Janus Henderson Asian Dividend Income Unit Trust

& ACCOUNTS For the six months ended 31 July 2020 INTERIM REPORT

Janus Henderson Asian Dividend Income Unit Trust

Janus Henderson Asian Dividend Income Unit Trust A

Who are Janus Henderson Investors?

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

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

Our commitment to active management off 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 fi nancial goals.

Global strength to deliver local solutions We off 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.

Global Strength

14% 13%

£272.5B 56% 46% 30% 41%

Assets under Over 345 More than 2,000 27 Over 4,300 management Investment professionals employees Offi ces worldwide companies met by investment teams in 2019 North America EMEA & LatAm Asia Pacifi c

* Source: Janus Henderson Investors. Staff and AUM data as at 30 June 2020. AUM data excludes Exchange-Traded Note (‘ETN’) assets. Contents

Authorised Fund Manager’s report* Page 1

Authorised status* Page 1

Comparative tables Page 6

Ongoing charge fi gure Page 11

Risk and reward profi le* Page 12

Portfolio statement* Page 13

Financial statements

Statement of total return Page 16

Statement of change in net assets attributable to unitholders Page 16

Balance sheet Page 17

Directors’ statement Page 17

Notes to the fi nancial statements Page 18

Distribution tables Page 19

Appendix - additional information (unaudited)

Securities fi nancing transactions Page 21

Further information Page 22

* These collectively comprise the Authorised Fund Manager’s Report. Authorised Fund Manager’s report for the six months ended 31 July 2020

We are pleased to present the Interim Report and Accounts for Janus Henderson Asian Dividend Income Unit Trust (the ‘fund’) for the six months ended 31 July 2020.

Authorised status The fund is a UCITS scheme complying with chapter 5 of the Collective Investment Scheme Sourcebook (COLL). The operation of the scheme is governed by the Trust Deed, COLL and Prospectus.

The fund was established on 18 February 1994. It was authorised by the Financial Conduct Authority (FCA) on 8 March 1994.

Unitholders are not liable for the debts of the fund.

Statement of Authorised Fund Manager’s responsibilities The FCA’s COLL requires the Authorised Fund Manager (AFM) to prepare fi nancial statements for each annual accounting year and interim accounting period, which give a true and fair view, in accordance with the Statement of Recommended Practice (SORP) for Authorised Funds issued by the Investment Management Association (IMA) in May 2014, United Kingdom Generally Accepted Accounting Practice (UK GAAP) (United Kingdom Accounting Standards, comprising FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland), of the fi nancial aff airs of the fund and of its revenue/expenditure for the period. The AFM is responsible for the management of the fund in accordance with its Trust Deed, Prospectus and the Regulations. The AFM is also responsible for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Other information Following the FCA’s Asset Management Market Study, ESMA updated its guidance and as a result the investment objective and policy has changed on the fund, in particular if the fund is targeting a certain performance. This was eff ective 5 May 2020. The investment objective and policy can be found on page 3.

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 fi 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 offi ce in Luxembourg was completed in 2019. We are well placed to continue to support our clients globally after Brexit.

Value assessment The board of Henderson Investment Funds Limited present the value assessment report for the period to 31 December 2019, made available on our website www.janushenderson.com. Access by this link (https://www.janushenderson.com/en-gb/adviser/notice/ value-assessment-report).

Over the period 2015 to 2019, the UK’s fi nancial services regulator, the FCA, carried out a study of the asset management industry to understand how asset managers compete to deliver value to investors. The fi ndings of this study have given rise to a range fo FCA initiatives, one being for the Board of the AFM (the body responsible for an investment fund) in the UK to perform detailed assessments of whether funds are providing value to investors, and publish an annual statement summarising the outcome of this process, known as the value assessment.

The value assessment considers a minimum of seven criteria set by the FCA; while investment performance and quality of service are clearly important factors, costs and charges paid by investors are also key considerations. At Janus Henderson, ensuring value is delivered to investors has always been central to our process and therefore the value assessment is an extension to the existing ongoing monitoring processes that provide oversight of how the funds are managed on your behalf.

The report contains an overview of the process that Janus Henderson undertook to perform this assessment along with the conclusions.

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

Janus Henderson Asian Dividend Income Unit Trust 1 Authorised Fund Manager’s report (continued)

Service providers

Name Address Regulator Authorised Fund Manager Henderson Investment Funds Registered Offi ce: Authorised and regulated by the Limited 201 Bishopsgate Financial Conduct Authority Member of the Investment London Association EC2M 3AE Registered in England The ultimate holding company is No 2678531 Janus Henderson Group plc Dealing - 0845 608 8703 Enquiries - 0800 832 832

Directors of the Authorised R Chaudhuri (from 17.03.20) Fund Manager A Crooke G Foggin G Fogo S Hillenbrand H J de Sausmarez P Shea* F Smith* *Independent

Investment Adviser Henderson Global Investors 201 Bishopsgate Authorised and regulated by Limited London the Financial Conduct Authority The ultimate holding company EC2M 3AE is Janus Henderson Group plc

Unitholder Administrator SS&C Financial Services SS&C House Authorised and regulated by International Limited and St Nicholas Lane the Financial Conduct Authority SS&C Financial Services Basildon Europe Limited Essex SS15 5FS

Trustee and Depositary NatWest Trustee and 250 Bishopsgate Authorised by the Prudential Depositary Services Limited London Regulation Authority and The ultimate holding company EC2M 4AA regulated by the Financial is the Royal Bank of Scotland Conduct Authority and by the Group plc Prudential Regulation Authority

Independent Auditors PricewaterhouseCoopers 141 Bothwell Street Institute of Chartered LLP Glasgow Accountants in England G2 7EQ and Wales

Legal Advisers Eversheds Sutherland One Wood Street The Law Society (International) LLP London EC2V 7WS

2 Janus Henderson Asian Dividend Income Unit Trust Authorised Fund Manager’s report (continued)

Investment Fund Managers Michael Kerley and Sat Duhra

Investment objective and policy The fund aims to provide an income in excess of the income generated by the MSCI All Countries Asia Pacifi c Ex Japan High Dividend Yield Index with the potential for capital growth over the long term (5 years or more).

