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2021 Janus Henderson Estimated Per Share Distribution AmountsThe Janus Henderson final year-end distribution estimates to be paid in December2021 are shown below.Please note that these estimates were prepared using income and capital gain amountsthrough November 1, 2021. The distribution amounts may change, perhapssignificantly, for the following reasons:1. The funds are required to distribute capital gains recognized through October 31,2021. The dividend estimates include income through November 1st plusestimated income for November 2nd through December 31st. Actual income fromNovember 2nd through December 31st may differ from the income estimated.2. The total number of shares which will receive the distribution will change, perhapssignificantly.The regular monthly dividend for the Janus Henderson fixed income funds, the JanusHenderson Global Income Managed Volatility Fund and the Janus HendersonDeveloped World Bond Fund is payable on December 31, 2021.The funds intend to distribute the maximum amount of dividends qualifying for the 15%rate allowable under the law. Estimates of the qualifying percentage are not yetavailable.Please note that Funds that have invested in real estate investment trusts (REITs)during the current tax year may potentially recharacterize some of their incomedistributions as return of capital. If applicable, the recharacterization may occur inFebruary following the current tax year.Janus Henderson Investors151 Detroit St, Denver, CO 80206T 1(800) 525 3713 F 1(877) 319 3852W janushenderson.com

Janus Investment Fund (A Shares)Preliminary Distribution EstimatesAs of )(2)(2)(3) (4)(3)(3)(1)(2)Absolute Return Income Opportunities FundAdaptive Global Allocation FundAsia Equity FundBalanced FundContrarian FundDeveloped World Bond FundDividend & Income Builder FundEmerging Markets FundEmerging Markets Managed Volatility FundEnterprise FundEuropean Focus FundFlexible Bond FundForty FundGlobal Bond FundGlobal Equity Income FundGlobal Income Managed Volatility FundGlobal Life Sciences FundGlobal Real Estate FundGlobal Research FundGlobal Select FundGlobal Sustainable Equity FundGlobal Technology and Innovation FundGrowth and Income FundHigh-Yield FundInternational Managed Volatility FundInternational Opportunities FundMid Cap Value FundMulti-Sector Income FundOverseas FundResearch FundShort Duration Flexible Bond FundSmall Cap Value FundSmall-Mid Cap Value FundTriton FundUS Managed Volatility FundVenture 112/20/2021 0.00 0.13 0.21 0.00 0.06 0.00 0.00 0.30 0.21 0.00 0.06 0.00 0.00 0.00 0.00 0.00 0.76 0.00 0.19 0.10 0.01 0.00 0.00 0.00 0.10 1.25 0.04 0.00 0.35 0.00 0.00 0.17 0.02 0.00 0.02 0.00Ordinary Income (1)As a % of Short-Term As a % of Long-Term As a % ofNAVCapital GainNAVCapital 7%0.00%0.00%0.66%0.14%0.00%0.15%0.00%Ordinary income includes net investment income, short-term gains, currency gains and losses, and certain tax adjustments.Amounts do not include the normal quarterly distribution payable on the date noted above.(3)Amounts do not include the normal monthly distribution payable on December 31, 2021.(4)Fund may make a distribution which is estimated to be less than 0.01/share.Janus Henderson Investors151 Detroit St, Denver, CO 80206T 1(800) 525 3713 F 1(877) 319 3852W janushenderson.com 0.00 1.47 0.00 0.18 0.67 0.00 0.00 0.00 0.00 1.22 0.00 0.00 0.25 0.07 0.00 0.00 1.84 0.00 0.73 0.14 0.09 0.31 0.01 0.00 0.32 1.29 0.01 0.02 0.00 0.48 0.00 0.00 0.00 0.80 1.62 0.63%0.00%0.00%0.00%1.97%11.97%2.33% 0.00 0.05 0.00 1.54 2.09 0.00 0.19 0.00 0.76 22.80 0.00 0.00 4.94 0.03 0.00 0.00 4.05 0.40 10.59 2.03 0.05 8.36 3.73 0.00 0.71 2.65 1.90 0.02 0.00 8.30 0.00 0.22 0.33 5.86 1.41 0%10.97%0.00%0.85%2.31%14.43%10.42%8.54%

