& ACCOUNTS For the year ended 31 October 2019 ANNUAL REPORT ANNUAL

Janus Henderson Investment Funds Series III

Janus Henderson Investment Funds Series III A

Who are Janus Henderson Investors?

Janus Henderson Investors exists to help clients achieve their long-term fi nancial goals.

Our active management off ers clients the opportunity to outperform passive portfolios over the course of market cycles. With more than 360 investment professionals, we provide access to some of the industry’s most talented and innovative thinkers, spanning equities, fi xed income, multi-asset, and alternatives, globally. Our investment teams blend insight, originality, and precision with rigorous analysis, structured processes, and robust risk management. We build client partnerships on openness and trust, channelling expertise from across the business and communicating the views of our experts in a timely and relevant way. As at 30 September 2019, we had £289.0bn assets under management, more than 2,000 employees and 28 offi ces worldwide. Headquartered in , we are an independent asset manager that is dual-listed on the New York Stock Exchange and the Australian Securities Exchange. Contents

Authorised Corporate Director’s (ACD) report Page 1

Director’s statement Page 1

Market review Page 3

Statement of Authorised Corporate Director’s (ACD) responsibilities Page 5

Statement of the Depositary’s responsibilities and report of the Depositary to the shareholders Page 6 of Janus Henderson Investment Funds Series III

Independent Auditors’ report to the shareholders of Janus Henderson Investment Funds Series III Page 7

Aggregated notes to the fi nancial statements Page 9

Financial statements

Janus Henderson UK Index Fund Page 14

Janus Henderson UK Tracker Fund Page 48

Gartmore Pacifi c Rim Index Fund Page 69

Appendix - additional information (unaudited)

Securities fi nancing transactions Page 74

Remuneration policy Page 78

Further information Page 80 Authorised Corporate Director’s (ACD) report for the year ended 31 October 2019

We are pleased to present the Annual Report and Accounts for Janus Henderson Investment Funds Series III (the ‘Company’) for the year ended 31 October 2019

Authorised status The Company is an open-ended investment company (OEIC) with variable capital incorporated in England and Wales under registered number IC000218 and authorised by the Financial Conduct Authority (FCA) with eff ect from 14 March 2003. It is a UCITS (Undertakings for Collective Investment in Transferable Securities) scheme structured as an umbrella company, comprising three sub- funds (‘funds‘), complying with chapter 5 of the Collective Investment Schemes Sourcebook (COLL). The operation of the Company is governed by the OEIC regulations, COLL, its Instrument of Incorporation and Prospectus.

The Company has an unlimited duration. Shareholders are not liable for the debts of the Company.

Fund liabilities Each fund is treated as a separate entity and has a segregated portfolio of assets. The assets of a fund belong exclusively to that fund and can only be used to meet the liabilities of, or claims against, that fund.

Brexit update Janus Henderson Investors has a well-established project underway looking at all possible Brexit impacts including distribution, regulatory permissions and licences, Human Resources, Information Technology and Operations. Janus Henderson Investors is seeking to minimise the potential impact on investors, and like all fi rms, is operating in an environment that is uncertain and subject to change.We are proud of our long history in both the UK and continental Europe, and are in a strong position to continue to serve our investors after the UK leaves the European Union.

Other information Gartmore Pacifi c Rim Index Fund merged into Gartmore Pacifi c Opportunities on 17 March 2007 and further merged into Janus Henderson Asia Pacifi c Capital Growth in August 2011, a sub-fund of Janus Henderson Global Funds. The fund holds an illiquid stock on the Portfolio statement which has prevented the fund from terminating. It is the ACD’s intention to terminate the Gartmore Pacifi c Rim Index Fund once this stock is removed from the Portfolio statement and as such the fi nancial statements of the fund have been prepared on a basis other than going concern.

Janus Henderson UK Index Fund and Janus Henderson UK Tracker Fund merged into Janus Henderson Institutional UK Index Opportunities Trust on 5 December 2019. The Janus Henderson UK Index Fund holds illiquid stocks on the portfolio statement and it is the ACD’s intention to terminate the fund once the stocks are removed from the Portfolio statements. The funds’ are not considered to be a going concern and as such the fi nancial statements have been prepared on a basis other than going concern.

Value Assessment The FCA, the UK fi nancial regulator, recently introduced requirements for Authorised Corporate Directors to conduct a Value Assessment for each fund they manage. Janus Henderson Investors is carrying out its fi rst assessment for all funds as at 31 December 2019 and a summary of the fi ndings will be made available on our website www.janushenderson.com no later than 30 April 2020.

Director’s 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. I hereby certify the investment review and fi nancial statements on behalf of the Directors of Henderson Investment Funds Limited.

G Foggin (Director)

6 February 2020

Janus Henderson Investment Funds Series III 1 Authorised Corporate Director’s (ACD) report (continued)

Service providers

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

Directors of the ACD R Chaudhuri (to 07.03.19) A Crooke G Foggin G Fogo S Hillenbrand H J de Sausmarez P Shea (from 07.06.19)* F Smith (from 28.03.19)* R Thompson *Independent

Investment Manager State Street Global Advisors 20 Churchill Place Authorised and regulated by Limited London the Financial Conduct Authority Member of the Investment E14 5HJ Association

Shareholder Administrator DST Financial Services DST House Authorised and regulated by International Limited and St Nicholas Lane the Financial Conduct Authority DST Financial Services Basildon Europe Limited Essex SS15 5FS

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

2 Janus Henderson Investment Funds Series III Market review for the year ended 31 October 2019

Global equity markets rose over the year to 31 October 2019 (FTSE World Index +11.7% in sterling, +12.9% in local currency terms). Markets experienced a large fall at the end of 2018 but bounced back as they moved into 2019. This recovery was mainly driven by more dovish rhetoric from the major central banks and interest rate cuts by the US Federal Reserve (Fed) during the fi nal few onthsm of the year. Investor sentiment was boosted by hopes that the trade dispute between China and the US would ultimately be settled, although this did not transpire during the year.

In the UK, the FTSE All Share Index rose 6.8%. The UK’s exit from the EU dominated headlines. The original 29 March deadline was delayed, in the fi rst instance to 31 October, and then to 31 January, as parliament could not agree on a Brexit deal. The country saw a change in leadership when Prime Minister Theresa May was replaced by Boris Johnson in July. He succeeded in renegotiating a deal with the EU but decided to call an election when it became clear that opposition parties would attempt to amend the deal. Sterling was down over the year, owing to the uncertainties surrounding Brexit, although it recovered in the latter months as a deal appeared more likely. UK equities were volatile but ended higher as larger-cap, overseas-earning stocks benefi ted from sterling weakness. The UK economy was relatively lacklustre, despite strong employment trends and recovering wage growth. Second-quarter GDP growth came in signifi cantly below expectations at -0.2%, representing the fi rst contraction in nearly seven years. The Bank of England (BoE)held rates steady but gave clear guidance that looser monetary policy was a possibility.

European equities gained over the year (FTSE World Europe ex UK 11.5% in sterling, 14.3% in euros). The rise in European markets was driven largely by the return of easier monetary policy, particularly in the US and Europe. The European Central Bank (ECB) reintroduced quantitative easing through a new bond-purchasing scheme (due to commence on 1 November) while also cutting the deposit interest rate further, to -0.5% from -0.4% in September. The market had declined along with most of its global peers in December 2018 but recovered in the fi rst quarter of 2019, before experiencing volatility related to US/China trade tensions and Brexit in the summer months. Eurozone economic data remained muted: the annual growth rate sank to 1.1% in the second quarter of 2019, and infl ation fell sharply to -0.5% in July (though it recovered to 0.2% in September). The German economy, the largest in Europe, fl irted with recession, experiencing negative quarterly growth in the second quarter of 2019. The manufacturing side of the German economy continued to sag, impacted by the global trade dispute and slowing global growth. The German manufacturing purchasing managers’ (PMI) index remained well below the 50 level that separates contraction from expansion (42.1 in October).

US markets were strong (S&P 500 +12.9% in sterling, +14.3% in US dollars). The main equity indices (the S&P 500, the Dow Jones and the Nasdaq) hit new all-time highs over the year, driven mainly by the Fed’s U-turn on interest rates, and positive earnings momentum. The Fed cut rates three times during the year, taking the benchmark rate down to a range of 1.50%–1.75%. Trade relations with China were unsettled throughout 2019, with any apparent progress between the two countries proving to be short-lived. In May, US President Trump disturbed markets by unexpectedly going ahead with tariff increases that saw $200 billion worth of Chinese goods aff ected by tariff s of 25%. China retaliated in June, imposing 25% tariff s on $60 billion worth of American imports. On the economic front, the US economy slowed but remained relatively resilient compared to other developed nations. GDP expansion dipped signifi cantly, from a peak of 3.2% annualised growth in the second quarter of 2018 to 2.0% in the third quarter of 2019. The Treasury yield curve inverted, which is often considered the fi rst sign of an impending recession. However, employment trends remained trong,s with unemployment at 50-year lows as unemployment hit 3.5% in September.

Japanese equities were reasonably robust over the year (Topix Index +7.1% in sterling, +3.9% in yen). The Japanese market experienced a sharp sell-off in late 2018 before recovering into 2019, in line with other global markets. The market backdrop was challenging, given the ongoing trade dispute between China and the US, which impacted Japanese manufacturers, and the sluggish domestic economy. GDP grew at an annualised rate of 1.3% in the second quarter of 2019. Exports declined for 10 consecutive months, and October marked the sixth month in succession that Japan’s PMI was below 50 (anything below 50 signals a contraction). The country’s tankan survey (a survey of corporations’ outlook for business conditions) continued to deteriorate, with the headline manufacturing diff usion index falling to 7.0 in the third quarter of 2019, marking the seventh consecutive quarterly decline. The yen’s rise against other major currencies was a persistent cause for concern; in August, Japan’s vice fi nance minister announced that measures might be takento curb the currency’s strength, as a rising yen could have adverse eff ects on the export dependent domestic economy. At its September meeting, the Bank of Japan kept rates unchanged at -0.1% but promised a thorough review of the economic situation at its October meeting.

In Asia, the FTSE World Asia Pacifi c ex Japan Index rose by 12.4% in sterling terms (+14.2% in US dollars). Asian markets benefi ted, in aggregate, from the prevailing climate of easier monetary policy. Central banks in the region were particularly active in August; the Philippines, Thailand and New Zealand all cut rates, and in October the Reserve Bank of Australia slashed rates to a record low of 0.75%. Like most of their global peers, Asian indices fell sharply in May, when the US increased the size and scope of its tariff s on Chinese goods, and again in August, when additional increases were threatened. Many countries in the region are heavily dependent on US and Chinese trade. South Korea’s GDP growth for the second quarter was encouraging (+1.0% quarter on quarter) following a contraction in the three months to 31 March, although the growth rate moderated in the third quarter (+0.4%). Korean infl ation plummeted, falling 0.4% in the year to 30 September, marking the fi rst time that defl ation had been logged since records beganin 1965. China exceeded expectations with promising GDP growth of 1.6% in the three months to 30 June, though the annualised rate remained lacklustre.

Janus Henderson Investment Funds Series III 3 Market review (continued)

Emerging markets rose over the year (MSCI Emerging Markets +10.9% in sterling, +12.3% in US dollars). Developing markets rallied from the turn of the year, following developed markets higher as central banks became more dovish. Interest rate cuts were experienced in major emerging economies such as India, Brazil and Mexico. On an individual basis, the Reserve Bank of India lowered rates fi ve times to combat infl ation and to kick-start growth. Trade friction between the US and China was a major infl uence on emergingarkets, m as was the relative strength of the US dollar. Latin American markets rose in aggregate; but Argentina experienced dismal returns (MSCI Argentina -34.2% in US dollars) after an August election upset led to the second-worst stock market crash for any country since 1950. Brazil was strong, rising 13.5% in US dollar terms as the central bank cut rates to record lows. Mexico rose 7.1%, boosted by accommodative action from its central bank, which enacted two rate cuts in the third quarter. In Asia, Chinese GDP growth slowed to 6.0% annualised growth rate in the third quarter of the year, the weakest growth rate since 1992. The Chinese authorities attempted to boost economic activity by cutting bank reserve requirement ratios through the period.

Within fi xed income, core government bond markets (US, UK, Germany and Japan) saw prices rise materially over the year (yields, which move inversely to prices, fell). The JPM Global Government Bond Index increased 8.9% in sterling and by 10.2% in US dollars. Fixed income markets were underpinned by the evolving monetary policies of the major central banks towards easier money and a re-ignition of quantitative easing in some regions. Declining global economic growth rates, the global trade dispute, growing geopolitical risks and uncertainties over Brexit combined to push bond markets higher. Global concerns regarding trade tensions between the US and China kept these perceived ‘safe haven’ assets particularly in favour, though all three regions experienced a spike in yields in mid- September upon President Trump’s announcement that October tariff increases would be postponed. Multiple interest rate cuts from the Fed and accommodative rhetoric from the BoE and ECB also supported bond prices. The corporate debt market experienced a large number of new issues over the year: US$434 billion worth of bonds were sold globally in September, a record fi gure (Barclays Global Aggregate Corporate Bond Index +11.8% in US dollar terms).

4 Janus Henderson Investment Funds Series III Statement of Authorised Corporate Director’s (ACD) responsibilities for the year ended 31 October 2019

The Financial Conduct Authority’s (FCA) Collective Investment Schemes Sourcebook (COLL) requires the ACD to prepare fi nancial statements for each annual accounting year 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 Company and each of the sub-funds, and their revenue/expenditure for the year. In preparing the fi nancial statements the ACD is required to:

• select suitable accounting policies and then apply them consistently;

• comply with the requirements of the Statement of Recommended Practice (SORP) for Authorised Funds issued by the Investment Management Association (IMA) in May 2014;

• follow generally accepted accounting principles and applicable accounting standards;

• keep proper accounting records which enable it to demonstrate that the fi nancial statements, as prepared by Henderson Investment Funds Limited, comply with the above requirements;

• make best judgements and estimates that are reasonable; and

• prepare the fi nancial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in operation for the foreseeable future.

The ACD is responsible for the management of the Company in accordance with its Instrument of Incorporation, Prospectus and the OEIC Regulations. The ACD is also responsible for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Janus Henderson Investment Funds Series III 5 Statement of the Depositary’s responsibilities and report of the Depositary to the shareholders of Janus Henderson Investment Funds Series III (‘the Company’) for the year ended 31 October 2019

The Depositary must ensure that the Company is managed in accordance with the Financial Conduct Authority’s Collective Investment Schemes Sourcebook, the Open-Ended Investment Companies Regulations 2001 (SI 2001/1228) (the OEIC Regulations), as amended, the Financial Services and Markets Act 2000, as amended, (together ‘the Regulations’), the Company’s Instrument of Incorporation and Prospectus (together ‘the Scheme documents’) as detailed below.

The Depositary must in the context of its role act honestly, fairly, professionally, independently and in the interests of the Company and its investors.

The Depositary is responsible for the safekeeping of all custodial assets and maintaining a record of all other assets of the Company in accordance with the Regulations.

The Depositary must ensure that:

• the Company’s cash fl ows are properly monitored and that cash of the Company is booked into the cash accounts in accordance ithw the Regulations;

• the sale, issue, redemption and cancellation of shares are carried out in accordance with the Regulations;

• the value of shares in the Company is calculated in accordance with the Regulations;

• any consideration relating to transactions in the Company’s assets is remitted to the Company within the usual time limits;

• the Company’s income is applied in accordance with the Regulations; and

• the instructions of the Authorised Corporate Director (‘the ACD’) are carried out (unless they confl ict with the Regulations).

The Depositary also has a duty to take reasonable care to ensure that the Company is managed in accordance with the Regulations and the Scheme documents in relation to the investment and borrowing powers applicable to the Company.

Having carried out such procedures as we consider necessary to discharge our responsibilities as Depositary of the Company, it is our opinion, based on the information available to us and the explanations provided, that in all material respects the Company, acting through the ACD:

(i) has carried out the issue, sale, redemption and cancellation, and calculation of the price of the Company’s shares and the application of the Company’s income in accordance with the Regulations and the Scheme documents of the Company. (ii) has observed the investment and borrowing powers and restrictions applicable to the Company.

NatWest Trustee and Depositary Services Limited London

6 February 2020

6 Janus Henderson Investment Funds Series III Independent Auditors’ report to the shareholders of Janus Henderson Investment Funds Series III

Report on the audit of the fi nancial statements Opinion In our opinion, the fi nancial statements of Janus Henderson Investment Funds Series III (the ‘Company’):

• give a true and fair view of the fi nancial position of the Company and each of the sub-funds as at 31 October 2019 and of the net revenue and the net capital gains on the scheme property of the Company and each of the sub-funds for the year then ended; and

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’, and applicable law), the Statement of Recommended Practice for UK Authorised Funds, the Collective Investment Schemes sourcebook and the Instrument of Incorporation.

Janus Henderson Investment Funds Series III is an Open Ended Investment Company (OEIC) with three sub-funds. The fi nancial statements of the company comprise the fi nancial statements of each of the sub-funds. We have audited the fi nancial statements, included within the Annual Report (the ‘Annual Report’), which comprise: the balance sheets as at 31 October 2019; the statements of total return, the statements of changes in net assets attributable to shareholders for the year then ended; the distribution tables; aggregated notes to the fi nancial statements, which include a description of the signifi cant accounting policies, and the notes to the fi nancial statements.

Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (‘ISAs (UK)’) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the fi nancial statements section of our report. We believe that the audit evidence we have obtained is suffi cient and appropriate to provide a basis for our opinion.