The fund invests at least two-thirds of its assets in a concentrated portfolio of shares (also known as equities) of companies, of any size, in any industry, in the Asia Pacifi c region (excluding Japan). Companies will be incorporated, headquartered, listed on an exchange in, or deriving signifi cant revenue from, this region.

The fund is actively managed with reference to the MSCI All Countries Asia Pacifi c Ex Japan High Dividend Yield Index, which is broadly representative of the companies in which it may invest, as this forms the basis of the fund’s income 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 summary Cumulative performance Five years Since inception Six months One year (annualised) (annualised) 31 Jan 20 - 31 Jul 19 - 31 Jul 15 - 4 May 94 - 31 Jul 20 31 Jul 20 31 Jul 20 31 Jul 20 %%% % Class I accumulation (Net) (3.7) (11.0) 45.9 725.3 MSCI All Countries Asia Pacifi c Ex Japan High (4.1) (11.7) 44.5 347.6 Dividend Yield Index IA Asia Pacifi c Ex Japan 5.0 0.5 64.4 403.8

Discrete performance 31 Jul 19 - 31 Jul 18 - 31 Jul 17 - 31 Jul 16 - 31 Jul 15 - 31 Jul 20 31 Jul 19 31 Jul 18 31 Jul 17 31 Jul 16 %%%%% Class I accumulation (Net) (11.0) 10.8 4.6 17.5 20.4 MSCI All Countries Asia Pacifi c Ex Japan High (11.7) 4.3 6.1 25.7 17.6 Dividend Yield Index IA Asia Pacifi c Ex Japan 0.5 6.9 5.0 23.2 18.2

Source: Morningstar Class I accumulation (Net), NAV to NAV, net of fees and net income reinvested as at 12 noon valuation point.

Benchmark values are as at close of business.

Class I accumulation is disclosed as it is the representative unit class.

Benchmark usage Index: MSCI All Countries Asia Pacifi c Ex Japan High Dividend Yield Index Index usage: Target Index description: The MSCI All Countries Asia Pacifi c Ex Japan High Dividend Yield Index is a measure of the combined performance of large and medium sized companies that pay above average dividends across developed and emerging stock markets in the Asia-Pacifi c region but excluding Japan. It is the income target for the fund.

Peer group: IA Asia Pacifi c Ex Japan Peer group usage: Comparator Peer group description: The Investment Association (IA) groups funds with similar geographic and/or investment remit into sectors. The fund’s ranking within the sector (as calculated by a number of data providers) can be a useful performance comparison against other funds with similar aims.

Please remember that past performance is not a guide to future performance. The value of an investment and the revenue from it can fall as well as rise as a result of market and currency fl uctuations and you may not get back the amount originally invested.

Janus Henderson Asian Dividend Income Unit Trust 3 Authorised Fund Manager’s report (continued)

Signifi cant portfolio changes for the six months ended 31 July 2020

Largest purchases £000 Largest sales £000

China Telecom 4,948 China Mobile 4,864 Industrial & Commercial Bank of China 4,920 China Construction Bank 4,859 Bank of China 4,774 Industrial & Commercial Bank of China 4,517 Agricultural Bank of China 4,760 China Telecom 4,460 China Minsheng Banking 4,731 Postal Savings Bank of China 4,449 Postal Savings Bank of China 4,727 China Minsheng Banking 4,426 China Construction Bank 4,682 Agricultural Bank of China 4,363 Anhui Conch Cement 3,442 China Resources Land 3,431 Melco Resorts & Entertainment 3,135 Singapore Telecommunications 3,258 Gail India 3,080 Anhui Conch Cement 3,230

Total purchases 96,681 Total sales 99,531

4 Janus Henderson Asian Dividend Income Unit Trust Authorised Fund Manager’s report (continued)

Investment review The fund fell 3.7% based on Class I accumulation (Net) over the period under review, compared with a fall of 4.1% in the MSCI All Countries Asia Pacifi c Ex Japan High Dividend Yield Index and a return of 5.0% in the IA Asia Pacifi c Ex Japan peer group benchmark.

The period was dominated by the impact of COVID-19, which quickly spread across the globe, creating extreme market volatility and an unprecedented shutdown of economic activity. Markets reacted accordingly, posting the fastest declines in a generation. However, by the close of the period, much of these losses had been regained, following unprecedented central bank and government intervention. The period also witnessed a deterioration in the US/China relationship, with US President Trump and his advisers adding blame for the pandemic to the growing list of Beijing’s misdemeanours. The US crackdown on Chinese technology, the forced closure of consulates and sanctions on offi cials ratcheted up the animosity between both countries.

North Asian markets posted a stronger performance than South Asia. While China and South Korea were severely impacted by the initial onset of the virus, they recovered markedly following widespread and strict responses from their governments. China’s market rose almost 20% over the period and was one of the world’s best performers. However, the South Asian response was less eff ective, in many cases due to limited room for fi scal expansion to off set the severe economic impact of the virus. India, Indonesia, Thailand and Singapore were the most impacted and were the worst-performing markets over the period.

