Annual Report & Accounts

DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson --INVESTORS--

ANNUAL REPORT & ACCOUNTS For the year from 1 October 2019 to 30 September 2020 (audited)

2 Rue de Bitbourg L-1273 Luxembourg Grand Duchy of Luxembourg RCS: Luxembourg B 77.949

Janus Henderson Fund

Incorporated in Luxembourg as an open-ended investment company with variable capital organised as a Société d’Investissement à Capital Variable (SICAV) qualifying as an Undertakings for Collective Investment in Transferable Securities (UCITS).

No subscriptions can be received solely on the basis of this report. Subscriptions are only valid if made on the basis of the current prospectus, supplemented by the latest audited annual report and the latest unaudited interim report, if published thereafter and of the relevant Key Investor Information Document. DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Who are Janus Henderson Investors?

Global Strength

15% 13%

€305.5B 55% 46% 30% 41%

Assets under Over 346 More than 2,000 27 Over 4,300 management Investment professionals employees Of ces worldwide companies met by investment teams in 2019 North America EMEA & LatAm Asia Pacif c

Source: Janus Henderson Investors. Staf and assets under management (AUM) data as at 30 September 2020. AUM data excludes exchange-traded note (ETN) assets.

Who we are The notion of “connecting” is powerful – it has shaped our evolution and our world today. At Janus Henderson Investors (Janus Henderson), we seek to benef t clients through the connections we make.

Connections enable strong relationships with clients based on trust and insight as well as the f ow of ideas among our investment teams and our engagement with companies, all of which allow us to make a positive dif erence. These connections are central to our values as a f rm, to what active management stands for and to the outperformance we seek to deliver.

Our commitment to active management of ers clients the opportunity to outperform passive strategies over the course of market cycles. Through times of both market calm and growing uncertainty, our managers apply their experience weighing risk versus reward potential – seeking to ensure clients are on the right side of change.

Why Janus Henderson Investors? At Janus Henderson, we believe in linking our world-class investment teams and experienced global distribution professionals with our clients around the world.

Active because active matters We selectively invest in what we believe are the most compelling opportunities. Our investment teams are free to form their own views and seek to actively position portfolios to connect clients with their f nancial goals.

Global strength to deliver local solutions We of er true global reach with a presence in all major markets, combined with the responsiveness, tailored solutions and personal touch you would expect from a local partner.

Empowering clients through knowledge shared We connect our clients with insights and knowledge that empower them to make better investment and business decisions. DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Contents

Management and Administration Page 1 Directors’ Report Page 2 Market review Page 4 Ten Year Highest and Lowest Net Asset Value Per Share Page 6 Combined Statements Page 11 Equity Funds Continental European Fund Page 14 Emerging Markets Fund Page 22 Global Equity Fund Page 29 Latin American Fund Page 35 Pan European Fund Page 41 Pan European Smaller Companies Fund Page 48 Alternate Solutions Funds Global Equity Market Neutral Fund Page 55 Global Multi-Strategy Fund Page 64 United Kingdom Absolute Return Fund Page 77 Notes to the Financial Statements Page 91 Audit report Page 110 Appendix - additional information (unaudited) Securities f nancing transactions Page 113 Risk policies Page 118 Remuneration policy Page 120 General information Page 124 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Management and Administration

Chairman: The Company: Domiciliary and Corporate Agent: Kevin Adams* Janus Henderson Fund Henderson Management S.A. Independent Non-Executive Director 2 Rue de Bitbourg 2 Rue de Bitbourg L-1273 Luxembourg L-1273 Luxembourg Directors: Grand Duchy of Luxembourg Grand Duchy of Luxembourg Les Aitkenhead* Independent Non-Executive Director Registered Oﬃ ce: Auditors: 2 Rue de Bitbourg PricewaterhouseCoopers, James Bowers - Resigned L-1273 Luxembourg Société coopérative 7 May 2020 Grand Duchy of Luxembourg 2 rue Gerhard Mercator B.P. 1443 Mattteo Candolf ni - Appointed Management Company: L-1014 Luxembourg 10 July 2020 Henderson Management S.A. Grand Duchy of Luxembourg Head of Of ce Luxembourg 2 Rue de Bitbourg Henderson Management S.A. L-1273 Luxembourg Registrar and Transfer Agent: 2 Rue de Bitbourg Grand Duchy of Luxembourg RBC Investor Services Bank S.A. L-1273 Luxembourg 14 Porte de France Investment Manager: Grand Duchy of Luxembourg L-4360 Esch-sur-Alzette Henderson Global Investors Limited Grand Duchy of Luxembourg Joanna Dentskevich* 201 Bishopsgate Legal Advisors in Luxembourg: Independent Non-Executive Director London EC2M 3AE United Kingdom Linklaters LLP 35 Avenue John F. Kennedy Ian Dyble - Appointed Principal Distributors: 14 July 2020 P.O. Box 1107 Henderson Global Investors Limited Head of Product Development L-1011 Luxembourg 201 Bishopsgate Henderson Global Investors Limited Grand Duchy of Luxembourg London EC2M 3AE 201 Bishopsgate United Kingdom Depositary: London EC2M 3AE BNP Paribas Securities Services United Kingdom Henderson Management S.A. Luxembourg Branch 2 Rue de Bitbourg 60, Avenue John F. Kennedy Jeremy Vickerstaf - Resigned L-1273 Luxembourg L-1855 Luxembourg 10 July 2020 Grand Duchy of Luxembourg Grand Duchy of Luxembourg

Steven de Vries - Resigned Sub-Investment Managers: 7 May 2020 Janus Capital Management LLC 151 Detroit Street Jean-Claude Wolter Denver, Colorado, 80206 Independent Non-Executive Director and United States of America Honorary Lawyer, 11B Boulevard Joseph II Janus Henderson Investors (Australia) L-1840 Luxembourg Institutional Funds Management Limited Grand Duchy of Luxembourg Level 47, Gateway 1 Macquarie Place Sydney NSW 2000 Australia

Janus Henderson Investors (Singapore) Limited 138 Market Street #34-03/04 Capita Green Singapore 048946

Administrator: BNP Paribas Securities Services Luxembourg Branch 60, Avenue John F. Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg

* c/o registered of ce

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Directors’ Report

Introduction Janus Henderson Fund (the Company) is an open-ended investment company incorporated under the laws of the Grand Duchy of Luxembourg in the form of a société anonyme and qualif es as a SICAV. The Company was incorporated in Luxembourg on 26 September 2000 and is qualif ed as a UCITS.

The Company is structured as an umbrella company which has the ability to issue various classes of share. Each fund within the umbrella is treated as an independent entity, with its own portfolio of investments, objective and investment policy.

Shareholders of each fund are entitled only to the wealth and yield of the fund to which they have subscribed. Each fund bears the appropriate amount of liabilities attributable to it and the commitments entered into in the name of one fund covered solely by the assets of that fund. The Company will not be liable as a whole to third parties. Separate accounts and records are maintained for each fund.

Financial Statements The board of Directors of the Company (the ‘Board’) presents its report and the audited annual f nancial statements for the year ended 30 September 2020.

A copy of the latest annual and interim reports may be obtained upon request from either the of ces of the companies registered as Distributors or from the registered of ce of the Company and at www.janushenderson.com.

The net assets at 30 September 2020 amounted to EUR 5.94 billion.

At the year end, the Company consisted of 9 active funds.

Fund Changes • Details of share class launches and closures can be found on pages 91 and 92. • Janus Henderson Fund Global Multi-Strategy Fund launched on 3 June 2020.

The Directors may from time to time close or merge funds as well as add further funds with dif erent investment objectives, subject to the approval of the Commission de Surveillance du Secteur Financier (CSSF). Notif cations will be provided to shareholders on closure and merger of funds, which are also subject to review by the CSSF.

Brexit update Janus Henderson Investors established a Brexit project following the 2016 referendum to look at all possible Brexit impacts including distribution, regulatory permissions and licences, Human Resources, Information Technology and Operations. Through this project, Janus Henderson Investors sought to minimise the potential impact on investors regardless of the end outcome of Brexit.

The project is actively involved in discussions with regulators, industry groups and clients to remain abreast of developments that may impact on our preparations.

The project team is supported by a number of law f rms both in the UK and across multiple European countries.

We have a long history in both the UK and continental Europe, and the planned build out of our existing of ce in Luxembourg was completed in 2019. We are well placed to continue to support our clients globally after Brexit.

COVID-19 The outbreak of the novel coronavirus (COVID-19) and subsequent global pandemic began impacting the global f nancial markets and economies at the start of 2020 and continues to create signif cant uncertainty in the global economy. The impact of COVID-19 during the year has been taken into account in the recognition and measurement of the fund’s primary statements at 30 September 2020.

Market volatility in all major asset classes has increased substantially which has led to an increase in fund volatilities and reduced liquidity. Even though liquidity has been more challenging during this stressed period in certain markets, to date the funds have not experienced any issues meeting redemptions for the funds and should be able to continue to handle typical redemption patterns going forward.

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Directors’ Report (continued)

Corporate Governance Statement The Board adheres to the Association of the Luxembourg Fund Industry (ALFI) code of conduct for Luxembourg investment funds. The code of conduct sets a framework of high-level principles and best practice recommendations for the governance of Luxembourg investment funds.

On behalf of the Janus Henderson Fund Board, I would like to thank you for your continued support.

Kevin Adams Chairman 6 January 2021

The information stated in the report is historical and is not representative of future results.

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Market review

For the year 1 October 2019 to 30 September 2020

Overview Global equity markets rose over the year to 30 September 2020, with the MSCI World Index increasing 11.0% in US Dollar terms. Markets were up over the reporting year, despite the dramatic slump during February and March 2020 as COVID-19 spread around the world. The gains were underpinned by the huge monetary policy and f scal stimulus response to the global pandemic.

Europe ex-UK European stocks, as measured by the MSCI Europe Index, declined by 2.4% in Euro terms because of the relative weakness of sterling. Looser monetary policy from global central banks, optimism about improvements in US/China trade relations and a decline in Brexit worries after a decisive UK election underpinned gains in the fourth quarter of 2019. Stocks plummeted in February and March as the region became the centre of the pandemic. The European Central Bank unveiled a bond-buying programme totalling €1.35trn while countries announced f nancial support packages, boosting shares. Easing lockdown curbs and the announcement of a €750bn European Union (EU) recovery fund supported the rebound. Shares came under pressure in September, however, as an acceleration of COVID-19 cases prompted new lockdown measures in several countries and on uncertainty about the course of the EU/UK trade negotiations. The pandemic pushed the Eurozone economy into recession, with Gross Domestic Product (GDP) shrinking by a record 11.8% over the second quarter, while data released in the second half of the reporting year showed a steady rise in the unemployment rate.

UK In the UK, the FTSE All Share Index declined 16.6% in Sterling terms. Shares ended 2019 strongly after the Conservative Party’s decisive election win gave some clarity on Brexit. Equities plummeted in February and March, however, as COVID-19 spread and many countries, including the UK, went into lockdown. Strong gains followed in April and May, supported by f scal and monetary measures announced in the UK and elsewhere in the world. Trading was mixed over the remaining months because of persistent worries about the pandemic, particularly in September, as the government tightened restrictions because of an acceleration in infections. In the same month, Brexit anxieties were heightened after the government introduced legislation that would allow it to override parts of the withdrawal agreement with the EU. The UK economy sank into recession after GDP slumped by 19.8% over the second quarter, although a return to growth in monthly GDP from May gave grounds for optimism.

US US equities, as measured by the S&P 500 Index, increased by 15.2% in US Dollar terms. Steady gains, underpinned by accommodative monetary policy from the US Federal Reserve (Fed) and an improvement in US/China relations, helped the major US indices repeatedly breach record highs in 2019 and early 2020. Equities plunged during the pandemic-led rout on global markets before supportive monetary policy from the Fed and US$3trn of government aid spurred a rebound. A technology sector-led rally helped the S&P 500 and the Nasdaq Composite indices reach new record high levels in early September. The economy plunged into recession after second-quarter GDP contracted by a record 31.4%, on an annualised basis. In a signif cant change to monetary policy, the Fed said it would adopt an average inf ation target, which suggested that interest rates would remain lower for longer and boosted stocks.

Japan In Japan, the TOPIX Index increased by 4.9% in Yen terms. Shares, which had made gains over the f nal months of 2019, plunged during the global market sell-of . Monetary policy support and US$2.2trn of government stimulus, however, sparked a rally. A nationwide state of emergency was lifted in May, boosting sentiment, while a rise in infections in Japan and elsewhere in the world unsettled investors in June and July. These concerns eased in September after Tokyo lowered its alert level because of a decline in new cases. Prime Minister Shinzo Abe announced his resignation at the end of August, because of ill health, and was replaced by Yoshihide Suga, who vowed to continue his predecessor’s reforms, which calmed investors’ nerves about the changeover. The economy was dragged further into recession after GDP shrank by a record 28.1% in the second quarter, on an annualised basis, which was the third consecutive quarterly contraction.

Asia Asian equities were up over the year MSCI AC Asia Pacif c ex Japan Index increased by 13.9% in US Dollar terms. Stocks slumped during the f rst quarter of 2020 after COVID-19 spread rapidly around the world. Worldwide monetary and f scal stimulus drove the subsequent rally. China’s market was one of the strongest performers as the economy recovered relatively quickly after lockdown restrictions were eased. Second-quarter GDP returned to growth of 3.2% year on year, following a 6.8% contraction – the f rst on record – in the previous three months. Tensions with the US caused unease in the second half of the reporting year. Equities rose very strongly in Taiwan, helped by the success of the government’s COVID-19 containment ef orts and a rally in technology shares. Australian shares were lower, in aggregate, as the pandemic pulled the economy into its f rst recession in 28 years. Singapore’s market was down sharply after the country battled a resurgence of COVID-19 infections among migrant workers and the economy entered recession.

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Market review (continued)

For the year 1 October 2019 to 30 September 2020

Emerging Markets Within Emerging markets, the MSCI Emerging Markets Index increased by 10.9% in US Dollar terms. The COVID-19-led slump in the f rst quarter of 2020 hit developing economies particularly hard, while optimism about a global economic recovery drove a rebound. In India, where stocks were down, in aggregate, the government imposed a strict lockdown with little warning and, relatively soon after, started easing restrictions despite rising COVID-19 cases. Latin American markets were sharply lower as the pandemic exacerbated the region’s economic problems. Equities plunged in Brazil as political uncertainty, particularly over the leadership of President Jair Bolsonaro, added further pressure. However, Argentina’s market was slightly higher, overall, after the government agreed a deal to restructure US$65bn of foreign debt. Turkey’s market slumped, largely because of concerns about the lira, which hit record lows against the US Dollar and the Euro towards the end of the reporting year, and the country’s foreign exchange reserves.

Fixed income Within f xed income, the JPM Global Government Bond Index increased by 6.7% in US Dollar terms. Yields on developed market government bonds were generally lower (prices were higher, ref ecting their inverse relationship), as the pandemic-led slump in equity markets increased demand for perceived ‘safe haven’ investments. US benchmark 10-year Treasury yields hit a record low in early August, on concerns about a global economic recovery. In the corporate debt market, companies took advantage of low borrowing costs – underpinned by central bank support – and bolstered their balance sheets to get through the COVID-19 crisis, which led to a surge in issuance. In September, it emerged that companies had already issued more debt in the US in 2020 – totalling just over US$1.9trn – than the previous full-year record.

Commodities In commodity markets, oil prices were sharply lower after the pandemic caused a collapse in demand. The front-month contract for US benchmark West Texas Intermediate (WTI) brief y turned negative in April as supply hugely outstripped demand. Major producers reached a deal to cut supply in late May, which helped prices to rebound. However, in mid-July, some producers started winding down the supply reductions, limiting the gains overall. WTI ended at just above US$40 per barrel, down by almost 26% over the reporting year. Gold prices were sharply higher as the precious metal benef ted from turmoil caused by COVID-19. Spot prices surged to record high levels in early August, passing US$2,000 per troy ounce for the f rst time, although they subsequently retreated, largely as the US Dollar strengthened.

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Ten Year Highest and Lowest Net Asset Value Per Share (unaudited)

As at 30 September 2020

Fund 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Continental European Fund High A€ 5.79------B€ Acc 5.36 5.55 6.67 7.84 9.60 9.11 9.57 9.58 9.84 10.87 F$ Acc ------18.22 19.49 18.32 20.42 F$ Acc (hedged) ------16.88 17.45 18.90 21.18 G$ Acc - - - - 10.95 10.19 11.92 12.76 12.02 13.43 G$ Acc (hedged) - - - - 12.54 11.91 13.00 13.46 14.62 16.39 G£ Acc ------10.95 11.43 12.25 G£ Dist (hedged) - - - - 10.40 9.76 10.24 10.26 10.68 11.71 G€ Acc - - - - 12.29 11.77 12.63 12.77 13.40 14.89 G€ Dist - - - - 12.29 11.54 12.12 12.04 12.38 13.54 H$ Acc - - - - - 10.07 11.80 12.62 11.87 13.23 H$ Acc (hedged) - - - - - 10.26 11.14 11.53 12.49 14.00 H£ Acc ------10.69 11.15 11.92 H€ Acc - - - 10.88 13.42 12.83 13.74 13.87 14.54 16.14 H€ Dist - - - - 12.28 11.54 12.09 12.01 12.35 13.50 I$ Acc (hedged) - - - 10.02 12.31 11.67 12.66 13.06 14.12 15.81 I€ Acc 6.13 6.43 7.81 9.28 11.43 10.91 11.65 11.74 12.27 13.61 R$ Acc 11.45 10.46 13.08 15.33 15.44 14.32 16.47 17.57 16.35 18.06 R$ Acc (hedged) - - - 10.26 12.55 11.86 12.75 13.07 14.05 15.69 R€ Acc 5.79 6.03 7.28 8.60 10.56 10.04 10.63 10.67 11.05 12.24 R€ Dist 5.47 5.62 6.69 7.82 9.54 9.00 9.39 9.35 9.57 10.50 Low A€ 4.44------B€ Acc 4.11 4.18 5.34 6.46 6.96 7.35 7.81 8.76 8.00 7.27 F$ Acc ------14.96 17.38 15.16 13.29 F$ Acc (hedged) ------15.04 15.84 14.90 14.21 G$ Acc - - - - 9.11 8.73 9.04 11.39 9.94 8.73 G$ Acc (hedged) - - - - 10.10 9.62 10.43 12.21 11.50 11.00 G£ Acc ------9.69 9.23 8.72 G£ Dist (hedged) - - - - 8.79 7.89 8.25 9.36 8.52 7.82 G€ Acc - - - - 9.45 9.52 10.22 11.69 10.78 9.97 G€ Dist - - - - 9.45 9.34 9.81 11.03 9.97 9.07 H$ Acc - - - - - 8.67 8.96 11.26 9.82 8.61 H$ Acc (hedged) - - - - - 8.28 8.95 10.46 9.85 9.39 H£ Acc ------9.48 9.01 8.49 H€ Acc - - - 10.00 9.67 10.38 11.14 12.71 11.71 10.81 H€ Dist - - - - 9.45 9.34 9.80 11.01 9.95 9.04 I$ Acc (hedged) - - - 9.83 8.90 9.42 10.18 11.87 11.15 10.60 I€ Acc 4.71 4.80 6.20 7.57 8.25 8.82 9.45 10.76 9.90 9.11 R$ Acc 7.96 7.98 9.82 12.69 12.98 12.23 12.58 15.62 13.58 11.80 R$ Acc (hedged) - - - 10.00 9.10 9.56 10.29 11.90 11.13 10.52 R€ Acc 4.44 4.52 5.81 7.06 7.64 8.11 8.65 9.77 8.95 8.19 R€ Dist 4.20 4.21 5.33 6.42 6.90 7.26 7.65 8.56 7.75 7.03 Emerging Markets Fund High B$ Acc ------11.55 12.72 10.85 11.02 B€ Acc 11.33 9.98 10.33 10.74 12.25 11.72 11.75 - - - D$ Dist 19.54------F$ Acc ------11.00 12.16 10.55 10.63 H$ Acc ------12.60 13.93 12.11 12.46 H£ Acc ------12.16 12.47 12.29 12.17 H€ Acc ------11.46 12.02 11.58 11.79 I$ Acc ------10.82 11.96 10.36 10.65 I€ Acc 12.61 11.27 11.74 12.42 14.24 13.81 15.13 15.84 15.21 15.47 R$ Acc 19.56 16.82 17.49 18.05 17.31 17.09 19.66 21.69 18.64 19.02 R£ Acc 6.09------R€ Acc 11.97 10.61 11.02 11.55 13.20 12.70 13.86 14.46 13.77 13.97 R€ Dist 11.77------

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Ten Year Highest and Lowest Net Asset Value Per Share (unaudited) (continued)

As at 30 September 2020

Fund 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Emerging Markets Fund (continued) Low B$ Acc ------9.97 10.06 9.62 7.17 B€ Acc 7.94 7.74 8.43 8.59 9.37 8.98 11.35 - - - D$ Dist 13.62------F$ Acc ------9.92 9.69 9.28 7.02 H$ Acc ------9.81 11.11 10.64 8.06 H£ Acc ------10.06 10.80 10.27 8.78 H€ Acc ------10.06 10.27 9.96 7.96 I$ Acc ------9.90 9.52 9.11 6.89 I€ Acc 8.90 8.69 9.63 9.88 10.94 10.53 13.01 13.52 13.11 10.44 R$ Acc 13.63 13.22 14.32 15.10 14.12 12.79 15.40 17.21 16.46 12.35 R£ Acc 4.78------R€ Acc 8.42 8.21 9.02 9.21 10.11 9.71 11.95 12.30 11.92 9.42 R€ Dist 8.27------Global Equity Fund High A€ 7.20------B$ Acc ------11.17 11.23 13.90 B€ Acc 6.99------F$ Acc ------10.35 10.52 13.20 H$ Acc ------11.01 11.21 14.06 H€ Acc - - - - 9.97 11.02 12.68 14.40 15.36 18.17 I$ Acc 9.82 - - - 10.15 10.20 12.49 14.21 14.44 18.08 I€ Acc 7.31 - - - 10.18 10.58 12.15 13.76 14.64 17.28 I€ Acc (hedged) ------10.92 13.32 R$ Acc 6.83 6.39 7.99 9.14 10.22 10.20 12.42 14.05 14.21 17.69 R£ Acc 3.46 3.22 4.15 4.59 5.54 6.38 7.76 8.82 9.41 10.82 R€ Acc 7.20 7.03 8.45 9.99 13.32 13.31 15.14 17.05 18.04 21.18 R€ Acc (hedged) ------10.90 13.21 Low A€ 5.23------B$ Acc ------9.81 9.04 8.69 B€ Acc 5.06------F$ Acc ------9.54 8.42 8.21 H$ Acc ------10.05 8.96 8.74 H€ Acc - - - - 9.44 8.78 10.34 12.42 12.01 12.43 I$ Acc 8.34 - - - 8.99 8.42 9.73 12.39 11.56 11.25 I€ Acc 5.32 - - - 8.86 8.43 9.91 11.89 11.47 11.84 I€ Acc (hedged) ------10.14 8.35 R$ Acc 5.00 4.84 5.86 7.75 8.32 8.45 9.71 12.31 11.41 11.03 R£ Acc 2.61 2.55 3.01 3.95 4.21 4.77 6.25 7.50 7.30 7.79 R€ Acc 5.23 5.17 6.51 8.13 9.24 10.58 12.40 14.79 14.18 14.54 R€ Acc (hedged) ------10.14 8.30 Latin American Fund High B€ Acc 20.52 18.53 17.67 17.05 15.67 14.57 16.39 16.55 17.01 17.36 F$ Acc ------11.86 12.68 12.01 12.26 H$ Acc ------11.47 10.87 11.10 H€ Acc - - - 5.22 4.80 4.58 5.20 5.30 5.55 5.69 I$ Acc 28.71 26.43 25.12 24.78 21.92 - - - - - I€ Acc 21.85 19.96 19.24 18.85 17.35 16.48 18.68 19.01 19.84 20.33 R$ Acc 19.39 17.76 16.80 16.46 14.56 12.13 14.47 15.43 14.46 14.72 R€ Acc 21.17 19.23 18.43 17.90 16.46 15.48 17.47 17.71 18.34 18.75 R€ Dist 20.99------Low B€ Acc 14.09 14.00 13.23 12.12 10.42 9.85 13.54 13.55 14.23 7.93 F$ Acc ------9.86 9.75 10.21 5.40 H$ Acc ------8.82 9.24 4.89 H€ Acc - - - 4.62 3.23 3.07 4.27 4.37 4.59 2.61 I$ Acc 20.37 19.95 19.17 18.45 16.43 - - - - - I€ Acc 15.12 15.02 14.48 13.34 11.66 11.05 15.36 15.66 16.46 9.31 R$ Acc 13.72 13.44 12.80 12.29 8.66 7.95 10.75 11.81 12.35 6.47 R€ Acc 14.59 14.50 13.83 12.70 11.00 10.41 14.41 14.55 15.28 8.57 R€ Dist 14.46------

7 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Ten Year Highest and Lowest Net Asset Value Per Share (unaudited) (continued)

As at 30 September 2020

Fund 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Pan European Fund High A€ Dist 3.56------B€ Acc 3.40 - - - 6.07 5.76 6.04 6.06 6.12 6.82 G€ Acc ------5.30 5.46 6.11 H$ Acc (hedged) - - - - - 5.06 5.66 5.87 6.28 7.09 H€ Acc - - - - - 5.13 5.48 5.57 5.72 6.41 HCHF Acc (hedged) - - - - - 5.13 5.44 5.51 5.63 6.30 I$ Acc (hedged) - - 5.08 6.09 7.43 7.04 7.61 7.89 8.41 9.49 I€ Acc 5.73 6.13 7.42 8.91 10.91 10.42 11.09 11.26 11.54 12.90 IS$ Acc - - - - - 10.14 11.33 11.79 11.40 12.63 IS$ Acc (hedged) - - - - 12.34 11.76 12.72 13.09 13.80 15.54 R$ Acc (hedged) - - - 5.00 6.15 5.81 6.22 6.41 6.78 7.64 R€ Acc 3.56 3.78 4.55 5.43 6.62 6.31 6.66 6.72 6.84 7.63 R€ Dist 5.08------RCHF Acc (hedged) - - - - - 5.15 5.40 5.42 5.49 6.12 RS$ Acc (hedged) - - - - - 10.16 10.89 11.15 11.67 13.12 Low A€ Dist 2.82------B€ Acc 2.68 - - - 4.70 4.64 4.91 5.53 4.99 4.42 G€ Acc ------4.82 4.40 3.97 H$ Acc (hedged) - - - - - 4.22 4.54 5.33 4.95 4.61 H€ Acc - - - - - 4.15 4.42 5.07 4.62 4.16 HCHF Acc (hedged) - - - - - 4.14 4.41 5.01 4.55 4.09 I$ Acc (hedged) - - 4.85 4.93 5.43 5.68 6.11 7.16 6.65 6.17 I€ Acc 4.55 4.60 5.93 7.21 7.95 8.42 8.97 10.25 9.32 8.37 IS$ Acc - - - - - 8.42 8.97 10.85 9.47 8.53 IS$ Acc (hedged) - - - - 10.05 9.51 10.22 11.89 10.97 10.08 R$ Acc (hedged) - - - 4.96 4.50 4.68 5.01 5.82 5.38 4.96 R€ Acc 2.82 2.85 3.65 4.42 4.84 5.09 5.40 6.12 5.55 4.95 R€ Dist 4.62------RCHF Acc (hedged) - - - - - 4.15 4.39 4.94 4.46 3.97 RS$ Acc (hedged) - - - - - 8.20 8.78 10.14 9.31 8.50 Pan European Smaller Companies Fund High A€ Dist 7.01------B€ Acc 6.69 6.52 8.37 9.85 11.99 11.59 13.98 14.56 13.71 15.05 H$ Acc (hedged) ------10.90 10.68 12.04 H€ Acc - - - 5.51 6.80 6.60 8.15 8.56 8.15 9.02 I€ Acc - - - 5.77 7.10 6.89 8.47 8.88 8.44 9.33 R$ Acc (hedged) - - - - - 10.29 12.88 13.65 13.29 14.91 R€ Acc 7.01 6.86 8.87 10.48 12.82 12.41 15.10 15.78 14.93 16.44 R€ Dist 6.89 6.67 8.57 10.10 12.32 11.93 14.47 15.04 14.13 15.37 Low A€ Dist 5.23------B€ Acc 4.98 4.80 6.11 8.16 7.95 9.48 10.91 13.31 10.63 8.23 H$ Acc (hedged) ------9.95 8.16 6.64 H€ Acc - - - 4.85 4.46 5.41 6.29 7.80 6.29 4.95 I€ Acc - - - 4.93 4.67 5.64 6.54 8.10 6.52 5.12 R$ Acc (hedged) - - - - - 8.46 9.87 12.33 10.17 8.21 R€ Acc 5.23 5.04 6.45 8.66 8.47 10.15 11.73 14.43 11.55 9.00 R€ Dist 5.14 4.90 6.23 8.35 8.14 9.76 11.23 13.76 10.93 8.41 Global Equity Market Neutral Fund High B$ Acc ------10.06 10.05 10.97 E$ Acc ------10.10 10.22 11.32 E€ Acc (hedged) ------9.98 9.97 10.75 E€ Dist (hedged) ------10.52 F$ Acc ------10.16 11.20 G£ Acc (hedged) ------10.30 H$ Acc ------10.21 H€ Acc (hedged) ------9.98 9.97 10.65 HCHF Acc (hedged) ------10.19 I$ Acc ------10.26 10.93 10.99 12.17 I£ Acc (hedged) ------10.29 I€ Acc (hedged) ------9.98 9.97 10.67

8 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Ten Year Highest and Lowest Net Asset Value Per Share (unaudited) (continued)

As at 30 September 2020

Fund 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Global Equity Market Neutral Fund (continued) ICHF Acc (hedged) ------10.19 P$ Acc ------21.77 P€ Acc (hedged) ------20.12 22.09 R$ Acc ------10.22 10.81 10.82 11.88 R€ Acc (hedged) ------9.98 9.97 10.54 Z$ Acc ------10.37 11.25 11.39 12.95 Low B$ Acc ------9.94 9.56 9.94 E$ Acc ------9.95 9.64 10.17 E€ Acc (hedged) ------9.95 9.48 9.76 E€ Dist (hedged) ------9.86 F$ Acc ------9.99 10.11 G£ Acc (hedged) ------9.94 H$ Acc ------9.97 H€ Acc (hedged) ------9.95 9.46 9.70 HCHF Acc (hedged) ------9.97 I$ Acc ------9.60 10.24 10.41 10.93 I£ Acc (hedged) ------9.94 I€ Acc (hedged) ------9.95 9.46 9.71 ICHF Acc (hedged) ------9.97 P$ Acc ------19.97 P€ Acc (hedged) ------19.74 19.92 R$ Acc ------9.57 10.19 10.28 10.72 R€ Acc (hedged) ------9.95 9.44 9.63 Z$ Acc ------9.62 10.34 10.74 11.34 Global Multi-Strategy Fund1 High E$ Acc (hedged) ------10.02 E£ Acc (hedged) ------10.02 E€ Acc ------10.01 ENOK Acc (hedged) ------100.78 ESEK Acc (hedged) ------100.75 F$ Acc (hedged) ------10.05 G$ Acc (hedged) ------10.03 G£ Acc (hedged) ------10.08 G€ Acc ------10.01 H$ Acc (hedged) ------10.02 H€ Acc ------10.01 I$ Acc (hedged) ------10.02 I£ Acc (hedged) ------10.07 I€ Acc ------10.01 INOK Acc (hedged) ------100.77 ISEK Acc (hedged) ------100.72 R$ Acc (hedged) ------10.01 R€ Acc ------10.01 Z$ Acc (hedged) ------10.11 Z£ Acc (hedged) ------10.04 Z€ Acc ------10.02 ZAU$ Acc (hedged) ------10.04 Z¥ Acc (hedged) ------1,010.66 Low E$ Acc (hedged) ------9.87 E£ Acc (hedged) ------9.87 E€ Acc ------9.86 ENOK Acc (hedged) ------99.40 ESEK Acc (hedged) ------99.40 F$ Acc (hedged) ------9.92 G$ Acc (hedged) ------9.87 G£ Acc (hedged) ------9.94 G€ Acc ------9.86 H$ Acc (hedged) ------9.87 H€ Acc ------9.85 I$ Acc (hedged) ------9.87 I£ Acc (hedged) ------9.94

1 Global Multi-Strategy Fund launched on 3 June 2020. 9 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Ten Year Highest and Lowest Net Asset Value Per Share (unaudited) (continued)

As at 30 September 2020

Fund 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Global Multi-Strategy Fund1 (continued) I€ Acc ------9.85 INOK Acc (hedged) ------99.40 ISEK Acc (hedged) ------99.36 R$ Acc (hedged) ------9.86 R€ Acc ------9.83 Z$ Acc (hedged) ------9.95 Z£ Acc (hedged) ------9.88 Z€ Acc ------9.87 ZAU$ Acc (hedged) ------9.88 Z¥ Acc (hedged) ------994.45 United Kingdom Absolute Return Fund High B$ Acc (hedged) - - - - - 5.09 5.22 5.31 5.30 5.50 F$ Acc (hedged) ------5.15 5.28 5.33 5.55 G$ Acc (hedged) - - - 5.10 5.45 5.70 5.89 6.06 6.15 6.41 G£ Acc - - - 5.10 5.47 5.72 5.89 5.98 5.93 6.14 G£ Dist - - - 5.10 5.48 5.72 5.89 5.98 5.94 6.14 G€ Acc (hedged) - - - 5.10 5.45 5.65 5.78 5.83 5.74 5.86 H$ Acc (hedged) - - - 5.13 5.48 5.71 5.90 6.05 6.12 6.38 H£ Acc - - - 5.15 5.51 5.74 5.90 5.97 5.91 6.11 H£ Dist - - - - - 5.15 5.29 5.35 5.30 5.48 H€ Acc (hedged) - - - 5.14 5.47 5.65 5.77 5.79 5.71 5.81 HCHF Acc (hedged) - - - - - 5.03 5.12 5.13 5.05 5.11 I$ Acc (hedged) 5.10 5.06 5.85 6.13 6.55 6.83 7.06 7.24 7.32 7.63 I£ Acc - - 10.13 10.65 11.41 11.89 12.22 12.38 12.25 12.67 I£ Dist ------5.20 5.27 5.21 5.39 I¥ Acc (hedged) ------550.30 557.88 550.01 559.91 I€ Acc (hedged) 5.34 5.30 6.14 6.43 6.86 7.09 7.25 7.29 7.18 7.30 ICHF Acc (hedged) - - - - 5.07 5.21 5.31 5.33 5.24 5.30 R$ Acc (hedged) - - - 5.16 5.49 5.69 5.85 5.98 6.01 6.24 R£ Acc 2.25 2.23 2.58 2.70 2.88 2.98 3.06 3.09 3.05 3.13 R¥ Acc (hedged) - - - 508.01 539.76 556.37 567.59 569.51 - - R€ Acc (hedged) 5.37 5.31 6.11 6.38 6.77 6.95 7.08 7.10 6.98 7.05 RCHF Acc (hedged) - - - - - 5.01 5.09 5.10 4.99 5.02 Low B$ Acc (hedged) - - - - - 4.93 5.01 5.16 5.10 5.27 F$ Acc (hedged) ------4.97 5.12 5.09 5.30 G$ Acc (hedged) - - - 4.93 4.95 5.39 5.62 5.87 5.85 6.11 G£ Acc - - - 4.91 4.95 5.42 5.64 5.81 5.73 5.89 G£ Dist - - - 4.93 4.96 5.42 5.64 5.82 5.74 5.88 G€ Acc (hedged) - - - 4.96 4.95 5.39 5.56 5.68 5.55 5.62 H$ Acc (hedged) - - - 4.97 4.98 5.42 5.63 5.86 5.84 6.08 H£ Acc - - - 4.97 4.99 5.46 5.66 5.81 5.72 5.87 H£ Dist - - - - - 5.02 5.07 5.21 5.13 5.26 H€ Acc (hedged) - - - 4.96 4.98 5.41 5.56 5.66 5.51 5.57 HCHF Acc (hedged) - - - - - 4.88 4.94 5.00 4.87 4.90 I$ Acc (hedged) 4.81 4.84 4.97 5.79 5.95 6.48 6.74 7.02 6.99 7.28 I£ Acc - - 10.00 10.02 10.34 11.29 11.72 12.05 11.86 12.16 I£ Dist ------5.01 5.13 5.05 5.17 I¥ Acc (hedged) ------550.30 543.68 531.01 538.14 I€ Acc (hedged) 5.02 5.07 5.20 6.07 6.24 6.79 6.98 7.11 6.93 7.01 ICHF Acc (hedged) - - - - 4.95 5.01 5.13 5.19 5.05 5.08 R$ Acc (hedged) - - - 4.96 5.00 5.42 5.60 5.80 5.76 5.97 R£ Acc 2.12 2.13 2.18 2.55 2.62 2.85 2.94 3.01 2.95 3.00 R¥ Acc (hedged) - - - 492.40 492.74 533.13 547.35 564.11 - - R€ Acc (hedged) 5.06 5.07 5.19 6.04 6.18 6.69 6.84 6.92 6.73 6.75 RCHF Acc (hedged) - - - - - 4.87 4.93 4.96 4.81 4.80

1 Global Multi-Strategy Fund launched on 3 June 2020.

10 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund – Combined Statements

Combined Statement of Net Assets Combined Statement of Net Assets As at 30 September 2020 As at 30 September 2019 Notes EUR Notes EUR

Assets Assets Investment in securities at market value 3 5,532,080,227 Investment in securities at market value 3 5,917,739,779 Cash at bank 12 490,072,456 Cash at bank 12 548,937,147 Interest and dividends receivable 3 2,629,456 Interest and dividends receivable 3 9,349,254 Subscriptions receivable 18,270,634 Subscriptions receivable 41,992,412 Receivable for investments sold 32,780,900 Receivable for investments sold 15,639,255 Unrealised gain on contracts for diﬀ erence 3 42,180,711 Unrealised gain on contracts for diﬀ erence 3 39,176,946 Unrealised gain on futures contracts 3 7,737,100 Unrealised gain on futures contracts 3 4,109,107 Unrealised gain on forward foreign exchange contracts 3 6,934,983 Unrealised gain on forward foreign exchange contracts 3 25,055,522 Purchased option contracts at market value 3 2,019,528 Purchased option contracts at market value 3 - Swap contracts at market value 3 125,025 Swap contracts at market value 3 - Other assets 5,291,747 Other assets 4,169,215 Management fee rebate 5,815 Management fee rebate 4,742 Total assets 6,140,128,582 Total assets 6,606,173,379

Liabilities Liabilities Bank overdraft 12 2,008,699 Bank overdraft 12 376,455 Payable for investments purchased 71,648,744 Payable for investments purchased 17,374,540 Taxes and expenses payable 18,614,348 Taxes and expenses payable 21,079,634 Redemptions payable 12,790,263 Redemptions payable 15,789,392 Unrealised loss on contracts for diﬀ erence 3 37,219,826 Unrealised loss on contracts for diﬀ erence 3 30,133,241 Unrealised loss on futures contracts 3 3,602,586 Unrealised loss on futures contracts 3 1,954,825 Unrealised loss on forward foreign exchange contracts 3 51,604,249 Unrealised loss on forward foreign exchange contracts 3 19,064,315 Sold option contracts at market value 3 444 Sold option contracts at market value 3 - Swap contracts at market value 3 147,792 Swap contracts at market value 3 - Dividends payable to shareholders 1,195,730 Dividends payable to shareholders 2,146,057 Interest and dividends payable on CFD 1,019,786 Interest and dividends payable on CFD 2,616,390 Other liabilities - Other liabilities 155,220 Total liabilities 199,852,467 Total liabilities 110,690,069

Net assets at the end of the year 5,940,276,115 Net assets at the end of the year 6,495,483,310

The accompanying notes form an integral part of these f nancial statements.

11 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund – Combined Statements

Combined Statement of Operations Combined Statement of Operations For the year from 1 October 2019 to 30 September 2020 For the year from 1 October 2018 to 30 September 2019 Notes EUR Notes EUR Income Income Dividend income (net of withholding tax) 3 64,649,280 Dividend income (net of withholding tax) 3 90,514,946 Bond interest income 3 1,675,265 Bond interest income 3 1,724,307 Interest on certif cates of deposit 3 10,709,699 Interest on certif cates of deposit 3 19,400,981 Derivative income 3 31,638,489 Derivative income 3 44,769,078 Interest received on contracts for diff erence 3 6,550,509 Interest received on contracts for diff erence 3 9,587,208 Other income 3, 13 2,053,920 Other income 3, 13 5,560,734 Total income 117,277,162 Total income 171,557,254 Expenses Expenses Management fees 6, 14 66,263,108 Management fees 6, 14 80,479,058 Administration, registrar and transfer agent fees 6 2,187,920 Administration, registrar and transfer agent fees 6 2,456,352 Custodian fees 6 565,876 Custodian fees 6 814,240 Shareholder servicing fees and initial sales charges 6, 14 145,545 Shareholder servicing fees and initial sales charges 6, 14 213,539 Depositary fees 6 364,156 Depositary fees 6 507,540 Derivative expense 3 32,096,721 Derivative expense 3 38,620,105 Interest paid on contracts for diff erence 3 9,025,748 Interest paid on contracts for diff erence 3 11,644,544 Performance fees 6 5,606,430 Performance fees 6 - Taxation ("taxe d'abonnement") 7 1,467,706 Taxation ("taxe d'abonnement") 7 1,777,787 Other expenses 6 2,382,781 Other expenses 6 (1,086,564) Total expenses 120,105,991 Total expenses 135,426,601 Net expense from investments (2,828,829) Net income from investments 36,130,653 Net realised gain/(loss) Net realised gain/(loss) Net realised gain on investment securities 3 134,119,404 Net realised gain on investment securities 3 30,341,796 Net realised gain on contracts for diff erence 3 90,622,945 Net realised loss on contracts for diff erence 3 (66,058,903) Net realised gain on futures contracts 3 930,770 Net realised loss on futures contracts 3 (10,331,332) Net realised gain on swap contracts 3 35,127 Net realised gain/loss on swap contracts 3 - Net realised loss on options contracts 3 (28,570) Net realised gain/loss on options contracts 3 - Net realised gain on forward foreign exchange contracts 3 78,187,333 Net realised loss on forward foreign exchange contracts 3 (25,412,267) Net realised gain on currency exchange 2,875,160 Net realised gain on currency exchange 223,104 Net realised gain on investments and derivatives 306,742,169 Net realised loss on investments and derivatives (71,237,602) Net change in unrealised appreciation/ Net change in unrealised appreciation/ depreciation depreciation Change in net unrealised appreciation/ Change in net unrealised appreciation/ depreciation on investments 3 (60,775,742) depreciation on investments 3 95,414,819 Change in net unrealised appreciation/ Change in net unrealised appreciation/ depreciation on contracts for diff erence 3 (3,863,797) depreciation on contracts for diff erence 3 (19,921,551) Change in net unrealised appreciation/ Change in net unrealised appreciation/ depreciation on futures contracts 3 2,033,405 depreciation on futures contracts 3 8,797,844 Change in net unrealised appreciation/ Change in net unrealised appreciation/ depreciation on swap contracts 3 (22,767) depreciation on swap contracts 3 - Change in net unrealised appreciation/ Change in net unrealised appreciation/ depreciation on options contracts 3 (263,088) depreciation on options contracts 3 - Change in net unrealised appreciation/ Change in net unrealised appreciation/ depreciation on forward foreign exchange contracts 3 (50,589,905) depreciation on forward foreign exchange contracts 3 (1,891,180) Change in net unrealised appreciation/ Change in net unrealised appreciation/ depreciation on currency exchange (401,887) depreciation on currency exchange 79,389 Change in unrealised appreciation/ Change in unrealised appreciation/ depreciation on investments and derivatives (113,883,781) depreciation on investments and derivatives 82,479,321

Net increase in assets as a result of operations 190,029,559 Net increase in assets as a result of operations 47,372,372

The accompanying notes form an integral part of these f nancial statements.

12 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund – Combined Statements

Combined Statement of Changes in Net Assets Combined Statement of Changes in Net Assets For the year from 1 October 2019 to 30 September 2020 For the year from 1 October 2018 to 30 September 2019 Notes EUR Notes EUR Net assets at the beginning of the year 6,495,483,310 Net assets at the beginning of the year 8,815,845,473 Exchange rate eﬀ ect on opening net assets 3 (125,375,212) Exchange rate eﬀ ect on opening net assets 3 75,010,720 Net expense from investments (2,828,829) Net income from investments 36,130,653 Net realised gain on investments and derivatives 306,742,169 Net realised loss on investments and derivatives (71,237,602) Change in unrealised appreciation/ Change in unrealised appreciation/ depreciation on investments and derivatives (113,883,781) depreciation on investments and derivatives 82,479,321 Proceeds from shares issued 2,401,894,301 Proceeds from shares issued 2,194,251,480 Payments for shares redeemed (3,018,305,367) Payments for shares redeemed (4,630,655,174) Net equalisation (paid)/received 10 (2,254,746) Net equalisation (paid)/received 10 (4,195,504) Dividend distributions 11 (1,195,730) Dividend distributions 11 (2,146,057) Net assets at the end of the year 5,940,276,115 Net assets at the end of the year 6,495,483,310

The accompanying notes form an integral part of these f nancial statements.

13 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Continental European Fund

Investment report for the year from 1 October 2019 to 30 September 2020

Investment Fund Managers John Bennett and Tom O’Hara*

The fund returned 0.9% (Net) based on Class R Euro terms accumulation over the year under review, compared with a fall of 3.0% in the MSCI Europe (ex UK) Index Euro terms.

The event of the year under review was, of course, the COVID-19 global pandemic. This presented extraordinary challenges to us all, both personally and professionally.

In managing the portfolio, our initial response to the pandemic was limited as we entered the crisis with little exposure to companies with high levels of leverage and we had longstanding underweight positions in the leisure, retail and banking sectors. Our priority was to engage with the companies in which we were invested. We sought to quiz the management teams of these companies on how they were running their businesses. It quickly became clear that each and every management team with which we engaged had the right priorities: businesses were being run for cash.

Once this had been established, we, as a team, mulled over what the shape of any recovery might look like. Panicking politicians notwithstanding, it was clear that no economy could withstand lockdown for any lengthy period. The ‘macro’ conclusion that we came to was that, as with the virus itself, economic recovery would spread from east to west. This has largely been the case. ‘Underwriting’ such a recovery was the extraordinary monetary and f scal response by governments worldwide. Further stimulus came via the fact that, in managing their businesses for cash, companies f ushed their inventory channels. Thus, the scene was set for inevitable demand recovery to meet the ‘dry tinder’ of lean inventories. This is one reason why industrial companies and economies have fared better than those with heavy exposure to services.

Consistent with the above, we used the early summer months to buy into selected industrial businesses, giving the portfolio a more cyclical – some might say value – tilt. Among industrials, this led to companies such as Arkema and Compagnie de St Gobain, while in the automotive sector, we established positions in BMW, Daimler and Peugeot. It is rare for us to be attracted to this sector. We have enjoyed success, historically, in the automotive component suppliers, although the car manufacturers themselves have often been a case of ‘handle with care’. Yet, we believed that the sector was a classic example of pent-up demand meeting ‘dry’ inventory channels, hence our rare ownership of the three companies.

Helping fund these additions were disposals in more defensive businesses such as GlaxoSmithKline, Koninklijke KPN and RELX.

On the negative side was Rheinmetall, a producer of defence and automotive equipment. We were attracted to the stock by its combination of lowly valuation and exposure to a turn-up in German defence spending. We bought into the stock based on a low valuation at the time while the company’s automotive division is exposed to German defence spending growth.

At the time of writing, politicians are defaulting to lockdowns as their primary weapon of choice against this pandemic. It is hard not to believe that this dubious strategy owes itself to the echo chamber within which politicians, pollsters and the mainstream media feed of one another. It is to be hoped that this policy response is not so durable as to derail what we believe to be a clear V-shaped recovery, notably in the industrial and automotive sectors. It is against this backdrop that we will continue to drive a stock-specif c strategy, while remaining as pragmatic as ever. * Please note that as of 31 January 2020 Tom O’Hara is co manager of this fund.

14 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Continental European Fund

Investment objective and policy The fund aims to provide a return, from a combination of capital growth and income over the long term (5 years or more).

The fund invests at least two-thirds of its assets in a concentrated portfolio of shares (equities) and equity-related securities of companies, of any size, in any industry, in Continental Europe. Companies will have their registered oﬃ ce in or do most of their business (directly or through subsidiaries) in this region.

The fund is actively managed with reference to the MSCI Europe (ex UK) Index, which is broadly representative of the companies in which it may invest, as this can provide a useful comparator for assessing the fund’s performance. The investment manager has discretion to choose investments for the fund with weightings diﬀ erent to the index or not in the index. Depending on prevailing market conditions the fund’s portfolio may shift between ‘high conviction’ (whereby the manager will take signif cant risk relative to the index) and a more cautious stance. This means the performance of the fund may at times diﬀ er signif cantly from the index, while at other times it may be more closely aligned.

Performance history (unaudited)

Fund & Benchmark 1 year to 1 year to 1 year to 1 year to 1 year to 30 Sep 16 30 Sep 17 30 Sep 18 30 Sep 19 30 Sep 20 % % % % %

Continental European Fund R€ Acc (Net) (1.25) 15.25 0.41 5.36 0.89

MSCI Europe (ex UK) Index 2.21 19.24 0.26 6.56 (2.96)

Class R€ Acc is disclosed as it is the representative share class.

Past performance is not a guide to future performance.

