 6.0000%, 3/1/26 (144A)	13,101,000	13,556,915
	Dell International LLC / EMC Corp, 5.8750%, 6/15/21 (144A)	30,048,000	30,528,768
	Dell International LLC / EMC Corp, 5.3000%, 10/1/29 (144A)	8,037,000	8,744,966
	Fidelity National Information Services Inc, 5.0000%, 10/15/25	6,581,000	7,480,949
	Fidelity National Information Services Inc, 3.7500%, 5/21/29	4,563,000	4,951,076
	Global Payments Inc, 3.2000%, 8/15/29	4,239,000	4,293,585
	Global Payments Inc, 4.1500%, 8/15/49	3,189,000	3,343,805
	Juniper Networks Inc, 3.7500%, 8/15/29	7,431,000	7,462,380
	Lam Research Corp, 4.0000%, 3/15/29	2,810,000	3,099,544
	Marvell Technology Group Ltd, 4.2000%, 6/22/23	4,911,000	5,147,791
	Marvell Technology Group Ltd, 4.8750%, 6/22/28	20,812,000	23,118,982
	Micron Technology Inc, 5.5000%, 2/1/25	4,730,000	4,860,909
	Micron Technology Inc, 4.9750%, 2/6/26	6,164,000	6,639,575
	Micron Technology Inc, 5.3270%, 2/6/29	19,291,000	21,205,105
	PayPal Holdings Inc, 2.4000%, 10/1/24	8,092,000	8,118,878
	PayPal Holdings Inc, 2.6500%, 10/1/26	24,196,000	24,300,698
	PayPal Holdings Inc, 2.8500%, 10/1/29	28,492,000	28,583,639
	Qorvo Inc, 5.5000%, 7/15/26	10,439,000	11,026,194
	Qorvo Inc, 4.3750%, 10/15/29 (144A)	5,661,000	5,699,919
	Total System Services Inc, 4.8000%, 4/1/26	11,514,000	12,794,718
	Trimble Inc, 4.7500%, 12/1/24	18,202,000	19,538,692
	Trimble Inc, 4.9000%, 6/15/28	34,648,000	37,600,430
	Verisk Analytics Inc, 5.5000%, 6/15/45	5,717,000	7,088,780
			340,143,010
Total Corporate Bonds (cost $3,240,326,702)			3,420,222,478
Mortgage-Backed Securities– 9.7%
Fannie Mae:
	3.0000%, 8/25/33	27,637,000	28,250,541
	4.0000%, 9/25/48	37,530,833	38,943,494
	4.5000%, 10/25/48	91,897,000	96,747,324
			163,941,359
Fannie Mae Pool:
	7.5000%, 7/1/28	96,243	110,971
	6.0000%, 2/1/37	329,870	385,932
	4.5000%, 9/1/37	7,789,598	8,256,431
	4.5000%, 5/1/38	3,898,071	4,130,533
	4.5000%, 7/1/38	6,062,268	6,423,792
	4.5000%, 8/1/38	199,670	211,577
	4.5000%, 11/1/38	6,869,672	7,279,346
	3.5000%, 10/1/42	4,327,840	4,548,288
	4.5000%, 11/1/42	1,397,423	1,515,624
	3.5000%, 12/1/42	10,054,400	10,566,543
	3.0000%, 2/1/43	352,693	362,754
	3.5000%, 2/1/43	10,227,509	10,748,469
	3.5000%, 2/1/43	4,872,766	5,102,553
	3.5000%, 3/1/43	6,965,768	7,294,256
	3.5000%, 4/1/43	25,496,146	26,698,479
	3.0000%, 5/1/43	2,625,701	2,697,044
	3.5000%, 11/1/43	13,843,683	14,548,841
	3.5000%, 4/1/44	5,004,435	5,299,670


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, 2019


Shares or Principal Amounts			Value
Mortgage-Backed Securities– (continued)
Fannie Mae Pool – (continued)
	5.0000%, 7/1/44	$322,461	$354,072
	4.5000%, 10/1/44	3,237,139	3,605,649
	3.5000%, 2/1/45	22,784,983	23,859,464
	3.5000%, 2/1/45	3,727,097	3,902,857
	4.5000%, 3/1/45	5,073,978	5,651,591
	4.5000%, 6/1/45	3,157,496	3,405,592
	3.0000%, 10/1/45	5,201,521	5,337,168
	3.0000%, 10/1/45	3,148,438	3,230,544
	3.5000%, 12/1/45	3,229,557	3,424,114
	3.0000%, 1/1/46	741,846	761,192
	4.5000%, 2/1/46	8,311,892	9,014,953
	3.0000%, 3/1/46	23,068,147	23,626,882
	3.0000%, 3/1/46	15,603,782	15,981,723
	3.5000%, 5/1/46	2,098,960	2,190,489
	3.5000%, 7/1/46	10,554,224	11,050,905
	3.5000%, 7/1/46	5,942,522	6,249,864
	3.5000%, 8/1/46	32,866,034	34,299,224
	3.5000%, 8/1/46	3,533,662	3,687,754
	4.0000%, 10/1/46	337,721	365,563
	3.0000%, 11/1/46	5,428,828	5,560,320
	3.0000%, 11/1/46	1,629,673	1,676,351
	3.0000%, 11/1/46	1,584,013	1,629,384
	3.5000%, 12/1/46	1,091,837	1,139,449
	3.0000%, 2/1/47	14,784,174	15,230,721
	3.0000%, 3/1/47	11,193,666	11,502,193
	4.0000%, 5/1/47	2,117,538	2,217,782
	4.5000%, 5/1/47	1,173,867	1,270,733
	4.5000%, 5/1/47	988,510	1,057,517
	4.5000%, 5/1/47	933,202	1,003,710
	4.5000%, 5/1/47	718,896	769,081
	4.5000%, 5/1/47	696,735	754,229
	4.5000%, 5/1/47	551,733	593,420
	4.5000%, 5/1/47	353,296	379,989
	4.5000%, 5/1/47	237,626	257,235
	4.5000%, 5/1/47	206,882	223,954
	4.0000%, 6/1/47	1,184,485	1,240,558
	4.0000%, 6/1/47	584,181	613,248
	4.0000%, 6/1/47	506,413	530,386
	4.0000%, 6/1/47	270,913	283,738
	4.5000%, 6/1/47	4,080,352	4,327,129
	4.5000%, 6/1/47	406,288	439,815
	4.0000%, 7/1/47	907,429	950,386
	4.0000%, 7/1/47	798,261	836,051
	4.0000%, 7/1/47	374,974	392,726
	4.0000%, 7/1/47	266,617	279,238
	4.5000%, 7/1/47	3,030,722	3,214,018
	4.5000%, 7/1/47	2,412,124	2,558,008
	4.5000%, 7/1/47	2,366,162	2,509,266
	3.5000%, 8/1/47	5,258,777	5,486,616
	3.5000%, 8/1/47	3,114,506	3,223,832
	3.5000%, 8/1/47	1,771,601	1,881,215
	4.0000%, 8/1/47	25,893,868	27,390,521
	4.0000%, 8/1/47	5,779,858	6,053,476
	4.0000%, 8/1/47	1,815,677	1,901,631
	4.0000%, 8/1/47	1,058,532	1,108,643
	4.0000%, 8/1/47	506,381	530,353
	4.5000%, 8/1/47	3,557,887	3,773,066
	4.5000%, 8/1/47	561,583	595,547
	4.0000%, 9/1/47	13,208,939	14,262,273


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

16	SEPTEMBER 30, 2019

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2019


Shares or Principal Amounts			Value
Mortgage-Backed Securities– (continued)
Fannie Mae Pool – (continued)
	4.0000%, 9/1/47	$529,572	$554,642
	4.5000%, 9/1/47	2,148,848	2,278,809
	4.5000%, 9/1/47	790,438	838,243
	4.0000%, 10/1/47	2,949,160	3,088,774
	4.0000%, 10/1/47	2,243,316	2,349,515
	4.0000%, 10/1/47	2,013,986	2,109,328
	4.0000%, 10/1/47	1,448,435	1,517,004
	4.0000%, 10/1/47	1,154,686	1,209,349
	4.5000%, 10/1/47	570,299	604,791
	4.5000%, 10/1/47	213,777	226,706
	4.0000%, 11/1/47	6,160,527	6,516,602
	4.0000%, 11/1/47	3,134,948	3,283,356
	4.0000%, 11/1/47	1,131,836	1,185,417
	4.5000%, 11/1/47	2,479,445	2,629,400
	3.5000%, 12/1/47	10,203,750	10,744,768
	3.5000%, 12/1/47	4,756,971	4,934,432
	3.5000%, 12/1/47	968,042	1,027,938
	3.5000%, 12/1/47	490,000	520,318
	3.5000%, 1/1/48	7,385,587	7,777,182
	3.5000%, 1/1/48	6,891,207	7,146,543
	4.0000%, 1/1/48	24,572,583	25,850,279
	4.0000%, 1/1/48	11,404,518	11,986,305
	4.0000%, 1/1/48	2,755,091	2,936,748
	4.0000%, 1/1/48	2,169,048	2,271,731
	4.0000%, 1/1/48	1,753,327	1,868,933
	3.5000%, 3/1/48	4,672,555	4,906,913
	3.5000%, 3/1/48	862,244	912,378
	4.0000%, 3/1/48	10,294,709	10,808,030
	4.0000%, 3/1/48	1,538,260	1,638,112
	4.5000%, 3/1/48	4,550,082	4,822,528
	3.5000%, 4/1/48	9,790,939	10,215,136
	3.5000%, 4/1/48	8,468,523	8,954,783
	4.0000%, 4/1/48	3,248,527	3,459,394
	4.5000%, 4/1/48	3,673,528	3,893,488
	4.0000%, 5/1/48	14,637,113	15,241,738
	4.0000%, 5/1/48	13,858,143	14,430,590
	4.5000%, 5/1/48	2,873,402	3,045,453
	4.5000%, 5/1/48	2,672,125	2,832,124
	4.0000%, 6/1/48	6,156,758	6,411,080
	4.5000%, 6/1/48	2,988,633	3,167,583
	4.0000%, 10/1/48	2,531,279	2,670,645
	3.5000%, 11/1/48	13,950,429	14,751,457
	3.5000%, 1/1/49	3,236,098	3,370,095
	4.0000%, 2/1/49	6,481,102	6,748,820
	4.0000%, 5/1/49	10,135,491	10,782,572
	3.0000%, 8/1/49	5,881,000	6,044,528
	3.0000%, 8/1/49	3,525,199	3,623,221
	4.0000%, 9/1/49	10,870,982	11,347,540
	3.5000%, 8/1/56	17,672,161	18,613,988
	3.0000%, 2/1/57	12,307,118	12,642,646
	3.5000%, 2/1/57	37,940,860	39,962,894
			736,583,360
Freddie Mac Gold Pool:
	3.0000%, 2/1/31	5,633,610	5,781,484
	2.5000%, 11/1/31	1,446,915	1,466,115
	2.5000%, 12/1/31	1,722,536	1,745,518
	4.5000%, 5/1/38	10,098,892	10,704,493
	4.5000%, 7/1/38	7,766,762	8,232,512
	4.5000%, 8/1/38	6,463,359	6,850,948


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, 2019


Shares or Principal Amounts			Value
Mortgage-Backed Securities– (continued)
Freddie Mac Gold Pool – (continued)
	4.5000%, 9/1/38	$4,944,629	$5,241,144
	4.5000%, 10/1/38	1,103,700	1,169,886
	6.0000%, 4/1/40	5,943,172	6,981,914
	3.5000%, 2/1/43	3,965,530	4,154,460
	3.5000%, 2/1/44	3,934,630	4,122,088
	4.5000%, 5/1/44	152,914	165,011
	3.5000%, 12/1/44	27,696,435	29,015,980
	3.0000%, 1/1/45	8,877,809	9,121,619
	4.0000%, 4/1/45	64,284	68,127
	3.5000%, 7/1/46	29,838,161	31,651,466
	3.5000%, 7/1/46	6,398,794	6,692,869
	3.0000%, 10/1/46	13,750,240	14,105,006
	3.5000%, 10/1/46	20,706,988	21,619,672
	3.0000%, 12/1/46	16,221,211	16,639,730
	3.5000%, 2/1/47	12,666,527	13,224,818
	3.0000%, 9/1/47	9,511,789	9,756,531
	3.5000%, 9/1/47	20,365,230	21,090,118
	3.5000%, 9/1/47	11,462,449	11,871,218
	3.5000%, 11/1/47	8,711,035	9,177,189
	3.5000%, 11/1/47	2,796,078	2,940,890
	3.5000%, 12/1/47	15,249,127	16,038,895
	3.5000%, 12/1/47	6,488,517	6,824,563
	3.5000%, 12/1/47	6,262,604	6,597,735
	3.5000%, 2/1/48	6,738,725	7,080,439
	3.5000%, 2/1/48	6,589,141	6,810,700
	3.5000%, 3/1/48	16,162,211	16,999,269
	3.5000%, 3/1/48	4,011,428	4,192,005
	3.5000%, 4/1/48	1,405,541	1,468,813
	3.5000%, 8/1/48	15,339,880	16,030,416
	4.5000%, 8/1/48	7,351,484	7,768,658
	5.0000%, 9/1/48	1,216,918	1,305,179
	3.5000%, 11/1/48	19,596,347	20,521,518
	4.5000%, 12/1/48	6,096,138	6,567,701
	4.0000%, 1/1/49	13,429,368	14,428,953
			386,225,650
Freddie Mac Pool:
	2.5000%, 12/1/33	29,313,279	29,689,323
	2.5000%, 12/1/33	17,249,067	17,445,518
	4.0000%, 5/1/46	2,599,072	2,740,802
	4.0000%, 3/1/47	2,756,412	2,921,182
	4.0000%, 3/1/48	6,890,860	7,234,510
	4.0000%, 4/1/48	20,238,729	21,049,456
	4.0000%, 4/1/48	7,843,313	8,227,558
	4.0000%, 5/1/48	16,918,043	17,616,997
	4.0000%, 5/1/48	9,871,597	10,279,433
	4.0000%, 6/1/48	4,397,802	4,579,494
	4.0000%, 8/1/48	52,306,906	54,402,226
	4.0000%, 8/1/48	20,035,422	21,336,159
	3.0000%, 8/1/49	5,827,378	5,969,406
	3.0000%, 8/1/49	1,908,377	1,961,442
	3.5000%, 8/1/49	2,940,192	3,063,501
	3.0000%, 9/1/49	1,806,641	1,835,164
	3.5000%, 9/1/49	3,457,805	3,559,283
	3.0000%, 10/1/49	2,539,071	2,578,756
	3.0000%, 10/1/49	1,242,766	1,262,386
			217,752,596
Ginnie Mae:
	4.5000%, 7/20/48	35,865,000	37,477,132


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

18	SEPTEMBER 30, 2019

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2019


Shares or Principal Amounts			Value
Mortgage-Backed Securities– (continued)
Ginnie Mae – (continued)
	5.0000%, 7/20/48	$92,428,555	$97,428,940
			134,906,072
Ginnie Mae I Pool:
	6.0000%, 1/15/34	95,851	110,640
	4.0000%, 1/15/45	25,379,173	27,045,393
	4.5000%, 8/15/46	31,189,577	34,021,505
	4.0000%, 7/15/47	7,829,133	8,262,861
	4.0000%, 8/15/47	1,386,044	1,462,830
	4.0000%, 11/15/47	3,444,878	3,635,721
	4.0000%, 12/15/47	4,451,237	4,697,832
			79,236,782
Ginnie Mae II Pool:
	4.0000%, 8/20/47	2,603,263	2,754,126
	4.0000%, 8/20/47	611,297	649,865
	4.0000%, 8/20/47	311,245	329,283
	4.5000%, 5/20/48	15,798,101	16,493,257
	4.5000%, 5/20/48	2,035,514	2,125,082
			22,351,613
Total Mortgage-Backed Securities (cost $1,699,752,589)			1,740,997,432
United States Treasury Notes/Bonds– 4.7%
	2.3750%, 4/30/20	35,489,000	35,590,199
	1.7500%, 7/31/21	13,941,000	13,960,060
	2.8750%, 11/30/23	99,947,700	105,187,146
	2.6250%, 12/31/23	17,873,700	18,646,598
	2.3750%, 2/29/24	6,499,600	6,725,309
	2.1250%, 3/31/24	3,462,000	3,546,116
	2.2500%, 4/30/24	13,752,000	14,168,320
	2.0000%, 5/31/24	118,662,600	121,049,758
	1.7500%, 6/30/24	17,680,000	17,832,628
	1.7500%, 7/31/24	59,310,000	59,845,180
	1.6250%, 2/15/26	18,428,000	18,435,918
	1.3750%, 8/31/26	5,255,000	5,170,633
	2.3750%, 5/15/29	152,308,300	161,785,922
	1.6250%, 8/15/29	26,701,000	26,585,226
	3.0000%, 2/15/49	3,637,400	4,340,441
	2.8750%, 5/15/49	32,519,000	37,958,311
	2.2500%, 8/15/49	177,328,000	182,557,791
Total United States Treasury Notes/Bonds (cost $821,267,948)			833,385,556
Common Stocks– 62.8%
Aerospace & Defense – 3.6%
	Boeing Co	1,014,631	386,036,657
	General Dynamics Corp	1,366,612	249,721,011
			635,757,668
Air Freight & Logistics – 0.5%
	United Parcel Service Inc	698,622	83,708,888
Airlines – 0.6%
	Delta Air Lines Inc	1,946,263	112,104,749
Automobiles – 0.5%
	General Motors Co	2,217,965	83,129,328
Banks – 2.6%
	Bank of America Corp	4,180,427	121,943,056
	US Bancorp	6,089,674	337,002,559
			458,945,615
Capital Markets – 3.2%
	Blackstone Group Inc	2,922,353	142,727,721
	CME Group Inc	845,281	178,641,687
	Morgan Stanley	2,623,728	111,954,474


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, 2019


Shares or Principal Amounts			Value
Common Stocks– (continued)
Capital Markets – (continued)
	TD Ameritrade Holding Corp	2,994,743	$139,854,498
			573,178,380
Chemicals – 1.3%
	LyondellBasell Industries NV	2,586,141	231,382,035
Consumer Finance – 1.5%
	American Express Co	901,027	106,573,474
	Synchrony Financial	4,882,208	166,434,471
			273,007,945
Electronic Equipment, Instruments & Components – 0.5%
	Corning Inc	3,463,650	98,783,298
Entertainment – 0.9%
	Walt Disney Co	1,188,650	154,904,868
Equity Real Estate Investment Trusts (REITs) – 1.3%
	Crown Castle International Corp	777,753	108,115,445
	MGM Growth Properties LLC	2,336,244	70,204,132
	Outfront Media Inc	2,130,310	59,180,012
			237,499,589
Food & Staples Retailing – 3.4%
	Costco Wholesale Corp	1,226,296	353,308,141
	Kroger Co	2,045,015	52,720,487
	Sysco Corp	2,568,565	203,944,061
			609,972,689
Food Products – 0.7%
	Hershey Co	806,309	124,969,832
Health Care Equipment & Supplies – 1.8%
	Abbott Laboratories	2,130,841	178,287,466
	Medtronic PLC	1,281,307	139,175,566
			317,463,032
Health Care Providers & Services – 1.5%
	UnitedHealth Group Inc	1,234,428	268,265,893
Hotels, Restaurants & Leisure – 3.4%
	Hilton Worldwide Holdings Inc	1,424,210	132,608,193
	McDonald's Corp	1,700,198	365,049,513
	Norwegian Cruise Line Holdings Ltd*	1,743,785	90,275,749
	Six Flags Entertainment Corp	449,607	22,835,540
			610,768,995
Household Products – 0.4%
	Clorox Co	514,908	78,199,078
Industrial Conglomerates – 0.6%
	Honeywell International Inc	674,641	114,149,257
Information Technology Services – 4.3%
	Accenture PLC	1,248,042	240,060,879
	Mastercard Inc	1,933,102	524,972,510
			765,033,389
Insurance – 1.0%
	Progressive Corp	2,204,583	170,304,037
Interactive Media & Services – 2.3%
	Alphabet Inc - Class C*	339,147	413,420,193
Internet & Direct Marketing Retail – 0.8%
	Amazon.com Inc*	81,797	141,992,230
Leisure Products – 0.7%
	Hasbro Inc	1,010,603	119,948,470
Life Sciences Tools & Services – 0.6%
	Thermo Fisher Scientific Inc	362,717	105,648,581
Machinery – 1.4%
	Deere & Co	725,055	122,302,277
	Parker-Hannifin Corp	311,511	56,262,002


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

20	SEPTEMBER 30, 2019

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2019


Shares or Principal Amounts			Value
Common Stocks– (continued)
Machinery – (continued)
	Stanley Black & Decker Inc	515,629	$74,461,984
			253,026,263
Media – 1.5%
	Comcast Corp	5,999,566	270,460,435
Oil, Gas & Consumable Fuels – 1.1%
	EOG Resources Inc	860,115	63,837,735
	Suncor Energy Inc	2,124,801	67,101,216
	Suncor Energy Inc^ž	1,926,003	60,759,165
			191,698,116
Personal Products – 0.5%
	Estee Lauder Cos Inc	436,122	86,766,472
Pharmaceuticals – 3.3%
	Bristol-Myers Squibb Co	3,214,325	162,998,421
	Eli Lilly & Co	1,459,969	163,268,333
	Merck & Co Inc	3,208,128	270,060,215
			596,326,969
Real Estate Management & Development – 0.6%
	CBRE Group Inc*	2,136,513	113,256,554
Road & Rail – 1.3%
	CSX Corp	3,394,373	235,128,218
Semiconductor & Semiconductor Equipment – 3.3%
	Intel Corp	3,463,634	178,481,060
	Lam Research Corp	689,748	159,407,660
	NVIDIA Corp	491,708	85,591,612
	Texas Instruments Inc	1,229,920	158,954,861
			582,435,193
Software – 5.7%
	Adobe Inc*	856,053	236,484,641
	Microsoft Corp	4,997,594	694,801,671
	salesforce.com Inc*	539,486	80,081,302
			1,011,367,614
Specialty Retail – 1.9%
	Home Depot Inc	1,435,713	333,114,130
Technology Hardware, Storage & Peripherals – 2.1%
	Apple Inc	1,638,222	366,912,581
Textiles, Apparel & Luxury Goods – 0.9%
	NIKE Inc	1,756,740	164,993,021
Tobacco – 1.2%
	Altria Group Inc	5,326,815	217,866,733
Total Common Stocks (cost $7,496,643,331)			11,205,890,338
Preferred Stocks– 0.1%
Semiconductor & Semiconductor Equipment – 0.1%
	Broadcom Inc, 8.0000%, 9/30/22(cost $19,791,000)	19,791	20,315,461
Investment Companies– 3.0%
Money Markets – 3.0%
	Janus Henderson Cash Liquidity Fund LLC, 2.0434%^ºº,£(cost $532,004,164)	532,004,164	532,004,164
Total Investments (total cost $14,283,907,890) – 102.2%			18,232,310,007
Liabilities, net of Cash, Receivables and Other Assets – (2.2)%			(392,648,618)
Net Assets – 100%			$17,839,661,389


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, 2019


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

		% of
		Investment
Country	Value	Securities
United States	$17,963,579,544	98.5	%
Canada	170,184,816	0.9
Belgium	49,923,268	0.3
United Kingdom	41,541,117	0.2
Mexico	7,081,262	0.1



Total	$18,232,310,007	100.0	%

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income⁽¹⁾		Realized Gain/(Loss)⁽¹⁾		Change in Unrealized Appreciation/ Depreciation⁽¹⁾		Value at 9/30/19
Limited Partnership Interests - N/A
Real Estate Investment Trusts (REITs) - N/A
	Colony America Homes III	$	-	$	(36,026)	$	33,720	$	-
Investment Companies - 3.0%
Money Markets - 3.0%
	Janus Henderson Cash Liquidity Fund LLC, 2.0434%^ºº		6,274,263		1,222		-		532,004,164
Total Affiliated Investments - 3.0%		$	6,274,263	$	(34,804)	$	33,720	$	532,004,164

(1) For securities that were affiliated for a portion of the year ended September 30, 2019, this column reflects amounts for the entire year ended September 30, 2019 and not just the period in which the security was affiliated.


		Share Balance at 9/30/18		Purchases		Sales		Share Balance at 9/30/19
Limited Partnership Interests - N/A
Real Estate Investment Trusts (REITs) - N/A
	Colony America Homes III		6,162,871		-		(6,162,871)^Ð		-
Investment Companies - 3.0%
Money Markets - 3.0%
	Janus Henderson Cash Liquidity Fund LLC, 2.0434%^ºº		121,239,500		6,372,451,578		(5,961,686,914)		532,004,164


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

22	SEPTEMBER 30, 2019

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

144A


*	Non-income producing security.


‡	Variable or floating rate security. Rate shown is the current rate as of September 30, 2019. 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.


ž	Issued by the same entity and traded on separate exchanges.


ºº	Rate shown is the 7-day yield as of September 30, 2019.


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


Ð	All or a portion is the result of a corporate action.


Janus Investment Fund	23

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, 2019. 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	$	-	$	479,494,578	$	-
Corporate Bonds		-		3,420,222,478		-
Mortgage-Backed Securities		-		1,740,997,432		-
United States Treasury Notes/Bonds		-		833,385,556		-
Common Stocks		11,205,890,338		-		-
Preferred Stocks		-		20,315,461		-
Investment Companies		-		532,004,164		-
Total Assets	$	11,205,890,338	$	7,026,419,669	$	-


24	SEPTEMBER 30, 2019

Janus Henderson Balanced Fund

Statement of Assets and Liabilities

September 30, 2019

See footnotes at the end of the Statement.



Assets:
	Unaffiliated investments, at value⁽¹⁾		$	17,700,305,843
	Affiliated investments, at value⁽²⁾			532,004,164
	Cash			7,768,760
	Non-interested Trustees' deferred compensation			460,935
	Receivables:
		Interest		46,075,796
		Investments sold		35,288,284
		Fund shares sold		31,869,712
		Dividends		11,712,909
		Dividends from affiliates		953,103
		Foreign tax reclaims		172,021
	Other assets			41,923
Total Assets				18,366,653,450
Liabilities:
	Foreign cash due to custodian			103
	Payables:			—
		Investments purchased		463,676,178
		Fund shares repurchased		44,141,552
		Advisory fees		8,011,107
		Dividends		5,533,845
		Transfer agent fees and expenses		2,277,108
		12b-1 Distribution and shareholder servicing fees		2,114,354
		Non-interested Trustees' deferred compensation fees		460,935
		Non-interested Trustees' fees and expenses		118,337
		Professional fees		110,541
		Affiliated fund administration fees payable		36,414
		Custodian fees		13,151
		Accrued expenses and other payables		498,436
Total Liabilities				526,992,061
Net Assets			$	17,839,661,389


See Notes to Financial Statements.

Janus Investment Fund	25

Janus Henderson Balanced Fund

Statement of Assets and Liabilities

September 30, 2019




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	13,707,060,673
	Total distributable earnings (loss)		4,132,600,716
Total Net Assets		$	17,839,661,389
Net Assets - Class A Shares		$	1,082,508,428
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		30,540,456
Net Asset Value Per Share⁽³⁾		$	35.45
Maximum Offering Price Per Share⁽⁴⁾		$	37.61
Net Assets - Class C Shares		$	1,992,061,853
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		56,767,752
Net Asset Value Per Share⁽³⁾		$	35.09
Net Assets - Class D Shares		$	1,860,899,611
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		52,360,207
Net Asset Value Per Share		$	35.54
Net Assets - Class I Shares		$	5,225,683,585
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		146,989,427
Net Asset Value Per Share		$	35.55
Net Assets - Class N Shares		$	946,741,471
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		26,660,607
Net Asset Value Per Share		$	35.51
Net Assets - Class R Shares		$	366,620,694
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		10,406,019
Net Asset Value Per Share		$	35.23
Net Assets - Class S Shares		$	551,984,530
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		15,577,598
Net Asset Value Per Share		$	35.43
Net Assets - Class T Shares		$	5,813,161,217
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		163,794,929
Net Asset Value Per Share		$	35.49

(1) Includes cost of $13,751,903,726.

(2) Includes cost of $532,004,164.

(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.

26	SEPTEMBER 30, 2019

Janus Henderson Balanced Fund

Statement of Operations

For the year ended September 30, 2019



Investment Income:
	Interest		$	230,749,439
	Dividends			213,391,126
	Dividends from affiliates			6,274,263
	Other income			576,600
	Foreign tax withheld			(711,386)
Total Investment Income				450,280,042
Expenses:
	Advisory fees			91,015,773
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		2,262,913
		Class C Shares		16,905,488
		Class R Shares		1,733,584
		Class S Shares		1,373,784
	Transfer agent administrative fees and expenses:
		Class D Shares		2,106,840
		Class R Shares		869,652
		Class S Shares		1,373,784
		Class T Shares		13,687,944
	Transfer agent networking and omnibus fees:
		Class A Shares		867,748
		Class C Shares		1,142,156
		Class I Shares		2,949,537
	Other transfer agent fees and expenses:
		Class A Shares		71,744
		Class C Shares		137,754
		Class D Shares		210,115
		Class I Shares		155,960
		Class N Shares		39,109
		Class R Shares		3,501
		Class S Shares		5,254
		Class T Shares		44,701
	Shareholder reports expense			776,964
	Registration fees			612,225
	Non-interested Trustees’ fees and expenses			502,557
	Affiliated fund administration fees			389,862
	Professional fees			224,092
	Custodian fees			161,209
	Other expenses			1,647,056
Total Expenses				141,271,306
Less: Excess Expense Reimbursement and Waivers				(299,906)
Net Expenses				140,971,400
Net Investment Income/(Loss)				309,308,642


See Notes to Financial Statements.