At the sector level, technology was the top performer, with Samsung Electronics in particular benefi ting from improving chip demand on a more buoyant projection of smartphone and personal computer replacement demand. Healthcare was the next best performer. The energy and industrial sectors were the weakest performers, as oil prices collapsed along with industrial activity over the period. In addition, the traditionally more defensive sectors of communications services and utilities were very weak performers, demonstrating the indiscriminate nature of the market falls. Despite the uncertainty, there were some notable performances from individual stocks held in the portfolio. Kweichow Moutai, a Chinese spirits manufacturer, rose 63%, Taiwan Semiconductor Manufacturing ADS increased 48%, and iron ore miner Fortescue Metals gained 85% as curtailed supply from Brazil pushed up prices. Taiwan was a signifi cant contributor as the technology stocks held there, such as Yageo and Powertech Technology, were some of the strongest performers. The fund also benefi ted from its underweight positions in Hong Kong, as tensions there impacted retail sales, property sales volumes and sentiment, and India, which struggled to get to grips with the pandemic.

The largest detractor to performance by country was the positioning in Australia, despite an overweight holding versus the benchmark. The impact of not owning stocks such as Wesfarmers, in particular, had a negative impact on performance. The weak performance of portfolio stocks such as Treasury Wine Estates and Dexus, an offi ce real estate investment trust (REIT), were key detractors. South Korea and Indonesia were the other main detractors, with stock selection a negative. Bank Negara Indonesia and SK Innovation, a South Korean oil refi ner and petrochemicals group, performed poorly, and both stocks were sold during the period.

The key additions in China included China Resources Cement and China Railway Construction, which benefi ted from government spending on infrastructure. CITIC Securities was another key addition and refl ected our positive view on volumes and new issuance in the local A-share market. These moves were funded by the sale of Mapletree Commercial Trust, as this was impacted by the deteriorating conditions in Hong Kong. In Taiwan, we added exposure to technology component businesses Powertech Technology and Yageo because of attractive valuations and compelling dividend yields. To fund these purchases, the Singapore country weighting was signifi cantly reduced during the period with the sale of Singapore Telecommunications. We took the view that the outlook for Singapore was deteriorating while fi nancial companies faced increased margin pressure from falling interest rates and the higher risk ofloan provisions. Mapletree Commercial Trust, a Singapore REIT, was also sold, due to its exposure to shopping malls as retail sales collapsed.

The fund wrote six options during the period to generate premium income, taking advantage of elevated volatility. The volatility was driven by sharp drawdowns related to concerns about the outlook following COVID-19 and subsequent investor optimism triggered by the unprecedented fi scal and monetary response. Four of these options related to Yageo and Tencent, with a put and a call option written on each business, taking advantage of high implied volatility levels. At the end of the period, three options were still unexpired.

We are positive on Asia Pacifi c markets in the medium to long term, especially on a relative basis against other regions, as we believe they are best positioned to ride out the volatility caused by COVID-19. In the short term, we expect volatility to continue as markets digest the duration of the virus’ impact on economic growth and stability. Corporate earnings are likely to come under pressure in the short term, although we are confi dent that dividends will prove more resilient considering the excess cash being generated andthe low level of dividends paid out compared with earnings. We remain focused on domestic-orientated companies with strong cash fl ows nda sustainable and growing dividends.

Janus Henderson Asian Dividend Income Unit Trust 5 Comparative tables for the six months ended 31 July 2020

Accumulation units Six months to Year to Year to Year to 31/07/20 31/01/20 31/01/19 31/01/18 (pence (pence (pence (pence per unit) per unit) per unit) per unit) Change in net assets per unit Opening net asset value per unit 176.87 168.75 173.76 149.18 Return before operating charges* (4.86) 10.81 (2.49) 27.02 Operating charges (1.28) (2.69) (2.52) (2.44) Return after operating charges* (6.14) 8.12 (5.01) 24.58 Distributions on accumulation units (8.98) (11.88) (10.80) (9.47) Retained distributions on accumulation units 8.98 11.88 10.80 9.47 Closing net asset value per unit 170.73 176.87 168.75 173.76 * after direct transaction costs of: 0.39 0.22 0.23 0.19

Performance Return after charges (3.47%) 4.81% (2.88%) 16.48%

Other information Closing net asset value (£000s) 1,297 1,372 2,023 2,090 Closing number of units 759,840 775,732 1,198,745 1,202,786 Operating charges (annualised) 1.52% 1.48% 1.49% 1.48% Direct transaction costs 0.23% 0.12% 0.13% 0.12%

Prices Highest unit price (pence) 186.80 193.60 187.45 185.49 Lowest unit price (pence) 143.80 169.45 159.82 149.78

Income units Six months to Year to Year to Year to 31/07/20 31/01/20 31/01/19 31/01/18 (pence (pence (pence (pence per unit) per unit) per unit) per unit) Change in net assets per unit Opening net asset value per unit 98.12 99.88 109.64 99.70 Return before operating charges* (2.76) 6.65 (1.53) 17.74 Operating charges (0.71) (1.56) (1.55) (1.59) Return after operating charges* (3.47) 5.09 (3.08) 16.15 Distributions on income units (4.93) (6.85) (6.68) (6.21) Closing net asset value per unit 89.72 98.12 99.88 109.64 * after direct transaction costs of: 0.22 0.13 0.14 0.12