15 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Continental European Fund

Statement of Net Assets Statement of Operations As at 30 September 2020 For the year from 1 October 2019 to 30 September 2020 Notes EUR Notes EUR

Assets Income Investment in securities at market value 3 1,671,376,033 Dividend income (net of withholding tax) 3 37,342,006 Cash at bank 12 9,512,606 Bond interest income 3 - Interest and dividends receivable 3 - Interest on certif cates of deposit 3 - Subscriptions receivable 2,531,081 Derivative income 3 - Receivable for investments sold 17,159,387 Interest received on contracts for diff erence 3 - Unrealised gain on contracts for diff erence 3 - Other income 3, 13 209,383 Unrealised gain on futures contracts 3 - Total income 37,551,389 Unrealised gain on forward foreign exchange contracts 3 280,369 Purchased option contracts at market value 3 - Swap contracts at market value 3 - Other assets 3,717,426 Management fee rebate - Total assets 1,704,576,902 Liabilities Expenses Bank overdraft 12 24 Management fees 6, 14 25,243,117 Payable for investments purchased 16,980,168 Administration, registrar and transfer agent fees 6 767,555 Taxes and expenses payable 4,896,325 Custodian fees 6 145,039 Redemptions payable 288,142 Shareholder servicing fees and initial sales charges 6, 14 8,119 Unrealised loss on contracts for diff erence 3 - Depositary fees 6 120,320 Unrealised loss on futures contracts 3 - Derivative expenses 3 14,552 Unrealised loss on forward foreign exchange contracts 3 2,676 Interest paid on contracts for diff erence 3 - Sold option contracts at market value 3 - Performance fees 6 - Swap contracts at market value 3 - Taxation ("taxe d'abonnement") 7 661,796 Dividends payable to shareholders 1,195,730 Other expenses 6 699,298 Interest and dividends payable on CFD - Total expenses 27,659,796 Other liabilities - Total liabilities 23,363,065 Net income from investments 9,891,593 Net realised gain/(loss) Net realised gain on investment securities 3 85,511,289 Net realised gain/loss on contracts for diff erence 3 - Net realised gain/loss on futures contracts 3 - Net realised gain/loss on swap contracts 3 - Net realised gain/loss on options contracts 3 - Net realised loss on forward foreign exchange contracts 3 (1,201,488) Net realised loss on currency exchange (257,389) Net realised gain on investments and derivatives 84,052,412 Net change in unrealised appreciation/depreciation Change in net unrealised appreciation/ depreciation on investments 3 (105,589,437) Change in net unrealised appreciation/ depreciation on contracts for diff erence 3 - Change in net unrealised appreciation/ depreciation on futures contracts 3 - Change in net unrealised appreciation/ depreciation on swap contracts 3 - Change in net unrealised appreciation/ depreciation on options contracts 3 - Change in net unrealised appreciation/ depreciation on forward foreign exchange contracts 3 (324,004) Change in net unrealised appreciation/ depreciation on currency exchange (12,321) Change in unrealised appreciation/ depreciation on investments and derivatives (105,925,762)

Net assets at the end of the year 1,681,213,837 Net decrease in assets as a result of operations (11,981,757)

The accompanying notes form an integral part of these f nancial statements.

16 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Continental European Fund

Statement of Changes in Net Assets For the year from 1 October 2019 to 30 September 2020 EUR Notes EUR

Net assets at the beginning of the year 2,007,986,221 Proceeds from shares issued 392,398,389 Net income from investments 9,891,593 Payments for shares redeemed (703,633,497) Net realised gain on investments and derivatives 84,052,412 Net equalisation (paid)/received 10 (2,359,789) Change in unrealised appreciation/ (105,925,762) Dividend distributions 11 (1,195,730) depreciation on investments and derivatives Net assets at the end of the year 1,681,213,837

Share Transactions For the year from 1 October 2019 to 30 September 2020 F$ Acc G$ Acc G£ Dist B€ Acc F$ Acc (hedged) G$ Acc (hedged) G£ Acc (hedged) Shares outstanding at the beginning of the year 177,937.55 166.67 166.67 11,049.65 14,278.31 250.00 56,343.27 Shares issued during the year 8,601.16 - - 20,995.00 - 96,704.00 138.41 Shares redeemed during the year (29,171.71) - - (4,774.00) - (4,185.00) (19,275.14) Shares outstanding at the end of the year 157,367.00 166.67 166.67 27,270.65 14,278.31 92,769.00 37,206.54 Equivalent to a net asset value per share of: 9.87 19.66 19.57 12.93 15.16 11.75 10.56

H$ Acc G€ Acc G€ Dist H$ Acc (hedged) H£ Acc H€ Acc H€ Dist Shares outstanding at the beginning of the year 33,497.39 6,333,833.23 339,822.13 60,088.07 279,189.66 1,021,628.04 469,434.78 Shares issued during the year 249,795.00 1,613,355.00 40,990.88 - 36,755.40 94,742.65 100,466.88 Shares redeemed during the year (5,955.95) (119,857.77) (95,165.39) (2,987.09) (54,743.28) (133,511.29) (99,363.91) Shares outstanding at the end of the year 277,336.44 7,827,330.46 285,647.62 57,100.98 261,201.78 982,859.40 470,537.75 Equivalent to a net asset value per share of: 13.64 12.27 12.74 12.93 11.43 14.78 12.23

I$ Acc R$ Acc (hedged) I€ Acc R$ Acc (hedged) R€ Acc R€ Dist Shares outstanding at the beginning of the year 658,700.27 54,224,444.75 429,457.90 2,348,187.09 106,473,678.10 1,276,956.39 Shares issued during the year 73,915.47 27,135,470.31 316,610.80 58,948.33 2,092,786.54 21,350.68 Shares redeemed during the year (346,977.13) (49,532,743.97) (236,405.10) (1,188,883.03) (8,480,432.94) (144,861.82) Shares outstanding at the end of the year 385,638.61 31,827,171.09 509,663.60 1,218,252.39 100,086,031.70 1,153,445.25 Equivalent to a net asset value per share of: 14.59 12.44 17.39 14.43 11.15 9.55

Net Asset Value Summary

Net Asset Value Per Share As at As at As at As at As at As at 30 Sep 18 30 Sep 19 30 Sep 20 30 Sep 18 30 Sep 19 30 Sep 20 EUR 2,555,022,872 EUR 2,007,986,221 EUR 1,681,213,837 B€ Acc 9.38 9.84 9.87 F$ Acc 18.06 17.99 19.66 F$ Acc (hedged) 17.30 18.90 19.57 G$ Acc 11.84 11.81 12.93 G$ Acc (hedged) 13.34 14.62 15.16 G£ Acc 10.65 11.25 11.75 G£ Dist (hedged) 9.94 10.50 10.56 G€ Acc 12.61 13.40 13.64 G€ Dist 11.65 12.20 12.27 H$ Acc 11.70 11.66 12.74 H$ Acc (hedged) 11.42 12.49 12.93 H£ Acc 10.40 10.97 11.43 H€ Acc 13.69 14.54 14.78 H€ Dist 11.63 12.16 12.23 I$ Acc (hedged) 12.94 14.12 14.59 I€ Acc 11.58 12.27 12.44 R$ Acc 16.20 16.02 17.39 R$ Acc (hedged) 12.94 14.05 14.43 R€ Acc 10.49 11.05 11.15 R€ Dist 9.08 9.49 9.55

17 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Continental European Fund

Total expense ratio (TER) (unaudited) Dividend reinvestment/ dividend distribution per Share

30 Sep 18 30 Sep 19 30 Sep 20 Pay Date 11 Nov 20 B€ Acc 2.12% 2.12% 2.13% B€ Acc n/a F$ Acc 0.97% 0.97% 0.98% F$ Acc 0.190815 F$ Acc (hedged) 0.97% 0.97% 0.98% F$ Acc (hedged) 0.191800 G$ Acc 0.73% 0.72% 0.74% G$ Acc 0.148747 G$ Acc (hedged) 0.72% 0.71% 0.74% G$ Acc (hedged) 0.172485 G£ Acc 0.73% 0.73% 0.74% G£ Acc 0.144972 G£ Dist (hedged) 0.73% 0.73% 0.74% G£ Dist (hedged) 0.119912 G€ Acc 0.73% 0.72% 0.73% G€ Acc 0.155717 G€ Dist 0.73% 0.73% 0.74% G€ Dist 0.141338 H$ Acc 0.87% 0.87% 0.88% H$ Acc 0.127856 H$ Acc (hedged) 0.87% 0.87% 0.88% H$ Acc (hedged) 0.129154 H£ Acc 0.87% 0.86% 0.88% H£ Acc 0.114214 H€ Acc 0.87% 0.87% 0.88% H€ Acc 0.147704 H€ Dist 0.87% 0.87% 0.88% H€ Dist 0.123707 I$ Acc (hedged) 1.08% 1.08% 1.09% I$ Acc (hedged) 0.112425 I€ Acc 1.08% 1.08% 1.09% I€ Acc 0.096956 R$ Acc 1.62% 1.62% 1.63% R$ Acc 0.028562 R$ Acc (hedged) 1.62% 1.61% 1.63% R$ Acc (hedged) 0.014727 R€ Acc 1.62% 1.62% 1.63% R€ Acc 0.029469 R€ Dist 1.62% 1.62% 1.63% R€ Dist 0.022801

TER is calculated in accordance with SFAMA (Swiss Funds and Asset Management Association). The fund is not subject to performance fees.

18 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Continental European Fund

Portfolio as at 30 September 2020 (continued) Portfolio as at 30 September 2020 (continued)

Number Market % of Number Market % of of Securities Value Net of Securities Value Net EUR Assets EUR Assets

Transferable securities and money market instruments admitted to an oﬃ cial exchange listing Financials 3.30% and/or dealt on another regulated market, unless otherwise stated. 126,081 Allianz 20,677,284 1.23 Equities 99.41% 231,836 Deutsche Boerse 34,879,726 2.07 Belgium 0.94% 55,557,010 3.30 Financials 0.94% 370,372 KBC 15,840,810 0.94 Health Care 1.44% 194,532 Merck 24,228,961 1.44 Denmark 5.11%

Consumer Staples 1.49% Industrials 3.86% 217,635 Carlsberg 25,106,089 1.49 519,990 KION 38,063,268 2.26 349,105 Rheinmetall 26,832,210 1.60 Health Care 1.70% 64,895,478 3.86 484,273 Novo Nordisk 'B' 28,630,295 1.70

Information Technology 5.15% Industrials 1.92% 1,198,645 Inf neon Technologies 28,920,307 1.72 230,099 DSV Panalpina 32,194,588 1.92 432,700 SAP 57,488,523 3.43 86,408,830 5.15 Finland 9.10% Consumer Discretionary 2.21% Utilities 1.10% 1,541,106 Nokian Renkaat 37,233,121 2.21 576,712 RWE 18,480,736 1.10 Industrials 2.05% Italy 3.00% 460,390 Kone 34,460,192 2.05 Financials 0.96% 10,101,675 Intesa Sanpaolo 16,193,995 0.96 Materials 4.84% 3,131,224 UPM-Kymmene 81,364,855 4.84 Utilities 2.04% 4,625,355 Enel 34,306,258 2.04 France 18.06% Consumer Discretionary 3.71% Netherlands 8.92% 74,262 LVMH Moet Hennessy Louis Vuitton 29,665,812 1.76 Energy 1.43% 2,105,209 Peugeot 32,636,003 1.95 1,761,226 SBM Oﬀ shore 24,062,750 1.43 62,301,815 3.71

Financials 1.24% Consumer Staples 1.24% 724,875 ASR Nederland 20,814,786 1.24 74,742 L'Oréal 20,767,065 1.24

Information Technology 3.61% Financials 0.91% 192,754 ASML 60,664,502 3.61 492,351 BNP Paribas 15,255,496 0.91

Materials 2.64% Health Care 2.00% 514,279 Akzo Nobel 44,449,134 2.64 394,883 Sanof 33,705,238 2.00

Portugal 1.11% Industrials 6.07% Utilities 1.11% 1,395,952 Compagnie de St Gobain 50,275,211 2.98 4,432,586 Energias de Portugal 18,594,698 1.11 381,457 Legrand 26,011,553 1.55 243,372 Schneider Electric 25,894,781 1.54 Spain 3.95% 102,181,545 6.07 Health Care 1.90% 1,299,680 Grifols 31,965,630 1.90 Information Technology 2.62% 1,675,988 STMicroelectronics 44,003,065 2.62 Information Technology 0.54% 191,395 Amadeus IT 9,109,445 0.54 Materials 1.51% 280,955 Arkema 25,465,761 1.51 Utilities 1.51% 2,414,174 Iberdrola 25,379,004 1.51 Germany 18.11% Consumer Discretionary 3.26% Sweden 10.17% 274,638 BMW 17,082,484 1.02 Consumer Discretionary 2.85% 813,367 Daimler 37,730,061 2.24 763,558 Autoliv 47,885,379 2.85 54,812,545 3.26

19 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Continental European Fund

Portfolio as at 30 September 2020 (continued) Portfolio as at 30 September 2020 (continued)

Number Market % of Number Market % of of Securities Value Net of Securities Value Net EUR Assets EUR Assets

Financials 2.45% Forward Foreign Exchange Contracts (Hedged share classes) (continued) 6,331,503 Nordea Bank 41,182,047 2.45 Buy EUR 6,675 : (88) - Sell USD 7,933 October 2020 Industrials 4.87% Buy EUR 944 : (12) - 627,823 Atlas Copco 'A' 25,659,425 1.53 Sell USD 1,122 October 2020 1,018,012 Sandvik 17,090,778 1.02 Buy GBP 412,307 : 7,339 - Sell EUR 447,115 October 2020 2,372,029 Volvo 'B' 39,167,115 2.32 Buy GBP 7,041 : 17 - 81,917,318 4.87 Sell EUR 7,743 October 2020 Buy USD 100,274 : (216) - Switzerland 18.62% Sell EUR 85,702 October 2020 Consumer Staples 5.27% Buy USD 1,015 : (6) - 872,926 Nestlé 88,627,295 5.27 Sell EUR 871 October 2020 Buy USD 1,133 : 2- Financials 0.96% Sell EUR 964 October 2020 54,333 Zurich Insurance 16,176,423 0.96 Buy USD 12,839 : (100) - Sell EUR 11,046 October 2020 Health Care 5.29% Buy USD 13,235 : (28) - 457,128 Novartis 33,909,257 2.02 Sell EUR 11,311 October 2020 187,890 Roche Non-Voting Shares 54,972,061 3.27 Buy USD 17,994,584 : 198,888 0.02 Sell EUR 15,141,947 October 2020 88,881,318 5.29 Buy USD 2,016 : 20 - Sell EUR 1,699 October 2020 Materials 7.10% Buy USD 221,357 : 2,447 - 3,059,990 LafargeHolcim 119,237,974 7.10 Sell EUR 186,265 October 2020 Buy USD 23,986 : 7- United Kingdom 2.32% Sell EUR 20,441 October 2020 Consumer Staples 1.32% Buy USD 2,935 : 18 - 431,998 Unilever 22,265,177 1.32 Sell EUR 2,485 October 2020 Buy USD 312,643 : (673) - Materials 1.00% Sell EUR 267,209 October 2020 82,771 Linde 16,769,405 1.00 Buy USD 3,336 : 37 - Sell EUR 2,807 October 2020 Investment in securities 1,671,376,033 99.41 Buy USD 3,883 : (8) - Sell EUR 3,319 October 2020 Buy USD 4,274 : 46 - Derivatives 0.02%* Sell EUR 3,598 October 2020 Forward Foreign Exchange Contracts (Hedged share classes) 0.02% Buy USD 5,624 : 52 - Buy EUR 101 : -- Sell EUR 4,743 October 2020 Sell USD 118 October 2020 Buy USD 5,711,378 : 63,125 - Buy EUR 15,926 : (194) - Sell EUR 4,805,967 October 2020 Sell GBP 14,625 October 2020 Buy USD 58 : -- Buy EUR 172,902 : (214) - Sell EUR 50 October 2020 Sell USD 203,063 October 2020 Buy USD 755,582 : 8,350 - Buy EUR 21,013 : (276) - Sell EUR 635,801 October 2020 Sell USD 24,972 October 2020 277,693 0.02 Buy EUR 22,798 : (28) - Sell USD 26,774 October 2020 Buy EUR 248 : (3) - Investment in securities and derivatives 1,671,653,726 99.43 Sell USD 294 October 2020 Other net assets 9,560,111 0.57 Buy EUR 4 : Sell USD 4 October 2020 -- Total net assets 1,681,213,837 100.00 Buy EUR 4,198 : (38) - * In the case of derivative instruments, Market Value refers to the net prof t or loss and is Sell USD 4,968 October 2020 used in the calculation of the Fund Net Asset Value. Buy EUR 4,718 : 21 - Any diﬀ erences in the percentage of Net Assets f gures are the result of roundings. Sell USD 5,509 October 2020 Buy EUR 546,017 : (676) - Sell USD 641,264 October 2020 Buy EUR 6,554 : (108) - Sell GBP 6,044 October 2020 Buy EUR 6,673 : (8) - Sell USD 7,837 October 2020

20 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Continental European Fund

Top ten changes in the securities portfolio for the year from 1 October 2019 to 30 September 2020 Description of Securities Purchases Sales EUR EUR

Finland UPM-Kymmene 32,860,041 -

France BNP Paribas 37,718,688 - Compagnie de St Gobain 48,517,967 - Pernod Ricard - 41,180,543 Sanof 47,082,800 - STMicroelectronics - 70,601,163

Germany Adidas - 45,595,291 Bayer 49,577,820 65,382,980 Daimler 35,832,141 - Inf neon Technologies 43,865,769 - SAP - 43,898,364

Italy Enel 50,015,463 -

Netherlands ASML - 46,268,884 Koninklijke Philips - 72,161,787

Norway Mowi - 45,713,116

Portugal Galp Energia - 48,523,807

Sweden Nordea Bank 46,135,140 - Sandvik 59,175,574 40,963,584

21 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Emerging Markets Fund

Investment report for the year from 1 October 2019 to 30 September 2020

Investment Fund Manager Daniel J. Graña*

The fund returned 0.9% (Net), 2.7% (Gross) based on Class R Euro terms accumulation over the year under review, compared with a return of 2.8% in the MSCI Emerging Markets Index and a return of 4.8% in the Target Index + 2% Euro terms.

After gaining early in the reporting year, emerging market equities sold of considerably after the economic shutdowns in response to the emergence and spread of COVID-19. The ensuing recovery was bifurcated as Asia-based emerging market stocks performed well while those in Latin America remained under pressure due, in part, to a less ef ective pandemic response. Companies of ering products that helped businesses and households cope with stay-at-home orders were among the best performers, with many of them in the technology and consumer sectors. Given the uncertain economic outlook, cyclically sensitive energy stocks were among the worst performers.

We believe the market moves during the reporting year illustrate the necessity of viewing emerging market equities through multiple lenses. The combination of seeking good companies, good governance and good countries, in our view, should lead to favourable investment outcomes over the longer term. Understanding how shifts in the macroeconomic landscape can impact equity performance is also an essential part of our process. These shifts were key factors in the fund’s performance during the reporting year. With global trade – and thus exports – suppressed, the Chinese government has had to rely on other levers to ignite economic growth. As was the case after the global f nancial Crisis, real estate and infrastructure promised to deliver the most value for money. Consequently, this fuelled a rally in the materials and industrial companies that supply these projects. Ivanhoe Mines was a leading individual contributor as copper prices rallied on the prospect of increased Chinese purchases of the metal.

The COVID-19 driven acceleration in secular trends, such as the digitisation of the global economy, is perhaps best exemplif ed by MercadoLibre, another top contributor. Stay-at-home orders have boosted e-commerce engagement, including in demographic groups that had been slow to adopt online shopping. The company’s digital payments platform has been an important tool during the shutdowns, resulting in rapid growth. Given that e-commerce penetration in Latin America is roughly half of that in the US and a quarter of China’s, we believed that MercadoLibre would benef t as the region closes the digital gap.

The rare occurrence of simultaneous supply and demand shocks weighed heavily on certain emerging market regions, especially countries that were already dependent on capital inf ows to fund current account def cits. Countries already on a tenuous economic footing were most vulnerable to these threats. Brazil had only been emerging from recession when confronted by the crisis. With demand for its commodities exports – chief among them, oil – slashed, ef orts to maintain economic growth were overwhelmed. Consequently, many of the top individual detractors were Brazilian entities, among them Petrol Brasileiro, Banco Bradesco and IRB Brasil Resseguros.

There is much to keep emerging market equities investors awake at night. Emerging market regions are facing the ‘one-two punch’ of the pandemic and the lurch away from globalisation. With few exceptions, gone are the days of emerging market countries exporting their way to prosperity. While we are likely past the high-water mark of globalisation, emerging market countries, in our view, should still be on investors’ radars given their continued exposure to powerful secular themes. Chief among these is rising domestic consumption by an expanding middle class.

Low interest rates across the world may prove to be a double-edged sword for emerging market countries. Reform-minded countries are presented with an opportunity to get their f scal house in order by paying down debt and investing in initiatives that stand to increase national productivity. Yet for other countries, low rates could be a green light to prof igacy and delaying substantive reform. They may get away with it over the near term, as yield-starved investors gravitate towards the asset class, but rates will not stay low forever and a day of reckoning will eventually arrive.

With exports playing a diminishing role in growth, emerging market countries will have to identify other economic drivers. In addition to domestic consumption, we believe that the countries with the most promising future will be the ones to move up the value-added chain, especially with respect to developing intellectual property. And by this, we do not mean just technology and patents but also brands and other dif cult-to-replicate platforms that convey quality. By and large, we f nd these opportunities primarily in Asia.

With a two-decade tailwind no longer at emerging markets’ back, investing in equities in these regions has become markedly more complex. This is an asset class – and a potentially volatile one – where active management, in our view, is necessary to separate those that are worthwhile and those that are not. This is all the truer given the tilt towards deglobalisation and the reshuf ing of supply chains as many companies may have to choose sides in a bipolar world with a Chinese sphere on one side and a US one on the other. There will be both winners and losers, but the process for all will likely be bumpy. Lastly, given the dynamic and potentially bifurcating landscape, active managers can apply a macro lens that helps to identify the reformist countries and ones that are moving up the value chain, thus increasing the odds of them being the masters of their own destiny.

* Please note with ef ect from 1 October 2019, Daniel J. Graña took over management of this fund from Nicholas Cowley and Stephen Deane.

22 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Emerging Markets Fund

Investment objective and policy The fund aims to provide a return, from a combination of capital growth and income over the long term.

Performance target: To outperform the MSCI Emerging Markets Index by 2% per annum, before the deduction of charges, over any 5 year period.

The fund invests at least two-thirds of its assets in shares (equities) and equity-related securities of companies, of any size, in any industry, in emerging markets. Companies will have their registered oﬃ ce in or do most of their business (directly or through subsidiaries) in emerging markets. ‘Emerging markets’ may be countries in the MSCI Emerging Markets Index, those included in the World Bank def nition of developing (low and lower middle income) economies, or which are, in the investment manager’s opinion, developing.

The fund is actively managed with reference to the MSCI Emerging Markets Index, which is broadly representative of the companies in which it may invest, as this forms the basis of the fund’s performance target. The investment manager has discretion to choose investments for the fund with weightings diﬀ erent to the index or not in the index, but at times the fund may hold investments similar to the index.

Performance history (unaudited)

Fund & Benchmark 1 year to 1 year to 1 year to 1 year to 1 year to 30 Sep 16 30 Sep 17 30 Sep 18 30 Sep 19 30 Sep 20 % % % % %

Emerging Markets Fund R€ Acc (Net) 15.81 8.62 (5.22) 1.38 0.89

MSCI Emerging Markets Index 16.00 16.41 0.95 4.40 2.77

Emerging Markets Fund R€ Acc (Gross) 17.87 10.53 (3.60) 3.18 2.71

MSCI Emerging Markets Index + 2% 18.32 18.73 2.96 6.49 4.82

Please note the performance target is to be achieved over a specif c annualised time period. Refer to the performance target section above within the Investment objective.

Class R€ Acc is disclosed as it is the representative share class.

Past performance is not a guide to future performance.

23 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Emerging Markets Fund

Statement of Net Assets Statement of Operations As at 30 September 2020 For the year from 1 October 2019 to 30 September 2020 Notes USD Notes USD

Assets Income Investment in securities at market value 3 46,087,411 Dividend income (net of withholding tax) 3 900,800 Cash at bank 12 1,694,749 Bond interest income 3 - Interest and dividends receivable 3 68,779 Interest on certif cates of deposit 3 - Subscriptions receivable 7,788 Derivative income 3 - Receivable for investments sold 82,706 Interest received on contracts for diff erence 3 - Unrealised gain on contracts for diff erence 3 - Other income 3, 13 18,082 Unrealised gain on futures contracts 3 - Total income 918,882 Unrealised gain on forward foreign exchange contracts 3- Purchased option contracts at market value 3 - Swap contracts at market value 3 - Other assets 143,820 Management fee rebate - Total assets 48,085,253 Liabilities Expenses Bank overdraft 12 49,303 Management fees 6, 14 681,203 Payable for investments purchased 392,758 Administration, registrar and transfer agent fees 6 7,437 Taxes and expenses payable 172,899 Custodian fees 6 47,438 Redemptions payable 14,047 Shareholder servicing fees and initial sales charges 6, 14 1,854 Unrealised loss on contracts for diff erence 3 - Depositary fees 6 (1,438) Unrealised loss on futures contracts 3 - Derivative expenses 3 - Unrealised loss on forward foreign exchange contracts 3 - Interest paid on contracts for diff erence 3 - Sold option contracts at market value 3 - Performance fees 6 - Swap contracts at market value 3 - Taxation ("taxe d'abonnement") 7 21,912 Dividends payable to shareholders - Other expenses 6 39,247 Interest and dividends payable on CFD - Total expenses 797,653 Other liabilities - Total liabilities 629,007 Net income from investments 121,229 Net realised gain/(loss) Net realised loss on investment securities 3 (8,129,110) Net realised gain/loss on contracts for diff erence 3 - Net realised gain/loss on futures contracts 3 - Net realised gain/loss on swap contracts 3 - Net realised gain/loss on options contracts 3 - Net realised loss on forward foreign exchange contracts 3 (11,570) Net realised loss on currency exchange (77,576) Net realised loss on investments and derivatives (8,218,256) Net change in unrealised appreciation/depreciation Change in net unrealised appreciation/ depreciation on investments 3 11,919,642 Change in net unrealised appreciation/ depreciation on contracts for diff erence 3 - Change in net unrealised appreciation/ depreciation on futures contracts 3 - Change in net unrealised appreciation/ depreciation on swap contracts 3 - Change in net unrealised appreciation/ depreciation on options contracts 3 - Change in net unrealised appreciation/ depreciation on forward foreign exchange contracts 3 - Change in net unrealised appreciation/ depreciation on currency exchange (5,263) Change in unrealised appreciation/ depreciation on investments and derivatives 11,914,379

Net assets at the end of the year 47,456,246 Net increase in assets as a result of operations 3,817,352

The accompanying notes form an integral part of these f nancial statements.

24 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Emerging Markets Fund

Statement of Changes in Net Assets For the year from 1 October 2019 to 30 September 2020 USD Notes USD

Net assets at the beginning of the year 51,188,260 Proceeds from shares issued 2,884,917 Net income from investments 121,229 Payments for shares redeemed (10,424,405) Net realised loss on investments and derivatives (8,218,256) Net equalisation (paid)/received 10 (9,878) Change in unrealised appreciation/ 11,914,379 Dividend distributions 11 - depreciation on investments and derivatives Net assets at the end of the year 47,456,246

Share Transactions For the year from 1 October 2019 to 30 September 2020 B$ Acc F$ Acc H$ Acc H£ Acc H€ Acc I$ Acc I€ Acc Shares outstanding at the beginning of the year 69,675.00 22,624.23 26,853.43 29,414.06 57,587.62 257.05 76,849.51 Shares issued during the year - - - - 980.23 - 55,807.72 Shares redeemed during the year (69,675.00) (22,624.23) (13,535.39) (16,749.06) (37,663.36) - (20,241.96) Shares outstanding at the end of the year - - 13,318.04 12,665.00 20,904.49 257.05 112,415.27 Equivalent to a net asset value per share of: n/a n/a 12.04 11.84 10.99 10.29 14.40

R$ Acc R€ Acc Shares outstanding at the beginning of the year 914,338.87 2,296,145.04 Shares issued during the year 20,102.68 121,678.64 Shares redeemed during the year (255,295.99) (282,805.85) Shares outstanding at the end of the year 679,145.56 2,135,017.83 Equivalent to a net asset value per share of: 18.37 12.95

Net Asset Value Summary

Net Asset Value Per Share As at As at As at As at As at As at 30 Sep 18 30 Sep 19 30 Sep 20 30 Sep 18 30 Sep 19 30 Sep 20 EUR 215,363,396 EUR 46,774,761 EUR 40,438,147 B$ Acc 10.40 9.86 n/a USD 250,390,478 USD 51,188,260 USD 47,456,246 F$ Acc 10.02 9.61 n/a H$ Acc 11.48 11.03 12.04 H£ Acc 11.10 11.33 11.84 H€ Acc 10.58 10.79 10.99 I$ Acc 9.84 9.43 10.29 I€ Acc 13.93 14.17 14.40 R$ Acc 17.79 16.95 18.37 R€ Acc 12.67 12.82 12.95

Total expense ratio (TER) (unaudited) Dividend reinvestment per Share

30 Sep 18 30 Sep 19 30 Sep 20 Pay Date 11 Nov 20 B$ Acc 2.19% 2.28% n/a H$ Acc 0.121796 F$ Acc 1.05% 1.09% n/a H£ Acc 0.119945 H$ Acc 0.95% 0.96% 1.06% H€ Acc 0.111620 H£ Acc 0.95% 0.97% 1.06% I$ Acc 0.096441 H€ Acc 0.95% 0.98% 1.06% I€ Acc 0.118800 I$ Acc 1.15% 1.18% 1.28% R$ Acc 0.062453 I€ Acc 1.15% 1.18% 1.28% R€ Acc 0.043134 R$ Acc 1.69% 1.75% 1.81% R€ Acc 1.69% 1.80% 1.81%

TER is calculated in accordance with SFAMA (Swiss Funds and Asset Management Association). The fund is not subject to performance fees.

25 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Emerging Markets Fund

Portfolio as at 30 September 2020 (continued) Portfolio as at 30 September 2020 (continued)

Number Market % of Number Market % of of Securities Value Net of Securities Value Net USD Assets USD Assets

Transferable securities and money market instruments admitted to an oﬃ cial exchange listing Industrials 4.54% and/or dealt on another regulated market, unless otherwise stated. 70,000 A-Living Services 351,578 0.74 Equities 97.12% 136,000 China Conch Venture 633,053 1.33 Argentina 1.18% 964,000 China Railway 453,388 0.96 Consumer Discretionary 1.18% 143,604 Shenzhen Megmeet Electrical 714,421 1.51 518 MercadoLibre 560,403 1.18 2,152,440 4.54

Brazil 3.39% Information Technology 2.75% Consumer Discretionary 1.93% 212,000 Kingdee International Software 547,777 1.15 33,964 Afya 'A' 912,273 1.93 52,000 Ming Yuan Cloud 197,431 0.42 Financials 0.63% 24,573 21Vianet ADR 559,404 1.18 138,628 Boa Vista Serviços 300,104 0.63 1,304,612 2.75

Utilities 0.83% Real Estate 2.95% 36,012 Companhia Paranaense de Energia 396,123 0.83 454,000 Logan Property 715,265 1.51 Preference Shares 165,000 Shimao Property 683,946 1.44 1,399,211 2.95 British Virgin Islands 1.09% Industrials 1.09% Utilities 1.59% 288,000 China Lesso 516,166 1.09 1,208,000 China Longyuan Power 755,189 1.59

Canada 2.04% Colombia 0.66% Materials 2.04% Energy 0.66% 271,099 Ivanhoe Mines 967,472 2.04 42,277 GeoPark 311,370 0.66

China 40.05% Hong Kong 3.43% Communication Services 10.18% Financials 3.43% 24,425 NetEase 434,447 0.92 94,400 AIA 928,462 1.96 488 NetEase ADR 219,856 0.46 15,000 Hong Kong Exchanges & Clearing 697,350 1.47 63,200 Tencent 4,177,285 8.80 1,625,812 3.43 4,831,588 10.18 India 4.20% Consumer Discretionary 13.60% Consumer Staples 1.25% 83,376 Alibaba 2,953,103 6.22 62,590 Varun Beverages 594,209 1.25 5,210 Alibaba ADR 1,442,701 3.04 695,000 Fu Shou Yuan International 675,714 1.42 Financials 1.60% 141,000 Li Ning 656,327 1.38 32,595 Housing Development Finance 761,228 1.60 14,169 Yum China 730,483 1.54 6,458,328 13.60 Health Care 0.40% 24,943 Syngene International 188,744 0.40 Financials 3.76% 174,000 Ping An Insurance 1,782,083 3.76 Industrials 0.95% 95,144 KEI Industries 449,844 0.95 Health Care 0.68% 25,200 Ping An Healthcare and Technology 322,801 0.68 Philippines 0.93% Consumer Discretionary 0.93% 1,354,100 Wilcon Depot 442,987 0.93

26 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Emerging Markets Fund

Portfolio as at 30 September 2020 (continued) Portfolio as at 30 September 2020 (continued)

Number Market % of Number Market % of of Securities Value Net of Securities Value Net USD Assets USD Assets

Russian Federation 2.83% Vietnam 2.17% Communication Services 0.78% Financials 0.89% 5,735 Yandex 370,567 0.78 435,930 Vietnam Technological & Commercial 422,635 0.89 Joint Stock Bank Consumer Staples 0.79% 10,209 X5 Retail GDR 376,814 0.79 Real Estate 1.28% 186,500 Vinhomes 606,193 1.28 Energy 1.26% 10,533 Lukoil ADR 597,537 1.26 Investment in securities 46,087,411 97.12 Other net assets 1,368,835 2.88 South Africa 3.92% Total net assets 47,456,246 100.00 Consumer Discretionary 3.92% Any diﬀ erences in the percentage of Net Assets f gures are the result of roundings. 10,657 Naspers 'N' 1,859,762 3.92

South Korea 14.46% Communication Services 2.57% 7,705 AfreecaTV 387,062 0.82 3,280 Naver 832,270 1.75 1,219,332 2.57

Industrials 1.54% 43,146 NICE Information Service 729,553 1.54

Information Technology 7.81% 2,859 KoMiCo 92,896 0.20 2,919 Leeno Industrial 307,250 0.65 50,913 Samsung Electronics 2,535,855 5.33 10,748 SK Hynix 772,441 1.63 3,708,442 7.81

Materials 2.54% 4,639 Hansol Chemical 592,023 1.25 1,094 LG Chem 611,312 1.29 1,203,335 2.54

Taiwan 14.86% Financials 2.39% 250,440 Chailease 1,134,944 2.39

Industrials 1.48% 21,000 Voltronic Power Technology 703,698 1.48

Information Technology 10.99% 71,000 Accton Technology 546,069 1.15 45,000 MediaTek 943,910 1.99 249,000 Taiwan Semiconductor Manufacturing 3,724,856 7.85 5,214,835 10.99

United Arab Emirates 0.87% Information Technology 0.87% 121,559 Network International 413,337 0.87

United States 1.04% Health Care 1.04% 43,758 Notre Dame Intermedica 493,440 1.04

27 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Emerging Markets Fund

Top ten changes in the securities portfolio for the year from 1 October 2019 to 30 September 2020 Description of Securities Purchases Sales USD USD

Australia Newcrest Mining - 1,952,086

Brazil Itau Unibanco 1,078,206 - Petroleo Brasileiro ADS 1,395,983 -

China Alibaba ADR 3,072,802 - Ping An Insurance 2,131,985 - Tencent 3,209,077 -

Germany Xtrackers MSCI Emerging Markets UCITS ETF 1C 1,731,452 1,730,019

India Cipla - 1,500,796 HDFC Bank 1,321,409 - Tata Consultancy Services - 2,197,199

Mexico Fomento Económico Mexicano ADR - 2,734,053

South Africa Naspers 'N' 1,664,124 - Remgro - 1,702,335 Tiger Brands - 1,931,224

South Korea LG - 1,706,778 Samsung Electronics 3,000,542 -

Taiwan Taiwan Semiconductor Manufacturing 2,811,503 - Uni-President Enterprises - 2,937,311

United Kingdom Unilever - 1,806,362

28 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Global Equity Fund

Investment report for the year from 1 October 2019 to 30 September 2020

Investment Fund Manager Gordon Mackay*

The fund returned 13.9% (Net), 15.7% (Gross) based on Class R Euro terms accumulation over the year under review, compared with a return of 2.7% in the MSCI All Country World Index and a return of 5.3% in the Target Index + 2.5% Euro terms.

All sectors with the sole exception of consumer staples contributed positively to performance over the reporting year. The strongest contributors at the sector level were information technology (IT), f nancials and consumer discretionary. The fund also benef ted from having no exposure to the energy sector. This is an area where we have struggled to f nd ideas due to company performance being highly dependent on oil and gas prices, which by their nature are dif cult to predict.

Netf ix was the strongest contributor to performance at the stock level. There has been a continued shift from traditional linear television viewing towards video on demand and Netf ix has benef ted from this change. This trend, which has been in place for a number of years, accelerated over the past 12 months as the COVID-19 pandemic has meant more time at home for many people and increased demand for home-based entertainment options.

Within the IT sector, Adobe, PayPal and Taiwan Semiconductor Manufacturing (TSMC) were all material contributors to performance. Adobe has continued to benef t from its leadership position within the digital content creation space, an area in which businesses are increasingly investing so that they can optimise their online presence. PayPal, which operates the leading online checkout button, witnessed an acceleration in net new active accounts as more consumers signed up to its service. TSMC is the clear global leader in the outsourced manufacturing of semiconductors due to its cutting-edge technical expertise and strong customer-centric service provision. The company continued to benef t from favourable industry dynamics coupled with news that Intel was considering outsourcing some of its production due to technical challenges. Given the scale of Intel’s business and the fact that it has historically regarded manufacturing as a key core competency, this news was taken positively for TSMC.

There were also a couple of notable contributors within the healthcare sector – Thermo Fisher Scientif c and Novo Nordisk. Thermo Fisher is a diversif ed manufacturer of scientif c instruments and consumable products. It benef ted from higher testing volumes due to COVID-19, given its position as one of the leading providers of polymerase chain reaction test equipment. Novo Nordisk is the leading pharmaceutical business within the diabetes area, a disease which sadly continues to grow due to the increased propensity towards Western-type diets that are high in fat and calorie content. Novo Nordisk recently launched Rybelsus, a novel oral medication for diabetes that is as powerful as some alternative injectable products and which has witnessed a strong uptake.

Stocks that detracted from performance included Indian f nancial services conglomerate Housing Development Finance (HDFC), American Express and InterContinental Hotels (IHG). HDFC was a strong contributor to performance last year but has been under some pressure due to challenges related to the pandemic and lockdown of economic activity. While this has had some limited impact on asset quality and reduced demand for mortgage f nancing, it is likely to be a short-term rather than longer-term concern. Both American Express and IHG were impacted due to reduced travel in light of the pandemic, although we were of the view that they should recover in time.

New purchases over the reporting year included Facebook, RELX, Intuit, Tencent and Halma. For Facebook, we believed in the fundamental strengths of the platform, plus management has been addressing our concerns over data privacy, the potential misuse of data and mental health. RELX is focused on the collection of data and provision of analytics around that, while Intuit is the leading provider of accounting software in the US. Tencent has a range of well-positioned franchises in mobile phone games, e-commerce, social media and payments in China. Halma, a business we have admired for a long time, produces innovative products and solutions that help drive a safer, cleaner and healthier future for all.

Sales included Whitbread, Activision Blizzard, Comcast ‘A’ Special, Xylem and Booking. Whitbread, the owner of Premier Inn hotels, and Xylem, a manufacturer of industrial equipment for the water sector, were sold on valuation grounds. Comcast faces headwinds in its cable TV business as more consumers switch towards internet-based services such as Netf ix, which are cheaper yet of er just as good or greater quality content. Activision Blizzard was sold as we felt that its video game franchises were becoming less predictable in nature. Booking, an online travel agent we had held since inception of the strategy, was sold due to our expectations of less favourable longer-term prospects, given that the industry has achieved greater market penetration.

As ever, our strategy is to avoid making major macroeconomic calls, and instead to focus on identifying companies that are more predictable in nature. We seek underappreciated businesses with very specif c characteristics: a growing end market where attractive economic returns are available to participants, deeply embedded competitive advantages, strong cash generation, underlying resilience, and good management. Moreover, we seek businesses where success is not driven by a societal harm. Through purchasing such securities, we aim to generate attractive returns over the longer term.

* Please note that with ef ect from 1 October 2019 Ronan Kelleher no longer manages the fund. Gordon Mackay is the sole fund manager.

29 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Global Equity Fund

Investment objective and policy The fund aims to provide capital growth over the long term.

Performance target: To outperform the MSCI All Country World Index by 2.5% per annum, before the deduction of charges, over any 5 year period.

The fund invests at least two-thirds of its assets in a concentrated portfolio of shares (equities) and equity-related securities of companies, in any industry, in any country.

The fund is actively managed with reference to the MSCI All Countries World Index, which is broadly representative of the companies in which it may invest, as this forms the basis of the fund’s performance target. The investment manager has discretion to choose investments for the fund with weightings diﬀ erent to the index or not in the index, but at times the fund may hold investments similar to the index.

Performance history (unaudited)

Fund & Benchmark 1 year to 1 year to 1 year to 1 year to 1 year to 30 Sep 16 30 Sep 17 30 Sep 18 30 Sep 19 30 Sep 20 % % % % %

Global Equity Fund R€ Acc (Net) 9.81 15.83 14.90 4.35 13.85

MSCI All Country World Index 11.20 12.79 11.73 8.01 2.68

Global Equity Fund R€ Acc (Gross) 11.72 17.82 16.79 6.05 15.71

MSCI All Country World Index + 2.5% 13.99 15.60 14.51 10.73 5.25

Please note the performance target is to be achieved over a specif c annualised time period. Refer to the performance target section above within the Investment objective.

Class R€ Acc is disclosed as it is the representative share class.

Past performance is not a guide to future performance.

30 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Global Equity Fund

Statement of Net Assets Statement of Operations As at 30 September 2020 For the year from 1 October 2019 to 30 September 2020 Notes USD Notes USD

Assets Income Investment in securities at market value 3 620,208,549 Dividend income (net of withholding tax) 3 4,667,951 Cash at bank 12 12,911,439 Bond interest income 3 - Interest and dividends receivable 3 190,371 Interest on certif cates of deposit 3 - Subscriptions receivable 858,617 Derivative income 3 - Receivable for investments sold - Interest received on contracts for diff erence 3 - Unrealised gain on contracts for diff erence 3 - Other income 3, 13 124,874 Unrealised gain on futures contracts 3 - Total income 4,792,825 Unrealised gain on forward foreign exchange contracts 3 2 Purchased option contracts at market value 3 - Swap contracts at market value 3 - Other assets 199,129 Management fee rebate - Total assets 634,368,107 Liabilities Expenses Bank overdraft 12 - Management fees 6, 14 7,345,635 Payable for investments purchased - Administration, registrar and transfer agent fees 6 238,438 Taxes and expenses payable 1,551,700 Custodian fees 6 74,856 Redemptions payable 503,700 Shareholder servicing fees and initial sales charges 6, 14 58,519 Unrealised loss on contracts for diff erence 3 - Depositary fees 6 41,820 Unrealised loss on futures contracts 3 - Derivative expenses 3 1 Unrealised loss on forward foreign exchange contracts 3 97 Interest paid on contracts for diff erence 3 - Sold option contracts at market value 3 - Performance fees 6 - Swap contracts at market value 3 - Taxation ("taxe d'abonnement") 7 159,865 Dividends payable to shareholders - Other expenses 6 230,844 Interest and dividends payable on CFD - Total expenses 8,149,978 Other liabilities - Total liabilities 2,055,497 Net expense from investments (3,357,153) Net realised gain/(loss) Net realised gain on investment securities 3 22,306,925 Net realised gain/loss on contracts for diff erence 3 - Net realised gain/loss on futures contracts 3 - Net realised gain/loss on swap contracts 3 - Net realised gain/loss on options contracts 3 - Net realised loss on forward foreign exchange contracts 3 (24,291) Net realised loss on currency exchange (53,359) Net realised gain on investments and derivatives 22,229,275 Net change in unrealised appreciation/depreciation Change in net unrealised appreciation/ depreciation on investments 3 92,817,770 Change in net unrealised appreciation/ depreciation on contracts for diff erence 3 - Change in net unrealised appreciation/ depreciation on futures contracts 3 - Change in net unrealised appreciation/ depreciation on swap contracts 3 - Change in net unrealised appreciation/ depreciation on options contracts 3 - Change in net unrealised appreciation/ depreciation on forward foreign exchange contracts 3 (7) Change in net unrealised appreciation/ depreciation on currency exchange 1,498 Change in unrealised appreciation/ depreciation on investments and derivatives 92,819,261

Net assets at the end of the year 632,312,610 Net increase in assets as a result of operations 111,691,383

The accompanying notes form an integral part of these f nancial statements.

31 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Global Equity Fund

Statement of Changes in Net Assets For the year from 1 October 2019 to 30 September 2020 USD Notes USD

Net assets at the beginning of the year 606,768,181 Proceeds from shares issued 84,123,101 Net expense from investments (3,357,153) Payments for shares redeemed (170,270,206) Net realised gain on investments and derivatives 22,229,275 Net equalisation (paid)/received 10 151 Change in unrealised appreciation/ 92,819,261 Dividend distributions 11 - depreciation on investments and derivatives Net assets at the end of the year 632,312,610

Share Transactions For the year from 1 October 2019 to 30 September 2020 I€ Acc B$ Acc F$ Acc H$ Acc H€ Acc I$ Acc I€ Acc (hedged) Shares outstanding at the beginning of the year 1,196,928.37 639,453.58 37,334.89 9,010.55 21,512,195.91 154,630.73 250.00 Shares issued during the year 64,974.75 280,861.84 83,837.03 442,971.27 2,599,898.36 42,290.89 - Shares redeemed during the year (486,293.38) (134,115.96) - (3,129.32) (897,525.18) (66,680.83) - Shares outstanding at the end of the year 775,609.74 786,199.46 121,171.92 448,852.50 23,214,569.09 130,240.79 250.00 Equivalent to a net asset value per share of: 13.15 12.50 13.32 17.37 17.12 16.53 12.60

R€ Acc R$ Acc R£ Acc R€ Acc (hedged) Shares outstanding at the beginning of the year 7,991,533.80 838,356.60 8,603,861.95 250.00 Shares issued during the year 1,100,636.94 74,774.79 758,541.75 - Shares redeemed during the year (1,936,899.88) (80,364.86) (6,394,801.27) - Shares outstanding at the end of the year 7,155,270.86 832,766.53 2,967,602.43 250.00 Equivalent to a net asset value per share of: 16.74 10.54 20.24 12.50

Net Asset Value Summary

Net Asset Value Per Share As at As at As at As at As at As at 30 Sep 18 30 Sep 19 30 Sep 20 30 Sep 18 30 Sep 19 30 Sep 20 EUR 391,818,775 EUR 556,569,353 EUR 539,211,817 B$ Acc 11.07 10.79 13.15 USD 455,109,355 USD 606,768,181 USD 632,312,610 F$ Acc 10.28 10.14 12.50 H$ Acc 10.94 10.80 13.32 H€ Acc 14.40 15.15 17.37 I$ Acc 14.12 13.90 17.12 I€ Acc 13.76 14.44 16.53 I€ Acc (hedged) n/a 10.45 12.60 R$ Acc 13.96 13.67 16.74 R£ Acc 8.71 9.03 10.54 R€ Acc 17.04 17.78 20.24 R€ Acc (hedged) n/a 10.41 12.50

Total expense ratio (TER) (unaudited)

30 Sep 18 30 Sep 19 30 Sep 20 B$ Acc 2.12% 2.13% 2.15% F$ Acc 0.97% 0.98% 1.00% H$ Acc 0.87% 0.88% 0.90% H€ Acc 0.87% 0.88% 0.92% I$ Acc 1.08% 1.09% 1.10% I€ Acc 1.08% 1.09% 1.11% I€ Acc (hedged) n/a 1.08% 1.10% R$ Acc 1.62% 1.63% 1.65% R£ Acc 1.62% 1.63% 1.64% R€ Acc 1.62% 1.63% 1.64% R€ Acc (hedged) n/a 1.62% 1.64%

TER is calculated in accordance with SFAMA (Swiss Funds and Asset Management Association). The fund is not subject to performance fees.

32 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Global Equity Fund

Portfolio as at 30 September 2020 (continued) Portfolio as at 30 September 2020 (continued)

Number Market % of Number Market % of of Securities Value Net of Securities Value Net USD Assets USD Assets

Transferable securities and money market instruments admitted to an oﬃ cial exchange listing Consumer Discretionary 1.67% and/or dealt on another regulated market, unless otherwise stated. 200,067 InterContinental Hotels 10,586,406 1.67 Equities 98.09% China 4.71% Consumer Staples 3.25% Communication Services 2.11% 339,875 Unilever 20,541,686 3.25 202,100 Tencent 13,345,119 2.11 Industrials 2.40% Consumer Discretionary 2.60% 678,718 RELX 15,144,729 2.40 400,600 Alibaba 14,240,685 2.25 24,040 Prosus 2,218,895 0.35 Information Technology 2.13% 16,459,580 2.60 443,999 Halma 13,460,345 2.13

Denmark 2.66% United States 59.34% Health Care 2.66% Communication Services 10.70% 242,631 Novo Nordisk 'B' 16,821,096 2.66 18,296 Alphabet 'C' 26,873,257 4.25 81,647 Facebook 21,371,510 3.38 France 2.19% 38,842 Netf ix 19,416,145 3.07 Consumer Staples 2.19% 67,660,912 10.70 86,715 Pernod Ricard 13,842,182 2.19

Consumer Discretionary 6.04% Germany 4.17% 9,400 Amazon.com 29,585,795 4.68 Consumer Discretionary 1.76% 197,708 HelloFresh 11,116,941 1.76 93,895 Aptiv 8,607,824 1.36 38,193,619 6.04 Materials 2.41% 110,196 Symrise 15,257,951 2.41 Consumer Staples 2.06% 59,605 Estée Lauder 'A' 13,004,023 2.06 India 2.23% Financials 2.23% Financials 9.30% 601,664 Housing Development Finance 14,127,848 2.23 124,986 American Express 12,527,971 1.99 58,649 Berkshire Hathaway 'B' 12,487,252 1.97 Ireland 2.37% 58,071 CME 'A' 9,710,633 1.54 Health Care 2.37% 117,806 Intercontinental Exchange 11,778,833 1.86 78,438 Icon 14,994,600 2.37 42,353 Moody's 12,274,535 1.94 58,779,224 9.30 Japan 1.60% Consumer Staples 1.60% Health Care 4.33% 176,900 Shiseido 10,127,369 1.60 40,607 Cooper 13,687,198 2.17 30,988 Thermo Fisher Scientif c 13,671,906 2.16 South Africa 1.20% 27,359,104 4.33 Consumer Discretionary 1.20% 42,764 Naspers 'N' 7,588,868 1.20 Industrials 3.87% 28,828 Roper Technologies 11,396,573 1.80 Taiwan 4.88% Consumer Staples 1.63% 66,320 Union Pacif c 13,052,108 2.07 4,751,000 Uni-President Enterprises 10,277,258 1.63 24,448,681 3.87

Information Technology 3.25% Information Technology 21.38% 1,375,000 Taiwan Semiconductor Manufacturing 20,568,964 3.25 48,628 Adobe 23,822,613 3.77 155,833 Apple 18,018,191 2.85 United Kingdom 12.74% 38,982 Intuit 12,710,471 2.01 Communication Services 3.29% 51,065 MasterCard 17,255,374 2.73 1,381,652 Auto Trader 10,056,304 1.59 139,766 Microsoft 29,380,909 4.64 1,328,528 Rightmove 10,765,421 1.70 93,678 PayPal 18,453,629 2.92 20,821,725 3.29 77,834 Visa 15,543,450 2.46 135,184,637 21.38

33 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Global Equity Fund

Portfolio as at 30 September 2020 (continued) Top ten changes in the securities portfolio for the year from 1 October 2019 to 30 September 2020 Number Market % of Description of Securities Purchases Sales of Securities Value Net USD USD USD Assets China Real Estate 1.66% Alibaba 10,754,269 - 43,437 American Tower 10,495,682 1.66 Tencent 10,618,708 -

Investment in securities 620,208,549 98.09 Germany Fresenius - 10,916,888 Derivatives 0.00%* Symrise 13,130,312 - Forward Foreign Exchange Contracts (Hedged share classes) 0.00% Buy EUR 3 : Sell USD 4 October 2020 -- United Kingdom Buy EUR 3 : Sell USD 4 October 2020 -- Halma 12,519,943 - Buy EUR 3,090 : (48) - RELX 20,497,299 - Sell USD 3,672 October 2020 Whitbread - 14,570,722 Buy EUR 3,115 : (47) - Sell USD 3,702 October 2020 Buy EUR 59 : (1) - Ireland Sell USD 70 October 2020 Icon - 12,933,059 Buy EUR 60 : (1) - Sell USD 71 October 2020 United States Buy EUR 64 : -- Activision Blizzard - 14,835,846 Sell USD 74 October 2020 Amazon.com 10,316,825 - Buy EUR 64 : -- American Tower - 12,916,902 Sell USD 75 October 2020 Apple - 13,820,022 Buy USD 66 : 1- Booking - 10,381,103 Sell EUR 56 October 2020 CME 'A' 10,574,063 - Buy USD 67 : 1- Sell EUR 56 October 2020 Comcast 'A' Special - 11,751,100 Buy USD 71 : -- Electronic Arts - 12,159,165 Sell EUR 60 October 2020 Facebook 19,467,520 - Buy USD 71 : -- Intuit 13,418,792 - Sell EUR 61 October 2020 Moody's 11,131,893 - (95) - Xylem - 10,759,691

Investment in securities and derivatives 620,208,454 98.09 Other net assets 12,104,156 1.91 Total net assets 632,312,610 100.00

* In the case of derivative instruments, Market Value refers to the net prof t or loss and is used in the calculation of the Fund Net Asset Value. Any diﬀ erences in the percentage of Net Assets f gures are the result of roundings.