Janus Investment Fund (C Shares)Preliminary Distribution EstimatesAs of )(2)(2)(3) (4)(3)(3)(1)(2)Absolute Return Income Opportunities FundAdaptive Global Allocation FundAsia Equity FundBalanced FundContrarian FundDeveloped World Bond FundDividend & Income Builder FundEmerging Markets FundEmerging Markets Managed Volatility FundEnterprise FundEuropean Focus FundFlexible Bond FundForty FundGlobal Bond FundGlobal Equity Income FundGlobal Income Managed Volatility FundGlobal Life Sciences FundGlobal Real Estate FundGlobal Research FundGlobal Select FundGlobal Sustainable Equity FundGlobal Technology and Innovation FundGrowth and Income FundHigh-Yield FundInternational Managed Volatility FundInternational Opportunities FundMid Cap Value FundMulti-Sector Income FundOverseas FundResearch FundShort Duration Flexible Bond FundSmall Cap Value FundSmall-Mid Cap Value FundTriton FundUS Managed Volatility FundVenture 112/20/2021 0.00 0.06 0.13 0.00 0.00 0.00 0.00 0.16 0.07 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.25 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 1.01 0.00 0.00 0.00 0.00 0.00 0.10 0.00 0.00 0.00 0.00Ordinary Income (1)As a % of Short-Term As a % of Long-Term As a % ofNAVCapital GainNAVCapital 0%0.00%0.00%0.41%0.00%0.00%0.00%0.00%Ordinary income includes net investment income, short-term gains, currency gains and losses, and certain tax adjustments.Amounts do not include the normal quarterly distribution payable on the date noted above.(3)Amounts do not include the normal monthly distribution payable on December 31, 2021.(4)Fund may make a distribution which is estimated to be less than 0.01/share.Janus Henderson Investors151 Detroit St, Denver, CO 80206T 1(800) 525 3713 F 1(877) 319 3852W janushenderson.com 0.00 1.47 0.00 0.18 0.67 0.00 0.00 0.00 0.00 1.22 0.00 0.00 0.25 0.07 0.00 0.00 1.84 0.00 0.73 0.14 0.09 0.31 0.01 0.00 0.32 1.29 0.01 0.02 0.00 0.48 0.00 0.00 0.00 0.80 1.62 0.70%0.00%0.00%0.00%2.19%12.43%2.60% 0.00 0.05 0.00 1.54 2.09 0.00 0.19 0.00 0.76 22.80 0.00 0.00 4.94 0.03 0.00 0.00 4.05 0.40 10.59 2.03 0.05 8.36 3.73 0.00 0.71 2.65 1.90 0.02 0.00 8.30 0.00 0.22 0.33 5.86 1.41 .00%12.07%0.00%0.91%2.41%16.07%10.82%9.54%

Janus Investment Fund (D Shares)Preliminary Distribution EstimatesAs of XFund(3)(2)(3)(2)(3)(3)(2)(3)(2)(3)(2)(3) (4)(3)(3)(3)(1)(2)(3)(4)Absolute Return Income Opportunities FundAdaptive Global Allocation FundAsia Equity FundBalanced FundContrarian FundDeveloped World Bond FundDividend & Income Builder FundEmerging Markets FundEmerging Markets Managed Volatility FundEnterprise FundEuropean Focus FundFlexible Bond FundForty FundGlobal Bond FundGlobal Equity Income FundGlobal Income Managed Volatility FundGlobal Life Sciences FundGlobal Real Estate FundGlobal Research FundGlobal Select FundGlobal Sustainable Equity FundGlobal Technology and Innovation FundGovernment Money Market FundGrowth and Income FundHigh-Yield FundInternational Managed Volatility FundInternational Opportunities FundMid Cap Value FundMoney Market FundMulti-Sector Income FundOverseas FundResearch FundShort Duration Flexible Bond FundSmall Cap Value FundSmall-Mid Cap Value FundTriton FundUS Managed Volatility FundVenture 1 0.00 0.12 0.26 0.00 0.11 0.00 0.00 0.33 0.13 0.50 0.14 0.00 0.03 0.00 0.00 0.00 0.86 0.00 0.54 0.14 0.01 0.00 0.00 0.00 0.00 0.12 1.32 0.10 0.00 0.00 0.47 0.00 0.00 0.21 0.05 0.00 0.06 0.00Ordinary Income (1)As a % of Short-Term As a % of Long-Term As a % ofNAVCapital GainNAVCapital inary income includes net investment income, short-term gains, currency gains and losses, and certain tax adjustments.Amounts do not include the normal quarterly distribution payable on the date noted above.Amounts do not include the normal monthly distribution payable on December 31, 2021.Fund may make a distribution which is estimated to be less than 0.01/share.Janus Henderson Investors151 Detroit St, Denver, CO 80206T 1(800) 525 3713 F 1(877) 319 3852W janushenderson.com 0.00 1.47 0.00 0.18 0.67 0.00 0.00 0.00 0.00 1.22 0.00 0.00 0.25 0.07 0.00 0.00 1.84 0.00 0.73 0.14 0.09 0.31 0.00 0.01 0.00 0.32 1.29 0.01 0.00 0.02 0.00 0.48 0.00 0.00 0.00 0.80 1.62 0.20%0.00%0.63%0.00%0.00%0.00%1.90%12.15%2.24% 0.00 0.05 0.00 1.54 2.09 0.00 0.19 0.00 0.76 22.80 0.00 0.00 4.94 0.03 0.00 0.00 4.05 0.40 10.59 2.03 0.05 8.36 0.00 3.73 0.00 0.71 2.65 1.90 0.00 0.02 0.00 8.30 0.00 0.22 0.33 5.86 1.41 0%0.20%0.00%10.85%0.00%0.86%2.29%13.90%10.58%8.22%