Performance Return after charges (3.54%) 5.10% (2.81%) 16.20%

Other information Closing net asset value (£000s) 25,635 29,766 39,304 53,447 Closing number of units 28,571,669 30,334,970 39,351,047 48,746,475 Operating charges (annualised) 1.52% 1.48% 1.49% 1.48% Direct transaction costs 0.23% 0.12% 0.13% 0.12%

Prices Highest unit price (pence) 103.70 113.50 117.16 117.87 Lowest unit price (pence) 79.79 99.76 95.89 100.11

6 Janus Henderson Asian Dividend Income Unit Trust Comparative tables (continued)

Class E accumulation Six months to 24/06/19 - 31/07/20 31/01/20 (pence (pence per unit) per unit) Change in net assets per unit Opening net asset value per unit 177.18 184.861 Return before operating charges* (4.96) (6.56) Operating charges (0.86) (1.12) Return after operating charges* (5.82) (7.68) Distributions on accumulation units (8.93) (9.87) Retained distributions on accumulation units 8.93 9.87 Closing net asset value per unit 171.36 177.18 * after direct transaction costs of: 0.39 0.23

Performance Return after charges (3.28%) (4.15%)

Other information Closing net asset value (£000s) 670 646 Closing number of units 390,867 364,481 Operating charges (annualised) 1.02% 0.99% Direct transaction costs 0.23% 0.12%

Prices Highest unit price (pence) 187.30 193.70 Lowest unit price (pence) 144.20 178.50

1 Class E accumulation launched on 24 June 2019 and this is the fi rst published price.

Class E income Six months to 24/06/19 - 31/07/20 31/01/20 (pence (pence per unit) per unit) Change in net assets per unit Opening net asset value per unit 98.44 108.322 Return before operating charges* (2.81) (3.54) Operating charges (0.48) (0.64) Return after operating charges* (3.29) (4.18) Distributions on income units (4.91) (5.70) Closing net asset value per unit 90.24 98.44 * after direct transaction costs of: 0.22 0.13

Performance Return after charges (3.34%) (3.86%)

Other information Closing net asset value (£000s) 10,030 10,887 Closing number of units 11,115,135 11,059,919 Operating charges (annualised) 1.02% 0.99% Direct transaction costs 0.23% 0.12%

Prices Highest unit price (pence) 104.10 113.50 Lowest unit price (pence) 80.10 100.10

2 Class E income launched on 24 June 2019 and this is the fi rst published price.

Janus Henderson Asian Dividend Income Unit Trust 7 Comparative tables (continued)

Class G accumulation Six months to Year to Year to Year to 31/07/20 31/01/20 31/01/19 31/01/18 (pence (pence (pence (pence per unit) per unit) per unit) per unit) Change in net assets per unit Opening net asset value per unit 77.00 73.08 74.85 64.02 Return before operating charges* (2.17) 4.53 (1.20) 11.38 Operating charges (0.29) (0.61) (0.57) (0.55) Return after operating charges* (2.46) 3.92 (1.77) 10.83 Distributions on accumulation units (3.92) (5.10) (4.72) (3.94) Retained distributions on accumulation units 3.92 5.10 4.72 3.94 Closing net asset value per unit 74.54 77.00 73.08 74.85 * after direct transaction costs of: 0.17 0.10 0.10 0.08

Performance Return after charges (3.19%) 5.36% (2.36%) 16.92%

Other information Closing net asset value (£000s) 1,631 1,567 1,564 1,888 Closing number of units 2,187,582 2,034,746 2,139,421 2,522,833 Operating charges (annualised) 0.79% 0.77% 0.78% 0.78% Direct transaction costs 0.23% 0.12% 0.13% 0.12%

Prices Highest unit price (pence) 81.41 84.14 77.18 76.12 Lowest unit price (pence) 62.67 73.42 69.18 64.32

Class G income Six months to Year to Year to Year to 31/07/20 31/01/20 31/01/19 31/01/18 (pence (pence (pence (pence per unit) per unit) per unit) per unit) Change in net assets per unit Opening net asset value per unit 53.09 53.72 58.67 53.05 Return before operating charges* (1.54) 3.49 (0.89) 9.26 Operating charges (0.20) (0.44) (0.44) (0.44) Return after operating charges* (1.74) 3.05 (1.33) 8.82 Distributions on income units (2.67) (3.68) (3.62) (3.20) Closing net asset value per unit 48.68 53.09 53.72 58.67 * after direct transaction costs of: 0.12 0.07 0.07 0.07

Performance Return after charges (3.28%) 5.68% (2.27%) 16.63%

Other information Closing net asset value (£000s) 8,717 11,093 13,377 25,360 Closing number of units 17,905,036 20,895,609 24,900,417 43,221,402 Operating charges (annualised) 0.79% 0.77% 0.78% 0.78% Direct transaction costs 0.23% 0.12% 0.13% 0.12%

Prices Highest unit price (pence) 56.12 61.19 59.76 60.11 Lowest unit price (pence) 43.21 53.97 51.58 53.27

8 Janus Henderson Asian Dividend Income Unit Trust Comparative tables (continued)

Class I accumulation Six months to Year to Year to Year to 31/07/20 31/01/20 31/01/19 31/01/18 (pence (pence (pence (pence per unit) per unit) per unit) per unit) Change in net assets per unit Opening net asset value per unit 212.12 201.48 206.43 176.73 Return before operating charges* (5.96) 12.56 (3.15) 31.42 Operating charges (0.91) (1.92) (1.80) (1.72) Return after operating charges* (6.87) 10.64 (4.95) 29.70 Distributions on accumulation units (10.78) (14.07) (12.97) (10.83) Retained distributions on accumulation units 10.78 14.07 12.97 10.83 Closing net asset value per unit 205.25 212.12 201.48 206.43 * after direct transaction costs of: 0.47 0.27 0.27 0.23