Independence We remained independent of the company in accordance with the ethical requirements that are relevant to our audit of the fi nancial statements in the UK, which includes the FRC’s Ethical Standard, and we have fulfi lled our other ethical responsibilities in accordance with these requirements.

Emphasis of matter – fi nancial statements prepared on a basis other than going concern In forming our opinion on the fi nancial statements, which is not modifi ed, we draw attention to note 1(a) to the fi nancial statements which describes the Authorised Corporate Director‘s reasons why the fi nancial statements have been prepared on a basis other than going concern.

Reporting on other information The other information comprises all of the information in the Annual Report other than the fi nancial statements and our auditors’ report thereon. The Authorised Corporate Director is responsible for the other information. Our opinion on the fi nancial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon.

In connection with our audit of the fi nancial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the fi nancial statements or our knowledge obtained in the audit,or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the fi nancial statements or a material misstatementof the other information. 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 based on these responsibilities.

Authorised Corporate Director’s Report In our opinion, the information given in the Authorised Corporate Director’s Report for the fi nancial year for which the fi nancial statements are prepared is consistent with the fi nancial statements.

Janus Henderson Investment Funds Series III 7 Independent auditors’ report to the shareholders of Janus Henderson Investment Funds Series III (continued)

Responsibilities for the fi nancial statements and the audit Responsibilities of the Authorised Corporate Director for the fi nancial statements As explained more fully in the Authorised Corporate Director’s Responsibilities Statement set out on page 5, the Authorised Corporate Director is responsible for the preparation of the fi nancial statements in accordance with the applicable framework and for being satisfi ed that they give a true and fair view. The Authorised Corporate Director is also responsible for such internal control as they determine is necessary to enable the preparation of fi nancial statements that are free from material misstatement, whether due to fraud or rror.e

In preparing the fi nancial statements, the Authorised Corporate Director is responsible for assessing the company’s and each of the 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 Authorised Corporate Director either intends to wind up or terminate the company or individual sub-fund, or has no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the fi nancial statements Our objectives are to obtain reasonable assurance about whether the fi nancial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ 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 ISAs (UK) 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 infl uence the economic decisions of users taken on the basis of these fi nancial statements.

A further description of our responsibilities for the audit of the fi nancial statements is located on the Financial Reporting ouncil’sC website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.

Use of this report This report, including the opinions, has been prepared for and only for the Company’s shareholders as a body in accordance with paragraph 4.5.12 of the Collective Investment Schemes sourcebook as required by paragraph 67(2) of the Open-Ended Investment Companies Regulations 2001 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Other required reporting Opinion on matter required by the Collective Investment Schemes sourcebook In our opinion, we have obtained all the information and explanations we consider necessary for the purposes of the audit.

Collective Investment Schemes sourcebook exception reporting Under the Collective Investment Schemes sourcebook we are also required to report to you if, in our opinion:

• proper accounting records have not been kept; or

• the fi nancial statements are not in agreement with the accounting records.

We have no exceptions to report arising from this responsibility.

PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors Glasgow

6 February 2020

8 Janus Henderson Investment Funds Series III Aggregated notes to the fi nancial statements for the year ended 31 October 2019

1 Accounting policies (a) Basis of preparation The fi nancial statements of Janus Henderson Investment Funds Series III (the ‘Company’) comprise the fi nancial statements of chea of the funds. They have been prepared under the historical cost basis, as modifi ed by the revaluation of investments, and in accordance with the Statement of Recommended Practice (SORP) of UK Authorised Funds issued by the Investment Management Association (IMA) in May 2014, the Financial Reporting Standard 102 (FRS 102), the Financial Conduct Authority’s (FCA) Collective Investment Schemes Sourcebook (COLL) and the Company’s Instrument of Incorporation and Prospectus.

The fi nancial statements for all funds have been prepared on a basis other than going concern.

The fi nancial statements for Janus Henderson UK Index Fund and Janus Henderson UK Tracker Fund have been prepared on a basis other than going concern as the Authorised Corporate Director (ACD) has merged these funds with the Janus Henderson Institutional UK Index Opportunities Trust on 5 December 2019. The ACD intends to terminate these funds at a future date after the removal of illiquid stocks. There has been no impact on the fi nancial statements or disclosure notes to adjust assets or liabilities to realisable value, other than to reclassify Investments as Current Assets. No adjustments were necessary to provide for the costs of terminating the funds as the ACD will bear any related costs for this fund.

The comparatives for these funds have been prepared on a going concern basis.

The fi nancial statements for the Gartmore Pacifi c Rim Index Fund have been prepared on a basis other than going concern as this fund closed to investors on 17 March 2007 and will be terminated at a future date after the removal of an illiquid stock. There has been no impact on the fi nancial statements or disclosure notes to adjust assets and liabilities to realisable value. No adjustments were necessary to provide for the costs of terminating the funds as the ACD will bear any related costs for this fund. The comparatives are also prepared on a basis other than going concern.

(b) Basis of valuation of investments The valuation of listed investments has been at fair value, which is generally deemed to be bid market price, excluding any accrued interest in the case of debt securities, at close of business on the last working day of the accounting year (31 October 2019) in accordance with the provisions of the scheme particulars.

Investments in collective investment schemes (CIS) have been valued at bid prices. For those CIS funds that are not dual prices, single prices are used.

The ACD has assigned the responsibility to review and approve fair value pricing decisions on a regular basis to the Janus Henderson UK & EMEA Fair Value Pricing Committee. The Committee report to the Board of Directors on suspended, defaulted, delisted, unquoted or manually priced securities, taking into consideration where appropriate, latest dealing prices, valuations from reliable sources, fi nancial performance and other relevant factors.

Derivative assets and liabilities are valued at the fair value price to close out the contract at the Balance sheet date, using available market prices or an assessment of fair value based on counterparty valuations and appropriate pricing models.

(c) Revenue recognition 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 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.

Overseas dividends are disclosed gross of any foreign tax suff ered, the tax element being separately disclosed in the tax note.

Bank interest is recognised on an accruals basis.

Interest on debt securities is recognised on an accruals basis, taking into account the eff ective yield on the investment. The eff ective yield is a calculation that amortises any discount or premium on the purchase of an investment over its remaining life based on estimated cash fl ows.

Income distributions from UK Real Estate Investment Trusts (UK REIT) is split into two parts, a Property Income Distribution (PID) made up of rental revenue and a non-PID element, consisting of non-rental revenue. The PID element is subject to corporation tax as schedule A revenue, while the non-PID element is treated as franked revenue.

Revenue earned on derivatives and interest on margin are accounted for on an accruals basis.

Stock lending revenue is accounted for on an accruals basis, net of bank and agent fees.

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

Janus Henderson Investment Funds Series III 9 Aggregated notes to the fi nancial statements (continued)

1 Accounting policies (continued) (c) Revenue recognition (continued) Dividends received as shares (scrip/stock dividends), to the extent that the value of such dividends is equal to the cash dividends, are treated as revenue.

Any annual management charge rebates from underlying funds, including off shore, are recognised on an accrual basis when the entitlement arises in accordance with the treatment of the annual management charge on the underlying CIS.

If any revenue receivable at the Balance sheet date is not considered recoverable, a provision is made for the relevant amount.

(d) Treatment of expenses (including ACD expenses) All expenses (other than those relating to the purchase and sale of investments) are charged against revenue on an accruals basis.

Annual Management Charge (AMC) In payment for carrying out its duties and responsibilities the ACD is entitled to take an annual fee out of the Company’s property, calculated as a percentage of the relevant value of the property of each class of each fund. The AMC is accrued on a daily basis by reference to the net asset value of each share class on that dealing day and the amount due for each month is payable on the last working day of the month.

General Administration Charge All fees with the exception of the AMC, Depositary and safe custody fees have been replaced by a single ad valorem charge, the General Administration Charge (GAC). The ACD believes that this creates more effi ciency around the charging process than more traditional methods. The GAC is calculated as a percentage of the scheme property and the amount each share class in each fund will pay will depend on the costs attributable to each share class based on whether the class is a ‘Retail’ class or an ‘Institutional’ class. The GAC accrues on a daily basis and is payable to the ACD by each share class monthly.

Allocation of revenue and expenses to multiple share classes With the exception of the AMC, and the GAC which are directly attributable to individual share classes, all revenue and expenses are allocated to share classes pro rata to the value of the net assets of the relevant share class on the day that the revenue or expense is incurred.

(e) Exchange rates Foreign currency transactions are translated into sterling at the exchange rate ruling at the date of the transaction. Assets and liabilities denominated in foreign currencies at the end of the accounting year are translated into sterling at the exchange rates prevailing at close of business on the last valuation day of the accounting year.

(f) Taxation Provision is made for tax at the current rates on the excess of taxable revenue over allowable expenses, with relief for overseas taxation taken where appropriate.

Overseas dividends are disclosed gross of any foreign tax suff ered, the tax element being separately disclosed in the tax note.

Corporation tax is charged at 20% of the revenue liable to corporation tax less expenses.

Deferred tax is provided on all timing diff erences that have originated but not reversed at the balance sheet date other than those recorded as permanent diff erences. Deferred tax is provided at the average rate of tax expected to apply. Deferred tax assets and liabilities are not discounted to refl ect the time value of money.

Deferred tax assets are only recognised to the extent it is regarded as more likely than not that there will be taxable profi ts against which the future reversal of underlying timing diff erences can be off set.

(g) Cash fl ow statement The funds are not required to produce a cash fl ow statement as they meet the exemption criteria set out in FRS 102 7.IA as thefunds’ investments are highly liquid, are carried at market value and a Statement of change in net assets attributable to shareholders is provided for each fund.

(h) Treatment of derivatives Derivative transactions are accounted for on a trade date basis. Where such transactions are used to protect or enhance revenue and the circumstances support it, the revenue and expenses derived there from are included in Revenue in the Statement of total return on an accruals basis. Where such transactions are used to protect or enhance capital and the circumstances support it, the gains and losses derived there from are included in Net capital gains/(losses) in the Statement of total return.

Index futures contracts The unrealised gain/(loss) on open future contracts is disclosed in the Portfolio statement. The margins paid on these contracts are included in amounts held at derivative clearing houses and brokers. The net gains/(losses) are apportioned between the revenue account and derivative securities in net capital gains/(losses) on investments, refl ecting the nature of the return. The basisof the apportionment is typically made by reference to the yield on the underlying security or index or other appropriate source.

10 Janus Henderson Investment Funds Series III Aggregated notes to the fi nancial statements (continued)

1 Accounting policies (continued) (i) Dilution adjustment The funds are priced on a single swinging price basis. The ACD has the discretion to charge a dilution adjustment when there is a large volume of deals and, in accordance with the FCA regulations, to pay this amount into the fund. In particular the ACD reserves the right to make such an adjustment in the following circumstances:

• On a fund experiencing large levels of net purchases (i.e. purchases less redemptions), relative to its size;

• On a fund experiencing large levels of net redemptions (i.e. redemptions less purchases), relative to its size;

• In any other case where the ACD is of the opinion that the interests of existing or continuing shareholders and potential investors require the imposition of a dilution adjustment.

2 Distribution Policy The distribution policy of the funds is to distribute/accumulate all available revenue, after the deduction of expenses properly chargeable against revenue, subject to any expense which may currently be transferred to capital. The funds pay dividend distributions.

Revenue attributed to accumulation shareholders is retained at the end of each distribution period and represents a reinvestment of revenue.

Stock dividends are not taken into account when determining the amount available for distribution.

Gains and losses on investments and currencies, whether realised or unrealised, are taken to capital and are not available for distribution.

When the revenue from investments exceeds the expenses, a distribution will be made. Should expenses exceed revenue there will be no distribution and the shortfall will be transferred from capital at the year end.

The funds make semi-annual distributions (31 July and 31 December) to shareholders.

Gartmore Pacifi c Rim Index Fund closed on 17 March 2007 and no distributions have been declared since the closure date.

In the event that the income yielded is low (generally less than 1% p.a.) the ACD has the discretion not to make an income allocation in respect of a particular interim income allocation date and instead to hold over that payment until the fi nal income allocationdate.

All distributions, excluding the Gartmore Pacifi c Rim Index Fund, unclaimed for a period of six years after having become due orf payment shall be forfeited and shall revert to the funds.

Any unclaimed distribution payments on the Gartmore Pacifi c Rim Index Fund shall revert to a Client money account. If these remain unclaimed after one year from the date on which they became payable, the Depositary must pay these into court subject to the Depositary having a right to retain any expenses properly incurred relating to that payment.

Equalisation Income equalisation applies to all funds.

Equalisation applies only to shares purchased during the distributions period (group 2 shares). It is the average amount of revenue included in the purchase price of group 2 shares and is refunded to the holders of these shares as a return of capital. Being capital it is not liable to income tax but must be deducted from the cost of shares for capital gains tax purposes.

3 Risk In pursuing its investment objective the funds hold a number of fi nancial instruments. These fi nancial instruments comprise securities and other investments, cash balances, debtors and creditors that arise directly from the funds’ operations. The funds may also enter into derivative, forward foreign exchange contracts, borrowing and stock lending for the purpose of effi cient portfolio management.

The risk management policy and process for the funds is designed to satisfy the regulatory requirements for UCITS; associated regulatory technical standards and guidelines; and local regulations. The framework for risk controls and limits for the funds is documented within the ACD’s Risk Management Policy and Process document, which outlines for each main risk category the controls and risk measures in place, including stress tests for assessing sensitivity to the most relevant risks. This risk framework includes setting of limits and monitoring against those limits.

In the normal course of business, the funds’ activities expose them to various types of risk which are associated with the fi nancial instruments and markets in which they invest. These fi nancial risks: market risk (comprising currency risk, interest rate riskand other market price risk), credit and counterparty risk and liquidity risk and the approach to the management of these risks, are set out below and remain unchanged from the previous accounting year. For a detailed explanation of these and further risks involved in investing in the funds, reference should be made to the Prospectus; investors and prospective investors are recommended to discuss all potential risks with their own legal, tax and fi nancial advisors.

Janus Henderson Investment Funds Series III 11 Aggregated notes to the fi nancial statements (continued)

3 Risk (continued) The risk management systems to which the Janus Henderson Risk, Compliance and Operations teams have access for independent monitoring and risk measurement purposes include:

• Charles River system’s Compliance module for investment restrictions monitoring; • Nasdaq BWise operational risk database; • RiskMetrics, UBS Delta, Style Research, Cognity and Barra for market risk measurement; and • Bloomberg for market data and price checking.

These are supplemented by an in-house developed system, the Janus Henderson Derivatives Risk and Compliance database.

(a) Market risk Market risk is the risk of loss resulting from fl uctuations in the market value of positions in the funds attributable to changes in market variables such as interest rates, foreign exchange rates or an issuer’s credit worthiness.

The investments of the funds are subject to normal market fl uctuations and other risks inherent in investing in securities in ursuancep of the investment objectives and policies. Whilst equity investments carry potential for attractive returns over the longer term, the volatility of these returns can also be relatively high. Shares in smaller companies may be more diffi cult to buy and sell as they may trade infrequently and in small volumes.

Where funds invest in a specifi c country or geographical region, changes to local political and economic conditions may have agreater impact on the funds’ value. Where funds seek to replicate an index there is a risk of tracking error as replication can be diffi cult to achieve and involves signifi cant transaction costs.

Effi cient portfolio management (EPM) is used by the funds to reduce risk and/or costs in the funds and to produce additional capital or income in the funds. The funds may use derivatives (including options, futures, forward transactions and contracts for diff erence), borrowing, cash holding and stock lending for EPM. It is not intended that using derivatives for effi cient portfolio management will increase the volatility of the funds. In adverse situations, however, a fund’s use of derivatives may become ineff ective in hedging or EPM and a fund may suff er signifi cant loss as a result.

The global exposure of the funds is calculated by using the commitment approach by which derivatives or forward transactions are converted into the market value of an equivalent position in the underlying asset.

Currency risk Currency risk is the risk that the value of the funds’ investments will fl uctuate as a result of changes in foreign currency exchange rates. A proportion of a funds’ assets and income may be denominated in currencies other than sterling (the funds’ functional currency and the one in which it reports its results). As a result, movements in exchange rates may aff ect the sterling value of those items so a funds’ total return and Balance sheet can be signifi cantly aff ected by currency fl uctuations. This risk may be managed by the Investment Manager using hedging transactions in line with each fund’s investment objective, powers and limits, though this will not eliminate the relevant fund’s currency risk.

Please refer to the individual funds’ accounts for details of currency risk exposure.

Interest rate risk Interest rate risk is the risk that the fair value of future cash fl ows of a fi nancial instrument will fl uctuate because of ngescha in market interest rates. Some securities such as bonds are directly impacted by interest rate movements but others are indirectly aff ected.

Please refer to the individual funds’ accounts for details of interest rate risk exposure.

Other market price risk Other market price risk is the risk that the value of the funds’ investment will fl uctuate as a result of changes in market prices caused by factors other than interest rate or foreign currency movement. The risk arises mainly from uncertainty about future prices of fi nancial instruments the funds might hold. It represents the potential loss the funds might suff er through holding market positions in the face of price movements. The funds’ investment portfolios are exposed to market price fl uctuations, which are monitored by the ACD ni pursuance of the investment objectives and policies.

An increase or decrease in market values will have a direct eff ect on the value of the investment assets in the portfolio and therefore a proportionate eff ect on the value of the fund.

