Janus Henderson Venture Fund Class T NCSRS Certified semi-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: 3/31/20

Item 1 - Reports to Shareholders



		SEMIANNUAL REPORT March 31, 2020

	Janus Henderson Asia Equity Fund

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

Table of Contents

Janus Henderson Asia Equity Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	10
Statement of Assets and Liabilities	11
Statement of Operations	13
Statements of Changes in Net Assets	14
Financial Highlights	15
Notes to Financial Statements	19
Additional Information	30
Useful Information About Your Fund Report	44

Janus Henderson Asia Equity Fund (unaudited)

FUND SNAPSHOT

The Janus Henderson Asia Equity Fund is an all-cap, high-conviction Asia Pacific ex Japan fund focused on companies with strong franchises, 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 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’s Class I Shares returned -13.99% over the six-month period ended March 31, 2020. The Fund’s primary benchmark, the MSCI All Country Asia ex Japan Index^SM, returned -8.76%, and its secondary benchmark, the MSCI All Country Asia Pacific ex Japan Index^SM, returned -12.36%.

INVESTMENT ENVIRONMENT

The beginning of the period saw positive equity markets as the U.S. and China finally progressed toward a trade agreement, the lack of which had weighed on markets for most of the previous year. But sentiment changed by the end of January when concerns regarding a new coronavirus first emerged. Initially this resulted in a sell-off in China and Asian assets and then the sell-off spread, like the virus itself, to other markets globally as the sheer economic impact of the COVID-19 coronavirus became apparent.

On a more positive note, we have seen a coordinated global response from central banks and governments, which have cut interest rates and offered substantial fiscal support to counter the effects of the pandemic. A sharp reduction in the price of oil also weighed on markets in the second half of the period as supply increased despite the weaker demand environment.

PERFORMANCE DISCUSSION

The Fund underperformed both its primary and secondary benchmarks over the six-month period, driven by asset allocation as well as stock selection. At a country level, our underweight to China contributed negatively as the China market outperformed, somewhat surprisingly, during the broader market weakness. While the China market suffered initially, the government measures to contain the virus were relatively effective, and with signs of business and life returning to normal toward the end of March, the feeling was that the impact to the economy would be temporary. We steadily have increased our allocation to China over the last year, although our allocation remains less than that of the benchmark. As a reminder, we favor the private-sector businesses in China, particularly in the Internet and consumer sectors, but remain underweight to the state-owned banking and energy sectors. We are more positive on China and continue to see new opportunities in China’s Class A-share market in particular. Our overweight to India, Indonesia and the Philippines detracted from relative performance during the last six months as all these markets underperformed the regional index over the period. By sector, our underweights to the more cyclical energy and materials sectors contributed to relative returns, while our overweight and stock selection in financials and stock selection in consumer staples detracted.

Our positions within the Chinese Internet sector proved very resilient over the period, as their businesses were much less impacted by the significant changes to daily routine during the pandemic. Other, more cyclical areas of the Chinese stock market also performed better, with sectors where we have exposure, such as cement and construction machinery, expected to benefit from government stimulus later in the year. Conversely, our allocation to private sector financials in India was detrimental during the period, due to industry-wide concerns on asset quality and a government-led rescue of a fast-growing private sector bank to which we had no exposure. We maintained our positions in this sector in part given their much longer history than the troubled bank. India generally sold off more than the regional index on concerns that the COVID-19 impact could be more extensive there. However, as of period end, the government took significant measures to try to contain the spread of the virus. The story in Indonesia and the Philippines was similar: The stock markets were hit harder in the sell-off and our positions suffered.

The main change to the Fund over the period was the increase, discussed above, to the China allocation, as we continue to see the market as more defensive in the short


Janus Investment Fund	1

Janus Henderson Asia Equity Fund (unaudited)

term given the country is early in its recovery from the pandemic. Other changes included reducing our financials exposure due to the more challenged margin outlook following interest rate cuts and allocating more capital to the technology sector, which we believe could recover faster later in the year.

OUTLOOK

We are in regular contact with the management teams of the companies in which we invest to better understand the business impact of COVID-19, although in some cases there is still uncertainty ahead. We have confidence that markets will rebound once there is more certainty on the peak number of virus cases, which we believe may impact some markets much more than others. We also believe that long-term business prospects and the opportunities for growth for Asian companies remain compelling. It is worth emphasizing as well that we anticipate that this pandemic will pose a temporary impact to both corporate earnings and economic growth and that we will see a recovery in equity prices once the situation stabilizes.

Thank you for your continued investment in the Janus Henderson Asia Equity Fund.


2	MARCH 31, 2020

Janus Henderson Asia Equity Fund (unaudited)

Fund At A Glance

March 31, 2020





5 Top Contributors - Holdings			5 Top Detractors - Holdings
	Average Weight	Relative Contribution		Average Weight	Relative Contribution
Tencent Holdings Ltd	6.59%	0.42%	Treasury Wine Estates Ltd	2.32%	-1.48%
Samsung Electronics Co Ltd	5.38%	0.35%	Ayala Corp	3.42%	-1.34%
Sany Heavy Industry Co Ltd	0.47%	0.35%	HDFC Bank Ltd	4.43%	-1.16%
Kweichow Moutai Co Ltd	0.45%	0.31%	Bajaj Holdings & Investment Ltd	2.13%	-1.04%
Anhui Conch Cement Co Ltd	0.59%	0.28%	Land & Houses PCL (REG)	2.60%	-0.75%


	5 Top Contributors - Sectors*
		Relative	Fund	MSCI All Country Asia ex-Japan Index
		Contribution	Average Weight	Average Weight
	Energy	0.80%	0.00%	3.92%
	Materials	0.76%	0.59%	4.22%
	Communication Services	0.40%	6.59%	11.89%
	Utilities	0.25%	0.00%	3.11%
	Other**	-0.07%	4.72%	0.00%


	5 Top Detractors - Sectors*
		Relative	Fund	MSCI All Country Asia ex-Japan Index
		Contribution	Average Weight	Average Weight
	Financials	-2.19%	27.98%	22.86%
	Consumer Staples	-2.09%	13.19%	5.24%
	Real Estate	-0.95%	4.66%	5.73%
	Information Technology	-0.61%	17.71%	18.54%
	Consumer Discretionary	-0.51%	18.05%	14.72%

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


Janus Investment Fund	3

Janus Henderson Asia Equity Fund (unaudited)

Fund At A Glance

March 31, 2020


5 Largest Equity Holdings - (% of Net Assets)
Tencent Holdings Ltd
Interactive Media & Services	9.3%
Alibaba Group Holding Ltd (ADR)
Internet & Direct Marketing Retail	9.1%
Samsung Electronics Co Ltd
Technology Hardware, Storage & Peripherals	6.6%
Taiwan Semiconductor Manufacturing Co Ltd
Semiconductor & Semiconductor Equipment	5.2%
AIA Group Ltd
Insurance	5.1%
	35.3%


Asset Allocation - (% of Net Assets)
Common Stocks	88.6%
Preferred Stocks	6.6%
Investment Companies	4.8%
Other		(0.0)%
		100.0%

Emerging markets comprised 84.3% of total net assets.

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

As of March 31, 2020

As of September 30, 2019


4	MARCH 31, 2020

Janus Henderson Asia Equity Fund (unaudited)

Performance

See important disclosures on the next page.




Average Annual Total Return - for the periods ended March 31, 2020					Expense Ratios
	Fiscal Year-to-Date	One Year	Five Year	Since Inception*	Total Annual Fund Operating Expenses^‡	Net Annual Fund Operating Expenses^‡
Class A Shares at NAV	-14.20%	-15.66%	1.14%	2.02%	2.74%	1.51%
Class A Shares at MOP	-19.11%	-20.48%	-0.05%	1.33%
Class C Shares at NAV	-14.57%	-16.20%	0.44%	1.32%	3.56%	2.28%
Class C Shares at CDSC	-15.42%	-17.04%	0.44%	1.32%
Class D Shares⁽¹⁾	-14.07%	-15.52%	1.33%	2.20%	2.30%	1.35%
Class I Shares	-13.99%	-15.36%	1.46%	2.34%	2.33%	1.22%
Class N Shares	-13.99%	-15.36%	1.11%	1.82%	2.06%	1.18%
Class S Shares	-14.16%	-15.54%	1.19%	2.01%	3.19%	1.68%
Class T Shares	-14.10%	-15.56%	1.31%	2.17%	2.54%	1.44%
MSCI All Country Asia ex-Japan Index	-8.76%	-13.44%	1.34%	2.10%
MSCI All Country Asia-Pacific ex-Japan Index	-12.36%	-15.24%	0.63%	1.70%
Morningstar Quartile - Class I Shares	-	3rd	2nd	2nd
Morningstar Ranking - based on total returns for Pacific/Asia ex-Japan Stock Funds	-	49/80	27/71	29/61

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

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

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

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


Janus Investment Fund	5

Janus Henderson Asia Equity Fund (unaudited)

Performance

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

Performance may be affected by risks that include those associated with 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	MARCH 31, 2020

Janus Henderson Asia Equity Fund (unaudited)

Expense Examples

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (10/1/19)	Ending Account Value (3/31/20)	Expenses Paid During Period (10/1/19 - 3/31/20)†	Beginning Account Value (10/1/19)	Ending Account Value (3/31/20)	Expenses Paid During Period (10/1/19 - 3/31/20)†	Net Annualized Expense Ratio (10/1/19 - 3/31/20)
Class A Shares		$1,000.00	$858.00	$6.83	$1,000.00	$1,017.65	$7.41	1.47%
Class C Shares		$1,000.00	$854.30	$10.38	$1,000.00	$1,013.80	$11.28	2.24%
Class D Shares		$1,000.00	$859.30	$6.04	$1,000.00	$1,018.50	$6.56	1.30%
Class I Shares		$1,000.00	$860.10	$5.44	$1,000.00	$1,019.15	$5.91	1.17%
Class N Shares		$1,000.00	$860.10	$5.30	$1,000.00	$1,019.30	$5.76	1.14%
Class S Shares		$1,000.00	$858.40	$6.18	$1,000.00	$1,018.35	$6.71	1.33%
Class T Shares		$1,000.00	$859.00	$6.46	$1,000.00	$1,018.05	$7.01	1.39%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


Janus Investment Fund	7

Janus Henderson Asia Equity Fund

Schedule of Investments (unaudited)

March 31, 2020


Shares			Value
Common Stocks– 88.6%
Banks – 10.1%
	Bank Central Asia Tbk PT	267,300	$452,265
	Bank Rakyat Indonesia Persero Tbk PT	2,111,300	388,481
	E.Sun Financial Holding Co Ltd	449,374	360,514
	HDFC Bank Ltd	67,690	761,698
	Ping An Bank Co Ltd - Class A	190,864	345,996
			2,308,954
Beverages – 2.1%
	Kweichow Moutai Co Ltd	3,032	476,589
Construction Materials – 2.7%
	Anhui Conch Cement Co Ltd	88,500	611,819
Diversified Consumer Services – 2.1%
	New Oriental Education & Technology Group Inc (ADR)*	4,505	487,621
Diversified Financial Services – 3.3%
	Ayala Corp	51,040	467,367
	Bajaj Holdings & Investment Ltd	12,683	301,506
			768,873
Electronic Equipment, Instruments & Components – 1.1%
	Largan Precision Co Ltd	2,000	248,683
Food Products – 7.7%
	Tata Consumer Products Ltd	101,314	390,236
	Uni-President Enterprises Corp	419,000	909,206
	Vietnam Dairy Products JSC	118,694	460,080
			1,759,522
Hotels, Restaurants & Leisure – 2.2%
	Sands China Ltd	137,600	500,793
Household Durables – 4.7%
	Midea Group Co Ltd	89,322	611,813
	Techtronic Industries Co Ltd	71,000	457,394
			1,069,207
Information Technology Services – 2.5%
	Tata Consultancy Services Ltd	23,700	568,001
Insurance – 8.6%
	AIA Group Ltd	130,400	1,173,156
	Ping An Insurance Group Co of China Ltd	82,500	807,054
			1,980,210
Interactive Media & Services – 9.3%
	Tencent Holdings Ltd	44,000	2,145,578
Internet & Direct Marketing Retail – 9.1%
	Alibaba Group Holding Ltd (ADR)*	10,793	2,099,023
Machinery – 2.1%
	Sany Heavy Industry Co Ltd	201,392	493,964
Personal Products – 2.9%
	LG Household & Health Care Ltd	740	677,022
Real Estate Management & Development – 3.8%
	City Developments Ltd	73,600	373,217
	Land & Houses PCL (REG)	2,393,900	493,496
			866,713
Semiconductor & Semiconductor Equipment – 5.9%
	SK Hynix Inc	2,478	167,653
	Taiwan Semiconductor Manufacturing Co Ltd	134,000	1,196,343
			1,363,996
Technology Hardware, Storage & Peripherals – 3.0%
	Advantech Co Ltd	72,797	600,841
	Samsung Electronics Co Ltd	2,474	96,162
			697,003
Textiles, Apparel & Luxury Goods – 2.1%
	Shenzhou International Group Holdings Ltd	44,700	471,949


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

8	MARCH 31, 2020

Janus Henderson Asia Equity Fund

Schedule of Investments (unaudited)

March 31, 2020


Shares			Value
Common Stocks– (continued)
Thrifts & Mortgage Finance – 3.3%
	Housing Development Finance Corp Ltd	35,298	$753,954
Total Common Stocks (cost $21,058,893)			20,349,474
Preferred Stocks– 6.6%
Technology Hardware, Storage & Peripherals – 6.6%
	Samsung Electronics Co Ltd(cost $1,526,202)	46,728	1,525,506
Investment Companies– 4.8%
Money Markets – 4.8%
	Fidelity Investments Money Market Treasury Portfolio, 0.2600%^ºº(cost $1,097,557)	1,097,557	1,097,557
Total Investments (total cost $23,682,652) – 100.0%			22,972,537
Liabilities, net of Cash, Receivables and Other Assets – (0)%			(1,285)
Net Assets – 100%			$22,971,252


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

		% of
		Investment
Country	Value	Securities
China	$8,551,406	37.2	%
Taiwan	3,315,587	14.4
India	2,775,395	12.1
South Korea	2,466,343	10.7
Hong Kong	2,131,343	9.3
United States	1,097,557	4.8
Indonesia	840,746	3.7
Thailand	493,496	2.2
Philippines	467,367	2.0
Vietnam	460,080	2.0
Singapore	373,217	1.6



Total	$22,972,537	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 (unaudited)

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


*	Non-income producing security.


ºº	Rate shown is the 7-day yield as of March 31, 2020.


The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of March 31, 2020. See Notes to Financial Statements for more information.

Valuation Inputs Summary

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

Assets
Investments In Securities:
Common Stocks
Diversified Consumer Services	$	487,621	$	-	$	-
Internet & Direct Marketing Retail		2,099,023		-		-
All Other		-		17,762,830		-
Preferred Stocks		-		1,525,506		-
Investment Companies		1,097,557		-		-
Total Assets	$	3,684,201	$	19,288,336	$	-


10	MARCH 31, 2020

Janus Henderson Asia Equity Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2020

See footnotes at the end of the Statement.



Assets:
	Investments, at value⁽¹⁾		$	22,972,537
	Cash denominated in foreign currency⁽²⁾			37,245
	Non-interested Trustees' deferred compensation			451
	Receivables:
		Fund shares sold		204,916
		Dividends		39,924
		Foreign tax reclaims		24,550
	Other assets			4,568
Total Assets				23,284,191
Liabilities:
	Payables:			—
		Investments purchased		127,606
		Fund shares repurchased		113,227
		Professional fees		32,599
		Non-affiliated fund administration fees payable		14,965
		Advisory fees		4,008
		Transfer agent fees and expenses		3,529
		Custodian fees		2,299
		12b-1 Distribution and shareholder servicing fees		640
		Non-interested Trustees' deferred compensation fees		451
		Non-interested Trustees' fees and expenses		157
		Affiliated fund administration fees payable		52
		Accrued expenses and other payables		13,406
Total Liabilities				312,939
Net Assets			$	22,971,252


See Notes to Financial Statements.

Janus Investment Fund	11

Janus Henderson Asia Equity Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2020




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	25,632,582
	Total distributable earnings (loss)		(2,661,330)
Total Net Assets		$	22,971,252
Net Assets - Class A Shares		$	731,080
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		82,507
Net Asset Value Per Share⁽³⁾		$	8.86
Maximum Offering Price Per Share⁽⁴⁾		$	9.40
Net Assets - Class C Shares		$	374,336
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		42,821
Net Asset Value Per Share⁽³⁾		$	8.74
Net Assets - Class D Shares		$	9,164,559
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,020,955
Net Asset Value Per Share		$	8.98
Net Assets - Class I Shares		$	533,331
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		59,353
Net Asset Value Per Share		$	8.99
Net Assets - Class N Shares		$	10,480,612
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,168,429
Net Asset Value Per Share		$	8.97
Net Assets - Class S Shares		$	417,338
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		47,034
Net Asset Value Per Share		$	8.87
Net Assets - Class T Shares		$	1,269,996
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		143,062
Net Asset Value Per Share		$	8.88

(1) Includes cost of $23,682,652.

(2) Includes cost of $37,245.

(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.

12	MARCH 31, 2020

Janus Henderson Asia Equity Fund

Statement of Operations (unaudited)

For the period ended March 31, 2020



Investment Income:
	Dividends		$	154,521
	Other income			297
	Foreign tax withheld			(21,584)
Total Investment Income				133,234
Expenses:
	Advisory fees			128,694
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		1,159
		Class C Shares		2,521
		Class S Shares		137
	Transfer agent administrative fees and expenses:
		Class D Shares		6,782
		Class S Shares		625
		Class T Shares		1,675
	Transfer agent networking and omnibus fees:
		Class A Shares		297
		Class C Shares		259
		Class I Shares		145
	Other transfer agent fees and expenses:
		Class A Shares		86
		Class C Shares		31
		Class D Shares		2,273
		Class I Shares		116
		Class N Shares		253
		Class S Shares		10
		Class T Shares		33
	Registration fees			52,323
	Non-affiliated fund administration fees			29,734
	Professional fees			27,806
	Custodian fees			6,591
	Shareholder reports expense			3,511
	Affiliated fund administration fees			339
	Non-interested Trustees’ fees and expenses			302
	Other expenses			5,319
Total Expenses				271,021
Less: Excess Expense Reimbursement and Waivers				(100,508)
Net Expenses				170,513
Net Investment Income/(Loss)				(37,279)
Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions⁽¹⁾			(875,756)
Total Net Realized Gain/(Loss) on Investments				(875,756)
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation⁽²⁾			(3,320,669)
Total Change in Unrealized Net Appreciation/Depreciation				(3,320,669)
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	(4,233,704)

(1) Includes realized foreign capital gains tax on investments of $(22,418).

(2) Includes change in unrealized appreciation/depreciation of $165,624 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



			Period ended March 31, 2020 (unaudited)		Year ended September 30, 2019

Operations:
	Net investment income/(loss)		$	(37,279)	$	225,692
	Net realized gain/(loss) on investments			(875,756)		(1,041,868)
	Change in unrealized net appreciation/depreciation			(3,320,669)		500,895
Net Increase/(Decrease) in Net Assets Resulting from Operations				(4,233,704)		(315,281)
Dividends and Distributions to Shareholders
		Class A Shares		(5,855)		(63,549)
		Class C Shares		—		(85,343)
		Class D Shares		(91,344)		(916,560)
		Class I Shares		(12,458)		(97,500)
		Class N Shares		(82,050)		(632,223)
		Class S Shares		(3,864)		(37,204)
		Class T Shares		(9,399)		(67,544)
Net Decrease from Dividends and Distributions to Shareholders				(204,970)		(1,899,923)
Capital Share Transactions:
		Class A Shares		54,113		89,862
		Class C Shares		(86,480)		(566,502)
		Class D Shares		(452,685)		(824,350)
		Class I Shares		(695,689)		471,095
		Class N Shares		3,783,530		1,119,910
		Class S Shares		9,004		37,204
		Class T Shares		158,339		332,850
Net Increase/(Decrease) from Capital Share Transactions				2,770,132		660,069
Net Increase/(Decrease) in Net Assets				(1,668,542)		(1,555,135)
Net Assets:
	Beginning of period			24,639,794		26,194,929
	End of period		$	22,971,252	$	24,639,794


See Notes to Financial Statements.

14	MARCH 31, 2020

Janus Henderson Asia Equity Fund

Financial Highlights


Class A Shares
For a share outstanding during the period ended March 31, 2020 (unaudited) and the year ended September 30			2020	2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$10.39	$11.42	$11.45	$9.42	$8.31	$9.79
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.03)	0.10	0.07	0.02	0.05	0.01
		Net realized and unrealized gain/(loss)	(1.43)	(0.27)	0.22	2.12	1.44	(0.95)
	Total from Investment Operations		(1.46)	(0.17)	0.29	2.14	1.49	(0.94)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.07)	(0.02)	(0.05)	(0.11)	—	(0.17)
		Distributions (from capital gains)	—	(0.84)	(0.27)	—	(0.38)	(0.37)
	Total Dividends and Distributions		(0.07)	(0.86)	(0.32)	(0.11)	(0.38)	(0.54)
	Net Asset Value, End of Period		$8.86	$10.39	$11.42	$11.45	$9.42	$8.31
	Total Return*		(14.20)%	(0.69)%	2.48%	23.10%	18.58%	(10.07)%
	Net Assets, End of Period (in thousands)		$731	$822	$816	$366	$253	$348
	Average Net Assets for the Period (in thousands)		$928	$822	$954	$293	$333	$400
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.44%	2.72%	2.08%	2.49%	3.51%	2.87%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.47%	1.49%	1.53%	1.63%	1.56%	1.61%
		Ratio of Net Investment Income/(Loss)	(0.48)%	0.95%	0.60%	0.17%	0.64%	0.07%
	Portfolio Turnover Rate		30%	34%	41%	120%	59%	152%


Class C Shares
For a share outstanding during the period ended March 31, 2020 (unaudited) and the year ended September 30			2020	2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$10.23	$11.30	$11.36	$9.34	$8.29	$9.72
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.07)	(0.03)	(0.01)	(0.04)	0.01	(0.03)
		Net realized and unrealized gain/(loss)	(1.42)	(0.20)	0.22	2.10	1.42	(0.98)
	Total from Investment Operations		(1.49)	(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		$8.74	$10.23	$11.30	$11.36	$9.34	$8.29
	Total Return*		(14.57)%	(1.28)%	1.80%	22.17%	17.87%	(10.81)%
	Net Assets, End of Period (in thousands)		$374	$535	$1,244	$957	$413	$360
	Average Net Assets for the Period (in thousands)		$512	$746	$1,233	$519	$381	$373
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	3.48%	3.35%	2.78%	3.09%	4.23%	3.59%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.24%	2.07%	2.25%	2.33%	2.25%	2.30%
		Ratio of Net Investment Income/(Loss)	(1.26)%	(0.28)%	(0.04)%	(0.42)%	0.10%	(0.31)%
	Portfolio Turnover Rate		30%	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 period ended March 31, 2020 (unaudited) and the year ended September 30			2020	2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$10.53	$11.54	$11.56	$9.49	$8.35	$9.84
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.02)	0.09	0.07	0.07	0.08	0.07
		Net realized and unrealized gain/(loss)	(1.44)	(0.23)	0.23	2.11	1.45	(1.00)
	Total from Investment Operations		(1.46)	(0.14)	0.30	2.18	1.53	(0.93)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.09)	(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		(0.09)	(0.87)	(0.32)	(0.11)	(0.39)	(0.56)
	Net Asset Value, End of Period		$8.98	$10.53	$11.54	$11.56	$9.49	$8.35
	Total Return*		(14.07)%	(0.44)%	2.57%	23.30%	18.95%	(9.99)%
	Net Assets, End of Period (in thousands)		$9,165	$11,198	$13,089	$21,577	$5,314	$5,640
	Average Net Assets for the Period (in thousands)		$11,447	$11,599	$21,221	$11,542	$5,013	$6,632
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.04%	2.29%	1.72%	2.19%	3.38%	2.75%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.30%	1.33%	1.33%	1.44%	1.36%	1.42%
		Ratio of Net Investment Income/(Loss)	(0.33)%	0.88%	0.55%	0.67%	0.89%	0.67%
	Portfolio Turnover Rate		30%	34%	41%	120%	59%	152%


Class I Shares
For a share outstanding during the period ended March 31, 2020 (unaudited) and the year ended September 30			2020	2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$10.54	$11.45	$11.56	$9.51	$8.37	$9.85
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.02)	0.13	(0.03)	0.11	0.10	0.06
		Net realized and unrealized gain/(loss)	(1.44)	(0.17)	0.26	2.07	1.44	(0.98)
	Total from Investment Operations		(1.46)	(0.04)	0.23	2.18	1.54	(0.92)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.09)	(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		(0.09)	(0.87)	(0.34)	(0.13)	(0.40)	(0.56)
	Net Asset Value, End of Period		$8.99	$10.54	$11.45	$11.56	$9.51	$8.37
	Total Return*		(13.99)%	0.45%	1.90%	23.39%	19.09%	(9.79)%
	Net Assets, End of Period (in thousands)		$533	$1,406	$1,029	$12,675	$2,665	$2,470
	Average Net Assets for the Period (in thousands)		$1,557	$1,208	$5,848	$7,408	$2,528	$3,017
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.98%	2.32%	1.44%	2.00%	3.19%	2.56%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.17%	1.21%	1.26%	1.32%	1.21%	1.27%
		Ratio of Net Investment Income/(Loss)	(0.33)%	1.28%	(0.25)%	1.01%	1.14%	0.57%
	Portfolio Turnover Rate		30%	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	MARCH 31, 2020

Janus Henderson Asia Equity Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended March 31, 2020 (unaudited) and the year or period ended September 30			2020	2019	2018⁽¹⁾
	Net Asset Value, Beginning of Period		$10.52	$11.56	$12.73
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	(0.01)	0.11	0.16
		Net realized and unrealized gain/(loss)	(1.44)	(0.26)	(1.33)
	Total from Investment Operations		(1.45)	(0.15)	(1.17)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.10)	(0.05)	—
		Distributions (from capital gains)	—	(0.84)	—
	Total Dividends and Distributions		(0.10)	(0.89)	—
	Net Asset Value, End of Period		$8.97	$10.52	$11.56
	Total Return*		(13.99)%	(0.51)%	(9.19)%
	Net Assets, End of Period (in thousands)		$10,481	$8,886	$8,501
	Average Net Assets for the Period (in thousands)		$10,841	$7,989	$7,978
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.78%	2.05%	1.75%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.14%	1.17%	1.13%
		Ratio of Net Investment Income/(Loss)	(0.13)%	1.08%	1.96%
	Portfolio Turnover Rate		30%	34%	41%


Class S Shares
For a share outstanding during the period ended March 31, 2020 (unaudited) and the year ended September 30			2020	2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$10.41	$11.45	$11.48	$9.43	$8.32	$9.79
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	(0.02)	0.09	0.06	0.01	0.07	0.07
		Net realized and unrealized gain/(loss)	(1.44)	(0.25)	0.22	2.14	1.42	(1.00)
	Total from Investment Operations		(1.46)	(0.16)	0.28	2.15	1.49	(0.93)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.08)	(0.04)	(0.04)	(0.10)	—	(0.17)
		Distributions (from capital gains)	—	(0.84)	(0.27)	—	(0.38)	(0.37)
	Total Dividends and Distributions		(0.08)	(0.88)	(0.31)	(0.10)	(0.38)	(0.54)
	Net Asset Value, End of Period		$8.87	$10.41	$11.45	$11.48	$9.43	$8.32
	Total Return*		(14.16)%	(0.55)%	2.37%	23.07%	18.56%	(9.97)%
	Net Assets, End of Period (in thousands)		$417	$481	$484	$472	$368	$310
	Average Net Assets for the Period (in thousands)		$500	$467	$501	$413	$329	$390
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.71%	2.98%	2.36%	2.64%	3.67%	3.06%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.33%	1.34%	1.58%	1.66%	1.56%	1.48%
		Ratio of Net Investment Income/(Loss)	(0.35)%	0.91%	0.52%	0.15%	0.83%	0.71%
	Portfolio Turnover Rate		30%	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.


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 period ended March 31, 2020 (unaudited) and the year ended September 30			2020	2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$10.41	$11.37	$11.42	$9.36	$8.25	$9.81
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.02)	0.10	0.06	0.06	0.04	0.04
		Net realized and unrealized gain/(loss)	(1.43)	(0.21)	0.20	2.08	1.46	(0.96)
	Total from Investment Operations		(1.45)	(0.11)	0.26	2.14	1.50	(0.92)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.08)	(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		(0.08)	(0.85)	(0.31)	(0.08)	(0.39)	(0.64)
	Net Asset Value, End of Period		$8.88	$10.41	$11.37	$11.42	$9.36	$8.25
	Total Return*		(14.10)%	(0.14)%	2.27%	23.18%	18.88%	(9.98)%
	Net Assets, End of Period (in thousands)		$1,270	$1,310	$1,032	$2,937	$230	$306
	Average Net Assets for the Period (in thousands)		$1,340	$1,210	$2,799	$756	$332	$566
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.28%	2.53%	1.81%	2.14%	3.41%	2.73%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.39%	1.40%	1.41%	1.55%	1.44%	1.39%
		Ratio of Net Investment Income/(Loss)	(0.40)%	0.98%	0.54%	0.55%	0.47%	0.46%
	Portfolio Turnover Rate		30%	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	MARCH 31, 2020

Janus Henderson Asia Equity Fund

Notes to Financial Statements (unaudited)

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 46 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 (unaudited)

programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with Janus Capital or its affiliates to offer Class S Shares on their supermarket platforms.

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

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

Investment Valuation

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

Valuation Inputs Summary

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

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

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


20	MARCH 31, 2020

Janus Henderson Asia Equity Fund

Notes to Financial Statements (unaudited)

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 March 31, 2020 to fair value the Fund’s investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments and Other Information.

Investment Transactions and Investment Income

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

Expenses

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

Estimates

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

Indemnifications

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

Foreign Currency Translations

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

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. More recently, the U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, are taking extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic, including by pushing interest rates to very low levels. The withdrawal of support, a failure of measures put in place in response to such economic downturns, 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.

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


22	MARCH 31, 2020

Janus Henderson Asia Equity Fund

Notes to Financial Statements (unaudited)

Capital or the subadviser (as applicable), rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform essential tasks on behalf of the Fund.

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”). The United Kingdom formally left the EU on January 31, 2020 and entered into an eleven-month transition period, during which the United Kingdom will remain subject to EU laws and regulations. There is considerable uncertainty relating to the potential consequences of the United Kingdom’s exit and how negotiations for new trade agreements will be conducted or concluded.

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 and reinsurance companies that insure and reinsure 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-


Janus Investment Fund	23

Janus Henderson Asia Equity Fund

Notes to Financial Statements (unaudited)

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

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

The Fund’s prospectuses and statement(s) of additional information contain additional information about performance-based fees. The amount shown as advisory fees on the Statement of Operations reflects the Base Fee Rate plus/minus any Performance Adjustment. For the period ended March 31, 2020, the performance adjusted investment advisory fee rate before any waivers and/or reimbursements of expenses is 0.95%.

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

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

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


24	MARCH 31, 2020

Janus Henderson Asia Equity Fund

Notes to Financial Statements (unaudited)

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 prospectuses and shareholder reports. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.

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

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

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

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


Janus Investment Fund	25

Janus Henderson Asia Equity Fund

Notes to Financial Statements (unaudited)

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 $232,673 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended March 31, 2020. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of March 31, 2020 on the Statement of Assets and Liabilities in the asset, “Non-interested Trustees’ deferred compensation,” and liability, “Non-interested Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Total distributable earnings (loss)” on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended March 31, 2020 are included in “Non-interested Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $225,450 were paid by the Trust to the Trustees under the Deferred Plan during the period ended March 31, 2020.

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 period ended March 31, 2020, Janus Henderson Distributors retained upfront sales charges of $1,155.

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 period ended March 31, 2020.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the period ended March 31, 2020, redeeming shareholders of Class C Shares paid CDSCs of $61.


26	MARCH 31, 2020

Janus Henderson Asia Equity Fund

Notes to Financial Statements (unaudited)

As of March 31, 2020, shares of the Fund were owned by affiliates of Janus Henderson Investors, and/or other funds advised by Janus Henderson, as indicated in the table below:


Class	% of Class Owned		% of Fund Owned
Class A Shares	-	%	-	%
Class C Shares	-		-
Class D Shares	-		-
Class I Shares	-		-
Class N Shares	96		44
Class S Shares	95		2
Class T Shares	-		-

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

4. Federal Income Tax

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

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

Accumulated capital losses noted below represent net capital loss carryovers, as of September 30, 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 March 31, 2020 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)
$ 23,692,563	$ 1,878,683	$ (2,598,709)	$ (720,026)


Janus Investment Fund	27

Janus Henderson Asia Equity Fund

Notes to Financial Statements (unaudited)

5. Capital Share Transactions



	Period ended March 31, 2020		Year ended September 30, 2019
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	20,491	$ 227,826	38,021	$ 393,823
Reinvested dividends and distributions	523	5,801	6,736	63,182
Shares repurchased	(17,691)	(179,514)	(37,040)	(367,143)
Net Increase/(Decrease)	3,323	$ 54,113	7,717	$ 89,862
Class C Shares:
Shares sold	9,046	$ 96,995	10,176	$ 101,691
Reinvested dividends and distributions	-	-	9,206	85,343
Shares repurchased	(18,593)	(183,475)	(77,092)	(753,536)
Net Increase/(Decrease)	(9,547)	$ (86,480)	(57,710)	$ (566,502)
Class D Shares:
Shares sold	174,643	$1,835,846	153,680	$1,601,409
Reinvested dividends and distributions	8,053	90,510	94,663	898,352
Shares repurchased	(225,336)	(2,379,041)	(319,202)	(3,324,111)
Net Increase/(Decrease)	(42,640)	$ (452,685)	(70,859)	$ (824,350)
Class I Shares:
Shares sold	83,951	$ 952,561	100,625	$1,063,486
Reinvested dividends and distributions	898	10,101	10,263	97,500
Shares repurchased	(158,862)	(1,658,351)	(67,386)	(689,891)
Net Increase/(Decrease)	(74,013)	$ (695,689)	43,502	$ 471,095
Class N Shares:
Shares sold	403,039	$4,597,008	159,659	$1,706,729
Reinvested dividends and distributions	7,306	82,050	66,690	632,223
Shares repurchased	(86,354)	(895,528)	(117,517)	(1,219,042)
Net Increase/(Decrease)	323,991	$3,783,530	108,832	$1,119,910
Class S Shares:
Shares sold	470	$ 5,140	-	$ -
Reinvested dividends and distributions	348	3,864	3,966	37,204
Shares repurchased	-	-	-	-
Net Increase/(Decrease)	818	$ 9,004	3,966	$ 37,204
Class T Shares:
Shares sold	36,630	$ 367,608	102,159	$1,026,567
Reinvested dividends and distributions	808	8,981	6,744	63,330
Shares repurchased	(20,210)	(218,250)	(73,842)	(757,047)
Net Increase/(Decrease)	17,228	$ 158,339	35,061	$ 332,850

6. Purchases and Sales of Investment Securities

For the period ended March 31, 2020, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as applicable) was as follows:


Purchases of Securities	Proceeds from Sales of Securities	Purchases of Long- Term U.S. Government Obligations	Proceeds from Sales of Long-Term U.S. Government Obligations
$10,171,999	$ 7,519,091	$ -	$ -

7. Recent Accounting Pronouncements


28	MARCH 31, 2020

Janus Henderson Asia Equity Fund

Notes to Financial Statements (unaudited)

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. Other Matters

An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now been declared a pandemic by the World Health Organization. The impact of COVID-19 has been, and may continue to be, highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of a Fund's investments. This may impact liquidity in the marketplace, which in turn may affect the Fund's ability to meet redemption requests. Public health crises caused by the COVID-19 pandemic may exacerbate other pre-existing political, social, and economic risks in certain countries or globally. The duration of the COVID-19 pandemic and its effects cannot be determined with certainty, and could prevent a Fund from executing advantageous investment decisions in a timely manner and negatively impact a Fund's ability to achieve its investment objective.

9. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to March 31, 2020 and through the date of issuance of the Fund’s financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund’s financial statements.


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Janus Henderson Asia Equity Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

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

Full Holdings

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

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD

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

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

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

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


30	MARCH 31, 2020

Janus Henderson Asia Equity Fund

Additional Information (unaudited)

Nature, Extent and Quality of Services

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

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

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

Performance of the Funds

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

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

Alternative Fund

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

Asset Allocation Funds

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


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Janus Henderson Asia Equity Fund

Additional Information (unaudited)

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

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

Fixed-Income Funds

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

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

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

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

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

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

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

Global and International Equity Funds

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

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

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

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


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Janus Henderson Asia Equity Fund

Additional Information (unaudited)

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

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

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

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

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

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

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

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

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

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

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

Money Market Funds

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

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


Janus Investment Fund	33

Janus Henderson Asia Equity Fund

Additional Information (unaudited)

Multi-Asset Funds

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

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

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

Multi-Asset U.S. Equity Funds

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

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

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

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

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

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

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

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

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


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Janus Henderson Asia Equity Fund

Additional Information (unaudited)

Quantitative Equity Funds

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

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

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

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

U.S. Equity Funds

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

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

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

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

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

Costs of Services Provided

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

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


Janus Investment Fund	35

Janus Henderson Asia Equity Fund

Additional Information (unaudited)

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

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

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

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

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

Alternative Fund

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

Asset Allocation Funds

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

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

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


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Janus Henderson Asia Equity Fund

Additional Information (unaudited)

Fixed-Income Funds

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

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

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

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

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

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

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

Global and International Equity Funds

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

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

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

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

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

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

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

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

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


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

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

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

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

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

Money Market Funds

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

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

Multi-Asset Funds

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

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

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

Multi-Asset U.S. Equity Funds

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

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

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

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

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

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


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Additional Information (unaudited)

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

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

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

Quantitative Equity Funds

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

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

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

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

U.S. Equity Funds

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

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

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

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

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

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


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Additional Information (unaudited)

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

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

Economies of Scale

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

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

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


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Additional Information (unaudited)

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

Other Benefits to Janus Capital

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

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


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Additional Information (unaudited)

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.

· 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


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Additional Information (unaudited)

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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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 March 31, 2020. As the investing environment changes, so could opinions. These views are unique and are not necessarily shared by fellow employees or by Janus Henderson in general.

Performance Overviews

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

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

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

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

Schedule of Investments

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

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

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

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

Statement of Assets and Liabilities

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


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Useful Information About Your Fund Report (unaudited)

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

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

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

Statement of Operations

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

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

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

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

Statements of Changes in Net Assets

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

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

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

Financial Highlights

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

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


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Useful Information About Your Fund Report (unaudited)

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

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

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

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


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Notes

NotesPage1


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Notes

NotesPage2


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Notes

NotesPage3


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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
							125-24-93036 05-20



		SEMIANNUAL REPORT March 31, 2020

	Janus Henderson Balanced Fund

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

Table of Contents

Janus Henderson Balanced Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	25
Statement of Assets and Liabilities	27
Statement of Operations	29
Statements of Changes in Net Assets	31
Financial Highlights	32
Notes to Financial Statements	36
Additional Information	48
Useful Information About Your Fund Report	62

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

Michael Keough

co-portfolio manager

Greg Wilensky

co-portfolio manager

PERFORMANCE OVERVIEW

Janus Henderson Balanced Fund’s Class I Shares returned -6.73% for the six-month period ended March 31, 2020, compared with a -5.24% return for the Balanced Index, an internally calculated blended benchmark. The Balanced Index is composed of a 55% weighting in the S&P 500^{^®} Index, the Fund’s primary benchmark, and a 45% weighting in the Bloomberg Barclays U.S. Aggregate Bond Index, the Fund’s secondary benchmark. During the period, the S&P 500 Index returned -12.31%, while the Bloomberg Barclays U.S. Aggregate Bond Index returned 3.33%.

INVESTMENT ENVIRONMENT

Equities generated strong gains in late 2019. A benign interest rate environment, progress in U.S.-China trade relations and a strong consumer provided a positive backdrop for U.S. stocks. However, equity markets faced an unprecedented sell-off in early 2020, with speed and magnitude of historic proportions. The exogenous shock of the COVID-19 coronavirus ushered in a period of severe economic uncertainty and market volatility as governments around the world restricted travel and social activity to help contain the virus. Contributing to the malaise was a collapse in oil prices when a virus-related drop in demand was met by a flood of supply after OPEC and Russia failed to agree on production cutbacks. Central bank and government stimulus action was swift and aggressive. The Federal Reserve (Fed) cut policy rates to zero and committed to open-ended quantitative easing while Congress approved over $2 trillion in crisis support to consumers and businesses. Energy was by far the worst-performing sector in the S&P 500 Index. Financials also suffered as the Fed slashed interest rates. Information technology was the only sector to generate positive returns. The health care sector also fared relatively well.

Corporate credit experienced a similar swing, with spreads (the difference in yield between a security and its underlying risk-free benchmark) tightening through mid-January and then widening dramatically due to heightened risk of downgrades and defaults. Investors flocked to U.S. Treasuries and rates fell across the yield curve. The benchmark 10-year Treasury yield closed March at 0.67%, down from 1.67% in September.

PERFORMANCE DISCUSSION

The Fund, which seeks to provide more consistent returns over time by allocating across the spectrum of fixed income and equity securities, underperformed 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, and underperformed its secondary benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index.

We took advantage of 2019’s strong performance in equities and decreased our equity exposure heading into March’s precipitous decline in risk markets. We determined it prudent to reduce exposure to some higher-beta names that were trading at or near peak valuations and lowered our exposure to travel and leisure, energy and rate-sensitive financials. Similarly, we adopted a more defensive stance within the fixed income sleeve. We repositioned the Fund from a relatively bullish stance with 63% in equities in September to a conservative allocation by period end, with roughly 48% in stocks, 52% in fixed income and a small portion in cash. We believe this cautious stance is appropriate given the lack of visibility into the potential duration of the COVID-19 crisis and the corresponding degree of economic damage. Going forward, the asset allocation weightings will continue to be dynamic, based on market conditions and the investment opportunities our teams identify across asset classes.

The Fund’s equity sleeve underperformed the S&P 500 Index. Boeing was the sleeve’s largest relative detractor. The stock was challenged early in the period, as it awaited the Federal Aviation Administration’s approval for the


Janus Investment Fund	1

Janus Henderson Balanced Fund (unaudited)

reinstatement of the 737 MAX aircraft. Late in the period, Boeing faced severe declines in business activity due to social distancing constraints, as did other top detractors Norwegian Cruise Line and Sysco. We exited our position in Norwegian, as we believe the global travel and leisure industries will experience long-term reverberations stemming from the COVID-19 crisis. We reduced exposure to Boeing and Sysco but still believe in the long-term potential of their businesses. Chemical producer LyondellBasell was another large detractor. The stock struggled given prices for ethylene – a primary product line – are generally tied to oil prices, which fell to less than $21 per barrel. We closed our position.

Other positioning, including underweights to the hard-hit energy and financials sectors, aided performance. The balance sheet strength of our top-performing companies and their ability to fund operations without accessing the capital markets led them to perform relatively well during the period. Microsoft and Adobe further benefited as their business lines are expected to hold up better than the overall economy due to the importance of their services to enterprises and the economic value they can create for customers. Pharmaceutical companies Eli Lilly & Co. and Bristol Myers Squibb also supported results given the often-critical nature of their products will likely result in minimal disruption in demand.

With the Fund’s overall asset allocation verging on bullish in the fourth quarter, we had reduced risk in the fixed income sleeve coming into 2020. As the spread of COVID-19 gathered momentum, but before the bulk of the markets’ collapse, we sought to preserve capital and increase liquidity by lowering our credit allocations further and increasing duration (a measure of interest rate risk) to counter the Fund’s risk asset allocations. Within corporate credit, we actively repositioned into higher-quality names we expect to better tolerate a recession.

Despite these changes, the fixed income sleeve underperformed the Bloomberg Barclays U.S. Aggregate Bond Index. Significant spread widening led our out-of-benchmark high-yield exposure, even at a multiyear low, to be among the primary drivers of underperformance. In line with the drop in credit market liquidity, mortgage securities experienced technical dislocations and were among our largest asset class detractors. At the credit sector level, our energy holdings generally detracted, and positions in WPX Energy and Continental Resource weighed on performance as the price of oil plummeted.

Positioning and security selection within investment-grade corporate credit aided relative results. With spreads reaching historically extreme levels and stimulus measures reintroducing liquidity near period end, we added to higher-quality corporate bonds through the new issue market in companies we think can perform well in a prolonged economic downturn. Additions in Coca-Cola and defense company General Dynamics added to incremental returns. Negligible exposure to government-related securities and avoiding some of the period’s large fallen angels also supported results.

OUTLOOK

The shuttering of the global economy in response to the COVID-19 pandemic has been unprecedented, as has the resulting market volatility. We know the economic ramifications will be significant, but with the duration of the shutdown still uncertain, the extent of that damage is yet to be fully understood. Stimulus from fiscal and monetary authorities has been large and swift, but high levels of uncertainty will likely hamper the effectiveness of both in the short term, leading us to expect that more will need to be done.

While premature to make forecasts around the timing of an eventual rebound, ultimately, once the health care crisis recedes, we do expect a level of growth to return, fueled by a renewal of demand and aided by the stimulus efforts. For now, we believe it is prudent to position defensively, but as companies have repriced broadly, it is equally important to remain vigilant for attractive opportunities that could benefit in an eventual recovery. Turbulent market environments such as these reinforce our belief in an active approach, both from an asset allocation standpoint and through our individual equity and fixed income holdings.

We have reduced our equity exposure and anticipate maintaining that conservative positioning in the near term, but we continue to focus on stocks of high-quality companies with significant free cash flow and strong balance sheets, which we believe will be able to better weather the storm and perhaps emerge in an even stronger competitive position. For some time, our portfolio has emphasized a set of industry trends with long-term tailwinds, including the shift to cloud computing, growth in Software as a Service business models and the increasing popularity of digital payments. We expect these themes to remain valid and potentially solidify in the face of social distancing.


2	MARCH 31, 2020

Janus Henderson Balanced Fund (unaudited)

In the fixed income sleeve, we also remain focused on companies more inclined to weather a tough economic cycle and are largely avoiding names with significant cyclical or commodity exposure. This preference is reinforced by the Fed’s buying programs. After the magnitude of spread widening this quarter, corporate credit valuations are looking more attractive, but we expect downgrades, company bankruptcies and consumer delinquencies to rise sharply. We are open to taking advantage of strong opportunities, but in-depth security analysis remains paramount. As we seek diversification across credit markets, we expect to maintain our securitized allocation, with a focus on higher-quality structures, which should also benefit from Fed purchases. We expect the volume of securities being bought, coupled with the Fed holding interest rates steady, to keep Treasury yields relatively range-bound, but we will stay alert for any eventual signs of inflation.

As we move through this crisis, we will continue to adhere to the same philosophy and process that have allowed us to navigate these and other challenging conditions: a dynamic approach to asset allocation that leverages our bottom-up, fundamental equity and fixed income research with a disciplined risk management overlay.

Thank you for investing in the Janus Henderson Balanced Fund.