34 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Latin American Fund

Investment report for the year from 1 October 2019 to 30 September 2020

Investment Fund Manager Daniel J. Graña*

The fund fell 30.6% (Net), 29.3% (Gross) based on Class R Euro terms accumulation over the year under review, compared with a fall of 34.3% in the MSCI Emerging Markets Latin America Index and a fall of 33.0% in the Target Index + 2% Euro terms.

After gaining early in the reporting year, Latin American equities sold of in the wake of the economic shutdowns in response to the COVID-19 pandemic. Unlike other emerging market regions, Latin American stocks remained under pressure for much of the rest of the reporting year due, in part, to a less ef ective pandemic response. Companies of ering products that helped businesses and households cope with stay-at-home orders were among the best performers, with many of them in the technology and consumer sectors. Given the uncertain economic outlook, cyclically sensitive energy stocks were among the worst performers.

We believe the market moves during the reporting year illustrate the necessity of viewing the region’s equities through multiple lenses. The combination of seeking good companies, good governance and good countries, in our view, should lead to favourable investment outcomes over the longer term. Understanding how shifts in the macroeconomic landscape can impact equity performance is an essential part of our process. These shifts were key factors in the fund’s performance. In some cases, they emanated from the other side of the world.

With global trade – and thus exports – suppressed, the Chinese government has had to rely on other levers to ignite economic growth. Real estate and infrastructure promised to deliver the most value for money. This fuelled a rally in the materials and industrial companies that supply these projects. Ivanhoe Mines was a leading individual contributor as copper prices rallied on the prospect of increased Chinese purchases of the metal.

The COVID-19-driven acceleration in secular trends, such as the digitisation of the global economy, is perhaps best exemplif ed by MercadoLibre, another top contributor. Stay-at-home orders have boosted e-commerce engagement, including in demographic groups that had been slow to adopt online shopping. The company’s digital payments platform has been an important tool during the shutdowns, resulting in rapid growth. Given that e-commerce penetration in Latin America is roughly half of that in the US and a quarter of China’s, we believed that MercadoLibre would benef t as the region closes the digital gap.

Concerns about global growth have weighed on cyclical sectors. One of the leading individual detractors was energy company GeoPark. While we, too, have a cautious view towards global growth, we believed some exposure to energy was merited should the economy f nd sound footing sooner than expected. We expected GeoPark to be more resilient during an economic downturn and better able than rivals to leverage its operational strength during a recovery to improve its competitive positions.

Despite an ephemeral post-shutdown rally, shares of developer Cyrela Commercial Properties sputtered over the summer. Larger-scale real estate projects in Brazil could be put on hold until greater clarity emerges about how the economy will emerge from the pandemic, which may have weighed on the stock. However, we believed the company was well positioned to participate in an eventual recovery.

Latin America is facing the ‘one-two punch’ of the pandemic and the lurch away from globalisation. With few exceptions, gone are the days of emerging markets exporting their way to prosperity. While we are likely past the high-water mark of globalisation, Latin American and other emerging markets, in our view, should still be on investors’ radars given their continued exposure to powerful secular themes. Chief among these themes is rising domestic consumption by an expanding middle class.

Low interest rates across the world may prove to be a double-edged sword for emerging markets. Reform-minded countries are presented with an opportunity to get their f scal house in order by paying down debt and investing in initiatives that stand to increase national productivity. Yet for other countries, low rates could be a green light to prof igacy and delaying substantive reform. They may get away with it over the near term as yield-starved investors gravitate towards the asset class, but rates will not stay low forever and a day of reckoning will arrive.

With exports playing a diminishing role in growth, countries will have to identify other economic drivers. In addition to domestic consumption, we believe that the countries with the most promising future will be the ones to move up the value-added chain, especially with respect to developing intellectual property. By this, we do not mean just technology and patents, but also brands and other dif cult-to- replicate platforms that convey quality.

With a two-decade tailwind no longer at emerging markets’ back, equity investment has become markedly more complex. This is an asset class – and a potentially volatile one – where active management, in our view, is necessary to separate those that are worthwhile and those that are not. This is all the truer given the tilt towards de-globalisation and the reshuf ing of supply chains as many companies may have to choose sides in a bipolar world, with a Chinese sphere on one side and a US one on the other. There will be winners and losers, but the process for all will likely be bumpy. Given the dynamic and potentially bifurcating landscape, active managers can apply a macro lens that helps to identify the reformist countries and ones that are moving up the value chain, thus increasing the odds of them being the masters of their own destiny.

* Please note with ef ect from 1 October 2019, Daniel J. Graña took over management of this fund from Nicholas Cowley.

35 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Latin American Fund

Investment objective and policy The fund aims to provide a return, from a combination of capital growth and income over the long term.

Performance target: To outperform the MSCI Emerging Markets Latin America Index by 2% per annum, before the deduction of charges, over any 5 year period.

The fund invests at least two-thirds of its assets in a concentrated portfolio of shares (equities) and equity-related securities of companies, of any size, in any industry, in Latin America. Companies will have their registered oﬃ ce in or do most of their business (directly or through subsidiaries) in this region.

The fund is actively managed with reference to the MSCI Emerging Markets Latin America Index, which is broadly representative of the companies in which it may invest, as this forms the basis of the fund’s performance target. The investment manager has discretion to choose investments for the fund with weightings diﬀ erent to the index or not in the index, but at times the fund may hold investments similar to the index.

Performance history (unaudited)

Fund & Benchmark 1 year to 1 year to 1 year to 1 year to 1 year to 30 Sep 16 30 Sep 17 30 Sep 18 30 Sep 19 30 Sep 20 % % % % %

Latin American Fund R€ Acc (Net) 30.29 14.93 (10.06) 14.56 (30.58)

MSCI Emerging Markets Latin America Index 27.78 19.39 (7.48) 13.69 (34.33)

Latin American Fund R€ Acc (Gross) 32.62 16.91 (8.50) 16.61 (29.32)

MSCI Emerging Markets Latin America Index + 2% 30.34 21.77 (5.63) 15.97 (33.01)

Please note the performance target is to be achieved over a specif c annualised time period. Refer to the performance target section above within the Investment objective.

Class R€ Acc is disclosed as it is the representative share class.

Past performance is not a guide to future performance.

36 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Latin American Fund

Statement of Net Assets Statement of Operations As at 30 September 2020 For the year from 1 October 2019 to 30 September 2020 Notes USD Notes USD

Assets Income Investment in securities at market value 3 29,893,741 Dividend income (net of withholding tax) 3 873,275 Cash at bank 12 1,095,517 Bond interest income 3 - Interest and dividends receivable 3 74,107 Interest on certif cates of deposit 3 - Subscriptions receivable 127,014 Derivative income 3 - Receivable for investments sold - Interest received on contracts for diff erence 3 - Unrealised gain on contracts for diff erence 3 - Other income 3, 13 12,283 Unrealised gain on futures contracts 3 - Total income 885,558 Unrealised gain on forward foreign exchange contracts 3 - Purchased option contracts at market value 3 - Swap contracts at market value 3 - Other assets - Management fee rebate - Total assets 31,190,379 Liabilities Expenses Bank overdraft 12 - Management fees 6, 14 600,109 Payable for investments purchased 387,736 Administration, registrar and transfer agent fees 6 15,330 Taxes and expenses payable 117,912 Custodian fees 6 52,374 Redemptions payable 101,593 Shareholder servicing fees and initial sales charges 6, 14 7,067 Unrealised loss on contracts for diff erence 3 - Depositary fees 6 1,785 Unrealised loss on futures contracts 3 - Derivative expenses 3 - Unrealised loss on forward foreign exchange contracts 3 - Interest paid on contracts for diff erence 3 - Sold option contracts at market value 3 - Performance fees 6 - Swap contracts at market value 3 - Taxation ("taxe d'abonnement") 7 17,769 Dividends payable to shareholders - Other expenses 6 22,390 Interest and dividends payable on CFD - Total expenses 716,824 Other liabilities - Total liabilities 607,241 Net income from investments 168,734 Net realised gain/(loss) Net realised loss on investment securities 3 (6,406,973) Net realised gain/loss on contracts for diff erence 3 - Net realised gain/loss on futures contracts 3 - Net realised gain/loss on swap contracts 3 - Net realised gain/loss on options contracts 3 - Net realised gain on forward foreign exchange contracts 3 1,042 Net realised loss on currency exchange (513,372) Net realised loss on investments and derivatives (6,919,303) Net change in unrealised appreciation/depreciation Change in net unrealised appreciation/ depreciation on investments 3 (5,376,156) Change in net unrealised appreciation/ depreciation on contracts for diff erence 3 - Change in net unrealised appreciation/ depreciation on futures contracts 3 - Change in net unrealised appreciation/ depreciation on swap contracts 3 - Change in net unrealised appreciation/ depreciation on options contracts 3 - Change in net unrealised appreciation/ depreciation on forward foreign exchange contracts 3 - Change in net unrealised appreciation/ depreciation on currency exchange (1,863) Change in unrealised appreciation/ depreciation on investments and derivatives (5,378,019)

Net assets at the end of the year 30,583,138 Net decrease in assets as a result of operations (12,128,588)

The accompanying notes form an integral part of these f nancial statements.

37 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Latin American Fund

Statement of Changes in Net Assets For the year from 1 October 2019 to 30 September 2020 USD Notes USD

Net assets at the beginning of the year 56,604,942 Proceeds from shares issued 6,513,613 Net income from investments 168,734 Payments for shares redeemed (20,361,088) Net realised loss on investments and derivatives (6,919,303) Net equalisation (paid)/received 10 (45,741) Change in unrealised appreciation/depreciation on (5,378,019) Dividend distributions 11 - investments and derivatives Net assets at the end of the year 30,583,138

Share Transactions For the year from 1 October 2019 to 30 September 2020 B€ Acc F$ Acc H$ Acc H€ Acc I€ Acc R$ Acc R€ Acc Shares outstanding at the beginning of the year 111,746.21 249.28 58,882.17 45,691.18 18,452.36 1,245,940.61 1,911,413.17 Shares issued during the year 2,888.46 - 5,167.25 3,567.78 1,184.47 318,268.55 214,257.13 Shares redeemed during the year (30,959.84) - (32,784.62) (25,897.08) (4,288.39) (529,041.27) (822,556.89) Shares outstanding at the end of the year 83,674.83 249.28 31,264.80 23,361.88 15,348.44 1,035,167.89 1,303,113.41 Equivalent to a net asset value per share of: 11.20 8.37 7.57 3.71 13.23 9.99 12.15

Net Asset Value Summary

Net Asset Value Per Share As at As at As at As at As at As at 30 Sep 18 30 Sep 19 30 Sep 20 30 Sep 18 30 Sep 19 30 Sep 20 EUR 50,759,131 EUR 51,921,931 EUR 26,080,121 B€ Acc 14.23 16.22 11.20 USD 58,958,265 USD 56,604,942 USD 30,583,138 F$ Acc 10.27 11.12 8.37 H$ Acc 9.29 10.07 7.57 H€ Acc 4.59 5.30 3.71 I€ Acc 16.46 18.96 13.23 R$ Acc 12.44 13.37 9.99 R€ Acc 15.28 17.50 12.15

Total expense ratio (TER) (unaudited) Dividend reinvestment per Share

30 Sep 18 30 Sep 19 30 Sep 20 Pay Date 11 Nov 20 B€ Acc 2.24% 2.32% 2.28% B€ Acc n/a F$ Acc 1.09% 1.17% 1.12% F$ Acc 0.110117 H$ Acc 0.99% 1.08% 1.02% H$ Acc 0.101647 H€ Acc 0.99% 1.08% 1.03% H€ Acc 0.049260 I€ Acc 1.20% 1.28% 1.24% I€ Acc 0.144691 R$ Acc 1.74% 1.82% 1.77% R$ Acc 0.050131 R€ Acc 1.74% 1.81% 1.77% R€ Acc 0.061352

TER is calculated in accordance with SFAMA (Swiss Funds and Asset Management Association). The fund is not subject to performance fees. The total expense ratio includes fees payable to Distributors. Where the total expense ratios exceed the target outperformance relative to the benchmark the return is likely to be below the benchmark return, even when the fund’s outperformance target (before the deduction of charges) has been achieved.

38 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Latin American Fund

Portfolio as at 30 September 2020 (continued) Portfolio as at 30 September 2020 (continued)

Number Market % of Number Market % of of Securities Value Net of Securities Value Net USD Assets USD Assets

Transferable securities and money market instruments admitted to an oﬃ cial exchange listing Luxembourg 1.69% and/or dealt on another regulated market, unless otherwise stated. Information Technology 1.69% Equities 97.75% 2,880 Globant 515,851 1.69 Argentina 3.57% Consumer Discretionary 3.57% Mexico 6.89% 1,009 MercadoLibre 1,091,662 3.57 Communication Services 4.89% 519,261 Megacable 1,495,984 4.89 Brazil 59.91% Communication Services 4.19% Financials 2.00% 166,318 Telefonica Brasil 1,282,547 4.19 176,393 Grupo Financiero Banorte 611,821 2.00

Consumer Discretionary 3.74% Peru 2.86% 41,991 Afya 'A' 1,144,885 3.74 Consumer Staples 2.86% 26,125 InRetail Peru 875,188 2.86 Consumer Staples 3.86% 283,595 Raia Drogasil 1,180,378 3.86 United States 14.55% Consumer Staples 9.56% Energy 2.22% 1,218,536 Wal-Mart de Mexico 2,923,281 9.56 195,281 Petroleo Brasileiro Preference Shares 679,583 2.22 Health Care 4.99% Financials 11.96% 132,050 Notre Dame Intermedica 1,525,506 4.99 165,981 Banco Bradesco 531,238 1.74 43,026 Banco BTG Pactual 555,645 1.82 Investment in securities 29,893,741 97.75 179,135 Boa Vista Serviços 446,848 1.46 Other net assets 689,397 2.25 147,823 B3 - Brasil Bolsa Balcao 1,443,363 4.72 Total net assets 30,583,138 100.00 170,212 Itau Unibanco Preference Shares 679,616 2.22 Any diﬀ erences in the percentage of Net Assets f gures are the result of roundings. 3,656,710 11.96

Health Care 3.44% 95,184 Hapvida Participacoe 1,050,977 3.44

Industrials 4.82% 146,566 Localiza Rent a Car 1,473,865 4.82

Materials 13.43% 395,628 Duratex 1,256,068 4.11 271,768 Vale 2,849,818 9.32 4,105,886 13.43

Real Estate 7.31% 745,749 BR Properties 1,189,452 3.89 457,343 Cyrela Commercial Properties 1,045,087 3.42 2,234,539 7.31

Utilities 4.94% 137,203 Companhia Paranaense de Energia 1,511,645 4.94 Preference Shares

Canada 4.82% Materials 4.82% 408,082 Ivanhoe Mines 1,474,081 4.82

Colombia 3.46% Energy 3.46% 143,641 GeoPark 1,059,352 3.46

39 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Latin American Fund

Top ten changes in the securities portfolio for the year from 1 October 2019 to 30 September 2020 Description of Securities Purchases Sales USD USD

Argentina MercadoLibre - 2,861,759

Brazil Afya 'A' 2,941,644 - Companhia Paranaense de Energia Preference Shares 3,171,349 - IRB Brasil Resseguros 3,055,118 - Itau Unibanco 3,612,329 - Localiza Rent a Car - 2,561,681 Petroleo Brasileiro ADS 5,585,055 - Raia Drogasil - 3,512,792 Suzano 3,030,986 2,789,280 Vale 3,497,587 - Weg - 3,225,080

Canada Ivanhoe Mines 2,887,618 -

Chile Cia Cervecerias Unidas - 2,445,375 Quiñenco - 2,758,022

Colombia GeoPark 2,921,198 - Grupo Nutresa - 2,674,912

Mexico Fomento Economico Mexicano - 3,110,031 Qualitas Controladora - 2,920,334

United States Wal-Mart de Mexico 4,347,179 -

40 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Pan European Fund

Investment report for the year from 1 October 2019 to 30 September 2020

Investment Fund Manager John Bennett and Tom O’Hara*

The fund returned 0.7% (Net) based on Class R Euro terms accumulation over the year under review, compared with a fall of 7.8% in the MSCI Europe Index Euro terms.

The event of the year under review was, of course, the COVID-19 global pandemic. This presented extraordinary challenges to us all, both personally and professionally.

In managing the portfolio, our initial response to the pandemic was limited as we entered the crisis with little exposure to companies with high levels of leverage and we had longstanding underweight positions in leisure, retail and banking sectors. Our priority was to engage with the companies in which we were invested. We sought to quiz the management teams of these companies on how they were running their businesses. It quickly became clear that each and every management team with which we engaged had the right priorities: businesses were being run for cash.

‘Underwriting’ such a recovery was the extraordinary monetary and f scal response by governments worldwide. Further stimulus came via the fact that, in managing their businesses for cash, companies f ushed their inventory channels. Thus, the scene was set for inevitable demand recovery to meet the ‘dry tinder’ of lean inventories. This is one reason why industrial companies and economies have fared better than those with heavy exposure to services.

Consistent with the above, we used the early summer months to buy into selected industrial businesses, giving the portfolio a more cyclical – some might say value – tilt. Among industrials, this led to companies such as Arkema and Compagnie de St Gobain, while in the automotive sector, we established positions in BMW, Daimler and Peugeot. It is rare for us to be attracted to this sector. We have enjoyed success, historically, in automotive component suppliers, although the car manufacturers themselves have often been a case of ‘handle with care’. Yet, we believed that the sector was a classic example of pent-up demand meeting ‘dry’ inventory channels, hence our rare ownership of these three companies.

Helping fund these additions were disposals in more defensive businesses such as GlaxoSmithKline, Koninklijke KPN and Tesco.

The past year saw a strong contribution from STMicroelectronics, our favoured semiconductor stock. KION is a German producer of industrial forklift trucks and warehouse equipment. Epitomising the German Mittelstand (small and medium-sized enterprises), KION’s products are sold internationally and command high market shares. Much has been written about COVID-19’s ef ect of accelerating a number of market and economic phenomena. One of these is, unsurprisingly, home shopping. We identif ed KION, a key supplier to warehouses, as a benef ciary of such trends. Dometic is a Swedish supplier of components to the recreational vehicle (RV) and outdoor leisure sectors. Here, too, was an example of a f ushed inventory channel. Both the European and US RV markets had been de-stocking for many months prior to the onset of the pandemic. In a world of much curtailed freedoms and travel, there has been something of a resurgence in ‘staycations’ and we expected this to be to the benef t of Dometic. Truck manufacturer Volvo announced a gradual recovery in end demand and we believed the company to be a leader in the shift toward large vehicle electrif cation.

* Please note that as of 31 January 2020 Tom O’Hara is co manager of this fund.

41 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Pan European Fund

Investment objective and policy The fund aims to provide a return, from a combination of capital growth and income over the long term (5 years or more).

The fund invests at least two-thirds of its assets in shares (equities) and equity-related securities of companies, of any size, in any industry, in Europe (including UK). Companies will have their registered oﬃ ce in or do most of their business (directly or through subsidiaries) in this region.

The fund is actively managed with reference to the MSCI Europe Index, which is broadly representative of the companies in which it may invest, as this can provide a useful comparator for assessing the fund’s performance. The investment manager has discretion to choose investments for the fund with weightings diﬀ erent to the index or not in the index. Depending on prevailing market conditions the fund’s portfolio may shift between ‘high conviction’ (whereby the manager will take signif cant risk relative to the index) and a more cautious stance. This means the performance of the fund may at times diﬀ er signif cantly from the index, while at other times it may be more closely aligned.

Performance history (unaudited)

Fund & Benchmark 1 year to 1 year to 1 year to 1 year to 1 year to 30 Sep 16 30 Sep 17 30 Sep 18 30 Sep 19 30 Sep 20 % % % % %

Pan European Fund R€ Acc (Net) (0.79) 14.43 0.84 4.19 0.72

MSCI Europe Index 1.80 16.26 1.47 5.74 (7.76)

Class R€ Acc is disclosed as it is the representative share class.

Past performance is not a guide to future performance.

42 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Pan European Fund

Statement of Net Assets Statement of Operations As at 30 September 2020 For the year from 1 October 2019 to 30 September 2020 Notes EUR Notes EUR

Assets Income Investment in securities at market value 3 611,258,170 Dividend income (net of withholding tax) 3 11,103,091 Cash at bank 12 8,921,231 Bond interest income 3 - Interest and dividends receivable 3 - Interest on certif cates of deposit 3 - Subscriptions receivable 1,253,630 Derivative income 3 - Receivable for investments sold 4,252,282 Interest received on contracts for diff erence 3 - Unrealised gain on contracts for diff erence 3 - Other income 3, 13 42,406 Unrealised gain on futures contracts 3 - Total income 11,145,497 Unrealised gain on forward foreign exchange contracts 3 2,752,276 Purchased option contracts at market value 3 - Swap contracts at market value 3 - Other assets 955,251 Management fee rebate - Total assets 629,392,840 Liabilities Expenses Bank overdraft 12 8 Management fees 6, 14 5,686,186 Payable for investments purchased 6,444,446 Administration, registrar and transfer agent fees 6 205,526 Taxes and expenses payable 1,243,365 Custodian fees 6 53,242 Redemptions payable 245,472 Shareholder servicing fees and initial sales charges 6, 14 194 Unrealised loss on contracts for diff erence 3 - Depositary fees 6 37,778 Unrealised loss on futures contracts 3 - Derivative expenses 3 72,406 Unrealised loss on forward foreign exchange contracts 3 14,679 Interest paid on contracts for diff erence 3 - Sold option contracts at market value 3 - Performance fees 6 - Swap contracts at market value 3 - Taxation ("taxe d'abonnement") 7 97,668 Dividends payable to shareholders - Other expenses 6 254,081 Interest and dividends payable on CFD - Total expenses 6,407,081 Other liabilities - Total liabilities 7,947,970 Net income from investments 4,738,416 Net realised gain/(loss) Net realised gain on investment securities 3 9,013,077 Net realised gain/loss on contracts for diff erence 3 - Net realised gain/loss on futures contracts 3 - Net realised gain/loss on swap contracts 3 - Net realised gain/loss on options contracts 3 - Net realised loss on forward foreign exchange contracts 3 (13,466,264) Net realised loss on currency exchange (46,026) Net realised loss on investments and derivatives (4,499,213) Net change in unrealised appreciation/depreciation Change in net unrealised appreciation/ depreciation on investments 3 (12,506,097) Change in net unrealised appreciation/ depreciation on contracts for diff erence 3 - Change in net unrealised appreciation/ depreciation on futures contracts 3 - Change in net unrealised appreciation/ depreciation on swap contracts 3 - Change in net unrealised appreciation/ depreciation on options contracts 3 - Change in net unrealised appreciation/ depreciation on forward foreign exchange contracts 3 812,730 Change in net unrealised appreciation/ depreciation on currency exchange (12) Change in unrealised appreciation/ depreciation on investments and derivatives (11,693,379)

Net assets at the end of the year 621,444,870 Net decrease in assets as a result of operations (11,454,176)

The accompanying notes form an integral part of these f nancial statements.

43 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Pan European Fund

Statement of Changes in Net Assets For the year from 1 October 2019 to 30 September 2020

EUR Notes EUR

Net assets at the beginning of the year 599,806,105 Proceeds from shares issued 171,122,131 Net income from investments 4,738,416 Payments for shares redeemed (138,183,134) Net realised loss on investments and derivatives (4,499,213) Net equalisation (paid)/received 10 153,944 Change in unrealised appreciation/depreciation on (11,693,379) Dividend distributions 11 - investments and derivatives Net assets at the end of the year 621,444,870

Share Transactions For the year from 1 October 2019 to 30 September 2020 H$ Acc HCHF Acc I$ Acc B€ Acc G€ Acc (hedged) H€ Acc (hedged) (hedged) I€ Acc Shares outstanding at the beginning of the year 6,431.59 31,574,168.95 1,316,913.84 3,254,168.72 1,190,487.39 423,900.00 8,253,599.53 Shares issued during the year - 23,694,804.82 90,497.10 96,186.98 130,625.74 30,761.67 768,797.66 Shares redeemed during the year - (13,964,591.77) (147,586.02) (1,138,920.91) (423,634.19) (20,916.54) (494,160.90) Shares outstanding at the end of the year 6,431.59 41,304,382.00 1,259,824.92 2,211,434.79 897,478.94 433,745.13 8,528,236.29 Equivalent to a net asset value per share of: 6.14 5.54 6.49 5.81 5.71 8.68 11.68

IS$ Acc R$ Acc RCHF Acc RS$ Acc IS$ Acc (hedged) (hedged) R€ Acc (hedged) (hedged) Shares outstanding at the beginning of the year 250.00 23,552,487.26 877,800.47 10,707,515.61 234,791.57 155,545.29 Shares issued during the year - 2,779,837.13 12,048.27 1,036,747.45 - - Shares redeemed during the year - (3,353,665.45) (388,404.16) (3,199,292.68) (116,746.57) (131,768.55) Shares outstanding at the end of the year 250.00 22,978,658.94 501,444.58 8,544,970.38 118,045.00 23,776.74 Equivalent to a net asset value per share of: 12.17 14.10 6.96 6.89 5.52 11.86

Net Asset Value Summary

Net Asset Value Per Share As at As at As at As at As at As at 30 Sep 18 30 Sep 19 30 Sep 20 30 Sep 18 30 Sep 19 30 Sep 20 EUR 809,839,893 EUR 599,806,105 EUR 621,444,870 B€ Acc 5.91 6.12 6.14 G€ Acc 5.19 5.46 5.54 H$ Acc (hedged) 5.81 6.28 6.49 H€ Acc 5.45 5.72 5.81 HCHF Acc (hedged) 5.38 5.63 5.71 I$ Acc (hedged) 7.79 8.41 8.68 I€ Acc 11.01 11.54 11.68 IS$ Acc 11.36 11.31 12.17 IS$ Acc (hedged) 12.90 13.80 14.10 R$ Acc (hedged) 6.32 6.78 6.96 R€ Acc 6.56 6.84 6.89 RCHF Acc (hedged) 5.28 5.49 5.52 RS$ Acc (hedged) 10.96 11.67 11.86

Total expense ratio (TER) (unaudited) Dividend reinvestment per Share

30 Sep 18 30 Sep 19 30 Sep 20 Pay Date 11 Nov 20 B€ Acc 2.11% 2.11% 2.14% B€ Acc n/a G€ Acc 0.72% 0.72% 0.75% G€ Acc 0.058696 H$ Acc (hedged) 0.86% 0.86% 0.88% H$ Acc (hedged) 0.059204 H€ Acc 0.86% 0.86% 0.88% H€ Acc 0.053268 HCHF Acc (hedged) 0.86% 0.86% 0.88% HCHF Acc (hedged) 0.052100 I$ Acc (hedged) 1.07% 1.07% 1.09% I$ Acc (hedged) 0.061979 I€ Acc 1.07% 1.07% 1.10% I€ Acc 0.083062 IS$ Acc 1.07% 1.05% 1.09% IS$ Acc 0.097071 IS$ Acc (hedged) 1.07% 1.07% 1.09% IS$ Acc (hedged) 0.100268 R$ Acc (hedged) 1.61% 1.61% 1.63% R$ Acc (hedged) 0.004181 R€ Acc 1.61% 1.61% 1.64% R€ Acc 0.010880 RCHF Acc (hedged) 1.61% 1.61% 1.63% RCHF Acc (hedged) 0.008756 RS$ Acc (hedged) 1.61% 1.62% 1.63% RS$ Acc (hedged) n/a

TER is calculated in accordance with SFAMA (Swiss Funds and Asset Management Association). The fund is not subject to performance fees.

44 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Pan European Fund

Portfolio as at 30 September 2020 (continued) Portfolio as at 30 September 2020 (continued)

Number Market % of Number Market % of of Securities Value Net of Securities Value Net EUR Assets EUR Assets

Transferable securities and money market instruments admitted to an oﬃ cial exchange listing Germany 16.05% and/or dealt on another regulated market, unless otherwise stated. Consumer Discretionary 3.10% Equities 98.36% 101,296 BMW 6,300,611 1.01 Belgium 2.28% 279,318 Daimler 12,956,864 2.09 Financials 0.95% 19,257,475 3.10 138,673 KBC 5,931,044 0.95 Financials 2.35% Materials 1.33% 35,665 Allianz 5,849,060 0.94 256,468 Tessenderlo 8,264,682 1.33 58,094 Deutsche Boerse 8,740,242 1.41 14,589,302 2.35 Denmark 4.66% Consumer Staples 1.48% Health Care 1.44% 79,654 Carlsberg 9,188,781 1.48 71,818 Merck 8,944,932 1.44

Health Care 1.34% Industrials 3.68% 140,967 Novo Nordisk 'B' 8,333,991 1.34 177,777 KION 13,013,276 2.09 128,623 Rheinmetall 9,885,964 1.59 Industrials 1.84% 81,544 DSV Panalpina 11,409,331 1.84 22,899,240 3.68

Finland 8.50% Information Technology 4.44% Consumer Discretionary 2.09% 404,148 Inf neon Technologies 9,751,081 1.57 538,319 Nokian Renkaat 13,005,787 2.09 134,132 SAP 17,820,777 2.87 27,571,858 4.44 Industrials 1.84% 153,155 Kone 11,463,652 1.84 Utilities 1.04% 201,998 RWE 6,473,026 1.04 Materials 4.57% 1,090,937 UPM-Kymmene 28,347,998 4.57 Italy 4.20% Financials 0.87% France 15.93% 3,368,137 Intesa Sanpaolo 5,399,460 0.87 Consumer Discretionary 3.15% 20,153 LVMH Moet Hennessy Louis Vuitton 8,050,620 1.30 Industrials 1.52% 745,106 Peugeot 11,551,005 1.85 298,118 Interpump 9,453,322 1.52 19,601,625 3.15 Utilities 1.81% Consumer Staples 0.94% 1,513,424 Enel 11,225,066 1.81 21,114 L'Oréal 5,866,525 0.94 Netherlands 8.09% Financials 0.86% Energy 1.37% 171,619 BNP Paribas 5,317,615 0.86 622,997 SBM Oﬀ shore 8,511,697 1.37

Health Care 1.58% Financials 1.25% 114,956 Sanof 9,812,069 1.58 270,051 ASR Nederland 7,754,514 1.25

Industrials 5.83% Information Technology 3.12% 502,608 Compagnie de St Gobain 18,101,428 2.91 61,681 ASML 19,412,552 3.12 125,394 Legrand 8,550,617 1.38 Materials 2.35% 89,723 Schneider Electric 9,546,527 1.54 168,739 Akzo Nobel 14,584,112 2.35 36,198,572 5.83

Portugal 1.04% Information Technology 2.18% Utilities 1.04% 516,531 STMicroelectronics 13,561,521 2.18 1,547,535 Energias de Portugal 6,491,909 1.04

Materials 1.39% Spain 3.02% 95,031 Arkema 8,613,610 1.39 Health Care 1.79% 453,250 Grifols 11,147,684 1.79

45 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Pan European Fund

Portfolio as at 30 September 2020 (continued) Portfolio as at 30 September 2020 (continued)

Number Market % of Number Market % of of Securities Value Net of Securities Value Net EUR Assets EUR Assets

Utilities 1.23% Derivatives 0.44%* 726,464 Iberdrola 7,636,953 1.23 Forward Foreign Exchange Contracts (Hedged share classes) 0.44% Buy CHF 100,350 : 119 - Sweden 11.82% Sell EUR 93,038 October 2020 Consumer Discretionary 5.23% Buy CHF 12,665 : 15 - 269,044 Autoliv 16,872,685 2.71 Sell EUR 11,742 October 2020 1,478,155 Dometic 15,661,299 2.52 Buy CHF 5,583,645 : (5,019) - Sell EUR 5,188,417 October 2020 32,533,984 5.23 Buy CHF 63,727 : 13 - Sell EUR 59,146 October 2020 Financials 2.34% Buy CHF 664,559 : (597) - 2,231,229 Nordea Bank 14,512,601 2.34 Sell EUR 617,519 October 2020 Buy CHF 7,557 : 2- Industrials 4.25% Sell EUR 7,014 October 2020 179,149 Atlas Copco 'A' 7,321,905 1.18 Buy EUR 10,325 : (136) - 375,481 Sandvik 6,303,720 1.01 Sell USD 12,270 October 2020 773,662 Volvo 'B' 12,774,763 2.06 Buy EUR 108,893 : (135) - Sell USD 127,888 October 2020 26,400,388 4.25 Buy EUR 116,908 : (145) - Sell USD 137,301 October 2020 Switzerland 13.54% Consumer Staples 4.05% Buy EUR 15,317 : (37) - Sell CHF 16,540 October 2020 247,985 Nestlé 25,177,667 4.05 Buy EUR 1,795 : (3) - Sell SGD 2,879 October 2020 Financials 0.80% Buy EUR 186,839 : 259 - 16,721 Zurich Insurance 4,978,300 0.80 Sell CHF 200,988 October 2020 Buy EUR 20,272 : (48) - Health Care 3.59% Sell CHF 21,890 October 2020 105,124 Novartis 7,797,984 1.25 Buy EUR 2,058,156 : (3,065) - 49,506 Roche Non-Voting Shares 14,484,256 2.34 Sell SGD 3,300,478 October 2020 22,282,240 3.59 Buy EUR 22,362 : 31 - Sell CHF 24,055 October 2020 Materials 5.10% Buy EUR 253,547 : (314) - Sell USD 297,775 October 2020 813,864 LafargeHolcim 31,713,663 5.10 Buy EUR 289,300 : (241) - Sell CHF 311,898 October 2020 United Kingdom 9.23% Buy EUR 30,446 : 207 - Consumer Discretionary 1.56% Sell USD 35,469 October 2020 2,969,660 Kingf sher 9,713,666 1.56 Buy EUR 32,773 : 223 - Sell USD 38,180 October 2020 Consumer Staples 1.66% Buy EUR 3,741 : (49) - 200,668 Unilever 10,342,429 1.66 Sell USD 4,446 October 2020 Buy EUR 4,564 : (60) - Financials 1.45% Sell USD 5,424 October 2020 92,262 London Stock Exchange 9,028,156 1.45 Buy EUR 48,685 : (143) - Sell CHF 52,598 October 2020 Materials 4.56% Buy EUR 6,097 : 6- 577,329 Johnson Matthey 15,001,748 2.42 Sell CHF 6,561 October 2020 30,037 Linde 6,085,496 0.98 Buy EUR 6,157 : (18) - Sell CHF 6,652 October 2020 140,633 Rio Tinto 7,217,927 1.16 Buy EUR 6,491 : (3) - 28,305,171 4.56 Sell SGD 10,397 October 2020 Buy EUR 687 : 1- Investment in securities 611,258,170 98.36 Sell CHF 740 October 2020 Buy EUR 71,157 : 485 - Sell USD 82,898 October 2020 Buy EUR 7,422,029 : (2,911) - Sell SGD 11,888,992 October 2020 Buy SGD 286,705 : 2,235 - Sell EUR 176,819 October 2020

46 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Pan European Fund

Forward Foreign Exchange Contracts (Hedged share classes) (continued) Finland Buy SGD 3,271 : 2- UPM-Kymmene 12,965,858 - Sell EUR 2,041 October 2020 Buy SGD 329,154,605 : 2,565,580 0.41 Sell EUR 202,998,780 October 2020 France Buy SGD 3,764,431 : 2,339 - Compagnie de St Gobain 17,367,455 - Sell EUR 2,348,631 October 2020 Pernod Ricard - 12,780,122 Buy SGD 5,484 : 1- Sanof 13,046,550 - Sell EUR 3,424 October 2020 STMicroelectronics - 19,378,743 Buy SGD 6,324,403 : 989 - Sell EUR 3,948,741 October 2020 Germany Buy SGD 669 : 5- Adidas - 12,957,554 Sell EUR 412 October 2020 Bayer 16,379,184 19,459,082 Buy SGD 754,940 : 5,884 - Sell EUR 465,593 October 2020 Inf neon Technologies 13,442,640 - Buy USD 1 : Sell EUR 1 October 2020 -- Italy Buy USD 160,738 : (346) - Sell EUR 137,379 October 2020 Enel 13,609,580 - Buy USD 3,559,358 : 39,341 0.01 Sell EUR 2,995,101 October 2020 Netherlands Buy USD 3,837,158 : 42,411 0.01 Koninklijke Philips - 22,053,789 Sell EUR 3,228,863 October 2020 Buy USD 40,102 : (249) - Norway Sell EUR 34,437 October 2020 Mowi - 12,407,791 Buy USD 43,335 : (269) - Sell EUR 37,213 October 2020 Portugal Buy USD 68,352 : (147) - Galp Energia - 14,104,840 Sell EUR 58,419 October 2020 Buy USD 73,989 : (159) - Sweden Sell EUR 63,237 October 2020 Nordea Bank 15,622,614 - Buy USD 8,335,311 : 92,128 0.01 Sell EUR 7,013,935 October 2020 Sandvik 18,534,083 - Buy USD 94,238 : (585) - Sell EUR 80,925 October 2020 Switzerland 2,737,597 0.44 LafargeHolcim - 16,546,828

Investment in securities and derivatives 613,995,767 98.80 United Kingdom Other net assets 7,449,103 1.20 GlaxoSmithKline - 18,570,085 Total net assets 621,444,870 100.00 Johnson Matthey 18,400,485 - SSE 12,300,785 - * In the case of derivative instruments, Market Value refers to the net prof t or loss and is Tesco - 15,043,970 used in the calculation of the Fund Net Asset Value. Any diﬀ erences in the percentage of Net Assets f gures are the result of roundings.

47 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Pan European Smaller Companies Fund

Investment report for the year from 1 October 2019 to 30 September 2020

Investment Fund Managers Ollie Beckett and Rory Stokes

The fund returned 0.6% (Net) based on Class R Euro terms accumulation over the year under review, compared with a return of 0.9% in the Euromoney Europe Smaller Companies Index Euro terms.

There were three very distinct periods for markets over the reporting year. The second half of 2019 saw markets rally as trade discussions moved in the right direction, the UK general election result was perceived as market friendly and further economic leading indicators suggested a steadily improving economy. In contrast, the f rst quarter of 2020 will go down as one of the worst for global equity markets in recorded history. The overwhelming factor was the COVID-19 global pandemic. The MSCI Europe Small Cap Index sold of by 30% at the beginning of March and extreme volatility was aggravated by forced liquidation. Equities have, since then, staged a remarkable recovery, as economic data has pointed towards a robust recovery.

The fund has retained a good balance between lowly valued and high-growth stocks, with mainly the latter adding to returns. In terms of value holdings, we had a good contribution from Trigano, a manufacturer of recreational vehicles, which has enjoyed stronger demand because of an increased propensity for ‘staycations’ as a result of the pandemic. We also received good contributions from Anima, an Italian asset manager that has historically benef ted from rising equity markets as its fee income increases, and industrial plant builder Metso Outotec, which completed its merger with Metso Minerals at the end of June. The growth stocks that added to returns were HelloFresh, a meal kit company that continued to show good operational momentum, and Zur Rose, an online pharmacy that saw volumes grow as customers moved their prescriptions to delivery rather than collection during the pandemic. It was our sense that these stocks were increasingly drawing the attention of large-cap fund managers moving down the market capitalisation spectrum to increase levels of growth in their portfolios. We also had good returns from Nexans, where the market appreciated management’s restructuring programme and the need for high-voltage cabling in planned renewables projects.

Detractors from performance were typically in unfashionable sectors such as banking, or those seen as the most cyclical – UK house builder Crest Nicholson falls into this category. Spanish media conglomerate Promotora de Informaciones suf ered after the anticipated disposal of Media Capital fell through, leaving the balance sheet stretched as COVID-19 hurt revenues. The business had adequate liquidity and was at a substantial discount to the underlying sum of the parts and we maintained our holding. TKH was weak as large, listed tyre producers announced a number of investment cuts. Our analysis showed that demand from smaller operators was robust and we remained an owner of the shares.

The fund bought surgical equipment company Elekta. Its shares had been out of favour due to many operations being delayed by the pandemic and slowing demand for its products. We were attracted by the company’s magnetic resonance imaging technology. We also bought Signify, a leading lighting system company that of ers energy-saving products. The European Union recovery fund, which was announced in July, is the latest data point to show that energy ef ciency is high on the agenda of European policy setters. We also bought two recovery situations: bus company National Express, which had fallen by around 75% since the start of this year and needed only a slow return to activity to see improvement, and UK retailer Marks & Spencer. The latter has been described as a perennial restructuring story and while the clothing division likely requires meaningful change, we were attracted by a good management team and a well-regarded food of ering that is now delivered by Ocado. We bought John Wood, which is known as an oil services provider but is increasingly focusing on Europe’s energy transition. We thought it could manage this transition better than most. We bought Hexagon Composites, a supplier of systems for measurement and intelligent design software (Intergraph) with a strong track record. A liquidity event of ered the opportunity to build a position in the company and we especially liked its exposure to electric mobility and hydrogen fuel tanks.

We chose to lock in prof ts and sold JD Sports Fashion and Zur Rose. We purchased the former near the height of the volatility and sold it once the shares price had recovered to previous levels. The latter has an interesting online pharmacy of ering but expectations had risen and we envisaged some dif culties in acquiring a large number of the health insurers required to propel growth. We also sold projector company Barco, as we expected a slower return to cinemas than the market consensus assumes.

It is our view that as more time passes, the risk of betting against human ingenuity in the f ght against COVID-19 becomes higher. So many resources are being thrown at testing, treatment and vaccine development that we are optimistic that good news on the medical front will prevail. If it is achieved ahead of expectations, then we think that value/cyclical stocks could perform the best. However, it is worth noting that the portfolio is not a value one but, in fact, contains what we consider to be a healthy mix of styles.

48 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Pan European Smaller Companies Fund

Investment objective and policy The fund aims to provide a return, from a combination of capital growth and income over the long term (5 years or more).

The fund invests at least two-thirds of its assets in shares (equities) and equity-related securities of smaller companies, in any industry, in Europe (including UK). Companies will have their registered oﬃ ce in or do most of their business (directly or through subsidiaries) in this region.

The fund is actively managed with reference to the Euromoney Europe Smaller Companies Index, which is broadly representative of the companies in which it may invest, as this can provide a useful comparator for assessing the fund’s performance. The investment manager has discretion to choose investments for the fund with weightings diﬀ erent to the index or not in the index, but at times the fund may hold investments similar to the index.

Performance history (unaudited)

Fund & Benchmark 1 year to 1 year to 1 year to 1 year to 1 year to 30 Sep 16 30 Sep 17 30 Sep 18 30 Sep 19 30 Sep 20 % % % % %

Pan European Smaller Companies Fund R€ Acc (Net) 6.01 25.15 (4.25) (1.02) 0.60

Euromoney Europe Smaller Companies Index 5.50 20.29 2.17 (1.76) 0.89

Class R€ Acc is disclosed as it is the representative share class.

Past performance is not a guide to future performance.

49 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Pan European Smaller Companies Fund

Statement of Net Assets Statement of Operations As at 30 September 2020 For the year from 1 October 2019 to 30 September 2020 Notes EUR Notes EUR

Assets Income Investment in securities at market value 3 63,294,298 Dividend income (net of withholding tax) 3 1,136,812 Cash at bank 12 36,148 Bond interest income 3 - Interest and dividends receivable 3 65,513 Interest on certif cates of deposit 3 - Subscriptions receivable 3,228 Derivative income 3 - Receivable for investments sold 274,656 Interest received on contracts for diff erence 3 - Unrealised gain on contracts for diff erence 3 - Other income 3, 13 7,200 Unrealised gain on futures contracts 3 - Total income 1,144,012 Unrealised gain on forward foreign exchange contracts 3 36,758 Purchased option contracts at market value 3 - Swap contracts at market value 3 - Other assets 187,641 Management fee rebate - Total assets 63,898,242 Liabilities Expenses Bank overdraft 12 1 Management fees 6, 14 1,137,341 Payable for investments purchased 38,090 Administration, registrar and transfer agent fees 6 33,385 Taxes and expenses payable 209,523 Custodian fees 6 45,508 Redemptions payable 152,350 Shareholder servicing fees and initial sales charges 6, 14 13,723 Unrealised loss on contracts for diff erence 3 - Depositary fees 6 5,013 Unrealised loss on futures contracts 3 - Derivative expenses 3 375 Unrealised loss on forward foreign exchange contracts 3 1,087 Interest paid on contracts for diff erence 3 - Sold option contracts at market value 3 - Performance fees 6 - Swap contracts at market value 3 - Taxation ("taxe d'abonnement") 7 33,982 Dividends payable to shareholders - Other expenses 6 46,420 Interest and dividends payable on CFD - Total expenses 1,315,747 Other liabilities - Total liabilities 401,051 Net expense from investments (171,735) Net realised gain/(loss) Net realised loss on investment securities 3 (11,729,849) Net realised gain/loss on contracts for diff erence 3 - Net realised gain/loss on futures contracts 3 - Net realised gain/loss on swap contracts 3 - Net realised gain/loss on options contracts 3 - Net realised loss on forward foreign exchange contracts 3 (132,182) Net realised gain on currency exchange 86,936 Net realised loss on investments and derivatives (11,775,095) Net change in unrealised appreciation/depreciation Change in net unrealised appreciation/ depreciation on investments 3 2,494,684 Change in net unrealised appreciation/ depreciation on contracts for diff erence 3 - Change in net unrealised appreciation/ depreciation on futures contracts 3 - Change in net unrealised appreciation/ depreciation on swap contracts 3 - Change in net unrealised appreciation/ depreciation on options contracts 3 - Change in net unrealised appreciation/ depreciation on forward foreign exchange contracts 3 (39,901) Change in net unrealised appreciation/ depreciation on currency exchange (6,370) Change in unrealised appreciation/ depreciation on investments and derivatives 2,448,413

Net assets at the end of the year 63,497,191 Net decrease in assets as a result of operations (9,498,417)

The accompanying notes form an integral part of these f nancial statements.

50 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Pan European Smaller Companies Fund

Statement of Changes in Net Assets For the year from 1 October 2019 to 30 September 2020 EUR Notes EUR

Net assets at the beginning of the year 121,339,905 Proceeds from shares issued 11,955,786 Net expense from investments (171,735) Payments for shares redeemed (60,298,159) Net realised loss on investments and derivatives (11,775,095) Net equalisation (paid)/received 10 (1,924) Change in unrealised appreciation/ 2,448,413 Dividend distributions 11 - depreciation on investments and derivatives Net assets at the end of the year 63,497,191

Share Transactions For the year from 1 October 2019 to 30 September 2020 H$ Acc R$ Acc B€ Acc (hedged) H€ Acc I€ Acc (hedged) R€ Acc R€ Dist Shares outstanding at the beginning of the year 286,227.05 9,029.09 2,972,477.98 4,280,251.62 414,423.01 3,704,033.66 115,814.88 Shares issued during the year 9,812.18 157,866.81 93,776.85 579,187.07 23,427.16 306,892.75 5,264.64 Shares redeemed during the year (123,060.46) (166,645.90) (1,774,895.70) (4,492,723.78) (199,555.13) (957,615.11) (24,686.83) Shares outstanding at the end of the year 172,978.77 250.00 1,291,359.13 366,714.91 238,295.04 3,053,311.30 96,392.69 Equivalent to a net asset value per share of: 13.13 10.75 7.95 8.20 13.24 14.40 13.46

Net Asset Value Summary

Net Asset Value Per Share As at As at As at As at As at As at 30 Sep 18 30 Sep 19 30 Sep 20 30 Sep 18 30 Sep 19 30 Sep 20 EUR 215,551,017 EUR 121,339,905 EUR 63,497,191 B€ Acc 13.32 13.12 13.13 H$ Acc (hedged) 10.12 10.40 10.75 H€ Acc 7.86 7.84 7.95 I€ Acc 8.15 8.11 8.20 R$ Acc (hedged) 12.63 12.89 13.24 R€ Acc 14.46 14.31 14.40 R€ Dist 13.69 13.38 13.46

Total expense ratio (TER) (unaudited) Dividend reinvestment Per Share

30 Sep 18 30 Sep 19 30 Sep 20 Pay Date 11 Nov 20 B€ Acc 2.13% 2.15% 2.21% B€ Acc n/a H$ Acc (hedged) 0.88% 0.91% 0.95% H$ Acc (hedged) n/a H€ Acc 0.88% 0.91% 0.95% H€ Acc 0.035731 I€ Acc 1.09% 1.12% 1.14% I€ Acc n/a R$ Acc (hedged) 1.63% 1.66% 1.71% R$ Acc (hedged) n/a R€ Acc 1.63% 1.65% 1.70% R€ Acc n/a R€ Dist 1.63% 1.66% 1.70% R€ Dist n/a

TER is calculated in accordance with SFAMA (Swiss Funds and Asset Management Association). The fund is not subject to performance fees.