Sensitivity analysis The fund’s investment objectives are to track the performance of a specifi c index, as a result the funds’ market risk profi leollows f that of the relevant index. The relevant measure of market sensitivity is the beta of the fund to its relevant index; the funds have an average beta value of 1.0 refl ecting the index-tracking nature of their investment objectives and policies.

12 Janus Henderson Investment Funds Series III Aggregated notes to the fi nancial statements (continued)

3 Risk (continued) (b) Credit and counterparty risk Credit and counterparty risk is the risk of loss resulting from the possibility that the counterparty to a transaction may default on its obligations prior to the settlement of the transaction’s cash fl ow.

Issuer credit ratings are evaluated periodically and an approved issuer list is maintained and monitored. In addition the funds may only buy and sell investments through brokers which have been approved by the ACD as an acceptable counterparty and limits are set and monitored to cover the exposure to any individual broker. Changes in broker’s fi nancial ratings are periodically reviewed by the Janus Henderson Credit Risk Forum along with set limits and new counterparty approval.

The funds’ assets that are held with banks could be exposed to credit and counterparty risk. The banks used by the funds and ACD are subject to regular reviews. Only counterparties that have been approved by Janus Henderson’s Credit Risk Forum are used for derivative transactions.

Adherence to investment guidelines and to investment and borrowing powers set out in the Instrument of Incorporation, the Prospectus and in the Financial Conduct Authority Collective Investment Schemes Sourcebook mitigates the risk of excessive exposure to any particular type of security or issuer.

Please refer to the individual funds’ accounts for details of credit and counterparty risk exposure.

(c) Liquidity risk Liquidity risk is the risk that a position in the funds’ portfolios cannot be sold, liquidated or closed out at limited cost in an adequately short timeframe and that the ability of the funds to meet their settlement obligations is thereby compromised.

The funds are generally able to realise cash quickly to meet their liabilities. The main liquidity requirements of the funds include the redemption of any shares that a shareholder wishes to sell. Temporary higher liquidity levels may also arise during the carrying out of a change in asset allocation policy, or following a large issue of shares.

The ACD manages the funds’ cash positions to ensure they can meet their liabilities. The ACD receives daily reports of subscriptions and redemptions enabling the ACD to raise cash from the funds’ portfolios in order to meet redemption requests. In addition the ACD monitors the market liquidity of all securities, seeking to ensure the funds maintain suffi cient liquidity to meet known and potential redemption activity. The funds’ cash balances are monitored daily by the ACD and administrator. When investments cannot be realised in time to meet any potential liability, the funds may borrow up to 10% of their property to ensure settlement.

Please refer to the individual funds’ accounts for details of liquidity risk exposure.

(d) Brexit Risk In a referendum held on 23 June 2016, the electorate of the United Kingdom resolved to leave the European Union. The result has led to political and economic uncertainty, volatility in the fi nancial markets of the United Kingdom and more broadly across Europe. onsumer,C corporate and fi nancial confi dence in these markets may decrease as the Brexit negotiations progress. The implementation process of the political, economic and legal framework between the United Kingdom and the European Union is likely to lead to continuing uncertainty and periods of increased volatility in both the United Kingdom and in wider European markets.

Currency volatility resulting from this uncertainty may mean that the returns of the fund and their investments are adversely aff ected by market movements, potential decline in the value of the British Pound and/or Euro, and any downgrading of United Kingdom sovereign credit rating.

This mid to long term uncertainty may have an adverse eff ect on the economy generally and on the ability of the relevant funds and their investments to execute their respective strategies and to receive attractive returns, and may also result in increased costs to the relevant funds.

4 Cross-holdings There are no cross-holdings within any of the funds of Janus Henderson Investment Funds Series III at the year end (2018: nil).

Janus Henderson Investment Funds Series III 13 Janus Henderson UK Index Fund

Authorised Corporate Director’s (ACD) report

Investment Fund Manager Zehra Sayeed

Investment objective and policy This fund is designed to track the capital performance of the FTSE All Share Index and to maintain a gross income yield equal to that of the Index.

The fund is managed on a fully invested basis and has a portfolio of, typically, over 600 stocks comprising the FTSE All Share Index although, occasionally, the fund may invest in stocks outside the Index. The emphasis is on maintaining tracking precision. Stocks are screened to minimise deviation from the Index. The portfolio also maintains a balance between large and small capitalisation stocks.

The fund may also invest at the Manager’s discretion in other transferable securities, money market instruments, cash and near cash, derivative instruments and forward transactions, deposits and units in collective investment schemes (use may be made of stock lending, borrowing, cash holdings, hedging and other investment techniques permitted in applicable Financial Conduct Authority (FCA) Rules).

Performance summary 31 Oct 18 - 31 Oct 17 - 31 Oct 16 - 31 Oct 15 - 31 Oct 14 - 31 Oct 19 31 Oct 18 31 Oct 17 31 Oct 16 31 Oct 15 %%%%% Class I accumulation 6.4 (1.8) 12.9 11.9 2.7 FTSE All Share Index 6.8 (1.5) 13.4 12.2 3.0 IA UK All Companies Sector 6.9 (3.6) 15.7 7.9 6.8

Source: Morningstar, Class I accumulation, NAV to NAV, net of fees and net income reinvested as at 12 noon valuation point. Benchmark values are at close of business.

Index: FTSE All Share Index Index Usage: Target, Constraint & Comparator Index description: The FTSE All Share Index is a measure of the combined performance of a large number of the companies listed on the and includes large, medium and smaller companies. It constrains the fund’s portfolio, is the performance target and provides a useful comparison against which the fund’s performance can be assessed over time.

Peer group benchmark: IA UK All Companies Sector Peer group benchmark 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.

Class I accumulation is disclosed as it is the primary share class.

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.

Index Tracking The fund is structured as an index tracking fund which replicates an index. Where the fund seeks to replicate an index there is a risk of tracking diff erence as replication can be diffi cult to achieve and involves signifi cant transaction costs. The tracking diff erence (the diff erence between the performance of the fund and the performance of the index tracked calculated using close of business price and gross of fees returns for the fund and a close of business price benchmark) for the year to 31 October 2019 of 0.00% (2018: (0.07%)). The tracking diff erence calculation is on a diff erent pricing basis than the performance summary above for the current year.

The predicted annual tracking error (the volatility of the diff erence between the performance of the fund and the performance of the index tracked) for the fund at the start of the year was 0.05% (2018: 0.05%). The realised annual tracking error at the end of the year (the volatility of the diff erence between the performance of the fund and the performance of the index tracked calculated using close of business price and gross of fees returns for the fund and a close of business price benchmark) of 0.13% (2018: 0.15%) diff ers from the forward looking predicted annual tracking error at the start of the year as the realised annual tracking error is based on actual portfolio returns and incorporates the eff ects of fund expenses, trading activity and holding cash on the daily fund returns over the course of the year.

14 Janus Henderson UK Index Fund Authorised Corporate Director’s (ACD) report (continued)

Signifi cant portfolio changes for the year ended 31 October 2019

Largest purchases £000 Largest sales £000

HSBC 606 Shire 3,783 Anglo American 589 Royal Dutch Shell 'A' 1,112 AstraZeneca 441 HSBC 921 BP 399 Randgold Resources 604 Royal Dutch Shell 'B' 385 Diageo 586 GlaxoSmithKline 373 BP 585 Royal Dutch Shell 'A' 321 Royal Dutch Shell 'B' 393 Diageo 317 Unilever 375 BT 246 GlaxoSmithKline 353 Mondi 238 Rio Tinto 335

Total purchases 11,431 Total sales 17,163

Janus Henderson UK Index Fund 15 Authorised Corporate Director’s (ACD) report (continued)

Investment review The fund returned 6.4% based on Class I accumulation over the year under review, compared with a return of 6.8% in the FTSE All Share Index and a return of 6.9% in the IA UK All Companies Sector peer group benchmark.

Over the year under review, global equity markets, as measured by the FTSE All World Index, were up by 13.2%. Markets faced elevated volatility due to the ongoing US/China trade dispute, a slowdown in eurozone business confi dence, weaker Chinese economic growth, continued uncertainty surrounding the UK’s plans to the European Union (EU), protests in Hong Kong due to a proposed extradition law, and rising geopolitical risks in other regions.

Global stocks suff ered the worst quarterly fall in seven years in the fourth quarter of 2018, with the FTSE All World Index down by 12.6% in sterling terms, but they recovered strongly in the fi rst quarter of this year. The trend continued for most of the second quarter, but a sharp fall in May came after the US blacklisted China’s Huawei Technologies and increased tariff s on $200bn of Chinese imports. In the third quarter, the US imposed a 10% tariff on a further $300bn of Chinese goods. China devalued the yuan in response to the US move, pushing the currency beyond RMB7/US$1. The fourth quarter of 2019 started with renewed optimism on Brexit, a further interest rate cut from the US Federal Reserve (Fed) and a resumption of its asset purchase programme, and improved market sentiment on trade, helping send the S&P 500 Index to an all-time high by the end of the year under review.

UK equities returned 6.6% in sterling terms over the year, despite the continued uncertainty around Brexit. An extension of the deadline for the UK to leave the EU, to 31 October 2019, allowed UK stocks and sterling to advance. The UK’s Conservative Party experienced losses in local elections and Prime Minister Theresa May announced in June that she would step down. The likelihood of a ‘no-deal Brexit’ increased with the appointment of Boris Johnson as prime minister, but dissipated after he lost his majority in parliament. Negotiations with the EU again appeared to be on the verge of breaking down as Brussels objected to the UK’s new Brexit plan in early October. However, market optimism increased, after discussions between the prime minister and his Irish counterpart, Leo Varadkar, and Mr Johnson accepted a further extension to the Brexit deadline. On the policy front, the Bank of England held its benchmark interest rate steady at 0.75% throughout the year under review. UK gross domestic product in the third quarter of 2019 grew by 0.3%, which missed market expectations for 0.4% expansion.

European equities gained 13.8% in euro terms, delivering results in line with other developed markets in local currency terms. Eurozone economic growth slowed to 0.2% in the second quarter of 2019, compared with the previous three months, and stayed at the same level in the third quarter, although it was above market expectations for 0.1% expansion. The European Central Bank (ECB) promised no further interest rate hikes because of weak economic data. The ECB also announced new round of cheap fi nancing for banks and discussed measures to reduce the drag on the sector’s profi ts from negative interest rates. The central bank moved interest rates further into negative territory, introduced a tiered system for reserve remuneration and implemented new asset purchases. The export-dependent region rallied as geopolitical tensions fi nally eased due to a pause in the US/China trade confl ict and progress on the Brexit negotiations.

Outside Europe, US equities returned 14.3% fuelled mainly by apparent progress in trade negotiations between the US and China, and expectations of accommodative central bank monetary policy. The Fed held interest rates for most of the year under review, although it implemented three cuts between July and the end of October.

Asia-Pacifi c markets were hit by myriad global issues that were compounded by disappointing Chinese economic data, but they rose strongly, by 11.9%.

16 Janus Henderson UK Index Fund Comparative tables for the year ended 31 October 2019

Class A accumulation 2019 2018 2017 (pence per (pence per (pence per share) share) share) Change in net assets per share Opening net asset value per share 607.84 621.45 551.90 Return before operating charges* 41.15 (9.21) 73.69 Operating charges (4.31) (4.40) (4.14) Return after operating charges* 36.84 (13.61) 69.55 Distributions on accumulation shares (20.15) (17.72) (12.95) Retained distributions on accumulation shares 20.15 17.72 12.95 Closing net asset value per share 644.68 607.84 621.45 * after direct transaction costs of: 0.17 0.10 0.09

Performance Return after charges 6.06% (2.19%) 12.60%

Other information Closing net asset value (£000s) 173,834 175,302 193,497 Closing number of shares 26,964,356 28,840,063 31,136,514 Operating charges 0.69% 0.70% 0.70% Direct transaction costs 0.03% 0.02% 0.01%

Prices Highest share price (pence) 668.60 664.79 624.90 Lowest share price (pence) 565.50 583.70 533.70

Class A income 2019 2018 2017 (pence per (pence per (pence per share) share) share) Change in net assets per share Opening net asset value per share 416.57 438.36 397.74 Return before operating charges* 28.20 (6.30) 52.87 Operating charges (2.93) (3.08) (2.97) Return after operating charges* 25.27 (9.38) 49.90 Distributions on income shares (13.70) (12.41) (9.28) Closing net asset value per share 428.14 416.57 438.36 * after direct transaction costs of: 0.11 0.07 0.06

Performance Return after charges 6.07% (2.14%) 12.55%

Other information Closing net asset value (£000s) 18,361 18,822 22,488 Closing number of shares 4,288,521 4,518,329 5,129,922 Operating charges 0.69% 0.70% 0.70% Direct transaction costs 0.03% 0.02% 0.01%

Prices Highest share price (pence) 450.80 463.04 446.50 Lowest share price (pence) 387.60 410.50 383.80

Janus Henderson UK Index Fund 17 Comparative tables (continued)

Class I accumulation 2019 2018 2017 (pence per (pence per (pence per share) share) share) Change in net assets per share Opening net asset value per share 633.64 645.66 571.49 Return before operating charges* 43.01 (9.67) 76.44 Operating charges (2.35) (2.35) (2.27) Return after operating charges* 40.66 (12.02) 74.17 Distributions on accumulation shares (23.23) (20.63) (15.48) Retained distributions on accumulation shares 23.23 20.63 15.48 Closing net asset value per share 674.30 633.64 645.66 * after direct transaction costs of: 0.17 0.11 0.09

Performance Return after charges 6.42% (1.86%) 12.98%

Other information Closing net asset value (£000s) 28,068 27,819 35,260 Closing number of shares 4,162,574 4,390,428 5,461,152 Operating charges 0.36% 0.36% 0.37% Direct transaction costs 0.03% 0.02% 0.01%

Prices Highest share price (pence) 698.70 691.97 649.20 Lowest share price (pence) 589.80 607.20 552.60

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 share class.

Share class launches and closures There were no share classes launched or closed in the year.

18 Janus Henderson UK Index Fund 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 year, except for expenses that are explicitly excluded by regulation.

2019 2018 % %

Class A 0.69 0.70

Class I 0.36 0.36

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

Janus Henderson UK Index Fund 19 Risk and reward profi le

The fund currently has 3 types of share class in issue; A accumulation, A income and I accumulation.

Each type of share 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 share classes appear at 5 out of 7. Share classes in higher categories have shown greater and/or more frequent variations in share price 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 shares 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.

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

There has been no change to the risk ratings in the year.

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

20 Janus Henderson UK Index Fund Portfolio statement as at 31 October 2019

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

Equities 97.93% (2018: 98.34%) Australia 1.47% (2018: 1.39%) Basic Materials 1.47% (2018: 1.39%) 197,566 BHP 3,230 1.47

Canada 0.09% (2018: 0.08%) Basic Materials 0.00% (2018: 0.01%)

Consumer Services 0.09% (2018: 0.07%) 34,390 Entertainment One 191 0.09

Chile 0.12% (2018: 0.12%) Basic Materials 0.12% (2018: 0.12%) 29,211 Antofagasta 253 0.12

Egypt 0.06% (2018: 0.05%) Basic Materials 0.06% (2018: 0.05%) 116,894 136 0.06

Germany 0.20% (2018: 0.24%) Consumer Services 0.20% (2018: 0.24%) 42,966 TUI 434 0.20

India 0.00% (2018: 0.00%) Telecommunications 0.00% (2018: 0.00%) 11,746 7-

Ireland 1.61% (2018: 1.50%) Basic Materials 0.01% (2018: 0.01%) 10,242 Kenmare Resources 25 0.01

Consumer Goods 0.03% (2018: 0.06%) 27,722 64 0.03

Consumer Services 0.26% (2018: 0.26%) 7,103 Flutter Entertainment 565 0.25 12,850 Hostelworld 15 0.01 580 0.26

Health Care 0.09% (2018: 0.07%) 24,221 UDG Healthcare 187 0.09

Industrials 1.22% (2018: 1.10%) 75,728 CRH 2,133 0.96 22,067 Smurfi t Kappa 568 0.26 2,701 1.22

Israel 0.04% (2018: 0.04%) Financials 0.03% (2018: 0.04%) 10,252 82 0.03

Janus Henderson UK Index Fund 21 Portfolio statement (continued)

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

Technology 0.01% (2018: 0.00%) 30,084 BATM Advanced Communications 13 0.01

Jordan 0.12% (2018: 0.13%) Health Care 0.12% (2018: 0.13%) 13,584 Hikma Pharmaceuticals 273 0.12

Luxembourg 0.14% (2018: 0.13%) Consumer Services 0.14% (2018: 0.13%) 84,076 B&M European Value Retail 311 0.14

Malaysia 0.01% (2018: 0.02%) Consumer Goods 0.01% (2018: 0.02%) 10,427 PureCircle 14 0.01

Mexico 0.06% (2018: 0.07%) Basic Materials 0.06% (2018: 0.07%) 18,341 Fresnillo 130 0.06

Netherlands 7.76% (2018: 9.12%) Industrials 0.04% (2018: 0.02%) 2,631 RHI Magnesita 92 0.04

Oil & Gas 7.72% (2018: 9.10%) 407,866 Royal Dutch Shell 'A' 9,108 4.13 356,138 Royal Dutch Shell 'B' 7,899 3.59 17,007 7.72

Peru 0.02% (2018: 0.02%) Basic Materials 0.02% (2018: 0.02%) 25,604 51 0.02

Russian Federation 0.17% (2018: 0.08%) Basic Materials 0.17% (2018: 0.08%) 29,585 Polymetal International 374 0.17