Janus Investment Fund	3

Janus Henderson Balanced Fund (unaudited)

Fund At A Glance

March 31, 2020





5 Top Contributors - Equity Sleeve Holdings			5 Top Detractors - Equity Sleeve Holdings
	Average Weight	Relative Contribution		Average Weight	Relative Contribution
Microsoft Corp	6.69%	0.48%	Boeing Co	2.61%	-1.04%
UnitedHealth Group Inc	2.89%	0.44%	LyondellBasell Industries NV	1.78%	-0.70%
Adobe Inc	2.38%	0.44%	Norwegian Cruise Line Holdings Ltd	0.69%	-0.53%
Eli Lilly & Co	1.62%	0.41%	Sysco Corp	1.67%	-0.49%
Bristol-Myers Squibb Co	1.66%	0.24%	Synchrony Financial	1.19%	-0.42%


	5 Top Contributors - Equity Sleeve Sectors*
		Relative	Equity Sleeve	S&P 500 Index
		Contribution	Average Weight	Average Weight
	Information Technology	1.10%	27.42%	23.45%
	Energy	0.91%	1.49%	3.98%
	Financials	0.38%	11.98%	12.62%
	Health Care	0.24%	12.35%	14.12%
	Real Estate	0.02%	3.06%	3.03%


	5 Top Detractors - Equity Sleeve Sectors*
		Relative	Equity Sleeve	S&P 500 Index
		Contribution	Average Weight	Average Weight
	Industrials	-1.48%	10.58%	9.04%
	Consumer Discretionary	-0.76%	12.76%	9.85%
	Materials	-0.48%	1.78%	2.59%
	Communication Services	-0.44%	7.47%	10.52%
	Consumer Staples	-0.22%	9.67%	7.36%

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


4	MARCH 31, 2020

Janus Henderson Balanced Fund (unaudited)

Fund At A Glance

March 31, 2020


5 Largest Equity Holdings - (% of Net Assets)
Microsoft Corp
Software	4.0%
Mastercard Inc
Information Technology Services	2.5%
Apple Inc
Technology Hardware, Storage & Peripherals	2.0%
Alphabet Inc - Class C
Interactive Media & Services	1.7%
UnitedHealth Group Inc
Health Care Providers & Services	1.7%
	11.9%


Asset Allocation - (% of Net Assets)
Common Stocks	47.7%
Corporate Bonds	20.7%
United States Treasury Notes/Bonds	13.3%
Mortgage-Backed Securities	12.9%
Asset-Backed/Commercial Mortgage-Backed Securities	4.3%
Investment Companies	2.3%
Bank Loans and Mezzanine Loans	0.2%
Preferred Stocks	0.0%
Other		(1.4)%
		100.0%

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

As of March 31, 2020

As of September 30, 2019


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 March 31, 2020						Expense Ratios
	Fiscal Year-to-Date	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses^‡
Class A Shares at NAV	-6.85%	-0.38%	5.80%	7.52%	9.22%	0.93%
Class A Shares at MOP	-12.20%	-6.11%	4.56%	6.88%	8.99%
Class C Shares at NAV	-7.20%	-1.09%	5.08%	6.76%	8.54%	1.65%
Class C Shares at CDSC	-8.11%	-2.05%	5.08%	6.76%	8.54%
Class D Shares⁽¹⁾	-6.76%	-0.19%	6.03%	7.76%	9.32%	0.72%
Class I Shares	-6.73%	-0.12%	6.11%	7.83%	9.35%	0.65%
Class N Shares	-6.71%	-0.09%	6.18%	7.85%	9.36%	0.58%
Class R Shares	-7.05%	-0.81%	5.39%	7.11%	8.84%	1.32%
Class S Shares	-6.93%	-0.55%	5.65%	7.37%	9.07%	1.08%
Class T Shares	-6.83%	-0.29%	5.92%	7.65%	9.28%	0.83%
S&P 500 Index	-12.31%	-6.98%	6.73%	10.53%	9.01%
Bloomberg Barclays U.S. Aggregate Bond Index	3.33%	8.93%	3.36%	3.88%	5.44%
Balanced Index	-5.24%	0.41%	5.47%	7.76%	7.69%
Morningstar Quartile - Class T Shares	-	1st	1st	1st	1st
Morningstar Ranking - based on total returns for Allocation - 50% to 70% Equity Funds	-	31/693	18/636	60/523	14/182

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

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

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


6	MARCH 31, 2020

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

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

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

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

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

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

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

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

See “Useful Information About Your Fund Report.”

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

*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 (10/1/19)	Ending Account Value (3/31/20)	Expenses Paid During Period (10/1/19 - 3/31/20)†	Beginning Account Value (10/1/19)	Ending Account Value (3/31/20)	Expenses Paid During Period (10/1/19 - 3/31/20)†	Net Annualized Expense Ratio (10/1/19 - 3/31/20)
Class A Shares		$1,000.00	$931.50	$4.39	$1,000.00	$1,020.45	$4.60	0.91%
Class C Shares		$1,000.00	$928.00	$7.62	$1,000.00	$1,017.10	$7.97	1.58%
Class D Shares		$1,000.00	$932.40	$3.43	$1,000.00	$1,021.45	$3.59	0.71%
Class I Shares		$1,000.00	$932.70	$3.14	$1,000.00	$1,021.75	$3.29	0.65%
Class N Shares		$1,000.00	$932.90	$2.75	$1,000.00	$1,022.15	$2.88	0.57%
Class R Shares		$1,000.00	$929.50	$6.37	$1,000.00	$1,018.40	$6.66	1.32%
Class S Shares		$1,000.00	$930.70	$5.16	$1,000.00	$1,019.65	$5.40	1.07%
Class T Shares		$1,000.00	$931.70	$3.91	$1,000.00	$1,020.95	$4.09	0.81%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


8	MARCH 31, 2020

Janus Henderson Balanced Fund

Schedule of Investments (unaudited)

March 31, 2020


Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– 4.3%
	Angel Oak Mortgage Trust I LLC 2018-2, 3.6740%, 7/27/48 (144A)^‡	$2,446,495	$2,349,335
	Applebee's Funding LLC / IHOP Funding LLC, 4.1940%, 6/7/49 (144A)	12,512,000	12,399,509
	Arroyo Mortgage Trust 2018-1, 3.7630%, 4/25/48 (144A)^‡	3,081,511	2,938,668
	BAMLL Commercial Mortgage Securities Trust 2013-FRR1, 0%, 5/26/20 (144A)^◊	15,085,938	14,851,133
	Bank 2018-BN12 A4, 4.2550%, 5/15/61^‡	4,125,378	4,649,432
	Bank 2019-BNK24, 2.9600%, 11/15/62	3,184,800	3,201,555
	BBCMS Trust 2015-SRCH, 4.1970%, 8/10/35 (144A)	9,288,000	10,191,113
	Benchmark Mortgage Trust 2020-B16, 2.7320%, 2/15/53	8,236,000	8,241,159
	BX Commercial Mortgage Trust 2018-IND,
	ICE LIBOR USD 1 Month + 0.7500%, 1.4546%, 11/15/35 (144A)^‡	11,671,209	11,015,305
	BX Commercial Mortgage Trust 2019-XL,
	ICE LIBOR USD 1 Month + 0.9200%, 1.6246%, 10/15/36 (144A)^‡	15,955,189	15,126,231
	BX Commercial Mortgage Trust 2019-XL,
	ICE LIBOR USD 1 Month + 1.0800%, 1.7846%, 10/15/36 (144A)^‡	2,484,041	2,313,197
	BX Trust 2019-OC11, 3.2020%, 12/9/41 (144A)	16,437,000	15,987,509
	BX Trust 2019-OC11, 3.6050%, 12/9/41 (144A)	8,218,000	7,508,944
	BX Trust 2019-OC11, 3.8560%, 12/9/41 (144A)	8,218,000	7,105,209
	BX Trust 2019-OC11, 4.0755%, 12/9/41 (144A)^‡	12,325,000	9,958,718
	BX Trust 2019-OC11, 4.0755%, 12/9/41 (144A)^‡	3,137,000	2,257,849
	BXP Trust 2017-GM, 3.3790%, 6/13/39 (144A)	4,190,000	4,460,627
	Chase Home Lending Mortgage Trust 2019-ATR2,
	ICE LIBOR USD 1 Month + 0.9000%, 1.8466%, 7/25/49 (144A)^‡	2,241,343	2,098,496
	Connecticut Avenue Securities Trust 2017-C01,
	ICE LIBOR USD 1 Month + 3.5500%, 4.4966%, 7/25/29^‡	11,676,959	9,864,228
	Connecticut Avenue Securities Trust 2018-C05 ,
	ICE LIBOR USD 1 Month + 2.3500%, 3.2966%, 1/25/31^‡	6,719,490	5,638,435
	Connecticut Avenue Securities Trust 2019-R02,
	ICE LIBOR USD 1 Month + 2.3000%, 3.2466%, 8/25/31 (144A)^‡	7,315,248	5,891,874
	Connecticut Avenue Securities Trust 2019-R03,
	ICE LIBOR USD 1 Month + 2.1500%, 3.0966%, 9/25/31 (144A)^‡	18,103,933	13,211,733
	Connecticut Avenue Securities Trust 2019-R04,
	ICE LIBOR USD 1 Month + 2.1000%, 3.0466%, 6/25/39 (144A)^‡	4,412,000	3,582,667
	Connecticut Avenue Securities Trust 2019-R05,
	ICE LIBOR USD 1 Month + 2.0000%, 2.9466%, 7/25/39 (144A)^‡	25,193,606	20,328,776
	Connecticut Avenue Securities Trust 2019-R07,
	ICE LIBOR USD 1 Month + 2.1000%, 3.0466%, 10/25/39 (144A)^‡	20,705,840	16,678,901
	Connecticut Avenue Securities Trust 2020-R02,
	ICE LIBOR USD 1 Month + 2.0000%, 2.9466%, 1/25/40 (144A)^‡	23,585,000	17,293,102
	Credit Acceptance Auto Loan Trust 2018-2, 3.9400%, 7/15/27 (144A)	4,276,000	4,294,519
	DB Master Finance LLC, 3.7870%, 5/20/49 (144A)	7,461,615	7,051,445
	DB Master Finance LLC, 4.0210%, 5/20/49 (144A)	3,927,323	3,571,480
	DB Master Finance LLC, 4.3520%, 5/20/49 (144A)	5,958,970	5,222,198
	Domino's Pizza Master Issuer LLC, 3.0820%, 7/25/47 (144A)	2,600,150	2,515,699
	Domino's Pizza Master Issuer LLC, 4.1180%, 7/25/47 (144A)	3,283,423	2,923,106
	Domino's Pizza Master Issuer LLC, 4.1160%, 7/25/48 (144A)	12,581,405	11,644,174
	Domino's Pizza Master Issuer LLC, 4.3280%, 7/25/48 (144A)	7,597,305	6,853,693
	Domino's Pizza Master Issuer LLC, 3.6680%, 10/25/49 (144A)	24,042,743	20,454,135
	Drive Auto Receivables Trust 2017-1, 5.1700%, 9/16/24	12,150,000	12,181,166
	Drive Auto Receivables Trust 2017-2, 5.2700%, 11/15/24	10,594,000	10,629,287
	Drive Auto Receivables Trust 2017-3, 3.5300%, 12/15/23 (144A)	3,252,827	3,253,045
	Drive Auto Receivables Trust 2017-A, 4.1600%, 5/15/24 (144A)	4,777,980	4,766,972
	Drive Auto Receivables Trust 2019-2, 3.0400%, 3/15/23	10,511,000	10,491,438
	Fannie Mae Connecticut Avenue Securities,
	ICE LIBOR USD 1 Month + 1.1500%, 2.0966%, 9/25/29^‡	53,960	53,828
	Fannie Mae Connecticut Avenue Securities,
	ICE LIBOR USD 1 Month + 0.9500%, 1.8966%, 10/25/29^‡	482,547	467,251
	Fannie Mae Connecticut Avenue Securities,
	ICE LIBOR USD 1 Month + 0.6000%, 1.5466%, 7/25/30^‡	1,072,149	1,064,687
	Fannie Mae Connecticut Avenue Securities,
	ICE LIBOR USD 1 Month + 0.7200%, 1.6666%, 1/25/31^‡	130,839	130,017


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

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Janus Henderson Balanced Fund

Schedule of Investments (unaudited)

March 31, 2020


Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– (continued)
	Fannie Mae Connecticut Avenue Securities,
	ICE LIBOR USD 1 Month + 2.0000%, 2.9466%, 3/25/31^‡	$18,144,359	$15,226,259
	Fannie Mae REMICS, 3.0000%, 5/25/48	17,984,818	18,781,082
	Fannie Mae REMICS, 3.0000%, 11/25/49	25,734,317	27,148,995
	Freddie Mac Structured Agency Credit Risk Debt Notes,
	ICE LIBOR USD 1 Month + 1.3500%, 2.2966%, 3/25/29^‡	904,902	891,830
	Freddie Mac Structured Agency Credit Risk Debt Notes,
	ICE LIBOR USD 1 Month + 1.2000%, 2.1466%, 7/25/29^‡	1,425,314	1,419,036
	Freddie Mac Structured Agency Credit Risk Debt Notes,
	ICE LIBOR USD 1 Month + 0.7500%, 1.6966%, 3/25/30^‡	198,469	193,796
	Freddie Mac Structured Agency Credit Risk Debt Notes,
	ICE LIBOR USD 1 Month + 1.8000%, 2.7466%, 7/25/30^‡	7,665,479	5,692,554
	Freddie Mac Structured Agency Credit Risk Debt Notes,
	ICE LIBOR USD 1 Month + 1.9500%, 2.8966%, 10/25/49 (144A)^‡	7,508,466	5,819,862
	Freddie Mac Structured Agency Credit Risk Debt Notes,
	ICE LIBOR USD 1 Month + 0.7700%, 1.7166%, 11/25/49 (144A)^‡	2,670,029	2,568,715
	Freddie Mac Structured Agency Credit Risk Debt Notes,
	ICE LIBOR USD 1 Month + 1.7000%, 2.6466%, 1/25/50 (144A)^‡	14,609,000	9,973,856
	Freddie Mac Structured Agency Credit Risk Debt Notes,
	ICE LIBOR USD 1 Month + 2.0500%, 2.9966%, 4/25/49^‡	3,777,207	3,231,873
	Great Wolf Trust,
	ICE LIBOR USD 1 Month + 1.0340%, 1.7386%, 12/15/36 (144A)^‡	3,938,000	3,594,156
	Great Wolf Trust,
	ICE LIBOR USD 1 Month + 1.3340%, 2.0386%, 12/15/36 (144A)^‡	4,405,000	4,072,863
	Great Wolf Trust,
	ICE LIBOR USD 1 Month + 1.6330%, 2.3376%, 12/15/36 (144A)^‡	4,900,000	4,266,113
	GS Mortgage Securities Trust 2018-GS10, 4.1550%, 7/10/51^‡	5,899,397	6,504,097
	GS Mortgage Securities Trust 2018-GS9, 3.9920%, 3/10/51^‡	9,847,362	10,747,234
	GS Mortgage Securities Trust 2020-GC45, 2.9106%, 2/13/53	8,130,000	8,421,350
	Jack in the Box Funding, LLC 2019-1A A23, 4.9700%, 8/25/49 (144A)	11,371,702	11,141,118
	Jack in the Box Funding, LLC 2019-1A A2I, 3.9820%, 8/25/49 (144A)	12,725,535	12,642,178
	Jack in the Box Funding, LLC 2019-1A A2II, 4.4760%, 8/25/49 (144A)	22,506,593	22,034,987
	JP Morgan Mortgage Trust,
	ICE LIBOR USD 1 Month + 0.9000%, 1.8466%, 11/25/49 (144A)^‡	1,623,985	1,544,562
	JP Morgan Mortgage Trust 2019-7,
	ICE LIBOR USD 1 Month + 0.9000%, 1.8466%, 2/25/50 (144A)^‡	9,464,657	8,988,664
	JP Morgan Mortgage Trust 2019-LTV2,
	ICE LIBOR USD 1 Month + 0.9000%, 1.8466%, 12/25/49 (144A)^‡	6,336,149	6,008,591
	Mello Warehouse Securitization Trust 2018-1,
	ICE LIBOR USD 1 Month + 0.8500%, 1.7966%, 11/25/51 (144A)^‡	15,869,809	15,669,048
	Mello Warehouse Securitization Trust 2018-1,
	ICE LIBOR USD 1 Month + 1.0500%, 1.9966%, 11/25/51 (144A)^‡	1,446,667	1,406,413
	Morgan Stanley Capital I Trust 2018-H3, 4.1770%, 7/15/51	8,398,928	9,332,775
	Morgan Stanley Capital I Trust 2018-H4, 4.3100%, 12/15/51	12,532,337	14,213,105
	New Residential Mortgage Loan Trust 2018-2, 4.5000%, 2/25/58 (144A)^‡	3,912,323	4,083,020
	OneMain Direct Auto Receivables Trust 2018-1, 3.8500%, 10/14/25 (144A)	2,018,000	1,913,469
	OneMain Direct Auto Receivables Trust 2018-1, 4.4000%, 1/14/28 (144A)	2,065,000	1,870,723
	Planet Fitness Master Issuer LLC, 3.8580%, 12/5/49 (144A)	12,573,488	10,737,866
	Provident Funding Mortgage Trust 2020-1, 3.0000%, 2/25/50 (144A)^‡	7,832,888	7,751,944
	PRPM 2019-GS1, 3.5000%, 10/25/24 (144A)^‡	7,607,297	6,702,537
	PRPM 2020-1A LLC, 2.9810%, 2/25/25 (144A)^Ç	4,290,419	3,771,668
	PRPM LLC, 3.3510%, 11/25/24 (144A)^Ç	7,337,038	6,302,965
	Santander Drive Auto Receivables Trust 2016-3, 4.2900%, 2/15/24	12,409,000	12,457,905
	Sequoia Mortgage Trust 2013-5, 2.5000%, 5/25/43 (144A)^‡	8,742,476	8,612,187
	Sequoia Mortgage Trust 2019-CH2, 4.5000%, 8/25/49 (144A)^‡	7,139,288	7,294,211
	Sequoia Mortgage Trust 2020-2, 3.5000%, 3/25/50 (144A)^‡	3,988,120	3,960,537
	Spruce Hill Mortgage Loan Trust 2020-SH1 A1, 2.5210%, 1/28/50 (144A)^‡	3,767,066	3,581,038
	Spruce Hill Mortgage Loan Trust 2020-SH1 A2, 2.6240%, 1/28/50 (144A)^‡	7,351,239	6,870,264
	Station Place Securitization Trust Series 2019-10,
	ICE LIBOR USD 1 Month + 0.9000%, 1.8285%, 10/24/20^‡	28,036,000	27,762,481


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

10	MARCH 31, 2020

Janus Henderson Balanced Fund

Schedule of Investments (unaudited)

March 31, 2020


Shares or Principal Amounts				Value
Asset-Backed/Commercial Mortgage-Backed Securities– (continued)
	Station Place Securitization Trust Series 2019-4,
	ICE LIBOR USD 1 Month + 0.9000%, 1.8285%, 6/24/20^‡	$33,410,000		$33,242,162
	Station Place Securitization Trust Series 2019-WL1,
	ICE LIBOR USD 1 Month + 1.2000%, 2.1466%, 8/25/52 (144A)^‡	4,085,333		4,033,823
	Station Place Securitization Trust Series 2019-WL1,
	ICE LIBOR USD 1 Month + 1.4000%, 2.3466%, 8/25/52 (144A)^‡	7,936,000		7,830,493
	Taco Bell Funding LLC, 4.9400%, 11/25/48 (144A)	2,823,263		2,657,623
	Towd Point Asset Funding, LLC 2019-HE1 A1,
	ICE LIBOR USD 1 Month + 0.9000%, 1.8466%, 4/25/48 (144A)^‡	6,206,897		5,974,550
	Verus Securitization Trust 2020-1, 2.7240%, 1/25/60 (144A)^‡	7,082,983		6,814,537
	Wendy's Funding LLC, 3.5730%, 3/15/48 (144A)	4,165,128		3,790,604
	Wendy's Funding LLC, 3.8840%, 3/15/48 (144A)	1,215,033		1,051,701
	Wendy's Funding LLC, 3.7830%, 6/15/49 (144A)	7,801,250		7,417,270
Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $813,169,650)				754,732,535
Bank Loans and Mezzanine Loans– 0.2%
Consumer Non-Cyclical – 0.2%
	Elanco Animal Health Inc,
	ICE LIBOR USD 1 Month + 1.7500%, 3.4044%, 2/4/27^ƒ,‡ (cost $35,349,064)	35,349,064	33,404,865
Corporate Bonds– 20.7%
Banking – 4.2%
	Bank of America Corp, ICE LIBOR USD 3 Month + 1.5120%, 3.7050%, 4/24/28^‡	32,910,000		34,412,987
	Bank of America Corp, ICE LIBOR USD 3 Month + 1.0700%, 3.9700%, 3/5/29^‡	12,114,000		13,074,528
	Bank of America Corp, ICE LIBOR USD 3 Month + 3.7050%, 6.2500%^‡,µ	17,473,000		17,735,095
	Bank of America Corp, ICE LIBOR USD 3 Month + 3.8980%, 6.1000%^‡,µ	7,642,000		7,718,420
	BNP Paribas SA, ICE LIBOR USD 3 Month + 2.2350%, 4.7050%, 1/10/25 (144A)^‡	11,216,000		11,686,968
	BNP Paribas SA, ICE LIBOR USD 3 Month + 1.1110%, 2.8190%, 11/19/25 (144A)^‡	7,621,000		7,529,053
	BNP Paribas SA, SOFR + 1.5070%, 3.0520%, 1/13/31 (144A)^‡	20,971,000		19,871,903
	CIT Bank NA, SOFR + 1.7150%, 2.9690%, 9/27/25^‡	26,250,000		22,134,787
	CIT Group Inc, 5.2500%, 3/7/25	7,184,000		7,004,400
	Citigroup Inc, ICE LIBOR USD 3 Month + 1.5630%, 3.8870%, 1/10/28^‡	37,030,000		38,117,454
	Citigroup Inc, SOFR + 3.9140%, 4.4120%, 3/31/31^‡	75,289,000		82,838,717
	Citigroup Inc, ICE LIBOR USD 3 Month + 4.0680%, 5.9500%^‡,µ	13,286,000		12,850,219
	Citigroup Inc, 5.9000%^‡,µ	1,682,000		1,623,130
	Citigroup Inc, ICE LIBOR USD 3 Month + 3.9050%, 5.9500%^‡,µ	8,715,000		8,442,656
	Citizens Financial Group Inc, 3.7500%, 7/1/24	3,136,000		3,124,811
	Citizens Financial Group Inc, 4.3500%, 8/1/25	2,232,000		2,379,918
	Citizens Financial Group Inc, 4.3000%, 12/3/25	8,046,000		8,422,707
	First Republic Bank/CA, 4.6250%, 2/13/47	5,833,000		6,314,072
	Goldman Sachs Group Inc, 3.5000%, 4/1/25	97,727,000		99,099,250
	HSBC Holdings PLC, 4.9500%, 3/31/30	6,158,000		6,791,286
	JPMorgan Chase & Co, ICE LIBOR USD 3 Month + 1.2450%, 3.9600%, 1/29/27^‡	29,483,000		31,841,990
	JPMorgan Chase & Co, ICE LIBOR USD 3 Month + 1.3370%, 3.7820%, 2/1/28^‡	18,152,000		19,492,046
	JPMorgan Chase & Co, ICE LIBOR USD 3 Month + 1.3300%, 4.4520%, 12/5/29^‡	30,079,000		33,754,196
	JPMorgan Chase & Co, SOFR + 1.5100%, 2.7390%, 10/15/30^‡	13,471,000		13,527,442
	JPMorgan Chase & Co, SOFR + 3.7900%, 4.4930%, 3/24/31^‡	27,142,000		31,488,129
	Morgan Stanley, 4.3500%, 9/8/26	14,728,000		15,871,153
	Morgan Stanley, 3.9500%, 4/23/27	22,928,000		23,887,602
	Morgan Stanley, ICE LIBOR USD 3 Month + 1.6280%, 4.4310%, 1/23/30^‡	25,570,000		28,419,009
	Synchrony Financial, 4.3750%, 3/19/24	3,260,000		3,228,508
	Synchrony Financial, 5.1500%, 3/19/29	17,148,000		16,983,029
	Wells Fargo & Co, ICE LIBOR USD 3 Month + 0.7500%, 2.1640%, 2/11/26^‡	40,451,000		39,453,182
	Wells Fargo & Co, ICE LIBOR USD 3 Month + 1.1700%, 2.8790%, 10/30/30^‡	19,386,000		19,223,724
	Wells Fargo & Co, ICE LIBOR USD 3 Month + 3.7700%, 4.4780%, 4/4/31^‡	34,886,000		39,445,860
	Wells Fargo & Co, ICE LIBOR USD 3 Month + 3.9900%, 5.8750%^‡,µ	17,873,000		18,141,095
				745,929,326
Basic Industry – 0.5%
	Allegheny Technologies Inc, 5.8750%, 12/1/27	15,160,000		12,620,700
	Constellium NV, 5.7500%, 5/15/24 (144A)	15,446,000		13,787,100


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 (unaudited)

March 31, 2020


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Basic Industry – (continued)
	Ecolab Inc, 4.8000%, 3/24/30	$8,652,000	$9,849,696
	Georgia-Pacific LLC, 3.1630%, 11/15/21 (144A)	15,454,000	15,662,981
	Hudbay Minerals Inc, 7.2500%, 1/15/23 (144A)	16,098,000	14,005,260
	Reliance Steel & Aluminum Co, 4.5000%, 4/15/23	8,092,000	8,010,783
	Steel Dynamics Inc, 5.5000%, 10/1/24	14,966,000	14,528,986
			88,465,506
Brokerage – 0.4%
	Cboe Global Markets Inc, 3.6500%, 1/12/27	10,781,000	11,297,751
	Charles Schwab Corp, 4.2000%, 3/24/25	16,034,000	16,920,757
	Charles Schwab Corp, 4.6250%, 3/22/30	19,132,000	21,031,582
	Raymond James Financial Inc, 5.6250%, 4/1/24	5,610,000	6,125,113
	Raymond James Financial Inc, 4.6500%, 4/1/30	7,316,000	7,651,517
	Raymond James Financial Inc, 4.9500%, 7/15/46	9,798,000	11,285,707
			74,312,427
Capital Goods – 1.7%
	Arconic Inc, 5.4000%, 4/15/21	5,661,000	5,612,032
	Avery Dennison Co, 2.6500%, 4/30/30	19,062,000	17,741,692
	Boeing Co, 2.2500%, 6/15/26	1,857,000	1,644,593
	Boeing Co, 3.2500%, 3/1/28	2,295,000	2,161,253
	Boeing Co, 3.2000%, 3/1/29	13,547,000	12,510,693
	Boeing Co, 3.6000%, 5/1/34	19,174,000	17,149,470
	Carrier Global Corp, 2.2420%, 2/15/25 (144A)	9,080,000	8,867,264
	Carrier Global Corp, 2.4930%, 2/15/27 (144A)	7,264,000	6,934,701
	General Dynamics Corp, 3.2500%, 4/1/25	13,112,000	13,813,208
	General Dynamics Corp, 3.5000%, 4/1/27	18,965,000	20,408,962
	General Dynamics Corp, 3.6250%, 4/1/30	15,442,000	17,221,594
	General Dynamics Corp, 4.2500%, 4/1/40	10,674,000	12,731,684
	General Dynamics Corp, 4.2500%, 4/1/50	3,720,000	4,619,433
	General Electric Co, 6.7500%, 3/15/32	7,872,000	9,541,749
	Huntington Ingalls Industries Inc, 3.8440%, 5/1/25 (144A)	13,147,000	13,536,768
	Huntington Ingalls Industries Inc, 5.0000%, 11/15/25 (144A)	21,929,000	22,620,448
	Huntington Ingalls Industries Inc, 4.2000%, 5/1/30 (144A)	19,643,000	20,336,918
	Northrop Grumman Corp, 4.4000%, 5/1/30	13,196,000	15,197,461
	Northrop Grumman Corp, 5.1500%, 5/1/40	5,734,000	7,245,781
	Northrop Grumman Corp, 5.2500%, 5/1/50	7,375,000	10,039,710
	Otis Worldwide Corp, 2.0560%, 4/5/25 (144A)	10,754,000	10,512,236
	Wabtec Corp, 4.4000%, 3/15/24	12,942,000	12,859,529
	Wabtec Corp, 3.4500%, 11/15/26	3,625,000	3,343,827
	Wabtec Corp, 4.9500%, 9/15/28	40,004,000	36,793,261
			303,444,267
Communications – 2.1%
	AT&T Inc, 3.6000%, 7/15/25	6,875,000	7,139,483
	AT&T Inc, 5.2500%, 3/1/37	3,121,000	3,633,538
	AT&T Inc, 4.8500%, 3/1/39	9,371,000	10,602,702
	AT&T Inc, 4.7500%, 5/15/46	6,738,000	7,482,989
	AT&T Inc, 4.5000%, 3/9/48	13,228,000	14,355,813
	CenturyLink Inc, 6.4500%, 6/15/21	9,843,000	9,970,959
	CenturyLink Inc, 5.8000%, 3/15/22	5,476,000	5,527,036
	Charter Communications Operating LLC / Charter Communications Operating Capital,
	5.0500%, 3/30/29	34,964,000	37,955,360
	Charter Communications Operating LLC / Charter Communications Operating Capital,
	6.4840%, 10/23/45	3,508,000	4,288,902
	Charter Communications Operating LLC / Charter Communications Operating Capital,
	5.3750%, 5/1/47	2,807,000	3,033,210


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

12	MARCH 31, 2020

Janus Henderson Balanced Fund

Schedule of Investments (unaudited)

March 31, 2020


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Communications – (continued)
	Charter Communications Operating LLC / Charter Communications Operating Capital,
	4.8000%, 3/1/50	$16,389,000	$17,076,173
	Comcast Corp, 3.1000%, 4/1/25	5,116,000	5,409,340
	Comcast Corp, 3.1500%, 3/1/26	6,645,000	6,971,081
	Comcast Corp, 3.3000%, 4/1/27	13,940,000	14,841,756
	Comcast Corp, 4.1500%, 10/15/28	8,193,000	9,327,241
	Comcast Corp, 2.6500%, 2/1/30	6,880,000	7,086,284
	Comcast Corp, 3.4000%, 4/1/30	13,940,000	15,102,249
	Comcast Corp, 4.2500%, 10/15/30	16,269,000	19,074,421
	Comcast Corp, 4.6000%, 10/15/38	7,205,000	8,976,623
	Comcast Corp, 3.7500%, 4/1/40	5,569,000	6,154,820
	Comcast Corp, 4.9500%, 10/15/58	7,419,000	10,246,061
	Crown Castle International Corp, 3.6500%, 9/1/27	7,252,000	7,225,251
	Crown Castle International Corp, 4.3000%, 2/15/29	11,688,000	12,119,810
	Crown Castle International Corp, 3.1000%, 11/15/29	15,783,000	15,136,320
	Crown Castle International Corp, 3.3000%, 7/1/30	4,437,000	4,400,572
	Crown Castle International Corp, 4.1500%, 7/1/50	4,610,000	4,559,290
	Fox Corp, 4.0300%, 1/25/24 (144A)	9,055,000	9,407,718
	Level 3 Financing Inc, 3.8750%, 11/15/29 (144A)	18,929,000	17,765,624
	T-Mobile USA Inc, 6.3750%, 3/1/25	17,458,000	17,850,805
	Verizon Communications Inc, 2.6250%, 8/15/26	15,284,000	15,783,566
	Verizon Communications Inc, 3.0000%, 3/22/27	8,199,000	8,628,073
	Verizon Communications Inc, 3.1500%, 3/22/30	6,954,000	7,478,164
	Verizon Communications Inc, 4.8620%, 8/21/46	4,862,000	6,339,600
	Verizon Communications Inc, 4.5220%, 9/15/48	3,585,000	4,525,455
	Verizon Communications Inc, 4.0000%, 3/22/50	4,958,000	5,884,186
			361,360,475
Consumer Cyclical – 2.6%
	Alimentation Couche-Tard Inc, 2.9500%, 1/25/30 (144A)	4,718,000	4,385,614
	AutoZone Inc, 3.7500%, 4/18/29	16,231,000	16,450,506
	Choice Hotels International Inc, 3.7000%, 12/1/29	15,501,000	12,400,800
	Experian Finance PLC, 2.7500%, 3/8/30 (144A)	37,937,000	36,249,924
	Fiat Chrysler Automobiles NV, 4.5000%, 4/15/20	1,944,000	1,938,343
	General Motors Co, 4.2000%, 10/1/27	5,709,000	4,658,867
	General Motors Co, 5.0000%, 10/1/28	16,117,000	14,131,784
	General Motors Co, 5.4000%, 4/1/48	5,565,000	4,056,868
	General Motors Financial Co Inc, 4.3500%, 4/9/25	9,494,000	8,505,568
	General Motors Financial Co Inc, 4.3000%, 7/13/25	2,916,000	2,678,105
	General Motors Financial Co Inc, 4.3500%, 1/17/27	8,077,000	6,672,135
	GLP Capital LP / GLP Financing II Inc, 3.3500%, 9/1/24	2,572,000	2,276,220
	GLP Capital LP / GLP Financing II Inc, 5.2500%, 6/1/25	4,671,000	4,320,675
	GLP Capital LP / GLP Financing II Inc, 5.3750%, 4/15/26	9,539,000	8,455,370
	GLP Capital LP / GLP Financing II Inc, 5.3000%, 1/15/29	1,278,000	1,092,946
	GLP Capital LP / GLP Financing II Inc, 4.0000%, 1/15/30	17,327,000	14,568,542
	IHS Markit Ltd, 5.0000%, 11/1/22 (144A)	5,334,000	5,602,874
	IHS Markit Ltd, 4.7500%, 2/15/25 (144A)	9,209,000	9,679,119
	Lowe's Cos Inc, 4.0000%, 4/15/25	19,662,000	21,018,563
	Lowe's Cos Inc, 4.5000%, 4/15/30	20,350,000	22,453,183
	Lowe's Cos Inc, 5.0000%, 4/15/40	10,401,000	11,770,176
	Lowe's Cos Inc, 5.1250%, 4/15/50	14,214,000	17,121,283
	Mastercard Inc, 3.3000%, 3/26/27	16,360,000	17,777,675
	Mastercard Inc, 3.3500%, 3/26/30	20,733,000	23,038,794
	Mastercard Inc, 3.8500%, 3/26/50	11,711,000	14,294,265
	McDonald's Corp, 3.3000%, 7/1/25	5,528,000	5,722,304
	McDonald's Corp, 3.5000%, 7/1/27	17,385,000	18,335,453
	McDonald's Corp, 2.6250%, 9/1/29	19,963,000	19,233,131
	McDonald's Corp, 3.6250%, 9/1/49	8,343,000	8,452,428
	MDC Holdings Inc, 5.5000%, 1/15/24	8,120,000	8,120,000


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 (unaudited)

March 31, 2020


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Consumer Cyclical – (continued)
	MGM Resorts International, 7.7500%, 3/15/22	$1,964,000	$1,945,381
	NIKE Inc, 2.4000%, 3/27/25	6,297,000	6,527,587
	NIKE Inc, 2.7500%, 3/27/27	9,757,000	10,195,725
	NIKE Inc, 3.2500%, 3/27/40	7,280,000	7,601,360
	NIKE Inc, 3.3750%, 3/27/50	4,755,000	5,211,066
	Nordstrom Inc, 4.3750%, 4/1/30	16,799,000	13,445,182
	O'Reilly Automotive Inc, 3.6000%, 9/1/27	333,000	319,964
	O'Reilly Automotive Inc, 4.3500%, 6/1/28	2,564,000	2,659,067
	O'Reilly Automotive Inc, 3.9000%, 6/1/29	18,302,000	18,301,543
	Starbucks Corp, 4.4500%, 8/15/49	9,729,000	11,118,559
	Visa Inc, 1.9000%, 4/15/27	21,497,000	21,536,447
	Visa Inc, 2.0500%, 4/15/30	14,162,000	14,141,465
	Visa Inc, 2.7000%, 4/15/40	6,085,000	6,063,284
			464,528,145
Consumer Non-Cyclical – 4.3%
	AbbVie Inc, 2.6000%, 11/21/24 (144A)	10,264,000	10,428,449
	Allergan Finance LLC, 3.2500%, 10/1/22	9,148,000	9,171,318
	Allergan Funding SCS, 3.4500%, 3/15/22	20,364,000	21,140,403
	Allergan Funding SCS, 3.8000%, 3/15/25	10,921,000	11,183,287
	Allergan Inc/United States, 2.8000%, 3/15/23	726,000	721,749
	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc,
	4.9000%, 2/1/46	16,865,000	18,408,267
	Anheuser-Busch InBev, 4.7500%, 4/15/58	10,221,000	10,498,143
	Anheuser-Busch InBev Worldwide Inc, 4.1500%, 1/23/25	30,603,000	33,010,823
	Baxter International Inc, 3.7500%, 10/1/25 (144A)	17,519,000	18,619,971
	Baxter International Inc, 3.9500%, 4/1/30 (144A)	15,291,000	16,533,930
	Boston Scientific Corp, 3.7500%, 3/1/26	10,617,000	11,136,374
	Boston Scientific Corp, 4.0000%, 3/1/29	3,716,000	3,932,923
	Boston Scientific Corp, 4.7000%, 3/1/49	5,944,000	6,796,709
	Bristol-Myers Squibb Co, 3.4000%, 7/26/29 (144A)	6,875,000	7,554,952
	Campbell Soup Co, 3.9500%, 3/15/25	6,894,000	7,277,951
	Cigna Corp, 3.4000%, 9/17/21	2,153,000	2,185,158
	Cigna Corp, 2.4000%, 3/15/30	7,285,000	6,891,101
	Cigna Corp, 3.2000%, 3/15/40	3,314,000	3,035,159
	Cigna Corp, 3.4000%, 3/15/50	4,998,000	4,760,477
	Coca-Cola Co, 2.9500%, 3/25/25	7,797,000	8,341,326
	Coca-Cola Co, 3.3750%, 3/25/27	16,804,000	18,552,441
	Coca-Cola Co, 3.4500%, 3/25/30	11,662,000	13,189,545
	Coca-Cola Co, 4.2000%, 3/25/50	12,597,000	16,504,566
	Coca-Cola Femsa SAB de CV, 2.7500%, 1/22/30	9,660,000	9,448,664
	CVS Health Corp, 4.1000%, 3/25/25	18,139,000	19,089,790
	CVS Health Corp, 3.0000%, 8/15/26	1,849,000	1,841,813
	CVS Health Corp, 4.3000%, 3/25/28	11,369,000	12,073,920
	CVS Health Corp, 4.1250%, 4/1/40	9,026,000	9,073,526
	CVS Health Corp, 5.0500%, 3/25/48	9,520,000	10,810,968
	CVS Health Corp, 4.2500%, 4/1/50	4,460,000	4,636,751
	DH Europe Finance II Sarl, 2.2000%, 11/15/24	7,778,000	7,557,083
	DH Europe Finance II Sarl, 2.6000%, 11/15/29	4,266,000	4,147,848
	DH Europe Finance II Sarl, 3.4000%, 11/15/49	5,489,000	5,347,864
	Elanco Animal Health Inc, 5.0220%, 8/28/23^Ç	5,166,000	5,225,413
	Elanco Animal Health Inc, 5.6500%, 8/28/28^Ç	3,473,000	3,665,062
	Fomento Economico Mexicano SAB de CV, 3.5000%, 1/16/50	11,871,000	11,059,884
	General Mills Inc, 4.2000%, 4/17/28	16,396,000	18,111,633
	General Mills Inc, 2.8750%, 4/15/30	5,553,000	5,541,894
	Hasbro Inc, 3.0000%, 11/19/24	8,798,000	9,005,718
	Hasbro Inc, 3.5500%, 11/19/26	11,696,000	11,160,314
	Hasbro Inc, 3.9000%, 11/19/29	31,506,000	28,376,511
	HCA Inc, 4.7500%, 5/1/23	14,309,000	14,658,435
	HCA Inc, 5.3750%, 2/1/25	8,166,000	8,308,823


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

14	MARCH 31, 2020

Janus Henderson Balanced Fund

Schedule of Investments (unaudited)

March 31, 2020


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Consumer Non-Cyclical – (continued)
	HCA Inc, 5.8750%, 2/15/26	$4,299,000	$4,476,979
	HCA Inc, 5.3750%, 9/1/26	3,296,000	3,394,880
	HCA Inc, 5.6250%, 9/1/28	4,648,000	4,865,062
	HCA Inc, 5.8750%, 2/1/29	7,114,000	7,523,055
	HCA Inc, 3.5000%, 9/1/30	25,079,000	22,768,759
	JBS USA LUX SA / JBS USA Finance Inc, 6.7500%, 2/15/28 (144A)	4,750,000	5,070,625
	JM Smucker Co, 2.3750%, 3/15/30	10,479,000	9,658,368
	JM Smucker Co, 3.5500%, 3/15/50	4,924,000	4,490,706
	Keurig Dr Pepper Inc, 4.5970%, 5/25/28	18,661,000	20,431,145
	Mars Inc, 2.7000%, 4/1/25 (144A)	6,045,000	6,215,464
	Mars Inc, 3.2000%, 4/1/30 (144A)	7,422,000	7,756,000
	Mars Inc, 4.2000%, 4/1/59 (144A)	6,289,000	6,886,028
	Mondelez International Holdings Netherlands BV, 2.2500%, 9/19/24 (144A)	14,117,000	14,021,678
	PepsiCo Inc, 2.2500%, 3/19/25	11,981,000	12,437,327
	PepsiCo Inc, 2.6250%, 3/19/27	3,707,000	3,872,675
	PepsiCo Inc, 3.6250%, 3/19/50	9,986,000	11,850,412
	PepsiCo Inc, 3.8750%, 3/19/60	3,045,000	3,826,671
	Pfizer Inc, 2.6250%, 4/1/30	5,124,000	5,376,824
	Procter & Gamble Co, 2.4500%, 3/25/25	4,770,000	5,000,503
	Procter & Gamble Co, 2.8000%, 3/25/27	7,572,000	8,256,916
	Procter & Gamble Co, 3.0000%, 3/25/30	4,391,000	4,874,185
	Procter & Gamble Co, 3.5500%, 3/25/40	8,720,000	10,169,848
	Procter & Gamble Co, 3.6000%, 3/25/50	4,638,000	5,720,985
	Sysco Corp, 2.5000%, 7/15/21	2,241,000	2,242,737
	Sysco Corp, 5.6500%, 4/1/25	6,985,000	7,273,027
	Sysco Corp, 2.4000%, 2/15/30	4,513,000	3,707,620
	Sysco Corp, 5.9500%, 4/1/30	21,351,000	22,482,346
	Sysco Corp, 6.6000%, 4/1/40	17,344,000	18,606,893
	Sysco Corp, 6.6000%, 4/1/50	21,407,000	23,260,871
	Thermo Fisher Scientific Inc, 4.1330%, 3/25/25	10,164,000	10,890,799
	Thermo Fisher Scientific Inc, 4.4970%, 3/25/30	23,840,000	26,872,694
			763,299,018
Electric – 1.1%
	AEP Transmission Co LLC, 3.6500%, 4/1/50	9,667,000	9,971,454
	Ameren Corp, 3.5000%, 1/15/31	32,109,000	32,196,452
	Berkshire Hathaway Energy, 3.7000%, 7/15/30 (144A)	16,964,000	18,028,114
	Berkshire Hathaway Energy, 4.2500%, 10/15/50 (144A)	17,823,000	20,367,372
	Dominion Energy Inc, 3.3750%, 4/1/30	21,892,000	21,671,985
	NRG Energy Inc, 3.7500%, 6/15/24 (144A)	16,897,000	16,725,747
	NRG Energy Inc, 7.2500%, 5/15/26	16,099,000	16,863,702
	NRG Energy Inc, 6.6250%, 1/15/27	18,534,000	19,275,360
	Oncor Electric Delivery Co LLC, 3.7000%, 11/15/28	10,505,000	11,242,931
	Oncor Electric Delivery Co LLC, 3.8000%, 6/1/49	15,875,000	16,731,706
	PPL WEM Ltd / Western Power Distribution Ltd, 5.3750%, 5/1/21 (144A)	9,215,000	9,405,022
			192,479,845
Energy – 0.7%
	Cheniere Corpus Christi Holdings LLC, 3.7000%, 11/15/29 (144A)	33,684,000	25,190,050
	Energy Transfer Operating LP, 5.8750%, 1/15/24	5,737,000	5,417,935
	Energy Transfer Operating LP, 5.5000%, 6/1/27	4,277,000	3,739,286
	Energy Transfer Operating LP, 4.9500%, 6/15/28	705,000	583,664
	Hess Corp, 4.3000%, 4/1/27	16,202,000	11,984,123
	Hess Midstream Operations LP, 5.1250%, 6/15/28 (144A)	23,859,000	16,768,105
	HollyFrontier Corp, 5.8750%, 4/1/26	13,285,000	11,518,005
	Kinder Morgan Inc/DE, 6.5000%, 9/15/20	476,000	477,068
	Kinder Morgan Inc/DE, 4.3000%, 3/1/28	4,960,000	4,868,084
	NGPL PipeCo LLC, 4.3750%, 8/15/22 (144A)	11,522,000	10,993,505
	Plains All American Pipeline LP / PAA Finance Corp, 4.6500%, 10/15/25	14,498,000	11,734,504
	WPX Energy Inc, 4.5000%, 1/15/30	27,643,000	15,010,149
			118,284,478


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 (unaudited)

March 31, 2020


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Financial Institutions – 0.1%
	Jones Lang LaSalle Inc, 4.4000%, 11/15/22	$10,463,000	$10,394,456
Industrial Conglomerates – 0.1%
	General Electric Co, ICE LIBOR USD 3 Month + 3.3300%, 5.0000%^‡,µ	20,519,000	16,928,175
Insurance – 0.6%
	Brown & Brown Inc, 4.5000%, 3/15/29	9,188,000	9,901,934
	Centene Corp, 4.7500%, 5/15/22	652,000	655,260
	Centene Corp, 5.3750%, 6/1/26 (144A)	23,064,000	23,758,457
	Centene Corp, 4.2500%, 12/15/27 (144A)	19,937,000	19,974,880
	Centene Corp, 4.6250%, 12/15/29 (144A)	29,819,000	29,968,095
	Centene Corp, 3.3750%, 2/15/30 (144A)	13,281,000	12,351,330
			96,609,956
Real Estate Investment Trusts (REITs) – 0.1%
	Alexandria Real Estate Equities Inc, 4.9000%, 12/15/30	17,613,000	19,134,349
Technology – 1.9%
	Broadridge Financial Solutions Inc, 2.9000%, 12/1/29	31,275,000	29,394,753
	Dell International LLC / EMC Corp, 5.8750%, 6/15/21 (144A)	19,878,000	19,803,457
	Equifax Inc, 2.6000%, 12/1/24	25,689,000	24,284,657
	Equinix Inc, 2.6250%, 11/18/24	7,454,000	6,960,471
	Equinix Inc, 2.9000%, 11/18/26	6,240,000	5,714,692
	Equinix Inc, 3.2000%, 11/18/29	14,035,000	12,996,550
	Global Payments Inc, 3.2000%, 8/15/29	4,239,000	4,141,211
	Keysight Technologies Inc, 3.0000%, 10/30/29	16,919,000	15,984,303
	Lam Research Corp, 4.0000%, 3/15/29	2,810,000	3,190,742
	Marvell Technology Group Ltd, 4.2000%, 6/22/23	4,911,000	5,020,470
	Marvell Technology Group Ltd, 4.8750%, 6/22/28	28,487,000	29,514,314
	MSCI Inc, 4.0000%, 11/15/29 (144A)	1,580,000	1,569,540
	MSCI Inc, 3.6250%, 9/1/30 (144A)	12,440,000	11,802,450
	Oracle Corp, 2.5000%, 4/1/25	14,005,000	14,297,295
	Oracle Corp, 2.8000%, 4/1/27	34,379,000	35,043,296
	PayPal Holdings Inc, 2.4000%, 10/1/24	8,092,000	8,131,666
	PayPal Holdings Inc, 2.6500%, 10/1/26	24,196,000	23,710,252
	PayPal Holdings Inc, 2.8500%, 10/1/29	14,852,000	14,741,374
	Total System Services Inc, 4.8000%, 4/1/26	11,514,000	12,728,870
	Trimble Inc, 4.7500%, 12/1/24	18,202,000	19,127,332
	Trimble Inc, 4.9000%, 6/15/28	34,648,000	37,319,292
	Verisk Analytics Inc, 5.5000%, 6/15/45	5,717,000	7,270,232
			342,747,219
Transportation – 0.3%
	United Parcel Service Inc, 3.9000%, 4/1/25	11,125,000	12,054,910
	United Parcel Service Inc, 4.4500%, 4/1/30	9,665,000	10,940,211
	United Parcel Service Inc, 5.2000%, 4/1/40	6,353,000	7,760,151
	United Parcel Service Inc, 5.3000%, 4/1/50	13,740,000	18,095,693
			48,850,965
Total Corporate Bonds (cost $3,623,910,200)			3,646,768,607
Mortgage-Backed Securities– 12.9%
Fannie Mae:
	3.5000%, 7/25/33	30,181,397	31,766,222
	2.5000%, 8/25/34	2,315,000	2,402,623
	4.0000%, 12/25/34	8,627,114	9,078,312
	3.5000%, 8/25/48	19,909,988	21,063,374
	4.5000%, 9/25/48	5,386,000	5,793,020
	2.5000%, 8/25/49	5,306,000	5,500,093
			75,603,644
Fannie Mae Pool:
	7.5000%, 7/1/28	78,170	89,408
	2.5000%, 12/1/32	5,859,931	6,099,532
	2.5000%, 9/1/34	769,792	801,465
	2.5000%, 9/1/34	596,558	621,104


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

16	MARCH 31, 2020

Janus Henderson Balanced Fund

Schedule of Investments (unaudited)