51 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Pan European Smaller Companies Fund

Portfolio as at 30 September 2020 (continued) Portfolio as at 30 September 2020 (continued)

Number Market % of Number Market % of of Securities Value Net of Securities Value Net EUR Assets EUR Assets

Transferable securities and money market instruments admitted to an oﬃ cial exchange listing Financials 2.77% and/or dealt on another regulated market, unless otherwise stated. 102,650 Aareal Bank 1,759,421 2.77 Equities 99.68% Austria 1.11% Health Care 1.72% Materials 1.11% 23,932 Dermapharm 1,091,658 1.72 4,768 Mayr Melnhof Karton 707,571 1.11 Information Technology 2.61% Belgium 3.59% 77,598 Aixtron 798,871 1.26 Health Care 1.10% 20,419 Software 859,436 1.35 32,600 Fagron 699,596 1.10 1,658,307 2.61

Materials 1.29% Ireland 1.06% 45,905 Bekaert 814,584 1.29 Consumer Discretionary 1.06% 276,022 Dalata Hotel 675,564 1.06 Real Estate 1.20% 6,471 VGP 763,578 1.20 Italy 6.21% Financials 5.18% Denmark 5.24% 240,456 Anima 806,249 1.27 Industrials 5.24% 287,711 Banca Farmafactoring 1,377,416 2.17 87,001 DFDS 2,491,840 3.92 93,965 FinecoBank 1,103,619 1.74 2,559 Rockwool International 'B' 837,102 1.32 3,287,284 5.18 3,328,942 5.24

Health Care 1.03% Finland 3.82% 57,150 GVS 656,368 1.03 Industrials 3.82% 133,453 Caverion 807,391 1.27 Luxembourg 3.20% 270,407 Metso Outotec 1,621,090 2.55 Financials 1.91% 2,428,481 3.82 198,623 Cerved 1,211,601 1.91

France 12.91% Industrials 1.29% Communication Services 1.56% 16,323 Stabilus 818,598 1.29 95,266 Criteo ADS 989,493 1.56

Malta 2.48% Consumer Discretionary 3.23% Consumer Discretionary 2.48% 46,792 Plastic Omnium 1,055,160 1.67 252,704 Kindred 1,576,368 2.48 7,536 Trigano 992,868 1.56 2,048,028 3.23 Netherlands 13.76% Financials 5.12% Energy 1.63% 205,540 Van Lanschot Kempen 3,249,587 5.12 12,636 Gaztransport et Technigaz 1,033,309 1.63 Industrials 5.47% Financials 1.07% 48,403 Boskalis Westminster 823,335 1.30 31,712 Tikehau Capital 681,808 1.07 17,184 Signify 542,671 0.85 67,746 TKH 2,100,127 3.32 Industrials 2.45% 3,466,133 5.47 31,390 Nexans 1,553,491 2.45 Information Technology 2.20% Information Technology 0.97% 6,750 ASM International 825,018 1.30 5,010 Soitec 616,230 0.97 15,660 BE Semiconductor Industries 572,295 0.90 1,397,313 2.20 Real Estate 2.00% 48,996 Nexity 1,270,956 2.00 Materials 0.97% 43,840 AMG Advanced Metallurgical 618,692 0.97 Germany 8.57% Consumer Discretionary 1.47% 19,506 HelloFresh 935,313 1.47

52 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Pan European Smaller Companies Fund

Portfolio as at 30 September 2020 (continued) Portfolio as at 30 September 2020 (continued)

Number Market % of Number Market % of of Securities Value Net of Securities Value Net EUR Assets EUR Assets

Norway 0.91% United Kingdom 19.22% Communication Services 0.52% Consumer Discretionary 4.17% 85,007 Kahoot! 329,852 0.52 487,134 Crest Nicholson 1,060,656 1.68 810,987 Dixons Carphone 834,170 1.31 Industrials 0.39% 698,347 Marks & Spencer 750,799 1.18 53,272 Hexagon Composites 249,073 0.39 2,645,625 4.17

Portugal 0.99% Energy 0.62% Communication Services 0.99% 167,160 John Wood 392,160 0.62 206,492 NOS 625,464 0.99 Financials 4.09% Spain 5.28% 128,127 IG 1,118,022 1.76 Communication Services 0.52% 54,524 Intermediate Capital 717,112 1.13 814,725 Promotora de Informaciones 327,519 0.52 248,376 OneSavings Bank 763,964 1.20 2,599,098 4.09 Financials 1.68% 49,337 Grupo Catalana Occidente 1,066,913 1.68 Health Care 2.44% 199,897 Clinigen 1,550,348 2.44 Health Care 0.75% 48,985 Almirall 468,664 0.74 Industrials 4.21% 43,441 Almirall Rights 9,335 0.01 156,388 Grafton 1,164,628 1.84 477,999 0.75 280,042 John Laing 968,185 1.52 318,889 National Express 537,182 0.85 Industrials 2.33% 2,669,995 4.21 43,401 Befesa 1,479,975 2.33

Information Technology 2.32% Sweden 6.67% Communication Services 2.00% 166,544 Avast 967,606 1.53 45,198 Embracer 718,859 1.14 65,226 GBG 504,797 0.79 5,126 Stillfront 548,481 0.86 1,472,403 2.32 1,267,340 2.00 Materials 1.37% Consumer Discretionary 3.35% 249,659 Synthomer 870,848 1.37 82,227 Dometic 871,209 1.37 219,185 Nobia 1,260,349 1.98 Investment in securities 63,294,298 99.68 2,131,558 3.35

Health Care 0.94% 55,259 Elekta 'B' 597,062 0.94

Real Estate 0.38% 20,318 Fabege 240,875 0.38

Switzerland 4.66% Industrials 3.26% 2,341 Bucher Industries 763,364 1.20 191,842 OC Oerlikon 1,308,385 2.06 2,071,749 3.26

Information Technology 1.40% 6,787 Comet 890,168 1.40

53 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Pan European Smaller Companies Fund

Portfolio as at 30 September 2020 (continued) Top ten changes in the securities portfolio for the year from 1 October 2019 to 30 September 2020 Number Market % of Description of Securities Purchases Sales of Securities Value Net EUR EUR EUR Assets Finland Derivatives 0.06%* Cargotec 'B' - 2,114,692 Forward Foreign Exchange Contracts (Hedged share classes) 0.06% Metso Outotec 1,303,166 2,144,744 Buy EUR 12,365 : (20) - Valmet - 2,246,464 Sell USD 14,528 October 2020 Buy EUR 24 : Sell USD 29 October 2020 -- France Buy EUR 29,134 : (159) - Air France-KLM 1,797,901 - Sell USD 34,360 October 2020 Nexans - 3,586,292 Buy EUR 3 : Sell USD 3 October 2020 -- Plastic Omnium 2,057,696 - Soitec - 2,471,706 Buy EUR 3,028 : (40) - Sell USD 3,598 October 2020 Germany Buy EUR 62,457 : (559) - Aareal Bank 1,286,418 - Sell USD 73,917 October 2020 Aixtron 1,258,287 - Buy EUR 6,740 : (63) - HelloFresh - 2,428,242 Sell USD 7,980 October 2020 Software 1,449,617 - Buy EUR 77 : Sell USD 90 October 2020 -- Buy EUR 91,903 : (114) - Italy Sell USD 107,935 October 2020 Banca Farmafactoring 1,497,217 - Buy USD 2,704 : 30 - FinecoBank - 2,575,166 Sell EUR 2,275 October 2020 Buy USD 3,296,733 : 36,439 0.06 Spain Sell EUR 2,774,110 October 2020 Grupo Catalana Occidente 1,815,233 - Buy USD 38 : Sell EUR 32 October 2020 -- Sweden Buy USD 45,776 : 246 - Sell EUR 38,779 October 2020 Embracer - 2,966,100 Buy USD 4,676 : 43 - Switzerland Sell EUR 3,943 October 2020 SoftwareONE 1,280,198 - Buy USD 52 : Sell EUR 45 October 2020 -- Zur Rose - 2,227,703 Buy USD 61,252 : (132) - Sell EUR 52,351 October 2020 United Kingdom 35,671 0.06 Capita - 2,471,211 Grafton 1,999,995 - Investment in securities and derivatives 63,329,969 99.74 Other net assets 167,222 0.26 Total net assets 63,497,191 100.00

54 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Global Equity Market Neutral Fund

Investment report for the year from 1 October 2019 to 30 September 2020

Investment Fund Manager Steve Johnstone

The fund returned 10.8% (Net) based on Class R US Dollar terms accumulation, over the year under review, compared with a return of 0.7% in the US Base Rate US Dollar terms.

The fund posted a positive return in 11 out of the 12 months under review. It benef ted from strong corporate earnings seasons in the fourth quarter of 2019 and the f rst quarter of 2020 as positive news f ow was realised, with solid returns from both the long and short sides of the book. With the escalating situation surrounding COVID-19 in Asia during February, the fund actively reduced its gross exposure. This helped to protect gains made in prior months as global markets sold of sharply during the f nal week of February. The fund fell 0.4% over the week while the MSCI World Index declined -11.1% in local currency terms. The fund demonstrated continued resilience to the market turmoil in March, increasing 0.5% while the MSCI World Index fell 12.8%. It continued to perform well during the subsequent market rebound as fundamentals reasserted themselves in April. The only negative month was June. There was a sharp value rotation at the beginning of June as market leadership temporarily adjusted to cyclicals, and some of our lower-quality short positions in this area underperformed. This rally of cheap cyclicals subsided towards the end of June as investors again focused on fundamentals. The fund, therefore, partially closed its drawdown into month end and posted a June return of -0.4%. It f nished the reporting year strongly, posting a return of +1.6% in September, in a month when upward-trending global markets rolled over amid rising concerns about the US presidential election and stretched valuations.

Several property ideas were among the top performers. The short part of the book performed particularly well during March, benef ting from exposure to lower-quality real estate investment trusts (REITs) with exposure to of ce space and retail malls. On the long side, we had exposure to higher-quality REITs that were supported during the month by the defensive nature of the sector. The top-performing idea in the fund over the reporting year was in this category, with a hotel REIT on the short side plummeting in March on concerns about worldwide travel restrictions hampering prof tability. We closed the idea in March, locking in prof ts. The second-highest contributor was a US technology idea with positive contributions from both sides. On the long side, the graphics chipmaker benef ted from an accelerating trend towards cloud-based digital services that use its technology as well as strong gaming trends as a result of global lockdowns. The short side of the idea fell sharply in July after it warned of a production delay and announced the possibility of outsourcing chip production. The stock was subsequently downgraded by several brokers.

The main detractor was a US consumer staples idea. The short side was resilient to the broad market sell-of in March, due to strong demand for its core product of tinned soups and sauces amid a nationwide lockdown. We switched the long side of this idea in March and it subsequently acted as a better hedge. Another notable detractor was a US idea. The idea was initiated in January and started strongly as the construction company on the short side fell after it missed earnings expectations. However, this was more than of set by losses to the oil services company on the long side, which was hit by falling oil prices in March as reduced business activity hampered global demand. We closed the idea in March to mitigate further drawdown.

At the end of September, we had 69 ideas on the book with a gross exposure of 118% and a net exposure of 1.6%. We reduced the gross exposure sharply at the beginning of 2020, after responding quickly to the rising volatility as a result of the imposition of lockdowns around the globe. We reduced gross exposure in some of the more risk-tilted ideas and the book in general, which helped to protect returns during this period. We quickly removed ideas where our conviction had dropped or switched either leg if we felt that they were not working or had worked well but had become crowded. We cautiously added back to gross exposure during the remainder of reporting year. However, we remained cognisant of the potential for heightened bouts of market volatility as well as sharp factor rotations where investors tend to ignore fundamentals.

In terms of changes to the manager line-up, a new sector specialist joined in January focusing on global natural resources, which has provided further diversif cation within the portfolio. One of the US strategies closed following the manager’s departure from the f rm.

The near-term outlook has become more clouded by new COVID-19 infections and continued political uncertainties. Investor conf dence has been buoyed by encouraging developments on an economic recovery, policy and COVID-19, although there are a range of potential catalysts that could quickly push investor risk appetite in either direction from here. The outlook for global growth remains highly sensitive to the fast-moving spread of COVID-19 as we head into year end. Investors must not only weigh up macroeconomic and policy issues, but must also confront two other event risks overshadowing the f nal months of 2020: the US election and Brexit.

55 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Global Equity Market Neutral Fund

Investment objective and policy The fund aims to provide a positive (absolute) return, regardless of market conditions, over any 12 month period. A positive return is not guaranteed over this or any other time period, and particularly over the shorter term the fund may experience periods of negative returns. Consequently your capital is at risk.

Performance target: To outperform the US Base Rate, after the deduction of charges, over any 3 year period.

The fund invests in shares and makes extensive use of derivatives (complex f nancial instruments) to take both ‘long’ and ‘short’ positions in companies the investment manager believes will either rise in value (long positions) or fall in value (short positions) meaning that the fund may benef t from either scenario.

Typically, the fund will match each long position in a company with an equivalent sized short position in another company (known as a ‘pair’), with the aim of benef tting from price divergence between the long and short exposures of the pair, while minimising the eﬀ ect of wider market movements.

The fund will hold a signif cant proportion of its assets in cash and money market instruments as a result of holding derivatives.

The fund is actively managed with reference to the US Base Rate as this forms the basis of the fund’s performance target and the level above which performance fees may be charged (if applicable). For currency hedged Share Classes, the central bank rate that corresponds with the relevant Share Class currency is used as the basis of the performance comparison and for calculating performance fees. The investment manager has complete discretion to choose investments for the fund and is not constrained by a benchmark.

Performance history (unaudited)

Fund & Benchmark Since launch- 1 year to 1 year to 1 year to 30 Sep 17 30 Sep 18 30 Sep 19 30 Sep 20 % % % %

Global Equity Market Neutral Fund* R$ Acc (Net) 2.20 5.12 (0.20) 10.80

US Base Rate 0.61 1.47 2.17 0.70

Please note the performance target is to be achieved over a specif c annualised time period. Refer to the performance target section above within the Investment objective.

Class R$ Acc is disclosed as it is the representative share class.

* On 1 February 2017, the Global Equity Market Neutral Fund was launched.

Past performance is not a guide to future performance.

56 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Global Equity Market Neutral Fund

Statement of Net Assets Statement of Operations As at 30 September 2020 For the year from 1 October 2019 to 30 September 2020 Notes USD Notes USD

Assets Income Investment in securities at market value 3 247,942,443 Dividend income (net of withholding tax) 3 4,991 Cash at bank 12 46,108,270 Bond interest income 3 1,000,747 Interest and dividends receivable 3 256,653 Interest on certif cates of deposit 3 11,414 Subscriptions receivable 9,952,396 Derivative income 3 1,702,189 Receivable for investments sold - Interest received on contracts for diff erence 3 344,601 Unrealised gain on contracts for diff erence 3 6,937,693 Other income 3, 13 93,775 Unrealised gain on futures contracts 3 11,229 Total income 3,157,717 Unrealised gain on forward foreign exchange contracts 3 610,332 Purchased option contracts at market value 3 - Swap contracts at market value 3 - Other assets 8,345 Management fee rebate - Total assets 311,827,361 Liabilities Expenses Bank overdraft 12 2,306,218 Management fees 6, 14 508,539 Payable for investments purchased 54,355 Administration, registrar and transfer agent fees 6 46,643 Taxes and expenses payable 2,027,241 Custodian fees 6 28,980 Redemptions payable 33,083 Shareholder servicing fees and initial sales charges 6, 14 10,557 Unrealised loss on contracts for diff erence 3 3,646,482 Depositary fees 6 8,659 Unrealised loss on futures contracts 3 89,139 Derivative expenses 3 2,531,146 Unrealised loss on forward foreign exchange contracts 3 1,954,378 Interest paid on contracts for diff erence 3 711,365 Sold option contracts at market value 3 - Performance fees 6 2,349,692 Swap contracts at market value 3 - Taxation ("taxe d'abonnement") 7 23,520 Dividends payable to shareholders - Other expenses 6 41,202 Interest and dividends payable on CFD 401,822 Total expenses 6,260,303 Other liabilities - Total liabilities 10,512,718 Net expense from investments (3,102,586) Net realised gain/(loss) Net realised loss on investment securities 3 (220,227) Net realised gain on contracts for diff erence 3 14,080,539 Net realised loss on futures contracts 3 (1,015,609) Net realised gain/loss on swap contracts 3 - Net realised gain/loss on options contracts 3 - Net realised gain on forward foreign exchange contracts 3 8,374,274 Net realised loss on currency exchange (87,941) Net realised gain on investments and derivatives 21,131,036 Net change in unrealised appreciation/depreciation Change in net unrealised appreciation/ depreciation on investments 3 (182,811) Change in net unrealised appreciation/ depreciation on contracts for diff erence 3 3,391,548 Change in net unrealised appreciation/ depreciation on futures contracts 3 (77,910) Change in net unrealised appreciation/ depreciation on swap contracts 3 - Change in net unrealised appreciation/ depreciation on options contracts 3 - Change in net unrealised appreciation/ depreciation on forward foreign exchange contracts 3 (1,031,670) Change in net unrealised appreciation/ depreciation on currency exchange 10,205 Change in unrealised appreciation/ depreciation on investments and derivatives 2,109,362

Net assets at the end of the year 301,314,643 Net increase in assets as a result of operations 20,137,812

The accompanying notes form an integral part of these f nancial statements.

57 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Global Equity Market Neutral Fund

Statement of Changes in Net Assets For the year from 1 October 2019 to 30 September 2020 USD Notes USD

Net assets at the beginning of the year 62,979,106 Proceeds from shares issued 294,039,461 Net expense from investments (3,102,586) Payments for shares redeemed (75,838,190) Net realised gain on investments and derivatives 21,131,036 Net equalisation (paid)/received 10 (3,546) Change in unrealised appreciation/depreciation on 2,109,362 Dividend distributions 11 - investments and derivatives Net assets at the end of the year 301,314,643

Share Transactions For the year from 1 October 2019 to 30 September 2020 E€ Acc E€ Dist G£ Acc B$ Acc E$ Acc (hedged) (hedged) F$ Acc (hedged) H$ Acc Shares outstanding at the beginning of the year 142,005.16 1,400,817.38 2,321,214.16 - 140,251.78 - - Shares issued during the year 329,992.24 1,577,617.07 4,469,782.02 3,530,000.00 578,450.35 249.70 545,743.00 Shares redeemed during the year (51,105.26) (595,001.75) (3,708,131.33) - (336,105.09) - (199.00) Shares outstanding at the end of the year 420,892.14 2,383,432.70 3,082,864.85 3,530,000.00 382,597.04 249.70 545,544.00 Equivalent to a net asset value per share of: 10.96 11.30 10.74 10.51 11.18 10.28 10.19

H€ Acc HCHF Acc I£ Acc I€ Acc ICHF Acc (hedged) (hedged) I$ Acc (hedged) (hedged) (hedged) P$ Acc Shares outstanding at the beginning of the year 5,888.83 - 522,320.35 - 98,915.84 - - Shares issued during the year 1,158,797.65 16,906.00 2,144,447.05 2,448.70 9,172,169.08 489,965.01 124.90 Shares redeemed during the year (116,613.08) (1,490.00) (477,918.20) - (165,901.75) (1.30) - Shares outstanding at the end of the year 1,048,073.40 15,416.00 2,188,849.20 2,448.70 9,105,183.17 489,963.71 124.90 Equivalent to a net asset value per share of: 10.64 10.18 12.15 10.28 10.65 10.18 21.74

P€ Acc R€ Acc (hedged) R$ Acc (hedged) Z$ Acc Shares outstanding at the beginning of the year 41,341.09 252,450.77 250.00 948,958.25 Shares issued during the year 146,300.52 344,522.97 780,387.17 - Shares redeemed during the year (54,521.72) (113,736.70) (592,690.83) (403,860.91) Shares outstanding at the end of the year 133,119.89 483,237.04 187,946.34 545,097.34 Equivalent to a net asset value per share of: 22.06 11.86 10.52 12.93

58 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Global Equity Market Neutral Fund

Net Asset Value Summary

Net Asset Value Per Share As at As at As at As at As at As at As at 30 Sep 20 30 Sep 18 30 Sep 19 30 Sep 20 30 Sep 18 30 Sep 19 30 Sep 20 * (swung) EUR 24,252,184 EUR 57,768,752 EUR 256,949,511 B$ Acc 10.01 9.94 10.96 10.97 USD 28,169,645 USD 62,979,106 USD 301,314,643 E$ Acc 10.05 10.17 11.30 11.32 E€ Acc (hedged) 9.95 9.77 10.74 10.75 E€ Dist (hedged) n/a n/a 10.51 10.52 F$ Acc n/a 10.11 11.18 11.20 G£ Acc (hedged) n/a n/a 10.28 10.30 H$ Acc n/a n/a 10.19 10.21 H€ Acc (hedged) 9.95 9.71 10.64 10.65 HCHF Acc (hedged) n/a n/a 10.18 10.19 I$ Acc 10.86 10.93 12.15 12.17 I£ Acc (hedged) n/a n/a 10.28 10.29 I€ Acc (hedged) 9.95 9.72 10.65 10.67 ICHF Acc (hedged) n/a n/a 10.18 10.19 P$ Acc n/a n/a 21.74 21.77 P€ Acc (hedged) n/a 19.95 22.06 22.09 R$ Acc 10.74 10.72 11.86 11.88 R€ Acc (hedged) 9.95 9.65 10.52 10.54 Z$ Acc 11.18 11.34 12.93 12.95 * oﬃ cial market prices, swung to bid.

Total expense ratio (TER) (unaudited) Dividend reinvestment/ dividend distribution per Share

30 Sep 18 30 Sep 19 30 Sep 20 Pay Date 11 Nov 20 B$ Acc 2.16% 2.18% 3.85% B$ Acc n/a E$ Acc 0.32% 0.34% 2.69% E$ Acc n/a E€ Acc (hedged) 0.32% 0.33% 2.10% E€ Acc (hedged) n/a E€ Dist (hedged) n/a n/a 2.53% * E€ Dist (hedged) n/a F$ Acc n/a 1.03% 3.12% F$ Acc n/a G£ Acc (hedged) n/a n/a 2.46% * G£ Acc (hedged) n/a H$ Acc n/a n/a 5.10% * H$ Acc n/a H€ Acc (hedged) 0.91% 0.67% 2.93% H€ Acc (hedged) n/a HCHF Acc (hedged) n/a n/a 4.74% * HCHF Acc (hedged) n/a I$ Acc 1.57% 0.89% 2.78% I$ Acc n/a I£ Acc (hedged) n/a n/a 3.40% * I£ Acc (hedged) n/a I€ Acc (hedged) 0.87% 0.90% 3.84% I€ Acc (hedged) n/a ICHF Acc (hedged) n/a n/a 3.12% * ICHF Acc (hedged) n/a P$ Acc n/a n/a 1.51% * P$ Acc n/a P€ Acc (hedged) n/a 1.57% 1.51% P€ Acc (hedged) n/a R$ Acc 2.60% 1.68% 3.31% R$ Acc n/a R€ Acc (hedged) 1.66% 1.68% 2.70% R€ Acc (hedged) n/a Z$ Acc 0.12% 0.13% 0.11% Z$ Acc 0.002712

TER is calculated in accordance with SFAMA (Swiss Funds and Asset Management Association). * The share class launched in the year and rate is annualised. The amounts earned in relation to performance fees for the year are shown in note 6 to the f nancial statements. The TER includes performance fees as at 30 September 2020.

59 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Global Equity Market Neutral Fund

Portfolio as at 30 September 2020 (continued)

Number Market % Number Commitment# Market % of of Securities Value Net of Securities Value Net USD Assets USD USD Assets

Transferable securities and money market instruments admitted to an oﬃ cial exchange listing Equity Contracts for Diﬀ erence (continued) and/or dealt on another regulated market, unless otherwise stated. 244,029 ArcelorMittal 3,257,398 182,651 0.06 Certif cates of Deposit 8.30% (1,011,485) Arrow Global 1,660,712 (255,698) (0.08) Canada 3.32% 101,500 Asahi 3,515,903 18,879 0.01 USD 10,000,000 Bank Of Montreal 0.17% 25/01/2021 9,999,811 3.32 7,871 ASML 2,904,918 83,538 0.03 (2,157,930) Assura 2,153,704 48,301 0.02 Japan 1.66% (25,308) AtoS 2,042,124 24,104 0.01 USD 5,000,000 MUFG Bank 0.22% 27/11/2020 5,000,766 1.66 94,000 Austevoll Seafood 779,600 (8,539) -

Netherlands 3.32% (13,864) Autodesk 3,200,296 (28,563) (0.01) USD 10,000,000 ABN Amro Bank 0.00% 04/01/2021 9,995,471 3.32 (160,157) A2 Milk 1,612,258 273,779 0.09 538,997 Balfour Beatty 1,558,079 (16,264) (0.01) Treasury Bill 73.99% 1,100 Barry Callebaut 2,450,953 49,655 0.02 United States 73.99% (35,917) Bef mmo 1,607,873 (26,385) (0.01) USD 20,000,000 US Treasury 0.00% 03/12/2020 19,996,566 6.64 (643,513) Bendigo & Adelaide Bank 2,785,872 (5,376) - USD 15,000,000 US Treasury 0.00% 05/11/2020 14,998,628 4.98 (137,912) BHP 2,948,603 87,755 0.03 USD 18,000,000 US Treasury 0.00% 07/01/2021 17,995,232 5.97 (773,895) BMO Commercial Property 646,317 (16,008) (0.01) USD 12,000,000 US Treasury 0.00% 08/10/2020 11,999,851 3.98 Trust USD 18,000,000 US Treasury 0.00% 11/02/2021 17,993,207 5.97 (537,775) BP 1,565,670 72,452 0.02 USD 25,000,000 US Treasury 0.00% 11/03/2021 24,988,594 8.29 65,027 Brenntag 4,165,030 11,276 - USD 20,000,000 US Treasury 0.00% 14/01/2021 19,994,029 6.64 (80,229) Campbell Soup 3,880,276 (152,697) (0.05) USD 15,000,000 US Treasury 0.00% 19/11/2020 14,998,099 4.98 33,000 Cargotec 1,140,425 94,810 0.03 USD 15,000,000 US Treasury 0.00% 22/10/2020 14,999,164 4.98 29,500 Carl Zeiss Meditec 3,746,478 167,668 0.06 USD 20,000,000 US Treasury 0.00% 25/02/2021 19,991,641 6.63 (51,853) Carmila 467,598 608 - USD 20,000,000 US Treasury 0.00% 28/01/2021 19,993,222 6.64 (21,110) Check Point Software 2,539,955 (52,086) (0.02) Technologies USD 25,000,000 US Treasury 0.00% 29/10/2020 24,998,162 8.29 (1,927,000) China Life Insurance 4,316,480 125,803 0.04 222,946,395 73.99 1,630,000 China Resources Cement 2,223,110 (116,858) (0.04) (208,820) Citycon 1,639,439 50,199 0.02 Investment in securities 247,942,443 82.29 266,528 Clinigen 2,424,031 242,648 0.08 Number Commitment# Market % of (21,811) Cochlear 3,105,888 (74,094) (0.02) of Securities Value Net 14,640 CSL 3,025,610 23,479 0.01 USD USD Assets (47,000) Danone 3,044,558 15,168 0.01 (122,000) Deutsche EuroShop 1,525,785 (77,970) (0.03) Derivatives 0.62%* 67,420 Deutsche Post 3,081,001 85,544 0.03 Contracts for Diff erence 1.10% 31,000 Deutsche Wohnen 1,556,433 5,998 - Cross Currency Contracts for Diff erence (0.01%) (35,921) Dialog Semiconductor 1,568,878 (55,326) (0.02) (7,473) Amorepacif c 1,046,348 28,041 0.01 (21,686) Digital Realty Trust 3,179,276 (86,640) (0.03) 900 LG Household & Health 1,114,707 (48,660) (0.02) (260,944) Domino's Pizza 1,231,321 (58,425) (0.02) Care 10,500 DSV Panalpina 1,722,780 157,762 0.05 2,161,055 (20,619) (0.01) (74,800) East Japan Railway 4,598,360 133,269 0.04 51,752 Eiff age 4,245,096 (88,335) (0.03) Equity Contracts for Diff erence 1.11% (406,000) AAC Technologies 2,185,852 69,544 0.02 54,232 Emerson Electric 3,555,179 24,962 0.01 295,565 Acerinox 2,428,263 89,349 0.03 113,069 Endeavour Mining 2,803,988 (140,551) (0.05) 34,239 Agnico Eagle Mines 2,720,292 40,753 0.01 (354,256) E.ON 3,916,187 (18,575) (0.01) (320,367) Alamos Gold 2,813,342 95,607 0.03 84,000 Equinor 1,192,678 (59,498) (0.02) 15,700 Alibaba ADR 4,613,524 303,126 0.10 (1,015,262) Equinti 1,496,285 (58,847) (0.02) 1,604 Alphabet 'C' 2,355,963 60,383 0.02 (50,451) Exxon Mobil 1,731,478 86,022 0.03 (27,184) American Express 2,724,788 (52,566) (0.02) 38,000 Fastighets AB Balder 'B' 1,937,993 109,754 0.04 12,892 American Tower 3,115,094 11,374 - 150,332 FinecoBank 2,070,509 47,366 0.02 (8,456,000) Angang Steel 2,264,026 193,182 0.06 (277,588) Fortescue Metals 3,247,041 (38,919) (0.01) (64,026) Anheuser-Busch InBev 3,470,987 2,300 - 263,297 Frontline 1,712,747 (8,412) - (78,459) Apartment Investment and 2,646,030 (24,680) (0.01) 25,935 GDS 2,122,391 103,893 0.03 Management 12,900 Gecina 1,703,338 83,653 0.03 (88,272) APERAM 2,488,457 (41,221) (0.01) 63,337 General Mills 3,905,359 213,274 0.07 38,484 Aptiv 3,528,021 232,676 0.08 (175,611) Getinge 'B' 3,838,412 (103,184) (0.03) 60,000 HDFC Bank ADR 2,997,900 96,071 0.03

60 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Global Equity Market Neutral Fund

Portfolio as at 30 September 2020 (continued)

Number Commitment# Market % of Number Commitment# Market % of of Securities Value Net of Securities Value Net USD USD Assets USD USD Assets

Equity Contracts for Diff erence (continued) Equity Contracts for Diff erence (continued) 183,350 Helical 700,438 87,703 0.03 (94,300) Suntory Beverage & Food 3,538,595 (49,951) (0.02) (22,000) Hexagon 1,662,899 (92,178) (0.03) 17,000 Symrise 2,353,854 709 - (663,389) IAMGOLD 2,537,850 37,337 0.01 (36,238) TAL Education 2,755,175 (93,409) (0.03) (35,411) IMCD 4,219,990 39,151 0.01 29,500 TDK 3,188,169 34,688 0.01 (127,000) Imperial Brands 2,245,238 (28,068) (0.01) (27,033) Teamviewer 1,330,631 7,457 - 104,800 Intermediate Capital 1,616,341 24,916 0.01 562,789 TI Fluid Systems 1,119,881 115,421 0.04 (24,280) International Business 2,953,055 (26,032) (0.01) (83,063) TKH 3,019,548 20,962 0.01 Machines 106,600 Tokio Marine 4,651,186 (232,954) (0.08) (62,152) Interpublic 1,035,763 16,470 0.01 24,000 Total 821,872 (8,343) - (9,970) Invesco STOXX Europe 3,514,153 8,209 - (2,827) Trade Desk 'A' 1,465,672 (160,870) (0.05) 600 Optimised Health Care 50,000 Unilever 3,087,206 55,337 0.02 UCITS ETF 11,626 VGP 1,608,737 8,908 - 100,846 Invitation Homes 2,821,167 48,425 0.02 (24,111) Volkswagen 3,891,922 (87,701) (0.03) (92,400) KDDI 2,327,511 398,046 0.12 173,631 Volvo 'B' 3,362,028 131,166 0.04 (193,017) Kimco Realty 2,172,406 56,740 0.02 (417,175) Wartsila 3,288,436 (82,177) (0.03) (6,303) KLA 1,220,797 (63,511) (0.02) 40,793 Wolters Kluwer 3,487,751 17,954 0.01 (86,300) Klépierre 1,210,360 (100,215) (0.03) 14,671 Workday 3,154,925 118,228 0.04 625,514 Kosmos Energy 614,724 (106,638) (0.04) (44,881) Yum! Brands 4,097,860 (64,764) (0.02) 3,781 Lam Research 1,253,383 45,598 0.02 36,637 Yum China 1,939,746 81,517 0.03 (29,834) Lear 3,251,757 32,244 0.01 (22,407) 3M 3,588,481 28,433 0.01 21,000 Legrand 1,679,240 46,050 0.02 338,449,170 3,311,830 1.11 (130,000) Leroy Seafood 744,021 1,250 - 8,300 Linde 1,971,924 14,856 - Futures (0.03%) (253,000) Link REIT 2,057,461 18,480 0.01 (19) CME E-mini Nasdaq 100 (66,302) (0.02) 34,254 Macquarie 2,935,747 (42,604) (0.01) December 2020 (1,843,974) Marks and Spencer 2,324,769 141,057 0.05 (20) OSE Topix Index (22,837) (0.01) 8,444 Mastercard 'A' 2,853,312 66,528 0.02 December 2020 19,296 McDonald's 4,234,218 42,957 0.01 (130) SGX S&P Nifty 11,229 - 14,118 Microsoft 2,967,815 88,178 0.03 October 2020 (67,105) Murphy Oil 598,912 20,980 0.01 (77,910) (0.03) 65,340 National Retail Properties 2,254,557 (30,028) (0.01) 18,181 New Oriental Education & 2,718,150 (56,626) (0.02) Forward Foreign Exchange Contracts 0.00% Technology ADR Buy AUD 1,219,846 : (14,529) - Sell USD 888,887 October 2020 (83,000) OMV 2,273,650 133,571 0.04 Buy CZK 5,579,430 : (7,571) - (35,671) Palf nger 971,502 (47,059) (0.02) Sell USD 249,122 October 2020 10,559 Palo Alto Networks 2,584,579 15,561 0.01 Buy GBP 607,517 : 6,023 - 245,131 Paragon 1,055,295 84,931 0.03 Sell USD 779,454 October 2020 424,000 Ping An Insurance 4,350,787 (140,936) (0.05) Buy HKD 3,194,606 : 55 - 67,190 Porsche Automobil 4,038,833 151,861 0.05 Sell USD 412,115 October 2020 32,182 Prologis 3,237,831 106,194 0.04 Buy NOK 1,722,810 : (6,413) - (129,538) Raiff eisen Bank Interna- 1,992,224 67,842 0.02 Sell USD 190,545 October 2020 tional Buy USD 144,888 : (945) - 168,000 Repsol 1,127,472 (66,707) (0.02) Sell JPY 15,386,473 October 2020 47,014 Rio Tinto 3,204,606 (129,411) (0.04) Buy USD 1,564 : (7) - Sell EUR 1,339 October 2020 (690,000) Rolls-Royce 1,159,641 251,591 0.08 Buy USD 1,906,523 : 18,205 - 63,000 Royal Dutch Shell 'A' 785,062 (63,848) (0.02) Sell EUR 1,609,634 October 2020 105,742 RWE 3,973,566 197,451 0.07 Buy USD 255,448 : 2,462 - (1,085,083) Saipem 1,867,935 53,950 0.02 Sell CHF 232,290 October 2020 34,313 Sanof 3,434,475 (34,371) (0.01) Buy USD 37,062 : (32) - (1,573,377) Senior 905,157 19,120 0.01 Sell JPY 3,913,700 October 2020 (1,567) SGS 4,210,431 (59,703) (0.02) Buy USD 39,373 : 30 - Sell JPY 4,151,000 October 2020 23,841 Siltronic 2,136,786 79,778 0.03 Buy USD 5,822 : -- 40,800 SoftBank 2,496,791 61,242 0.02 Sell EUR 4,962 October 2020 (104,985) Stag Industrial 3,201,518 11,970 - Buy USD 801,562 : 16,353 - 149,900 Sunny Optical Technology 2,287,184 (64,001) (0.02) Sell SEK 7,026,229 October 2020 13,631 -

61 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Global Equity Market Neutral Fund

Portfolio as at 30 September 2020 (continued)

Number Commitment# Market % of Number Commitment# Market % of of Securities Value Net of Securities Value Net USD USD Assets USD USD Assets

Forward Foreign Exchange Contracts (Hedged share classes) (0.45%) Forward Foreign Exchange Contracts (Hedged share classes) (continued) Buy CHF 1,000 : (15) - Buy EUR 2,693,298 : (41,496) (0.01) Sell USD 1,104 October 2020 Sell USD 3,200,697 October 2020 Buy CHF 170,229 : (2,606) - Buy EUR 271,589 : (115) - Sell USD 187,970 October 2020 Sell USD 318,685 October 2020 Buy CHF 1,850 : 10 - Buy EUR 27,381 : 292 - Sell USD 2,005 October 2020 Sell USD 31,826 October 2020 Buy CHF 2,080,344 : 7,305 - Buy EUR 28,038 : 54 - Sell USD 2,257,989 October 2020 Sell USD 32,834 October 2020 Buy CHF 2,883,146 : (44,140) (0.01) Buy EUR 31,986 : 57 - Sell USD 3,183,608 October 2020 Sell USD 37,463 October 2020 Buy CHF 33,418 : 174 - Buy EUR 32,890,858 : (506,757) (0.17) Sell USD 36,214 October 2020 Sell USD 39,087,265 October 2020 Buy CHF 425 : (7) - Buy EUR 3,344 : (35) - Sell USD 469 October 2020 Sell USD 3,958 October 2020 Buy EUR 1,002,841 : (10,940) - Buy EUR 3,550 : 18 - Sell USD 1,187,258 October 2020 Sell USD 4,145 October 2020 Buy EUR 10,712,551 : (165,051) (0.05) Buy EUR 35,668 : (550) - Sell USD 12,730,721 October 2020 Sell USD 42,388 October 2020 Buy EUR 115,860 : (1,740) - Buy EUR 363,791 : 1,881 - Sell USD 137,642 October 2020 Sell USD 424,840 October 2020 Buy EUR 11,676 : (5) - Buy EUR 36,413 : (303) - Sell USD 13,701 October 2020 Sell USD 43,014 October 2020 Buy EUR 12,099 : 103 - Buy EUR 36,838,563 : (567,580) (0.20) Sell USD 14,088 October 2020 Sell USD 43,778,691 October 2020 Buy EUR 12,328,923 : (129,456) (0.04) Buy EUR 388,269 : 690 - Sell USD 14,591,107 October 2020 Sell USD 454,744 October 2020 Buy EUR 124,824 : 222 - Buy EUR 38,991 : 202 - Sell USD 146,195 October 2020 Sell USD 45,534 October 2020 Buy EUR 13,107 : (143) - Buy EUR 3,957 : (61) - Sell USD 15,518 October 2020 Sell USD 4,703 October 2020 Buy EUR 1,599 : (1) - Buy EUR 39,814 : (613) - Sell USD 1,876 October 2020 Sell USD 47,315 October 2020 Buy EUR 1,649 : (3) - Buy EUR 43,133 : (551) - Sell USD 1,937 October 2020 Sell USD 51,145 October 2020 Buy EUR 169,888 : (72) - Buy EUR 435,060 : 773 - Sell USD 199,348 October 2020 Sell USD 509,546 October 2020 Buy EUR 171,352 : (2,188) - Buy EUR 44,796 : (572) - Sell USD 203,181 October 2020 Sell USD 53,117 October 2020 Buy EUR 1,766 : (27) - Buy EUR 497,800 : (6,763) - Sell USD 2,099 October 2020 Sell USD 590,675 October 2020 Buy EUR 1,874,524 : (28,881) (0.01) Buy EUR 51,139,391 : 545,135 0.17 Sell USD 2,227,671 October 2020 Sell USD 59,440,644 October 2020 Buy EUR 19,147 : (159) - Buy EUR 5,911 : 48 - Sell USD 22,619 October 2020 Sell USD 6,885 October 2020 Buy EUR 19,417 : 38 - Buy EUR 67,482 : (128) - Sell USD 22,738 October 2020 Sell USD 79,284 October 2020 Buy EUR 20,829 : (173) - Buy EUR 7,120 : (107) - Sell USD 24,605 October 2020 Sell USD 8,459 October 2020 Buy EUR 21,228 : 38 - Buy EUR 739,230 : (6,148) - Sell USD 24,862 October 2020 Sell USD 873,254 October 2020 Buy EUR 24,989 : 48 - Buy EUR 793,582 : 6,770 - Sell USD 29,264 October 2020 Sell USD 924,091 October 2020 Buy EUR 25,017 : (385) - Buy EUR 8,192 : (111) - Sell USD 29,730 October 2020 Sell USD 9,720 October 2020 Buy EUR 250,335 : 2,040 - Buy EUR 9,015 : 73 - Sell USD 291,599 October 2020 Sell USD 10,501 October 2020 Buy EUR 25,346 : (48) - Buy GBP 15,298 : 70 - Sell USD 29,778 October 2020 Sell USD 19,709 October 2020 Buy EUR 25,932 : (400) - Buy GBP 255 : 2 - Sell USD 30,817 October 2020 Sell USD 328 October 2020 Buy EUR 26,370,711 : (406,299) (0.13) Buy GBP 2,600 : 12 - Sell USD 31,338,769 October 2020 Sell USD 3,350 October 2020

62 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Global Equity Market Neutral Fund

Portfolio as at 30 September 2020 (continued) Top ten changes in the securities portfolio for the year from 1 October 2019 to 30 September 2020 Number Commitment# Market % of Description of Securities Purchases Maturities/Sales of Securities Value Net USD USD USD USD Assets United States Forward Foreign Exchange Contracts (Hedged share classes) (continued) US Treasury 0.00% 03/12/2020 19,991,451 - Buy GBP 29 : -- US Treasury 0.00% 05/11/2020 14,992,494 - Sell USD 38 October 2020 US Treasury 0.00% 07/01/2021 17,989,995 - Buy GBP 9,999 : 204 - Sell USD 12,724 October 2020 US Treasury 0.00% 09/07/2020 - 10,000,000 Buy USD 1,202 : 15 - US Treasury 0.00% 11/02/2021 17,992,353 - Sell EUR 1,012 October 2020 US Treasury 0.00% 11/03/2021 24,989,763 - Buy USD 12,669 : 21 - US Treasury 0.00% 11/06/2020 - 10,000,000 Sell EUR 10,783 October 2020 US Treasury 0.00% 14/01/2021 19,990,286 - Buy USD 133 : 1-US Treasury 0.00% 16/04/2020 - 10,000,000 Sell EUR 112 October 2020 US Treasury 0.00% 19/11/2020 14,992,694 - Buy USD 1,428 : 18 - Sell EUR 1,202 October 2020 US Treasury 0.00% 25/02/2021 19,991,111 - Buy USD 1,573 : (3) - US Treasury 0.00% 25/06/2020 - 10,000,000 Sell EUR 1,343 October 2020 US Treasury 0.00% 26/03/2020 - 10,000,000 Buy USD 16,342 : (86) - US Treasury 0.00% 28/01/2021 19,991,460 - Sell CHF 15,087 October 2020 US Treasury 0.00% 29/10/2020 24,998,580 - Buy USD 2,062 : (15) - US Treasury 0.00% 03/09/2020 - 12,000,000 Sell EUR 1,771 October 2020 US Treasury 0.00% 13/08/2020 - 12,000,000 Buy USD 223 : -- Sell EUR 190 October 2020 US Treasury 0.00% 20/08/2020 - 12,000,000 Buy USD 2,375 : (22) - US Treasury 0.00% 24/09/2020 - 12,000,000 Sell EUR 2,043 October 2020 US Treasury 0.00% 30/07/2020 - 12,000,000 Buy USD 2,824 : 25 - Sell EUR 2,386 October 2020 Buy USD 3,437 : 1- Sell EUR 2,929 October 2020 Buy USD 355 : (1) - Sell GBP 275 October 2020 Buy USD 406 : (2) - Sell EUR 348 October 2020 Buy USD 419 : (3) - Sell EUR 360 October 2020 Buy USD 4,379 : 40 - Sell EUR 3,699 October 2020 Buy USD 5,636 : (52) - Sell EUR 4,849 October 2020 Buy USD 60 : -- Sell GBP 47 October 2020 Buy USD 751 : 8- Sell EUR 633 October 2020 Buy USD 87,332 : 805 - Sell EUR 73,767 October 2020 Buy USD 958 : 11 - Sell EUR 807 October 2020 Buy USD 9,760 : (68) - Sell EUR 8,379 October 2020 (1,357,677) (0.45)

Investment in securities and derivatives 249,811,698 82.91 Other net assets 51,502,945 17.09 Total net assets 301,314,643 100.00

# In the case of derivative instruments, Commitment refers to the gross position taken by the Fund and is disclosed as an absolute value. * In the case of derivative instruments, Market Value refers to the net prof t or loss and is used in the calculation of the Fund Net Asset Value. Any diﬀ erences in the percentage of Net Assets f gures are the result of roundings.

63 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Global Multi-Strategy Fund

Investment report for the period from 3 June 2020 to 30 September 2020

Investment Fund Managers David Elms and Steve Cain

The fund fell 1.5% (Net), 0.9% (Gross) based on Class R Euro terms accumulation over the period under review (3 June to 30 September 2020), compared with a return of 0.0% in the Euro Main Ref nancing Rate and a return of 2.2% in the Target Index + 7% Euro terms.

The fund launched on 3 June 2020 with a €13m seed investment, which grew to €34m by 30 September 2020. Performance from the underlying investment strategies was mixed but broadly neutral, which was insuf cient to of set initial investment costs and fees.

During the period, equity markets rallied but remained skittish, with returns underpinned by growth, momentum and technology stocks, especially in the US, on continued government f scal support. Commodities also delivered positive returns, while government bonds remained steady as ongoing quantitative easing kept rates pinned.

By investment strategy, Price Pressure, which aims to generate returns through the provision of capital to liquidity opportunities, was the top performer, with the equity and f xed income sub-strategies contributing positively. Within the Equity Liquidity sub-strategy, deal activity remained strong and above the seasonal average. While secondary issuance continued apace, with companies issuing both stock and block placings, it was the return of initial public of erings that drove performance. Within the Fixed Income Liquidity sub-strategy, the US was the top-performing region, with the newly added 20-year Treasury bond particularly strong. Europe also contributed, led by the UK, although Asia-Pacif c detracted slightly. The Convertible Arbitrage strategy benef ted from the strong performance of primary issuance that started in earnest at the end of March and continued to the end of the period, surpassing US$125bn by the third quarter. Helping this surge in primary issuance was a very strong secondary market, meaning the vast majority of new paper quickly traded higher. The Event Driven strategy was positive as capital structure spreads continued to contract from their distressed levels reached in March. This more than of set small losses within merger arbitrage, where Dutch eyewear distributor GrandVision saw its takeover by EssilorLuxottica hit an impasse as the latter explored ways to renegotiate the terms of the deal stuck in July 2019.

The Risk Transfer strategy was slightly negative over the period, as European dividend yields retreated and approached the 2008 nadir. Of setting this, the fund realised strong ‘carry’ from the steep Euro Stoxx 50 Index repo term structure. We added a new position in FTSE 100 Index repo, where long-dated levels had moved out to decade lows. The Equity Market Neutral strategy was negative as UK-exposed cyclical and value positions remained under pressure, given the halt in economic activity due to COVID-19 lockdowns worldwide. However, the very cheap valuation and some signs of ultimate recovery did lead some stocks to at least start to anticipate a light at the end of the pandemic tunnel by the end of the period. The Protection strategy was the largest detractor as the strong ‘risk-on’ environment was understandably negative for the hedging sub-strategies. We added a new systematic long volatility position focused on European indices to help hedge risk positions in the fund. This has carried negatively so far, although in line with expectations. The Discretionary Long Convexity Macro sub-strategy, which predominantly seeks to protect against event shocks, declined mostly due to time decay in options. Finally, the Systematic Trend Following sub-strategy lagged slightly as bonds were trendless over the period.

The outlook for the fund remains broadly constructive, although we anticipate that choppy market conditions will persist during the fourth quarter, because of the US elections, f scal stimulus, a resurgence of COVID-19 cases, vaccine news and other events. Capital market activity across both equity and f xed income remains robust as companies and governments seek to accelerate activity before the US election. Equity-implied volatility remains elevated, despite the rally in risk assets, while an acceleration in economic activity or a decisive US election result could drive a pick-up in bond yields. This combination of low conviction, high activity levels and ongoing uncertainty should create interesting opportunities for the fund’s strategies.

64 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Global Multi-Strategy Fund

Performance target: To outperform the Euro Main Ref nancing Rate by 7% per annum, before the deduction of charges, over any 3 year period.

The fund invests in a global portfolio of assets including shares of companies, investment grade and non-investment grade bonds issued by governments and companies (including convertible bonds, contingent convertible bonds and distressed securities), and makes extensive use of derivatives (complex f nancial instruments), including total return swaps, to take both ‘long’ and ‘short’ positions in companies and bonds that the investment manager believes will either rise in value (long positions) or fall in value (short positions) meaning that the fund may benef t from either scenario.

The fund will hold a signif cant proportion of its assets in cash and money market instruments as a result of holding derivatives or for asset allocation purposes.

The fund may also take long or short exposures to other asset classes such as commodities and may hold other funds (such as collective investment schemes and exchange traded funds).

The fund is actively managed and makes reference to the Euro Main Ref nancing Rate, as this forms the basis of the fund’s performance target and the level above which performance fees may be charged (if applicable). For currency hedged Share Classes, the rate that corresponds with the relevant Share Class currency is used as the basis of the performance comparison and for calculating performance fees. The investment manager has complete discretion to choose investments for the fund and is not constrained by a benchmark.

Performance history (unaudited)

Fund & Benchmark Since launch to 30 Sep 20 %

Global Multi-Strategy Fund* R€ Acc (Net) (1.46)

Euro Main Ref nancing Rate 0.00

Global Multi-Strategy Fund* R€ Acc (Gross) (0.90)

Euro Main Ref nancing Rate + 7% 2.23

Please note the performance target is to be achieved over a specif c annualised time period. Refer to the performance target wording within the Investment objective above.

Class R€ Acc is disclosed as it is the representative share class.

* On 3 June 2020, the Global Multi-Strategy Fund was launched.