Performance Return after charges (3.24%) 5.28% (2.40%) 16.81%

Other information Closing net asset value (£000s) 12,136 12,206 13,076 11,274 Closing number of units 5,912,983 5,754,481 6,490,202 5,460,991 Operating charges (annualised) 0.90% 0.88% 0.89% 0.88% Direct transaction costs 0.23% 0.12% 0.13% 0.12%

Prices Highest unit price (pence) 224.30 231.80 212.76 209.96 Lowest unit price (pence) 172.60 202.40 190.69 177.66

Class I income Six months to Year to Year to Year to 31/07/20 31/01/20 31/01/19 31/01/18 (pence (pence (pence (pence per unit) per unit) per unit) per unit) Change in net assets per unit Opening net asset value per unit 118.94 120.45 131.67 119.14 Return before operating charges* (3.42) 7.85 (2.00) 20.81 Operating charges (0.51) (1.12) (1.12) (1.13) Return after operating charges* (3.93) 6.73 (3.12) 19.68 Distributions on income units (5.98) (8.24) (8.10) (7.15) Closing net asset value per unit 109.03 118.94 120.45 131.67 * after direct transaction costs of: 0.26 0.16 0.17 0.15

Performance Return after charges (3.30%) 5.59% (2.37%) 16.52%

Other information Closing net asset value (£000s) 51,396 57,994 58,869 63,198 Closing number of units 47,140,169 48,759,898 48,873,963 47,996,040 Operating charges (annualised) 0.90% 0.88% 0.89% 0.88% Direct transaction costs 0.23% 0.12% 0.13% 0.12%

Prices Highest unit price (pence) 125.70 137.20 134.09 134.89 Lowest unit price (pence) 96.79 121.00 115.66 119.63

Janus Henderson Asian Dividend Income Unit Trust 9 Comparative tables (continued)

Direct transaction costs incurred on securities transactions (including derivatives) are stated after deducting the proportion of the amounts collected from dilution adjustments that relate to direct transaction costs.

Performance values are at close of business on a bid basis, which will diff er from those in the Performance summary.

Operating charges Operating charges are expenses associated with the maintenance and administration of the fund on a day-to-day basis that are actually borne by the unit class.

Unit class launches and closures There were no unit classes launched or closed in the period.

10 Janus Henderson Asian Dividend Income Unit Trust Ongoing charge fi gure

The annualised ongoing charge fi gure (OCF) of the fund is calculated as the ratio of the total ongoing charges to the average net asset value for twelve months. Ongoing charges are all expenses deducted from the assets of the fund during the period, except for expenses that are explicitly excluded by regulation.

Estimated OCF 31/07/20 31/01/20 from 5 May 20201 % % % Accumulation & Income units 1.522 1.48 1.54

Class E3 1.02 2 0.99 1.04

Class G 0.794 0.77 0.80

Class I 0.905 0.88 0.91

The OCF is calculated in accordance with guidelines issued by the European Securities and Markets Authority (ESMA).

1 The estimated ongoing charge is based on the new General Administration Charge (GAC) rates to the period ended 31 July 2020. 2 The GAC on Accumulation units, Income units and Class E increased from 0.18% to 0.22% on 5 May 2020 and therefore the rate applied is not consistent throughout the period. 3 Class E accumulation and Class E income launched on 24 June 2019. 4 The GAC on Class G increased from 0.045% to 0.06% on 5 May 2020 and therefore the rate applied is not consistent throughout the period. 5 The GAC on Class I increased from 0.075% to 0.09% on 5 May 2020 and therefore the rate applied is not consistent throughout the period.

Janus Henderson Asian Dividend Income Unit Trust 11 Risk and reward profi le

The fund currently has 8 types of unit class in issue; Accumulation, Income, E accumulation, E income, G accumulation, G income, I accumulation and I income.

Each unit class has the same risk and reward profi le which is as follows:

Typically lower potential Typically higher potential risk/reward risk/reward

Lower risk Higher risk 12345 67

The unit classes appear at 5 out of 7. Classes in higher categories have shown greater and/or more frequent variations in net asset value in the past 5 years than those in lower categories. The lowest category does not mean risk free.

The Synthetic Risk and Reward Indicator (SRRI) is calculated based on historical volatility over a rolling 5* year period, it is reviewed monthly and updated if volatility has changed materially to cause a movement in the SRRI level. The SRRI is an indicator and may not accurately refl ect future volatility and market conditions.

The value of an investment and any income from it can go up or down. When you sell your units they may be worth less than you paid for them.

The risk/reward rating above is based on medium-term volatility. In the future, the fund’s actual volatility could be higher or lower and its rated risk/reward level could change.

The rating does not refl ect the possible eff ects of unusual market conditions or large unpredictable events. Under normal market conditions the following risks may apply:

Charges to Capital Some or all of the ongoing charges may be taken from capital, which may erode capital or reduce potential for capital growth.

Concentration This fund may have a particularly concentrated portfolio relative to its investment universe or other funds in its sector. An adverse event impacting even a small number of holdings could create signifi cant volatility or losses for the fund.

Counterparties The fund could lose money if a counterparty with which it trades becomes unwilling or unable to meet its obligations to the fund.