Janus Investment Fund (I Shares)Preliminary Distribution EstimatesAs of )(2)(2)(3) (4)(3)(3)(1)(2)Absolute Return Income Opportunities FundAdaptive Global Allocation FundAsia Equity FundBalanced FundContrarian FundDeveloped World Bond FundDividend & Income Builder FundEmerging Markets FundEmerging Markets Managed Volatility FundEnterprise FundEuropean Focus FundFlexible Bond FundForty FundGlobal Bond FundGlobal Equity Income FundGlobal Income Managed Volatility FundGlobal Life Sciences FundGlobal Real Estate FundGlobal Research FundGlobal Select FundGlobal Sustainable Equity FundGlobal Technology and Innovation FundGrowth and Income FundHigh-Yield FundInternational Managed Volatility FundInternational Opportunities FundMid Cap Value FundMulti-Sector Income FundOverseas FundResearch FundShort Duration Flexible Bond FundSmall Cap Value FundSmall-Mid Cap Value FundTriton FundUS Managed Volatility FundVenture 112/20/2021 0.00 0.13 0.27 0.00 0.13 0.00 0.00 0.34 0.10 0.57 0.16 0.00 0.05 0.00 0.00 0.00 0.90 0.00 0.61 0.15 0.03 0.00 0.00 0.00 0.12 1.33 0.10 0.00 0.52 0.00 0.00 0.21 0.05 0.00 0.05 0.00Ordinary Income (1)As a % of Short-Term As a % of Long-Term As a % ofNAVCapital GainNAVCapital 5%0.00%0.00%0.81%0.34%0.00%0.37%0.00%Ordinary income includes net investment income, short-term gains, currency gains and losses, and certain tax adjustments.Amounts do not include the normal quarterly distribution payable on the date noted above.(3)Amounts do not include the normal monthly distribution payable on December 31, 2021.(4)Fund may make a distribution which is estimated to be less than 0.01/share.Janus Henderson Investors151 Detroit St, Denver, CO 80206T 1(800) 525 3713 F 1(877) 319 3852W janushenderson.com 0.00 1.47 0.00 0.18 0.67 0.00 0.00 0.00 0.00 1.22 0.00 0.00 0.25 0.07 0.00 0.00 1.84 0.00 0.73 0.14 0.09 0.31 0.01 0.00 0.32 1.29 0.01 0.02 0.00 0.48 0.00 0.00 0.00 0.80 1.62 0.63%0.00%0.00%0.00%1.88%11.96%2.22% 0.00 0.05 0.00 1.54 2.09 0.00 0.19 0.00 0.76 22.80 0.00 0.00 4.94 0.03 0.00 0.00 4.05 0.40 10.59 2.03 0.05 8.36 3.73 0.00 0.71 2.65 1.90 0.02 0.00 8.30 0.00 0.22 0.33 5.86 1.41 0%10.87%0.00%0.85%2.27%13.78%10.41%8.17%

Janus Investment Fund (L Shares) *Preliminary Distribution EstimatesAs of XMid Cap Value FundSmall Cap Value Fund(1)*RecordDatePayableDate12/21/2021 12/22/202112/21/2021 12/22/2021InvestmentIncome 0.09 0.23Ordinary Income (1)As a % of Short-Term As a % of Long-Term As a % ofNAVCapital GainNAVCapital GainNAV0.48%0.86%Ordinary income includes net investment income, short-term gains, currency gains and losses, and certain tax adjustments.Closed to certain new investors.Janus Henderson Investors151 Detroit St, Denver, CO 80206T 1(800) 525 3713 F 1(877) 319 3852W janushenderson.com 0.01 0.000.05%0.00% 1.90 0.2210.05%0.83%