Past performance is not a guide to future performance.

65 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Global Multi-Strategy Fund

Statement of Net Assets Statement of Operations As at 30 September 2020 For the period from 3 June 2020 to 30 September 2020 Notes EUR Notes EUR

Assets Income Investment in securities at market value 3 27,638,703 Dividend income (net of withholding tax) 3 14,561 Cash at bank 12 5,048,211 Bond interest income 3 6,397 Interest and dividends receivable 3 75,481 Interest on certif cates of deposit 3 - Subscriptions receivable 214,287 Derivative income 3 94,603 Receivable for investments sold 507,910 Interest received on contracts for diff erence 3 4,290 Unrealised gain on contracts for diff erence 3 764,701 Other income 3, 13 58 Unrealised gain on futures contracts 3 2,943,519 Total income 119,909 Unrealised gain on forward foreign exchange contracts 3 160,544 Purchased option contracts at market value 3 2,019,528 Swap contracts at market value 3 125,025 Other assets - Management fee rebate 22 Total assets 39,497,931 Liabilities Expenses Bank overdraft 12 - Management fees 6, 14 6,781 Payable for investments purchased 727,123 Administration, registrar and transfer agent fees 6 2,988 Taxes and expenses payable 17,522 Custodian fees 6 5,079 Redemptions payable - Shareholder servicing fees and initial sales charges 6, 14 - Unrealised loss on contracts for diff erence 3 1,202,982 Depositary fees 6 587 Unrealised loss on futures contracts 3 2,786,841 Derivative expenses 3 49,988 Unrealised loss on forward foreign exchange contracts 3 163,469 Interest paid on contracts for diff erence 3 24,973 Sold option contracts at market value 3 444 Performance fees 6 - Swap contracts at market value 3 147,792 Taxation ("taxe d'abonnement") 7 1,220 Dividends payable to shareholders - Other expenses 6 9,538 Interest and dividends payable on CFD 34,879 Total expenses 101,154 Other liabilities - Total liabilities 5,081,052 Net income from investments 18,755 Net realised gain/(loss) Net realised gain on investment securities 3 247,217 Net realised loss on contracts for diff erence 3 (411,869) Net realised gain on futures contracts 3 142,290 Net realised gain on swap contracts 3 35,127 Net realised loss on options contracts 3 (28,570) Net realised loss on forward foreign exchange contracts 3 (34,356) Net realised loss on currency exchange (61,081) Net realised loss on investments and derivatives (111,242) Net change in unrealised appreciation/depreciation Change in net unrealised appreciation/ depreciation on investments 3 247,718 Change in net unrealised appreciation/ depreciation on contracts for diff erence 3 (438,281) Change in net unrealised appreciation/ depreciation on futures contracts 3 156,678 Change in net unrealised appreciation/ depreciation on swap contracts 3 (22,767) Change in net unrealised appreciation/ depreciation on options contracts 3 (263,088) Change in net unrealised appreciation/ depreciation on forward foreign exchange contracts 3 (2,925) Change in net unrealised appreciation/ depreciation on currency exchange (1,025) Change in unrealised appreciation/ depreciation on investments and derivatives (323,690)

Net assets at the end of the period 34,416,879 Net decrease in assets as a result of operations (416,177)

The accompanying notes form an integral part of these f nancial statements.

66 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Global Multi-Strategy Fund

Statement of Changes in Net Assets For the period from 3 June 2020 to 30 September 2020 EUR Notes EUR

Net assets at the beginning of the period - Proceeds from shares issued 34,833,190 Net income from investments 18,755 Payments for shares redeemed (24,325) Net realised loss on investments and derivatives (111,242) Net equalisation (paid)/received 10 24,191 Change in unrealised appreciation/depreciation on (323,690) Dividend distributions 11 - investments and derivatives Net assets at the end of the period 34,416,879

Share Transactions For the period from 3 June 2020 to 30 September 2020 E$ Acc E£ Acc ENOK Acc ESEK Acc F$ Acc G$ Acc (hedged) (hedged) E€ Acc (hedged) (hedged) (hedged) (hedged) Shares outstanding at the beginning of the period ------Shares issued during the period 632,009.31 250.00 170,250.00 29,203.32 2,538.11 250.00 250.00 Shares redeemed during the period ------Shares outstanding at the end of the period 632,009.31 250.00 170,250.00 29,203.32 2,538.11 250.00 250.00 Equivalent to a net asset value per share of: 9.91 9.90 9.89 99.62 99.65 9.94 9.91

G£ Acc H$ Acc I$ Acc I£ Acc (hedged) G€ Acc (hedged) H€ Acc (hedged) (hedged) I€ Acc Shares outstanding at the beginning of the period ------Shares issued during the period 250.00 250.00 1,250.00 4,261.41 250.00 250.00 250.00 Shares redeemed during the period - - (1,000.00) - - - - Shares outstanding at the end of the period 250.00 250.00 250.00 4,261.41 250.00 250.00 250.00 Equivalent to a net asset value per share of: 9.97 9.89 9.90 9.87 9.90 9.96 9.87

INOK Acc ISEK Acc R$ Acc Z$ Acc Z£ Acc (hedged) (hedged) (hedged) R€ Acc (hedged) (hedged) Z€ Acc Shares outstanding at the beginning of the period ------Shares issued during the period 250.00 250.00 250.00 32,167.80 250.00 250.00 1,406,546.06 Shares redeemed during the period ------Shares outstanding at the end of the period 250.00 250.00 250.00 32,167.80 250.00 250.00 1,406,546.06 Equivalent to a net asset value per share of: 99.67 99.58 9.88 9.85 9.99 9.92 9.90

ZAU$ Acc Z¥ Acc (hedged) (hedged) Shares outstanding at the beginning of the period - - Shares issued during the period 2,111,366.51 250.00 Shares redeemed during the period (2,625.18) - Shares outstanding at the end of the period 2,108,741.33 250.00 Equivalent to a net asset value per share of: 9.92 998.17

67 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Global Multi-Strategy Fund

Net Asset Value Summary

Net Asset Value Per Share As at As at As at As at As at As at 30 Sep 18 30 Sep 19 30 Sep 20 30 Sep 18 30 Sep 19 30 Sep 20 n/a n/a EUR 34,416,879 E$ Acc (hedged) n/a n/a 9.91 E£ Acc (hedged) n/a n/a 9.90 E€ Acc n/a n/a 9.89 ENOK Acc (hedged) n/a n/a 99.62 ESEK Acc (hedged) n/a n/a 99.65 F$ Acc (hedged) n/a n/a 9.94 G$ Acc (hedged) n/a n/a 9.91 G£ Acc (hedged) n/a n/a 9.97 G€ Acc n/a n/a 9.89 H$ Acc (hedged) n/a n/a 9.90 H€ Acc n/a n/a 9.87 I$ Acc (hedged) n/a n/a 9.90 I£ Acc (hedged) n/a n/a 9.96 I€ Acc n/a n/a 9.87 INOK Acc (hedged) n/a n/a 99.67 ISEK Acc (hedged) n/a n/a 99.58 R$ Acc (hedged) n/a n/a 9.88 R€ Acc n/a n/a 9.85 Z$ Acc (hedged) n/a n/a 9.99 Z£ Acc (hedged) n/a n/a 9.92 Z€ Acc n/a n/a 9.90 ZAU$ Acc (hedged) n/a n/a 9.92 Z¥ Acc (hedged) n/a n/a 998.17

Total expense ratio (TER) (unaudited) Dividend reinvestment per Share

30 Sep 18 30 Sep 19 30 Sep 20 Pay Date 11 Nov 20 E$ Acc (hedged) n/a n/a 0.67% * E$ Acc (hedged) 0.002354 E£ Acc (hedged) n/a n/a 0.67% * E£ Acc (hedged) 0.002104 E€ Acc n/a n/a 0.67% * E€ Acc 0.003872 ENOK Acc (hedged) n/a n/a 0.67% * ENOK Acc (hedged) n/a ESEK Acc (hedged) n/a n/a 0.67% * ESEK Acc (hedged) n/a F$ Acc (hedged) n/a n/a 1.31% * F$ Acc (hedged) n/a G$ Acc (hedged) n/a n/a 0.82% * G$ Acc (hedged) n/a G£ Acc (hedged) n/a n/a 0.82% * G£ Acc (hedged) n/a G€ Acc n/a n/a 0.82% * G€ Acc 0.000080 H$ Acc (hedged) n/a n/a 1.20% * H$ Acc (hedged) n/a H€ Acc n/a n/a 1.20% * H€ Acc n/a I$ Acc (hedged) n/a n/a 1.17% * I$ Acc (hedged) n/a I£ Acc (hedged) n/a n/a 1.17% * I£ Acc (hedged) n/a I€ Acc n/a n/a 1.17% * I€ Acc n/a INOK Acc (hedged) n/a n/a 1.17% * INOK Acc (hedged) n/a ISEK Acc (hedged) n/a n/a 1.17% * ISEK Acc (hedged) n/a R$ Acc (hedged) n/a n/a 1.72% * R$ Acc (hedged) n/a R€ Acc n/a n/a 1.72% * R€ Acc n/a Z$ Acc (hedged) n/a n/a 0.17% * Z$ Acc (hedged) 0.013181 Z£ Acc (hedged) n/a n/a 0.17% * Z£ Acc (hedged) 0.019266 Z€ Acc n/a n/a 0.17% * Z€ Acc 0.017004 ZAU$ Acc (hedged) n/a n/a 0.18% * ZAU$ Acc (hedged) 0.017138 Z¥ Acc (hedged) n/a n/a 0.17% * Z¥ Acc (hedged) 1.252359

TER is calculated in accordance with SFAMA (Swiss Funds and Asset Management Association). * The share class launched in the year and the rate is annualised. There were no performance fees on the fund as at 30 September 2020.

68 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Global Multi-Strategy Fund

Portfolio as at 30 September 2020 Portfolio as at 30 September 2020 (continued)

Number Market % Number Market % of Securities Value Net of Securities Value Net EUR Assets EUR Assets

Transferable securities and money market instruments admitted to an oﬃ cial exchange listing Bonds 8.36% and/or dealt on another regulated market, unless otherwise stated. Germany 2.04% Equities 11.06% Fixed Rate Bond 2.04% Australia 0.24% EUR 700,000 Delivery Hero 1.50% 15/01/2028 700,560 2.04 8,551 De Grey Mining 6,350 0.02 52,229 Nearmap 75,818 0.22 Russian Federation 1.84% 82,168 0.24 Fixed Rate Bond 1.84% USD 600,000 Yandex 0.75% 03/03/2025 633,459 1.84 Canada 0.06% 601 Nuvei 21,987 0.06 Sweden 2.68% Fixed Rate Bond 2.68% SEK 9,000,000 Samhallsbyggnadsbolaget 7.00% 924,559 2.68 China 2.15% 24/07/2023 5,000 Everest Medicines 30,259 0.09

3,400 Ganfeng Lithium 14,113 0.04 United States 1.80% 1,000 JHBP CY 2,641 0.01 Fixed Rate Bond 1.80% 605 Kingsoft Cloud ADS 15,209 0.04 USD 650,000 Twitter 0.25% 15/06/2024 619,763 1.80 10,000 Ming Yuan Cloud 31,882 0.09 20,800 Ping An Healthcare and Technology 227,097 0.66 Collective Investment Schemes 4.15% 137,200 Xiaomi 'B' 309,104 0.91 144 Deutsche Global Liquidity Managed 1,428,338 4.15 4,350 ZTO Express Cayman 107,456 0.31 Euro Fund Platinum Class 737,761 2.15 Certif cates of Deposit 4.37% Finland 2.92% France 0.03% EUR 1,000,000 Nordea Bank 0.00% 22/03/2021 1,002,659 2.92 74 Ingenico 9,785 0.03

United States 1.45% Hong Kong 0.17% EUR 500,000 Citibank 0.00% 02/10/2020 500,018 1.45 38,500 JS Global Lifestyle 58,969 0.17

Treasury Bill 52.37% Israel 0.07% Belgium 5.82% 454 Kornit Digital 25,113 0.07 EUR 1,000,000 Belgium (Kingdom of) 0.00% 1,000,717 2.91 12/11/2020 Japan 0.42% EUR 1,000,000 Belgium (Kingdom of) 0.00% 1,001,840 2.91 200 BASE 17,826 0.05 14/01/2021 31 Mitsui Fudosan Logistics Park 125,627 0.37 2,002,557 5.82 143,453 0.42 France 17.45% Luxembourg 4.44% EUR 1,000,000 France (Government of) 0.00% 1,001,102 2.91 53,465 Arcelormittal Preference Shares 1,525,398 4.44 09/12/2020 EUR 1,000,000 France (Government of) 0.00% 1,002,142 2.91 Singapore 0.44% 10/02/2021 102,400 Frasers Centrepoint Trust 152,564 0.44 EUR 1,000,000 France (Government of) 0.00% 1,002,684 2.90 10/03/2021 EUR 1,000,000 France (Government of) 0.00% 1,000,233 2.91 United Kingdom 0.95% 14/10/2020 25,131 THG 165,735 0.49 EUR 1,000,000 France (Government of) 0.00% 1,001,201 2.91 3,103 Unilever 159,929 0.46 16/12/2020 325,664 0.95 EUR 1,000,000 France (Government of) 0.00% 1,000,761 2.91 18/11/2020 United States 2.09% 6,008,123 17.45 19,240 ADT 134,128 0.39 3,686 Intercontinental Exchange 314,282 0.91 Germany 11.64% 4,678 National Storage Aﬃ liates Trust 130,467 0.38 EUR 1,000,000 Germany (Federal Republic of) 0.00% 1,002,002 2.91 1,186 Penn National Gaming 73,461 0.21 03/02/2021 1,701 PPD 53,648 0.16 EUR 1,000,000 Germany (Federal Republic of) 0.00% 1,000,583 2.91 04/11/2020 722 Repay 14,466 0.04 EUR 1,000,000 Germany (Federal Republic of) 0.00% 1,001,112 2.91 720,452 2.09 09/12/2020 EUR 1,000,000 Germany (Federal Republic of) 0.00% 1,001,996 2.91 20/01/2021 4,005,693 11.64

69 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Global Multi-Strategy Fund

Portfolio as at 30 September 2020 (continued)

Number Market % Number Commitment# Market % of of Securities Value Net of Securities Value Net EUR Assets EUR EUR Assets

Netherlands 11.64% Equity Contracts for Diff erence (continued) EUR 1,000,000 Netherlands (Kingdom of) 0.00% 1,000,933 2.91 2,782 BASF 144,734 (7,846) (0.02) 27/11/2020 5,830 Bavarian Nordic 155,741 (8,615) (0.03) EUR 1,000,000 Netherlands (Kingdom of) 0.00% 1,001,938 2.91 1,609 BAWAG 49,332 (2,157) (0.01) 28/01/2021 2,937 Bayer 156,748 (9,437) (0.03) EUR 1,000,000 Netherlands (Kingdom of) 0.00% 1,000,459 2.91 29/10/2020 3,997 Bellway 103,597 560 - EUR 1,000,000 Netherlands (Kingdom of) 0.00% 1,002,870 2.91 2,120 BHP 38,653 (2,393) (0.01) 30/03/2021 38,098 BHP ADR 1,385,797 (99,891) (0.28) 4,006,200 11.64 (31,991) BHP Billiton 1,410,548 97,700 0.29 61,039 BP 151,543 (17,219) (0.05) Supranational 5.82% 8,577 British American Tobacco 262,632 6,727 0.02 EUR 1,000,000 ESM 0.00% 03/12/2020 1,000,970 2.91 33,421 BT 36,248 (4,134) (0.01) EUR 1,000,000 ESM 0.00% 18/03/2021 1,002,490 2.91 (1,152) Capgemini 126,403 8,552 0.02 2,003,460 5.82 (56,753) Carnival 'A' 735,147 14,593 0.04 68,161 Carnival 'A' ADR 750,685 (10,991) (0.03) Investment in securities 27,638,703 80.31 (18,540) Carnival 'B' 240,157 37,786 0.11 24,386 Carnival 'B' ADR 268,573 (39,407) (0.11) Number Commitment# Market % of 8,550 Carrefour 116,857 (1,274) - of Securities Value Net 4,193 CIE Financiere Richemont 240,178 (11,399) (0.03) EUR EUR Assets 13,988 Countryside Properties 51,815 (612) - 3,347 CRH 103,170 (6,870) (0.02) Derivatives 4.98%* (534) Daimler 24,771 (1,791) (0.01) Contracts for Diff erence (1.27%) (2,867) Delivery Hero 280,708 4,814 0.01 Cross Currency Contracts for Diff erence (0.39%) 2,075 Derwent Valley 58,791 884 - (118,930) Arcelormittal 1,353,780 (117,871) (0.34) 5,507 Deutsche Post 214,608 (2,780) (0.01) (62,260) Grifols 1,531,285 (20,327) (0.06) 5,203 Deutsche Telekom 74,767 (4,017) (0.01) (58,900) Nissan Motor 176,913 17,566 0.05 14,865 DFS Furniture 27,204 205 - 98,159 Royal Dutch Shell 'B' 1,017,441 (71,317) (0.21) 3,517 Diageo 102,749 1,804 0.01 32,513 Unilever 1,675,719 57,526 0.17 (25,463) Discovery 'A' 472,819 52,656 0.15 5,755,138 (134,423) (0.39) 28,491 Discovery 'C' 476,324 (58,189) (0.17) 234 Drilling Company of 1972 4,349 (271) - Equity Contracts for Diff erence (0.95%) 18,057 DS Smith 58,666 1,241 - 6,827 ABN AMRO Bank 48,745 (4,102) (0.01) 15,743 easyJet 87,057 (14,899) (0.04) 3,390 Adecco 153,227 (10,755) (0.03) 34,145 Elementis 28,609 13 - 2,120 Airbus 131,652 (17,562) (0.05) 9,638 Elis 104,139 (1,972) (0.01) 616 Allianz 101,024 (8,913) (0.03) 14,861 Enav 48,075 (5,138) (0.01) 849 Alphabet 'A' 1,060,735 (14,827) (0.04) 20,016 Engie 228,633 (7,239) (0.02) (849) Alphabet 'C' 1,063,407 18,209 0.05 9,404 Galp Energia 74,188 (10,228) (0.03) 8,152 Alstom 347,275 4,480 0.01 15,629 GlaxoSmithKline 250,182 (11,258) (0.03) 3,246 Amundi 195,328 (6,325) (0.02) 43,734 Glencore 77,606 (7,621) (0.02) 4,896 Anheuser-Busch InBev 226,342 (12,505) (0.04) (2,576) GN Store Nord 166,508 (26) - (3,482) Antofagasta 39,289 2,511 0.01 19,285 GrandVision 460,429 3,556 0.01 704 A.P. Moller-Maersk 'A' 883,341 32,720 0.10 8,919 Great Portland Estates 58,898 1,853 0.01 (587) A.P. Moller-Maersk 'B' 795,088 (29,828) (0.09) 103,844 Grifols ADR 1,537,300 59,615 0.17 1,702 Arkema 154,269 (11,569) (0.03) (5,636) Halma 145,704 (3,611) (0.01) 3,222 Ashtead 99,459 (4,694) (0.01) 45,248 Hammerson 8,131 (1,296) - 528 ASML 166,175 4,192 0.01 144,048 Hammerson Rights 2,064 2,064 0.01 10,453 Assicurazioni Generali 125,671 (6,195) (0.02) (2,746) Hannover Rueck 364,257 3,864 0.01 1,323 Associated British Foods 27,238 (1,398) - (10,075) Heineken 'A' 765,297 18,745 0.05 2,142 AstraZeneca 199,708 (4,345) (0.01) 11,354 Heineken 'B' 756,460 (20,715) (0.06) (29,858) Atlas Copco 'A' 1,220,311 (33,348) (0.10) 4,275 Henkel 341,038 7,374 0.02 34,074 Atlas Copco 'B' 1,219,903 31,646 0.09 (3,827) Henkel Non Voting Shares 341,560 5,013 0.01 1,900 Autoliv 119,156 (489) - 40,059 HSBC 133,152 (3,425) (0.01) 13,116 Babcock International 36,207 4,062 0.01 26,607 Ibstock 45,759 (425) - 8,365 BAE Systems 44,450 (4,004) (0.01) 8,409 Imperial Brands 126,774 (1,892) (0.01) 33,779 Balfour Beatty 83,268 (3,756) (0.01) 5,730 Inchcape 27,833 (1,746) (0.01) 48,209 Barclays 51,878 (1,312) -

70 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Global Multi-Strategy Fund

Portfolio as at 30 September 2020 (continued)

Number Commitment# Market % of Number Commitment# Market % of of Securities Value Net of Securities Value Net EUR EUR Assets EUR EUR Assets

Equity Contracts for Diff erence (continued) Equity Contracts for Diff erence (continued) 11,130 Industrivarden 'A' 257,906 2,757 0.01 10,083 Scandinavian Tobacco 127,769 (460) - (11,262) Industrivarden 'C' 256,941 (3,809) (0.01) (893) Severn Trent 24,012 (258) - 21,435 Informa 88,971 (3,352) (0.01) 9,347 Shaftsbury 51,234 (5,775) (0.02) 4,620 Ingenico 610,880 (45,161) (0.13) 2,337 Siemens 252,863 (24,433) (0.07) 4,451 Intermediate Capital 58,541 (1,946) (0.01) 486 Siemens Healthineers 18,582 892 - 8,845 International Personal 4,525 (1,424) - 8,761 SIG Combibloc 150,323 3,922 0.01 Finance (1,449) Smith & Nephew 24,225 429 - 113,035 ITV 84,265 1,444 - 5,604 Smiths 84,949 (4,878) (0.01) (8,535) J Sainsbury 17,967 77 - 2,540 Smurf t Kappa 85,115 429 - 17,705 John Laing 61,211 5,428 0.02 4,972 Société Générale 56,278 (7,929) (0.02) 3,825 Johnson Matthey 99,392 (9,542) (0.03) 1,442 Spectris 38,742 (1,606) - 85,692 Just 42,455 (4,361) (0.01) (933) Spirax-Sarco Engineering 113,813 (4,700) (0.01) 15,826 KBC Ancora 424,612 (39,415) (0.11) 6,485 St. James's Place 66,561 (2,917) (0.01) (10,971) KBC Bank 469,230 45,157 0.13 18,286 Standard Chartered 71,788 (8,435) (0.02) 1,717 Knorr-Bremse 172,559 420 - 12,518 Storebrand 55,841 (1,983) (0.01) 3,201 Kojamo 58,578 (3,009) (0.01) 1,598 Sunrise Communications 161,605 371 - 6,046 Koninklijke Philips 243,155 4,768 0.01 4,828 Swedish Orphan Biovitrum 99,915 (2,748) (0.01) 19,486 Land Securities 112,245 (6,844) (0.02) 3,750 Temple Bar Investment 27,038 (2,823) (0.01) 61,498 Legal & General 127,698 (15,100) (0.04) Trust 134,153 Lloyds Banking 38,978 249 - 14,513 Tesco 34,000 (464) - 22,294 Melrose Industries 28,388 (1,965) (0.01) 11,293 TI Fluid Systems 19,163 1,082 - 1,193 Merck 148,588 661 - 947 Tiff any & Co 93,536 505 - 54,533 M&G Prudential 95,891 (6,418) (0.02) 5,356 Total 156,409 (11,541) (0.03) 6,009 Mondi 108,611 4,140 0.01 (6,513) Twitter 247,127 (25,812) (0.07) 14,780 National Grid 144,986 7,791 0.02 18,527 UBS 177,088 (13,366) (0.04) 31,132 Nokia 104,214 (4,549) (0.01) 622 UCB 60,614 (310) - 1,876 Nordic Semiconductor 16,427 1,373 - (31,439) Unilever 1,655,357 13,491 0.04 2,861 Novartis 212,226 (5,912) (0.02) 10,102 UNIQA Insurance 52,076 (2,289) (0.01) 3,109 Novo Nordisk 'B' 183,805 2,016 0.01 (2,249) United Utilities 21,219 (37) - 8,328 OCI 91,233 1,030 - 1,201 Veoneer SDR 14,710 357 - 19,526 OneSavings Bank 60,059 1,648 - 61,093 Vodafone 69,157 (3,053) (0.01) 17,918 Orange 159,148 (13,313) (0.04) 3,953 Weir 54,584 (3,081) (0.01) 1,978 Pandora 122,341 (6,974) (0.02) (835) WH Smith 8,773 1,585 - 18,527 Perpetual Income and 44,935 (624) - (7,402) Worldline 519,102 45,670 0.13 Growth Investment Trust (7,058) Yandex 392,576 (22,164) (0.06) (798) Persimmon 21,756 317 - 36,960,299 (327,435) (0.95) 12,471 Phoenix 94,618 (1,234) - 3,950 Plastic Omnium 89,073 1,868 0.01 Index Contracts for Diff erence 0.07% 15,352 Poste Italiane 116,215 (5,461) (0.02) (57) FTSE 250 Index 1,088,087 23,577 0.07 14,139 Prudential 172,866 (14,504) (0.04) 1,060 Reckitt Benckiser 88,346 1,608 - Futures 0.46% 2,818 RELX 53,622 (1,809) (0.01) 1 CBT US Long Bond December 2020 (799) - 12,182 Renault 270,379 (24,381) (0.07) 1 CBT US Ultra Bond December 2020 (266) - (4,907) Rentokil Initial 28,974 1,088 - (20) CBT US 10 Year Note December 2020 (328) - 2,921 Rio Tinto 149,919 (10,337) (0.03) 4 CBT US 2 Year Note December 2020 133 - 733 Roche 214,458 (14,543) (0.04) 3 CBT US 5 Year Note December 2020 -- 69,420 Royal Bank of Scotland 81,162 1,647 - (1) CME Australian Dollar December 2020 (1,083) - (92,413) Royal Dutch Shell 'A' 996,120 84,373 0.26 (1) CME British Pound December 2020 (977) - (Netherlands Listing) (1) CME Canadian Dollar December 2020 (342) - 7,800 Royal Dutch Shell 'A' (UK 82,887 (7,494) (0.02) (3) CME E-mini S&P 500 December 2020 2,600 0.01 Listing) (1) CME Euro FX December 2020 (624) - 9,550 Royal Dutch Shell 'B' 98,988 (7,378) (0.02) (1) CME Japanese Yen December 2020 57 - 9,772 RSA Insurance 48,662 (5,039) (0.01) 1 CME New Zealand Dollar December 2020 511 - 8,353 Ryanair 95,454 (510) - 1 CME Swiss Franc December 2020 416 - (280,831) Samhallsbyggnadsbolaget 726,738 (3,155) (0.01) 1 EUX Euro BOBL December 2020 60 - 5,267 Sanof 449,565 (13,506) (0.04) 1,101 SAP 146,279 (2,625) (0.01)

71 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Global Multi-Strategy Fund

Portfolio as at 30 September 2020 (continued)

Number Commitment# Market % of Number Commitment# Market % of of Securities Value Net of Securities Value Net EUR EUR Assets EUR EUR Assets

Futures (continued) Options (continued) 6 EUX Euro Bund December 2020 (181) - 6 EUX Euro Stoxx 50 Index Call 2550 40,044 0.12 20 EUX Euro Schatz December 2020 (200) - June 2020 180 EUX Euro Stoxx 50 Index Dividend (140,425) (0.41) 6 EUX Euro Stoxx 50 Index Call 2550 41,154 0.12 December 2024 March 2020 170 EUX Euro Stoxx 50 Index Dividend (156,200) (0.45) 8 EUX Euro Stoxx 50 Index Call 2650 47,896 0.14 December 2025 September 2020 60 EUX Euro Stoxx 50 Index Dividend (26,300) (0.08) 9 EUX Euro Stoxx 50 Index Call 2900 31,977 0.09 December 2026 December 2020 2,700 EUX Euro Stoxx 50 Total Return Index (2,450,405) (7.13) 12 EUX Euro Stoxx 50 Index Call 2900 46,668 0.14 December 2020 June 2020 (1,300) EUX Euro Stoxx 50 Total Return Index 733,030 2.13 10 EUX Euro Stoxx 50 Index Call 2900 39,300 0.11 December 2022 March 2020 (800) EUX Euro Stoxx 50 Total Return Index 1,197,150 3.48 10 EUX Euro Stoxx 50 Index Call 2950 37,570 0.11 December 2023 September 2020 (600) EUX Euro Stoxx 50 Total Return Index 703,165 2.04 14 EUX Euro Stoxx 50 Index Call 3200 19,838 0.06 December 2024 December 2020 (211) EUX Euro Stoxx50 December 2020 130,948 0.38 14 EUX Euro Stoxx 50 Index Call 3200 27,664 0.08 June 2020 1 EUX Euro-BTP December 2020 (277) - 14 EUX Euro Stoxx 50 Index Call 3200 26,488 0.08 (20) EUX Euro-OAT December 2020 1,410 - March 2020 (11) EUX Swiss Market Index December 2020 30,801 0.09 14 EUX Euro Stoxx 50 Index Call 3300 24,192 0.07 (4) FNX US Dollar Index December 2020 (1,979) (0.01) September 2020 (14) HKG H-Shares Index October 2020 (2,524) (0.01) 72 EUX Euro Stoxx 50 Index Put 1900 1,656 - (55) ICE FTSE 100 December 2020 135,718 0.39 December 2020 (16) ICE Long Gilt December 2020 (753) - 70 EUX Euro Stoxx 50 Index Put 1900 16,730 0.05 9 MSE Canada 10 Year Bond December 2020 (1,634) - June 2021 1 MSE S&P/TSX 60 Index December 2020 (345) - 72 EUX Euro Stoxx 50 Index Put 1900 9,288 0.03 March 2021 3 NYF MSCI Emerging Markets 1,873 0.01 December 2020 66 EUX Euro Stoxx 50 Index Put 2000 27,258 0.08 September 2021 24 SFE Australia 10 Year Bond 3,577 0.01 December 2020 48 EUX Euro Stoxx 50 Index Put 2250 3,408 0.01 December 2020 (8) SGX MSCI Singapore Index ETS 2,070 0.01 December 2020 47 EUX Euro Stoxx 50 Index Put 2250 22,278 0.06 June 2021 19 SGX 10 Year Mini JGB December 2020 (1,199) - 47 EUX Euro Stoxx 50 Index Put 2250 12,925 0.04 156,678 0.46 March 2021 48 EUX Euro Stoxx 50 Index Put 2300 34,032 0.10 Options 5.86% September 2021 8 CBOE S&P 500 Index Call 3400 25,208 0.07 34 EUX Euro Stoxx 50 Index Put 2550 6,698 0.02 October 2020 December 2020 17 CBOE S&P 500 Index Put 1925 5,509 0.02 33 EUX Euro Stoxx 50 Index Put 2550 27,390 0.08 December 2020 June 2021 12 CBOE S&P 500 Index Put 2225 7,675 0.02 35 EUX Euro Stoxx 50 Index Put 2550 18,585 0.05 December 2020 March 2021 8 CBOE S&P 500 Index Put 2850 30,870 0.09 33 EUX Euro Stoxx 50 Index Put 2650 42,174 0.12 December 2020 September 2021 1 EUX Euro Stoxx 50 Index Call 1900 12,982 0.04 24 EUX Euro Stoxx 50 Index Put 2900 14,616 0.04 December 2020 December 2020 3 EUX Euro Stoxx 50 Index Call 1900 37,842 0.11 21 EUX Euro Stoxx 50 Index Put 2900 32,781 0.10 June 2020 June 2021 2 EUX Euro Stoxx 50 Index Call 1900 25,954 0.08 21 EUX Euro Stoxx 50 Index Put 2900 23,352 0.07 March 2020 March 2021 5 EUX Euro Stoxx 50 Index Call 2000 58,300 0.17 22 EUX Euro Stoxx 50 Index Put 2950 45,452 0.13 September 2020 September 2021 2 EUX Euro Stoxx 50 Index Call 2250 19,050 0.06 15 EUX Euro Stoxx 50 Index Put 3200 22,155 0.06 December 2020 December 2020 5 EUX Euro Stoxx 50 Index Call 2250 46,665 0.14 14 EUX Euro Stoxx 50 Index Put 3200 37,268 0.11 June 2020 June 2021 5 EUX Euro Stoxx 50 Index Call 2250 48,065 0.14 14 EUX Euro Stoxx 50 Index Put 3200 29,190 0.08 March 2020 March 2021 6 EUX Euro Stoxx 50 Index Call 2300 53,628 0.16 13 EUX Euro Stoxx 50 Index Put 3300 46,267 0.13 September 2020 September 2021 5 EUX Euro Stoxx 50 Index Call 2550 33,230 0.10 December 2020

72 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Global Multi-Strategy Fund

Portfolio as at 30 September 2020 (continued)

Number Commitment# Market % of Number Commitment# Market % of of Securities Value Net of Securities Value Net EUR EUR Assets EUR EUR Assets

Options (continued) Forward Foreign Exchange Contracts (continued) 3,500,000 FXO CALL 1.14 USD/EUR July 2021 158,865 0.45 Buy AUD 19,586 : (73) - 3,100,000 FXO CALL 1.14 USD/EUR July 2021 140,709 0.40 Sell EUR 12,039 October 2020 1,610,000 FXO CALL 1.14 USD/EUR July 2021 73,078 0.20 Buy AUD 21,840 : 128 - Sell EUR 13,216 October 2020 900,000 FXO CALL 1.14 USD/EUR July 2021 40,851 0.12 Buy AUD 22,032 : (1) - 620,000 FXO CALL 1.14 USD/EUR July 2021 28,142 0.08 Sell EUR 13,462 October 2020 580,000 FXO CALL 1.14 USD/EUR July 2021 26,326 0.08 Buy AUD 26,281 : 118 - 500,000 FXO CALL 1.14 USD/EUR July 2021 22,695 0.07 Sell EUR 15,940 October 2020 480,000 FXO CALL 1.14 USD/EUR July 2021 21,787 0.06 Buy AUD 6,684 : (20) - 3,000,000 FXO CALL 7.50 CNH/USD November 2020 471 - Sell EUR 4,104 October 2020 1,100,000 FXO CALL 7.50 CNH/USD November 2020 173 - Buy AUD 8,768 : (42) - 850,000 FXO CALL 7.50 CNH/USD November 2020 133 - Sell EUR 5,399 October 2020 620,000 FXO CALL 7.50 CNH/USD November 2020 97 - Buy AUD 89,900 : (162) - Sell EUR 55,090 October 2020 550,000 FXO CALL 7.50 CNH/USD November 2020 86 - Buy CHF 19,311 : 34 - (550,000) FXO CALL 7.75 USD/CNH November 2020 (40) - Sell EUR 17,893 October 2020 (620,000) FXO CALL 7.75 USD/CNH November 2020 (45) - Buy CHF 27,360 : (27) - (850,000) FXO CALL 7.75 USD/CNH November 2020 (62) - Sell EUR 25,427 October 2020 (1,100,000) FXO CALL 7.75 USD/CNH November 2020 (80) - Buy CHF 7,700 : -- (3,000,000) FXO CALL 7.75 USD/CNH November 2020 (217) - Sell EUR 7,148 October 2020 3,500,000 FXO PUT 1.14 EUR/USD July 2021 38,451 0.11 Buy DKK 14,312 : (1) - 3,100,000 FXO PUT 1.14 EUR/USD July 2021 34,057 0.10 Sell EUR 1,923 October 2020 1,610,000 FXO PUT 1.14 EUR/USD July 2021 17,687 0.05 Buy EUR 104,293 : (981) - Sell USD 123,500 October 2020 900,000 FXO PUT 1.14 EUR/USD July 2021 9,887 0.03 Buy EUR 106,101 : 757 - 620,000 FXO PUT 1.14 EUR/USD July 2021 6,811 0.02 Sell HKD 957,856 October 2020 580,000 FXO PUT 1.14 EUR/USD July 2021 6,372 0.02 Buy EUR 121,869 : 910 - 500,000 FXO PUT 1.14 EUR/USD July 2021 5,493 0.02 Sell AUD 197,971 October 2020 480,000 FXO PUT 1.14 EUR/USD July 2021 5,273 0.02 Buy EUR 123,564 : 2- 42 ICE FTSE 100 Index Put 4525 12,965 0.04 Sell JPY 15,293,850 October 2020 December 2020 Buy EUR 133,881 : 962 - 30 ICE FTSE 100 Index Put 5275 32,743 0.10 Sell USD 155,932 October 2020 December 2020 Buy EUR 135,178 : (2,255) (0.01) 31,000,000 Swaption August 2021 USD ICE LIBOR 75,104 0.21 Sell GBP 124,700 October 2020 1.75% Buy EUR 13,536 : (125) - 2,019,084 5.86 Sell HKD 124,217 October 2020 Buy EUR 1,375,288 : (963) - Swaps (0.07%) Sell USD 1,614,529 October 2020 Total Return Swaps (0.05%) Buy EUR 139,379 : 668 - 3,282,379 TRS 0.00% December 2021 Pay ICE 125,025 0.36 Sell AUD 227,026 October 2020 FTSE 100 Index Buy EUR 151,087 : 9- 3,282,379 TRS 0.00% December 2021 Pay ICE (125,026) (0.37) Sell SGD 241,939 October 2020 Libor 3 Month Buy EUR 1,609,553 : (15,528) (0.04) 1,341,428 TRS 0.00% June 2021 Pay ICE Libor 3 (15,058) (0.04) Sell USD 1,906,441 October 2020 Month Buy EUR 16,975 : 62 - (15,059) (0.05) Sell CAD 26,500 October 2020 Buy EUR 182,632 : 780 - Sell USD 213,500 November 2020 Currency Rate Swaps (0.02%) Buy EUR 18,295 : (34) - 4,000 CRS 90.00% CBK1 USD/JPY June 2021 (7,708) (0.02) Sell HKD 166,663 October 2020 Buy EUR 1,833 : (22) - Forward Foreign Exchange Contracts (0.07%) Sell HKD 16,865 October 2020 Buy AUD 10,344 : 27 - Buy EUR 200,424 : 1,811 0.01 Sell EUR 6,293 October 2020 Sell USD 233,000 October 2020 Buy AUD 10,637 : (25) - Buy EUR 204,649 : (1,446) - Sell EUR 6,525 October 2020 Sell GBP 187,000 October 2020 Buy AUD 10,871 : (92) - Buy EUR 205,089 : (1,941) (0.01) Sell EUR 6,734 October 2020 Sell SEK 2,173,289 October 2020 Buy AUD 18,093 : 133 - Buy EUR 213,268 : (1,203) - Sell EUR 10,922 October 2020 Sell GBP 194,600 October 2020 Buy AUD 18,554 : 146 - Buy EUR 21,710 : (156) - Sell EUR 11,190 October 2020 Sell USD 25,651 October 2020

73 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Global Multi-Strategy Fund

Portfolio as at 30 September 2020 (continued)

Number Commitment# Market % of Number Commitment# Market % of of Securities Value Net of Securities Value Net EUR EUR Assets EUR EUR Assets

Forward Foreign Exchange Contracts (continued) Forward Foreign Exchange Contracts (continued) Buy EUR 225,807 : 45 - Buy EUR 785,000 : 4,220 0.01 Sell HKD 2,052,773 October 2020 Sell USD 921,398 July 2021 Buy EUR 243,998 : (2,324) (0.01) Buy EUR 785,000 : (3,685) (0.01) Sell GBP 223,500 October 2020 Sell USD 930,727 July 2021 Buy EUR 254,652 : (1,397) - Buy EUR 8,988 : (32) - Sell GBP 232,325 October 2020 Sell CHF 9,716 October 2020 Buy EUR 258,764 : 1,102 - Buy EUR 91,138 : (1,167) - Sell USD 302,272 October 2020 Sell USD 108,286 October 2020 Buy EUR 263,198 : (1,904) (0.01) Buy EUR 94,957 : (1,490) - Sell USD 311,000 October 2020 Sell JPY 11,937,722 October 2020 Buy EUR 2,665 : (1) - Buy EUR 97,655 : 820 - Sell HKD 24,242 October 2020 Sell SEK 1,016,522 October 2020 Buy EUR 270,665 : (3,167) (0.01) Buy GBP 100,100 : 922 - Sell USD 321,242 October 2020 Sell EUR 109,400 October 2020 Buy EUR 326,747 : (3,119) (0.01) Buy GBP 167,400 : 1,662 - Sell HKD 2,999,345 October 2020 Sell EUR 182,832 October 2020 Buy EUR 33,303 : 309 - Buy GBP 168,800 : 2,655 0.01 Sell AUD 54,000 October 2020 Sell EUR 183,382 October 2020 Buy EUR 39,361 : (538) - Buy GBP 28,471 : 290 - Sell JPY 4,938,450 October 2020 Sell EUR 31,089 October 2020 Buy EUR 39,569 : 192 - Buy GBP 43,125 : 558 - Sell CAD 61,700 October 2020 Sell EUR 46,971 October 2020 Buy EUR 4,094 : (10) - Buy GBP 53,745 : 524 - Sell CHF 4,421 October 2020 Sell EUR 58,708 October 2020 Buy EUR 44,334 : 305 - Buy GBP 62,600 : 1,101 - Sell USD 51,652 October 2020 Sell EUR 67,891 October 2020 Buy EUR 44,605 : (548) - Buy GBP 64,000 : 230 - Sell AUD 73,900 October 2020 Sell EUR 70,305 October 2020 Buy EUR 457,592 : (5,056) (0.01) Buy GBP 65,800 : 1,476 - Sell HKD 4,206,689 October 2020 Sell EUR 71,044 October 2020 Buy EUR 46,712 : (77) - Buy GBP 74,200 : (24) - Sell USD 54,890 October 2020 Sell EUR 81,801 October 2020 Buy EUR 4,675 : (4) - Buy GBP 93,794 : (18) - Sell CHF 5,040 October 2020 Sell EUR 103,389 October 2020 Buy EUR 48,020 : (448) - Buy HKD 1,361,679 : (1,081) - Sell HKD 440,700 October 2020 Sell EUR 150,837 October 2020 Buy EUR 571,328 : 6,542 0.02 Buy HKD 138,096 : 193 - Sell SEK 5,928,825 October 2020 Sell EUR 14,995 October 2020 Buy EUR 58,591 : (433) - Buy HKD 162,163 : 131 - Sell HKD 536,687 October 2020 Sell EUR 17,704 October 2020 Buy EUR 587,852 : (9,919) (0.03) Buy HKD 182,053 : 184 - Sell GBP 542,386 October 2020 Sell EUR 19,838 October 2020 Buy EUR 5,937 : 2- Buy HKD 183,318 : 189 - Sell CHF 6,393 October 2020 Sell EUR 19,973 October 2020 Buy EUR 60,701 : 550 - Buy HKD 440,517 : 11 - Sell HKD 546,924 October 2020 Sell EUR 48,437 October 2020 Buy EUR 60,997 : (710) - Buy HKD 496,241 : (502) - Sell USD 72,391 October 2020 Sell EUR 55,078 October 2020 Buy EUR 610,000 : (5,893) (0.02) Buy HKD 504,625 : (385) - Sell USD 726,815 July 2021 Sell EUR 55,883 October 2020 Buy EUR 6,356 : 86 - Buy HKD 946,023 : (20) - Sell AUD 10,261 October 2020 Sell EUR 104,063 October 2020 Buy EUR 6,412 : 7- Buy JPY 1,045,381 : (67) - Sell CHF 6,900 October 2020 Sell EUR 8,513 October 2020 Buy EUR 6,576 : 21 - Buy JPY 1,242,537 : (9) - Sell CHF 7,061 October 2020 Sell EUR 10,048 October 2020 Buy EUR 71,417 : (916) - Buy JPY 1,413,339 : (94) - Sell USD 84,857 October 2020 Sell EUR 11,513 October 2020 Buy EUR 72,734 : (659) - Buy JPY 4,739,308 : (7) - Sell USD 86,100 October 2020 Sell EUR 38,297 October 2020 Buy EUR 78,016 : (808) - Buy JPY 5,186,967 : (290) - Sell SGD 126,229 October 2020 Sell EUR 42,197 October 2020

74 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Global Multi-Strategy Fund

Portfolio as at 30 September 2020 (continued)

Number Commitment# Market % of Number Commitment# Market % of of Securities Value Net of Securities Value Net EUR EUR Assets EUR EUR Assets

Forward Foreign Exchange Contracts (continued) Forward Foreign Exchange Contracts (continued) Buy JPY 712,091 : 12 - Buy USD 735,728 : 13,446 0.05 Sell EUR 5,741 October 2020 Sell EUR 610,000 July 2021 Buy SGD 10,660 : 21 - Buy USD 79,207 : 623 - Sell EUR 6,636 October 2020 Sell EUR 66,894 October 2020 Buy SGD 23,231 : 163 - Buy USD 85,858 : (2) - Sell EUR 14,344 October 2020 Sell EUR 73,189 October 2020 Buy SGD 28,499 : 48 - (24,719) (0.07) Sell EUR 17,748 October 2020 Buy SGD 32,844 : 121 - Forward Foreign Exchange Contracts (Hedged share classes) 0.06% Sell EUR 20,388 October 2020 Buy AUD 1,021,497 : 8,047 0.02 Buy SGD 8,757 : 44 - Sell EUR 616,152 October 2020 Sell EUR 5,424 October 2020 Buy AUD 10,351 : (49) - Buy USD 104,000 : 38 - Sell EUR 6,374 October 2020 Sell EUR 88,613 October 2020 Buy AUD 13,468 : (78) - Buy USD 13,664 : (107) - Sell EUR 8,307 October 2020 Sell EUR 11,755 October 2020 Buy AUD 14,785 : 66 - Buy USD 1,409,520 : (5,592) (0.02) Sell EUR 8,968 October 2020 Sell EUR 1,200,000 July 2021 Buy AUD 1,579,638 : (2,799) (0.01) Buy USD 15,133 : (21) - Sell EUR 968,058 October 2020 Sell EUR 12,921 October 2020 Buy AUD 1,610,306 : (3,791) (0.01) Buy USD 168,161 : (3,502) (0.01) Sell EUR 987,790 October 2020 Sell EUR 146,000 July 2021 Buy AUD 298,507 : 1,748 0.01 Buy USD 213,500 : 120 - Sell EUR 180,659 October 2020 Sell EUR 181,731 November 2020 Buy AUD 3,998,261 : (19,429) (0.06) Buy USD 214,330 : (1,380) - Sell EUR 2,462,619 October 2020 Sell EUR 183,000 July 2021 Buy AUD 4,002,313 : (14,813) (0.04) Buy USD 21,450 : 7- Sell EUR 2,460,479 October 2020 Sell EUR 18,277 October 2020 Buy AUD 819 : 6- Buy USD 2,250 : (13) - Sell EUR 494 October 2020 Sell EUR 1,931 October 2020 Buy AUD 8,341,601 : (8,974) (0.03) Buy USD 268,304 : 3,113 0.01 Sell EUR 5,106,219 October 2020 Sell EUR 225,594 October 2020 Buy AUD 84,368 : (91) - Buy USD 280,297 : 1,520 - Sell EUR 51,645 October 2020 Sell EUR 236,000 July 2021 Buy AUD 9,840 : (83) - Buy USD 29,266 : 40 - Sell EUR 6,096 October 2020 Sell EUR 24,907 October 2020 Buy EUR 2 : -- Buy USD 311,345 : 2,395 0.01 Sell USD 3 October 2020 Sell EUR 263,001 October 2020 Buy EUR 2 : -- Buy USD 3,500 : (14) - Sell USD 3 October 2020 Sell EUR 2,997 October 2020 Buy EUR 2 : -- Buy USD 36,100 : 333 - Sell USD 3 October 2020 Sell EUR 30,439 October 2020 Buy EUR 2 : -- Buy USD 370,202 : 3,704 0.01 Sell USD 3 October 2020 Sell EUR 310,000 July 2021 Buy EUR 222 : 2- Buy USD 406,441 : 4,413 0.01 Sell SEK 2,309 October 2020 Sell EUR 340,000 July 2021 Buy EUR 24 : -- Buy USD 502,469 : (11,715) (0.03) Sell SEK 252 October 2020 Sell EUR 437,500 July 2021 Buy EUR 3,091 : (41) - Buy USD 53,768 : 580 - Sell USD 3,673 October 2020 Sell EUR 45,253 October 2020 Buy EUR 3,363 : 88 - Buy USD 57,400 : 350 - Sell NOK 35,949 October 2020 Sell EUR 48,579 October 2020 Buy EUR 38 : 1- Buy USD 638,545 : (8,906) (0.03) Sell NOK 404 October 2020 Sell EUR 550,000 July 2021 Buy EUR 4,192 : 21 - Buy USD 645,766 : (2,787) (0.01) Sell AUD 6,827 October 2020 Sell EUR 550,000 July 2021 Buy EUR 5 : -- Buy USD 653,793 : 4,015 0.01 Sell USD 6 October 2020 Sell EUR 550,000 July 2021 Buy EUR 53 : (1) - Buy USD 726,388 : 5,531 0.02 Sell GBP 48 October 2020 Sell EUR 610,000 July 2021 Buy EUR 53 : (1) - Buy USD 731,317 : 9,708 0.03 Sell GBP 48 October 2020 Sell EUR 610,000 July 2021

75 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund Global Multi-Strategy Fund

Portfolio as at 30 September 2020 (continued) Top ten changes in the securities portfolio for the period from 3 June 2020 to 30 September 2020 Number Commitment# Market % of Description of Securities Purchases Maturities/ of Securities Value Net Sales EUR EUR Assets EUR EUR

Forward Foreign Exchange Contracts (Hedged share classes) (continued) Canada Buy EUR 53 : (1) - Shopify 0.125% 01/11/2025 - 365,546 Sell GBP 49 October 2020 Buy EUR 53 : (1) - Sell GBP 49 October 2020 Finland Buy EUR 7,651 : (33) - Nordea Bank 0.00% 22/03/2021 1,002,687 - Sell AUD 12,574 October 2020 Buy GBP 2,528 : 45 - France Sell EUR 2,741 October 2020 France (Government Of) 0.00% 10/02/2021 1,002,474 - Buy GBP 2,531 : 45 - France (Government Of) 0.00% 10/03/2021 1,002,704 - Sell EUR 2,745 October 2020 France (Government Of) 0.00% 16/12/2020 1,002,497 - Buy GBP 2,543 : 45 - France (Government Of) 0.00% 16/09/2020 - 1,000,000 Sell EUR 2,758 October 2020 Buy GBP 2,545 : 45 - Sell EUR 2,760 October 2020 Germany Buy JPY 249,283 : 33 - Delivery Hero 0.875% 15/07/2025 - 409,600 Sell EUR 1,981 October 2020 Germany (Federal Republic of) 0.00% 09/09/2020 - 1,000,000 Buy JPY 527 : --Germany (Federal Republic of) 0.00% 09/12/2020 1,002,224 - Sell EUR 4 October 2020 Germany (Federal Republic of) 0.00% 20/01/2021 1,003,495 - Buy NOK 132,747 : 47 - Sell EUR 12,049 October 2020 Ireland Buy NOK 25,361 : (62) - Deutsche Global Liquidity Managed Euro Fund 1,429,949 - Sell EUR 2,373 October 2020 Platinum Class Buy NOK 2,816,313 : (6,892) (0.02) Sell EUR 263,504 October 2020 Luxembourg Buy SEK 25,186 : (21) - Sell EUR 2,421 October 2020 Arcelormittal Preference Shares 1,435,796 - Buy SEK 255,547 : (218) - Sell EUR 24,563 October 2020 Netherlands Buy USD 10,006 : 108 - Netherlands (Kingdom of) 0.00% 30/03/2021 1,003,076 - Sell EUR 8,423 October 2020 Netherlands (Kingdom of) 0.00% 29/09/2020 - 1,000,000 Buy USD 19,948 : (28) - Netherlands (Kingdom of) 0.00% 28/08/2020 - 1,000,000 Sell EUR 17,034 October 2020 Buy USD 20 : --SUPRANATIONAL Sell EUR 17 October 2020 ESM 0.00% 18/03/2021 1,002,801 - Buy USD 20,007 : (125) - Sell EUR 17,181 October 2020 Switzerland Buy USD 2,459 : 27 - Sell EUR 2,069 October 2020 STMicroelectronics 0.000001% 04/08/2027 - 355,728 Buy USD 2,477 : 27 - Sell EUR 2,085 October 2020 United Kingdom Buy USD 2,481 : 27 - Ocado 0.75% 18/01/2027 - 361,704 Sell EUR 2,088 October 2020 Buy USD 2,483 : 27 - United States Sell EUR 2,090 October 2020 Okta 0.375% 15/06/2026 - 462,489 Buy USD 2,495 : 28 - Wayfair 0.625% 01/10/2025 - 507,068 Sell EUR 2,099 October 2020 Buy USD 2,504 : 28 - Sell EUR 2,107 October 2020 Buy USD 6,225,912 : 68,814 0.20 Sell EUR 5,238,934 October 2020 21,794 0.06

Investment in securities and derivatives 29,350,492 85.28 Other net assets 5,066,387 14.72 Total net assets 34,416,879 100.00

# In the case of derivative instruments, Commitment refers to the gross position taken by the Fund and is disclosed as an absolute value. * In the case of derivative instruments, Market Value refers to the net prof t or loss and is used in the calculation of the Fund NAV. Any diﬀ erences in the percentage of Net Assets f gures are the result of roundings.