Singapore 0.02% (2018: 0.02%) Industrials 0.02% (2018: 0.02%) 1,634 XP Power 43 0.02

South Africa 0.07% (2018: 0.09%) Basic Materials 0.00% (2018: 0.02%) 91,490 Petra Diamonds 8 -

Health Care 0.07% (2018: 0.07%) 40,832 149 0.07

Switzerland 1.54% (2018: 2.49%) Basic Materials 1.12% (2018: 1.62%) 1,053,159 Glencore 2,449 1.12

22 Janus Henderson UK Index Fund Portfolio statement (continued)

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

Consumer Goods 0.20% (2018: 0.20%) 19,002 Coca-Cola HBC 447 0.20

Consumer Services 0.09% (2018: 0.05%) 5,472 209 0.09

Health Care 0.13% (2018: 0.09%) 147,109 ConvaTec 290 0.13

Industrials 0.00% (2018: 0.53%)

Turkey 0.00% (2018: 0.00%) Consumer Services 0.00% (2018: 0.00%) 12,000 DP Eurasia 8-

United Arab Emirates 0.16% (2018: 0.12%) Health Care 0.09% (2018: 0.11%) 8,498 NMC Health 186 0.09

Industrials 0.07% (2018: 0.00%) 28,297 153 0.07

Oil & Gas 0.00% (2018: 0.01%) 23,836 Lamprell 10 -

United Kingdom 84.04% (2018: 80.51%) Basic Materials 4.16% (2018: 4.08%) 118,877 Anglo American 2,356 1.07 12,009 Croda International 578 0.26 63,402 94 0.04 51,206 Evraz 188 0.09 19,634 25 0.01 20,442 Gem Diamonds 13 0.01 16,914 Johnson Matthey 519 0.24 22,786 KAZ Minerals 107 0.05 45,480 Mondi 727 0.33 332,184 Petropavlovsk 33 0.02 104,478 Rio Tinto 4,195 1.89 359,260 Sirius Minerals 10 - 38,861 108 0.05 5,422 Treatt 23 0.01 8,386 184 0.08 4,050 Zotefoams 12 0.01 9,172 4.16

Janus Henderson UK Index Fund 23 Portfolio statement (continued)

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

Consumer Goods 13.11% (2018: 13.55%) 9,716 AG Barr 54 0.02 2,100 Anglo-Eastern Plantations 10 - 31,544 Associated British Foods 702 0.32 5,400 Lagonda Global 22 0.01 13,947 Bakkavör 17 0.01 96,510 Barratt Developments 609 0.28 12,171 385 0.17 11,052 Berkeley 486 0.22 14,371 Bovis Homes 168 0.08 216,868 British American Tobacco 5,860 2.66 26,511 262 0.12 40,285 Burberry 823 0.37 7,365 Carr's 10 - 34,019 120 0.05 3,448 Cranswick 107 0.05 26,038 101 0.05 14,335 Devro 23 0.01 221,936 Diageo 7,023 3.19 11,734 Galliford Try 86 0.04 2,424 108 0.05 9,167 Headlam 44 0.02 6,392 Hilton Food 65 0.03 90,868 Imperial Brands 1,538 0.70 23,165 McBride 16 0.01 416,970 McBride 'B'1 -- 34,345 McCarthy & Stone 50 0.02 4,238 MJ Gleeson 34 0.02 29,480 Persimmon 671 0.30 20,044 Photo-Me International 18 0.01 51,775 17 0.01 18,261 PZ Cussons 37 0.02 59,753 Reckitt Benckiser 3,564 1.62 22,720 Redrow 137 0.06 23,675 Stock Spirits 49 0.02 5,845 Superdry 24 0.01 45,260 Tate & Lyle 305 0.14 309,265 Taylor Wimpey 512 0.23 3,214 Ted Baker 13 0.01 103,499 Unilever 4,784 2.17 7,697 22 0.01 28,876 13.11

Consumer Services 10.81% (2018: 10.03%) 19,182 AO World 12 0.01 38,775 135 0.06 80,660 Auto Trader 453 0.21 15,819 Bloomsbury Publishing 40 0.02 65,300 BMO Global Smaller Companies Trust 87 0.04 24,268 Card Factory 41 0.02 95,300 212 0.10

24 Janus Henderson UK Index Fund Portfolio statement (continued)

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

Consumer Services (continued) 150,553 Compass 3,096 1.41 11,000 DFS Furniture 26 0.01 5,249 Dignity 29 0.01 104,064 137 0.06 52,130 Domino's Pizza 149 0.07 9,527 Dunelm 75 0.03 24,043 easyJet 298 0.14 43,091 EI 121 0.06 7,948 Euromoney Institutional Investor 112 0.05 129,465 FirstGroup 167 0.08 4,810 Fuller Smith & Turner 'A' 50 0.02 4,000 Future 61 0.03 3,494 28 0.01 3,073 Go-Ahead 63 0.03 31,137 Gocompare.com 30 0.01 9,698 172 0.08 56,762 GVC 505 0.23 12,293 Gym 32 0.01 24,965 Halfords 40 0.02 13,600 Hollywood Bowl 32 0.01 33,505 Huntsworth 30 0.01 74,597 Hyve 58 0.03 40,400 Inchcape 261 0.12 120,540 Informa 934 0.42 17,601 InterContinental Hotels 820 0.37 149,234 International Consolidated Airlines 793 0.36 365,679 ITV 489 0.22 159,641 J Sainsbury 325 0.15 34,868 JD Sports Fashion 268 0.12 56,082 Just Eat 412 0.19 205,967 Kingfi sher 427 0.19 30,570 Lookers 15 0.01 191,010 Marks & Spencer 347 0.16 67,840 Marston's 84 0.04 65,052 Merlin Entertainments 296 0.13 27,788 Mitchells & Butlers 118 0.05 51,189 Moneysupermarket.Com 176 0.08 6,288 Motorpoint 15 0.01 18,637 N Brown 23 0.01 44,784 200 0.09 12,052 Next 793 0.36 42,987 Ocado 571 0.26 5,753 On the Beach 26 0.01 74,859 Pearson 511 0.23 189,698 Pendragon 27 0.01 40,629 84 0.04 30,803 121 0.05 14,833 Rank 36 0.02 32,342 Reach 32 0.01 178,587 RELX 3,319 1.50 51,712 Restaurant 70 0.03

Janus Henderson UK Index Fund 25 Portfolio statement (continued)

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

Consumer Services (continued) 84,559 Rightmove 506 0.23 120,189 Saga 56 0.03 25,837 Sports Direct International 80 0.04 40,475 SSP 258 0.12 48,303 Stagecoach 66 0.03 11,014 Studio Retail Group 21 0.01 3,265 STV 13 0.01 4,500 Ten Entertainment 12 0.01 926,110 Tesco 2,179 0.99 132,729 Thomas Cook2 -- 27,665 Topps Tiles 21 0.01 22,440 93 0.04 35,493 43 0.02 5,151 Wetherspoon (JD) 75 0.03 8,436 WH Smith 185 0.08 12,371 Whitbread 502 0.23 82,049 William Hill 162 0.07 210,724 WM Morrison Supermarkets 419 0.19 115,668 WPP 1,114 0.51 3,144 93 0.04 17,000 888 31 0.01 23,813 10.81

Financials 25.54% (2018: 24.96%) 23,601 Aberdeen Asian Income Fund 49 0.02 31,055 Aberdeen Diversifi ed Income and Growth 33 0.02 23,805 Aberdeen New Dawn Investment Trust 59 0.03 3,561 Aberdeen New India Investment Trust 17 0.01 4,378 Aberdeen Standard Asia Focus 46 0.02 10,436 Aberforth Smaller Companies Trust 136 0.06 20,088 Admiral 406 0.18 14,639 AEW UK REIT 14 0.01 24,684 AJ Bell 91 0.04 32,458 254 0.12 1,600 25 0.01 15,881 Allied Minds 8- 13,236 Amigo 9- 18,414 30 0.01 12,952 Arrow Global 31 0.01 5,946 Artemis Alpha Trust 18 0.01 2,792 ASA International 8 - 37,036 Ashmore 172 0.08 229,356 Assura 172 0.08 4,793 AVI Global Trust 36 0.02 371,031 Aviva 1,540 0.70 8,212 Baillie Giff ord Japan Trust 65 0.03 13,322 Baillie Giff ord Shin Nippon 24 0.01 24,425 Baillie Giff ord UK Growth Fund 42 0.02 12,043 Baillie Giff ord US Growth Trust 16 0.01

26 Janus Henderson UK Index Fund Portfolio statement (continued)

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

Financials (continued) 3,147 Bank of Georgia 41 0.02 1,633,051 Barclays 2,739 1.24 30,735 BB Healthcare Trust 40 0.02 43,118 BBGI SICAV 70 0.03 50,208 Beazley 294 0.13 3,886 BH Global 60 0.03 1,355 BH Macro 36 0.02 14,859 Big Yellow 170 0.08 19,741 Blackrock Frontiers Investment Trust 25 0.01 5,260 BlackRock Greater Europe Investment Trust 20 0.01 6,191 BlackRock Latin American Investment Trust 28 0.01 3,982 BlackRock Smaller Companies Trust 58 0.03 14 BlackRock Throgmorton Trust1 -- 20,199 BlackRock World Mining Trust 69 0.03 20,000 Bluefi eld Solar Income Fund 27 0.01 11,409 BMO Capital & Income Investment Trust 37 0.02 51,962 BMO Commercial Property Trust 61 0.03 7,332 BMO Private Equity Trust 27 0.01 26,602 BMO Real Estate Investments 23 0.01 31,350 104 0.05 85,951 British Land 533 0.24 6,914 Brunner Investment Trust 56 0.03 3,962 118 0.05 77,244 Capital & Counties Properties 197 0.09 53,113 Capital & Regional 14 0.01 371 Capital Gearing Trust 16 0.01 18,885 Chesnara 49 0.02 58,353 50 0.02 14,416 Close Brothers 199 0.09 21,600 CLS 55 0.02 12,000 CMC Markets 16 0.01 21,100 CQS New City High Yield Fund 12 0.01 26,318 Custodian REIT 30 0.01 32,721 CVC Credit Partners European Opportunities 33 0.02 121,314 CYBG 167 0.08 756 Daejan 37 0.02 9,351 332 0.15 13,724 Dexion Equity Alternative2 -- 135,917 Direct Line Insurance 370 0.17 34,003 Diverse Income Trust 31 0.01 25,998 Dunedin Income Growth Investment Trust 69 0.03 9,464 Ecofi n Global Utilities and Infrastructure Trust 15 0.01 11,878 Edinburgh Dragon Investment Trust 47 0.02 21,310 Edinburgh Investment Trust 128 0.06 24,975 Edinburgh Worldwide Investment Trust 44 0.02 20,773 Ediston Property Investment 18 0.01 2,621 Electra Private Equity 9 - 54,615 Empiric Student Property 51 0.02 34,824 European Assets Trust 35 0.02 7,234 European Investment Trust 61 0.03 51,308 F&C Investment Trust 361 0.16

Janus Henderson UK Index Fund 27 Portfolio statement (continued)

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

Financials (continued) 6,655 Fidelity Asian Values 27 0.01 40,130 Fidelity China Special Situations 83 0.04 38,820 97 0.04 20,088 53 0.02 16,053 Finsbury Growth & Income Investment Trust 142 0.06 25,354 Foresight Solar Fund 30 0.01 23,314 Foxtons 15 0.01 2,532 Fundsmith Emerging Equities Trust 30 0.01 688 Gartmore Irish Growth Fund2 -- 32,023 GCP Asset Backed Income Fund 34 0.02 70,869 GCP Infrastructure Investments 91 0.04 30,982 GCP Student Living 54 0.02 11,545 Genesis Emerging Markets Fund 88 0.04 3,147 Georgia Capital 31 0.01 51,618 Govett Strategic Investment Trust2 -- 64,326 Grainger 165 0.07 25,846 204 0.09 146,743 Greencoat UK Wind 214 0.10 74,871 REIT 217 0.10 31,294 Hansteen 32 0.01 8,674 HarbourVest Global Private Equity 144 0.07 25,439 Hargreaves Lansdown 451 0.20 29,794 Hastings 54 0.02 10,297 Helical 40 0.02 9,470 Henderson Alternative Strategies Trust 25 0.01 2,184 Henderson European Focus Trust 27 0.01 2,263 Henderson EuroTrust 26 0.01 16,673 Henderson Far East Income 60 0.03 13,760 Henderson High Income Trust 24 0.01 10,699 Henderson International Income Trust 17 0.01 7,334 94 0.04 36,400 HgCapital Trust 88 0.04 164,700 HICL Infrastructure 282 0.13 12,891 Highbridge Tactical Credit Fund 26 0.01 26,939 401 0.18 1,923,935 HSBC 11,216 5.08 7,146 ICG Enterprise Trust 67 0.03 33,752 IG 214 0.10 13,721 Impact Healthcare REIT 15 0.01 24,942 Impax Environmental Markets 79 0.04 12,707 IntegraFin 47 0.02 27,517 Intermediate Capital 409 0.19 28,437 International Personal Finance 38 0.02 142,298 International Public Partnerships 225 0.10 91,095 INTU Properties 41 0.02 8,554 Invesco Asia Trust 23 0.01 11,974 Invesco Income Growth Investment Trust 32 0.01 60,136 263 0.12 57,409 IP 32 0.01 45,716 JLEN Environmental Assets 56 0.03 47,238 John Laing 172 0.08

28 Janus Henderson UK Index Fund Portfolio statement (continued)

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

Financials (continued) 25,995 JPMorgan American Investment Trust 119 0.05 12,003 JPMorgan Asian Investment Trust 43 0.02 9,660 JPMorgan Chinese Investment Trust 30 0.01 5,616 JPMorgan Claverhouse Investment Trust 39 0.02 12,816 JPMorgan Emerging Markets Investment Trust 124 0.06 15,189 JPMorgan European Investment Trust 43 0.02 22,310 JPMorgan European Smaller Companies Trust 79 0.04 36,368 JPMorgan Global Emerging Markets Income Trust 47 0.02 12,731 JPMorgan Global Growth & Income Investment Trust 42 0.02 8,498 JPMorgan Indian Investment Trust 63 0.03 9,271 JPMorgan Japan Smaller Companies Investment Trust 38 0.02 14,616 JPMorgan Japanese Investment Trust 65 0.03 2,069 JPMorgan Mid Cap Investment Trust 23 0.01 8,940 JPMorgan Russian Securities Investment Trust 62 0.03 9,505 JPMorgan Smaller Companies Investment Trust 22 0.01 8,233 JTC 30 0.01 11,924 Jupiter European Opportunities Investment Trust 92 0.04 42,752 146 0.07 3,943 Jupiter US Smaller Companies 42 0.02 123,201 Just 75 0.03 1,475 Keystone Investment Trust 24 0.01 19,088 Lancashire 136 0.06 68,216 Land Securities 641 0.29 13,561 81 0.04 562,468 Legal & General 1,482 0.67 10 Lindsell Train Investment Trust 14 0.01 3,124 Liontrust Asset Management 25 0.01 6,710,864 Lloyds Banking 3,811 1.72 29,986 London Stock Exchange 2,084 0.95 67,175 LondonMetric Property 156 0.07 2,747 Lowland Investment Company 35 0.02 10,618 LSL Property Services 25 0.01 42,053 LXI REIT 53 0.02 5,711 Majedie Investment 15 0.01 146,392 MAN 210 0.10 7,616 Martin Currie Global Portfolio Investment Trust 22 0.01 8,540 McKay Securities 20 0.01 65,223 Mercantile Investment Trust 146 0.07 11,249 Merchants Trust 55 0.03 15,278 Metro Bank 31 0.01 248,838 M&G 532 0.24 22,879 203 0.09 38,200 Montanaro UK Smaller Companies Investment Trust 42 0.02 6,894 59 0.03 11,956 Murray International Trust 144 0.07 34,673 NB Global Floating Rate Income Fund 31 0.01 3,765 NB Private Equity Partners 'A' 42 0.02 28,618 NewRiver REIT 58 0.03 48,047 NextEnergy Solar Fund 58 0.03 13,230 North American Income Trust 38 0.02 1,129 North Atlantic Smaller Companies Investment Trust 34 0.02

Janus Henderson UK Index Fund 29 Portfolio statement (continued)

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

Financials (continued) 23,639 OneSavings Bank 85 0.04 18,109 Pacifi c Assets Trust 53 0.02 7,492 Pacifi c Horizon Investment Trust 23 0.01 4,112 Pantheon 93 0.04 27,777 Paragon Banking 140 0.06 27,851 Perpetual Income & Growth Investment Trust 88 0.04 19,419 Pershing Square 277 0.13 161 68 0.03 51,313 Phoenix 361 0.16 8,313 Phoenix Spree Deutschland 26 0.01 66,109 Picton Property Income 61 0.03 11,608 Polar Capital Global Financials Trust 16 0.01 6,997 Polar Capital Global Healthcare Trust 15 0.01 12,909 Polar Capital Technology Trust 183 0.08 7,955 Pollen Street Secured Lending 67 0.03 118,516 Primary Health Properties 168 0.08 26,278 Provident Financial 116 0.05 246,955 Prudential 3,329 1.50 183,794 Quilter 252 0.11 6,045 125 0.06 51,512 Raven Russia 21 0.01 22,395 RDI REIT 29 0.01 8,867 Real Estate Credit Investments 15 0.01 37,936 Regional REIT 40 0.02 141,686 Renewables Infrastructure 185 0.08 16,542 Residential Secure Income 15 0.01 11,743 RIT Capital Partners 250 0.11 4,463 Riverstone Energy 20 0.01 437,418 Royal Bank of Scotland 930 0.42 100,627 RSA Insurance 525 0.24 19,439 Ruff er Investment Preference Shares 42 0.02 17,759 Sabre Insurance 52 0.02 21,372 150 0.07 15,130 139 0.06 20,233 Schroder Asia Pacifi c Fund 88 0.04 1,658 Schroder Asian Total Return Investment Company 6 - 15,755 Schroder Income Growth Fund 45 0.02 27,094 Schroder Japan Growth Fund 52 0.02 27,302 Schroder Oriental Income Fund 69 0.03 76,635 Schroder Real Estate Investment Trust 42 0.02 6,789 Schroder UK Mid Cap Fund 37 0.02 11,223 Schroders 347 0.16 13,739 Scottish American Investment Company 57 0.03 4,667 Scottish Investment Trust 38 0.02 142,356 Scottish Mortgage Investment Trust 720 0.33 42 Scottish Oriental Smaller Companies Trust1 -- 22,102 Securities Trust of Scotland 43 0.02 107,267 Segro 906 0.41 90,706 Sequoia Economic Infrastructure Fund 103 0.05 21,677 Shaftesbury REIT 205 0.09 71,307 52 0.02