Country or Region If a fund has a high exposure to a particular country or geographical region it carries a higher lever of risk than a fund which is more broadly diversifi ed.

Derivatives and Leverage The fund may use derivatives towards the aim of achieving its investment objective. This can result in ‘leverage’, which can magnify an investment outcome and gains or losses to the fund may be greater than the cost of the derivative. Derivatives also introduce other risks, in particular, that a derivative counterparty may not meet its contractual obligations.

Emerging Markets Emerging markets expose the fund to higher volatility and greater risk of loss than developed markets; they are susceptible to adverse political and economic events, and may be less well regulated with less robust custody and settlement procedures.

Equities Shares can lose value rapidly, and typically involve higher risks than bonds or money market instruments. The value of your investment may fall as a result.

Exchange Rates If the fund holds assets in currencies other than the base currency of the fund or you invest in a unit class of a diff erent currency to the fund (unless ‘hedged’), the value of your investment may be impacted by changes in exchange rates.

Liquidity Securities within the fund could become hard to value or to sell at a desired time and price, especially in extreme market conditions when asset prices may be falling, increasing the risk of investment losses.

The full list of the fund’s risks are contained in the ‘Risk Warnings’ section of the fund’s prospectus.

There has been no change to the risk ratings during the period.

The SRRI conforms to the ESMA guidelines for the calculation of the SRRI.

* Class E accumulation and Class E income launched on 24 June 2019. As these unit classes do not have a 5 year history, a synthetic history has been created using A accumulation and A income unit classes.

12 Janus Henderson Asian Dividend Income Unit Trust Portfolio statement as at 31 July 2020

Holding Investment Market Percentage value of total £000 net assets %

Equities 99.87% (31/01/2020: 98.58%) Australia 14.09% (31/01/2020: 15.80%) Communication Services 2.59% (31/01/2020: 0.00%) 1,590,000 Telstra 2,893 2.59

Consumer Staples 0.00% (31/01/2020: 2.08%)

Financials 2.62% (31/01/2020: 3.38%) 43,576 Macquarie REIT 2,918 2.62

Materials 5.65% (31/01/2020: 2.50%) 156,945 BHP 3,143 2.82 332,628 Fortescue Metals 3,154 2.83 6,297 5.65

Real Estate 1.52% (31/01/2020: 5.92%) 367,305 Dexus 1,696 1.52

Utilities 1.71% (31/01/2020: 1.92%) 1,569,815 Spark Infrastructure 1,904 1.71

China 25.01% (31/01/2020: 20.99%) Communication Services 1.73% (31/01/2020: 2.03%) 36,800 Tencent 1,932 1.73

Consumer Staples 4.78% (31/01/2020: 4.36%) 391,000 Hengan International 2,497 2.24 15,436 Kweichow Moutai 2,828 2.54 5,325 4.78

Energy 0.00% (31/01/2020: 2.00%)

Financials 7.77% (31/01/2020: 4.50%) 11,125,000 Bank of China 2,844 2.55 4,758,000 China Construction Bank 2,657 2.38 1,789,500 CITIC Securities 3,173 2.84 8,674 7.77

Industrials 1.88% (31/01/2020: 0.00%) 3,458,500 China Railway Construction 2,101 1.88

Materials 2.16% (31/01/2020: 2.01%) 6,008,000 China Forestry1 -- 2,308,000 China Resources Cement 2,405 2.16 2,405 2.16

Real Estate 4.66% (31/01/2020: 3.89%) 905,000 China Overseas Land & Investment 2,095 1.88 1,294,300 China Vanke 3,105 2.78 5,200 4.66

Janus Henderson Asian Dividend Income Unit Trust 13 Portfolio statement (continued)

Holding Investment Market Percentage value of total £000 net assets %

Utilities 2.03% (31/01/2020: 2.20%) 1,127,458 China Yangtze Power 2,262 2.03

Hong Kong 8.07% (31/01/2020: 5.78%) Communication Services 2.98% (31/01/2020: 2.78%) 2,966,000 HKT Trust & HKT 3,324 2.98

Consumer Discretionary 3.21% (31/01/2020: 3.00%) 166,000 Melco Resorts & Entertainment 2,081 1.87 350,600 Peace Mark1 -- 508,000 Sands China 1,496 1.34 3,577 3.21

Financials 1.88% (31/01/2020: 0.00%) 304,600 AIA 2,098 1.88

Indonesia 2.51% (31/01/2020: 4.37%) Communication Services 2.51% (31/01/2020: 2.50%) 17,635,300 Telekomunikasi Indonesia Persero 2,798 2.51

Financials 0.00% (31/01/2020: 1.87%)

New Zealand 2.63% (31/01/2020: 2.29%) Communication Services 2.63% (31/01/2020: 2.29%) 1,195,854 Spark New Zealand 2,927 2.63

Singapore 7.55% (31/01/2020: 9.25%) Communication Services 0.00% (31/01/2020: 2.69%)

Financials 1.92% (31/01/2020: 1.90%) 198,300 United Overseas Bank 2,136 1.92

Real Estate 5.63% (31/01/2020: 4.66%) 1,573,223 Ascendas REIT 3,059 2.74 1,783,400 Mapletree Industrial Trust 3,221 2.89 6,280 5.63

South Korea 10.19% (31/01/2020: 14.45%) Communication Services 2.40% (31/01/2020: 2.46%) 172,984 SK Telecom 2,674 2.40

Energy 0.00% (31/01/2020: 1.65%)

Financials 3.17% (31/01/2020: 6.69%) 491,718 Macquarie Korea Infrastructure Fund GDR 3,538 3.17