76 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

United Kingdom Absolute Return Fund

Investment report for the year from 1 October 2019 to 30 September 2020

Investment Fund Managers Ben Wallace and Luke Newman

The fund returned 2.7% (Net) based on Class R Sterling terms accumulation over the year under review, compared with a return of 0.4% in the Bank of England Base Rate Sterling terms.

UK equities – particularly domestically focused sectors – rallied towards the end of 2019 as the general election gave the incumbent Conservative Party an unexpectedly strong parliamentary majority. US and European indices also rose, on broadly supportive earnings, positive rhetoric about a US/China trade deal, and interest rate cuts from the US Federal Reserve.

Markets fell rapidly during February and March as COVID-19 became a global pandemic, travel bans were enforced, non-essential trade curtailed, and the market priced in a period of signif cant economic disruption. These unprecedented events prompted governments and central banks to introduce monetary and f scal stimulus measures worldwide, to aid af ected businesses and individuals. This support allowed markets to rebound rapidly and continue the recovery during the spring and summer months. However, equity markets remained volatile, particularly those sectors or industries with demand patterns or supply chains disrupted by government actions to control the spread of the virus.

With the domestic equity market strongly down over the reporting year, the long book delivered an overall negative return. The largest detractor was the position in house builder Bellway, with the sector hard hit by the pandemic-induced construction and mortgage freeze. The sector was also caught up in renewed uncertainty about Brexit, as UK/European Union trade talks became increasingly dif cult. The long position in WPP also fell, with the company reporting a revenue drop as advertising spending moderated and the outlook for new campaign budgets was impacted by uncertainty caused, in part, by the pandemic. BP also detracted, although this was a hedge for the fund’s overall net short positioning within the energy sector.

The top-performing long position was in Danish freight provider DSV Panalpina, with the company reporting results that were ahead of expectations while management issued improved guidance. The long holding in US-listed gold mining company Newmont also performed well, driven by the continued strong run in gold prices and reassuring production rates. The long position in Muenchener Rueckver enjoyed strong share price performance thanks to an increase in market share, its ability to write new business at more attractive rates and the speculated tailwind of rising bond yields.

The short book delivered an overall positive return during the reporting year. The top single stock performer was a short holding in a UK-listed house builder (used as a hedge against our overall long position within the sector). A short position in a US-listed oil major also contributed to performance, while a short holding in a credit ratings business detracted.

The fund was active in the recapitalisation process on both the long and short books, and we maintained an open dialogue with companies and advisers that needed to raise new equity to repair balance sheets and to fund future growth. The initial public of ering market reopened sooner than anticipated for companies with attractive business models, typically those with a well-invested technology platform that can survive and grow in a post COVID-19 environment. Positioning within domestically focused UK stocks was actively managed during the reporting year, with the fund maintaining a neutral positioning, overall. This positioning ref ected the increased odds of a ‘no deal’ Brexit and was intended to protect against continued weakness in Sterling. The shorter-term Tactical book was also active over the reporting year, with sharp moves in currency, f xed income and commodity markets all presenting trading opportunities, as did placings and rights issues in the wake of the COVID-19 crisis.

The divergent impact of COVID-19, challenging macroeconomic backdrop and uncertain geopolitical outlook necessitates that stock selection is as important as ever, and we remain focused on the divergence of fortunes in which companies f nd themselves. The long book continues to position itself in those businesses with evidence of past prof tability, strong demand for their goods or services and potential for increased market share. The short book seeks to prof t from companies under pressure in the ‘new normal’ and/or face structural headwinds. We remain cautious about any exposure to the UK economy as the next few months, until the end of the transition period at the end of this year, will likely be driven by political grandstanding and volatility. The vast majority of the fund’s London-listed exposure is to businesses with international operating exposure.

77 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund United Kingdom Absolute Return Fund

Performance target: To outperform the Bank of England Base Rate, after the deduction of charges, over any 3 year period.

The fund will hold a signif cant proportion of its assets in cash and money market instruments as a result of holding derivatives and for when the investment manager wishes to take a defensive stance. Conversely, the fund may also employ ‘leverage’ (so that the fund can invest a greater amount than its actual value) when the investment manager has greater conf dence in the opportunities available.

Typically, at least 60% of the exposure to the long and short positions (in aggregate) will be to companies of any size, in any industry, in the UK. Companies may be incorporated or headquartered in the UK, deriving signif cant revenue from the UK, or constituents of the FTSE All Share Index. Up to 40% of the long and short exposure may be to non-UK companies.

The fund is actively managed with reference to the Bank of England Base Rate as this forms the basis of the fund’s performance target and the level above which performance fees may be charged (if applicable). For currency hedged Share Classes, the central bank rate that corresponds with the relevant Share Class currency is used as the basis of the performance comparison and for calculating performance fees. The investment manager has complete discretion to choose investments for the fund and is not constrained by a benchmark.

Performance history (unaudited)

Fund 1 year to 1 year to 1 year to 1 year to 1 year to 30 Sep 16 30 Sep 17 30 Sep 18 30 Sep 19 30 Sep 20 % % % %

United Kingdom Absolute Return Fund R£ Acc (Net) 4.74 1.94 0.37 (0.65) 2.73

Bank of England Base Rate 0.46 0.25 0.52 0.75 0.39

Please note the performance target is to be achieved over a specif c annualised time period. Refer to the performance target section above within the Investment objective.

Class R£ Acc is disclosed as it is the representative share class.

Past performance is not a guide to future performance.

78 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund United Kingdom Absolute Return Fund

Statement of Net Assets Statement of Operations As at 30 September 2020 For the year from 1 October 2019 to 30 September 2020 Notes GBP Notes GBP

Assets Income Investment in securities at market value 3 2,134,721,170 Dividend income (net of withholding tax) 3 8,667,627 Cash at bank 12 375,387,721 Bond interest income 3 739,689 Interest and dividends receivable 3 1,800,948 Interest on certif cates of deposit 3 9,705,624 Subscriptions receivable 4,475,708 Derivative income 3 27,295,863 Receivable for investments sold 9,538,928 Interest received on contracts for diff erence 3 5,671,329 Unrealised gain on contracts for diff erence 3 32,200,837 Other income 3, 13 1,435,473 Unrealised gain on futures contracts 3 4,339,431 Total income 53,515,605 Unrealised gain on forward foreign exchange contracts 3 2,888,625 Purchased option contracts at market value 3 - Swap contracts at market value 3 - Other assets 119,689 Management fee rebate 5,255 Total assets 2,565,478,312 Liabilities Expenses Bank overdraft 12 - Management fees 6, 14 23,946,422 Payable for investments purchased 42,403,051 Administration, registrar and transfer agent fees 6 830,831 Taxes and expenses payable 8,116,243 Custodian fees 6 130,052 Redemptions payable 10,474,803 Shareholder servicing fees and initial sales charges 6, 14 51,701 Unrealised loss on contracts for diff erence 3 29,849,212 Depositary fees 6 142,514 Unrealised loss on futures contracts 3 670,988 Derivative expenses 3 27,031,553 Unrealised loss on forward foreign exchange contracts 3 45,131,876 Interest paid on contracts for diff erence 3 7,614,087 Sold option contracts at market value 3 - Performance fees 6 3,267,906 Swap contracts at market value 3 - Taxation ("taxe d'abonnement") 7 437,963 Dividends payable to shareholders - Other expenses 6 987,725 Interest and dividends payable on CFD 582,565 Total expenses 64,440,754 Other liabilities - Total liabilities 137,228,738 Net expense from investments (10,925,149) Net realised gain/(loss) Net realised gain on investment securities 3 40,485,769 Net realised gain on contracts for diff erence 3 71,683,498 Net realised gain on futures contracts 3 1,500,796 Net realised gain/loss on swap contracts 3 - Net realised gain/loss on options contracts 3 - Net realised gain on forward foreign exchange contracts 3 77,926,482 Net realised gain on currency exchange 3,426,096 Net realised gain on investments and derivatives 195,022,641 Net change in unrealised appreciation/depreciation Change in net unrealised appreciation/ depreciation on investments 3 (27,203,455) Change in net unrealised appreciation/ depreciation on contracts for diff erence 3 (5,730,598) Change in net unrealised appreciation/ depreciation on futures contracts 3 1,762,589 Change in net unrealised appreciation/ depreciation on swap contracts 3 - Change in net unrealised appreciation/ depreciation on options contracts 3 - Change in net unrealised appreciation/ depreciation on forward foreign exchange contracts 3 (45,495,062) Change in net unrealised appreciation/ depreciation on currency exchange (350,191) Change in unrealised appreciation/ depreciation on investments and derivatives (77,016,717)

Net assets at the end of the year 2,428,249,574 Net increase in assets as a result of operations 107,080,775

The accompanying notes form an integral part of these f nancial statements.

79 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund United Kingdom Absolute Return Fund

Statement of Changes in Net Assets For the year from 1 October 2019 to 30 September 2020 GBP Notes GBP

Net assets at the beginning of the year 2,701,213,148 Proceeds from shares issued 1,325,311,344 Net expense from investments (10,925,149) Payments for shares redeemed (1,705,336,781) Net realised gain on investments and derivatives 195,022,641 Net equalisation (paid)/received 10 (18,912) Change in unrealised appreciation/depreciation on (77,016,717) Dividend distributions 11 - investments and derivatives Net assets at the end of the year 2,428,249,574

Share Transactions For the year from 1 October 2019 to 30 September 2020 B$ Acc F$ Acc G$ Acc G€ Acc H$ Acc (hedged) (hedged) (hedged) G£ Acc G£ Dist (hedged) (hedged) Shares outstanding at the beginning of the year 3,031,574.93 2,240,200.02 8,655,953.50 7,775,903.63 36,907,721.63 202,158,013.20 1,077,508.06 Shares issued during the year 246,771.05 544,869.23 3,084,713.45 407,805.39 25,869,302.12 110,409,964.64 114,630.69 Shares redeemed during the year (1,036,867.91) (640,588.33) (6,365,628.09) (5,947,761.70) (28,394,156.17) (94,811,236.64) (259,830.61) Shares outstanding at the end of the year 2,241,478.07 2,144,480.92 5,375,038.86 2,235,947.32 34,382,867.58 217,756,741.20 932,308.14 Equivalent to a net asset value per share of: 5.47 5.53 6.39 6.12 6.11 5.83 6.35

H€ Acc HCHF Acc I$ Acc H£ Acc H£ Dist (hedged) (hedged) (hedged) I£ Acc I£ Dist Shares outstanding at the beginning of the year 1,545,663.68 22,093.63 4,747,640.86 27,223.00 10,609,897.67 4,798,304.04 3,163,548.46 Shares issued during the year 257,585.67 6,152.03 3,241,236.54 - 4,748,329.10 590,012.52 20,602,332.59 Shares redeemed during the year (378,041.90) (4,407.49) (3,903,841.07) (26,723.00) (9,906,239.27) (1,802,305.57) (21,647,636.43) Shares outstanding at the end of the year 1,425,207.45 23,838.17 4,085,036.33 500.00 5,451,987.50 3,586,010.99 2,118,244.62 Equivalent to a net asset value per share of: 6.09 5.46 5.78 5.08 7.60 12.62 5.37

I¥ Acc I€ Acc ICHF Acc R$ Acc R€ Acc RCHF Acc (hedged) (hedged) (hedged) (hedged) R£ Acc (hedged) (hedged) Shares outstanding at the beginning of the year 6,248,279.91 95,784,583.59 309,532.29 10,301,594.13 8,330,269.00 77,655,852.16 553,506.35 Shares issued during the year - 57,751,361.36 34,409.07 2,025,097.01 924,640.82 7,845,350.25 - Shares redeemed during the year (25,500.00) (81,553,807.86) (241,153.48) (4,427,878.58) (3,007,408.49) (34,267,858.93) (61,603.47) Shares outstanding at the end of the year 6,222,779.91 71,982,137.09 102,787.88 7,898,812.56 6,247,501.33 51,233,343.48 491,902.88 Equivalent to a net asset value per share of: 557.43 7.26 5.26 6.22 3.11 6.98 4.96

80 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund United Kingdom Absolute Return Fund

Net Asset Value Summary

Net Asset Value Per Share As at As at As at As at As at As at 30 Sep 18 30 Sep 19 30 Sep 20 30 Sep 18 30 Sep 19 30 Sep 20 EUR 4,553,238,206 EUR 3,053,316,281 EUR 2,677,023,743 B$ Acc (hedged) 5.27 5.30 5.47 GBP 4,055,614,328 GBP 2,701,213,148 GBP 2,428,249,574 F$ Acc (hedged) 5.25 5.33 5.53 G$ Acc (hedged) 6.03 6.15 6.39 G£ Acc 5.92 5.93 6.12 G£ Dist 5.93 5.92 6.11 G€ Acc (hedged) 5.75 5.69 5.83 H$ Acc (hedged) 6.02 6.12 6.35 H£ Acc 5.91 5.91 6.09 H£ Dist 5.30 5.30 5.46 H€ Acc (hedged) 5.72 5.64 5.78 HCHF Acc (hedged) 5.05 4.97 5.08 I$ Acc (hedged) 7.20 7.32 7.60 I£ Acc 12.26 12.25 12.62 I£ Dist 5.22 5.21 5.37 I¥ Acc (hedged) 550.67 544.13 557.43 I€ Acc (hedged) 7.19 7.09 7.26 ICHF Acc (hedged) 5.25 5.16 5.26 R$ Acc (hedged) 5.94 6.01 6.22 R£ Acc 3.05 3.03 3.11 R€ Acc (hedged) 6.99 6.86 6.98 RCHF Acc (hedged) 5.00 4.88 4.96

Total expense ratio (TER) (unaudited) Dividend reinvestment/ dividend distribution per Share

30 Sep 18 30 Sep 19 30 Sep 20 Pay Date 11 Nov 20 B$ Acc (hedged) 2.33% 2.11% 2.13% B$ Acc (hedged) n/a F$ Acc (hedged) 1.53% 1.22% 1.57% F$ Acc (hedged) n/a G$ Acc (hedged) 1.24% 0.83% 1.35% G$ Acc (hedged) n/a G£ Acc 1.12% 0.83% 1.23% G£ Acc n/a G£ Dist 1.12% 0.82% 1.05% G£ Dist n/a G€ Acc (hedged) 1.02% 0.83% 1.03% G€ Acc (hedged) n/a H$ Acc (hedged) 1.44% 1.09% 1.42% H$ Acc (hedged) n/a H£ Acc 1.39% 1.08% 1.35% H£ Acc n/a H£ Dist 1.34% 1.10% 1.31% H£ Dist n/a H€ Acc (hedged) 1.27% 1.09% 1.09% H€ Acc (hedged) n/a HCHF Acc (hedged) 1.21% 1.07% 1.02% HCHF Acc (hedged) n/a I$ Acc (hedged) 1.44% 1.07% 1.37% I$ Acc (hedged) n/a I£ Acc 1.33% 1.07% 1.35% I£ Acc n/a I£ Dist 1.29% 1.07% 1.76% I£ Dist n/a I¥ Acc (hedged) 1.08% 1.07% 1.21% I¥ Acc (hedged) n/a I€ Acc (hedged) 1.26% 1.07% 1.12% I€ Acc (hedged) n/a ICHF Acc (hedged) 1.19% 1.08% 1.09% ICHF Acc (hedged) n/a R$ Acc (hedged) 1.88% 1.61% 1.79% R$ Acc (hedged) n/a R£ Acc 1.82% 1.61% 1.66% R£ Acc n/a R€ Acc (hedged) 1.77% 1.61% 1.63% R€ Acc (hedged) n/a RCHF Acc (hedged) 1.72% 1.61% 1.63% RCHF Acc (hedged) n/a

TER is calculated in accordance with SFAMA (Swiss Funds and Asset Management Association). The amounts earned in relation to performance fees for the year are shown in note 6 to the f nancial statements. The TER includes performance fees as at 30 September 2020.

81 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund United Kingdom Absolute Return Fund

Portfolio as at 30 September 2020 (continued) Portfolio as at 30 September 2020 (continued)

Number Market % of Number Market % of of Securities Value Net of Securities Value Net GBP Assets GBP Assets

Transferable securities and money market instruments admitted to an oﬃ cial exchange listing United States (continued) and/or dealt on another regulated market, unless otherwise stated. 27,356 Ralph Lauren 1,438,158 0.06 Equities 24.28% 42,806 Salesforce.com 8,312,536 0.34 Denmark 1.88% 112,408 Sensata Technologies 3,752,730 0.15 222,621 DSV Panalpina 28,253,702 1.17 28,189 S&P Global 7,858,709 0.32 104,559 Novo Nordisk 'B' 5,607,097 0.23 599,843 Univar Solutions 7,829,789 0.32 109,137 Orsted 11,703,201 0.48 54,058 Visa 8,350,389 0.34 45,564,000 1.88 34,536 Vulcan Materials 3,620,430 0.15 84,249 Willis Towers Watson 13,617,800 0.56 Germany 1.31% 216,721,014 8.92 884,876 Instone Real Estate 15,964,609 0.66 297,898 Vonovia 15,883,210 0.65 Collective Investment Schemes 4.79% 31,847,819 1.31 116,251,813 Deutsche Global Liquidity Managed 116,251,813 4.79 Platinum Sterling Fund Ireland 0.02% 738,826 Cairn Homes 521,390 0.02 Certif cates of Deposit 58.84% Australia 3.67% Netherlands 0.44% GBP 38,000,000 Australia & New Zealand Bank 0.05% 38,004,851 1.57 8,973 ASML 2,561,592 0.11 25/03/2021 49,726 Just Eat Takeaway.com 4,313,391 0.17 GBP 15,000,000 Commonwealth Bank of Australia 0.56% 15,016,136 0.62 09/12/2020 30,060 Koninklijke DSM 3,835,721 0.16 GBP 18,000,000 Commonwealth Bank of Australia 0.90% 18,017,986 0.74 10,710,704 0.44 09/11/2020 GBP 18,000,000 National Australia Bank 0.90% 18,021,048 0.74 Sweden 0.30% 16/11/2020 459,244 SKF 'B' 7,396,342 0.30 89,060,021 3.67

Switzerland 1.34% Canada 2.47% 112,841 Nestlé 10,391,975 0.43 GBP 20,000,000 Canadian Imperial Bank of Commerce 20,008,949 0.83 256,133 Swiss Re 14,722,742 0.61 0.80% 20/10/2020 27,424 Zurich Insurance 7,406,119 0.30 GBP 20,000,000 Toronto-Dominion Bank 0.15% 20,006,545 0.82 32,520,836 1.34 18/12/2020 GBP 10,000,000 Toronto-Dominion Bank 0.85% % 10,000,474 0.41 United Kingdom 10.07% 02/10/2020 9,049,400 RELX 156,227,226 6.44 GBP 10,000,000 Toronto-Dominion Bank 1.60% 10,075,164 0.41 23/03/2021 31,288,850 Sherborne Investors 'A' 9,355,366 0.39 60,091,132 2.47 6,612,292 Sherborne Investors 'B' 347,145 0.01 2,900,465 THG 17,350,582 0.71 Finland 4.34% 20,263,334 Trian Investors 1 19,047,534 0.78 GBP 12,750,000 Nordea Bank 0.06% 22/04/2021 12,751,925 0.53 899,715 Unilever 42,062,054 1.74 GBP 30,000,000 Nordea Bank 0.07% 30/10/2020 30,002,147 1.24 244,389,907 10.07 GBP 22,500,000 Nordea Bank 0.09% 21/06/2021 22,505,885 0.93 GBP 20,000,000 Nordea Bank 0.11% 06/01/2021 20,005,882 0.82 United States 8.92% GBP 20,000,000 Nordea Bank 0.30% 30/11/2020 20,010,047 0.82 3,009 Alphabet 'C' 3,418,653 0.14 105,275,886 4.34 6,129 Amazon.com 14,921,541 0.61 37,448 American Water Works 4,195,230 0.17 France 2.33% 233,484 Analog Devices 21,077,312 0.88 GBP 10,000,000 Crédit Agricole 0.19% 31/08/2021 10,010,071 0.41 46,197 AON 7,366,399 0.30 GBP 6,500,000 Crédit Agricole 0.94% 17/12/2020 6,512,906 0.27 502,769 Boston Scientif c 14,854,008 0.61 GBP 20,000,000 Crédit Industriel et Commercial 0.625% 20,013,956 0.83 47,794 CME 'A' 6,182,018 0.25 09/11/2020 459,161 Coca-Cola 17,520,430 0.72 GBP 20,000,000 Société Générale 0.72% 02/11/2020 20,013,301 0.82 51,531 Facebook 10,433,553 0.43 56,550,234 2.33 136,337 JPMorgan Chase 10,149,345 0.42 21,291 MasterCard 5,565,008 0.23 Germany 4.18% 64,522 Microsoft 10,491,563 0.43 GBP 20,000,000 DZ Bank 0.69% 28/10/2020 20,010,847 0.82 366,214 Newmont 17,975,022 0.75 GBP 20,000,000 Landesbank Hessen-Thüringen 0.00% 20,010,633 0.82 385,379 Oracle 17,790,391 0.74 04/11/2020 GBP 20,000,000 Landesbank Hessen-Thüringen 0.465% 20,020,953 0.83 21/12/2020

82 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund United Kingdom Absolute Return Fund

Portfolio as at 30 September 2020 (continued) Portfolio as at 30 September 2020 (continued)

Number Market % of Number Market % of of Securities Value Net of Securities Value Net GBP Assets GBP Assets

Germany (continued) United Kingdom (continued) GBP 15,000,000 Landesbank Hessen-Thüringen 0.52% 15,030,888 0.62 GBP 6,500,000 Barclays Bank 0.33% 30/12/2020 6,505,374 0.27 26/02/2021 GBP 7,000,000 Barclays Bank 0.92% 30/10/2020 7,005,392 0.29 GBP 20,000,000 Landesbank Hessen-Thüringen 0.525% 20,011,765 0.82 GBP 15,000,000 HSBC 0.23% 06/04/2021 15,015,647 0.62 09/11/2020 GBP 6,500,000 HSBC 0.25% 10/08/2021 6,509,991 0.27 GBP 6,500,000 Landesbank Hessen-Thüringen 0.58% 6,522,573 0.27 27/05/2021 GBP 15,000,000 HSBC 0.29% 26/03/2021 15,019,358 0.62 101,607,659 4.18 GBP 15,500,000 HSBC 0.37% 08/03/2021 15,523,730 0.64 GBP 15,000,000 HSBC 0.50% 18/02/2021 15,028,208 0.62 Japan 3.71% GBP 15,000,000 HSBC 0.50% 24/02/2021 15,029,301 0.62 GBP 32,000,000 Mitsubishi UFJ Trust and Banking 0.12% 32,000,594 1.32 GBP 10,000,000 HSBC 0.60% 20/05/2021 10,035,407 0.41 05/10/2020 GBP 90,000,000 Lloyds Bank 0.05% 03/12/2020 90,008,002 3.71 GBP 35,000,000 MUFG Bank 0.03% 26/10/2020 35,001,169 1.44 GBP 50,000,000 Santander UK 0.06% 06/11/2020 50,003,717 2.06 GBP 23,000,000 MUFG Bank 0.04% 24/11/2020 23,001,517 0.95 GBP 12,000,000 Santander UK 0.17% 05/10/2020 12,000,305 0.49 90,003,280 3.71 GBP 40,000,000 Standard Chartered Bank 0.06% 40,004,326 1.65 04/12/2020 Netherlands 6.34% GBP 20,250,000 Standard Chartered Bank 0.10% 20,257,047 0.83 GBP 24,000,000 ABN AMRO Bank 0.065% 11/01/2021 24,004,271 0.99 01/03/2021 GBP 28,000,000 ABN AMRO Bank 0.07% 04/01/2021 28,005,164 1.16 GBP 20,000,000 Standard Chartered Bank 0.65% 20,013,096 0.82 05/11/2020 GBP 12,000,000 ABN AMRO Bank 0.10% 06/10/2020 12,000,228 0.49 GBP 10,000,000 Standard Chartered Bank 1.10% 10,004,282 0.41 GBP 25,000,000 ABN AMRO Bank 0.21% 01/10/2020 25,000,154 1.03 14/10/2020 GBP 25,000,000 Rabobank 0.04% 23/03/2021 25,002,034 1.03 397,981,964 16.39 GBP 20,000,000 Rabobank 0.06% 04/02/2021 20,003,546 0.82 GBP 20,000,000 Rabobank 0.28% 19/11/2020 20,007,848 0.82 United States 3.88% 154,023,245 6.34 GBP 12,250,000 Citibank 0.07% 07/01/2021 12,252,301 0.50 GBP 31,500,000 Citibank 0.07% 09/11/2020 31,502,822 1.31 Singapore 1.02% GBP 20,000,000 Citibank 0.09% 08/02/2021 20,005,728 0.82 GBP 12,500,000 United Overseas Bank 0.20% 20/11/2020 12,503,597 0.52 GBP 19,000,000 Citibank 0.10% 06/10/2020 A 19,000,361 0.78 GBP 12,250,000 United Overseas Bank 0.25% 03/11/2020 12,253,023 0.50 GBP 11,500,000 Citibank 0.10% 06/10/2020 B 11,500,219 0.47 24,756,620 1.02 94,261,431 3.88

Sweden 4.74% Investment in securities 2,134,721,170 87.91 GBP 25,000,000 Handelsbanken 0.045% 04/01/2021 25,002,936 1.03 GBP 25,500,000 Handelsbanken 0.07% 15/10/2020 25,500,904 1.06 Number Commitment# Market % of GBP 19,500,000 Handelsbanken 0.07% 30/10/2020 19,501,395 0.80 of Securities Value Net GBP 25,000,000 Handelsbanken 0.11% 01/10/2020 25,000,086 1.03 GBP GBP Assets GBP 20,000,000 Handelsbanken 0.58% 09/11/2020 20,012,971 0.82 115,018,292 4.74 Derivatives (1.49%)* Contracts for Diﬀ erence 0.10% Switzerland 2.06% Equity Contracts for Diﬀ erence 0.05% GBP 10,000,000 Credit Suisse 0.12% 01/10/2021 10,003,107 0.41 (137,217) Accor 2,986,550 60,132 - GBP 10,000,000 UBS 0.10% 31/08/2021 10,001,974 0.41 81,826 Air Liquide 10,068,209 (471,309) (0.02) GBP 10,000,000 UBS 0.58% 25/05/2021 10,034,759 0.41 (39,590) Allianz 5,889,392 617,389 0.03 GBP 10,000,000 UBS 0.63% 19/05/2021 10,037,174 0.42 81,409 Amundi 4,443,545 (86,766) - GBP 10,000,000 UBS 0.75% 18/12/2020 10,016,259 0.41 184,397 Anglo American 3,458,919 (128,709) (0.01) 50,093,273 2.06 (74,670) Arcadis 1,257,425 6,434 - (85,223) Ashtead 2,386,244 119,270 - United Arab Emirates 3.71% 399,809 Assa Abloy 'B' 7,266,679 194,938 0.01 GBP 10,000,000 First Abu Dhabi Bank 0.11% 23/03/2021 10,004,150 0.41 150,844 AstraZeneca 12,756,877 2,415 - GBP 20,000,000 First Abu Dhabi Bank 0.34% 04/01/2021 20,017,891 0.82 (117,331) AT&T 2,582,498 73,041 - GBP 20,000,000 First Abu Dhabi Bank 0.50% 17/12/2020 20,021,420 0.82 115,604 Autoliv 6,576,198 (243,785) (0.01) GBP 25,000,000 First Abu Dhabi Bank 0.53% 27/11/2020 25,021,142 1.04 1,004,956 AXA 14,384,512 (1,091,827) (0.04) GBP 15,000,000 First Abu Dhabi Bank 0.77% 30/10/2020 15,009,705 0.62 1,844,972 BAE Systems 8,892,765 (479,693) (0.02) 90,074,308 3.71 9,433,470 Balfour Beatty 21,093,239 (1,094,283) (0.05) (2,667,781) Banco Santander 3,870,333 498,492 0.02 United Kingdom 16.39% (139,011) Bank of Nova Scotia 'A' 4,450,429 7,647 - GBP 40,000,000 Barclays Bank 0.07% 01/12/2020 40,004,799 1.65 (31,348) Bank of Nova Scotia 'B' 1,003,604 34,945 - GBP 10,000,000 Barclays Bank 0.23% 10/09/2021 10,013,982 0.41 (5,713,155) Barclays 5,576,611 281,454 0.01

83 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund United Kingdom Absolute Return Fund

Portfolio as at 30 September 2020 (continued)

Number Commitment# Market % of Number Commitment# Market % of of Securities Value Net of Securities Value Net GBP GBP Assets GBP GBP Assets

Equity Contracts for Diff erence (continued) Equity Contracts for Diff erence (continued) (2,719,990) Barratt Developments 12,941,712 826,877 0.03 171,004 Next 10,174,738 (56,619) - (112,570) Barrick Gold 2,446,360 90,993 - 146,906 Ocado 4,031,101 702,211 0.03 539,200 Bellway 12,676,592 (112,042) - (69,764) Omnicom 2,670,923 220,980 0.01 230,514 Berkeley 9,746,132 (454,113) (0.02) 580,913 Pennon 5,989,213 5,809 - 786,024 BHP 12,999,265 (715,686) (0.03) 124,272 Pernod Ricard 15,344,484 (538,867) (0.02) 1,913,827 BP 4,309,938 (705,245) (0.03) 900,257 Persimmon 22,263,356 (504,144) (0.02) (7,195,596) British Land 24,277,941 132,740 0.01 (303,213) Phoenix 2,086,712 (6,988) - 4,300,281 BT 4,230,616 (466,785) (0.02) 269,303 Prosus 19,227,030 (461,683) (0.02) 93,963 Burberry 1,460,185 (17,795) - 2,925,014 Quilter 3,749,868 (226,641) (0.01) (8,070) Clorox 1,311,781 103,840 - (49,943) Randstad 2,017,064 45,075 - (347,717) Crest Nicholson 686,741 8,693 - 221,447 Reckitt Benckiser 16,741,393 (75,319) - (342,482) CRH (Irish Listing) 9,593,037 273,377 0.01 (8,903,729) RELX 153,678,363 6,544,241 0.27 1,299,577 CRH (UK Listing) 36,336,173 (1,668,830) (0.07) 60,109 Rio Tinto 2,798,375 (77,983) - 48,517 Danaher 8,079,161 317,754 0.01 30,413 Roche 8,071,211 (362,334) (0.01) (188,459) Diageo 4,994,164 (59,728) - (10,171,513) Royal Dutch Shell 'A' 98,043,214 11,313,933 0.46 (19,463) Dillard's 550,634 (26,421) - 10,461,657 Royal Dutch Shell 'B' 98,360,499 (9,052,905) (0.37) 3,098,046 E.ON 26,491,251 (1,213,556) (0.05) 1,220,523 Ryanair 12,709,514 (506,717) (0.02) (64,269) Experian 1,876,655 19,104 - 302,157 Sanof 23,393,905 (598,860) (0.02) (268,883) Exxon Mobil 7,138,045 602,280 0.02 (204,645) Securitas 'B' 2,429,702 (42,326) - (115,984) Ferguson 9,060,670 (344,657) (0.01) 967,450 Severn Trent 23,596,106 241,863 0.01 (118,124) Flowers Foods 2,222,135 (82,234) - 1,736 SGS 3,608,079 95,738 - 164,812 Flutter Entertainment 20,189,470 380,046 0.02 204,928 Siemens Healthineers 7,107,281 59,504 - (171,190) Fortum 2,688,698 (62,113) - (270,307) Skanska 'B' 4,445,116 (91,694) - (37,471) General Mills 1,787,177 (118,256) - 258,803 Smurf t Kappa (Irish 7,866,560 477,576 0.02 (615,840) GlaxoSmithKline 8,941,997 442,173 0.02 Listing) 372,844 Grainger 1,108,092 (52,198) - 156,320 Smurf t Kappa (UK Listing) 4,752,128 228,227 0.01 (151,293) Halma 3,547,821 (49,864) - (15,234) Société BIC 618,093 42,975 - (129,203) Hanesbrands 1,573,562 12,058 - 318,200 Spectris 7,754,534 (492,414) (0.02) (24,294) Hanover Insurance 1,751,111 48,953 - 1,790,576 Standard Chartered 6,376,241 (418,995) (0.02) (46,908) Hartford Financial Services 1,337,248 28,846 - (3,331,603) Taylor Wimpey 3,613,123 66,926 - (18,469) HEICO 1,495,678 107,502 - (21,486) Temenos 2,247,283 365,578 0.02 (148,782) Hormel Foods 5,627,085 70,777 - (121,621) Tencent 6,364,218 (93,135) - (1,961,169) HSBC 5,912,925 418,325 0.02 4,845,112 Tesco 10,295,863 (402,144) (0.02) 770,103 Intermediate Capital 9,187,329 (190,442) (0.01) (1,724) Tesla 571,982 8,159 - (27,415) International Business 2,579,169 69,873 - (48,653) Travelers 4,070,662 166,906 0.01 Machines (58,503) Unibail-Rodamco-Westf eld 1,669,998 327,419 0.01 (1,924,828) International Consolidated 1,828,972 1,909,044 0.08 (810,925) Unilever 38,729,778 454,118 0.02 Airlines 'A' (1,141,638) United Utilities 9,770,138 25,116 - (1,924,828) International Consolidated 57,745 (57,745) - (25,266) VF 1,372,744 85,015 - Airlines 'B' (272,982) Vistry 1,551,903 45,042 - (146,710) Interpublic 1,891,184 184,409 0.01 (56,841) Walmart 6,150,594 (116,765) - (912,681) Intesa Sanpaolo 1,327,152 145,787 0.01 (223,683) Whitbread 4,753,264 246,146 0.01 363,806 JDE Peet's 11,457,521 (485,097) (0.02) 2,447,336 WPP 14,879,803 11,427 - 30,547 Just Eat Takeaway.com 2,655,145 105,148 - 1,182,182,597 1,152,624 0.05 (61,402) Kohl's 879,852 161,051 0.01 3,744,048 Lancashire 25,908,812 (2,639,554) (0.11) Index Contracts for Diff erence 0.05% 3,819,819 Land Securities 19,958,554 (278,847) (0.01) (4,984) FTSE 250 Index 86,299,455 1,199,001 0.05 8,982,323 Legal & General 16,918,205 (609,946) (0.03) (22,536,525) Lloyds Banking 5,939,501 (91,954) - Futures 0.15% 17,550 LVMH Moet Hennessy 6,359,278 (160,240) (0.01) (67) CME E-mini Nasdaq 100 (110,130) - 475,313 Mondi 7,792,757 587,012 0.02 December 2020 (17,338) Moody's 3,886,767 (95,287) - (934) CME E-mini Russell 2000 536,371 0.02 43,179 Muenchener Rueckver 8,524,567 (1,157,367) (0.05) December 2020 809,987 National Grid 7,207,264 279,033 0.01 (500) CME E-mini S&P 500 215,561 0.01 December 2020 (9,162) Netf ix 3,542,586 (210,305) (0.01)

84 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund United Kingdom Absolute Return Fund

Portfolio as at 30 September 2020 (continued)

Number Commitment# Market % of Number Commitment# Market % of of Securities Value Net of Securities Value Net GBP GBP Assets GBP GBP Assets

Futures (continued) Forward Foreign Exchange Contracts (continued) 1,861 EUX Euro Stoxx Bank (560,858) (0.02) Buy EUR 105,781 : (1,150) - December 2020 Sell GBP 97,163 November 2020 (2,088) EUX Euro Stoxx50 2,341,316 0.09 Buy EUR 1,097,060 : 1,487 - December 2020 Sell GBP 994,276 November 2020 (503) ICE FTSE 100 1,246,183 0.05 Buy EUR 114,040 : (1,728) - December 2020 Sell GBP 105,238 November 2020 3,668,443 0.15 Buy EUR 1,176,000 : 11,001 - Sell GBP 1,056,412 November 2020 Forward Foreign Exchange Contracts (0.39%) Buy EUR 131,949 : 11 - Buy CAD 1,287,993 : 5,927 - Sell GBP 119,809 December 2020 Sell GBP 739,875 November 2020 Buy EUR 1,496,772 : (23,945) - Buy CAD 4,224,109 : (22,677) - Sell GBP 1,382,512 November 2020 Sell GBP 2,468,614 November 2020 Buy EUR 1,563,520 : (7,881) - Buy CAD 4,641,300 : (20,187) - Sell GBP 1,427,033 November 2020 Sell GBP 2,707,887 October 2020 Buy EUR 1,583,120 : 3,360 - Buy CAD 63,853 : (482) - Sell GBP 1,432,757 October 2020 Sell GBP 37,455 November 2020 Buy EUR 1,825,013 : 3,740 - Buy CHF 1,120,396 : 1,666 - Sell GBP 1,651,808 October 2020 Sell GBP 941,779 October 2020 Buy EUR 210,720,826 : (307,380) (0.01) Buy CHF 1,169,222 : 7,675 - Sell GBP 191,461,364 October 2020 Sell GBP 976,886 October 2020 Buy EUR 219,300 : 484 - Buy CHF 1,234,351 : (561) - Sell GBP 198,452 October 2020 Sell GBP 1,039,964 October 2020 Buy EUR 2,341,647 : 9,430 - Buy CHF 1,758,153 : 9,893 - Sell GBP 2,114,779 October 2020 Sell GBP 1,470,584 October 2020 Buy EUR 239,470 : (1,984) - Buy CHF 2,983,307 : 5,078 - Sell GBP 219,342 November 2020 Sell GBP 2,507,058 October 2020 Buy EUR 25,412 : 341 - Buy CHF 8,265,429 : 6,660 - Sell GBP 22,725 November 2020 Sell GBP 6,964,021 December 2020 Buy EUR 2,609,800 : (34,514) - Buy DKK 11,028,052 : (16,714) - Sell GBP 2,403,337 November 2020 Sell GBP 1,361,238 November 2020 Buy EUR 300,340 : (5,627) - Buy DKK 11,192,903 : (41) - Sell GBP 278,235 November 2020 Sell GBP 1,365,275 December 2020 Buy EUR 3,494,345 : 18,137 - Buy DKK 1,224,748 : 1,202 - Sell GBP 3,151,735 October 2020 Sell GBP 148,050 October 2020 Buy EUR 3,613,168 : (30,956) - Buy DKK 12,844,927 : 23,247 - Sell GBP 3,310,501 November 2020 Sell GBP 1,542,789 November 2020 Buy EUR 381,100 : 983 - Buy DKK 14,209,733 : 1,159 - Sell GBP 344,729 October 2020 Sell GBP 1,730,491 October 2020 Buy EUR 437,183 : 1,296 - Buy DKK 17,119,585 : (37,718) - Sell GBP 395,292 October 2020 Sell GBP 2,124,914 November 2020 Buy EUR 494,229 : 7,033 - Buy DKK 18,257,273 : 7,039 - Sell GBP 441,304 October 2020 Sell GBP 2,217,859 October 2020 Buy EUR 502,810 : (5,434) - Buy DKK 18,356,798 : 2,471 - Sell GBP 461,817 November 2020 Sell GBP 2,235,564 November 2020 Buy EUR 520,268 : 7,696 - Buy DKK 183,835,948 : (29,708) - Sell GBP 464,533 November 2020 Sell GBP 22,432,628 October 2020 Buy EUR 536,240 : 2,058 - Buy DKK 352,387 : 191 - Sell GBP 484,388 October 2020 Sell GBP 42,752 October 2020 Buy EUR 546,170 : (4,196) - Buy DKK 3,885,410 : (1,099) - Sell GBP 499,935 November 2020 Sell GBP 474,803 November 2020 Buy EUR 551,689 : (16) - Buy DKK 6,302,572 : (11,215) - Sell GBP 500,993 December 2020 Sell GBP 779,616 November 2020 Buy EUR 574,797 : 122 - Buy DKK 669,261 : (761) - Sell GBP 521,839 December 2020 Sell GBP 82,357 November 2020 Buy EUR 59,240 : (294) - Buy DKK 7,557,451 : (7,437) - Sell GBP 54,064 November 2020 Sell GBP 928,831 November 2020 Buy EUR 639,060 : 3,342 - Buy DKK 8,863,446 : (8,728) - Sell GBP 576,376 October 2020 Sell GBP 1,089,346 November 2020 Buy EUR 747,932 : 4,001 - Buy DKK 8,966,536 : 726 - Sell GBP 674,481 October 2020 Sell GBP 1,091,969 October 2020 Buy EUR 753,371 : 10,116 - Sell GBP 673,692 November 2020

85 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund United Kingdom Absolute Return Fund

Portfolio as at 30 September 2020 (continued)

Number Commitment# Market % of Number Commitment# Market % of of Securities Value Net of Securities Value Net GBP GBP Assets GBP GBP Assets

Forward Foreign Exchange Contracts (continued) Forward Foreign Exchange Contracts (continued) Buy EUR 775,440 : 10,246 - Buy GBP 191,645,571 : 294,345 0.01 Sell GBP 693,594 November 2020 Sell EUR 210,720,826 December 2020 Buy EUR 808,000 : 319 - Buy GBP 194,996,897 : (1,251,725) (0.05) Sell GBP 732,652 October 2020 Sell EUR 216,336,959 October 2020 Buy EUR 818,399 : 13,943 - Buy GBP 2,193,620 : 12,610 - Sell GBP 728,889 November 2020 Sell USD 2,820,200 November 2020 Buy EUR 865,363 : (12,812) - Buy GBP 22,449,310 : 26,258 - Sell GBP 798,271 November 2020 Sell DKK 183,835,948 December 2020 Buy GBP 1,011,840 : (10,500) - Buy GBP 226,037 : (2,531) - Sell EUR 1,126,341 November 2020 Sell USD 295,500 October 2020 Buy GBP 1,013,226 : 19,667 - Buy GBP 227,121,884 : (6,778,548) (0.29) Sell SEK 11,493,485 November 2020 Sell USD 302,449,864 November 2020 Buy GBP 1,019,148 : (4,334) - Buy GBP 2,424,967 : 16,065 - Sell EUR 1,128,247 October 2020 Sell USD 3,115,500 December 2020 Buy GBP 104,697 : 14 - Buy GBP 244,002 : 142 - Sell USD 135,390 December 2020 Sell CHF 289,352 November 2020 Buy GBP 1,061,602 : (17,887) - Buy GBP 24,476,607 : (328,859) (0.01) Sell USD 1,395,600 October 2020 Sell CHF 29,432,808 November 2020 Buy GBP 1,082,849 : (3,611) - Buy GBP 247,985 : (1,434) - Sell CAD 1,876,172 October 2020 Sell EUR 274,950 October 2020 Buy GBP 1,111,336 : (1,552) - Buy GBP 24,953,829 : (119,022) - Sell EUR 1,226,100 November 2020 Sell DKK 205,745,115 October 2020 Buy GBP 1,123,081 : (18,444) - Buy GBP 2,554,384 : (17,123) - Sell EUR 1,257,650 November 2020 Sell DKK 21,101,510 October 2020 Buy GBP 1,138,450 : (19,214) - Buy GBP 2,599,775 : (43,185) - Sell USD 1,496,668 October 2020 Sell USD 3,416,908 October 2020 Buy GBP 1,176,665 : (10,881) - Buy GBP 2,707,404 : 20,052 - Sell USD 1,535,300 October 2020 Sell CAD 4,641,300 December 2020 Buy GBP 119,168 : (1,481) - Buy GBP 272,487 : (3,042) - Sell USD 155,979 October 2020 Sell USD 356,213 October 2020 Buy GBP 1,193,946 : (6,781) - Buy GBP 2,748,501 : (85,904) - Sell EUR 1,323,635 October 2020 Sell USD 3,664,416 October 2020 Buy GBP 1,289,715 : (7,463) - Buy GBP 30,128,434 : (453,237) (0.02) Sell EUR 1,429,960 October 2020 Sell DKK 250,836,823 November 2020 Buy GBP 1,327,482 : 22,443 - Buy GBP 3,177,776 : 51,258 - Sell DKK 10,704,183 November 2020 Sell EUR 3,444,574 November 2020 Buy GBP 134,676 : (2,521) - Buy GBP 341,006 : (3,895) - Sell EUR 151,154 November 2020 Sell USD 445,900 October 2020 Buy GBP 1,381,426 : (19,787) - Buy GBP 341,125 : (900) - Sell USD 1,811,536 October 2020 Sell EUR 377,035 October 2020 Buy GBP 146,278 : 1,173 - Buy GBP 34,312,048 : 344,495 0.01 Sell CAD 250,596 November 2020 Sell USD 43,914,412 October 2020 Buy GBP 153,916 : 2,638 - Buy GBP 350,977 : (5,285) - Sell USD 195,613 November 2020 Sell EUR 392,504 November 2020 Buy GBP 1,542,199 : (20,269) - Buy GBP 3,731,196 : (150,737) (0.01) Sell CAD 2,698,173 October 2020 Sell USD 5,019,615 November 2020 Buy GBP 159,675 : (3,301) - Buy GBP 383,775 : (1,724) - Sell USD 210,700 October 2020 Sell EUR 424,960 October 2020 Buy GBP 1,688,861 : (16,929) - Buy GBP 38,558 : (214) - Sell USD 2,205,303 October 2020 Sell CAD 66,955 October 2020 Buy GBP 1,714,085 : (246) - Buy GBP 398,210 : (5,692) - Sell EUR 1,887,865 December 2020 Sell EUR 445,246 October 2020 Buy GBP 173,368 : Sell SEK 1,974,284 2,701 - Buy GBP 4,073,282 : 33,778 - November 2020 Sell SEK 46,728,975 November 2020 Buy GBP 1,757,898 : 12,660 - Buy GBP 421,072 : 6,552 - Sell EUR 1,921,900 December 2020 Sell SEK 4,795,168 November 2020 Buy GBP 1,827,981 : 12,386 - Buy GBP 422,755 : (5,390) - Sell USD 2,348,160 December 2020 Sell USD 553,521 October 2020 Buy GBP 1,893,638 : (55,284) - Buy GBP 451,189 : 4,171 - Sell USD 2,520,094 November 2020 Sell EUR 492,492 November 2020 Buy GBP 1,895,806 : 9,073 - Buy GBP 4,600,041 : (52,564) - Sell USD 2,439,679 November 2020 Sell USD 6,015,047 October 2020

86 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund United Kingdom Absolute Return Fund

Portfolio as at 30 September 2020 (continued)

Number Commitment# Market % of Number Commitment# Market % of of Securities Value Net of Securities Value Net GBP GBP Assets GBP GBP Assets

