Janus Henderson Small Cap Value Fund (JSCVX) N-14/ARegistration statement for investment companies business combination (amended)

Exhibit 13(k)

EXPENSE LIMITATION AGREEMENT

JANUS INVESTMENT FUND

September 30 Funds

December 14, 2022

Janus Investment Fund

151 Detroit Street

Denver, Colorado 80206

Ladies and Gentlemen:

As you know, Section 5 of our Investment Advisory Agreement provides for compensation payable to Janus Henderson Investors US LLC (the “Adviser”) with respect to the funds listed in Schedule A (collectively, the “Funds” and each, a “Fund”). This letter is to inform you that the Adviser will waive all or a portion of its management fee (or otherwise reimburse/waive class specific expenses), as applicable, for a one-year term commencing on the effective date of the annual update to the Fund’s registration statement for the fiscal year ended September 30, 2022, under the following conditions:

For all Funds

In the event the operating expenses allocated to any class of a Fund, including the amount payable to the Adviser pursuant to Section 5 of the Investment Advisory Agreement, for any fiscal year ending on a date on which this Agreement is in effect, exceed the percentage of average daily net assets set forth in Schedule A, the Adviser shall reduce its fee payable with respect to the Fund by the extent of such excess, and/or shall reimburse the Fund (or class as applicable) by the amount of such excess; provided, however, there shall be excluded from such expenses the fees payable by a share class of the Fund pursuant to a Rule 12b-1 Plan; shareholder servicing fees, such as transfer agency fees (including out of pocket costs), administrative services fees and any networking/omnibus fees payable by any share class; the “Performance Adjustment” if the Fund has a performance-based investment advisory fee; as well as the amount of any items not normally considered operating expenses such as acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions and extraordinary expenses (including, but not limited to, legal claims and liabilities and litigation costs, and any indemnification related thereto), paid or payable by the Fund. Operating expenses shall be calculated net of balance credits and similar offset arrangements (excluding any directed brokerage arrangements). Whenever the expenses allocated to any class of a Fund exceed a pro rata portion of the applicable annual expense limitations, the estimated amount of reimbursement under such limitations shall be offset against the monthly payment of the fee due to the Adviser and/or by the Adviser to the Fund (or applicable class). The waiver or reimbursement shall be allocated to each class of a Fund in the same manner as the underlying expenses or fees were allocated.

Additional Non-Standard Waiver for Janus Henderson International Opportunities Fund

Notwithstanding the above, Appendix B, Section I(e) of the Amended and Restated Transfer Agency Agreement (the “Transfer Agency Agreement”) between Janus Investment Fund and Janus Services LLC (“Janus Services”) on behalf of the Fund provides that Janus Services may receive from Class R Shares of the Fund a fee of 1/365 (or 1/366 in a leap year) of 0.25% of the average daily net assets of Class R Shares of the Fund to compensate Janus Services for providing, or arranging for the provision of recordkeeping, subaccounting, and shareholder services to retirement or pension plan participants or other underlying investors investing in Class R Shares of the Fund

through intermediary channels, including those fees in connection with processing transactions through the NSCC, similar processing channel, or manually traded. Pursuant to this arrangement, which was effective on June 5, 2017 and will remain in effect for an additional one-year term commencing on the effective date of the annual update to the Fund’s registration statement for the fiscal year ended September 30, 2022, Janus Services shall reduce the administrative services fee payable by the Fund’s Class R Shares pursuant to the Transfer Agency Agreement so that such fees do not exceed 0.21% of Class R Shares’ average daily net assets.

All Funds

This waiver/reimbursement will continue in effect for a one-year term commencing on the effective date of the annual update to the Fund(s)’ registration statement for the fiscal year ended September 30, 2022, unless otherwise terminated, revised or extended. This waiver/reimbursement is applicable only to the Fund(s) and shall not be applicable to any other series of Janus Investment Fund, whether now existing or hereafter created.

Recoupment Provision for Janus Henderson Global Sustainable Equity Fund

For any reimbursement paid by the Adviser to Janus Henderson Global Sustainable Equity Fund or any fee reduction by the Adviser pursuant to this Agreement, for a three year period commencing with operations of the Fund, the Adviser shall be permitted to recoup such reimbursement or fee reduction from the Fund, provided that at no time during the term of this letter shall the expenses allocated to the Fund, with the exceptions noted above, exceed the expense limit in effect at the time of the reimbursement/waiver or the expense limit at the time of the recoupment. This provision survives the term of this letter.

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Schedule A

¹   The Adviser shall reduce the administrative services fee payable by the Fund’s Class R Shares pursuant to the Transfer Agency Agreement so that such fees do not exceed 0.21% of Class R Shares’ average daily net assets.

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