30 Janus Henderson UK Index Fund Portfolio statement (continued)

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

Financials (continued) 21,129 SME Credit Realisation Fund 17 0.01 6,569 Smithson Investment Trust 79 0.04 43,961 SQN Asset Finance Income Fund 32 0.01 46,901 St James's Place 488 0.22 20,586 St. Modwen Properties 93 0.04 247,209 Standard Chartered 1,732 0.79 227,314 Standard Life Aberdeen 690 0.31 8,627 Standard Life Equity Income Trust 33 0.02 10,014 Standard Life European Private Equity Trust 36 0.02 35,000 Standard Life Investment Property Income Trust 31 0.01 9,780 Standard Life UK Smaller Companies Trust 48 0.02 13,281 Starwood European Real Estate Finance 13 0.01 450 S&U 9- 47,804 108 0.05 26,403 Target Healthcare REIT 30 0.01 2,793 TBC Bank 36 0.02 7,945 Temple Bar Investment Trust 104 0.05 18,881 Templeton Emerging Markets Investment Trust 143 0.06 13,179 The 122 0.06 8,625 The Biotech Growth Trust 62 0.03 30,904 The City of London Investment Trust 128 0.06 8,225 The Henderson Smaller Companies Investment Trust 73 0.03 9,010 Town Centre Securities 18 0.01 49,126 TP ICAP 168 0.08 5,117 TR European Growth Trust 44 0.02 32,665 TR Property Investment Trust 145 0.07 25,439 Triple Point Social Housing REIT 23 0.01 164,455 Tritax Big Box REIT 247 0.11 15,000 Tritax EuroBox 14 0.01 24,705 Troy Income & Growth Trust 21 0.01 46,019 TwentyFour Income Fund 49 0.02 12,787 U & I 18 0.01 68,005 UK Commercial Property Trust 60 0.03 27,906 Unite 314 0.14 13,500 Urban & Civic 45 0.02 24,407 Utilico Emerging Markets Trust 56 0.03 9,862 Value & Income Trust 25 0.01 23,130 Vietnam Enterprise Investments 112 0.05 19,914 VinaCapital Vietnam Opportunity Fund 68 0.03 13,000 VPC Specialty Lending Investments 10 - 83,488 179 0.08 11,758 Witan Pacifi c Investment Trust 40 0.02 89,246 Woodford Patient Capital Trust 33 0.02 13,776 Workspace REIT 140 0.06 5,565 Worldwide Healthcare Trust 146 0.07 16,581 XPS Pensions 21 0.01 91,169 3i 1,027 0.47 44,662 128 0.06 56,236 25.54

Janus Henderson UK Index Fund 31 Portfolio statement (continued)

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

Health Care 8.89% (2018: 7.33%) 124,713 AstraZeneca 9,356 4.25 1,710 Consort Medical 12 0.01 9,551 251 0.11 6,287 Genus 182 0.08 5,382 Georgia Healthcare 9 - 465,687 GlaxoSmithKline 8,237 3.74 69,798 27 0.01 8,696 Medica 12 0.01 4,851 Oxford BioMedica 27 0.01 82,003 Smith & Nephew 1,355 0.62 30,958 36 0.02 81,687 Vectura 72 0.03 19,576 8.89

Industrials 10.31% (2018: 8.93%) 64,068 AA 28 0.01 20,640 163 0.07 43,863 Ashtead 1,030 0.47 2,500 44 0.02 49,675 275 0.12 302,816 BAE Systems 1,746 0.79 63,483 143 0.06 86,618 BBA Aviation 263 0.12 75,100 BCA Marketplace 177 0.08 17,564 Biff a 45 0.02 18,146 130 0.06 30,189 Bunzl 606 0.28 163,336 255 0.12 50,694 Carillion2 -- 9,211 Charles Taylor 29 0.01 39,967 Chemring 80 0.04 2,700 Clarkson 76 0.03 5,000 Clipper Logistics 11 - 112,454 Coats 80 0.04 237,337 Cobham 375 0.17 23,180 Connaught2 -- 11,701 Connect 4- 8,705 Costain 15 0.01 9,509 DCC 688 0.31 10,489 De La Rue 16 0.01 4,389 Dialight 14 0.01 10,532 Diploma 168 0.08 7,092 DiscoverIE 32 0.01 125,495 DS Smith 449 0.20 43,696 297 0.13 21,857 Equiniti 47 0.02 27,421 105 0.05 85,490 Experian 2,077 0.94 21,288 Ferguson 1,403 0.64 16,844 Finablr 26 0.01 16,065 Forterra 43 0.02

32 Janus Henderson UK Index Fund Portfolio statement (continued)

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

Industrials (continued) 22,570 Grafton 176 0.08 146,471 G4S 303 0.14 36,677 Halma 687 0.31 107,355 Hays 169 0.08 11,247 Henry Boot 28 0.01 8,037 Hill & Smith 105 0.05 26,335 305 0.14 51,532 Howden Joinery 298 0.14 37,241 Ibstock 90 0.04 26,221 IMI 263 0.12 15,939 Intertek 853 0.39 64,325 IWG 247 0.11 5,094 James Fisher & Sons 99 0.04 8,650 John Menzies 35 0.02 7,893 Keller 41 0.02 10,121 Kier 11 0.01 14,811 Kin & Carta 14 0.01 15,814 Marshalls 113 0.05 14,275 Mears 36 0.02 73,987 462 0.21 442,683 Melrose Industries 943 0.43 42,388 67 0.03 18,654 Morgan Advanced Materials 44 0.02 4,826 Morgan Sindall 62 0.03 7,283 Norcros 17 0.01 16,942 Northgate 58 0.03 6,285 81 0.04 32,068 PageGroup 143 0.06 7,704 PayPoint 70 0.03 16,913 Polypipe 77 0.03 1,800 Porvair 11 - 52,744 QuinetiQ 166 0.08 63,398 Renewi 19 0.01 2,400 Renishaw 91 0.04 180,387 Rentokil Initial 820 0.37 5,206 Ricardo 33 0.02 9,685 Robert Walters 51 0.02 7,551,084 Rolls Royce Preference Shares 8 - 164,154 Rolls-Royce 1,164 0.53 80,587 243 0.11 91,098 Royal Mail 193 0.09 27,680 RPS 39 0.02 8,708 Sanne 46 0.02 22,083 Senior 41 0.02 105,197 164 0.07 53,213 Severfi eld 41 0.02 55,310 SIG 62 0.03 38,308 Smiths 618 0.28 11,277 270 0.12

Janus Henderson UK Index Fund 33 Portfolio statement (continued)

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

Industrials (continued) 61,074 Speedy Hire 33 0.01 6,859 Spirax-Sarco Engineering 544 0.25 15,929 SThree 45 0.02 27,500 Stobart 33 0.01 24,984 358 0.16 7,000 Trifast 11 0.01 21,727 TT Electronics 50 0.02 21,334 45 0.02 7,607 148 0.07 21,895 Vesuvius 87 0.04 830 Vitec 10 - 19,382 Volution 39 0.02 3,710 VP 32 0.01 24,065 Weir 324 0.15 16,265 Wincanton 41 0.02 22,717 10.31

Oil & Gas 4.61% (2018: 5.39%) 1,892,736 BP 9,262 4.21 41,177 73 0.03 6,890 Oil & Gas 61 0.03 211,123 Enquest 38 0.02 12,055 Hunting 47 0.02 64,882 John Wood 219 0.10 27,637 Petrofac 106 0.05 65,434 Premier Oil 54 0.02 26,884 Soco International 16 0.01 132,475 273 0.12 10,149 4.61

Technology 0.99% (2018: 0.82%) 9,060 Alfa Financial Software 7 - 5,014 Aptitude Software 30 0.01 50,549 Avast 210 0.10 5,992 Aveva 251 0.11 5,568 76 0.03 8,000 FDM 58 0.03 11,193 Funding Circle 13 0.01 5,136 26 0.01 31,250 International 331 0.15 29,924 NCC 56 0.03 98,353 Sage 708 0.32 8,482 SDL 45 0.02 11,125 105 0.05 27,602 Sophos 157 0.07 57,307 Communications 114 0.05 2,187 0.99

34 Janus Henderson UK Index Fund Portfolio statement (continued)

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

Telecommunications 2.77% (2018: 2.72%) 840,481 BT 1,720 0.78 44,844 Inmarsat 247 0.11 60,655 TalkTalk Telecom 68 0.03 5,184 62 0.03 2,550,523 Vodafone 4,015 1.82 6,112 2.77

Utilities 2.85% (2018: 2.70%) 553,824 402 0.18 11,463 ContourGlobal 24 0.01 44,189 Drax 131 0.06 330,493 National Grid 2,979 1.35 40,547 Pennon 364 0.17 23,337 Severn Trent 526 0.24 99,544 SSE 1,278 0.58 65,315 United Utilities 568 0.26 6,272 2.85

United States 0.23% (2018: 2.12%) Consumer Goods 0.01% (2018: 0.01%) 15,643 TI Fluid Systems 29 0.01

Consumer Services 0.20% (2018: 0.31%) 13,940 Carnival 431 0.20

Health Care 0.02% (2018: 1.80%) 14,927 PureTech Health 37 0.02

Collective Investment Schemes 0.02% (2018: 0.00%) 40,700 Legg Mason IF Martin Currie Asia Unconstrained Fund Class X Accumulation 40 0.02

Derivatives (0.01%) (2018: (0.01%)) Futures (0.01%) (2018: (0.01%)) 59 ICE FTSE 100 December 2019 (19) (0.01)

Investment assets including investment liabilities 215,735 97.94 Other net assets 4,528 2.06 Total net assets 220,263 100.00

1 Due to rounding to nearest £1,000 2 Suspended or delisted securities

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

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

Janus Henderson UK Index Fund 35 Statement of total return for the year ended 31 October 2019

2019 2018 Note £000 £000 £000 £000

Income Net capital gains/(losses) 2 5,012 (12,389) Revenue 3 9,730 9,305 Expenses 4 (1,443) (1,551) Interest payable and similar charges 5 - (1)

Net revenue before taxation 8,287 7,753 Taxation 6 (65) (33)

Net revenue after taxation 8,222 7,720

Total return before distributions 13,234 (4,669)

Distributions 7 (7,276) (6,846)

Change in net assets attributable to shareholders from investment activities 5,958 (11,515)

Statement of change in net assets attributable to shareholders for the year ended 31 October 2019

2019 2018 £000 £000 £000 £000

Opening net assets attributable to shareholders 221,943 251,245

Amounts receivable on issue of shares 1,956 2,202 Amounts payable on cancellation of shares (16,128) (26,105) (14,172) (23,903)

Change in net assets attributable to shareholders from investment activities 5,958 (11,515)

Retained distributions on accumulation shares 6,533 6,111

Unclaimed distributions 1 5

Closing net assets attributable to shareholders 220,263 221,943

36 Janus Henderson UK Index Fund Balance sheet as at 31 October 2019

2019 2018 Note £000 £000 Assets: Investments - 218,258 Current assets: Investments 215,754 - Debtors 8 2,448 867 Cash and bank balances 9 2,923 3,501

Total assets 221,125 222,626

Liabilities: Investment liabilities 19 28 Creditors: Amounts held at derivative clearing houses and brokers 13 - Distributions payable 282 307 Other creditors 10 548 348

Total liabilities 862 683

Net assets attributable to shareholders 220,263 221,943

Janus Henderson UK Index Fund 37 Notes to the fi nancial statements for the year ended 31 October 2019

1 Accounting policies The accounting policies, distribution policy and potential risks are set out in notes 1 to 3 of the funds’ aggregated notes to the fi nancial statements.

2 Net capital gains/(losses) Net capital gains/(losses) on investments during the year comprise:

2019 2018 £000 £000

Derivative securities 212 115 Non-derivative securities 4,799 (12,485) Other currency gains/(losses) 1 (2) Transaction costs - (17)

Net capital gains/(losses) 5,012 (12,389)

3 Revenue

2019 2018 £000 £000

Bank interest 12 8 Interest on debt securities 7 7 Overseas dividends* 1,490 1,087 Stock dividends 948 875 Stock lending revenue 45 67 UK dividends 7,072 7,087 UK REIT revenue - PID 134 140 UK REIT revenue - non PID 22 34

Total revenue 9,730 9,305

* includes distributions from overseas funds

4 Expenses

2019 2018 £000 £000

Payable to the ACD, associates of the ACD and agents of either of them: Annual management charge 1,054 1,134 GAC* 362 389 1,416 1,523

Payable to the Depositary, associates of the Depositary and agents of either of them: Depositary fees 20 22 Safe custody fees 7 6 27 28

Total expenses 1,443 1,551

Irrecoverable VAT is included in the above expenses where relevant. * The current audit fee, which is levied through the GAC, is £7,912 (2018: £7,681).

38 Janus Henderson UK Index Fund Notes to the fi nancial statements (continued)

5 Interest payable and similar charges The interest payable and similar charges comprise:

2019 2018 £000 £000

Interest payable - 1

Total interest payable and similar charges - 1

6 Taxation a) Analysis of charge in the year The tax charge comprises:

2019 2018 £000 £000

Current tax Irrecoverable income tax 3 - Overseas withholding tax 62 33 Total tax (note 6b) 65 33 b) Factors aff ecting tax charge for year The tax assessed for each year is diff erent to the standard rate of corporation tax in the UK for funds of authorised open ended investment companies (OEICS) of 20% (2018: 20%). The diff erences are explained below:

2019 2018 £000 £000

Net revenue before taxation 8,287 7,753

Corporation tax at 20% (2018: 20%) 1,657 1,550

Eff ects of: Irrecoverable income tax 3 - Irrecoverable overseas tax 62 33 Overseas dividends (296) (217) Stock dividends* (189) (174) Tax eff ect of non-distributable stock dividends from REITs 5 4 UK dividends* (1,419) (1,424) Unused management expenses 242 261

Tax charge for the year (note 6a) 65 33

* As an OEIC this item is not subject to corporation tax. OEICs are exempt from tax on capital gains made in the UK. Therefore, any capital return is not included within the reconciliation above. c) Deferred tax There is no provision required for deferred taxation at the Balance sheet date (2018: nil). d) Factors that may aff ect future tax charges At the year end, after claiming relief against revenue taxable on receipt, there is a potential deferred tax asset of £8,862,403 (2018: £8,620,512) in relation to surplus management expenses. It is unlikely that the fund will generate suffi cient taxable profi ts in the future to utilise these amounts and therefore no deferred tax asset has been recognised at the current or prior year end.

Janus Henderson UK Index Fund 39 Notes to the fi nancial statements (continued)

7 Distributions The distributions take account of revenue received on the issue of shares and revenue deducted on the cancellation of shares, and comprise:

2019 2018 £000 £000

Interim income 318 267 Interim accumulation 3,432 2,805 Final income 282 307 Final accumulation 3,101 3,306 7,133 6,685

Amounts deducted on cancellation of shares 161 176 Amounts received on issue of shares (18) (15)

Total distributions 7,276 6,846

Net revenue after taxation 8,223 7,720 Equalisation on conversions 1 1 Non-distributable stock dividend (948) (875) Total distributions 7,276 6,846

Details of the distribution per share are set out in the Distribution tables on pages 48.

8 Debtors

2019 2018 £000 £000

Accrued revenue 642 672 Amounts receivable for issue of shares 114 1 Income tax receivable 7 3 Overseas withholding tax reclaimable 100 68 Sales awaiting settlement 1,585 123

Total debtors 2,448 867

9 Cash and bank balances

2019 2018 £000 £000

Amounts held at derivative clearing houses and brokers 142 315 Cash and bank balances 2,781 3,186

Total cash and bank balances 2,923 3,501

40 Janus Henderson UK Index Fund Notes to the fi nancial statements (continued)

10 Other creditors

2019 2018 £000 £000

Accrued annual management charge 89 90 Accrued Depositary's fee 2 2 Accrued other expenses 31 45 Amounts payable for cancellation of shares 426 211

Total other creditors 548 348

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

12 Related party transactions Henderson Investment Funds Limited as ACD to the fund is deemed to be a related party in respect of their dealings with the fund. All transactions and balances associated with the ACD are disclosed within the ‘Statement of total return’, the ‘Statement of change in net assets attributable to shareholders’ and the ‘Balance sheet’ on pages 36 and 37 and notes 4, 7, 8 and 10 on pages 38 to 41 including all issues and cancellations where the ACD acted as principal. Transactions with the ACD are as follows: - All issues and cancellations, - Annual management charge - GAC

There were no material shareholders at the year end (2018: nil).