Forward Foreign Exchange Contracts (continued) Forward Foreign Exchange Contracts (continued) Buy GBP 4,659,836 : (77,220) - Buy GBP 859,205 : 10,991 - Sell USD 6,124,228 October 2020 Sell USD 1,096,800 November 2020 Buy GBP 4,783,749 : (42,038) - Buy GBP 897,229 : 7,965 - Sell SEK 55,814,282 December 2020 Sell EUR 979,728 November 2020 Buy GBP 478,646 : (2,253) - Buy GBP 899,732 : (2,013) - Sell SEK 5,563,038 November 2020 Sell EUR 994,050 October 2020 Buy GBP 4,878,032 : 32,689 - Buy GBP 911,039 : 8,266 - Sell USD 6,266,616 December 2020 Sell SEK 10,443,271 November 2020 Buy GBP 4,883,127 : 59,197 - Buy GBP 912,371 : (13,579) - Sell SEK 55,814,282 October 2020 Sell USD 1,197,100 October 2020 Buy GBP 493,983 : 4,491 - Buy GBP 932,413 : 9,482 - Sell SEK 5,662,441 November 2020 Sell USD 1,193,415 November 2020 Buy GBP 5,051,998 : 17,215 - Buy GBP 963,538 : 2,967 - Sell USD 6,510,332 November 2020 Sell EUR 1,058,289 November 2020 Buy GBP 519,104 : (3,020) - Buy GBP 98,213 : 808 - Sell EUR 575,570 October 2020 Sell EUR 107,314 November 2020 Buy GBP 53,034,284 : (800,179) (0.03) Buy GBP 983,532 : (26,312) - Sell EUR 59,310,961 November 2020 Sell USD 1,305,800 November 2020 Buy GBP 534,265 : 4,442 - Buy GBP 998,352 : (29,074) - Sell EUR 583,721 November 2020 Sell USD 1,328,535 November 2020 Buy GBP 5,388,561 : 84,685 - Buy SEK 55,814,282 : 41,515 - Sell USD 6,858,288 November 2020 Sell GBP 4,782,416 October 2020 Buy GBP 552,285 : 1,098 - Buy USD 1,045,300 : 8,025 - Sell EUR 607,259 November 2020 Sell GBP 800,509 October 2020 Buy GBP 5,527,825 : (198,609) (0.01) Buy USD 113,957 : (1,550) - Sell USD 7,404,686 November 2020 Sell GBP 89,679 November 2020 Buy GBP 56,339 : (448) - Buy USD 1,216,970 : 24,573 - Sell EUR 62,600 October 2020 Sell GBP 916,574 November 2020 Buy GBP 569,289 : (12,920) - Buy USD 1,539,752 : 6,846 - Sell USD 752,700 October 2020 Sell GBP 1,183,925 November 2020 Buy GBP 580,379 : (3,425) - Buy USD 1,624,478 : 24,651 - Sell USD 754,900 November 2020 Sell GBP 1,231,874 October 2020 Buy GBP 597,731 : 30 - Buy USD 1,866,137 : 30,772 - Sell USD 773,023 December 2020 Sell GBP 1,412,411 November 2020 Buy GBP 605,737 : 7,689 - Buy USD 187,600 : 2,851 - Sell USD 773,318 November 2020 Sell GBP 142,256 October 2020 Buy GBP 611,255 : (1,415) - Buy USD 1,916,000 : 28,368 - Sell EUR 675,383 October 2020 Sell GBP 1,453,376 November 2020 Buy GBP 627,738 : (6,140) - Buy USD 1,977,778 : (8,752) - Sell USD 819,500 October 2020 Sell GBP 1,538,272 November 2020 Buy GBP 679,726 : (13,944) - Buy USD 2,017,434 : (17,553) - Sell USD 896,800 October 2020 Sell GBP 1,577,740 November 2020 Buy GBP 690,703 : (8,613) - Buy USD 2,138,035 : (18,461) - Sell USD 904,100 October 2020 Sell GBP 1,671,916 November 2020 Buy GBP 6,953,902 : (6,120) - Buy USD 240,400 : 7,226 - Sell CHF 8,265,429 October 2020 Sell GBP 178,688 November 2020 Buy GBP 7,282,737 : 35,417 - Buy USD 2,793,720 : (36,203) - Sell SEK 83,836,969 November 2020 Sell GBP 2,196,734 November 2020 Buy GBP 749,604 : 12,904 - Buy USD 3,137,284 : 13,863 - Sell EUR 811,643 November 2020 Sell GBP 2,412,364 November 2020 Buy GBP 754,428 : (4,305) - Buy USD 3,353,431 : 51,958 - Sell USD 981,096 November 2020 Sell GBP 2,541,902 October 2020 Buy GBP 7,737,282 : (13,421) - Buy USD 3,522,609 : (43,820) - Sell USD 10,022,208 November 2020 Sell GBP 2,768,040 November 2020 Buy GBP 77,614 : (401) - Buy USD 386,993 : 3,985 - Sell EUR 86,000 October 2020 Sell GBP 295,352 October 2020 Buy GBP 818,781 : (13,860) - Buy USD 420,438 : (1,149) - Sell USD 1,076,467 October 2020 Sell GBP 326,296 November 2020 Buy GBP 823,458 : (8,071) - Buy USD 4,347,100 : 72,055 - Sell USD 1,075,029 October 2020 Sell GBP 3,289,787 November 2020 Buy GBP 84,034 : (693) - Buy USD 43,914,412 : (347,473) (0.01) Sell EUR 93,400 October 2020 Sell GBP 34,302,064 December 2020

87 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund United Kingdom Absolute Return Fund

Portfolio as at 30 September 2020 (continued)

Number Commitment# Market % of Number Commitment# Market % of of Securities Value Net of Securities Value Net GBP GBP Assets GBP GBP Assets

Forward Foreign Exchange Contracts (continued) Forward Foreign Exchange Contracts (Hedged share classes) (continued) Buy USD 4,581,311 : 45,809 - Buy EUR 24,958,426 : (371,667) (0.02) Sell GBP 3,497,809 October 2020 Sell GBP 23,015,438 October 2020 Buy USD 4,834,142 : 46,801 - Buy EUR 27 : -- Sell GBP 3,692,381 October 2020 Sell GBP 25 October 2020 Buy USD 495,195 : 3,506 - Buy EUR 2,736,769 : (22,339) - Sell GBP 379,525 October 2020 Sell GBP 2,505,299 October 2020 Buy USD 4,992,057 : 56,476 - Buy EUR 341,941 : (975) - Sell GBP 3,804,852 October 2020 Sell GBP 311,205 October 2020 Buy USD 52,660,098 : 508,137 0.02 Buy EUR 352,401,889 : (5,247,758) (0.22) Sell GBP 40,224,153 October 2020 Sell GBP 324,967,755 October 2020 Buy USD 5,396,214 : (69,588) - Buy EUR 35,998 : (294) - Sell GBP 4,242,765 November 2020 Sell GBP 32,954 October 2020 Buy USD 5,655,267 : 83,661 - Buy EUR 40,711 : (311) - Sell GBP 4,289,855 November 2020 Sell GBP 37,246 October 2020 Buy USD 6,079,422 : 143,041 0.01 Buy EUR 45,034 : (843) - Sell GBP 4,559,358 October 2020 Sell GBP 41,701 October 2020 Buy USD 685,938 : 1,405 - Buy EUR 483,302 : (7,197) - Sell GBP 529,066 November 2020 Sell GBP 445,677 October 2020 Buy USD 78,900 : 1,016 - Buy EUR 525,495,951 : (7,825,370) (0.32) Sell GBP 60,013 October 2020 Sell GBP 484,586,617 October 2020 Buy USD 880,700 : (6,953) - Buy EUR 5,857 : (110) - Sell GBP 688,045 November 2020 Sell GBP 5,423 October 2020 (9,384,879) (0.39) Buy EUR 6,796,050 : (101,203) - Sell GBP 6,266,984 October 2020 Forward Foreign Exchange Contracts (Hedged share classes) (1.35%) Buy EUR 75,172 : (812) - Buy CHF 19,945 : (128) - Sell GBP 69,013 October 2020 Sell GBP 16,926 October 2020 Buy EUR 80,695 : 21 - Buy CHF 2,399,318 : (34,472) - Sell GBP 73,190 October 2020 Sell GBP 2,055,238 October 2020 Buy EUR 858,660 : (2,449) - Buy CHF 2,748 : (39) - Sell GBP 781,477 October 2020 Sell GBP 2,354 October 2020 Buy EUR 958,815 : (6,260) - Buy CHF 41,513 : (596) - Sell GBP 876,154 October 2020 Sell GBP 35,560 October 2020 Buy GBP 1,004,024 : (290) - Buy CHF 511,866 : (7,354) - Sell EUR 1,106,975 October 2020 Sell GBP 438,461 October 2020 Buy GBP 102,006 : 692 - Buy CHF 9,112 : (131) - Sell USD 130,988 October 2020 Sell GBP 7,805 October 2020 Buy GBP 103,243 : 1,652 - Buy EUR 1,014,416 : (5,001) - Sell EUR 111,975 October 2020 Sell GBP 925,341 October 2020 Buy GBP 10,921 : 90 - Buy EUR 10,187,549 : (151,707) (0.01) Sell EUR 11,938 October 2020 Sell GBP 9,394,458 October 2020 Buy GBP 114 : -- Buy EUR 104,918 : (1,548) - Sell USD 147 October 2020 Sell GBP 96,736 October 2020 Buy GBP 115,164 : 658 - Buy EUR 11,152 : (120) - Sell USD 148,043 October 2020 Sell GBP 10,238 October 2020 Buy GBP 12,021 : 189 - Buy EUR 112,529 : (860) - Sell USD 15,297 October 2020 Sell GBP 102,953 October 2020 Buy GBP 1,248,858 : (360) - Buy EUR 1,245,563,394 : (18,548,181) (0.76) Sell EUR 1,376,914 October 2020 Sell GBP 1,148,597,529 October 2020 Buy GBP 130,538 : 1,078 - Buy EUR 130,175 : (1,690) - Sell EUR 142,693 October 2020 Sell GBP 119,793 October 2020 Buy GBP 14,009 : 80 - Buy EUR 166,595 : (1,273) - Sell USD 18,008 October 2020 Sell GBP 152,418 October 2020 Buy GBP 1,426,712 : 20,134 - Buy EUR 192,658 : (2,916) - Sell EUR 1,550,360 October 2020 Sell GBP 177,706 October 2020 Buy GBP 1,583 : 11 - Buy EUR 21,134 : (228) - Sell USD 2,033 October 2020 Sell GBP 19,402 October 2020 Buy GBP 16,099 : 258 - Buy EUR 23,521 : (305) - Sell EUR 17,461 October 2020 Sell GBP 21,645 October 2020 Buy GBP 163,900 : 2,581 - Buy EUR 24,201,569 : (360,396) (0.01) Sell USD 208,567 October 2020 Sell GBP 22,317,501 October 2020 Buy GBP 16,550 : 261 - Sell USD 21,060 October 2020

88 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund United Kingdom Absolute Return Fund

Portfolio as at 30 September 2020 (continued)

Number Commitment# Market % of Number Commitment# Market % of of Securities Value Net of Securities Value Net GBP GBP Assets GBP GBP Assets

Forward Foreign Exchange Contracts (Hedged share classes) (continued) Forward Foreign Exchange Contracts (Hedged share classes) (continued) Buy GBP 181 : 3- Buy GBP 69,213 : 494 - Sell CHF 211 October 2020 Sell EUR 75,743 October 2020 Buy GBP 195,453 : 3,952 - Buy GBP 727,700 : 6,079 - Sell EUR 211,076 October 2020 Sell EUR 795,385 October 2020 Buy GBP 201,934 : 633 - Buy GBP 8,004,170 : 45,707 - Sell EUR 221,879 October 2020 Sell USD 10,289,409 October 2020 Buy GBP 208,150 : 1,719 - Buy GBP 81,234 : 1,333 - Sell EUR 227,532 October 2020 Sell EUR 88,069 October 2020 Buy GBP 21,469 : 116 - Buy GBP 90,414 : 1,562 - Sell EUR 23,535 October 2020 Sell USD 114,877 October 2020 Buy GBP 228,497 : 1,887 - Buy GBP 950,380 : 15,593 - Sell EUR 249,773 October 2020 Sell EUR 1,030,342 October 2020 Buy GBP 23,201 : 125 - Buy GBP 9,730 : (56) - Sell EUR 25,435 October 2020 Sell USD 12,653 October 2020 Buy GBP 23,754 : (40) - Buy JPY 3,394,746,099 : 3,528 - Sell USD 30,764 October 2020 Sell GBP 24,881,236 October 2020 Buy GBP 2,423 : 8- Buy JPY 75,212,661 : 78 - Sell EUR 2,662 October 2020 Sell GBP 551,259 October 2020 Buy GBP 260,760 : 3,324 - Buy USD 100,297 : (268) - Sell USD 332,837 October 2020 Sell GBP 77,844 October 2020 Buy GBP 3,010 : 20 - Buy USD 10,085 : 20 - Sell USD 3,866 October 2020 Sell GBP 7,780 October 2020 Buy GBP 31,066 : 489 - Buy USD 104,173 : (285) - Sell USD 39,532 October 2020 Sell GBP 80,859 October 2020 Buy GBP 32,432 : 300 - Buy USD 11,614,143 : (31,787) - Sell EUR 35,416 October 2020 Sell GBP 9,014,882 October 2020 Buy GBP 3,253,245 : 29,008 - Buy USD 1,179 : 2- Sell EUR 3,553,820 October 2020 Sell GBP 910 October 2020 Buy GBP 33,203 : 114 - Buy USD 12,054,848 : (32,993) - Sell USD 42,780 October 2020 Sell GBP 9,356,957 October 2020 Buy GBP 339,934 : 2,429 - Buy USD 149,719 : 667 - Sell EUR 372,005 October 2020 Sell GBP 115,135 October 2020 Buy GBP 3,639 : 46 - Buy USD 15,304 : (208) - Sell USD 4,645 October 2020 Sell GBP 12,045 October 2020 Buy GBP 367,803 : (106) - Buy USD 210,016 : (2,099) - Sell EUR 405,517 October 2020 Sell GBP 164,538 October 2020 Buy GBP 3,776 : 65 - Buy USD 212,336 : (581) - Sell USD 4,798 October 2020 Sell GBP 164,815 October 2020 Buy GBP 39,422 : 402 - Buy USD 219,287 : (600) - Sell USD 50,448 October 2020 Sell GBP 170,210 October 2020 Buy GBP 4,259,520 : 86,132 - Buy USD 248,902 : (2,159) - Sell EUR 4,599,993 October 2020 Sell GBP 194,676 October 2020 Buy GBP 4,378,146 : 40,521 - Buy USD 2,626 : 3- Sell EUR 4,781,018 October 2020 Sell GBP 2,028 October 2020 Buy GBP 44,887 : 458 - Buy USD 35,005 : 156 - Sell USD 57,442 October 2020 Sell GBP 26,919 October 2020 Buy GBP 46,103 : 738 - Buy USD 39,603 : (538) - Sell EUR 50,002 October 2020 Sell GBP 31,170 October 2020 Buy GBP 5,164 : 66 - Buy USD 40,639,626 : (111,228) - Sell USD 6,592 October 2020 Sell GBP 31,544,423 October 2020 Buy GBP 537,535 : 7,586 - Buy USD 41,109 : (217) - Sell EUR 584,121 October 2020 Sell GBP 32,013 October 2020 Buy GBP 55,207 : 298 - Buy USD 43,879 : (597) - Sell EUR 60,521 October 2020 Sell GBP 34,535 October 2020 Buy GBP 564,623 : 6,644 - Buy USD 43,975,388 : (120,358) - Sell EUR 615,015 October 2020 Sell GBP 34,133,637 October 2020 Buy GBP 653,519 : 4,669 - Buy USD 48,364,383 : (132,370) (0.01) Sell EUR 715,176 October 2020 Sell GBP 37,540,368 October 2020 Buy GBP 656,435 : 6,076 - Buy USD 5,001 : (13) - Sell EUR 716,839 October 2020 Sell GBP 3,881 October 2020 Buy GBP 661,071 : 6,118 - Buy USD 54,006 : 241 - Sell EUR 721,902 October 2020 Sell GBP 41,530 October 2020

89 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson Fund United Kingdom Absolute Return Fund

Forward Foreign Exchange Contracts (Hedged share classes) (continued) Canada Buy USD 56,639 : 74 - Toronto-Dominion Bank 1.15% 05/11/2019 55,011,214 55,000,000 Sell GBP 43,734 October 2020 Buy USD 5,823,262 : (15,938) - Sell GBP 4,520,008 October 2020 France Buy USD 733,650 : (2,008) - Crédit Agricole 0.21% 01/09/2020 50,000,000 - Sell GBP 569,459 October 2020 Société Générale 0.77% 03/12/2019 55,000,000 55,000,000 Buy USD 7,634 : (34) - Sell GBP 5,939 October 2020 Japan Buy USD 802,748 : (2,197) - Mitsubishi UFJ Trust and Banking 0.79% 01/10/2019 - 53,000,000 Sell GBP 623,092 October 2020 Mitsubishi UFJ Trust and Banking 0.81% 55,000,000 55,000,000 Buy USD 825 : (4) - 10/01/2020 Sell GBP 643 October 2020 Buy USD 889,809 : (2,435) - Switzerland Sell GBP 690,669 October 2020 Nestlé - 55,730,092 Buy USD 97,207 : (1,258) - Sell GBP 76,444 October 2020 United Kingdom (32,858,372) (1.35) Barclays Bank 0.68% 05/06/2020 52,000,000 52,000,000 Lloyds Bank 0.05% 03/12/2020 90,000,000 - Investment in securities and derivatives 2,098,497,987 86.42 Nationwide Building Society 0.83% 03/04/2020 51,004,965 51,000,000 Other net assets 329,751,587 13.58 UK Treasury 0.00% 01/06/2020 94,848,658 94,998,370 Total net assets 2,428,249,574 100.00

# In the case of derivative instruments, Commitment refers to the gross position taken by United States the Fund and is disclosed as an absolute value. Bank of America 0.90% 25/11/2019 51,008,226 51,000,000 * In the case of derivative instruments, Market Value refers to the net prof t or loss and is Citibank 0.40% 07/08/2020 50,000,000 - used in the calculation of the Fund Net Asset Value. Oracle - 62,548,989 Any diﬀ erences in the percentage of Net Assets f gures are the result of roundings.

90 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Notes to the Financial Statements As at 30 September 2020

1. General information Janus Henderson Fund (the Company) is an open-ended investment company organised as a société anonyme under the laws of the Grand Duchy of Luxembourg and qualif es as a SICAV. The Company was incorporated in Luxembourg on 26 September 2000 and is qualif ed as a UCITS under Part 1 of the Luxembourg law of 17 December 2010 relating to undertakings for investment, as amended (the ‘Law’).

For the year from 1 October 2019 to 30 September 2020, the Company comprised of the following nine funds:

Equity Funds Janus Henderson Fund Continental European Fund Janus Henderson Fund Emerging Markets Fund Janus Henderson Fund Global Equity Fund Janus Henderson Fund Latin American Fund Janus Henderson Fund Pan European Fund Janus Henderson Fund Pan European Smaller Companies Fund

Alternate Solutions Funds Janus Henderson Fund Global Equity Market Neutral Fund Janus Henderson Fund Global Multi-Strategy Fund* Janus Henderson Fund United Kingdom Absolute Return Fund

* The Janus Henderson Global Multi-Strategy Fund launched on 3 June 2020.

Share classes launched and closed during the year from 1 October 2019 to 30 September 2020

Equity Funds

Fund Name Share Classes Closed date Emerging Markets Fund B$ Acc 29 September 2020 F$ Acc 4 August 2020

There were no share classes launched during the year.

Alternate Solutions Funds

Fund Name Share Classes Launch date Global Equity Market Neutral Fund E€ Dist (hedged) 13 March 2020 G£ Acc (hedged) 30 April 2020 H$ Acc 10 July 2020 HCHF Acc (hedged) 10 July 2020 I£ Acc (hedged) 30 April 2020 ICHF Acc (hedged) 10 July 2020 P$ Acc 18 December 2019 Global Multi-Strategy Fund E$ Acc (hedged) 3 June 2020 E£ Acc (hedged) 3 June 2020 E€ Acc 3 June 2020 ENOK Acc (hedged) 25 June 2020 ESEK Acc (hedged) 25 June 2020 F$ Acc (hedged) 20 August 2020 G$ Acc (hedged) 3 June 2020 G£ Acc (hedged) 25 June 2020 G€ Acc 3 June 2020 H$ Acc (hedged) 3 June 2020 H€ Acc 3 June 2020 I$ Acc (hedged) 3 June 2020 I£ Acc (hedged) 25 June 2020 I€ Acc 3 June 2020

91 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Notes to the Financial Statements (continued) As at 30 September 2020

1. General information (continued) Alternate Solutions Funds (continued)

Fund Name Share Classes Launch date Global Multi-Strategy Fund (continued) INOK Acc (hedged) 25 June 2020 ISEK Acc (hedged) 25 June 2020 R$ Acc (hedged) 3 June 2020 R€ Acc 3 June 2020 Z$ Acc (hedged) 25 June 2020 Z£ Acc (hedged) 3 June 2020 Z€ Acc 3 June 2020 ZAU$ Acc (hedged) 3 June 2020 Z¥ Acc (hedged) 25 June 2020

There were no share classes closed during the year.

Equity Funds The Equity funds aim to achieve a long-term return, in excess of the long-term return that is typically achieved from the relevant equity markets, through investment of each fund’s assets in a diversif ed range of transferable securities. Each Equity fund listed above will invest at least two thirds of its net assets in equity and/or equity related transferable securities and their derivatives, such as common stock, American Depository Receipts (ADRs), European Depositary Receipts (EDRs) and Global Depositary Receipts (GDRs), preferred stock, warrants on equity and other rights to acquire stock. Within the remaining third each Equity fund may invest in convertible bonds and other debt securities (with or without warrants on transferable securities attached) or hold Money Market Instruments which are regularly negotiated and have a residual maturity which does not exceed 12 months.

Each Equity fund may use options, futures and other derivative instruments.

Alternate Solutions Funds The Alternate Solutions funds may invest extensively in derivatives providing both long and synthetic short positions (short positions through the use of derivatives). As a result, as well as holding assets that may rise or fall with market values, an Alternate Solutions fund may also hold positions that may rise as the market value falls and fall as the market value rises. However, if the value of the underlying security increases, it will have a negative ef ect on the fund’s value. In a rising market, leverage can enhance returns to investors but if the market falls, losses may be greater.

The Alternate Solutions funds may employ leverage as part of their investment strategy when using derivatives. Derivatives may contain a leverage component and consequently any adverse changes in the value or level of the underlying asset, rate or index can result in a loss greater than the amount invested in the derivative itself.

Each Alternate Solutions fund (except for the Global Multi-Strategy Fund) may use options, futures and swaps (excluding total return swaps) as well as other types of derivative instruments for hedging and investment purposes. The Global Multi-Strategy Fund may use options, futures and swaps (including total return swaps) as well as other types of derivative instruments for hedging and investment purposes.

The Investment Manager may use one or more separate counterparties to undertake derivative transactions. As with all counterparty agreements, there is a risk to each party of a contract that the counterparty will not meet its contractual obligations. The Investment Manager assesses the creditworthiness of counterparties as part of the risk management process.

The Alternate Solutions funds may use forward foreign exchange transactions, to hedge, as far as is reasonably practicable, the currency exposure of the underlying assets as against the base currency of the relevant fund. However, this will not eliminate a funds’ currency risk.

The Alternate Solutions funds aim to achieve positive returns through investments in equity securities, f xed interest and their derivatives but a substantial proportion of the assets of the fund may at any time consist of cash, near cash, deposits and/or money market instruments.

Cross sub-fund investments As at 30 September 2020 there were no cross sub-fund investments.

2. Presentation of Financial Statements The accompanying f nancial statements present the f nancial position including the assets and liabilities of the Company and each fund in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the f nancial statements. They are prepared in the designated currency of each fund as stated in the prospectus. The combined statements of the Company are prepared in Euros.

The f nancial statements are prepared on a going concern basis of accounting.

92 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Notes to the Financial Statements (continued) As at 30 September 2020

2. Presentation of Financial Statements (continued) The f nancial statements include dividend declarations as at the accounting date 30 September 2020. As such the Net Asset values disclosed throughout the report may dif er from those published at the of cial valuation point on 30 September 2020.

3. Signif cant accounting policies The following is a summary of the signif cant accounting policies followed by the Company:

Valuation of investment securities The valuation of investments within the portfolio, listed securities and securities dealt on any stock exchange will be valued based on the last traded price on the stock exchange at the Net Asset Value calculation date. The stock exchange is normally the principal market for such assets. The value of assets dealt on any other regulated market is based on the last available price at 11.59 p.m. Luxembourg time, except the Emerging Markets Fund which is based on the price at 9.00 a.m. Luxembourg time on the last valuation day of the accounting year (30 September 2020) and in accordance with the rules set out in the prospectus. For the purposes of the f nancial statements, the investments have been valued on the relevant market or traded price as at 30 September 2020.

The exchange rates used to value the investments of each fund are as the valuation point on or after the dealing cut of on the dealing day concerned.

All other assets, including restricted and not readily marketable securities, will be valued in such manner as the Directors consider appropriate to ref ect their fair value. The Company reserves the right to utilise fair value techniques where the underlying markets are closed for trading at the fund’s valuation point and where the latest available market prices may not accurately represent the fair value of the fund’s holdings due to prevailing market conditions.

Units or shares of Collective Investment Schemes (CIS) are valued at their last determined and available net asset value or, if such price is not representative of the fair market value of such assets, then the price as determined by the Directors on a fair and equitable basis. Units or shares of a listed closed-ended CIS are valued at their last available stock market value.

In the case of short term instruments, the value of the instrument based on the net acquisition cost, is gradually adjusted to the par value price thereof. In the event of material changes in market conditions, the valuation basis is adjusted to the new market yields.

As a result of time variations in certain markets the prices applied to some investments do not necessarily ref ect the closing market prices for the same calendar day as the relevant dealing day.

Any dif erence arising between the cost of securities held at the reporting date and their market value at that date is recognised in the Statement of Operations and Statement of Net Assets.

Realised gains or losses resulting from investments are recognised in the Statement of Operations and Statement of Changes in Net Assets.

Forward foreign exchange contracts Forward foreign exchange contracts are valued at the forward rate applicable at the Statement of Net Assets date for the year until maturity. Gains or losses resulting from forward foreign exchange contracts are recognised in the Statement of Operations and Statement of Changes in Net Assets. Open forward foreign exchange contracts are shown in the portfolio statement at fair value.

Unrealised gains or losses resulting from forward foreign exchange contracts are recognised in the Statement of Operations and Statement of Net Assets.

Forward foreign currency contracts on hedged share classes Open forward currency contracts on hedged share classes are shown in the portfolio statement at fair value. The net gains/(losses) on forward currency contracts on hedged share classes are apportioned between hedged income on forward currency contracts in the revenue account and forward currency contracts on hedged share classes in the Statement of Operations and Statement of Changes in Net Assets, ref ecting the income and capital elements of the hedged share classes.

Unrealised gains or losses resulting from forward foreign exchange contracts on hedged share classes are recognised in the Statement of Net Assets.

Financial futures contracts Financial future contracts are valued at the exchange quoted price at the valuation point at the Statement of Net Assets date of 30 September 2020. Initial margin deposits are made in cash upon entering into f nancial futures contracts. During the year when the f nancial future contract is open, changes in the value of the contract are recognised as unrealised gains and losses in the Statement of Net Assets by marking to market on a daily basis to ref ect the market value of the contract at the end of each day’s trading. Variation margin payments are made or received, depending upon whether unrealised losses or gains are incurred. Variation margin payments are recorded in the futures margin account in the Statement of Net Assets. When the contract is closed, the fund records a realised gain or loss in the Statement of Operations and Statement of Changes in Net Assets equal to the dif erence between the proceeds from (or cost of) the closing transaction and the opening transaction.

93 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Notes to the Financial Statements (continued) As at 30 September 2020

3. Signif cant accounting policies (continued) Financial futures contracts (continued) Open f nancial future contracts are shown in the portfolio statement at fair value.

Contracts for dif erence Changes in the value of contracts for dif erence are recognised as unrealised gains or losses in the Statement of Net Assets by ‘marking- to-market’ the value at the balance sheet date, using prices supplied by independent pricing services that are based on the closing prices of the underlying securities on the recognised exchanges. When a contract is closed, the dif erence between the proceeds from (or cost of) the closing transaction and the original transaction is recorded as a realised gain or loss in the Statement of Operations and Statement of Change in Net Assets.

Open contracts for dif erence are shown in the portfolio statement at fair value.

Options When a fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an investment. When a fund sells an option, it receives a premium and an amount equal to that premium is recorded as a liability. The investment or liability is adjusted daily to ref ect the current market value of the option. If an option expires unexercised, the fund realises a gain or loss to the extent of the premium received or paid.

Swap contracts Each Alternative Solutions Fund may invest in swaps, with the exception of total return swaps, which are only invested in by the Global Multi Strategy Fund. Gains or losses resulting from swap contracts are recognised in the Statement of Operations and Statement of Changes in Net Assets. Swaps are over-the-counter (OTC) investments valued at fair market value, as determined in good faith pursuant to procedures established by the Management Company and ratif ed by the Directors.

Realised gains & losses on sale of investments The computation of realised gains and losses on sales of investments is made on the basis of average cost.

Income Distributions from CIS and dividends receivable from quoted equity and non equity shares are credited to revenue, when the security is quoted ex-dividend. Dividends on unquoted stocks are credited to revenue when the dividend is announced.

Bank interest and margin interest earned on derivative positions are recognised on an accruals basis. Positive margin interest is disclosed under the caption ‘Derivative income’ and any negative margin interest is disclosed under ‘Derivative expense’ in the Statement of Operations.

Bond interest and interest from certif cates of deposit are accrued on a daily basis.

Long positions held on contracts for dif erence are subject to f nancing costs. Interest is calculated and charged on a daily basis on the contract value. Similarly if short positions are held, interest will be received. This interest paid or received is recorded as ‘Interest received/ paid on contracts for dif erence’ within the Statement of Operations, depending on it’s nature and may be further inf uenced by the monetary policy adopted in each jurisdiction.

Special dividends are recognised as either revenue or capital depending on the nature and circumstances of the dividends receivable.

Dividend, REIT and interest income is disclosed net of withholding tax where applicable.

Dividend charges or credits are used to ensure that the contracts for dif erence mirror the value of the underlying stock when a dividend is announced. If a long position is held a payment will be received on the ex-dividend date and is ref ected within ‘Derivative income’ in the Statement of Operations. If a short position is held, a charge is deducted on ex-dividend date and is ref ected within ‘Derivative expenses’ in the Statement of Operations.

Revenue derived from the gains/losses on hedged class forward currency contracts is allocated to both the capital and revenue of the share class based upon the prior day capital/revenue split.

Securities lending The Company has entered into a securities lending programme with BNP Paribas Securities Services UK Limited acting as the Securities Lending Agent for the purposes of ef cient portfolio management and in order to generate additional revenue.

The Securities Lending Agent shall ensure that suf cient value and quality of collateral is received before or simultaneously with the movement of loaned collateral. This will then be held throughout the duration of the loan transaction and only returned once the lent asset has been received or returned back to the relevant fund. The Securities Lending Agent will also monitor and maintain all operational aspects of the assets while they are on loan.

Securities lending revenue is accounted for in the Statement of Operations within ‘Other income’.

94 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Notes to the Financial Statements (continued) As at 30 September 2020

3. Signif cant accounting policies (continued) Designated currencies As permitted by Luxembourg Law, the accounts and records of the Company are maintained in Euros, with the exception of the Emerging Markets Fund, the Global Equity Fund and the Latin American Fund which are kept in US Dollars and the United Kingdom Absolute Return Fund which is kept in Sterling.

Transactions carried out in any other currency other than Euros, which is the designated currency of the Company, are translated at the exchange rates ruling at the transaction date. Assets and liabilities are translated at the exchange rates ruling at the Statement of Net Assets date.

When the designated currency of a fund is not Euros, the dif erence between the opening net assets converted at exchange rates ruling at the beginning of the year, and closing net assets converted at exchange rates ruling at the end of the f nancial accounting year are disclosed in the combined statement of change in net assets as ‘exchange rate ef ect on opening net assets’.

Hedged share classes Any gains or losses that are incurred as a result of the hedging transactions will accrue to the relevant share class only.

The value of the share class to be hedged will be made up of both capital and income elements and the investment manager intends to hedge between 95-105% of the value of each hedged share class. Adjustments to any hedge to keep within this target range will only be made when the required adjustment is material. As such the hedged class shares will not be completely protected from all currency f uctuations.

Formation costs There were no formation expenses being charged in the year.

4. Dilution adjustment The Company operates a single swinging price policy, the threshold of which is determined by the Directors.

The Directors may consider that it is in the best interests of the existing investors to apply a swing pricing adjustment, given the prevailing market conditions and the level of certain subscriptions or redemptions requested by shareholders in relation to the size of any fund. A swing pricing adjustment (a means of compensating a fund for the dilution ef ect of material net subscription or redemption activity within the fund) may be applied to the Net Asset Value to account for the cost of dealing in the underlying securities. The swing pricing mechanism may be applied across all funds and may be adopted to protect the interests of shareholders of the Company.

If the net dealing on any valuation day is greater than the set threshold of the total value of a fund, the price will be swung up/down depending on whether the net dealing is positive/negative.

The dilution adjustment, based on normal dealing and other costs (including dealing spreads) for the particular assets in which a fund invests, can vary with market conditions and will normally not exceed 2% of the relevant fund’s net asset value. However, the Directors may decide to increase this adjustment limit in exceptional circumstances to protect shareholders’ interests.

The adjustment is included in the price of a fund, therefore all investors in a fund will be af ected by the price adjustment. e.g. if the price is swung up, investors buying into the fund will get fewer shares for their investment amount, while if it is swung down, investors redeeming their shares will do so at a lower price.

During the year under review, swing pricing mechanism has been applied for all sub-funds.

On 30 September 2020, the last working day of the year under review Global Equity Market Neutral Fund adjusted the Net Asset Value per share.

The net assets as at 30 September 2020, as disclosed in the statement of net assets, exclude the swing price adjustment. The Net Asset Value per share as at 30 September 2020 as disclosed in the net asset value summary, includes the swing price adjustment.

95 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Notes to the Financial Statements (continued) As at 30 September 2020

5. Exchange Rates The exchange rates used for the conversion into EUR of assets and liabilities of each fund denominated in other currencies and with respect to funds whose investments are valued at 09:00 Luxembourg time as detailed in Note 3 to the f nancial statements as at 30 September 2020 are as follows:

EUR 1=ARS 89.3214677 EUR 1=IDR 17482.9914549 EUR 1=PLN 4.5361908 EUR 1=AUD 1.6492872 EUR 1=ILS 4.0446445 EUR 1=QAR 4.2740815 EUR 1=BRL 6.6136447 EUR 1=INR 86.5699598 EUR 1=SAR 4.4017547 EUR 1=CAD 1.5735240 EUR 1=JPY 123.8976878 EUR 1=SEK 10.5535094 EUR 1=CHF 1.0814751 EUR 1=KES 127.3890514 EUR 1=SGD 1.6066533 EUR 1=CLP 920.7567629 EUR 1=KRW 1372.4684701 EUR 1=THB 37.1722263 EUR 1=CNH 8.0038384 EUR 1=MXN 26.3468287 EUR 1=TRY 9.1235149 EUR 1=COP 4561.5361451 EUR 1=MYR 4.8837050 EUR 1=TWD 33.9883933 EUR 1=CZK 27.2310364 EUR 1=NGN 452.4041766 EUR 1=USD 1.1735515 EUR 1=DKK 7.4467191 EUR 1=NOK 11.1057394 EUR 1=VND 27205.2699689 EUR 1=GBP 0.9139097 EUR 1=NZD 1.7826723 EUR 1=ZAR 19.9137269 EUR 1=HKD 9.0950923 EUR 1=PEN 4.2230854 EUR 1=HUF 365.1755164 EUR 1=PHP 56.8937580

The exchange rates used for the conversion into EUR of assets and liabilities of the fund denominated in other currencies and with respect to funds whose investments are valued at 23:59 Luxembourg time as detailed in Note 3 to the f nancial statements as at 30 September 2020 are as follows:

EUR 1=ARS 89.3251395 EUR 1=IDR 17449.2013243 EUR 1=PLN 4.5339471 EUR 1=AUD 1.6360833 EUR 1=ILS 4.0108848 EUR 1=QAR 4.2696721 EUR 1=BRL 6.6096422 EUR 1=INR 86.5189351 EUR 1=SAR 4.3985215 EUR 1=CAD 1.5663749 EUR 1=JPY 123.7509184 EUR 1=SEK 10.4953513 EUR 1=CHF 1.0773278 EUR 1=KES 127.2337067 EUR 1=SGD 1.6007982 EUR 1=CLP 923.8457526 EUR 1=KRW 1371.4269581 EUR 1=THB 37.1587374 EUR 1=CNH 7.9580026 EUR 1=MXN 25.8873872 EUR 1=TRY 9.0343780 EUR 1=COP 4519.8458887 EUR 1=MYR 4.8730101 EUR 1=TWD 33.9626287 EUR 1=CZK 27.0887569 EUR 1=NGN 452.0608644 EUR 1=USD 1.1726609 EUR 1=DKK 7.4437389 EUR 1=NOK 10.9721076 EUR 1=VND 27184.6249717 EUR 1=GBP 0.9070706 EUR 1=NZD 1.7740487 EUR 1=ZAR 19.5599800 EUR 1=HKD 9.0881219 EUR 1=PEN 4.2181051 EUR 1=HUF 363.1784208 EUR 1=PHP 56.8506055 6. Fees and Operational expenses Allocation of charges and expenses Each share class of each fund is charged with all costs and expenses attributable to it. Costs and expenses not attributable to a particular class or fund are allocated between all of the classes of shares pro rata to their respective net asset values.

In the case of amortised costs allocated pro rata, the Directors reserve the right to recalculate such allocation over the course of the amortisation period if they believe that such is fair and equitable in the light of the changes in funds’ respective net asset values.

Annual Management Charge The Annual Management Charge (AMC), is payable out of the assets of the fund in respect of all share classes and will cover annual servicing and management fees for such share classes. The AMC shall be payable in arrears at the end of each calendar month, calculated and accrued at each valuation point at the appropriate rate for the share class concerned.

96 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Notes to the Financial Statements (continued) As at 30 September 2020

6. Fees and Operational expenses (continued) Annual Management Charge (continued) For the year ended 30 September 2020 the management fees, as a percentage per annum on the total net assets of the relevant funds were as follows:

Type of Fund

Class Class Class Class Class B$ Acc, B€ Acc, I$ Acc, I€ Acc, H$ Acc, F$ Acc, G$ Acc, R$ Acc, R£ Acc, IS$ Acc, H£ Acc, F$ Acc G£ Acc, R€ Acc, R€ Dist, I$ Acc H€ Acc, (hedged) G€ Acc, R$ Acc (hedged), (hedged), H€ Dist, G€ Dist, R€ Acc (hedged), I€ Acc H$ Acc G$ Acc RCHF Acc (hedged), (hedged), (hedged), (hedged), IS$ Acc HCHF Acc G£ Dist RS$ Acc (hedged) (hedged) (hedged) (hedged) Equity Funds Continental European Fund 1.50% 1.00% 0.75% Up to 2.0% 0.65% Emerging Markets Fund 1.50% 1.00% 0.75% Up to 2.0% Global Equity Fund 1.50% 1.00% 0.75% Up to 2.0% Latin American Fund 1.50% 1.00% 0.75% Up to 2.0% Pan European Fund 1.50% 1.00% 0.75% 0.65% Pan European Smaller Companies Fund 1.50% 1.00% 0.75%

Class Class Class Class Class Class Class B$ Acc, H$ Acc, I$ Acc, G£ Acc, F$ Acc, E$ Acc, P$ Acc, B$ Acc (hedged), H£ Acc, I£ Acc, G£ Dist, F$ Acc E€ Acc, P€ Acc R$ Acc, R£ Acc, H£ Dist, I£ Dist, G€ Acc, (hedged) E$ Acc (hedged) R€ Acc, H€ Acc, I€ Acc, G$ Acc (hedged), R$ Acc (hedged), H$ Acc I$ Acc (hedged), E€ Acc R€ Acc (hedged), (hedged), (hedged), G£ Acc (hedged), RCHF Acc H€ Acc I£ Acc (hedged), E£ Acc (hedged) (hedged), (hedged), G€ Acc (hedged), HCHF Acc I¥ Acc (hedged) E€ Dist (hedged) (hedged), (hedged), I€ Acc ENOK Acc (hedged), (hedged), ICHF Acc ESEK Acc (hedged), (hedged) INOK Acc (hedged), ISEK Acc (hedged) Alternate Solutions Funds Global Equity Market Neutral Fund 1.50% 0.75% 0.75% 0.65% Up to 2.0% Up to 0.65% 1.40% Global Multi-Strategy Fund* 1.50% 1.00% 1.00% 0.65% Up to 2.0% Up to 0.65% 1.40% United Kingdom Absolute Return Fund 1.50% 0.90% 1.00% 0.75% Up to 2.0%

* The Global Multi-Strategy Fund was launched on 3 June 2020.

The AMC for Class Z shares is agreed between the investor and the Company and is not payable out of the assets of the fund.

Performance fees The Investment Manager is also entitled to performance fees on certain funds as detailed within the prospectus.

At 30 September 2020 the amount charged for performance fees was: Global Equity Market Neutral Fund USD 2,349,692 and United Kingdom Absolute Return Fund GBP 3,267,906. The amount outstanding at the year end was: Global Equity Market Neutral Fund USD 1,769,535 and United Kingdom Absolute Return Fund GBP 3,083,821.

97 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Notes to the Financial Statements (continued) As at 30 September 2020

6. Fees and Operational expenses (continued) Administration, Registrar and Transfer Agent fees BNP Paribas Securities Services, Luxembourg Branch has been appointed by the Management Company as Administrator under a fund administration agreement (the ‘Fund Administration Service Agreement’).

The Administrator will receive fees calculated on the basis of the net assets of the Company. Such fees will be payable monthly in arrears out of the assets of the Company.

RBC Investor Services Bank S.A., was appointed by the Management Company as Registrar and Transfer Agent under a registrar and transfer agent agreement (the Registrar and Transfer Agent Agreement). The Registrar Agent is responsible for processing the issue, redemption and transfer of shares as well as the keeping of the register of Shareholders.

The Registrar and Transfer Agent will receive fees in respect of services provided and reasonable out of pocket expenses. Such fees will be payable monthly in arrears out of the assets of the Company.

Depositary and Custody fees BNP Paribas Securities Services, Luxembourg Branch has been appointed as Depositary for the Company in order to comply with the UCITS V Directive.

The Depositary is entitled to receive out of the assets of each fund, fees in consideration for providing services to it, along with such out-of-pocket expenses and disbursements as are deemed reasonable and customary by the Directors. The Company will pay to the Depositary a fee for f duciary services, which is set at a rate of 0.006% per annum of the total net assets of the relevant fund (subject to a minimum fee of GBP 1,200 (EUR 1,400) per fund).

BNP Paribas Securities Services, Luxembourg Branch has been appointed by the Company under an agreement (the ‘Custodian Agreement’) to assure the safe custody of the Company’s assets.

The Depositary is also entitled to receive out of the assets of each fund, custody fees comprising asset-based fees and transaction-based fees that vary depending on the market in which a particular fund invests; these fees will not exceed GBP 120 (EUR 180) per transaction respectively.

Both the Depositary Fee and Custodian Fee are accrued daily and paid monthly in arrears.

Directors’ Fees Those Directors who are not employees of Janus Henderson Group plc and its af liates may each receive an annual fee out of the assets of the Company, which shall be approved by the shareholders.

Other expenses The Company will also pay, as far is as allowable under applicable regulations, all other operating expenses which include, without limitation, taxes, expenses for legal and auditing services, printing shareholders’ reports, prospectuses, all reasonable out-of-pocket expenses incurred by the Directors, registration fees and other expenses payable to supervisory and local authorities, regulatory and tax representatives appointed in various jurisdictions, insurance, interest costs, brokerage fees and costs. The Company will also pay fees or other charges levied in respect of the provision and use of benchmarks, dividend and redemption payment costs and the costs of publication of the NAV per share or other fund information, including, but not limited to, that required to be published by any regulatory authority.

Collective Investment Schemes When a fund may invest all or substantially all of its assets in collective investment schemes, there may be additional costs of investing in the underlying funds (‘underlying funds’ TERs) which would increase the TER of the fund. Accordingly, the funds TER will include a synthetic element ref ecting these underlying funds’ TERs.

When investing into other collective investment funds managed by a Janus Henderson group company, there will be no double charging of management fees.

Annual expenses The Management Company has undertaken to limit the annual expenses (other than the AMC, performance fee, dilution levy if applicable, the service fee in respect of Class B shares, the expenses related to the purchase and sale of investments and the cost of hedging) borne by each share class of the Company to a maximum of 0.50% of the average NAV per share of such share class. Any other expenses of the Company in excess of the maximum will be borne by the Investment Manager, and will be settled following the accounting year end of the Company.

There were no expenses that exceeded the maximum of 0.50% for the year ended 30 September 2020.

98 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Notes to the Financial Statements (continued) As at 30 September 2020

6. Fees and Operational expenses (continued) Share class service fee In relation to Class B shares, the Sub-Distributors appointed by the Principal Distributor shall be entitled to receive a service fee paid by the Company as compensation for services provided and expenses incurred by the Sub-Distributors in promoting the sale of Class B shares for the Company, including assistance to the investors in handling orders for subscriptions, redemptions and conversions of shares, providing and interpreting current information about the Company, and other information or assistance as may be requested. The service fee which the Sub-Distributors are entitled to receive will be 0.5% per annum of the NAV per share of Class B shares.

In respect of class R, F, H no Service Fee will be applicable.

No redemption charge will be applicable to subscribers in classes R, B, F and H.

Initial sales charge As Principal Distributor, Henderson Global Investors Limited is entitled to receive in respect of Class B, F, H, R and S of the Equity funds and Class B, E, F, G, H, I, P and R of the Alternate Solutions funds, the initial sales charge paid by the investor, as specif ed for the share class. The initial sales charge shall be expressed as a percentage of the NAV per share and shall in no case exceed the maximum permitted by the laws and regulations of any country where the shares are authorised for public sale. The Principal Distributor may in conjunction with each Sub-Distributor agree the proportion of the initial sales charge to be retained by the Sub-Distributor.

Type of fund Maximum Initial Charge Equity funds Share classes B$ Acc, B€ Acc, F$ Acc, F$ Acc (hedged), H$ Acc, H$ Acc (hedged), H£ Acc, H€ Acc, H€ Dist, HCHF Acc (hedged), R$ Acc, R$ Acc (hedged), R£ Acc, R€ Acc, R€ Acc (hedged), R€ Dist, RCHF Acc (hedged), RS$ Acc (hedged) 5% Alternate Solutions funds Share classes B$ Acc, B$ Acc (hedged), E$ Acc, E$ Acc (hedged), E£ Acc (hedged), E€ Acc, E€ Acc (hedged), E€ Dist (hedged), ENOK Acc (hedged), ESEK Acc (hedged), F$ Acc, F$ Acc (hedged), G$ Acc (hedged), G£ Acc, G£ Acc (hedged), G£ Dist, G€ Acc, G€ Acc (hedged), H$ Acc, H$ Acc (hedged), H£ Acc, H£ Dist, H€ Acc, H€ Acc (hedged), HCHF Acc (hedged), I$ Acc, I$ Acc (hedged), I£ Acc, I£ Acc (hedged), I£ Dist, I¥ Acc (hedged), I€ Acc, I€ Acc (hedged), ICHF Acc (hedged), INOK Acc (hedged), ISEK Acc (hedged), P$ Acc, P€ Acc (hedged), R$ Acc, R$ Acc (hedged), R£ Acc, R€ Acc, R€ Acc (hedged), RCHF Acc (hedged) 5%

7. Taxation Under Luxembourg tax law, there are no Luxembourg income, withholding or capital gains taxes payable by the Company. The Company is, however, subject to the tax on Luxembourg undertakings for collective investment (taxe d’abonnement).

Share classes B, F, H, R and S of the Company which are of ered in the funds will be subject to the taxe d’abonnement at the rate of 0.05% per annum of the value of the total net assets of such share class on the last day of each calendar quarter, whereas share classes E, G, I, P and Z of the Company in the funds (reserved to Institutional Investors within the meaning of the 2010 Law) will be subject to the taxe d’abonnement at the rate of 0.01% per annum of the value of the total net assets of such share class on the last day of each calendar quarter.

No stamp duty or other tax is payable in Luxembourg on the issue of shares in the Company.

Capital gains, dividends and interest on securities issued in other countries may be subject to withholding and capital gains taxes imposed by such countries.

On 1 April 2018, India introduced a taxation regime for long-term capital gains. As a result of this, the Janus Henderson Emerging Markets Fund and the Janus Henderson Global Equity Fund introduced an accrual for Indian capital gains tax incurred since 1 April 2018 on Indian securities.

8. Share class details Shares of each class in the Company have no par value, are freely transferable and, within each class, are entitled to participate equally in the prof ts arising in respect of, and in the proceeds of a liquidation of, the fund to which they are attributable. All classes of shares are issued in registered form.

The number and type of classes of shares available in each fund are detailed in the prospectus. The dif erences between share classes relate to the minimum investment, currency of denomination, dividend policy, the type of investor who is eligible to invest, the hedging strategy and the charging structure applicable to each of them.

99 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Notes to the Financial Statements (continued) As at 30 September 2020

8. Share class details (continued) Hedged share classes Share classes with currency hedging are denoted by the term ‘hedged’ in brackets after the share class name. A hedged share class is a share class designated in a currency other than the base currency of the relevant fund. Hedged share classes allow the Investment Manager to use currency hedging transactions to reduce the ef ect of f uctuations in the rate of exchange between the designated currency of shares in those classes and the base currency of the fund.

The other characteristics of the hedged share class (e.g. dividend policy, minimum investment, management fee etc) remain the same as those above but their cost is higher due to the cost of the currency hedging. Conf rmation of the funds and currencies in which the hedged share classes are available can be obtained from the registered of ce of the Company.

9. Net asset value The NAV per share of each fund will be expressed in the base currency of the fund, calculated by the Administrator on each business day in Luxembourg at each Valuation point and on other days as approved by the Board.

The NAV for each share of each fund is calculated by determining the value of the assets of the relevant fund applicable to that class, including accrued income, and deducting all liabilities (including all fees and charges) of that class, and dividing the resultant sum by the total number of shares of that class in the relevant fund in issue or allotted at that time, (the resulting amount being rounded to the nearest two decimal places) to give the NAV per share per class of the fund. The NAV per share of each share class within each fund may, at the discretion of the Directors, be rounded up or down to the nearest ten-thousandth of a €, $, £, S$, NOK, SEK, AU$ or CHF in the case of each share class denominated in €, $, £, S$, NOK, SEK, AU$ or CHF respectively and may be rounded up or down to the nearest hundredth of a ¥ in the case of each share class denominated in ¥. Any other currency share class that becomes available will be rounded up or down using similar principles as the above mentioned currencies (at the discretion of the Directors).

Further details on rules that apply in valuing the total assets can be found in the current prospectus.

If the Company had calculated the NAVs solely with a view to publication, the market prices used to value investments would have been the closing prices as at 30 September 2020. However, using these prices would not have caused the NAVs to signif cantly dif er from those shown in the f nancial statements.

10. Equalisation The Company will maintain equalisation accounts in relation to the shares with a view to ensuring that the levels of distribution payable to investors in the shares are not af ected by the issue and redemption of, or the switch from or into, shares of those funds during an accounting year. The price at which shares are bought by an investor will therefore be deemed to include an equalisation payment (which will be credited to the relevant equalisation account) calculated by reference to the net income attributed to the share class, net of fees, charges and expenses where applicable.

The f rst distribution which an investor receives in respect of such shares following the purchases may include a repayment of capital.

11. Dividend distributions Dividend reinvestment The net income of the assets of the fund attributable to the share class will not be distributed to shareholders but will be ref ected in the Net Asset Value per share of the share class concerned.

Dividend distribution Dividends will be declared in relation to the distribution policy of the share class. Dividends will normally be paid out in share class currency.