Janus Investment Fund	27

Janus Henderson Balanced Fund

Statement of Operations

For the year ended September 30, 2019



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions⁽¹⁾	$	963,750,326
	Investments in affiliates		(34,804)
Total Net Realized Gain/(Loss) on Investments			963,715,522
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation		33,539,628
	Investments in affiliates		33,720
Total Change in Unrealized Net Appreciation/Depreciation			33,573,348
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	1,306,597,512

(1) Includes $512,813,233 of realized gains and losses resulting from a redemption-in-kind during the year ended September 30, 2019.


See Notes to Financial Statements.

28	SEPTEMBER 30, 2019

Janus Henderson Balanced Fund

Statements of Changes in Net Assets



			Year ended September 30, 2019		Year ended September 30, 2018

Operations:
	Net investment income/(loss)		$	309,308,642	$	230,346,440
	Net realized gain/(loss) on investments			963,715,522		605,635,750
	Change in unrealized net appreciation/depreciation			33,573,348		1,047,424,483
Net Increase/(Decrease) in Net Assets Resulting from Operations				1,306,597,512		1,883,406,673
Dividends and Distributions to Shareholders
		Class A Shares		(52,849,111)		(30,992,137)
		Class C Shares		(95,581,853)		(56,163,240)
		Class D Shares		(114,091,382)		(81,003,352)
		Class I Shares		(248,241,782)		(117,849,780)
		Class N Shares		(151,398,502)		(111,964,032)
		Class R Shares		(20,705,389)		(15,173,092)
		Class S Shares		(34,594,747)		(28,750,295)
		Class T Shares		(349,870,163)		(241,991,501)
Net Decrease from Dividends and Distributions to Shareholders				(1,067,332,929)		(683,887,429)
Capital Share Transactions:
		Class A Shares		289,829,817		88,399,391
		Class C Shares		361,425,725		188,299,862
		Class D Shares		75,524,284		61,673,527
		Class I Shares		1,891,301,840		893,081,658
		Class N Shares		(1,467,693,222)		237,724,253
		Class R Shares		16,340,289		(23,285,543)
		Class S Shares		(42,138,187)		(81,834,698)
		Class T Shares		314,255,223		266,928,381
Net Increase/(Decrease) from Capital Share Transactions				1,438,845,769		1,630,986,831
Net Increase/(Decrease) in Net Assets				1,678,110,352		2,830,506,075
Net Assets:
	Beginning of period			16,161,551,037		13,331,044,962
	End of period		$	17,839,661,389	$	16,161,551,037


See Notes to Financial Statements.

Janus Investment Fund	29

Janus Henderson Balanced Fund

Financial Highlights


Class A Shares
For a share outstanding during the year ended September 30			2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$35.22	$32.46	$29.00	$29.12	$31.10
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.60	0.50	0.52	0.47	0.55
		Net realized and unrealized gain/(loss)	1.82	3.87	3.88	1.22	(0.70)
	Total from Investment Operations		2.42	4.37	4.40	1.69	(0.15)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.60)	(0.50)	(0.59)	(0.48)	(0.52)
		Distributions (from capital gains)	(1.59)	(1.11)	(0.35)	(1.33)	(1.31)
	Total Dividends and Distributions		(2.19)	(1.61)	(0.94)	(1.81)	(1.83)
	Net Asset Value, End of Period		$35.45	$35.22	$32.46	$29.00	$29.12
	Total Return*		7.73%	13.81%	15.44%	5.86%	(0.59)%
	Net Assets, End of Period (in thousands)		$1,082,508	$768,529	$625,454	$1,008,842	$966,624
	Average Net Assets for the Period (in thousands)		$905,165	$666,296	$781,785	$1,037,006	$941,167
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.93%	0.95%	0.94%	0.94%	0.93%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.93%	0.95%	0.94%	0.94%	0.93%
		Ratio of Net Investment Income/(Loss)	1.78%	1.48%	1.68%	1.63%	1.78%
	Portfolio Turnover Rate		81%⁽²⁾	88%	60%	83%	75%


Class C Shares
For a share outstanding during the year ended September 30			2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$34.90	$32.19	$28.78	$28.95	$30.93
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.37	0.27	0.31	0.26	0.34
		Net realized and unrealized gain/(loss)	1.79	3.84	3.85	1.20	(0.69)
	Total from Investment Operations		2.16	4.11	4.16	1.46	(0.35)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.38)	(0.29)	(0.40)	(0.30)	(0.32)
		Distributions (from capital gains)	(1.59)	(1.11)	(0.35)	(1.33)	(1.31)
	Total Dividends and Distributions		(1.97)	(1.40)	(0.75)	(1.63)	(1.63)
	Net Asset Value, End of Period		$35.09	$34.90	$32.19	$28.78	$28.95
	Total Return*		6.98%	13.06%	14.67%	5.09%	(1.25)%
	Net Assets, End of Period (in thousands)		$1,992,062	$1,594,610	$1,290,994	$1,408,455	$1,267,034
	Average Net Assets for the Period (in thousands)		$1,743,474	$1,403,777	$1,322,392	$1,401,426	$1,175,456
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.62%	1.62%	1.61%	1.65%	1.61%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.62%	1.62%	1.61%	1.65%	1.61%
		Ratio of Net Investment Income/(Loss)	1.10%	0.81%	1.03%	0.92%	1.10%
	Portfolio Turnover Rate		81%⁽²⁾	88%	60%	83%	75%

* 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.

30	SEPTEMBER 30, 2019

Janus Henderson Balanced Fund

Financial Highlights


Class D Shares
For a share outstanding during the year ended September 30			2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$35.30	$32.52	$29.06	$29.17	$31.14
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.68	0.58	0.59	0.53	0.61
		Net realized and unrealized gain/(loss)	1.82	3.89	3.88	1.22	(0.69)
	Total from Investment Operations		2.50	4.47	4.47	1.75	(0.08)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.67)	(0.58)	(0.66)	(0.53)	(0.58)
		Distributions (from capital gains)	(1.59)	(1.11)	(0.35)	(1.33)	(1.31)
	Total Dividends and Distributions		(2.26)	(1.69)	(1.01)	(1.86)	(1.89)
	Net Asset Value, End of Period		$35.54	$35.30	$32.52	$29.06	$29.17
	Total Return*		7.95%	14.10%	15.68%	6.07%	(0.38)%
	Net Assets, End of Period (in thousands)		$1,860,900	$1,761,817	$1,562,693	$1,411,125	$1,382,693
	Average Net Assets for the Period (in thousands)		$1,759,287	$1,667,210	$1,477,105	$1,415,240	$1,453,548
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.72%	0.71%	0.72%	0.73%	0.73%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.72%	0.71%	0.72%	0.73%	0.73%
		Ratio of Net Investment Income/(Loss)	2.00%	1.71%	1.92%	1.83%	1.98%
	Portfolio Turnover Rate		81%⁽²⁾	88%	60%	83%	75%


Class I Shares
For a share outstanding during the year ended September 30			2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$35.31	$32.53	$29.06	$29.18	$31.15
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.70	0.61	0.61	0.55	0.64
		Net realized and unrealized gain/(loss)	1.83	3.88	3.89	1.21	(0.70)
	Total from Investment Operations		2.53	4.49	4.50	1.76	(0.06)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.70)	(0.60)	(0.68)	(0.55)	(0.60)
		Distributions (from capital gains)	(1.59)	(1.11)	(0.35)	(1.33)	(1.31)
	Total Dividends and Distributions		(2.29)	(1.71)	(1.03)	(1.88)	(1.91)
	Net Asset Value, End of Period		$35.55	$35.31	$32.53	$29.06	$29.18
	Total Return*		8.02%	14.18%	15.79%	6.10%	(0.30)%
	Net Assets, End of Period (in thousands)		$5,225,684	$3,197,893	$2,096,893	$1,636,459	$1,510,302
	Average Net Assets for the Period (in thousands)		$4,116,708	$2,460,247	$1,795,486	$1,651,399	$1,482,511
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.65%	0.64%	0.65%	0.67%	0.65%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.65%	0.64%	0.65%	0.67%	0.65%
		Ratio of Net Investment Income/(Loss)	2.07%	1.80%	2.00%	1.90%	2.06%
	Portfolio Turnover Rate		81%⁽²⁾	88%	60%	83%	75%

* 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	31

Janus Henderson Balanced Fund

Financial Highlights


Class N Shares
For a share outstanding during the year ended September 30			2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$35.28	$32.50	$29.04	$29.15	$31.11
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.73	0.63	0.64	0.57	0.66
		Net realized and unrealized gain/(loss)	1.81	3.88	3.87	1.22	(0.69)
	Total from Investment Operations		2.54	4.51	4.51	1.79	(0.03)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.72)	(0.62)	(0.70)	(0.57)	(0.62)
		Distributions (from capital gains)	(1.59)	(1.11)	(0.35)	(1.33)	(1.31)
	Total Dividends and Distributions		(2.31)	(1.73)	(1.05)	(1.90)	(1.93)
	Net Asset Value, End of Period		$35.51	$35.28	$32.50	$29.04	$29.15
	Total Return*		8.07%	14.26%	15.84%	6.23%	(0.20)%
	Net Assets, End of Period (in thousands)		$946,741	$2,480,945	$2,054,731	$1,834,036	$1,709,643
	Average Net Assets for the Period (in thousands)		$1,651,136	$2,273,486	$1,952,775	$1,801,032	$1,751,330
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.58%	0.57%	0.58%	0.59%	0.58%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.58%	0.57%	0.58%	0.59%	0.58%
		Ratio of Net Investment Income/(Loss)	2.19%	1.86%	2.07%	1.98%	2.14%
	Portfolio Turnover Rate		81%⁽²⁾	88%	60%	83%	75%


Class R Shares
For a share outstanding during the year ended September 30			2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$35.02	$32.29	$28.87	$29.02	$30.99
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.47	0.37	0.40	0.35	0.43
		Net realized and unrealized gain/(loss)	1.80	3.85	3.87	1.21	(0.68)
	Total from Investment Operations		2.27	4.22	4.27	1.56	(0.25)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.47)	(0.38)	(0.50)	(0.38)	(0.41)
		Distributions (from capital gains)	(1.59)	(1.11)	(0.35)	(1.33)	(1.31)
	Total Dividends and Distributions		(2.06)	(1.49)	(0.85)	(1.71)	(1.72)
	Net Asset Value, End of Period		$35.23	$35.02	$32.29	$28.87	$29.02
	Total Return*		7.29%	13.38%	15.02%	5.40%	(0.94)%
	Net Assets, End of Period (in thousands)		$366,621	$345,667	$341,389	$283,729	$281,398
	Average Net Assets for the Period (in thousands)		$347,861	$339,637	$327,651	$288,241	$297,615
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.32%	1.32%	1.32%	1.34%	1.31%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.32%	1.32%	1.32%	1.34%	1.31%
		Ratio of Net Investment Income/(Loss)	1.39%	1.11%	1.33%	1.23%	1.39%
	Portfolio Turnover Rate		81%⁽²⁾	88%	60%	83%	75%

* 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, 2019

Janus Henderson Balanced Fund

Financial Highlights


Class S Shares
For a share outstanding during the year ended September 30			2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$35.20	$32.44	$28.99	$29.12	$31.09
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.55	0.46	0.48	0.43	0.50
		Net realized and unrealized gain/(loss)	1.82	3.87	3.88	1.21	(0.68)
	Total from Investment Operations		2.37	4.33	4.36	1.64	(0.18)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.55)	(0.46)	(0.56)	(0.44)	(0.48)
		Distributions (from capital gains)	(1.59)	(1.11)	(0.35)	(1.33)	(1.31)
	Total Dividends and Distributions		(2.14)	(1.57)	(0.91)	(1.77)	(1.79)
	Net Asset Value, End of Period		$35.43	$35.20	$32.44	$28.99	$29.12
	Total Return*		7.56%	13.67%	15.30%	5.68%	(0.71)%
	Net Assets, End of Period (in thousands)		$551,985	$589,812	$622,279	$657,563	$750,461
	Average Net Assets for the Period (in thousands)		$549,514	$610,278	$637,727	$706,818	$828,503
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.08%	1.07%	1.07%	1.09%	1.08%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.07%	1.07%	1.07%	1.08%	1.07%
		Ratio of Net Investment Income/(Loss)	1.64%	1.36%	1.57%	1.48%	1.63%
	Portfolio Turnover Rate		81%⁽²⁾	88%	60%	83%	75%


Class T Shares
For a share outstanding during the year ended September 30			2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$35.26	$32.49	$29.02	$29.15	$31.12
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.64	0.54	0.56	0.50	0.58
		Net realized and unrealized gain/(loss)	1.82	3.88	3.89	1.20	(0.69)
	Total from Investment Operations		2.46	4.42	4.45	1.70	(0.11)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.64)	(0.54)	(0.63)	(0.50)	(0.55)
		Distributions (from capital gains)	(1.59)	(1.11)	(0.35)	(1.33)	(1.31)
	Total Dividends and Distributions		(2.23)	(1.65)	(0.98)	(1.83)	(1.86)
	Net Asset Value, End of Period		$35.49	$35.26	$32.49	$29.02	$29.15
	Total Return*		7.82%	13.97%	15.62%	5.92%	(0.46)%
	Net Assets, End of Period (in thousands)		$5,813,161	$5,422,276	$4,736,612	$4,664,334	$4,734,896
	Average Net Assets for the Period (in thousands)		$5,475,178	$5,098,558	$4,654,904	$4,856,359	$4,872,456
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.83%	0.82%	0.83%	0.84%	0.83%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.82%	0.82%	0.82%	0.83%	0.82%
		Ratio of Net Investment Income/(Loss)	1.90%	1.61%	1.83%	1.74%	1.89%
	Portfolio Turnover Rate		81%⁽²⁾	88%	60%	83%	75%

* 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

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 47 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 accounting principles generally accepted in the United States of America).

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.


34	SEPTEMBER 30, 2019

Janus Henderson Balanced Fund

Notes to Financial Statements

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.

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.

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

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	35

Janus Henderson Balanced Fund

Notes to Financial Statements

an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

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

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


36	SEPTEMBER 30, 2019

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 Funds’ 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	37

Janus Henderson Balanced Fund

Notes to Financial Statements

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”). There is considerable uncertainty about how Brexit will be conducted, how negotiations of necessary treaties and trade agreements will conclude, or how financial markets will react.

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, 2019.

· 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 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 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


38	SEPTEMBER 30, 2019

Janus Henderson Balanced Fund

Notes to Financial Statements

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

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 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


Janus Investment Fund	39

Janus Henderson Balanced Fund

Notes to Financial Statements

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 until at least February 1, 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.


40	SEPTEMBER 30, 2019

Janus Henderson Balanced Fund

Notes to Financial Statements

Effective July 1, 2019, the Board of Trustees of Janus Investment Fund approved a new administrative fee rate for Class D Shares detailed in the table 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.

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.


Janus Investment Fund	41

Janus Henderson Balanced Fund

Notes to Financial Statements

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 $484,142 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended September 30, 2019. 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, 2019 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 “Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation” on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended September 30, 2019 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 $475,338 were paid by the Trust to the Trustees under the Deferred Plan during the year ended September 30, 2019.

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 as an “institutional” money market fund 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, 2019 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.

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, 2019, redeeming shareholders of Class A Shares paid CDSCs of $22,738 to Janus Henderson Distributors.


42	SEPTEMBER 30, 2019

Janus Henderson Balanced Fund

Notes to Financial Statements

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, 2019, the Fund engaged in cross trades amounting to $361,805,429 in purchases and $34,468,031 in sales, resulting in a net realized loss of $412,757. The net realized loss is included within the “Net Realized Gain/(Loss) on Investments” section of the Fund’s Statement of Operations.

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)
$ 54,956,663	$ 148,785,291	$ -	$ -	$ -	$ (415,680)	$3,929,274,442


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 14,303,035,565	$4,064,845,388	$(135,570,946)	$ 3,929,274,442


Janus Investment Fund	43

Janus Henderson Balanced Fund

Notes to Financial Statements


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	$ -	$ -


For the year ended September 30, 2018
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 232,344,680	$ 451,542,749	$ -	$ -



Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ 527,431,276	$ 9,064,399	$ (536,495,675)

Capital has been adjusted by $17,019,211, all of which is long-term capital gain, for distributions in connection with Fund share redemptions (tax equalization).


44	SEPTEMBER 30, 2019

Janus Henderson Balanced Fund

Notes to Financial Statements

5. Capital Share Transactions



	Year ended September 30, 2019		Year ended September 30, 2018
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	16,273,731	$ 546,664,019	7,711,873	$ 262,344,651
Reinvested dividends and distributions	1,279,011	40,621,372	685,030	22,698,836
Shares repurchased	(8,834,343)	(297,455,574)	(5,846,216)	(196,644,096)
Net Increase/(Decrease)	8,718,399	$ 289,829,817	2,550,687	$ 88,399,391
Class C Shares:
Shares sold	20,508,534	$ 682,788,094	11,914,884	$ 400,945,569
Reinvested dividends and distributions	2,666,974	83,192,013	1,463,080	47,959,330
Shares repurchased	(12,097,343)	(404,554,382)	(7,792,574)	(260,605,037)
Net Increase/(Decrease)	11,078,165	$ 361,425,725	5,585,390	$ 188,299,862
Class D Shares:
Shares sold	4,308,843	$ 145,313,079	4,027,607	$ 136,140,889
Reinvested dividends and distributions	3,502,200	111,225,665	2,380,330	79,049,288
Shares repurchased	(5,359,070)	(181,014,460)	(4,547,747)	(153,516,650)
Net Increase/(Decrease)	2,451,973	$ 75,524,284	1,860,190	$ 61,673,527
Class I Shares:
Shares sold	83,283,385	$ 2,799,350,771	42,715,098	$1,457,353,192
Reinvested dividends and distributions	6,424,417	205,281,317	2,828,037	94,126,294
Shares repurchased	(33,278,896)	(1,113,330,248)	(19,436,315)	(658,397,828)
Net Increase/(Decrease)	56,428,906	$ 1,891,301,840	26,106,820	$ 893,081,658
Class N Shares:
Shares sold	14,742,448	$ 497,826,442	12,069,205	$ 408,403,498
Reinvested dividends and distributions	4,735,435	148,864,551	3,367,860	111,853,805
Shares repurchased	(63,140,484)	(2,114,384,215)	(8,331,331)	(282,533,050)
Net Increase/(Decrease)	(43,662,601)	$(1,467,693,222)	7,105,734	$ 237,724,253
Class R Shares:
Shares sold	2,670,202	$ 89,136,212	1,805,672	$ 60,736,128
Reinvested dividends and distributions	622,703	19,521,398	426,954	14,042,797
Shares repurchased	(2,756,799)	(92,317,321)	(2,935,300)	(98,064,468)
Net Increase/(Decrease)	536,106	$ 16,340,289	(702,674)	$ (23,285,543)
Class S Shares:
Shares sold	3,341,925	$ 112,023,136	3,061,183	$ 103,174,114
Reinvested dividends and distributions	1,090,566	34,407,371	864,701	28,595,766
Shares repurchased	(5,609,009)	(188,568,694)	(6,353,867)	(213,604,578)
Net Increase/(Decrease)	(1,176,518)	$ (42,138,187)	(2,427,983)	$ (81,834,698)
Class T Shares:
Shares sold	36,126,617	$ 1,205,562,581	30,485,638	$1,030,049,011
Reinvested dividends and distributions	10,938,919	346,719,896	7,228,929	239,724,774
Shares repurchased	(37,069,284)	(1,238,027,254)	(29,722,726)	(1,002,845,404)
Net Increase/(Decrease)	9,996,252	$ 314,255,223	7,991,841	$ 266,928,381

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
$8,333,577,397	$4,895,839,759	$ 6,461,445,328	$ 6,770,726,338


Janus Investment Fund	45

Janus Henderson Balanced Fund

Notes to Financial Statements

7. Recent Accounting Pronouncements

8. Subsequent Event


46	SEPTEMBER 30, 2019

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, 2019, the related statement of operations for the year ended September 30, 2019, the statements of changes in net assets for each of the two years in the period ended September 30, 2019, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2019 (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, 2019, 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, 2019 and the financial highlights for each of the five years in the period ended September 30, 2019 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, 2019 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 15, 2019

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


Janus Investment Fund	47

Janus Henderson Balanced Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD

Renewal of Advisory and Sub-Advisory Agreements with Janus Capital and Janus Capital Affiliates during the Period


48	SEPTEMBER 30, 2019

Janus Henderson Balanced Fund

Additional Information (unaudited)

Nature, Extent and Quality of Services

Performance of the Funds

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the JIF Funds:

Alternative Fund

Asset Allocation Funds


Janus Investment Fund	49

Janus Henderson Balanced Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


50	SEPTEMBER 30, 2019

Janus Henderson Balanced Fund

Additional Information (unaudited)

ended May 31, 2018. 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 second Broadridge quartile for the 12 months ended May 31, 2018.


Janus Investment Fund	51

Janus Henderson Balanced Fund

Additional Information (unaudited)

Money Market Funds

Multi-Asset Funds

Multi-Asset U.S. Equity Funds


52	SEPTEMBER 30, 2019

Janus Henderson Balanced Fund

Additional Information (unaudited)

Quantitative Equity Funds

U.S. Equity Funds

Costs of Services Provided


Janus Investment Fund	53

Janus Henderson Balanced Fund

Additional Information (unaudited)


54	SEPTEMBER 30, 2019

Janus Henderson Balanced Fund

Additional Information (unaudited)

Alternative Fund

Asset Allocation Funds

Fixed-Income Funds


Janus Investment Fund	55

Janus Henderson Balanced Fund

Additional Information (unaudited)

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 Real Estate 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.

· For Janus Henderson Global Value 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


56	SEPTEMBER 30, 2019

Janus Henderson Balanced Fund

Additional Information (unaudited)

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 Contrarian Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· 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.

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

· For Janus Henderson Venture Fund, the 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.


Janus Investment Fund	57

Janus Henderson Balanced Fund

Additional Information (unaudited)

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 the Fund’s total expenses were below the peer group average for all share classes.


58	SEPTEMBER 30, 2019

Janus Henderson Balanced Fund

Additional Information (unaudited)

Economies of Scale

Other Benefits to Janus Capital


Janus Investment Fund	59

Janus Henderson Balanced Fund

Additional Information (unaudited)

Approval of an Amended and Restated Investment Advisory Agreement for Janus Henderson Small-Mid Cap Value Fund (formerly, Janus Henderson Select Value Fund)


60	SEPTEMBER 30, 2019

Janus Henderson Balanced Fund

Additional Information (unaudited)


Janus Investment Fund	61

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.


62	SEPTEMBER 30, 2019

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


Janus Investment Fund	63

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.


64	SEPTEMBER 30, 2019

Janus Henderson Balanced Fund

Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2019:



Capital Gain Distributions	$774,285,189
Dividends Received Deduction Percentage	55%
Qualified Dividend Income Percentage	58%


Janus Investment Fund	65

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.


66	SEPTEMBER 30, 2019

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	Managing Partner, Impact Investments, Athena Capital Advisors LLC (independent registered investment advisor) (since 2016). Formerly, 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).	58	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	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
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Trustee	1/13-Present	Principal, Curam Holdings (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).	58	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).


68	SEPTEMBER 30, 2019

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).	58	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	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
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).	58	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).	58	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).


70	SEPTEMBER 30, 2019

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.	58	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).
William D. Stewart 151 Detroit Street Denver, CO 80206 DOB: 1944	Trustee	6/84-Present	Retired. Formerly, President and founder of HPS Products and Corporate Vice President of MKS Instruments, Boulder, CO (a provider of advanced process control systems for the semiconductor industry) (1976-2012).	58	None


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
Diane L. Wallace 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	6/17-Present	Retired.	58	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, 2019

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).	58	Director of Chicago Community Trust (Regional Community Foundation), Chicago Council on Global Affairs, InnerWorkings (U.S. provider of print procurement solutions to corporate clients), Lurie Children’s Hospital (Chicago, IL), Shirley Ryan Ability Lab and Wrapports, LLC (digital communications company). Formerly, 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.
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.
Mayur Saigal 151 Detroit Street Denver, CO 80206 DOB: 1975	Executive Vice President and Co-Portfolio Manager Janus Henderson Balanced Fund	12/15-Present	Portfolio Manager for other Janus Henderson accounts.
Darrell Watters 151 Detroit Street Denver, CO 80206 DOB: 1963	Executive Vice President and Co-Portfolio Manager Janus Henderson Balanced Fund	12/15-Present	Head of U.S. Fundamental Fixed Income of Janus Henderson Investors and 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.


74	SEPTEMBER 30, 2019

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).
Susan K. Wold 151 Detroit Street Denver, CO 80206 DOB: 1960	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	9/17-Present	Head of Compliance, North America for Janus Henderson (since September 2017). Formerly, Vice President, Head of Global Corporate Compliance, and Chief Compliance Officer for Janus Capital Management LLC (May 2017-September 2017), Vice President, Compliance at Janus Capital Group Inc. and Janus Capital Management LLC (2005-2017).
* 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.
Kathryn L. Santoro 151 Detroit Street Denver, CO 80206 DOB: 1974	Vice President, Chief Legal Counsel, and Secretary	12/16-Present	Assistant General Counsel of Janus Capital (since 2016). Formerly, Vice President and Associate Counsel of Curian Capital, LLC and Curian Clearing LLC (2013-2016), and General Counsel and Secretary (2011-2012) and Vice President (2009-2012) of Old Mutual Capital, Inc.
* 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, 2019

Janus Henderson Balanced Fund

Notes

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 11-19



		ANNUAL REPORT September 30, 2019

	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

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’s Class I Shares returned 9.05% over the one-year period ended September 30, 2019. The Fund’s benchmark, the S&P 500^{^®} Index, returned 4.25%.

INVESTMENT ENVIRONMENT

The period began with a sense of nervousness as investors navigated a myriad of economic and political concerns. Fears of slowing global economic growth, U.S.-China trade relations, a potential policy misstep by the Federal Reserve (Fed) and the risk of a disorderly “Brexit” all played a role in heightened market volatility. Equities fell sharply at the end of 2018 and then rebounded in the early months of 2019. The recovery was driven in large part by the Fed, which pivoted its monetary policy, pausing rate hikes and indicating it would be more accommodative to sustain economic growth. Despite a resilient U.S. economy and continued consumer strength, the Fed responded to weaker manufacturing data and risks of slowing global growth with two interest rate cuts later in the period. Treasuries yields fell significantly over the period, and equity sectors tied to rates, such as utilities and real estate, performed best. Stocks tied to global trade and the strong U.S. dollar, such as energy, generally struggled. Many health care stocks also performed poorly as the 2020 U.S. presidential election and rhetoric around Medicare for All policies generated uncertainty.

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 significant 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. This period, we were pleased to see many holdings begin to show confirmation of their true earnings potential.

Two packaging companies, Ball Corp. and Crown Holdings, were among the largest contributors for the period. Ball Corp., a metal packaging company, has benefited from the sustainability of aluminum cans and secular demand for such environmentally friendly packaging. After multiple quarters of strong stock performance, we also believe the market is simply gaining appreciation for how industry consolidation is improving Ball’s competitive position and profitability.

Crown Holdings was another large contributor. The company has three business lines: beverage can packaging, food can packaging and transit packaging. Similar to Ball Corp., Crown has seen benefits from increased demand for sustainable packaging. We believe the stock will also continue to benefit from deleveraging post Crown’s acquisition of Signode in 2018.

PagSeguro Digital was another individual contributor to performance. The digital payment solutions company has gained strong traction in Brazil, which is an underpenetrated market for debit and credit card payments. Its solutions enable small businesses and micro-merchants to accept credit card payments which is playing a vital role in increasing electronic payments within the country. The company also saw a strong launch of its digital banking business, PagBank, which offers financial services via a smartphone app and is opening a new addressable market for the company.

While we were pleased with the results of many companies in the portfolio, other holdings disappointed. ICU Medical was a top detractor. The company supplies comprehensive IV delivery solutions that include IV pumps,


Janus Investment Fund	1

Janus Henderson Contrarian Fund (unaudited)

consumable bags and saline solution. Recently, some overcapacity in the IV solution market led ICU to close some of its production, leading to a decline in the stock price. We believe this action will help the IV solution market to stabilize, and we continue to like the strong competitive positioning of the company’s IV pump and consumables business. We continue to hold the position.

We exited positions in two other stocks that were large detractors during the period, Pacific Western Bank (PacWest) and technological manufacturer Flextronics, in order to redeploy capital into other more attractive investment opportunities. The negative impact from our position in Pacific Western Bank came early in the period, when bank stocks sold off broadly due to concerns about the global economy. Flextronics detracted due to a failed project with Nike, as well as the departure of the company’s CEO.

OUTLOOK

We expect geopolitical tensions to remain elevated. While we may reach a trade deal, we believe we are in a technology cold war, and technology supply chains will continue to separate between those that supply China and those that supply the West. We believe the economic uncertainty created by the trade war, combined with the beginning of the 2020 election cycle, will give corporate executives pause in thinking about spending on expansion projects. This in turn is likely to continue to hold global growth back.