13 Shareholders’ funds The fund currently has 2 share classes available; Class A (Retail with front-end charges) and Class I (Institutional). The annual management charge on each share class is as follows:

2019 2018 % % Class A 0.50 0.50 Class I 0.30 0.30

The net asset value of each share class, the net asset value per share and the number of shares in each share class are given in the Comparative tables on pages 17 to 18. The distribution per share class is given in the Distribution tables on page 47. All share classes have the same rights on winding up.

Shares reconciliation as at 31 October 2019

Class A Class A income Class I accumulation accumulation

Opening number of shares 28,840,063 4,518,329 4,390,428 Issues during the year 178,141 85,597 73,643 Cancellations during the year (1,867,552) (314,938) (480,121) Shares converted during the year (186,296) (467) 178,624

Closing shares in issue 26,964,356 4,288,521 4,162,574

Janus Henderson UK Index Fund 41 Notes to the fi nancial statements (continued)

14 Financial derivatives The fund may use fi nancial derivatives for the purposes of hedging to reduce fi nancial risk and for efficient portfolio management.

Eligible collateral types are approved by the Investment Manager and are agreed with the relevant counterparty.

The counterparty exposure has been calculated using the positive marked-to-market value of the derivative contract with that counterparty.

There was no collateral pledged or collateral held in respect of derivatives as at 31 October 2019 (2018: nil).

2019 The fund had no exposure to derivatives as at 31 October 2019 with a positive market value.

2018 The fund had no exposure to derivatives as at 31 October 2018 with a positive market value.

15 Stock lending The fund and the Investment Manager have entered into a stock lending programme with BNP Paribas acting as the stock lending agent in order to generate additional revenue.

Stock lending revenue is disclosed under ‘Revenue’ in the Statement of total return.

Eligible collateral types for Stock Lending and borrowing transactions are approved by the Investment Manager and may consist of securities issued or guaranteed by a Member State of the OECD or by their local authorities or supranational institutions and organisations with regional, EU and world-wide scope, generally subject to a minimum long term credit rating of at least A- by one or more major credit rating agency or listed equities on eligible markets. Collateral should be highly liquid and traded on a regulated market. Collateral is subject to a haircut on a sliding scale based on the combination of the underlying instrument being lent versus the asset being received as collateral. The value of collateral required will range from 102.50% to 110.00% of the value of the stock on loan.

2019 Total market value Amount of Type of collateral Counterparty of stock on loan collateral received category £000 £000

ABN Amro 3,158 3,529 Equity

Bank of Nova Scotia 2,500 2,778 Equity

Deutsche Bank 132 147 Equity

JP Morgan 707 785 Equity

Morgan Stanley 31 33 Government Bond

Natixis 5,730 6,367 Equity

Société Génerale 75 83 Equity

12,333 13,722

42 Janus Henderson UK Index Fund Notes to the fi nancial statements (continued)

15 Stock lending (continued) 2019 (continued) Direct and indirect costs and fees Total gross amount deducted by Net stock lending of stock securities revenue retained Recipient Relationship lending revenue lending agent by the fund £000 £000 £000

BNP Paribas Stock lending agent 53 8 45

2018 Total market value Amount of Type of collateral Counterparty of stock on loan collateral received category £000 £000

ABN Amro 1,855 2,074 Equity

Bank of Nova Scotia 5,150 5,728 Equity

Deutsche Bank 1,893 2,134 Equity

HSBC 9,953 11,059 Equity

JP Morgan 1,216 1,351 Equity

Morgan Stanley 2,210 2,327 Government Bond

Natixis 4,260 4,733 Equity

Société Génerale 81 90 Equity

26,618 29,496

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

BNP Paribas Stock lending agent 79 12 67

16 Risk Currency risk The fund’s exposure to currency risk is considered insignifi cant. This is consistent with the exposure during the prior year.

Interest rate risk The fund’s exposure to interest rate risk is considered insignifi cant. This is consistent with the exposure during the prior year.

Other market price risk An increase or decrease in market values will have a direct eff ect on the value of the investment assets in the portfolio and therefore a proportionate eff ect on the value of the fund.

Leverage The fund has not employed signifi cant leverage in the current or prior year.

Janus Henderson UK Index Fund 43 Notes to the fi nancial statements (continued)

16 Risk (continued) Liquidity risk The following table provides a maturity analysis of the fund’s fi nancial liabilities showing the remaining contractual maturities on an undiscounted basis.

Over one year but not more On demand Within one year than fi ve years Over fi ve years 2019 £000 £000 £000 £000

Amounts held at derivatives clearing houses and 13 - - - brokers Derivative fi nancial liabilities - 19 - - Distribution payable - 282 - - Other creditors - 548 - -

Total 13 849 - -

Over one year but not more On demand Within one year than fi ve years Over fi ve years 2018 £000 £000 £000 £000

Derivative fi nancial liabilities - 28 - - Distribution payable - 307 - - Other creditors - 348 - -

Total - 683 - -

17 Fair value disclosure Fair value measurement The intention of a fair value measurement is to estimate the price at which an asset or a liability could be exchanged in the market conditions prevailing at the measurement date. The measurement assumes the exchange is an orderly transaction (that is, it is not a forced transaction, involuntary liquidation or distress sale) between knowledgeable, willing participants on an independent basis.

The purpose of the fair value hierarchy is to prioritise the inputs that should be used to measure the fair value of assets and liabilities. The highest priority is given to quoted prices at which a transaction can be entered into and the lowest priority to unobservable inputs.

In accordance with FRS 102 the fund classifi es fair value measurement under the following levels:

Level 1 The unadjusted quoted price in an active market for identical assets or liabilities that the entity can access at the measurement date. Level 2 Inputs other than quoted prices included within level 1 that are either observable (i.e. developed using market data) for the asset or liability, either directly or indirectly. Level 3 Inputs are unobservable (i.e. for which market data is unavailable) for the asset or liability.

Fair value hierarchy

2019 2018 Assets Liabilities Assets Liabilities £000 £000 £000 £000

Level 1 215,714 19 218,258 28 Level 2 40 - - - Level 3 - - - -

215,754 19 218,258 28

44 Janus Henderson UK Index Fund Notes to the fi nancial statements (continued)

18 Direct transaction costs

Purchases Sales 2019 2018 2019 2018 £000 £000 £000 £000 Trades in the year Equities 11,377 7,369 17,167 20,942 Trades in the year before transaction costs 11,377 7,369 17,167 20,942 Transaction costs Commissions Equities 3245 Total commissions 3245 Taxes Equities 50 32 - - Total taxes 50 32 - - Other expenses Equities 1--- Total other expenses 1---

Total transaction costs 54 34 4 5

Total net trades in the year after transaction costs 11,431 7,403 17,163 20,937

Purchases Sales 2019 2018 2019 2018 %%%%

Total transaction costs expressed as a percentage of asset type cost Commissions Equities 0.03 0.03 0.02 0.02 Taxes Equities 0.44 0.44 - - Other expenses Equities 0.01 - - -

2019 2018 %%

Total transaction costs expressed as a percentage of net asset value Commissions -- Taxes 0.03 0.02 Other expenses - -

Total costs 0.03 0.02

There were no in specie transfers during the year (2018: nil). There were corporate actions during the year of £2,607,030 (2018: £3,421,871).

There were direct transaction costs associated with derivatives in the year of £1,265 (2018: £979) which is 0.00% of the average net asset value of the fund (2018: 0.00%).

Direct transaction costs are fees and commissions paid to agents, advisers, brokers and dealers, levies by regulatory agencies and securities exchanges, and transfer taxes and duties associated with investment transactions on the fund. These exclude any diff erences between quoted bid and off er prices or internal administrative or holding costs.

The portfolio dealing spread as at 31 October 2019 was 0.11% (2018: 0.09%). The portfolio dealing spread is calculated at a 12 noon valuation point.

Janus Henderson UK Index Fund 45 Notes to the fi nancial statements (continued)

19 Events after the Balance sheet date On 26 November 2019 the Investment Manager changed from State Street Global Advisors to Henderson Global Investors for UK Index Fund.

On 5 December 2019 the UK Index Fund merged into the Janus Henderson Institutional UK Index Opportunities Trust. The total value of the merger was £201,046,054.

46 Janus Henderson UK Index Fund Distribution tables for the year ended 31 October 2019 (in pence per share)

Interim dividend distribution (accounting date 30 April 2019, paid on 28 June 2019) Group 1: shares purchased prior to 1 November 2018 Group 2: shares purchased on or after 1 November 2018

Distribution Equalisation Total Total per share distribution distribution per share per share 28/06/19 29/06/18

Class A accumulation Group 1 10.3991 - 10.3991 7.9727 Group 2 5.5158 4.8833 10.3991 7.9727

Class A income Group 1 7.1290 - 7.1290 5.6239 Group 2 2.8695 4.2595 7.1290 5.6239

Class I accumulation Group 1 11.9037 - 11.9037 9.3518 Group 2 5.5714 6.3323 11.9037 9.3518

Final dividend distribution (accounting date 31 October 2019, paid on 31 December 2019) Group 1 : shares purchased prior to 1 May 2019 Group 2 : shares purchased on or after 1 May 2019

Distribution Equalisation Total Total per share distribution distribution per share per share 31/12/19 31/12/18

Class A accumulation Group 1 9.7519 - 9.7519 9.7458 Group 2 4.0230 5.7289 9.7519 9.7458

Class A income Group 1 6.5757 - 6.5757 6.7889 Group 2 1.1326 5.4431 6.5757 6.7889

Class I accumulation Group 1 11.3218 - 11.3218 11.2785 Group 2 0.8553 10.4665 11.3218 11.2785

Janus Henderson UK Index Fund 47 Janus Henderson UK Tracker Fund

Authorised Corporate Director’s (ACD) report

Investment Fund Manager Zehra Sayeed

Investment objective and policy To track the capital performance of the FTSE 100 Index and to maintain a gross income yield equal to that of the index. The fund will be managed on a fully invested basis and will have a portfolio comprising the companies which constitute the FTSE 100 Index. Occasionally, the fund may invest in stocks outside of the index.

The fund may also invest at the Manager’s discretion in other transferable securities, money market instruments, cash and near cash, derivative instruments and forward transactions, deposits and units in collective investment schemes (use may be made of stock lending, borrowing, cash holdings, hedging and other investment techniques permitted in applicable Financial Conduct Authority (FCA) Rules).

Performance summary 31 Oct 18 - 31 Oct 17 - 31 Oct 16 - 31 Oct 15 - 31 Oct 14 - 31 Oct 19 31 Oct 18 31 Oct 17 31 Oct 16 31 Oct 15 %%%%% Class A accumulation 5.6 (1.4) 11.2 13.0 0.1 FTSE 100 Index 6.5 (0.9) 12.1 13.7 0.8 IA UK All Companies Sector 6.9 (3.6) 15.7 7.9 6.8

Source: Morningstar, Class A accumulation, NAV to NAV, net of fees and net income reinvested as at 12 noon valuation point. Benchmark values are at close of business.

Index: FTSE 100 Index Index Usage: Target, Constraint & Comparator Index description: The FTSE 100 Index is a measure of the combined performance of the largest 100 companies listed on the London Stock Exchange. It constrains the fund’s portfolio, is the performance target and provides a useful comparison against which the fund’s performance can be assessed over time.

Peer group benchmark: IA UK All Companies Sector Peer group benchmark 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.

Index Tracking The fund is structured as an index tracking fund which replicates an index. Where the fund seeks to replicate an index there is a risk of tracking diff erence as replication can be diffi cult to achieve and involves signifi cant transaction costs. The tracking diff erence (the diff erence between the performance of the fund and the performance of the index tracked calculated using close of business price and gross of fees returns for the fund and a close of business price benchmark) for the year to 31 October 2019 of (0.04%) (2018: 0.01%). The tracking diff erence calculation is on a diff erent pricing basis than the performance summary above for the current year.

The predicted annual tracking error (the volatility of the diff erence between the performance of the fund and the performance of the index tracked) for the fund at the start of the year was 0.02% (2018: 0.01%). The realised annual tracking error at the end of the year (the volatility of the diff erence between the performance of the fund and the performance of the index tracked calculated using close of business price and gross of fees returns for the fund and a close of business price benchmark) of 0.09% (2018: 0.17%) diff ers from the forward looking predicted annual tracking error at the start of the year as the realised annual tracking error is based on actual portfolio returns and incorporates the eff ects of fund expenses, trading activity and holding cash on the daily fund returns over the course of the year.

48 Janus Henderson UK Tracker Fund Authorised Corporate Director’s (ACD) report (continued)

Signifi cant portfolio changes for the year ended 31 October 2019

Largest purchases £000 Largest sales £000

HSBC 297 Shire 1,743 AstraZeneca 277 Royal Dutch Shell 'A' 450 Anglo American 276 HSBC 332 BP 261 Just Eat 330 Hikma Pharmaceuticals 233 BP 270 Auto Trader 209 Randgold Resources 269 Meggitt 206 Diageo 237 Royal Dutch Shell 'B' 198 Direct Line Insurance 185 Just Eat 192 Micro Focus International 185 Spirax-Sarco Engineering 190 John Wood 180

Total purchases 5,797 Total sales 7,448

Janus Henderson UK Tracker Fund 49 Authorised Corporate Director’s (ACD) report (continued)

Investment review The fund returned 5.6% based on Class A accumulation over the year under review, compared with a return of 6.5% in the FTSE 100 Index and a return of 6.9% in the IA UK All Companies Sector peer group benchmark.

Over the year under review, global equity markets, as measured by the FTSE All World Index, were up by 13.2%. Markets faced elevated volatility due to the ongoing US/China trade dispute, a slowdown in eurozone business confi dence, weaker Chinese economic growth, continued uncertainty surrounding the UK’s plans to the European Union (EU), protests in Hong Kong due to a proposed extradition law, and rising geopolitical risks in other regions.

Global stocks suff ered the worst quarterly fall in seven years in the fourth quarter of 2018, with the FTSE All World Index down by 12.6% in sterling terms, but they recovered strongly in the fi rst quarter of this year. The trend continued for most of the second quarter, but a sharp fall in May came after the US blacklisted China’s Huawei Technologies and increased tariff s on $200bn of Chinese imports. In the third quarter, the US imposed a 10% tariff on a further $300bn of Chinese goods. China devalued the yuan in response to the US move, pushing the currency beyond RMB7/US$1. The fourth quarter of 2019 started with renewed optimism on Brexit, a further interest rate cut from the US Federal Reserve (Fed) and a resumption of its asset purchase programme, and improved market sentiment on trade, helping send the S&P 500 Index to an all-time high by the end of the year under review.

European equities gained 13.8% in euro terms, delivering results in line with other developed markets in local currency terms. Eurozone economic growth slowed to 0.2% in the second quarter of 2019, compared with the previous three months, and stayed at the same level in the third quarter, although it was above market expectations for 0.1% expansion. The European Central Bank (ECB) promised no further interest rate hikes because of weak economic data. The ECB also announced new round of cheap fi nancing for banks and discussed measures to reduce the drag on the sector’s profi ts from negative interest rates. The central bank moved interest rates further into negative territory, introduced a tiered system for reserve remuneration and implemented new asset purchases. The export-dependent region rallied as geopolitical tensions fi nally eased due to a pause in the US/China trade confl ict and progress on the Brexitnegotiations.

UK equities returned 6.6% in sterling terms over the year, despite the continued uncertainty around Brexit. An extension of the deadline for the UK to leave the EU, to 31 October 2019, allowed UK stocks and sterling to advance. The UK’s Conservative Party experienced losses in local elections and Prime Minister Theresa May announced in June that she would step down. The likelihood of a ‘no-deal Brexit’ increased with the appointment of Boris Johnson as prime minister, but dissipated after he lost his majority in parliament. Negotiations with the EU again appeared to be on the verge of breaking down as Brussels objected to the UK’s new Brexit plan in early October. However, market optimism increased, after discussions between the prime minister and his Irish counterpart, Leo Varadkar, and Mr Johnson accepted a further extension to the Brexit deadline. On the policy front, the Bank of England held its benchmark interest rate steady at 0.75% throughout the year under review. UK gross domestic product in the third quarter of 2019 grew by 0.3%, which missed market expectations for 0.4% expansion.

Outside Europe, US equities returned 14.3%, fuelled mainly by apparent progress in trade negotiations between the US and China, and expectations of accommodative central bank monetary policy. The Fed held interest rates for most of the year under review, although it implemented three cuts between July and the end of October.

Asia-Pacifi c markets were hit by myriad global issues that were compounded by disappointing Chinese economic data, but they rose strongly, by 11.9%.

50 Janus Henderson UK Tracker Fund Comparative table for the year ended 31 October 2019

Class A accumulation 2019 2018 2017 (pence per (pence per (pence per share) share) share) Change in net assets per share Opening net asset value per share 274.71 279.00 250.63 Return before operating charges* 17.71 (2.31) 30.24 Operating charges (1.98) (1.98) (1.87) Return after operating charges* 15.73 (4.29) 28.37 Distributions on accumulation shares (9.57) (8.40) (5.89) Retained distributions on accumulation shares 9.57 8.40 5.89 Closing net asset value per share 290.44 274.71 279.00 * after direct transaction costs of: 0.10 0.09 0.08

Performance Return after charges 5.73% (1.54%) 11.32%

Other information Closing net asset value (£000s) 82,139 82,157 87,434 Closing number of shares 28,281,101 29,906,315 31,338,963 Operating charges 0.70% 0.70% 0.70% Direct transaction costs 0.04% 0.03% 0.03%

Prices Highest share price (pence) 304.50 299.33 281.10 Lowest share price (pence) 256.30 260.70 241.40

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 share class.