During the year from 1 October 2019 to 30 September 2020 dividends were declared and were paid/accumulated on the following funds:

Fund Share class Accounting Pay Date Rate per Shares Ccy Amount date share in class paid in class currency currency Continental European Fund Dividend paid G£ Dist (hedged) 30/09/2020 11/11/2020 0.119912 37,206.54 GBP 4,462 G€ Dist 30/09/2020 11/11/2020 0.141338 7,827,330.46 EUR 1,106,303 H€ Dist 30/09/2020 11/11/2020 0.123707 470,537.75 EUR 58,209 R€ Dist 30/09/2020 11/11/2020 0.022801 1,153,445.25 EUR 26,300

Dividend reinvested F$ Acc 30/09/2020 11/11/2020 0.190815 166.67 USD 32 F$ Acc (hedged) 30/09/2020 11/11/2020 0.191800 166.67 USD 32 G$ Acc 30/09/2020 11/11/2020 0.148747 27,270.65 USD 4,056

100 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Notes to the Financial Statements (continued) As at 30 September 2020

11. Dividend distributions (continued) Fund Share class Accounting Pay Date Rate per Shares Ccy Amount date share in class paid in class currency currency Continental European Fund (continued) G$ Acc (hedged) 30/09/2020 11/11/2020 0.172485 14,278.31 USD 2,463 G£ Acc 30/09/2020 11/11/2020 0.144972 92,769.00 GBP 13,449 G€ Acc 30/09/2020 11/11/2020 0.155717 277,336.44 EUR 43,186 H$ Acc 30/09/2020 11/11/2020 0.127856 285,647.62 USD 36,522 H$ Acc (hedged) 30/09/2020 11/11/2020 0.129154 57,100.98 USD 7,375 H£ Acc 30/09/2020 11/11/2020 0.114214 261,201.78 GBP 29,833 H€ Acc 30/09/2020 11/11/2020 0.147704 982,859.40 EUR 145,172 I$ Acc (hedged) 30/09/2020 11/11/2020 0.112425 385,638.61 USD 43,356 I€ Acc 30/09/2020 11/11/2020 0.096956 31,827,171.09 EUR 3,085,820 R$ Acc 30/09/2020 11/11/2020 0.028562 509,663.60 USD 14,557 R$ Acc (hedged) 30/09/2020 11/11/2020 0.014727 1,218,252.39 USD 17,941 R€ Acc 30/09/2020 11/11/2020 0.029469 100,086,031.70 EUR 2,949,449

Emerging Markets Fund Dividend reinvested H$ Acc 30/09/2020 11/11/2020 0.121796 13,318.04 USD 1,622 H£ Acc 30/09/2020 11/11/2020 0.119945 12,665.00 GBP 1,519 H€ Acc 30/09/2020 11/11/2020 0.111620 20,904.49 EUR 2,333 I$ Acc 30/09/2020 11/11/2020 0.096441 257.05 USD 25 I€ Acc 30/09/2020 11/11/2020 0.118800 112,415.27 EUR 13,355 R$ Acc 30/09/2020 11/11/2020 0.062453 679,145.56 USD 42,415 R€ Acc 30/09/2020 11/11/2020 0.043134 2,135,017.83 EUR 92,092

Latin American Fund Dividend reinvested F$ Acc 30/09/2020 11/11/2020 0.110117 249.28 USD 27 H$ Acc 30/09/2020 11/11/2020 0.101647 31,264.80 USD 3,178 H€ Acc 30/09/2020 11/11/2020 0.049260 23,361.88 EUR 1,151 I€ Acc 30/09/2020 11/11/2020 0.144691 15,348.44 EUR 2,221 R$ Acc 30/09/2020 11/11/2020 0.050131 1,035,167.89 USD 51,894 R€ Acc 30/09/2020 11/11/2020 0.061352 1,303,113.41 EUR 79,948

Pan European Fund Dividend reinvested G€ Acc 30/09/2020 11/11/2020 0.058696 41,304,382.00 EUR 2,424,415 H$ Acc (hedged) 30/09/2020 11/11/2020 0.059204 1,259,824.92 USD 74,587 H€ Acc 30/09/2020 11/11/2020 0.053268 2,211,434.79 EUR 117,798 HCHF Acc (hedged) 30/09/2020 11/11/2020 0.052100 897,478.94 CHF 46,759 I$ Acc (hedged) 30/09/2020 11/11/2020 0.061979 433,745.13 USD 26,883 I€ Acc 30/09/2020 11/11/2020 0.083062 8,528,236.29 EUR 708,375 IS$ Acc 30/09/2020 11/11/2020 0.097071 250.00 SGD 24 IS$ Acc (hedged) 30/09/2020 11/11/2020 0.100268 22,978,658.94 SGD 2,304,013 R$ Acc (hedged) 30/09/2020 11/11/2020 0.004181 501,444.58 USD 2,097 R€ Acc 30/09/2020 11/11/2020 0.010880 8,544,970.38 EUR 92,971 RCHF Acc (hedged) 30/09/2020 11/11/2020 0.008756 118,045.00 CHF 1,034

Pan European Smaller Companies Fund Dividend reinvested H€ Acc 30/09/2020 11/11/2020 0.035731 1,291,359.13 EUR 46,142

Global Equity Market Neutral Fund Dividend reinvested Z$ Acc 30/09/2020 11/11/2020 0.002712 545,097.34 USD 1,479

Global Multi-Strategy Fund Dividend reinvested E$ Acc (hedged) 30/09/2020 11/11/2020 0.002354 632,009.31 USD 1,488 E£ Acc (hedged) 30/09/2020 11/11/2020 0.002104 250.00 GBP 1 E€ Acc 30/09/2020 11/11/2020 0.003872 170,250.00 EUR 659 G€ Acc 30/09/2020 11/11/2020 0.000080 250.00 EUR 0 Z$ Acc (hedged) 30/09/2020 11/11/2020 0.013181 250.00 USD 3 Z£ Acc (hedged) 30/09/2020 11/11/2020 0.019266 250.00 GBP 5 Z€ Acc 30/09/2020 11/11/2020 0.017004 1,406,546.06 EUR 23,917 ZAU$ Acc (hedged) 30/09/2020 11/11/2020 0.017138 2,108,741.33 AUD 36,140 Z¥ Acc (hedged) 30/09/2020 11/11/2020 1.252359 250.00 JPY 313

101 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Notes to the Financial Statements (continued) As at 30 September 2020

12. Cash, cash equivalents and Bank overdrafts Cash, cash equivalents and Bank overdrafts as at 30 September 2020 comprised: Fund Amount in Fund Amount in Fund Currency Fund Currency Continental European Fund EUR Pan European Smaller Companies Fund EUR Cash at bank 9,512,606 Cash at bank 36,148 Bank overdraft (24) Bank overdraft (1) 9,512,582 36,147

Emerging Markets Fund USD Global Equity Market Neutral Fund USD Cash at bank 1,694,749 Cash at bank 38,388,270 Bank overdraft (49,303) Margin accounts (2,306,218) 1,645,446 Term deposits 7,720,000 43,802,052 Global Equity Fund USD Cash at bank 12,911,439 Global Multi-Strategy Fund* EUR 12,911,439 Cash at bank 3,001,681 Margin accounts 1,406,530 Latin American Fund USD Term deposits 640,000 Cash at bank 1,095,517 5,048,211 1,095,517 United Kingdom Absolute Return Fund GBP Pan European Fund EUR Cash at bank 260,154,922 Cash at bank 8,921,231 Margin accounts 9,792,627 Bank overdraft (8) Term deposits 105,440,172 8,921,223 375,387,721

* The Global Multi-Strategy Fund was launched on 3 June 2020.

102 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Notes to the Financial Statements (continued) As at 30 September 2020

13. Securities lending activities The Company entered into securities lending agreements for a number of funds. In return for making securities available for loan throughout the year, the funds participating in the program received revenue which is ref ected in the Financial Statements of each participating fund under the ‘Other income’ caption. The Company has appointed BNP Paribas Securities Services UK Limited (BP2S UK) as agent for the securities lending program. As remuneration for this agency role, BP2S UK receives a percentage of the variable fees from the associated program. All security loans are fully collateralised.

As at 30 September 2020, the market value of the securities lent is as follows: Fund Counterparty Ccy Total market Amount of Type of collateral value of collateral securities on loan received Continental European Fund Citigroup EUR 3,532,706 3,722,015 Government Bond/Equity Credit Suisse EUR 49,108,171 51,819,597 Equity HSBC EUR 6,205,241 6,554,301 Government Bond/Equity Société Générale EUR 12,952,858 13,676,857 Government Bond/Equity Total 71,798,976 75,772,770

Emerging Markets Fund JP Morgan USD 261,595 284,082 Equity Total 261,595 284,082

Pan European Fund Credit Suisse EUR 12,151,035 12,821,785 Equity Société Générale EUR 3,472,256 3,667,506 Government Bond/Equity Total 15,623,291 16,489,291

United Kingdom Absolute Return Fund Citigroup GBP 880,130 921,608 Government Bond/Equity Morgan Stanley GBP 2,370,190 2,483,939 Government Bond Société Générale GBP 9,415,599 9,880,299 Government Bond/Equity Total 12,665,919 13,285,846

For the year ending 30 September 2020 the total net income arising from the securities lending is as follows:

Fund Ccy Total gross Direct and indirect Net stock amount of costs and fees lending revenue stock lending deducted by retained by revenue securities the fund lending agent

Continental European Fund EUR 219,254 32,888 186,366 Emerging Markets Fund USD 1,745 262 1,483 Latin American Fund USD 9 1 8 Pan European Fund EUR 41,927 6,289 35,638 Global Multi-Strategy Fund EUR 68 10 58 United Kingdom Absolute Return Fund GBP 27,859 4,179 23,680

103 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Notes to the Financial Statements (continued) As at 30 September 2020

14. Transactions with connected persons During the year under review, the following transactions were entered into by the funds with the following connected persons of the Company:

(1) The Management Company – Note 6 documents the percentages of management fees and the performance fees relevant to each fund. The total amounts charged to the funds by the Management Company, Henderson Management S.A., during the year in respect of these fees were EUR 71,869,538 (September 2019: EUR 80,479,058).

(2) The share class service fees paid to the Principal Distributor were up to 0.5% per annum of the average total net assets of the Class B shares. The total amounts paid by the Company to the Principal Distributor during the year in respect of these fees was EUR 145,545 (September 2019: EUR 213,539).

(3) The Directors fees accrued for the year amount to EUR 139,000 (September 2019: EUR 139,000).

15. Soft commission The Investment Manager and where relevant, sub-investment managers, use investment research, both internally generated and externally sourced, to inform their decision making.

The Investment Manager, and where relevant, sub-investment managers, pay for research they use from their own resources.

16. Withholding tax reclaims Withholding tax reclaims (WHT) have been f led in respect of WHT applied on Danish, German, Italian and Spanish dividends during the years 2004 to 2017. Claims received have been ref ected in the funds when they are received. Total outstanding reclaims are shown below. The likely outcome of these reclaims cannot be assessed at the current point in time and consequently no amounts in respect of these reclaims have been included in these f nancial statements. The legal costs of pursuing these WHT reclaims will be borne by the funds. Should all of the claims be successful, the ef ect on each of the af ected sub-funds (expressed in percentage of Net Assets as at 30 September 2020) would be as follows:

Fund Name Total (EUR) % Weighting of Total Net Assets Continental European Fund 9,307,814 0.55% Global Equity Fund 900,692 0.17% Pan European Fund 1,181,034 0.19% Pan European Smaller Companies Fund 904,863 1.43% United Kingdom Absolute Return Fund 60,475 0.00% 17. Purchases and sales of securities A listing of purchases and sales of securities during the year is available upon request at the registered of ce and the representative of ces of the Company.

104 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Notes to the Financial Statements (continued) As at 30 September 2020

18. Special information for Swiss investors (unaudited) Fund Share Class TER - before Performance fee TER - after Performance fee Continental European Fund B€ Acc 2.13% n/a F$ Acc 0.98% n/a F$ Acc (hedged) 0.98% n/a G$ Acc 0.74% n/a G$ Acc (hedged) 0.74% n/a G£ Acc 0.74% n/a G£ Dist (hedged) 0.74% n/a G€ Acc 0.73% n/a G€ Dist 0.74% n/a H$ Acc 0.88% n/a H$ Acc (hedged) 0.88% n/a H£ Acc 0.88% n/a H€ Acc 0.88% n/a H€ Dist 0.88% n/a I$ Acc (hedged) 1.09% n/a I€ Acc 1.09% n/a R$ Acc 1.63% n/a R$ Acc (hedged) 1.63% n/a R€ Acc 1.63% n/a R€ Dist 1.63% n/a Emerging Markets Fund H$ Acc 1.06% n/a H£ Acc 1.06% n/a H€ Acc 1.06% n/a I$ Acc 1.28% n/a I€ Acc 1.28% n/a R$ Acc 1.81% n/a R€ Acc 1.81% n/a Global Equity Fund B$ Acc 2.15% n/a F$ Acc 1.00% n/a H$ Acc 0.90% n/a H€ Acc 0.92% n/a I$ Acc 1.10% n/a I€ Acc 1.11% n/a I€ Acc (hedged) 1.10% n/a R$ Acc 1.65% n/a R£ Acc 1.64% n/a R€ Acc 1.64% n/a R€ Acc (hedged) 1.64% n/a Latin American Fund B€ Acc 2.28% n/a F$ Acc 1.12% n/a H$ Acc 1.02% n/a H€ Acc 1.03% n/a I€ Acc 1.24% n/a R$ Acc 1.77% n/a R€ Acc 1.77% n/a

105 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Notes to the Financial Statements (continued) As at 30 September 2020

18. Special information for Swiss investors (unaudited) (continued) Fund Share Class TER - before Performance fee TER - after Performance fee Pan European Fund B€ Acc 2.14% n/a G€ Acc 0.75% n/a H$ Acc (hedged) 0.88% n/a H€ Acc 0.88% n/a HCHF Acc (hedged) 0.88% n/a I$ Acc (hedged) 1.09% n/a I€ Acc 1.10% n/a IS$ Acc 1.09% n/a IS$ Acc (hedged) 1.09% n/a R$ Acc (hedged) 1.63% n/a R€ Acc 1.64% n/a RCHF Acc (hedged) 1.63% n/a RS$ Acc (hedged) 1.63% n/a Pan European Smaller Companies Fund B€ Acc 2.21% n/a H$ Acc (hedged) 0.95% n/a H€ Acc 0.95% n/a I€ Acc 1.14% n/a R$ Acc (hedged) 1.71% n/a R€ Acc 1.70% n/a R€ Dist 1.70% n/a Global Equity Market Neutral Fund B$ Acc 2.16% 3.85% E$ Acc 0.31% 2.69% E€ Acc (hedged) 0.31% 2.10% E€ Inc (hedged) 0.31% 2.53% F$ Acc 1.01% 3.12% G£ Acc (hedged) 0.75% 2.46% H$ Acc 0.91% 5.10% H€ Acc (hedged) 0.91% 2.93% HCHF Acc (hedged) 0.91% 4.74% I$ Acc 0.86% 2.78% I£ Acc (hedged) 0.84% 3.40% I€ Acc (hedged) 0.84% 3.84% ICHF Acc (hedged) 0.86% 3.12% P$ Acc 1.51% 1.51% P€ Acc (hedged) 1.51% 1.51% R$ Acc 1.67% 3.31% R€ Acc (hedged) 1.66% 2.70% Z$ Acc 0.11% 0.11%

106 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Notes to the Financial Statements (continued) As at 30 September 2020

18. Special information for Swiss investors (unaudited) (continued) Fund Share Class TER - before Performance fee TER - after Performance fee Global Multi-Strategy Fund E$ Acc (hedged) 0.67% 0.67% E£ Acc (hedged) 0.67% 0.67% E€ Acc 0.67% 0.67% ENOK Acc (hedged) 0.67% 0.67% ESEK Acc (hedged) 0.67% 0.67% F$ Acc (hedged) 1.31% 1.31% G$ Acc (hedged) 0.82% 0.82% G£ Acc (hedged) 0.82% 0.82% G€ Acc 0.82% 0.82% H$ Acc (hedged) 1.20% 1.20% H€ Acc 1.20% 1.20% I$ Acc (hedged) 1.17% 1.17% I£ Acc (hedged) 1.17% 1.17% I€ Acc 1.17% 1.17% INOK Acc (hedged) 1.17% 1.17% ISEK Acc (hedged) 1.17% 1.17% R$ Acc (hedged) 1.72% 1.72% R€ Acc 1.72% 1.72% Z$ Acc (hedged) 0.17% 0.17% Z£ Acc (hedged) 0.17% 0.17% Z€ Acc 0.17% 0.17% ZAU$ Acc (hedged) 0.18% 0.18% Z¥ Acc (hedged) 0.17% 0.17% United Kingdom Absolute Return Fund B$ Acc (hedged) 2.13% 2.13% F$ Acc (hedged) 1.23% 1.57% G$ Acc (hedged) 0.84% 1.35% G£ Acc 0.84% 1.23% G£ Dist 0.85% 1.05% G€ Acc (hedged) 0.85% 1.03% H$ Acc (hedged) 1.03% 1.42% H£ Acc 1.03% 1.35% H£ Dist 1.04% 1.31% H€ Acc (hedged) 1.03% 1.09% HCHF Acc (hedged) 1.02% 1.02% I$ Acc (hedged) 1.09% 1.37% I£ Acc 1.09% 1.35% I£ Dist 1.08% 1.76% I¥ Acc (hedged) 1.10% 1.21% I€ Acc (hedged) 1.09% 1.12% ICHF Acc (hedged) 1.09% 1.09% R$ Acc (hedged) 1.63% 1.79% R£ Acc 1.63% 1.66% R€ Acc (hedged) 1.63% 1.63% RCHF Acc (hedged) 1.63% 1.63%

107 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Notes to the Financial Statements (continued) As at 30 September 2020

19. Transaction costs Transaction costs included in the purchases and sales within the Financial Statements are as follows: Fund Amount in Fund Amount in Fund Currency Fund Currency Continental European Fund EUR Pan European Fund EUR Commissions 1,038,478 Commissions 380,354 Taxes 5,526 Taxes 400,841 Other costs 964,029 Other costs 307,503 Total transaction cost 2,008,033 Total transaction cost 1,088,698

Emerging Markets Fund USD Pan European Smaller Companies Fund EUR Commissions 108,255 Commissions 53,558 Taxes 84,296 Taxes 61,304 Other costs 41,406 Other costs 27,679 Total transaction cost 233,957 Total transaction cost 142,541

Global Equity Fund USD Global Equity Market Neutral Fund USD Commissions 81,283 Commissions 329,653 Taxes 222,945 Taxes - Other costs 25,726 Other costs 20 Total transaction cost 329,954 Total transaction cost 329,673

Latin American Fund USD Global Multi-Strategy Fund* EUR Commissions 130,832 Commissions 38,186 Taxes 4,225 Taxes 2,146 Other costs 21,171 Other costs 539 Total transaction cost 156,228 Total transaction cost 40,871

United Kingdom Absolute Return Fund GBP Commissions 2,696,968 Taxes 37 Other costs 19,437 Total transaction cost 2,716,442

* The Global Multi-Strategy Fund was launched on 3 June 2020.

The above transaction costs include costs directly linked to the acquisition or sale of investments, to the extent that such costs are shown separately on the transaction conf rmations.

20. Contingent liabilities and commitments There were no contingent liabilities or outstanding commitments at the current or prior year end.

108 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Notes to the Financial Statements (continued) As at 30 September 2020

21. Financial derivatives The Company has used f nancial derivatives for meeting the investment objectives including risk reduction and implementation of investment policies. Details of individual contracts at market value are shown in the portfolio statements for the funds and the individual derivative underlying exposure position by counterparty at the year-end is summarised below. The underlying exposure, as def ned by CESR guidlines on Risk Measurement and the Calculation of Global Exposure and Counterparty Risk for UCITS (CESR Guidance Document CESR/10-788), may dif er from the market value of the derivative position as presented in the individual fund portfolio statement.

At 30 September 2020, the underlying exposure for each category of derivatives were as follows: Fund Fund Net Net forward Net future Currency Total return Options Currency contracts for foreign contracts rate swaps swaps dif erence exchange contracts Continental European Fund Counterparty JP Morgan EUR - 22,730,797 - - - -

Global Equity Fund Counterparty JP Morgan USD - 7,848 - - - -

Pan European Fund Counterparty JP Morgan EUR - 243,037,155 - - - -

Pan European Smaller Companies Fund Counterparty JP Morgan EUR - 3,114,847 - - - -

Global Equity Market Neutral Fund Counterparty BNP Paribas USD - 5,653,865 - - - - JP Morgan USD - 217,933,314 - - - - UBS USD 14,958,629 - 10,341,435 - - -

Global Multi-Strategy Fund Counterparty Barclays EUR - - - - - 32,988,336* BNP Paribas EUR - 12,246,233 - - - - Citigroup EUR - - - 3,411 - - Credit Suisse EUR 100,389 ---- - Goldman Sachs EUR - 8,526,314 - - 1,143,918 22,580,000* JP Morgan EUR - 18,516,417 - - - - Merrill Lynch EUR 7,971,191 363,703 - - - - Morgan Stanley EUR - - - - - 1,421,299* Société Générale EUR - - - - 7,236,840 - UBS EUR - - 8,543,368 - - 592,902*

United Kingdom Absolute Return Fund Counterparty BNP Paribas GBP - 1,363,745,324 - - - - JP Morgan GBP - 2,181,194,536 - - - - Merrill Lynch GBP 1,003,604 ----- UBS GBP 75,778,622 - 216,255,467 - - -

* A delta of 1 has been used to calculate the underlying exposure of OTC options held by the Global Multi-Strategy Fund. Market priced deltas have been used to calculate the underlying exposure of the exchange traded options held by the fund.

At 30 September 2020 no collateral was either held by the funds or has been paid out to counterparties in respect of the above.

22. Subsequent events There were no material subsequent events which require disclosure within these f nancial statements. 109 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Audit report

To the Shareholders of Janus Henderson Fund

Our opinion

In our opinion, the accompanying financial statements give a true and fair view of the financial position of Janus Henderson Fund (the “Fund”) and of each of its sub-funds as at 30 September 2020, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements.

What we have audited

The Fund’s financial statements comprise:

 the combined statement of net assets for the Fund and the statement of net assets for each of the sub-funds as at 30 September 2020;  the combined statement of operations for the Fund and the statement of operations for each of the sub-funds for the year then ended;  the combined statement of changes in net assets for the Fund and the statement of changes in net assets for each of the sub-funds for the year then ended;  the Portfolios as at 30 September 2020; and  the notes to the financial statements, which include a summary of significant accounting policies.

Basis for opinion

We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (Law of 23 July 2016) and with International Standards on Auditing (ISAs) as adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier” (CSSF). Our responsibilities under the Law of 23 July 2016 and ISAs as adopted for Luxembourg by the CSSF are further described in the “Responsibilities of the “Réviseur d’entreprises agréé” for the audit of the financial statements” section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

We are independent of the Fund in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the financial statements. We have fulfilled our other ethical responsibilities under those ethical requirements.

Other information

The Board of Directors is responsible for the other information. The other information comprises the information stated in the annual report but does not include the financial statements and our audit report thereon.

PricewaterhouseCoopers, Société coopérative, 2 rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg T : +352 494848 1, F : +352 494848 2900, www.pwc.lu

Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n°10028256) R.C.S. Luxembourg B 65 477 - TVA LU25482518 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Board of Directors for the financial statements

The Board of Directors is responsible for the preparation and fair presentation of the financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements, and for such internal control as the Board of Directors determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors is responsible for assessing the Fund’s and each of its sub-funds' ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Fund or close any of its sub-funds or to cease operations, or has no realistic alternative but to do so.

Responsibilities of the “Réviseur d’entreprises agréé” for the audit of the financial statements

The objectives of our audit are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an audit report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

 identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;

 obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control;

111 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

 evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors;

 conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund’s or any of its sub-funds' ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our audit report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our audit report. However, future events or conditions may cause the Fund or any of its sub-funds to cease to continue as a going concern;

 evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

PricewaterhouseCoopers, Société coopérative Luxembourg, 7 January 2021 Represented by @esig

@esig John Michael Delano

112 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Appendix - additional information (unaudited)

As at 30 September 2020

Securities f nancing transactions The funds engage in securities f nancing transactions (SFTs) (as def ned in Article 3 of Regulation (EU) 2015/2365, securities f nancing transactions include repurchase transactions, securities or commodities lending and securities or commodities borrowing, buy-sell back transactions or sell-buy back transactions and margin lending transactions). In accordance with Article 13 of the Regulation, the funds’ involvement in and exposures related to securities lending for the year ended 30 September 2020 are detailed below.

Global Data The table lists the amount of securities on loan as a proportion of total lendable assets and the funds’ AUM as at 30 September 2020:

Fund Market value of securities on loan % of lendable assets % of AUM (in Fund Currency) Continental European Fund 71,798,976 4.30% 4.27% Emerging Markets Fund 261,595 0.57% 0.55% Pan European Fund 15,623,291 2.56% 2.51% United Kingdom Absolute Return Fund 12,665,919 0.59% 0.52%

The table lists the amount of total return swaps held as a proportion of total lendable assets and the fund’s AUM as at 30 September 2020:

Fund Market value of total return swaps % of lendable assets % of AUM (in Fund Currency) Global Multi-Strategy Fund 15,059 0.05% 0.04%

Concentration Data The following table lists the ten largest collateral issuers by value of collateral received (across all SFTs) for each fund as at 30 September 2020:

Issuer Market value Issuer Market value of collateral of collateral received received (in Fund Currency) (in Fund Currency) Continental European Fund Emerging Markets Fund* Amazon.com 10,072,963 Ingenico 54,643 Sunrise Communications 8,468,324 Intesa Sanpaolo 54,107 Metro 5,365,900 Banco Santander Central Hispano 54,107 Government of Japan 5,313,259 Calisen 53,773 Ashtead 3,428,506 BHP Group 53,684 Severn Trent 2,802,381 Thurgauer Kantonalbank 13,768 Fiat Chrysler Automobiles 2,755,604 Intesa Sanpaolo 2,682,766 Ingenico 2,595,947 Government of Austria 2,360,267

Pan European Fund United Kingdom Absolute Return Fund Amazon.com 2,266,148 Government of Japan 3,935,455 Sunrise Communications 2,095,662 US Treasury 2,133,095 Metro 1,327,696 Intesa Sanpaolo 1,938,147 Government of Japan 1,290,489 British American Tobacco 984,605 Ashtead 848,303 Ingenico 677,365 Intesa Sanpaolo 719,167 Government of Austria 584,417 Severn Trent 693,380 Spirent Communications 380,706 Fiat Chrysler Automobiles 681,827 Group 4 Securicor Lambert 352,029 Ingenico 661,646 Fresnillo 264,877 Albemarle 564,124 ConvaTec 231,108

* All issuers have been included.

113 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Appendix - additional information (unaudited) (continued)

As at 30 September 2020

Securities f nancing transactions (continued) Total Return Swaps Global Multi-Strategy Fund

The fund does not hold specif c collateral in relation to the total return swaps as all derivative positions that are held by the fund are collateralised on a net exposure basis.

The following table details the top ten counterparties of each type of SFTs (based on gross volume of outstanding transactions), for each fund as at 30 September 2020:

Counterparty Market value Settlement Counterparty Market value Settlement of securities basis of securities basis on loan on loan (in Fund Currency) (in Fund Currency) Continental European Fund Emerging Markets Fund Credit Suisse 49,108,171 Triparty JP Morgan 261,595 Triparty Société Générale 12,952,858 Triparty 261,595 HSBC 6,205,241 Triparty Citigroup 3,532,706 Triparty 71,798,976

Pan European Fund United Kingdom Absolute Return Fund Credit Suisse 12,151,035 Triparty Société Générale 9,415,599 Triparty Société Générale 3,472,256 Triparty Morgan Stanley 2,370,190 Triparty 15,623,291 Citigroup 880,130 Triparty 12,665,919

All issuers have been included.

Total Return Swaps Counterparty Market value Settlement of total basis return swaps (in Fund Currency) Global Multi-Strategy Fund Goldman Sachs 15,058 Bilateral Société Générale 1 Bilateral

All counterparties have been included.

Maturity Tenor of Less than One day One week One to Three Above Open Total securities on loan one day to one to one three months to one year maturity Amount of (remaining period to Amount of week month months one year Amount of Amount of securities maturity) securities Amount of Amount of Amount of Amount of securities securities on loan on loan securities securities securities securities on on loan on loan (in Fund (in Fund on loan on loan on loan loan (in Fund (in Fund Currency) Currency) (in Fund (in Fund (in Fund (in Fund Currency) Currency) Currency) Currency) Currency) Currency)

Continental European Fund ------71,798,976 71,798,976 Emerging Markets Fund ------261,595 261,595 Pan European Fund ------15,623,291 15,623,291 United Kingdom Absolute Return Fund ------12,665,919 12,665,919

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Appendix - additional information (unaudited) (continued)

As at 30 September 2020

Securities f nancing transactions (continued) Aggregate transaction data The following tables provide an analysis of the collateral received by each fund in respect of each type of SFTs as at 30 September 2020:

Counterparty Counterparty Type Quality Collateral Settlement Custodian Market country of Currency basis value of origin collateral received (in Fund Currency) Continental European Fund Citigroup United States Equity Main market listing EUR Triparty BNP Paribas 744,172 Citigroup United States Government Bond Investment grade EUR Triparty BNP Paribas 2,478,607 Citigroup United States Government Bond Investment grade JPY Triparty BNP Paribas 499,236 Credit Suisse Switzerland Equity Main market listing EUR Triparty BNP Paribas 12,272,872 Credit Suisse Switzerland Equity Main market listing GBP Triparty BNP Paribas 9,050,840 Credit Suisse Switzerland Equity Main market listing USD Triparty BNP Paribas 17,311,780 Credit Suisse Switzerland Equity Main market listing AUD Triparty BNP Paribas 3,233,111 Credit Suisse Switzerland Equity Main market listing HKD Triparty BNP Paribas 1,383,212 Credit Suisse Switzerland Equity Main market listing CHF Triparty BNP Paribas 8,567,782 HSBC United Kingdom Equity Main market listing EUR Triparty BNP Paribas 1,525,837 HSBC United Kingdom Equity Main market listing GBP Triparty BNP Paribas 483,389 HSBC United Kingdom Equity Main market listing USD Triparty BNP Paribas 1,247,044 HSBC United Kingdom Government Bond Investment grade EUR Triparty BNP Paribas 1,401,878 HSBC United Kingdom Government Bond Investment grade GBP Triparty BNP Paribas 1,896,153 Société Générale France Equity Main market listing EUR Triparty BNP Paribas 4,755,108 Société Générale France Equity Main market listing GBP Triparty BNP Paribas 4,078,503 Société Générale France Equity Main market listing JPY Triparty BNP Paribas 29,222 Société Générale France Government Bond Investment grade JPY Triparty BNP Paribas 4,814,024 75,772,770 Emerging Markets Fund JP Morgan United States Equity Main market listing EUR Triparty BNP Paribas 162,857 JP Morgan United States Equity Main market listing GBP Triparty BNP Paribas 107,457 JP Morgan United States Equity Main market listing CHF Triparty BNP Paribas 13,768 284,082

115 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Appendix - additional information (unaudited) (continued)

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Securities f nancing transactions (continued) Aggregate transaction data (continued)

Counterparty Counterparty Type Quality Collateral Settlement Custodian Market country of Currency basis value of origin collateral received (in Fund Currency) Pan European Fund Credit Suisse Switzerland Equity Main market listing EUR Triparty BNP Paribas 3,036,528 Credit Suisse Switzerland Equity Main market listing GBP Triparty BNP Paribas 2,239,431 Credit Suisse Switzerland Equity Main market listing USD Triparty BNP Paribas 4,283,348 Credit Suisse Switzerland Equity Main market listing AUD Triparty BNP Paribas 799,958 Credit Suisse Switzerland Equity Main market listing HKD Triparty BNP Paribas 342,249 Credit Suisse Switzerland Equity Main market listing CHF Triparty BNP Paribas 2,120,271 Société Générale France Equity Main market listing EUR Triparty BNP Paribas 1,275,628 Société Générale France Equity Main market listing GBP Triparty BNP Paribas 1,093,515 Société Générale France Equity Main market listing JPY Triparty BNP Paribas 7,874 Société Générale France Government Bond Investment grade JPY Triparty BNP Paribas 1,290,489 16,489,291 United Kingdom Absolute Return Fund Citigroup United States Equity Main market listing EUR Triparty BNP Paribas 184,275 Citigroup United States Government Bond Investment grade EUR Triparty BNP Paribas 613,719 Citigroup United States Government Bond Investment grade JPY Triparty BNP Paribas 123,614 Morgan Stanley United Kingdom Government Bond Investment grade EUR Triparty BNP Paribas 16,863 Morgan Stanley United Kingdom Government Bond Investment grade JPY Triparty BNP Paribas 333,981 Morgan Stanley United Kingdom Government Bond Investment grade USD Triparty BNP Paribas 2,133,095 Société Générale France Equity Main market listing EUR Triparty BNP Paribas 3,434,893 Société Générale France Equity Main market listing GBP Triparty BNP Paribas 2,946,433 Société Générale France Equity Main market listing JPY Triparty BNP Paribas 21,112 Société Générale France Government Bond Investment grade JPY Triparty BNP Paribas 3,477,861 13,285,846

All collateral is held in segregated accounts.

The lending and collateral transactions are on an open basis and can be recalled on demand.

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Appendix - additional information (unaudited) (continued)

As at 30 September 2020

Securities f nancing transactions (continued) Aggregate transaction data (continued)

The lending and collateral transactions are on an open basis and can be recalled on demand.

Maturity Tenor of Less than One day to One week One to three Three Above one Open Total Collateral (remaining one day one week to one months months to year maturity Amount of period to maturity) Amount of Amount of month Amount of one year Amount of Amount of Collateral Collateral Collateral Amount of Collateral Amount of Collateral Collateral (in Fund (in Fund (in Fund Collateral (in Fund Collateral (in Fund (in Fund Currency) Currency) Currency) (in Fund Currency) (in Fund Currency) Currency) Currency) Currency)

Continental European Fund - - - - 2,436,053 8,653,843 64,682,874 75,772,770 Emerging Markets Fund ------284,082 284,082 Pan European Fund - - - - - 1,290,489 15,198,802 16,489,291 United Kingdom Absolute Return Fund - - - - 1,077,371 5,621,761 6,586,714 13,285,846

Total Return Swaps The total return swaps held by Global Multi-Strategy Fund are due to mature by December 2021.

The fund does not hold specif c collateral in relation to the total return swaps as all derivative positions that are held by the funds are collateralised on a net exposure basis.

All collateral is held in segregated accounts.

Re-use of collateral The funds do not engage in any re-use of collateral.

Return and cost on securities lending activities The following table details the funds’ return and costs for each type of SFTs for the year ended 30 September 2020:

Fund Total gross Direct and indirect costs Net stock lending % return % return amount of stock and fees deducted by revenue retained retained by retained lending revenue securities lending agent by the fund the securities by the (in Fund Currency) (in Fund Currency) (in Fund Currency) lending agent fund

Continental European Fund 219,255 32,888 186,366 15% 85% Emerging Markets Fund 1,745 262 1,483 15% 85% Latin American Fund 9 1 8 15% 85% Pan European Fund 41,927 6,289 35,638 15% 85% United Kingdom Absolute Return Fund 27,859 4,179 23,680 15% 85% Global Multi-Strategy Fund 68 10 58 15% 85%

Total Return Swaps Fund Total gross Direct and indirect costs Net total return % return % return amount of total and fees deducted by swap revenue retained by the retained return swap securities lending agent retained counterparty by the revenue (in Fund Currency) by the fund fund (in Fund Currency) (in Fund Currency)

Global Multi-Strategy Fund 297 - 297 0% 100%

117 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Appendix - additional information (unaudited) (continued)

As at 30 September 2020

Risk policies The Management Company employs a risk-management process that identif es the risks to which the individual funds and the Company taken as a whole are or might be exposed to and how such risks are assessed, monitored and managed, ensuring compliance with relevant regulation. This enables it to monitor and measure at any time the risk of the portfolio positions and their contribution to the overall risk prof le of the relevant fund, thereby ensuring that the global exposure of the underlying assets, including derivative instruments, shall not exceed the total net value of the relevant fund. In accordance with the Law of 17 December 2010 and the applicable regulatory requirements of the CSSF, the Management Company reports to the CSSF on a regular basis on the risk management process on behalf of the Company.

Method The global exposure of a fund is calculated by using either the Commitment Approach or Value at Risk (VaR) approach by reference to its risk prof le. The commitment approach means that f nancial derivative instruments are converted into the market value of the equivalent position in the underlying asset(s). VaR is a mathematical-statistical concept and is commonly used as a standard measure of risk in the f nancial sector. The VaR approach is used, in general, for funds using derivative instruments or techniques within their investment strategies to generate additional leverage or market risk exposure.

Funds using the VaR approach For such funds, the maximum potential loss that a fund could suf er in normal market conditions within a given time horizon and a certain degree of conf dence is estimated. In these calculations all positions in the relevant portfolio are taken into consideration including those undertaken for ef cient portfolio management purposes. For the purpose of calculating global exposure by VaR either a relative VaR approach or absolute VaR approach can be used; the selection of relative or absolute VaR methodology is determined by the availability of a reference portfolio appropriate for a fund in meeting its investment objective.

VaR model VaR has been calculated using a Monte Carlo simulation approach. As a control mechanism, Monte Carlo results are compared to the parametric model for validation purposes within the daily monitoring process.

Parameters The following parameters are applied as a minimum: a one-tailed 99% conf dence interval, a holding period equivalent to one month (20 business days), ef ective observation period (history) of risk factors of at least 1 year (250 business days), quarterly data set updates and daily calculation.

Limits For funds which have a suitable reference portfolio, the regulatory limit is that the VaR of the total portfolio’s positions shall not be greater than twice the VaR of the portfolio’s reference portfolio.

For those funds which are unable or for which it is not appropriate to determine a reference portfolio (e.g. absolute return type funds) an absolute VaR is calculated on all of the portfolio’s positions. Absolute monthly VaR on such funds is not to exceed a regulatory maximum threshold of 20%.

The VaR method, limits and utilisation of those limits for the year 1 October 2019 to 30 September 2020 are summarised in the table below:

VaR Results - for the year ended 30 September 2020 Fund Global Exposure Actual VaR in year VaR Utilisation of VaR Limit Calculation basis Limit Minimum Maximum Average Minimum Maximum Average Global Equity Market Neutral Fund Absolute VaR 1.18% 3.03% 2.20% 20% 5.90% 15.10% 11.00% Global Multi-Strategy Fund Absolute VaR 0.00% 5.78% 3.45% 20% 0.00% 28.90% 17.20% United Kingdom Absolute Return Fund Absolute VaR 0.85% 3.95% 1.72% 20% 4.20% 19.80% 8.60%

Leverage For those funds measuring and monitoring global exposure using the VaR approach, the level of leverage arising from the use of derivative instruments is disclosed in the table below as a percentage of each fund’s total NAV. The calculation is based on the sum of notional exposures of f nancial derivative instruments in the investment portfolio including those held for risk reduction purposes.

Please note this level of leverage is explicitly not an investment limit for the relevant fund and will vary over time under dif ering market conditions to ensure that the relevant fund meets its investment objective.

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Appendix - additional information (unaudited) (continued)

As at 30 September 2020

Leverage - for the year ended 30 September 2020 Fund Leverage Minimum Maximum Average Global Equity Market Neutral Fund 105.03% 199.87% 142.90% Global Multi-Strategy Fund 697.30% 987.92% 859.40% United Kingdom Absolute Return Fund 87.95% 138.68% 106.21%

Please note the United Kingdom Absolute Return Fund’s expected level of leverage disclosed in the prospectus will be increased from 75% to 100% of the fund’s total NAV, because the UK market has been dominated by Brexit risk and volatility. In addition, the long/short strategy could move rapidly on volatile market conditions to take tactical opportunities and by augmenting/reducing the gross exposure.

Please note there has been no change to the investment objective, policy, overall risk prof le of the fund as a result of this increase.

Funds using Commitment Approach The global exposure for those funds not specif ed in the table above has been determined according to the commitment approach during the reporting year from 1 October 2019 to 30 September 2020. For such funds, each fund’s total commitment to derivatives is limited to 100% of the relevant fund’s total net asset value, based on the sum of notional exposures of f nancial derivative instruments in the investment portfolio including those held for risk reduction purposes.

119 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Appendix - additional information (unaudited) (continued)

As at 30 September 2020

Remuneration Policy Following the implementation of the UCITS V Directive from 18 March 2016, all authorised UCITS management companies are required to comply with the UCITS Remuneration Code. Under the Code, the Compensation Committee of Janus Henderson Group plc in its oversight of Henderson Global Investors Limited (HGIL) must make relevant remuneration disclosures.

The disclosures must split remuneration between f xed and variable remuneration and must break down remuneration for categories of UCITS Code Staf (def ned as all staf whose professional activities have a material impact on the risk prof les of the funds it manages).

The Janus Henderson Group plc Compensation Committee approves the list of UCITS Code Staf annually. In addition, identif ed UCITS Code Staf are notif ed of their status and the associated implications annually.

Janus Henderson Fund is managed by Henderson Management SA which has delegated asset management activities to Henderson Global Investors Limited, which is a subsidiary of Janus Henderson Group plc.

The Compensation Committee of Janus Henderson Group plc has established a Remuneration Policy, one of the guiding principles of which is to ensure that the remuneration of its employees is consistent with and promotes sound and ef ective risk management and does not encourage risk-taking which is inconsistent with the risk prof les and required regulations the Management Company and the funds it manages operates under. This policy applies to HGIL and Janus Henderson Fund.

Further information on the Janus Henderson Group plc Remuneration Policy is available in the Janus Henderson Group plc annual report as at 31 December 2019.

Headcount (1) Total Remuneration (EUR’000) (2,3)

Continental European Fund Continental European Fund 2,013 5,051 of which Fixed Remuneration 2,013 1,369 Variable Remuneration 2,001 3,682 Continental European Fund Remuneration Code Staf 49 2,838 of which Senior Management (4) 25 202 Other Code Staf (5) 24 2,636 Headcount (1) Total Remuneration (USD’000) (2,3)

Emerging Markets Fund Emerging Markets Fund 2,013 330 of which Fixed Remuneration 2,013 81 Variable Remuneration 2,001 249 Emerging Markets Fund Remuneration Code Staf 49 277 of which Senior Management (4) 25 5 Other Code Staf (5) 24 272

120 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Appendix - additional information (unaudited) (continued)

As at 30 September 2020

Remuneration Policy (continued

Headcount (1) Total Remuneration (USD’000) (2,3)

Global Equity Fund Global Equity Fund 2,013 1,153 of which Fixed Remuneration 2,013 401 Variable Remuneration 2,001 752 Global Equity Fund Remuneration Code Staf 49 460 of which Senior Management (4) 25 62 Other Code Staf (5) 24 398 Headcount (1) Total Remuneration (USD’000) (2,3)

Latin American Fund Latin American Fund 2,013 302 of which Fixed Remuneration 2,013 74 Variable Remuneration 2,001 228 Latin American Fund Remuneration Code Staf 49 253 of which Senior Management (4) 25 4 Other Code Staf (5) 24 249 Headcount (1) Total Remuneration (EUR’000) (2,3)

Pan European Fund Pan European Fund 2,013 1,531 of which Fixed Remuneration 2,013 415 Variable Remuneration 2,001 1,116 Pan European Fund Remuneration Code Staf 49 861 of which Senior Management (4) 25 61 Other Code Staf (5) 24 800 Headcount (1) Total Remuneration (EUR’000) (2,3)

Pan European Smaller Companies Fund Pan European Smaller Companies Fund 2,013 154 of which Fixed Remuneration 2,013 72 Variable Remuneration 2,001 82 Pan European Smaller Companies Fund Remuneration Code Staf 49 47 of which Senior Management (4) 25 10 Other Code Staf (5) 24 37

121 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Appendix - additional information (unaudited) (continued)

As at 30 September 2020

Remuneration Policy (continued

Headcount (1) Total Remuneration (USD’000) (2,3)

Global Equity Market Neutral Fund Global Equity Market Neutral Fund 2,013 357 of which Fixed Remuneration 2,013 195 Variable Remuneration 2,001 162 Global Equity Market Neutral Fund Remuneration Code Staf 49 241 of which Senior Management (4) 25 10 Other Code Staf (5) 24 231 Headcount (1) Total Remuneration (EUR’000) (2,3)

Global Multi-Strategy Fund Global Multi-Strategy Fund 2,036 582 of which Senior Management (4) 2,036 219 Other Code Staf (5) 2,024 363 Global Multi-Strategy Fund Remuneration Code Staf 27 575 of which Senior Management (4) 25 1 Other Code Staf (5) 2 574 Headcount (1) Total Remuneration (GBP’000) (2,3)

United Kingdom Absolute Return Fund United Kingdom Absolute Return Fund 2,013 11,194 of which Fixed Remuneration 2,013 1,831 Variable Remuneration 2,001 9,363 United Kingdom Absolute Return Fund Remuneration Code Staf 49 8,323 of which Senior Management (4) 25 267 Other Code Staf (5) 24 8,056

Total Remuneration is disclosed in the base currency of the individual fund.

1. This is the actual number of employees who are fully or partly involved in the activities of Janus Henderson Fund range. No attempt has been made to apportion the time spent specif cally in support of Janus Henderson Fund as this data is not captured as part of Janus Henderson Group plc’s normal processes.

2. Please note that due to the employment structure and resourcing of the Janus Henderson Group plc, the staf indicated in this table may provide services to other companies in the Janus Henderson Group plc.

3. The remuneration disclosed is only in respect of the provision of services to Janus Henderson Fund for the year, rather than the total remuneration for the year – for this purpose, remuneration has been apportioned between the provision of services to Janus Henderson Fund and to other entities in the Janus Henderson Group plc, as follows: - in respect of performance fee incentives, 100% of any direct allocations of performance fees generated within individual funds; - in respect of f xed pay and annual/long term incentive bonuses: • where f xed pay is directly attributable to each of the funds of Janus Henderson Fund (for example, fees for Board members of the funds of Janus Henderson Fund), 100% of those fees; • for investment fund managers, pro-rated using the average AUM of the fund managed by the relevant fund manager (as a proportion of the total AUM managed by that individual) as a proxy. • for other individuals, pro-rated using the average AUM of the fund (as a proportion of the aggregate average AUM of Janus Henderson Group plc) as a proxy.

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Appendix - additional information (unaudited) (continued)

As at 30 September 2020

Remuneration Policy (continued

4. Senior Management includes the Henderson Executive Committee and other Group Board members and the af liated members of the Board of Janus Henderson Fund.

5. Other Code Staf includes all other UCITS Code Staf not covered by the above, including Fund Managers and Risk Management who manage AUM within the funds.

123 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

General information

Janus Henderson Fund is an open-ended investment company with variable capital incorporated in Luxembourg as a SICAV on 26 September 2000 and is a recognised UCITS scheme for the purposes of Section 76 of the United Kingdom Financial Services Act 1986. Potential investors in the United Kingdom are advised that the protections af orded by the United Kingdom regulatory system will not apply to an investment in the Company and that compensation will not be available under the Financial Services Compensation Scheme.

The Company provides a simple cost ef ective way of investing in the world equity and alternate solution markets and through its nine funds, provides investors with access to six equity funds and three alternate solution funds.

Applications for shares may be made on any business day in Luxembourg to the Registrar and Transfer Agent between 9.00 a.m. and 6.00 p.m. (local time), or to the Principal Distributor in London between 9.00 a.m. and 5.00 p.m. (local time). Applications should be made on the application form circulated with the prospectus or by fax, telephone or in writing and may be made in any major currency. If you are sending applications by fax, you should also subsequently send the original form by post. Applications are accepted by telephone only from existing investors who have previously been issued with a Personal Service Number.

For full information, including a copy of the prospectus and the Key Investor Information Document (KIID), please write to the Registrar and Transfer Agent or Distributor at the addresses shown on page 1. Alternatively visit the Company website: www.janushenderson.com.

Please remember that past performance is not necessarily a guide to the future performance. The value of investment and the income from it can fall as well as rise as a result of market and currency f uctuations and you may not get back the amount originally invested. Tax assumptions may change if the law changes and the value of the tax relief will depend upon individual circumstances. Please refer to the prospectus for information on the Janus Henderson Fund.

124 DocuSign Envelope ID: 54F51B02-E828-46C0-BFCE-4DEEDD7124B8

Janus Henderson --INVESTORS--

Past performance may not be a reliable guide to future performance. The value of an investment and the income from it can fall as well as rise significantly. Tax assumptions and reliefs depend upon an investor’s particular circumstances and may change if those circumstances or the law change. Please refer to the prospectus and the key investor information document for further information on the Janus Henderson Fund.

Issued by Janus Henderson Investors. Janus Henderson Investors is the name under which investment products and services are provided by Janus Capital International Limited (reg no. 3594615), Henderson Global Investors Limited (reg. no. 906355), Henderson Investment Funds Limited (reg. no. 2678531), AlphaGen Capital Limited (reg. no. 962757), Henderson Equity Partners Limited (reg. no.2606646), (each registered in England and Wales at 201 Bishopsgate, London EC2M 3AE and regulated by the Financial Conduct Authority) and Henderson Management S.A. (reg no. B22848 at 2 Rue de Bitbourg, L-1273, Luxembourg and regulated by the Commission de Surveillance du Secteur Financier).

A copy of the fund’s prospectus, key investor information document, articles of incorporation, annual and semi-annual reports can be obtained free of cost from the local offices of Janus Henderson Investors: 201 Bishopsgate, London, EC2M 3AE for UK, Swedish and Scandinavian investors; Via Dante 14, 20121 Milan, Italy, for Italian investors and Roemer Visscherstraat 43-45, 1054 EW Amsterdam, The Netherlands for Dutch investors; and the fund’s: Austrian Paying Agent Raiffeisen Bank International AG, Am Stadtpark 9, A-1030 Vienna; French Paying Agent BNP Paribas Securities Services, 3, rue d’Antin, F-75002 Paris; German Information Agent Marcard, Stein & Co, Ballindamm 36, 20095 Hamburg; Belgian Financial Service Provider CACEIS Belgium S.A., Avenue du Port 86 C b320, B-1000 Brussels; Spanish Representative Allfunds Bank S.A. Estafeta, 6 Complejo Plaza de la Fuente, La Moraleja, Alcobendas 28109 Madrid; In Singapore: Janus Henderson Investors (Singapore) Limited, 138 Market Street, #34-03/04 CapitaGreen, Singapore 048946; or Swiss Representative BNP Paribas Securities Services, Paris, succursale de Zurich, Selnaustrasse 16, 8002 Zurich who are also the Swiss Paying Agent. RBC Investor Services Trust Hong Kong Limited, a subsidiary of the joint venture UK holding company RBC Investor Services Limited, 51/F Central Plaza, 18 Harbour Road, Wanchai, Hong Kong, Tel: +852 2978 5656 is the fund’s Representative in Hong Kong.

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