Information Technology 4.62% (31/01/2020: 3.65%) 162,789 Samsung Electronics Preference Shares 5,153 4.62

Taiwan 18.56% (31/01/2020: 13.11%) Financials 2.03% (31/01/2020: 1.94%) 4,483,000 CTBC Financial 2,262 2.03

14 Janus Henderson Asian Dividend Income Unit Trust Portfolio statement (continued)

Holding Investment Market Percentage value of total £000 net assets %

Information Technology 13.14% (31/01/2020: 8.56%) 1,250,000 Powertech Technology 3,193 2.86 1,393,000 Quanta Computer 2,964 2.66 90,124 Taiwan Semiconductor Manufacturing ADS 5,415 4.86 305,000 Yageo 3,082 2.76 14,654 13.14

Materials 3.39% (31/01/2020: 2.61%) 3,233,927 Taiwan Cement 3,785 3.39

Thailand 5.88% (31/01/2020: 7.94%) Communication Services 4.30% (31/01/2020: 4.73%) 8,115,517 Digital Telecommunications Infrastructure Fund 2,974 2.66 1,324,800 Intouch 1,829 1.64 4,803 4.30

Energy 1.58% (31/01/2020: 2.19%) 1,855,200 PTT (Alien Market) 1,757 1.58

Materials 0.00% (31/01/2020: 1.02%)

United Kingdom 3.08% (31/01/2020: 2.47%) Materials 3.08% (31/01/2020: 2.47%) 61,910 Rio Tinto 3,436 3.08

United States 2.30% (31/01/2020: 2.13%) Financials 2.30% (31/01/2020: 2.13%) 839,000 VinaCapital Vietnam Opportunity Fund 2,567 2.30

Derivatives (0.49%) (31/01/2020: (0.37%)) Options (0.49%) (31/01/2020: (0.37%))2 (580,000) EQO Call 21.3 October 2020 (40) (0.04) (36,800) EQO Call 454 August 2020 (298) (0.26) (1,729,250) EQO Put 6.71 October 2020 (113) (0.10) (1,855,200) PTT Public Call 35.8 July 2020 (99) (0.09) (550) (0.49)

Investment assets including investment liabilities 110,826 99.38 Other net assets 686 0.62 Total net assets 111,512 100.00

1 Suspended or delisted securities 2 Unquoted securities

All investments are listed on recognised stock exchanges and are ‘approved securities’ within the meaning of FCA rules unless otherwise stated.

The classifi cation is based on the country of risk and a relevant industry classifi cation standard.

Janus Henderson Asian Dividend Income Unit Trust 15 Statement of total return (unaudited) for the six months ended 31 July 2020

31/07/20 31/07/19 £000 £000 £000 £000 Income Net capital (losses)/gains (9,694) 12,502 Revenue 6,823 5,763 Expenses (593) (687) Interest payable and similar charges - (2)

Net revenue before taxation 6,230 5,074 Taxation (599) (471)

Net revenue after taxation 5,631 4,603

Total return before distributions (4,063) 17,105

Distributions (6,128) (5,198)

Change in net assets attributable to unitholders from investment activities (10,191) 11,907

Statement of change in net assets attributable to unitholders (unaudited) for the six months ended 31 July 2020

31/07/20 31/07/19 £000 £000 £000 £000

Opening net assets attributable to unitholders* 125,531 123,213

Amounts receivable on issue of units 6,310 12,063 Amounts payable on cancellation of units (10,984) (13,779) (4,674) (1,716)

Dilution adjustment 18 29

Change in net assets attributable to unitholders from investment activities (10,191) 11,907

Retained distributions on accumulation units 822 620

Unclaimed distributions 6 1

Closing net assets attributable to unitholders 111,512 139,054

* The opening net assets attributable to unitholders for the current period do not equal the closing net assets attributable for the comparative period as they are not consecutive periods.

16 Janus Henderson Asian Dividend Income Unit Trust Balance sheet (unaudited) as at 31 July 2020

31/07/20 31/01/20 £000 £000 Assets: Investments 111,376 123,742 Current assets: Debtors 1,426 704 Cash and bank balances 3,531 12,037

Total assets 116,333 136,483

Liabilities: Investment liabilities 550 459 Provisions for liabilities 14 10 Creditors: Bank overdrafts 15 9,121 Distribution payable 3,906 1,058 Other creditors 336 304

Total liabilities 4,821 10,952

Net assets attributable to unitholders 111,512 125,531

Directors’ statement

This report has been prepared in accordance with the requirements of the Collective Investment Schemes Sourcebook as issued and amended by the Financial Conduct Authority. We hereby certify the investment review and fi nancial statements on behalf of the Directors of Henderson Investment Funds Limited.

G Foggin (Director)

A Crooke (Director)

28 September 2020

Janus Henderson Asian Dividend Income Unit Trust 17 Notes to the fi nancial statements for the six months ended 31 July 2020

Accounting policies Basis of preparation The interim fi nancial statements have been prepared under the historical cost basis, as modifi ed by the revaluation of investments, and in accordance with the SORP for UK Authorised Funds issued by the IMA in May 2014, the Financial Reporting Standard 102 (FRS 102), the FCA’s COLL Trust Deed and Prospectus.

The fi nancial statements have been prepared on a going concern basis.

The accounting policies, distribution policy and potential risks are consistent with those of the fi nancial statements for theyear ended 31 January 2020 and are described in those annual accounts.