Share class launches and closures There were no share classes launched or closed in the year.

Janus Henderson UK Tracker Fund 51 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 year, except for expenses that are explicitly excluded by regulation.

2019 2018 % %

Class A 0.70 0.70

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

52 Janus Henderson UK Tracker Fund Risk and reward profi le

The fund currently has 1 type of share class in issue; A accumulation.

The risk and reward profi le of the share class is as follows:

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

Lower risk Higher risk 12345 67

The share class appears at 5 out of 7. Share classes in higher categories have shown greater and/or more frequent variations in share price 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 shares 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.

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

There has been no change to the risk rating in the year.

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

Janus Henderson UK Tracker Fund 53 Portfolio statement as at 31 October 2019

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

Equities 97.60% (2018: 98.03%) Australia 1.82% (2018: 1.72%) Basic Materials 1.82% (2018: 1.72%) 91,570 BHP 1,497 1.82

Chile 0.16% (2018: 0.15%) Basic Materials 0.16% (2018: 0.15%) 15,463 Antofagasta 134 0.16

Germany 0.23% (2018: 0.30%) Consumer Services 0.23% (2018: 0.30%) 18,888 TUI 191 0.23

Ireland 1.86% (2018: 1.68%) Consumer Services 0.33% (2018: 0.30%) 3,440 Flutter Entertainment 274 0.33

Industrials 1.53% (2018: 1.38%) 35,122 CRH 989 1.21 10,319 Smurfi t Kappa 265 0.32 1,254 1.53

Jordan 0.15% (2018: 0.00%) Health Care 0.15% (2018: 0.00%) 6,267 Hikma Pharmaceuticals 126 0.15

Mexico 0.07% (2018: 0.08%) Basic Materials 0.07% (2018: 0.08%) 7,750 Fresnillo 55 0.07

Netherlands 9.60% (2018: 11.20%) Oil & Gas 9.60% (2018: 11.20%) 189,041 Royal Dutch Shell 'A' 4,221 5.14 165,066 Royal Dutch Shell 'B' 3,661 4.46 7,882 9.60

Russian Federation 0.21% (2018: 0.00%) Basic Materials 0.21% (2018: 0.00%) 13,828 Polymetal International 175 0.21

Switzerland 1.61% (2018: 2.87%) Basic Materials 1.36% (2018: 1.96%) 480,419 Glencore 1,118 1.36

Consumer Goods 0.25% (2018: 0.25%) 8,728 Coca-Cola HBC 205 0.25

54 Janus Henderson UK Tracker Fund Portfolio statement (continued)

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

Industrials 0.00% (2018: 0.66%)

United Arab Emirates 0.10% (2018: 0.15%) Health Care 0.10% (2018: 0.15%) 3,600 NMC Health 79 0.10

United Kingdom 81.52% (2018: 77.27%) Basic Materials 4.88% (2018: 4.64%) 55,831 Anglo American 1,106 1.35 5,391 Croda International 260 0.32 26,310 Evraz 97 0.12 8,066 Johnson Matthey 248 0.30 21,241 Mondi 339 0.41 48,794 Rio Tinto 1,958 2.38 4,008 4.88

Consumer Goods 15.03% (2018: 15.48%) 15,702 Associated British Foods 350 0.43 45,535 Barratt Developments 287 0.35 5,348 Berkeley 235 0.29 100,516 British American Tobacco 2,716 3.31 17,966 Burberry 367 0.45 102,865 Diageo 3,256 3.96 42,377 Imperial Brands 717 0.87 13,454 Persimmon 306 0.37 27,695 Reckitt Benckiser 1,652 2.01 145,344 Taylor Wimpey 241 0.29 47,971 Unilever 2,217 2.70 12,344 15.03

Consumer Services 9.87% (2018: 9.58%) 41,038 Auto Trader 231 0.28 70,128 Compass 1,441 1.76 53,511 Informa 415 0.50 7,775 InterContinental Hotels 362 0.44 71,137 International Consolidated Airlines 378 0.46 165,711 ITV 222 0.27 75,598 J Sainsbury 154 0.19 14,000 JD Sports Fashion 108 0.13 96,461 Kingfi sher 200 0.24 5,616 Next 370 0.45 19,061 Ocado 253 0.31 33,849 Pearson 231 0.28 83,255 RELX 1,546 1.88 39,108 Rightmove 234 0.29 425,993 Tesco 1,002 1.22 5,992 Whitbread 243 0.30 94,748 WM Morrison Supermarkets 188 0.23 54,877 WPP 529 0.64 8,107 9.87

Janus Henderson UK Tracker Fund 55 Portfolio statement (continued)

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

Financials 20.80% (2018: 20.17%) 9,185 Admiral 186 0.23 171,161 Aviva 711 0.87 758,979 Barclays 1,274 1.55 40,943 British Land 254 0.31 12,262 Hargreaves Lansdown 217 0.26 12,095 Hiscox 180 0.22 891,722 HSBC 5,200 6.33 31,378 Land Securities 295 0.36 256,527 Legal & General 676 0.82 3,110,408 Lloyds Banking 1,767 2.15 13,813 London Stock Exchange 961 1.17 116,680 M&G 249 0.30 23,473 Phoenix 165 0.20 114,461 Prudential 1,544 1.88 205,171 Royal Bank of Scotland 436 0.53 43,147 RSA Insurance 225 0.27 4,893 Schroders 151 0.18 66,603 Scottish Mortgage Investment Trust 337 0.41 48,214 Segro 407 0.50 23,633 St James's Place 246 0.30 115,692 Standard Chartered 811 0.99 101,566 Standard Life Aberdeen 308 0.38 43,015 3i 485 0.59 17,085 20.80

Health Care 10.72% (2018: 8.58%) 57,803 AstraZeneca 4,336 5.28 215,840 GlaxoSmithKline 3,817 4.65 39,343 Smith & Nephew 650 0.79 8,803 10.72

Industrials 7.98% (2018: 5.89%) 20,589 Ashtead 483 0.59 140,966 BAE Systems 812 0.99 15,462 Bunzl 310 0.38 4,514 DCC 327 0.40 56,104 DS Smith 201 0.24 39,962 Experian 970 1.19 10,250 Ferguson 675 0.82 17,006 Halma 319 0.39 6,975 Intertek 373 0.45 32,179 Meggitt 201 0.24 208,590 Melrose Industries 445 0.54 80,596 Rentokil Initial 366 0.45 3,532,984 Rolls Royce Preference Shares 4 - 74,842 Rolls-Royce 531 0.65 17,441 Smiths 281 0.34 3,196 Spirax-Sarco Engineering 253 0.31 6,551 7.98

56 Janus Henderson UK Tracker Fund Portfolio statement (continued)

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

Oil & Gas 5.23% (2018: 6.12%) 877,261 BP 4,292 5.23

Technology 0.56% (2018: 0.60%) 2,868 Aveva 120 0.15 47,692 Sage 343 0.41 463 0.56

Telecommunications 3.22% (2018: 3.15%) 383,009 BT 784 0.95 1,182,138 Vodafone 1,861 2.27 2,645 3.22

Utilities 3.23% (2018: 3.06%) 252,427 Centrica 183 0.22 154,316 National Grid 1,392 1.70 10,573 Severn Trent 238 0.29 44,671 SSE 573 0.70 30,570 United Utilities 266 0.32 2,652 3.23

United States 0.27% (2018: 2.61%) Consumer Services 0.27% (2018: 0.39%) 7,196 Carnival 223 0.27

Health Care 0.00% (2018: 2.22%)

Derivatives (0.01%) (2018: (0.01%)) Futures (0.01%) (2018: (0.01%)) 26 ICE FTSE 100 December 2019 (6) (0.01)

Investment assets including investment liabilities 80,157 97.59 Other net assets 1,982 2.41 Total net assets 82,139 100.00

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

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

Janus Henderson UK Tracker Fund 57 Statement of total return for the year ended 31 October 2019

2019 2018 Note £000 £000 £000 £000

Income Net capital gains/(losses) 2 1,369 (4,126) Revenue 3 3,820 3,558 Expenses 4 (572) (599)

Net revenue before taxation 3,248 2,959 Taxation 5 (28) (20)

Net revenue after taxation 3,220 2,939

Total return before distributions 4,589 (1,187)

Distributions 6 (2,804) (2,577)

Change in net assets attributable to shareholders from 1,785 (3,764) investment activities

Statement of change in net assets attributable to shareholders for the year ended 31 October 2019

2019 2018 £000 £000 £000 £000

Opening net assets attributable to shareholders 82,157 87,434

Amounts receivable on issue of shares 836 784 Amounts payable on cancellation of shares (5,391) (4,841) (4,555) (4,057)

Change in net assets attributable to shareholders from 1,785 (3,764) investment activities

Retained distributions on accumulation shares 2,752 2,544

Closing net assets attributable to shareholders 82,139 82,157

58 Janus Henderson UK Tracker Fund Balance sheet as at 31 October 2019

2019 2018 Note £000 £000 Assets: Investments - 80,537 Current assets: Investments 80,163 - Debtors 7 1,169 292 Cash and bank balances 8 1,098 1,423

Total assets 82,430 82,252

Liabilities: Investment liabilities 6 6 Creditors: Other creditors 9 285 89

Total liabilities 291 95

Net assets attributable to shareholders 82,139 82,157

Janus Henderson UK Tracker Fund 59 Notes to the fi nancial statements for the year ended 31 October 2019

1 Accounting policies The accounting policies, distribution policy and potential risks are set out in notes 1 to 3 of the funds’ aggregated notes to the fi nancial statements.

2 Net capital gains/(losses) Net capital gains/(losses) on investments during the year comprise:

2019 2018 £000 £000

Derivative securities 131 11 Non-derivative securities 1,238 (4,131) Other currency gains 3 - Transaction costs (3) (6)

Net capital gains/(losses) 1,369 (4,126)

3 Revenue

2019 2018 £000 £000

Bank interest 4 3 Overseas dividends 595 395 Stock dividends 416 362 Stock lending revenue 9 12 UK dividends 2,767 2,753 UK REIT revenue - PID 27 27 UK REIT revenue - non PID 2 6

Total revenue 3,820 3,558

4 Expenses

2019 2018 £000 £000

Payable to the ACD, associates of the ACD and agents of either of them: Annual management charge 413 433 GAC* 149 156 562 589

Payable to the Depositary, associates of the Depositary and agents of either of them: Depositary fees 7 8 Safe custody fees 3 2 10 10

Total expenses 572 599

Irrecoverable VAT is included in the above expenses where relevant. * The current audit fee, which is levied through the GAC, is £7,912 (2018: £7,681).

60 Janus Henderson UK Tracker Fund Notes to the fi nancial statements (continued)

5 Taxation a) Analysis of charge in the year The tax charge comprises:

2019 2018 £000 £000 Current tax Irrecoverable income tax 2 - Overseas withholding tax 26 20 Total tax (note 5b) 28 20 b) Factors aff ecting tax charge for year The tax assessed for each year is diff erent to the standard rate of corporation tax in the UK for funds of authorised open ended investment companies (OEICS) of 20% (2018: 20%). The diff erences are explained below:

2019 2018 £000 £000

Net revenue before taxation 3,248 2,959

Corporation tax at 20% (2018: 20%) 650 592

Eff ects of: Irrecoverable income tax 2 - Irrecoverable overseas tax 26 20 Overseas dividends (119) (79) Stock dividends* (82) (71) UK dividends* (554) (552) Unused management expenses 105 110

Tax charge for the year (note 5a) 28 20

* As an OEIC this item is not subject to corporation tax. OEICs are exempt from tax on capital gains made in the UK. Therefore, any capital return is not included within the reconciliation above. c) Deferred tax There is no provision required for deferred taxation at the Balance sheet date (2018: nil). d) Factors that may aff ect future tax charges At the year end, after claiming relief against revenue taxable on receipt, there is a potential deferred tax asset of £4,231,933 (2018: £4,126,942) in relation to surplus management expenses. It is unlikely that the fund will generate suffi cient taxable profi ts in the future to utilise these amounts and therefore no deferred tax asset has been recognised at the current or prior year end.

Janus Henderson UK Tracker Fund 61 Notes to the fi nancial statements (continued)

6 Distributions The distributions take account of revenue received on the issue of shares and revenue deducted on the cancellation of shares, and comprise:

2019 2018 £000 £000

Interim accumulation 1,467 1,154 Final accumulation 1,285 1,390 2,752 2,544

Amounts deducted on cancellation of shares 60 41 Amounts received on issue of shares (8) (8)

Total distributions 2,804 2,577

Net revenue after taxation 3,220 2,939 Non-distributable stock dividends (416) (362) Total distributions 2,804 2,577

Details of the distribution per share are set out in the Distribution tables on pages 68.

7 Debtors

2019 2018 £000 £000

Accrued revenue 244 254 Income tax recoverable 1 2 Overseas withholding tax reclaimable 51 36 Sales awaiting settlement 873 -

Total debtors 1,169 292

8 Cash and bank balances

2019 2018 £000 £000

Amounts held at derivative clearing houses and brokers 44 145 Cash and bank balances 1,054 1,278

Total cash and bank balances 1,098 1,423

9 Other creditors

2019 2018 £000 £000

Accrued annual management charge 35 35 Accrued Depositary's fee 1 1 Accrued other expenses 13 17 Amounts payable for cancellation of shares 236 36

Total other creditors 285 89

62 Janus Henderson UK Tracker Fund Notes to the fi nancial statements (continued)

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

11 Related party transactions Henderson Investment Funds Limited as ACD to the fund is deemed to be a related party in respect of their dealings with the fund. All transactions and balances associated with the ACD are disclosed within the ‘Statement of total return’, the ‘Statement of change in net assets attributable to shareholders’ and the ‘Balance sheet’ on pages 58 and 59 and notes 4, 6, and 9 on pages 60 to 62 including all issues and cancellations where the ACD acted as principal. Transactions with the ACD are as follows: - All issues and cancellations, - Annual management charge - GAC

There were no material shareholders at the year end (2018: nil).

12 Shareholders’ funds The fund currently has 1 share class available; Class A (Retail with front-end charges). The annual management charge on each share class is as follows:

2019 2018 % % Class A 0.50 0.50

The net asset value of the share class, the net asset value per share and the number of shares in the share class are given in the Comparative table on page 51. The distribution per share class is given in the Distribution tables on page 68.

Shares reconciliation as at 31 October 2019

Class A accumulation

Opening number of shares 29,906,315 Issues during the year 300,655 Cancellations during the year (1,925,869) Shares converted during the year -

Closing shares in issue 28,281,101

13 Financial derivatives The fund may use fi nancial derivatives for the purposes of hedging to reduce fi nancial risk and for efficient portfolio management.

Eligible collateral types are approved by the Investment Manager and are agreed with the relevant counterparty.

The counterparty exposure has been calculated using the positive marked-to-market value of the derivative contract with that counterparty.

There was no collateral pledged or collateral held in respect of derivatives as at 31 October 2019 (2018: nil).

2019 The fund had no exposure to derivatives as at 31 October 2019 with a positive market value.

2018 The fund had no exposure to derivatives as at 31 October 2018 with a positive market value.

Janus Henderson UK Tracker Fund 63 Notes to the fi nancial statements (continued)

14 Stock lending The fund and the Investment Manager have entered into a stock lending programme with BNP Paribas acting as the stock lending for the purposes of effi cient portfolio management and in order to generate additional income.

Stock lending revenue is disclosed under ‘Revenue’ in the Statement of total return.

Eligible collateral types for Stock Lending and borrowing transactions are approved by the Investment Manager and may consist of securities issued or guaranteed by a Member State of the OECD or by their local authorities or supranational institutions and organisations with regional, EU and world-wide scope, generally subject to a minimum long term credit rating of at least A- by one or more major credit rating agency or listed equities on eligible markets. Collateral should be highly liquid and traded on a regulated market. Collateral is subject to a haircut on a sliding scale based on the combination of the underlying instrument being lent versus the asset being received as collateral. The value of collateral required will range from 102.50% to 110.00% of the value of the stock on loan.

2019 Total market value Amount of Type of collateral Counterparty of stock on loan collateral received category £000 £000

ABN Amro 1,340 1,492 Equity

Morgan Stanley 63 66 Government Bond

Natixis 4,656 5,173 Equity

6,059 6,731

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

BNP Paribas Stock lending agent 11 2 9

2018 Total market value Amount of Type of collateral Counterparty of stock on loan collateral received category £000 £000

ABN Amro 673 753 Equity

Deutsche Bank 323 363 Equity

HSBC 4,510 5,011 Equity

JP Morgan 129 143 Equity

Morgan Stanley 974 1,025 Government Bond

Natixis 2,439 2,709 Equity

9,048 10,004

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

BNP Paribas Stock lending agent 14 2 12

64 Janus Henderson UK Tracker Fund Notes to the fi nancial statements (continued)

15 Risk Currency risk The fund’s exposure to currency risk is considered insignifi cant. This is consistent with the exposure during the prior year.

Interest rate risk The fund’s exposure to interest rate risk is considered insignifi cant. This is consistent with the exposure during the prior year.

Other market price risk An increase or decrease in market values will have a direct eff ect on the value of the investment assets in the portfolio and therefore a proportionate eff ect on the value of the fund.