March 31, 2020


Shares or Principal Amounts			Value
Mortgage-Backed Securities– (continued)
Fannie Mae Pool – (continued)
	2.5000%, 10/1/34	$5,720,760	$5,956,146
	3.0000%, 10/1/34	3,224,839	3,386,370
	2.5000%, 11/1/34	1,922,331	2,002,875
	3.0000%, 11/1/34	1,133,718	1,193,362
	3.0000%, 12/1/34	1,100,322	1,158,054
	2.5000%, 1/1/35	18,615,401	19,326,061
	6.0000%, 2/1/37	372,241	438,667
	3.5000%, 10/1/42	5,988,126	6,412,011
	4.5000%, 11/1/42	2,416,609	2,662,735
	3.5000%, 12/1/42	9,678,915	10,364,062
	3.0000%, 1/1/43	1,250,543	1,326,063
	3.0000%, 2/1/43	344,414	364,791
	3.5000%, 2/1/43	9,323,260	9,983,230
	3.5000%, 2/1/43	4,532,872	4,840,845
	3.5000%, 3/1/43	7,110,797	7,593,921
	3.5000%, 4/1/43	24,649,950	26,324,723
	3.0000%, 5/1/43	17,940,155	18,878,404
	3.0000%, 5/1/43	2,544,537	2,691,215
	3.5000%, 11/1/43	13,443,964	14,395,629
	3.5000%, 12/1/43	16,347,552	17,458,242
	3.5000%, 4/1/44	4,612,825	4,950,784
	5.0000%, 7/1/44	297,361	327,952
	4.5000%, 10/1/44	5,381,038	5,897,859
	3.5000%, 2/1/45	20,897,798	22,317,642
	3.5000%, 2/1/45	3,606,257	3,851,274
	4.5000%, 3/1/45	8,378,112	9,182,786
	4.5000%, 6/1/45	5,082,599	5,572,762
	3.0000%, 10/1/45	5,071,846	5,346,884
	3.0000%, 10/1/45	2,896,566	3,053,642
	3.5000%, 12/1/45	3,229,431	3,465,119
	3.0000%, 1/1/46	734,679	774,520
	4.5000%, 2/1/46	11,939,275	13,155,259
	3.0000%, 3/1/46	21,467,742	22,590,480
	3.0000%, 3/1/46	14,781,152	15,554,189
	3.5000%, 5/1/46	1,931,306	2,055,826
	3.5000%, 7/1/46	10,618,145	11,322,122
	3.5000%, 7/1/46	5,969,063	6,385,194
	3.5000%, 8/1/46	30,843,897	32,832,538
	3.5000%, 8/1/46	3,262,296	3,472,630
	3.0000%, 9/1/46	33,435,548	35,407,568
	3.5000%, 12/1/46	1,010,986	1,076,169
	3.0000%, 2/1/47	100,766,480	106,709,660
	3.0000%, 2/1/47	14,941,934	15,823,205
	3.0000%, 3/1/47	10,520,173	11,098,041
	4.5000%, 5/1/47	1,862,372	2,023,761
	4.5000%, 5/1/47	1,559,260	1,690,674
	4.5000%, 5/1/47	1,538,788	1,666,485
	4.5000%, 5/1/47	1,184,156	1,282,423
	4.5000%, 5/1/47	1,161,336	1,261,975
	4.5000%, 5/1/47	951,832	1,032,052
	4.5000%, 5/1/47	608,483	659,766
	4.5000%, 5/1/47	401,962	436,795
	4.5000%, 5/1/47	356,531	387,427
	4.0000%, 6/1/47	1,496,073	1,605,587
	4.0000%, 6/1/47	806,471	865,571
	4.0000%, 6/1/47	708,609	759,382
	4.0000%, 6/1/47	315,034	338,120
	4.5000%, 6/1/47	7,742,818	8,384,877
	4.5000%, 6/1/47	624,260	678,357


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 (unaudited)

March 31, 2020


Shares or Principal Amounts			Value
Mortgage-Backed Securities– (continued)
Fannie Mae Pool – (continued)
	4.0000%, 7/1/47	$1,294,523	$1,389,283
	4.0000%, 7/1/47	1,157,073	1,241,772
	4.0000%, 7/1/47	452,569	484,997
	4.0000%, 7/1/47	313,052	335,968
	4.5000%, 7/1/47	5,585,794	6,048,986
	4.5000%, 7/1/47	4,313,117	4,670,774
	4.5000%, 7/1/47	3,467,874	3,755,441
	3.5000%, 8/1/47	5,059,330	5,383,935
	3.5000%, 8/1/47	3,166,189	3,361,006
	3.5000%, 8/1/47	1,653,330	1,778,410
	4.0000%, 8/1/47	2,410,019	2,586,435
	4.0000%, 8/1/47	1,350,819	1,449,701
	4.5000%, 8/1/47	6,293,204	6,815,056
	4.5000%, 8/1/47	935,239	1,012,792
	4.0000%, 9/1/47	520,685	560,511
	4.5000%, 9/1/47	3,661,652	3,965,288
	4.5000%, 9/1/47	2,486,163	2,692,323
	4.5000%, 9/1/47	2,083,572	2,256,348
	4.0000%, 10/1/47	3,799,920	4,078,078
	4.0000%, 10/1/47	2,236,668	2,407,748
	4.0000%, 10/1/47	2,134,462	2,297,724
	4.0000%, 10/1/47	1,777,919	1,908,064
	4.0000%, 10/1/47	1,421,358	1,530,076
	4.5000%, 10/1/47	848,198	918,533
	4.5000%, 10/1/47	435,646	471,771
	4.0000%, 11/1/47	4,106,148	4,406,723
	4.0000%, 11/1/47	1,243,888	1,334,942
	4.5000%, 11/1/47	4,461,000	4,830,920
	3.5000%, 12/1/47	9,251,941	9,846,418
	3.5000%, 12/1/47	4,213,084	4,471,176
	3.5000%, 12/1/47	951,602	1,023,594
	3.5000%, 12/1/47	464,784	499,946
	4.0000%, 12/1/47	5,689,147	6,081,347
	3.5000%, 1/1/48	6,668,245	7,091,910
	3.5000%, 1/1/48	6,603,461	7,027,762
	4.0000%, 1/1/48	22,644,699	24,365,394
	4.0000%, 1/1/48	9,912,506	10,650,854
	4.0000%, 1/1/48	1,837,726	1,964,415
	3.0000%, 2/1/48	5,794,139	6,125,536
	3.5000%, 3/1/48	4,194,753	4,462,153
	3.5000%, 3/1/48	709,284	762,520
	4.0000%, 3/1/48	8,484,349	9,121,372
	4.5000%, 3/1/48	5,435,987	5,883,055
	4.5000%, 3/1/48	371,640	401,338
	3.5000%, 4/1/48	9,191,341	9,781,054
	3.5000%, 4/1/48	7,951,332	8,524,458
	4.5000%, 4/1/48	5,238,606	5,669,440
	3.0000%, 5/1/48	3,105,227	3,267,627
	4.0000%, 5/1/48	11,661,507	12,469,514
	4.5000%, 5/1/48	3,598,523	3,894,474
	4.5000%, 5/1/48	3,532,833	3,823,381
	5.0000%, 5/1/48	9,065,129	9,816,920
	4.5000%, 6/1/48	6,549,326	7,087,957
	4.5000%, 6/1/48	3,815,369	4,129,154
	4.5000%, 8/1/48	333,983	360,441
	3.5000%, 11/1/48	13,174,013	14,123,586
	3.5000%, 1/1/49	3,076,111	3,271,913
	4.0000%, 2/1/49	5,211,637	5,572,264
	3.5000%, 7/1/49	38,037,404	40,281,639


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

18	MARCH 31, 2020

Janus Henderson Balanced Fund

Schedule of Investments (unaudited)

March 31, 2020


Shares or Principal Amounts			Value
Mortgage-Backed Securities– (continued)
Fannie Mae Pool – (continued)
	3.0000%, 8/1/49	$6,140,171	$6,479,759
	3.0000%, 8/1/49	3,484,528	3,677,244
	3.0000%, 9/1/49	7,592,275	7,987,548
	3.0000%, 9/1/49	4,352,883	4,579,816
	3.0000%, 9/1/49	3,246,786	3,411,895
	3.0000%, 9/1/49	1,189,625	1,253,977
	4.0000%, 9/1/49	10,785,942	11,578,112
	3.0000%, 10/1/49	16,790,932	17,613,841
	3.0000%, 12/1/49	2,727,941	2,864,201
	2.5000%, 1/1/50	2,545,162	2,645,533
	3.0000%, 1/1/50	32,334,807	33,919,508
	3.0000%, 1/1/50	11,728,656	12,316,292
	3.0000%, 1/1/50	5,589,504	5,872,379
	3.5000%, 1/1/50	3,505,889	3,730,166
	2.5000%, 3/1/50	5,242,920	5,441,749
	3.0000%, 3/1/50	33,620,657	35,324,815
	3.0000%, 3/1/50	32,247,893	33,892,267
	3.5000%, 8/1/56	17,804,767	19,489,552
	3.0000%, 2/1/57	16,579,545	17,804,824
	3.5000%, 2/1/57	35,839,988	39,231,367
	3.0000%, 6/1/57	312,625	335,648
			1,104,942,982
Freddie Mac Gold Pool:
	3.0000%, 2/1/31	5,522,414	5,795,628
	6.0000%, 4/1/40	6,137,277	7,248,199
	3.5000%, 7/1/42	1,271,094	1,361,649
	3.5000%, 8/1/42	1,657,326	1,775,397
	3.5000%, 8/1/42	1,492,692	1,599,034
	3.0000%, 6/1/43	1,916,919	2,008,363
	4.5000%, 5/1/44	2,247,992	2,465,311
	4.0000%, 4/1/45	60,995	66,046
	3.5000%, 7/1/46	28,635,970	30,735,809
	3.5000%, 4/1/47	970,886	1,038,864
	3.5000%, 9/1/47	20,030,542	21,270,660
	3.5000%, 9/1/47	11,287,645	11,974,379
	3.5000%, 12/1/47	14,196,275	15,184,684
	3.5000%, 3/1/48	4,043,947	4,310,502
	4.5000%, 3/1/48	319,661	343,714
	3.5000%, 4/1/48	1,469,933	1,566,875
	4.0000%, 5/1/48	2,581,514	2,755,005
	3.5000%, 8/1/48	15,447,130	16,465,321
	5.0000%, 9/1/48	1,230,232	1,333,402
	3.5000%, 11/1/48	19,700,887	21,006,804
	4.0000%, 6/1/49	1,046,259	1,125,147
	4.0000%, 6/1/49	999,484	1,066,715
			152,497,508
Freddie Mac Pool:
	3.0000%, 5/1/31	43,026,440	45,198,566
	2.5000%, 11/1/31	1,446,402	1,506,010
	2.5000%, 12/1/31	1,734,713	1,806,203
	3.0000%, 9/1/32	5,886,278	6,184,066
	3.0000%, 10/1/32	3,105,620	3,260,292
	2.5000%, 12/1/32	4,774,914	4,970,197
	3.0000%, 12/1/32	2,440,860	2,561,725
	3.0000%, 1/1/33	3,425,298	3,598,584
	2.5000%, 12/1/33	28,862,368	30,004,902
	2.5000%, 7/1/34	2,881,985	2,994,046
	2.5000%, 9/1/34	1,689,989	1,759,525
	2.5000%, 10/1/34	11,087,821	11,532,351


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 (unaudited)

March 31, 2020


Shares or Principal Amounts			Value
Mortgage-Backed Securities– (continued)
Freddie Mac Pool – (continued)
	3.0000%, 10/1/34	$5,741,308	$6,037,089
	3.0000%, 10/1/34	2,516,223	2,642,260
	2.5000%, 11/1/34	8,006,131	8,341,584
	2.5000%, 11/1/34	1,581,355	1,647,613
	3.5000%, 2/1/43	3,995,777	4,267,250
	3.0000%, 3/1/43	15,596,732	16,516,955
	3.5000%, 2/1/44	3,956,985	4,225,823
	3.5000%, 12/1/44	25,682,362	27,427,225
	3.0000%, 1/1/45	8,515,921	9,003,080
	3.0000%, 1/1/46	831,417	881,491
	3.5000%, 7/1/46	5,718,842	6,102,219
	3.0000%, 10/1/46	12,836,181	13,522,614
	3.5000%, 10/1/46	18,698,125	19,902,484
	3.5000%, 2/1/47	11,567,585	12,312,660
	4.0000%, 3/1/47	2,634,524	2,835,769
	3.0000%, 9/1/47	9,127,337	9,615,434
	3.5000%, 11/1/47	8,302,847	8,836,126
	3.5000%, 11/1/47	2,581,211	2,759,972
	3.5000%, 12/1/47	6,189,101	6,586,617
	3.5000%, 12/1/47	6,047,870	6,466,713
	3.5000%, 2/1/48	6,398,723	6,800,780
	3.5000%, 2/1/48	6,325,964	6,729,974
	3.5000%, 3/1/48	15,173,307	16,224,127
	4.0000%, 3/1/48	6,131,183	6,591,257
	4.0000%, 4/1/48	16,490,258	17,632,173
	4.0000%, 4/1/48	7,141,801	7,667,127
	4.0000%, 5/1/48	14,054,999	15,028,278
	4.5000%, 7/1/48	3,376,558	3,645,917
	4.5000%, 12/1/48	5,257,754	5,702,673
	3.0000%, 8/1/49	5,670,848	5,974,359
	3.0000%, 8/1/49	1,956,187	2,064,376
	3.5000%, 8/1/49	2,971,083	3,159,007
	3.5000%, 8/1/49	2,265,077	2,395,838
	3.5000%, 8/1/49	1,225,162	1,295,890
	3.0000%, 9/1/49	1,897,806	1,992,601
	3.5000%, 9/1/49	3,341,783	3,547,932
	3.5000%, 9/1/49	1,279,108	1,360,413
	3.5000%, 9/1/49	151,949	161,655
	3.0000%, 10/1/49	6,219,278	6,529,931
	3.0000%, 10/1/49	5,392,560	5,659,291
	3.0000%, 10/1/49	3,300,819	3,464,086
	3.0000%, 10/1/49	2,692,061	2,830,250
	3.0000%, 10/1/49	2,180,826	2,289,758
	3.0000%, 10/1/49	1,307,652	1,372,969
	3.0000%, 11/1/49	6,097,291	6,398,881
	3.0000%, 11/1/49	5,838,280	6,124,409
	3.0000%, 11/1/49	3,948,756	4,144,073
	3.0000%, 11/1/49	2,463,068	2,586,098
	3.0000%, 12/1/49	6,205,516	6,512,459
	3.0000%, 12/1/49	3,759,565	3,945,524
	3.0000%, 12/1/49	3,261,921	3,423,265
	2.5000%, 1/1/50	1,187,079	1,233,892
	3.0000%, 1/1/50	10,639,385	11,170,822
	3.0000%, 1/1/50	1,049,996	1,102,772
	3.5000%, 1/1/50	2,319,134	2,467,493
	3.0000%, 2/1/50	4,711,755	4,942,674
	3.0000%, 2/1/50	2,987,045	3,137,181
	3.0000%, 3/1/50	8,560,465	8,997,114
	3.0000%, 3/1/50	4,368,641	4,601,783


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

20	MARCH 31, 2020

Janus Henderson Balanced Fund

Schedule of Investments (unaudited)

March 31, 2020


Shares or Principal Amounts			Value
Mortgage-Backed Securities– (continued)
Freddie Mac Pool – (continued)
	3.0000%, 3/1/50	$4,289,507	$4,508,305
	3.0000%, 3/1/50	3,037,114	3,189,043
	3.5000%, 3/1/50	2,553,184	2,715,806
			496,629,701
Ginnie Mae:
	4.5000%, 7/20/48	1,546,000	1,639,131
	3.0000%, 7/20/49	22,750,000	24,064,950
	2.5000%, 9/20/49	257,000	268,624
	4.0000%, 9/20/49	3,191,000	3,390,757
			29,363,462
Ginnie Mae I Pool:
	6.0000%, 1/15/34	93,010	107,865
	4.0000%, 1/15/45	24,076,264	26,236,507
	4.5000%, 8/15/46	28,372,576	31,608,029
	4.0000%, 7/15/47	6,809,232	7,332,240
	4.0000%, 8/15/47	1,464,753	1,577,259
	4.0000%, 11/15/47	2,962,410	3,189,949
	4.0000%, 12/15/47	3,819,618	4,112,998
			74,164,847
Ginnie Mae II Pool:
	4.0000%, 8/20/47	2,542,116	2,769,935
	4.0000%, 8/20/47	624,334	685,681
	4.0000%, 8/20/47	334,082	364,021
	4.5000%, 2/20/48	5,282,987	5,611,914
	4.0000%, 5/20/48	84,875,947	90,580,493
	4.5000%, 5/20/48	14,647,884	15,569,403
	4.5000%, 5/20/48	1,905,552	2,025,433
	4.0000%, 6/20/48	45,417,738	48,470,282
	4.0000%, 4/20/49	87,946,861	93,658,552
	5.0000%, 4/20/49	66,850,572	71,051,131
			330,786,845
Total Mortgage-Backed Securities (cost $2,187,456,287)			2,263,988,989
United States Treasury Notes/Bonds– 13.3%
	2.1250%, 5/31/21	138,438,000	141,639,379
	1.7500%, 7/31/21	13,941,000	14,230,711
	1.1250%, 2/28/22	411,216,000	418,139,208
	0.3750%, 3/31/22	263,105,000	263,803,873
	1.5000%, 9/15/22	118,338,000	121,934,365
	2.8750%, 11/30/23	99,947,700	109,290,467
	0.5000%, 3/31/25	493,178,300	496,299,191
	1.5000%, 2/15/30	88,668,100	95,588,369
	2.7500%, 8/15/42	163,198,000	210,742,167
	2.2500%, 8/15/49	211,400,100	257,197,949
	2.3750%, 11/15/49	32,270,500	40,277,618
	2.0000%, 2/15/50	149,257,300	173,354,191
Total United States Treasury Notes/Bonds (cost $2,219,144,841)			2,342,497,488
Common Stocks– 47.7%
Aerospace & Defense – 1.6%
	Boeing Co	701,648	104,643,783
	General Dynamics Corp	1,309,500	173,259,945
			277,903,728
Air Freight & Logistics – 0.4%
	United Parcel Service Inc	669,427	62,537,870
Automobiles – 0.2%
	General Motors Co	1,712,681	35,589,511
Banks – 1.0%
	Bank of America Corp	3,996,921	84,854,633


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 (unaudited)

March 31, 2020


Shares or Principal Amounts			Value
Common Stocks– (continued)
Banks – (continued)
	US Bancorp	2,608,079	$89,848,322
			174,702,955
Beverages – 0.4%
	Monster Beverage Corp*	1,402,525	78,906,056
Capital Markets – 1.8%
	Blackstone Group Inc	2,800,224	127,606,208
	CME Group Inc	809,956	140,049,492
	Morgan Stanley	1,609,123	54,710,182
			322,365,882
Consumer Finance – 0.7%
	American Express Co	1,093,224	93,590,907
	Synchrony Financial	1,634,419	26,297,802
			119,888,709
Electronic Equipment, Instruments & Components – 0.3%
	Corning Inc	2,531,062	51,988,013
Entertainment – 0.6%
	Walt Disney Co	1,047,015	101,141,649
Equity Real Estate Investment Trusts (REITs) – 1.1%
	Crown Castle International Corp	745,249	107,613,956
	MGM Growth Properties LLC	2,238,608	52,987,851
	Outfront Media Inc	1,912,317	25,778,033
			186,379,840
Food & Staples Retailing – 1.6%
	Costco Wholesale Corp	709,136	202,195,948
	Sysco Corp	1,918,911	87,559,909
			289,755,857
Food Products – 0.5%
	Hershey Co	648,804	85,966,530
Health Care Equipment & Supplies – 1.5%
	Abbott Laboratories	2,041,789	161,117,570
	Medtronic PLC	1,227,759	110,719,307
			271,836,877
Health Care Providers & Services – 1.7%
	UnitedHealth Group Inc	1,182,841	294,976,889
Hotels, Restaurants & Leisure – 2.1%
	Hilton Worldwide Holdings Inc	929,373	63,420,414
	McDonald's Corp	1,471,136	243,252,338
	Starbucks Corp	1,057,902	69,546,477
			376,219,229
Household Products – 0.9%
	Clorox Co	241,256	41,797,602
	Procter & Gamble Co	1,016,498	111,814,780
			153,612,382
Industrial Conglomerates – 0.5%
	Honeywell International Inc	646,449	86,488,412
Information Technology Services – 3.7%
	Accenture PLC	1,195,884	195,240,022
	Mastercard Inc	1,852,317	447,445,695
			642,685,717
Insurance – 1.2%
	Marsh & McLennan Cos Inc	403,000	34,843,380
	Progressive Corp	2,388,084	176,336,123
			211,179,503
Interactive Media & Services – 1.7%
	Alphabet Inc - Class C*	262,718	305,491,118
Internet & Direct Marketing Retail – 1.4%
	Amazon.com Inc*	129,500	252,488,740


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

22	MARCH 31, 2020

Janus Henderson Balanced Fund

Schedule of Investments (unaudited)

March 31, 2020


Shares or Principal Amounts			Value
Common Stocks– (continued)
Leisure Products – 0.5%
	Hasbro Inc	1,171,797	$83,842,075
Life Sciences Tools & Services – 0.7%
	Thermo Fisher Scientific Inc	445,739	126,411,580
Machinery – 0.5%
	Deere & Co	694,755	95,987,351
Media – 1.1%
	Comcast Corp	5,748,845	197,645,291
Multiline Retail – 0.7%
	Dollar General Corp	823,506	124,357,641
Oil, Gas & Consumable Fuels – 0.3%
	Suncor Energy Inc	1,697,073	26,813,753
	Suncor Energy Inc^ž	1,516,903	24,212,665
			51,026,418
Personal Products – 0.1%
	Estee Lauder Cos Inc	150,434	23,970,154
Pharmaceuticals – 3.5%
	Bristol-Myers Squibb Co	3,079,993	171,678,810
	Eli Lilly & Co	1,398,953	194,062,760
	Merck & Co Inc	3,198,382	246,083,511
			611,825,081
Real Estate Management & Development – 0.4%
	CBRE Group Inc*	1,837,683	69,299,026
Road & Rail – 0.6%
	CSX Corp	1,822,291	104,417,274
Semiconductor & Semiconductor Equipment – 3.1%
	Intel Corp	3,318,882	179,617,894
	Lam Research Corp	594,425	142,662,000
	NVIDIA Corp	418,318	110,268,625
	Texas Instruments Inc	1,044,928	104,419,655
			536,968,174
Software – 6.0%
	Adobe Inc*	820,278	261,045,271
	Microsoft Corp	4,415,931	696,422,513
	salesforce.com Inc*	704,614	101,450,324
			1,058,918,108
Specialty Retail – 1.5%
	Home Depot Inc	1,375,713	256,859,374
Technology Hardware, Storage & Peripherals – 2.0%
	Apple Inc	1,407,206	357,838,414
Textiles, Apparel & Luxury Goods – 0.7%
	NIKE Inc	1,511,824	125,088,318
Tobacco – 1.1%
	Altria Group Inc	5,104,206	197,379,646
Total Common Stocks (cost $6,120,071,217)			8,403,939,392
Preferred Stocks– 0%
Consumer Finance – 0%
	Synchrony Financial, 5.6250%^µ(cost $11,110,200)	441,850	7,537,961
Investment Companies– 2.3%
Money Markets – 2.3%
	Janus Henderson Cash Liquidity Fund LLC, 1.0691%^ºº,£(cost $397,104,048)	397,083,876	397,163,293
Total Investments (total cost $15,407,315,507) – 101.4%			17,850,033,130
Liabilities, net of Cash, Receivables and Other Assets – (1.4)%			(252,668,256)
Net Assets – 100%			$17,597,364,874


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

Janus Investment Fund	23

Janus Henderson Balanced Fund

Schedule of Investments (unaudited)

March 31, 2020


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

		% of
		Investment
Country	Value	Securities
United States	$17,604,717,558	98.6	%
Canada	69,417,292	0.4
Belgium	61,917,233	0.4
United Kingdom	54,384,575	0.3
France	39,087,924	0.2
Mexico	20,508,548	0.1



Total	$17,850,033,130	100.0	%

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 3/31/20
Investment Companies - 2.3%
Money Markets - 2.3%
	Janus Henderson Cash Liquidity Fund LLC, 1.0691%^ºº	$	4,084,738	$	4,434	$	59,245	$	397,163,293


		Value at 9/30/19		Purchases		Sales Proceeds		Value at 3/31/20
Investment Companies - 2.3%
Money Markets - 2.3%
	Janus Henderson Cash Liquidity Fund LLC, 1.0691%^ºº		532,004,164		4,099,465,595		(4,234,370,145)		397,163,293


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

24	MARCH 31, 2020

Janus Henderson Balanced Fund

Notes to Schedule of Investments and Other Information (unaudited)


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

Securities sold under Rule 144A of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Unless otherwise noted, these securities have been determined to be liquid under guidelines established by the Board of Trustees. The total value of 144A securities as of the period ended March 31, 2020 is $1,071,089,212, which represents 6.1% of net assets.


*	Non-income producing security.


ƒ	All or a portion of this position is not funded, or has been purchased on a delayed delivery or when-issued basis. If applicable, interest rates will be determined and interest will begin to accrue at a future date. See Notes to Financial Statements.


‡	Variable or floating rate security. Rate shown is the current rate as of March 31, 2020. Certain variable rate securities are not based on a published reference rate and spread; they are determined by the issuer or agent and current market conditions. Reference rate is as of reset date and may vary by security, which may not indicate a reference rate and/or spread in their description.


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


ºº	Rate shown is the 7-day yield as of March 31, 2020.


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


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


◊	Zero coupon bond.


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


Janus Investment Fund	25

Janus Henderson Balanced Fund

Notes to Schedule of Investments and Other Information (unaudited)


The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of March 31, 2020. See Notes to Financial Statements for more information.

Valuation Inputs Summary

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

Assets
Investments In Securities:
Asset-Backed/Commercial Mortgage-Backed Securities	$	-	$	754,732,535	$	-
Bank Loans and Mezzanine Loans		-		33,404,865		-
Corporate Bonds		-		3,646,768,607		-
Mortgage-Backed Securities		-		2,263,988,989		-
United States Treasury Notes/Bonds		-		2,342,497,488		-
Common Stocks		8,403,939,392		-		-
Preferred Stocks		-		7,537,961		-
Investment Companies		-		397,163,293		-
Total Assets	$	8,403,939,392	$	9,446,093,738	$	-


26	MARCH 31, 2020

Janus Henderson Balanced Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2020

See footnotes at the end of the Statement.



Assets:
	Unaffiliated investments, at value⁽¹⁾		$	17,452,869,837
	Affiliated investments, at value⁽²⁾			397,163,293
	Cash			3,816,675
	Non-interested Trustees' deferred compensation			345,647
	Receivables:
		Investments sold		110,107,676
		Fund shares sold		51,191,183
		Interest		38,344,764
		Dividends		12,272,126
		Dividends from affiliates		513,246
		Foreign tax reclaims		66,299
	Other assets			117,698
Total Assets				18,066,808,444
Liabilities:
	Payables:			—
		Investments purchased		391,940,685
		Fund shares repurchased		58,200,245
		Advisory fees		8,404,358
		Dividends		4,995,863
		Transfer agent fees and expenses		2,664,466
		12b-1 Distribution and shareholder servicing fees		2,218,506
		Non-interested Trustees' deferred compensation fees		345,647
		Non-interested Trustees' fees and expenses		110,639
		Professional fees		57,158
		Affiliated fund administration fees payable		38,202
		Custodian fees		15,825
		Accrued expenses and other payables		451,976
Total Liabilities				469,443,570
Net Assets			$	17,597,364,874


See Notes to Financial Statements.

Janus Investment Fund	27

Janus Henderson Balanced Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2020




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	15,212,160,227
	Total distributable earnings (loss)		2,385,204,647
Total Net Assets		$	17,597,364,874
Net Assets - Class A Shares		$	1,099,197,166
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		33,935,866
Net Asset Value Per Share⁽³⁾		$	32.39
Maximum Offering Price Per Share⁽⁴⁾		$	34.37
Net Assets - Class C Shares		$	2,000,051,050
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		62,392,675
Net Asset Value Per Share⁽³⁾		$	32.06
Net Assets - Class D Shares		$	1,680,419,320
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		51,741,148
Net Asset Value Per Share		$	32.48
Net Assets - Class I Shares		$	5,543,126,874
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		170,623,242
Net Asset Value Per Share		$	32.49
Net Assets - Class N Shares		$	1,041,548,588
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		32,096,878
Net Asset Value Per Share		$	32.45
Net Assets - Class R Shares		$	334,112,438
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		10,379,039
Net Asset Value Per Share		$	32.19
Net Assets - Class S Shares		$	465,631,581
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		14,379,537
Net Asset Value Per Share		$	32.38
Net Assets - Class T Shares		$	5,433,277,857
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		167,529,750
Net Asset Value Per Share		$	32.43

(1) Includes cost of $15,010,211,459.

(2) Includes cost of $397,104,048.

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

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


See Notes to Financial Statements.

28	MARCH 31, 2020

Janus Henderson Balanced Fund

Statement of Operations (unaudited)

For the period ended March 31, 2020



Investment Income:
	Dividends		$	119,820,757
	Interest			106,462,207
	Dividends from affiliates			4,084,738
	Other income			492,896
	Foreign tax withheld			(543,350)
Total Investment Income				230,317,248
Expenses:
	Advisory fees			52,316,427
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		1,463,690
		Class C Shares		10,072,132
		Class R Shares		929,149
		Class S Shares		677,088
	Transfer agent administrative fees and expenses:
		Class D Shares		1,121,765
		Class R Shares		468,477
		Class S Shares		679,478
		Class T Shares		7,564,034
	Transfer agent networking and omnibus fees:
		Class A Shares		461,970
		Class C Shares		674,266
		Class I Shares		2,118,936
	Other transfer agent fees and expenses:
		Class A Shares		46,831
		Class C Shares		79,722
		Class D Shares		99,948
		Class I Shares		125,322
		Class N Shares		13,029
		Class R Shares		1,893
		Class S Shares		2,479
		Class T Shares		24,706
	Shareholder reports expense			442,557
	Registration fees			361,618
	Affiliated fund administration fees			237,802
	Non-interested Trustees’ fees and expenses			214,807
	Custodian fees			89,298
	Professional fees			87,158
	Other expenses			526,424
Total Expenses				80,901,006
Less: Excess Expense Reimbursement and Waivers				(166,584)
Net Expenses				80,734,422
Net Investment Income/(Loss)				149,582,826


See Notes to Financial Statements.

Janus Investment Fund	29

Janus Henderson Balanced Fund

Statement of Operations (unaudited)

For the period ended March 31, 2020



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	(27,712,949)
	Investments in affiliates		4,434
Total Net Realized Gain/(Loss) on Investments			(27,708,515)
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation		(1,505,745,392)
	Investments in affiliates		59,245
Total Change in Unrealized Net Appreciation/Depreciation			(1,505,686,147)
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	(1,383,811,836)


See Notes to Financial Statements.

30	MARCH 31, 2020

Janus Henderson Balanced Fund

Statements of Changes in Net Assets



			Period ended March 31, 2020 (unaudited)		Year ended September 30, 2019

Operations:
	Net investment income/(loss)		$	149,582,826	$	309,308,642
	Net realized gain/(loss) on investments			(27,708,515)		963,715,522
	Change in unrealized net appreciation/depreciation			(1,505,686,147)		33,573,348
Net Increase/(Decrease) in Net Assets Resulting from Operations				(1,383,811,836)		1,306,597,512
Dividends and Distributions to Shareholders
		Class A Shares		(22,169,050)		(52,849,111)
		Class C Shares		(33,898,638)		(95,581,853)
		Class D Shares		(37,439,757)		(114,091,382)
		Class I Shares		(115,990,803)		(248,241,782)
		Class N Shares		(21,956,202)		(151,398,502)
		Class R Shares		(6,370,452)		(20,705,389)
		Class S Shares		(9,822,235)		(34,594,747)
		Class T Shares		(115,937,096)		(349,870,163)
Net Decrease from Dividends and Distributions to Shareholders				(363,584,233)		(1,067,332,929)
Capital Share Transactions:
		Class A Shares		125,379,634		289,829,817
		Class C Shares		207,066,481		361,425,725
		Class D Shares		(18,578,233)		75,524,284
		Class I Shares		875,301,435		1,891,301,840
		Class N Shares		196,962,941		(1,467,693,222)
		Class R Shares		327,885		16,340,289
		Class S Shares		(42,814,392)		(42,138,187)
		Class T Shares		161,453,803		314,255,223
Net Increase/(Decrease) from Capital Share Transactions				1,505,099,554		1,438,845,769
Net Increase/(Decrease) in Net Assets				(242,296,515)		1,678,110,352
Net Assets:
	Beginning of period			17,839,661,389		16,161,551,037
	End of period		$	17,597,364,874	$	17,839,661,389


See Notes to Financial Statements.

Janus Investment Fund	31

Janus Henderson Balanced Fund

Financial Highlights


Class A Shares
For a share outstanding during the period ended March 31, 2020 (unaudited) and the year ended September 30			2020	2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$35.45	$35.22	$32.46	$29.00	$29.12	$31.10
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.27	0.60	0.50	0.52	0.47	0.55
		Net realized and unrealized gain/(loss)	(2.64)	1.82	3.87	3.88	1.22	(0.70)
	Total from Investment Operations		(2.37)	2.42	4.37	4.40	1.69	(0.15)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.30)	(0.60)	(0.50)	(0.59)	(0.48)	(0.52)
		Distributions (from capital gains)	(0.39)	(1.59)	(1.11)	(0.35)	(1.33)	(1.31)
	Total Dividends and Distributions		(0.69)	(2.19)	(1.61)	(0.94)	(1.81)	(1.83)
	Net Asset Value, End of Period		$32.39	$35.45	$35.22	$32.46	$29.00	$29.12
	Total Return*		(6.87)%	7.73%	13.81%	15.44%	5.86%	(0.59)%
	Net Assets, End of Period (in thousands)		$1,099,197	$1,082,508	$768,529	$625,454	$1,008,842	$966,624
	Average Net Assets for the Period (in thousands)		$1,170,952	$905,165	$666,296	$781,785	$1,037,006	$941,167
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.91%	0.93%	0.95%	0.94%	0.94%	0.93%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.91%	0.93%	0.95%	0.94%	0.94%	0.93%
		Ratio of Net Investment Income/(Loss)	1.52%	1.78%	1.48%	1.68%	1.63%	1.78%
	Portfolio Turnover Rate		54%⁽²⁾	81%⁽²⁾	88%	60%	83%	75%


Class C Shares
For a share outstanding during the period ended March 31, 2020 (unaudited) and the year ended September 30			2020	2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$35.09	$34.90	$32.19	$28.78	$28.95	$30.93
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.15	0.37	0.27	0.31	0.26	0.34
		Net realized and unrealized gain/(loss)	(2.60)	1.79	3.84	3.85	1.20	(0.69)
	Total from Investment Operations		(2.45)	2.16	4.11	4.16	1.46	(0.35)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.19)	(0.38)	(0.29)	(0.40)	(0.30)	(0.32)
		Distributions (from capital gains)	(0.39)	(1.59)	(1.11)	(0.35)	(1.33)	(1.31)
	Total Dividends and Distributions		(0.58)	(1.97)	(1.40)	(0.75)	(1.63)	(1.63)
	Net Asset Value, End of Period		$32.06	$35.09	$34.90	$32.19	$28.78	$28.95
	Total Return*		(7.17)%	6.98%	13.06%	14.67%	5.09%	(1.25)%
	Net Assets, End of Period (in thousands)		$2,000,051	$1,992,062	$1,594,610	$1,290,994	$1,408,455	$1,267,034
	Average Net Assets for the Period (in thousands)		$2,136,737	$1,743,474	$1,403,777	$1,322,392	$1,401,426	$1,175,456
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.58%	1.62%	1.62%	1.61%	1.65%	1.61%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.58%	1.62%	1.62%	1.61%	1.65%	1.61%
		Ratio of Net Investment Income/(Loss)	0.84%	1.10%	0.81%	1.03%	0.92%	1.10%
	Portfolio Turnover Rate		54%⁽²⁾	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	MARCH 31, 2020

Janus Henderson Balanced Fund

Financial Highlights


Class D Shares
For a share outstanding during the period ended March 31, 2020 (unaudited) and the year ended September 30			2020	2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$35.54	$35.30	$32.52	$29.06	$29.17	$31.14
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.31	0.68	0.58	0.59	0.53	0.61
		Net realized and unrealized gain/(loss)	(2.65)	1.82	3.89	3.88	1.22	(0.69)
	Total from Investment Operations		(2.34)	2.50	4.47	4.47	1.75	(0.08)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.33)	(0.67)	(0.58)	(0.66)	(0.53)	(0.58)
		Distributions (from capital gains)	(0.39)	(1.59)	(1.11)	(0.35)	(1.33)	(1.31)
	Total Dividends and Distributions		(0.72)	(2.26)	(1.69)	(1.01)	(1.86)	(1.89)
	Net Asset Value, End of Period		$32.48	$35.54	$35.30	$32.52	$29.06	$29.17
	Total Return*		(6.76)%	7.95%	14.10%	15.68%	6.07%	(0.38)%
	Net Assets, End of Period (in thousands)		$1,680,419	$1,860,900	$1,761,817	$1,562,693	$1,411,125	$1,382,693
	Average Net Assets for the Period (in thousands)		$1,893,163	$1,759,287	$1,667,210	$1,477,105	$1,415,240	$1,453,548
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.71%	0.72%	0.71%	0.72%	0.73%	0.73%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.71%	0.72%	0.71%	0.72%	0.73%	0.73%
		Ratio of Net Investment Income/(Loss)	1.71%	2.00%	1.71%	1.92%	1.83%	1.98%
	Portfolio Turnover Rate		54%⁽²⁾	81%⁽²⁾	88%	60%	83%	75%


Class I Shares
For a share outstanding during the period ended March 31, 2020 (unaudited) and the year ended September 30			2020	2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$35.55	$35.31	$32.53	$29.06	$29.18	$31.15
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.32	0.70	0.61	0.61	0.55	0.64
		Net realized and unrealized gain/(loss)	(2.64)	1.83	3.88	3.89	1.21	(0.70)
	Total from Investment Operations		(2.32)	2.53	4.49	4.50	1.76	(0.06)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.35)	(0.70)	(0.60)	(0.68)	(0.55)	(0.60)
		Distributions (from capital gains)	(0.39)	(1.59)	(1.11)	(0.35)	(1.33)	(1.31)
	Total Dividends and Distributions		(0.74)	(2.29)	(1.71)	(1.03)	(1.88)	(1.91)
	Net Asset Value, End of Period		$32.49	$35.55	$35.31	$32.53	$29.06	$29.18
	Total Return*		(6.73)%	8.02%	14.18%	15.79%	6.10%	(0.30)%
	Net Assets, End of Period (in thousands)		$5,543,127	$5,225,684	$3,197,893	$2,096,893	$1,636,459	$1,510,302
	Average Net Assets for the Period (in thousands)		$5,775,324	$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%	0.65%	0.64%	0.65%	0.67%	0.65%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.65%	0.65%	0.64%	0.65%	0.67%	0.65%
		Ratio of Net Investment Income/(Loss)	1.78%	2.07%	1.80%	2.00%	1.90%	2.06%
	Portfolio Turnover Rate		54%⁽²⁾	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

Financial Highlights


Class N Shares
For a share outstanding during the period ended March 31, 2020 (unaudited) and the year ended September 30			2020	2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$35.51	$35.28	$32.50	$29.04	$29.15	$31.11
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.33	0.73	0.63	0.64	0.57	0.66
		Net realized and unrealized gain/(loss)	(2.64)	1.81	3.88	3.87	1.22	(0.69)
	Total from Investment Operations		(2.31)	2.54	4.51	4.51	1.79	(0.03)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.36)	(0.72)	(0.62)	(0.70)	(0.57)	(0.62)
		Distributions (from capital gains)	(0.39)	(1.59)	(1.11)	(0.35)	(1.33)	(1.31)
	Total Dividends and Distributions		(0.75)	(2.31)	(1.73)	(1.05)	(1.90)	(1.93)
	Net Asset Value, End of Period		$32.45	$35.51	$35.28	$32.50	$29.04	$29.15
	Total Return*		(6.71)%	8.07%	14.26%	15.84%	6.23%	(0.20)%
	Net Assets, End of Period (in thousands)		$1,041,549	$946,741	$2,480,945	$2,054,731	$1,834,036	$1,709,643
	Average Net Assets for the Period (in thousands)		$1,078,388	$1,651,136	$2,273,486	$1,952,775	$1,801,032	$1,751,330
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.57%	0.58%	0.57%	0.58%	0.59%	0.58%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.57%	0.58%	0.57%	0.58%	0.59%	0.58%
		Ratio of Net Investment Income/(Loss)	1.85%	2.19%	1.86%	2.07%	1.98%	2.14%
	Portfolio Turnover Rate		54%⁽²⁾	81%⁽²⁾	88%	60%	83%	75%


Class R Shares
For a share outstanding during the period ended March 31, 2020 (unaudited) and the year ended September 30			2020	2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$35.23	$35.02	$32.29	$28.87	$29.02	$30.99
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.20	0.47	0.37	0.40	0.35	0.43
		Net realized and unrealized gain/(loss)	(2.62)	1.80	3.85	3.87	1.21	(0.68)
	Total from Investment Operations		(2.42)	2.27	4.22	4.27	1.56	(0.25)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.23)	(0.47)	(0.38)	(0.50)	(0.38)	(0.41)
		Distributions (from capital gains)	(0.39)	(1.59)	(1.11)	(0.35)	(1.33)	(1.31)
	Total Dividends and Distributions		(0.62)	(2.06)	(1.49)	(0.85)	(1.71)	(1.72)
	Net Asset Value, End of Period		$32.19	$35.23	$35.02	$32.29	$28.87	$29.02
	Total Return*		(7.05)%	7.29%	13.38%	15.02%	5.40%	(0.94)%
	Net Assets, End of Period (in thousands)		$334,112	$366,621	$345,667	$341,389	$283,729	$281,398
	Average Net Assets for the Period (in thousands)		$374,781	$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%	1.32%	1.34%	1.31%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.32%	1.32%	1.32%	1.32%	1.34%	1.31%
		Ratio of Net Investment Income/(Loss)	1.10%	1.39%	1.11%	1.33%	1.23%	1.39%
	Portfolio Turnover Rate		54%⁽²⁾	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.

34	MARCH 31, 2020

Janus Henderson Balanced Fund

Financial Highlights


Class S Shares
For a share outstanding during the period ended March 31, 2020 (unaudited) and the year ended September 30			2020	2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$35.43	$35.20	$32.44	$28.99	$29.12	$31.09
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.24	0.55	0.46	0.48	0.43	0.50
		Net realized and unrealized gain/(loss)	(2.63)	1.82	3.87	3.88	1.21	(0.68)
	Total from Investment Operations		(2.39)	2.37	4.33	4.36	1.64	(0.18)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.27)	(0.55)	(0.46)	(0.56)	(0.44)	(0.48)
		Distributions (from capital gains)	(0.39)	(1.59)	(1.11)	(0.35)	(1.33)	(1.31)
	Total Dividends and Distributions		(0.66)	(2.14)	(1.57)	(0.91)	(1.77)	(1.79)
	Net Asset Value, End of Period		$32.38	$35.43	$35.20	$32.44	$28.99	$29.12
	Total Return*		(6.93)%	7.56%	13.67%	15.30%	5.68%	(0.71)%
	Net Assets, End of Period (in thousands)		$465,632	$551,985	$589,812	$622,279	$657,563	$750,461
	Average Net Assets for the Period (in thousands)		$543,582	$549,514	$610,278	$637,727	$706,818	$828,503
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.07%	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%	1.07%	1.08%	1.07%
		Ratio of Net Investment Income/(Loss)	1.34%	1.64%	1.36%	1.57%	1.48%	1.63%
	Portfolio Turnover Rate		54%⁽²⁾	81%⁽²⁾	88%	60%	83%	75%


Class T Shares
For a share outstanding during the period ended March 31, 2020 (unaudited) and the year ended September 30			2020	2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$35.49	$35.26	$32.49	$29.02	$29.15	$31.12
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.29	0.64	0.54	0.56	0.50	0.58
		Net realized and unrealized gain/(loss)	(2.64)	1.82	3.88	3.89	1.20	(0.69)
	Total from Investment Operations		(2.35)	2.46	4.42	4.45	1.70	(0.11)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.32)	(0.64)	(0.54)	(0.63)	(0.50)	(0.55)
		Distributions (from capital gains)	(0.39)	(1.59)	(1.11)	(0.35)	(1.33)	(1.31)
	Total Dividends and Distributions		(0.71)	(2.23)	(1.65)	(0.98)	(1.83)	(1.86)
	Net Asset Value, End of Period		$32.43	$35.49	$35.26	$32.49	$29.02	$29.15
	Total Return*		(6.83)%	7.82%	13.97%	15.62%	5.92%	(0.46)%
	Net Assets, End of Period (in thousands)		$5,433,278	$5,813,161	$5,422,276	$4,736,612	$4,664,334	$4,734,896
	Average Net Assets for the Period (in thousands)		$6,051,227	$5,475,178	$5,098,558	$4,654,904	$4,856,359	$4,872,456
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.82%	0.83%	0.82%	0.83%	0.84%	0.83%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.81%	0.82%	0.82%	0.82%	0.83%	0.82%
		Ratio of Net Investment Income/(Loss)	1.60%	1.90%	1.61%	1.83%	1.74%	1.89%
	Portfolio Turnover Rate		54%⁽²⁾	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	35

Janus Henderson Balanced Fund

Notes to Financial Statements (unaudited)

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 46 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term capital growth, consistent with preservation of capital and balanced by current income. The Fund is classified as diversified, as defined in the 1940 Act.

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

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


36	MARCH 31, 2020

Janus Henderson Balanced Fund

Notes to Financial Statements (unaudited)

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 US GAAP.

Investment Valuation

Valuation Inputs Summary

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


Janus Investment Fund	37

Janus Henderson Balanced Fund

Notes to Financial Statements (unaudited)

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

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

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

Investment Transactions and Investment Income

Expenses

Estimates

Indemnifications


38	MARCH 31, 2020

Janus Henderson Balanced Fund

Notes to Financial Statements (unaudited)

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


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Janus Henderson Balanced Fund

Notes to Financial Statements (unaudited)

inflation rates, credit ratings, investor sentiment, and other factors affecting the value of a Fund’s investments. Economies and financial markets throughout the world have become increasingly interconnected, which increases the likelihood that events or conditions in one region or country will adversely affect markets or issuers in other regions or countries, including the United States. These disruptions could prevent a Fund from executing advantageous investment decisions in a timely manner and negatively impact a Fund’s ability to achieve its investment objective(s). Any such event(s) could have a significant adverse impact on the value of a Fund. In addition, these disruptions could also impair the information technology and other operational systems upon which the Fund’s service providers, including Janus Capital or the subadviser (as applicable), rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform essential tasks on behalf of the Fund.

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 March 31, 2020.

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

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


40	MARCH 31, 2020

Janus Henderson Balanced Fund

Notes to Financial Statements (unaudited)

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 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


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Notes to Financial Statements (unaudited)

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 must meet industry-accepted “good delivery” standards, there can be no assurance that a security purchased on forward commitment basis will ultimately be issued or delivered by the counterparty. During the settlement period, the Fund will still bear the risk of any decline in the value of the security to be delivered. Because TBA commitments do not require the purchase and sale of identical securities, the characteristics of the security delivered to the Fund may be less favorable than the security delivered to the dealer. If the counterparty to a transaction fails to deliver the security, the Fund could suffer a loss.

When-Issued, Delayed Delivery and Forward Commitment Transactions

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

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

3. Investment Advisory Agreements and Other Transactions with Affiliates

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

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


42	MARCH 31, 2020

Janus Henderson Balanced Fund

Notes to Financial Statements (unaudited)

waived and/or reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement and Waivers” 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.

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.


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Notes to Financial Statements (unaudited)

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.


44	MARCH 31, 2020

Janus Henderson Balanced Fund

Notes to Financial Statements (unaudited)

the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a “floating” NAV) rounded to the fourth decimal place (e.g., $1.0000). The Sweep Vehicle is permitted to impose a liquidity fee (of up to 2%) on redemptions from the Sweep Vehicle or a redemption gate that temporarily suspends redemptions from the Sweep Vehicle for up to 10 business days during a 90 day period. There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended March 31, 2020 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 period ended March 31, 2020, redeeming shareholders of Class A Shares paid CDSCs of $6,316 to Janus Henderson Distributors.