Equities seem to be reasonably priced, particularly given the low interest rate backdrop. We will continue to monitor the strength of the U.S. consumer, which we expect to be the primary driver of future economic growth. Companies with misunderstood business models continue to comprise the core of our portfolio. Management execution is the key driver of performance for many of these stocks. As these management teams enhance operations, streamline corporate structures and/or focus on deleveraging initiatives, we believe these stocks will drive outperformance as the market comes to appreciate the intrinsic value of the business.

Thank you for your investment in the Janus Henderson Contrarian Fund.


2	SEPTEMBER 30, 2019

Janus Henderson Contrarian Fund (unaudited)

Fund At A Glance

September 30, 2019





	5 Top Performers - Holdings		5 Bottom Performers - Holdings
		Contribution		Contribution
	Ball Corp	1.71%	ICU Medical Inc	-1.04%
	PagSeguro Digital Ltd	1.65%	Flex Ltd	-0.79%
	Crown Holdings Inc	1.49%	PacWest Bancorp	-0.72%
	Anadarko Petroleum Corp	1.11%	TD Ameritrade Holding Corp	-0.51%
	L3Harris Technologies Inc	0.97%	Amneal Pharmaceuticals Inc	-0.42%

	5 Top Performers - Sectors*
		Fund	Fund Weighting	S&P 500 Index
		Contribution	(Average % of Equity)	Weighting
	Materials	4.48%	13.88%	2.66%
	Energy	2.53%	0.97%	5.24%
	Information Technology	2.14%	12.35%	21.00%
	Communication Services	0.51%	15.80%	10.23%
	Consumer Discretionary	0.33%	3.52%	10.09%

	5 Bottom Performers - Sectors*
		Fund	Fund Weighting	S&P 500 Index
		Contribution	(Average % of Equity)	Weighting
	Health Care	-1.21%	14.43%	14.55%
	Financials	-1.08%	19.81%	13.22%
	Consumer Staples	-0.87%	0.00%	7.32%
	Real Estate	-0.56%	0.01%	3.02%
	Industrials	-0.25%	12.04%	9.40%

	Security contribution to performance is measured by using an algorithm that multiplies the daily performance of each security with the previous day’s ending weight in the portfolio and is gross of advisory fees. Fixed income securities and certain equity securities, such as private placements and some share classes of equity securities, are excluded.
*	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, 2019


5 Largest Equity Holdings - (% of Net Assets)
Crown Holdings Inc
Containers & Packaging	5.7%
TD Ameritrade Holding Corp
Capital Markets	5.1%
L3Harris Technologies Inc
Aerospace & Defense	4.4%
GCI Liberty Inc
Media	4.1%
Vivendi SA
Entertainment	3.9%
	23.2%


Asset Allocation - (% of Net Assets)
Common Stocks	92.6%
Investment Companies	4.1%
Corporate Bonds	3.7%
Other		(0.4)%
		100.0%

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

As of September 30, 2019

As of September 30, 2018


4	SEPTEMBER 30, 2019

Janus Henderson Contrarian Fund (unaudited)

Performance

See important disclosures on the next page.




Average Annual Total Return - for the periods ended September 30, 2019					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	8.76%	5.34%	9.18%	7.11%	0.87%	0.87%
Class A Shares at MOP	2.50%	4.10%	8.53%	6.79%
Class C Shares at NAV	8.08%	4.59%	8.36%	6.31%	1.60%	1.60%
Class C Shares at CDSC	7.09%	4.59%	8.36%	6.31%
Class D Shares⁽¹⁾	8.99%	5.55%	9.40%	7.29%	0.65%	0.65%
Class I Shares	9.05%	5.62%	9.48%	7.25%	0.57%	0.57%
Class N Shares	9.16%	5.47%	9.31%	7.25%	0.50%	0.50%
Class R Shares	8.21%	4.87%	8.72%	6.64%	1.47%	1.42%
Class S Shares	8.52%	5.15%	9.01%	6.91%	1.04%	1.04%
Class T Shares	8.92%	5.47%	9.31%	7.25%	0.74%	0.74%
S&P 500 Index	4.25%	10.84%	13.24%	6.10%
Morningstar Quartile - Class T Shares	1st	3rd	4th	3rd
Morningstar Ranking - based on total returns for Mid-Cap Blend Funds	14/432	260/360	252/305	86/158

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 through February 1, 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.

(1) Closed to certain new investors.


6	SEPTEMBER 30, 2019

Janus Henderson Contrarian Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (4/1/19)	Ending Account Value (9/30/19)	Expenses Paid During Period (4/1/19 - 9/30/19)†	Beginning Account Value (4/1/19)	Ending Account Value (9/30/19)	Expenses Paid During Period (4/1/19 - 9/30/19)†	Net Annualized Expense Ratio (4/1/19 - 9/30/19)
Class A Shares		$1,000.00	$1,099.10	$5.16	$1,000.00	$1,020.16	$4.96	0.98%
Class C Shares		$1,000.00	$1,095.40	$8.56	$1,000.00	$1,016.90	$8.24	1.63%
Class D Shares		$1,000.00	$1,099.80	$3.95	$1,000.00	$1,021.31	$3.80	0.75%
Class I Shares		$1,000.00	$1,100.30	$3.63	$1,000.00	$1,021.61	$3.50	0.69%
Class N Shares		$1,000.00	$1,100.50	$3.26	$1,000.00	$1,021.96	$3.14	0.62%
Class R Shares		$1,000.00	$1,096.10	$7.99	$1,000.00	$1,017.45	$7.69	1.52%
Class S Shares		$1,000.00	$1,097.30	$6.52	$1,000.00	$1,018.85	$6.28	1.24%
Class T Shares		$1,000.00	$1,099.40	$4.42	$1,000.00	$1,020.86	$4.26	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 183/365 (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, 2019


Shares or Principal Amounts			Value
Corporate Bonds– 3.7%
Industrial Conglomerates – 3.7%
	General Electric Co, ICE LIBOR USD 3 Month + 3.3300%, 5.0000%^‡,µ(cost $103,625,531)	$112,675,000	$106,900,406
Common Stocks– 92.6%
Aerospace & Defense – 5.4%
	Axon Enterprise Inc*	529,992	30,092,946
	L3Harris Technologies Inc	605,188	126,266,424
			156,359,370
Banks – 4.2%
	Citigroup Inc	1,150,764	79,494,777
	Webster Financial Corp	904,620	42,399,539
			121,894,316
Biotechnology – 3.2%
	Insmed Inc*	2,240,547	39,523,249
	Neurocrine Biosciences Inc*	574,690	51,785,316
			91,308,565
Capital Markets – 11.2%
	Apollo Global Management Inc	2,984,344	112,867,890
	Intercontinental Exchange Inc	696,129	64,231,823
	TD Ameritrade Holding Corp	3,124,492	145,913,776
			323,013,489
Chemicals – 1.5%
	Air Products & Chemicals Inc	197,967	43,920,959
Construction Materials – 2.4%
	Summit Materials Inc*^,£	3,179,690	70,589,118
Containers & Packaging – 6.9%
	Ball Corp	449,985	32,763,408
	Crown Holdings Inc*	2,503,103	165,355,284
			198,118,692
Diversified Financial Services – 0.3%
	GTY Technology Holdings Inc*^,#	1,184,588	7,427,367
Entertainment – 10.4%
	Liberty Media Corp-Liberty Formula One*	2,464,565	102,501,258
	Vivendi SA	4,118,380	113,013,087
	Walt Disney Co	653,589	85,175,719
			300,690,064
Equity Real Estate Investment Trusts (REITs) – 1.4%
	VICI Properties Inc	1,749,580	39,627,987
Health Care Equipment & Supplies – 2.8%
	Globus Medical Inc*	579,473	29,622,660
	ICU Medical Inc*	312,025	49,799,190
			79,421,850
Hotels, Restaurants & Leisure – 2.0%
	Norwegian Cruise Line Holdings Ltd*	1,096,465	56,763,993
Independent Power and Renewable Electricity Producers – 5.1%
	NRG Energy Inc	1,784,768	70,676,813
	Vistra Energy Corp	2,873,384	76,805,554
			147,482,367
Industrial Conglomerates – 1.5%
	General Electric Co	4,795,883	42,875,194
Information Technology Services – 3.0%
	Pagseguro Digital Ltd*	1,895,112	87,762,637
Interactive Media & Services – 2.3%
	Alphabet Inc - Class C*	54,025	65,856,475
Leisure Products – 1.0%
	Hasbro Inc	243,120	28,855,913
Machinery – 6.1%
	Stanley Black & Decker Inc	577,768	83,435,477


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

8	SEPTEMBER 30, 2019

Janus Henderson Contrarian Fund

Schedule of Investments

September 30, 2019


Shares or Principal Amounts			Value
Common Stocks– (continued)
Machinery – (continued)
	Wabtec Corp	1,279,797	$91,966,212
			175,401,689
Media – 4.1%
	GCI Liberty Inc*	1,884,289	116,957,818
Metals & Mining – 3.2%
	Constellium NV*	5,204,894	66,154,203
	Freeport-McMoRan Inc	2,799,185	26,788,200
			92,942,403
Multi-Utilities – 3.1%
	Sempra Energy	602,436	88,925,578
Pharmaceuticals – 2.0%
	Allergan PLC	214,962	36,175,955
	Collegium Pharmaceutical Inc*^,£	1,818,594	20,877,459
			57,053,414
Semiconductor & Semiconductor Equipment – 3.6%
	Lam Research Corp	197,810	45,715,869
	Microchip Technology Inc	624,766	58,047,009
			103,762,878
Software – 1.1%
	Avalara Inc*	489,199	32,918,201
Technology Hardware, Storage & Peripherals – 2.0%
	NCR Corp*	1,782,078	56,242,382
Trading Companies & Distributors – 1.3%
	Ferguson PLC	530,256	38,745,641
Wireless Telecommunication Services – 1.5%
	T-Mobile US Inc*	544,261	42,871,439
Total Common Stocks (cost $2,371,294,611)			2,667,789,799
Investment Companies– 4.1%
Investments Purchased with Cash Collateral from Securities Lending – 0%
	Janus Henderson Cash Collateral Fund LLC, 1.7248%^ºº,£	334,750	334,750
Money Markets – 4.1%
	Janus Henderson Cash Liquidity Fund LLC, 2.0434%^ºº,£	118,196,467	118,196,467
Total Investment Companies (cost $118,531,217)			118,531,217
Total Investments (total cost $2,593,451,359) – 100.4%			2,893,221,422
Liabilities, net of Cash, Receivables and Other Assets – (0.4)%			(11,807,248)
Net Assets – 100%			$2,881,414,174


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

		% of
		Investment
Country	Value	Securities
United States	$2,626,291,495	90.8	%
France	113,013,087	3.9
Brazil	87,762,637	3.0
Netherlands	66,154,203	2.3



Total	$2,893,221,422	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, 2019

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income⁽¹⁾		Realized Gain/(Loss)⁽¹⁾		Change in Unrealized Appreciation/ Depreciation⁽¹⁾		Value at 9/30/19
Common Stocks - 0.7%
Construction Materials - N/A
	Summit Materials Inc^*,š	$	-	$	(10,375,141)	$	34,244,581	$	N/A
Health Care Providers & Services - N/A
	HLS Therapeutics Inc		73,974		2,157,000		(3,161,168)		-
Pharmaceuticals - 0.7%
	Collegium Pharmaceutical Inc^*		-		(601,886)		(3,396,185)		20,877,459
Total Common Stocks		$	73,974	$	(8,820,027)	$	27,687,228	$	20,877,459
Investment Companies - 4.1%
Investments Purchased with Cash Collateral from Securities Lending - 0.0%
	Janus Henderson Cash Collateral Fund LLC, 1.7248%^ºº		160,586^∆		-		-		334,750
Money Markets - 4.1%
	Janus Henderson Cash Liquidity Fund LLC, 2.0434%^ºº		1,601,726		3,300		-		118,196,467
Total Investment Companies		$	1,762,312	$	3,300	$	-	$	118,531,217
Total Affiliated Investments - 4.8%		$	1,836,286	$	(8,816,727)	$	27,687,228	$	139,408,676


		Share Balance at 9/30/18		Purchases		Sales		Share Balance at 9/30/19
Common Stocks - 0.7%
Construction Materials - N/A
	Summit Materials Inc^*,š		3,645,375		2,276,846		(2,742,531)		3,179,690
Health Care Providers & Services - N/A
	HLS Therapeutics Inc		1,935,741		1,935,741^Ð		(3,871,482)^Ð		-
Pharmaceuticals - 0.7%
	Collegium Pharmaceutical Inc^*		1,171,914		748,589		(101,909)		1,818,594
Investment Companies - 4.1%
Investments Purchased with Cash Collateral from Securities Lending - 0.0%
	Janus Henderson Cash Collateral Fund LLC, 1.7248%^ºº		3,301,625		466,622,339		(469,589,214)		334,750
Money Markets - 4.1%
	Janus Henderson Cash Liquidity Fund LLC, 2.0434%^ºº		59,674,290		1,068,887,786		(1,010,365,609)		118,196,467


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

10	SEPTEMBER 30, 2019

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
PLC	Public Limited Company


*	Non-income producing security.


‡	Variable or floating rate security. Rate shown is the current rate as of September 30, 2019. 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, 2019.


#	Loaned security; a portion of the security is on loan at September 30, 2019.


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


š	Company was no longer an affiliate as of September 30, 2019.


∆	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.


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, 2019. 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	$	-	$	106,900,406	$	-
Common Stocks		2,667,789,799		-		-
Investment Companies		-		118,531,217		-
Total Assets	$	2,667,789,799	$	225,431,623	$	-


Janus Investment Fund	11

Janus Henderson Contrarian Fund

Statement of Assets and Liabilities

September 30, 2019



Assets:
	Unaffiliated investments, at value⁽¹⁾⁽²⁾		$	2,753,812,746
	Affiliated investments, at value⁽³⁾			139,408,676
	Cash			472
	Non-interested Trustees' deferred compensation			74,263
	Receivables:
		Investments sold		24,068,183
		Fund shares sold		5,925,469
		Interest		1,658,826
		Dividends		1,119,081
		Foreign tax reclaims		312,366
		Dividends from affiliates		183,175
	Other assets			6,886
Total Assets				2,926,570,143
Liabilities:
	Collateral for securities loaned (Note 2)			334,750
	Payables:			—
		Investments purchased		41,667,521
		Advisory fees		1,355,002
		Fund shares repurchased		976,407
		Transfer agent fees and expenses		417,578
		Non-interested Trustees' deferred compensation fees		74,263
		Professional fees		60,867
		Non-interested Trustees' fees and expenses		18,512
		12b-1 Distribution and shareholder servicing fees		13,540
		Custodian fees		7,376
		Affiliated fund administration fees payable		5,949
		Accrued expenses and other payables		224,204
Total Liabilities				45,155,969
Net Assets			$	2,881,414,174


See Notes to Financial Statements.

12	SEPTEMBER 30, 2019

Janus Henderson Contrarian Fund

Statement of Assets and Liabilities

September 30, 2019




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	2,269,359,343
	Total distributable earnings (loss)		612,054,831
Total Net Assets		$	2,881,414,174
Net Assets - Class A Shares		$	20,125,613
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		930,561
Net Asset Value Per Share⁽⁴⁾		$	21.63
Maximum Offering Price Per Share⁽⁵⁾		$	22.95
Net Assets - Class C Shares		$	10,556,373
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		528,415
Net Asset Value Per Share⁽⁴⁾		$	19.98
Net Assets - Class D Shares		$	1,988,710,733
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		91,646,747
Net Asset Value Per Share		$	21.70
Net Assets - Class I Shares		$	90,753,813
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		4,176,106
Net Asset Value Per Share		$	21.73
Net Assets - Class N Shares		$	39,055,973
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,801,212
Net Asset Value Per Share		$	21.68
Net Assets - Class R Shares		$	779,644
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		37,344
Net Asset Value Per Share		$	20.88
Net Assets - Class S Shares		$	1,032,244
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		47,908
Net Asset Value Per Share		$	21.55
Net Assets - Class T Shares		$	730,399,781
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		33,690,814
Net Asset Value Per Share		$	21.68

(1) Includes cost of $2,448,840,846.

(2) Includes $317,240 of securities on loan. See Note 2 in Notes to Financial Statements.

(3) Includes cost of $144,610,513.

(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.

Janus Investment Fund	13

Janus Henderson Contrarian Fund

Statement of Operations

For the year ended September 30, 2019



Investment Income:
	Dividends		$	34,743,808
	Interest			3,463,861
	Dividends from affiliates			1,675,700
	Affiliated securities lending income, net			160,586
	Other income			1,096
	Foreign tax withheld			(372,728)
Total Investment Income				39,672,323
Expenses:
	Advisory fees			13,903,807
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		44,385
		Class C Shares		110,032
		Class R Shares		3,473
		Class S Shares		2,438
	Transfer agent administrative fees and expenses:
		Class D Shares		2,222,359
		Class R Shares		1,736
		Class S Shares		2,489
		Class T Shares		1,632,120
	Transfer agent networking and omnibus fees:
		Class A Shares		19,398
		Class C Shares		11,187
		Class I Shares		42,847
	Other transfer agent fees and expenses:
		Class A Shares		1,540
		Class C Shares		1,099
		Class D Shares		348,795
		Class I Shares		2,457
		Class N Shares		668
		Class R Shares		46
		Class S Shares		33
		Class T Shares		8,242
	Shareholder reports expense			386,963
	Registration fees			147,457
	Professional fees			98,205
	Non-interested Trustees’ fees and expenses			76,918
	Affiliated fund administration fees			62,015
	Custodian fees			31,740
	Other expenses			206,445
Total Expenses				19,368,894
Less: Excess Expense Reimbursement and Waivers				(85,427)
Net Expenses				19,283,467
Net Investment Income/(Loss)				20,388,856


See Notes to Financial Statements.

14	SEPTEMBER 30, 2019

Janus Henderson Contrarian Fund

Statement of Operations

For the year ended September 30, 2019



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	304,905,165
	Investments in affiliates		(8,816,727)
Total Net Realized Gain/(Loss) on Investments			296,088,438
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation		(117,032,138)
	Investments in affiliates		27,687,228
Total Change in Unrealized Net Appreciation/Depreciation			(89,344,910)
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	227,132,384


See Notes to Financial Statements.

Janus Investment Fund	15

Janus Henderson Contrarian Fund

Statements of Changes in Net Assets



			Year ended September 30, 2019		Year ended September 30, 2018

Operations:
	Net investment income/(loss)		$	20,388,856	$	13,077,645
	Net realized gain/(loss) on investments			296,088,438		199,980,809
	Change in unrealized net appreciation/depreciation			(89,344,910)		202,296,835
Net Increase/(Decrease) in Net Assets Resulting from Operations				227,132,384		415,355,289
Dividends and Distributions to Shareholders
		Class A Shares		(1,306,188)		(988,770)
		Class C Shares		(921,287)		(1,846,338)
		Class D Shares		(130,044,636)		(136,146,535)
		Class I Shares		(3,674,159)		(4,829,794)
		Class N Shares		(1,825,989)		(1,833,679)
		Class R Shares		(48,055)		(50,300)
		Class S Shares		(69,577)		(245,468)
		Class T Shares		(45,148,251)		(48,816,373)
Net Decrease from Dividends and Distributions to Shareholders				(183,038,142)		(194,757,257)
Capital Share Transactions:
		Class A Shares		4,639,832		(773,296)
		Class C Shares		(7,795,100)		(9,770,402)
		Class D Shares		30,574,375		(55,211,917)
		Class I Shares		35,268,978		(25,520,409)
		Class N Shares		11,502,731		5,120,393
		Class R Shares		86,405		(115,254)
		Class S Shares		(12,857)		(3,080,689)
		Class T Shares		43,924,102		(51,022,860)
Net Increase/(Decrease) from Capital Share Transactions				118,188,466		(140,374,434)
Net Increase/(Decrease) in Net Assets				162,282,708		80,223,598
Net Assets:
	Beginning of period			2,719,131,466		2,638,907,868
	End of period		$	2,881,414,174	$	2,719,131,466


See Notes to Financial Statements.

16	SEPTEMBER 30, 2019

Janus Henderson Contrarian Fund

Financial Highlights


Class A Shares
For a share outstanding during the year ended September 30			2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$21.61	$19.92	$18.53	$18.56	$23.11
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.12	0.06	0.05	0.07	0.05
		Net realized and unrealized gain/(loss)	1.36	3.10	2.02	0.43	(2.26)
	Total from Investment Operations		1.48	3.16	2.07	0.50	(2.21)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.04)	—	—⁽²⁾	(0.03)	(0.06)
		Distributions (from capital gains)	(1.42)	(1.47)	(0.68)	(0.50)	(2.28)
	Total Dividends and Distributions		(1.46)	(1.47)	(0.68)	(0.53)	(2.34)
	Net Asset Value, End of Period		$21.63	$21.61	$19.92	$18.53	$18.56
	Total Return*		8.76%	16.89%	11.24%	2.77%	(10.76)%
	Net Assets, End of Period (in thousands)		$20,126	$14,940	$14,557	$53,928	$102,425
	Average Net Assets for the Period (in thousands)		$17,754	$13,854	$30,749	$73,939	$114,845
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.94%	0.87%	0.82%	0.90%	1.13%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.94%	0.87%	0.82%	0.90%	1.13%
		Ratio of Net Investment Income/(Loss)	0.58%	0.31%	0.25%	0.37%	0.21%
	Portfolio Turnover Rate		76%	59%	116%	51%	70%


Class C Shares
For a share outstanding during the year ended September 30			2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$20.16	$18.80	$17.64	$17.79	$22.34
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.02)	(0.07)	(0.10)	(0.06)	(0.11)
		Net realized and unrealized gain/(loss)	1.26	2.90	1.94	0.41	(2.16)
	Total from Investment Operations		1.24	2.83	1.84	0.35	(2.27)
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—
		Distributions (from capital gains)	(1.42)	(1.47)	(0.68)	(0.50)	(2.28)
	Total Dividends and Distributions		(1.42)	(1.47)	(0.68)	(0.50)	(2.28)
	Net Asset Value, End of Period		$19.98	$20.16	$18.80	$17.64	$17.79
	Total Return*		8.08%	16.10%	10.46%	2.02%	(11.44)%
	Net Assets, End of Period (in thousands)		$10,556	$19,126	$27,507	$47,112	$77,497
	Average Net Assets for the Period (in thousands)		$12,089	$21,999	$35,731	$58,609	$86,160
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.58%	1.56%	1.53%	1.62%	1.89%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.58%	1.56%	1.53%	1.62%	1.89%
		Ratio of Net Investment Income/(Loss)	(0.10)%	(0.38)%	(0.54)%	(0.36)%	(0.54)%
	Portfolio Turnover Rate		76%	59%	116%	51%	70%

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

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

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

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


See Notes to Financial Statements.

Janus Investment Fund	17

Janus Henderson Contrarian Fund

Financial Highlights


Class D Shares
For a share outstanding during the year ended September 30			2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$21.65	$19.97	$18.60	$18.64	$23.18
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.16	0.11	0.06	0.10	0.08
		Net realized and unrealized gain/(loss)	1.37	3.11	2.06	0.44	(2.27)
	Total from Investment Operations		1.53	3.22	2.12	0.54	(2.19)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.06)	(0.07)	(0.07)	(0.08)	(0.07)
		Distributions (from capital gains)	(1.42)	(1.47)	(0.68)	(0.50)	(2.28)
	Total Dividends and Distributions		(1.48)	(1.54)	(0.75)	(0.58)	(2.35)
	Net Asset Value, End of Period		$21.70	$21.65	$19.97	$18.60	$18.64
	Total Return*		8.99%	17.20%	11.43%	2.98%	(10.63)%
	Net Assets, End of Period (in thousands)		$1,988,711	$1,925,749	$1,824,343	$1,830,310	$1,976,590
	Average Net Assets for the Period (in thousands)		$1,855,826	$1,841,765	$1,882,932	$1,856,945	$2,354,562
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.71%	0.65%	0.64%	0.70%	0.95%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.71%	0.65%	0.64%	0.70%	0.95%
		Ratio of Net Investment Income/(Loss)	0.80%	0.53%	0.33%	0.56%	0.35%
	Portfolio Turnover Rate		76%	59%	116%	51%	70%


Class I Shares
For a share outstanding during the year ended September 30			2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$21.68	$19.99	$18.61	$18.64	$23.20
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.17	0.12	0.07	0.11	0.10
		Net realized and unrealized gain/(loss)	1.37	3.12	2.07	0.44	(2.28)
	Total from Investment Operations		1.54	3.24	2.14	0.55	(2.18)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.07)	(0.08)	(0.08)	(0.08)	(0.10)
		Distributions (from capital gains)	(1.42)	(1.47)	(0.68)	(0.50)	(2.28)
	Total Dividends and Distributions		(1.49)	(1.55)	(0.76)	(0.58)	(2.38)
	Net Asset Value, End of Period		$21.73	$21.68	$19.99	$18.61	$18.64
	Total Return*		9.05%	17.29%	11.54%	3.05%	(10.60)%
	Net Assets, End of Period (in thousands)		$90,754	$54,348	$75,603	$93,875	$248,586
	Average Net Assets for the Period (in thousands)		$59,058	$58,166	$104,290	$144,380	$382,723
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.65%	0.57%	0.56%	0.63%	0.86%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.65%	0.57%	0.56%	0.63%	0.86%
		Ratio of Net Investment Income/(Loss)	0.85%	0.60%	0.37%	0.61%	0.44%
	Portfolio Turnover Rate		76%	59%	116%	51%	70%

* 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, 2019

Janus Henderson Contrarian Fund

Financial Highlights


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


Class R Shares
For a share outstanding during the year ended September 30			2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$20.97	$19.47	$18.19	$18.27	$22.81
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.01	(0.05)	(0.04)	—⁽³⁾	(0.05)
		Net realized and unrealized gain/(loss)	1.32	3.02	2.00	0.42	(2.21)
	Total from Investment Operations		1.33	2.97	1.96	0.42	(2.26)
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—
		Distributions (from capital gains)	(1.42)	(1.47)	(0.68)	(0.50)	(2.28)
	Total Dividends and Distributions		(1.42)	(1.47)	(0.68)	(0.50)	(2.28)
	Net Asset Value, End of Period		$20.88	$20.97	$19.47	$18.19	$18.27
	Total Return*		8.21%	16.26%	10.81%	2.36%	(11.13)%
	Net Assets, End of Period (in thousands)		$780	$676	$740	$1,058	$1,592
	Average Net Assets for the Period (in thousands)		$695	$667	$974	$1,191	$2,031
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.74%	1.47%	1.23%	1.27%	1.54%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.48%	1.41%	1.23%	1.27%	1.54%
		Ratio of Net Investment Income/(Loss)	0.04%	(0.24)%	(0.21)%	0.00%⁽⁴⁾	(0.23)%
	Portfolio Turnover Rate		76%	59%	116%	51%	70%

* 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.

Janus Investment Fund	19

Janus Henderson Contrarian Fund

Financial Highlights


Class S Shares
For a share outstanding during the year ended September 30			2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$21.53	$19.89	$18.53	$18.55	$23.09
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.07	0.02	—⁽²⁾	0.04	—⁽²⁾
		Net realized and unrealized gain/(loss)	1.37	3.09	2.04	0.44	(2.25)
	Total from Investment Operations		1.44	3.11	2.04	0.48	(2.25)
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	(0.01)
		Distributions (from capital gains)	(1.42)	(1.47)	(0.68)	(0.50)	(2.28)
	Total Dividends and Distributions		(1.42)	(1.47)	(0.68)	(0.50)	(2.29)
	Net Asset Value, End of Period		$21.55	$21.53	$19.89	$18.53	$18.55
	Total Return*		8.52%	16.65%	11.05%	2.65%	(10.92)%
	Net Assets, End of Period (in thousands)		$1,032	$1,033	$3,842	$4,052	$4,578
	Average Net Assets for the Period (in thousands)		$996	$3,068	$3,920	$4,208	$6,905
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.35%	1.04%	0.98%	1.04%	1.29%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.18%	1.03%	0.97%	1.03%	1.28%
		Ratio of Net Investment Income/(Loss)	0.33%	0.10%	0.00%⁽³⁾	0.22%	0.01%
	Portfolio Turnover Rate		76%	59%	116%	51%	70%


Class T Shares
For a share outstanding during the year ended September 30			2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$21.63	$19.95	$18.58	$18.62	$23.15
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.14	0.09	0.05	0.09	0.06
		Net realized and unrealized gain/(loss)	1.38	3.11	2.05	0.43	(2.26)
	Total from Investment Operations		1.52	3.20	2.10	0.52	(2.20)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.05)	(0.05)	(0.05)	(0.06)	(0.05)
		Distributions (from capital gains)	(1.42)	(1.47)	(0.68)	(0.50)	(2.28)
	Total Dividends and Distributions		(1.47)	(1.52)	(0.73)	(0.56)	(2.33)
	Net Asset Value, End of Period		$21.68	$21.63	$19.95	$18.58	$18.62
	Total Return*		8.92%	17.11%	11.35%	2.87%	(10.68)%
	Net Assets, End of Period (in thousands)		$730,400	$676,452	$672,788	$754,333	$940,738
	Average Net Assets for the Period (in thousands)		$652,848	$656,674	$741,874	$814,169	$1,252,238
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.81%	0.74%	0.73%	0.79%	1.04%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.79%	0.73%	0.72%	0.77%	1.02%
		Ratio of Net Investment Income/(Loss)	0.72%	0.44%	0.26%	0.48%	0.27%
	Portfolio Turnover Rate		76%	59%	116%	51%	70%

* 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.