Leverage The fund has not employed signifi cant leverage in the current or prior year.

Liquidity risk The following table provides a maturity analysis of the fund’s fi nancial liabilities showing the remaining contractual maturities on an undiscounted basis.

Over one year but not more On demand Within one year than fi ve years Over fi ve years 2019 £000 £000 £000 £000

Derivative fi nancial liabilities - 6 - - Other creditors - 285 - -

Total - 291 - -

Over one year but not more On demand Within one year than fi ve years Over fi ve years 2018 £000 £000 £000 £000

Derivative fi nancial liabilities - 6 - - Other creditors - 89 - -

Total - 95 - -

Janus Henderson UK Tracker Fund 65 Notes to the fi nancial statements (continued)

16 Fair value disclosure Fair value measurement The intention of a fair value measurement is to estimate the price at which an asset or a liability could be exchanged in the market conditions prevailing at the measurement date. The measurement assumes the exchange is an orderly transaction (that is, it is not a forced transaction, involuntary liquidation or distress sale) between knowledgeable, willing participants on an independent basis.

The purpose of the fair value hierarchy is to prioritise the inputs that should be used to measure the fair value of assets and liabilities. The highest priority is given to quoted prices at which a transaction can be entered into and the lowest priority to unobservable inputs.

In accordance with FRS 102 the fund classifi es fair value measurement under the following levels:

Level 1 The unadjusted quoted price in an active market for identical assets or liabilities that the entity can access at the measurement date. Level 2 Inputs other than quoted prices included within level 1 that are either observable (i.e. developed using market data) for the asset or liability, either directly or indirectly. Level 3 Inputs are unobservable (i.e. for which market data is unavailable) for the asset or liability.

Fair value hierarchy

2019 2018 Assets Liabilities Assets Liabilities £000 £000 £000 £000

Level 1 80,163 6 80,537 6 Level 2 - - - - Level 3 - - - -

80,163 6 80,537 6

17 Direct transaction costs

Purchases Sales 2019 2018 2019 2018 £000 £000 £000 £000 Trades in the year Equities 5,769 4,939 7,450 5,224 Trades in the year before transaction costs 5,769 4,939 7,450 5,224 Transaction costs Commissions Equities 1121 Total commissions 1121 Taxes Equities 26 23 - - Total taxes 26 23 - - Other expenses Equities 1--- Total other expenses 1---

Total transaction costs 28 24 2 1

Total net trades in the year after transaction costs 5,797 4,963 7,448 5,223

66 Janus Henderson UK Tracker Fund Notes to the fi nancial statements (continued)

17 Direct transaction costs (continued) Purchases Sales 2019 2018 2019 2018 %%%%

Total transaction costs expressed as a percentage of asset type cost Commissions Equities 0.02 0.02 - 0.02 Taxes Equities 0.45 0.47 - - Other expenses Equities 0.02 - - -

2019 2018 %%

Total transaction costs expressed as a percentage of net asset value Commissions - - Taxes 0.04 0.03 Other expenses - -

Total costs 0.04 0.03

There were no in specie transfers during the year (2018: nil). There were corporate actions during the year of £418,631 (2018: £919,372).

There were direct transaction costs associated with derivatives in the year of £570 (2018: £391) which is 0.00% of the average net asset value of the fund (2018: 0.00%).

Direct transaction costs are fees and commissions paid to agents, advisers, brokers and dealers, levies by regulatory agencies and securities exchanges, and transfer taxes and duties associated with investment transactions on the fund. These exclude any diff erences between quoted bid and off er prices or internal administrative or holding costs.

The portfolio dealing spread as at 31 October 2019 was 0.04% (2018: 0.04%). The portfolio dealing spread is calculated at a 12 noon valuation point.

18 Events after the Balance sheet date On 26 November 2019 the Investment Manager changed from State Street Global Advisors to Henderson Global Investors for UK Tracker Fund.

On 5th December 2019 the UK Tracker Fund merged into the Janus Henderson Institutional UK Index Opportunities Trust. The total value of the merger was £80,523,745.

Janus Henderson UK Tracker Fund 67 Distribution tables for the year ended 31 October 2019 (in pence per share)

Interim dividend distribution (accounting date 30 April 2019, paid on 28 June 2019) Group 1: shares purchased prior to 1 November 2018 Group 2: shares purchased on or after 1 November 2018

Distribution Equalisation Total Total per share distribution distribution per share per share 28/06/19 29/06/18

Class A accumulation Group 1 5.0219 - 5.0219 3.7532 Group 2 2.3426 2.6793 5.0219 3.7532

Final dividend distribution (accounting date 31 October 2019, paid on 31 December 2019) Group 1 : shares purchased prior to 1 May 2019 Group 2 : shares purchased on or after 1 May 2019

Distribution Equalisation Total Total per share distribution distribution per share per share 31/12/19 31/12/18

Class A accumulation . Group 1 4.5446 - 4.5446 4.6462 Group 2 1.4609 3.0837 4.5446 4.6462

68 Janus Henderson UK Tracker Fund Gartmore Pacifi c Rim Index Fund

Authorised Corporate Director’s (ACD) report

Gartmore Pacifi c Rim Index Fund merged into Gartmore Pacifi c Opportunities on 17 March 2007 and further merged into Janus Henderson Asia Pacifi c Capital Growth in August 2011, a sub-fund of Janus Henderson Global Funds.

As shown in the primary fi nancial statements on pages 72 and 73, there has been no movement or activity in the fund within theyear or since the merger in 2007. As a result, standard disclosures such as comparative tables, ongoing charges fi gure, risk and reward profi le, performance summary, signifi cant purchases and sales and the explanatory notes to the fi nancial statements are not required due to nil balances and nil movements. These disclosures have therefore not been presented within the fi nancial statements.

Gartmore Pacifi c Rim Index Fund 69 Portfolio statement as at 31 October 2019

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

Equities 0.00% (2018: 0.00%) Malaysia 0.00% (2018: 0.00%) Industrials 0.00% (2018: 0.00%) 60,000 Rekapacifi 1c --

Investment assets -- Other net assets - - Total net assets --

1 Delisted

70 Gartmore Pacifi c Rim Index Fund Statement of total return for the year ended 31 October 2019

2019 2018 Note £000 £000 £000 £000

Income Net capital gains -- Revenue -- Expenses --

Net revenue before taxation -- Taxation 2 --

Net revenue after taxation --

Total return before distributions --

Distributions --

Change in net assets attributable to shareholders from investment activities --

Statement of change in net assets attributable to shareholders for the year ended 31 October 2019

2019 2018 £000 £000 £000 £000

Opening net assets attributable to shareholders --

Change in net assets attributable to shareholders -- from investment activities

Closing net assets attributable to shareholders - -

Gartmore Pacifi c Rim Index Fund 71 Balance sheet as at 31 October 2019

2019 2018 £000 £000 Assets: Current assets: Investments --

Total assets --

Net assets attributable to shareholders - -

72 Gartmore Pacifi c Rim Index Fund Notes to the fi nancial statements for the year ended 31 October 2019

1 Accounting policies The accounting policies, distribution policy and potential risks are set out in notes 1 to 3 of the fund’s aggregated notes to the fi nancial statements.

2 Taxation a) Analysis of charge in the year There is no tax charge for the current year (2018: nil). b) Factors aff ecting tax charge for year There are no factors aff ecting the tax charge for the current or prior year. c) Deferred tax There is no provision required for deferred taxation at the Balance sheet date (2018: nil). d) Factors that may aff ect future tax charges There were no factors that may aff ect future tax charges at the current or prior year end.

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

4 Related party transactions Henderson Investment Funds Limited as ACD to the fund is deemed to be a related party in respect of their dealings with the fund.

There were no amounts due to or from the ACD at the end of the current or prior year. The fund’s audit fee of £3,039 (2018: £2,950) is paid by the ACD on behalf of the fund.

5 Shareholders’ funds This fund is in the process of being terminated and has no shareholders.

6 Events after the Balance sheet date There were no material post Balance sheet events which require disclosure within these fi nancial statements.

Gartmore Pacifi c Rim Index Fund 73 Appendix - additional information (unaudited)

Securities fi nancing transactions The funds engage 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 funds’ involvement in and exposures related to securities lending for the year ended 31 October 2019 are detailed below.

Global data The table lists the amount of securities on loan as a proportion of total lendable assets and the funds’ assets under management (AUM) as at 31 October 2019:

Fund Market value of % of % of securities on loan lendable AUM £000 assets

Janus Henderson UK Index Fund 12,333 5.72% 5.60% Janus Henderson UK Tracker Fund 6,059 7.56% 7.38%

Concentration data The following table lists the ten largest collateral issuers by value of collateral received (across all SFTs) for each fund as at 31 October 2019:

Issuer Market value of Issuer Market value of collateral received collateral received £000 £000

Janus Henderson UK Index Fund Janus Henderson UK Tracker Fund

Linde 634 Linde 516 Nestle 521 Nestle 286 Kering 520 Kering 284 Total 471 Total 265 Ferrari 458 Iberdrola 257 Intesa Sanpaolo 389 Toyota Motor 250 Renault 379 Ferrari 235 CIGNA Corporation 352 Renault 223 Paddy Power Betfair 352 Sumitomo Mitsui Financial 169 Iberdrola 349 Lloyds Banking 162

74 Janus Henderson Investment Funds Series III Appendix - additional information (unaudited) (continued)

Securities fi nancing transactions (continued) Concentration data (continued) 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 31 October 2019:

Counterparty Market value Settlement Counterparty Market value Settlement of securities on basis of securities on basis loan £000 loan £000

Janus Henderson UK Index Fund Janus Henderson UK Tracker Fund

Natixis 5,730 Triparty Natixis 4,656 Triparty ABN Amro 3,158 Triparty ABN Amro 1,340 Triparty Bank of Nova Scotia 2,500 Triparty Morgan Stanley 63 Triparty JP Morgan 707 Triparty 6,059 Deutsche Bank 132 Triparty Société Générale 75 Triparty Morgan Stanley 31 Triparty 12,333

All counterparties have been included.

75 Appendix - additional information (unaudited) (continued)

Securities fi 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 31 October 2019:

Counterparty Counterparty Type Quality Collateral Settlement Custodian Market country of Currency basis value of origin collateral received £000

Janus Henderson UK Index Fund ABN Amro Netherlands Equity Main market listing CHF Triparty BNP Paribas 397 ABN Amro Netherlands Equity Main market listing EUR Triparty BNP Paribas 2,216 ABN Amro Netherlands Equity Main market listing GBP Triparty BNP Paribas 354 ABN Amro Netherlands Equity Main market listing SEK Triparty BNP Paribas 4 ABN Amro Netherlands Equity Main market listing USD Triparty BNP Paribas 558 Bank of Nova Scotia Canada Equity Main market listing AUD Triparty BNP Paribas 4 Bank of Nova Scotia Canada Equity Main market listing EUR Triparty BNP Paribas 746 Bank of Nova Scotia Canada Equity Main market listing GBP Triparty BNP Paribas 1,991 Bank of Nova Scotia Canada Equity Main market listing USD Triparty BNP Paribas 37 Deutsche Bank Germany Equity Main market listing CHF Triparty BNP Paribas 5 Deutsche Bank Germany Equity Main market listing EUR Triparty BNP Paribas 50 Deutsche Bank Germany Equity Main market listing GBP Triparty BNP Paribas 47 Deutsche Bank Germany Equity Main market listing HKD Triparty BNP Paribas 13 Deutsche Bank Germany Equity Main market listing JPY Triparty BNP Paribas 4 Deutsche Bank Germany Equity Main market listing USD Triparty BNP Paribas 28 JP Morgan United States Equity Main market listing CHF Triparty BNP Paribas 27 JP Morgan United States Equity Main market listing EUR Triparty BNP Paribas 111 JP Morgan United States Equity Main market listing GBP Triparty BNP Paribas 23 JP Morgan United States Equity Main market listing HKD Triparty BNP Paribas 583 JP Morgan United States Equity Main market listing USD Triparty BNP Paribas 41 Morgan Stanley United States Government Bond Investment grade JPY Triparty BNP Paribas 33 Natixis France Equity Main market listing CHF Triparty BNP Paribas 551 Natixis France Equity Main market listing EUR Triparty BNP Paribas 4,327 Natixis France Equity Main market listing GBP Triparty BNP Paribas 379 Natixis France Equity Main market listing HKD Triparty BNP Paribas 75 Natixis France Equity Main market listing JPY Triparty BNP Paribas 1,035 Société Générale France Equity Main market listing CHF Triparty BNP Paribas 1 Société Générale France Equity Main market listing EUR Triparty BNP Paribas 13 Société Générale France Equity Main market listing GBP Triparty BNP Paribas 65 Société Générale France Equity Main market listing JPY Triparty BNP Paribas 4 13,722

76 Janus Henderson Investment Funds Series III Appendix - additional information (unaudited) (continued)

Securities fi nancing transactions (continued) Aggregate transaction data (continued)

Counterparty Counterparty Type Quality Collateral Settlement Custodian Market country of Currency basis value of origin collateral received £000

Janus Henderson UK Tracker Fund ABN Amro Netherlands Equity Main market listing CHF Triparty BNP Paribas 167 ABN Amro Netherlands Equity Main market listing EUR Triparty BNP Paribas 939 ABN Amro Netherlands Equity Main market listing GBP Triparty BNP Paribas 150 ABN Amro Netherlands Equity Main market listing SEK Triparty BNP Paribas 2 ABN Amro Netherlands Equity Main market listing USD Triparty BNP Paribas 234 Morgan Stanley United States Government Bond Investment grade JPY Triparty BNP Paribas 66 Natixis France Equity Main market listing CHF Triparty BNP Paribas 447 Natixis France Equity Main market listing EUR Triparty BNP Paribas 3,516 Natixis France Equity Main market listing GBP Triparty BNP Paribas 308 Natixis France Equity Main market listing HKD Triparty BNP Paribas 61 Natixis France Equity Main market listing JPY Triparty BNP Paribas 841 6,731

All collateral is held in segregated accounts.

The lending and collateral transactions are on an open basis and can be recalled on demand.

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 31 October 2019:

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 UK Index Fund 53 8 45 15% 85% Janus Henderson UK Tracker Fund 11 2 9 15% 85%

Janus Henderson Investment Funds Series III 77 Appendix - additional information (unaudited) (continued)

Remuneration policy Following the implementation of the UCITS V in the UK 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 Investment Funds Limited (HIFL) must make relevant remuneration disclosures.

The disclosures must split remuneration between fi xed and variable remuneration and must break down remuneration for categories of UCITS Code Staff (defi ned as all staff whose professional activities have a material impact on the risk profi les of the funds it manages). The Janus Henderson Group plc Compensation Committee approves the list of UCITS Code Staff annually. In addition, identifi ed UCITS Code Staff are notifi ed of their status and the associated implications annually.

Janus Henderson Investment Funds Series III is managed by HIFL, 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 eff ective risk management and does not encourage risk-taking which is inconsistent with the risk profi les, rules or instruments of incorporation of each ACDand the funds they manage. This policy applies to HIFL and Janus Henderson Investment Funds Series III.

Further information with respect to Janus Henderson Group plc’s Remuneration Policy is available in Janus Henderson Group plc’s annual report as at 31 December 2018.

Headcount (1) Total Remuneration (£000s) (2,3)

Janus Henderson UK Index Fund 1,955 276 of which Fixed Remuneration 1,955 138 Variable Remuneration 1,942 138 Janus Henderson UK Index Fund Remuneration Code Staff 115 110 of which Senior Management (4) 28 28 Other Code Staff (5) 87 82 Janus Henderson UK Tracker Fund 1,955 102 of which Fixed Remuneration 1,955 51 Variable Remuneration 1,942 51 Janus Henderson UK Tracker Fund Remuneration Code Staff 115 41 of which Senior Management (4) 28 10 Other Code Staff (5) 87 31

1. The is the actual number of employees who are fully or partly involved in the activities of Janus Henderson Investment Funds Series III – no attempt has been made to apportion the time spent specifi cally in support of each of the funds of Janus Henderson Investment Funds Series III 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 Janus Henderson Group plc, the staff indicated in this table may provide services to other companies in Janus Henderson Group plc.

3. The remuneration disclosed is only in respect of the provision of services to each of the funds of Janus Henderson Investment Funds Series III for the year, rather than the total remuneration for the year – for this purpose, remuneration has been apportioned between the provision of services to each of the funds of Janus Henderson Investment Funds Series III and to other entities in Janus Henderson Group plc, as follows:

– in respect of fi xed pay and annual/long term incentive bonuses:

– where fi xed pay is directly attributable to each of the funds of Janus Henderson Investment Funds Series III (for example, fees for HIFL board members), 100% of those fees;

– for Investment Fund Managers, pro-rated using the average assets under management (AUM) of each of the funds of Janus Henderson Investment Funds Series III managed by the relevant Investment 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 each of the funds of Janus Henderson Investment Funds Series III (as a proportion of the aggregate average AUM of Janus Henderson Group plc) as a proxy.

78 Janus Henderson Investment Funds Series III Appendix - additional information (unaudited) (continued)

Remuneration policy (continued) 4. Senior Management includes the Janus Henderson Executive Committee and other Group Board members and the Board of HIFL.

5. Other Code Staff includes all other UCITS Code Staff not covered by the above, including Investment Fund Managers who manage AUM within each of the funds of Janus Henderson Investment Funds Series III.

Janus Henderson Investment Funds Series III 79 Further information

Shareholder 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 shares 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.

80 Janus Henderson Investment Funds Series III

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.