The Fund is permitted to purchase or sell securities (“cross-trade”) between itself and other funds or accounts managed by Janus Capital in accordance with Rule 17a-7 under the Investment Company Act of 1940 (“Rule 17a-7”), when the transaction is consistent with the investment objectives and policies of the Fund and in accordance with the Internal Cross Trade Procedures adopted by the Trust’s Board of Trustees. These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to another fund or account that is or could be considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser, common Officer, or common Trustee complies with Rule 17a-7. Under these procedures, each cross-trade is effected at the current market price to save costs where allowed. During the period ended March 31, 2020, the Fund engaged in cross trades amounting to $123,540,226 in purchases and $60,194,429 in sales, resulting in a net realized gain of $4,146,317. The net realized gain is included within the “Net Realized Gain/(Loss) on Investments” section of the Fund’s Statement of Operations.

4. Federal Income Tax


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Janus Henderson Balanced Fund

Notes to Financial Statements (unaudited)


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 15,453,410,726	$3,011,655,195	$(615,032,791)	$ 2,396,622,404

5. Capital Share Transactions



	Period ended March 31, 2020		Year ended September 30, 2019
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	8,017,439	$ 288,760,460	16,273,731	$ 546,664,019
Reinvested dividends and distributions	503,763	18,007,463	1,279,011	40,621,372
Shares repurchased	(5,125,792)	(181,388,289)	(8,834,343)	(297,455,574)
Net Increase/(Decrease)	3,395,410	$ 125,379,634	8,718,399	$ 289,829,817
Class C Shares:
Shares sold	11,699,904	$ 419,045,662	20,508,534	$ 682,788,094
Reinvested dividends and distributions	827,385	29,475,462	2,666,974	83,192,013
Shares repurchased	(6,902,366)	(241,454,643)	(12,097,343)	(404,554,382)
Net Increase/(Decrease)	5,624,923	$ 207,066,481	11,078,165	$ 361,425,725
Class D Shares:
Shares sold	2,687,999	$ 96,229,157	4,308,843	$ 145,313,079
Reinvested dividends and distributions	1,013,836	36,314,316	3,502,200	111,225,665
Shares repurchased	(4,320,894)	(151,121,706)	(5,359,070)	(181,014,460)
Net Increase/(Decrease)	(619,059)	$ (18,578,233)	2,451,973	$ 75,524,284
Class I Shares:
Shares sold	45,173,373	$1,613,324,766	83,283,385	$ 2,799,350,771
Reinvested dividends and distributions	2,786,466	99,597,692	6,424,417	205,281,317
Shares repurchased	(24,326,024)	(837,621,023)	(33,278,896)	(1,113,330,248)
Net Increase/(Decrease)	23,633,815	$ 875,301,435	56,428,906	$ 1,891,301,840
Class N Shares:
Shares sold	8,703,291	$ 313,368,703	14,742,448	$ 497,826,442
Reinvested dividends and distributions	554,320	19,774,201	4,735,435	148,864,551
Shares repurchased	(3,821,340)	(136,179,963)	(63,140,484)	(2,114,384,215)
Net Increase/(Decrease)	5,436,271	$ 196,962,941	(43,662,601)	$(1,467,693,222)
Class R Shares:
Shares sold	1,271,000	$ 45,483,169	2,670,202	$ 89,136,212
Reinvested dividends and distributions	173,855	6,208,549	622,703	19,521,398
Shares repurchased	(1,471,835)	(51,363,833)	(2,756,799)	(92,317,321)
Net Increase/(Decrease)	(26,980)	$ 327,885	536,106	$ 16,340,289
Class S Shares:
Shares sold	1,332,141	$ 47,593,863	3,341,925	$ 112,023,136
Reinvested dividends and distributions	272,288	9,764,892	1,090,566	34,407,371
Shares repurchased	(2,802,490)	(100,173,147)	(5,609,009)	(188,568,694)
Net Increase/(Decrease)	(1,198,061)	$ (42,814,392)	(1,176,518)	$ (42,138,187)
Class T Shares:
Shares sold	22,435,439	$ 808,861,423	36,126,617	$ 1,205,562,581
Reinvested dividends and distributions	3,209,831	114,863,973	10,938,919	346,719,896
Shares repurchased	(21,910,449)	(762,271,593)	(37,069,284)	(1,238,027,254)
Net Increase/(Decrease)	3,734,821	$ 161,453,803	9,996,252	$ 314,255,223


46	MARCH 31, 2020

Janus Henderson Balanced Fund

Notes to Financial Statements (unaudited)

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
$6,007,389,920	$5,894,085,070	$ 5,390,535,966	$ 4,009,004,560

7. Recent Accounting Pronouncements

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

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. Other Matters

9. Subsequent Event


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


48	MARCH 31, 2020

Janus Henderson Balanced Fund

Additional Information (unaudited)

Nature, Extent and Quality of Services

Performance of the Funds

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

Alternative Fund

Asset Allocation Funds


Janus Investment Fund	49

Janus Henderson Balanced Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


50	MARCH 31, 2020

Janus Henderson Balanced Fund

Additional Information (unaudited)

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

Money Market Funds


Janus Investment Fund	51

Janus Henderson Balanced Fund

Additional Information (unaudited)

Multi-Asset Funds

Multi-Asset U.S. Equity Funds


52	MARCH 31, 2020

Janus Henderson Balanced Fund

Additional Information (unaudited)

Quantitative Equity Funds

U.S. Equity Funds

Costs of Services Provided


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Janus Henderson Balanced Fund

Additional Information (unaudited)

Alternative Fund

Asset Allocation Funds


54	MARCH 31, 2020

Janus Henderson Balanced Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds

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

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

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

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


Janus Investment Fund	55

Janus Henderson Balanced Fund

Additional Information (unaudited)

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

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

Money Market Funds

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

Multi-Asset Funds

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

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

Multi-Asset U.S. Equity Funds

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

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


56	MARCH 31, 2020

Janus Henderson Balanced Fund

Additional Information (unaudited)

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

Quantitative Equity Funds

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

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

U.S. Equity Funds

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


Janus Investment Fund	57

Janus Henderson Balanced Fund

Additional Information (unaudited)

Economies of Scale


58	MARCH 31, 2020

Janus Henderson Balanced Fund

Additional Information (unaudited)

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

Other Benefits to Janus Capital

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


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Janus Henderson Balanced Fund

Additional Information (unaudited)


60	MARCH 31, 2020

Janus Henderson Balanced Fund

Additional Information (unaudited)

nature, extent, and quality of the services expected to be provided by Janus Capital, its affiliates, and Perkins following the Strategy Change.


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	MARCH 31, 2020

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


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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	MARCH 31, 2020

Janus Henderson Balanced 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
							125-24-93037 05-20



		SEMIANNUAL REPORT March 31, 2020

	Janus Henderson Contrarian Fund

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

Table of Contents

Janus Henderson Contrarian Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	12
Statement of Assets and Liabilities	14
Statement of Operations	16
Statements of Changes in Net Assets	18
Financial Highlights	19
Notes to Financial Statements	23
Additional Information	38
Useful Information About Your Fund Report	52

Janus Henderson Contrarian Fund (unaudited)

FUND SNAPSHOT

We believe that constructing a high-conviction portfolio of companies where the market doesn’t properly recognize the intrinsic value of a business can outperform overtime. We think of ourselves as business model investors, looking 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

PERFORMANCE OVERVIEW

For the six-month period ended March 31, 2020, the Janus Henderson Contrarian Fund’s Class I Shares generated a return of -17.03% versus a return of -12.31% for the S&P 500^{^®} Index, the Fund's benchmark.

INVESTMENT ENVIRONMENT

Equities generated strong gains in late 2019. A benign interest rate environment, progress in U.S.-China trade relations and a strong consumer provided a positive backdrop for U.S. equities. However, U.S. stocks faced an unprecedented sell-off in 2020, with speed and magnitude of historic proportions. The S&P 500 Index declined sharply as the COVID-19 coronavirus spread globally, first disrupting supply chains and then causing a global demand shock, which dramatically slowed economic activity. Energy markets already reeling from a sharp downturn in demand were further depressed when Saudi Arabia and Russia engaged in an oil market-share war. The Federal Reserve (Fed) cut the federal funds rate swiftly to 0%, where it will likely remain for an extended period, and injected much-needed liquidity into markets. Congress also quickly passed an initial round of fiscal stimulus in an attempt to blunt the fallout, which has already resulted in record unemployment filings.

PERFORMANCE DISCUSSION

The Fund underperformed its benchmark, the S&P 500 Index, during the period. With the unprecedented economic shutdown as a result of the COVID-19 pandemic, this period proved to be a challenging investment environment following a strong 2019. As an all-cap strategy, we typically hold positions across market capitalizations. Our positions in smaller-capitalization stocks hurt performance as large-cap stocks, in general, outperformed smaller ones. We have also seen companies with financial leverage punished more severely during the downturn as the market is concerned about liquidity.

Our investment philosophy seeks to own durable franchises where the business model is misunderstood, the company is undervalued or the growth is underestimated. During the period, some of our individual holdings in the misunderstood business models bucket were not as defensive as we would have expected in a more traditional market decline. For instance, holdings that do not typically exhibit economic cyclicality experienced unexpected weakness. Liberty Media, which is the owner of Formula One and has a stake in concert and ticketing company Live Nation, was negatively impacted as sporting events and concerts were canceled worldwide.

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

PagSeguro, a Brazilian payment processing company, was also among the top relative detractors. During the period the company reported lower-than-expected results and also suffered from a general slowdown in payment activity as a result of the COVID-19 pandemic. While we owned the company for its potential to benefit from a shift globally to digital payments, we exited our position during the period.

While we are disappointed that a number of our companies were down during the period, some of our holdings contributed positively to relative performance. Chewy, an online retailer of pet food and supplies, benefited from broad stay-at-home mandates. As consumers embraced online shopping for themselves, they also turned to online shopping for their pets. This


Janus Investment Fund	1

Janus Henderson Contrarian Fund (unaudited)

allowed Chewy to gain customers without having to spend heavily on customer acquisition. We believe the company may continue to benefit after the coronavirus is contained, as behaviors adopted now may be likely to stay entrenched.

Another positive contributor during the period was T-Mobile. The company received approval for its long-pending acquisition of competitor Sprint, which was the main driver of positive performance. We expect this misunderstood business model to become a leader in 5G mobility.

ICU Medical benefited during the period as the company’s products are used in intensive care units, which saw an increase in patients from the coronavirus pandemic. We continue to like the high margins and strong competitive positioning of ICU’s IV pump and consumables businesses, as well as the company’s strong management team.

OUTLOOK

It is clear that we are now in a recession as a result of COVID-19. The global economy has been put into a near total shutdown with cautious optimism that it can be turned back on once the spread of the virus is contained. However, the ripple effects of the unprecedented shutdown are still unknown and will likely be widespread.

Thus far, stimulus measures have been enormous and will likely continue. The response has been much faster than in the last recession associated with the Global Financial Crisis. As a result, we believe that budget deficits will increase and tax receipts on all levels of government will be lower, necessitating an extended period of very low interest rates. We believe these factors could create a supportive environment for equities once there is some confidence in where corporate cash flows stabilize.

We are vigilantly monitoring the situation, focusing on the risks to revenues, future free cash flow, financial leverage and liquidity of the businesses we own. Simultaneously, we are mindful of the opportunities presented by this event, where stock price depreciation may not reflect our view of companies’ intrinsic values. We will continue to opportunistically invest in durable businesses whose stocks are trading at a significant discount to intrinsic value, whose intrinsic value grows over time and whose management teams are aligned with shareholders.

In the wake of market volatility, we have sought to concentrate the portfolio in the names in which we have the most conviction. Mindful of the company-specific risks and broader economic implications of this virus, we will continue to use our longer investing time horizon to take advantage of short-term volatility while positioning the portfolio for the eventual recovery in the underlying value of our companies.

Thank you for your investment in Janus Henderson Contrarian Fund.


2	MARCH 31, 2020

Janus Henderson Contrarian Fund (unaudited)

Fund At A Glance

March 31, 2020





5 Top Contributors - Holdings			5 Top Detractors - Holdings
	Average Weight	Relative Contribution		Average Weight	Relative Contribution
ICU Medical Inc	2.08%	0.74%	PagSeguro Digital Ltd	2.40%	-1.46%
Chewy Inc	0.34%	0.64%	Constellium SE	2.38%	-1.34%
T-Mobile US Inc	2.18%	0.55%	Liberty Media Corp-Liberty Formula One	3.55%	-0.82%
Reynolds Consumer Products Inc	0.64%	0.52%	Vistra Energy Corp	2.04%	-0.73%
Avalara Inc	1.95%	0.45%	TD Ameritrade Holding Corp	4.29%	-0.73%


	5 Top Contributors - Sectors*
		Relative	Fund	S&P 500 Index
		Contribution	Average Weight	Average Weight
	Energy	1.56%	0.00%	3.98%
	Other**	0.63%	1.65%	0.00%
	Health Care	0.58%	10.90%	14.12%
	Consumer Staples	0.31%	0.64%	7.36%
	Financials	0.22%	12.91%	12.62%


	5 Top Detractors - Sectors*
		Relative	Fund	S&P 500 Index
		Contribution	Average Weight	Average Weight
	Information Technology	-4.47%	12.92%	23.45%
	Materials	-2.05%	13.52%	2.59%
	Utilities	-1.17%	6.11%	3.43%
	Communication Services	-0.59%	18.45%	10.52%
	Real Estate	0.00%	2.04%	3.03%

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


Janus Investment Fund	3

Janus Henderson Contrarian Fund (unaudited)

Fund At A Glance

March 31, 2020


5 Largest Equity Holdings - (% of Net Assets)
Crown Holdings Inc
Containers & Packaging	6.9%
L3Harris Technologies Inc
Aerospace & Defense	5.7%
Sempra Energy
Multi-Utilities	4.8%
Microchip Technology Inc
Semiconductor & Semiconductor Equipment	4.2%
ServiceMaster Global Holdings Inc
Diversified Consumer Services	4.1%
	25.7%


Asset Allocation - (% of Net Assets)
Common Stocks	91.6%
Corporate Bonds	4.7%
Investment Companies	1.7%
Investments Purchased with Cash Collateral from Securities Lending	0.8%
Rights	0.4%
Other		0.8%
		100.0%

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

As of March 31, 2020

As of September 30, 2019


4	MARCH 31, 2020

Janus Henderson Contrarian Fund (unaudited)

Performance

See important disclosures on the next page.




Average Annual Total Return - for the periods ended March 31, 2020						Expense Ratios
	Fiscal Year-to-Date	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses^‡	Net Annual Fund Operating Expenses^‡
Class A Shares at NAV	-17.15%	-8.94%	0.08%	5.77%	5.93%	0.94%	0.94%
Class A Shares at MOP	-21.92%	-14.18%	-1.10%	5.14%	5.62%
Class C Shares at NAV	-17.43%	-9.55%	-0.61%	4.99%	5.14%	1.67%	1.67%
Class C Shares at CDSC	-18.16%	-10.36%	-0.61%	4.99%	5.14%
Class D Shares⁽¹⁾	-17.06%	-8.78%	0.29%	5.98%	6.11%	0.71%	0.71%
Class I Shares	-17.03%	-8.71%	0.36%	6.06%	6.16%	0.65%	0.65%
Class N Shares	-16.99%	-8.65%	0.33%	5.96%	6.10%	0.58%	0.58%
Class R Shares	-17.40%	-9.46%	-0.39%	5.31%	5.46%	1.74%	1.48%
Class S Shares	-17.28%	-9.24%	-0.11%	5.59%	5.73%	1.36%	1.22%
Class T Shares	-17.09%	-8.85%	0.21%	5.89%	6.07%	0.81%	0.81%
S&P 500 Index	-12.31%	-6.98%	6.73%	10.53%	5.26%
Morningstar Quartile - Class T Shares	-	1st	2nd	3rd	2nd
Morningstar Ranking - based on total returns for Mid-Cap Blend Funds	-	17/407	114/337	183/292	75/154

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

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

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


Janus Investment Fund	5

Janus Henderson Contrarian Fund (unaudited)

Performance

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

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	MARCH 31, 2020

Janus Henderson Contrarian Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (10/1/19)	Ending Account Value (3/31/20)	Expenses Paid During Period (10/1/19 - 3/31/20)†	Beginning Account Value (10/1/19)	Ending Account Value (3/31/20)	Expenses Paid During Period (10/1/19 - 3/31/20)†	Net Annualized Expense Ratio (10/1/19 - 3/31/20)
Class A Shares		$1,000.00	$828.50	$4.21	$1,000.00	$1,020.40	$4.65	0.92%
Class C Shares		$1,000.00	$825.70	$7.35	$1,000.00	$1,016.95	$8.12	1.61%
Class D Shares		$1,000.00	$829.40	$3.16	$1,000.00	$1,021.55	$3.49	0.69%
Class I Shares		$1,000.00	$829.70	$2.97	$1,000.00	$1,021.75	$3.29	0.65%
Class N Shares		$1,000.00	$830.10	$2.56	$1,000.00	$1,022.20	$2.83	0.56%
Class R Shares		$1,000.00	$826.00	$6.71	$1,000.00	$1,017.65	$7.41	1.47%
Class S Shares		$1,000.00	$827.20	$5.44	$1,000.00	$1,019.05	$6.01	1.19%
Class T Shares		$1,000.00	$829.10	$3.61	$1,000.00	$1,021.05	$3.99	0.79%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


Janus Investment Fund	7

Janus Henderson Contrarian Fund

Schedule of Investments (unaudited)

March 31, 2020


Shares or Principal Amounts			Value
Corporate Bonds– 4.7%
Industrial Conglomerates – 4.7%
	General Electric Co, ICE LIBOR USD 3 Month + 3.3300%, 5.0000%^‡,µ(cost $118,058,231)	$127,625,000	$105,290,625
Common Stocks– 91.6%
Aerospace & Defense – 5.7%
	L3Harris Technologies Inc	722,762	130,183,891
Banks – 2.5%
	Citigroup Inc	1,365,328	57,507,615
Biotechnology – 3.1%
	Insmed Inc*	1,342,374	21,518,255
	Neurocrine Biosciences Inc*	574,690	49,739,420
			71,257,675
Capital Markets – 4.9%
	Apollo Global Management Inc	1,666,695	55,834,283
	TD Ameritrade Holding Corp	1,589,752	55,100,804
			110,935,087
Construction Materials – 1.0%
	Summit Materials Inc*	1,523,098	22,846,470
Containers & Packaging – 6.9%
	Crown Holdings Inc*	2,695,612	156,453,321
Diversified Consumer Services – 4.1%
	ServiceMaster Global Holdings Inc*	3,442,351	92,943,477
Diversified Financial Services – 0.2%
	GTY Technology Holdings Inc*^,#	902,069	4,077,352
Electric Utilities – 2.2%
	American Electric Power Co Inc	612,420	48,981,352
Entertainment – 5.0%
	Liberty Media Corp-Liberty Formula One*	2,464,565	67,110,105
	Walt Disney Co	478,925	46,264,155
			113,374,260
Equity Real Estate Investment Trusts (REITs) – 2.1%
	VICI Properties Inc	2,873,665	47,817,786
Health Care Equipment & Supplies – 4.1%
	Globus Medical Inc*	639,128	27,182,114
	ICU Medical Inc*	327,533	66,086,333
			93,268,447
Household Products – 2.4%
	Reynolds Consumer Products Inc	1,871,585	54,594,134
Internet & Direct Marketing Retail – 5.4%
	Amazon.com Inc*	36,182	70,544,769
	Chewy Inc*^,#	1,415,535	53,068,407
			123,613,176
Leisure Products – 3.8%
	Hasbro Inc	1,201,060	85,935,843
Machinery – 1.8%
	Stanley Black & Decker Inc	405,613	40,561,300
Media – 4.1%
	GCI Liberty Inc*	1,626,358	92,653,615
Metals & Mining – 4.0%
	Constellium SE*^,£	7,137,488	37,186,312
	Freeport-McMoRan Inc	7,876,810	53,168,468
			90,354,780
Multi-Utilities – 4.8%
	Sempra Energy	956,077	108,027,140
Pharmaceuticals – 5.4%
	Collegium Pharmaceutical Inc*^,£	2,264,477	36,978,909
	Elanco Animal Health Inc*	785,935	17,597,085
	Horizon Therapeutics PLC*	2,332,707	69,094,781
			123,670,775


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

8	MARCH 31, 2020

Janus Henderson Contrarian Fund

Schedule of Investments (unaudited)

March 31, 2020


Shares or Principal Amounts			Value
Common Stocks– (continued)
Semiconductor & Semiconductor Equipment – 9.1%
	Lam Research Corp	159,257	$38,221,680
	Marvell Technology Group Ltd	3,210,769	72,659,702
	Microchip Technology Inc	1,411,360	95,690,208
			206,571,590
Software – 2.8%
	Avalara Inc*	565,771	42,206,517
	Zendesk Inc*	328,903	21,053,081
			63,259,598
Trading Companies & Distributors – 1.7%
	Ferguson PLC	613,361	38,344,808
Wireless Telecommunication Services – 4.5%
	Sprint Corp*	1,925,397	16,596,922
	T-Mobile US Inc*	1,026,300	86,106,570
			102,703,492
Total Common Stocks (cost $2,258,831,419)			2,079,936,984
Rights– 0.4%
Pharmaceuticals – 0.4%
	Bristol-Myers Squibb Co*(cost $5,665,142)	2,532,889	9,624,978
Investment Companies– 1.7%
Money Markets – 1.7%
	Janus Henderson Cash Liquidity Fund LLC, 1.0691%^ºº,£(cost $39,150,224)	39,143,458	39,151,287
Investments Purchased with Cash Collateral from Securities Lending– 0.8%
Investment Companies – 0.6%
	Janus Henderson Cash Collateral Fund LLC, 0.5667%^ºº,£	14,016,580	14,016,580
Time Deposits – 0.2%
	Royal Bank of Canada, 0.0100%, 4/1/20	$3,504,145	3,504,145
Total Investments Purchased with Cash Collateral from Securities Lending (cost $17,520,725)			17,520,725
Total Investments (total cost $2,439,225,741) – 99.2%			2,251,524,599
Cash, Receivables and Other Assets, net of Liabilities – 0.8%			18,782,402
Net Assets – 100%			$2,270,307,001


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

		% of
		Investment
Country	Value	Securities
United States	$2,214,338,287	98.3	%
Netherlands	37,186,312	1.7



Total	$2,251,524,599	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 (unaudited)

March 31, 2020

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income⁽¹⁾		Realized Gain/(Loss)⁽¹⁾		Change in Unrealized Appreciation/ Depreciation⁽¹⁾		Value at 3/31/20
Common Stocks - 3.2%
Metals & Mining - 1.6%
	Constellium SE^*	$	-	$	(1,148,781)	$	(46,136,370)	$	37,186,312
Pharmaceuticals - 1.6%
	Collegium Pharmaceutical Inc^*		-		-		7,154,386		36,978,909
Total Common Stocks		$	-	$	(1,148,781)	$	(38,981,984)	$	74,165,221
Investment Companies - 1.7%
Money Markets - 1.7%
	Janus Henderson Cash Liquidity Fund LLC, 1.0691%^ºº		372,688		8,578		1,063		39,151,287
Investments Purchased with Cash Collateral from Securities Lending - 0.6%
Investment Companies - 0.6%
	Janus Henderson Cash Collateral Fund LLC, 0.5667%^ºº		6,847^∆		-		-		14,016,580
Total Affiliated Investments - 5.5%		$	379,535	$	(1,140,203)	$	(38,980,921)	$	127,333,088

(1) For securities that were affiliated for a portion of the period ended March 31, 2020, this column reflects amounts for the entire period ended March 31, 2020 and not just the period in which the security was affiliated.


		Value at 9/30/19		Purchases		Sales Proceeds		Value at 3/31/20
Common Stocks - 3.2%
Metals & Mining - 1.6%
	Constellium SE^*		66,154,203		19,100,746		(783,486)		37,186,312
Pharmaceuticals - 1.6%
	Collegium Pharmaceutical Inc^*		20,877,459		8,947,064		-		36,978,909
Investment Companies - 1.7%
Money Markets - 1.7%
	Janus Henderson Cash Liquidity Fund LLC, 1.0691%^ºº		118,196,467		555,634,405		(634,689,226)		39,151,287
Investments Purchased with Cash Collateral from Securities Lending - 0.6%
Investment Companies - 0.6%
	Janus Henderson Cash Collateral Fund LLC, 0.5667%^ºº		334,750		66,605,846		(52,924,016)		14,016,580


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

10	MARCH 31, 2020

Janus Henderson Contrarian Fund

Schedule of Investments (unaudited)

March 31, 2020

Schedule of OTC Written Options

Counterparty/

Reference Asset

Number of

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Premiums

Received

Unrealized

Appreciation/

(Depreciation)

Options

Written,

at Value

Written Call Options:

Goldman Sachs:


Lam Research Corp	300	300.00	USD	5/15/20	$	(92,749)	$	226,899	$	134,150	$	(92,749)
Sempra Energy	2,400	140.00	USD	5/15/20		(284,523)		590,664		306,141		(284,523)
								817,563		440,291		(377,272)

Morgan Stanley:


T-Mobile US Inc	2,500	95.00	USD	5/15/20	(250,000)		245,450		(4,550)		(250,000)
							245,450		(4,550)		(250,000)
Total - Written Call Options							1,063,013		435,741		(627,272)
Total OTC Written Options						$	1,063,013	$	435,741	$	(627,272)

The following table, grouped by derivative type, provides information about the fair value and location of derivatives within the Statement of Assets and Liabilities as of March 31, 2020.


Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of March 31, 2020

					Equity Contracts


Liability Derivatives:
Options written, at value					$627,272

The following table provides information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the period ended March 31, 2020.


The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended March 31, 2020



Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative				Equity Contracts
Written options contracts				$435,741

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


Average Ending Monthly Market Value of Derivative Instruments During the Period Ended March 31, 2020

	Market Value
Written options contracts, call	$ 89,610


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

Janus Investment Fund	11

Janus Henderson Contrarian Fund

Notes to Schedule of Investments and Other Information (unaudited)


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


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


*	Non-income producing security.


‡	Variable or floating rate security. Rate shown is the current rate as of March 31, 2020. Certain variable rate securities are not based on a published reference rate and spread; they are determined by the issuer or agent and current market conditions. Reference rate is as of reset date and may vary by security, which may not indicate a reference rate and/or spread in their description.


ºº	Rate shown is the 7-day yield as of March 31, 2020.


#	Loaned security; a portion of the security is on loan at March 31, 2020.


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


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


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


12	MARCH 31, 2020

Janus Henderson Contrarian Fund

Notes to Schedule of Investments and Other Information (unaudited)


The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of March 31, 2020. See Notes to Financial Statements for more information.

Valuation Inputs Summary

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

Assets
Investments In Securities:
Corporate Bonds		$	-	$	105,290,625	$	-
Common Stocks
Trading Companies & Distributors			-		38,344,808		-
All Other			2,041,592,176		-		-
Rights			9,624,978		-		-
Investment Companies			-		39,151,287		-
Investments Purchased with Cash Collateral from Securities Lending			-		17,520,725		-
Total Assets		$	2,051,217,154	$	200,307,445	$	-
Liabilities
Other Financial Instruments^(a):
Options Written, at Value		$	-	$	627,272	$	-

(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	13

Janus Henderson Contrarian Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2020



Assets:
	Unaffiliated investments, at value⁽¹⁾⁽²⁾		$	2,124,191,511
	Affiliated investments, at value⁽³⁾			127,333,088
	Cash			535
	Non-interested Trustees' deferred compensation			44,783
	Receivables:
		Investments sold		39,126,169
		Fund shares sold		3,086,310
		Dividends		2,661,484
		Interest		1,878,924
		Foreign tax reclaims		312,366
		Dividends from affiliates		50,083
	Other assets			42,957
Total Assets				2,298,728,210
Liabilities:
	Collateral for securities loaned (Note 3)			17,520,725
	Options written, at value⁽⁴⁾			627,272
	Payables:			—
		Investments purchased		4,828,708
		Fund shares repurchased		3,661,869
		Advisory fees		1,077,710
		Transfer agent fees and expenses		381,128
		Non-interested Trustees' deferred compensation fees		44,783
		Professional fees		37,073
		Non-interested Trustees' fees and expenses		18,122
		12b-1 Distribution and shareholder servicing fees		11,119
		Affiliated fund administration fees payable		5,064
		Custodian fees		3,656
		Accrued expenses and other payables		203,980
Total Liabilities				28,421,209
Net Assets			$	2,270,307,001


See Notes to Financial Statements.

14	MARCH 31, 2020

Janus Henderson Contrarian Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2020




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	2,480,793,723
	Total distributable earnings (loss)		(210,486,722)
Total Net Assets		$	2,270,307,001
Net Assets - Class A Shares		$	17,063,197
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,063,825
Net Asset Value Per Share⁽⁵⁾		$	16.04
Maximum Offering Price Per Share⁽⁶⁾		$	17.02
Net Assets - Class C Shares		$	7,850,931
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		533,102
Net Asset Value Per Share⁽⁵⁾		$	14.73
Net Assets - Class D Shares		$	1,587,676,356
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		98,661,320
Net Asset Value Per Share		$	16.09
Net Assets - Class I Shares		$	52,967,132
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,289,970
Net Asset Value Per Share		$	16.10
Net Assets - Class N Shares		$	31,604,806
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,967,721
Net Asset Value Per Share		$	16.06
Net Assets - Class R Shares		$	649,083
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		41,923
Net Asset Value Per Share		$	15.48
Net Assets - Class S Shares		$	716,428
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		44,714
Net Asset Value Per Share		$	16.02
Net Assets - Class T Shares		$	571,779,068
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		35,557,480
Net Asset Value Per Share		$	16.08

(1) Includes cost of $2,277,262,689.

(2) Includes $17,052,161 of securities on loan. See Note 3 in Notes to Financial Statements.

(3) Includes cost of $161,963,052.

(4) Premiums received $1,063,013.

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

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


See Notes to Financial Statements.

Janus Investment Fund	15

Janus Henderson Contrarian Fund

Statement of Operations (unaudited)

For the period ended March 31, 2020



Investment Income:
	Dividends		$	17,871,402
	Interest			2,824,262
	Dividends from affiliates			372,688
	Affiliated securities lending income, net			6,847
	Unaffiliated securities lending income, net			2,404
	Other income			11
Total Investment Income				21,077,614
Expenses:
	Advisory fees			7,806,328
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		30,220
		Class C Shares		49,669
		Class R Shares		1,931
		Class S Shares		1,259
	Transfer agent administrative fees and expenses:
		Class D Shares		1,200,864
		Class R Shares		966
		Class S Shares		1,259
		Class T Shares		971,713
	Transfer agent networking and omnibus fees:
		Class A Shares		13,031
		Class C Shares		4,724
		Class I Shares		51,899
	Other transfer agent fees and expenses:
		Class A Shares		1,040
		Class C Shares		430
		Class D Shares		174,093
		Class I Shares		2,540
		Class N Shares		558
		Class R Shares		24
		Class S Shares		17
		Class T Shares		5,137
	Shareholder reports expense			156,447
	Registration fees			96,455
	Affiliated fund administration fees			37,357
	Non-interested Trustees’ fees and expenses			36,045
	Professional fees			35,060
	Custodian fees			8,751
	Other expenses			111,360
Total Expenses				10,799,177
Less: Excess Expense Reimbursement and Waivers				(43,845)
Net Expenses				10,755,332
Net Investment Income/(Loss)				10,322,282


See Notes to Financial Statements.

16	MARCH 31, 2020

Janus Henderson Contrarian Fund

Statement of Operations (unaudited)

For the period ended March 31, 2020



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	(5,753,611)
	Investments in affiliates		(1,140,203)
Total Net Realized Gain/(Loss) on Investments			(6,893,814)
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation		(448,462,011)
	Investments in affiliates		(38,980,921)
	Written options contracts		435,741
Total Change in Unrealized Net Appreciation/Depreciation			(487,007,191)
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	(483,578,723)


See Notes to Financial Statements.

Janus Investment Fund	17

Janus Henderson Contrarian Fund

Statements of Changes in Net Assets



			Period ended March 31, 2020 (unaudited)		Year ended September 30, 2019

Operations:
	Net investment income/(loss)		$	10,322,282	$	20,388,856
	Net realized gain/(loss) on investments			(6,893,814)		296,088,438
	Change in unrealized net appreciation/depreciation			(487,007,191)		(89,344,910)
Net Increase/(Decrease) in Net Assets Resulting from Operations				(483,578,723)		227,132,384
Dividends and Distributions to Shareholders
		Class A Shares		(2,947,626)		(1,306,188)
		Class C Shares		(1,204,403)		(921,287)
		Class D Shares		(227,011,394)		(130,044,636)
		Class I Shares		(14,114,955)		(3,674,159)
		Class N Shares		(4,513,967)		(1,825,989)
		Class R Shares		(83,816)		(48,055)
		Class S Shares		(109,053)		(69,577)
		Class T Shares		(88,977,616)		(45,148,251)
Net Decrease from Dividends and Distributions to Shareholders				(338,962,830)		(183,038,142)
Capital Share Transactions:
		Class A Shares		3,064,552		4,639,832
		Class C Shares		153,510		(7,795,100)
		Class D Shares		151,125,155		30,574,375
		Class I Shares		(4,912,614)		35,268,978
		Class N Shares		3,683,503		11,502,731
		Class R Shares		96,556		86,405
		Class S Shares		(52,779)		(12,857)
		Class T Shares		58,276,497		43,924,102
Net Increase/(Decrease) from Capital Share Transactions				211,434,380		118,188,466
Net Increase/(Decrease) in Net Assets				(611,107,173)		162,282,708
Net Assets:
	Beginning of period			2,881,414,174		2,719,131,466
	End of period		$	2,270,307,001	$	2,881,414,174


See Notes to Financial Statements.

18	MARCH 31, 2020

Janus Henderson Contrarian Fund

Financial Highlights


Class A Shares
For a share outstanding during the period ended March 31, 2020 (unaudited) and the year ended September 30			2020	2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$21.63	$21.61	$19.92	$18.53	$18.56	$23.11
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.05	0.12	0.06	0.05	0.07	0.05
		Net realized and unrealized gain/(loss)	(3.18)	1.36	3.10	2.02	0.43	(2.26)
	Total from Investment Operations		(3.13)	1.48	3.16	2.07	0.50	(2.21)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.14)	(0.04)	—	—⁽²⁾	(0.03)	(0.06)
		Distributions (from capital gains)	(2.32)	(1.42)	(1.47)	(0.68)	(0.50)	(2.28)
	Total Dividends and Distributions		(2.46)	(1.46)	(1.47)	(0.68)	(0.53)	(2.34)
	Net Asset Value, End of Period		$16.04	$21.63	$21.61	$19.92	$18.53	$18.56
	Total Return*		(17.15)%	8.76%	16.89%	11.24%	2.77%	(10.76)%
	Net Assets, End of Period (in thousands)		$17,063	$20,126	$14,940	$14,557	$53,928	$102,425
	Average Net Assets for the Period (in thousands)		$24,176	$17,754	$13,854	$30,749	$73,939	$114,845
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.92%	0.94%	0.87%	0.82%	0.90%	1.13%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.92%	0.94%	0.87%	0.82%	0.90%	1.13%
		Ratio of Net Investment Income/(Loss)	0.48%	0.58%	0.31%	0.25%	0.37%	0.21%
	Portfolio Turnover Rate		41%	76%	59%	116%	51%	70%


Class C Shares
For a share outstanding during the period ended March 31, 2020 (unaudited) and the year ended September 30			2020	2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$19.98	$20.16	$18.80	$17.64	$17.79	$22.34
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.02)	(0.02)	(0.07)	(0.10)	(0.06)	(0.11)
		Net realized and unrealized gain/(loss)	(2.91)	1.26	2.90	1.94	0.41	(2.16)
	Total from Investment Operations		(2.93)	1.24	2.83	1.84	0.35	(2.27)
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—	—
		Distributions (from capital gains)	(2.32)	(1.42)	(1.47)	(0.68)	(0.50)	(2.28)
	Total Dividends and Distributions		(2.32)	(1.42)	(1.47)	(0.68)	(0.50)	(2.28)
	Net Asset Value, End of Period		$14.73	$19.98	$20.16	$18.80	$17.64	$17.79
	Total Return*		(17.43)%	8.08%	16.10%	10.46%	2.02%	(11.44)%
	Net Assets, End of Period (in thousands)		$7,851	$10,556	$19,126	$27,507	$47,112	$77,497
	Average Net Assets for the Period (in thousands)		$10,609	$12,089	$21,999	$35,731	$58,609	$86,160
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.61%	1.58%	1.56%	1.53%	1.62%	1.89%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.61%	1.58%	1.56%	1.53%	1.62%	1.89%
		Ratio of Net Investment Income/(Loss)	(0.20)%	(0.10)%	(0.38)%	(0.54)%	(0.36)%	(0.54)%
	Portfolio Turnover Rate		41%	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	19

Janus Henderson Contrarian Fund

Financial Highlights


Class D Shares
For a share outstanding during the period ended March 31, 2020 (unaudited) and the year ended September 30			2020	2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$21.70	$21.65	$19.97	$18.60	$18.64	$23.18
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.08	0.16	0.11	0.06	0.10	0.08
		Net realized and unrealized gain/(loss)	(3.19)	1.37	3.11	2.06	0.44	(2.27)
	Total from Investment Operations		(3.11)	1.53	3.22	2.12	0.54	(2.19)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.18)	(0.06)	(0.07)	(0.07)	(0.08)	(0.07)
		Distributions (from capital gains)	(2.32)	(1.42)	(1.47)	(0.68)	(0.50)	(2.28)
	Total Dividends and Distributions		(2.50)	(1.48)	(1.54)	(0.75)	(0.58)	(2.35)
	Net Asset Value, End of Period		$16.09	$21.70	$21.65	$19.97	$18.60	$18.64
	Total Return*		(17.06)%	8.99%	17.20%	11.43%	2.98%	(10.63)%
	Net Assets, End of Period (in thousands)		$1,587,676	$1,988,711	$1,925,749	$1,824,343	$1,830,310	$1,976,590
	Average Net Assets for the Period (in thousands)		$2,027,289	$1,855,826	$1,841,765	$1,882,932	$1,856,945	$2,354,562
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.69%	0.71%	0.65%	0.64%	0.70%	0.95%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.69%	0.71%	0.65%	0.64%	0.70%	0.95%
		Ratio of Net Investment Income/(Loss)	0.72%	0.80%	0.53%	0.33%	0.56%	0.35%
	Portfolio Turnover Rate		41%	76%	59%	116%	51%	70%


Class I Shares
For a share outstanding during the period ended March 31, 2020 (unaudited) and the year ended September 30			2020	2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$21.73	$21.68	$19.99	$18.61	$18.64	$23.20
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.08	0.17	0.12	0.07	0.11	0.10
		Net realized and unrealized gain/(loss)	(3.18)	1.37	3.12	2.07	0.44	(2.28)
	Total from Investment Operations		(3.10)	1.54	3.24	2.14	0.55	(2.18)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.21)	(0.07)	(0.08)	(0.08)	(0.08)	(0.10)
		Distributions (from capital gains)	(2.32)	(1.42)	(1.47)	(0.68)	(0.50)	(2.28)
	Total Dividends and Distributions		(2.53)	(1.49)	(1.55)	(0.76)	(0.58)	(2.38)
	Net Asset Value, End of Period		$16.10	$21.73	$21.68	$19.99	$18.61	$18.64
	Total Return*		(17.03)%	9.05%	17.29%	11.54%	3.05%	(10.60)%
	Net Assets, End of Period (in thousands)		$52,967	$90,754	$54,348	$75,603	$93,875	$248,586
	Average Net Assets for the Period (in thousands)		$107,188	$59,058	$58,166	$104,290	$144,380	$382,723
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.65%	0.65%	0.57%	0.56%	0.63%	0.86%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.65%	0.65%	0.57%	0.56%	0.63%	0.86%
		Ratio of Net Investment Income/(Loss)	0.72%	0.85%	0.60%	0.37%	0.61%	0.44%
	Portfolio Turnover Rate		41%	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.

20	MARCH 31, 2020

Janus Henderson Contrarian Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended March 31, 2020 (unaudited) and the year or period ended September 30			2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$21.68	$21.63	$19.96	$19.49
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.09	0.19	0.14	0.01
		Net realized and unrealized gain/(loss)	(3.17)	1.36	3.10	0.46
	Total from Investment Operations		(3.08)	1.55	3.24	0.47
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.22)	(0.08)	(0.10)	—
		Distributions (from capital gains)	(2.32)	(1.42)	(1.47)	—
	Total Dividends and Distributions		(2.54)	(1.50)	(1.57)	—
	Net Asset Value, End of Period		$16.06	$21.68	$21.63	$19.96
	Total Return*		(16.99)%	9.16%	17.37%	2.41%
	Net Assets, End of Period (in thousands)		$31,605	$39,056	$26,808	$19,528
	Average Net Assets for the Period (in thousands)		$40,159	$28,593	$24,664	$12,254
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.56%	0.58%	0.50%	0.51%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.56%	0.58%	0.50%	0.51%
		Ratio of Net Investment Income/(Loss)	0.86%	0.92%	0.69%	0.44%
	Portfolio Turnover Rate		41%	76%	59%	116%


Class R Shares
For a share outstanding during the period ended March 31, 2020 (unaudited) and the year ended September 30			2020	2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$20.88	$20.97	$19.47	$18.19	$18.27	$22.81
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	(0.01)	0.01	(0.05)	(0.04)	—⁽³⁾	(0.05)
		Net realized and unrealized gain/(loss)	(3.07)	1.32	3.02	2.00	0.42	(2.21)
	Total from Investment Operations		(3.08)	1.33	2.97	1.96	0.42	(2.26)
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—	—
		Distributions (from capital gains)	(2.32)	(1.42)	(1.47)	(0.68)	(0.50)	(2.28)
	Total Dividends and Distributions		(2.32)	(1.42)	(1.47)	(0.68)	(0.50)	(2.28)
	Net Asset Value, End of Period		$15.48	$20.88	$20.97	$19.47	$18.19	$18.27
	Total Return*		(17.40)%	8.21%	16.26%	10.81%	2.36%	(11.13)%
	Net Assets, End of Period (in thousands)		$649	$780	$676	$740	$1,058	$1,592
	Average Net Assets for the Period (in thousands)		$772	$695	$667	$974	$1,191	$2,031
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.69%	1.74%	1.47%	1.23%	1.27%	1.54%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.47%	1.48%	1.41%	1.23%	1.27%	1.54%
		Ratio of Net Investment Income/(Loss)	(0.05)%	0.04%	(0.24)%	(0.21)%	0.00%⁽⁴⁾	(0.23)%
	Portfolio Turnover Rate		41%	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	21

Janus Henderson Contrarian Fund

Financial Highlights


Class S Shares
For a share outstanding during the period ended March 31, 2020 (unaudited) and the year ended September 30			2020		2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$21.55		$21.53	$19.89	$18.53	$18.55	$23.09
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.02	��	0.07	0.02	—⁽²⁾	0.04	—⁽²⁾
		Net realized and unrealized gain/(loss)	(3.18)		1.37	3.09	2.04	0.44	(2.25)
	Total from Investment Operations		(3.16)		1.44	3.11	2.04	0.48	(2.25)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.05)		—	—	—	—	(0.01)
		Distributions (from capital gains)	(2.32)		(1.42)	(1.47)	(0.68)	(0.50)	(2.28)
	Total Dividends and Distributions		(2.37)		(1.42)	(1.47)	(0.68)	(0.50)	(2.29)
	Net Asset Value, End of Period		$16.02		$21.55	$21.53	$19.89	$18.53	$18.55
	Total Return*		(17.28)%		8.52%	16.65%	11.05%	2.65%	(10.92)%
	Net Assets, End of Period (in thousands)		$716		$1,032	$1,033	$3,842	$4,052	$4,578
	Average Net Assets for the Period (in thousands)		$1,007		$996	$3,068	$3,920	$4,208	$6,905
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.35%		1.35%	1.04%	0.98%	1.04%	1.29%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.19%		1.18%	1.03%	0.97%	1.03%	1.28%
		Ratio of Net Investment Income/(Loss)	0.21%		0.33%	0.10%	0.00%⁽³⁾	0.22%	0.01%
	Portfolio Turnover Rate		41%		76%	59%	116%	51%	70%


Class T Shares
For a share outstanding during the period ended March 31, 2020 (unaudited) and the year ended September 30			2020	2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$21.68	$21.63	$19.95	$18.58	$18.62	$23.15
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.07	0.14	0.09	0.05	0.09	0.06
		Net realized and unrealized gain/(loss)	(3.19)	1.38	3.11	2.05	0.43	(2.26)
	Total from Investment Operations		(3.12)	1.52	3.20	2.10	0.52	(2.20)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.16)	(0.05)	(0.05)	(0.05)	(0.06)	(0.05)
		Distributions (from capital gains)	(2.32)	(1.42)	(1.47)	(0.68)	(0.50)	(2.28)
	Total Dividends and Distributions		(2.48)	(1.47)	(1.52)	(0.73)	(0.56)	(2.33)
	Net Asset Value, End of Period		$16.08	$21.68	$21.63	$19.95	$18.58	$18.62
	Total Return*		(17.09)%	8.92%	17.11%	11.35%	2.87%	(10.68)%
	Net Assets, End of Period (in thousands)		$571,779	$730,400	$676,452	$672,788	$754,333	$940,738
	Average Net Assets for the Period (in thousands)		$777,370	$652,848	$656,674	$741,874	$814,169	$1,252,238
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.80%	0.81%	0.74%	0.73%	0.79%	1.04%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.79%	0.79%	0.73%	0.72%	0.77%	1.02%
		Ratio of Net Investment Income/(Loss)	0.62%	0.72%	0.44%	0.26%	0.48%	0.27%
	Portfolio Turnover Rate		41%	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.

22	MARCH 31, 2020

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)

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 46 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	23

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)

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

Investment Valuation

Valuation Inputs Summary

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


24	MARCH 31, 2020

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)

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	25

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)

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 period ended March 31, 2020 is discussed in further detail below. A summary of derivative activity by the Fund is reflected in the tables at the end of the Schedule of Investments.

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

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

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


26	MARCH 31, 2020

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)

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

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

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

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

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

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

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

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

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

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

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

Options Contracts


Janus Investment Fund	27

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)

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

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

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

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

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

3. Other Investments and Strategies

Additional Investment Risk


28	MARCH 31, 2020

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)

decisions in a timely manner and negatively impact a Fund’s ability to achieve its investment objective(s). Any such event(s) could have a significant adverse impact on the value of a Fund. In addition, these disruptions could also impair the information technology and other operational systems upon which the Fund’s service providers, including Janus Capital or the subadviser (as applicable), rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform essential tasks on behalf of the Fund.

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.


Janus Investment Fund	29

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)

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

The 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 March 31, 2020” table located in the Fund’s Schedule of Investments.


Offsetting of Financial Assets and Derivative Assets

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

JPMorgan Chase Bank, National Association		$	17,052,161	$	—	$	(17,052,161)	$	—

Offsetting of Financial Liabilities and Derivative Liabilities

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

Goldman Sachs		$	377,272	$	—	$	—	$	377,272
Morgan Stanley			250,000		—		—		250,000

Total		$	627,272	$	—	$	—	$	627,272
(a)	Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities.
(b)	Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value.

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

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

Real Estate Investing


30	MARCH 31, 2020

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)

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.

Securities Lending

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

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

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

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

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations. As of March 31, 2020, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $17,052,161. Gross amounts of recognized liabilities for securities lending (collateral received) as of March 31, 2020 is $17,520,725, resulting in the net amount due to the counterparty of $468,564.

4. Investment Advisory Agreements and Other Transactions with Affiliates


Janus Investment Fund	31

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)

The calculation of the performance adjustment applies as follows:

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

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

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%


32	MARCH 31, 2020

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)

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.


Janus Investment Fund	33

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)

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 $232,673 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended March 31, 2020. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

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


34	MARCH 31, 2020

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)

As of March 31, 2020, shares of the Fund were owned by affiliates of Janus Henderson Investors, and/or other funds advised by Janus Henderson, as indicated in the table below:


Class	% of Class Owned		% of Fund Owned
Class A Shares	-	%	-	%
Class C Shares	-		-
Class D Shares	-		-
Class I Shares	-		-
Class N Shares	70		1
Class R Shares	-		-
Class S Shares	-		-
Class T Shares	-		-

5. Federal Income Tax


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 2,442,926,948	$109,213,378	$(300,615,727)	$ (191,402,349)

Information on the tax components of derivatives as of March 31, 2020 is as follows:


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ (1,063,013)	$ 440,291	$ (4,550)	$ 435,741

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


Janus Investment Fund	35

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)

6. Capital Share Transactions



	Period ended March 31, 2020		Year ended September 30, 2019
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	480,557	$ 10,343,780	413,666	$ 8,224,490
Reinvested dividends and distributions	128,570	2,703,832	67,958	1,146,458
Shares repurchased	(475,863)	(9,983,060)	(242,468)	(4,731,116)
Net Increase/(Decrease)	133,264	$ 3,064,552	239,156	$ 4,639,832
Class C Shares:
Shares sold	75,373	$ 1,454,893	58,945	$ 1,020,053
Reinvested dividends and distributions	43,434	840,011	44,462	696,277
Shares repurchased	(114,120)	(2,141,394)	(523,727)	(9,511,430)
Net Increase/(Decrease)	4,687	$ 153,510	(420,320)	$ (7,795,100)
Class D Shares:
Shares sold	2,108,314	$ 42,459,198	2,847,325	$ 56,818,834
Reinvested dividends and distributions	10,434,366	219,956,432	7,467,962	126,208,562
Shares repurchased	(5,528,107)	(111,290,475)	(7,634,054)	(152,453,021)
Net Increase/(Decrease)	7,014,573	$151,125,155	2,681,233	$ 30,574,375
Class I Shares:
Shares sold	2,388,406	$ 53,219,992	2,600,734	$ 53,968,075
Reinvested dividends and distributions	480,688	10,137,709	169,932	2,873,546
Shares repurchased	(3,755,230)	(68,270,315)	(1,101,908)	(21,572,643)
Net Increase/(Decrease)	(886,136)	$ (4,912,614)	1,668,758	$ 35,268,978
Class N Shares:
Shares sold	157,769	$ 3,089,635	674,798	$ 14,173,891
Reinvested dividends and distributions	212,663	4,474,433	107,622	1,814,499
Shares repurchased	(203,923)	(3,880,565)	(220,534)	(4,485,659)
Net Increase/(Decrease)	166,509	$ 3,683,503	561,886	$ 11,502,731
Class R Shares:
Shares sold	5,290	$ 108,198	8,085	$ 148,586
Reinvested dividends and distributions	4,013	81,585	2,862	46,801
Shares repurchased	(4,724)	(93,227)	(5,830)	(108,982)
Net Increase/(Decrease)	4,579	$ 96,556	5,117	$ 86,405
Class S Shares:
Shares sold	2,265	$ 45,532	5,525	$ 109,528
Reinvested dividends and distributions	5,188	109,053	4,132	69,577
Shares repurchased	(10,647)	(207,364)	(9,728)	(191,962)
Net Increase/(Decrease)	(3,194)	$ (52,779)	(71)	$ (12,857)
Class T Shares:
Shares sold	5,649,062	$123,193,749	5,035,479	$103,383,425
Reinvested dividends and distributions	4,138,422	87,196,543	2,619,366	44,241,090
Shares repurchased	(7,920,818)	(152,113,795)	(5,237,969)	(103,700,413)
Net Increase/(Decrease)	1,866,666	$ 58,276,497	2,416,876	$ 43,924,102


36	MARCH 31, 2020

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)

7. Purchases and Sales of Investment Securities


Purchases of Securities	Proceeds from Sales of Securities	Purchases of Long- Term U.S. Government Obligations	Proceeds from Sales of Long-Term U.S. Government Obligations
$1,185,345,714	$1,270,626,721	$ -	$ -

8. Recent Accounting Pronouncements

9. Other Matters

10. Subsequent Event


Janus Investment Fund	37

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD


38	MARCH 31, 2020

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Nature, Extent and Quality of Services

Performance of the Funds

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

Alternative Fund

Asset Allocation Funds


Janus Investment Fund	39

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


40	MARCH 31, 2020

Janus Henderson Contrarian Fund

Additional Information (unaudited)

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

Money Market Funds


Janus Investment Fund	41

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Multi-Asset Funds

Multi-Asset U.S. Equity Funds


42	MARCH 31, 2020

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Quantitative Equity Funds

U.S. Equity Funds

Costs of Services Provided


Janus Investment Fund	43

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Alternative Fund

Asset Allocation Funds


44	MARCH 31, 2020

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds

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

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

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

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


Janus Investment Fund	45

Janus Henderson Contrarian Fund

Additional Information (unaudited)

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

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

Money Market Funds

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

Multi-Asset Funds

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

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

Multi-Asset U.S. Equity Funds

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

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


46	MARCH 31, 2020

Janus Henderson Contrarian Fund

Additional Information (unaudited)

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

Quantitative Equity Funds

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

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

U.S. Equity Funds

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


Janus Investment Fund	47

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Economies of Scale


48	MARCH 31, 2020

Janus Henderson Contrarian Fund

Additional Information (unaudited)

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

Other Benefits to Janus Capital

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 Contrarian Fund

Additional Information (unaudited)


50	MARCH 31, 2020

Janus Henderson Contrarian Fund

Additional Information (unaudited)

nature, extent, and quality of the services expected to be provided by Janus Capital, its affiliates, and Perkins following the Strategy Change.


Janus Investment Fund	51

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.


52	MARCH 31, 2020

Janus Henderson Contrarian Fund

Useful Information About Your Fund Report (unaudited)

Statement of Operations

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

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

Statements of Changes in Net Assets

Financial Highlights


Janus Investment Fund	53

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.


54	MARCH 31, 2020

Janus Henderson Contrarian Fund

Notes

NotesPage1


Janus Investment Fund	55

Janus Henderson Contrarian Fund

Notes

NotesPage2


56	MARCH 31, 2020

Janus Henderson Contrarian Fund

Notes

NotesPage3


Janus Investment Fund	57

Knowledge. Shared

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

Learn more by visiting janushenderson.com.




This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson, Janus, Henderson, Perkins, Intech and Knowledge. Shared are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc. Janus Henderson Distributors
							125-24-93038 05-20



		SEMIANNUAL REPORT March 31, 2020

	Janus Henderson Emerging Markets Fund

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

Table of Contents

Janus Henderson Emerging Markets Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	11
Statement of Assets and Liabilities	12
Statement of Operations	14
Statements of Changes in Net Assets	16
Financial Highlights	17
Notes to Financial Statements	25
Additional Information	36
Useful Information About Your Fund Report	50

Janus Henderson Emerging Markets Fund (unaudited)

FUND SNAPSHOT

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

Daniel J. Graña

Portfolio manager

PERFORMANCE

The Janus Henderson Emerging Markets Fund’s Class I shares returned -15.18% for the six-month period ended March 31, 2020. The Fund’s benchmark, the MSCI Emerging Markets Index^SM, returned -14.55%.

INVESTMENT ENVIRONMENT

Emerging market (EM) equities sold off during the latter part of the period as investors reacted to an unprecedented curtailment of economic activity in the wake of the COVID-19 pandemic. EM stocks only slightly underperformed developed markets, buoyed by China, which was viewed as being further along the path toward recovery. Commodities-driven economies fared poorly, as did countries already on fragile economic footing. Technology stocks registered some of the smallest declines as these companies’ products helped populations navigate disruption in their daily lives. Health care was the lone sector to generate positive returns. Cyclical stocks registered some of the most pronounced drawdowns.

PERFORMANCE DISCUSSION

The dramatic events of the past few months lent credence to our belief that one is best served by viewing emerging markets through the lenses of country risk, corporate fundamentals and governance. We don’t disaggregate country risk from currency risk, and our reasoning for this approach has been on display during the COVID-19 outbreak. With investors shunning riskier assets, global bond markets seized up, forcing fixed income investors to hedge their holdings by shorting local currencies. This placed acute pressure on countries dependent upon capital inflows to fund current account deficits as the risk of capital flight increased.

This dynamic aggravated the challenging environment brought on by the rare occurrence of simultaneous supply and demand shocks. Countries already on tenuous economic footing were most vulnerable to these threats. Brazil had only been emerging from recession when confronted by this crisis. With demand for its commodities exports – chief among them, oil – slashed, efforts to maintain economic growth were overwhelmed. Consequently, many of the period’s top individual detractors were Brazilian entities, among them Petrobras, Banco Bradesco and IRB-Brasil Resseguros.

Conversely, some EM countries were better positioned to absorb the shock. Asian countries that experienced 2003’s SARS outbreak initiated a more effective response to COVID-19. Investors perceived these efforts as placing these economies on a faster track toward recovery. China, which was forced into action early and has a system of governance that allowed for sweeping containment efforts, is largely viewed as nearing the end of the tunnel. Accordingly, several Chinese companies were leading contributors for the period.

Some of these stocks’ resilience can be linked to the role they have played in helping China navigate the crisis. Tencent – the period’s top relative contributor – benefited not only from homebound citizens increasing their time spent gaming but also by the dominant position of its WeChat messaging platform. Another contributor, Beijing Tiantan Biological, was boosted by hopes that its products may be part of the solution to contain future COVID-19 outbreaks. Another contributor was China Lesso, the largest plastic pipe and fittings producer in China. We see catalysts in the form of continued balance sheet deleveraging and a ramp up of dividend payments.


Janus Investment Fund	1

Janus Henderson Emerging Markets Fund (unaudited)

OUTLOOK

For years, growth in emerging markets was defined by the drive toward globalization and the benefits it bestowed upon export-based economies. With the greatest incremental contribution from globalization likely behind us, emerging economies must rely upon new sources to expand gross domestic product. Several countries with large domestic markets have achieved a level of wealth where consumption is becoming a greater contributor to growth. Complementing this – and on display during the virus outbreak – is the growing role technology plays in economic activity. China has been a leader in e-commerce and social media engagement, but we expect future innovation will emerge from more value-added intellectual property as the country adopts cloud computing and artificial intelligence.

In the wake of the crisis, we expect to see a push for diversifying supply chains. Corporations were already revisiting their reliance upon individual suppliers and countries due to last year’s trade war, and we expect these initiatives to accelerate. Anecdotally, in conversations with management teams, we are hearing stories of companies establishing additional channels for key production inputs and end products.

We also expect the crisis to be a catalyst for wider adoption of digital platforms. Several cohorts that had yet to fully engage e-commerce and social media had no choice but to do so during the pandemic. We also believe investment in digital infrastructure in finance, industry and other sectors will become national priorities. An area where we see considerable promise is digital payments. And it’s not just in China but increasingly in Africa and the Middle East.

Still, we see near-term risks ahead. We believe that neither Indonesia nor India – with their large migrant workforces and ill-equipped public health systems – are well prepared to handle a surge in COVID-19 cases. When applying our portfolio lenses, we see other challenges. Countries with large current account deficits and foreign-denominated debt may continue to be at risk of capital flight. On the corporate level, highly leveraged companies should continue to be avoided. On governance, the nature of this crisis has led to calls for companies to commit to “national service.” While these endeavors have their place, we worry that such initiatives can run contrary to the interest of minority shareholders.

Thank you for your investment in the Janus Henderson Emerging Markets Fund.


2	MARCH 31, 2020

Janus Henderson Emerging Markets Fund (unaudited)

Fund At A Glance

March 31, 2020





5 Top Contributors - Holdings			5 Top Detractors - Holdings
	Average Weight	Relative Contribution		Average Weight	Relative Contribution
Tencent Holdings Ltd	7.28%	0.79%	Petroleo Brasileiro SA (ADR)	1.92%	-1.27%
Beijing Tiantan Biological Products Corp Ltd	0.75%	0.55%	IRB Brasil Resseguros S/A	1.30%	-0.90%
China Lesso Group Holdings Ltd	1.25%	0.51%	Banco Bradesco SA	2.03%	-0.86%
China Conch Venture Holdings Ltd	1.23%	0.35%	Geopark Ltd	1.18%	-0.71%
Alibaba Group Holding Ltd (ADR)	6.73%	0.33%	Wijaya Karya Persero Tbk PT	1.10%	-0.66%


	5 Top Contributors - Sectors*
		Relative	Fund	MSCI Emerging Markets Index
		Contribution	Average Weight	Average Weight
	Communication Services	1.41%	12.89%	11.49%
	Industrials	0.67%	10.63%	5.24%
	Consumer Discretionary	0.28%	18.83%	14.13%
	Utilities	0.26%	1.26%	2.64%
	Other**	0.22%	1.89%	0.00%


	5 Top Detractors - Sectors*
		Relative	Fund	MSCI Emerging Markets Index
		Contribution	Average Weight	Average Weight
	Energy	-1.19%	7.04%	7.17%
	Financials	-0.73%	22.36%	23.89%
	Information Technology	-0.44%	15.13%	15.94%
	Real Estate	-0.17%	3.14%	2.92%
	Consumer Staples	-0.10%	4.11%	6.50%

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


Janus Investment Fund	3

Janus Henderson Emerging Markets Fund (unaudited)

Fund At A Glance

March 31, 2020


5 Largest Equity Holdings - (% of Net Assets)
Tencent Holdings Ltd
Interactive Media & Services	9.6%
Alibaba Group Holding Ltd (ADR)
Internet & Direct Marketing Retail	8.5%
Samsung Electronics Co Ltd
Technology Hardware, Storage & Peripherals	6.0%
Taiwan Semiconductor Manufacturing Co Ltd
Semiconductor & Semiconductor Equipment	5.8%
Ping An Insurance Group Co of China Ltd
Insurance	4.0%
	33.9%


Asset Allocation - (% of Net Assets)
Common Stocks	96.9%
Investment Companies	1.6%
Preferred Stocks	1.2%
Other		0.3%
		100.0%

Emerging markets comprised 87.9% of total net assets.

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

As of March 31, 2020

As of September 30, 2019


4	MARCH 31, 2020

Janus Henderson Emerging Markets Fund (unaudited)

Performance

See important disclosures on the next page.




Average Annual Total Return - for the periods ended March 31, 2020					Expense Ratios
	Fiscal Year-to-Date	One Year	Five Year	Since Inception*	Total Annual Fund Operating Expenses^‡	Net Annual Fund Operating Expenses^‡
Class A Shares at NAV	-15.26%	-19.51%	-2.44%	-2.18%	1.66%	1.36%
Class A Shares at MOP	-20.11%	-24.13%	-3.59%	-2.81%
Class C Shares at NAV	-15.57%	-20.21%	-3.18%	-2.92%	2.56%	2.13%
Class C Shares at CDSC	-16.41%	-21.00%	-3.18%	-2.92%
Class D Shares⁽¹⁾	-15.14%	-19.45%	-2.39%	-2.17%	1.81%	1.21%
Class I Shares	-15.18%	-19.41%	-2.21%	-1.95%	1.46%	1.12%
Class N Shares	-15.19%	-19.41%	-2.22%	-2.07%	1.42%	1.04%
Class S Shares	-15.29%	-19.58%	-2.60%	-2.43%	2.28%	1.54%
Class T Shares	-15.22%	-19.44%	-2.46%	-2.24%	1.74%	1.29%
MSCI Emerging Markets Index	-14.55%	-17.69%	-0.37%	-0.87%
Morningstar Quartile - Class I Shares	-	3rd	3rd	3rd
Morningstar Ranking - based on total returns for Diversified Emerging Markets Funds	-	480/834	479/673	293/395

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

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

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


Janus Investment Fund	5

Janus Henderson Emerging Markets Fund (unaudited)

Performance

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 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.”

*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.


6	MARCH 31, 2020

Janus Henderson Emerging Markets Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (10/1/19)	Ending Account Value (3/31/20)	Expenses Paid During Period (10/1/19 - 3/31/20)†	Beginning Account Value (10/1/19)	Ending Account Value (3/31/20)	Expenses Paid During Period (10/1/19 - 3/31/20)†	Net Annualized Expense Ratio (10/1/19 - 3/31/20)
Class A Shares		$1,000.00	$847.40	$6.37	$1,000.00	$1,018.10	$6.96	1.38%
Class C Shares		$1,000.00	$844.30	$9.54	$1,000.00	$1,014.65	$10.43	2.07%
Class D Shares		$1,000.00	$848.60	$5.50	$1,000.00	$1,019.05	$6.01	1.19%
Class I Shares		$1,000.00	$848.20	$5.18	$1,000.00	$1,019.40	$5.65	1.12%
Class N Shares		$1,000.00	$848.10	$4.76	$1,000.00	$1,019.85	$5.20	1.03%
Class S Shares		$1,000.00	$847.10	$6.56	$1,000.00	$1,017.90	$7.16	1.42%
Class T Shares		$1,000.00	$847.80	$5.91	$1,000.00	$1,018.60	$6.46	1.28%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


Janus Investment Fund	7

Janus Henderson Emerging Markets Fund

Schedule of Investments (unaudited)

March 31, 2020


Shares			Value
Common Stocks– 96.9%
Banks – 5.7%
	Banco Bradesco SA	295,562	$1,070,106
	Commercial International Bank Egypt SAE*	328,462	1,190,117
	HDFC Bank Ltd	126,905	1,428,028
			3,688,251
Beverages – 1.1%
	Wuliangye Yibin Co Ltd	44,259	722,211
Biotechnology – 1.7%
	Beijing Tiantan Biological Products Corp Ltd	213,967	1,099,002
Building Products – 1.4%
	China Lesso Group Holdings Ltd	717,000	940,934
Capital Markets – 1.9%
	Hong Kong Exchanges & Clearing Ltd	42,100	1,264,355
Communications Equipment – 1.6%
	Accton Technology Corp	194,000	1,029,342
Construction & Engineering – 0.7%
	Wijaya Karya Persero Tbk PT	9,038,100	460,870
Diversified Consumer Services – 3.2%
	Afya Ltd*	63,883	1,217,610
	Fu Shou Yuan International Group Ltd	990,000	867,130
			2,084,740
Diversified Financial Services – 1.6%
	Chailease Holding Co Ltd	351,000	1,062,565
Electrical Equipment – 2.2%
	KEI Industries Ltd	141,739	502,752
	Voltronic Power Technology Corp	46,000	953,560
			1,456,312
Energy Equipment & Services – 0.9%
	Anton Oilfield Services Group/Hong Kong	8,694,000	551,284
Entertainment – 1.5%
	NetEase Inc (ADR)	3,010	966,090
Food & Staples Retailing – 0.8%
	X5 Retail Group NV (GDR) (REG)	18,569	498,718
Health Care Providers & Services – 0.8%
	Notre Dame Intermedica Participacoes SA	62,098	537,395
Hotels, Restaurants & Leisure – 3.6%
	Bloomberry Resorts Corp	7,443,000	870,337
	Leejam Sports Co JSC	42,592	591,746
	Sands China Ltd	245,600	893,857
			2,355,940
Household Durables – 1.3%
	Haier Smart Home Co Ltd	415,744	847,291
Information Technology Services – 1.4%
	Network International Holdings PLC (144A)*	191,802	941,079
Insurance – 6.5%
	AIA Group Ltd	182,400	1,640,978
	Ping An Insurance Group Co of China Ltd	265,500	2,597,247
			4,238,225
Interactive Media & Services – 14.4%
	AfreecaTV Co Ltd	20,517	874,572
	NAVER Corp	7,835	1,077,942
	Tencent Holdings Ltd	127,700	6,227,054
	Yandex NV*	34,727	1,182,454
			9,362,022
Internet & Direct Marketing Retail – 12.6%
	Alibaba Group Holding Ltd (ADR)*	28,492	5,541,124
	MercadoLibre Inc*	1,531	748,016
	Naspers Ltd	13,612	1,935,764
			8,224,904


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

8	MARCH 31, 2020

Janus Henderson Emerging Markets Fund

Schedule of Investments (unaudited)

March 31, 2020


Shares			Value
Common Stocks– (continued)
Machinery – 3.1%
	China Conch Venture Holdings Ltd	212,500	$944,800
	Zhengzhou Yutong Bus Co Ltd	553,715	1,072,359
			2,017,159
Metals & Mining – 1.4%
	Ivanhoe Mines Ltd*	530,515	882,244
Oil, Gas & Consumable Fuels – 2.5%
	Geopark Ltd	73,251	517,885
	LUKOIL PJSC (ADR)	18,294	1,090,304
			1,608,189
Paper & Forest Products – 1.0%
	Asia Paper Manufacturing Co Ltd	30,276	666,399
Professional Services – 1.6%
	NICE Information Service Co Ltd	94,423	1,027,708
Real Estate Management & Development – 3.8%
	China World Trade Center Co Ltd	418,572	781,263
	Logan Property Holdings Co Ltd	746,000	1,143,376
	Vinhomes JSC (144A)	244,260	563,222
			2,487,861
Road & Rail – 1.0%
	United International Transportation Co	88,811	648,054
Semiconductor & Semiconductor Equipment – 6.9%
	MediaTek Inc	70,000	745,730
	Taiwan Semiconductor Manufacturing Co Ltd	419,000	3,740,804
			4,486,534
Specialty Retail – 1.0%
	Wilcon Depot Inc	2,481,400	634,748
Technology Hardware, Storage & Peripherals – 6.0%
	Samsung Electronics Co Ltd	101,062	3,928,169
Thrifts & Mortgage Finance – 2.1%
	Housing Development Finance Corp Ltd	62,535	1,335,728
Wireless Telecommunication Services – 1.6%
	Safaricom PLC	4,130,279	1,040,272
Total Common Stocks (cost $72,088,214)			63,094,595
Preferred Stocks– 1.2%
Electric Utilities – 1.2%
	Cia Paranaense de Energia(cost $976,731)	76,900	791,898
Investment Companies– 1.6%
Money Markets – 1.6%
	Fidelity Investments Money Market Treasury Portfolio, 0.2600%^ºº(cost $1,020,725)	1,020,725	1,020,725
Total Investments (total cost $74,085,670) – 99.7%			64,907,218
Cash, Receivables and Other Assets, net of Liabilities – 0.3%			167,829
Net Assets – 100%			$65,075,047


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 (unaudited)

March 31, 2020


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

		% of
		Investment
Country	Value	Securities
China	$24,301,165	37.4	%
South Korea	7,574,790	11.7
Taiwan	7,532,001	11.6
Brazil	4,365,025	6.7
Hong Kong	3,799,190	5.9
India	3,266,508	5.0
Russia	2,771,476	4.3
South Africa	1,935,764	3.0
Philippines	1,505,085	2.3
Saudi Arabia	1,239,800	1.9
Egypt	1,190,117	1.8
Kenya	1,040,272	1.6
United States	1,020,725	1.6
United Kingdom	941,079	1.4
Canada	882,244	1.4
Vietnam	563,222	0.9
Chile	517,885	0.8
Indonesia	460,870	0.7



Total	$64,907,218	100.0	%


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

10	MARCH 31, 2020

Janus Henderson Emerging Markets Fund

Notes to Schedule of Investments and Other Information (unaudited)


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
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 March 31, 2020.


The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of March 31, 2020. See Notes to Financial Statements for more information.

Valuation Inputs Summary

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

Assets
Investments In Securities:
Common Stocks
Banks	$	1,070,106	$	2,618,145	$	-
Diversified Consumer Services		1,217,610		867,130		-
Entertainment		966,090		-		-
Health Care Providers & Services		537,395		-		-
Interactive Media & Services		1,182,454		8,179,568		-
Internet & Direct Marketing Retail		6,289,140		1,935,764		-
Metals & Mining		882,244		-		-
Oil, Gas & Consumable Fuels		517,885		1,090,304		-
All Other		-		35,740,760		-
Preferred Stocks		-		791,898		-
Investment Companies		1,020,725		-		-
Total Assets	$	13,683,649	$	51,223,569	$	-


Janus Investment Fund	11

Janus Henderson Emerging Markets Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2020

See footnotes at the end of the Statement.



Assets:
	Investments, at value⁽¹⁾		$	64,907,218
	Cash denominated in foreign currency⁽²⁾			26,719
	Non-interested Trustees' deferred compensation			1,284
	Receivables:
		Foreign tax reclaims		177,440
		Fund shares sold		152,954
		Dividends		133,648
	Other assets			6,471
Total Assets				65,405,734
Liabilities:
	Due to custodian			40
	Payables:			—
		Fund shares repurchased		195,309
		Professional fees		31,355
		Advisory fees		28,574
		Non-affiliated fund administration fees payable		17,247
		Custodian fees		13,587
		Transfer agent fees and expenses		9,779
		Printing fees		6,884
		Registration fees		6,241
		Postage fees		4,742
		12b-1 Distribution and shareholder servicing fees		3,064
		Non-interested Trustees' deferred compensation fees		1,284
		Compliance Office fees		992
		Non-interested Trustees' fees and expenses		421
		Affiliated fund administration fees payable		151
		Accrued expenses and other payables		11,017
Total Liabilities				330,687
Net Assets			$	65,075,047


See Notes to Financial Statements.

12	MARCH 31, 2020

Janus Henderson Emerging Markets Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2020




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	87,611,347
	Total distributable earnings (loss)		(22,536,300)
Total Net Assets		$	65,075,047
Net Assets - Class A Shares		$	3,606,551
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		494,280
Net Asset Value Per Share⁽³⁾		$	7.30
Maximum Offering Price Per Share⁽⁴⁾		$	7.75
Net Assets - Class C Shares		$	2,120,948
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		299,649
Net Asset Value Per Share⁽³⁾		$	7.08
Net Assets - Class D Shares		$	8,740,614
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,190,997
Net Asset Value Per Share		$	7.34
Net Assets - Class I Shares		$	18,647,079
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,546,453
Net Asset Value Per Share		$	7.32
Net Assets - Class N Shares		$	30,099,291
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		4,103,949
Net Asset Value Per Share		$	7.33
Net Assets - Class S Shares		$	63,595
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		8,585
Net Asset Value Per Share		$	7.41
Net Assets - Class T Shares		$	1,796,969
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		244,949
Net Asset Value Per Share		$	7.34

(1) Includes cost of $74,085,670.

(2) Includes cost of $26,719.

(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	13

Janus Henderson Emerging Markets Fund

Statement of Operations (unaudited)

For the period ended March 31, 2020



Investment Income:
	Dividends		$	520,423
	Other income			1,069
	Foreign tax withheld			(59,791)
Total Investment Income				461,701
Expenses:
	Advisory fees			398,418
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		6,214
		Class C Shares		15,968
		Class S Shares		99
	Transfer agent administrative fees and expenses:
		Class D Shares		6,732
		Class S Shares		99
		Class T Shares		3,410
	Transfer agent networking and omnibus fees:
		Class A Shares		2,175
		Class C Shares		1,329
		Class I Shares		10,665
	Other transfer agent fees and expenses:
		Class A Shares		224
		Class C Shares		162
		Class D Shares		2,378
		Class I Shares		765
		Class N Shares		341
		Class S Shares		3
		Class T Shares		37
	Professional fees			48,543
	Non-affiliated fund administration fees			35,355
	Registration fees			33,335
	Custodian fees			26,398
	Shareholder reports expense			7,825
	Affiliated fund administration fees			996
	Non-interested Trustees’ fees and expenses			466
	Other expenses			6,830
Total Expenses				608,767
Less: Excess Expense Reimbursement and Waivers				(146,238)
Net Expenses				462,529
Net Investment Income/(Loss)				(828)


See Notes to Financial Statements.

14	MARCH 31, 2020

Janus Henderson Emerging Markets Fund

Statement of Operations (unaudited)

For the period ended March 31, 2020



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	(1,966,474)
Total Net Realized Gain/(Loss) on Investments			(1,966,474)
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation⁽¹⁾		(11,645,871)
Total Change in Unrealized Net Appreciation/Depreciation			(11,645,871)
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	(13,613,173)

(1) Includes change in unrealized appreciation/depreciation of $19,263 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



			Period ended March 31, 2020 (unaudited)		Year ended September 30, 2019

Operations:
	Net investment income/(loss)		$	(828)	$	1,794,410
	Net realized gain/(loss) on investments			(1,966,474)		(9,889,702)
	Change in unrealized net appreciation/depreciation			(11,645,871)		2,911,940
Net Increase/(Decrease) in Net Assets Resulting from Operations				(13,613,173)		(5,183,352)
Dividends and Distributions to Shareholders
		Class A Shares		(63,132)		(457,330)
		Class C Shares		(15,232)		(116,611)
		Class D Shares		(176,488)		(428,310)
		Class I Shares		(542,789)		(2,922,779)
		Class N Shares		(307,706)		(815,126)
		Class S Shares		(597)		(13,840)
		Class T Shares		(42,970)		(146,144)
Net Decrease from Dividends and Distributions to Shareholders				(1,148,914)		(4,900,140)
Capital Share Transactions:
		Class A Shares		(576,490)		(10,008,606)
		Class C Shares		(795,565)		(2,184,824)
		Class D Shares		(452,484)		(1,182,282)
		Class I Shares		(12,794,125)		(66,839,075)
		Class N Shares		22,026,754		(7,083,972)
		Class S Shares		(1,187)		(1,596,508)
		Class T Shares		(931,820)		(1,543,913)
Net Increase/(Decrease) from Capital Share Transactions				6,475,083		(90,439,180)
Net Increase/(Decrease) in Net Assets				(8,287,004)		(100,522,672)
Net Assets:
	Beginning of period			73,362,051		173,884,723
	End of period		$	65,075,047	$	73,362,051


See Notes to Financial Statements.

16	MARCH 31, 2020

Janus Henderson Emerging Markets Fund

Financial Highlights


Class A Shares
For a share outstanding during the period ended March 31, 2020 (unaudited) and the year or period ended September 30			2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$8.72	$9.48	$10.36	$10.19
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	(0.01)	0.10	0.10	0.04
		Net realized and unrealized gain/(loss)	(1.29)	(0.55)	(0.67)	0.13
	Total from Investment Operations		(1.30)	(0.45)	(0.57)	0.17
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.12)	(0.13)	(0.10)	—
		Distributions (from capital gains)	—	(0.18)	(0.21)	—
	Total Dividends and Distributions		(0.12)	(0.31)	(0.31)	—
	Net Asset Value, End of Period		$7.30	$8.72	$9.48	$10.36
	Total Return*		(15.26)%	(4.66)%⁽³⁾	(5.80)%	1.67%
	Net Assets, End of Period (in thousands)		$3,607	$4,859	$15,771	$15,562
	Average Net Assets for the Period (in thousands)		$4,906	$8,932	$16,103	$15,471
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.78%	1.65%	1.51%	1.75%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.38%	1.30%	1.33%	1.46%
		Ratio of Net Investment Income/(Loss)	(0.18)%	1.11%	0.93%	2.18%
	Portfolio Turnover Rate		65%	68%	26%	2%


Class C Shares
For a share outstanding during the period ended March 31, 2020 (unaudited) and the year or period ended September 30			2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$8.42	$9.12	$9.98	$9.83
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	(0.04)	0.05	0.01	0.02
		Net realized and unrealized gain/(loss)	(1.26)	(0.55)	(0.65)	0.13
	Total from Investment Operations		(1.30)	(0.50)	(0.64)	0.15
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.04)	(0.02)	(0.01)	—
		Distributions (from capital gains)	—	(0.18)	(0.21)	—
	Total Dividends and Distributions		(0.04)	(0.20)	(0.22)	—
	Net Asset Value, End of Period		$7.08	$8.42	$9.12	$9.98
	Total Return*		(15.57)%	(5.38)%⁽⁴⁾	(6.59)%	1.53%
	Net Assets, End of Period (in thousands)		$2,121	$3,432	$5,985	$9,017
	Average Net Assets for the Period (in thousands)		$3,365	$4,604	$8,442	$8,877
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.49%	2.54%	2.26%	2.65%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.07%	2.11%	2.07%	2.35%
		Ratio of Net Investment Income/(Loss)	(0.85)%	0.56%	0.11%	1.29%
	Portfolio Turnover Rate		65%	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	MARCH 31, 2020

Janus Henderson Emerging Markets Fund

Financial Highlights


Class D Shares
For a share outstanding during the period ended March 31, 2020 (unaudited) and the year or period ended September 30			2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$8.78	$9.53	$10.41	$10.24
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	—⁽³⁾	0.14	0.11	0.04
		Net realized and unrealized gain/(loss)	(1.29)	(0.59)	(0.67)	0.13
	Total from Investment Operations		(1.29)	(0.45)	(0.56)	0.17
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.15)	(0.12)	(0.11)	—
		Distributions (from capital gains)	—	(0.18)	(0.21)	—
	Total Dividends and Distributions		(0.15)	(0.30)	(0.32)	—
	Net Asset Value, End of Period		$7.34	$8.78	$9.53	$10.41
	Total Return*		(15.14)%	(4.59)%⁽⁴⁾	(5.64)%	1.66%
	Net Assets, End of Period (in thousands)		$8,741	$10,957	$13,104	$16,053
	Average Net Assets for the Period (in thousands)		$11,365	$12,337	$15,607	$16,501
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.60%	1.80%	1.38%	1.80%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.19%	1.19%	1.15%	1.46%
		Ratio of Net Investment Income/(Loss)	0.01%	1.51%	1.08%	2.18%
	Portfolio Turnover Rate		65%	68%	26%	2%


Class I Shares
For a share outstanding during the period ended March 31, 2020 (unaudited) and the year or period ended September 30			2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$8.78	$9.52	$10.42	$10.24
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	—⁽³⁾	0.14	0.12	0.04
		Net realized and unrealized gain/(loss)	(1.29)	(0.57)	(0.69)	0.14
	Total from Investment Operations		(1.29)	(0.43)	(0.57)	0.18
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.17)	(0.13)	(0.12)	—
		Distributions (from capital gains)	—	(0.18)	(0.21)	—
	Total Dividends and Distributions		(0.17)	(0.31)	(0.33)	—
	Net Asset Value, End of Period		$7.32	$8.78	$9.52	$10.42
	Total Return*		(15.18)%	(4.38)%⁽⁵⁾	(5.72)%	1.76%
	Net Assets, End of Period (in thousands)		$18,647	$34,499	$107,276	$112,952
	Average Net Assets for the Period (in thousands)		$30,425	$71,330	$119,036	$110,859
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.46%	1.45%	1.26%	1.49%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.12%	1.13%	1.09%	1.20%
		Ratio of Net Investment Income/(Loss)	0.09%	1.49%	1.17%	2.42%
	Portfolio Turnover Rate		65%	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) Less than $0.005 on a per share basis.

(4) Total return without the effect of affiliated payments would have been (4.82)%. Please see Note 3 in the Notes to the Financial Statements.

(5) 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	MARCH 31, 2020

Janus Henderson Emerging Markets Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended March 31, 2020 (unaudited) and the year or period ended September 30			2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$8.79	$9.53	$10.42	$10.24
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	—⁽³⁾	0.15	0.12	0.05
		Net realized and unrealized gain/(loss)	(1.30)	(0.57)	(0.68)	0.13
	Total from Investment Operations		(1.30)	(0.42)	(0.56)	0.18
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.16)	(0.14)	(0.12)	—
		Distributions (from capital gains)	—	(0.18)	(0.21)	—
	Total Dividends and Distributions		(0.16)	(0.32)	(0.33)	—
	Net Asset Value, End of Period		$7.33	$8.79	$9.53	$10.42
	Total Return*		(15.19)%	(4.33)%⁽⁴⁾	(5.63)%	1.76%
	Net Assets, End of Period (in thousands)		$30,099	$16,531	$25,134	$41,206
	Average Net Assets for the Period (in thousands)		$26,815	$21,520	$29,832	$41,394
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.37%	1.41%	1.20%	1.35%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.03%	1.03%	1.03%	1.05%
		Ratio of Net Investment Income/(Loss)	0.04%	1.65%	1.15%	2.59%
	Portfolio Turnover Rate		65%	68%	26%	2%


Class S Shares
For a share outstanding during the period ended March 31, 2020 (unaudited) and the year or period ended September 30			2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$8.81	$9.51	$10.41	$10.23
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	(0.01)	0.08	0.13	0.04
		Net realized and unrealized gain/(loss)	(1.32)	(0.52)	(0.73)	0.14
	Total from Investment Operations		(1.33)	(0.44)	(0.60)	0.18
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.07)	(0.08)	(0.09)	—
		Distributions (from capital gains)	—	(0.18)	(0.21)	—
	Total Dividends and Distributions		(0.07)	(0.26)	(0.30)	—
	Net Asset Value, End of Period		$7.41	$8.81	$9.51	$10.41
	Total Return*		(15.29)%	(4.49)%⁽⁵⁾	(5.98)%	1.76%
	Net Assets, End of Period (in thousands)		$64	$77	$1,753	$316
	Average Net Assets for the Period (in thousands)		$80	$488	$1,189	$311
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	5.64%	2.25%	1.85%	1.91%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.42%	1.18%	1.47%	1.51%
		Ratio of Net Investment Income/(Loss)	(0.20)%	0.89%	1.28%	2.11%
	Portfolio Turnover Rate		65%	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) Less than $0.005 on a per share basis.

(4) Total return without the effect of affiliated payments would have been (4.56)%. Please see Note 3 in the Notes to the Financial Statements.

(5) 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	MARCH 31, 2020

Janus Henderson Emerging Markets Fund

Financial Highlights


Class T Shares
For a share outstanding during the period ended March 31, 2020 (unaudited) and the year or period ended September 30			2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$8.78	$9.52	$10.42	$10.24
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	—⁽³⁾	0.13	0.10	0.04
		Net realized and unrealized gain/(loss)	(1.30)	(0.57)	(0.68)	0.14
	Total from Investment Operations		(1.30)	(0.44)	(0.58)	0.18
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.14)	(0.12)	(0.11)	—
		Distributions (from capital gains)	—	(0.18)	(0.21)	—
	Total Dividends and Distributions		(0.14)	(0.30)	(0.32)	—
	Net Asset Value, End of Period		$7.34	$8.78	$9.52	$10.42
	Total Return*		(15.22)%	(4.56)%⁽⁴⁾	(5.86)%	1.76%
	Net Assets, End of Period (in thousands)		$1,797	$3,008	$4,862	$7,770
	Average Net Assets for the Period (in thousands)		$2,728	$4,046	$7,275	$7,786
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.73%	1.73%	1.45%	1.62%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.28%	1.27%	1.26%	1.30%
		Ratio of Net Investment Income/(Loss)	(0.05)%	1.41%	0.93%	2.34%
	Portfolio Turnover Rate		65%	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) Less than $0.005 on a per share basis.

(4) 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	MARCH 31, 2020

Janus Henderson Emerging Markets Fund

Notes to Financial Statements (unaudited)

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 46 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 (unaudited)

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

Investment Valuation

Valuation Inputs Summary


26	MARCH 31, 2020

Janus Henderson Emerging Markets Fund

Notes to Financial Statements (unaudited)

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.

Investment Transactions and Investment Income

Expenses

Estimates


Janus Investment Fund	27

Janus Henderson Emerging Markets Fund

Notes to Financial Statements (unaudited)

Indemnifications

Foreign Currency Translations

Dividends and Distributions

Federal Income Taxes

2. Other Investments and Strategies

Additional Investment Risk


28	MARCH 31, 2020

Janus Henderson Emerging Markets Fund

Notes to Financial Statements (unaudited)

Emerging Market Investing


Janus Investment Fund	29

Janus Henderson Emerging Markets Fund

Notes to Financial Statements (unaudited)

3. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pays Janus Capital an investment advisory fee which is calculated daily and paid monthly. The following table reflects the Fund’s contractual investment advisory fee rate (expressed as an annual rate).


Average Daily Net Assets of the Fund	Contractual Investment Advisory Fee (%)
First $1 Billion	1.00
Next $1 Billion	0.90
Over $2 Billion	0.85

The Fund’s actual investment advisory fee rate for the reporting period was 1.00% of average annual net assets before any applicable waivers.

Janus Capital has contractually agreed to waive the advisory fee payable by the Fund or reimburse expenses in an amount equal to the amount, if any, that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus/administrative fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 1.03% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waivers for at least a one-year period commencing January 28, 2020. If applicable, amounts waived and/or reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.

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	MARCH 31, 2020

Janus Henderson Emerging Markets Fund

Notes to Financial Statements (unaudited)

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

Janus Services 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 (unaudited)

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class C Shares during the period ended March 31, 2020.

As of March 31, 2020, shares of the Fund were owned by affiliates of Janus Henderson Investors, and/or other funds advised by Janus Henderson, as indicated in the table below:


Class	% of Class Owned		% of Fund Owned
Class A Shares	-	%	-	%
Class C Shares	-		-
Class D Shares	-		-
Class I Shares	-		-
Class N Shares	96		44
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%.


32	MARCH 31, 2020

Janus Henderson Emerging Markets Fund

Notes to Financial Statements (unaudited)

4. Federal Income Tax



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)
$ 74,469,475	$ 1,739,549	$(11,301,806)	$ (9,562,257)


Janus Investment Fund	33

Janus Henderson Emerging Markets Fund

Notes to Financial Statements (unaudited)

5. Capital Share Transactions



	Period ended March 31, 2020		Year ended September 30, 2019
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	172,429	$ 1,633,325	117,396	$ 1,066,661
Reinvested dividends and distributions	6,582	62,859	53,031	456,598
Shares repurchased	(242,148)	(2,272,674)	(1,277,310)	(11,531,865)
Net Increase/(Decrease)	(63,137)	$ (576,490)	(1,106,883)	$(10,008,606)
Class C Shares:
Shares sold	155,528	$ 1,484,506	68,357	$ 581,489
Reinvested dividends and distributions	1,628	15,123	13,874	115,990
Shares repurchased	(265,094)	(2,295,194)	(330,948)	(2,882,303)
Net Increase/(Decrease)	(107,938)	$ (795,565)	(248,717)	$ (2,184,824)
Class D Shares:
Shares sold	192,926	$ 1,737,467	299,067	$ 2,738,295
Reinvested dividends and distributions	18,120	173,947	48,819	422,774
Shares repurchased	(267,353)	(2,363,898)	(476,175)	(4,343,351)
Net Increase/(Decrease)	(56,307)	$ (452,484)	(128,289)	$ (1,182,282)
Class I Shares:
Shares sold	600,784	$ 5,390,737	2,864,218	$ 26,094,612
Reinvested dividends and distributions	56,073	537,175	337,015	2,915,180
Shares repurchased	(2,039,469)	(18,722,037)	(10,535,869)	(95,848,867)
Net Increase/(Decrease)	(1,382,612)	$(12,794,125)	(7,334,636)	$(66,839,075)
Class N Shares:
Shares sold	2,481,612	$ 24,259,595	74,824	$ 684,311
Reinvested dividends and distributions	32,086	307,706	94,125	815,126
Shares repurchased	(290,479)	(2,540,547)	(925,237)	(8,583,409)
Net Increase/(Decrease)	2,223,219	$ 22,026,754	(756,288)	$ (7,083,972)
Class S Shares:
Shares sold	438	$ 3,971	5,649	$ 51,820
Reinvested dividends and distributions	62	597	1,596	13,840
Shares repurchased	(609)	(5,755)	(182,908)	(1,662,168)
Net Increase/(Decrease)	(109)	$ (1,187)	(175,663)	$ (1,596,508)
Class T Shares:
Shares sold	18,064	$ 159,199	33,594	$ 299,757
Reinvested dividends and distributions	4,476	42,970	16,876	146,144
Shares repurchased	(120,288)	(1,133,989)	(218,637)	(1,989,814)
Net Increase/(Decrease)	(97,748)	$ (931,820)	(168,167)	$ (1,543,913)


34	MARCH 31, 2020

Janus Henderson Emerging Markets Fund

Notes to Financial Statements (unaudited)

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
$58,213,872	$ 48,739,631	$ -	$ -

7. Recent Accounting Pronouncements

8. Other Matters

9. Subsequent Event


Janus Investment Fund	35

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD


36	MARCH 31, 2020

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Nature, Extent and Quality of Services

Performance of the Funds

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

Alternative Fund

Asset Allocation Funds


Janus Investment Fund	37

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


38	MARCH 31, 2020

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

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

Money Market Funds


Janus Investment Fund	39

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Multi-Asset Funds

Multi-Asset U.S. Equity Funds


40	MARCH 31, 2020

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Quantitative Equity Funds

U.S. Equity Funds

Costs of Services Provided


Janus Investment Fund	41

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Alternative Fund

Asset Allocation Funds


42	MARCH 31, 2020

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds

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

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

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

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


Janus Investment Fund	43

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

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

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

Money Market Funds

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

Multi-Asset Funds

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

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

Multi-Asset U.S. Equity Funds

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

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


44	MARCH 31, 2020

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

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

Quantitative Equity Funds

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

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

U.S. Equity Funds

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


Janus Investment Fund	45

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Economies of Scale


46	MARCH 31, 2020

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

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

Other Benefits to Janus Capital

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 Emerging Markets Fund

Additional Information (unaudited)


48	MARCH 31, 2020

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

nature, extent, and quality of the services expected to be provided by Janus Capital, its affiliates, and Perkins following the Strategy Change.


Janus Investment Fund	49

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.


50	MARCH 31, 2020

Janus Henderson Emerging Markets Fund

Useful Information About Your Fund Report (unaudited)

Statement of Operations

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

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

Statements of Changes in Net Assets

Financial Highlights


Janus Investment Fund	51

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.


52	MARCH 31, 2020

Janus Henderson Emerging Markets Fund

Notes

NotesPage1


Janus Investment Fund	53

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
							125-24-93079 05-20



		SEMIANNUAL REPORT March 31, 2020

	Janus Henderson Enterprise Fund

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

Table of Contents

Janus Henderson Enterprise Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	15
Statement of Assets and Liabilities	17
Statement of Operations	19
Statements of Changes in Net Assets	21
Financial Highlights	22
Notes to Financial Statements	26
Additional Information	40
Useful Information About Your Fund Report	54

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 -19.55% over the six-month period ended March 31, 2020. The Fund’s benchmark, the Russell Midcap^{^®} Growth Index, returned -13.50%.

INVESTMENT ENVIRONMENT

Equities generated strong gains in late 2019. A benign interest rate environment, progress in U.S.-China trade relations and a strong consumer provided a positive backdrop for U.S. equities. However, U.S. stocks faced an unprecedented sell-off in 2020, with speed and magnitude of historic proportions. The exogenous shock of the COVID-19 coronavirus ushered in a period of severe economic uncertainty and market volatility as governments around the world restricted travel, business and social activity to help contain the virus. Contributing to the malaise was a collapse in oil prices when a virus-related drop in demand was met by a flood of supply after OPEC and Russia failed to agree on production cutbacks. Central bank and government stimulus action was swift and aggressive. The Federal Reserve (Fed) cut policy rates to zero, committed to open-ended quantitative easing and introduced programs to support bond market liquidity while Congress approved over $2 trillion in crisis support to consumers and small and large businesses. The historic March market decline erased earlier market gains, and stocks ended the six-month period sharply lower.

PERFORMANCE DISCUSSION

The Fund underperformed its benchmark, the Russell Midcap Growth Index, due largely to weak stock selection in several sectors, including information technology and health care. We are disappointed that our disciplined investment approach and our focus on resilient business models did not better insulate our performance from recent market volatility. In part this was due to the unique nature of the COVID-19 pandemic, which has impacted certain sectors and companies that usually would be shielded from the effects of a traditional economic downturn. Our relative performance was also hindered by our cautious approach to higher-valuation, higher-risk stocks in sectors such as biotechnology and Software as a Service. We have believed for some time that these companies, many of which remain unprofitable, were trading at unsustainably high valuations. Yet these momentum-driven stocks outperformed, not only in the fourth quarter of 2019 but even through the sharp market sell-off in February and March of 2020, a development we would not have expected in a typical recession. Some of these companies were viewed to be direct beneficiaries of the COVID-19 crisis, while others were perceived to be better suited to an increasingly virtual economy. While we appreciate the fundamental outlook for many of these businesses, we continue to believe their valuations are unsustainable.

The steep drop in the price of oil also hurt stock performance for several holdings. These included Magellan Midstream, which owns and operates pipelines that transport crude oil and finished fuels to end markets in the U.S. We like Magellan because in our view its business is much more sensitive to historically stable crude volumes than to historically volatile crude prices. However, a severe and unprecedented drop in miles driven slashed fuel demand, as stay-at-home directives have kept cars off the roads. Despite near-term uncertainty for Magellan’s business, we believe miles driven will eventually normalize, and we have confidence that the company’s strong balance sheet and take-or-pay contracts will help it navigate this period of near-term uncertainty. We continue to hold the position.

Lower oil prices also pressured the stock of payment processing company WEX. This company markets fuel payment cards that trucking companies can use to manage fuel expenses. Returns on this business have been squeezed by lower fuel prices. Additionally, the company is acquiring a travel processing business that


Janus Investment Fund	1

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

now faces near-term uncertainty due to the COVID-19 travel restrictions. As a result, the stock declined.

Positive contributors included companies that either operate in a more virtual arena or have subscription-based business models and recurring revenue streams. NICE Systems provides technology solutions enabling businesses to improve customer service, fight fraud and ensure compliance. In our view, NICE is well positioned to help businesses use software and data analytics to virtualize business operations while its solid recurring revenues may cushion near-term financial performance.

Recurring revenues also benefited long-term holding Crown Castle, another top contributor. Crown Castle owns cell phone towers where telecommunication carriers house their equipment. The demand for bandwidth and rollout of advanced 4G and 5G communications is increasing investment in telecommunications infrastructure, supporting Crown Castle’s business.

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

Looking ahead, we caution that markets could remain volatile as investors try to assess the likely progression and severity of the pandemic and associated economic fallout as well as the ability of governments and health systems to cope. While we are aware of near-term risks, we believe our competitive advantage lies in our low portfolio turnover and our long-term time horizon. We remain focused on identifying companies we believe will thrive over a three- to five-year period, well beyond this crisis, and are on the lookout for new investment opportunities this volatility may create.

At the same time, we recognize the near-term challenges many companies face, and we have redoubled our efforts to stress test our investments. Our aim is to maximize potential return while minimizing risk across several vectors, including the durability of balance sheets and the resilience of financial performance and business operations. We are also considering how suited business models might be to what the economy may look like on the other end of this crisis. We are looking for companies that are tennis balls and not eggs — meaning they can bounce back from adversity due to strength in their business models, balance sheets and competitive advantages. This is the best path we see to pursue long-term risk-adjusted returns for our investors.


2	MARCH 31, 2020

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

Fund At A Glance

March 31, 2020





5 Top Contributors - Holdings			5 Top Detractors - Holdings
	Average Weight	Relative Contribution		Average Weight	Relative Contribution
Crown Castle International Corp	1.76%	0.32%	Cimpress PLC	1.15%	-0.62%
Nice Ltd (ADR)	2.25%	0.28%	Magellan Midstream Partners LP	1.66%	-0.54%
Catalent Inc	1.03%	0.22%	WEX Inc	1.71%	-0.54%
ICU Medical Inc	0.62%	0.21%	Gildan Activewear Inc	0.80%	-0.54%
STERIS PLC	1.61%	0.17%	Norwegian Cruise Line Holdings Ltd	0.81%	-0.51%


	5 Top Contributors - Sectors*
		Relative	Fund	Russell Midcap Growth Index
		Contribution	Average Weight	Average Weight
	Other**	1.09%	6.70%	0.00%
	Communication Services	0.57%	0.93%	4.76%
	Utilities	-0.01%	0.02%	0.00%
	Energy	-0.10%	1.66%	1.13%
	Real Estate	-0.13%	3.35%	2.85%


	5 Top Detractors - Sectors*
		Relative	Fund	Russell Midcap Growth Index
		Contribution	Average Weight	Average Weight
	Information Technology	-3.00%	32.58%	33.96%
	Health Care	-1.45%	16.84%	15.23%
	Consumer Discretionary	-1.28%	7.31%	14.53%
	Financials	-0.72%	11.85%	4.45%
	Industrials	-0.58%	17.67%	17.05%

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


Janus Investment Fund	3

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

Fund At A Glance

March 31, 2020


5 Largest Equity Holdings - (% of Net Assets)
Constellation Software Inc/Canada
Software	2.7%
Nice Ltd (ADR)
Software	2.6%
Aon PLC
Insurance	2.3%
Crown Castle International Corp
Equity Real Estate Investment Trusts (REITs)	2.3%
Global Payments Inc
Information Technology Services	2.3%
	12.2%


Asset Allocation - (% of Net Assets)
Common Stocks	94.1%
Investment Companies	5.6%
Investments Purchased with Cash Collateral from Securities Lending	0.9%
Limited Partnership Interests	0.3%
Other		(0.9)%
		100.0%

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

As of March 31, 2020

As of September 30, 2019


4	MARCH 31, 2020

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

Performance

See important disclosures on the next page.




Average Annual Total Return - for the periods ended March 31, 2020						Expense Ratios
	Fiscal Year-to-Date	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses^‡
Class A Shares at NAV⁽¹⁾	-19.70%	-13.14%	6.50%	11.26%	10.13%	1.16%
Class A Shares at MOP⁽¹⁾	-24.32%	-18.13%	5.25%	10.60%	9.89%
Class C Shares at NAV⁽¹⁾	-19.93%	-13.63%	5.86%	10.52%	9.36%	1.74%
Class C Shares at CDSC⁽¹⁾	-20.69%	-14.46%	5.86%	10.52%	9.36%
Class D Shares⁽¹⁾	-19.57%	-12.87%	6.83%	11.58%	10.28%	0.81%
Class I Shares⁽¹⁾	-19.55%	-12.83%	6.89%	11.67%	10.31%	0.75%
Class N Shares⁽¹⁾	-19.51%	-12.74%	6.99%	11.70%	10.32%	0.66%
Class R Shares⁽¹⁾	-19.82%	-13.40%	6.19%	10.93%	9.75%	1.41%
Class S Shares⁽¹⁾	-19.71%	-13.18%	6.46%	11.21%	10.01%	1.16%
Class T Shares⁽¹⁾	-19.61%	-12.95%	6.73%	11.49%	10.24%	0.91%
Russell Midcap Growth Index	-13.50%	-9.45%	5.61%	10.89%	9.51%
Morningstar Quartile - Class T Shares	-	3rd	1st	1st	2nd
Morningstar Ranking - based on total returns for Mid-Cap Growth Funds	-	443/618	119/564	86/514	45/136

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	MARCH 31, 2020

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

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (10/1/19)	Ending Account Value (3/31/20)	Expenses Paid During Period (10/1/19 - 3/31/20)†	Beginning Account Value (10/1/19)	Ending Account Value (3/31/20)	Expenses Paid During Period (10/1/19 - 3/31/20)†	Net Annualized Expense Ratio (10/1/19 - 3/31/20)
Class A Shares		$1,000.00	$803.00	$5.14	$1,000.00	$1,019.30	$5.76	1.14%
Class C Shares		$1,000.00	$800.70	$7.52	$1,000.00	$1,016.65	$8.42	1.67%
Class D Shares		$1,000.00	$804.30	$3.61	$1,000.00	$1,021.00	$4.04	0.80%
Class I Shares		$1,000.00	$804.50	$3.38	$1,000.00	$1,021.25	$3.79	0.75%
Class N Shares		$1,000.00	$804.90	$2.98	$1,000.00	$1,021.70	$3.34	0.66%
Class R Shares		$1,000.00	$801.80	$6.35	$1,000.00	$1,017.95	$7.11	1.41%
Class S Shares		$1,000.00	$802.90	$5.23	$1,000.00	$1,019.20	$5.86	1.16%
Class T Shares		$1,000.00	$803.90	$4.06	$1,000.00	$1,020.50	$4.55	0.90%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


Janus Investment Fund	7

Janus Henderson Enterprise Fund

Schedule of Investments (unaudited)

March 31, 2020


Shares or Principal Amounts			Value
Common Stocks– 94.1%
Aerospace & Defense – 3.5%
	HEICO Corp	950,685	$60,748,772
	L3Harris Technologies Inc	1,572,814	283,295,258
	Teledyne Technologies Inc*	831,952	247,314,371
			591,358,401
Airlines – 0.6%
	Ryanair Holdings PLC (ADR)*	2,030,937	107,822,445
Auto Components – 0.4%
	Visteon Corp*	1,263,047	60,600,995
Banks – 0.4%
	SVB Financial Group*	397,504	60,054,904
Biotechnology – 1.1%
	Neurocrine Biosciences Inc*	1,358,251	117,556,624
	Sarepta Therapeutics Inc*	771,550	75,473,021
			193,029,645
Capital Markets – 4.7%
	Cboe Global Markets Inc	1,599,178	142,726,637
	LPL Financial Holdings Inc^£	4,357,313	237,168,547
	MSCI Inc	463,481	133,927,470
	TD Ameritrade Holding Corp	8,125,148	281,617,630
			795,440,284
Commercial Services & Supplies – 2.5%
	Cimpress PLC*^,£	2,154,740	114,632,168
	Edenred	3,438,610	143,877,484
	Ritchie Bros Auctioneers Inc	4,870,747	166,482,132
			424,991,784
Containers & Packaging – 1.0%
	Sealed Air Corp	6,542,565	161,666,781
Diversified Consumer Services – 1.4%
	frontdoor Inc*	2,553,727	88,818,625
	ServiceMaster Global Holdings Inc*	5,485,620	148,111,740
			236,930,365
Electric Utilities – 0.4%
	Alliant Energy Corp	1,370,507	66,181,783
Electrical Equipment – 1.3%
	Sensata Technologies Holding PLC*	7,500,411	216,986,890
Electronic Equipment, Instruments & Components – 5.4%
	Belden Inc	1,993,351	71,920,104
	Dolby Laboratories Inc^£	3,593,696	194,814,260
	Flex Ltd*	19,364,236	162,175,476
	National Instruments Corp	5,909,661	195,491,586
	TE Connectivity Ltd	4,617,128	290,786,721
			915,188,147
Entertainment – 0.5%
	Liberty Media Corp-Liberty Formula One*	2,912,862	79,317,232
Equity Real Estate Investment Trusts (REITs) – 3.6%
	Crown Castle International Corp	2,658,380	383,870,072
	Lamar Advertising Co	4,251,997	218,042,406
			601,912,478
Health Care Equipment & Supplies – 9.4%
	Boston Scientific Corp*	10,361,024	338,080,213
	Cooper Cos Inc	1,303,156	359,241,015
	Dentsply Sirona Inc	3,571,812	138,693,460
	ICU Medical Inc*	738,542	149,015,619
	STERIS PLC	2,356,290	329,809,911
	Teleflex Inc	526,725	154,256,683
	Varian Medical Systems Inc*	1,012,999	103,994,477
			1,573,091,378


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

8	MARCH 31, 2020

Janus Henderson Enterprise Fund

Schedule of Investments (unaudited)

March 31, 2020


Shares or Principal Amounts			Value
Common Stocks– (continued)
Hotels, Restaurants & Leisure – 1.7%
	Aramark	5,025,079	$100,350,828
	Dunkin' Brands Group Inc	3,536,509	187,788,628
			288,139,456
Industrial Conglomerates – 0.9%
	Carlisle Cos Inc	1,218,521	152,656,311
Information Technology Services – 11.4%
	Amdocs Ltd	5,484,437	301,479,502
	Broadridge Financial Solutions Inc	3,434,236	325,668,600
	Euronet Worldwide Inc*	740,032	63,435,543
	Fidelity National Information Services Inc	2,652,558	322,657,155
	Global Payments Inc	2,659,057	383,515,791
	GoDaddy Inc*	5,538,033	316,277,065
	WEX Inc*	1,933,556	202,153,280
			1,915,186,936
Insurance – 7.1%
	Aon PLC	2,391,118	394,630,115
	Intact Financial Corp	3,674,011	317,582,231
	Willis Towers Watson PLC	1,228,365	208,637,795
	WR Berkley Corp	5,220,135	272,334,443
			1,193,184,584
Internet & Direct Marketing Retail – 0.5%
	Wayfair Inc*^,#	1,548,637	82,759,161
Life Sciences Tools & Services – 5.3%
	IQVIA Holdings Inc*	1,969,684	212,450,116
	PerkinElmer Inc	4,426,073	333,194,775
	PRA Health Sciences Inc*	1,603,829	133,181,960
	Waters Corp*	1,155,051	210,277,035
			889,103,886
Machinery – 3.5%
	Ingersoll Rand Inc*	3,688,737	91,480,678
	Middleby Corp*	1,334,318	75,896,008
	Rexnord Corp^£	7,267,117	164,745,542
	Trane Technologies PLC	1,021,102	84,332,814
	Wabtec Corp	3,492,998	168,117,994
			584,573,036
Oil, Gas & Consumable Fuels – 1.6%
	Magellan Midstream Partners LP	7,147,831	260,824,353
Pharmaceuticals – 2.9%
	Bristol-Myers Squibb Co	2,323,016	129,484,912
	Catalent Inc*	4,239,328	220,233,090
	Elanco Animal Health Inc*	6,150,175	137,702,418
			487,420,420
Professional Services – 4.0%
	CoStar Group Inc*	393,023	230,787,036
	IHS Markit Ltd	2,410,202	144,612,120
	Verisk Analytics Inc	2,188,866	305,084,143
			680,483,299
Semiconductor & Semiconductor Equipment – 7.5%
	KLA Corp	1,973,353	283,649,760
	Lam Research Corp	1,041,793	250,030,320
	Microchip Technology Inc^#	5,141,541	348,596,480
	ON Semiconductor Corp*	16,808,729	209,100,589
	Xilinx Inc	2,130,153	166,024,125
			1,257,401,274
Software – 9.0%
	Atlassian Corp PLC*	1,755,500	240,959,930
	Constellation Software Inc/Canada	498,709	453,314,466
	Nice Ltd (ADR)*	3,102,650	445,416,434


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 (unaudited)

March 31, 2020


Shares or Principal Amounts			Value
Common Stocks– (continued)
Software – (continued)
	SS&C Technologies Holdings Inc	8,676,112	$380,187,228
			1,519,878,058
Specialty Retail – 1.4%
	CarMax Inc*	3,211,988	172,901,314
	Williams-Sonoma Inc	1,523,296	64,770,546
			237,671,860
Textiles, Apparel & Luxury Goods – 0.5%
	Gildan Activewear Inc	6,528,988	83,309,887
Trading Companies & Distributors – 0.6%
	Ferguson PLC	1,715,179	107,225,938
Total Common Stocks (cost $13,121,515,610)			15,824,391,971
Limited Partnership Interests– 0.3%
Biotechnology – 0.3%
	RPI International Holdings LP^¢,§(cost $40,150,430)	194,905	39,975,016
Investment Companies– 5.6%
Money Markets – 5.6%
	Janus Henderson Cash Liquidity Fund LLC, 1.0691%^ºº,£(cost $943,182,923)	943,147,178	943,335,807
Investments Purchased with Cash Collateral from Securities Lending– 0.9%
Investment Companies – 0.7%
	Janus Henderson Cash Collateral Fund LLC, 0.5667%^ºº,£	124,451,440	124,451,440
Time Deposits – 0.2%
	Royal Bank of Canada, 0.0100%, 4/1/20	$31,112,860	31,112,860
Total Investments Purchased with Cash Collateral from Securities Lending (cost $155,564,300)			155,564,300
Total Investments (total cost $14,260,413,263) – 100.9%			16,963,267,094
Liabilities, net of Cash, Receivables and Other Assets – (0.9)%			(148,709,713)
Net Assets – 100%			$16,814,557,381


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

		% of
		Investment
Country	Value	Securities
United States	$15,004,502,085	88.5	%
Canada	1,020,688,716	6.0
Israel	445,416,434	2.6
Australia	240,959,930	1.4
France	143,877,484	0.9
Ireland	107,822,445	0.6



Total	$16,963,267,094	100.0	%


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

10	MARCH 31, 2020

Janus Henderson Enterprise Fund

Schedule of Investments (unaudited)

March 31, 2020

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income⁽¹⁾		Realized Gain/(Loss)⁽¹⁾		Change in Unrealized Appreciation/ Depreciation⁽¹⁾		Value at 3/31/20
Common Stocks - 4.3%
Capital Markets - 1.4%
	LPL Financial Holdings Inc	$	2,178,657	$	-	$	(119,695,388)	$	237,168,547
Commercial Services & Supplies - 0.7%
	Cimpress PLC^*		-		-		(169,448,754)		114,632,168
Electronic Equipment, Instruments & Components - 1.2%
	Dolby Laboratories Inc		1,581,226		-		(37,482,249)		194,814,260
Machinery - 1.0%
	Rexnord Corp		581,369		-		(29,611,800)		164,745,542
Total Common Stocks		$	4,341,252	$	-	$	(356,238,191)	$	711,360,517
Preferred Stocks - N/A
Machinery - N/A
	Rexnord Corp, 5.7500%		431,250		-		(2,818,682)		-
Investment Companies - 5.6%
Money Markets - 5.6%
	Janus Henderson Cash Liquidity Fund LLC, 1.0691%^ºº		12,471,649		130,874		152,884		943,335,807
Investments Purchased with Cash Collateral from Securities Lending - 0.7%
Investment Companies - 0.7%
	Janus Henderson Cash Collateral Fund LLC, 0.5667%^ºº		185,158^∆		-		-		124,451,440
Total Affiliated Investments - 10.6%		$	17,429,309	$	130,874	$	(358,903,989)	$	1,779,147,764


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 (unaudited)

March 31, 2020


		Value at 9/30/19		Purchases		Sales Proceeds		Value at 3/31/20
Common Stocks - 4.3%
Capital Markets - 1.4%
	LPL Financial Holdings Inc		356,863,935		-		-		237,168,547
Commercial Services & Supplies - 0.7%
	Cimpress PLC^*		284,080,922		-		-		114,632,168
Electronic Equipment, Instruments & Components - 1.2%
	Dolby Laboratories Inc		232,296,509		-		-		194,814,260
Machinery - 1.0%
	Rexnord Corp		164,357,342		30,000,000^Ð		-		164,745,542
Preferred Stocks - N/A
Machinery - N/A
	Rexnord Corp, 5.7500%		32,818,682		-		(30,000,000)^Ð		-
Investment Companies - 5.6%
Money Markets - 5.6%
	Janus Henderson Cash Liquidity Fund LLC, 1.0691%^ºº		1,490,802,402		1,117,348,200		(1,665,098,553)		943,335,807
Investments Purchased with Cash Collateral from Securities Lending - 0.7%
Investment Companies - 0.7%
	Janus Henderson Cash Collateral Fund LLC, 0.5667%^ºº		-		462,089,584		(337,638,144)		124,451,440


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

12	MARCH 31, 2020

Janus Henderson Enterprise Fund

Schedule of Investments (unaudited)

March 31, 2020


Schedule of Forward Foreign Currency Exchange Contracts, Open


Counterparty/ Foreign Currency	Settlement Date	Foreign Currency Amount (Sold)/ Purchased		USD Currency Amount (Sold)/ Purchased		Market Value and Unrealized Appreciation/ (Depreciation)
Barclays Capital, Inc.:
Canadian Dollar	5/14/20	(76,988,000)	$	53,317,052	$	(1,429,483)
Euro	5/14/20	(47,025,000)		50,713,467		(1,219,991)

						(2,649,474)
Citibank, National Association:
Canadian Dollar	5/14/20	(105,929,000)		73,397,680		(1,928,939)
Euro	5/14/20	(27,735,000)		30,663,816		33,843
Euro	5/14/20	(38,752,000)		41,838,597		(958,328)

						(2,853,424)
Credit Suisse International:
Canadian Dollar	4/23/20	(82,707,000)		61,903,703		3,104,053
Canadian Dollar	4/23/20	(30,970,000)		21,686,851		(330,937)

						2,773,116
HSBC Securities (USA), Inc.:
Canadian Dollar	5/14/20	(115,683,000)		86,705,748		4,443,012
Euro	5/14/20	(46,504,000)		50,528,642		(829,434)

						3,613,578
JPMorgan Chase Bank, National Association:
Euro	5/14/20	(59,655,000)		64,479,300		(1,402,475)
Total					$	(518,679)

The following table, grouped by derivative type, provides information about the fair value and location of derivatives within the Statement of Assets and Liabilities as of March 31, 2020.


Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of March 31, 2020

					Currency Contracts
Asset Derivatives:
Forward foreign currency exchange contracts					$7,580,908


Liability Derivatives:
Forward foreign currency exchange contracts					$8,099,587


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 (unaudited)

March 31, 2020

The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the period ended March 31, 2020.


The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended March 31, 2020

Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative				Currency Contracts
Forward foreign currency exchange contracts				$30,565,042



Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative				Currency Contracts
Forward foreign currency exchange contracts				$ (6,032,476)

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 Period Ended March 31, 2020

	Market Value^(a)
Forward foreign currency exchange contracts, sold	$ 662,422,808

(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	MARCH 31, 2020

Janus Henderson Enterprise Fund

Notes to Schedule of Investments and Other Information (unaudited)


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 March 31, 2020.


#	Loaned security; a portion of the security is on loan at March 31, 2020.


¢	Security is valued using significant unobservable inputs.


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


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


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


§	Schedule of Restricted Securities (as of March 31, 2020)
							Value as a
		Acquisition					% of Net
		Date		Cost		Value	Assets
RPI International Holdings LP		2/4/20	$	40,150,430	$	39,975,016	0.3	%


The Fund has registration rights for certain restricted securities held as of March 31, 2020. The issuer incurs all registration costs.


Janus Investment Fund	15

Janus Henderson Enterprise Fund

Notes to Schedule of Investments and Other Information (unaudited)


The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of March 31, 2020. See Notes to Financial Statements for more information.

Valuation Inputs Summary

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

Assets
Investments In Securities:
Common Stocks
Commercial Services & Supplies		$	281,114,300	$	143,877,484	$	-
Trading Companies & Distributors			-		107,225,938		-
All Other			15,292,174,249		-		-
Limited Partnership Interests			-		-		39,975,016
Investment Companies			-		943,335,807		-
Investments Purchased with Cash Collateral from Securities Lending			-		155,564,300		-
Total Investments in Securities		$	15,573,288,549	$	1,350,003,529	$	39,975,016
Other Financial Instruments^(a):
Forward Foreign Currency Exchange Contracts			-		7,580,908		-
Total Assets		$	15,573,288,549	$	1,357,584,437	$	39,975,016
Liabilities
Other Financial Instruments^(a):
Forward Foreign Currency Exchange Contracts		$	-	$	8,099,587	$	-

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


16	MARCH 31, 2020

Janus Henderson Enterprise Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2020

See footnotes at the end of the Statement.



Assets:
	Unaffiliated investments, at value⁽¹⁾⁽²⁾		$	15,184,119,330
	Affiliated investments, at value⁽³⁾			1,779,147,764
	Cash			550,786
	Forward foreign currency exchange contracts			7,580,908
	Closed foreign currency contracts			4,023,186
	Non-interested Trustees' deferred compensation			331,735
	Receivables:
		Fund shares sold		96,018,628
		Investments sold		25,607,370
		Dividends		7,706,181
		Dividends from affiliates		1,248,242
		Foreign tax reclaims		137,647
	Other assets			254,412
Total Assets				17,106,726,189
Liabilities:
	Collateral for securities loaned (Note 3)			155,564,300
	Forward foreign currency exchange contracts			8,099,587
	Closed foreign currency contracts			1,104,474
	Payables:			—
		Fund shares repurchased		103,962,560
		Advisory fees		9,736,054
		Investments purchased		9,177,289
		Transfer agent fees and expenses		2,645,534
		12b-1 Distribution and shareholder servicing fees		374,670
		Non-interested Trustees' deferred compensation fees		331,735
		Non-interested Trustees' fees and expenses		132,728
		Professional fees		61,095
		Affiliated fund administration fees payable		38,031
		Custodian fees		23,096
		Accrued expenses and other payables		917,655
Total Liabilities				292,168,808
Net Assets			$	16,814,557,381


See Notes to Financial Statements.

Janus Investment Fund	17

Janus Henderson Enterprise Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2020




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	13,613,885,139
	Total distributable earnings (loss)		3,200,672,242
Total Net Assets		$	16,814,557,381
Net Assets - Class A Shares		$	400,911,567
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,834,696
Net Asset Value Per Share⁽⁴⁾		$	104.55
Maximum Offering Price Per Share⁽⁵⁾		$	110.93
Net Assets - Class C Shares		$	151,271,015
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,580,450
Net Asset Value Per Share⁽⁴⁾		$	95.71
Net Assets - Class D Shares		$	1,576,251,845
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		14,639,082
Net Asset Value Per Share		$	107.67
Net Assets - Class I Shares		$	5,904,963,388
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		54,551,809
Net Asset Value Per Share		$	108.25
Net Assets - Class N Shares		$	4,046,832,975
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		37,236,837
Net Asset Value Per Share		$	108.68
Net Assets - Class R Shares		$	100,928,840
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,003,170
Net Asset Value Per Share		$	100.61
Net Assets - Class S Shares		$	446,296,810
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		4,293,382
Net Asset Value Per Share		$	103.95
Net Assets - Class T Shares		$	4,187,100,941
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		39,165,534
Net Asset Value Per Share		$	106.91

(1) Includes cost of $12,480,956,194.

(2) Includes $152,116,826 of securities on loan. See Note 3 in Notes to Financial Statements.

(3) Includes cost of $1,779,457,069.

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

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


See Notes to Financial Statements.

18	MARCH 31, 2020

Janus Henderson Enterprise Fund

Statement of Operations (unaudited)

For the period ended March 31, 2020



Investment Income:
	Dividends		$	108,115,109
	Dividends from affiliates			17,244,151
	Affiliated securities lending income, net			185,158
	Unaffiliated securities lending income, net			7,173
	Other income			35
	Foreign tax withheld			(1,578,225)
Total Investment Income				123,973,401
Expenses:
	Advisory fees			69,899,319
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		667,918
		Class C Shares		961,294
		Class R Shares		356,725
		Class S Shares		731,374
	Transfer agent administrative fees and expenses:
		Class D Shares		1,211,054
		Class R Shares		179,174
		Class S Shares		731,374
		Class T Shares		6,845,417
	Transfer agent networking and omnibus fees:
		Class A Shares		675,264
		Class C Shares		69,262
		Class I Shares		3,541,393
	Other transfer agent fees and expenses:
		Class A Shares		22,116
		Class C Shares		7,968
		Class D Shares		139,059
		Class I Shares		178,182
		Class N Shares		67,935
		Class R Shares		1,126
		Class S Shares		3,902
		Class T Shares		26,848
	Shareholder reports expense			546,994
	Affiliated fund administration fees			273,044
	Non-interested Trustees’ fees and expenses			259,168
	Registration fees			210,442
	Custodian fees			199,337
	Professional fees			92,526
	Other expenses			598,060
Total Expenses				88,496,275
Less: Excess Expense Reimbursement and Waivers				(316,645)
Net Expenses				88,179,630
Net Investment Income/(Loss)				35,793,771


See Notes to Financial Statements.

Janus Investment Fund	19

Janus Henderson Enterprise Fund

Statement of Operations (unaudited)

For the period ended March 31, 2020



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	447,078,225
	Investments in affiliates		130,874
	Forward foreign currency exchange contracts		30,565,042
Total Net Realized Gain/(Loss) on Investments			477,774,141
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation		(4,378,232,451)
	Investments in affiliates		(358,903,989)
	Forward foreign currency exchange contracts		(6,032,476)
Total Change in Unrealized Net Appreciation/Depreciation			(4,743,168,916)
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	(4,229,601,004)


See Notes to Financial Statements.

20	MARCH 31, 2020

Janus Henderson Enterprise Fund

Statements of Changes in Net Assets



			Period ended March 31, 2020 (unaudited)		Year ended September 30, 2019

Operations:
	Net investment income/(loss)		$	35,793,771	$	54,276,928
	Net realized gain/(loss) on investments			477,774,141		984,326,877
	Change in unrealized net appreciation/depreciation			(4,743,168,916)		912,811,635
Net Increase/(Decrease) in Net Assets Resulting from Operations				(4,229,601,004)		1,951,415,440
Dividends and Distributions to Shareholders
		Class A Shares		(23,793,931)		(34,071,264)
		Class C Shares		(10,095,941)		(12,858,752)
		Class D Shares		(91,743,793)		(100,885,586)
		Class I Shares		(351,705,307)		(336,166,498)
		Class N Shares		(231,735,533)		(210,986,462)
		Class R Shares		(6,798,272)		(8,368,913)
		Class S Shares		(26,571,882)		(33,421,027)
		Class T Shares		(246,601,883)		(263,071,002)
Net Decrease from Dividends and Distributions to Shareholders				(989,046,542)		(999,829,504)
Capital Share Transactions:
		Class A Shares		(23,930,017)		(140,642,060)
		Class C Shares		(13,018,588)		(45,765,892)
		Class D Shares		(4,873,559)		(877,821)
		Class I Shares		112,462,514		846,096,794
		Class N Shares		420,252,771		667,657,097
		Class R Shares		(17,804,261)		(16,392,592)
		Class S Shares		(6,004,662)		(55,720,217)
		Class T Shares		14,980,734		(73,334,727)
Net Increase/(Decrease) from Capital Share Transactions				482,064,932		1,181,020,582
Net Increase/(Decrease) in Net Assets				(4,736,582,614)		2,132,606,518
Net Assets:
	Beginning of period			21,551,139,995		19,418,533,477
	End of period		$	16,814,557,381	$	21,551,139,995


See Notes to Financial Statements.

Janus Investment Fund	21

Janus Henderson Enterprise Fund

Financial Highlights


Class A Shares
For a share outstanding during the period ended March 31, 2020 (unaudited) and the year ended September 30			2020	2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$136.07	$131.70	$111.15	$94.24	$83.92	$83.97
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	—⁽²⁾	(0.02)	(0.15)	(0.14)	(0.04)	0.14
		Net realized and unrealized gain/(loss)	(25.37)	11.19	22.79	18.61	13.68	4.78
	Total from Investment Operations		(25.37)	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)	(6.15)	(6.80)	(2.09)	(1.56)	(3.14)	(4.97)
	Total Dividends and Distributions		(6.15)	(6.80)	(2.09)	(1.56)	(3.32)	(4.97)
	Net Asset Value, End of Period		$104.55	$136.07	$131.70	$111.15	$94.24	$83.92
	Total Return*		(19.70)%	9.88%	20.63%	19.89%	16.72%	5.88%
	Net Assets, End of Period (in thousands)		$400,912	$547,328	$666,848	$617,749	$552,545	$282,626
	Average Net Assets for the Period (in thousands)		$527,683	$611,182	$647,856	$632,639	$385,855	$180,646
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.18%	1.15%	1.16%	1.18%	1.18%	1.14%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.14%	1.11%	1.12%	1.13%	1.15%	1.13%
		Ratio of Net Investment Income/(Loss)	(0.01)%	(0.02)%	(0.13)%	(0.14)%	(0.05)%	0.16%
	Portfolio Turnover Rate		8%	13%	13%	10%	8%	17%


Class C Shares
For a share outstanding during the period ended March 31, 2020 (unaudited) and the year ended September 30			2020	2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$125.40	$122.67	$104.26	$89.01	$79.78	$80.56
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.33)	(0.71)	(0.81)	(0.70)	(0.58)	(0.39)
		Net realized and unrealized gain/(loss)	(23.21)	10.24	21.31	17.51	12.95	4.58
	Total from Investment Operations		(23.54)	9.53	20.50	16.81	12.37	4.19
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—	—
		Distributions (from capital gains)	(6.15)	(6.80)	(2.09)	(1.56)	(3.14)	(4.97)
	Total Dividends and Distributions		(6.15)	(6.80)	(2.09)	(1.56)	(3.14)	(4.97)
	Net Asset Value, End of Period		$95.71	$125.40	$122.67	$104.26	$89.01	$79.78
	Total Return*		(19.93)%	9.25%	19.93%	19.19%	15.95%	5.19%
	Net Assets, End of Period (in thousands)		$151,271	$212,985	$254,496	$250,285	$185,629	$77,748
	Average Net Assets for the Period (in thousands)		$205,251	$219,505	$255,949	$233,290	$118,888	$63,110
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.67%	1.70%	1.70%	1.73%	1.81%	1.78%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.67%	1.70%	1.70%	1.73%	1.81%	1.78%
		Ratio of Net Investment Income/(Loss)	(0.54)%	(0.61)%	(0.71)%	(0.74)%	(0.71)%	(0.46)%
	Portfolio Turnover Rate		8%	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.

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


See Notes to Financial Statements.

22	MARCH 31, 2020

Janus Henderson Enterprise Fund

Financial Highlights


Class D Shares
For a share outstanding during the period ended March 31, 2020 (unaudited) and the year ended September 30			2020	2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$139.87	$134.99	$113.64	$96.10	$85.33	$85.09
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.23	0.37	0.23	0.17	0.23	0.48
		Net realized and unrealized gain/(loss)	(26.13)	11.50	23.31	19.02	13.92	4.76
	Total from Investment Operations		(25.90)	11.87	23.54	19.19	14.15	5.24
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.15)	(0.19)	(0.10)	(0.09)	(0.24)	(0.03)
		Distributions (from capital gains)	(6.15)	(6.80)	(2.09)	(1.56)	(3.14)	(4.97)
	Total Dividends and Distributions		(6.30)	(6.99)	(2.19)	(1.65)	(3.38)	(5.00)
	Net Asset Value, End of Period		$107.67	$139.87	$134.99	$113.64	$96.10	$85.33
	Total Return*		(19.57)%	10.22%	20.99%	20.27%	17.06%	6.19%
	Net Assets, End of Period (in thousands)		$1,576,252	$2,061,471	$1,973,861	$1,696,184	$1,420,155	$1,214,008
	Average Net Assets for the Period (in thousands)		$2,044,328	$1,930,540	$1,853,456	$1,547,274	$1,301,480	$1,278,374
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.80%	0.81%	0.81%	0.82%	0.84%	0.84%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.80%	0.81%	0.81%	0.82%	0.84%	0.84%
		Ratio of Net Investment Income/(Loss)	0.33%	0.28%	0.18%	0.17%	0.26%	0.54%
	Portfolio Turnover Rate		8%	13%	13%	10%	8%	17%


Class I Shares
For a share outstanding during the period ended March 31, 2020 (unaudited) and the year ended September 30			2020	2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$140.62	$135.69	$114.20	$96.60	$85.81	$85.51
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.26	0.45	0.32	0.23	0.29	0.50
		Net realized and unrealized gain/(loss)	(26.26)	11.55	23.42	19.09	14.00	4.83
	Total from Investment Operations		(26.00)	12.00	23.74	19.32	14.29	5.33
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.22)	(0.27)	(0.16)	(0.16)	(0.36)	(0.06)
		Distributions (from capital gains)	(6.15)	(6.80)	(2.09)	(1.56)	(3.14)	(4.97)
	Total Dividends and Distributions		(6.37)	(7.07)	(2.25)	(1.72)	(3.50)	(5.03)
	Net Asset Value, End of Period		$108.25	$140.62	$135.69	$114.20	$96.60	$85.81
	Total Return*		(19.55)%	10.28%	21.07%	20.32%	17.15%	6.28%
	Net Assets, End of Period (in thousands)		$5,904,963	$7,666,702	$6,443,068	$4,550,263	$2,524,615	$1,229,458
	Average Net Assets for the Period (in thousands)		$7,781,882	$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%	0.75%	0.77%	0.78%	0.74%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.75%	0.75%	0.75%	0.77%	0.78%	0.74%
		Ratio of Net Investment Income/(Loss)	0.38%	0.34%	0.25%	0.22%	0.32%	0.55%
	Portfolio Turnover Rate		8%	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 N Shares
For a share outstanding during the period ended March 31, 2020 (unaudited) and the year ended September 30			2020	2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$141.19	$136.18	$114.57	$96.86	$86.00	$85.63
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.33	0.56	0.42	0.33	0.37	0.55
		Net realized and unrealized gain/(loss)	(26.37)	11.60	23.51	19.15	14.03	4.88
	Total from Investment Operations		(26.04)	12.16	23.93	19.48	14.40	5.43
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.32)	(0.35)	(0.23)	(0.21)	(0.40)	(0.09)
		Distributions (from capital gains)	(6.15)	(6.80)	(2.09)	(1.56)	(3.14)	(4.97)
	Total Dividends and Distributions		(6.47)	(7.15)	(2.32)	(1.77)	(3.54)	(5.06)
	Net Asset Value, End of Period		$108.68	$141.19	$136.18	$114.57	$96.86	$86.00
	Total Return*		(19.51)%	10.38%	21.18%	20.45%	17.25%	6.39%
	Net Assets, End of Period (in thousands)		$4,046,833	$4,860,043	$3,947,225	$2,940,422	$1,416,813	$555,661
	Average Net Assets for the Period (in thousands)		$5,079,621	$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%	0.66%	0.67%	0.68%	0.67%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.66%	0.66%	0.66%	0.67%	0.68%	0.67%
		Ratio of Net Investment Income/(Loss)	0.48%	0.43%	0.34%	0.31%	0.41%	0.61%
	Portfolio Turnover Rate		8%	13%	13%	10%	8%	17%


Class R Shares
For a share outstanding during the period ended March 31, 2020 (unaudited) and the year ended September 30			2020	2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$131.34	$127.76	$108.20	$92.03	$82.09	$82.46
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.19)	(0.39)	(0.50)	(0.41)	(0.28)	(0.06)
		Net realized and unrealized gain/(loss)	(24.39)	10.77	22.15	18.14	13.36	4.66
	Total from Investment Operations		(24.58)	10.38	21.65	17.73	13.08	4.60
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—	—
		Distributions (from capital gains)	(6.15)	(6.80)	(2.09)	(1.56)	(3.14)	(4.97)
	Total Dividends and Distributions		(6.15)	(6.80)	(2.09)	(1.56)	(3.14)	(4.97)
	Net Asset Value, End of Period		$100.61	$131.34	$127.76	$108.20	$92.03	$82.09
	Total Return*		(19.82)%	9.56%	20.27%	19.56%	16.38%	5.59%
	Net Assets, End of Period (in thousands)		$100,929	$150,860	$162,271	$171,439	$134,396	$98,430
	Average Net Assets for the Period (in thousands)		$143,339	$150,191	$167,123	$160,164	$115,477	$88,440
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.41%	1.41%	1.41%	1.42%	1.43%	1.41%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.41%	1.41%	1.41%	1.42%	1.43%	1.41%
		Ratio of Net Investment Income/(Loss)	(0.29)%	(0.32)%	(0.43)%	(0.42)%	(0.33)%	(0.07)%
	Portfolio Turnover Rate		8%	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	MARCH 31, 2020

Janus Henderson Enterprise Fund

Financial Highlights


Class S Shares
For a share outstanding during the period ended March 31, 2020 (unaudited) and the year ended September 30			2020	2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$135.34	$131.09	$110.70	$93.89	$83.56	$83.65
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.02)	(0.08)	(0.21)	(0.17)	(0.07)	0.14
		Net realized and unrealized gain/(loss)	(25.22)	11.13	22.69	18.54	13.62	4.74
	Total from Investment Operations		(25.24)	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)	(6.15)	(6.80)	(2.09)	(1.56)	(3.14)	(4.97)
	Total Dividends and Distributions		(6.15)	(6.80)	(2.09)	(1.56)	(3.22)	(4.97)
	Net Asset Value, End of Period		$103.95	$135.34	$131.09	$110.70	$93.89	$83.56
	Total Return*		(19.71)%	9.84%	20.57%	19.86%	16.67%	5.86%
	Net Assets, End of Period (in thousands)		$446,297	$589,792	$626,458	$580,629	$470,126	$327,972
	Average Net Assets for the Period (in thousands)		$585,099	$592,420	$593,963	$536,354	$391,803	$267,883
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.16%	1.16%	1.16%	1.17%	1.18%	1.17%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.16%	1.16%	1.16%	1.17%	1.18%	1.17%
		Ratio of Net Investment Income/(Loss)	(0.02)%	(0.06)%	(0.17)%	(0.17)%	(0.08)%	0.16%
	Portfolio Turnover Rate		8%	13%	13%	10%	8%	17%


Class T Shares
For a share outstanding during the period ended March 31, 2020 (unaudited) and the year ended September 30			2020	2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$138.90	$134.10	$112.96	$95.60	$84.97	$84.78
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.16	0.24	0.11	0.08	0.15	0.39
		Net realized and unrealized gain/(loss)	(25.94)	11.44	23.17	18.91	13.85	4.78
	Total from Investment Operations		(25.78)	11.68	23.28	18.99	14.00	5.17
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.06)	(0.08)	(0.05)	(0.07)	(0.23)	(0.01)
		Distributions (from capital gains)	(6.15)	(6.80)	(2.09)	(1.56)	(3.14)	(4.97)
	Total Dividends and Distributions		(6.21)	(6.88)	(2.14)	(1.63)	(3.37)	(4.98)
	Net Asset Value, End of Period		$106.91	$138.90	$134.10	$112.96	$95.60	$84.97
	Total Return*		(19.61)%	10.12%	20.88%	20.16%	16.96%	6.13%
	Net Assets, End of Period (in thousands)		$4,187,101	$5,461,958	$5,344,306	$4,374,383	$3,050,476	$1,799,869
	Average Net Assets for the Period (in thousands)		$5,476,333	$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%	0.91%	0.92%	0.93%	0.92%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.90%	0.91%	0.91%	0.91%	0.93%	0.91%
		Ratio of Net Investment Income/(Loss)	0.23%	0.19%	0.09%	0.08%	0.17%	0.44%
	Portfolio Turnover Rate		8%	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	25

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)

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 46 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term growth of capital. The Fund is classified as diversified, as defined in the 1940 Act.

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


26	MARCH 31, 2020

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)

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

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

Investment Valuation

Valuation Inputs Summary

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


Janus Investment Fund	27

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)

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

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

Investment Transactions and Investment Income

Expenses

Estimates

Indemnifications


28	MARCH 31, 2020

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)

Foreign Currency Translations

Dividends and Distributions

Federal Income Taxes

2. Derivative Instruments


Janus Investment Fund	29

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)

securities underlying those derivatives. The use of derivatives may result in larger losses or smaller gains than otherwise would be the case. Derivatives can be volatile and may involve significant risks.

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

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

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

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

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

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

Forward Foreign Currency Exchange Contracts

A forward foreign currency exchange contract (“forward currency contract”) is an obligation to buy or sell a specified currency at a future date at a negotiated rate (which may be U.S. dollars or a foreign currency). The Fund may enter into forward currency contracts for hedging purposes, including, but not limited to, reducing exposure to changes in foreign


30	MARCH 31, 2020

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)

currency exchange rates on foreign portfolio holdings and locking in the U.S. dollar cost of firm purchase and sale commitments for securities denominated in or exposed to foreign currencies. The Fund may also invest in forward currency contracts for non-hedging purposes such as seeking to enhance returns. The Fund is subject to currency risk and counterparty risk in the normal course of pursuing its investment objective through its investments in forward currency contracts.

Forward currency contracts are valued by converting the foreign value to U.S. dollars by using the current spot U.S. dollar exchange rate and/or forward rate for that currency. Exchange and forward rates as of the close of the NYSE shall be used to value the forward currency contracts. The unrealized appreciation/(depreciation) for forward currency contracts is reported in the Statement of Assets and Liabilities as a receivable or payable and in the Statement of Operations for the change in unrealized net appreciation/depreciation (if applicable). The gain or loss arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon closing a forward currency contract is reported on the Statement of Operations (if applicable).

During the period, the Fund entered into forward currency contracts with the obligation to sell foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency denominated securities held by the Fund.

3. Other Investments and Strategies

Additional Investment Risk


Janus Investment Fund	31

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)

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”). The United Kingdom formally left the EU on January 31, 2020 and entered into an eleven-month transition period, during which the United Kingdom will remain subject to EU laws and regulations. There is considerable uncertainty relating to the potential consequences of the United Kingdom’s exit and how negotiations for new trade agreements will be conducted or concluded.

Counterparties

Offsetting Assets and Liabilities

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs OTC derivatives and forward foreign currency exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, in the event of a default and/or termination event, the Fund may offset with each counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment.


32	MARCH 31, 2020

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)


Offsetting of Financial Assets and Derivative Assets

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

Citibank, National Association		$	33,843	$	(33,843)	$	—	$	—
Credit Suisse International			3,104,053		(330,937)		—		2,773,116
HSBC Securities (USA), Inc.			4,443,012		(829,434)		—		3,613,578
JPMorgan Chase Bank, National Association			152,116,826		(1,402,475)		(150,714,351)		—

Total		$	159,697,734	$	(2,596,689)	$	(150,714,351)	$	6,386,694
Offsetting of Financial Liabilities and Derivative Liabilities

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

Barclays Capital, Inc.		$	2,649,474	$	—	$	—	$	2,649,474
Citibank, National Association			2,887,267		(33,843)		—		2,853,424
Credit Suisse International			330,937		(330,937)		—		—
HSBC Securities (USA), Inc.			829,434		(829,434)		—		—
JPMorgan Chase Bank, National Association			1,402,475		—		—		1,402,475

Total		$	8,099,587	$	(1,194,214)	$	—	$	6,905,373
(a)	Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities.
(b)	Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value.

The Fund generally does not exchange collateral on its forward foreign currency contracts with its counterparties; however, all liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund’s commitment with respect to these contracts. Certain securities may be segregated at the Fund’s custodian. These segregated securities are denoted on the accompanying Schedule of Investments and are evaluated daily to ensure their cover and/or market value equals or exceeds the Fund’s corresponding forward foreign currency exchange contract's obligation value.


Janus Investment Fund	33

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)

Real Estate Investing

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 March 31, 2020, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $152,116,826. Gross amounts of recognized liabilities for securities lending (collateral received) as of March 31, 2020 is $155,564,300, resulting in the net amount due to the counterparty of $3,447,474.


34	MARCH 31, 2020

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)

4. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pays Janus Capital an investment advisory fee which is calculated daily and paid monthly. The Fund’s contractual investment advisory fee rate (expressed as an annual rate) is 0.64% of its average daily net assets.

Janus Capital has contractually agreed to waive the advisory fee payable by the Fund or reimburse expenses in an amount equal to the amount, if any, that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus/administrative fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.80% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waivers for at least a one-year period commencing January 28, 2020. The previous expense limit (until February 1, 2020) 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	35

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)

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.


36	MARCH 31, 2020

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)

mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $225,450 were paid by the Trust to the Trustees under the Deferred Plan during the period ended March 31, 2020.

5. Federal Income Tax


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 14,234,475,143	$4,229,158,275	$(1,500,366,324)	$ 2,728,791,951


Janus Investment Fund	37

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)

Information on the tax components of derivatives as of March 31, 2020 is as follows:


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ -	$ 7,580,908	$ (8,099,587)	$ (518,679)

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

6. Capital Share Transactions



	Period ended March 31, 2020		Year ended September 30, 2019
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	546,307	$ 70,633,905	1,133,871	$ 139,424,186
Reinvested dividends and distributions	120,158	16,418,356	224,816	24,057,573
Shares repurchased	(854,212)	(110,982,278)	(2,399,453)	(304,123,819)
Net Increase/(Decrease)	(187,747)	$ (23,930,017)	(1,040,766)	$ (140,642,060)
Class C Shares:
Shares sold	43,053	$ 5,279,109	81,168	$ 9,058,222
Reinvested dividends and distributions	74,527	9,335,946	120,262	11,913,111
Shares repurchased	(235,618)	(27,633,643)	(577,575)	(66,737,225)
Net Increase/(Decrease)	(118,038)	$ (13,018,588)	(376,145)	$ (45,765,892)
Class D Shares:
Shares sold	323,504	$ 42,588,997	548,676	$ 70,395,573
Reinvested dividends and distributions	635,739	89,372,263	898,116	98,559,340
Shares repurchased	(1,058,207)	(136,834,819)	(1,331,036)	(169,832,734)
Net Increase/(Decrease)	(98,964)	$ (4,873,559)	115,756	$ (877,821)
Class I Shares:
Shares sold	8,765,062	$1,171,359,789	17,901,555	$2,281,473,886
Reinvested dividends and distributions	2,008,727	283,853,271	2,406,349	265,372,189
Shares repurchased	(10,741,478)	(1,342,750,546)	(13,271,746)	(1,700,749,281)
Net Increase/(Decrease)	32,311	$ 112,462,514	7,036,158	$ 846,096,794
Class N Shares:
Shares sold	5,502,712	$ 761,283,964	8,311,242	$1,075,958,324
Reinvested dividends and distributions	1,610,043	228,352,328	1,899,191	210,126,495
Shares repurchased	(4,299,031)	(569,383,521)	(4,772,714)	(618,427,722)
Net Increase/(Decrease)	2,813,724	$ 420,252,771	5,437,719	$ 667,657,097
Class R Shares:
Shares sold	129,269	$ 16,113,417	286,077	$ 34,610,009
Reinvested dividends and distributions	49,064	6,456,280	73,059	7,563,843
Shares repurchased	(323,807)	(40,373,958)	(480,603)	(58,566,444)
Net Increase/(Decrease)	(145,474)	$ (17,804,261)	(121,467)	$ (16,392,592)
Class S Shares:
Shares sold	670,423	$ 88,361,143	1,169,304	$ 144,670,332
Reinvested dividends and distributions	195,365	26,540,272	311,545	33,170,161
Shares repurchased	(930,423)	(120,906,077)	(1,901,622)	(233,560,710)
Net Increase/(Decrease)	(64,635)	$ (6,004,662)	(420,773)	$ (55,720,217)
Class T Shares:
Shares sold	5,352,267	$ 673,379,979	7,771,150	$ 990,769,408
Reinvested dividends and distributions	1,742,852	243,336,927	2,380,078	259,571,317
Shares repurchased	(7,252,741)	(901,736,172)	(10,680,402)	(1,323,675,452)
Net Increase/(Decrease)	(157,622)	$ 14,980,734	(529,174)	$ (73,334,727)


38	MARCH 31, 2020

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)

7. Purchases and Sales of Investment Securities


Purchases of Securities	Proceeds from Sales of Securities	Purchases of Long- Term U.S. Government Obligations	Proceeds from Sales of Long-Term U.S. Government Obligations
$1,758,482,107	$1,663,044,615	$ -	$ -

8. Recent Accounting Pronouncements

9. Other Matters

10. Subsequent Event


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


40	MARCH 31, 2020

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Nature, Extent and Quality of Services

Performance of the Funds

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

Alternative Fund

Asset Allocation Funds


Janus Investment Fund	41

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


42	MARCH 31, 2020

Janus Henderson Enterprise Fund

Additional Information (unaudited)

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

Money Market Funds


Janus Investment Fund	43

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Multi-Asset Funds

Multi-Asset U.S. Equity Funds


44	MARCH 31, 2020

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)

Alternative Fund

Asset Allocation Funds


46	MARCH 31, 2020

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds

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

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

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

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


Janus Investment Fund	47

Janus Henderson Enterprise Fund

Additional Information (unaudited)

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

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

Money Market Funds

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

Multi-Asset Funds

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

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

Multi-Asset U.S. Equity Funds

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

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


48	MARCH 31, 2020

Janus Henderson Enterprise Fund

Additional Information (unaudited)

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

Quantitative Equity Funds

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

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

U.S. Equity Funds

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


Janus Investment Fund	49

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Economies of Scale


50	MARCH 31, 2020

Janus Henderson Enterprise Fund

Additional Information (unaudited)

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

Other Benefits to Janus Capital

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	51

Janus Henderson Enterprise Fund

Additional Information (unaudited)


52	MARCH 31, 2020

Janus Henderson Enterprise Fund

Additional Information (unaudited)

nature, extent, and quality of the services expected to be provided by Janus Capital, its affiliates, and Perkins following the Strategy Change.


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	MARCH 31, 2020

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	MARCH 31, 2020

Janus Henderson Enterprise Fund

Notes

NotesPage1


Janus Investment Fund	57

Knowledge. Shared

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

Learn more by visiting janushenderson.com.




This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson, Janus, Henderson, Perkins, Intech and Knowledge. Shared are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc. Janus Henderson Distributors
							125-24-93040 05-20



		SEMIANNUAL REPORT March 31, 2020

	Janus Henderson European Focus Fund

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

Table of Contents

Janus Henderson European Focus Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	13
Statement of Assets and Liabilities	14
Statement of Operations	16
Statements of Changes in Net Assets	18
Financial Highlights	19
Notes to Financial Statements	27
Additional Information	42
Useful Information About Your Fund Report	56

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 outperformed its benchmark, the MSCI Europe Index^SM, over the six-month period ended March 31, 2020. The Fund’s Class I Shares returned -5.06% while the MSCI Europe Index returned -17.64%.

INVESTMENT ENVIRONMENT

There were two very distinct periods for markets over the reporting period. The fourth quarter of 2019 saw markets continue to rally as trade discussions moved in the right direction, the UK general election result was perceived as market friendly and we saw further upward-inflecting economic lead indicators pointing toward a steadily improving economy. By contrast, the first quarter of 2020 went down as one of the worst quarters for global equities in recorded history. Breakneck volatility characterized financial markets. The Euro Stoxx 50 Index sold off by 30% to begin March, but then rebounded by 19% from trough to peak. Extreme volatility generally was aggravated by forced liquidation of excess leverage: leveraged corporates and leveraged funds found themselves in the crosshairs.

The banking system, courtesy of much tougher regulation since the Global Financial Crisis, seemed better prepared than usual. That preparation included the forced “postponement” or cancellation of dividends. Shareholders in banks were now relegated further down the pecking order, more than a decade after what many saw as the bailout of “greedy bankers” at the expense of the wider workforce. It is the latter that governments were desperate to be seen to protect this time around. Governments decided that it was time to try – emphasis on “try” – to favor labor over capital. They knew they would be judged on this as well as on how effectively they protected their voters’ health. The era of big government arrived.

Together with extraordinary monetary and fiscal stimulus, this should mean an intact transmission mechanism so that credit and liquidity remain available in this recession. While this cannot reduce the severity of the economic crash in the very near term, it at least should significantly shorten its duration.

PERFORMANCE DISCUSSION

On a sector allocation basis, our underweight position in European banks was beneficial to relative returns. European banks’ share count, in our view, will remain fixed at the current level except for niche, highly levered investment banking and asset management performance-fee-reliant business models. Even so, we feel the sharply rising credit spreads will weigh on earnings. Return on tangible equity (ROTE) remains in the low- to mid-single digits, thus below the cost of equity. Strategically, we feel while they may bounce, there is still no fundamental long-term investment case in European banks. Our underweight to the defensive health care sector detracted from relative returns. Our underweights in financials and energy contributed.

The majority of the relative return, however, was driven by standalone stocks, namely VAT Group AG (a Switzerland-based producer of semiconductor vacuum valves), STMicroelectronics (a French-Italian multinational semiconductor manufacturer), Barry Callebaut (a high-quality chocolate producer) and Givaudan (a Swiss manufacturer of flavors, fragrances and active cosmetic ingredients). These names generally are known for their defensive qualities and are names we were adding to in January/February when cyclicals ran ahead of defensives and amid a slowly improving macro picture. In late March we believed the inverse largely was true and sought entry points into quality early-cycle names. As always, balance sheet and management strength are key criteria for us when analyzing opportunities. We are not willing to enter binary bets, as a significant number of companies will need to shore up their cash and equity ratios. For this reason we used Barry Callebaut, Givaudan and multinational food and drink processing conglomerate


Janus Investment Fund	1

Janus Henderson European Focus Fund (unaudited)

Nestlé as sources of capital in the latter part of the reporting period, with small trims.

The top individual detractor to the Fund’s performance was Danone, a French multinational food-products corporation, whose earnings dipped early in the period after falling yogurt sales and a decline in its bottled-water business. We exited the position over the period. Other standalone stocks that hurt relative returns were Mowi (a Norwegian seafood company), Wizz Air (a Hungarian airline) and Rheinmetall AG (a Germany-based defense contractor). Over the period we trimmed our positions in Mowi and Wizz Air and exited our position in Rheinmetall.

We deployed capital into China-consumer-facing names under our “always looking good” theme. Namely, we bought a French luxury goods company and a German shoe and athletic apparel company as high-quality bounce-back candidates that primarily are driven by the Chinese consumer. Our thinking was that China went into this crisis first and is likely to come out of it first. In our view, semiconductors are another area that could bounce back quickly. Notably, memory pricing continued going up throughout the crisis. This seemed driven by increased server capacity demand from remote working, video conferencing and data-intensive entertainment and gaming demand.

In materials where strong stock selection aided relative performance, our favorite sub-space remained the pulp, paper and packaging industry. We felt it should benefit from increasing displacement of plastics packaging as well as rising e-commerce. Supply discipline upstream was good, and wood resource and logistics remained key long-term barriers to entry, enabling higher future returns on capital. We felt this sub-sector remained well placed to spring back quickly once the COVID-19 coronavirus passes. During the quarter we added to our new holding in an Irish packaging company that sits beside our large position in Finnish paper producer UPM-Kymmene.

Despite the decline in the energy sector, we believe it is structurally challenged not just from low oil prices but also from investment needs to fund the transition to renewables. Until significant change is visible, the sector probably will suffer from higher cost of equity than the majority of the market. Unfortunately, those are often highly leveraged companies, which may compound the negative impact.

DERIVATIVES USED

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

OUTLOOK

Potentially, the month of May will see pressure for hard decisions regarding the reopening of economies without risking further waves of virus spread before a vaccine is available. Politicians are likely to err on the side of caution.

True to the old adage that markets stop panicking when policy makers start panicking, the record stimulus injections have managed to stabilize markets. As usual, the largesse will take several quarters before it delivers its boost to activity levels in the real economy. For the next few months, equity markets are likely to be working on reducing volatility levels and establishing a broader base as opposed to narrow leadership. Given the forced deleveraging, very widespread investor bearishness and potentially short duration of the recession, we may already have seen the absolute price lows. Sector rotation could be quite surprising and painful. Once the stock market sniffs out the virus peak/economic lead indicator trough, the very extended elastic band of defensives over cyclicals could snap back sharply. It is usually the recession that ends the bear market, not the other way around.


2	MARCH 31, 2020

Janus Henderson European Focus Fund (unaudited)

Fund At A Glance

March 31, 2020





5 Top Contributors - Holdings			5 Top Detractors - Holdings
	Average Weight	Relative Contribution		Average Weight	Relative Contribution
VAT Group AG	3.94%	1.09%	Danone SA	1.73%	-0.35%
STMicroelectronics NV	2.93%	0.94%	Mowi ASA	2.08%	-0.32%
Barry Callebaut AG	2.80%	0.72%	Wizz Air Holdings PLC	1.65%	-0.32%
Givaudan SA	2.38%	0.62%	Porsche Automobil Holding SE Pref	1.63%	-0.31%
Nexi SpA	1.36%	0.60%	Rheinmetall AG	0.38%	-0.18%


	5 Top Contributors - Sectors*
		Relative	Fund	MSCI Europe Index
		Contribution	Average Weight	Average Weight
	Information Technology	2.91%	16.07%	6.16%
	Financials	2.26%	6.06%	17.63%
	Industrials	2.24%	21.15%	13.70%
	Materials	1.65%	14.73%	7.16%
	Energy	1.18%	2.06%	6.47%


	5 Top Detractors - Sectors*
		Relative	Fund	MSCI Europe Index
		Contribution	Average Weight	Average Weight
	Health Care	-0.47%	12.31%	14.17%
	Real Estate	0.08%	0.00%	1.44%
	Consumer Staples	0.33%	13.23%	14.32%
	Consumer Discretionary	0.55%	5.75%	9.87%
	Communication Services	0.62%	0.20%	4.46%

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


Janus Investment Fund	3

Janus Henderson European Focus Fund (unaudited)

Fund At A Glance

March 31, 2020


5 Largest Equity Holdings - (% of Net Assets)
Nestle SA (REG)
Food Products	4.9%
VAT Group AG
Machinery	4.7%
UPM-Kymmene Oyj
Paper & Forest Products	3.9%
Roche Holding AG
Pharmaceuticals	3.6%
Barry Callebaut AG (REG)
Food Products	3.5%
	20.6%


Asset Allocation - (% of Net Assets)
Common Stocks	96.3%
Preferred Stocks	1.4%
Investment Companies	1.2%
Other		1.1%
		100.0%

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

As of March 31, 2020

As of September 30, 2019


4	MARCH 31, 2020

Janus Henderson European Focus Fund (unaudited)

Performance

See important disclosures on the next page.




Average Annual Total Return - for the periods ended March 31, 2020						Expense Ratios
	Fiscal Year-to-Date	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses^‡	Net Annual Fund Operating Expenses^‡
Class A Shares at NAV	-5.17%	-5.63%	-4.26%	2.61%	10.12%	1.47%	1.33%
Class A Shares at MOP	-10.63%	-11.06%	-5.39%	2.00%	9.77%
Class C Shares at NAV	-5.49%	-6.29%	-4.98%	1.83%	9.30%	2.22%	2.08%
Class C Shares at CDSC	-6.43%	-7.23%	-4.98%	1.83%	9.30%
Class D Shares⁽¹⁾	-5.10%	-5.45%	-4.17%	2.66%	10.15%	1.60%	1.14%
Class I Shares	-5.06%	-5.37%	-4.00%	2.89%	10.30%	1.17%	1.05%
Class N Shares	-4.97%	-5.26%	-4.01%	2.74%	10.20%	2.57%	0.98%
Class S Shares	-5.10%	-5.39%	-4.29%	2.58%	10.11%	8.67%	1.48%
Class T Shares	-5.11%	-5.49%	-4.20%	2.64%	10.14%	1.77%	1.22%
MSCI Europe Index	-17.64%	-15.50%	-1.31%	2.46%	3.96%
Morningstar Quartile - Class A Shares	-	1st	4th	3rd	1st
Morningstar Ranking - based on total returns for Europe Stock Funds	-	12/108	81/92	43/73	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 for at least a one-year period commencing on January 28, 2020.


Janus Investment Fund	5

Janus Henderson European Focus Fund (unaudited)

Performance

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

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	MARCH 31, 2020

Janus Henderson European Focus Fund (unaudited)

Performance

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

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

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

See “Useful Information About Your Fund Report.”

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 (10/1/19)	Ending Account Value (3/31/20)	Expenses Paid During Period (10/1/19 - 3/31/20)†	Beginning Account Value (10/1/19)	Ending Account Value (3/31/20)	Expenses Paid During Period (10/1/19 - 3/31/20)†	Net Annualized Expense Ratio (10/1/19 - 3/31/20)
Class A Shares		$1,000.00	$948.30	$6.43	$1,000.00	$1,018.40	$6.66	1.32%
Class C Shares		$1,000.00	$945.10	$9.97	$1,000.00	$1,014.75	$10.33	2.05%
Class D Shares		$1,000.00	$949.00	$5.41	$1,000.00	$1,019.45	$5.60	1.11%
Class I Shares		$1,000.00	$949.40	$5.07	$1,000.00	$1,019.80	$5.25	1.04%
Class N Shares		$1,000.00	$950.30	$4.68	$1,000.00	$1,020.20	$4.85	0.96%
Class S Shares		$1,000.00	$949.00	$5.60	$1,000.00	$1,019.25	$5.81	1.15%
Class T Shares		$1,000.00	$948.90	$5.75	$1,000.00	$1,019.10	$5.96	1.18%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


8	MARCH 31, 2020

Janus Henderson European Focus Fund

Schedule of Investments (unaudited)

March 31, 2020


Shares			Value
Common Stocks– 96.3%
Airlines – 1.2%
	Wizz Air Holdings PLC (144A)*	119,979	$3,420,435
Banks – 2.3%
	FinecoBank Banca Fineco SpA	766,125	6,960,286
Building Products – 1.8%
	Geberit AG	12,301	5,428,675
Capital Markets – 1.7%
	Deutsche Boerse AG	37,610	5,164,999
Chemicals – 5.1%
	Givaudan SA	1,669	5,176,759
	Koninklijke DSM NV	43,084	4,894,469
	Symrise AG	54,271	5,138,350
			15,209,578
Consumer Finance – 2.4%
	Nexi SpA (144A)*	543,915	7,068,271
Containers & Packaging – 1.7%
	Smurfit Kappa Group PLC	180,684	5,093,455
Electric Utilities – 10.1%
	EDP - Energias de Portugal SA	2,241,871	9,005,903
	Enel SpA	1,031,675	7,178,920
	Iberdrola SA	530,643	5,238,129
	Orsted A/S (144A)	87,827	8,627,980
			30,050,932
Food Products – 11.3%
	Barry Callebaut AG (REG)	5,127	10,313,231
	Chocoladefabriken Lindt & Spruengli AG (PC)	468	3,955,555
	Mowi ASA	313,361	4,783,940
	Nestle SA (REG)	141,856	14,626,925
			33,679,651
Health Care Equipment & Supplies – 1.9%
	Straumann Holding AG	7,379	5,501,625
Hotels, Restaurants & Leisure – 0.4%
	BNN Technology PLC*^,¢	11,756,231	1,109,519
Information Technology Services – 1.5%
	Worldline SA/France (144A)*	75,924	4,461,747
Machinery – 17.4%
	Epiroc AB	480,527	4,767,831
	KION Group AG	229,272	10,068,283
	Knorr-Bremse AG	40,476	3,628,078
	Kone OYJ	95,143	5,398,684
	Sandvik AB	331,825	4,716,467
	VAT Group AG (144A)*	99,706	13,819,261
	Volvo AB	786,456	9,465,184
			51,863,788
Paper & Forest Products – 5.3%
	Mondi PLC	240,978	4,109,403
	UPM-Kymmene Oyj	423,851	11,679,162
			15,788,565
Personal Products – 3.0%
	L'Oreal SA	33,575	8,810,545
Pharmaceuticals – 8.6%
	Novo Nordisk A/S	128,484	7,752,975
	Roche Holding AG	32,861	10,688,014
	Sanofi	79,372	6,986,053
			25,427,042
Semiconductor & Semiconductor Equipment – 8.8%
	ASML Holding NV	33,891	9,004,413
	Siltronic AG	103,403	7,746,856
	STMicroelectronics NV	432,128	9,402,114
			26,153,383


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 (unaudited)

March 31, 2020


Shares			Value
Common Stocks– (continued)
Software – 6.4%
	Dassault Systemes SE	33,891	$5,024,545
	Nemetschek SE	85,104	4,288,950
	SAP SE	84,946	9,753,634
			19,067,129
Textiles, Apparel & Luxury Goods – 5.4%
	adidas AG	29,437	6,770,056
	Kering SA	17,729	9,248,357
			16,018,413
Total Common Stocks (cost $310,237,731)			286,278,038
Preferred Stocks– 1.4%
Automobiles – 1.4%
	Porsche Automobil Holding SE(cost $6,253,350)	98,573	4,257,173
Investment Companies– 1.2%
Money Markets – 1.2%
	Fidelity Investments Money Market Treasury Portfolio, 0.2600%^ºº(cost $3,705,571)	3,705,571	3,705,571
Total Investments (total cost $320,196,652) – 98.9%			294,240,782
Cash, Receivables and Other Assets, net of Liabilities – 1.1%			3,149,119
Net Assets – 100%			$297,389,901


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

		% of
		Investment
Country	Value	Securities
Switzerland	$69,510,045	23.6	%
Germany	56,816,379	19.3
France	43,933,361	14.9
Italy	21,207,477	7.2
Sweden	18,949,482	6.4
Finland	17,077,846	5.8
Denmark	16,380,955	5.6
Netherlands	13,898,882	4.7
Portugal	9,005,903	3.1
Spain	5,238,129	1.8
United Kingdom	5,218,922	1.8
Ireland	5,093,455	1.7
Norway	4,783,940	1.6
United States	3,705,571	1.3
Hungary	3,420,435	1.2



Total	$294,240,782	100.0	%


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

10	MARCH 31, 2020

Janus Henderson European Focus Fund

Schedule of Investments (unaudited)

March 31, 2020

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 3/31/20
Investments Purchased with Cash Collateral from Securities Lending - N/A
Investment Companies - N/A
	Janus Henderson Cash Collateral Fund LLC, 0.5667%^ºº	$	19,756^∆	$	-	$	-	$	-


		Value at 9/30/19		Purchases		Sales Proceeds		Value at 3/31/20
Investments Purchased with Cash Collateral from Securities Lending - N/A
Investment Companies - N/A
	Janus Henderson Cash Collateral Fund LLC, 0.5667%^ºº		1,871,100		13,709,580		(15,580,680)		-

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:


SAP SE	750	110.00	EUR	6/19/20	$	8,501,020	$	139,142	$	(902,513)	$	(1,041,655)
Stroeer SE & Co KGaA	275	80.00	EUR	12/18/20		1,416,010		275,166		(727,565)		(1,002,731)
Total - Written Put Options								414,308		(1,630,078)		(2,044,386)
Total OTC Written Options							$	414,308	$	(1,630,078)	$	(2,044,386)

The following table, grouped by derivative type, provides information about the fair value and location of derivatives within the Statement of Assets and Liabilities as of March 31, 2020.


Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of March 31, 2020

					Equity Contracts


Liability Derivatives:
Options written, at value					$2,044,386


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 (unaudited)

March 31, 2020

The following table provides information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the period ended March 31, 2020.


The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended March 31, 2020

Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative	Currency Contracts	Equity Contracts	Total
Purchased options contracts	$(43,858)	$ 1,675,935	$ 1,632,077
Written options contracts	-	(434,025)	(434,025)

Total	$(43,858)	$ 1,241,910	$ 1,198,052


Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative	Currency Contracts	Equity Contracts	Total
Purchased options contracts	$ -	$ 110,034	$ 110,034
Written options contracts	-	(1,871,421)	(1,871,421)

Total	$ -	$(1,761,387)	$(1,761,387)

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 Period Ended March 31, 2020

	Market Value
Purchased options contracts, call	$ 158,036
Purchased options contracts, put	91,326
Written options contracts, call	6,195
Written options contracts, put	678,889


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

12	MARCH 31, 2020

Janus Henderson European Focus Fund

Notes to Schedule of Investments and Other Information (unaudited)


MSCI Europe Index^SM	MSCI Europe Index^SM reflects the equity market performance of developed markets in Europe.


OTC	Over-the-Counter
PC	Participation Certificate
PLC	Public Limited Company
REG	Registered

144A


*	Non-income producing security.


ºº	Rate shown is the 7-day yield as of March 31, 2020.


¢	Security is valued using significant unobservable inputs.


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


The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of March 31, 2020. See Notes to Financial Statements for more information.

Valuation Inputs Summary

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

Assets
Investments In Securities:
Common Stocks
Hotels, Restaurants & Leisure		$	-	$	-	$	1,109,519
All Other			-		285,168,519		-
Preferred Stocks			-		4,257,173		-
Investment Companies			3,705,571		-		-
Total Assets		$	3,705,571	$	289,425,692	$	1,109,519
Liabilities
Other Financial Instruments^(a):
Options Written, at Value		$	-	$	2,044,386	$	-

(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	13

Janus Henderson European Focus Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2020

See footnotes at the end of the Statement.



Assets:
	Investments, at value⁽¹⁾		$	294,240,782
	Cash			2,568,764
	Cash denominated in foreign currency⁽²⁾			1,063,321
	Non-interested Trustees' deferred compensation			5,876
	Receivables:
		Foreign tax reclaims		2,751,388
		Fund shares sold		248,059
		Investments sold		235,955
	Other assets			5,854
Total Assets				301,119,999
Liabilities:
	Options written, at value⁽³⁾			2,044,386
	Payables:			—
		Fund shares repurchased		1,130,224
		Advisory fees		227,612
		Transfer agent fees and expenses		65,042
		12b-1 Distribution and shareholder servicing fees		47,564
		Professional fees		19,534
		Custodian fees		6,696
		Non-interested Trustees' deferred compensation fees		5,876
		Non-interested Trustees' fees and expenses		2,288
		Affiliated fund administration fees payable		654
		Accrued expenses and other payables		180,222
Total Liabilities				3,730,098
Net Assets			$	297,389,901


See Notes to Financial Statements.

14	MARCH 31, 2020

Janus Henderson European Focus Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2020




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	858,277,825
	Total distributable earnings (loss)		(560,887,924)
Total Net Assets		$	297,389,901
Net Assets - Class A Shares		$	91,568,061
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,583,296
Net Asset Value Per Share⁽⁴⁾		$	25.55
Maximum Offering Price Per Share⁽⁵⁾		$	27.11
Net Assets - Class C Shares		$	31,192,474
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,284,863
Net Asset Value Per Share⁽⁴⁾		$	24.28
Net Assets - Class D Shares		$	2,159,522
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		85,139
Net Asset Value Per Share		$	25.36
Net Assets - Class I Shares		$	167,986,902
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		6,621,746
Net Asset Value Per Share		$	25.37
Net Assets - Class N Shares		$	3,823,942
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		151,834
Net Asset Value Per Share		$	25.19
Net Assets - Class S Shares		$	40,676
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,671
Net Asset Value Per Share		$	24.34
Net Assets - Class T Shares		$	618,324
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		24,367
Net Asset Value Per Share		$	25.38

(1) Includes cost of $320,196,652.

(2) Includes cost of $1,063,321.

(3) Premiums received $414,308.

(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	15

Janus Henderson European Focus Fund

Statement of Operations (unaudited)

For the period ended March 31, 2020



Investment Income:
	Dividends		$	1,925,298
	Affiliated securities lending income, net			19,756
	Unaffiliated securities lending income, net			189
	Other income			28
	Foreign tax withheld			(200,689)
Total Investment Income				1,744,582
Expenses:
	Advisory fees			1,875,416
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		142,966
		Class C Shares		201,979
		Class S Shares		12
	Transfer agent administrative fees and expenses:
		Class D Shares		1,497
		Class S Shares		58
		Class T Shares		947
	Transfer agent networking and omnibus fees:
		Class A Shares		55,923
		Class C Shares		21,643
		Class I Shares		84,511
	Other transfer agent fees and expenses:
		Class A Shares		4,772
		Class C Shares		1,690
		Class D Shares		427
		Class I Shares		4,593
		Class N Shares		27
		Class S Shares		2
		Class T Shares		9
	Registration fees			37,891
	Professional fees			34,341
	Shareholder reports expense			18,160
	Custodian fees			9,703
	Affiliated fund administration fees			4,689
	Non-interested Trustees’ fees and expenses			3,575
	Other expenses			47,534
Total Expenses				2,552,365
Less: Excess Expense Reimbursement and Waivers				(228,634)
Net Expenses				2,323,731
Net Investment Income/(Loss)				(579,149)


See Notes to Financial Statements.

16	MARCH 31, 2020

Janus Henderson European Focus Fund

Statement of Operations (unaudited)

For the period ended March 31, 2020



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	14,640,784
	Purchased options contracts		1,632,077
	Written options contracts		(434,025)
Total Net Realized Gain/(Loss) on Investments			15,838,836
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation		(26,830,209)
	Purchased options contracts		110,034
	Written options contracts		(1,871,421)
Total Change in Unrealized Net Appreciation/Depreciation			(28,591,596)
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	(13,331,909)


See Notes to Financial Statements.

Janus Investment Fund	17

Janus Henderson European Focus Fund

Statements of Changes in Net Assets



			Period ended March 31, 2020 (unaudited)		Year ended September 30, 2019

Operations:
	Net investment income/(loss)		$	(579,149)	$	7,845,974
	Net realized gain/(loss) on investments			15,838,836		(201,374,090)
	Change in unrealized net appreciation/depreciation			(28,591,596)		70,787,966
Net Increase/(Decrease) in Net Assets Resulting from Operations				(13,331,909)		(122,740,150)
Dividends and Distributions to Shareholders
		Class A Shares		(1,186,901)		(5,655,916)
		Class C Shares		—		(1,535,900)
		Class D Shares		(32,297)		(96,577)
		Class I Shares		(2,905,921)		(17,985,378)
		Class N Shares		(19,353)		(10,309)
		Class S Shares		(610)		(3,066)
		Class T Shares		(9,250)		(29,575)
Net Decrease from Dividends and Distributions to Shareholders				(4,154,332)		(25,316,721)
Capital Share Transactions:
		Class A Shares		(15,629,510)		(38,867,538)
		Class C Shares		(10,580,325)		(59,668,935)
		Class D Shares		28,444		(201,983)
		Class I Shares		(42,510,899)		(368,408,126)
		Class N Shares		4,484,470		(105,258)
		Class S Shares		610		3,066
		Class T Shares		(9,967)		(136,636)
Net Increase/(Decrease) from Capital Share Transactions				(64,217,177)		(467,385,410)
Net Increase/(Decrease) in Net Assets				(81,703,418)		(615,442,281)
Net Assets:
	Beginning of period			379,093,319		994,535,600
	End of period		$	297,389,901	$	379,093,319


See Notes to Financial Statements.

18	MARCH 31, 2020

Janus Henderson European Focus Fund

Financial Highlights


Class A Shares
For a share outstanding during the period ended March 31, 2020 (unaudited) and the year or period ended September 30			2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$27.21	$31.73	$35.02	$34.22
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	(0.06)	0.41	0.46	0.13
		Net realized and unrealized gain/(loss)	(1.29)	(3.91)	(3.16)	0.67
	Total from Investment Operations		(1.35)	(3.50)	(2.70)	0.80
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.31)	(1.02)	(0.59)	—
	Total Dividends and Distributions		(0.31)	(1.02)	(0.59)	—
	Net Asset Value, End of Period		$25.55	$27.21	$31.73	$35.02
	Total Return*		(5.17)%	(10.61)%	(7.84)%	2.34%
	Net Assets, End of Period (in thousands)		$91,568	$112,110	$176,690	$273,184
	Average Net Assets for the Period (in thousands)		$113,880	$135,260	$227,911	$268,061
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.44%	1.46%	1.31%	1.35%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.32%	1.32%	1.30%	1.35%
		Ratio of Net Investment Income/(Loss)	(0.39)%	1.49%	1.37%	2.29%
	Portfolio Turnover Rate		59%	145%	82%	6%


Class C Shares
For a share outstanding during the period ended March 31, 2020 (unaudited) and the year or period ended September 30			2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$25.69	$29.66	$32.68	$31.98
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	(0.16)	0.16	0.21	0.08
		Net realized and unrealized gain/(loss)	(1.25)	(3.57)	(2.97)	0.62
	Total from Investment Operations		(1.41)	(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		$24.28	$25.69	$29.66	$32.68
	Total Return*		(5.49)%	(11.26)%	(8.51)%	2.19%
	Net Assets, End of Period (in thousands)		$31,192	$43,110	$118,408	$184,366
	Average Net Assets for the Period (in thousands)		$41,517	$62,633	$154,929	$183,018
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.17%	2.19%	2.04%	2.22%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.05%	2.06%	2.02%	2.22%
		Ratio of Net Investment Income/(Loss)	(1.13)%	0.62%	0.65%	1.44%
	Portfolio Turnover Rate		59%	145%	82%	6%

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

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

(1) Period from August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.

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


See Notes to Financial Statements.

Janus Investment Fund	19

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.

20	MARCH 31, 2020

Janus Henderson European Focus Fund

Financial Highlights


Class D Shares
For a share outstanding during the period ended March 31, 2020 (unaudited) and the year or period ended September 30			2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$27.05	$31.61	$35.02	$34.21
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	(0.02)	0.49	0.57	0.14
		Net realized and unrealized gain/(loss)	(1.29)	(3.92)	(3.20)	0.67
	Total from Investment Operations		(1.31)	(3.43)	(2.63)	0.81
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.38)	(1.13)	(0.78)	—
	Total Dividends and Distributions		(0.38)	(1.13)	(0.78)	—
	Net Asset Value, End of Period		$25.36	$27.05	$31.61	$35.02
	Total Return*		(5.10)%	(10.39)%	(7.67)%	2.37%
	Net Assets, End of Period (in thousands)		$2,160	$2,293	$2,875	$2,776
	Average Net Assets for the Period (in thousands)		$2,527	$2,421	$3,071	$2,683
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.41%	1.59%	1.19%	1.11%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.11%	1.14%	1.11%	1.11%
		Ratio of Net Investment Income/(Loss)	(0.16)%	1.81%	1.71%	2.52%
	Portfolio Turnover Rate		59%	145%	82%	6%


Class I Shares
For a share outstanding during the period ended March 31, 2020 (unaudited) and the year or period ended September 30			2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$27.07	$31.59	$34.94	$34.13
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	(0.02)	0.42	0.54	0.15
		Net realized and unrealized gain/(loss)	(1.28)	(3.82)	(3.14)	0.66
	Total from Investment Operations		(1.30)	(3.40)	(2.60)	0.81
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.40)	(1.12)	(0.75)	—
	Total Dividends and Distributions		(0.40)	(1.12)	(0.75)	—
	Net Asset Value, End of Period		$25.37	$27.07	$31.59	$34.94
	Total Return*		(5.06)%	(10.30)%	(7.60)%	2.37%
	Net Assets, End of Period (in thousands)		$167,987	$220,722	$695,302	$1,234,695
	Average Net Assets for the Period (in thousands)		$213,794	$353,101	$1,025,799	$1,231,744
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.16%	1.16%	1.03%	1.06%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.04%	1.03%	1.02%	1.06%
		Ratio of Net Investment Income/(Loss)	(0.12)%	1.53%	1.60%	2.59%
	Portfolio Turnover Rate		59%	145%	82%	6%

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

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

(1) Period from August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.

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


See Notes to Financial Statements.

Janus Investment Fund	21

Janus Henderson European Focus Fund

Financial Highlights


Class 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.

22	MARCH 31, 2020

Janus Henderson European Focus Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended March 31, 2020 (unaudited) and the year or period ended September 30			2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$26.86	$31.64	$34.89	$34.10
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.05	0.49	0.56	0.13
		Net realized and unrealized gain/(loss)	(1.31)	(3.91)	(3.14)	0.66
	Total from Investment Operations		(1.26)	(3.42)	(2.58)	0.79
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.41)	(1.36)	(0.67)	—
	Total Dividends and Distributions		(0.41)	(1.36)	(0.67)	—
	Net Asset Value, End of Period		$25.19	$26.86	$31.64	$34.89
	Total Return*		(4.97)%	(10.25)%	(7.54)%	2.32%
	Net Assets, End of Period (in thousands)		$3,824	$139	$284	$318
	Average Net Assets for the Period (in thousands)		$2,561	$207	$332	$245
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.20%	2.56%	1.43%	1.19%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.96%	0.97%	0.97%	1.19%
		Ratio of Net Investment Income/(Loss)	0.32%	1.82%	1.68%	2.29%
	Portfolio Turnover Rate		59%	145%	82%	6%


Class S Shares
For a share outstanding during the period ended March 31, 2020 (unaudited) and the year or period ended September 30			2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$25.98	$31.53	$35.01	$34.20
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	(0.03)	0.45	0.47	0.13
		Net realized and unrealized gain/(loss)	(1.24)	(3.98)	(3.20)	0.68
	Total from Investment Operations		(1.27)	(3.53)	(2.73)	0.81
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.37)	(2.02)	(0.75)	—
	Total Dividends and Distributions		(0.37)	(2.02)	(0.75)	—
	Net Asset Value, End of Period		$24.34	$25.98	$31.53	$35.01
	Total Return*		(5.14)%	(10.35)%	(7.96)%	2.37%
	Net Assets, End of Period (in thousands)		$41	$43	$48	$52
	Average Net Assets for the Period (in thousands)		$46	$43	$50	$50
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	7.84%	8.50%	4.42%	1.48%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.15%	1.17%	1.35%	1.30%
		Ratio of Net Investment Income/(Loss)	(0.19)%	1.73%	1.42%	2.34%
	Portfolio Turnover Rate		59%	145%	82%	6%

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

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

(1) Period from August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.

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


See Notes to Financial Statements.

Janus Investment Fund	23

Janus Henderson European Focus Fund

Financial Highlights


Class 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.

24	MARCH 31, 2020

Janus Henderson European Focus Fund

Financial Highlights


Class T Shares
For a share outstanding during the period ended March 31, 2020 (unaudited) and the year or period ended September 30			2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$27.06	$31.57	$35.03	$34.22
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	(0.03)	0.47	0.54	0.13
		Net realized and unrealized gain/(loss)	(1.29)	(3.90)	(3.21)	0.68
	Total from Investment Operations		(1.32)	(3.43)	(2.67)	0.81
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.36)	(1.08)	(0.79)	—
	Total Dividends and Distributions		(0.36)	(1.08)	(0.79)	—
	Net Asset Value, End of Period		$25.38	$27.06	$31.57	$35.03
	Total Return*		(5.11)%	(10.43)%	(7.79)%	2.37%
	Net Assets, End of Period (in thousands)		$618	$676	$929	$1,275
	Average Net Assets for the Period (in thousands)		$757	$762	$1,598	$1,077
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.73%	1.76%	1.31%	1.22%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.18%	1.18%	1.20%	1.18%
		Ratio of Net Investment Income/(Loss)	(0.24)%	1.74%	1.59%	2.26%
	Portfolio Turnover Rate		59%	145%	82%	6%

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

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

(1) Period from August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.

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


See Notes to Financial Statements.

Janus Investment Fund	25

Janus Henderson European Focus Fund

Financial Highlights


Class 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.

26	MARCH 31, 2020

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)

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 46 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term capital appreciation primarily through investment in equities of European companies. The Fund is classified as diversified, as defined in the 1940 Act.

Pursuant to the Agreement and Plan of Reorganization, the Fund acquired all the assets and liabilities of the Henderson European Focus Fund (the “Predecessor Fund”), a series of Henderson Global Funds, in exchange for Class A, Class C, Class I and Class N Fund shares having an aggregate net asset value equal to the value of the aggregate net assets of the same share class of the Predecessor Fund (except that Class R6 Predecessor Fund shares were exchanged for Class N Fund shares) (the “Reorganization”). The Reorganization occurred at the close of business on June 2, 2017.

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


Janus Investment Fund	27

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)

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

Investment Valuation

Valuation Inputs Summary


28	MARCH 31, 2020

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)

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 March 31, 2020.

Investment Transactions and Investment Income

Expenses

Estimates


Janus Investment Fund	29

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)

at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Indemnifications

Foreign Currency Translations

Dividends and Distributions

Federal Income Taxes

2. Derivative Instruments


30	MARCH 31, 2020

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)

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

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

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

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

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

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

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


Janus Investment Fund	31

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)

cover in an amount at all times equal to or greater than the Fund’s commitment with respect to certain exchange-traded derivatives, centrally cleared derivatives, forward foreign currency exchange contracts, short sales, and/or securities with extended settlement dates. There is no guarantee that counterparty exposure is reduced and these arrangements are dependent on Janus Capital's ability to establish and maintain appropriate systems and trading.

Options Contracts

An options contract provides the purchaser with the right, but not the obligation, to buy (call option) or sell (put option) a financial instrument at an agreed upon price on or before a specified date. The purchaser pays a premium to the seller for this right. The seller has the corresponding obligation to sell or buy a financial instrument if the purchaser (owner) "exercises" the option. When an option is exercised, the proceeds on sales for a written call option, the purchase cost for a written put option, or the cost of the security for a purchased put or call option are adjusted by the amount of premium received or paid. Upon expiration, or closing of the option transaction, a realized gain or loss is reported on the Statement of Operations (if applicable). The difference between the premium paid/received and the market value of the option is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported on the Statement of Operations (if applicable). Option contracts are typically valued using an approved vendor’s option valuation model. To the extent reliable market quotations are available, option contracts are valued using market quotations. In cases when an approved vendor cannot provide coverage for an option and there is no reliable market quotation, a broker quotation or an internal valuation using the Black-Scholes model, the Cox-Rubinstein Binomial Option Pricing Model, or other appropriate option pricing model is used. Certain options contracts are marked-to-market daily, and the daily variation margin is recorded as a receivable or payable on the Statement of Assets and Liabilities as “Variation margin receivable” or “Variation margin payable” (if applicable).

The Fund may purchase put options to hedge against a decline in the value of its portfolio. By using put options in this way, the Fund will reduce any profit it might otherwise have realized in the underlying security by the amount of the premium paid for the put option and by transaction costs. The Fund may purchase call options to hedge against an increase in the price of securities that it may buy in the future. The premium paid for the call option plus any transaction costs will reduce the benefit, if any, realized by the Fund upon exercise of the option, and, unless the price of the underlying security rises sufficiently, the option may expire worthless to the Fund. The risk in buying options is that the Fund pays a premium whether or not the options are exercised. Options purchased are reported in the Schedule of Investments (if applicable).

During the period, the Fund purchased call options on various equity index securities for the purpose of increasing exposure to broad equity risk.

During the period, the Fund purchased put options on various equity index securities for the purpose of decreasing exposure to broad equity risk.

During the period, the Fund purchased put options on foreign exchange rates vs. the U.S. dollar in order to decrease foreign currency exposure and increase U.S. dollar exposure where decreasing this exposure via the options market was most attractive.


32	MARCH 31, 2020

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)

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

During the period, the Fund wrote call options on various equity indices for the purpose of decreasing exposure to broad equity risk.

During the period, the Fund wrote put options on various equity indices for the purpose of increasing exposure to broad equity risk.

3. Other Investments and Strategies

Additional Investment Risk


Janus Investment Fund	33

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)

is considerable uncertainty relating to the potential consequences of the United Kingdom’s exit and how negotiations for new trade agreements will be conducted or concluded.

Counterparties

Offsetting Assets and Liabilities

The following table presents gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the “Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of March 31, 2020” table located in the Fund’s Schedule of Investments.


34	MARCH 31, 2020

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)


Offsetting of Financial Liabilities and Derivative Liabilities

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

Citibank		$	2,044,386	$	—	$	—	$	2,044,386

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

Securities Lending

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


Janus Investment Fund	35

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)

The cash collateral invested by Janus Capital is disclosed in the Schedule of Investments (if applicable). Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations.

There were no securities on loan as of March 31, 2020.

4. Investment Advisory Agreements and Other Transactions with Affiliates


Average Daily Net Assets of the Fund	Contractual Investment Advisory Fee (%)
First $500 Million	1.00
Next $1 Billion	0.90
Next $1 Billion	0.85
Over $2.5 Billion	0.80

The Fund’s actual investment advisory fee rate for the reporting period was 1.00% of average annual net assets before any applicable waivers.

Janus Capital has contractually agreed to waive the advisory fee payable by the Fund or reimburse expenses in an amount equal to the amount, if any, that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus/administrative fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.96% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waivers for at least a one-year period commencing January 28, 2020. If applicable, amounts waived and/or reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.


36	MARCH 31, 2020

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)

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 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	37

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)

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 $232,673 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended March 31, 2020. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

As of March 31, 2020, shares of the Fund were owned by affiliates of Janus Henderson Investors, and/or other funds advised by Janus Henderson, as indicated in the table below:


Class		% of Class Owned		% of Fund Owned
Class A Shares		-*	%	-*	%
Class C Shares		-*		-*
Class D Shares		2		-*
Class I Shares		-*		-*
Class N Shares		71		1
Class S Shares		100		-*
Class T Shares		7		-*

*	Less than 0.50%


38	MARCH 31, 2020

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)

5. Federal Income Tax



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)
$ 323,521,935	$14,510,296	$(43,791,449)	$ (29,281,153)

Information on the tax components of derivatives as of March 31, 2020 is as follows:


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ (414,308)	$ -	$ (1,630,078)	$ (1,630,078)

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


Janus Investment Fund	39

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)

6. Capital Share Transactions



	Period ended March 31, 2020		Year ended September 30, 2019
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	663,459	$ 20,019,267	1,161,821	$ 32,034,805
Reinvested dividends and distributions	35,146	1,090,947	217,137	5,233,004
Shares repurchased	(1,234,831)	(36,739,724)	(2,828,799)	(76,135,347)
Net Increase/(Decrease)	(536,226)	$(15,629,510)	(1,449,841)	$ (38,867,538)
Class C Shares:
Shares sold	471,821	$ 14,124,531	159,875	$ 3,824,901
Reinvested dividends and distributions	-	-	57,351	1,312,189
Shares repurchased	(864,710)	(24,704,856)	(2,532,294)	(64,806,025)
Net Increase/(Decrease)	(392,889)	$(10,580,325)	(2,315,068)	$ (59,668,935)
Class D Shares:
Shares sold	11,205	$ 334,729	33,710	$ 898,042
Reinvested dividends and distributions	1,019	31,386	4,007	95,858
Shares repurchased	(11,872)	(337,671)	(43,882)	(1,195,883)
Net Increase/(Decrease)	352	$ 28,444	(6,165)	$ (201,983)
Class I Shares:
Shares sold	536,747	$ 15,684,636	2,300,769	$ 60,646,946
Reinvested dividends and distributions	88,190	2,715,360	661,604	15,818,962
Shares repurchased	(2,158,378)	(60,910,895)	(16,814,534)	(444,874,034)
Net Increase/(Decrease)	(1,533,441)	$(42,510,899)	(13,852,161)	$(368,408,126)
Class N Shares:
Shares sold	166,471	$ 5,044,879	1,090	$ 30,323
Reinvested dividends and distributions	633	19,353	435	10,309
Shares repurchased	(20,436)	(579,762)	(5,320)	(145,890)
Net Increase/(Decrease)	146,668	$ 4,484,470	(3,795)	$ (105,258)
Class S Shares:
Shares sold	-	$ -	-	$ -
Reinvested dividends and distributions	21	610	132	3,066
Shares repurchased	-	-	-	-
Net Increase/(Decrease)	21	$ 610	132	$ 3,066
Class T Shares:
Shares sold	8,436	$ 251,524	11,976	$ 309,409
Reinvested dividends and distributions	285	8,796	1,154	27,608
Shares repurchased	(9,340)	(270,287)	(17,582)	(473,653)
Net Increase/(Decrease)	(619)	$ (9,967)	(4,452)	$ (136,636)

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
$214,514,553	$ 286,063,219	$ -	$ -

8. Recent Accounting Pronouncements


40	MARCH 31, 2020

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)

9. Other Matters

10. Subsequent Event


Janus Investment Fund	41

Janus Henderson European Focus Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD


42	MARCH 31, 2020

Janus Henderson European Focus Fund

Additional Information (unaudited)

Nature, Extent and Quality of Services

Performance of the Funds

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

Alternative Fund

Asset Allocation Funds


Janus Investment Fund	43

Janus Henderson European Focus Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


44	MARCH 31, 2020

Janus Henderson European Focus Fund

Additional Information (unaudited)

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

Money Market Funds


Janus Investment Fund	45

Janus Henderson European Focus Fund

Additional Information (unaudited)

Multi-Asset Funds

Multi-Asset U.S. Equity Funds


46	MARCH 31, 2020

Janus Henderson European Focus Fund

Additional Information (unaudited)

Quantitative Equity Funds

U.S. Equity Funds

Costs of Services Provided


Janus Investment Fund	47

Janus Henderson European Focus Fund

Additional Information (unaudited)

Alternative Fund

Asset Allocation Funds


48	MARCH 31, 2020

Janus Henderson European Focus Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds

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

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

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

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


Janus Investment Fund	49

Janus Henderson European Focus Fund

Additional Information (unaudited)

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

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

Money Market Funds

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

Multi-Asset Funds

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

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

Multi-Asset U.S. Equity Funds

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

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


50	MARCH 31, 2020

Janus Henderson European Focus Fund

Additional Information (unaudited)

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

Quantitative Equity Funds

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

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

U.S. Equity Funds

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


Janus Investment Fund	51

Janus Henderson European Focus Fund

Additional Information (unaudited)

Economies of Scale


52	MARCH 31, 2020

Janus Henderson European Focus Fund

Additional Information (unaudited)

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

Other Benefits to Janus Capital

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	53

Janus Henderson European Focus Fund

Additional Information (unaudited)


54	MARCH 31, 2020

Janus Henderson European Focus Fund

Additional Information (unaudited)

nature, extent, and quality of the services expected to be provided by Janus Capital, its affiliates, and Perkins following the Strategy Change.


Janus Investment Fund	55

Janus Henderson European Focus 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.


56	MARCH 31, 2020

Janus Henderson European Focus 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	57

Janus Henderson European Focus 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.


58	MARCH 31, 2020

Janus Henderson European Focus Fund

Notes

NotesPage1


Janus Investment Fund	59

Janus Henderson European Focus Fund

Notes

NotesPage2


60	MARCH 31, 2020

Janus Henderson European Focus Fund

Notes

NotesPage3


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
							125-24-93080 05-20



		SEMIANNUAL REPORT March 31, 2020

	Janus Henderson Forty Fund

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

Table of Contents

Janus Henderson Forty Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	12
Statement of Assets and Liabilities	13
Statement of Operations	15
Statements of Changes in Net Assets	17
Financial Highlights	18
Notes to Financial Statements	22
Additional Information	34
Useful Information About Your Fund Report	48

Janus Henderson Forty Fund (unaudited)

FUND SNAPSHOT

We believe that constructing a concentrated portfolio of quality growth companies will allow us to outperform our benchmark over time. We define quality as companies that enjoy sustainable “moats” around their businesses, potentially allowing them to grow faster, with higher returns, than their competitors. We believe the market often underestimates these companies’ sustainable competitive advantage periods.

Doug Rao

co-portfolio manager

Nick Schommer

co-portfolio manager

PERFORMANCE OVERVIEW

For the six-month period ended March 31, 2020, Janus Henderson Forty Fund’s Class I Shares returned -5.44% versus a return of -4.98% for the Fund’s primary benchmark, the Russell 1000^{^®} Growth Index. The Fund’s secondary benchmark, the S&P 500^{^®} Index, returned -12.31% for the period.

INVESTMENT ENVIRONMENT

Equities generated strong gains in late 2019. A benign interest rate environment, progress in U.S.-China trade relations and a strong consumer provided a positive backdrop for U.S. equities. However, U.S. stocks faced an unprecedented sell-off in 2020, with speed and magnitude of historic proportions. The Russell 1000 Growth Index declined sharply as the COVID-19 coronavirus spread globally, first disrupting supply chains and then causing a global demand shock, which dramatically slowed economic activity. Energy markets already reeling from a sharp downturn in demand were further depressed when Saudi Arabia and Russia engaged in an oil market-share war. The Federal Reserve (Fed) cut the federal funds rate swiftly to 0%, where it will likely remain for an extended period, and injected much-needed liquidity into markets. Congress also quickly passed an initial round of fiscal stimulus in an attempt to blunt the fallout, which has already resulted in record unemployment filings.

PERFORMANCE DISCUSSION

As part of our investment strategy, we seek companies that have built clear, sustainable competitive moats around their businesses, which should help them grow market share within their respective industries over time. Important competitive advantages could include a strong brand, network effects from a product or service that would be hard for a competitor to replicate, a lower cost structure than competitors in the industry, a distribution advantage or patent protection over valuable intellectual property. We think emphasizing these sustainable competitive advantages can be a meaningful driver of outperformance over longer time horizons because the market often underestimates the duration of growth for these companies and the long-term potential return to shareholders.

Some of our holdings were negatively impacted during the period. Holdings that do not typically exhibit economic cyclicality experienced unexpected weakness. Boston Scientific, a cardiovascular-focused medical device company, suffered as surgeries were pushed back to accommodate COVID-19 patients at medical facilities. Procedures like heart surgery are not seen as elective, but many operations have been delayed in the near term.

Disney was particularly hard hit as a result of social distancing measures. Amusement parks have been shuttered and sporting events canceled, slashing advertising revenue for ESPN and sports-related ABC broadcasts. With theaters closed, Disney’s new movie releases will go directly to the consumer, with no theatrical release. The Disney+ streaming platform, however, has likely seen strong global customer subscriber enrollment as it benefits from the current shelter-in-place environment.

Apple warned that it expects to fall short of near-term earnings due to supply and demand issues resulting from the outbreak. Factories in China that manufacture components for Apple’s products have resumed operations but are ramping up more slowly than expected, impacting the iPhone business globally. We believe that demand will be pushed out to the second and third quarters of 2020 and therefore maintain a positive outlook for Apple.

While markets were down significantly and our holdings were not immune to the downdraft, some of our holdings were positive relative contributors to performance for a number of reasons. One was our exposure to one of the


Janus Investment Fund	1

Janus Henderson Forty Fund (unaudited)

longest-running themes in the strategy: increased digitization across all segments of the economy. We believe that broad worldwide quarantines have likely accelerated that trend in the long term while at the same time benefiting specific companies in the short term.

We also believe that globalization is beginning to unravel as countries begin to trust each other less, tighten their borders, move supply chains closer to home, in-source critical components of their economies and trade on a more regional level. These factors will have broad and lasting implications on the market. We believe we have minimal exposure and have positioned for this theme since we first saw it emerge with the U.S.-China trade war.

Netflix has been a clear beneficiary of shelter in place orders, with a fairly low-priced product that has seen a spike in demand amid social distancing. Netflix’s business model also benefited relative to its competition due to its ad-free structure. As business activity slowed and advertising decreased, competitors more reliant on advertising revenue were impacted.

For Amazon, almost every business line benefited from the disrupted environment. E-commerce (traditional and Whole Foods) benefited from increased deliveries. Amazon’s extensive and sophisticated direct-to-consumer distribution network and Prime Video streaming were welcomed by consumers in this environment. Amazon Web Services (AWS) also benefited from an accelerated transition to the cloud driven by the need to provide knowledge workers remote access to corporate information technology (IT) applications.

We believe some behavioral changes made during the pandemic, like online shopping, grocery delivery and cloud-based access to corporate IT will be long-lasting rather than transitory. Behaviors adopted now may stay entrenched as businesses also build customer loyalty by providing coveted services amid a difficult environment.

Adobe was another top relative contributor. The company benefited during a volatile environment as more people were forced to work from home yet continued to rely on its cloud-based software. Also, its direct-to-consumer business model, less reliant on a traditional sales force, allowed it to continue to sell its software despite widespread travel restrictions. We continue to believe in the long-term outlook for the company as its Creative Cloud product is a near monopoly that we believe still has a long growth runway from new users and pricing. We also believe the market underappreciates the long-term potential for margin expansion.

OUTLOOK

We are now in a recession as a result of the COVID-19 pandemic. The global economy has been put into a near-total shutdown with cautious optimism that it can be turned back on once the spread of the virus is contained. However, the ripple effects of the shutdown are still unknown and likely widespread.

While some industries may experience demand delays for products and services, others may experience demand destruction. Small businesses, especially those associated with social engagement like bars and restaurants, will be at risk. Just as the technology sector and the housing market were among the last to recover after the dot-com bubble and Global Financial Crisis (GFC), we believe travel and hospitality-related industries will be slow to recover after this crisis.

Thus far, stimulus measures have been enormous and will likely continue, and the response has been swifter than that associated with the GFC. As a result, we believe that budget deficits will increase and tax receipts on all levels of government will be lower, necessitating an extended period of very low interest rates. We believe these factors could create a supportive environment for equities once there is some confidence in where corporate cash flows stabilize.

Against this backdrop, we believe that our holdings continue to be well positioned. We remain focused on companies that generate significant free cash flow, with solid balance sheets and strong business models. We are confident that the companies we own have durable competitive advantages and, therefore, can gain market share at all points in the market cycle, including in recessions, by investing in their businesses as their competitors are pulling back. As in previous downturns, during this dramatically volatile environment, we will continue to work to upgrade our holdings as valuations have reached more attractive levels.

Thank you for your investment in Janus Henderson Forty Fund.


2	MARCH 31, 2020

Janus Henderson Forty Fund (unaudited)

Fund At A Glance

March 31, 2020





5 Top Contributors - Holdings			5 Top Detractors - Holdings
	Average Weight	Relative Contribution		Average Weight	Relative Contribution
Netflix Inc	2.43%	0.60%	Apple Inc	4.62%	-0.59%
Adobe Inc	3.05%	0.42%	Walt Disney Co	2.18%	-0.44%
Amazon.com Inc	5.20%	0.30%	Boston Scientific Corp	3.02%	-0.39%
ASML Holding NV	2.09%	0.21%	Charles Schwab Corp	1.67%	-0.36%
Alibaba Group Holding Ltd (ADR)	0.96%	0.16%	Texas Instruments Inc	2.80%	-0.36%


	5 Top Contributors - Sectors*
		Relative	Fund	Russell 1000 Growth Index
		Contribution	Average Weight	Average Weight
	Consumer Discretionary	1.19%	10.93%	13.96%
	Consumer Staples	0.38%	0.26%	4.70%
	Other**	0.34%	2.79%	0.00%
	Communication Services	0.25%	13.99%	11.66%
	Real Estate	0.20%	2.96%	2.41%


	5 Top Detractors - Sectors*
		Relative	Fund	Russell 1000 Growth Index
		Contribution	Average Weight	Average Weight
	Health Care	-1.78%	12.47%	14.44%
	Materials	-0.46%	4.65%	1.34%
	Financials	-0.45%	6.22%	3.10%
	Information Technology	-0.26%	36.72%	38.93%
	Energy	0.12%	0.00%	0.23%

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


Janus Investment Fund	3

Janus Henderson Forty Fund (unaudited)

Fund At A Glance

March 31, 2020


5 Largest Equity Holdings - (% of Net Assets)
Microsoft Corp
Software	8.5%
Amazon.com Inc
Internet & Direct Marketing Retail	7.7%
Apple Inc
Technology Hardware, Storage & Peripherals	5.7%
Mastercard Inc
Information Technology Services	5.3%
Alphabet Inc - Class C
Interactive Media & Services	4.8%
	32.0%


Asset Allocation - (% of Net Assets)
Common Stocks	96.1%
Investment Companies	4.0%
Investments Purchased with Cash Collateral from Securities Lending	1.0%
Other		(1.1)%
		100.0%

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

As of March 31, 2020

As of September 30, 2019


4	MARCH 31, 2020

Janus Henderson Forty Fund (unaudited)

Performance

See important disclosures on the next page.




Average Annual Total Return - for the periods ended March 31, 2020						Expense Ratios
	Fiscal Year-to-Date	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses^‡
Class A Shares at NAV	-5.56%	2.73%	10.56%	11.55%	11.01%	1.01%
Class A Shares at MOP	-11.00%	-3.16%	9.26%	10.89%	10.73%
Class C Shares at NAV	-5.91%	2.04%	9.94%	10.80%	10.33%	1.74%
Class C Shares at CDSC	-6.78%	1.10%	9.94%	10.80%	10.33%
Class D Shares⁽¹⁾	-5.49%	2.92%	10.69%	11.56%	10.95%	0.79%
Class I Shares	-5.44%	3.00%	10.89%	11.87%	11.20%	0.72%
Class N Shares	-5.40%	3.07%	10.97%	11.84%	11.08%	0.65%
Class R Shares	-5.77%	2.30%	10.15%	11.13%	10.63%	1.40%
Class S Shares	-5.64%	2.56%	10.44%	11.43%	10.90%	1.15%
Class T Shares	-5.53%	2.83%	10.70%	11.70%	11.02%	0.90%
Russell 1000 Growth Index	-4.98%	0.91%	10.36%	12.97%	7.56%
S&P 500 Index	-12.31%	-6.98%	6.73%	10.53%	7.27%
Morningstar Quartile - Class S Shares	-	1st	1st	2nd	1st
Morningstar Ranking - based on total returns for Large Growth Funds	-	113/1,379	208/1,260	511/1,100	22/590

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

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

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


Janus Investment Fund	5

Janus Henderson Forty Fund (unaudited)

Performance

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

Class A Shares, Class C Shares, Class I Shares, Class R Shares, and Class S Shares commenced operations on July 6, 2009 after the reorganization of each class of Janus Adviser Forty Fund (the “JAD predecessor fund”) into corresponding shares of the Fund.

Performance shown for Class S Shares reflects the historical performance of the JAD predecessor fund’s Class S Shares (formerly named Class I Shares) from August 1, 2000 to July 6, 2009, calculated using the fees and expenses of the JAD predecessor fund’s Class S Shares, net of any applicable fee and expense limitations or waivers. For the periods prior to August 1, 2000, the performance shown for Class S Shares reflects the historical performance of the Retirement Shares of Janus Aspen Series – Forty Portfolio (as a result of a separate prior reorganization of the Retirement Shares into the JAD predecessor fund). Performance shown for certain periods prior to August 1, 2000 was calculated using the fees and expenses of Class S Shares of the JAD predecessor fund, without the effect of any fee and expense limitations or waivers.

Performance shown for Class C Shares reflects the historical performance of the JAD predecessor fund’s Class C Shares from September 30, 2002 to July 6, 2009, calculated using the fees and expenses of the JAD predecessor fund’s Class C Shares, net of any applicable fee and expense limitations or waivers. For the periods August 1, 2000 to September 30, 2002, the performance shown for Class C Shares reflects the historical performance of the JAD predecessor fund’s Class S Shares (formerly named Class I Shares). For the periods prior to August 1, 2000, the performance shown for Class C Shares reflects the historical performance of the Retirement Shares of Janus Aspen Series – Forty Portfolio (as a result of a separate prior reorganization). Performance shown for certain periods prior to September 30, 2002 was calculated using the fees and expenses of Class S Shares of the JAD predecessor fund, without the effect of any fee and expense limitation or waivers.

Performance shown for Class A Shares and Class R Shares reflects the historical performance of each corresponding class of the JAD predecessor fund from September 30, 2004 to July 6, 2009, calculated using the fees and expenses of the corresponding class of the JAD predecessor fund respectively, net of any applicable fee and expense limitations or waivers. Performance shown for each class for the periods August 1, 2000 to September 30, 2004 reflects the historical performance of the JAD predecessor fund’s Class S Shares (formerly named Class I Shares). Performance shown for each class for the periods prior to August 1, 2000 reflects the historical performance of the Retirement Shares of Janus Aspen Series – Forty Portfolio (as a result of a separate prior reorganization). Performance shown for Class A Shares for certain periods prior to September 30, 2004 was calculated using the fees and expenses of Class S Shares of the JAD predecessor fund, without the effect of any fee and expense limitations or waivers. Performance shown for Class R Shares for certain periods prior to September 30, 2004 was calculated using the fees and expenses of Class R Shares of the JAD predecessor fund, without the effect of any fee and expense limitations or waivers.

Performance shown for Class I Shares reflects the historical performance of the JAD predecessor fund’s Class I Shares from November 28, 2005 to July 6, 2009, calculated using the fees and expenses of the JAD predecessor fund’s Class I Shares, net of any applicable fee and expense limitations or waivers. For the periods August 1, 2000 to November 28, 2005, the performance shown for Class I Shares reflects the historical performance of the JAD predecessor fund’s Class S Shares (formerly named Class I Shares). For the periods prior to August 1, 2000, the performance shown for Class I Shares reflects the historical performance of the Retirement Shares of Janus Aspen Series – Forty Portfolio (as a result of a separate prior reorganization). Performance shown for certain periods prior to November 28, 2005 was calculated using the fees and expenses of Class S Shares of the JAD predecessor fund, without the effect of any fee and expense limitations or waivers.

Class D Shares commenced operations on January 27, 2017. Performance shown for Class D Shares reflects the performance of the Fund's Class S Shares from July 6, 2009 to January 27, 2017, calculated using the fees and expenses of Class S Shares, net of any applicable fee and expense limitations or waivers. For the periods August 1, 2000 to July 6, 2009, the performance shown for Class D Shares reflects the performance of Class S Shares (formerly named Class I Shares) of the JAD predecessor fund (prior to the reorganization), calculated using the fees and expenses of the JAD predecessor fund's Class S Shares, net of any applicable fee and expense limitations or waivers. For the periods prior to August 1, 2000, the performance shown for Class D Shares reflects the historical performance of the Retirement Shares of Janus Aspen Series - Forty Portfolio (as a result of a separate prior reorganization). Performance shown for certain periods prior to August 1, 2000 was calculated using the fees and expenses of Class S Shares of the JAD predecessor fund, without the effect of any fee and expense limitations or waivers.

Class T Shares commenced operations on July 6, 2009. Performance shown for Class T Shares reflects the historical performance of the JAD predecessor fund’s Class S Shares (formerly named Class I Shares) from August 1, 2000 to July 6, 2009, calculated using the fees and expenses of the JAD predecessor fund’s Class S Shares, net of any applicable fee and expense limitations or waivers. For the periods prior to August 1, 2000, the performance shown for Class T Shares reflects the historical performance of the Retirement Shares of Janus Aspen Series – Forty Portfolio (as a result of a separate prior reorganization). Performance shown for certain periods prior to August 1, 2000 was calculated using the fees and expenses of Class S Shares of the JAD predecessor fund, without the effect of any fee and expense limitations or waivers.

Class N Shares commenced operations on May 31, 2012. Performance shown for Class N Shares reflects the performance of the Fund’s Class S Shares from July 6, 2009 to May 31, 2012, calculated using the fees and expenses of Class S Shares, net of any applicable fee and expense limitations or waivers. For the periods August 1, 2000 to July 6, 2009, the performance shown for Class N Shares reflects the performance of Class S Shares (formerly named Class I Shares) of the JAD predecessor fund (prior to the reorganization), calculated using the fees and expenses of the JAD predecessor fund’s Class S Shares, net of any applicable fee and expense limitations or waivers. For the periods prior to August 1, 2000, the performance shown for Class N Shares reflects the historical performance of the Retirement Shares of Janus Aspen Series – Forty Portfolio (as a result of a separate prior reorganization). Performance shown for certain periods prior to August 1, 2000 was calculated using the fees and expenses of Class S Shares of the JAD predecessor fund, without the effect of any fee and expense limitations or waivers.

See important disclosures on the next page.


6	MARCH 31, 2020

Janus Henderson Forty Fund (unaudited)

Performance

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

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

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

See “Useful Information About Your Fund Report.”

*The Predecessor Fund’s inception date – May 1, 1997

‡ 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 Forty Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes

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 prospectus. Therefore, the hypothetical examples are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (10/1/19)	Ending Account Value (3/31/20)	Expenses Paid During Period (10/1/19 - 3/31/20)†	Beginning Account Value (10/1/19)	Ending Account Value (3/31/20)	Expenses Paid During Period (10/1/19 - 3/31/20)†	Net Annualized Expense Ratio (10/1/19 - 3/31/20)
Class A Shares		$1,000.00	$944.40	$5.06	$1,000.00	$1,019.80	$5.25	1.04%
Class C Shares		$1,000.00	$940.90	$8.10	$1,000.00	$1,016.65	$8.42	1.67%
Class D Shares		$1,000.00	$945.10	$3.99	$1,000.00	$1,020.90	$4.14	0.82%
Class I Shares		$1,000.00	$945.60	$3.70	$1,000.00	$1,021.20	$3.84	0.76%
Class N Shares		$1,000.00	$946.00	$3.36	$1,000.00	$1,021.55	$3.49	0.69%
Class R Shares		$1,000.00	$942.30	$6.94	$1,000.00	$1,017.85	$7.21	1.43%
Class S Shares		$1,000.00	$943.60	$5.73	$1,000.00	$1,019.10	$5.96	1.18%
Class T Shares		$1,000.00	$944.70	$4.47	$1,000.00	$1,020.40	$4.65	0.92%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


8	MARCH 31, 2020

Janus Henderson Forty Fund

Schedule of Investments (unaudited)

March 31, 2020


Shares or Principal Amounts			Value
Common Stocks– 96.1%
Aerospace & Defense – 3.3%
	L3Harris Technologies Inc	2,273,873	$409,570,005
Capital Markets – 3.3%
	Blackstone Group Inc	6,486,132	295,573,035
	Charles Schwab Corp	3,472,734	116,753,317
			412,326,352
Chemicals – 1.8%
	Sherwin-Williams Co	492,826	226,463,404
Construction Materials – 1.3%
	Vulcan Materials Co	1,477,318	159,653,756
Electronic Equipment, Instruments & Components – 0.6%
	Cognex Corp	1,697,199	71,655,742
Entertainment – 5.1%
	Netflix Inc*	1,072,999	402,911,124
	Walt Disney Co	2,375,122	229,436,785
			632,347,909
Equity Real Estate Investment Trusts (REITs) – 3.0%
	American Tower Corp	1,730,428	376,800,697
Health Care Equipment & Supplies – 8.6%
	Boston Scientific Corp*	12,030,663	392,560,534
	Danaher Corp	2,396,073	331,640,464
	Edwards Lifesciences Corp*	502,986	94,873,219
	Intuitive Surgical Inc*	482,641	239,008,650
			1,058,082,867
Household Products – 1.9%
	Procter & Gamble Co	2,142,821	235,710,310
Information Technology Services – 6.6%
	Mastercard Inc	2,696,317	651,322,334
	PayPal Holdings Inc*	1,724,586	165,111,864
			816,434,198
Interactive Media & Services – 8.6%
	Alphabet Inc - Class C*	513,159	596,706,417
	Facebook Inc*	2,103,853	350,922,680
	Match Group Inc*^,#	1,699,389	112,227,650
			1,059,856,747
Internet & Direct Marketing Retail – 7.7%
	Amazon.com Inc*	490,558	956,450,744
Machinery – 0.1%
	Wabtec Corp	268,295	12,913,038
Pharmaceuticals – 5.1%
	Elanco Animal Health Inc*	7,410,675	165,925,013
	Merck & Co Inc	3,306,019	254,365,102
	Zoetis Inc	1,772,591	208,616,235
			628,906,350
Professional Services – 1.8%
	CoStar Group Inc*	371,210	217,978,224
Road & Rail – 0.6%
	Uber Technologies Inc*	2,474,070	69,076,034
Semiconductor & Semiconductor Equipment – 7.7%
	ASML Holding NV^#	996,673	260,769,524
	Microchip Technology Inc	1,892,738	128,327,636
	NVIDIA Corp	1,010,641	266,404,968
	Texas Instruments Inc	3,035,858	303,373,290
			958,875,418
Software – 17.4%
	Adobe Inc*	1,411,973	449,346,288
	Avalara Inc*	1,934,956	144,347,718
	Intuit Inc	373,017	85,793,910
	Microsoft Corp	6,666,744	1,051,412,196


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

Janus Investment Fund	9

Janus Henderson Forty Fund

Schedule of Investments (unaudited)

March 31, 2020


Shares or Principal Amounts			Value
Common Stocks– (continued)
Software – (continued)
	salesforce.com Inc*	2,939,905	$423,287,522
			2,154,187,634
Specialty Retail – 2.8%
	Home Depot Inc	1,833,092	342,256,607
Technology Hardware, Storage & Peripherals – 5.7%
	Apple Inc	2,752,419	699,912,627
Textiles, Apparel & Luxury Goods – 3.1%
	Lululemon Athletica Inc*	367,676	69,692,986
	LVMH Moet Hennessy Louis Vuitton SE	340,624	126,403,312
	NIKE Inc	2,250,204	186,181,879
			382,278,177
Total Common Stocks (cost $8,520,407,847)			11,881,736,840
Investment Companies– 4.0%
Money Markets – 4.0%
	Janus Henderson Cash Liquidity Fund LLC, 1.0691%^ºº,£(cost $489,641,859)	489,589,343	489,687,260
Investments Purchased with Cash Collateral from Securities Lending– 1.0%
Investment Companies – 0.8%
	Janus Henderson Cash Collateral Fund LLC, 0.5667%^ºº,£	95,403,025	95,403,025
Time Deposits – 0.2%
	Royal Bank of Canada, 0.0100%, 4/1/20	$23,850,756	23,850,756
Total Investments Purchased with Cash Collateral from Securities Lending (cost $119,253,781)			119,253,781
Total Investments (total cost $9,129,303,487) – 101.1%			12,490,677,881
Liabilities, net of Cash, Receivables and Other Assets – (1.1)%			(130,674,022)
Net Assets – 100%			$12,360,003,859


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

		% of
		Investment
Country	Value	Securities
United States	$12,103,505,045	96.9	%
Netherlands	260,769,524	2.1
France	126,403,312	1.0



Total	$12,490,677,881	100.0	%


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

10	MARCH 31, 2020

Janus Henderson Forty Fund

Schedule of Investments (unaudited)

March 31, 2020

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 3/31/20
Investment Companies - 4.0%
Money Markets - 4.0%
	Janus Henderson Cash Liquidity Fund LLC, 1.0691%^ºº	$	3,171,392	$	69,736	$	45,401	$	489,687,260
Investments Purchased with Cash Collateral from Securities Lending - 0.8%
Investment Companies - 0.8%
	Janus Henderson Cash Collateral Fund LLC, 0.5667%^ºº		1,552,130^∆		-		-		95,403,025
Total Affiliated Investments - 4.8%		$	4,723,522	$	69,736	$	45,401	$	585,090,285


		Value at 9/30/19		Purchases		Sales Proceeds		Value at 3/31/20
Investment Companies - 4.0%
Money Markets - 4.0%
	Janus Henderson Cash Liquidity Fund LLC, 1.0691%^ºº		247,054,579		2,107,076,227		(1,864,558,683)		489,687,260
Investments Purchased with Cash Collateral from Securities Lending - 0.8%
Investment Companies - 0.8%
	Janus Henderson Cash Collateral Fund LLC, 0.5667%^ºº		-		348,350,961		(252,947,936)		95,403,025


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

Janus Investment Fund	11

Janus Henderson Forty Fund

Notes to Schedule of Investments and Other Information (unaudited)


Russell 1000^{^®} Growth Index	Russell 1000^{^®} Growth Index reflects the performance of U.S. large-cap equities with higher price-to-book ratios and higher forecasted growth values.
S&P 500^{^®} Index	S&P 500^{^®} Index reflects U.S. large-cap equity performance and represents broad U.S. equity market performance.


LLC	Limited Liability Company


*	Non-income producing security.


ºº	Rate shown is the 7-day yield as of March 31, 2020.


#	Loaned security; a portion of the security is on loan at March 31, 2020.


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


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


The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of March 31, 2020. See Notes to Financial Statements for more information.

Valuation Inputs Summary

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

Assets
Investments In Securities:
Common Stocks
Textiles, Apparel & Luxury Goods	$	255,874,865	$	126,403,312	$	-
All Other		11,499,458,663		-		-
Investment Companies		-		489,687,260		-
Investments Purchased with Cash Collateral from Securities Lending		-		119,253,781		-
Total Assets	$	11,755,333,528	$	735,344,353	$	-


12	MARCH 31, 2020

Janus Henderson Forty Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2020

See footnotes at the end of the Statement



Assets:
	Unaffiliated investments, at value⁽¹⁾⁽²⁾		$	11,905,587,596
	Affiliated investments, at value⁽³⁾			585,090,285
	Cash			445
	Non-interested Trustees' deferred compensation			244,094
	Receivables:
		Fund shares sold		18,230,645
		Investments sold		13,993,863
		Dividends		2,999,265
		Dividends from affiliates		454,642
		Foreign tax reclaims		32,114
	Other assets			608,630
Total Assets				12,527,241,579
Liabilities:
	Foreign cash due to custodian			467
	Collateral for securities loaned (Note 2)			119,253,781
	Payables:			—
		Fund shares repurchased		36,903,423
		Advisory fees		7,228,745
		Transfer agent fees and expenses		1,770,866
		Investments purchased		881,527
		12b-1 Distribution and shareholder servicing fees		278,500
		Non-interested Trustees' deferred compensation fees		244,094
		Non-interested Trustees' fees and expenses		82,612
		Professional fees		49,158
		Custodian fees		26,945
		Affiliated fund administration fees payable		26,528
		Accrued expenses and other payables		491,074
Total Liabilities				167,237,720
Net Assets			$	12,360,003,859


See Notes to Financial Statements.

Janus Investment Fund	13

Janus Henderson Forty Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2020




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	8,534,063,436
	Total distributable earnings (loss)		3,825,940,423
Total Net Assets		$	12,360,003,859
Net Assets - Class A Shares		$	281,317,926
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		8,567,043
Net Asset Value Per Share⁽⁴⁾		$	32.84
Maximum Offering Price Per Share⁽⁵⁾		$	34.84
Net Assets - Class C Shares		$	106,942,528
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		4,089,120
Net Asset Value Per Share⁽⁴⁾		$	26.15
Net Assets - Class D Shares		$	7,331,224,265
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		231,231,765
Net Asset Value Per Share		$	31.71
Net Assets - Class I Shares		$	1,186,352,179
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		34,635,344
Net Asset Value Per Share		$	34.25
Net Assets - Class N Shares		$	345,844,857
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		10,054,433
Net Asset Value Per Share		$	34.40
Net Assets - Class R Shares		$	83,937,228
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,911,641
Net Asset Value Per Share		$	28.83
Net Assets - Class S Shares		$	407,910,968
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		13,007,235
Net Asset Value Per Share		$	31.36
Net Assets - Class T Shares		$	2,616,473,908
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		81,410,037
Net Asset Value Per Share		$	32.14

(1) Includes cost of $8,544,258,603.

(2) Includes $116,545,251 of securities on loan. See Note 2 in Notes to Financial Statements.

(3) Includes cost of $585,044,884.

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

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


See Notes to Financial Statements.

14	MARCH 31, 2020

Janus Henderson Forty Fund

Statement of Operations (unaudited)

For the period ended March 31, 2020



Investment Income:
	Dividends		$	54,300,323
	Dividends from affiliates			3,171,392
	Affiliated securities lending income, net			1,552,130
	Unaffiliated securities lending income, net			54,550
	Other income			3,970
	Foreign tax withheld			(189,464)
Total Investment Income				58,892,901
Expenses:
	Advisory fees			46,761,513
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		396,086
		Class C Shares		563,874
		Class R Shares		259,344
		Class S Shares		598,489
	Transfer agent administrative fees and expenses:
		Class D Shares		4,920,831
		Class R Shares		131,098
		Class S Shares		599,682
		Class T Shares		3,765,898
	Transfer agent networking and omnibus fees:
		Class A Shares		154,517
		Class C Shares		44,435
		Class I Shares		440,280
	Other transfer agent fees and expenses:
		Class A Shares		12,824
		Class C Shares		4,749
		Class D Shares		317,297
		Class I Shares		27,328
		Class N Shares		3,904
		Class R Shares		574
		Class S Shares		2,341
		Class T Shares		12,252
	Shareholder reports expense			342,323
	Affiliated fund administration fees			174,099
	Non-interested Trustees’ fees and expenses			160,108
	Registration fees			110,061
	Professional fees			59,827
	Custodian fees			46,829
	Other expenses			394,345
Total Expenses				60,304,908
Less: Excess Expense Reimbursement and Waivers				(260,596)
Net Expenses				60,044,312
Net Investment Income/(Loss)				(1,151,411)


See Notes to Financial Statements.

Janus Investment Fund	15

Janus Henderson Forty Fund

Statement of Operations (unaudited)

For the period ended March 31, 2020



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	610,570,295
	Investments in affiliates		69,736
Total Net Realized Gain/(Loss) on Investments			610,640,031
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation		(1,323,221,896)
	Investments in affiliates		45,401
Total Change in Unrealized Net Appreciation/Depreciation			(1,323,176,495)
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	(713,687,875)


See Notes to Financial Statements.

16	MARCH 31, 2020

Janus Henderson Forty Fund

Statements of Changes in Net Assets



			Period ended March 31, 2020 (unaudited)		Year ended September 30, 2019

Operations:
	Net investment income/(loss)		$	(1,151,411)	$	28,113,046
	Net realized gain/(loss) on investments			610,640,031		909,902,879
	Change in unrealized net appreciation/depreciation			(1,323,176,495)		14,296,121
Net Increase/(Decrease) in Net Assets Resulting from Operations				(713,687,875)		952,312,046
Dividends and Distributions to Shareholders
		Class A Shares		(20,863,545)		(18,784,552)
		Class C Shares		(10,054,893)		(14,002,456)
		Class D Shares		(575,968,009)		(541,315,461)
		Class I Shares		(82,560,556)		(72,448,869)
		Class N Shares		(19,854,859)		(13,332,985)
		Class R Shares		(7,856,210)		(9,326,536)
		Class S Shares		(32,637,256)		(35,225,231)
		Class T Shares		(204,605,984)		(197,037,274)
Net Decrease from Dividends and Distributions to Shareholders				(954,401,312)		(901,473,364)
Capital Share Transactions:
		Class A Shares		16,638,935		59,527,670
		Class C Shares		(3,568,219)		(89,989,389)
		Class D Shares		306,945,766		132,908,602
		Class I Shares		160,420,609		44,996,442
		Class N Shares		110,518,353		68,162,146
		Class R Shares		(10,430,799)		(18,884,545)
		Class S Shares		(11,321,825)		(37,227,790)
		Class T Shares		61,657,802		(25,487,194)
Net Increase/(Decrease) from Capital Share Transactions				630,860,622		134,005,942
Net Increase/(Decrease) in Net Assets				(1,037,228,565)		184,844,624
Net Assets:
	Beginning of period			13,397,232,424		13,212,387,800
	End of period		$	12,360,003,859	$	13,397,232,424


See Notes to Financial Statements.

Janus Investment Fund	17

Janus Henderson Forty Fund

Financial Highlights


Class A Shares
For a share outstanding during the period ended March 31, 2020 (unaudited) and the year ended September 30			2020	2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$37.16	$37.42	$33.03	$30.17	$31.28	$41.89
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.04)	0.02	(0.04)	(0.03)	(0.10)	(0.11)
		Net realized and unrealized gain/(loss)	(1.74)	2.25	7.38	6.13	3.50	3.70
	Total from Investment Operations		(1.78)	2.27	7.34	6.10	3.40	3.59
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.01)	—	—	—	—	—
		Distributions (from capital gains)	(2.53)	(2.53)	(2.95)	(3.24)	(4.51)	(14.20)
	Total Dividends and Distributions		(2.54)	(2.53)	(2.95)	(3.24)	(4.51)	(14.20)
	Net Asset Value, End of Period		$32.84	$37.16	$37.42	$33.03	$30.17	$31.28
	Total Return*		(5.56)%	7.77%	23.77%	22.03%	11.36%	10.79%
	Net Assets, End of Period (in thousands)		$281,318	$303,070	$237,547	$211,197	$233,191	$220,007
	Average Net Assets for the Period (in thousands)		$316,869	$268,921	$220,973	$219,728	$234,755	$232,651
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.04%	1.01%	1.04%	1.07%	1.10%	1.05%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.04%	0.98%	0.98%	1.02%	1.10%	1.05%
		Ratio of Net Investment Income/(Loss)	(0.20)%	0.05%	(0.13)%	(0.11)%	(0.32)%	(0.33)%
	Portfolio Turnover Rate		23%	44%	37%	56%	40%	49%


Class C Shares
For a share outstanding during the period ended March 31, 2020 (unaudited) and the year ended September 30			2020	2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$30.17	$31.11	$28.08	$26.27	$27.92	$39.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.12)	(0.16)	(0.21)	(0.19)	(0.23)	(0.22)
		Net realized and unrealized gain/(loss)	(1.37)	1.75	6.19	5.24	3.09	3.34
	Total from Investment Operations		(1.49)	1.59	5.98	5.05	2.86	3.12
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—	—
		Distributions (from capital gains)	(2.53)	(2.53)	(2.95)	(3.24)	(4.51)	(14.20)
	Total Dividends and Distributions		(2.53)	(2.53)	(2.95)	(3.24)	(4.51)	(14.20)
	Net Asset Value, End of Period		$26.15	$30.17	$31.11	$28.08	$26.27	$27.92
	Total Return*		(5.91)%	7.11%	23.05%	21.24%	10.72%	10.26%
	Net Assets, End of Period (in thousands)		$106,943	$126,726	$227,488	$235,992	$261,902	$258,107
	Average Net Assets for the Period (in thousands)		$125,405	$154,535	$235,933	$245,129	$262,926	$281,771
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.67%	1.63%	1.66%	1.69%	1.68%	1.45%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.67%	1.58%	1.59%	1.64%	1.68%	1.45%
		Ratio of Net Investment Income/(Loss)	(0.82)%	(0.58)%	(0.74)%	(0.72)%	(0.91)%	(0.73)%
	Portfolio Turnover Rate		23%	44%	37%	56%	40%	49%

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

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

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


See Notes to Financial Statements.

18	MARCH 31, 2020

Janus Henderson Forty Fund

Financial Highlights


Class D Shares
For a share outstanding during the period ended March 31, 2020 (unaudited) and the year or period ended September 30			2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$35.99	$36.25	$32.02	$28.81
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	—⁽³⁾	0.09	0.04	0.05
		Net realized and unrealized gain/(loss)	(1.67)	2.18	7.15	4.62
	Total from Investment Operations		(1.67)	2.27	7.19	4.67
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.08)	—	(0.01)	—
		Distributions (from capital gains)	(2.53)	(2.53)	(2.95)	(1.46)
	Total Dividends and Distributions		(2.61)	(2.53)	(2.96)	(1.46)
	Net Asset Value, End of Period		$31.71	$35.99	$36.25	$32.02
	Total Return*		(5.46)%	8.03%	24.06%	16.71%
	Net Assets, End of Period (in thousands)		$7,331,224	$8,018,389	$7,842,180	$6,646,830
	Average Net Assets for the Period (in thousands)		$8,305,734	$7,517,796	$7,241,280	$4,012,697
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.82%	0.79%	0.79%	0.82%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.82%	0.75%	0.73%	0.73%
		Ratio of Net Investment Income/(Loss)	0.03%	0.27%	0.13%	0.25%
	Portfolio Turnover Rate		23%	44%	37%	56%


Class I Shares
For a share outstanding during the period ended March 31, 2020 (unaudited) and the year ended September 30			2020	2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$38.69	$38.74	$34.00	$30.87	$31.83	$42.28
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.02	0.12	0.07	0.07	—⁽³⁾	(0.01)
		Net realized and unrealized gain/(loss)	(1.83)	2.36	7.63	6.30	3.55	3.76
	Total from Investment Operations		(1.81)	2.48	7.70	6.37	3.55	3.75
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.10)	—	(0.01)	—	—	—
		Distributions (from capital gains)	(2.53)	(2.53)	(2.95)	(3.24)	(4.51)	(14.20)
	Total Dividends and Distributions		(2.63)	(2.53)	(2.96)	(3.24)	(4.51)	(14.20)
	Net Asset Value, End of Period		$34.25	$38.69	$38.74	$34.00	$30.87	$31.83
	Total Return*		(5.44)%	8.06%	24.19%	22.43%	11.67%	11.17%
	Net Assets, End of Period (in thousands)		$1,186,352	$1,178,733	$1,125,445	$935,002	$776,138	$834,919
	Average Net Assets for the Period (in thousands)		$1,260,544	$1,081,498	$1,024,982	$820,856	$807,798	$964,589
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.76%	0.72%	0.72%	0.75%	0.78%	0.75%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.76%	0.68%	0.66%	0.70%	0.78%	0.75%
		Ratio of Net Investment Income/(Loss)	0.09%	0.34%	0.19%	0.22%	(0.01)%	(0.04)%
	Portfolio Turnover Rate		23%	44%	37%	56%	40%	49%

* 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 27, 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.


See Notes to Financial Statements.

Janus Investment Fund	19

Janus Henderson Forty Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended March 31, 2020 (unaudited) and the year ended September 30			2020	2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$38.85	$38.86	$34.08	$30.92	$31.86	$42.26
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.03	0.15	0.09	0.09	0.02	0.02
		Net realized and unrealized gain/(loss)	(1.83)	2.37	7.66	6.31	3.55	3.78
	Total from Investment Operations		(1.80)	2.52	7.75	6.40	3.57	3.80
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.12)	—	(0.02)	—	—	—
		Distributions (from capital gains)	(2.53)	(2.53)	(2.95)	(3.24)	(4.51)	(14.20)
	Total Dividends and Distributions		(2.65)	(2.53)	(2.97)	(3.24)	(4.51)	(14.20)
	Net Asset Value, End of Period		$34.40	$38.85	$38.86	$34.08	$30.92	$31.86
	Total Return*		(5.40)%	8.15%	24.27%	22.49%	11.73%	11.34%
	Net Assets, End of Period (in thousands)		$345,845	$273,438	$199,929	$148,223	$129,093	$110,956
	Average Net Assets for the Period (in thousands)		$321,990	$212,223	$178,576	$147,902	$122,505	$87,250
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.69%	0.65%	0.66%	0.68%	0.71%	0.69%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.69%	0.62%	0.60%	0.63%	0.71%	0.69%
		Ratio of Net Investment Income/(Loss)	0.15%	0.40%	0.26%	0.30%	0.06%	0.06%
	Portfolio Turnover Rate		23%	44%	37%	56%	40%	49%


Class R Shares
For a share outstanding during the period ended March 31, 2020 (unaudited) and the year ended September 30			2020	2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$32.97	$33.65	$30.08	$27.84	$29.30	$40.19
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.10)	(0.10)	(0.15)	(0.13)	(0.19)	(0.22)
		Net realized and unrealized gain/(loss)	(1.51)	1.95	6.67	5.61	3.24	3.53
	Total from Investment Operations		(1.61)	1.85	6.52	5.48	3.05	3.31
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—	—
		Distributions (from capital gains)	(2.53)	(2.53)	(2.95)	(3.24)	(4.51)	(14.20)
	Total Dividends and Distributions		(2.53)	(2.53)	(2.95)	(3.24)	(4.51)	(14.20)
	Net Asset Value, End of Period		$28.83	$32.97	$33.65	$30.08	$27.84	$29.30
	Total Return*		(5.77)%	7.36%	23.34%	21.62%	10.88%	10.47%
	Net Assets, End of Period (in thousands)		$83,937	$106,843	$127,954	$119,259	$116,521	$119,501
	Average Net Assets for the Period (in thousands)		$104,878	$113,204	$123,528	$115,657	$118,781	$131,651
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.43%	1.40%	1.40%	1.43%	1.47%	1.41%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.43%	1.36%	1.34%	1.37%	1.47%	1.41%
		Ratio of Net Investment Income/(Loss)	(0.59)%	(0.34)%	(0.49)%	(0.46)%	(0.69)%	(0.69)%
	Portfolio Turnover Rate		23%	44%	37%	56%	40%	49%

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

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

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


See Notes to Financial Statements.

20	MARCH 31, 2020

Janus Henderson Forty Fund

Financial Highlights


Class S Shares
For a share outstanding during the period ended March 31, 2020 (unaudited) and the year ended September 30			2020	2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$35.61	$36.02	$31.93	$29.29	$30.54	$41.21
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.06)	(0.03)	(0.08)	(0.06)	(0.12)	(0.13)
		Net realized and unrealized gain/(loss)	(1.66)	2.15	7.12	5.94	3.38	3.66
	Total from Investment Operations		(1.72)	2.12	7.04	5.88	3.26	3.53
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—	—
		Distributions (from capital gains)	(2.53)	(2.53)	(2.95)	(3.24)	(4.51)	(14.20)
	Total Dividends and Distributions		(2.53)	(2.53)	(2.95)	(3.24)	(4.51)	(14.20)
	Net Asset Value, End of Period		$31.36	$35.61	$36.02	$31.93	$29.29	$30.54
	Total Return*		(5.64)%	7.65%	23.63%	21.93%	11.15%	10.86%
	Net Assets, End of Period (in thousands)		$407,911	$475,553	$516,748	$517,623	$535,216	$582,208
	Average Net Assets for the Period (in thousands)		$479,746	$468,610	$525,707	$512,584	$567,568	$658,459
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.19%	1.15%	1.15%	1.18%	1.21%	1.18%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.18%	1.10%	1.08%	1.12%	1.21%	1.12%
		Ratio of Net Investment Income/(Loss)	(0.33)%	(0.08)%	(0.23)%	(0.20)%	(0.43)%	(0.40)%
	Portfolio Turnover Rate		23%	44%	37%	56%	40%	49%


Class T Shares				��
For a share outstanding during the period ended March 31, 2020 (unaudited) and the year ended September 30			2020		2019	2018	2017	2016	2015
	Net Asset Value, Beginning of Period		$36.44		$36.70	$32.40	$29.61	$30.76	$41.34
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.01)		0.06	0.01	0.05	(0.05)	(0.06)
		Net realized and unrealized gain/(loss)	(1.71)		2.21	7.24	5.98	3.41	3.68
	Total from Investment Operations		(1.72)		2.27	7.25	6.03	3.36	3.62
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.05)		—	—⁽²⁾	—	—	—
		Distributions (from capital gains)	(2.53)		(2.53)	(2.95)	(3.24)	(4.51)	(14.20)
	Total Dividends and Distributions		(2.58)		(2.53)	(2.95)	(3.24)	(4.51)	(14.20)
	Net Asset Value, End of Period		$32.14		$36.44	$36.70	$32.40	$29.61	$30.76
	Total Return*		(5.53)%		7.93%	23.96%	22.22%	11.43%	11.10%
	Net Assets, End of Period (in thousands)		$2,616,474		$2,914,481	$2,935,096	$2,529,514	$88,954	$54,994
	Average Net Assets for the Period (in thousands)		$3,012,719		$2,750,999	$2,727,557	$1,084,741	$85,549	$36,846
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.94%		0.90%	0.91%	0.93%	0.96%	0.95%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.92%		0.85%	0.83%	0.82%	0.96%	0.94%
		Ratio of Net Investment Income/(Loss)	(0.08)%		0.17%	0.02%	0.15%	(0.17)%	(0.17)%
	Portfolio Turnover Rate		23%		44%	37%	56%	40%	49%

* 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	21

Janus Henderson Forty Fund

Notes to Financial Statements (unaudited)

1. Organization and Significant Accounting Policies

Janus Henderson Forty 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 46 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.


22	MARCH 31, 2020

Janus Henderson Forty Fund

Notes to Financial Statements (unaudited)

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

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

Investment Valuation

Valuation Inputs Summary

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


Janus Investment Fund	23

Janus Henderson Forty Fund

Notes to Financial Statements (unaudited)

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

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


24	MARCH 31, 2020

Janus Henderson Forty Fund

Notes to Financial Statements (unaudited)

Foreign Currency Translations

Dividends and Distributions

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

Federal Income Taxes

2. Other Investments and Strategies

Additional Investment Risk


Janus Investment Fund	25

Janus Henderson Forty Fund

Notes to Financial Statements (unaudited)

Counterparties

Offsetting Assets and Liabilities


26	MARCH 31, 2020

Janus Henderson Forty Fund

Notes to Financial Statements (unaudited)


Offsetting of Financial Assets and Derivative Assets

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

JPMorgan Chase Bank, National Association		$	116,545,251	$	—	$	(116,545,251)	$	—

(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.

Real Estate Investing

Securities Lending


Janus Investment Fund	27

Janus Henderson Forty Fund

Notes to Financial Statements (unaudited)

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 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 March 31, 2020, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $116,545,251. Gross amounts of recognized liabilities for securities lending (collateral received) as of March 31, 2020 is $119,253,781, resulting in the net amount due to the counterparty of $2,708,530.

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 Fund’s prospectus and statement(s) of additional information contain additional information about performance-based fees. The amount shown as advisory fees on the Statement of Operations reflects the Base Fee Rate plus/minus any Performance Adjustment. For the period ended March 31, 2020, the performance adjusted investment advisory fee rate before any waivers and/or reimbursements of expenses is 0.67%.


28	MARCH 31, 2020

Janus Henderson Forty Fund

Notes to Financial Statements (unaudited)

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 0.77% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waivers for at least a one-year period commencing January 28, 2020. If applicable, amounts waived and/or reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.

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 Investment Fund	29

Janus Henderson Forty Fund

Notes to Financial Statements (unaudited)

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.


30	MARCH 31, 2020

Janus Henderson Forty Fund

Notes to Financial Statements (unaudited)

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

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 period ended March 31, 2020, redeeming shareholders of Class A Shares paid CDSCs of $66 to Janus Henderson Distributors.

The Fund is permitted to purchase or sell securities (“cross-trade”) between itself and other funds or accounts managed by Janus Capital in accordance with Rule 17a-7 under the Investment Company Act of 1940 (“Rule 17a-7”), when the transaction is consistent with the investment objectives and policies of the Fund and in accordance with the Internal Cross Trade Procedures adopted by the Trust’s Board of Trustees. These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to another fund or account that is or could be considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser, common Officer, or common Trustee complies with Rule 17a-7. Under these procedures, each cross-trade is effected at the current market price to save costs where allowed. During the period ended March 31, 2020, the Fund engaged in cross trades amounting to $17,720,435 in sales, resulting in a net realized loss of $8,645,490. 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


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 9,177,661,330	$3,613,785,640	$(300,769,089)	$ 3,313,016,551


Janus Investment Fund	31

Janus Henderson Forty Fund

Notes to Financial Statements (unaudited)

5. Capital Share Transactions



	Period ended March 31, 2020		Year ended September 30, 2019
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	1,624,942	$ 60,718,950	3,876,794	$132,008,388
Reinvested dividends and distributions	448,932	16,650,906	483,439	14,333,976
Shares repurchased	(1,662,393)	(60,730,921)	(2,552,136)	(86,814,694)
Net Increase/(Decrease)	411,481	$ 16,638,935	1,808,097	$ 59,527,670
Class C Shares:
Shares sold	652,353	$ 19,115,057	858,918	$ 23,162,193
Reinvested dividends and distributions	259,317	7,673,179	446,605	10,798,906
Shares repurchased	(1,023,599)	(30,356,455)	(4,417,146)	(123,950,488)
Net Increase/(Decrease)	(111,929)	$ (3,568,219)	(3,111,623)	$ (89,989,389)
Class D Shares:
Shares sold	4,479,793	$159,342,213	5,162,788	$171,059,725
Reinvested dividends and distributions	15,470,826	553,700,851	18,225,226	522,517,208
Shares repurchased	(11,522,639)	(406,097,298)	(16,891,978)	(560,668,331)
Net Increase/(Decrease)	8,427,980	$306,945,766	6,496,036	$132,908,602
Class I Shares:
Shares sold	8,793,637	$333,209,779	8,465,232	$301,197,358
Reinvested dividends and distributions	1,789,568	69,184,700	1,957,537	60,311,723
Shares repurchased	(6,411,967)	(241,973,870)	(9,012,135)	(316,512,639)
Net Increase/(Decrease)	4,171,238	$160,420,609	1,410,634	$ 44,996,442
Class N Shares:
Shares sold	4,068,941	$150,607,832	2,837,202	$104,606,578
Reinvested dividends and distributions	492,714	19,127,162	423,696	13,100,672
Shares repurchased	(1,544,858)	(59,216,641)	(1,368,063)	(49,545,104)
Net Increase/(Decrease)	3,016,797	$110,518,353	1,892,835	$ 68,162,146
Class R Shares:
Shares sold	247,860	$ 8,177,262	573,168	$ 17,411,154
Reinvested dividends and distributions	215,467	7,024,221	303,029	7,996,943
Shares repurchased	(792,702)	(25,632,282)	(1,437,782)	(44,292,642)
Net Increase/(Decrease)	(329,375)	$ (10,430,799)	(561,585)	$ (18,884,545)
Class S Shares:
Shares sold	1,194,420	$ 42,307,243	1,681,179	$ 55,753,186
Reinvested dividends and distributions	915,293	32,438,001	1,229,756	34,974,263
Shares repurchased	(2,457,631)	(86,067,069)	(3,901,334)	(127,955,239)
Net Increase/(Decrease)	(347,918)	$ (11,321,825)	(990,399)	$ (37,227,790)
Class T Shares:
Shares sold	4,842,817	$177,792,429	6,968,843	$236,034,376
Reinvested dividends and distributions	5,490,211	199,239,761	6,614,940	192,097,869
Shares repurchased	(8,912,004)	(315,374,388)	(13,562,264)	(453,619,439)
Net Increase/(Decrease)	1,421,024	$ 61,657,802	21,519	$ (25,487,194)


32	MARCH 31, 2020

Janus Henderson Forty Fund

Notes to Financial Statements (unaudited)

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
$3,125,938,952	$3,644,357,736	$ -	$ -

7. Recent Accounting Pronouncements

8. Other Matters

9. Subsequent Event


Janus Investment Fund	33

Janus Henderson Venture Fund Class T (JAVTX) N-CSRSCertified semi-annual shareholder report (management investment company)