20	SEPTEMBER 30, 2019

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 47 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.

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


Janus Investment Fund	21

Janus Henderson Contrarian Fund

Notes to Financial Statements

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

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.


22	SEPTEMBER 30, 2019

Janus Henderson Contrarian 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.

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


Janus Investment Fund	23

Janus Henderson Contrarian Fund

Notes to Financial Statements

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. Other Investments and Strategies

Additional Investment Risk


24	SEPTEMBER 30, 2019

Janus Henderson Contrarian Fund

Notes to Financial Statements

EU (commonly known as “Brexit”). There is considerable uncertainty about how Brexit will be conducted, how negotiations of necessary treaties and trade agreements will conclude, or how financial markets will react.

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.

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 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

Deutsche Bank AG		$	317,240	$	—	$	(317,240)	$	—

(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.

Deutsche Bank AG 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 custodian functions in accordance with the Agency Securities Lending and Repurchase 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,


Janus Investment Fund	25

Janus Henderson Contrarian Fund

Notes to Financial Statements

repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the SEC. See “Securities Lending” in the “Notes to Financial Statements” for additional information.

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. Deutsche Bank AG 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 custodian functions in accordance with the Agency Securities Lending and Repurchase Agreement. The Fund may lend portfolio 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.

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 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, 2019, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $317,240. Gross amounts of recognized liabilities for securities lending (collateral received) as of September 30, 2019 is $334,750, resulting in the net amount due to the counterparty of $17,510.


26	SEPTEMBER 30, 2019

Janus Henderson Contrarian Fund

Notes to Financial Statements

3. Investment Advisory Agreements and Other Transactions with Affiliates

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.

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 until at least February 1, 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	27

Janus Henderson Contrarian Fund

Notes to Financial Statements

Effective July 1, 2019, the Board of Trustees of Janus Investment Fund approved a new administrative fee rate for Class D Shares detailed in the table 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, 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.


28	SEPTEMBER 30, 2019

Janus Henderson Contrarian Fund

Notes to Financial Statements

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 $484,142 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended September 30, 2019. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.


Janus Investment Fund	29

Janus Henderson Contrarian Fund

Notes to Financial Statements

As of September 30, 2019, 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	73		1
Class R Shares	-		-
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)
$ 55,536,642	$ 258,637,268	$ -	$ -	$ -	$ (66,463)	$297,947,384


30	SEPTEMBER 30, 2019

Janus Henderson Contrarian Fund

Notes to Financial Statements


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 2,595,274,038	$375,888,614	$(77,941,230)	$ 297,947,384


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	$ -	$ -


For the year ended September 30, 2018
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 27,021,173	$ 167,736,084	$ -	$ -



Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ 3,835,804	$ (1,512,102)	$ (2,323,702)

Capital has been adjusted by $3,835,803, including $3,157,748 of long-term capital gain, for distributions in connection with Fund share redemptions (tax equalization).


Janus Investment Fund	31

Janus Henderson Contrarian Fund

Notes to Financial Statements

5. Capital Share Transactions



	Year ended September 30, 2019		Year ended September 30, 2018
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	413,666	$ 8,224,490	163,878	$ 3,339,177
Reinvested dividends and distributions	67,958	1,146,458	43,596	825,705
Shares repurchased	(242,468)	(4,731,116)	(246,836)	(4,938,178)
Net Increase/(Decrease)	239,156	$ 4,639,832	(39,362)	$ (773,296)
Class C Shares:
Shares sold	58,945	$ 1,020,053	43,992	$ 818,406
Reinvested dividends and distributions	44,462	696,277	86,158	1,530,158
Shares repurchased	(523,727)	(9,511,430)	(644,770)	(12,118,966)
Net Increase/(Decrease)	(420,320)	$ (7,795,100)	(514,620)	$ (9,770,402)
Class D Shares:
Shares sold	2,847,325	$ 56,818,834	1,863,725	$ 37,760,019
Reinvested dividends and distributions	7,467,962	126,208,562	6,992,332	132,434,739
Shares repurchased	(7,634,054)	(152,453,021)	(11,244,335)	(225,406,675)
Net Increase/(Decrease)	2,681,233	$ 30,574,375	(2,388,278)	$(55,211,917)
Class I Shares:
Shares sold	2,600,734	$ 53,968,075	775,122	$ 15,663,396
Reinvested dividends and distributions	169,932	2,873,546	211,245	4,003,084
Shares repurchased	(1,101,908)	(21,572,643)	(2,260,733)	(45,186,889)
Net Increase/(Decrease)	1,668,758	$ 35,268,978	(1,274,366)	$(25,520,409)
Class N Shares:
Shares sold	674,798	$ 14,173,891	468,821	$ 9,399,345
Reinvested dividends and distributions	107,622	1,814,499	97,020	1,833,679
Shares repurchased	(220,534)	(4,485,659)	(304,865)	(6,112,631)
Net Increase/(Decrease)	561,886	$ 11,502,731	260,976	$ 5,120,393
Class R Shares:
Shares sold	8,085	$ 148,586	4,582	$ 88,787
Reinvested dividends and distributions	2,862	46,801	2,658	49,098
Shares repurchased	(5,830)	(108,982)	(13,008)	(253,139)
Net Increase/(Decrease)	5,117	$ 86,405	(5,768)	$ (115,254)
Class S Shares:
Shares sold	5,525	$ 109,528	13,013	$ 266,206
Reinvested dividends and distributions	4,132	69,577	12,981	245,468
Shares repurchased	(9,728)	(191,962)	(171,192)	(3,592,363)
Net Increase/(Decrease)	(71)	$ (12,857)	(145,198)	$ (3,080,689)
Class T Shares:
Shares sold	5,035,479	$103,383,425	2,400,717	$ 48,704,842
Reinvested dividends and distributions	2,619,366	44,241,090	2,517,400	47,679,561
Shares repurchased	(5,237,969)	(103,700,413)	(7,361,090)	(147,407,263)
Net Increase/(Decrease)	2,416,876	$ 43,924,102	(2,442,973)	$(51,022,860)


32	SEPTEMBER 30, 2019

Janus Henderson Contrarian Fund

Notes to Financial Statements

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
$1,958,775,989	$2,047,570,025	$ -	$ -

7. Recent Accounting Pronouncements

8. Subsequent Event


Janus Investment Fund	33

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, 2019, the related statement of operations for the year ended September 30, 2019, the statements of changes in net assets for each of the two years in the period ended September 30, 2019, 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, 2019, 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, 2019 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, 2019 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 15, 2019

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


34	SEPTEMBER 30, 2019

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD

Renewal of Advisory and Sub-Advisory Agreements with Janus Capital and Janus Capital Affiliates during the Period


Janus Investment Fund	35

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Nature, Extent and Quality of Services

Performance of the Funds

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the JIF Funds:

Alternative Fund

Asset Allocation Funds


36	SEPTEMBER 30, 2019

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


Janus Investment Fund	37

Janus Henderson Contrarian Fund

Additional Information (unaudited)

ended May 31, 2018. 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 second Broadridge quartile for the 12 months ended May 31, 2018.


38	SEPTEMBER 30, 2019

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Money Market Funds

Multi-Asset Funds

Multi-Asset U.S. Equity Funds


Janus Investment Fund	39

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Quantitative Equity Funds

U.S. Equity Funds

Costs of Services Provided


40	SEPTEMBER 30, 2019

Janus Henderson Contrarian Fund

Additional Information (unaudited)


Janus Investment Fund	41

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Alternative Fund

Asset Allocation Funds

Fixed-Income Funds


42	SEPTEMBER 30, 2019

Janus Henderson Contrarian Fund

Additional Information (unaudited)

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 Real Estate 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.

· For Janus Henderson Global Value 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


Janus Investment Fund	43

Janus Henderson Contrarian Fund

Additional Information (unaudited)

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 Contrarian Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· 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.

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

· For Janus Henderson Venture Fund, the 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.


44	SEPTEMBER 30, 2019

Janus Henderson Contrarian Fund

Additional Information (unaudited)

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 the Fund’s total expenses were below the peer group average for all share classes.


Janus Investment Fund	45

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Economies of Scale

Other Benefits to Janus Capital


46	SEPTEMBER 30, 2019

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Approval of an Amended and Restated Investment Advisory Agreement for Janus Henderson Small-Mid Cap Value Fund (formerly, Janus Henderson Select Value Fund)


Janus Investment Fund	47

Janus Henderson Contrarian Fund

Additional Information (unaudited)


48	SEPTEMBER 30, 2019

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.


Janus Investment Fund	49

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


50	SEPTEMBER 30, 2019

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.


Janus Investment Fund	51

Janus Henderson Contrarian Fund

Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2019:



Capital Gain Distributions	$96,426,022
Dividends Received Deduction Percentage	53%
Qualified Dividend Income Percentage	54%


52	SEPTEMBER 30, 2019

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.


Janus Investment Fund	53

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	Managing Partner, Impact Investments, Athena Capital Advisors LLC (independent registered investment advisor) (since 2016). Formerly, 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).	58	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).


54	SEPTEMBER 30, 2019

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 (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).	58	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	55

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).	58	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).


56	SEPTEMBER 30, 2019

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).	58	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).	58	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	57

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.	58	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).
William D. Stewart 151 Detroit Street Denver, CO 80206 DOB: 1944	Trustee	6/84-Present	Retired. Formerly, President and founder of HPS Products and Corporate Vice President of MKS Instruments, Boulder, CO (a provider of advanced process control systems for the semiconductor industry) (1976-2012).	58	None


58	SEPTEMBER 30, 2019

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
Diane L. Wallace 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	6/17-Present	Retired.	58	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	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
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).	58	Director of Chicago Community Trust (Regional Community Foundation), Chicago Council on Global Affairs, InnerWorkings (U.S. provider of print procurement solutions to corporate clients), Lurie Children’s Hospital (Chicago, IL), Shirley Ryan Ability Lab and Wrapports, LLC (digital communications company). Formerly, Director of Walmart (until 2017), Director of Chicago Convention & Tourism Bureau (until 2014) and The Field Museum of Natural History (Chicago, IL) (until 2014).


60	SEPTEMBER 30, 2019

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. Formerly, Associate Portfolio Manager at Thornburg Investment Management (2012-2013).
* 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	61

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).
Susan K. Wold 151 Detroit Street Denver, CO 80206 DOB: 1960	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	9/17-Present	Head of Compliance, North America for Janus Henderson (since September 2017). Formerly, Vice President, Head of Global Corporate Compliance, and Chief Compliance Officer for Janus Capital Management LLC (May 2017-September 2017), Vice President, Compliance at Janus Capital Group Inc. and Janus Capital Management LLC (2005-2017).
* 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.


62	SEPTEMBER 30, 2019

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.
Kathryn L. Santoro 151 Detroit Street Denver, CO 80206 DOB: 1974	Vice President, Chief Legal Counsel, and Secretary	12/16-Present	Assistant General Counsel of Janus Capital (since 2016). Formerly, Vice President and Associate Counsel of Curian Capital, LLC and Curian Clearing LLC (2013-2016), and General Counsel and Secretary (2011-2012) and Vice President (2009-2012) of Old Mutual Capital, Inc.
* 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 Contrarian Fund

Notes

NotesPage1


64	SEPTEMBER 30, 2019

Janus Henderson Contrarian 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
							125-02-93038 11-19



		ANNUAL REPORT September 30, 2019

	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

Janus Henderson Emerging Markets Fund (unaudited)

FUND SNAPSHOT

The Janus Henderson Emerging Markets Fund seeks strong, risk-adjusted returns by looking to identify the most compelling opportunities within countries across various stages of economic and political development. By seeking to combine bottom-up, fundamental research; top-down macro analysis; and a keen focus on governance and quantitative input; the investment team aims to create high-conviction portfolios of reasonably valued, high-quality companies.

Daniel J. Graña

Portfolio manager

PERFORMANCE

The Janus Henderson Emerging Markets Fund underperformed its benchmark, the MSCI Emerging Markets Index^SM, for the 12-month period ending September 30, 2019. The Fund’s I shares returned -4.48%, compared with a -2.02% return for the index.

INVESTMENT ENVIRONMENT

Global markets gained slightly during the 12-month period. Appetite for risk and enthusiasm for the emerging-market asset class increased during the period. We are mindful that there are a number of fault lines opening up across the region as well as globally, and that liquidity alone cannot solve these issues. In spite of speculative fervor running high, we ended the period with a number of economic indicators signifying that the global economy is plateauing and suggesting that investors should brace for continued market volatility. External shocks such as Brexit, the 2020 presidential campaign and the U.S.-China trade war impacted sentiment over the period and could present additional headwinds.

PERFORMANCE DISCUSSION

During the 12-month period, exposure to India detracted most at the regional level. Indian telecom company Vodafone Idea was the Fund’s top detractor at the stock level, as the tech service sector came under scrutiny when an American multinational IT services company issued disappointing results. Cipla, a major generic drug maker in India, also produced weak returns. Compania Cervecerias Unidas, a Chilean diversified-beverages company, and Shoprite Holdings, a food retailer and wholesaler operating in South Africa, also detracted from performance.

The Fund’s Brazilian exposure contributed to performance, with Duratex, a company that manufactures and sells reconstituted wood panels and laminated floors as well as bathroom fixtures and fittings, aiding returns, as well as Banco Bradesco, a Brazilian private-sector bank. The Fund benefited from rising commodity prices with its holdings in Australia-based gold-mining company Newcrest Mining, the biggest contributor to the Fund’s performance.

OUTLOOK

There is considerable investment appetite for loss, creating “unicorns” and initial public offerings (IPOs) in both Asian and broader global equity markets. Such conditions can be a breeding ground for increased investment risk over a sensible time-horizon. It also suggests that it is a time for caution.

We see a number of risks across the region within banking systems, that loose monetary policy may not be able to fix. Against a policy backdrop that has been focused on deleveraging, there is a risk of large and cash-rich private corporations being required to perform “national service” rather than focus on profitable growth and returning profits to shareholders. Signs of stress are becoming more visible, yet valuations in many parts of our universe do not appear to reflect this. Outside of Asia, particularly in Africa, valuations look more reasonable, as long as one is prepared to take a long-term view. We believe that as headwinds abate, many good-quality African businesses should return to growth and current valuations don’t appear to reflect this.


Janus Investment Fund	1

Janus Henderson Emerging Markets Fund (unaudited)

Fund At A Glance

September 30, 2019





	5 Top Performers - Holdings		5 Bottom Performers - Holdings
		Contribution		Contribution
	Newcrest Mining Ltd	2.28%	Vodafone Idea Ltd	-0.97%
	Duratex SA	0.77%	Cipla Ltd	-0.82%
	Banco Bradesco SA	0.54%	Shoprite Holdings Ltd	-0.79%
	Merida Industry Co Ltd	0.50%	Grasim Industries Ltd	-0.74%
	China Resources Beer Holdings Co Ltd	0.46%	Cia Cervecerias Unidas SA (ADR)	-0.51%

	5 Top Performers - Sectors*
		Fund	Fund Weighting	MSCI Emerging Markets Index
		Contribution	(Average % of Equity)	Weighting
	Materials	2.72%	10.15%	7.44%
	Utilities	0.33%	4.17%	2.65%
	Other**	0.28%	5.48%	0.00%
	Information Technology	-0.10%	10.01%	14.46%
	Industrials	-0.24%	5.17%	5.40%

	5 Bottom Performers - Sectors*
		Fund	Fund Weighting	MSCI Emerging Markets Index
		Contribution	(Average % of Equity)	Weighting
	Consumer Staples	-1.06%	39.02%	6.61%
	Financials	-1.02%	14.11%	24.63%
	Communication Services	-0.67%	0.93%	12.82%
	Consumer Discretionary	-0.43%	6.12%	12.23%
	Real Estate	-0.28%	0.03%	2.99%

	Security contribution to performance is measured by using an algorithm that multiplies the daily performance of each security with the previous day’s ending weight in the portfolio and is gross of advisory fees. Fixed income securities and certain equity securities, such as private placements and some share classes of equity securities, are excluded.
*	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.


2	SEPTEMBER 30, 2019

Janus Henderson Emerging Markets Fund (unaudited)

Fund At A Glance

September 30, 2019


5 Largest Equity Holdings - (% of Net Assets)
Tencent Holdings Ltd
Interactive Media & Services	6.7%
Samsung Electronics Co Ltd
Technology Hardware, Storage & Peripherals	5.7%
Alibaba Group Holding Ltd (ADR)
Internet & Direct Marketing Retail	5.6%
Taiwan Semiconductor Manufacturing Co Ltd
Semiconductor & Semiconductor Equipment	5.3%
Ping An Insurance Group Co of China Ltd
Insurance	3.3%
	26.6%


Asset Allocation - (% of Net Assets)
Common Stocks	91.6%
Investment Companies	4.1%
Preferred Stocks	1.1%
Other		3.2%
		100.0%

Emerging markets comprised 83.6% of total net assets.

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

As of September 30, 2019

As of September 30, 2018


Janus Investment Fund	3

Janus Henderson Emerging Markets Fund (unaudited)

Performance

See important disclosures on the next page.




Average Annual Total Return - for the periods ended September 30, 2019				Expense Ratios
	One Year	Five Year	Since Inception*	Total Annual Fund Operating Expenses^‡	Net Annual Fund Operating Expenses^‡
Class A Shares at NAV	-4.66%	0.40%	-0.44%	1.52%	1.33%
Class A Shares at MOP	-10.16%	-0.78%	-1.11%
Class C Shares at NAV	-5.48%	-0.36%	-1.19%	2.29%	2.10%
Class C Shares at CDSC	-6.41%	-0.36%	-1.19%
Class D Shares⁽¹⁾	-4.59%	0.45%	-0.44%	1.39%	1.17%
Class I Shares	-4.48%	0.65%	-0.19%	1.27%	1.10%
Class N Shares	-4.43%	0.63%	-0.33%	1.21%	1.04%
Class S Shares	-4.49%	0.26%	-0.70%	1.86%	1.54%
Class T Shares	-4.66%	0.39%	-0.51%	1.46%	1.29%
MSCI Emerging Markets Index	-2.02%	2.33%	0.88%
Morningstar Quartile - Class I Shares	4th	3rd	4th
Morningstar Ranking - based on total returns for Diversified Emerging Markets Funds	736/852	495/663	325/408

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 through February 1, 2020.


4	SEPTEMBER 30, 2019

Janus Henderson Emerging Markets Fund (unaudited)

Performance

has different risks. Please see the prospectus for more information about risks, holdings and other details.

The Fund will normally invest at least 80% of its net assets, measured at the time of purchase, in the type of securities described by its name.

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 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 on or about April 19, 2019, Glen Finegan is removed and Stephen Deane is added as Co-Portfolio Manager of the Fund.

Effective on or about September 16, 2019, Stephen Deane and Michael Cahoon are removed as Co-Portfolio Managers, and Daniel Graña is Portfolio Manager of the Fund.

*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.

(1) Closed to certain new investors.


Janus Investment Fund	5

Janus Henderson Emerging Markets Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (4/1/19)	Ending Account Value (9/30/19)	Expenses Paid During Period (4/1/19 - 9/30/19)†	Beginning Account Value (4/1/19)	Ending Account Value (9/30/19)	Expenses Paid During Period (4/1/19 - 9/30/19)†	Net Annualized Expense Ratio (4/1/19 - 9/30/19)
Class A Shares		$1,000.00	$949.90	$5.72	$1,000.00	$1,019.20	$5.92	1.17%
Class C Shares		$1,000.00	$945.00	$9.95	$1,000.00	$1,014.84	$10.30	2.04%
Class D Shares		$1,000.00	$949.20	$5.47	$1,000.00	$1,019.45	$5.67	1.12%
Class I Shares		$1,000.00	$950.20	$5.43	$1,000.00	$1,019.50	$5.62	1.11%
Class N Shares		$1,000.00	$950.30	$4.69	$1,000.00	$1,020.26	$4.86	0.96%
Class S Shares		$1,000.00	$949.40	$3.62	$1,000.00	$1,021.36	$3.75	0.74%
Class T Shares		$1,000.00	$950.20	$5.92	$1,000.00	$1,019.00	$6.12	1.21%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/365 (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.


6	SEPTEMBER 30, 2019

Janus Henderson Emerging Markets Fund

Schedule of Investments

September 30, 2019


Shares			Value
Common Stocks– 91.6%
Automobiles – 1.2%
	Maruti Suzuki India Ltd	9,439	$894,571
Banks – 7.2%
	Abu Dhabi Commercial Bank PJSC	442,712	947,429
	Banco Bradesco SA	110,540	831,458
	Bank Tabungan Pensiunan Nasional Syariah Tbk PT*	3,405,100	791,884
	Commercial International Bank Egypt SAE	385,133	1,773,537
	HDFC Bank Ltd	55,429	960,134
			5,304,442
Beverages – 4.7%
	Fomento Economico Mexicano SAB de CV (ADR)	14,572	1,334,504
	Guinness Nigeria PLC	1,453,938	136,305
	Heineken Holding NV	19,540	1,945,269
			3,416,078
Building Products – 0.9%
	China Lesso Group Holdings Ltd	686,000	649,457
Chemicals – 0.9%
	UPL Ltd	75,453	643,085
Commercial Services & Supplies – 2.8%
	A-Living Services Co Ltd (144A)	328,500	757,803
	Sunny Friend Environmental Technology Co Ltd	150,000	1,310,402
			2,068,205
Construction & Engineering – 1.9%
	Samsung Engineering Co Ltd*	44,115	619,676
	Wijaya Karya Persero Tbk PT	5,589,400	758,252
			1,377,928
Construction Materials – 0.8%
	Grasim Industries Ltd	54,464	561,155
Containers & Packaging – 0%
	Nampak Ltd*	60,691	38,048
Diversified Consumer Services – 1.0%
	Fu Shou Yuan International Group Ltd	855,000	756,000
Diversified Financial Services – 1.4%
	Chailease Holding Co Ltd	265,000	1,067,043
Electrical Equipment – 1.8%
	KEI Industries Ltd	103,927	796,964
	Voltronic Power Technology Corp	27,000	555,607
			1,352,571
Entertainment – 1.1%
	NetEase Inc (ADR)	2,910	774,584
Food & Staples Retailing – 4.5%
	CP ALL PCL (NVDR)	371,900	988,125
	Jeronimo Martins SGPS SA	45,627	769,732
	Shoprite Holdings Ltd	92,648	750,609
	X5 Retail Group NV (GDR) (REG)	22,013	770,015
			3,278,481
Hotels, Restaurants & Leisure – 0.8%
	Sands China Ltd	132,400	599,706
Household Durables – 1.2%
	Haier Smart Home Co Ltd	421,195	902,649
Information Technology Services – 2.8%
	Infosys Ltd	121,845	1,385,304
	Pagseguro Digital Ltd*	14,205	657,833
			2,043,137
Insurance – 5.7%
	AIA Group Ltd	81,200	767,191
	IRB Brasil Resseguros S/A	105,394	955,360
	Ping An Insurance Group Co of China Ltd	213,500	2,453,037
			4,175,588


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

Janus Investment Fund	7

Janus Henderson Emerging Markets Fund

Schedule of Investments

September 30, 2019


Shares			Value
Common Stocks– (continued)
Interactive Media & Services – 8.0%
	Tencent Holdings Ltd	117,500	$4,950,367
	Yandex NV*	25,365	888,029
			5,838,396
Internet & Direct Marketing Retail – 8.8%
	Alibaba Group Holding Ltd (ADR)*	24,441	4,087,268
	MercadoLibre Inc*	1,146	631,710
	Naspers Ltd	11,309	1,714,597
			6,433,575
Machinery – 2.1%
	China Conch Venture Holdings Ltd	210,500	778,884
	Zhengzhou Yutong Bus Co Ltd	383,734	747,118
			1,526,002
Metals & Mining – 0.9%
	Ivanhoe Mines Ltd*	242,821	630,561
Multiline Retail – 1.3%
	Poya International Co Ltd	65,000	922,951
Oil, Gas & Consumable Fuels – 6.4%
	CNOOC Ltd	722,000	1,101,770
	Geopark Ltd*	40,342	742,696
	LUKOIL PJSC (ADR)	18,204	1,506,199
	Petroleo Brasileiro SA (ADR)	93,814	1,357,489
			4,708,154
Personal Products – 4.3%
	LG Household & Health Care Ltd	1,256	1,372,568
	Unilever PLC	29,573	1,777,717
			3,150,285
Pharmaceuticals – 0.7%
	Mega Lifesciences PCL	527,200	538,751
Real Estate Management & Development – 2.0%
	Ayala Land Inc	903,700	862,535
	Logan Property Holdings Co Ltd	420,000	598,048
			1,460,583
Semiconductor & Semiconductor Equipment – 7.6%
	MediaTek Inc	64,000	758,803
	Sino-American Silicon Products Inc	369,000	976,645
	Taiwan Semiconductor Manufacturing Co Ltd	440,000	3,853,532
			5,588,980
Specialty Retail – 1.1%
	Wilcon Depot Inc	2,500,300	796,274
Technology Hardware, Storage & Peripherals – 5.7%
	Samsung Electronics Co Ltd	102,693	4,211,615
Thrifts & Mortgage Finance – 1.8%
	Housing Development Finance Corp Ltd	48,689	1,358,437
Wireless Telecommunication Services – 0.2%
	Safaricom PLC	593,774	157,386
Total Common Stocks (cost $64,511,500)			67,224,678
Preferred Stocks– 1.1%
Electric Utilities – 1.1%
	Cia Paranaense de Energia	64,529	770,540
Oil, Gas & Consumable Fuels – 0%
	International Petroleum Ltd^¢	955,965	0
Total Preferred Stocks (cost $1,005,209)			770,540


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

8	SEPTEMBER 30, 2019

Janus Henderson Emerging Markets Fund

Schedule of Investments

September 30, 2019


Shares			Value
Investment Companies– 4.1%
Money Markets – 4.1%
	Fidelity Investments Money Market Treasury Portfolio, 1.8200%^ºº(cost $3,015,331)	3,015,331	$3,015,331
Total Investments (total cost $68,532,040) – 96.8%			71,010,549
Cash, Receivables and Other Assets, net of Liabilities – 3.2%			2,351,502
Net Assets – 100%			$73,362,051


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

		% of
		Investment
Country	Value	Securities
China	$18,556,985	26.1	%
Taiwan	9,444,983	13.3
India	6,599,650	9.3
South Korea	6,203,859	8.7
Brazil	5,204,390	7.3
Russia	3,164,243	4.5
United States	3,015,331	4.3
South Africa	2,503,254	3.5
Netherlands	1,945,269	2.7
United Kingdom	1,777,717	2.5
Egypt	1,773,537	2.5
Philippines	1,658,809	2.3
Indonesia	1,550,136	2.2
Thailand	1,526,876	2.2
Hong Kong	1,366,897	1.9
Mexico	1,334,504	1.9
United Arab Emirates	947,429	1.3
Portugal	769,732	1.1
Chile	742,696	1.1
Canada	630,561	0.9
Kenya	157,386	0.2
Nigeria	136,305	0.2



Total	$71,010,549	100.0	%


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, 2019

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 9/30/19
Common Stocks - N/A
Wireless Telecommunication Services - N/A
	Vodafone Idea Ltd	$	-	$	(2,932,212)	$	1,711,977	$	-


		Share Balance at 9/30/18		Purchases		Sales		Share Balance at 9/30/19
Common Stocks - N/A
Wireless Telecommunication Services - N/A
	Vodafone Idea Ltd		2,185,834		8,586,420^Ð		(10,772,254)^Ð		-


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

10	SEPTEMBER 30, 2019

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
NVDR	Non-Voting Depositary Receipt
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, 2019.


¢	Security is valued using significant unobservable inputs.


Ð	All or a portion is the result of a corporate action.


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, 2019. 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
Commercial Services & Supplies	$	757,803	$	1,310,402	$	-
Diversified Financial Services		-		1,067,043		-
Electrical Equipment		796,964		555,607		-
Household Durables		-		902,649		-
Machinery		778,884		747,118		-
Multiline Retail		-		922,951		-
Pharmaceuticals		-		538,751		-
Semiconductor & Semiconductor Equipment		-		5,588,980		-
All Other		53,257,526		-		-
Preferred Stocks		-		770,540		0
Investment Companies		3,015,331		-		-
Total Assets	$	58,606,508	$	12,404,041	$	0


Janus Investment Fund	11

Janus Henderson Emerging Markets Fund

Statement of Assets and Liabilities

September 30, 2019

See footnotes at the end of the Statement.



Assets:
	Investments, at value⁽¹⁾		$	71,010,549
	Cash denominated in foreign currency⁽²⁾			2,560,510
	Non-interested Trustees' deferred compensation			1,895
	Receivables:
		Investments sold		3,725,394
		Dividends		179,937
		Foreign tax reclaims		160,505
		Fund shares sold		116,117
	Other assets			12,898
Total Assets				77,767,805
Liabilities:
	Payables:			—
		Investments purchased		4,155,318
		Fund shares repurchased		76,350
		Professional fees		58,044
		Custodian fees		46,589
		Transfer agent fees and expenses		12,481
		12b-1 Distribution and shareholder servicing fees		3,962
		Advisory fees		3,324
		Non-interested Trustees' deferred compensation fees		1,895
		Non-interested Trustees' fees and expenses		829
		Affiliated fund administration fees payable		159
		Accrued expenses and other payables		46,803
Total Liabilities				4,405,754
Net Assets			$	73,362,051


See Notes to Financial Statements.

12	SEPTEMBER 30, 2019

Janus Henderson Emerging Markets Fund

Statement of Assets and Liabilities

September 30, 2019




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	81,136,264
	Total distributable earnings (loss)⁽³⁾		(7,774,213)
Total Net Assets		$	73,362,051
Net Assets - Class A Shares		$	4,858,922
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		557,417
Net Asset Value Per Share⁽⁴⁾		$	8.72
Maximum Offering Price Per Share⁽⁵⁾		$	9.25
Net Assets - Class C Shares		$	3,432,015
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		407,587
Net Asset Value Per Share⁽⁴⁾		$	8.42
Net Assets - Class D Shares		$	10,956,693
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,247,304
Net Asset Value Per Share		$	8.78
Net Assets - Class I Shares		$	34,499,164
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,929,065
Net Asset Value Per Share		$	8.78
Net Assets - Class N Shares		$	16,530,762
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,880,730
Net Asset Value Per Share		$	8.79
Net Assets - Class S Shares		$	76,569
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		8,694
Net Asset Value Per Share		$	8.81
Net Assets - Class T Shares		$	3,007,926
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		342,697
Net Asset Value Per Share		$	8.78

(1) Includes cost of $68,532,040.

(2) Includes cost of $2,560,510.

(3) Includes $157,135 of foreign capital gains tax on investments.

(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.

Janus Investment Fund	13

Janus Henderson Emerging Markets Fund

Statement of Operations

For the year ended September 30, 2019

See footnotes at the end of the Statement.



Investment Income:
	Dividends		$	3,557,859
	Interest			29,108
	Other income			78,550
	Foreign tax withheld			(425,691)
Total Investment Income				3,239,826
Expenses:
	Advisory fees			1,232,554
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		22,210
		Class C Shares		45,578
		Class S Shares		1,108
	Transfer agent administrative fees and expenses:
		Class D Shares		14,776
		Class S Shares		1,219
		Class T Shares		10,114
	Transfer agent networking and omnibus fees:
		Class A Shares		5,483
		Class C Shares		3,652
		Class I Shares		46,461
	Other transfer agent fees and expenses:
		Class A Shares		1,044
		Class C Shares		556
		Class D Shares		5,961
		Class I Shares		4,450
		Class N Shares		919
		Class S Shares		18
		Class T Shares		131
	Professional fees			123,322
	Registration fees			120,908
	Custodian fees			116,296
	Non-affiliated fund administration fees			75,419
	Shareholder reports expense			44,260
	Non-interested Trustees’ fees and expenses			3,560
	Affiliated fund administration fees			2,846
	Other expenses			25,217
Total Expenses				1,908,062
Less: Excess Expense Reimbursement and Waivers				(462,646)
Net Expenses				1,445,416
Net Investment Income/(Loss)				1,794,410


See Notes to Financial Statements.

14	SEPTEMBER 30, 2019

Janus Henderson Emerging Markets Fund

Statement of Operations

For the year ended September 30, 2019



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions⁽¹⁾	$	(7,185,672)
	Investments in affiliates		(2,932,212)
	Net payments from affiliates (Note 3)		228,182
Total Net Realized Gain/(Loss) on Investments			(9,889,702)
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation⁽²⁾		1,199,963
	Investments in affiliates		1,711,977
Total Change in Unrealized Net Appreciation/Depreciation			2,911,940
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	(5,183,352)

(1) Includes realized foreign capital gains tax on investments of $(178,063).

(2) Includes change in unrealized appreciation/depreciation of $273,603 due to foreign capital gains tax on investments.


See Notes to Financial Statements.

Janus Investment Fund	15

Janus Henderson Emerging Markets Fund

Statements of Changes in Net Assets



			Year ended September 30, 2019		Year ended September 30, 2018

Operations:
	Net investment income/(loss)		$	1,794,410	$	2,146,633
	Net realized gain/(loss) on investments			(9,889,702)		4,021,591
	Change in unrealized net appreciation/depreciation			2,911,940		(17,308,273)
Net Increase/(Decrease) in Net Assets Resulting from Operations				(5,183,352)		(11,140,049)
Dividends and Distributions to Shareholders
		Class A Shares		(457,330)		(459,832)
		Class C Shares		(116,611)		(200,053)
		Class D Shares		(428,310)		(475,263)
		Class I Shares		(2,922,779)		(3,741,499)
		Class N Shares		(815,126)		(902,442)
		Class S Shares		(13,840)		(9,313)
		Class T Shares		(146,144)		(237,676)
Net Decrease from Dividends and Distributions to Shareholders				(4,900,140)		(6,026,078)
Capital Share Transactions:
		Class A Shares		(10,008,606)		1,667,423
		Class C Shares		(2,184,824)		(2,358,097)
		Class D Shares		(1,182,282)		(1,628,266)
		Class I Shares		(66,839,075)		5,040,165
		Class N Shares		(7,083,972)		(13,936,642)
		Class S Shares		(1,596,508)		1,685,020
		Class T Shares		(1,543,913)		(2,295,108)
Net Increase/(Decrease) from Capital Share Transactions				(90,439,180)		(11,825,505)
Net Increase/(Decrease) in Net Assets				(100,522,672)		(28,991,632)
Net Assets:
	Beginning of period			173,884,723		202,876,355
	End of period		$	73,362,051	$	173,884,723


See Notes to Financial Statements.

16	SEPTEMBER 30, 2019

Janus Henderson Emerging Markets Fund

Financial Highlights


Class A Shares
For a share outstanding during the year or period ended September 30			2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$9.48	$10.36	$10.19
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.10	0.10	0.04
		Net realized and unrealized gain/(loss)	(0.55)	(0.67)	0.13
	Total from Investment Operations		(0.45)	(0.57)	0.17
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.13)	(0.10)	—
		Distributions (from capital gains)	(0.18)	(0.21)	—
	Total Dividends and Distributions		(0.31)	(0.31)	—
	Net Asset Value, End of Period		$8.72	$9.48	$10.36
	Total Return*		(4.66)%⁽³⁾	(5.80)%	1.67%
	Net Assets, End of Period (in thousands)		$4,859	$15,771	$15,562
	Average Net Assets for the Period (in thousands)		$8,932	$16,103	$15,471
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.65%	1.51%	1.75%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.30%	1.33%	1.46%
		Ratio of Net Investment Income/(Loss)	1.11%	0.93%	2.18%
	Portfolio Turnover Rate		68%	26%	2%


Class C Shares
For a share outstanding during the year or period ended September 30			2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$9.12	$9.98	$9.83
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.05	0.01	0.02
		Net realized and unrealized gain/(loss)	(0.55)	(0.65)	0.13
	Total from Investment Operations		(0.50)	(0.64)	0.15
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.02)	(0.01)	—
		Distributions (from capital gains)	(0.18)	(0.21)	—
	Total Dividends and Distributions		(0.20)	(0.22)	—
	Net Asset Value, End of Period		$8.42	$9.12	$9.98
	Total Return*		(5.38)%⁽⁴⁾	(6.59)%	1.53%
	Net Assets, End of Period (in thousands)		$3,432	$5,985	$9,017
	Average Net Assets for the Period (in thousands)		$4,604	$8,442	$8,877
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.54%	2.26%	2.65%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.11%	2.07%	2.35%
		Ratio of Net Investment Income/(Loss)	0.56%	0.11%	1.29%
	Portfolio Turnover Rate		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)%. Please see Note 3 in the Notes to the Financial Statements.

(4) Total return without the effect of affiliated payments would have been (5.61)%. Please see Note 3 in the Notes to the Financial Statements.


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 ended July 31			2017	2016	2015
	Net Asset Value, Beginning of Period		$9.10	$8.60	$9.82
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.10	0.13	0.02
		Net realized and unrealized gain/(loss)	1.05	0.39	(1.24)
	Total from Investment Operations		1.15	0.52	(1.22)
	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	$8.60
	Total Return*		12.80%	6.07%	(12.42)%
	Net Assets, End of Period (in thousands)		$15,124	$6,510	$8,272
	Average Net Assets for the Period (in thousands)		$12,523	$5,958	$8,108
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.76%	2.36%⁽²⁾	2.13%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.54%	1.79%	1.79%
		Ratio of Net Investment Income/(Loss)	1.05%	1.64%	0.21%
	Portfolio Turnover Rate		32%	86%	148%


Class C Shares
For a share outstanding during the year ended July 31			2017	2016	2015
	Net Asset Value, Beginning of Period		$8.79	$8.35	$9.61
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.03	0.06	(0.06)
		Net realized and unrealized gain/(loss)	1.02	0.38	(1.20)
	Total from Investment Operations		1.05	0.44	(1.26)
	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	$8.35
	Total Return*		12.03%	5.27%	(13.11)%
	Net Assets, End of Period (in thousands)		$8,530	$3,553	$3,049
	Average Net Assets for the Period (in thousands)		$6,219	$3,028	$3,471
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.53%	3.16%⁽²⁾	2.90%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.29%	2.54%	2.54%
		Ratio of Net Investment Income/(Loss)	0.37%	0.70%	(0.62)%
	Portfolio Turnover Rate		32%	86%	148%

* 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.

18	SEPTEMBER 30, 2019

Janus Henderson Emerging Markets Fund

Financial Highlights


Class D Shares
For a share outstanding during the year or period ended September 30			2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$9.53	$10.41	$10.24
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.14	0.11	0.04
		Net realized and unrealized gain/(loss)	(0.59)	(0.67)	0.13
	Total from Investment Operations		(0.45)	(0.56)	0.17
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.12)	(0.11)	—
		Distributions (from capital gains)	(0.18)	(0.21)	—
	Total Dividends and Distributions		(0.30)	(0.32)	—
	Net Asset Value, End of Period		$8.78	$9.53	$10.41
	Total Return*		(4.59)%⁽³⁾	(5.64)%	1.66%
	Net Assets, End of Period (in thousands)		$10,957	$13,104	$16,053
	Average Net Assets for the Period (in thousands)		$12,337	$15,607	$16,501
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.80%	1.38%	1.80%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.19%	1.15%	1.46%
		Ratio of Net Investment Income/(Loss)	1.51%	1.08%	2.18%
	Portfolio Turnover Rate		68%	26%	2%


Class I Shares
For a share outstanding during the year or period ended September 30			2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$9.52	$10.42	$10.24
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.14	0.12	0.04
		Net realized and unrealized gain/(loss)	(0.57)	(0.69)	0.14
	Total from Investment Operations		(0.43)	(0.57)	0.18
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.13)	(0.12)	—
		Distributions (from capital gains)	(0.18)	(0.21)	—
	Total Dividends and Distributions		(0.31)	(0.33)	—
	Net Asset Value, End of Period		$8.78	$9.52	$10.42
	Total Return*		(4.38)%⁽⁴⁾	(5.72)%	1.76%
	Net Assets, End of Period (in thousands)		$34,499	$107,276	$112,952
	Average Net Assets for the Period (in thousands)		$71,330	$119,036	$110,859
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.45%	1.26%	1.49%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.13%	1.09%	1.20%
		Ratio of Net Investment Income/(Loss)	1.49%	1.17%	2.42%
	Portfolio Turnover Rate		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)%. Please see Note 3 in the Notes to the Financial Statements.

(4) Total return without the effect of affiliated payments would have been (4.61)%. Please see Note 3 in the Notes to the Financial Statements.


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 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	2015
	Net Asset Value, Beginning of Period		$9.13	$8.63	$9.86
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.15	0.13	0.03
		Net realized and unrealized gain/(loss)	1.03	0.42	(1.25)
	Total from Investment Operations		1.18	0.55	(1.22)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.07)	(0.05)	(0.01)
	Total Dividends and Distributions		(0.07)	(0.05)	(0.01)
	Net Asset Value, End of Period		$10.24	$9.13	$8.63
	Total Return*		13.15%	6.41%	(12.34)%
	Net Assets, End of Period (in thousands)		$107,513	$36,815	$12,652
	Average Net Assets for the Period (in thousands)		$62,396	$21,242	$15,071
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.46%	2.09%⁽³⁾	1.85%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.27%	1.54%	1.54%
		Ratio of Net Investment Income/(Loss)	1.63%	1.52%	0.37%
	Portfolio Turnover Rate		32%	86%	148%

* 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.

20	SEPTEMBER 30, 2019

Janus Henderson Emerging Markets Fund

Financial Highlights


Class N Shares
For a share outstanding during the year or period ended September 30			2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$9.53	$10.42	$10.24
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.15	0.12	0.05
		Net realized and unrealized gain/(loss)	(0.57)	(0.68)	0.13
	Total from Investment Operations		(0.42)	(0.56)	0.18
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.14)	(0.12)	—
		Distributions (from capital gains)	(0.18)	(0.21)	—
	Total Dividends and Distributions		(0.32)	(0.33)	—
	Net Asset Value, End of Period		$8.79	$9.53	$10.42
	Total Return*		(4.33)%⁽³⁾	(5.63)%	1.76%
	Net Assets, End of Period (in thousands)		$16,531	$25,134	$41,206
	Average Net Assets for the Period (in thousands)		$21,520	$29,832	$41,394
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.41%	1.20%	1.35%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.03%	1.03%	1.05%
		Ratio of Net Investment Income/(Loss)	1.65%	1.15%	2.59%
	Portfolio Turnover Rate		68%	26%	2%


Class S Shares
For a share outstanding during the year or period ended September 30			2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$9.51	$10.41	$10.23
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.08	0.13	0.04
		Net realized and unrealized gain/(loss)	(0.52)	(0.73)	0.14
	Total from Investment Operations		(0.44)	(0.60)	0.18
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.08)	(0.09)	—
		Distributions (from capital gains)	(0.18)	(0.21)	—
	Total Dividends and Distributions		(0.26)	(0.30)	—
	Net Asset Value, End of Period		$8.81	$9.51	$10.41
	Total Return*		(4.49)%⁽⁴⁾	(5.98)%	1.76%
	Net Assets, End of Period (in thousands)		$77	$1,753	$316
	Average Net Assets for the Period (in thousands)		$488	$1,189	$311
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.25%	1.85%	1.91%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.18%	1.47%	1.51%
		Ratio of Net Investment Income/(Loss)	0.89%	1.28%	2.11%
	Portfolio Turnover Rate		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)%. Please see Note 3 in the Notes to the Financial Statements.

(4) Total return without the effect of affiliated payments would have been (4.72)%. Please see Note 3 in the Notes to the Financial Statements.


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 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.

22	SEPTEMBER 30, 2019

Janus Henderson Emerging Markets Fund

Financial Highlights


Class T Shares
For a share outstanding during the year or period ended September 30			2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$9.52	$10.42	$10.24
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.13	0.10	0.04
		Net realized and unrealized gain/(loss)	(0.57)	(0.68)	0.14
	Total from Investment Operations		(0.44)	(0.58)	0.18
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.12)	(0.11)	—
		Distributions (from capital gains)	(0.18)	(0.21)	—
	Total Dividends and Distributions		(0.30)	(0.32)	—
	Net Asset Value, End of Period		$8.78	$9.52	$10.42
	Total Return*		(4.56)%⁽³⁾	(5.86)%	1.76%
	Net Assets, End of Period (in thousands)		$3,008	$4,862	$7,770
	Average Net Assets for the Period (in thousands)		$4,046	$7,275	$7,786
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.73%	1.45%	1.62%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.27%	1.26%	1.30%
		Ratio of Net Investment Income/(Loss)	1.41%	0.93%	2.34%
	Portfolio Turnover Rate		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)%. Please see Note 3 in the Notes to the Financial Statements.


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 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.

24	SEPTEMBER 30, 2019

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 47 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 last 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.


Janus Investment Fund	25

Janus Henderson Emerging Markets Fund

Notes to Financial Statements

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

Investment Valuation

Valuation Inputs Summary


26	SEPTEMBER 30, 2019

Janus Henderson Emerging Markets Fund

Notes to Financial Statements

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.

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, 2019.

Investment Transactions and Investment Income

Expenses

Estimates


Janus Investment Fund	27

Janus Henderson Emerging Markets Fund

Notes to Financial Statements

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

Foreign Currency Translations

Dividends and Distributions

Federal Income Taxes

2. Other Investments and Strategies

Additional Investment Risk


28	SEPTEMBER 30, 2019

Janus Henderson Emerging Markets 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 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”). There is considerable uncertainty about how Brexit will be conducted, how negotiations of necessary treaties and trade agreements will conclude, or how financial markets will react.

Emerging Market 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 Investment Fund	29

Janus Henderson Emerging Markets Fund

Notes to Financial Statements

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 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 until at least February 1, 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.

Effective July 1, 2019, the Board of Trustees of Janus Investment Fund approved a new administrative fee rate for Class D Shares detailed in the table 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.


30	SEPTEMBER 30, 2019

Janus Henderson Emerging Markets Fund

Notes to Financial Statements

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	31

Janus Henderson Emerging Markets Fund

Notes to Financial Statements

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, 2019, redeeming shareholders of Class A Shares paid CDSCs of $66 to Janus Henderson Distributors.

As of September 30, 2019, 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		21
Class S Shares	-		-
Class T Shares	-		-

During the period ended September 30, 2019, Janus Capital made a contribution to the Fund to cover broker commission fees related to registration of foreign securities. The impact of the contribution on total return was 0.23%.

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)
$ 1,148,914	$ -	$ (11,164,035)	$ -	$ -	$ (11,862)	$ 2,252,770


32	SEPTEMBER 30, 2019

Janus Henderson Emerging Markets Fund

Notes to Financial Statements



Capital Loss Carryover Schedule
For the year ended September 30, 2019
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$(4,568,355)	$(6,595,680)	$ (11,164,035)


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 68,914,914	$ 4,632,620	$ (2,536,985)	$ 2,095,635

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from accounting principles generally accepted in the United States of America. 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, 2019
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 2,008,793	$ 2,891,347	$ -	$ -


For the year ended September 30, 2018
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 2,216,228	$ 3,809,850	$ -	$ -



Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ -	$ (250,043)	$ 250,043


Janus Investment Fund	33

Janus Henderson Emerging Markets Fund

Notes to Financial Statements

5. Capital Share Transactions



	Year ended September 30, 2019		Year ended September 30, 2018
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	117,396	$ 1,066,661	383,787	$ 3,936,588
Reinvested dividends and distributions	53,031	456,598	43,786	459,318
Shares repurchased	(1,277,310)	(11,531,865)	(264,893)	(2,728,483)
Net Increase/(Decrease)	(1,106,883)	$(10,008,606)	162,680	$ 1,667,423
Class C Shares:
Shares sold	68,357	$ 581,489	101,326	$ 1,045,988
Reinvested dividends and distributions	13,874	115,990	19,689	200,042
Shares repurchased	(330,948)	(2,882,303)	(368,078)	(3,604,127)
Net Increase/(Decrease)	(248,717)	$ (2,184,824)	(247,063)	$ (2,358,097)
Class D Shares:
Shares sold	299,067	$ 2,738,295	442,991	$ 4,710,846
Reinvested dividends and distributions	48,819	422,774	44,501	468,597
Shares repurchased	(476,175)	(4,343,351)	(653,294)	(6,807,709)
Net Increase/(Decrease)	(128,289)	$ (1,182,282)	(165,802)	$ (1,628,266)
Class I Shares:
Shares sold	2,864,218	$ 26,094,612	3,088,473	$ 32,124,711
Reinvested dividends and distributions	337,015	2,915,180	355,623	3,741,158
Shares repurchased	(10,535,869)	(95,848,867)	(3,022,589)	(30,825,704)
Net Increase/(Decrease)	(7,334,636)	$(66,839,075)	421,507	$ 5,040,165
Class N Shares:
Shares sold	74,824	$ 684,311	173,321	$ 1,842,762
Reinvested dividends and distributions	94,125	815,126	85,702	902,442
Shares repurchased	(925,237)	(8,583,409)	(1,576,603)	(16,681,846)
Net Increase/(Decrease)	(756,288)	$ (7,083,972)	(1,317,580)	$(13,936,642)
Class S Shares:
Shares sold	5,649	$ 51,820	177,508	$ 1,919,126
Reinvested dividends and distributions	1,596	13,840	884	9,313
Shares repurchased	(182,908)	(1,662,168)	(24,410)	(243,419)
Net Increase/(Decrease)	(175,663)	$ (1,596,508)	153,982	$ 1,685,020
Class T Shares:
Shares sold	33,594	$ 299,757	220,044	$ 2,320,877
Reinvested dividends and distributions	16,876	146,144	22,535	237,294
Shares repurchased	(218,637)	(1,989,814)	(477,618)	(4,853,279)
Net Increase/(Decrease)	(168,167)	$ (1,543,913)	(235,039)	$ (2,295,108)


34	SEPTEMBER 30, 2019

Janus Henderson Emerging Markets Fund

Notes to Financial Statements

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
$79,193,945	$ 167,285,256	$ -	$ -

7. Recent Accounting Pronouncements

8. Subsequent Event


Janus Investment Fund	35

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, 2019, the related statement of operations for the year ended September 30, 2019, the statements of changes in net assets for each of the two years in the period ended September 30, 2019, 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, 2019, 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, 2019 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

Denver, Colorado

November 15, 2019

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


36	SEPTEMBER 30, 2019

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD

Renewal of Advisory and Sub-Advisory Agreements with Janus Capital and Janus Capital Affiliates during the Period


Janus Investment Fund	37

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 Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the JIF Funds:

Alternative Fund

Asset Allocation Funds


38	SEPTEMBER 30, 2019

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


Janus Investment Fund	39

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

ended May 31, 2018. 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 second Broadridge quartile for the 12 months ended May 31, 2018.


40	SEPTEMBER 30, 2019

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Money Market Funds

Multi-Asset Funds

Multi-Asset U.S. Equity Funds


Janus Investment Fund	41

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Quantitative Equity Funds

U.S. Equity Funds

Costs of Services Provided


42	SEPTEMBER 30, 2019

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)


Janus Investment Fund	43

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Alternative Fund

Asset Allocation Funds

Fixed-Income Funds


44	SEPTEMBER 30, 2019

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

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 Real Estate 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.

· For Janus Henderson Global Value 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


Janus Investment Fund	45

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

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 Contrarian Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· 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.

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

· For Janus Henderson Venture Fund, the 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.


46	SEPTEMBER 30, 2019

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

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 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)

Economies of Scale

Other Benefits to Janus Capital


48	SEPTEMBER 30, 2019

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Approval of an Amended and Restated Investment Advisory Agreement for Janus Henderson Small-Mid Cap Value Fund (formerly, Janus Henderson Select Value Fund)


Janus Investment Fund	49

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)


50	SEPTEMBER 30, 2019

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.


Janus Investment Fund	51

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


52	SEPTEMBER 30, 2019

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.


Janus Investment Fund	53

Janus Henderson Emerging Markets Fund

Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2019:



Capital Gain Distributions	$2,891,347
Foreign Taxes Paid	$421,334
Foreign Source Income	$3,374,153
Dividends Received Deduction Percentage	2%
Qualified Dividend Income Percentage	100%


54	SEPTEMBER 30, 2019

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.


Janus Investment Fund	55

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	Managing Partner, Impact Investments, Athena Capital Advisors LLC (independent registered investment advisor) (since 2016). Formerly, 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).	58	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).


56	SEPTEMBER 30, 2019

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 (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).	58	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	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
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).	58	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).


58	SEPTEMBER 30, 2019

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).	58	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).	58	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	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
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.	58	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).
William D. Stewart 151 Detroit Street Denver, CO 80206 DOB: 1944	Trustee	6/84-Present	Retired. Formerly, President and founder of HPS Products and Corporate Vice President of MKS Instruments, Boulder, CO (a provider of advanced process control systems for the semiconductor industry) (1976-2012).	58	None


60	SEPTEMBER 30, 2019

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
Diane L. Wallace 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	6/17-Present	Retired.	58	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).	58	Director of Chicago Community Trust (Regional Community Foundation), Chicago Council on Global Affairs, InnerWorkings (U.S. provider of print procurement solutions to corporate clients), Lurie Children’s Hospital (Chicago, IL), Shirley Ryan Ability Lab and Wrapports, LLC (digital communications company). Formerly, 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, 2019

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
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).
Susan K. Wold 151 Detroit Street Denver, CO 80206 DOB: 1960	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	9/17-Present	Head of Compliance, North America for Janus Henderson (since September 2017). Formerly, Vice President, Head of Global Corporate Compliance, and Chief Compliance Officer for Janus Capital Management LLC (May 2017-September 2017), Vice President, Compliance at Janus Capital Group Inc. and Janus Capital Management LLC (2005-2017).
* 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	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
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.
Kathryn L. Santoro 151 Detroit Street Denver, CO 80206 DOB: 1974	Vice President, Chief Legal Counsel, and Secretary	12/16-Present	Assistant General Counsel of Janus Capital (since 2016). Formerly, Vice President and Associate Counsel of Curian Capital, LLC and Curian Clearing LLC (2013-2016), and General Counsel and Secretary (2011-2012) and Vice President (2009-2012) of Old Mutual Capital, Inc.
* 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, 2019

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 11-19



		ANNUAL REPORT September 30, 2019

	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

Janus Henderson Enterprise Fund (unaudited)(closed to certain new investors)

FUND SNAPSHOT

We believe investing in companies with sustainable growth and high return on invested capital can drive consistent returns and allow us to outperform our benchmark and peers over time with moderate risk. 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’s Class I Shares returned 10.28% over the 12-month period ended September 30, 2019. The Fund’s benchmark, the Russell Midcap^{^®} Growth Index, returned 5.20%.

INVESTMENT ENVIRONMENT

Mid-cap stocks ended the 12-month period higher despite a backdrop of market volatility. In the fourth quarter of 2018, global economic uncertainty, trade conflicts and a rising federal funds rate drove stocks lower. Stocks reversed course in the first quarter of 2019, after trade tensions eased and the Federal Reserve (Fed) indicated it would take a cautious approach to raising interest rates as long as inflation remained low. Stocks rose in the second quarter, supported by resilient corporate profits and GDP growth. Nonetheless, continued U.S.-China trade conflicts and signs of weakening global growth persisted through the period, and pressured stocks with more cyclical exposure. Volatility extended into the third quarter, as global economic fears and heightened rhetoric over trade overshadowed the relative resilience in the U.S. economy. Nonetheless, there were signs that weaker international growth was starting to hurt the U.S. manufacturing sector, and the Fed acknowledged signs of slowing with two interest rate cuts. Against this backdrop, investors were quick to punish any companies with negative earnings news, and late in the third quarter they rotated away from some higher-valuation growth stocks that outperformed earlier in year.

PERFORMANCE DISCUSSION

The Fund outperformed its benchmark, the Russell Midcap Growth Index, due largely to strong stock selection in several sectors, including information technology. Within technology, the Fund has been underexposed to high-multiple Internet and Software as a Service (SaaS) stocks. While we do have some exposure to software, we have focused on profitable companies benefiting from resilient subscription-based revenues within well-defended industry verticals. These may not be the fastest growers within the software space, but they have established track records of execution and fit our valuation discipline. Constellation Software, for example, was one of the Fund’s top contributors for the 12-month period. This diversified software company has deployed capital toward strategic acquisitions, which the market has generally viewed favorably given Constellation’s history of creating value with the companies it targets. The stock performed well over the period, and we continue to like its strategy of delivering “mission critical” software for niche industries, where it operates with relatively little competition and has a high degree of pricing power.

Stock selection in industrials was also beneficial. We tend to own fewer economically sensitive industrial companies than the index, and that positioning helped in an environment where global economic growth was a growing market concern. CoStar, another top contributor, is an example of a less economically dependent stock we own. Its solid earnings and guidance helped support its stock performance over the period, and we continue to like the recurring revenue streams associated with its subscription-based commercial real estate database. We also see positive optionality around its business in the apartment rental market. In our view, CoStar’s informational database acts as a wide competitive moat that is difficult for any competitor to replicate.

Health care is another area where we’ve looked for innovation, and we believe aging populations in developed countries and rising incomes in emerging markets will fuel positive demand trends in the sector. Despite these


Janus Investment Fund	1

Janus Henderson Enterprise Fund (unaudited)(closed to certain new investors)

trends, several individual health care stocks were notable detractors during the period. ICU Medical supplies IV delivery solutions, including IV pumps, consumable bags and IV solution. The stock declined in the third quarter after overcapacity in the IV solution market led the company to cut back production. Despite this setback, we believe pricing in the IV solution market will eventually stabilize, and we continue to like the high margins and strong competitive positioning of the company’s IV pump and consumables businesses.

Neurocrine Biosciences was another detractor. One of its products, Ingrezza, treats tardive dyskinesia, a debilitating condition characterized by involuntary and repetitive movement, and a condition that may be caused by some antipsychotic medications. Sales of Ingrezza initially exceeded expectations, highlighting the large market opportunity in this first indication. The company had hoped to expand the drug’s addressable market, winning new indications such as to manage Tourette syndrome. These hopes received a setback in late 2018 due to disappointing clinical trial results, and the stock declined. In our view this market response was excessive. The market for Tourette syndrome is small relative to the drug’s approved market, and we continued to believe in the potential for its products to address high, unmet medical needs. For this reason we held onto the stock, which subsequently regained some ground in 2019 after the company reported solid second quarterly results and positive adoption trends for Ingrezza. We believe the drug has the potential to grow into a substantial source of revenue for the company.

DERIVATIVES USE

To the extent we invest in foreign holdings, we may use forward exchange contracts to hedge the foreign currency. During the period, our aggregate derivative positions contributed to relative results. (Please see “Notes to Financial Statements” for information about the derivatives used by the Fund.)

OUTLOOK

Despite the volatility of the past 12 months, we remain concerned about high valuations within pockets of the mid-cap market. Specifically, we see extreme valuations for stocks tied to secular growth themes and stocks of companies with steady, economically resilient business models. These concerns are not new, and we don’t believe the late third quarter market rotation away from these stocks did enough to correct excessive valuations in certain high-growth equities. For that reason, while we like many of these companies’ business models and management teams, our valuation discipline has led us to remain underweight in these types of securities.

Looking ahead, we also see multiple sources of potential market volatility, including slower global economic growth and trade conflict. Additionally, as the U.S. election season approaches, we anticipate populist rhetoric from both sides of the political spectrum could target certain business groups. We believe by investing in well-managed, innovative companies that treat customers and employees fairly, and by avoiding areas of the market – such as health care services – that may be more sensitive to regulatory change, we will be better able to navigate this environment. We also plan to take advantage of volatility, seeking out exceptional growth companies should their valuations become more attractive.


2	SEPTEMBER 30, 2019

Janus Henderson Enterprise Fund (unaudited)(closed to certain new investors)

Fund At A Glance

September 30, 2019





	5 Top Performers - Holdings		5 Bottom Performers - Holdings
		Contribution		Contribution
	Constellation Software Inc/Canada	0.75%	ICU Medical Inc	-0.38%
	CoStar Group Inc	0.71%	Neurocrine Biosciences Inc	-0.31%
	KLA Corp	0.62%	Ryanair Holdings PLC (ADR)	-0.24%
	Lam Research Corp	0.58%	PerkinElmer Inc	-0.23%
	Global Payments Inc	0.57%	GoDaddy Inc	-0.22%

	5 Top Performers - Sectors*
		Fund	Fund Weighting	Russell Midcap Growth Index
		Contribution	(Average % of Equity)	Weighting
	Health Care	2.12%	16.95%	14.57%
	Financials	1.10%	11.05%	6.13%
	Industrials	1.05%	18.60%	16.17%
	Information Technology	1.03%	32.00%	32.34%
	Energy	0.65%	0.82%	1.46%

	5 Bottom Performers - Sectors*
		Fund	Fund Weighting	Russell Midcap Growth Index
		Contribution	(Average % of Equity)	Weighting
	Consumer Staples	-0.34%	0.00%	3.15%
	Materials	-0.16%	1.37%	3.41%
	Real Estate	-0.13%	3.36%	2.40%
	Consumer Discretionary	0.01%	8.15%	16.12%
	Other**	0.18%	6.43%	0.00%

	Security contribution to performance is measured by using an algorithm that multiplies the daily performance of each security with the previous day’s ending weight in the portfolio and is gross of advisory fees. Fixed income securities and certain equity securities, such as private placements and some share classes of equity securities, are excluded.
*	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 Enterprise Fund (unaudited)(closed to certain new investors)

Fund At A Glance

September 30, 2019


5 Largest Equity Holdings - (% of Net Assets)
Constellation Software Inc/Canada
Software	2.3%
Global Payments Inc
Information Technology Services	2.2%
Aon PLC
Insurance	2.1%
Microchip Technology Inc
Semiconductor & Semiconductor Equipment	2.1%
Nice Ltd (ADR)
Software	2.1%
	10.8%


Asset Allocation - (% of Net Assets)
Common Stocks	92.9%
Investment Companies	6.9%
Preferred Stocks	0.2%
Other		0.0%
		100.0%

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

As of September 30, 2019

As of September 30, 2018


4	SEPTEMBER 30, 2019

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, 2019					Expense Ratios
	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses^‡
Class A Shares at NAV⁽¹⁾	9.88%	14.45%	15.15%	11.22%	1.16%
Class A Shares at MOP⁽¹⁾	3.56%	13.11%	14.47%	10.98%
Class C Shares at NAV⁽¹⁾	9.25%	13.75%	14.37%	10.44%	1.74%
Class C Shares at CDSC⁽¹⁾	8.25%	13.75%	14.37%	10.44%
Class D Shares⁽¹⁾	10.22%	14.80%	15.47%	11.37%	0.81%
Class I Shares⁽¹⁾	10.28%	14.87%	15.57%	11.33%	0.75%
Class N Shares⁽¹⁾	10.38%	14.98%	15.38%	11.33%	0.66%
Class R Shares⁽¹⁾	9.56%	14.12%	14.79%	10.84%	1.41%
Class S Shares⁽¹⁾	9.83%	14.41%	15.08%	11.10%	1.16%
Class T Shares⁽¹⁾	10.12%	14.70%	15.38%	11.33%	0.91%
Russell Midcap Growth Index	5.20%	11.12%	14.08%	10.29%
Morningstar Quartile - Class T Shares	1st	1st	1st	1st
Morningstar Ranking - based on total returns for Mid-Cap Growth Funds	35/610	28/553	29/506	31/132

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, 2019

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 (4/1/19)	Ending Account Value (9/30/19)	Expenses Paid During Period (4/1/19 - 9/30/19)†	Beginning Account Value (4/1/19)	Ending Account Value (9/30/19)	Expenses Paid During Period (4/1/19 - 9/30/19)†	Net Annualized Expense Ratio (4/1/19 - 9/30/19)
Class A Shares		$1,000.00	$1,081.70	$5.74	$1,000.00	$1,019.55	$5.57	1.10%
Class C Shares		$1,000.00	$1,078.60	$8.70	$1,000.00	$1,016.70	$8.44	1.67%
Class D Shares		$1,000.00	$1,083.30	$4.23	$1,000.00	$1,021.01	$4.10	0.81%
Class I Shares		$1,000.00	$1,083.60	$3.92	$1,000.00	$1,021.31	$3.80	0.75%
Class N Shares		$1,000.00	$1,084.20	$3.45	$1,000.00	$1,021.76	$3.35	0.66%
Class R Shares		$1,000.00	$1,080.00	$7.35	$1,000.00	$1,018.00	$7.13	1.41%
Class S Shares		$1,000.00	$1,081.30	$6.05	$1,000.00	$1,019.25	$5.87	1.16%
Class T Shares		$1,000.00	$1,082.80	$4.70	$1,000.00	$1,020.56	$4.56	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 183/365 (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, 2019


Shares			Value
Common Stocks– 92.9%
Aerospace & Defense – 3.6%
	HEICO Corp	950,685	$92,511,157
	L3Harris Technologies Inc	1,572,814	328,151,913
	Teledyne Technologies Inc*	1,116,692	359,563,657
			780,226,727
Airlines – 0.6%
	Ryanair Holdings PLC (ADR)*	2,030,937	134,813,598
Auto Components – 0.5%
	Visteon Corp*^,£	1,263,047	104,251,899
Banks – 0.4%
	SVB Financial Group*	397,504	83,058,461
Biotechnology – 2.3%
	Celgene Corp*	2,323,016	230,675,489
	Neurocrine Biosciences Inc*	1,826,798	164,612,768
	Sage Therapeutics Inc*	321,905	45,160,052
	Sarepta Therapeutics Inc*	618,883	46,614,268
			487,062,577
Capital Markets – 4.7%
	Cboe Global Markets Inc	1,298,534	149,214,542
	LPL Financial Holdings Inc^£	4,357,313	356,863,935
	MSCI Inc	639,921	139,342,798
	TD Ameritrade Holding Corp	8,125,148	379,444,412
			1,024,865,687
Commercial Services & Supplies – 3.0%
	Cimpress NV*^,£	2,154,740	284,080,922
	Edenred	3,438,610	164,997,819
	Ritchie Bros Auctioneers Inc	4,870,747	194,342,805
			643,421,546
Consumer Finance – 0.6%
	Synchrony Financial	3,750,332	127,848,818
Containers & Packaging – 1.3%
	Sealed Air Corp	6,542,565	271,581,873
Diversified Consumer Services – 1.9%
	frontdoor Inc*	2,553,727	124,034,520
	ServiceMaster Global Holdings Inc*	5,107,456	285,506,790
			409,541,310
Electrical Equipment – 1.7%
	Sensata Technologies Holding PLC*	7,500,411	375,470,575
Electronic Equipment, Instruments & Components – 5.5%
	Belden Inc^£	2,149,628	114,661,158
	Dolby Laboratories Inc^£	3,593,696	232,296,509
	Flex Ltd*	16,349,377	171,096,230
	National Instruments Corp	5,909,661	248,146,665
	TE Connectivity Ltd	4,617,128	430,223,987
			1,196,424,549
Entertainment – 0.6%
	Liberty Media Corp-Liberty Formula One*	2,912,862	121,145,931
Equity Real Estate Investment Trusts (REITs) – 3.3%
	Crown Castle International Corp	2,658,380	369,541,404
	Lamar Advertising Co^£	4,251,997	348,366,114
			717,907,518
Health Care Equipment & Supplies – 7.6%
	Boston Scientific Corp*	10,361,024	421,590,067
	Cooper Cos Inc	1,373,983	408,072,951
	DENTSPLY SIRONA Inc	1,020,662	54,411,491
	ICU Medical Inc*	738,542	117,871,303
	STERIS PLC	2,356,290	340,460,342
	Teleflex Inc	526,725	178,954,819


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

8	SEPTEMBER 30, 2019

Janus Henderson Enterprise Fund

Schedule of Investments

September 30, 2019


Shares			Value
Common Stocks– (continued)
Health Care Equipment & Supplies – (continued)
	Varian Medical Systems Inc*	1,012,999	$120,638,051
			1,641,999,024
Hotels, Restaurants & Leisure – 3.3%
	Aramark	5,025,079	218,992,943
	Dunkin' Brands Group Inc	3,419,609	271,380,170
	Norwegian Cruise Line Holdings Ltd*	4,220,162	218,477,787
			708,850,900
Industrial Conglomerates – 1.3%
	Carlisle Cos Inc	1,921,888	279,711,579
Information Technology Services – 11.6%
	Amdocs Ltd	5,484,437	362,576,130
	Broadridge Financial Solutions Inc	2,904,640	361,424,355
	Euronet Worldwide Inc*	604,708	88,468,780
	Fidelity National Information Services Inc	2,652,558	352,153,600
	Gartner Inc*	1,095,763	156,683,151
	Global Payments Inc	2,959,632	470,581,488
	GoDaddy Inc*	4,966,443	327,685,909
	WEX Inc*	1,933,556	390,713,661
			2,510,287,074
Insurance – 5.6%
	Aon PLC	2,391,118	462,848,711
	Intact Financial Corp	3,674,011	369,814,016
	WR Berkley Corp	5,220,135	377,050,351
			1,209,713,078
Internet & Direct Marketing Retail – 0.4%
	Wayfair Inc*	689,841	77,344,973
Life Sciences Tools & Services – 4.8%
	IQVIA Holdings Inc*	1,969,684	294,231,396
	PerkinElmer Inc	3,909,525	332,974,244
	PRA Health Sciences Inc*	1,384,790	137,412,712
	Waters Corp*	1,244,934	277,906,617
			1,042,524,969
Machinery – 2.6%
	Middleby Corp*	1,239,190	144,861,311
	Rexnord Corp*^,£	6,076,057	164,357,342
	Wabtec Corp	3,492,998	251,006,836
			560,225,489
Media – 0.7%
	Omnicom Group Inc	1,868,902	146,335,027
Oil, Gas & Consumable Fuels – 1.8%
	Magellan Midstream Partners LP	5,799,646	384,342,540
Pharmaceuticals – 1.1%
	Catalent Inc*	4,239,328	202,046,372
	Elanco Animal Health Inc*	1,478,545	39,314,512
			241,360,884
Professional Services – 3.8%
	CoStar Group Inc*	422,099	250,389,127
	IHS Markit Ltd*	2,976,743	199,084,572
	Verisk Analytics Inc	2,328,712	368,262,516
			817,736,215
Road & Rail – 0.8%
	Old Dominion Freight Line Inc	1,057,628	179,765,031
Semiconductor & Semiconductor Equipment – 7.0%
	KLA Corp	1,973,353	314,651,136
	Lam Research Corp	1,327,916	306,894,667
	Microchip Technology Inc	4,895,969	454,884,480
	ON Semiconductor Corp*	16,014,916	307,646,536


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, 2019


Shares			Value
Common Stocks– (continued)
Semiconductor & Semiconductor Equipment – (continued)
	Xilinx Inc	1,211,262	$116,160,026
			1,500,236,845
Software – 7.6%
	Atlassian Corp PLC*	1,755,500	220,209,920
	Constellation Software Inc/Canada	498,709	498,125,472
	Intuit Inc	477,664	127,029,964
	Nice Ltd (ADR)*^,£	3,102,650	446,161,070
	SS&C Technologies Holdings Inc	6,650,389	342,960,561
			1,634,486,987
Specialty Retail – 1.2%
	CarMax Inc*	1,740,472	153,161,536
	Williams-Sonoma Inc	1,523,296	103,553,662
			256,715,198
Textiles, Apparel & Luxury Goods – 1.1%
	Gildan Activewear Inc	6,528,988	231,779,074
Trading Companies & Distributors – 0.6%
	Ferguson PLC	1,715,179	125,327,596
Total Common Stocks (cost $12,589,143,662)			20,026,363,552
Preferred Stocks– 0.2%
Machinery – 0.2%
	Rexnord Corp, 5.7500%, 11/15/19^£(cost $30,000,000)	600,000	32,818,682
Investment Companies– 6.9%
Money Markets – 6.9%
	Janus Henderson Cash Liquidity Fund LLC, 2.0434%^ºº,£(cost $1,490,802,402)	1,490,802,402	1,490,802,402
Total Investments (total cost $14,109,946,064) – 100.0%			21,549,984,636
Cash, Receivables and Other Assets, net of Liabilities – 0%			1,155,359
Net Assets – 100%			$21,551,139,995


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

		% of
		Investment
Country	Value	Securities
United States	$19,289,740,862	89.5	%
Canada	1,294,061,367	6.0
Israel	446,161,070	2.1
Australia	220,209,920	1.0
France	164,997,819	0.8
Ireland	134,813,598	0.6



Total	$21,549,984,636	100.0	%


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

10	SEPTEMBER 30, 2019

Janus Henderson Enterprise Fund

Schedule of Investments

September 30, 2019

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income⁽¹⁾		Realized Gain/(Loss)⁽¹⁾		Change in Unrealized Appreciation/ Depreciation⁽¹⁾		Value at 9/30/19
Common Stocks - 4.9%
Auto Components - N/A
	Visteon Corp^*,š	$	-	$	-	$	(8,277,066)	$	N/A
Capital Markets - 1.7%
	LPL Financial Holdings Inc		4,356,473		-		75,795,023		356,863,935
Commercial Services & Supplies - 1.3%
	Cimpress NV^*		-		-		(6,301,805)		284,080,922
Electronic Equipment, Instruments & Components - 1.1%
	Belden Inc^š		374,127		-		(34,572,221)		N/A
	Dolby Laboratories Inc		2,227,883		-		(13,025,220)		232,296,509
Total Electronic Equipment, Instruments & Components		$	2,602,010	$	-	$	(47,597,441)	$	232,296,509
Equity Real Estate Investment Trusts (REITs) - N/A
	Lamar Advertising Co^š		14,661,885		-		23,512,843		N/A
Machinery - 0.8%
	Rexnord Corp^*		-		-		(22,737,756)		164,357,342
Software - N/A
	Nice Ltd (ADR)^*,š		-		-		91,251,287		N/A
Total Common Stocks		$	21,620,368	$	-	$	105,645,085	$	1,037,598,708
Preferred Stocks - 0.2%
Machinery - 0.2%
	Rexnord Corp, 5.7500%, 11/15/19		1,725,000		-		(5,787,418)		32,818,682
Investment Companies - 6.9%
Investments Purchased with Cash Collateral from Securities Lending - N/A
	Janus Henderson Cash Collateral Fund LLC, 1.7248%^ºº		1,269,151^∆		-		-		-
Money Markets - 6.9%
	Janus Henderson Cash Liquidity Fund LLC, 2.0434%^ºº		29,306,472		(1,144)		-		1,490,802,402
Total Investment Companies		$	30,575,623	$	(1,144)	$	-	$	1,490,802,402
Total Affiliated Investments - 12%		$	53,920,991	$	(1,144)	$	99,857,667	$	2,561,219,792


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, 2019


		Share Balance at 9/30/18		Purchases		Sales		Share Balance at 9/30/19
Common Stocks - 4.9%
Auto Components - N/A
	Visteon Corp^*,š		871,662		391,385		-		1,263,047
Capital Markets - 1.7%
	LPL Financial Holdings Inc		4,353,951		3,362		-		4,357,313
Commercial Services & Supplies - 1.3%
	Cimpress NV^*		2,076,494		78,246		-		2,154,740
Electronic Equipment, Instruments & Components - 1.1%
	Belden Inc^š		1,685,721		463,907^Ð		-		2,149,628
	Dolby Laboratories Inc		2,563,784		1,029,912		-		3,593,696
Equity Real Estate Investment Trusts (REITs) - N/A
	Lamar Advertising Co^š		4,249,302		2,695		-		4,251,997
Machinery - 0.8%
	Rexnord Corp^*		6,070,353		5,704		-		6,076,057
Software - N/A
	Nice Ltd (ADR)^*,š		3,075,085		27,565		-		3,102,650
Preferred Stocks - 0.2%
Machinery - 0.2%
	Rexnord Corp, 5.7500%, 11/15/19		600,000		-		-		600,000
Investment Companies - 6.9%
Investments Purchased with Cash Collateral from Securities Lending - N/A
	Janus Henderson Cash Collateral Fund LLC, 1.7248%^ºº		52,982,934		1,782,492,361		(1,835,475,295)		-
Money Markets - 6.9%
	Janus Henderson Cash Liquidity Fund LLC, 2.0434%^ºº		1,538,660,985		1,764,270,231		(1,812,128,814)		1,490,802,402


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

12	SEPTEMBER 30, 2019

Janus Henderson Enterprise Fund

Schedule of Investments

September 30, 2019


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	10/24/19	(61,197,000)	$	46,470,298	$	254,235
Euro	10/24/19	(22,806,000)		25,402,532		500,588

						754,823
Citibank, National Association:
Canadian Dollar	10/24/19	(122,595,000)		92,955,182		371,260
Canadian Dollar	10/24/19	(13,120,000)		9,894,349		(13,894)
Euro	10/24/19	(76,963,000)		85,653,270		1,617,128

						1,974,494
Credit Suisse International:
Canadian Dollar	11/27/19	(130,997,000)		99,087,467		110,981
HSBC Securities (USA), Inc.:
Canadian Dollar	12/19/19	(139,683,000)		105,470,485		(118,821)
Euro	12/19/19	(81,961,000)		91,004,720		1,134,357

						1,015,536
JPMorgan Chase Bank, National Association:
Euro	10/24/19	(76,496,000)		85,184,186		1,657,963
Total					$	5,513,797

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, 2019.


Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of September 30, 2019

					Currency Contracts
Asset Derivatives:
Forward foreign currency exchange contracts					$5,646,512


Liability Derivatives:
Forward foreign currency exchange contracts					$ 132,715


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, 2019

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, 2019.


The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the year ended September 30, 2019

Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative				Currency Contracts
Forward foreign currency exchange contracts				$27,016,539



Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative				Currency Contracts
Forward foreign currency exchange contracts				$ 6,667,250

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, 2019

	Market Value^(a)
Forward foreign currency exchange contracts, sold	$ 549,330,524

(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, 2019

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, 2019.


£	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, 2019.


∆	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.


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, 2019. 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		$	20,026,363,552	$	-	$	-
Preferred Stocks			-		32,818,682		-
Investment Companies			-		1,490,802,402		-
Total Investments in Securities		$	20,026,363,552	$	1,523,621,084	$	-
Other Financial Instruments^(a):
Forward Foreign Currency Exchange Contracts			-		5,646,512		-
Total Assets		$	20,026,363,552	$	1,529,267,596	$	-
Liabilities
Other Financial Instruments^(a):
Forward Foreign Currency Exchange Contracts		$	-	$	132,715	$	-

(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 Enterprise Fund

Statement of Assets and Liabilities

September 30, 2019

See footnotes at the end of the Statement.



Assets:
	Unaffiliated investments, at value⁽¹⁾		$	18,988,764,844
	Affiliated investments, at value⁽²⁾			2,561,219,792
	Forward foreign currency exchange contracts			5,646,512
	Non-interested Trustees' deferred compensation			556,153
	Receivables:
		Fund shares sold		64,965,061
		Investments sold		10,468,848
		Dividends		6,930,659
		Dividends from affiliates		2,519,275
	Other assets			48,968
Total Assets				21,641,120,112
Liabilities:
	Due to custodian			4,356
	Forward foreign currency exchange contracts			132,715
	Closed foreign currency contracts			48,158
	Payables:			—
		Fund shares repurchased		56,173,385
		Investments purchased		17,730,989
		Advisory fees		11,361,230
		Transfer agent fees and expenses		2,463,937
		Non-interested Trustees' deferred compensation fees		556,153
		12b-1 Distribution and shareholder servicing fees		484,506
		Non-interested Trustees' fees and expenses		140,534
		Professional fees		119,530
		Affiliated fund administration fees payable		44,380
		Custodian fees		42,535
		Accrued expenses and other payables		677,709
Total Liabilities				89,980,117
Net Assets			$	21,551,139,995


See Notes to Financial Statements.

16	SEPTEMBER 30, 2019

Janus Henderson Enterprise Fund

Statement of Assets and Liabilities

September 30, 2019




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	13,131,820,207
	Total distributable earnings (loss)		8,419,319,788
Total Net Assets		$	21,551,139,995
Net Assets - Class A Shares		$	547,328,049
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		4,022,443
Net Asset Value Per Share⁽³⁾		$	136.07
Maximum Offering Price Per Share⁽⁴⁾		$	144.37
Net Assets - Class C Shares		$	212,984,911
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,698,488
Net Asset Value Per Share⁽³⁾		$	125.40
Net Assets - Class D Shares		$	2,061,471,467
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		14,738,046
Net Asset Value Per Share		$	139.87
Net Assets - Class I Shares		$	7,666,702,038
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		54,519,498
Net Asset Value Per Share		$	140.62
Net Assets - Class N Shares		$	4,860,043,399
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		34,423,113
Net Asset Value Per Share		$	141.19
Net Assets - Class R Shares		$	150,860,304
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,148,644
Net Asset Value Per Share		$	131.34
Net Assets - Class S Shares		$	589,792,272
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		4,358,017
Net Asset Value Per Share		$	135.34
Net Assets - Class T Shares		$	5,461,957,555
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		39,323,156
Net Asset Value Per Share		$	138.90

(1) Includes cost of $11,217,749,202.

(2) Includes cost of $2,892,196,862.

(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.

Janus Investment Fund	17

Janus Henderson Enterprise Fund

Statement of Operations

For the year ended September 30, 2019



Investment Income:
	Dividends		$	164,752,790
	Dividends from affiliates			52,651,840
	Affiliated securities lending income, net			1,269,151
	Interest			3,274
	Other income			107
	Foreign tax withheld			(4,504,524)
Total Investment Income				214,172,638
Expenses:
	Advisory fees			125,128,897
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		1,491,262
		Class C Shares		2,102,930
		Class R Shares		748,568
		Class S Shares		1,481,049
	Transfer agent administrative fees and expenses:
		Class D Shares		2,311,811
		Class R Shares		375,477
		Class S Shares		1,481,049
		Class T Shares		12,648,014
	Transfer agent networking and omnibus fees:
		Class A Shares		1,431,175
		Class C Shares		152,339
		Class I Shares		6,009,456
	Other transfer agent fees and expenses:
		Class A Shares		52,091
		Class C Shares		18,288
		Class D Shares		285,220
		Class I Shares		273,835
		Class N Shares		98,017
		Class R Shares		2,564
		Class S Shares		8,708
		Class T Shares		52,256
	Shareholder reports expense			1,233,403
	Non-interested Trustees’ fees and expenses			582,682
	Affiliated fund administration fees			462,172
	Registration fees			406,389
	Custodian fees			313,087
	Professional fees			238,615
	Other expenses			1,068,165
Total Expenses				160,457,519
Less: Excess Expense Reimbursement and Waivers				(561,809)
Net Expenses				159,895,710
Net Investment Income/(Loss)				54,276,928


See Notes to Financial Statements.

18	SEPTEMBER 30, 2019

Janus Henderson Enterprise Fund

Statement of Operations

For the year ended September 30, 2019



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	957,311,482
	Investments in affiliates		(1,144)
	Forward foreign currency exchange contracts		27,016,539
Total Net Realized Gain/(Loss) on Investments			984,326,877
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation		807,286,718
	Investments in affiliates		98,857,667
	Forward foreign currency exchange contracts		6,667,250
Total Change in Unrealized Net Appreciation/Depreciation			912,811,635
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	1,951,415,440


See Notes to Financial Statements.

Janus Investment Fund	19

Janus Henderson Enterprise Fund

Statements of Changes in Net Assets



			Year ended September 30, 2019		Year ended September 30, 2018

Operations:
	Net investment income/(loss)		$	54,276,928	$	28,665,906
	Net realized gain/(loss) on investments			984,326,877		921,552,659
	Change in unrealized net appreciation/depreciation			912,811,635		2,305,055,268
Net Increase/(Decrease) in Net Assets Resulting from Operations				1,951,415,440		3,255,273,833
Dividends and Distributions to Shareholders
		Class A Shares		(34,071,264)		(11,348,176)
		Class C Shares		(12,858,752)		(4,848,931)
		Class D Shares		(100,885,586)		(32,577,655)
		Class I Shares		(336,166,498)		(92,206,062)
		Class N Shares		(210,986,462)		(60,508,696)
		Class R Shares		(8,368,913)		(3,163,481)
		Class S Shares		(33,421,027)		(10,496,024)
		Class T Shares		(263,071,002)		(83,341,925)
Net Decrease from Dividends and Distributions to Shareholders				(999,829,504)		(298,490,950)
Capital Share Transactions:
		Class A Shares		(140,642,060)		(60,273,902)
		Class C Shares		(45,765,892)		(37,451,296)
		Class D Shares		(877,821)		(39,951,660)
		Class I Shares		846,096,794		967,595,842
		Class N Shares		667,657,097		413,303,241
		Class R Shares		(16,392,592)		(36,661,889)
		Class S Shares		(55,720,217)		(54,295,287)
		Class T Shares		(73,334,727)		128,131,557
Net Increase/(Decrease) from Capital Share Transactions				1,181,020,582		1,280,396,606
Net Increase/(Decrease) in Net Assets				2,132,606,518		4,237,179,489
Net Assets:
	Beginning of period			19,418,533,477		15,181,353,988
	End of period		$	21,551,139,995	$	19,418,533,477


See Notes to Financial Statements.

20	SEPTEMBER 30, 2019

Janus Henderson Enterprise Fund

Financial Highlights


Class A Shares
For a share outstanding during the year ended September 30			2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$131.70	$111.15	$94.24	$83.92	$83.97
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.02)	(0.15)	(0.14)	(0.04)	0.14
		Net realized and unrealized gain/(loss)	11.19	22.79	18.61	13.68	4.78
	Total from Investment Operations		11.17	22.64	18.47	13.64	4.92
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	(0.18)	—
		Distributions (from capital gains)	(6.80)	(2.09)	(1.56)	(3.14)	(4.97)
	Total Dividends and Distributions		(6.80)	(2.09)	(1.56)	(3.32)	(4.97)
	Net Asset Value, End of Period		$136.07	$131.70	$111.15	$94.24	$83.92
	Total Return*		9.88%	20.63%	19.89%	16.72%	5.88%
	Net Assets, End of Period (in thousands)		$547,328	$666,848	$617,749	$552,545	$282,626
	Average Net Assets for the Period (in thousands)		$611,182	$647,856	$632,639	$385,855	$180,646
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.15%	1.16%	1.18%	1.18%	1.14%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.11%	1.12%	1.13%	1.15%	1.13%
		Ratio of Net Investment Income/(Loss)	(0.02)%	(0.13)%	(0.14)%	(0.05)%	0.16%
	Portfolio Turnover Rate		13%	13%	10%	8%	17%


Class C Shares
For a share outstanding during the year ended September 30			2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$122.67	$104.26	$89.01	$79.78	$80.56
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.71)	(0.81)	(0.70)	(0.58)	(0.39)
		Net realized and unrealized gain/(loss)	10.24	21.31	17.51	12.95	4.58
	Total from Investment Operations		9.53	20.50	16.81	12.37	4.19
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—
		Distributions (from capital gains)	(6.80)	(2.09)	(1.56)	(3.14)	(4.97)
	Total Dividends and Distributions		(6.80)	(2.09)	(1.56)	(3.14)	(4.97)
	Net Asset Value, End of Period		$125.40	$122.67	$104.26	$89.01	$79.78
	Total Return*		9.25%	19.93%	19.19%	15.95%	5.19%
	Net Assets, End of Period (in thousands)		$212,985	$254,496	$250,285	$185,629	$77,748
	Average Net Assets for the Period (in thousands)		$219,505	$255,949	$233,290	$118,888	$63,110
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.70%	1.70%	1.73%	1.81%	1.78%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.70%	1.70%	1.73%	1.81%	1.78%
		Ratio of Net Investment Income/(Loss)	(0.61)%	(0.71)%	(0.74)%	(0.71)%	(0.46)%
	Portfolio Turnover Rate		13%	13%	10%	8%	17%

* 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 Enterprise Fund

Financial Highlights


Class D Shares
For a share outstanding during the year ended September 30			2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$134.99	$113.64	$96.10	$85.33	$85.09
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.37	0.23	0.17	0.23	0.48
		Net realized and unrealized gain/(loss)	11.50	23.31	19.02	13.92	4.76
	Total from Investment Operations		11.87	23.54	19.19	14.15	5.24
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.19)	(0.10)	(0.09)	(0.24)	(0.03)
		Distributions (from capital gains)	(6.80)	(2.09)	(1.56)	(3.14)	(4.97)
	Total Dividends and Distributions		(6.99)	(2.19)	(1.65)	(3.38)	(5.00)
	Net Asset Value, End of Period		$139.87	$134.99	$113.64	$96.10	$85.33
	Total Return*		10.22%	20.99%	20.27%	17.06%	6.19%
	Net Assets, End of Period (in thousands)		$2,061,471	$1,973,861	$1,696,184	$1,420,155	$1,214,008
	Average Net Assets for the Period (in thousands)		$1,930,540	$1,853,456	$1,547,274	$1,301,480	$1,278,374
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.81%	0.81%	0.82%	0.84%	0.84%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.81%	0.81%	0.82%	0.84%	0.84%
		Ratio of Net Investment Income/(Loss)	0.28%	0.18%	0.17%	0.26%	0.54%
	Portfolio Turnover Rate		13%	13%	10%	8%	17%


Class I Shares
For a share outstanding during the year ended September 30			2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$135.69	$114.20	$96.60	$85.81	$85.51
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.45	0.32	0.23	0.29	0.50
		Net realized and unrealized gain/(loss)	11.55	23.42	19.09	14.00	4.83
	Total from Investment Operations		12.00	23.74	19.32	14.29	5.33
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.27)	(0.16)	(0.16)	(0.36)	(0.06)
		Distributions (from capital gains)	(6.80)	(2.09)	(1.56)	(3.14)	(4.97)
	Total Dividends and Distributions		(7.07)	(2.25)	(1.72)	(3.50)	(5.03)
	Net Asset Value, End of Period		$140.62	$135.69	$114.20	$96.60	$85.81
	Total Return*		10.28%	21.07%	20.32%	17.15%	6.28%
	Net Assets, End of Period (in thousands)		$7,666,702	$6,443,068	$4,550,263	$2,524,615	$1,229,458
	Average Net Assets for the Period (in thousands)		$6,775,060	$5,408,221	$3,535,026	$1,776,987	$861,229
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.75%	0.75%	0.77%	0.78%	0.74%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.75%	0.75%	0.77%	0.78%	0.74%
		Ratio of Net Investment Income/(Loss)	0.34%	0.25%	0.22%	0.32%	0.55%
	Portfolio Turnover Rate		13%	13%	10%	8%	17%

* 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, 2019

Janus Henderson Enterprise Fund

Financial Highlights


Class N Shares
For a share outstanding during the year ended September 30			2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$136.18	$114.57	$96.86	$86.00	$85.63
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.56	0.42	0.33	0.37	0.55
		Net realized and unrealized gain/(loss)	11.60	23.51	19.15	14.03	4.88
	Total from Investment Operations		12.16	23.93	19.48	14.40	5.43
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.35)	(0.23)	(0.21)	(0.40)	(0.09)
		Distributions (from capital gains)	(6.80)	(2.09)	(1.56)	(3.14)	(4.97)
	Total Dividends and Distributions		(7.15)	(2.32)	(1.77)	(3.54)	(5.06)
	Net Asset Value, End of Period		$141.19	$136.18	$114.57	$96.86	$86.00
	Total Return*		10.38%	21.18%	20.45%	17.25%	6.39%
	Net Assets, End of Period (in thousands)		$4,860,043	$3,947,225	$2,940,422	$1,416,813	$555,661
	Average Net Assets for the Period (in thousands)		$4,213,287	$3,463,197	$2,309,608	$935,924	$253,371
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.66%	0.66%	0.67%	0.68%	0.67%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.66%	0.66%	0.67%	0.68%	0.67%
		Ratio of Net Investment Income/(Loss)	0.43%	0.34%	0.31%	0.41%	0.61%
	Portfolio Turnover Rate		13%	13%	10%	8%	17%


Class R Shares
For a share outstanding during the year ended September 30			2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$127.76	$108.20	$92.03	$82.09	$82.46
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.39)	(0.50)	(0.41)	(0.28)	(0.06)
		Net realized and unrealized gain/(loss)	10.77	22.15	18.14	13.36	4.66
	Total from Investment Operations		10.38	21.65	17.73	13.08	4.60
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—
		Distributions (from capital gains)	(6.80)	(2.09)	(1.56)	(3.14)	(4.97)
	Total Dividends and Distributions		(6.80)	(2.09)	(1.56)	(3.14)	(4.97)
	Net Asset Value, End of Period		$131.34	$127.76	$108.20	$92.03	$82.09
	Total Return*		9.56%	20.27%	19.56%	16.38%	5.59%
	Net Assets, End of Period (in thousands)		$150,860	$162,271	$171,439	$134,396	$98,430
	Average Net Assets for the Period (in thousands)		$150,191	$167,123	$160,164	$115,477	$88,440
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.41%	1.41%	1.42%	1.43%	1.41%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.41%	1.41%	1.42%	1.43%	1.41%
		Ratio of Net Investment Income/(Loss)	(0.32)%	(0.43)%	(0.42)%	(0.33)%	(0.07)%
	Portfolio Turnover Rate		13%	13%	10%	8%	17%

* 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 S Shares
For a share outstanding during the year ended September 30			2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$131.09	$110.70	$93.89	$83.56	$83.65
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.08)	(0.21)	(0.17)	(0.07)	0.14
		Net realized and unrealized gain/(loss)	11.13	22.69	18.54	13.62	4.74
	Total from Investment Operations		11.05	22.48	18.37	13.55	4.88
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	(0.08)	—
		Distributions (from capital gains)	(6.80)	(2.09)	(1.56)	(3.14)	(4.97)
	Total Dividends and Distributions		(6.80)	(2.09)	(1.56)	(3.22)	(4.97)
	Net Asset Value, End of Period		$135.34	$131.09	$110.70	$93.89	$83.56
	Total Return*		9.84%	20.57%	19.86%	16.67%	5.86%
	Net Assets, End of Period (in thousands)		$589,792	$626,458	$580,629	$470,126	$327,972
	Average Net Assets for the Period (in thousands)		$592,420	$593,963	$536,354	$391,803	$267,883
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.16%	1.16%	1.17%	1.18%	1.17%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.16%	1.16%	1.17%	1.18%	1.17%
		Ratio of Net Investment Income/(Loss)	(0.06)%	(0.17)%	(0.17)%	(0.08)%	0.16%
	Portfolio Turnover Rate		13%	13%	10%	8%	17%


Class T Shares
For a share outstanding during the year ended September 30			2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$134.10	$112.96	$95.60	$84.97	$84.78
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.24	0.11	0.08	0.15	0.39
		Net realized and unrealized gain/(loss)	11.44	23.17	18.91	13.85	4.78
	Total from Investment Operations		11.68	23.28	18.99	14.00	5.17
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.08)	(0.05)	(0.07)	(0.23)	(0.01)
		Distributions (from capital gains)	(6.80)	(2.09)	(1.56)	(3.14)	(4.97)
	Total Dividends and Distributions		(6.88)	(2.14)	(1.63)	(3.37)	(4.98)
	Net Asset Value, End of Period		$138.90	$134.10	$112.96	$95.60	$84.97
	Total Return*		10.12%	20.88%	20.16%	16.96%	6.13%
	Net Assets, End of Period (in thousands)		$5,461,958	$5,344,306	$4,374,383	$3,050,476	$1,799,869
	Average Net Assets for the Period (in thousands)		$5,059,206	$4,920,845	$3,748,225	$2,355,843	$1,579,228
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.91%	0.91%	0.92%	0.93%	0.92%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.91%	0.91%	0.91%	0.93%	0.91%
		Ratio of Net Investment Income/(Loss)	0.19%	0.09%	0.08%	0.17%	0.44%
	Portfolio Turnover Rate		13%	13%	10%	8%	17%

* 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, 2019

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 47 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.


Janus Investment Fund	25

Janus Henderson Enterprise 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 accounting principles generally accepted in the United States of America.

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.


26	SEPTEMBER 30, 2019

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

Foreign Currency Translations


Janus Investment Fund	27

Janus Henderson Enterprise 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 future 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, 2019 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.


28	SEPTEMBER 30, 2019

Janus Henderson Enterprise 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.

Forward Foreign Currency Exchange Contracts

A forward foreign currency exchange contract (“forward currency contract”) is an obligation to buy or sell a specified currency at a future date at a negotiated rate (which may be U.S. dollars or a foreign currency). The Fund may enter into forward currency contracts for hedging purposes, including, but not limited to, reducing exposure to changes in foreign currency exchange rates on foreign portfolio holdings and locking in the U.S. dollar cost of firm purchase and sale commitments for securities denominated in or exposed to foreign currencies. The Fund may also invest in forward currency contracts for non-hedging purposes such as seeking to enhance returns. The Fund is subject to currency risk


Janus Investment Fund	29

Janus Henderson Enterprise Fund

Notes to Financial Statements

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

Counterparties


30	SEPTEMBER 30, 2019

Janus Henderson Enterprise Fund

Notes to Financial Statements

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.

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, 2019” 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

Barclays Capital, Inc.		$	754,823	$	—	$	—	$	754,823
Citibank, National Association			1,988,388		(13,894)		—		1,974,494
Credit Suisse International			110,981		—		—		110,981
HSBC Securities (USA), Inc.			1,134,357		(118,821)		—		1,015,536
JPMorgan Chase Bank, National Association			1,657,963		—		—		1,657,963

Total		$	5,646,512	$	(132,715)	$	—	$	5,513,797
Offsetting of Financial Liabilities and Derivative Liabilities

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

Citibank, National Association		$	13,894	$	(13,894)	$	—	$	—
HSBC Securities (USA), Inc.			118,821		(118,821)		—		—

Total		$	132,715	$	(132,715)	$	—	$	—
(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


Janus Investment Fund	31

Janus Henderson Enterprise Fund

Notes to Financial Statements

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

Securities Lending

There were no securities on loan as of September 30, 2019.


32	SEPTEMBER 30, 2019

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 until at least February 1, 2020. The previous expense limit (until February 1, 2019) was 0.87%. 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.

Effective July 1, 2019, the Board of Trustees of Janus Investment Fund approved a new administrative fee rate for Class D Shares detailed in the table 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	33

Janus Henderson Enterprise Fund

Notes to Financial Statements

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.

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, 2019

Janus Henderson Enterprise Fund

Notes to Financial Statements

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 $475,338 were paid by the Trust to the Trustees under the Deferred Plan during the year ended September 30, 2019.

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, 2019, the Fund engaged in cross trades amounting to $6,318,793 in sales, resulting in a net realized gain of $871,726. 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 losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.


Janus Investment Fund	35

Janus Henderson Enterprise Fund

Notes to Financial Statements


			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)
$ 47,535,983	$ 906,336,853	$ -	$ -	$ -	$ (544,414)	$7,465,991,366


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 14,083,993,270	$7,652,654,364	$(186,662,998)	$ 7,465,991,366

Information on the tax components of derivatives as of September 30, 2019 is as follows:


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 5,513,797	$ -	$ -	$ -

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


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	$ -	$ -


For the year ended September 30, 2018
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 16,031,687	$ 282,459,263	$ -	$ -



Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ -	$ (26,274,028)	$ 26,274,028


36	SEPTEMBER 30, 2019

Janus Henderson Enterprise Fund

Notes to Financial Statements

6. Capital Share Transactions



	Year ended September 30, 2019		Year ended September 30, 2018
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	1,133,871	$ 139,424,186	1,296,427	$ 157,464,679
Reinvested dividends and distributions	224,816	24,057,573	67,240	7,778,327
Shares repurchased	(2,399,453)	(304,123,819)	(1,858,006)	(225,516,908)
Net Increase/(Decrease)	(1,040,766)	$ (140,642,060)	(494,339)	$ (60,273,902)
Class C Shares:
Shares sold	81,168	$ 9,058,222	113,459	$ 12,804,618
Reinvested dividends and distributions	120,262	11,913,111	41,231	4,461,996
Shares repurchased	(577,575)	(66,737,225)	(480,534)	(54,717,910)
Net Increase/(Decrease)	(376,145)	$ (45,765,892)	(325,844)	$ (37,451,296)
Class D Shares:
Shares sold	548,676	$ 70,395,573	656,967	$ 81,178,745
Reinvested dividends and distributions	898,116	98,559,340	270,032	31,939,342
Shares repurchased	(1,331,036)	(169,832,734)	(1,231,016)	(153,069,747)
Net Increase/(Decrease)	115,756	$ (877,821)	(304,017)	$ (39,951,660)
Class I Shares:
Shares sold	17,901,555	$2,281,473,886	17,216,812	$2,166,385,521
Reinvested dividends and distributions	2,406,349	265,372,189	612,884	72,835,110
Shares repurchased	(13,271,746)	(1,700,749,281)	(10,189,438)	(1,271,624,789)
Net Increase/(Decrease)	7,036,158	$ 846,096,794	7,640,258	$ 967,595,842
Class N Shares:
Shares sold	8,311,242	$1,075,958,324	6,905,136	$ 863,500,854
Reinvested dividends and distributions	1,899,191	210,126,495	506,110	60,318,238
Shares repurchased	(4,772,714)	(618,427,722)	(4,090,669)	(510,515,851)
Net Increase/(Decrease)	5,437,719	$ 667,657,097	3,320,577	$ 413,303,241
Class R Shares:
Shares sold	286,077	$ 34,610,009	269,194	$ 31,787,109
Reinvested dividends and distributions	73,059	7,563,843	24,919	2,802,672
Shares repurchased	(480,603)	(58,566,444)	(608,453)	(71,251,670)
Net Increase/(Decrease)	(121,467)	$ (16,392,592)	(314,340)	$ (36,661,889)
Class S Shares:
Shares sold	1,169,304	$ 144,670,332	1,191,364	$ 145,538,971
Reinvested dividends and distributions	311,545	33,170,161	91,051	10,487,274
Shares repurchased	(1,901,622)	(233,560,710)	(1,748,844)	(210,321,532)
Net Increase/(Decrease)	(420,773)	$ (55,720,217)	(466,429)	$ (54,295,287)
Class T Shares:
Shares sold	7,771,150	$ 990,769,408	9,667,226	$1,190,543,133
Reinvested dividends and distributions	2,380,078	259,571,317	698,980	82,193,001
Shares repurchased	(10,680,402)	(1,323,675,452)	(9,239,644)	(1,144,604,577)
Net Increase/(Decrease)	(529,174)	$ (73,334,727)	1,126,562	$ 128,131,557


Janus Investment Fund	37

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
$2,568,877,230	$2,328,364,623	$ -	$ -

8. Recent Accounting Pronouncements

9. Subsequent Event


38	SEPTEMBER 30, 2019

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, 2019, the related statement of operations for the year ended September 30, 2019, the statements of changes in net assets for each of the two years in the period ended September 30, 2019, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2019 (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, 2019, 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, 2019 and the financial highlights for each of the five years in the period ended September 30, 2019 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, 2019 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 15, 2019

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


Janus Investment Fund	39

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD

Renewal of Advisory and Sub-Advisory Agreements with Janus Capital and Janus Capital Affiliates during the Period


40	SEPTEMBER 30, 2019

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Nature, Extent and Quality of Services

Performance of the Funds

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the JIF Funds:

Alternative Fund

Asset Allocation Funds


Janus Investment Fund	41

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


42	SEPTEMBER 30, 2019

Janus Henderson Enterprise Fund

Additional Information (unaudited)

ended May 31, 2018. 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 second Broadridge quartile for the 12 months ended May 31, 2018.


Janus Investment Fund	43

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Money Market Funds

Multi-Asset Funds

Multi-Asset U.S. Equity Funds


44	SEPTEMBER 30, 2019

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Quantitative Equity Funds

U.S. Equity Funds

Costs of Services Provided


Janus Investment Fund	45

Janus Henderson Enterprise Fund

Additional Information (unaudited)


46	SEPTEMBER 30, 2019

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Alternative Fund

Asset Allocation Funds

Fixed-Income Funds


Janus Investment Fund	47

Janus Henderson Enterprise Fund

Additional Information (unaudited)

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 Real Estate 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.

· For Janus Henderson Global Value 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


48	SEPTEMBER 30, 2019

Janus Henderson Enterprise Fund

Additional Information (unaudited)

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 Contrarian Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· 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.

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

· For Janus Henderson Venture Fund, the 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.


Janus Investment Fund	49

Janus Henderson Enterprise Fund

Additional Information (unaudited)

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 the Fund’s total expenses were below the peer group average for all share classes.


50	SEPTEMBER 30, 2019

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Economies of Scale

Other Benefits to Janus Capital


Janus Investment Fund	51

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Approval of an Amended and Restated Investment Advisory Agreement for Janus Henderson Small-Mid Cap Value Fund (formerly, Janus Henderson Select Value Fund)


52	SEPTEMBER 30, 2019

Janus Henderson Enterprise Fund

Additional Information (unaudited)


Janus Investment Fund	53

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.


54	SEPTEMBER 30, 2019

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


Janus Investment Fund	55

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.


56	SEPTEMBER 30, 2019

Janus Henderson Enterprise Fund

Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2019:



Capital Gain Distributions	$961,296,565
Dividends Received Deduction Percentage	100%
Qualified Dividend Income Percentage	100%


Janus Investment Fund	57

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.


58	SEPTEMBER 30, 2019

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	Managing Partner, Impact Investments, Athena Capital Advisors LLC (independent registered investment advisor) (since 2016). Formerly, 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).	58	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 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 (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).	58	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, 2019

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).	58	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	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
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).	58	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).	58	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, 2019

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.	58	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).
William D. Stewart 151 Detroit Street Denver, CO 80206 DOB: 1944	Trustee	6/84-Present	Retired. Formerly, President and founder of HPS Products and Corporate Vice President of MKS Instruments, Boulder, CO (a provider of advanced process control systems for the semiconductor industry) (1976-2012).	58	None


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
Diane L. Wallace 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	6/17-Present	Retired.	58	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, 2019

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).	58	Director of Chicago Community Trust (Regional Community Foundation), Chicago Council on Global Affairs, InnerWorkings (U.S. provider of print procurement solutions to corporate clients), Lurie Children’s Hospital (Chicago, IL), Shirley Ryan Ability Lab and Wrapports, LLC (digital communications company). Formerly, 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, 2019

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).
Susan K. Wold 151 Detroit Street Denver, CO 80206 DOB: 1960	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	9/17-Present	Head of Compliance, North America for Janus Henderson (since September 2017). Formerly, Vice President, Head of Global Corporate Compliance, and Chief Compliance Officer for Janus Capital Management LLC (May 2017-September 2017), Vice President, Compliance at Janus Capital Group Inc. and Janus Capital Management LLC (2005-2017).
* 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.
Kathryn L. Santoro 151 Detroit Street Denver, CO 80206 DOB: 1974	Vice President, Chief Legal Counsel, and Secretary	12/16-Present	Assistant General Counsel of Janus Capital (since 2016). Formerly, Vice President and Associate Counsel of Curian Capital, LLC and Curian Clearing LLC (2013-2016), and General Counsel and Secretary (2011-2012) and Vice President (2009-2012) of Old Mutual Capital, Inc.
* 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, 2019

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 11-19



		ANNUAL REPORT September 30, 2019

	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

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 underperformed its benchmark, the MSCI Europe Index^SM, over the period ending September 30, 2019. The Fund’s Class I shares returned -10.30%, while the MSCI Europe Index returned -0.75%.

INVESTMENT ENVIRONMENT

The year under review was characterized by a narrative of synchronized global growth and aging bull markets in most leading equity and bond markets. Markets, however, were dealt a reality check, courtesy of intensifying trade wars and political instability in Europe. Following the strong rebound from the lows that characterized December 2018, the correction duly arrived – encouraging the view that a rebound in both economies and corporate earnings should follow in 2020. Pulling the other way are bond markets, which signified a continued disinflationary environment over the period, and so the tug-of-war between bonds and equities continued. As for European equities, one thing in the region’s favor is that it remains deeply out of favor among investors. Consequently, in the likelihood that we see a repeat of last year’s sell-off, we have aimed to position the Fund to capitalize on opportunities.

PERFORMANCE DISCUSSION

Over the 12-month period, the Fund underperformed its benchmark. Performance was adversely affected by stock picking, chiefly in the industrials, energy and health care sectors. Positive contributions came from the financials and information technology sectors. During the 12-month period, the Fund exited many legacy positions bought under former management as the new manager restructured the Fund. At the time of this writing, high-conviction exposure in the materials, information technology and industrials sectors expresses our top-down views. Our largest underweight exposure is to the financials sector, as we avoid banks due to their structurally challenged business models.

Legacy positions in the energy and industrials sectors were among the primary detractors, where laggards included TransGlobe Energy Corp., an internationally focused oil exploration and production company, and Kosmos Energy, a company focused on deepwater exploration and production.

German automotive, defense and electronics group Rheinmetall was the largest stock contributor, aided by a solid defense outlook. We added to the weighting over the period. Strong performers also included luxury goods manufacturer Kering, as consumer sectors were among the stronger areas of the market.

Activity of note during the year included the introduction of Nestlé, the multinational food manufacturing company and a key constituent of the benchmark index. In the health care sector, we added positions in pharmaceutical companies Roche Holding and Novo Nordisk. We also bought materials handling equipment manufacturer KION following a meeting with its management that served to re-affirm our investment case. Lastly, an anticipated turnaround in the semiconductors cycle gave us the confidence to buy STMicroelectronics and Infineon.

DERIVATIVES USED

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

OUTLOOK

As we write these lines, the U.S. ISM Manufacturing Purchasing Managers’ Index (PMI) and Markit/BME Germany Manufacturing PMI have just dropped deeper into the 40s, both recording their lowest readings since mid-2009. The world’s producers clearly are not in a happy place, a backdrop that has historically proven a good time to buy select cyclical stocks. Sure enough, value stocks staged a rally in early September, and once again tried to outperform around period end. In fact, PMIs are now underperforming what monetary expansion


Janus Investment Fund	1

Janus Henderson European Focus Fund (unaudited)

data – with the usual time lag of around three quarters – would suggest. The reason is flaking corporate confidence against the backdrop of record policy uncertainty (trade war, Brexit, Hong Kong protests, fiscal stimulus, etc.). However, with rapid de-stocking underway across most industries, and with order data entering negative comparison territory going back to the fourth quarter of 2018, it is hard to see ordering trends getting a lot worse.

By the time the ISM/PMI data reach current levels, the softness in the economy is usually well understood. At least among the human investor base, we continue to feel quite isolated in our optimistic outlook for the market in general, and our more cyclically tilted portfolio in particular. We continue to abstain from European banks, given the structural challenges to their business model. Instead, our cyclical exposure is focused on idiosyncratic ideas across the industrial, material and semiconductor sectors. The common trait of all of these investment cases is strong management teams demonstrating unwavering focus on shareholder value creation, backed by strong balance sheets. Amid the throng of quarterly earnings and other noise-chasing algorithmic, robotic and human “investors,” we spend much of our time meeting these management teams to challenge our investment cases.

October 2019

Fund Manager

Robert Schramm-Fuchs (since March 2019)


2	SEPTEMBER 30, 2019

Janus Henderson European Focus Fund (unaudited)

Fund At A Glance

September 30, 2019





	5 Top Performers - Holdings		5 Bottom Performers - Holdings
		Contribution		Contribution
	Rheinmetall AG	0.75%	TransGlobe Energy Corp	-1.39%
	Nestle SA (REG)	0.70%	Renault SA	-1.30%
	Kering SA	0.62%	Kosmos Energy Ltd	-1.08%
	VAT Group AG	0.58%	XLMedia PLC	-0.94%
	Deutsche Boerse AG	0.54%	Mondi PLC	-0.92%

	5 Top Performers - Sectors*
		Fund	Fund Weighting	MSCI Europe Index
		Contribution	(Average % of Equity)	Weighting
	Financials	0.70%	8.83%	18.46%
	Information Technology	0.67%	6.53%	5.53%
	Real Estate	0.03%	0.02%	1.43%
	Materials	-0.09%	14.42%	7.53%
	Other**	-0.13%	3.42%	0.00%

	5 Bottom Performers - Sectors*
		Fund	Fund Weighting	MSCI Europe Index
		Contribution	(Average % of Equity)	Weighting
	Energy	-2.51%	8.89%	8.01%
	Industrials	-2.51%	18.46%	13.12%
	Health Care	-1.72%	10.38%	13.17%
	Consumer Discretionary	-1.33%	8.95%	9.28%
	Consumer Staples	-1.04%	10.20%	14.42%

	Security contribution to performance is measured by using an algorithm that multiplies the daily performance of each security with the previous day’s ending weight in the portfolio and is gross of advisory fees. Fixed income securities and certain equity securities, such as private placements and some share classes of equity securities, are excluded.
*	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, 2019


5 Largest Equity Holdings - (% of Net Assets)
Nestle SA (REG)
Food Products	5.5%
UPM-Kymmene Oyj
Paper & Forest Products	4.1%
Roche Holding AG
Pharmaceuticals	3.9%
Sanofi
Pharmaceuticals	3.7%
VAT Group AG
Machinery	3.7%
	20.9%


Asset Allocation - (% of Net Assets)
Common Stocks	96.9%
Preferred Stocks	1.8%
Investment Companies	1.4%
OTC Purchased Options – Calls	0.1%
Exchange Traded Purchased Options – Calls	0.0%
Other		(0.2)%
		100.0%

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

As of September 30, 2019

As of September 30, 2018


4	SEPTEMBER 30, 2019

Janus Henderson European Focus Fund (unaudited)

Performance

See important disclosures on the next page.




Average Annual Total Return - for the periods ended September 30, 2019					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	-10.61%	-2.48%	3.76%	10.74%	1.31%	1.30%
Class A Shares at MOP	-15.76%	-3.63%	3.15%	10.38%
Class C Shares at NAV	-11.26%	-3.23%	2.97%	9.91%	2.05%	2.03%
Class C Shares at CDSC	-12.13%	-3.23%	2.97%	9.91%
Class D Shares⁽¹⁾	-10.39%	-2.48%	3.76%	10.74%	1.19%	1.11%
Class I Shares	-10.30%	-2.23%	4.04%	10.74%	1.03%	1.02%
Class N Shares	-10.25%	-2.48%	3.76%	10.74%	1.43%	0.97%
Class S Shares	-10.44%	-2.54%	3.72%	10.72%	4.44%	1.46%
Class T Shares	-10.43%	-2.48%	3.76%	10.74%	1.31%	1.21%
MSCI Europe Index	-0.75%	2.38%	4.61%	5.19%
Morningstar Quartile - Class A Shares	4th	4th	3rd	1st
Morningstar Ranking - based on total returns for Europe Stock Funds	111/112	89/90	54/73	10/60

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 through February 1, 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.

The Fund will normally invest at least 80% of its net assets, measured at the time of purchase, in the type of securities described by its name.

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, 2019

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.”

Effective on or about March 19, 2019, Robert Schramm-Fuchs is Portfolio Manager of the Fund.

*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.

(1) Closed to certain new investors.


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 (4/1/19)	Ending Account Value (9/30/19)	Expenses Paid During Period (4/1/19 - 9/30/19)†	Beginning Account Value (4/1/19)	Ending Account Value (9/30/19)	Expenses Paid During Period (4/1/19 - 9/30/19)†	Net Annualized Expense Ratio (4/1/19 - 9/30/19)
Class A Shares		$1,000.00	$995.20	$6.65	$1,000.00	$1,018.40	$6.73	1.33%
Class C Shares		$1,000.00	$991.50	$10.23	$1,000.00	$1,014.79	$10.35	2.05%
Class D Shares		$1,000.00	$996.30	$5.66	$1,000.00	$1,019.40	$5.72	1.13%
Class I Shares		$1,000.00	$996.70	$5.26	$1,000.00	$1,019.80	$5.32	1.05%
Class N Shares		$1,000.00	$997.00	$4.91	$1,000.00	$1,020.16	$4.96	0.98%
Class S Shares		$1,000.00	$996.90	$5.31	$1,000.00	$1,019.75	$5.37	1.06%
Class T Shares		$1,000.00	$996.00	$6.00	$1,000.00	$1,019.05	$6.07	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 183/365 (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, 2019

Janus Henderson European Focus Fund

Schedule of Investments

September 30, 2019


Shares or Contract Amounts			Value
Common Stocks– 96.9%
Airlines – 1.6%
	Wizz Air Holdings PLC (144A)*	135,027	$6,000,499
Auto Components – 1.9%
	Hella GmbH & Co KGaA	164,895	7,371,396
Banks – 2.0%
	BNP Paribas SA	159,212	7,750,654
Beverages – 3.8%
	Anheuser-Busch InBev SA/NV	71,550	6,816,588
	Pernod Ricard SA	41,907	7,462,515
			14,279,103
Capital Markets – 3.9%
	Anima Holding SpA (144A)	1,538,363	5,861,069
	Deutsche Boerse AG	56,243	8,789,501
			14,650,570
Chemicals – 7.2%
	Givaudan SA	4,219	11,771,593
	Koninklijke DSM NV	62,017	7,461,505
	LANXESS AG	130,795	7,982,258
			27,215,356
Communications Equipment – 2.5%
	Telefonaktiebolaget LM Ericsson	1,184,057	9,464,082
Construction Materials – 2.6%
	LafargeHolcim Ltd*	201,229	9,906,162
Electric Utilities – 3.1%
	EDP - Energias de Portugal SA	3,037,957	11,792,941
Food Products – 10.6%
	Danone SA	117,903	10,384,613
	Mowi ASA	376,214	8,682,975
	Nestle SA (REG)	192,702	20,911,778
			39,979,366
Household Durables – 1.6%
	Berkeley Group Holdings PLC	119,849	6,156,945
Industrial Conglomerates – 1.5%
	Rheinmetall AG	45,944	5,810,594
Machinery – 14.9%
	Epiroc AB	736,304	7,983,136
	KION Group AG	265,983	13,986,137
	Knorr-Bremse AG	56,415	5,302,125
	Kone Oyj	83,315	4,743,217
	VAT Group AG (144A)*	112,124	14,141,918
	Volvo AB	732,091	10,284,476
			56,441,009
Metals & Mining – 1.5%
	ArcelorMittal	407,017	5,724,675
Oil, Gas & Consumable Fuels – 4.7%
	International Petroleum Corp/Sweden*	2,231,044	7,979,997
	Neste Oyj^#	169,098	5,596,672
	OMV AG	79,684	4,275,981
			17,852,650
Paper & Forest Products – 7.2%
	Mondi PLC	388,102	7,433,131
	Stora Enso Oyj	354,541	4,271,415
	UPM-Kymmene Oyj	525,721	15,537,874
			27,242,420
Pharmaceuticals – 13.4%
	GlaxoSmithKline PLC	461,234	9,891,807
	Novo Nordisk A/S	230,582	11,856,185
	Roche Holding AG	50,438	14,682,018


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, 2019


Shares or Contract Amounts					Value
Common Stocks– (continued)
Pharmaceuticals – (continued)
	Sanofi	152,996		$14,182,476
				50,612,486
Professional Services – 1.5%
	Randstad NV	117,607		5,779,097
Semiconductor & Semiconductor Equipment – 9.2%
	ASML Holding NV	34,561		8,559,271
	Infineon Technologies AG	472,376		8,500,297
	Siltronic AG	76,215		5,789,217
	STMicroelectronics NV	626,841		12,111,913
				34,960,698
Software – 2.2%
	SAP SE	72,180		8,486,027
Total Common Stocks (cost $353,422,614)				367,476,730
Preferred Stocks– 1.8%
Automobiles – 1.5%
	Porsche Automobil Holding SE	86,187		5,607,415
Hotels, Restaurants & Leisure – 0.3%
	BNN Technology PLC^¢	11,756,231		1,098,348
Total Preferred Stocks (cost $19,856,464)				6,705,763
Investment Companies– 1.4%
Investments Purchased with Cash Collateral from Securities Lending – 0.5%
	Janus Henderson Cash Collateral Fund LLC, 1.7248%^ºº,£	1,871,100		1,871,100
Money Markets – 0.9%
	Fidelity Investments Money Market Treasury Portfolio^ºº	3,211,864		3,211,864
Total Investment Companies (cost $5,082,964)				5,082,964
Exchange-Traded Purchased Options – Calls– 0%
	Dow Jones EURO STOXX 50,
	Notional amount $1,194,693, premiums paid $61,947, unrealized depreciation $(54,726), exercise price 100.00 EUR, expires 12/20/19* (premiums paid $61,947)	250	7,221
OTC Purchased Options – Calls– 0.1%
Counterparty/Reference Asset
Citibank:
	DAX Index,
	Notional amount $20,316,173, premiums paid $450,236, unrealized appreciation $54,385, exercise price 12,500.00 EUR, expires 12/20/19*	300		504,621
	Dow Jones EURO STOXX 50,
	Notional amount $3,584,078, premiums paid $131,356, unrealized depreciation $(109,693), exercise price 100.00 EUR, expires 12/20/19*	750		21,663
Total OTC Purchased Options – Calls (premiums paid $581,592, unrealized depreciation $(55,308))				526,284
Total Investments (total cost $379,005,581) – 100.2%				379,798,962
Liabilities, net of Cash, Receivables and Other Assets – (0.2)%				(705,643)
Net Assets – 100%				$379,093,319


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

10	SEPTEMBER 30, 2019

Janus Henderson European Focus Fund

Schedule of Investments

September 30, 2019


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

		% of
		Investment
Country	Value	Securities
Germany	$78,158,472	20.6	%
Switzerland	71,413,469	18.8
France	57,616,846	15.2
Finland	30,149,178	7.9
Sweden	27,731,694	7.3
United Kingdom	24,580,231	6.5
Netherlands	21,799,873	5.7
Denmark	11,856,185	3.1
Portugal	11,792,941	3.1
Norway	8,682,975	2.3
Canada	7,979,997	2.1
Belgium	6,816,588	1.8
Hungary	6,000,499	1.6
Italy	5,861,069	1.6
United States	5,082,964	1.3
Austria	4,275,981	1.1



Total	$379,798,962	100.0	%

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income⁽¹⁾		Realized Gain/(Loss)⁽¹⁾		Change in Unrealized Appreciation/ Depreciation⁽¹⁾		Value at 9/30/19
Common Stocks - 0.0%
Interactive Media & Services - N/A
	XLMedia PLC	$	854,386	$	(10,845,269)	$	3,289,827	$	-
Oil, Gas & Consumable Fuels - N/A
	TransGlobe Energy Corp		227,617		(2,472,773)		(10,381,806)		-
Total Common Stocks		$	1,082,003	$	(13,318,042)	$	(7,091,979)	$	-
Investment Companies - 0.5%
Investments Purchased with Cash Collateral from Securities Lending - 0.5%
	Janus Henderson Cash Collateral Fund LLC, 1.7248%^ºº		1,197,329^∆		-		-		1,871,100
Total Affiliated Investments - 0.5%		$	2,279,332	$	(13,318,042)	$	(7,091,979)	$	1,871,100


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, 2019


		Share Balance at 9/30/18		Purchases		Sales		Share Balance at 9/30/19
Common Stocks - 0.0%
Interactive Media & Services - N/A
	XLMedia PLC		14,000,000		-		(14,000,000)		-
Oil, Gas & Consumable Fuels - N/A
	TransGlobe Energy Corp		6,000,000		2,100,000		(8,100,000)		-
Investment Companies - 0.5%
Investments Purchased with Cash Collateral from Securities Lending - 0.5%
	Janus Henderson Cash Collateral Fund LLC, 1.7248%^ºº		21,075,000		90,491,392		(109,695,292)		1,871,100


Schedule of Exchange-Traded Written Options
Description	Number of Contracts	Exercise Price		Expiration Date		Notional Amount		Premiums Received		Unrealized Appreciation/ (Depreciation)		Options Written, at Value
Written Put Options:
Dow Jones EURO STOXX 50	250	75.00	EUR	12/20/19	$	1,194,693	$	28,158	$	15,767	$	(12,391)
Total – Exchange-Traded Written Options							$	28,158	$	15,767	$	(12,391)

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:

Citibank:


DAX Index	300	11,000.00	EUR	12/20/19	$	20,316,173	$	270,993	$	148,839	$	(122,154)
Dow Jones EURO STOXX 50	750	75.00	EUR	12/20/19		3,584,078		74,683		37,510		(37,173)
								345,676		186,349		(159,327)

JPMorgan Chase & Co.:


NESTLE SA	3,000	94.00	CHF	12/20/19	32,555,622		150,181		39,227		(110,954)
							150,181		39,227		(110,954)
Total - Written Put Options							495,857		225,576		(270,281)
Total OTC Written Options						$	495,857	$	225,576	$	(270,281)


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

12	SEPTEMBER 30, 2019

Janus Henderson European Focus Fund

Schedule of Investments

September 30, 2019

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, 2019.


Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of September 30, 2019

					Equity Contracts
Asset Derivatives:
Purchased options contracts, at value					$533,505


Liability Derivatives:
Options written, at value					$282,672

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, 2019.


The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the year ended September 30, 2019

Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative				Equity Contracts
Purchased options contracts				$(2,077,962)
Written options contracts				1,478,575

Total				$ (599,387)


Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative				Equity Contracts
Purchased options contracts				$ (110,034)
Written options contracts				241,343

Total				$ 131,309

Please see the "Net Realized Gain/(Loss) on Investments" section of the Fund’s Statement of Operations.


Average Ending Monthly Market Value of Derivative Instruments During the Year Ended September 30, 2019

	Market Value
Purchased options contracts, call	$ 64,764
Purchased options contracts, put	142,659
Written options contracts, put	180,807


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
PLC	Public Limited Company
REG	Registered

144A


*	Non-income producing security.


ºº	Rate shown is the 7-day yield as of September 30, 2019.


#	Loaned security; a portion of the security is on loan at September 30, 2019.


¢	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.


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, 2019. 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		$	367,476,730	$	-	$	-
Preferred Stocks			-		5,607,415		1,098,348
Investment Companies			3,211,864		1,871,100		-
Exchange-Traded Purchased Options – Calls			-		7,221		-
OTC Purchased Options – Calls			-		526,284		-
Total Assets		$	370,688,594	$	8,012,020	$	1,098,348
Liabilities
Other Financial Instruments^(a):
Options Written, at Value		$	-	$	282,672	$	-

(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, 2019

Janus Henderson European Focus Fund

Statement of Assets and Liabilities

September 30, 2019

See footnotes at the end of the Statement.



Assets:
	Unaffiliated investments, at value⁽¹⁾⁽²⁾		$	377,394,357
	Affiliated investments, at value⁽³⁾			1,871,100
	Purchased options, at value⁽⁴⁾			533,505
	Non-interested Trustees' deferred compensation			9,799
	Receivables:
		Investments sold		4,235,985
		Foreign tax reclaims		2,840,994
		Dividends		666,269
		Fund shares sold		193,839
	Other assets			14,972
Total Assets				387,760,820
Liabilities:
	Foreign cash due to custodian			65
	Collateral for securities loaned (Note 3)			1,871,100
	Options written, at value⁽⁵⁾			282,672
	Payables:			—
		Investments purchased		5,066,845
		Fund shares repurchased		806,987
		Advisory fees		233,524
		12b-1 Distribution and shareholder servicing fees		59,395
		Transfer agent fees and expenses		58,652
		Professional fees		45,620
		Custodian fees		22,311
		Non-interested Trustees' deferred compensation fees		9,799
		Non-interested Trustees' fees and expenses		3,338
		Affiliated fund administration fees payable		791
		Accrued expenses and other payables		206,402
Total Liabilities				8,667,501
Net Assets			$	379,093,319


See Notes to Financial Statements.

Janus Investment Fund	15

Janus Henderson European Focus Fund

Statement of Assets and Liabilities

September 30, 2019




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	922,495,002
	Total distributable earnings (loss)		(543,401,683)
Total Net Assets		$	379,093,319
Net Assets - Class A Shares		$	112,110,120
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		4,119,522
Net Asset Value Per Share⁽⁶⁾		$	27.21
Maximum Offering Price Per Share⁽⁷⁾		$	28.87
Net Assets - Class C Shares		$	43,109,676
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,677,752
Net Asset Value Per Share⁽⁶⁾		$	25.69
Net Assets - Class D Shares		$	2,293,475
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		84,787
Net Asset Value Per Share		$	27.05
Net Assets - Class I Shares		$	220,722,394
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		8,155,187
Net Asset Value Per Share		$	27.07
Net Assets - Class N Shares		$	138,782
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		5,166
Net Asset Value Per Share		$	26.86
Net Assets - Class S Shares		$	42,862
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,650
Net Asset Value Per Share		$	25.98
Net Assets - Class T Shares		$	676,010
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		24,986
Net Asset Value Per Share		$	27.06

(1) Includes cost of $376,490,942.

(2) Includes $1,780,123 of securities on loan. See Note 3 in Notes to Financial Statements.

(3) Includes cost of $1,871,100.

(4) Premiums paid of $643,539.

(5) Premiums received $524,015.

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

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


See Notes to Financial Statements.

16	SEPTEMBER 30, 2019

Janus Henderson European Focus Fund

Statement of Operations

For the year ended September 30, 2019



Investment Income:
	Dividends		$	13,663,311
	Affiliated securities lending income, net			1,197,329
	Dividends from affiliates			1,082,003
	Interest			3,714
	Other income			14,438
	Foreign tax withheld			(1,348,162)
Total Investment Income				14,612,633
Expenses:
	Advisory fees			5,457,061
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		337,534
		Class C Shares		616,623
		Class S Shares		37
	Transfer agent administrative fees and expenses:
		Class D Shares		2,900
		Class S Shares		106
		Class T Shares		1,904
	Transfer agent networking and omnibus fees:
		Class A Shares		133,951
		Class C Shares		64,267
		Class I Shares		246,321
	Other transfer agent fees and expenses:
		Class A Shares		14,747
		Class C Shares		6,848
		Class D Shares		1,319
		Class I Shares		20,873
		Class N Shares		16
		Class S Shares		3
		Class T Shares		31
	Shareholder reports expense			186,957
	Registration fees			114,221
	Custodian fees			80,019
	Professional fees			65,464
	Non-interested Trustees’ fees and expenses			13,459
	Affiliated fund administration fees			12,674
	Other expenses			132,432
Total Expenses				7,509,767
Less: Excess Expense Reimbursement and Waivers				(743,108)
Net Expenses				6,766,659
Net Investment Income/(Loss)				7,845,974


See Notes to Financial Statements.

Janus Investment Fund	17

Janus Henderson European Focus Fund

Statement of Operations

For the year ended September 30, 2019



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	(187,456,661)
	Investments in affiliates		(13,318,042)
	Purchased options contracts		(2,077,962)
	Written options contracts		1,478,575
Total Net Realized Gain/(Loss) on Investments			(201,374,090)
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation		77,748,636
	Investments in affiliates		(7,091,979)
	Purchased options contracts		(110,034)
	Written options contracts		241,343
Total Change in Unrealized Net Appreciation/Depreciation			70,787,966
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	(122,740,150)


See Notes to Financial Statements.

18	SEPTEMBER 30, 2019

Janus Henderson European Focus Fund

Statements of Changes in Net Assets



			Year ended September 30, 2019		Year ended September 30, 2018

Operations:
	Net investment income/(loss)		$	7,845,974	$	20,620,406
	Net realized gain/(loss) on investments			(201,374,090)		40,928,110
	Change in unrealized net appreciation/depreciation			70,787,966		(168,680,979)
Net Increase/(Decrease) in Net Assets Resulting from Operations				(122,740,150)		(107,132,463)
Dividends and Distributions to Shareholders
		Class A Shares		(5,655,916)		(4,317,905)
		Class C Shares		(1,535,900)		(1,391,083)
		Class D Shares		(96,577)		(64,816)
		Class I Shares		(17,985,378)		(25,516,238)
		Class N Shares		(10,309)		(6,895)
		Class S Shares		(3,066)		(1,110)
		Class T Shares		(29,575)		(47,776)
Net Decrease from Dividends and Distributions to Shareholders				(25,316,721)		(31,345,823)
Capital Share Transactions:
		Class A Shares		(38,867,538)		(74,651,805)
		Class C Shares		(59,668,935)		(51,573,291)
		Class D Shares		(201,983)		407,736
		Class I Shares		(368,408,126)		(437,685,060)
		Class N Shares		(105,258)		(4,692)
		Class S Shares		3,066		1,111
		Class T Shares		(136,636)		(146,651)
Net Increase/(Decrease) from Capital Share Transactions				(467,385,410)		(563,652,652)
Net Increase/(Decrease) in Net Assets				(615,442,281)		(702,130,938)
Net Assets:
	Beginning of period			994,535,600		1,696,666,538
	End of period		$	379,093,319	$	994,535,600


See Notes to Financial Statements.

Janus Investment Fund	19

Janus Henderson European Focus Fund

Financial Highlights


Class A Shares
For a share outstanding during the year or period ended September 30			2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$31.73	$35.02	$34.22
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.41	0.46	0.13
		Net realized and unrealized gain/(loss)	(3.91)	(3.16)	0.67
	Total from Investment Operations		(3.50)	(2.70)	0.80
	Less Dividends and Distributions:
		Dividends (from net investment income)	(1.02)	(0.59)	—
	Total Dividends and Distributions		(1.02)	(0.59)	—
	Net Asset Value, End of Period		$27.21	$31.73	$35.02
	Total Return*		(10.61)%	(7.84)%	2.34%
	Net Assets, End of Period (in thousands)		$112,110	$176,690	$273,184
	Average Net Assets for the Period (in thousands)		$135,260	$227,911	$268,061
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.46%	1.31%	1.35%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.32%	1.30%	1.35%
		Ratio of Net Investment Income/(Loss)	1.49%	1.37%	2.29%
	Portfolio Turnover Rate		145%	82%	6%


Class C Shares
For a share outstanding during the year or period ended September 30			2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$29.66	$32.68	$31.98
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.16	0.21	0.08
		Net realized and unrealized gain/(loss)	(3.57)	(2.97)	0.62
	Total from Investment Operations		(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		$25.69	$29.66	$32.68
	Total Return*		(11.26)%	(8.51)%	2.19%
	Net Assets, End of Period (in thousands)		$43,110	$118,408	$184,366
	Average Net Assets for the Period (in thousands)		$62,633	$154,929	$183,018
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.19%	2.04%	2.22%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.06%	2.02%	2.22%
		Ratio of Net Investment Income/(Loss)	0.62%	0.65%	1.44%
	Portfolio Turnover Rate		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.

20	SEPTEMBER 30, 2019

Janus Henderson European Focus Fund

Financial Highlights


Class A Shares
For a share outstanding during the year ended July 31			2017	2016	2015
	Net Asset Value, Beginning of Period		$32.17	$36.91	$35.42
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.34	0.44	0.35
		Net realized and unrealized gain/(loss)	2.50	(4.94)	1.67
	Total from Investment Operations		2.84	(4.50)	2.02
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.79)	(0.24)	(0.53)
	Total Dividends and Distributions		(0.79)	(0.24)	(0.53)
	Net Asset Value, End of Period		$34.22	$32.17	$36.91
	Total Return*		9.15%	(12.22)%	5.86%
	Net Assets, End of Period (in thousands)		$274,588	$560,452	$905,598
	Average Net Assets for the Period (in thousands)		$381,753	$810,537	$669,133
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.33%	1.28%	1.30%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.33%	1.28%	1.30%
		Ratio of Net Investment Income/(Loss)	1.06%	1.35%	0.99%
	Portfolio Turnover Rate		57%	62%	75%


Class C Shares
For a share outstanding during the year ended July 31			2017	2016	2015
	Net Asset Value, Beginning of Period		$30.06	$34.57	$33.35
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.11	0.22	0.04
		Net realized and unrealized gain/(loss)	2.32	(4.69)	1.59
	Total from Investment Operations		2.43	(4.47)	1.63
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.51)	(0.04)	(0.41)
	Total Dividends and Distributions		(0.51)	(0.04)	(0.41)
	Net Asset Value, End of Period		$31.98	$30.06	$34.57
	Total Return*		8.32%	(12.94)%	5.02%
	Net Assets, End of Period (in thousands)		$188,120	$287,339	$365,135
	Average Net Assets for the Period (in thousands)		$219,705	$328,767	$287,767
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.11%	2.07%	2.09%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.11%	2.07%	2.09%
		Ratio of Net Investment Income/(Loss)	0.36%	0.71%	0.12%
	Portfolio Turnover Rate		57%	62%	75%

* 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.

Janus Investment Fund	21

Janus Henderson European Focus Fund

Financial Highlights


Class D Shares
For a share outstanding during the year or period ended September 30			2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$31.61	$35.02	$34.21
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.49	0.57	0.14
		Net realized and unrealized gain/(loss)	(3.92)	(3.20)	0.67
	Total from Investment Operations		(3.43)	(2.63)	0.81
	Less Dividends and Distributions:
		Dividends (from net investment income)	(1.13)	(0.78)	—
	Total Dividends and Distributions		(1.13)	(0.78)	—
	Net Asset Value, End of Period		$27.05	$31.61	$35.02
	Total Return*		(10.39)%	(7.67)%	2.37%
	Net Assets, End of Period (in thousands)		$2,293	$2,875	$2,776
	Average Net Assets for the Period (in thousands)		$2,421	$3,071	$2,683
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.59%	1.19%	1.11%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.14%	1.11%	1.11%
		Ratio of Net Investment Income/(Loss)	1.81%	1.71%	2.52%
	Portfolio Turnover Rate		145%	82%	6%


Class I Shares
For a share outstanding during the year or period ended September 30			2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$31.59	$34.94	$34.13
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.42	0.54	0.15
		Net realized and unrealized gain/(loss)	(3.82)	(3.14)	0.66
	Total from Investment Operations		(3.40)	(2.60)	0.81
	Less Dividends and Distributions:
		Dividends (from net investment income)	(1.12)	(0.75)	—
	Total Dividends and Distributions		(1.12)	(0.75)	—
	Net Asset Value, End of Period		$27.07	$31.59	$34.94
	Total Return*		(10.30)%	(7.60)%	2.37%
	Net Assets, End of Period (in thousands)		$220,722	$695,302	$1,234,695
	Average Net Assets for the Period (in thousands)		$353,101	$1,025,799	$1,231,744
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.16%	1.03%	1.06%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.03%	1.02%	1.06%
		Ratio of Net Investment Income/(Loss)	1.53%	1.60%	2.59%
	Portfolio Turnover Rate		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.

22	SEPTEMBER 30, 2019

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	2015
	Net Asset Value, Beginning of Period		$32.18	$36.90	$35.48
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.44	0.60	0.42
		Net realized and unrealized gain/(loss)	2.47	(5.02)	1.67
	Total from Investment Operations		2.91	(4.42)	2.09
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.96)	(0.30)	(0.67)
	Total Dividends and Distributions		(0.96)	(0.30)	(0.67)
	Net Asset Value, End of Period		$34.13	$32.18	$36.90
	Total Return*		9.44%	(12.01)%	6.10%
	Net Assets, End of Period (in thousands)		$1,277,021	$1,874,371	$2,357,546
	Average Net Assets for the Period (in thousands)		$1,414,519	$2,276,749	$1,653,249
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.07%	1.04%	1.07%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.07%	1.04%	1.07%
		Ratio of Net Investment Income/(Loss)	1.38%	1.83%	1.19%
	Portfolio Turnover Rate		57%	62%	75%

* 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	23

Janus Henderson European Focus Fund

Financial Highlights


Class N Shares
For a share outstanding during the year or period ended September 30			2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$31.64	$34.89	$34.10
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.49	0.56	0.13
		Net realized and unrealized gain/(loss)	(3.91)	(3.14)	0.66
	Total from Investment Operations		(3.42)	(2.58)	0.79
	Less Dividends and Distributions:
		Dividends (from net investment income)	(1.36)	(0.67)	—
	Total Dividends and Distributions		(1.36)	(0.67)	—
	Net Asset Value, End of Period		$26.86	$31.64	$34.89
	Total Return*		(10.25)%	(7.54)%	2.32%
	Net Assets, End of Period (in thousands)		$139	$284	$318
	Average Net Assets for the Period (in thousands)		$207	$332	$245
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.56%	1.43%	1.19%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.97%	0.97%	1.19%
		Ratio of Net Investment Income/(Loss)	1.82%	1.68%	2.29%
	Portfolio Turnover Rate		145%	82%	6%


Class S Shares
For a share outstanding during the year or period ended September 30			2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$31.53	$35.01	$34.20
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.45	0.47	0.13
		Net realized and unrealized gain/(loss)	(3.98)	(3.20)	0.68
	Total from Investment Operations		(3.53)	(2.73)	0.81
	Less Dividends and Distributions:
		Dividends (from net investment income)	(2.02)	(0.75)	—
	Total Dividends and Distributions		(2.02)	(0.75)	—
	Net Asset Value, End of Period		$25.98	$31.53	$35.01
	Total Return*		(10.35)%	(7.96)%	2.37%
	Net Assets, End of Period (in thousands)		$43	$48	$52
	Average Net Assets for the Period (in thousands)		$43	$50	$50
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	8.50%	4.42%	1.48%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.17%	1.35%	1.30%
		Ratio of Net Investment Income/(Loss)	1.73%	1.42%	2.34%
	Portfolio Turnover Rate		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.

24	SEPTEMBER 30, 2019

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.

Janus Investment Fund	25

Janus Henderson European Focus Fund

Financial Highlights


Class T Shares
For a share outstanding during the year or period ended September 30			2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$31.57	$35.03	$34.22
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.47	0.54	0.13
		Net realized and unrealized gain/(loss)	(3.90)	(3.21)	0.68
	Total from Investment Operations		(3.43)	(2.67)	0.81
	Less Dividends and Distributions:
		Dividends (from net investment income)	(1.08)	(0.79)	—
	Total Dividends and Distributions		(1.08)	(0.79)	—
	Net Asset Value, End of Period		$27.06	$31.57	$35.03
	Total Return*		(10.43)%	(7.79)%	2.37%
	Net Assets, End of Period (in thousands)		$676	$929	$1,275
	Average Net Assets for the Period (in thousands)		$762	$1,598	$1,077
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.76%	1.31%	1.22%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.18%	1.20%	1.18%
		Ratio of Net Investment Income/(Loss)	1.74%	1.59%	2.26%
	Portfolio Turnover Rate		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.

26	SEPTEMBER 30, 2019

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.

Janus Investment Fund	27

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 47 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.


28	SEPTEMBER 30, 2019

Janus Henderson European Focus Fund

Notes to Financial Statements

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

Investment Valuation

Valuation Inputs Summary


Janus Investment Fund	29

Janus Henderson European Focus Fund

Notes to Financial Statements

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, 2019.

Investment Transactions and Investment Income

Expenses

Estimates


30	SEPTEMBER 30, 2019

Janus Henderson European Focus Fund

Notes to Financial Statements

Indemnifications

Foreign Currency Translations

Dividends and Distributions

Federal Income Taxes

2. Derivative Instruments


Janus Investment Fund	31

Janus Henderson European Focus Fund

Notes to Financial Statements

(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.

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.


32	SEPTEMBER 30, 2019

Janus Henderson European Focus Fund

Notes to Financial Statements

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). 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.

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.

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 put options on various equity securities for the purpose of increasing exposure to individual equity risk and/or generating income.


Janus Investment Fund	33

Janus Henderson European Focus Fund

Notes to Financial Statements

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

Counterparties


34	SEPTEMBER 30, 2019

Janus Henderson European Focus Fund

Notes to Financial Statements

Offsetting Assets and Liabilities


Offsetting of Financial Assets and Derivative Assets

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

Citibank		$	526,284	$	(159,327)	$	—	$	366,957
Deutsche Bank AG			1,780,123		—		(1,780,123)		—

Total		$	2,306,407	$	(159,327)	$	(1,780,123)	$	366,957
Offsetting of Financial Liabilities and Derivative Liabilities

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

Citibank		$	159,327	$	(159,327)	$	—	$	—
JPMorgan Chase & Co.			110,954		—		—		110,954

Total		$	270,281	$	(159,327)	$	—	$	110,954
(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 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


Janus Investment Fund	35

Janus Henderson European Focus Fund

Notes to Financial Statements

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.

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, 2019, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $1,780,123. Gross amounts of recognized liabilities for securities lending (collateral received) as of September 30, 2019 is $1,871,100, resulting in the net amount due to the counterparty of $90,977.

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


36	SEPTEMBER 30, 2019

Janus Henderson European Focus Fund

Notes to Financial Statements

The Fund’s actual investment advisory fee rate for the reporting period was 0.98% of average annual net assets before any applicable waivers.

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 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 until at least February 1, 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.

Effective July 1, 2019, the Board of Trustees of Janus Investment Fund approved a new administrative fee rate for Class D Shares detailed in the table 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	37

Janus Henderson European Focus Fund

Notes to Financial Statements

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.

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.


38	SEPTEMBER 30, 2019

Janus Henderson European Focus Fund

Notes to Financial Statements

currency translations and non-interested Trustees’ deferred compensation” on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended September 30, 2019 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 $475,338 were paid by the Trust to the Trustees under the Deferred Plan during the year ended September 30, 2019.

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, 2019, redeeming shareholders of Class A Shares paid CDSCs of $2,608 to Janus Henderson Distributors.

As of September 30, 2019, 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		2		-*
Class I Shares		-*		-*
Class N Shares		32		-*
Class S Shares		100		-*
Class T Shares		6		-*

*	Less than 0.50%

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.


Janus Investment Fund	39

Janus Henderson European Focus Fund

Notes to Financial Statements


			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)
$ 4,154,333	$ -	$(545,447,943)	$ -	$ -	$ 125,640	$ (2,233,713)



Capital Loss Carryover Schedule
For the year ended September 30, 2019
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$(282,933,507)	$(262,514,436)	$ (545,447,943)


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 382,032,675	$23,032,785	$(25,266,498)	$ (2,233,713)


40	SEPTEMBER 30, 2019

Janus Henderson European Focus Fund

Notes to Financial Statements

Information on the tax components of derivatives as of September 30, 2019 is as follows:


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ (524,015)	$ 241,343	$ -	$ 241,343

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 accounting principles generally accepted in the United States of America. 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, 2019
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 25,316,721	$ -	$ -	$ -


For the year ended September 30, 2018
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 31,345,823	$ -	$ -	$ -



Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ -	$ 2,364,059	$ (2,364,059)


Janus Investment Fund	41

Janus Henderson Growth And Income Fund (JADGX) N-CSRCertified annual shareholder report (management investment company)