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

In response to the COVID 19 pandemic, the FRC (Financial Reporting Council) has issued guidance to companies to ensure that they maintain suffi cient capital reserves, which in some circumstances could result in cancelled dividend payments already announced to the market. In order to assess and mitigate the risk of not receiving income accrued at the end of the period, procedures are in place to monitor the eff ect of any cancelled dividends and to make suitable provisions when calculating the amount available for distribution.

Events after the Balance Sheet date Due to COVID-19 and the resultant market volatility, we have assessed the eff ect on the Net Asset Value of the fund of this event. As at 24 September 2020, the Net Asset Value is £108,185,840 which is a drop of 3.0% from the balance sheet date. The fall in NAV is due to the fall in value of the underlying investments and net outfl ows from the fund. The movements are considered to be a non-adjusting post balance sheet event and therefore no adjustments to the fi nancial statements were required as a result.

18 Janus Henderson Asian Dividend Income Unit Trust Distribution tables for the six months ended 31 July 2020 (in pence per unit)

Interim dividend distribution (accounting date 30 April 2020, paid on 30 June 2020) Group 1: units purchased prior to 1 February 2020 Group 2: units purchased on or after 1 February 2020

Distribution Equalisation Total Total per unit distribution distribution per unit per unit 30/06/20 28/06/19

Accumulation units Group 1 2.2871 - 2.2871 1.7908 Group 2 0.3592 1.9279 2.2871 1.7908

Income units Group 1 1.2689 - 1.2689 1.0602 Group 2 0.2380 1.0309 1.2689 1.0602

Class E accumulation1 Group 1 2.2527 - 2.2527 n/a Group 2 1.1552 1.0975 2.2527 n/a

Class E income1 Group 1 1.2519 - 1.2519 n/a Group 2 0.3438 0.9081 1.2519 n/a

Class G accumulation Group 1 0.9960 - 0.9960 0.7799 Group 2 0.6498 0.3462 0.9960 0.7799

Class G income Group 1 0.6864 - 0.6864 0.5752 Group 2 0.2201 0.4663 0.6864 0.5752

Class I accumulation Group 1 2.7384 - 2.7384 2.1493 Group 2 1.0764 1.6620 2.7384 2.1493

Class I income Group 1 1.5357 - 1.5357 1.2855 Group 2 0.4973 1.0384 1.5357 1.2855

1 Class E accumulation and Class E income launched on 24 June 2019.

Janus Henderson Asian Dividend Income Unit Trust 19 Distribution tables (continued)

Interim dividend distribution (accounting date 31 July 2020, paid on 30 September 2020) Group 1: units purchased prior to 1 May 2020 Group 2: units purchased on or after 1 May 2020

Distribution Equalisation Total Total per unit distribution distribution per unit per unit 30/09/20 30/09/19

Accumulation units Group 1 6.6954 - 6.6954 5.2900 Group 2 2.3070 4.3884 6.6954 5.2900

Income units Group 1 3.6622 - 3.6622 3.0760 Group 2 1.3592 2.3030 3.6622 3.0760

Class E accumulation Group 1 6.6743 - 6.6743 5.1642 Group 2 4.8526 1.8217 6.6743 5.1642

Class E income Group 1 3.6571 - 3.6571 3.0278 Group 2 1.9399 1.7172 3.6571 3.0278

Class G accumulation Group 1 2.9236 - 2.9236 2.2400 Group 2 0.0880 2.8356 2.9236 2.2400

Class G income Group 1 1.9875 - 1.9875 1.6297 Group 2 1.9875 - 1.9875 1.6297

Class I accumulation Group 1 8.0464 - 8.0464 6.1885 Group 2 3.8140 4.2324 8.0464 6.1885

Class I income Group 1 4.4487 - 4.4487 3.6654 Group 2 2.5662 1.8825 4.4487 3.6654

20 Janus Henderson Asian Dividend Income Unit Trust Appendix - additional information (unaudited)

Securities fi nancing transactions The fund engages in securities fi nancing transactions (SFTs) (as defi ned in Article 3 of Regulation (EU) 2015/2365, securitiesfi 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 fund's involvement in and exposures related to securities lending for the six months ended 31 July 2020 are detailed below.

Global data There was no stock on loan and no collateral held in respect of SFTs as at 31 July 2020.

Re-use of collateral The fund does not engage in any re-use of collateral.

Return and cost on securities lending activities The following table details the fund's return and costs for each type of SFTs for the six months ended 31 July 2020:

Fund Total gross Direct and Net stock % return % return amount of indirect costs lending retained by retained by stock lending and fees revenue the securities the fund revenue deducted by retained by lending agent £000 securities the fund lending agent £000 £000

Janus Henderson Asian Dividend Income Unit Trust 2 - 2 15% 85%

Janus Henderson Asian Dividend Income Unit Trust 21 Further information

Unitholder enquiries

If you have any queries about your fund holding, either contact your professional adviser or telephone us on one of the numbers below:

For dealing enquiries including buying and selling units please telephone at local rate: 0845 608 8703

The following line is also available:

Client Services: 0800 832 832 or you can contact us via e-mail at [email protected]

We may record telephone calls for our mutual protection and to improve customer service.

22 Janus Henderson Asian Dividend Income Unit Trust Important Information

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).

We may record telephone calls for our mutual protection, to improve customer service and for regulatory record keeping purposes.

Unless otherwise stated, all data is sourced by Janus Henderson Investors. [Janus Henderson, Janus, Henderson, Perkins, Intech, Alphagen, VelocityShares, Knowledge. Shared and Knowledge Labs] are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc.