-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FDsF3L5AVSpGGGA/mg5qLM7TgxpYvH7Iej3rRR/jtgi3FcRdUu7hknCqIAK/BYC6 BSEM9TcxGl41qF8iKPwxNQ== 0001110822-09-000007.txt : 20090629 0001110822-09-000007.hdr.sgml : 20090629 20090629105742 ACCESSION NUMBER: 0001110822-09-000007 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090430 FILED AS OF DATE: 20090629 DATE AS OF CHANGE: 20090629 EFFECTIVENESS DATE: 20090629 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JANUS ADVISER SERIES CENTRAL INDEX KEY: 0001110822 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-09885 FILM NUMBER: 09914735 BUSINESS ADDRESS: STREET 1: 151 DETROIT STREET CITY: DENVER STATE: CO ZIP: 80206 BUSINESS PHONE: 3033333863 MAIL ADDRESS: STREET 1: 151 DETROIT STREET CITY: DENVER STATE: CO ZIP: 80206 0001110822 S000010555 Janus Adviser Balanced Fund C000029113 Class A JDBAX C000029114 Class C JABCX C000029115 Class I JBALX C000029116 Class R JDBRX C000029117 Class S JABRX 0001110822 S000010556 Janus Adviser Large Cap Growth Fund C000029118 Class A JDGAX C000029119 Class C JGOCX C000029120 Class I JGROX C000029121 Class R JDGRX C000029122 Class S JGORX 0001110822 S000010557 Janus Adviser Long/Short Fund C000029123 Class A JALSX C000029124 Class C JCLSX C000029125 Class I JLSIX C000029126 Class R JRLSX C000029127 Class S JSLSX 0001110822 S000010558 Janus Adviser Mid Cap Growth Fund C000029128 Class A JDMAX C000029129 Class C JGRCX C000029130 Class I JMGRX C000029131 Class R JDMRX C000029132 Class S JGRTX 0001110822 S000010559 Janus Adviser Perkins Mid Cap Value Fund C000029133 Class A JDPAX C000029134 Class C JMVCX C000029135 Class I JMVAX C000029136 Class R JDPRX C000029137 Class S JMVIX 0001110822 S000010561 Janus Adviser Orion Fund C000029141 Class A JORAX C000029142 Class C JORCX C000029143 Class I JORFX C000029144 Class R JORRX C000029145 Class S JORIX 0001110822 S000010562 Janus Adviser INTECH Risk-Managed Core Fund C000029146 Class A JDOAX C000029147 Class C JLCCX C000029148 Class I JRMCX C000029150 Class S JLCIX 0001110822 S000010563 Janus Adviser INTECH Risk-Managed Growth Fund C000029151 Class A JDRAX C000029152 Class C JCGCX C000029153 Class I JRMGX C000029155 Class S JCGIX 0001110822 S000010564 Janus Adviser INTECH Risk-Managed Value Fund C000029156 Class A JRSAX C000029157 Class C JRSCX C000029158 Class I JRSIX C000029160 Class S JRSSX 0001110822 S000010565 Janus Adviser Perkins Small Company Value Fund C000029161 Class A JDSAX C000029162 Class C JCSCX C000029163 Class I JSCOX C000029164 Class R JDSRX C000029165 Class S JISCX 0001110822 S000010566 Janus Adviser Contrarian Fund C000029166 Class A JCNAX C000029167 Class C JCNCX C000029168 Class I JCONX C000029169 Class R JCNRX C000029170 Class S JCNIX 0001110822 S000010567 Janus Adviser Small-Mid Growth Fund C000029171 Class A JGMAX C000029172 Class C JGMCX C000029173 Class I JSMGX C000029174 Class R JGMRX C000029175 Class S JGMIX 0001110822 S000010568 Janus Adviser Worldwide Fund C000029176 Class A JDWAX C000029177 Class C JWWCX C000029178 Class I JWWFX C000029179 Class R JDWRX C000029180 Class S JWGRX 0001110822 S000010569 Janus Adviser Research Core Fund C000029181 Class A JDQAX C000029182 Class C JADCX C000029183 Class I JCEFX C000029184 Class R JDQRX C000029185 Class S JADEX 0001110822 S000010570 Janus Adviser Flexible Bond Fund C000029186 Class A JDFAX C000029187 Class C JFICX C000029188 Class I JFLEX C000029189 Class R JDFRX C000029190 Class S JADFX 0001110822 S000010572 Janus Adviser Forty Fund C000029196 Class A JDCAX C000029197 Class C JACCX C000029198 Class I JCAPX C000029199 Class R JDCRX C000029200 Class S JARTX 0001110822 S000010573 Janus Adviser Growth and Income Fund C000029201 Class A JDNAX C000029202 Class C JGICX C000029203 Class I JGINX C000029204 Class R JDNRX C000029205 Class S JADGX 0001110822 S000010574 Janus Adviser High-Yield Fund C000029206 Class A JHYAX C000029207 Class C JDHCX C000029208 Class I JHYFX C000029209 Class R JHYRX C000029210 Class S JDHYX 0001110822 S000010575 Janus Adviser International Growth Fund C000029211 Class A JDIAX C000029212 Class C JIGCX C000029213 Class I JIGFX C000029214 Class R JDIRX C000029215 Class S JIGRX 0001110822 S000015768 Janus Adviser International Equity Fund C000043268 Class A Shares JAIEX C000043269 Class C Shares JCIEX C000043270 Class I Shares JIIEX C000043271 Class R Shares JRIEX C000043272 Class S Shares JSIEX 0001110822 S000017309 Janus Adviser INTECH Risk-Managed International Fund C000047905 Class A JMIAX C000047906 Class C JMICX C000047907 Class I JMIIX C000047908 Class S JMISX 0001110822 S000019639 Janus Adviser Global Research Fund C000054943 Class A JRGAX C000054944 Class C JRGCX C000054945 Class I JRGIX C000054946 Class S JRGSX 0001110822 S000019640 Janus Adviser Global Real Estate Fund C000054947 Class A JERAX C000054948 Class C JERCX C000054949 Class I JERIX C000054950 Class S JERSX 0001110822 S000022409 Janus Adviser International Forty Fund C000064465 Class A JFFAX C000064466 Class C JFFCX C000064467 Class I JFFIX C000064468 Class S JFFSX 0001110822 S000023285 Janus Adviser Modular Portfolio Construction Fund C000068096 Class A Shares C000068097 Class C Shares C000068098 Class I Shares C000068099 Class S Shares 0001110822 S000023412 Janus Adviser Perkins Large Cap Value Fund C000068664 Class A JAPAX C000068665 Class C JAPCX C000068666 Class I JAPIX C000068667 Class S JAPSX N-Q 1 jad0409.txt JAD 3Q NQ 4-30-09 OMB APPROVAL OMB Number: 3235-0578 Expires: April 30, 2010 Estimated average burden hours per response. . . . . . 10.5 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-09885 Janus Adviser Series (Exact name of registrant as specified in charter) 151 Detroit Street, Denver, Colorado 80206 (Address of principal executive offices) (Zip code) Stephanie Grauerholz-Lofton, 151 Detroit Street, Denver, Colorado 80206 (Name and address of agent for service) Registrant's telephone number, including area code: 303-333-3863 Date of fiscal year end: 7/31 Date of reporting period: 4/30/09 Item 1. Schedule of Investments. - -------------------------------- Janus Adviser Balanced Fund Schedule of Investments (unaudited)
Shares or Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------------------ Common Stock - 43.1% Aerospace and Defense - 1.1% 377,335 BAE Systems PLC** $ 1,984,264 49,384 Boeing Co. 1,977,829 201,303 Empresa Brasileira de Aeronautica S.A. (ADR) 3,265,134 26,479 Northrop Grumman Corp. 1,280,260 8,507,487 Agricultural Chemicals - 1.3% 23,935 Monsanto Co. 2,031,842 183,646 Syngenta A.G. (ADR)** 7,832,502 9,864,344 Applications Software - 0.7% 101,475 Citrix Systems, Inc.* 2,895,082 116,698 Microsoft Corp. 2,364,301 5,259,383 Athletic Footwear - 0.7% 98,245 NIKE, Inc. - Class B 5,154,915 Brewery - 2.1% 540,203 Anheuser-Busch InBev N.V. ** 16,485,531 305,251 Anheuser-Busch InBev N.V. - VVPR Strip*, ** 808 16,486,339 Cable Television - 0.3% 93,960 DIRECTV Group, Inc.* 2,323,631 Casino Hotels - 0.9% 347,439 Crown, Ltd. 1,734,852 140,612 Wynn Resorts, Ltd.* 5,516,208 7,251,060 Commercial Services - Finance - 0.2% 73,728 Western Union Co. 1,234,944 Computers - 2.7% 76,950 Apple, Inc.* 9,682,618 47,001 International Business Machines Corp. 4,850,973 90,409 Research In Motion, Ltd. (U.S. Shares)* 6,283,426 20,817,017 Cosmetics and Toiletries - 0.7% 86,072 Colgate-Palmolive Co. 5,078,248 Diversified Operations - 1.1% 623,565 China Merchants Holdings International Co., Ltd. 1,473,274 121,638 Danaher Corp. 7,108,525 753,595 Melco International Development, Ltd. 369,966 8,951,765 E-Commerce/Services - 0.4% 159,659 eBay, Inc.* 2,629,584 63,206 Liberty Media Corp. - Interactive - Class A* 334,992 2,964,576 Electric Products - Miscellaneous - 0.3% 72,522 Emerson Electric Co. 2,468,649 Electronic Components - Semiconductors - 0.3% 37,085 Broadcom Corp. - Class A* 860,001 78,256 Microchip Technology, Inc. 1,799,888 2,659,889 Electronic Connectors - 0.5% 124,619 Amphenol Corp. - Class A 4,217,107 Enterprise Software/Services - 1.3% 507,883 Oracle Corp. 9,822,457 Fiduciary Banks - 0.1% 19,335 Northern Trust Corp. 1,051,051 Finance - Investment Bankers/Brokers - 3.4% 77,875 Charles Schwab Corp. 1,439,130 199,755 Credit Suisse Group A.G. (ADR)** 7,646,621 62,611 Goldman Sachs Group, Inc. 8,045,514 407,808 Morgan Stanley 9,640,581 26,771,846 Finance - Other Services - 0.5% 159,090 NYSE Euronext 3,686,115 Food - Miscellaneous/Diversified - 1.6% 378,632 Nestle S.A. ** 12,318,083 Hotels and Motels - 0.8% 309,524 Starwood Hotels & Resorts Worldwide, Inc. 6,456,671 Industrial Gases - 0.4% 44,093 Praxair, Inc. 3,289,779 Machinery - General Industrial - 0.1% 1,981,395 Shanghai Electric Group Co., Ltd. 708,355 Medical - Biomedical and Genetic - 1.5% 63,655 Celgene Corp.* 2,719,342 188,312 Gilead Sciences, Inc.* 8,624,689 11,344,031 Medical - Drugs - 3.6% 18,935 Abbott Laboratories 792,430 428,559 Bristol-Myers Squibb Co. 8,228,333 99,913 Merck & Co., Inc. 2,421,891 98,886 Roche Holding A.G. ** 12,499,078 100,667 Wyeth 4,268,281 28,210,013 Medical - HMO - 1.1% 369,119 UnitedHealth Group, Inc. 8,681,679 Medical Products - 2.0% 164,508 Baxter International, Inc. 7,978,638 141,017 Covidien, Ltd. 4,650,741 54,850 Johnson & Johnson 2,871,946 15,501,325 Networking Products - 0.1% 53,787 Cisco Systems, Inc.* 1,039,165 Oil and Gas Drilling - 0.4% 40,168 Transocean, Ltd. (U.S. Shares)*,** 2,710,537 Oil Companies - Exploration and Production - 2.0% 264,655 EnCana Corp. (U.S. Shares) 12,102,674 66,584 Occidental Petroleum Corp. 3,748,013 15,850,687 Oil Companies - Integrated - 1.9% 168,132 ConocoPhillips 6,893,412 150,181 Hess Corp. 8,228,417 15,121,829 Optical Supplies - 0.2% 13,098 Alcon, Inc. (U.S. Shares)** 1,205,147 Power Converters and Power Supply Equipment - 0.2% 102,768 Suntech Power Holdings Co., Ltd. (ADR)* 1,534,326 Retail - Apparel and Shoe - 0.6% 707,375 Esprit Holdings, Ltd. 4,336,101 Retail - Consumer Electronics - 0.3% 51,985 Yamada Denki Co., Ltd. ** 2,399,027 Retail - Drug Store - 1.3% 318,335 CVS Caremark Corp. ** 10,116,686 Retail - Jewelry - 0.1% 26,172 Tiffany & Co. 757,418 Soap and Cleaning Preparations - 1.3% 257,982 Reckitt Benckiser Group PLC** 10,156,696 Telecommunication Equipment - Fiber Optics - 0.7% 375,730 Corning, Inc. 5,493,173 Tobacco - 1.7% 203,292 Altria Group, Inc. 3,319,758 273,815 Philip Morris International, Inc. 9,912,103 13,231,861 Toys - 0.4% 12,375 Nintendo Co., Ltd. ** 3,311,499 Transportation - Railroad - 1.3% 166,425 Canadian National Railway Co. (U.S. Shares) 6,726,898 72,983 Union Pacific Corp. 3,586,385 10,313,283 Wireless Equipment - 0.9% 167,035 QUALCOMM, Inc. 7,068,921 - ------------------------------------------------------------------------------------------------------------------------------------ Total Common Stock (cost $341,978,167) 335,727,115 - ------------------------------------------------------------------------------------------------------------------------------------ Corporate Bonds - 23.5% Advertising Services - 0.0% $ 335,000 WPP Finance UK, 5.8800%, 6/15/14** 262,364 Agricultural Chemicals - 0.5% 219,000 Mosaic Co., 7.6300%, 12/1/16 (144A) 220,095 1,830,000 Potash Corporation of Saskatchewan, Inc., 5.2500%, 5/15/14 1,875,318 1,915,000 Potash Corporation of Saskatchewan, Inc., 6.5000%, 5/15/19 1,990,126 4,085,539 Automotive - Medium and Heavy Duty Trucks - 0.1% 339,000 PACCAR, Inc., 6.3800%, 2/15/12 349,817 339,000 PACCAR, Inc., 6.8800%, 2/15/14 354,839 704,656 Beverages - Non-Alcoholic - 0.4% 1,322,000 Dr. Pepper Snapple Group, Inc., 6.1200%, 5/1/13 1,321,064 481,000 Dr. Pepper Snapple Group, Inc., 6.8200%, 5/1/18 468,431 592,000 Dr. Pepper Snapple Group, Inc., 7.4500%, 5/1/38 522,551 693,000 PepsiCo, Inc., 3.7500%, 3/1/14 707,085 3,019,131 Beverages - Wine and Spirits - 0.2% 1,201,000 Brown-Forman Corp., 5.0000%, 2/1/14 1,234,507 Brewery - 1.1% 2,352,000 Anheuser-Busch InBev Worldwide, Inc., 7.2000%, 1/15/14 (144A) 2,452,038 3,200,000 Anheuser-Busch InBev Worldwide, Inc., 7.7500%, 1/15/19 (144A) 3,350,304 2,689,000 Anheuser-Busch InBev Worldwide, Inc., 8.2000%, 1/15/39 (144A) 2,694,413 8,496,755 Building Products - Cement and Aggregate - 0.2% 831,000 CRH America, Inc., 6.9500%, 3/15/12 745,819 521,000 Martin Marietta Materials, Inc., 6.6000%, 4/15/18 421,531 1,167,350 Cable Television - 1.6% 1,250,000 Comcast Corp., 6.3000%, 11/15/17 1,272,713 1,813,000 Comcast Corp., 5.7000%, 5/15/18 1,772,512 1,093,000 Comcast Corp., 6.4000%, 5/15/38 1,024,556 936,000 COX Communications, Inc., 6.2500%, 6/1/18 (144A) 861,654 1,636,000 COX Communications, Inc., 9.3800%, 1/15/19 (144A) 1,841,752 900,000 Mediacom LLC/Mediacom Capital Corp., 7.8800%, 2/15/11 891,000 1,222,000 Time Warner Cable, Inc., 6.7500%, 7/1/18 1,236,481 308,000 Time Warner Cable, Inc., 8.7500%, 2/14/19 346,244 756,000 Time Warner Cable, Inc., 8.2500%, 4/1/19 835,501 1,895,000 Time Warner Cable, Inc., 7.3000%, 7/1/38 1,894,277 11,976,690 Cellular Telecommunications - 0.8% 1,176,000 Rogers Communications, Inc., 6.3800%, 3/1/14 1,239,744 1,037,000 Verizon Wireless Capital LLC, 5.2500%, 2/1/12 (144A) 1,073,951 1,210,000 Verizon Wireless Capital LLC, 7.3800%, 11/15/13 (144A) 1,346,287 1,719,000 Verizon Wireless Capital LLC, 5.5500%, 2/1/14 (144A) 1,803,279 547,000 Verizon Wireless Capital LLC, 8.5000%, 11/15/18 (144A) 655,089 6,118,350 Chemicals - Diversified - 0.1% 650,000 E.I. du Pont de Nemours & Co., 5.0000%, 7/15/13 672,549 Commercial Banks - 1.4% 2,012,000 American Express Bank FSB, 5.5000%, 4/16/13 1,891,829 1,610,000 BB&T Corp., 5.7000%, 4/30/14 1,584,726 1,610,000 BB&T Corp., 6.8500%, 4/30/19 1,568,154 667,000 BB&T Corp., 5.2500%, 11/1/19 570,601 1,521,000 Credit Suisse New York, 5.0000%, 5/15/13** 1,502,030 2,865,000 Credit Suisse/New York NY, 5.5000%, 5/1/14** 2,872,353 311,000 Sovereign Bank, 2.7500%, 1/17/12 315,282 10,304,975 Commercial Services - Finance - 0.2% 1,667,000 Western Union Co., 6.5000%, 2/26/14 1,758,717 Computers - 0.2% 832,000 Hewlett-Packard Co., 4.2500%, 2/24/12 863,081 592,000 Hewlett-Packard Co., 4.7500%, 6/2/14 618,734 1,481,815 Consumer Products - Miscellaneous - 0.1% 281,000 Clorox Co., 5.0000%, 3/1/13 288,057 606,000 Clorox Co., 5.9500%, 10/15/17 613,186 901,243 Cosmetics and Toiletries - 0.2% 428,000 Estee Lauder Cos., Inc., 7.7500%, 11/1/13 464,253 878,000 Procter & Gamble Co., 4.6000%, 1/15/14 929,790 1,394,043 Data Processing and Management - 0.1% 503,000 Fiserv, Inc., 6.8000%, 11/20/17 478,934 Diversified Financial Services - 0.5% 1,500,000 American Express Travel Related Services Co., Inc., 5.2500%, 11/21/11 (144A) 1,389,665 831,000 General Electric Capital Corp., 4.8000%, 5/1/13 812,714 1,662,000 General Electric Capital Corp., 5.6300%, 5/1/18 1,449,988 3,652,367 Diversified Minerals - 0.7% 862,000 BHP Billiton Finance U.S.A., Ltd., 5.5000%, 4/1/14 907,572 2,231,000 Rio Tinto Finance USA, Ltd., 8.9500%, 5/1/14 2,309,281 2,351,000 Rio Tinto Finance USA, Ltd., 9.0000%, 5/1/19 2,417,263 5,634,116 Diversified Operations - 1.0% 503,000 Eaton Corp., 4.9000%, 5/15/13 497,751 414,000 Honeywell International, Inc., 3.8800%, 2/15/14 417,311 414,000 Honeywell International, Inc., 5.0000%, 2/15/19 419,729 1,935,000 ITT Corp., 4.9000%, 5/1/14 1,961,419 1,935,000 ITT Corp., 6.1300%, 5/1/19 1,986,585 422,000 Kansas City Southern Railway, 13.0000%, 12/15/13 447,320 990,000 Tyco Electronics Group S.A., 6.0000%, 10/1/12** 902,504 680,000 Tyco Electronics Group S.A., 5.9500%, 1/15/14** 562,821 840,000 Tyco Electronics Group S.A., 7.1300%, 10/1/37** 512,292 7,707,732 Electric - Generation - 0.1% 565,000 Allegheny Energy Supply Co. LLC, 8.2500%, 4/15/12 (144A) 570,633 253,149 Edison Mission Energy, 7.0000%, 5/15/17 191,128 761,761 Electric - Integrated - 1.0% 1,136,000 CMS Energy Corp., 6.3000%, 2/1/12 1,089,289 1,224,000 Duke Energy Corp., 6.3000%, 2/1/14 1,290,761 720,000 Pacific Gas & Electric Co., 4.2000%, 3/1/11 738,734 1,214,000 Pacific Gas & Electric Co., 8.2500%, 10/15/18 1,449,990 1,160,000 Virginia Electric and Power Co., 5.1000%, 11/30/12 1,194,591 547,000 Virginia Electric and Power Co., 5.4000%, 4/30/18 557,759 1,178,000 West Penn Power Co., 5.9500%, 12/15/17 (144A) 1,038,065 7,359,189 Electronic Components - Semiconductors - 0.2% 1,836,000 National Semiconductor Corp., 6.1500%, 6/15/12 1,653,593 Enterprise Software/Services - 0.1% 1,094,000 BMC Software, Inc., 7.2500%, 6/1/18 963,322 Fiduciary Banks - 0.3% 1,905,000 Northern Trust Corp., 4.6300%, 5/1/14 1,927,325 Finance - Credit Card - 0.1% 849,000 American Express Co., 7.0000%, 3/19/18 805,242 Finance - Investment Bankers/Brokers - 2.8% 2,445,000 Citigroup, Inc., 5.6300%, 8/27/12 1,885,885 1,395,000 Citigroup, Inc., 5.5000%, 2/15/17 961,834 933,000 Citigroup, Inc., 6.1300%, 5/15/18 784,109 641,000 Goldman Sachs Group, Inc., 5.4500%, 11/1/12 641,457 1,430,000 Goldman Sachs Group, Inc., 6.0000%, 5/1/14 1,424,497 650,000 Goldman Sachs Group, Inc., 6.2500%, 9/1/17 614,725 1,255,000 Goldman Sachs Group, Inc., 6.1500%, 4/1/18 1,183,752 1,447,000 Goldman Sachs Group, Inc., 7.5000%, 2/15/19 1,484,801 3,969,000 JPMorgan Chase & Co., 6.0000%, 1/15/18 3,858,793 2,685,126 JPMorgan Chase & Co., 6.3000%, 4/23/19 2,642,279 675,000 Lazard Group LLC, 6.8500%, 6/15/17 541,933 551,000 Morgan Stanley, 6.7500%, 4/15/11 563,221 1,174,000 Morgan Stanley, 2.0000%, 9/22/11 1,178,246 2,128,000 Morgan Stanley, 4.7500%, 4/1/14 1,798,818 800,000 Morgan Stanley, 6.0000%, 4/28/15 755,691 725,000 Morgan Stanley, 6.6300%, 4/1/18 689,953 21,009,994 Finance - Other Services - 0.3% 2,009,000 CME Group, Inc., 5.7500%, 2/15/14 2,113,611 Food - Meat Products - 0.1% 877,000 Tyson Foods, Inc., 3.2500%, 10/15/13 843,016 Food - Miscellaneous/Diversified - 0.7% 982,000 Chiquita Brands International, 4.2500%, 8/15/16 578,153 1,641,000 Del Monte Corp., 8.6300%, 12/15/12 1,673,820 663,000 General Mills, Inc., 5.2500%, 8/15/13 692,860 356,000 General Mills, Inc., 5.2000%, 3/17/15 358,712 254,000 Kellogg Co., 4.2500%, 3/6/13 256,654 726,000 Kraft Foods, Inc., 6.7500%, 2/19/14 791,040 1,401,000 Kraft Foods, Inc., 6.1300%, 2/1/18 1,422,130 5,773,369 Food - Retail - 1.2% 1,509,000 Delhaize Group, 5.8800%, 2/1/14** 1,529,670 423,000 Kroger Co., 7.5000%, 1/15/14 471,204 2,517,000 Kroger Co., 6.4000%, 8/15/17 2,619,923 1,055,000 Safeway, Inc., 6.2500%, 3/15/14 1,121,197 1,699,000 SUPERVALU, Inc., 7.5000%, 11/15/14 1,648,030 1,425,000 SUPERVALU, Inc., 8.0000%, 5/1/16 1,382,250 8,772,274 Hotels and Motels - 0.2% 1,390,000 Marriott International, Inc., 4.6300%, 6/15/12 1,293,804 640,000 Marriott International, Inc., 5.6300%, 2/15/13 599,530 1,893,334 Independent Power Producer - 0.3% 40,000 NRG Energy, Inc., 7.3800%, 2/1/16 38,500 1,183,000 Reliant Energy, Inc., 7.6300%, 6/15/14 1,067,657 979,000 Reliant Energy, Inc., 7.8800%, 6/15/17 873,758 1,979,915 Machinery - Construction and Mining - 0.0% 276,000 Atlas Copco A.B. 5.6000%, 5/22/17 (144A) ss. 261,871 Medical - Drugs - 0.4% 1,244,000 Pfizer, Inc., 4.4500%, 3/15/12 1,307,042 1,648,000 Pfizer, Inc., 5.3500%, 3/15/15 1,771,572 3,078,614 Medical - HMO - 0.1% 600,000 UnitedHealth Group, Inc., 5.8000%, 3/15/36 444,600 Medical - Hospitals - 0.5% 975,000 CHS/Community Health Systems, Inc., 8.8800%, 7/15/15 970,125 2,316,000 HCA, Inc., 9.2500%, 11/15/16 2,292,840 957,000 HCA, Inc., 8.5000%, 4/15/19 (144A) 962,981 4,225,946 Medical - Wholesale Drug Distributors - 0.2% 872,000 McKesson Corp., 6.5000%, 2/15/14 919,696 762,000 McKesson Corp., 7.5000%, 2/15/19 820,963 1,740,659 Medical Labs and Testing Services - 0.8% 2,785,000 Roche Holdings, Inc., 4.5000%, 3/1/12 (144A) 2,920,131 1,677,000 Roche Holdings, Inc., 6.0000%, 3/1/19 (144A) 1,743,667 1,677,000 Roche Holdings, Inc., 7.0000%, 3/1/39 (144A) 1,821,804 6,485,602 Medical Products - 0.2% 1,601,000 Baxter International, Inc., 4.0000%, 3/1/14 1,658,473 Multi-Line Insurance - 0.2% 1,837,000 MetLife, Inc., 7.7200%, 2/15/19 1,842,535 Office Automation and Equipment - 0.1% 215,000 Xerox Corp., 2.0600%, 12/18/09*** 209,844 187,000 Xerox Corp., 5.6500%, 5/15/13 168,304 752,000 Xerox Corp., 6.3500%, 5/15/18 609,120 987,268 Oil - Field Services - 0.1% 890,000 Weatherford International, Ltd., 9.6300%, 3/1/19** 960,511 Oil and Gas Drilling - 0.2% 960,000 Diamond Offshore Drilling, Inc., 5.8800%, 5/1/19 967,577 981,000 Nabors Industries, Ltd., 9.2500%, 1/15/19 (144A) 925,896 1,893,473 Oil Companies - Exploration and Production - 0.3% 1,742,000 Anadarko Petroleum Corp., 5.9500%, 9/15/16 1,576,070 160,000 EnCana Corp., 6.5000%, 5/15/19 164,213 99,000 Forest Oil Corp., 8.0000%, 12/15/11 97,268 779,000 Forest Oil Corp., 8.5000%, 2/15/14 (144A) 755,630 2,593,181 Oil Refining and Marketing - 0.0% 134,000 Frontier Oil Corp., 8.5000%, 9/15/16 132,660 Paper and Related Products - 0.0% 80,000 Georgia-Pacific LLC, 8.2500%, 5/1/16 (144A) 80,000 Pipelines - 0.8% 339,000 El Paso Corp., 12.0000%, 12/12/13 366,120 739,000 El Paso Corp., 8.2500%, 2/15/16 720,525 397,000 El Paso Corp., 7.0000%, 6/15/17 356,679 254,000 Kinder Morgan Energy Partners L.P., 6.0000%, 2/1/17 239,548 433,000 Kinder Morgan Energy Partners L.P., 5.9500%, 2/15/18 401,626 152,000 Kinder Morgan Energy Partners L.P., 6.5000%, 2/1/37 124,842 1,713,000 Kinder Morgan Energy Partners L.P., 6.9500%, 1/15/38 1,489,351 1,736,000 Kinder Morgan Finance Co. ULC, 5.7000%, 1/5/16 1,505,980 268,000 Plains All American Pipeline L.P., 6.5000%, 5/1/18 239,886 552,000 Plains All American Pipeline L.P., 8.7500%, 5/1/19 565,944 458,000 TransCanada Pipelines, Ltd., 7.1300%, 1/15/19 502,323 6,512,824 Reinsurance - 0.6% 3,513,000 Berkshire Hathaway Finance Corp., 4.0000%, 4/15/12 (144A) 3,570,371 1,196,000 Berkshire Hathaway Finance Corp., 5.0000%, 8/15/13 1,238,867 4,809,238 REIT - Warehouse/Industry - 0.0% 245,000 ProLogis, 5.5000%, 4/1/12 199,215 Retail - Apparel and Shoe - 0.1% 1,335,000 Ltd. Brands, Inc., 7.6000%, 7/15/37 876,736 Retail - Office Supplies - 0.1% 867,000 Staples, Inc., 7.7500%, 4/1/11 907,937 Retail - Regional Department Stores - 0.1% 1,030,000 JC Penney Co., Inc., 7.4000%, 4/1/37 754,565 Rubber - Tires - 0.2% 1,870,000 Goodyear Tire & Rubber Co., 6.6800%, 12/1/09*** 1,844,288 Schools - 0.2% 480,000 Duke University, 4.2000%, 4/1/14 489,797 400,000 Leland Stanford Junior University, 3.6300%, 5/1/14 402,452 400,000 Leland Stanford Junior University, 4.2500%, 5/1/16 398,564 400,000 Leland Stanford Junior University, 4.7500%, 5/1/19 399,368 1,690,181 Special Purpose Entity - 0.2% 520,000 Petroplus Finance, Ltd. (144A), 6.7500%, 5/1/14 429,000 1,012,000 Petroplus Finance, Ltd. (144A), 7.0000%, 5/1/17 814,660 1,243,660 Steel - Producers - 0.5% 1,129,000 ArcelorMittal, 5.3800%, 6/1/13** 1,016,360 1,177,000 ArcelorMittal, 6.1300%, 6/1/18** 948,495 1,747,000 Reliance Steel & Aluminum Co., 6.2000%, 11/15/16 1,346,409 1,148,000 Steel Dynamics, Inc., 8.2500%, 4/15/16 (144A) 906,920 4,218,184 Super-Regional Banks - 0.5% 950,000 Bank of America Corp., 5.6500%, 5/1/18 773,367 1,031,000 National City Corp., 6.8800%, 5/15/19 880,772 877,000 PNC Funding Corp., 2.3000%, 6/22/12 879,871 645,000 Wachovia Corp., 5.7500%, 2/1/18 590,195 1,165,000 Wells Fargo & Co., 5.6300%, 12/11/17 1,086,148 4,210,353 Telephone - Integrated - 0.2% 351,000 AT&T, Inc., 5.5000%, 2/1/18 350,389 1,244,000 AT&T, Inc., 5.6000%, 5/15/18 1,250,626 1,601,015 Transportation - Railroad - 0.2% 610,000 Burlington Northern Santa Fe Corp., 5.7500%, 3/15/18 607,026 587,000 Canadian National Railway Co., 4.2500%, 8/1/09 586,925 529,843 CSX Corp., 8.3800%, 10/15/14 548,080 1,742,031 Transportation - Services - 0.1% 538,000 United Parcel Service, Inc., 3.8800%, 4/1/14 554,595 Wireless Equipment - 0.2% 805,000 Nokia OYJ, 5.3750%, 5/15/19 797,554 565,000 Nokia OYJ, 6.6250%, 5/15/39 562,141 1,359,695 - ------------------------------------------------------------------------------------------------------------------------------------ Total Corporate Bonds (cost $182,500,142) 185,817,688 - ------------------------------------------------------------------------------------------------------------------------------------ Mortgage Backed Securities - 13.2% Fannie Mae: 448,541 4.5000%, 2/1/23 461,412 243,021 4.5000%, 4/1/23 249,995 264,819 4.5000%, 4/1/23 272,418 458,118 4.5000%, 4/1/23 471,264 1,732,182 4.5000%, 4/1/23 1,781,885 3,469,411 4.5000%, 4/1/23 3,568,356 165,706 4.5000%, 5/1/23 170,461 193,654 4.5000%, 5/1/23 199,211 205,041 4.5000%, 5/1/23 210,925 1,066,415 4.5000%, 5/1/23 1,097,014 480,349 4.5000%, 6/1/23 494,132 768,520 4.5000%, 6/1/23 790,572 318,107 4.5000%, 9/1/23 327,234 616,326 4.5000%, 12/1/23 634,010 268,163 4.5000%, 3/1/24 275,831 324,243 4.5000%, 3/1/24 333,547 928,687 4.5000%, 3/1/24 955,335 2,115,108 4.5000%, 3/1/24 2,175,798 2,940,146 4.5000%, 3/1/24 3,024,510 3,068,188 4.0000%, 3/1/24 3,113,312 4,943,513 4.5000%, 3/1/24 5,084,867 1,733,000 4.0000%, 4/1/24 1,758,487 1,372,612 4.0000%, 4/1/24 1,392,799 2,693,322 4.0000%, 4/1/24 2,733,202 2,735,066 4.0000%, 4/1/24 2,775,291 2,330,000 4.0000%, 5/15/24 + 2,360,581 2,056,131 5.4200%, 1/1/38*** 2,132,764 9,602,343 5.0000%, 4/1/38 9,886,302 2,752,336 4.7900%, 5/1/38*** 2,839,777 671,675 4.5000%, 1/1/39 684,211 3,468,848 4.5000%, 1/1/39 3,533,937 4,797,289 4.5000%, 1/1/39 4,887,304 1,484,991 4.5000%, 2/1/39 1,512,706 2,646,114 4.5000%, 2/1/39 2,695,501 1,033,222 4.5000%, 3/1/39 1,052,609 8,180,325 4.5000%, 3/1/39 8,333,001 1,733,000 4.0000%, 4/1/39 1,729,326 2,518,806 4.0000%, 4/1/39 2,513,467 1,690,000 4.5000%, 5/12/39 + 1,719,575 16,825,000 4.0000%, 5/12/39 + 16,832,887 Freddie Mac: 5,598,000 2.8800%, 11/23/10 5,748,138 343,712 5.7400%, 9/1/37*** 356,336 - ------------------------------------------------------------------------------------------------------------------------------------ Total Mortgage Backed Securities (cost $102,639,329) 103,170,290 - ------------------------------------------------------------------------------------------------------------------------------------ Preferred Stock - 0.2% Food - Miscellaneous/Diversified - 0.0% 3 H.J. Heinz Finance Co., 8.0000% (144A) 269,063 Metal - Copper - 0.2% 23,718 Freeport-McMoRan Copper & Gold, Inc., convertible, 6.7500% 1,595,035 - ------------------------------------------------------------------------------------------------------------------------------------ Total Preferred Stocks (cost $1,525,298) 1,864,098 - ------------------------------------------------------------------------------------------------------------------------------------ U.S. Government Agencies - 2.7% Fannie Mae: $ 414,000 6.3800%, 6/15/09 417,116 9,644,000 2.8800%, 10/12/10 9,917,166 4,989,000 3.6300%, 8/15/11 5,234,948 Freddie Mac: 5,611,000 3.8800%, 6/29/11 5,907,407 - ------------------------------------------------------------------------------------------------------------------------------------ Total U.S. Government Agencies (cost $20,953,854) 21,476,637 - ------------------------------------------------------------------------------------------------------------------------------------ U.S. Treasury Notes/Bonds - 13.7% 4,157,000 4.6300%, 11/15/09 4,252,158 16,675,000 0.8800%, 1/31/11** 16,688,674 1,282,000 0.8800%, 2/28/11 1,282,154 739,000 0.8800%, 3/31/11 739,000 19,166,000 1.3800%, 2/15/12 19,218,399 1,406,249 0.6300%, 4/15/13+++ 1,381,640 18,426,000 2.7500%, 10/31/13** 19,128,491 12,676,000 1.7500%, 1/31/14 12,557,226 18,979,000 1.8800%, 2/28/14 18,882,587 192,000 1.7500%, 3/31/14 189,840 1,534,000 4.5000%, 5/15/17 1,712,328 1,890,000 4.2500%, 11/15/17 2,072,946 367,961 1.3800%, 7/15/18+++ 358,762 6,402,299 2.1300%, 1/15/19+++ 6,682,399 1,747,070 2.5000%, 1/15/29+++ 1,778,188 400,000 4.5000%, 5/15/38 430,438 - ------------------------------------------------------------------------------------------------------------------------------------ Total U.S. Treasury Notes/Bonds (cost $106,845,584) 107,355,230 - ------------------------------------------------------------------------------------------------------------------------------------ Money Market - 3.6% 27,949,086 Janus Cash Liquidity Fund LLC, 0% (cost $27,949,086) 27,949,086 - ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $784,391,460) - 100% $783,360,144 - ------------------------------------------------------------------------------------------------------------------------------------
Summary of Investments by Country - (Long Positions) April 30, 2009 (unaudited)
Country Value % of Investment Securities - ------------------------------------------------------------------------------------------------------------- Australia $ 7,368,968 1.0% Belgium 18,016,009 2.3% Bermuda 10,230,502 1.3% Brazil 3,265,135 0.4% Canada 32,977,626 4.2% Cayman Islands 1,534,326 0.2% China 708,355 0.1% Hong Kong 1,843,240 0.2% Japan 5,710,527 0.7% Luxembourg 3,942,472 0.5% Sweden 261,871 0.0% Switzerland 49,546,862 6.3% United Kingdom 12,403,323 1.6% United States ++ 635,550,928 81.2% - ------------------------------------------------------------------------------------------------------------- Total $ 783,360,144 100.0%
++ Includes Short-Term Securities (77.6% excluding Short-Term Securities) Forward Currency Contracts, Open as of April 30, 2009(unaudited) Currency Sold and Currency Currency Value Unrealized Settlement Date Units Sold in U.S.$ Gain/(Loss) - -------------------------------------------------------------------------------- British Pound 5/14/09 2,655,000 $ 3,926,411 $(17,818) British Pound 6/18/09 1,880,000 2,780,226 (30,256) Euro 5/14/09 2,780,000 3,677,508 74,607 Euro 6/18/09 1,900,000 2,512,974 (51,391) Euro 6/25/09 1,600,000 2,116,101 (32,101) Japanese Yen 5/14/09 72,000,000 730,328 2,646 Japanese Yen 6/18/09 78,000,000 791,666 3,977 Swiss Franc 6/18/09 9,300,000 8,156,918 (162,764) - -------------------------------------------------------------------------------- Total $24,692,132 $ (213,100) Notes to Schedule of Investments (unaudited) 144A Securities sold under Rule 144A of the Securities Act of 1933, as amended, and are subject to legal and/or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. ADR American Depositary Receipt PLC Public Limited Company REIT Real Estate Investment Trust U.S. Shares Securities of foreign companies trading on an American Stock Exchange. VVPR Strip The Voter Verified Paper Record (VVPR)strip is a coupon which, if presented along with the dividend coupon of the ordinary share, allows the benefit of a reduced withholding tax on the dividends paid by the company. This strip is quoted separately from the ordinary share and is freely negotiable. * Non-income-producing security. ** A portion of this security has been segregated by the custodian to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales and/or securities with extended settlement dates. *** Rate is subject to change. Rate shown reflects current rate. + Security is traded on a "to-be-announced" basis. +++ Security is a U.S. Treasury Inflation-Protected Security (TIPS). ss. Schedule of Restricted and Illiquid Securities (as of April 30, 2009)
Value as a Acquisition Acquisition % of Date Cost Value Investment Securities - ---------------------------------------------------------------------------------------------- Janus Adviser Balanced Fund Atlas Copco A.B., 5.6000% due 5/22/17 (144A) 5/15/07 275,876 $ 261,871 0.0% - ----------------------------------------------------------------------------------------------
The Fund has registration rights for certain restricted securities held as of April 30, 2009. The issuer incurs all registration costs. The following is a summary of the inputs that were used to value the Fund's investments in securities and other financial instruments as of April 30, 2009. See Significant Accounting Policies for more information. Valuation Inputs Summary (as of April 30, 2009)
Level 1 - Quoted Level 2 - Other Significant Level 3 - Significant Prices Observable Inputs Unobservable Inputs - ---------------------------------------------------------------------------------------------------------------------------------- Investments in Securities: Janus Adviser Balanced Fund $247,670,996 $ 535,689,148 $ - Other Financial Instruments(a): Janus Adviser Balanced Fund (213,100)
(a)Other Financial Instruments include futures, forwards, written options, and swap contracts. Forward currency contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options and swap contracts are reported at their market value at measurement date. Aggregate collateral segregated to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales and/or securities with extended settlement dates as of April 30, 2009 is noted below. Fund Aggregate Value - -------------------------------------------------------------------------------- Janus Adviser Balanced Fund $ 92,264,772 Janus Adviser Contrarian Fund Schedule of Investments (unaudited)
Shares/Principal/Contract Amount Value - ------------------------------------------------------------------------------------------------------------------------------------ Common Stock - 98.1% Aerospace and Defense - 4.0% 62,750 Northrop Grumman Corp. $ 3,033,963 245,295 Spirit Aerosystems Holdings, Inc.* 3,127,511 6,161,474 Airlines - 0.7% 228,250 UAL Corp.* 1,122,990 Automotive - Truck Parts and Equipment - Original - 1.0% 60,465 Autoliv, Inc. 1,491,672 Brewery - 5.7% 291,800 Anheuser-Busch InBev N.V.** 8,904,945 269,192 Anheuser-Busch InBev N.V. - VVPR Strip* 712 8,905,657 Broadcast Services and Programming - 3.0% 170,210 Liberty Global, Inc. - Class A* 2,806,763 111,820 Liberty Global, Inc. - Class C* 1,829,375 4,636,138 Building Products - Cement and Aggregate - 0.7% 164,480 Ambuja Cements, Ltd. 268,270 110,267 Cemex S.A.B. de C.V. (ADR)* 824,797 1,093,067 Casino Hotels - 0.9% 35,820 Wynn Resorts, Ltd.* 1,405,219 Commercial Banks - 3.3% 260,150 ICICI Bank, Ltd. 2,504,264 125,220 ICICI Bank, Ltd. (ADR) 2,583,288 5,087,552 Computers - 2.1% 25,295 Apple, Inc.*,** 3,182,870 Containers - Metal and Glass - 1.8% 111,675 Owens-Illinois, Inc.* 2,723,753 Electric - Generation - 2.5% 1,015,933 NTPC, Ltd. 3,867,128 Electric - Integrated - 2.0% 1,515,645 Tenaga Nasional Berhad 3,116,204 Electric - Transmission - 1.0% 808,935 Power Grid Corp. of India, Ltd. 1,502,123 Energy - Alternate Sources - 0.9% 94,350 Covanta Holding Corp.* 1,331,279 Engineering - Research and Development Services - 1.3% 113,060 Larsen & Toubro, Ltd. 1,993,988 Finance - Consumer Loans - 0.4% 140,795 SLM Corp.* 680,040 Financial Guarantee Insurance - 0.5% 82,285 Assured Guaranty, Ltd. 794,873 Forestry - 10.3% 468,295 Plum Creek Timber Co., Inc.** 16,165,543 Independent Power Producer - 0.9% 79,455 NRG Energy, Inc.* 1,428,601 Investment Companies - 0.7% 958,852 Australian Infrastructure Fund** 1,049,971 Medical - Biomedical and Genetic - 1.1% 35,480 Amgen, Inc. 1,719,716 Medical - Drugs - 0.9% 28,520 Novo Nordisk A/S (ADR) 1,354,985 Metal Processors and Fabricators - 0.6% 357,983 Bharat Forge, Ltd. 900,542 Multi-Line Insurance - 0.7% 23,575 ACE, Ltd. (U.S. Shares) 1,091,994 Multimedia - 7.0% 444,570 Liberty Media Corp. - Entertainment - Class A*,** 10,825,280 Oil Companies - Exploration and Production - 12.5% 37,525 Canadian Natural Resources, Ltd. (U.S. Shares) 1,730,278 400,830 Denbury Resources, Inc.* 6,525,511 299,949 Forest Oil Corp.*,** 4,799,184 900 OGX Petroleo e Gas Participacoes S.A.* 378,809 240,300 SandRidge Energy, Inc.* 1,960,848 96,920 Ultra Petroleum Corp. (U.S. Shares)* 4,148,176 19,542,806 Oil Companies - Integrated - 1.5% 42,565 Hess Corp. 2,332,136 Paper and Related Products - 0.1% 477,787 Ballarpur Industries, Ltd. 151,054 Pipelines - 6.3% 59,472 Enbridge, Inc. 1,837,002 192,859 Kinder Morgan Management LLC* 7,876,361 9,713,363 Real Estate Management/Services - 4.0% 412,760 CB Richard Ellis Group, Inc. - Class A* 3,095,700 233,205 Mitsubishi Estate Co., Ltd. 3,043,328 6,139,028 Real Estate Operating/Development - 6.9% 1,826,455 CapitaLand, Ltd.** 3,364,194 303,220 St. Joe Co.*,** 7,544,113 10,908,307 Reinsurance - 0.4% 213 Berkshire Hathaway, Inc. - Class B* 652,845 REIT - Diversified - 2.3% 73,012 Vornado Realty Trust 3,569,557 REIT - Mortgage - 0.1% 85,085 Gramercy Capital Corp. 183,784 REIT - Warehouse/Industrial - 2.5% 422,767 ProLogis 3,851,407 Resorts and Theme Parks - 1.7% 87,925 Vail Resorts, Inc.* 2,567,410 Retail - Major Department Stores - 0.6% 240,627 Pantaloon Retail India, Ltd. 943,009 25,744 Pantaloon Retail India, Ltd. - Class B 61,991 1,005,000 Soap and Cleaning Preparations - 1.0% 40,289 Reckitt Benckiser Group PLC** 1,586,169 Telecommunication Equipment - Fiber Optics - 2.1% 218,520 Corning, Inc. 3,194,762 Toys - 0.4% 2,200 Nintendo Co., Ltd. 588,711 Transportation - Marine - 1.7% 185,740 Teekay Corp. (U.S. Shares) 2,682,086 - ------------------------------------------------------------------------------------------------------------------------------------ Total Common Stock (cost $212,630,691) 152,301,084 - ------------------------------------------------------------------------------------------------------------------------------------ Corporate Bonds - 1.6% REIT - Diversified - 0.9% $ 1,612,000 Vornado Realty Trust, 2.85%, 4/1/27 1,360,125 REIT - Warehouse/Industrial - 0.7% 1,585,000 ProLogis, 2.25%, 4/1/37 1,131,294 - ------------------------------------------------------------------------------------------------------------------------------------ Total Corporate Bonds (cost $1,846,138) 2,491,419 - ------------------------------------------------------------------------------------------------------------------------------------ Purchased Options - Calls - 0.2% 1,749 Continental Airlines, Inc. - Class B expires June 2009 exercise price $1.00 160,908 1,568 UAL Corp. expires June 2009 exercise price $5.00 148,960 454 UAL Corp. expires June 2009 exercise price $7.50 13,620 681 UAL Corp. expires June 2009 exercise price $7.50 22,473 - ------------------------------------------------------------------------------------------------------------------------------------ Total Purchased Options - Calls (premiums paid $791,366) 345,961 - ------------------------------------------------------------------------------------------------------------------------------------ Purchased Options - Puts - 0.1% 1,926 iShares MSCI Emerging Markets Index ETF expires May 2009 exercise price $25.00 32,145 236 S&P 500 Index expires May 2009 exercise price $775.00 66,080 - ------------------------------------------------------------------------------------------------------------------------------------ Total Purchased Options - Puts (premiums paid $405,377) 98,225 - ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $215,673,572) - 100% $155,236,689 - ------------------------------------------------------------------------------------------------------------------------------------
Summary of Investments by Country - (Long Positions) April 30, 2009 (unaudited) Country Value % of Investment Securities - ------------------------------------------------------------------------------- Australia $ 1,049,971 0.7% Belgium 8,905,657 5.8% Bermuda 794,873 0.5% Brazil 378,809 0.2% Canada 7,715,456 5.0% Denmark 1,354,985 0.9% India 14,775,657 9.5% Japan 3,632,039 2.3% Malaysia 3,116,204 2.0% Marshall Islands 2,682,086 1.7% Mexico 824,797 0.5% Singapore 3,364,194 2.2% Switzerland 1,091,994 0.7% United Kingdom 1,586,169 1.0% United States 103,963,798 67.0% - ------------------------------------------------------------------------------- Total $ 155,236,689 100.0% Schedule of Written Options - Calls Value - -------------------------------------------------------------------------------- American Express Co. expires May 2009 485 contracts exercise price $15.00 $ (496,155) Apple, Inc. expires May 2009 63 contracts exercise price $120.00 (45,234) Anheuser-Busch InBev N.V. expires June 2009 1,485 contracts exercise price EUR 23.00 (381,524) iShares MSCI Emerging Markets Index ETF expires May 2009 1,926 contracts exercise price $30.00 (83,743) - -------------------------------------------------------------------------------- Total Written Options - Calls (Premiums received $458,937) $ (1,006,656) - -------------------------------------------------------------------------------- Schedule of Written Options - Puts Value - -------------------------------------------------------------------------------- Continental Airlines, Inc. expires May 2009 1,091 contracts exercise price $10.00 $ (76,370) Forest Oil Corp. expires May 2009 647 contracts exercise price $15.00 (31,056) Hess Corp. Expires May 2009 259 contracts exercise price $55.00 (61,642) Novo Nordisk A/S expires May 2009 326 contracts exercise price DKK 240.00 (8,224) Novo Nordisk A/S expires May 2009 313 contracts exercise price DKK 250.00 (14,513) Ultra Petroleum Corp. expires May 2009 311 contracts exercise price $38.00 (11,196) Ultra Petroleum Corp. expires May 2009 272 contracts exercise price $40.00 (18,091) - -------------------------------------------------------------------------------- Total Written Options - Puts (Premiums received $561,983) $ (221,092) - -------------------------------------------------------------------------------- Forward Currency Contracts, Open as of April 30, 2009 (unaudited)
Currency Sold and Currency Currency Unrealized Settlement Date Units Sold Value in U.S. $ Gain/(Loss) - ----------------------------------------------------------------------------------------------------------------- Australian Dollar 6/25/09 1,289,000 $ 932,860 $ (17,283) British Pound 6/18/09 991,500 1,466,273 (15,957) Singapore Dollar 5/14/09 980,000 662,296 (14,448) Singapore Dollar 6/18/09 875,000 591,350 (10,726) Singapore Dollar 6/25/09 2,365,000 1,598,351 (17,627) - ----------------------------------------------------------------------------------------------------------------- Total $ 5,251,130 $ (76,041)
Notes to Schedule of Investments (unaudited) ADR American Depositary Receipt ETF Exchange Traded Fund PLC Public Limited Company REIT Real Estate Investment Trust U.S. Shares Securities of foreign companies trading on an American Stock Exchange. VVPR Strip The Voter Verified Paper Record (VVPR)strip is a coupon which, if presented along with the dividend coupon of the ordinary share, allows the benefit of a reduced withholding tax on the dividends paid by the company. This strip is quoted separately from the ordinary share and is freely negotiable. * Non-income-producing security. ** A portion of this security has been segregated by the custodian to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales and/or securities with extended settlement dates. The following is a summary of the inputs that were used to value the Fund's investments in securities and other financial instruments as of April 30, 2009. See Significant Accounting Policies for more information.
Valuation Inputs Summary (as of April 30, 2009) Level 1 - Quoted Level 2 - Other Significant Level 3 - Significant Prices Observable Inputs Unobservable Inputs - ------------------------------------------------------------------------------------------------------------------------------- Investments in Securities: Janus Adviser Contrarian Fund $111,475,600 $ 43,316,903 $- Investments in Purchased Options: Janus Adviser Contrarian Fund - 444,186 - Other Financial Instruments(a): Janus Adviser Contrarian Fund - (1,303,789) - - -------------------------------------------------------------------------------------------------------------------------------
(a)Other Financial Instruments include futures, forwards, written options, and swap contracts. Forward currency contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options and swap contracts are reported at their market value at measurement date. Aggregate collateral segregated to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales and/or securities with extended settlement dates as of April 30, 2009 is noted below. Fund Aggregate Value - -------------------------------------------------------------------------------- Janus Adviser Contrarian Fund $ 33,451,758 Janus Adviser Flexible Bond Fund Schedule of Investments (unaudited)
Shares or Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------------------ Corporate Bonds - 49.3% Advertising Services - 0.1% $ 380,000 WPP Finance UK, 5.8750%, 6/15/14 $ 297,607 Agricultural Chemicals - 1.0% 2,085,000 Potash Corporation of Saskatchewan, Inc., 5.2500%, 5/15/14 2,136,633 2,185,000 Potash Corporation of Saskatchewan, Inc., 6.5000%, 5/15/19 2,270,717 4,407,350 Automotive - Medium and Heavy Duty Trucks - 0.2% 400,000 PACCAR, Inc., 6.3750%, 2/15/12 412,764 400,000 PACCAR, Inc., 6.8750%, 2/15/14 418,688 831,452 Beverages - Non-Alcoholic - 0.7% 1,117,000 Dr. Pepper Snapple Group, Inc., 6.1200%, 5/1/13 1,116,208 753,000 Dr. Pepper Snapple Group, Inc., 6.8200%, 5/1/18 733,324 870,000 Dr. Pepper Snapple Group, Inc., 7.4500%, 5/1/38 767,939 795,000 PepsiCo, Inc., 3.7500%, 3/1/14 811,158 3,428,629 Beverages - Wine and Spirits - 0.4% 1,740,000 Brown-Forman Corp., 5.0000%, 2/1/14 1,788,544 Brewery - 1.4% 1,815,000 Anheuser-Busch InBev Worldwide, Inc., 7.2000%, 1/15/14 (144A) 1,892,197 1,765,000 Anheuser-Busch InBev Worldwide, Inc., 7.7500%, 1/15/19 (144A) 1,847,902 2,885,000 Anheuser-Busch InBev Worldwide, Inc., 8.2000%, 1/15/39 (144A) 2,890,808 6,630,907 Building Products - Cement and Aggregate - 0.3% 910,000 CRH America, Inc., 6.9500%, 3/15/12 816,720 765,000 Martin Marietta Materials, Inc., 6.6000%, 4/15/18 618,947 1,435,667 Cable Television - 2.5% 852,000 Comcast Corp., 6.3000%, 11/15/17 867,481 1,234,000 Comcast Corp., 5.7000%, 5/15/18 1,206,442 1,456,000 COX Communications, Inc., 4.6250%, 1/15/10 1,455,690 2,731,000 COX Communications, Inc., 6.2500%, 6/1/18 (144A) 2,514,080 930,000 COX Communications, Inc., 9.3750%, 1/15/19 (144A) 1,046,961 815,000 Time Warner Cable, Inc., 6.7500%, 7/1/18 824,658 455,000 Time Warner Cable, Inc., 8.7500%, 2/14/19 511,497 925,000 Time Warner Cable, Inc., 8.2500%, 4/1/19 1,022,273 1,893,000 Time Warner Cable, Inc., 7.3000%, 7/1/38 1,892,279 11,341,361 Cellular Telecommunications - 1.8% 1,747,000 Rogers Communications, Inc., 6.3750%, 3/1/14 1,841,694 1,185,000 Verizon Wireless Capital LLC, 5.2500%, 2/1/12 (144A) 1,227,225 1,700,000 Verizon Wireless Capital LLC, 7.3750%, 11/15/13 (144A) 1,891,478 2,040,000 Verizon Wireless Capital LLC, 5.5500%, 2/1/14 (144A) 2,140,017 875,000 Verizon Wireless Capital LLC, 8.5000%, 11/15/18 (144A) 1,047,903 8,148,317 Chemicals - Diversified - 0.2% 838,000 E.I. du Pont de Nemours & Co., 5.0000%, 7/15/13 867,070 Commercial Banks - 2.4% 2,205,000 American Express Bank FSB, 5.5000%, 4/16/13 2,073,302 1,790,000 BB&T Corp., 5.7000%, 4/30/14 1,761,901 1,790,000 BB&T Corp., 6.8500%, 4/30/19 1,743,476 1,724,000 Credit Suisse New York, 5.0000%, 5/15/13 1,702,498 3,225,000 Credit Suisse New York, 5.5000%, 5/1/14 3,233,275 465,000 Sovereign Bank, 2.7500%, 1/17/12 471,403 10,985,855 Commercial Services - 0.3% 1,323,000 Iron Mountain, Inc., 8.6250%, 4/1/13 1,327,961 Commercial Services - Finance - 0.4% 1,865,000 Western Union Co., 6.5000%, 2/26/14 1,967,610 Computers - 0.4% 930,000 Hewlett-Packard Co., 4.2500%, 2/24/12 964,742 725,000 Hewlett-Packard Co., 4.7500%, 6/2/14 757,740 1,722,482 Consumer Products - Miscellaneous - 0.3% 419,000 Clorox Co., 5.0000%, 3/1/13 429,523 730,000 Clorox Co., 5.9500%, 10/15/17 738,656 1,168,179 Containers - Metal and Glass - 0.4% 1,065,000 Owens-Brockway Glass Container, Inc., 8.2500%, 5/15/13 1,080,975 730,000 Owens-Brockway Glass Container, Inc., 6.7500%, 12/1/14 709,925 1,790,900 Cosmetics and Toiletries - 0.5% 670,000 Estee Lauder Cos., Inc., 7.7500%, 11/1/13 726,751 1,381,000 Procter & Gamble Co., 4.6000%, 1/15/14 1,462,460 2,189,211 Data Processing and Management - 0.2% 812,000 Fiserv, Inc., 6.8000%, 11/20/17 773,151 Dialysis Centers - 0.2% 1,185,000 DaVita, Inc., 6.6250%, 3/15/13 1,164,263 Diversified Financial Services - 0.6% 970,000 General Electric Capital Corp., 4.8000%, 5/1/13 948,655 2,055,000 General Electric Capital Corp., 5.6250%, 5/1/18 1,792,856 2,741,511 Diversified Minerals - 1.4% 1,040,000 BHP Billiton Finance U.S.A., Ltd., 5.5000%, 4/1/14 1,094,983 2,510,000 Rio Tinto Finance USA, Ltd., 8.9500%, 5/1/14 2,598,071 2,650,000 Rio Tinto Finance USA, Ltd., 9.0000%, 5/1/19 2,724,690 6,417,744 Diversified Operations - 1.7% 495,000 Eaton Corp., 4.9000%, 5/15/13 489,834 2,160,000 ITT Corp., 4.9000%, 5/1/14 2,189,490 2,160,000 ITT Corp., 6.1250%, 5/1/19 2,217,584 425,000 Kansas City Southern Railway, 13.0000%, 12/15/13 450,500 546,000 SPX Corp., 7.6250%, 12/15/14 539,175 975,000 Tyco Electronics Group S.A., 6.0000%, 10/1/12 888,830 710,000 Tyco Electronics Group S.A., 5.9500%, 1/15/14 587,651 950,000 Tyco Electronics Group S.A., 7.1250%, 10/1/37 579,378 7,942,442 Diversified Operations - Commercial Services - 0.2% 892,000 ARAMARK Corp., 8.5000%, 2/1/15 851,860 Electric - Generation - 0.7% 1,837,000 Allegheny Energy Supply Co. LLC, 8.2500%, 4/15/12 (144A) 1,855,315 2,008,000 Edison Mission Energy, 7.0000%, 5/15/17 1,516,040 3,371,355 Electric - Integrated - 2.9% 1,865,000 CMS Energy Corp., 6.3000%, 2/1/12 1,788,313 1,765,000 Duke Energy Corp., 6.3000%, 2/1/14 1,861,268 1,635,000 Monongahela Power Co., 6.7000%, 6/15/14 1,656,587 743,000 Pacific Gas & Electric Co., 4.8000%, 3/1/14 764,164 1,950,000 Pacific Gas & Electric Co., 8.2500%, 10/15/18 2,329,060 1,812,000 Southern California Edison Co., 7.6250%, 1/15/10 1,866,823 1,600,000 Virginia Electric and Power Co., 5.1000%, 11/30/12 1,647,712 660,000 Virginia Electric and Power Co., 5.4000%, 4/30/18 672,982 1,585,000 West Penn Power Co., 5.9500%, 12/15/17 (144A) 1,396,718 13,983,627 Electronic Components - Semiconductors - 0.4% 1,265,000 National Semiconductor Corp., 1.5700%, 6/15/10 + 1,119,285 810,000 National Semiconductor Corp., 6.1500%, 6/15/12 729,527 1,848,812 Enterprise Software/Services - 0.6% 1,783,000 BMC Software, Inc., 7.2500%, 6/1/18 1,570,021 1,185,000 CA, Inc., 6.1250%, 12/1/14 1,125,750 2,695,771 Fiduciary Banks - 0.5% 2,105,000 Northern Trust Corp., 4.6250%, 5/1/14 2,129,669 Finance - Credit Card - 0.2% 1,010,000 American Express Co., 7.0000%, 3/19/18 957,944 Finance - Investment Bankers/Brokers - 5.3% 2,755,000 Citigroup, Inc., 5.6250%, 8/27/12 2,124,995 1,535,000 Citigroup, Inc., 5.5000%, 2/15/17 1,058,363 1,015,000 Citigroup, Inc., 6.1250%, 5/15/18 853,023 930,000 Goldman Sachs Group, Inc., 5.4500%, 11/1/12 930,663 1,620,000 Goldman Sachs Group, Inc., 6.0000%, 5/1/14 1,613,766 2,135,000 Goldman Sachs Group, Inc., 6.1500%, 4/1/18 2,013,794 1,720,000 Goldman Sachs Group, Inc., 7.5000%, 2/15/19 1,764,933 930,000 JPMorgan Chase & Co., 2.1250%, 6/22/12 932,072 4,603,000 JPMorgan Chase & Co., 6.0000%, 1/15/18 4,475,188 2,710,000 JPMorgan Chase & Co., 6.3000%, 4/23/19 2,666,757 755,000 Lazard Group LLC, 6.8500%, 6/15/17 606,162 1,830,000 Morgan Stanley, 2.0000%, 9/22/11 1,836,619 2,340,000 Morgan Stanley, 4.7500%, 4/1/14 1,978,023 1,070,000 Morgan Stanley, 6.0000%, 4/28/15 1,010,737 935,000 Morgan Stanley, 6.6250%, 4/1/18 889,801 24,754,896 Finance - Other Services - 0.5% 2,285,000 CME Group, Inc., 5.7500%, 2/15/14 2,403,982 Food - Miscellaneous/Diversified - 1.3% 730,000 Dole Food Co., Inc., 13.8750%, 3/15/14 (144A) 768,325 1,819,000 General Mills, Inc., 5.2500%, 8/15/13 1,900,924 659,000 General Mills, Inc., 5.2000%, 3/17/15 664,020 295,000 Kellogg Co., 4.2500%, 3/6/13 298,083 1,100,000 Kraft Foods, Inc., 6.7500%, 2/19/14 1,198,546 925,000 Kraft Foods, Inc., 6.1250%, 2/1/18 938,951 5,768,849 Food - Retail - 2.1% 440,000 Delhaize Group, 5.8750%, 2/1/14 446,027 670,000 Kroger Co., 7.5000%, 1/15/14 746,352 1,785,000 Kroger Co., 6.4000%, 8/15/17 1,857,990 2,427,000 Safeway, Inc., 6.2500%, 3/15/14 2,579,285 2,644,000 SUPERVALU, Inc., 7.5000%, 11/15/14 2,564,680 1,585,000 SUPERVALU, Inc., 8.0000%, 5/1/16 1,537,450 9,731,784 Gas - Distribution - 0.1% 444,000 Southern Star Central Gas Pipeline, Inc., 6.0000%, 6/1/16 (144A) 395,160 Hotels and Motels - 0.5% 1,555,000 Marriott International, Inc., 4.6250%, 6/15/12 1,447,385 705,000 Marriott International, Inc., 5.6250%, 2/15/13 660,420 2,107,805 Independent Power Producer - 0.3% 99,000 NRG Energy, Inc., 7.3750%, 2/1/16 95,288 1,248,000 Reliant Energy, Inc., 7.6250%, 6/15/14 1,126,319 259,000 Reliant Energy, Inc., 7.8750%, 6/15/17 231,158 1,452,765 Medical - Drugs - 0.8% 1,480,000 Pfizer, Inc., 4.4500%, 3/15/12 1,555,002 1,965,000 Pfizer, Inc., 5.3500%, 3/15/15 2,112,342 3,667,344 Medical - HMO - 0.1% 855,000 UnitedHealth Group, Inc., 5.8000%, 3/15/36 633,555 Medical - Hospitals - 0.7% 1,065,000 CHS/Community Health Systems, Inc., 8.8750%, 7/15/15 1,059,675 1,077,000 HCA, Inc., 9.2500%, 11/15/16 1,066,230 1,050,000 HCA, Inc., 8.5000%, 4/15/19 (144A) 1,056,563 3,182,468 Medical - Wholesale Drug Distributors - 0.4% 950,000 McKesson Corp., 6.5000%, 2/15/14 1,001,964 835,000 McKesson Corp., 7.5000%, 2/15/19 899,611 1,901,575 Medical Labs and Testing Services - 1.6% 3,225,000 Roche Holdings, Inc., 4.5000%, 3/1/12 (144A) 3,381,481 1,865,000 Roche Holdings, Inc., 6.0000%, 3/1/19 (144A) 1,939,141 1,865,000 Roche Holdings, Inc., 7.0000%, 3/1/39 (144A) 2,026,037 7,346,659 Medical Products - 0.3% 1,330,000 Baxter International, Inc., 4.0000%, 3/1/14 1,377,744 Metal - Copper - 0.2% 776,000 Freeport-McMoRan Copper & Gold, Inc., 8.3750%, 4/1/17 760,480 Multi-Line Insurance - 0.4% 2,045,000 MetLife, Inc., 7.72%, 2/15/19 2,051,162 Non-Hazardous Waste Disposal - 0.8% 1,127,000 Allied Waste North America, Inc., 6.5000%, 11/15/10 1,149,540 1,625,000 Allied Waste North America, Inc., 7.2500%, 3/15/15 1,592,500 945,000 Waste Management, Inc., 7.3750%, 8/1/10 965,538 3,707,578 Office Automation and Equipment - 0.2% 336,000 Xerox Corp., 2.0588%, 12/18/09 + 327,942 318,000 Xerox Corp., 5.6500%, 5/15/13 286,206 442,000 Xerox Corp., 6.3500%, 5/15/18 358,020 972,168 Oil - Field Services - 0.2% 975,000 Weatherford International, Ltd., 9.6250%, 3/1/19 1,052,245 Oil and Gas Drilling - 0.5% 1,090,000 Diamond Offshore Drilling, Inc., 5.8750%, 5/1/19 1,098,602 1,395,000 Nabors Industries, Ltd., 9.2500%, 1/15/19 (144A) 1,316,642 2,415,244 Oil Companies - Exploration and Production - 0.9% 1,875,000 Anadarko Petroleum Corp., 5.9500%, 9/15/16 1,696,403 180,000 EnCana Corp., 6.5000%, 5/15/19 184,739 490,000 Forest Oil Corp., 8.0000%, 12/15/11 481,425 895,000 Forest Oil Corp., 8.5000%, 2/15/14 (144A) 868,150 825,000 Kerr-McGee Corp., 6.8750%, 9/15/11 841,802 4,072,519 Paper and Related Products - 0% 85,000 Georgia-Pacific LLC, 8.2500%, 5/1/16 (144A) 85,000 Pipelines - 2.1% 495,000 El Paso Corp., 12.0000%, 12/12/13 534,600 270,000 El Paso Corp., 8.2500%, 2/15/16 263,250 649,000 El Paso Corp., 7.0000%, 6/15/17 583,086 604,000 Kinder Morgan Energy Partners L.P., 5.9500%, 2/15/18 560,236 2,793,000 Kinder Morgan Energy Partners L.P., 6.9500%, 1/15/38 2,428,346 3,871,000 Kinder Morgan Finance Co. ULC, 5.7000%, 1/5/16 3,358,092 440,000 Plains All American Pipeline L.P., 6.5000%, 5/1/18 393,842 620,000 Plains All American Pipeline L.P., 8.7500%, 5/1/19 635,662 680,000 TransCanada Pipelines, Ltd., 7.1250%, 1/15/19 745,808 9,502,922 Reinsurance - 1.4% 3,915,000 Berkshire Hathaway Finance Corp., 4.0000%, 4/15/12 (144A) 3,978,935 1,641,000 Berkshire Hathaway Finance Corp., 5.0000%, 8/15/13 1,699,817 592,000 Berkshire Hathaway Finance Corp., 4.6250%, 10/15/13 604,411 6,283,163 REIT - Warehouse/Industrial - 0% 270,000 ProLogis, 5.5000%, 4/1/12 219,543 Retail - Apparel and Shoe - 0.2% 1,490,000 Ltd. Brands, Inc., 7.6000%, 7/15/37 978,529 Retail - Office Supplies - 0.1% 415,000 Staples, Inc., 7.7500%, 4/1/11 434,595 Schools - 0.5% 720,000 Duke University, 4.2000%, 4/1/14 734,695 445,000 Leland Stanford Junior University, 3.6250%, 5/1/14 447,728 445,000 Leland Stanford Junior University, 4.2500%, 5/1/16 443,402 445,000 Leland Stanford Junior University, 4.7500%, 5/1/19 444,297 2,070,122 Special Purpose Entity - 0.3% 773,000 Petroplus Finance, Ltd., 6.7500%, 5/1/14 (144A) 637,725 599,000 Petroplus Finance, Ltd., 7.0000%, 5/1/17 (144A) 482,195 95,000 Source Gas LLC, 5.9000%, 4/1/17 (144A) ss. 69,121 1,189,041 Steel - Producers - 1.1% 1,270,000 ArcelorMittal, 5.3750%, 6/1/13 1,143,292 1,320,000 ArcelorMittal, 6.1250%, 6/1/18 1,063,733 1,955,000 Reliance Steel & Aluminum Co., 6.2000%, 11/15/16 1,506,714 1,883,000 Steel Dynamics, Inc., 8.2500%, 4/15/16 (144A) 1,487,570 5,201,309 Super-Regional Banks - 1.9% 3,650,000 Bank of America Corp., 1.7000%, 12/23/10 3,684,259 1,105,000 Bank of America Corp., 5.6500%, 5/1/18 899,547 1,130,000 National City Corp., 6.8750%, 5/15/19 965,347 1,300,000 PNC Funding Corp., 2.3000%, 6/22/12 1,304,256 935,000 Wachovia Corp., 5.7500%, 2/1/18 855,554 1,195,000 Wells Fargo & Co., 5.6250%, 12/11/17 1,114,118 8,823,081 Telephone - Integrated - 0.6% 653,000 AT&T, Inc., 5.5000%, 2/1/18 651,864 854,000 AT&T, Inc., 5.6000%, 5/15/18 858,548 1,142,000 BellSouth Corp., 4.7500%, 11/15/12 1,172,139 2,682,551 Transportation - Railroad - 0.4% 733,000 Burlington Northern Santa Fe Corp., 5.7500%, 3/15/18 729,426 802,466 CSX Corp., 8.3750%, 10/15/14 830,087 286,000 Kansas City Southern de Mexico S.A. de C.V., 7.3750%, 6/1/14 231,660 1,791,173 Transportation - Services - 0.3% 477,000 Fedex Corp., 5.5000%, 8/15/09 480,386 690,000 United Parcel Service, Inc., 3.8750%, 4/1/14 711,284 1,191,670 Wireless Equipment - 0.3% 900,000 Nokia OYJ, 5.3750%, 5/15/19 891,675 630,000 Nokia OYJ, 6.6250%, 5/15/39 626,812 1,518,487 - ------------------------------------------------------------------------------------------------------------------------------------ Total Corporate Bonds (cost $222,375,075) 226,934,419 - ------------------------------------------------------------------------------------------------------------------------------------ Mortgage Backed Securities - 20.8% U.S. Government Agencies - 20.8% Fannie Mae: 122,399 6.5000%, 11/1/17 129,284 341,325 5.0000%, 11/1/18 355,764 506,330 4.5000%, 2/1/23 520,859 274,319 4.5000%, 4/1/23 282,191 298,900 4.5000%, 4/1/23 307,476 495,000 4.5000%, 4/1/23 509,204 1,900,001 4.5000%, 4/1/23 1,954,519 186,472 4.5000%, 5/1/23 191,823 218,837 4.5000%, 5/1/23 225,116 230,927 4.5000%, 5/1/23 237,553 1,425,000 4.5000%, 5/1/23 1,465,889 542,319 4.5000%, 6/1/23 557,880 855,000 4.5000%, 6/1/23 879,533 358,815 4.5000%, 9/1/23 369,111 695,720 4.5000%, 12/1/23 715,683 3,468,257 4.0000%, 3/1/24 3,519,264 302,773 4.5000%, 3/1/24 311,430 386,973 4.5000%, 3/1/24 398,077 1,607,534 4.5000%, 3/1/24 1,653,661 2,526,060 4.5000%, 3/1/24 2,598,542 5,214,440 4.5000%, 3/1/24 5,363,539 3,511,148 4.5000%, 3/1/24 3,611,896 1,776,656 4.0000%, 4/1/24 1,802,785 1,900,000 4.0000%, 4/1/24 1,927,943 3,486,714 4.0000%, 4/1/24 3,538,342 3,541,630 4.0000%, 4/1/24 3,593,717 2,920,000 4.0000%, 5/15/24 ^ 2,958,325 2,144,081 5.4240%, 1/1/38 + 2,223,992 2,870,457 4.7920%, 5/1/38 + 2,961,650 720,006 4.5000%, 1/1/39 733,444 5,047,416 4.5000%, 1/1/39 5,142,124 1,772,309 4.5000%, 2/1/39 1,805,387 3,157,796 4.5000%, 2/1/39 3,216,733 2,036,495 4.5000%, 3/1/39 2,074,707 9,249,537 4.5000%, 3/1/39 9,422,168 1,900,000 4.0000%, 4/1/39 1,895,972 2,850,255 4.0000%, 4/1/39 2,844,212 17,730,000 4.0000%, 5/15/39 ^ 17,738,311 2,085,000 4.5000%, 5/15/39 ^ 2,121,488 Freddie Mac: 1,414,786 5.0000%, 12/1/23 1,464,169 363,241 5.7410%, 9/1/37 + 376,583 1,400,727 5.0000%, 9/1/38 1,441,274 - ------------------------------------------------------------------------------------------------------------------------------------ Total Mortgage Backed Securities (cost $95,041,715) 95,441,620 - ------------------------------------------------------------------------------------------------------------------------------------ U.S Government Agency Notes - 1.5% Fannie Mae: 3,273,000 2.8750%, 10/12/10 3,365,708 1,624,000 3.6250%, 8/15/11 1,704,060 Freddie Mac: 1,624,000 3.8750%, 6/29/11 1,709,789 - ------------------------------------------------------------------------------------------------------------------------------------ Total U.S. Government Agency Notes (cost $6,608,468) 6,779,557 - ------------------------------------------------------------------------------------------------------------------------------------ U.S. Treasury Notes/Bonds - 17.3% U.S. Treasury Notes/Bonds: 15,540,000 0.8750%, 1/31/11** 15,552,743 3,165,000 0.8750%, 2/28/11 3,165,380 5,838,000 0.8750%, 3/31/11 5,838,000 3,170,000 1.1250%, 1/15/12 3,158,113 6,786,000 4.6250%, 2/29/12** 7,413,705 1,497,000 4.7500%, 5/31/12 1,648,338 1,763,583 0.6250%, 4/15/13 ^^ 1,732,720 5,225,000 2.7500%, 10/31/13** 5,424,203 10,300,000 1.7500%, 1/31/14 10,203,489 4,805,000 1.8750%, 2/28/14 4,780,591 895,000 1.7500%, 3/31/14 884,931 486,023 1.3750%, 7/15/18 ^^ 473,873 5,422,042 2.1250%, 1/15/19 ^^ 5,659,257 11,855,000 2.7500%, 2/15/19 11,482,634 1,822,170 2.5000%, 1/15/29 ^^ 1,854,626 - ------------------------------------------------------------------------------------------------------------------------------------ Total U.S. Treasury Notes/Bonds (cost $79,163,979) 79,272,603 - ------------------------------------------------------------------------------------------------------------------------------------ Money Markets - 11.1% 50,958,912 Janus Cash Liquidity Fund LLC, 0% (cost $50,958,912) 50,958,912 - ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $454,148,149) - 100% $459,387,111 - ------------------------------------------------------------------------------------------------------------------------------------
Summary of Investments by Country - (Long Positions) April 30, 2009 (unaudited) % of Investment Country Value Securities - ------------------------------------------------------------------------------- Australia $ 6,417,744 1.4% Belgium 446,027 0.1% Bermuda 1,119,920 0.2% Canada 10,537,684 2.3% Finland 1,518,487 0.3% Luxembourg 4,262,884 0.9% Mexico 231,660 0.1% Switzerland 5,988,019 1.3% United Kingdom 297,607 0.1% United States++ 428,567,079 93.3% - ------------------------------------------------------------------------------- Total $ 459,387,111 100.0% ++ Includes Short-Term Securities (82.2% excluding Short-Term Securities) Notes to Schedule of Investments (unaudited) 144A Securities sold under Rule 144A of the Securities Act of 1933, as amended, and are subject to legal and/or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. REIT Real Estate Investment Trust ^ Security is traded on a "to-be-announced" basis. ^^ Security is a U.S. Treasury Inflation-Protected Security (TIPS). + Rate is subject to change. Rate shown reflects current rate. ** A portion of this holding has been segregated to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales, swap agreements, and/or securities with extended settlement dates. ss. Schedule of Restricted and Illiquid Securities (as of April 30, 2009)
Acquisition Acquisition Value as a % of Date Cost Value Investment Securities - ------------------------------------------------------------------------------------------------------------------------- Janus Adviser Flexible Bond Fund Source Gas LLC, 5.9000%, due 4/1/17 (144A) 4/11/07 - 9/20/07 $ 94,516 $ 69,121 0.0% - -------------------------------------------------------------------------------------------------------------------------
The Fund has registration rights for certain restricted securities held as of April 30, 2009. The issuer incurs all registration costs. The following is a summary of the inputs that were used to value the Fund's investments in securities and other financial instruments as of April 30, 2009. See Significant Accounting Policies for more information. Valuation Inputs Summary (as of April 30, 2009)
Level 2 - Other Significant Level 3 - Significant Level 1 - Quoted Prices Observable Inputs Unobservable Inputs - ------------------------------------------------------------------------------------------------------------------------ Investments in Securities: Janus Adviser Flexible Bond Fund $ - $ 459,387,111 $ - - ------------------------------------------------------------------------------------------------------------------------
Aggregate collateral segregated to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales, swap agreements and/or securities with extended settlement dates as of April 30, 2009 is noted below. Fund Aggregate Value - -------------------------------------------------------------------------------- Janus Adviser Flexible Bond Fund $28,159,710 Janus Adviser Forty Fund Schedule of Investments (unaudited)
Shares or Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------------------ Common Stock - 89.1% Aerospace and Defense - 1.1% 8,886,253 BAE Systems PLC $ 46,729,485 Agricultural Chemicals - 3.5% 1,106,212 Monsanto Co. 93,906,337 267,577 Syngenta A.G. 57,105,914 151,012,251 Agricultural Operations - 1.3% 1,124,751 Bunge, Ltd. 53,999,296 Brewery - 4.5% 6,377,121 Anheuser-Busch InBev N.V. 194,612,452 1,579,816 Anheuser-Busch InBev N.V. - VVPR Strip* 4,180 194,616,632 Cellular Telecommunications - 0.6% 750,655 America Movil SAB de C.V. - Series L (ADR) 24,659,017 Computers - 16.0% 2,537,634 Apple, Inc.* 319,310,486 5,247,968 Research In Motion, Ltd. (U.S. Shares)*,** 364,733,775 684,044,261 Diversified Minerals - 1.8% 4,645,267 Cia Vale do Rio Doce (ADR) 76,693,358 Engineering - Research and Development Services - 4.2% 12,630,244 ABB, Ltd. 178,521,249 Enterprise Software/Services - 4.9% 10,927,473 Oracle Corp. 211,337,327 Entertainment Software - 0.9% 1,969,253 Electronic Arts, Inc.* 40,074,299 Finance - Investment Bankers/Brokers - 4.5% 693,925 Goldman Sachs Group, Inc. 89,169,363 3,182,375 JPMorgan Chase & Co. 105,018,375 194,187,738 Finance - Other Services - 1.7% 326,236 CME Group, Inc. 72,212,339 Medical - Biomedical and Genetic - 12.4% 4,770,924 Celgene Corp.* 203,813,873 6,524,689 Gilead Sciences, Inc.*,** 298,830,756 933,715 Vertex Pharmaceuticals, Inc.* 28,777,096 531,421,725 Medical - Drugs - 1.2% 410,273 Roche Holding A.G. 51,858,045 Medical - HMO - 1.4% 2,463,905 UnitedHealth Group, Inc. 57,951,046 Medical Instruments - 3.8% 1,146,406 Intuitive Surgical, Inc.* 164,772,934 Multi-Line Insurance - 0.9% 842,475 ACE, Ltd. (U.S. Shares) 39,023,442 Multimedia - 1.3% 6,542,975 News Corp. - Class A 54,044,974 Networking Products - 4.2% 9,377,957 Cisco Systems, Inc.* 181,182,129 Oil Companies - Integrated - 1.5% 1,963,965 Petroleo Brasileiro S.A. (ADR) 65,930,305 Optical Supplies - 1.5% 678,398 Alcon, Inc. (U.S. Shares) 62,419,400 Retail - Drug Store - 6.2% 8,387,783 CVS/Caremark Corp. 266,563,743 Retail - Regional Department Stores - 0.8% 726,345 Kohl's Corp.* 32,939,746 Soap and Cleaning Preparations - 0.9% 957,635 Reckitt Benckiser Group PLC 37,701,884 Telecommunication Equipment - Fiber Optics - 1.1% 3,207,775 Corning, Inc. 46,897,671 Transportation - Services - 1.3% 1,099,480 United Parcel Service, Inc. - Class B 57,546,783 Web Portals/Internet Service Providers - 4.2% 453,583 Google, Inc. - Class A* 179,605,261 Wireless Equipment - 1.4% 2,506,445 Crown Castle International Corp.* 61,458,031 - ------------------------------------------------------------------------------------------------------------------------------------ Total Common Stock (cost $3,996,129,677) 3,819,404,371 - ------------------------------------------------------------------------------------------------------------------------------------ Money Market - 10.9% 468,091,456 Janus Cash Liquidity Fund LLC, 0% (cost $468,091,456) 468,091,456 - ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $4,464,221,133) - 100% $4,287,495,827 - ------------------------------------------------------------------------------------------------------------------------------------
Summary of Investments by Country- (Long Positions) As of April 30, 2009 (unaudited) % of Investment Country Value Securities - -------------------------------------------------------------------------------- Belgium $ 194,616,632 4.5% Bermuda 53,999,296 1.3% Brazil 142,623,663 3.3% Canada 364,733,776 8.5% Mexico 24,659,017 0.6% Switzerland 388,928,050 9.1% United Kingdom 84,431,368 2.0% United States++ 3,033,504,025 70.7% - -------------------------------------------------------------------------------- Total $ 4,287,495,827 100.0% ++Includes Short-Term Securities (59.8% excluding Short-Term Securities) - -------------------------------------------------------------------------------- Financial Futures - Long 7,451 Contracts S&P 500(R) E-mini Futures expires June 2009 principal amount $318,303,032, value $324,118,500 cumulative appreciation $5,815,468 - -------------------------------------------------------------------------------- Notes to Schedule of Investments (unaudited) ADR American Depositary Receipt PLC Public Limited Company U.S. Shares Securities of foreign companies trading on an American Stock Exchange. VVPR Strip The Voter Verified Paper Record (VVPR)strip is a coupon which, if presented along with the dividend coupon of the ordinary share, allows the benefit of a reduced withholding tax on the dividends paid by the company. This strip is quoted separately from the ordinary share and is freely negotiable. * Non-income-producing security. ** A portion of this security has been segregated by the custodian to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales and/or securities with extended settlement dates. The following is a summary of the inputs that were used to value the Fund's investments in securities and other financial instruments as of April 30, 2009. See Significant Accounting Policies for more information. Valuation Inputs Summary (as of April 30, 2009)
Level 1 - Quoted Level 2 - Other Significant Level 3 - Significant Prices Observable Inputs Unobservable Inputs - --------------------------------------------------------------------------------------------------------------------------------- Investments in Securities: Janus Adviser Forty Fund $ 3,085,588,483 $ 1,201,907,344 $ - Other Financial Instruments(a): Janus Adviser Forty Fund 5,815,468 - - - ---------------------------------------------------------------------------------------------------------------------------------
a) Other Financial Instruments include futures, forwards, written options contracts and swap contracts. Forward currency contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options and swap contracts are reported at their market value at measurement date. Aggregate collateral segregated to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales, swap agreements and/or securities with extended settlement dates as of April 30, 2009 is noted below. Fund Aggregate Value - -------------------------------------------------------------------------------- Janus Adviser Forty Fund $339,800,000 Janus Adviser Global Real Estate Fund Schedule of Investments (unaudited)
Shares or Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------------------ Common Stock - 91.7% Building - Mobile Home and Manufactured Homes - 0.4% 645 Maisons France Confort $ 16,955 Diversified Operations - 2.2% 8,000 China Merchants Holdings International Co., Ltd. 18,901 25,000 Wharf Holdings, Ltd. 82,382 101,283 Electric - Transmission - 0% 108 Brookfield Infrastructure Partners L.P. 1,474 Forestry - 1.4% 1,860 Plum Creek Timber Co., Inc. 64,207 Hotels and Motels - 1.4% 3,200 Orient-Express Hotel, Ltd. - Class A 20,704 2,055 Starwood Hotels & Resorts Worldwide, Inc. 42,867 63,571 Real Estate Management/Services - 5.2% 8,075 CB Richard Ellis Group, Inc. - Class A* 60,563 1,970 Jones Lang LaSalle, Inc. 63,572 9,000 Mitsubishi Estate Co., Ltd. 117,450 331 Orco Property Group* 3,193 244,778 Real Estate Operating/Development - 23.1% 4,365 Ablon Group 1,915 7,665 Brookefield Asset Management, Inc. - Class A (U.S. Shares) 119,037 109,500 CapitaLand, Ltd. 201,692 20,725 China Resources Land, Ltd. 37,105 17,600 Cyrela Commercial Properties S.A. Empreendimentos e Participacoes* 74,078 3,760 Forest City Enterprises, Inc. - Class A 31,697 11,598 Forestar Group, Inc.* 149,150 65,000 Hang Lung Properties, Ltd. 183,280 545,000 HKC Holdings, Ltd. 39,695 11,000 Hysan Development Co., Ltd. 20,032 8,000 Mitsui Fudosan Co., Ltd. 100,549 19,000 New World Development, Ltd. 24,875 10,855 Risanamento S.P.A.* 3,205 1,470 St. Joe Co.* 36,574 6,000 Sun Hung Kai Properties, Ltd. 61,829 1,084,713 REIT - Apartments - 3.5% 644 Avalonbay Communities, Inc. 36,586 1,430 Boardwalk Real Estate Investment Trust 32,783 1,490 Camden Property Trust 40,424 1,415 Home Properties, Inc. 51,562 473 UDR, Inc. 4,763 166,118 REIT - Diversified - 12.1% 4,595 Brixton PLC 1,932 5,260 CapLease, Inc. 15,622 503 Corio N.V. 22,269 3,590 Digital Realty Trust, Inc. 129,276 2,210 Entertainment Properties Trust 51,073 1,375 Eurocommercial Properties N.V. 40,153 7,888 Goodman Group 2,104 6,041 Lexington Realty Trust 23,258 704 Unibail-Rodamco 104,530 3,605 Vornado Realty Trust 176,249 566,466 REIT - Health Care - 2.3% 3,720 Ventas, Inc. 106,541 REIT - Hotels - 0.1% 545 LaSalle Hotel Properties 6,518 REIT - Mortgage - 0.2% 380 Crystal River Capital, Inc. 513 3,452 Gramercy Capital Corp. 7,456 340 JER Investors Trust, Inc. 99 640 Resource Capital Corp. 2,016 10,084 REIT - Office Property - 7.9% 3,460 Alexandria Real Estate Equities, Inc. 126,222 2,060 Boston Properties, Inc. 101,805 6,220 Douglas Emmett, Inc. 59,525 1,995 Kilroy Realty Corp. 42,972 815 Maguire Properties, Inc. 888 2,350 SL Green Realty Corp. 41,501 372,913 REIT - Regional Malls - 5.6% 1,850 Feldman Mall Properties, Inc.* 167 2,480 General Growth Properties, Inc. 1,562 3,530 Macerich Co. 61,881 3,874 Simon Property Group, Inc.** 199,898 263,508 REIT - Shopping Centers - 12.5% 4,999 Acadia Realty Trust 72,486 440 Federal Realty Investment Trust 24,288 14,783 Kimco Realty Corp.** 177,692 1,400 Regency Centers Corp. 52,430 5,915 Weingarten Realty Investors 91,919 21,684 Westfield Group 168,408 587,223 REIT - Storage - 1.0% 6,765 Extra Space Storage, Inc. 48,099 REIT - Warehouse/Industrial - 9.0% 4,455 AMB Property Corp. 85,046 3,130 First Potomac Realty Trust 30,643 33,452 ProLogis** 304,747 420,436 Resorts and Theme Parks - 2.2% 3,525 Vail Resorts, Inc.* 102,930 Transportation - Marine - 0.6% 980 Alexander & Baldwin, Inc. 26,107 Wireless Equipment - 1.0% 1,840 Crown Castle International Corp.* 45,117 - ------------------------------------------------------------------------------------------------------------------------------------ Total Common Stock (cost $5,803,685) 4,299,041 - ------------------------------------------------------------------------------------------------------------------------------------ Corporate Bonds - 1.4% REIT - Diversified - 0.6% $ 35,000 Vornado Realty Trust, 2.8500%, 4/1/27 29,531 REIT - Warehouse/Industrial - 0.8% 50,000 ProLogis, 2.2500%, 4/1/37 35,688 - ------------------------------------------------------------------------------------------------------------------------------------ Total Corporate Bonds (cost $47,824) 65,219 - ------------------------------------------------------------------------------------------------------------------------------------ Money Markets - 6.9% 325,242 Janus Cash Liquidity Fund LLC, 0% (cost $325,242) 325,242 - ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $6,176,751) - 100% $4,689,502 - ------------------------------------------------------------------------------------------------------------------------------------
Summary of Investments by Country - (Long Positions) April 30, 2009 (unaudited) Country Value % of Investment Securities - -------------------------------------------------------------------------------- Australia $ 170,511 3.6% Bermuda 61,873 1.3% Brazil 74,078 1.6% Canada 151,821 3.2% Cayman Islands 37,105 0.8% France 121,485 2.6% Guernsey 1,915 0% Hong Kong 391,298 8.4% Italy 3,205 0.1% Japan 217,999 4.7% Luxembourg 3,193 0.1% Netherlands 62,422 1.3% Singapore 201,691 4.3% United Kingdom 1,932 0% United States++ 3,188,974 68.0% - -------------------------------------------------------------------------------- Total $ 4,689,502 100% ++ Includes Short-Term Securities (61.1% excluding Short-Term Securities) Schedule of Written Options - Calls - -------------------------------------------------------------------------------- Simon Property Group, Inc. expires May 2009 20 contracts exercise price $55.00 $(4,134) - -------------------------------------------------------------------------------- Total Written Options - Calls (Premiums received $1,960) $(4,134) ================================================================================ Schedule of Written Options - Puts HCP, Inc. expires May 2009 50 contracts exercise price $15.00 $(443) Public Storage expires May 2009 20 contracts exercise price $50.00 (461) Simon Property Group, Inc. expires May 2009 20 contracts exercise price $29.00 (147) Vornado Realty Trust expires May 2009 20 contracts exercise price $30.00 (256) - -------------------------------------------------------------------------------- Total Written Options - Puts (Premiums received $10,850) $(1,307) ================================================================================ Notes to Schedule of Investments (unaudited) PLC Public Limited Company REIT Real Estate Investment Trust U.S. Shares Securities of foreign companies trading on an American Stock Exchange * Non-income-producing security ** A portion of this security has been segregated by the custodian to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales and/or securities with extended settlement dates. The following is a summary of the inputs that were used to value the Fund's investments in securities and other financial instruments as of April 30, 2009. See Significant Accounting Policies for more information. Valuation Inputs Summary (as April 30, 2009)
Level 1 - Quoted Level 2 - Other Significant Level 3 - Significant Prices Observable Inputs Unobservable Inputs - ---------------------------------------------------------------------------------------------------------------------------------- Investments in Securities: Janus Adviser Global Real Estate Fund 2,939,726 1,749,776 - - ---------------------------------------------------------------------------------------------------------------------------------- Other Financial Instruments(a): - ---------------------------------------------------------------------------------------------------------------------------------- Janus Adviser Global Real Estate Fund - (5,441) - - ----------------------------------------------------------------------------------------------------------------------------------
(a) Other Financial Instruments include futures, forward currency, written options, and swap contracts. Forward currency contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options and swap contracts are reported at their market value at measurement date. Aggregate collateral segregated to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales and/or securities with extended settlement dates as of April 30, 2009 is noted below. Fund Aggregate Value - -------------------------------------------------------------------------------- Janus Adviser Global Real Estate Fund $ 524,030 - -------------------------------------------------------------------------------- Janus Adviser Global Research Fund Schedule of Investments (unaudited)
Shares or Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------------------ Common Stock - 99.3% Advertising Sales - 0.3% 864 Lamar Advertising Co. - Class A * $ 14,602 Aerospace and Defense - 1.4% 11,726 BAE Systems PLC 61,663 Aerospace and Defense - Equipment - 1.2% 1,108 United Technologies Corp. 54,115 Agricultural Chemicals - 1.2% 595 Potash Corporation of Saskatchewan, Inc. (U.S. Shares) 51,462 Agricultural Operations - 0.2% 16,000 Chaoda Modern Agriculture Holdings, Ltd. 9,116 Airlines - 1.2% 1,854 Ryanair Holdings PLC (ADR) * 50,707 Apparel Manufacturers - 0.6% 415 VF Corp. 24,597 Applications Software - 0.7% 1,076 Citrix Systems, Inc. * 30,698 Athletic Footwear - 0.8% 960 Adidas A.G. 36,198 Automotive - Cars and Light Trucks - 0.6% 819 Bayerische Motoren Werke A.G. 28,207 Automotive - Truck Parts and Equipment - Original - 0.7% 1,266 Autoliv, Inc. 31,232 Batteries and Battery Systems - 0.4% 316 Energizer Holdings, Inc. * 18,107 Beverages - Non-Alcoholic - 0.6% 543 PepsiCo, Inc. 27,020 Brewery - 0.9% 1,241 Anheuser-Busch InBev N.V. 37,872 592 Anheuser-Busch InBev N.V. - VVPR Strip* 2 37,874 Building - Residential and Commercial - 1.3% 112 NVR, Inc. * 56,601 Building Products - Cement and Aggregate - 1.1% 1,861 CRH PLC 48,391 Cable Television - 1.0% 5,799 British Sky Broadcasting Group PLC 41,286 Casino Hotels - 1.1% 9,719 Crown, Ltd. 48,529 Cellular Telecommunications - 0.9% 20,936 Vodafone Group PLC 38,444 Chemicals - Diversified - 1.1% 981 Bayer A.G. 48,581 Chemicals - Specialty - 1.1% 65,000 Huabao International Holdings, Ltd. 46,034 Commercial Banks - 0.7% 1,594 Barclays PLC 6,484 2,268 ICICI Bank, Ltd. 21,832 28,316 Commercial Services - Finance - 0.5% 1,345 Western Union Co. 22,529 Computers - 2.4% 535 Apple, Inc. * 67,319 538 Research In Motion, Ltd. (U.S. Shares) * 37,391 104,710 Computers - Peripheral Equipment - 0.7% 2,280 Logitech International S.A. * 30,335 Consulting Services - 1.1% 1,186 Bereau Veritas S.A. 48,315 Consumer Products - Miscellaneous - 0.8% 692 Kimberly-Clark Corp. 34,005 Containers - Metal and Glass - 1.6% 2,915 Owens-Illinois, Inc. * 71,097 Cosmetics and Toiletries - 0.8% 574 Colgate-Palmolive Co. 33,866 Decision Support Software - 0.6% 1,324 MSCI, Inc. * 27,791 Distribution/Wholesale - 0.4% 6,000 Li & Fung, Ltd. 16,890 Diversified Minerals - 1.1% 2,845 Cia Vale do Rio Doce (ADR) 46,971 Diversified Operations - 5.2% 22,000 China Merchants Holdings International Co., Ltd. 51,979 728 Danaher Corp. 42,544 1,348 Illinois Tool Works, Inc. 44,214 21,000 Keppel Corp., Ltd. 84,012 222,749 E-Commerce/Services - 0.5% 1,228 eBay, Inc. * 20,225 Electric - Generation - 0.3% 1,851 AES Corp. * 13,087 Electronic Components - Miscellaneous - 0.6% 1,469 Tyco Electronics, Ltd. 25,619 Electronic Components - Semiconductors - 0.9% 23,026 ARM Holdings PLC 40,412 Electronic Connectors - 0.5% 696 Amphenol Corp. - Class A 23,553 Electronic Measuring Instruments - 0.8% 200 Keyence Corp. 35,300 Engineering - Research and Development Services - 0.9% 2,915 ABB, Ltd. 41,202 Enterprise Software/Services - 0.7% 1,678 Oracle Corp. 32,453 Fiduciary Banks - 0.4% 294 Northern Trust Corp. 15,982 Finance - Investment Bankers/Brokers - 2.1% 270 Goldman Sachs Group, Inc. 34,695 1,068 JPMorgan Chase & Co. 35,244 568 Morgan Stanley 13,428 468 optionsXpress Holdings, Inc. 7,703 91,070 Finance - Other Services - 1.3% 109 CME Group, Inc. 24,127 2,900 Hong Kong Exchanges & Clearing, Ltd. 33,349 57,476 Food - Catering - 0.4% 31,000 FU JI Food & Catering Services Holdings, Ltd. 16,398 Food - Miscellaneous/Diversified - 1.3% 524 General Mills, Inc. 26,562 963 Nestle S.A. 31,329 57,891 Food - Retail - 0.8% 6,905 Tesco PLC 34,270 Hotels and Motels - 0.7% 1,545 Starwood Hotels & Resorts Worldwide, Inc. 32,229 Independent Power Producer - 0.4% 910 NRG Energy, Inc. * 16,362 Internet Security - 0.8% 2,110 Symantec Corp. * 36,398 Machinery - General Industrial - 0.7% 87,000 Shanghai Electric Group Co., Ltd. 31,103 Medical - Biomedical and Genetic - 4.5% 1,239 Celgene Corp. * 52,929 885 Genzyme Corp. * 47,197 1,042 Gilead Sciences, Inc. * 47,724 1,404 OSI Pharmaceuticals, Inc. * 47,132 194,982 Medical - Drugs - 4.8% 3,257 GlaxoSmithKline PLC 50,280 3,236 Grifols S.A. 56,816 1,151 Novo Nordisk A/S 54,623 371 Roche Holding A.G. 46,894 208,613 Medical Products - 2.3% 1,484 Covidien, Ltd. 48,942 1,499 Hospira, Inc. * 49,272 98,214 Multi-Line Insurance - 0.9% 859 ACE, Ltd. (U.S. Shares) 39,789 Multimedia - 1.5% 2,502 News Corp. - Class A 20,667 6,370 WPP PLC 43,554 64,221 Networking Products - 1.1% 1,422 Cisco Systems, Inc. * 27,473 868 Juniper Networks, Inc. * 18,792 46,265 Oil - Field Services - 1.5% 6,151 Acergy S.A. 47,706 367 Schlumberger, Ltd. (U.S. Shares) 17,979 65,685 Oil and Gas Drilling - 1.4% 1,454 Helmerich & Payne, Inc. 44,813 234 Transocean, Ltd. (U.S. Shares) * 15,790 60,603 Oil Companies - Exploration and Production - 0.5% 362 Occidental Petroleum Corp. 20,377 Oil Companies - Integrated - 4.5% 1,204 Hess Corp. 65,967 2,587 Petroleo Brasileiro S.A. (ADR) 86,845 1,612 Suncor Energy, Inc. 40,577 193,389 Oil Field Machinery and Equipment - 1.5% 1,079 Cameron International Corp. * 27,600 700 National Oilwell Varco, Inc. * 21,196 1,973 Wellstream Holdings PLC 15,018 63,814 Physical Practice Management - 1.2% 1,427 Mednax, Inc. * 51,229 Pipelines - 0.2% 207 Kinder Morgan Management LLC * 8,454 Power Converters and Power Supply Equipment - 0.3% 3,767 JA Solar Holdings Co., Ltd. (ADR) * 13,222 Property and Casualty Insurance - 0.3% 341 Chubb Corp. 13,282 Real Estate Management/Services - 0.6% 2,000 Mitsubishi Estate Co., Ltd. 26,100 Real Estate Operating/Development - 0.9% 7,000 CapitaLand, Ltd. 12,893 10,000 Hang Lung Properties, Ltd. 28,197 41,090 REIT - Warehouse/Industrial - 0.4% 2,030 ProLogis 18,493 Retail - Apparel and Shoe - 2.5% 5,800 Esprit Holdings, Ltd. 35,553 917 Inditex S.A. 39,126 1,517 Ltd. Brands, Inc. 17,324 770 Nordstrom, Inc. 17,425 109,428 Retail - Consumer Electronics - 0.7% 245 Best Buy Co., Inc. 9,403 440 Yamada Denki Co., Ltd. 20,305 29,708 Retail - Discount - 1.2% 992 Wal-Mart Stores, Inc. 49,997 Retail - Drug Store - 1.2% 1,652 CVS Caremark Corp. 52,501 Retail - Jewelry - 0.3% 494 Tiffany & Co. 14,296 Retail - Regional Department Stores - 0.9% 819 Kohl's Corp. * 37,142 Semiconductor Components/Integrated Circuits - 1.6% 8,280 Atmel Corp. 31,795 3,326 Marvell Technology Group, Ltd. * 36,520 68,315 Semiconductor Equipment - 1.0% 1,598 Kla-Tencor Corp. 44,329 Soap and Cleaning Preparations - 1.0% 1,143 Reckitt Benckiser Group PLC 45,000 Telecommunication Equipment - 1.8% 2,638 Arris Group, Inc. * 28,147 2,027 CommScope, Inc. * 50,878 79,025 Telecommunication Equipment - Fiber Optics - 0.6% 1,760 Corning, Inc. 25,731 Telecommunication Services - 1.3% 1,167 Amdocs, Ltd. (U.S. Shares) * 24,424 1,349 SAVVIS, Inc. * 15,352 1,745 Time Warner Telecom, Inc. - Class A * 16,037 55,813 Tobacco - 0.9% 2,441 Altria Group, Inc. 39,862 Toys - 1.5% 2,438 Mattel, Inc. 36,472 100 Nintendo Co., Ltd. 26,760 63,232 Transportation - Services - 2.2% 849 C.H. Robinson Worldwide, Inc. 45,133 949 United Parcel Service, Inc. - Class B 49,671 94,804 Web Portals/Internet Service Providers - 1.1% 63 Google, Inc. - Class A * 24,946 1,470 Yahoo!, Inc. * 21,006 45,952 Wireless Equipment - 2.7% 1,657 Crown Castle International Corp. * 40,630 1,218 QUALCOMM, Inc. 51,545 2,863 Telefonaktiebolaget L.M. Ericsson - Class B 24,711 116,886 - ------------------------------------------------------------------------------------------------------------------------------------ Total Common Stock (cost $4,365,823) 4,311,911 - ------------------------------------------------------------------------------------------------------------------------------------ Money Markets - 0.7% 31,000 Janus Cash Liquidity Fund LLC, 0% (cost $31,000) 31,000 - ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $4,396,823) - 100% $4,342,911 - ------------------------------------------------------------------------------------------------------------------------------------
Summary of Investments by Country - (Long Positions) April 30, 2009 (unaudited) % of Investment Country Value Securities - -------------------------------------------------------------------------------- Australia $ 48,529 1.1% Belgium 37,874 0.9% Bermuda 209,558 4.8% Brazil 133,817 3.1% Canada 129,429 3.0% Cayman Islands 38,736 0.9% China 31,103 0.7% Denmark 54,623 1.3% France 48,315 1.1% Germany 112,986 2.6% Guernsey 24,425 0.6% Hong Kong 113,525 2.6% India 21,832 0.5% Ireland 99,097 2.3% Japan 108,465 2.5% Jersey 43,554 1.0% Luxembourg 47,706 1.1% Netherlands Antilles 17,979 0.4% Singapore 96,907 2.2% Spain 95,943 2.2% Sweden 24,711 0.6% Switzerland 205,340 4.7% United Kingdom 332,855 7.6% United States++ 2,265,602 52.2% - -------------------------------------------------------------------------------- Total $ 4,342,911 100.0% ++ Includes Short-Term Securities (51.5% excluding Short-Term Securities) Notes to Schedule of Investments (unaudited) ADR American Depositary Receipt PLC Public Limited Company REIT Real Estate Investment Trust U.S. Shares Securities of foreign companies trading on an American Stock Exchange. VVPR Strip The Voter Verified Paper Record (VVPR)strip is a coupon which, if presented along with the dividend coupon of the ordinary share, allows the benefit of a reduced withholding tax on the dividends paid by the company. This strip is quoted separately from the ordinary share and is freely negotiable. * Non-income-producing security. The following is a summary of the inputs that were used to value the Fund's investments in securities and other financial instruments as of April 30, 2009. See Significant Accounting Policies for more information.
- --------------------------------------------------------------------------------------------------------------------------------- Valuation Inputs Summary (as of April 30, 2009) Level 1 - Quoted Level 2 - Other Significant Level 3 - Significant Prices Observable Inputs Unobservable Inputs - --------------------------------------------------------------------------------------------------------------------------------- Investments in Securities: - --------------------------------------------------------------------------------------------------------------------------------- Janus Adviser Global Research Fund $2,532,519 $ 1,810,392 $ - - ---------------------------------------------------------------------------------------------------------------------------------
Janus Adviser Growth and Income Fund Schedule of Investments (unaudited)
Shares or Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------------------ Common Stock - 92.9% Aerospace and Defense - 2.8% 30,894 BAE Systems PLC** $ 162,460 30,460 Boeing Co. 1,219,923 55,405 Empresa Brasileira de Aeronautica S.A. (ADR) 898,669 2,630 Northrop Grumman Corp. 127,161 2,408,213 Agricultural Chemicals - 3.1% 5,760 Monsanto Co. 488,966 51,155 Syngenta A.G. (ADR)** 2,181,761 2,670,727 Applications Software - 1.2% 23,810 Citrix Systems, Inc.* 679,299 16,245 Microsoft Corp. 329,124 1,008,423 Athletic Footwear - 1.3% 21,860 NIKE, Inc. - Class B 1,146,994 Brewery - 5.1% 142,745 Anheuser-Busch InBev N.V. ** 4,356,191 111,568 Anheuser-Busch InBev N.V. - VVPR Strip*, ** 295 4,356,486 Cable Television - 1.0% 36,050 DIRECTV Group, Inc.* 891,517 Casino Hotels - 1.8% 49,620 Crown, Ltd. 247,765 33,015 Wynn Resorts, Ltd.* 1,295,179 1,542,944 Commercial Services - Finance - 1.3% 67,760 Western Union Co. 1,134,980 Computers - 7.5% 27,119 Apple, Inc.* 3,412,384 9,740 International Business Machines Corp. 1,005,265 28,780 Research In Motion, Ltd. (U.S. Shares)* 2,000,210 6,417,859 Diversified Operations - 1.9% 174,000 China Merchants Holdings International Co., Ltd. 411,103 15,520 Danaher Corp. 906,989 593,275 Melco International Development, Ltd. 291,259 1,609,351 E-Commerce/Services - 0.9% 43,115 eBay, Inc.* 710,104 12,520 Liberty Media Corp. - Interactive - Class A* 66,356 776,460 Electronic Components - Semiconductors - 0.7% 8,570 Broadcom Corp. - Class A* 198,738 19,125 Microchip Technology, Inc. 439,875 638,613 Electronic Connectors - 0.7% 19,050 Amphenol Corp. - Class A 644,652 Enterprise Software/Services - 4.0% 179,310 Oracle Corp. 3,467,855 Fiduciary Banks - 0.3% 5,159 Northern Trust Corp. 280,443 Finance - Investment Bankers/Brokers - 8.5% 25,750 Charles Schwab Corp. 475,860 41,980 Credit Suisse Group A.G. (ADR) ** 1,606,994 19,015 Goldman Sachs Group, Inc. 2,443,428 115,555 Morgan Stanley 2,731,719 7,258,001 Finance - Other Services - 1.2% 45,205 NYSE Euronext 1,047,400 Food - Miscellaneous/Diversified - 2.6% 68,515 Nestle S.A. ** 2,229,007 Hotels and Motels - 1.3% 52,840 Starwood Hotels & Resorts Worldwide, Inc. 1,102,242 Industrial Gases - 0.8% 9,390 Praxair, Inc. 700,588 Medical - Biomedical and Genetic - 2.1% 15,090 Celgene Corp.* 644,645 26,170 Gilead Sciences, Inc.* 1,198,586 1,843,231 Medical - Drugs - 7.0% 4,615 Abbott Laboratories 193,138 62,425 Bristol-Myers Squibb Co. 1,198,560 34,635 Merck & Co., Inc. 839,552 20,640 Roche Holding A.G. ** 2,608,873 28,600 Wyeth 1,212,640 6,052,763 Medical - HMO - 2.2% 80,770 UnitedHealth Group, Inc. 1,899,710 Medical Products - 3.2% 28,335 Baxter International, Inc. 1,374,248 20,955 Covidien, Ltd. 691,096 13,020 Johnson & Johnson 681,727 2,747,071 Networking Products - 0.2% 7,440 Cisco Systems, Inc.* 143,741 Oil and Gas Drilling - 0.7% 9,010 Transocean, Ltd. (U.S. Shares)*, ** 607,995 Oil Companies - Exploration and Production - 5.6% 63,514 EnCana Corp. (U.S. Shares) 2,904,496 20,290 EOG Resources, Inc. 1,288,009 11,580 Occidental Petroleum Corp. 651,838 4,844,343 Oil Companies - Integrated - 5.7% 43,255 ConocoPhillips 1,773,455 56,502 Hess Corp. 3,095,745 4,869,200 Optical Supplies - 1.2% 11,385 Alcon, Inc. (U.S. Shares) ** 1,047,534 Power Converters and Power Supply Equipment - 0.7% 57,985 JA Solar Holdings Co., Ltd. (ADR)* 203,527 29,280 Suntech Power Holdings Co., Ltd. (ADR)* 437,151 640,678 Real Estate Operating/Development - 0.5% 166,345 Hang Lung Properties, Ltd. 469,039 Retail - Apparel and Shoe - 2.1% 288,715 Esprit Holdings, Ltd. 1,769,779 Retail - Drug Store - 3.1% 85,305 CVS Caremark Corp. 2,710,993 Retail - Jewelry - 0.8% 23,575 Tiffany & Co. 682,261 Soap and Cleaning Preparations - 1.8% 40,346 Reckitt Benckiser Group PLC** 1,588,413 Telecommunication Equipment - Fiber Optics - 1.9% 112,528 Corning, Inc. 1,645,159 Tobacco - 2.6% 51,230 Altria Group, Inc. 836,586 38,150 Philip Morris International, Inc. 1,381,030 2,217,616 Toys - 1.2% 3,995 Nintendo Co., Ltd. 1,069,046 Wireless Equipment - 2.3% 46,050 QUALCOMM, Inc. 1,948,836 - ------------------------------------------------------------------------------------------------------------------------------------ Total Common Stock (cost $87,585,762) 80,130,163 - ------------------------------------------------------------------------------------------------------------------------------------ Corporate Bonds - 1.8% Building - Residential and Commercial - 0.2% $ 177,000 Meritage Homes Corp., 6.2500%, 3/15/15 129,210 Casino Hotels - 0.5% 650,000 MGM Mirage, 8.5000%, 9/15/10 469,625 Power Converters and Power Supply Equipment - 1.1% 757,000 JA Solar Holdings Co., Ltd., 4.5000%, 5/15/13 465,555 762,000 Suntech Power Holdings Co., Ltd 3.0000%, 3/15/13 (144A) 452,438 917,993 - ------------------------------------------------------------------------------------------------------------------------------------ Total Corporate Bonds (cost $2,025,802) 1,516,828 - ------------------------------------------------------------------------------------------------------------------------------------ Preferred Stock - 0.5% Metal - Copper- 0.5% 6,885 Freeport-McMoRan Copper & Gold, Inc., convertible (cost $688,500) 463,016 - ------------------------------------------------------------------------------------------------------------------------------------ U.S. Treasury Notes/Bonds - 4.6% U.S. Treasury Notes/Bonds: $1,451,000 3.2500%, 12/31/09 1,478,773 544,000 2.7500%, 7/31/10 558,641 721,000 1.5000%, 10/31/10 729,224 544,000 4.8800%, 7/31/11 590,027 544,000 3.3800%, 7/31/13 579,998 - ------------------------------------------------------------------------------------------------------------------------------------ Total U.S. Treasury Notes/Bonds (cost $3,851,406) 3,936,663 - ------------------------------------------------------------------------------------------------------------------------------------ Money Market - 0.2% 132,029 Janus Cash Liquidity Fund LLC, 0% (cost $132,029) 132,029 - ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $94,283,499) - 100% $86,178,699 - ------------------------------------------------------------------------------------------------------------------------------------
Summary of Investments by Country - (Long Positions) April 30, 2008 (unaudited) Country Value % of Investment Securities - -------------------------------------------------------------------------------- Australia $ 247,765 0.3% Belgium 4,356,486 5.1% Bermuda 2,460,875 2.9% Brazil 898,669 1.0% Canada 4,904,705 5.7% Cayman Islands 1,558,670 1.8% Hong Kong 1,171,402 1.4% Japan 1,069,046 1.2% Switzerland 10,282,164 11.9% United Kingdom 1,750,873 2.0% United States ++ 57,478,044 66.7% - -------------------------------------------------------------------------------- Total $ 86,178,699 100.0% ========== ====== ++ Includes Short-Term Securities (66.5% excluding Short-Term Securities) Janus Adviser Growth & Income Forward Currency Contracts, Open as of April 30, 2009 (unaudited)
Currency Sold and Currency Currency Value Unrealized Settlement Date Units Sold in U.S.$ Gain/(Loss) - ----------------------------------------------------------------------------------------------------- British Pound 5/14/09 79,000 $ 116,831 $ (648) British Pound 6/18/09 510,000 754,210 (8,208) Euro 5/14/09 455,000 601,894 10,236 Euro 6/18/09 730,000 965,511 (19,745) Euro 6/25/09 470,000 621,605 (9,430) Swiss Franc 5/14/09 1,060,000 929,145 11,405 Swiss Franc 6/18/09 1,440,000 1,263,007 (25,202) - ----------------------------------------------------------------------------------------------------- Total $ 5,252,203 $ (41,592)
Notes to Schedule of Investments (unaudited) 144A Securities sold under Rule 144A of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. ADR American Depositary Receipt PLC Public Limited Company U.S. Shares Securities of foreign companies trading on an American Stock Exchange. VVPR Strip The Voter Verified Paper Record (VVPR) strip is a coupon which, if presented along with the dividend coupon of the ordinary share, allows the benefit of a reduced withholding tax on the dividends paid by the company. This strip is quoted separately from the ordinary share and is freely negotiable. * Non-income-producing security. ** A portion of this security has been segregated by the custodian to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales and/or securities with extended settlement dates.
The following is a summary of the inputs that were used to value the Fund's investments in securities and other financial instruments as of April 30, 2009. See Significant Accounting Policies for more information. Valuation Inputs Summary (as of April 30, 2008) Level 1 - Quoted Level 2 - Other Significant Level 3 - Significant Prices Observable Inputs Unobservable Inputs - ---------------------------------------------------------------------------------------------------------------------------------- Investments in Securities: Janus Adviser Growth and Income Fund $59,598,830 $ 26,579,869 $ - Other Financial Instruments(a): Janus Adviser Growth and Income Fund (41,592) -
(a) Other Financial Instruments include futures, forward currency, written options, and swap contracts. Forward currency contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options and swap contracts are reported at their market value at measurement date. Aggregate collateral segregated to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales and/or securities with extended settlement dates as of April 30, 2009 is noted below. Fund Aggregate Value - -------------------------------------------------------------------------------- Janus Adviser Growth and Income Fund $ 16,389,523 Janus Adviser High-Yield Fund Schedule of Investments (unaudited)
Shares or Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------------------ Bank Loans - 1.7% Automotive - Cars and Light Trucks - 1.1% $1,079,096 Ford Motor Co., 0%, 12/15/13* $ 679,830 Independent Power Producer - 0.6% 405,000 Calpine Corp., 0%, 3/29/14* 347,288 - ------------------------------------------------------------------------------------------------------------------------------------ Total Bank Loans (cost $810,582) 1,027,118 - ------------------------------------------------------------------------------------------------------------------------------------ Corporate Bonds - 93.0% Advertising Services - 0.8% 154,000 Visant Holding Corp., 7.6250%, 10/1/12 149,380 336,000 Visant Holding Corp., 8.7500%, 12/1/13 309,120 458,500 Agricultural Chemicals - 0.3% 186,000 Mosaic Co., 7.6250%, 12/1/16 (144A) 186,930 Airlines - 0.4% 376,000 Continental Airlines, Inc., 8.7500%, 12/1/11 229,360 56,000 UAL Corp., 4.5000%, 6/30/21 20,720 250,080 Apparel Manufacturers - 1.9% 81,000 Hanesbrands, Inc., 5.6975%, 12/15/14 *,** 61,965 412,000 Levi Strauss & Co., 9.7500%, 1/15/15 389,340 431,000 Levi Strauss & Co., 8.8750%, 4/1/16 381,435 561,000 Quiksilver, Inc., 6.8750%, 4/15/15 286,110 1,118,850 Appliances - 1.0% 332,000 Whirlpool Corp., 8.0000%, 5/1/12 337,774 232,000 Whirlpool Corp., 8.6000%, 5/1/14 237,716 575,490 Automotive - Cars and Light Trucks - 1.7% 1,642,000 Ford Motor Co., 7.4500%, 7/16/31 878,470 1,707,000 General Motors Corp., 8.3750%, 7/15/33 145,095 1,023,565 Automotive - Truck Parts and Equipment - Original - 1.4% 165,000 Tenneco, Inc., 10.2500%, 7/15/13 102,300 807,000 TRW Automotive, Inc., 7.0000%, 3/15/14 (144A) 447,885 581,000 TRW Automotive, Inc., 7.2500%, 3/15/17 (144A) 310,835 861,020 Beverages - Non-Alcoholic - 0.6% 142,000 Dr. Pepper Snapple Group, Inc., 6.1200%, 5/1/13 141,899 91,000 Dr. Pepper Snapple Group, Inc., 6.8200%, 5/1/18 88,622 113,000 Dr. Pepper Snapple Group, Inc., 7.4500%, 5/1/38 99,744 330,265 Building - Residential and Commercial - 0.5% 275,000 Meritage Homes Corp., 6.2500%, 3/15/15 200,750 97,000 Ryland Group, Inc., 8.4000%, 5/15/17 95,066 295,816 Building Products - Cement and Aggregate - 0.6% 240,000 CRH America, Inc., 5.6250%, 9/30/11 216,217 138,000 Texas Industries, Inc., 7.2500%, 7/15/13 (144A) 112,125 328,342 Building Products - Wood - 0.3% 195,000 Masco Corp., 1.6313%, 3/12/10 * 185,888 Cable Television - 1.7% 311,000 Kabel Deutschland, 10.6250%, 7/1/14 317,220 681,000 Mediacom LLC/Mediacom Capital Corp., 9.5000%, 1/15/13 667,380 984,600 Casino Hotels - 1.8% 414,000 Boyd Gaming Corp., 7.1250%, 2/1/16 302,220 884,000 Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 6.6250%, 12/1/14 746,980 1,049,200 Cellular Telecommunications - 1.4% 55,000 Metro PCS Wireless, Inc., 9.2500%, 11/1/14 (144A) 54,794 759,000 Metro PCS Wireless, Inc., 9.2500%, 11/1/14 759,949 814,743 Chemicals - Diversified - 0% 9,000 Innophos Holdings, Inc., 9.5000%, 4/15/12 (144A)ss. 6,300 Chemicals - Specialty - 1.2% 179,000 MacDermid, Inc., 9.5000%, 4/15/17 (144A) 88,605 529,000 Nalco Co., 7.7500%, 11/15/11 534,290 83,000 Nalco Co., 8.8750%, 11/15/13 83,415 706,310 Coal - 0.1% 82,000 Arch Western Finance LLC, 6.7500%, 7/1/13 71,545 Commercial Banks - 0.4% 250,000 American Express Bank FSB, 5.5000%, 4/16/13 235,068 Commercial Services - 0.4% 83,000 Iron Mountain, Inc., 8.0000%, 6/15/20 80,095 339,000 Live Nation Inc., 2.8750%, 7/15/27 141,109 221,204 Commercial Services - Finance - 0.3% 31,000 Cardtronics, Inc., 9.2500%, 8/15/13 22,475 248,000 Cardtronics, Inc., 9.2500%, 8/15/13 179,800 202,275 Computer Services - 1.4% 625,000 SunGard Data Systems, Inc., 9.1250%, 8/15/13 596,875 85,000 SunGard Data Systems, Inc., 10.6250%, 5/15/15 (144A) 81,388 176,000 SunGard Data Systems, Inc., 10.2500%, 8/15/15 153,120 831,383 Computers - Memory Devices - 0.4% 243,000 Seagate Technology International, 10.0000%, 5/1/14 (144A) 239,355 Consulting Services - 0.3% 154,000 FTI Consulting, Inc., 7.7500%, 10/1/16 156,310 Consumer Products - Miscellaneous - 1.0% 150,000 Amscan Holdings, Inc., 8.7500%, 5/1/14 120,000 182,000 Jarden Corp., 8.0000%, 5/1/16 177,450 324,000 Jarden Corp., 7.5000%, 5/1/17 286,740 584,190 Containers - Metal and Glass - 0.9% 110,000 Greif, Inc, 6.7500%, 2/1/17 101,750 451,000 Owens-Illinois, Inc., 7.8000%, 5/15/18 438,598 540,348 Containers - Paper and Plastic - 0.8% 109,000 Graham Packaging Co. L.P./GPC Capital Corp. I, 8.5000%, 10/15/12 93,740 160,000 Graham Packaging Co. L.P./GPC Capital Corp. I, 9.8750%, 10/15/14 129,400 220,000 Rock-Tenn Co., 9.2500%, 3/15/16 223,850 446,990 Cosmetics and Toiletries - 0.5% 153,000 Chattem, Inc., 7.0000%, 3/1/14 147,645 173,000 Chattem, Inc., 1.6250%, 5/1/14 149,861 297,506 Cruise Lines - 0.2% 140,000 Royal Caribbean Cruises, Ltd., 8.0000%, 5/15/10 137,200 Data Processing and Management - 1.1% 1,296,000 First Data Corp., 11.2500%, 3/31/16 (144A) 660,960 Direct Marketing - 0.2% 165,000 Affinion Group, Inc., 11.5000%, 10/15/15 118,800 Distribution/Wholesale - 1.1% 13,000 Ace Hardware Corp., 9.1250%, 6/1/16ss. 11,765 615,000 KAR Holdings, Inc., 8.7500%, 5/1/14 405,900 250,000 KAR Holdings, Inc., 10.0000%, 5/1/15 145,000 152,000 Nebraska Book Co., Inc., 8.6250%, 3/15/12 106,400 669,065 Diversified Financial Services - 0.5% 419,000 GMAC LLC, 8.0000%, 11/1/31 (144A) 293,300 Diversified Operations - 1.7% 76,000 Kansas City Southern Railway, 13.0000%, 12/15/13 80,560 468,000 Kansas City Southern Railway, 8.0000%, 6/1/15 404,820 79,000 SPX Corp., 7.6250%, 12/15/14 78,013 143,000 Textron, Inc., 4.5000%, 5/1/13 154,619 39,000 Tyco Electronics Group S.A., 6.0000%, 10/1/12 35,553 55,000 Tyco Electronics Group S.A., 5.9500%, 1/15/14 45,522 165,000 Tyco Electronics Group S.A., 6.5500%, 10/1/17 126,990 184,000 Tyco Electronics Group S.A., 7.1250%, 10/1/37 112,216 1,038,293 Diversified Operations - Commercial Services - 1.6% 973,000 ARAMARK Corp., 8.5000%, 2/1/15 929,215 Electric - Generation - 2.8% 140,000 AES Corp., 9.7500%, 4/15/16 (144A) 138,600 802,000 AES Corp., 8.0000%, 10/15/17 733,829 305,000 Allegheny Energy Supply Co. LLC, 8.2500%, 4/15/12 (144A) 308,041 381,000 Edison Mission Energy, 7.0000%, 5/15/17 287,655 283,000 Edison Mission Energy, 7.2000%, 5/15/19 205,883 1,674,008 Electric - Integrated - 1.9% 440,000 CMS Energy Corp., 2.0813%, 1/15/13 *,** 348,854 405,000 Energy Future Holdings Corp., 10.8750%, 11/1/17 276,413 856,000 Texas Competitive Electric Holdings Corp. LLC, 10.2500%, 11/1/15 485,780 1,111,047 Electronic Components - Semiconductors - 0.9% 17,000 National Semiconductor Corp., 1.5700%, 6/15/10 * 15,042 330,000 National Semiconductor Corp., 6.1500%, 6/15/12 297,214 274,000 National Semiconductor Corp., 6.6000%, 6/15/17 214,798 527,054 Finance - Auto Loans - 1.7% 1,103,000 Ford Motor Credit Co. LLC, 9.7500%, 9/15/10 992,749 Finance - Credit Card - 0.2% 144,000 American Express Co., 7.0000%, 3/19/18 136,578 Finance - Investment Bankers/Brokers - 0.6% 386,000 Citigroup, Inc., 5.5000%, 2/15/17 266,142 94,000 Citigroup, Inc., 6.1250%, 5/15/18 78,999 345,141 Food - Meat Products - 1.1% 129,000 JBS U.S.A. LLC/JBS U.S.A. Finance, Inc., 11.6250%, 5/1/14 (144A) 122,550 195,000 National Beef Packing Co. LLC/NB Finance Corp., 10.5000%, 8/1/11 194,513 134,000 Tyson Foods, Inc., 3.2500%, 10/15/13 128,808 232,000 Tyson Foods, Inc., 7.8500%, 4/1/16 210,410 656,281 Food - Miscellaneous/Diversified - 2.8% 154,000 Chiquita Brands International, 7.5000%, 11/1/14 127,820 151,000 Chiquita Brands International, 4.2500%, 8/15/16 88,901 685,000 Del Monte Corp., 6.7500%, 2/15/15 657,600 198,000 Dole Food Co., Inc., 8.7500%, 7/15/13 170,280 595,000 Dole Food Co., Inc., 13.8750%, 3/15/14 (144A) 626,238 1,670,839 Food - Retail - 1.9% 75,000 Ingles Markets, Inc., 8.8750%, due 5/15/17 72,411 202,000 Stater Brothers Holdings, 7.7500%, 4/15/15 194,930 492,000 SUPERVALU, Inc., 7.5000%, 11/15/14 477,240 373,000 SUPERVALU, Inc., 8.0000%, 5/1/16 361,810 1,106,391 Gambling - Non-Hotel - 0.7% 77,000 Isle of Capri Casinos, Inc., 7.0000%, 3/1/14 58,520 276,000 Pinnacle Entertainment, Inc., 8.2500%, 3/15/12 269,100 41,000 Pinnacle Entertainment, Inc., 8.7500%, 10/1/13 39,565 51,000 Pokagon Gaming Authority, 10.3750%, 6/15/14 (144A) 47,175 414,360 Hotels and Motels - 0.8% 520,000 Starwood Hotels & Resorts Worldwide, Inc., 6.2500%, 2/15/13 478,400 Independent Power Producer - 3.1% 6,000 AES China Generating Co., Ltd., 8.2500%, 6/26/10 5,283 783,000 NRG Energy, Inc., 7.3250%, 2/1/16 753,638 740,000 Reliant Energy, Inc., 7.6250%, 6/15/14 667,850 500,000 Reliant Energy, Inc., 7.8750%, 6/15/17 446,250 1,873,021 Machine Tools and Related Products - 0.1% 110,000 Thermadyne Holdings Corp., 9.5000%, 2/1/14 * 71,913 Medical - Hospitals - 4.4% 564,000 CHS/Community Health Systems, Inc., 8.8750%, 7/15/15 561,180 416,000 HCA, Inc., 7.8750%, 2/1/11 407,680 1,293,000 HCA, Inc., 9.2500%, 11/15/16 (144A) 1,280,069 69,000 HCA, Inc., 9.8750%, 2/15/17 69,000 118,000 HCA, Inc., 8.5000%, 4/15/19 (144A) 118,738 72,000 Tenet Healthcare Corp., 7.3750%, 2/1/13 65,880 96,000 Tenet Healthcare Corp., 9.2500%, 2/1/15 88,800 2,591,347 Medical - Outpatient and Home Medical Care - 0.1% 40,000 National Mentor Holdings, Inc., 11.2500%, 7/1/14 35,200 Medical Products - 0.5% 334,000 Biomet, Inc., 11.6250%, 10/15/17 323,980 Metal - Copper - 1.8% 548,000 Freeport-McMoRan Copper & Gold, Inc., 8.2500%, 4/1/15 539,780 556,000 Freeport-McMoRan Copper & Gold, Inc., 8.3750%, 4/1/17 544,880 1,084,660 Office Automation and Equipment - 0.3% 95,000 Xerox Corp., 6.8750%, 8/15/11 95,283 125,000 Xerox Corp., 6.3500%, 5/15/18 101,250 196,533 Oil Companies - Exploration and Production - 3.5% 144,000 Cimarex Energy Co., 7.1250%, 5/1/17 127,440 24,000 Encore Acquisition Co., 6.2500%, 4/15/14 20,280 158,000 Forest Oil Corp., 8.0000%, 12/15/11 155,235 71,000 Forest Oil Corp., 8.5000%, 2/15/14 (144A) 68,870 140,000 Forest Oil Corp., 7.7500%, 5/1/14 131,950 66,000 Forest Oil Corp., 7.2500%, 6/15/19 (144A) 54,945 579,000 Forest Oil Corp., 7.2500%, 6/15/19 482,017 55,000 Hilcorp Energy I L.P./Hilcorp Finance Co., 9.0000%, 6/1/16 (144A) 47,025 416,000 PetroHawk Energy Corp., 9.1250%, 7/15/13 407,680 53,000 Plains Exploration & Production Co., 7.7500%, 6/15/15 48,495 575,000 Quicksilver Resources, Inc., 8.2500%, 8/1/15 468,624 85,000 Range Resources Corp., 7.3750%, 7/15/13 83,088 2,095,649 Oil Field Machinery and Equipment - 0.1% 92,000 Dresser-Rand Group, Inc., 7.3750%, 11/1/14 81,880 Oil Refining and Marketing - 0.7% 410,000 Frontier Oil Corp., 8.5000%, 9/15/16 405,900 Paper and Related Products - 1.3% 18,000 Boise Cascade LLC, 7.1250%, 10/15/14 7,965 22,000 Georgia-Pacific LLC, 8.2500%, 5/1/16 (144A) 22,000 794,000 Georgia-Pacific LLC, 7.1250%, 1/15/17 (144A) 750,330 780,295 Physical Therapy and Rehabilitation Centers - 1.1% 647,000 HealthSouth Corp., 10.7500%, 6/15/16 659,940 Pipelines - 3.4% 138,000 Dynegy Holdings, Inc., 7.5000%, 6/1/15 108,330 428,000 Dynegy Holdings, Inc., 8.3750%, 5/1/16 342,400 74,000 El Paso Corp., 12.0000%, 12/12/13 79,920 27,000 El Paso Corp., 8.2500%, 2/15/16 26,325 764,000 El Paso Corp., 7.0000%, 6/15/17 686,405 436,000 Kinder Morgan Finance Co., 5.3500%, 1/5/11 424,010 248,000 Kinder Morgan Finance Co., 5.7000%, 1/5/16 215,140 162,000 Tennessee Gas Pipelines Co., 8.0000%, 2/1/16 (144A) 165,240 2,047,770 Publishing - Books - 0.3% 180,000 Cengage Learning Acquisitions, Inc., 10.5000%, 1/15/15 (144A) 122,400 115,000 Cengage Learning Acquisitions, Inc., 0%, 7/15/15 (144A) 56,350 178,750 Publishing - Newspapers - 0.6% 440,000 Block Communications, Inc., 8.2500%, 12/15/15 (144A) 365,200 Publishing - Periodicals - 0.7% 9,000 Medimedia USA, Inc., 11.3750%, 11/15/14 (144A)ss. 5,850 120,000 Nielsen Finance LLC, 11.6250%, 2/1/14 (144A) 118,800 315,000 Nielsen Finance LLC, 11.5000%, 5/1/16 (144A) 297,675 422,325 REIT - Health Care - 0.5% 152,000 Senior Housing Properties Trust, 8.6250%, 1/15/12 145,920 168,000 Ventas Realty LP/Ventas Capital Corp, 0%, 6/4/09 149,520 295,440 REIT - Regional Malls - 0.2% 92,000 Simon Property Group L.P., 10.3500%, 4/1/19 96,027 REIT - Warehouse/Industrial - 0.2% 205,000 ProLogis, 6.6250%, 5/15/18 133,782 Rental Auto/Equipment - 0.2% 138,000 Hertz Corp., 8.8750%, 1/1/14 106,950 Resorts and Theme Parks - 0.4% 278,000 Vail Resorts, Inc., 6.7500%, 2/15/14 250,200 Retail - Apparel and Shoe - 1.4% 671,000 Burlington Coat Factory, 11.1250%, 4/15/14 468,023 79,000 Ltd. Brands, Inc., 6.9000%, 7/15/17 65,618 422,000 Ltd. Brands, Inc., 7.6000%, 7/15/37 277,140 810,781 Retail - Computer Equipment - 0.5% 303,000 GameStop Corp., 8.0000%, 10/1/12 307,545 Retail - Hypermarkets - 0.3% 154,000 New Albertsons, Inc., 8.3500%, 5/1/10 157,273 Retail - Miscellaneous/Diversified - 0.1% 83,000 Eye Care Centers of America, Inc., 10.7500%, 2/15/15 77,190 Retail - Perfume and Cosmetics - 1.7% 465,000 Sally Holdings LLC/Sally Capital, Inc., 9.2500%, 11/15/14 465,000 575,000 Sally Holdings LLC/Sally Capital, Inc., 10.5000%, 11/15/16 554,875 1,019,875 Retail - Propane Distribution - 2.1% 710,000 Amerigas Partners L.P., 7.2500%, 5/20/15 694,025 473,000 Ferrellgas Partners L.P. / Ferrellgas Partners Finance Corp., 8.7500%, 6/15/12 432,795 157,000 Ferrellgas Escrow LLC / Ferrellgas Finance Escrow Corp., 6.7500%, 5/1/14 141,693 1,268,513 Retail - Regional Department Stores - 0.5% 314,000 JC Penney Co., Inc., 9.0000%, 8/1/12 314,951 Retail - Restaurants - 0.5% 167,000 Denny's Holdings, Inc., 10.0000%, 10/1/12 155,728 163,000 Landry's Restaurants, Inc., 14.0000%, 8/15/11 (144A)ss. 154,850 310,578 Retail - Vitamins/Nutritional Supplement - 0% 36,000 General Nutrition Centers, Inc., 6.4000%, 3/15/14 *,** 27,360 Rubber - Tires - 0.8% 295,000 Goodyear Tire & Rubber Co., 7.8570%, 8/15/11 274,350 223,000 Goodyear Tire & Rubber Co., 9.0000%, 7/1/15 202,930 477,280 Satellite Telecommunications - 1.4% 707,000 Intelsat Jackson Holdings, Ltd., 11.2500%, 6/15/16 722,908 83,000 Intelsat Subsidiary Holding Co., Ltd., 8.8750%, 1/15/15 (144A) 81,755 804,663 Schools - 0.4% 217,000 Education Management LLC, 10.2500%, 6/1/16 208,320 Seismic Data Collection - 0.1% 110,000 Cie Generale de Geophysique-Veritas, 7.7500%, 5/15/17 88,000 Special Purpose Entity - 9.0% 5,090,360 CDX North America High Yield, 8.8750%, 6/29/13 (144A) 4,428,612 70,000 Fresenius U.S. Finance II, Inc., 9.0000%, 7/15/15 (144A) 74,200 192,000 LBI Media, Inc., 8.5000%, 8/1/17 (144A) 59,520 120,000 NSG Holdings LLC/NSG Holdings, Inc., 7.7500%, 12/15/25 (144A) 93,600 910,000 Petroplus Finance, Ltd., 7.0000%, 5/1/17 (144A) 732,550 5,388,482 Steel - Producers - 1.3% 143,000 ArcelorMittal, 5.0000%, 5/15/14 143,000 185,000 Reliance Steel & Aluminum Co., 6.2000%, 11/15/16 142,579 83,000 Steel Dynamics, Inc., 7.3750%, 11/1/12 74,078 526,000 Steel Dynamics, Inc., 8.2500%, 4/15/16 (144A) 415,540 775,197 Telecommunication Services - 0.9% 190,000 Qwest Corp., 8.3750%, 5/1/16 (144A) 189,050 331,000 Time Warner Telecom Holdings, Inc., 9.2500%, 2/15/14 331,828 520,878 Telephone - Integrated - 3.5% 459,000 Cincinnati Bell, Inc., 8.3750%, 1/15/14 453,262 227,000 Frontier Communications Corp., 8.2500%, 5/1/14 223,028 238,000 Level 3 Financing, Inc., 8.7500%, 2/15/17 168,980 640,000 Qwest Communications International, Inc., 7.2500%, 2/15/11 630,399 170,000 Sprint Capital Corp., 8.3750%, 3/15/12 162,988 210,000 Sprint Nextel Corp., 6.0000%, 12/1/16 174,300 262,000 Virgin Media Finance PLC, 9.1250%, 8/15/16 258,070 2,071,027 Textile - Home Furnishings - 0.1% 45,000 Mohawk Industries, Inc., 6.2500%, 1/15/11 42,647 Transportation - Marine - 0.4% 320,000 Ship Finance International, Ltd., 8.5000%, 12/15/13 232,000 Transportation - Railroad - 0.4% 88,000 Kansas City Southern de Mexico S.A. de C.V., 9.3750%, 5/1/12 80,520 227,000 Kansas City Southern de Mexico S.A. de C.V., 7.6250%, 12/1/13 186,140 266,660 Transportation - Services - 0.1% 46,000 Bristow Group, Inc., 6.1250%, 6/15/13 39,560 Transportation - Truck - 0.1% 175,000 Swift Transportation Co., 12.5000%, 5/15/17 (144A)ss. 55,125 - ------------------------------------------------------------------------------------------------------------------------------------ Total Corporate Bonds (cost $53,264,557) 55,322,421 - ------------------------------------------------------------------------------------------------------------------------------------ Preferred Stock - 0.3% Metal - Copper - 0.3% 2,355 Freeport-McMoRan Copper & Gold, Inc., convertible, 6.7500% (cost $133,840) 158,374 - ------------------------------------------------------------------------------------------------------------------------------------ Money Market - 5.0% 2,978,716 Janus Cash Liquidity Fund LLC, 0% (cost $2,978,716) 2,978,716 - ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $57,187,695) - 100% $59,486,629 - ------------------------------------------------------------------------------------------------------------------------------------
Summary of Investments by Country - (Long Positions) April 30, 2009 (unaudited) Country Value % of Investment Securities - -------------------------------------------------------------------------------- Bermuda $ 1,774,496 3.0% Canada 639,150 1.1% Cayman Islands 239,355 0.4% France 88,000 0.2% Germany 317,220 0.5% Liberia 137,200 0.2% Luxembourg 463,282 0.8% Mexico 266,660 0.4% United Kingdom 258,070 0.4% United States++ 55,303,196 93.0% - -------------------------------------------------------------------------------- Total $ 59,486,629 100.0% ++ Includes Short-Term Securities (88.0% excluding Short-Term Securities) Notes to Schedule of Investments (unaudited) 144A Securities sold under Rule 144A of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. PLC Public Limited Company REIT Real Estate Investment Trust * Rate is subject to change. Rate shown reflects current rate. ** Security is illiquid. ss. Schedule of Restricted and Illiquid Securities (as of April 30, 2009)
Acquisition Acquisition Value as a % of Date Cost Value Investment Securities - ------------------------------------------------------------------------------------------------------------------------------------ Ace Hardware Corp., 9.1250%, 6/1/16 5/8/08 $ 12,818 $ 11,765 0.0% Innophos Holdings, Inc., 9.5000% 4/15/12 (144A) 4/11/07 - 11/19/07 8,985 6,300 0.0% Landry's Restaurants, Inc., 14.0000%, 8/15/11 (144A) 4/21/09 144,255 154,850 0.3% Medimedia USA, Inc., 11.3750% 11/15/14 (144A) 11/1/06 - 11/2/06 9,150 5,850 0.0% Swift Transportation Co., 12.5000%, 5/15/17 (144A) 4/17/09 - 4/29/09 52,365 55,125 0.1% - ------------------------------------------------------------------------------------------------------------------------------------ $227,573 $233,890 0.4% ====================================================================================================================================
The Fund has registration rights for certain restricted securities held as of April 30, 2009. The issuer incurs all registration costs. The following is a summary of the inputs that were used to value the Fund's investments in securities and other financial instruments as of April 30, 2009. See Significant Accounting Policies for more information. Valuation Inputs Summary (as of April 30, 2009)
Level 1 - Quoted Level 2 - Other Significant Level 3 - Significant Prices Observable Inputs Unobservable Inputs - --------------------------------------------------------------------------------------------------------------------------------- Investments in Securities: Janus Adviser High-Yield Fund - $59,486,629 - - ---------------------------------------------------------------------------------------------------------------------------------
Janus Adviser INTECH Risk-Managed Core Fund Schedule of Investments (unaudited)
Shares or Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------------------ Common Stock - 99.5% Aerospace and Defense - 0.8% 1,100 Boeing Co. $ 44,055 800 General Dynamics Corp. 41,336 6,500 Lockheed Martin Corp. 510,445 595,836 Aerospace and Defense - Equipment - 0.1% 1,600 United Technologies Corp. 78,144 Agricultural Chemicals - 0.1% 1,000 Monsanto Co. 84,890 Airlines - 0.4% 37,800 Southwest Airlines Co. 263,844 Apparel Manufacturers - 0.5% 400 Coach, Inc. 9,800 2,600 Polo Ralph Lauren Corp. 139,984 3,900 VF Corp. 231,153 380,937 Appliances - 0% 100 Whirlpool Corp. 4,516 Applications Software - 0.9% 600 Citrix Systems, Inc. * 17,118 14,300 Compuware Corp. * 106,964 8,800 Intuit, Inc. * 203,544 14,000 Microsoft Corp. 283,640 611,266 Athletic Footwear - 0.1% 1,000 NIKE, Inc. - Class B 52,470 Audio and Video Products - 0% 900 Harman International Industries, Inc. 16,371 Automotive - Cars and Light Trucks - 0% 3,500 Ford Motor Co. * 20,930 Automotive - Medium and Heavy Duty Trucks - 0% 550 PACCAR, Inc. 19,492 Automotive - Truck Parts and Equipment - Original - 0.1% 1,900 Johnson Controls, Inc. 36,119 Beverages - Non-Alcoholic - 2.1% 16,600 Coca-Cola Co. 714,630 2,300 Dr. Pepper Snapple Group, Inc. * 47,633 1,100 Pepsi Bottling Group, Inc. 34,397 13,800 PepsiCo, Inc. 686,688 1,483,348 Beverages - Wine and Spirits - 0.6% 5,725 Brown-Forman Corp. - Class B 266,213 14,000 Constellation Brands, Inc. - Class A* 162,260 428,473 Building - Residential and Commercial - 0.2% 2,200 Centex Corp. 24,068 5,300 Lennar Corp. - Class A 51,622 5,100 Pulte Homes, Inc. 58,701 134,391 Cable Television - 1.6% 64,500 Comcast Corp. - Class A 997,170 6,000 DIRECTV Group, Inc. * 148,380 184 Time Warner Cable, Inc. - Class A * 5,930 1,151,480 Casino Hotels - 0% 500 Wynn Resorts, Ltd. * 19,615 Chemicals - Diversified - 0.7% 5,200 E.I. du Pont de Nemours & Co. 145,080 8,600 PPG Industries, Inc. 378,830 523,910 Chemicals - Specialty - 0.1% 2,100 Ecolab, Inc. 80,955 400 International Flavors & Fragrances, Inc. 12,480 100 Sigma-Aldrich Corp. 4,384 97,819 Coal - 0.5% 2,700 Consol Energy, Inc. 84,456 5,000 Massey Energy Co. 79,550 6,100 Peabody Energy Corp. 160,979 324,985 Coatings and Paint Products - 0.3% 3,700 Sherwin-Williams Co. 209,568 Commercial Banks - 0.7% 12,200 BB&T Corp. 284,748 4,072 First Horizon National Corp. 46,869 1,800 M&T Bank Corp. 94,410 1,200 Zions Bancorporation 13,116 439,143 Commercial Services - 0% 700 Iron Mountain, Inc. * 19,943 Commercial Services - Finance - 1.9% 16,700 Automatic Data Processing, Inc. 587,840 25,400 H&R Block, Inc. 384,556 5,400 Moody's Corp. 159,408 5,300 Paychex, Inc. 143,153 3,800 Western Union Co. 63,650 1,338,607 Computer Aided Design - 0% 800 Autodesk, Inc. * 15,952 Computer Services - 0.7% 3,300 Affiliated Computer Services, Inc. - Class A* 159,654 1,400 Cognizant Technology Solutions Corp. * 34,706 7,100 Computer Sciences Corp. * 262,416 456,776 Computers - 4.2% 4,700 Apple, Inc. * 591,401 14,900 Dell, Inc. * 173,138 27,300 Hewlett-Packard Co. 982,254 12,000 International Business Machines Corp. 1,238,520 2,300 Sun Microsystems, Inc. * 21,068 3,006,381 Computers - Memory Devices - 0.3% 4,200 EMC Corp. * 52,626 1,800 NetApp, Inc. * 32,940 6,400 SanDisk Corp. * 100,608 186,174 Computers - Peripheral Equipment - 0% 1,600 Lexmark International, Inc. - Class A* 31,392 Consumer Products - Miscellaneous - 0.7% 6,600 Clorox Co. 369,930 1,900 Kimberly-Clark Corp. 93,366 463,296 Containers - Metal and Glass - 0.1% 2,200 Ball Corp. 82,984 Containers - Paper and Plastic - 0.3% 6,800 Bemis Co., Inc. 163,472 1,400 Pactiv Corp. * 30,604 194,076 Cosmetics and Toiletries - 3.0% 100 Avon Products, Inc. 2,276 5,100 Colgate-Palmolive Co. 300,900 4,200 Estee Lauder Companies, Inc. - Class A 125,580 34,788 Procter & Gamble Co. 1,719,919 2,148,675 Data Processing and Management - 0.3% 2,500 Dun & Bradstreet Corp. 203,500 Dental Supplies and Equipment - 0.1% 2,800 Dentsply International, Inc. 80,136 Dialysis Centers - 0.4% 6,600 DaVita, Inc. * 306,042 Distribution/Wholesale - 1.1% 7,100 Fastenal Co. 272,356 5,600 Genuine Parts Co. 190,176 3,500 W.W. Grainger, Inc. 293,580 756,112 Diversified Operations - 5.0% 4,500 3M Co. 259,200 7,000 Cooper Industries, Ltd. - Class A 229,530 10,500 Dover Corp. 323,190 164,400 General Electric Co. 2,079,660 4,300 Illinois Tool Works, Inc. 141,040 792 Ingersoll-Rand Co. - Class A 17,242 4,000 ITT Corp. 164,040 11,100 Leggett & Platt, Inc. 159,396 8,100 Leucadia National Corp. 171,963 3,545,261 E-Commerce/Products - 0.3% 2,900 Amazon.com, Inc. * 233,508 Electric - Integrated - 3.5% 3,800 Ameren Corp. 87,476 13,400 Consolidated Edison, Inc. 497,542 500 Dominion Resources, Inc. 15,080 7,000 DTE Energy Co. 206,990 1,400 Duke Energy Corp. 19,334 2,900 Entergy Corp. 187,833 2,700 FirstEnergy Corp. 110,430 2,800 FPL Group, Inc. 150,612 4,000 Integrys Energy Group, Inc. 105,640 4,600 Northeast Utilities 96,692 7,700 PG&E Corp. 285,824 4,400 Pinnacle West Capital Corp. 120,472 5,800 PPL Corp. 173,478 5,500 Progress Energy, Inc. 187,660 300 Public Service Enterprise Group, Inc. 8,952 2,000 SCANA Corp. 60,440 2,900 Southern Co. 83,752 5,800 TECO Energy, Inc. 61,422 600 Wisconsin Energy Corp. 23,976 1,200 Xcel Energy, Inc. 22,128 2,505,733 Electric Products - Miscellaneous - 0.2% 6,400 Molex, Inc. 106,688 Electronic Components - Miscellaneous - 0.1% 7,600 Jabil Circuit, Inc. 61,560 Electronic Components - Semiconductors - 2.0% 7,200 Advanced Micro Devices, Inc. 25,992 18,200 Altera Corp. 296,842 9,500 Broadcom Corp. - Class A* 220,305 14,600 Intel Corp. 230,388 3,300 Microchip Technology, Inc. 75,900 12,100 Micron Technology, Inc. * 59,048 10,900 National Semiconductor Corp. 134,833 8,600 Nvidia Corp. * 98,728 900 QLogic Corp. * 12,762 11,900 Xilinx, Inc. 243,236 1,398,034 Electronic Connectors - 0% 800 Amphenol Corp. - Class A 27,072 Electronic Forms - 0.1% 3,700 Adobe Systems, Inc. * 101,195 Electronic Measuring Instruments - 0.1% 1,800 Agilent Technologies, Inc. * 32,868 600 FLIR Systems, Inc. * 13,308 46,176 Engineering - Research and Development Services - 0.3% 5,800 Fluor Corp. 219,646 400 Jacobs Engineering Group, Inc. * 15,216 234,862 Engines - Internal Combustion - 0.4% 7,900 Cummins, Inc. 268,600 Enterprise Software/Services - 1.1% 39,335 Oracle Corp. 760,739 Fiduciary Banks - 0.3% 1,400 Bank of New York Mellon Corp. 35,672 2,200 Northern Trust Corp. 119,592 1,100 State Street Corp. 37,543 192,807 Filtration and Separations Products - 0% 100 Pall Corp. 2,641 Finance - Consumer Loans - 0.2% 22,400 SLM Corp. * 108,192 Finance - Credit Card - 0.2% 1,000 American Express Co. 25,220 17,700 Discover Financial Services 143,901 169,121 Finance - Investment Bankers/Brokers - 1.3% 7,200 Charles Schwab Corp. 133,056 6,100 Citigroup, Inc. 18,605 600 Goldman Sachs Group, Inc. 77,100 13,086 JPMorgan Chase & Co. 431,838 9,400 Morgan Stanley 222,216 882,815 Finance - Other Services - 0.3% 300 CME Group, Inc. 66,405 300 IntercontinentalExchange, Inc. * 26,280 2,100 Nasdaq Stock Market, Inc. * 40,383 2,000 NYSE Euronext 46,340 179,408 Financial Guarantee Insurance - 0% 3,900 MBIA, Inc. * 18,447 Food - Confectionery - 1.0% 10,800 Hershey Co. 390,312 7,400 J.M. Smucker Co. 291,560 681,872 Food - Dairy Products - 0.1% 1,800 Dean Foods Co. * 37,260 Food - Meat Products - 0.1% 600 Hormel Foods Corp. 18,774 6,500 Tyson Foods, Inc. - Class A 68,510 87,284 Food - Miscellaneous/Diversified - 3.9% 14,500 Campbell Soup Co. 372,940 11,500 General Mills, Inc. 582,935 18,900 H.J. Heinz Co. 650,538 15,000 Kellogg Co. 631,650 16,500 Kraft Foods, Inc. - Class A 386,100 2,100 McCormick & Co., Inc. 61,845 11,100 Sara Lee Corp. 92,352 2,778,360 Food - Retail - 1.2% 38,200 Kroger Co. 825,884 Food - Wholesale/Distribution - 0.5% 14,500 Sysco Corp. 338,285 Forestry - 0.1% 1,100 Plum Creek Timber Co., Inc. 37,972 Gas - Distribution - 0.1% 3,100 Nicor, Inc. 99,634 Hazardous Waste Disposal - 0.1% 1,700 Stericycle, Inc. * 80,036 Hotels and Motels - 0% 2,000 Wyndham Worldwide Corp. 23,360 Human Resources - 0% 1,200 Robert Half International, Inc. 28,824 Industrial Gases - 0.1% 700 Praxair, Inc. 52,227 Instruments - Scientific - 0.3% 1,000 PerkinElmer, Inc. 14,570 5,100 Thermo Fisher Scientific, Inc. * 178,908 193,478 Insurance Brokers - 0.5% 16,600 Marsh & McLennan Companies, Inc. 350,094 Internet Infrastructure Software - 0% 1,000 Akamai Technologies, Inc. * 22,020 Internet Security - 0.5% 1,000 McAfee, Inc. * 37,540 17,300 Symantec Corp. * 298,425 335,965 Investment Management and Advisory Services - 0.3% 800 Ameriprise Financial, Inc. 21,080 800 Federated Investors, Inc. - Class B 18,304 1,000 Franklin Resources, Inc. 60,480 2,500 Invesco, Ltd. 36,800 800 Legg Mason, Inc. 16,056 2,300 T. Rowe Price Group, Inc. 88,596 241,316 Life and Health Insurance - 0.6% 1,000 AFLAC, Inc. 28,890 13,500 Lincoln National Corp. 151,740 1,600 Principal Financial Group, Inc. 26,144 5,300 Prudential Financial, Inc. 153,064 700 Torchmark Corp. 20,531 4,400 Unum Group 71,896 452,265 Linen Supply and Related Items - 0.1% 3,700 Cintas Corp. 94,942 Machinery - Construction and Mining - 0.9% 17,700 Caterpillar, Inc. 629,766 Machinery - Pumps - 0% 400 Flowserve Corp. 27,160 Medical - Biomedical and Genetic - 1.4% 6,300 Amgen, Inc. 305,361 11,000 Celgene Corp. * 469,920 1,000 Genzyme Corp. * 53,330 3,900 Gilead Sciences, Inc. * 178,620 1,007,231 Medical - Drugs - 4.4% 18,500 Abbott Laboratories 774,225 400 Allergan, Inc. 18,664 28,200 Bristol-Myers Squibb Co. 541,440 3,200 Cephalon, Inc. * 209,952 900 Eli Lilly & Co. 29,628 14,200 King Pharmaceuticals, Inc. * 111,896 17,400 Merck & Co., Inc. 421,776 40,100 Pfizer, Inc. 535,736 10,000 Schering-Plough Corp. 230,200 5,500 Wyeth 233,200 3,106,717 Medical - Generic Drugs - 0.1% 2,300 Mylan, Inc. * 30,475 200 Watson Pharmaceuticals, Inc. * 6,188 36,663 Medical - HMO - 0.4% 1,100 CIGNA Corp. 21,681 2,300 Humana, Inc. * 66,194 1,700 UnitedHealth Group, Inc. 39,984 3,600 WellPoint, Inc. * 153,936 281,795 Medical - Wholesale Drug Distributors - 0% 900 Cardinal Health, Inc. 30,411 Medical Information Systems - 0.2% 12,200 IMS Health, Inc. 153,232 Medical Instruments - 0.1% 4,400 Boston Scientific Corp. * 37,004 1,500 Medtronic, Inc. 48,000 85,004 Medical Labs and Testing Services - 0.7% 9,300 Quest Diagnostics, Inc. 477,369 Medical Products - 4.0% 12,100 Baxter International, Inc. 586,850 10,300 Covidien, Ltd. 339,694 33,700 Johnson & Johnson 1,764,532 2,500 Stryker Corp. 96,775 2,200 Varian Medical Systems, Inc. * 73,414 2,861,265 Metal - Aluminum - 0% 600 Alcoa, Inc. 5,442 Metal - Copper - 0.1% 1,100 Freeport-McMoRan Copper & Gold, Inc. - Class B 46,915 Metal Processors and Fabricators - 0% 100 Precision Castparts Corp. 7,486 Motorcycle and Motor Scooter Manufacturing - 0.1% 3,300 Harley-Davidson, Inc. 73,128 Multi-Line Insurance - 1.4% 700 Allstate Corp. 16,331 1,700 Cincinnati Financial Corp. 40,715 13,900 Hartford Financial Services Group, Inc. 159,433 23,000 Loews Corp. 572,470 4,500 MetLife, Inc. 133,875 3,200 XL Capital, Ltd. - Class A 30,432 953,256 Multimedia - 0.9% 5,600 McGraw-Hill Companies, Inc. 168,840 733 Time Warner, Inc. 16,001 18,900 Walt Disney Co. 413,910 598,751 Networking Products - 1.2% 43,700 Cisco Systems, Inc. * 844,284 1,200 Juniper Networks, Inc. * 25,980 870,264 Non-Hazardous Waste Disposal - 1.2% 5,750 Republic Services, Inc. 120,750 27,000 Waste Management, Inc. 720,090 840,840 Office Automation and Equipment - 0.1% 3,200 Pitney Bowes, Inc. 78,528 Oil - Field Services - 1.5% 5,900 Baker Hughes, Inc. 209,922 4,100 BJ Services Co. 56,949 3,300 Halliburton Co. 66,726 11,600 Schlumberger, Ltd. (U.S. Shares) 568,284 5,400 Smith International, Inc. 139,590 1,041,471 Oil and Gas Drilling - 0.3% 400 Diamond Offshore Drilling, Inc. 28,964 1,600 ENSCO International, Inc. 45,248 6,600 Nabors Industries, Ltd. * 100,386 174,598 Oil Companies - Exploration and Production - 1.4% 700 Anadarko Petroleum Corp. 30,142 700 Apache Corp. 51,002 400 Cabot Oil & Gas Corp. 12,076 5,100 Chesapeake Energy Corp. 100,521 4,300 Denbury Resources, Inc. * 70,004 1,600 Devon Energy Corp. 82,960 6,500 Occidental Petroleum Corp. 365,885 6,200 Pioneer Natural Resources Co. 143,344 3,100 Southwestern Energy Co. * 111,166 967,100 Oil Companies - Integrated - 8.9% 19,797 Chevron Corp. 1,308,582 15,900 ConocoPhillips 651,900 62,700 Exxon Mobil Corp. 4,180,209 1,900 Hess Corp. 104,101 2,540 Marathon Oil Corp. 75,438 6,320,230 Oil Field Machinery and Equipment - 0.3% 700 Cameron International Corp. * 17,906 7,000 National Oilwell Varco, Inc. * 211,960 229,866 Oil Refining and Marketing - 0.1% 2,600 Tesoro Corp. 39,650 Pharmacy Services - 0.7% 1,500 Express Scripts, Inc. - Class A* 95,955 8,926 Medco Health Solutions, Inc. * 388,727 484,682 Pipelines - 0.3% 1,100 El Paso Corp. 7,590 15,000 Spectra Energy Corp. 217,500 225,090 Property and Casualty Insurance - 0.5% 3,000 Chubb Corp. 116,850 11,900 Progressive Corp. 181,832 400 Travelers Companies, Inc. 16,456 315,138 Quarrying - 0.2% 3,200 Vulcan Materials Co. 152,160 Real Estate Management/Services - 0% 2,500 CB Richard Ellis Group, Inc. - Class A* 18,750 REIT - Apartments - 0.2% 407 Apartment Investment & Management Co. - Class A 2,971 409 Avalonbay Communities, Inc. 23,235 6,200 Equity Residential 141,918 168,124 REIT - Diversified - 0.1% 1,111 Vornado Realty Trust 54,317 REIT - Health Care - 0.2% 5,300 HCP, Inc. 116,335 400 Heath Care REIT, Inc. 13,628 800 Ventas, Inc. 22,912 152,875 REIT - Office Property - 0% 600 Boston Properties, Inc. 29,652 REIT - Regional Malls - 0% 442 Simon Property Group, Inc. 22,807 REIT - Storage - 0.2% 2,500 Public Storage 167,150 REIT - Warehouse/Industrial - 0.1% 10,400 ProLogis 94,744 Retail - Apparel and Shoe - 0.2% 12,800 Ltd. Brands, Inc. 146,176 Retail - Auto Parts - 0.1% 200 AutoZone, Inc. * 33,278 1,500 O'Reilly Automotive, Inc. * 58,275 91,553 Retail - Bedding - 0% 900 Bed Bath & Beyond, Inc. * 27,378 Retail - Building Products - 0.6% 9,100 Home Depot, Inc. 239,512 8,200 Lowe's Companies, Inc. 176,300 415,812 Retail - Consumer Electronics - 0.1% 5,300 RadioShack Corp. 74,624 Retail - Discount - 2.1% 1,700 Big Lots, Inc. * 46,988 6,200 Family Dollar Stores, Inc. 205,778 200 Target Corp. 8,252 24,500 Wal-Mart Stores, Inc. 1,234,800 1,495,818 Retail - Drug Store - 0.4% 5,054 CVS Caremark Corp. 160,616 3,300 Walgreen Co. 103,719 264,335 Retail - Jewelry - 0% 500 Tiffany & Co. 14,470 Retail - Major Department Stores - 0.3% 2,000 JC Penney Co., Inc. 61,380 1,000 Sears Holdings Corp. * 62,470 2,600 TJX Companies, Inc. 72,722 196,572 Retail - Office Supplies - 0.2% 6,500 Staples, Inc. 134,030 Retail - Regional Department Stores - 0.6% 8,700 Kohl's Corp. * 394,545 Retail - Restaurants - 1.3% 4,600 Darden Restaurants, Inc. 170,062 12,900 McDonald's Corp. 687,441 5,700 Starbucks Corp. * 82,422 939,925 Savings/Loan/Thrifts - 0.4% 19,900 Hudson City Bancorp, Inc. 249,944 3,100 People's United Financial, Inc. 48,422 298,366 Schools - 0.1% 700 Apollo Group, Inc. - Class A* 44,065 Semiconductor Components/Integrated Circuits - 0.6% 8,000 Analog Devices, Inc. 170,240 12,900 Linear Technology Corp. 280,962 451,202 Semiconductor Equipment - 0% 1,100 Novellus Systems, Inc. * 19,866 Steel - Producers - 0.1% 3,700 AK Steel Holding Corp. 48,137 1,500 United States Steel Corp. 39,825 87,962 Steel - Specialty - 0% 500 Allegheny Technologies, Inc. 16,365 Super-Regional Banks - 2.2% 39,253 Bank of America Corp. 350,529 6,300 Capital One Financial Corp. 105,462 600 Comerica, Inc. 12,588 400 KeyCorp 2,460 5,500 PNC Financial Services Group, Inc. 218,350 7,300 U.S. Bancorp 133,006 34,766 Wells Fargo & Co. 695,668 1,518,063 Telecommunication Equipment - 0% 4,000 Tellabs, Inc. * 20,960 Telecommunication Services - 0.4% 6,800 Embarq Corp. 248,608 Telephone - Integrated - 4.5% 85,205 AT&T, Inc. 2,182,952 6,500 CenturyTel, Inc. 176,475 19,400 Frontier Communications Corp. 137,934 10,700 Qwest Communications International, Inc. 41,623 9,500 Sprint Nextel Corp. * 41,420 17,600 Verizon Communications, Inc. 533,984 4,200 Windstream Corp. 34,860 3,149,248 Tobacco - 0.5% 300 Lorillard, Inc. 18,939 7,400 Philip Morris International, Inc. 267,880 800 Reynolds American, Inc. 30,384 317,203 Tools - Hand Held - 0.2% 1,600 Black & Decker Corp. 64,480 800 Snap-On, Inc. 27,136 800 Stanley Works 30,424 122,040 Toys - 0.2% 4,900 Hasbro, Inc. 130,634 Transportation - Railroad - 3.3% 7,500 Burlington Northern Santa Fe Corp. 506,100 18,300 CSX Corp. 541,497 20,700 Norfolk Southern Corp. 738,576 11,100 Union Pacific Corp. 545,454 2,331,627 Transportation - Services - 0.2% 2,500 C.H. Robinson Worldwide, Inc. 132,900 500 FedEx Corp. 27,980 300 Ryder System, Inc. 8,307 169,187 Web Portals/Internet Service Providers - 0.1% 200 Google, Inc. - Class A* 79,194 Wireless Equipment - 0.9% 11,600 Motorola, Inc. 64,148 13,400 QUALCOMM, Inc. 567,088 631,236 - ------------------------------------------------------------------------------------------------------------------------------------ Total Common Stock (cost $76,422,265) 70,532,221 - ------------------------------------------------------------------------------------------------------------------------------------ Money Market - 0.5% 358,032 Janus Cash Liquidity Fund LLC, 0% (cost $358,032) 358,032 - ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $76,780,297) - 100% $70,890,253 - ------------------------------------------------------------------------------------------------------------------------------------
Summary of Investments by Country - (Long Positions) April 30, 2009 (unaudited) Country Value % of Investment Securities - ------------------------------------------------------------------------------ Bermuda $ 723,652 1.0% Cayman Islands 30,432 0.1% Netherlands Antilles 568,284 0.8% United States++ 69,567,885 98.1% - ------------------------------------------------------------------------------ Total $ 70,890,253 100.0% ========== ====== ++ Includes Short-Term Securities (97.6% excluding Short-Term Securities) Notes to Schedule of Investments (unaudited) REIT Real Estate Investment Trust U.S. Shares Securities of foreign companies trading on an American Stock Exchange. * Non-income-producing security. The following is a summary of the inputs that were used to value the Fund's investments in securities as of April 30, 2009. See Significant Accounting Policies for more information. Valuation Inputs Summary (as of April 30, 2009)
Level 1 - Level 2 - Other Significant Level 3 - Significant Quoted Prices Observable Inputs Unobservable Inputs - ------------------------------------------------------------------------------------------------------------------------------------ Investments in Securities: Janus Adviser INTECH Risk-Managed Core Fund $ 70,532,221 $ 358,032 $- - ------------------------------------------------------------------------------------------------------------------------------------
Janus Adviser INTECH Risk-Managed Growth Fund Schedule of Investments (unaudited)
Shares or Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------------------ Common Stock - 99.7% Aerospace and Defense - 0.4% 46,900 Lockheed Martin Corp. $ 3,683,057 Aerospace and Defense - Equipment - 0.1% 3,300 Alliant Techsystems, Inc.* 262,845 19,000 United Technologies Corp. 927,960 1,190,805 Agricultural Chemicals - 0.2% 7,100 Intrepid Potash, Inc.* 175,299 12,300 Monsanto Co. 1,044,147 7,300 Terra Industries, Inc. 193,450 1,412,896 Airlines - 0.1% 44,700 AMR Corp.* 212,772 42,700 Delta Air Lines, Inc.* 263,459 476,231 Apparel Manufacturers - 0.3% 46,200 Polo Ralph Lauren Corp. 2,487,408 Applications Software - 4.1% 7,800 Citrix Systems, Inc.* 222,534 145,500 Compuware Corp.* 1,088,340 175,900 Intuit, Inc.* 4,068,567 1,422,300 Microsoft Corp. 28,815,798 7,800 Red Hat, Inc.* 134,706 34,329,945 Athletic Footwear - 0% 7,500 NIKE, Inc. - Class B 393,525 Automotive - Medium and Heavy Duty Trucks - 0% 7,400 PACCAR, Inc. 262,256 Batteries and Battery Systems - 0.1% 16,600 Energizer Holdings, Inc.* 951,180 Beverages - Non-Alcoholic - 3.6% 287,900 Coca-Cola Co. 12,394,095 11,800 Hansen Natural Corp.* 480,968 358,800 PepsiCo, Inc. 17,853,888 30,728,951 Beverages - Wine and Spirits - 0.5% 93,900 Brown-Forman Corp. - Class B 4,366,350 Building - Residential and Commercial - 0% 18,300 Pulte Homes, Inc. 210,633 Building Products - Cement and Aggregate - 0% 2,700 Martin Marietta Materials, Inc. 226,881 Cable Television - 1.2% 639,400 Comcast Corp. - Class A 9,885,124 24,200 DIRECTV Group, Inc.* 598,466 10,483,590 Casino Services - 0.1% 66,800 Scientific Games Corp. - Class A* 1,168,332 Cellular Telecommunications - 0.4% 10,900 MetroPCS Communications, Inc.* 186,281 180,900 N.I.I. Holdings, Inc.* 2,923,344 3,109,625 Chemicals - Diversified - 0.2% 19,900 FMC Corp. 969,727 22,400 PPG Industries, Inc. 986,720 1,956,447 Chemicals - Specialty - 0.3% 45,900 Ecolab, Inc. 1,769,445 27,100 International Flavors & Fragrances, Inc. 845,520 2,614,965 Coal - 0.8% 107,500 Alpha Natural Resources, Inc.* 2,201,600 12,800 Consol Energy, Inc. 400,384 89,700 Massey Energy Co. 1,427,127 42,300 Peabody Energy Corp. 1,116,297 80,200 Walter Industries, Inc. 1,828,560 6,973,968 Coatings and Paint Products - 0.5% 72,600 Sherwin-Williams Co. 4,112,064 Commercial Services - 0.8% 65,800 Alliance Data Systems Corp.* 2,755,046 10,300 Iron Mountain, Inc.* 293,447 165,700 Quanta Services, Inc.* 3,766,361 6,814,854 Commercial Services - Finance - 3.7% 396,000 Automatic Data Processing, Inc. 13,939,200 59,600 Global Payments, Inc. 1,910,776 509,200 H&R Block, Inc. 7,709,288 120,600 Paychex, Inc. 3,257,406 48,400 Visa, Inc. - Class A 3,144,064 49,000 Western Union Co. 820,750 30,781,484 Computer Services - 0.3% 64,700 Accenture, Ltd. - Class A 1,904,121 4,500 Affiliated Computer Services, Inc. - Class A 217,710 13,200 Cognizant Technology Solutions Corp.* 327,228 2,449,059 Computer Software - 0.2% 71,400 Metavante Technologies, Inc.* 1,684,326 Computers - 8.5% 109,100 Apple, Inc.* 13,728,053 262,300 Dell, Inc.* 3,047,926 506,900 Hewlett-Packard Co. 18,238,262 356,800 International Business Machines Corp. 36,825,328 71,839,569 Computers - Integrated Systems - 0.3% 70,200 Diebold, Inc. 1,855,386 107,300 NCR Corp.* 1,089,095 2,944,481 Computers - Memory Devices - 0.2% 62,900 EMC Corp.* 788,137 38,400 SanDisk Corp.* 603,648 1,391,785 Consulting Services - 0% 18,900 SAIC, Inc.* 342,090 Consumer Products - Miscellaneous - 0.7% 46,500 Clorox Co. 2,606,325 55,900 Kimberly-Clark Corp. 2,746,926 13,400 Scotts Miracle-Gro Co. - Class A 452,518 5,805,769 Containers - Metal and Glass - 0% 2,000 Ball Corp. 75,440 Containers - Paper and Plastic - 0% 13,300 Packaging Corp. of America 211,071 Cosmetics and Toiletries - 2.7% 56,100 Colgate-Palmolive Co. 3,309,900 76,500 Estee Lauder Cos., Inc. - Class A 2,287,350 355,534 Procter & Gamble Co. 17,577,601 23,174,851 Data Processing and Management - 0.4% 41,800 Dun & Bradstreet Corp. 3,402,520 9,000 Fidelity National Information Services, Inc. 160,650 3,563,170 Dental Supplies and Equipment - 0.2% 66,600 Dentsply International, Inc. 1,906,092 Diagnostic Equipment - 0.1% 25,400 Gen-Probe, Inc.* 1,223,264 Diagnostic Kits - 0.2% 19,600 Idexx Laboratories, Inc.* 770,280 27,200 Inverness Medical Innovations, Inc.* 878,288 1,648,568 Dialysis Centers - 0.5% 101,200 DaVita, Inc.* 4,692,644 Disposable Medical Products - 0% 2,800 C.R. Bard, Inc. 200,564 Distribution/Wholesale - 1.5% 152,600 Fastenal Co. 5,853,736 86,100 W.W. Grainger, Inc. 7,222,068 13,075,804 Diversified Operations - 2.3% 100,500 3M Co. 5,788,800 122,100 Cooper Industries, Ltd. - Class A 4,003,659 8,000 Danaher Corp. 467,520 195,300 Dover Corp. 6,011,334 13,400 Illinois Tool Works, Inc. 439,520 69,700 ITT Corp. 2,858,397 19,569,230 E-Commerce/Products - 0.3% 32,100 Amazon.com, Inc. 2,584,692 Electric - Integrated - 0% 1,800 PPL Corp. 53,838 Electric Products - Miscellaneous - 0% 23,700 Molex, Inc. 395,079 Electronic Components - Miscellaneous - 0.1% 19,500 Garmin, Ltd. 491,205 82,800 Jabil Circuit, Inc. 670,680 1,161,885 Electronic Components - Semiconductors - 3.2% 384,400 Altera Corp. 6,269,564 114,400 Broadcom Corp. - Class A* 2,652,936 21,500 Cree, Inc.* 588,885 512,200 Intel Corp. 8,082,516 11,700 International Rectifier Corp.* 197,496 23,600 Microchip Technology, Inc. 542,800 42,200 Micron Technology, Inc.* 205,936 210,100 National Semiconductor Corp. 2,598,937 78,000 Nvidia Corp.* 895,440 192,200 ON Semiconductor Corp.* 1,041,724 37,000 Rambus, Inc.* 443,260 209,500 Xilinx, Inc. 4,282,180 27,801,674 Electronic Connectors - 0.1% 34,100 Amphenol Corp. - Class A 1,153,944 Electronic Forms - 0.3% 82,400 Adobe Systems, Inc.* 2,253,640 Electronic Measuring Instruments - 0.7% 45,000 Agilent Technologies, Inc.* 821,700 5,800 FLIR Systems, Inc.* 128,644 22,100 Itron, Inc.* 1,016,600 63,500 National Instruments Corp. 1,399,540 117,200 Trimble Navigation, Ltd.* 2,512,768 5,879,252 Energy - Alternate Sources - 0.4% 17,600 First Solar, Inc.* 3,296,304 Engineering - Research and Development Services - 0.5% 10,800 Aecom Technology Corp.* 277,884 45,700 Fluor Corp. 1,730,659 6,300 Jacobs Engineering Group, Inc.* 239,652 33,100 KBR, Inc. 517,022 42,000 McDermott International, Inc. (U.S. Shares)* 677,880 8,100 Shaw Group, Inc.* 271,593 16,600 URS Corp.* 731,396 4,446,086 Engines - Internal Combustion - 0.4% 101,900 Cummins, Inc. 3,464,600 Enterprise Software/Services - 1.8% 777,144 Oracle Corp. 15,029,965 Entertainment Software - 0.1% 47,700 Activision Blizzard, Inc.* 513,729 Fiduciary Banks - 0.1% 12,400 Northern Trust Corp. 674,064 8,300 State Street Corp. 283,279 957,343 Filtration and Separations Products - 0% 2,700 Pall Corp. 71,307 Finance - Consumer Loans - 0.2% 317,800 SLM Corp.* 1,534,974 Finance - Credit Card - 0% 12,400 American Express Co. 312,728 Finance - Investment Bankers/Brokers - 0.4% 119,100 Charles Schwab Corp. 2,200,968 27,300 Lazard, Ltd. - Class A 745,290 19,400 Morgan Stanley 458,616 14,700 TD Ameritrade Holding Corp.* 233,877 3,638,751 Finance - Other Services - 0.1% 2,400 CME Group, Inc. 531,240 21,900 Nasdaq Stock Market, Inc.* 421,137 952,377 Food - Confectionery - 0.6% 105,300 Hershey Co. 3,805,542 30,700 J.M. Smucker Co. 1,209,580 5,015,122 Food - Dairy Products - 0.1% 37,800 Dean Foods Co.* 782,460 Food - Meat Products - 0% 20,800 Tyson Foods, Inc. - Class A 219,232 Food - Miscellaneous/Diversified - 2.6% 158,300 Campbell Soup Co. 4,071,476 38,900 General Mills, Inc. 1,971,841 221,800 H.J. Heinz Co. 7,634,356 178,900 Kellogg Co. 7,533,479 36,600 McCormick & Co., Inc. 1,077,870 22,289,022 Food - Retail - 0.8% 316,500 Kroger Co. 6,842,730 Food - Wholesale/Distribution - 0.9% 324,600 Sysco Corp. 7,572,918 Forestry - 0% 11,900 Plum Creek Timber Co., Inc. 410,788 Funeral Services and Related Items - 0.1% 59,500 Hillenbrand, Inc. 1,081,710 Garden Products - 0.1% 19,300 Toro Co. 586,334 Gold Mining - 0% 5,900 Newmont Mining Corp. 237,416 Hazardous Waste Disposal - 0.2% 39,800 Stericycle, Inc.* 1,873,784 Independent Power Producer - 0% 27,100 Calpine Corp.* 219,781 Industrial Gases - 0.2% 22,500 Airgas, Inc. 970,200 9,400 Praxair, Inc. 701,334 1,671,534 Instruments - Scientific - 0% 9,600 PerkinElmer, Inc. 139,872 Insurance Brokers - 0.1% 38,000 Brown & Brown, Inc. 739,480 Internet Content - Information/News - 0% 33,000 HLTH Corp.* 363,000 Internet Infrastructure Software - 0.3% 86,900 F5 Networks, Inc.* 2,369,763 Internet Security - 0.1% 14,000 McAfee, Inc.* 525,560 Investment Management and Advisory Services - 0.3% 11,800 Affiliated Managers Group, Inc. 670,830 34,500 Eaton Vance Corp. 944,265 7,500 Franklin Resources, Inc. 453,600 20,400 T. Rowe Price Group, Inc. 785,808 2,854,503 Life and Health Insurance - 0.3% 20,700 AFLAC, Inc. 598,023 57,300 Prudential Financial, Inc. 1,654,824 2,252,847 Machine Tools and Related Products - 0.2% 24,900 Kennametal, Inc. 509,205 32,800 Lincoln Electric Holdings, Inc. 1,460,584 1,969,789 Machinery - Construction and Mining - 1.2% 20,700 Bucyrus International, Inc. 449,397 265,700 Caterpillar, Inc. 9,453,606 9,903,003 Machinery - General Industrial - 0.4% 104,300 IDEX Corp. 2,633,575 21,600 Roper Industries, Inc. 984,744 3,618,319 Machinery - Pumps - 0.2% 5,500 Flowserve Corp. 373,450 69,200 Graco, Inc. 1,632,428 2,005,878 Medical - Biomedical and Genetic - 2.3% 60,000 Amylin Pharmaceuticals, Inc.* 656,400 221,000 Celgene Corp.* 9,441,120 22,100 Genzyme Corp.* 1,178,593 92,400 Gilead Sciences, Inc.* 4,231,920 30,400 Illumina, Inc.* 1,135,440 87,800 Vertex Pharmaceuticals, Inc.* 2,705,996 19,349,469 Medical - Drugs - 5.0% 492,700 Abbott Laboratories 20,619,495 9,800 Allergan, Inc. 457,268 522,200 Bristol-Myers Squibb Co. 10,026,240 61,400 Cephalon, Inc.* 4,028,454 14,000 Eli Lilly & Co. 460,880 40,700 Merck & Co., Inc. 986,568 228,900 Schering-Plough Corp. 5,269,278 41,848,183 Medical - Generic Drugs - 0% 11,500 Mylan, Inc.* 152,375 1,100 Watson Pharmaceuticals, Inc.* 34,034 186,409 Medical - HMO - 0.3% 25,300 Humana, Inc.* 728,134 16,900 UnitedHealth Group, Inc. 397,488 34,000 WellPoint, Inc.* 1,453,840 2,579,462 Medical - Outpatient and Home Medical Care - 0.2% 65,000 Lincare Holdings, Inc.* 1,568,450 Medical - Wholesale Drug Distributors - 0% 900 Cardinal Health, Inc. 30,411 Medical Information Systems - 0.2% 26,800 Cerner Corp.* 1,441,840 47,400 IMS Health, Inc. 595,344 2,037,184 Medical Instruments - 1.0% 9,200 Beckman Coulter, Inc. 483,552 80,600 Edwards Lifesciences Corp.* 5,108,428 72,700 Medtronic, Inc. 2,326,400 4,600 Techne Corp. 263,212 8,181,592 Medical Labs and Testing Services - 1.0% 16,800 Covance, Inc.* 659,904 3,100 Laboratory Corp. of America Holdings* 198,865 146,200 Quest Diagnostics, Inc. 7,504,446 8,363,215 Medical Products - 3.8% 271,400 Baxter International, Inc. 13,162,900 339,700 Johnson & Johnson 17,786,692 8,500 Stryker Corp. 329,035 7,900 Varian Medical Systems, Inc.* 263,623 31,542,250 Metal - Copper - 0% 16,000 Southern Copper Corp. 297,120 Metal - Iron - 0.3% 100,700 Cliffs Natural Resources, Inc. 2,322,142 Motion Pictures and Services - 0.4% 130,700 DreamWorks Animation SKG, Inc. - Class A* 3,138,107 Motorcycle and Motor Scooter Manufacturing - 0.1% 55,600 Harley-Davidson, Inc. 1,232,096 Multimedia - 0.4% 4,700 FactSet Research Systems, Inc. 251,873 41,300 Liberty Media Corp. - Entertainment - Class A* 1,005,655 16,600 McGraw-Hill Cos., Inc. 500,490 87,300 Walt Disney Co. 1,911,870 3,669,888 Networking Products - 2.5% 1,079,900 Cisco Systems, Inc.* 20,863,668 19,200 Juniper Networks, Inc.* 415,680 21,279,348 Non-Hazardous Waste Disposal - 0.7% 51,100 Republic Services, Inc. 1,073,100 178,800 Waste Management, Inc. 4,768,596 5,841,696 Office Automation and Equipment - 0.1% 49,000 Pitney Bowes, Inc. 1,202,460 Oil - Field Services - 2.8% 69,100 Baker Hughes, Inc. 2,458,578 6,300 Halliburton Co. 127,386 15,200 Oceaneering International, Inc.* 692,664 4,000 Oil States International, Inc.* 75,600 399,900 Schlumberger, Ltd. (U.S. Shares) 19,591,101 17,800 Smith International, Inc. 460,130 14,400 Superior Energy Services, Inc.* 276,624 23,682,083 Oil and Gas Drilling - 0.1% 5,200 ENSCO International, Inc. 147,056 11,100 Pride International, Inc.* 251,970 9,900 Unit Corp.* 270,171 669,197 Oil Companies - Exploration and Production - 2.2% 35,800 Denbury Resources, Inc.* 582,824 13,100 Encore Acquisition Co.* 382,389 400 EOG Resources, Inc. 25,392 157,500 Occidental Petroleum Corp. 8,865,675 251,300 PetroHawk Energy Corp.* 5,930,680 30,000 Southwestern Energy Co.* 1,075,800 4,900 St. Mary Land & Exploration Co. 87,563 60,400 Whitting Petroleum Corp.* 1,978,704 18,929,027 Oil Companies - Integrated - 1.4% 160,800 Exxon Mobil Corp. 10,720,536 18,900 Hess Corp. 1,035,531 11,756,067 Oil Field Machinery and Equipment - 0.2% 16,000 Dresser-Rand Group, Inc.* 394,080 600 FMC Technologies, Inc.* 20,538 32,600 National Oilwell Varco, Inc.* 987,128 1,401,746 Oil Refining and Marketing - 0.1% 47,700 Frontier Oil Corp. 606,267 16,700 Holly Corp. 350,032 8,000 Sunoco, Inc. 212,080 1,168,379 Pharmacy Services - 0.9% 18,600 Express Scripts, Inc. - Class A* 1,189,842 146,766 Medco Health Solutions, Inc.* 6,391,659 8,600 Omnicare, Inc. 221,106 7,802,607 Power Converters and Power Supply Equipment - 0.3% 22,500 Hubbell, Inc. - Class A 747,000 80,700 SunPower Corp. - Class A* 2,209,566 2,956,566 Publishing - Books - 0.1% 18,300 John Wiley & Sons, Inc. - Class A 620,370 Racetracks - 0% 7,800 Penn National Gaming, Inc.* 265,356 Reinsurance - 0% 8,200 Axis Capital Holdings, Ltd. 202,048 REIT - Apartments - 0% 11,100 Camden Property Trust 301,143 1,000 Essex Property Trust, Inc. 63,490 364,633 REIT - Diversified - 0.1% 30,500 Digital Realty Trust, Inc. 1,098,305 REIT - Mortgage - 0% 31,113 Walter Investment Management Corp.* 248,904 REIT - Regional Malls - 0.1% 16,500 Macerich Co. 289,245 3,671 Simon Property Group, Inc. 189,424 478,669 Retail - Apparel and Shoe - 0.7% 161,700 Ltd. Brands, Inc. 1,846,614 7,200 Phillips-Van Heusen Corp. 209,016 105,900 Ross Stores, Inc. 4,017,846 6,073,476 Retail - Auto Parts - 0.3% 14,900 Advance Auto Parts, Inc. 651,875 4,800 AutoZone, Inc. 798,672 32,200 O'Reilly Automotive, Inc.* 1,250,970 2,701,517 Retail - Bedding - 0% 8,500 Bed Bath & Beyond, Inc. 258,570 Retail - Building Products - 0.1% 20,000 Lowe's Cos., Inc. 430,000 Retail - Catalog Shopping - 0.2% 41,300 MSC Industrial Direct Co. - Class A 1,687,105 Retail - Discount - 3.1% 33,300 Big Lots, Inc. 920,412 11,900 Costco Wholesale Corp. 578,340 51,900 Dollar Tree, Inc.* 2,197,446 12,700 Family Dollar Stores, Inc. 421,513 8,900 Target Corp. 367,214 445,200 Wal-Mart Stores, Inc. 22,438,080 26,923,005 Retail - Drug Store - 0.3% 53,146 CVS Caremark Corp. 1,688,980 32,000 Walgreen Co. 1,005,760 2,694,740 Retail - Major Department Stores - 0.1% 31,200 TJX Cos., Inc. 872,664 Retail - Office Supplies - 0.1% 34,100 Staples, Inc. 703,142 Retail - Pet Food and Supplies - 0.4% 152,900 PetSmart, Inc. 3,498,352 Retail - Regional Department Stores - 0.8% 151,700 Kohl's Corp.* 6,879,595 Retail - Restaurants - 1.8% 13,400 Brinker International, Inc. 237,448 50,400 Darden Restaurants, Inc. 1,863,288 191,500 McDonald's Corp. 10,205,035 23,500 Panera Bread Co. - Class A* 1,316,235 94,800 Starbucks Corp.* 1,370,808 21,600 Tim Hortons, Inc. 524,664 15,517,478 Retail - Sporting Goods - 0% 12,800 Dick's Sporting Goods, Inc.* 243,200 Savings/Loan/Thrifts - 0.2% 11,900 Capitol Federal Financial 463,624 71,800 Hudson City Bancorp, Inc. 901,808 1,365,432 Schools - 0.7% 14,900 Apollo Group, Inc. - Class A 937,955 16,800 ITT Educational Services, Inc.* 1,692,936 16,200 Strayer Education, Inc. 3,068,442 5,699,333 Semiconductor Components/Integrated Circuits - 1.0% 74,400 Analog Devices, Inc. 1,583,232 52,200 Atmel Corp.* 200,448 37,500 Cypress Semiconductor Corp.* 297,375 37,400 Integrated Device Technology, Inc.* 203,082 249,800 Linear Technology Corp. 5,440,644 58,400 Marvell Technology Group, Ltd.* 641,232 8,366,013 Semiconductor Equipment - 0.1% 16,500 Lam Research Corp.* 460,020 10,300 Varian Semiconductor Equipment Associates, Inc.* 263,577 723,597 Soap and Cleaning Preparations - 0.1% 9,900 Church & Dwight Co., Inc. 538,659 Software Tools - 0.1% 36,000 VMware, Inc. - Class A* 938,880 Steel Pipe and Tube - 0% 1,100 Valmont Industries, Inc. 70,158 Telecommunication Equipment - 0% 15,700 CommScope, Inc.* 394,070 Telecommunication Services - 0.5% 68,300 Amdocs, Ltd. (U.S. Shares)* 1,429,519 81,100 Embarq Corp. 2,965,016 4,394,535 Telephone - Integrated - 0.3% 106,000 Frontier Communications Corp. 753,660 163,400 Qwest Communications International, Inc. 635,626 29,400 Telephone & Data Systems, Inc. 842,898 58,300 Windstream Corp. 483,890 2,716,074 Tobacco - 1.4% 12,700 Altria Group, Inc. 207,391 6,400 Lorillard, Inc. 404,032 307,900 Philip Morris International, Inc. 11,145,980 11,757,403 Toys - 0.1% 30,600 Hasbro, Inc. 815,796 Transportation - Marine - 0.2% 69,600 Frontline, Ltd. 1,401,048 Transportation - Railroad - 4.5% 120,800 Burlington Northern Santa Fe Corp. 8,151,584 412,300 CSX Corp. 12,199,957 33,700 Kansas City Southern* 513,925 140,400 Norfolk Southern Corp. 5,009,472 247,900 Union Pacific Corp. 12,181,806 38,056,744 Transportation - Services - 0.2% 19,600 C.H. Robinson Worldwide, Inc. 1,041,936 3,900 United Parcel Service, Inc. - Class B 204,126 2,900 UTi Worldwide, Inc. (U.S. Shares)* 39,034 1,285,096 Transportation - Truck - 0.3% 74,000 J.B. Hunt Transport Services, Inc. 2,080,880 11,500 Landstar System, Inc. 409,515 2,490,395 Veterinary Diagnostics - 0.1% 38,600 VCA Antech, Inc.* 965,772 Vitamins and Nutrition Products - 0% 3,600 NBTY, Inc.* 93,276 Web Hosting/Design - 0.1% 13,300 Equinix, Inc.* 934,059 Web Portals/Internet Service Providers - 0.8% 12,500 Google, Inc. - Class A* 4,949,625 37,400 Sohu.com, Inc.* 1,950,410 6,900,035 Wire and Cable Products - 0% 14,700 General Cable Corp.* 398,958 Wireless Equipment - 1.6% 301,200 QUALCOMM, Inc. 12,746,784 23,900 SBA Communications Corp. - Class A* 602,280 13,349,064 - ------------------------------------------------------------------------------------------------------------------------------------ Total Common Stock (cost $886,568,746) 854,030,917 - ------------------------------------------------------------------------------------------------------------------------------------ Money Market - 0.3% 2,626,000 Janus Cash Liquidity Fund LLC, 0% (cost $2,626,000) 2,626,000 - ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $889,194,746) - 100% $856,656,917 - ------------------------------------------------------------------------------------------------------------------------------------
Summary of Investments by Country - (Long Positions) April 30, 2009 (unaudited) Country Value % of Investment Securities - -------------------------------------------------------------------------------- Bermuda $ 8,897,398 1.0% Cayman Islands 491,205 0.1% Guernsey 1,429,519 0.2% Netherlands Antilles 19,591,101 2.3% Panama 677,880 0.1% United States ++ 825,530,780 96.3% Virgin Islands (British) 39,034 0.0% - -------------------------------------------------------------------------------- Total $856,656,917 100.0% ++Includes Short-Term Securities (96.0% excluding Short-Term Securities) Notes to Schedule of Investments (unaudited) REIT Real Estate Investment Trust U.S. Shares Securities of foreign companies trading on an American Stock Exchange * Non-income-producing security The following is a summary of the inputs that were used to value the Fund's investments in securities and other financial instruments as of April 30, 2009. See Significant Accounting Policies for more information. Valuation Inputs Summary (as of April 30, 2009)
Level 1 - Level 2 - Other Significant Level 3 - Significant Quoted Prices Observable Inputs Unobservable Inputs - --------------------------------------------------------------------------------------------------------------------------------- Investments in Securities: Janus Adviser INTECH Risk-Managed Growth Fund $854,030,917 $ 2,626,000 $ -
Janus Adviser INTECH Risk-Managed International Fund Schedule of Investments (unaudited)
Shares or Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------------------ Common Stock - 99.6% Advertising Services - 0.6% 600 Dentsu, Inc. $ 10,997 150 Hakuhodo DY Holdings, Inc. 6,889 193 JC Decaux S.A. 2,758 532 Publicis Groupe 16,313 36,957 Aerospace and Defense - 0.6% 1,662 BAE Systems PLC 8,740 605 Cascade Bancorp 1,600 125 Finmeccanica S.P.A. 1,762 2,378 Rolls-Royce Group PLC 11,839 346 Thales S.A. 14,300 38,241 Aerospace and Defense - Equipment - 0.6% 7,123 Cobham PLC 18,462 780 European Aeronautic Defence and Space Co. N.V. 11,236 254 Zodiac S.A. 7,385 37,083 Agricultural Chemicals - 0.4% 531 Incitec Pivot, Ltd. 819 86 Syngenta A.G. 18,354 210 Yara International A.S.A. 5,681 24,854 Airlines - 0.3% 2,000 All Nippon Airways Co., Ltd. 7,296 350 Deutsche Lufthansa A.G. 4,392 1,340 Singapore Airlines, Ltd. 9,648 21,336 Airport Development - Maintenance - 0.2% 56 Aeroports de Paris 3,222 183 Fraport A.G. Frankfurt Airport Services Worldwide 7,436 10,658 Apparel Manufacturers - 0.4% 464 Billabong International, Ltd. 3,530 24 Christian Dior S.A. 1,612 131 Hermes International 17,316 22,458 Appliances - 0.1% 731 Electrolux A.B. 8,247 Applications Software - 0.2% 4,073 Sage Group PLC 11,081 Athletic Footwear - 0.3% 421 Adidas A.G. 15,875 7 Puma A.G. Rudolf Dassler Sport 1,491 1,000 Yue Yuen Industrial Holdings, Ltd. 2,220 19,586 Audio and Video Products - 0.1% 600 Panasonic Corp. 8,731 Automotive - Cars and Light Trucks - 1.3% 132 Bayerische Motoren Werke A.G. 4,546 1,000 Daihatsu Motor Co., Ltd. 8,994 64 Daimler A.G. 2,268 600 Honda Motor Co., Ltd. 17,447 1,000 Mazda Motor Corp. 2,472 3,000 Mitsubishi Motors Corp.* 4,567 300 Suzuki Motor Corp. 5,622 700 Toyota Motor Corp. 27,409 6 Volkswagen A.G. 1,891 341 Volvo A/B - Class A 2,228 322 Volvo A/B - Class B 2,097 79,541 Automotive - Medium and Heavy Duty Trucks - 0.1% 368 Scania A.B. 3,930 Automotive - Truck Parts and Equipment - Original - 0.5% 100 Aisin Seiki Co., Ltd. 2,048 400 Denso Corp. 9,415 200 NOK Corp. 2,320 200 Stanley Electric Co., Ltd. 2,819 700 Sumitomo Electric Industries, Ltd. 6,797 100 Toyoda Gosei Company, Ltd. 1,957 200 Toyota Industries Corp. 5,321 30,677 Beverages - Non-Alcoholic - 0.2% 906 Coca-Cola Amatil, Ltd. 6,015 300 Ito En, Ltd. 3,658 9,673 Beverages - Wine and Spirits - 0.5% 1,686 Diageo PLC 20,231 143 Pernod-Ricard S.A. 8,432 28,663 Bicycle Manufacturing - 0% 100 Shimano, Inc. 2,938 Brewery - 0.7% 300 Asahi Breweries, Ltd. 3,775 3,531 Foster's Group, Ltd. 13,517 166 Heineken N.V. 4,936 799 Lion Nathan, Ltd. 6,816 746 SABMiller PLC 12,513 1,000 Sapporo Holdings, Ltd. 4,162 45,719 Building - Heavy Construction - 0.7% 440 ACS Actividades de Construccion y Servicios S.A. 22,010 200 Aker Kvaerner A.S.A. 1,223 585 Skanska A.B. - Class B 6,349 180 Strabag S.E. 4,153 172 Vinci S.A. 7,687 41,422 Building - Residential and Commercial - 0.6% 190 Berkeley Group Holdings PLC* 2,727 1,000 Daiwa House Industry Co., Ltd. 8,735 2,000 Sekisui Chemical Co., Ltd. 10,530 2,000 Sekisui House, Ltd. 17,224 39,216 Building and Construction - Miscellaneous - 1.0% 1,262 Balfour Beatty PLC 6,239 226 Bouygues S.A. 9,677 78 Eiffage S.A. 4,018 5,000 Kajima Corp. 14,350 103 Koninklijke Boskalis Westminster N.V. 2,398 124 Leighton Holdings, Ltd. 1,892 1,000 Obayashi Corp. 4,919 2,000 Shimzu Corp. 9,552 4,000 Taisei Corp. 8,657 61,702 Building and Construction Products - Miscellaneous - 0.8% 265 Cie de Saint-Gobain 9,475 1,257 Fletcher Building, Ltd. 4,747 109 Geberit A.G. 11,650 47 Imerys S.A. 1,945 400 JS Group Corp. 4,883 1,000 Panasonic Electric Works Co., Ltd. 8,118 2,000 TOTO, Ltd. 9,949 50,767 Building Products - Air and Heating - 0% 100 Daikin Industries, Ltd. 2,669 Building Products - Cement and Aggregate - 0.7% 2,486 Boral, Ltd. 7,357 520 Cimpor-Cimentos de Portugal 3,109 330 CRH PLC 8,581 203 Holcim, Ltd. 10,266 1,867 James Hardie Industries N.V. 6,215 3,000 Taiheiyo Cement Corp. 5,241 40,769 Building Products - Doors and Windows - 0.1% 3,000 Nippon Sheet Glass Co., Ltd. 8,466 Cable Television - 0.2% 1,500 British Sky Broadcasting Group PLC 10,679 Capacitors - 0% 100 Mitsumi Electric Co., Ltd. 1,637 Casino Hotels - 0% 328 Crown, Ltd. 1,638 Casino Services - 0.1% 100 Sankyo Co., Ltd. 5,059 Cellular Telecommunications - 0.7% 36 Millicom International Cellular S.A. (ADR)* 1,760 269 Mobistar S.A. 16,125 3 NTT DoCoMo, Inc. 4,181 11,947 Vodafone Group PLC 21,937 44,003 Chemicals - Diversified - 2.3% 116 Akzo Nobel N.V. 4,871 2,000 Asahi Kasei Corp. 8,056 412 BASF S.E. 15,525 735 Bayer A.G. 36,400 100 Hitachi Chemical Co., Ltd. 1,340 230 Johnson Matthey PLC 4,087 113 K+S A.G. 6,742 2,000 Kaneka Corp. 11,523 329 Koninklijke DSM N.V. 10,167 1,000 Mitsubishi Gas Chemical Co., Inc. 4,646 1,000 Nissan Chemical Industries, Ltd. 8,318 100 Nitto Denko Corp. 2,323 300 Shin-Etsu Chemical Co., Ltd. 14,527 1,000 Showa Denko K.K. 1,495 29 Solvay S.A. 2,489 4,000 Ube Industries, Ltd. 7,473 139,982 Chemicals - Specialty - 0.6% 1,000 Daicel Chemical Industries, Ltd. 4,187 21 Givaudan S.A. 13,334 183 Lonza Group A.G. 16,844 34,365 Circuit Boards - 0% 100 Ibiden Co., Ltd. 2,913 Commercial Banks - 10.2% 2,000 77 Bank, Ltd. 10,177 574 Australia and New Zealand Banking Group, Ltd. 6,605 1,191 Banca Carige S.P.A. 4,358 1,766 Banca Monte dei Paschi di Siena S.P.A. 2,828 684 Banca Popolare di Milano Scarl 3,982 1,268 Banco Bilbao Vizcaya Argentaria S.A. 13,667 2,744 Banco de Sabadell S.A. 15,793 432 Banco de Valencia S.A. 3,940 813 Banco Popolare S.C.* 5,306 596 Banco Popular Espanol S.A. 4,884 2,814 Banco Santander Central Hispano S.A. 26,561 1,000 Bank of Kyoto, Ltd. 8,007 2,000 Bank of Yokohama, Ltd. 8,464 884 Bankinter S.A. 10,499 1,357 Barclays PLC 5,520 1,805 Bendigo and Adelaide Bank, Ltd. 8,977 339 BNP Paribas 17,846 2,000 Chiba Bank, Ltd. 9,887 1,000 Chugoku Bank, Ltd. 12,587 3,000 Chuo Mitsui Trust Holdings, Inc. 9,814 403 Commerzbank A.G. 2,674 409 Commonwealth Bank of Australia 10,396 562 Credit Agricole S.A. 8,151 800 Den Norske Bank A.S.A. 4,992 87 Deutsche Bank A.G. 4,589 79 Deutsche Postbank AG 1,635 92 Erste Group Bank A.G. 1,924 800 Fortis 1,981 2,000 Fukuoka Financial Group, Inc. 6,144 1,000 Gunma Bank, Ltd. 4,960 1,000 Hachijuni Bank, Ltd. 5,894 1,800 Hang Seng Bank, Ltd. 19,946 2,000 Hiroshima Bank, Ltd. 7,532 2,000 Hokuhoku Financial Group, Inc. 3,502 12,188 HSBC Holdings PLC 86,551 5,142 Intesa Sanpaolo S.P.A. 16,285 1,000 Iyo Bank, Ltd. 9,985 1,000 Joyo Bank, Ltd. 4,614 104 KBC Groep N.V. 2,281 2,050 Lloyds Banking Group PLC 3,341 2,800 Mitsubishi UFJ Financial Group, Inc. 15,253 2,900 Mizuho Financial Group, Inc. 6,093 674 National Australia Bank, Ltd. 10,067 5,000 Nishin-Nippon City Bank, Ltd. 10,017 1,369 Nordea Bank A.B. 10,185 5,000 Oversea-Chinese Banking Corp., Ltd. 19,695 1,180 Pohjola Bank PLC 8,740 300 Resona Holdings, Inc. 3,993 7,054 Royal Bank of Scotland Group PLC 4,288 2,000 Shizuoka Bank, Ltd. 17,975 907 Skandinaviska Enskilda Banken A.B. 3,540 196 Societe Generale - Class A 9,916 936 Standard Chartered PLC 14,390 200 Sumitomo Mitsui Financial Group, Inc. 6,923 3,000 Sumitomo Trust & Banking Co., Ltd. 12,503 599 Suncorp-Metway, Ltd. 2,557 936 Svenska Handelsbanken A.B. - Class A 16,346 1,656 UniCredit S.P.A. 4,006 1,369 Unione di Banche Italiane SCPA 18,817 1,000 United Overseas Bank, Ltd. 7,702 1,167 Westpac Banking Corp. 16,235 1,000 Yamaguchi Financial Group, Inc. 9,603 625,923 Commercial Services - 0.3% 14 SGS S.A. 15,655 Commercial Services - Finance - 0.3% 2,757 Experian PLC 18,189 Computer Aided Design - 0.4% 545 Dassault Systemes S.A. 22,470 Computer Services - 0.7% 56 Atos Origin S.A. 1,735 310 Cap Gemini S.A. 11,585 1,009 Computershare, Ltd. 6,688 866 Indra Sistemas S.A. 17,143 2,959 Logica PLC 3,346 40,497 Computers - Integrated Systems - 0.1% 1,000 Fujitsu, Ltd. 4,276 Computers - Memory Devices - 0.1% 100 TDK Corp. 4,489 Consulting Services - 0.1% 15 Bereau Veritas S.A. 611 626 Serco Group PLC 3,373 3,984 Consumer Products - Miscellaneous - 0.1% 844 Husqvarna A.B. 4,127 Containers - Metal and Glass - 0.3% 1,736 Rexam PLC 8,042 700 Toyo Seikan Kaisha, Ltd. 11,586 19,628 Containers - Paper and Plastic - 0.1% 1,801 Amcor, Ltd. 6,261 Cosmetics and Toiletries - 0.2% 27 Beiersdorf A.G. 1,103 81 L'Oreal S.A. 5,782 100 Unicharm Corp. 6,975 13,860 Cruise Lines - 0.1% 204 Carnival PLC 5,616 Diagnostic Kits - 0.1% 306 QIAGEN N.V.* 5,031 Dialysis Centers - 0.2% 390 Fresenius Medical Care A.G. & Co. KGaA 15,324 Distribution/Wholesale - 0.2% 400 Canon Marketing Japan, Inc. 4,867 200 Hitachi High-Technologies Corp. 2,798 117 Wolseley PLC 2,095 9,760 Diversified Financial Services - 0.2% 2,051 Investec PLC 9,872 937 Natixis S.A. 2,129 12,001 Diversified Minerals - 0.9% 337 Angiodynamics, Inc. 7,307 1,036 BHP Billiton PLC 21,758 832 BHP Billiton, Ltd. 20,023 1,538 Fortescue Metals Group, Ltd.* 2,624 219 Xstrata PLC 1,924 53,636 Diversified Operations - 2.0% 2,304 Drax Group PLC 17,446 278 Groupe Bruxelles Lambert S.A. 20,062 305 IMI PLC 1,601 2,857 Invensys PLC* 8,396 236 LVMH Moet Hennessy Louis Vuitton S.A. 17,840 275 Nationale A Portefeuille 13,276 220 Siemens A.G. 14,632 1,282 Smiths Group PLC 13,756 500 Swire Pacific, Ltd. - Class A 3,903 3,534 Tomkins PLC 8,988 64 Wartsila Oyj - Class B 2,105 122,005 Diversified Operations - Commercial Services - 0.1% 1,075 Bunzl PLC 8,697 E-Commerce/Services - 0% 2 Rakuten, Inc. 1,012 Electric - Distribution - 0.3% 1,724 AGL Energy, Ltd. 18,918 Electric - Integrated - 2.9% 200 Chugoku Electric Power Co., Inc. 4,040 1,500 CLP Holdings, Ltd. 10,118 2,332 Contact Energy, Ltd. 7,511 707 E.ON A.G. 23,698 76 EDF S.A. 3,518 1,578 Enel S.P.A. 8,547 4,402 Energias de Portugal S.A. 16,056 545 Fortum Oyj 10,994 511 GDF Suez 18,376 300 Hokuriku Electric Power Co. 6,771 3,000 HongKong Electric Holdings 17,717 986 Iberdrola S.A. 7,790 221 RWE A.G. 15,875 546 Scottish & Southern Energy PLC 8,921 100 Shikoku Electric Power Co., Inc. 2,745 100 Tokyo Electric Power Co., Inc. 2,344 1,222 Union Fenosa S.A. 11,477 176,498 Electric - Transmission - 1.1% 4,432 National Grid PLC 36,981 490 Red Electrica Corp. S.A. 20,576 3,652 Terna Rete Elettrica Nazionale S.P.A. 11,764 69,321 Electric Products - Miscellaneous - 0.4% 100 Brother Industries, Ltd. 806 500 Casio Computer Co., Ltd. 3,783 1,000 Hitachi, Ltd. 3,482 558 Legrand S.A. 11,155 4,000 SANYO Electric Co., Ltd.* 6,555 25,781 Electronic Components - Miscellaneous - 1.0% 600 Hoya Corp. 10,356 165 Koninklijke Philips Electronics N.V. 2,975 200 Kyocera Corp. 15,500 100 Mabuchi Motor Co., Ltd. 4,514 1,000 Minebea Co., Ltd. 3,859 100 Murata Manufacturing Co., Ltd. 4,013 5,000 NEC Corp. 16,443 100 Nidec Corp. 5,498 63,158 Electronic Components - Semiconductors - 0.5% 50 Q-Cells S.E.* 1,042 200 Rohm Co., Ltd. 12,185 244 Solarworld A.G. 6,767 1,207 STMicroelectronics N.V. 7,965 27,959 Electronic Connectors - 0.2% 100 Hirose Electric Co., Ltd. 10,403 Electronic Measuring Instruments - 0.1% 300 Advantest Corp. 4,735 Electronics - Military - 0.1% 658 Safran S.A. 7,822 Energy - Alternate Sources - 0.4% 600 Renewable Energy Corp. A.S.* 5,506 432 Verbund - Oesterreichische Elektrizitaetswirtschafts A.G. 17,707 23,213 Engineering - Research and Development Services - 0.7% 1,675 ABB, Ltd. 23,676 1,000 JGC Corp. 13,037 4,000 Singapore Technologies Engineering, Ltd. 6,905 92 WorleyParsons, Ltd. 1,225 44,843 Enterprise Software/Services - 0.8% 336 Autonomy Corp. PLC* 7,066 200 Nomura Research Institute, Ltd. 3,546 300 Oracle Corp. Japan 10,571 673 SAP A.G. 25,469 46,652 Entertainment Software - 0% 100 Square Enix Co., Ltd. 1,797 Filtration and Separations Products - 0% 192 Afla Laval A.B. 1,708 Finance - Consumer Loans - 0% 80 Acom Co., Ltd. 1,922 Finance - Credit Card - 0% 100 Credit Saison Company, Ltd. 1,115 Finance - Investment Bankers/Brokers - 1.1% 432 Credit Suisse Group A.G. 16,514 1,000 Daiwa Securities Group, Inc. 5,205 1,227 ICAP PLC 6,717 368 Macquarie Bank, Ltd. 8,904 396 Mediobanca S.P.A. 4,561 200 Nomura Holdings, Inc. 1,200 3,000 Shinko Securities Co., Ltd. 6,960 1,252 UBS A.G. 17,226 67,287 Finance - Leasing Companies - 0.1% 150 Mitsubishi UFJ Lease & Finance Co., Ltd. 3,468 Finance - Other Services - 0.4% 297 ASX, Ltd. 7,046 70 Deutsche Boerse A.G. 5,092 600 Hong Kong Exchanges & Clearing, Ltd. 6,900 159 London Stock Exchange Group PLC 1,755 1,000 Singapore Exchange, Ltd. 4,201 24,994 Food - Catering - 0.7% 3,986 Compass Group PLC 19,046 472 Sodexo 22,555 41,601 Food - Dairy Products - 0.1% 3,077 Parmalat S.P.A. 6,128 Food - Flour and Grain - 0.3% 1,500 Nisshin Seifun Group, Inc. 15,464 Food - Meat Products - 0.2% 1,000 Nippon Meat Packers, Inc. 10,296 Food - Miscellaneous/Diversified - 2.1% 610 Associated British Foods PLC 6,445 1,301 Cadbury PLC 9,747 45 Danisco A/S 1,476 50 Groupe Danone 2,383 230 Kerry Group PLC 4,721 1,000 Kikkoman Corp. 8,913 217 MEIJI Holdings Co., Ltd. 6,624 1,620 Nestle S.A. 52,703 100 Nissin Foods Holdings Co., Ltd. 2,704 800 Orkla A.S.A. 5,795 865 Unilever N.V. 17,103 526 Unilever PLC 10,263 128,877 Food - Retail - 1.8% 82 Carrefour S.A. 3,316 45 Casino Guichard Perrachon S.A. 2,819 72 Colruyt S.A. 16,393 209 Delhaize Group 14,063 301 J Sainsbury PLC 1,463 415 Jeronimo Martins SGPS S.A. 2,331 465 Koninklijke Ahold N.V. 5,115 57 Metro A.G. 2,423 4,642 Tesco PLC 23,038 1,573 WM Morrison Supermarkets PLC 5,714 1,811 Woolworths, Ltd. 35,129 111,804 Food - Wholesale/Distribution - 0.3% 5,262 Metcash, Ltd. 15,893 Gambling - Non-Hotel - 0.2% 401 OPAP S.A. 12,415 260 TABCORP Holdings, Ltd. 1,408 13,823 Gas - Distribution - 0.5% 3,744 Centrica PLC 12,549 373 Enagas 6,519 4,600 Hong Kong & China Gas Co., Ltd. 8,576 1,000 Toho Gas Co., Ltd. 4,265 31,909 Gas - Transportation - 0.1% 2,120 Snam Rete Gas S.P.A. 8,412 Gold Mining - 0.1% 179 Newcrest Mining, Ltd. 3,891 Hotels and Motels - 0.2% 157 Accor S.A. 6,663 649 Intercontinental Hotels Group PLC 6,166 12,829 Human Resources - 0.5% 237 Adecco S.A. 9,349 1,352 Capita Group PLC 13,610 3,620 Hays PLC 4,790 199 Randstad Holding N.V. 4,536 32,285 Import/Export - 0.3% 400 Mitsubishi Corp. 6,149 400 Mitsui & Company, Ltd. 4,191 800 Sumitomo Corp. 6,944 100 Toyota Tsusho Corp. 1,175 18,459 Industrial Automation and Robotics - 0.1% 100 Fanuc, Ltd. 7,200 Industrial Gases - 0.8% 281 Air Liquide S.A. 22,913 218 Linde A.G. 17,329 1,000 Taiyo Nippon Sanso Corp. 6,995 47,237 Internet Brokers - 0% 100 Matsui Securities Co., Ltd. 705 Internet Financial Services - 0% 13 SBI Holdings, Inc. 1,537 Investment Companies - 0.6% 1,590 Investor A.B. - Class B 22,997 1,456 Man Group PLC 5,367 291 Marfin Investment Group S.A. 1,250 145 Pargesa Holding S.A. 9,191 38,805 Investment Management and Advisory Services - 0.2% 922 Schroders PLC 11,229 Leisure and Recreation Products - 0% 100 Sega Sammy Holdings, Inc. 902 Life and Health Insurance - 1.1% 1,486 Alleanza Assicurzioni S.P.A. 9,942 1,087 AMP, Ltd. 4,084 2,038 Aviva PLC 9,298 3,475 AXA Asia Pacific Holdings, Ltd. 9,873 4,434 Friends Provident PLC 4,186 6,092 Legal & General Group PLC 5,201 10,742 Old Mutual PLC 10,747 1,435 Prudential PLC 8,274 1 Sony Financial Holdings, Inc. 3,122 200 T&D Holdings, Inc. 5,945 70,672 Lighting Products and Systems - 0.1% 400 Ushio, Inc. 5,184 Lottery Services - 0.3% 303 Lottomatica S.P.A. 6,241 5,631 Tatts Group, Ltd. 11,332 17,573 Machine Tools and Related Products - 0.1% 400 THK Co., Ltd. 5,520 Machinery - Construction and Mining - 0.2% 600 Atlas Copco A.B. - Class A 5,584 448 Atlas Copco A.B. - Class B 3,715 9,299 Machinery - Electrical - 0.3% 157 Schindler Holding A.G. 8,236 100 SMC Corp. 9,705 17,941 Machinery - Farm - 0.2% 2,000 Kubota Corp. 12,008 Machinery - General Industrial - 0.7% 141 Alstom S.A. 8,811 1,000 Amada Co., Ltd. 6,108 2,000 Kawasaki Heavy Industries, Ltd. 4,273 104 Kone Oyj - Class B 2,844 35 MAN A.G. 2,139 2,000 Mitsubishi Heavy Industries, Ltd. 6,490 621 Zardoya Otis S.A. 12,709 43,374 Medical - Biomedical and Genetic - 0.5% 589 CSL, Ltd. 14,720 202 Novozymes A/S 13,726 28,446 Medical - Drugs - 7.0% 223 Actelion, Ltd.* 10,185 400 Astellas Pharma, Inc. 13,052 1,576 AstraZeneca PLC 55,249 400 Chugai Pharmaceutical Co., Ltd. 7,417 200 Daiichi Sankyo Co., Ltd. 3,364 1,200 Dainippon Sumitomo Pharma Co., Ltd. 9,577 400 Eisai Company, Ltd. 10,795 558 Elan Corp. PLC* 3,360 4,125 GlaxoSmithKline PLC 63,678 200 Hisamitsu Pharmaceutical Co., Inc. 5,652 45 Ipsen S.A. 1,838 140 Merck KGaA 12,501 1,000 Mitsubishi Tanabe Pharma Corp. 9,478 1,355 Novartis A.G. 51,191 648 Novo Nordisk A/S 30,752 100 ONO Pharmaceutical Co., Ltd. 4,243 489 Orion Oyj - Class B 7,090 406 Roche Holding A.G. 51,318 564 Sanofi-Aventis S.A. 32,457 100 Santen Pharmaceutical Co., Ltd. 2,822 725 Shire PLC 9,053 1,000 Taisho Pharmaceutical Co., Ltd. 18,302 300 Takeda Pharmaceutical Co., Ltd. 10,665 314 UCB S.A. 8,549 432,588 Medical - Wholesale Drug Distributors - 0% 100 Suzuken Co., Ltd. 2,461 Medical Instruments - 0.1% 437 Getinge A.B. 5,114 Medical Products - 1.1% 243 Cochlear, Ltd. 8,784 208 Coloplast A/S 14,218 20 Fresenius S.E. 840 86 Nobel Biocare Holding A.G. 1,757 795 Smith & Nephew PLC 5,618 7 Straumann Holding A.G. 1,284 248 Synthes, Inc. 25,193 200 Terumo Corp. 7,566 65,260 Metal - Aluminum - 0.1% 1,700 Alumina, Ltd. **,+8+ 1,808 400 Norsk Hydro A.S.A. 1,768 3,576 Metal - Copper - 0.2% 944 Antofagasta PLC 8,111 363 Kazakhmys PLC 2,821 10,932 Metal - Diversified - 0.5% 161 Eurasian Natural Resources Corp. 1,394 4,000 Mitsui Mining & Smelting Co., Ltd. 7,898 266 Rio Tinto PLC 10,877 121 Rio Tinto, Ltd. 5,656 345 Vedanta Resources PLC 5,403 31,228 Metal Processors and Fabricators - 0.2% 762 Assa Abloy A.B. - Class B 9,030 91 Sims Metal Management, Ltd. 1,319 376 SKF A.B. 4,123 14,472 Mining Services - 0% 8 Eramet 1,714 Motion Pictures and Services - 0.1% 600 Toho Co., Ltd. 7,914 MRI and Medical Diagnostic Imaging Center - 0.2% 1,120 Sonic Healthcare, Ltd. 9,500 Multi-Line Insurance - 2.5% 1,685 Aegon N.V. 8,561 157 Allianz S.E. 14,380 259 Assicurazioni Generali S.P.A. 5,261 923 AXA S.A. 15,378 158 Baloise Holding A.G. 11,568 162 CNP Assurances 12,791 547 ING Groep N.V. 5,033 4,458 Mapfre S.A. 12,729 1,273 Sampo Oyj - Class A 23,811 120 Topdanmark A/S* 14,212 50 Vienna Insurance Group 1,958 153 Zurich Financial Services A.G. 28,265 153,947 Multimedia - 1.0% 180 Lagardere S.C.A. 5,635 1,388 Pearson PLC 14,441 404 Thomson Reuters PLC 10,443 783 Vivendi S.A. 21,106 1,361 WPP PLC 9,306 60,931 Non-Ferrous Metals - 0.1% 2,000 Mitsubishi Materials Corp. 5,735 Office Automation and Equipment - 0.8% 700 Canon, Inc. 21,114 183 Neopost S.A. 15,461 1,000 Ricoh Co, Ltd. 12,237 100 Seiko Epson Corp. 1,407 50,219 Office Supplies and Forms - 0.2% 246 Societe BIC S.A. 13,162 Oil - Field Services - 0.3% 596 AMEC PLC 5,432 17 Fugro N.V. 607 71 Saipem S.P.A. 1,526 189 SBM Offshore N.V. 3,042 137 Technip S.A. 5,869 16,476 Oil and Gas Drilling - 0.2% 1,000 Seadrill, Ltd. 10,834 Oil Companies - Exploration and Production - 1.6% 328 Cairn Energy PLC* 10,356 1 INPEX Corp. 6,268 100 Japan Petroleum Exploration Co. 3,904 1,642 Lundin Pertroleum A.B.* 10,729 2,445 Origin Energy, Ltd. 28,968 1,031 Santos, Ltd. 12,325 1,321 Tullow Oil PLC 15,592 407 Woodside Petroleum, Ltd. 11,302 99,444 Oil Companies - Integrated - 5.0% 2,140 BG Group PLC 34,399 7,785 BP PLC 55,186 1,809 ENI S.P.A. 39,198 153 OMV A.G. 4,761 752 Repsol YPF S.A. 14,309 2,213 Royal Dutch Shell PLC - Class A 51,258 1,861 Royal Dutch Shell PLC - Class B 42,670 858 StatoilHydro A.S.A. 16,081 939 Total S.A. 46,950 304,812 Oil Refining and Marketing - 0.9% 322 Caltex Australia, Ltd. 2,312 1,000 Cosmo Oil Co. 2,834 795 Hellenic Petroleum S.A. 7,748 114 Neste Oil OYJ 1,475 2,000 Nippon Mining Holdings, Inc. 9,120 1,000 Nippon Oil Corp. 5,212 1,656 Saras S.P.A. 4,843 1,400 Showa Shell Sekiyu K.K. 12,284 1,000 TonenGeneral Sekiyu K.K. 9,469 55,297 Optical Supplies - 0.2% 140 Cie Generale d'Optique Essilor International S.A. 6,025 438 Luxottica Group S.P.A. 8,082 14,107 Paper and Related Products - 0.5% 455 Holmen A.B. - Class B 10,105 1,000 OJI Paper Co., Ltd. 4,300 635 Stora Enso Oyj - Class R 3,641 345 Svenska Cellulosa 3,339 989 UPM-Kymmene Oyj 8,842 30,227 Photo Equipment and Supplies - 0.3% 500 Konica Minolta Holdings, Inc. 4,048 1,000 Olympus Corp. 16,300 20,348 Platinum - 0% 65 Lonmin PLC 1,364 Power Converters and Power Supply Equipment - 0.2% 58 Gamesa Corporacion Tecnologica S.A. 1,088 96 Schneider Electric S.A. 7,238 100 Vestas Wind Systems A/S* 6,510 14,836 Printing - Commercial - 0.2% 1,000 Dai Nippon Printing Co., Ltd. 10,586 Property and Casualty Insurance - 1.4% 593 Admiral Group PLC 7,909 1,000 Aioi Insurance Co., Ltd. 4,362 4,002 Insurance Australia Group, Ltd. 10,084 400 Mitsui Sumitomo Insurance Group Holdings, Inc. 10,896 1,000 Nissay Dowa General Insurance Co., Ltd. 4,277 1,307 QBE Insurance Group, Ltd. 20,607 1,000 Sompo Japan Insurance, Inc. 5,990 400 Tokio Marine Holdings, Inc. 10,574 252 TrygVesta A/S 13,803 88,502 Public Thoroughfares - 0.3% 487 Abertis Infraestucturas S.A. 8,736 5,491 Macquarie Infrastructure Group 5,389 786 Transurban Group 2,551 16,676 Publishing - Books - 0.2% 281 Reed Elsevier N.V. 3,090 1,037 Reed Elsevier PLC 7,697 10,787 Publishing - Newspapers - 0% 1,000 Singapore Press Holdings, Ltd. 1,953 Publishing - Periodicals - 0.2% 889 United Business Media PLC 6,030 386 Wolters Kluwer N.V. 6,360 12,390 Real Estate Management/Services - 0.3% 200 Aeon Mall Co., Ltd. 2,622 1,000 Mitsubishi Estate Co., Ltd. 13,049 300 Nomura Real Estate Holdings, Inc. 4,918 20,589 Real Estate Operating/Development - 1.4% 1,000 Cheng Kong Holdings, Ltd. 10,329 1,000 Hang Lung Group, Ltd. 3,665 2,000 Hang Lung Properties, Ltd. 5,639 1,000 Henderson Land Development Co., Ltd. 4,664 2,400 Hopewell Holdings, Ltd. 6,221 1,000 Hysan Development Co., Ltd. 1,821 500 Kerry Properties, Ltd. 1,527 400 Leopalace21 Corp. 2,926 1,000 Mitsui Fudosan Co., Ltd. 12,568 3,000 New World Development, Ltd. 3,928 7 NTT Urban Development Corp. 5,657 1,000 Sumitomo Realty & Development Co., Ltd. 11,967 1,000 Sun Hung Kai Properties, Ltd. 10,305 1,000 Tokyu Land Corp. 3,342 84,559 Reinsurance - 0.9% 132 Hannover Rueckversicherung A.G. 4,274 256 Muenchener Rueckversicherungs A.G. 34,846 738 SCOR S.E. 15,540 109 Swiss Reinsurance 2,573 57,233 REIT - Diversified - 0.6% 841 British Land Co. PLC 5,290 284 Corio N.V. 12,573 1,805 Dexus Property Group 953 52 Gecina S.A. 2,817 52 Klepierre 1,137 350 Land Securities Group PLC 2,872 88 Unibail-Rodamco 13,066 38,708 REIT - Office Property - 0.2% 39 ICADE 3,006 3 Japan Prime Realty Investment Corp. 5,171 1 Nomura Real Estate Office Fund, Inc. 5,154 13,331 REIT - Shopping Centers - 0.3% 7,910 CFS Retail Property Trust 9,465 1 Japan Retail Fund Investment Corp. 3,517 627 Westfield Group 4,870 17,852 Resorts and Theme Parks - 0.1% 100 Oriental Land Co., Ltd. 6,299 Retail - Apparel and Shoe - 0.9% 100 Fast Retailing Co., Ltd. 10,463 344 Hennes & Mauritz A.B. - Class B 15,386 312 Inditex S.A. 13,312 563 Next PLC 13,464 52,625 Retail - Automobile - 0% 40 USS Co., Ltd. 1,809 Retail - Building Products - 0.3% 6,109 Kingfisher PLC 16,626 Retail - Jewelry - 0% 100 Compagnie Financiere Richemont S.A. 1,792 Retail - Major Department Stores - 0.4% 2,351 Home Retail Group PLC 8,630 100 Isetan Mitsukoshi Holdings, Ltd. 841 1,000 J. Front Retailing Co., Ltd. 4,098 548 Marks & Spencer Group PLC 2,725 200 MARUI GROUP Co., Ltd. 1,107 55 PPR 4,203 21,604 Retail - Miscellaneous/Diversified - 0.4% 200 Aeon Co., Ltd. 1,562 600 Seven & I Holdings Co., Ltd. 13,562 1,000 UNY Co., Ltd. 7,293 79 Wesfarmers, Ltd. 1,297 23,714 Retail - Restaurants - 0% 108 Whitbread PLC 1,498 Rubber - Tires - 0.2% 300 Bridgestone Corp. 4,453 108 Compagnie Generale des Etablissements Michelin - Class B 5,510 500 Sumitomo Rubber Industries, Inc. 3,440 13,403 Rubber and Vinyl - 0% 100 JSR Corp. 1,211 Satellite Telecommunications - 0.4% 435 Eutelsat Communications* 9,414 969 SES S.A. (FDR) 17,457 26,871 Schools - 0.1% 100 Benesse Corp. 3,817 Security Services - 0.7% 5,564 G4S PLC 15,426 100 Secom Co., Ltd. 3,699 2,510 Securitas A.B - Class B 20,847 39,972 Semiconductor Equipment - 0.2% 362 ASML Holdings N.V. 7,356 100 Tokyo Electron, Ltd. 4,559 11,915 Soap and Cleaning Preparations - 0.6% 910 Reckitt Benckiser Group PLC 35,827 Steel - Producers - 0.4% 270 Acerinox S.A. 4,112 376 ArcelorMittal 8,825 1,000 Nisshin Steel Company, Ltd. 1,933 92 Rautaruukki Oyj 1,718 148 Ssab Svenskt Stal A.B. 1,409 2,000 Sumitomo Metal Industries, Ltd. 4,646 100 Tokyo Steel Manufacturing Co., Ltd. 1,016 23,659 Steel - Specialty - 0.1% 1,000 Daido Steel Co., Ltd. 3,352 108 Outokumpu OYJ 1,605 4,957 Steel Pipe and Tube - 0% 15 Vallourec S.A. 1,629 Storage and Warehousing - 0.2% 1,000 Mitsubishi Logistics Corp. 9,504 Sugar - 0.1% 144 Suedzucker A.G. 2,775 1,018 Tate & Lyle PLC 4,133 6,908 Telecommunication Equipment - 0% 775 Aclatel-Lucent 1,961 Telecommunication Services - 0.2% 3,000 Singapore Telecommunications, Ltd. 5,161 351 Tele2 A.B. - Class B 3,326 1,081 Telecom Corporation of New Zealand, Ltd. 1,726 781 TeliaSonera A.B. 3,691 13,904 Telephone - Integrated - 4.2% 551 Belgacom S.A. 15,979 952 BT Group PLC 1,322 2,592 Deutsche Telekom A.G. 31,514 399 Elisa Oyj 5,296 1,246 France Telecom S.A. 27,644 369 Hellenic Telecommunication Organization S.A. 5,649 2,589 Koninklijke KPN N.V. 31,101 200 Nippon Telegraph & Telephone Corp. 7,498 1,923 Portugal Telecom SGPS S.A. 14,713 200 Softbank Corp. 3,134 134 Swisscom A.G. 34,893 11,516 Telecom Italia S.P.A. 14,554 9,226 Telecom Italia S.P.A. 8,230 1,835 Telefonica S.A. 34,837 407 Telekom Austria A.G. 5,352 5,848 Telstra Corp., Ltd. 14,146 255,862 Television - 0.6% 210 Gestevision Telecinco S.A. 1,971 560 M6-Metropole Television 10,455 3,356 Mediaset S.P.A. 18,840 645 Societe Television Francaise 1 6,028 37,294 Textile - Products - 0.3% 1,000 Kuraray Co., Ltd. 8,535 2,000 Mitsubishi Rayon Co., Ltd. 4,171 1,000 Toray Industries, Inc. 4,412 17,118 Tobacco - 1.4% 2,694 British American Tobacco PLC 65,352 425 Imperial Tobacco Group PLC 9,714 778 Swedish Match A.B. 11,138 86,204 Tools - Hand Held - 0% 100 Makita Corp. 2,292 Toys - 0.5% 100 Namco Bandai Holdings, Inc. 990 100 Nintendo Co., Ltd. 26,759 27,749 Transportation - Marine - 0.4% 1 A.P. Moller - Maersk Group - Class A 5,707 1 A.P. Moller - Maersk Group - Class B 5,795 370 Frontline, Ltd. 7,427 1,000 Nippon Yusen K.K. 4,091 23,020 Transportation - Railroad - 1.1% 100 East Japan Railway Co. 5,634 1,000 Hankyu Hanshin Holdings, Inc. 4,680 3,000 Keio Corp. 17,001 1,000 Keisei Electric Railway Co., Ltd. 4,735 1,000 Kintetsu Corp. 4,353 3,000 MTR Corp. 7,596 1,000 Odakyu Electric Railway Co., Ltd. 8,173 1,000 Tobu Railway Co., Ltd. 5,228 1,000 Tokyu Corp. 4,261 1 West Japan Railway Co. 3,060 64,721 Transportation - Services - 0.3% 3,000 ComfortDelgro Corp., Ltd. 2,865 439 Deutsche Post A.G. 4,982 46 Kuehne + Nagel International A.G. 3,458 413 TNT N.V. 7,607 504 Toll Holdings, Ltd. 2,157 21,069 Transportation - Truck - 0.1% 237 DSV A/S 2,691 1,000 Nippon Express Co., Ltd. 3,569 6,260 Travel Services - 0.1% 507 Thomas Cook Group PLC 1,951 630 Tui Travel PLC 2,339 4,290 Warehousing and Harbor Transport Services - 0.2% 2,000 Kamigumi Co., Ltd. 12,778 Water - 0.7% 584 Severn Trent PLC 8,981 530 Suez Environment S.A. 8,074 2,684 United Utilities Group PLC 20,135 256 Veolia Environnement 7,023 44,213 Water Treatment Systems - 0% 100 Kurita Water Industries, Ltd. 2,406 Web Portals/Internet Service Providers - 0.2% 96 Iliad S.A. 10,091 9 Yahoo! Japan Corp. 2,241 12,332 Wire and Cable Products - 0.2% 3,000 Furukawa Electronic Co., Ltd. 8,902 312 Prysmian S.P.A 3,791 12,693 Wireless Equipment - 0.4% 720 Nokia OYJ 10,260 1,661 Telefonaktiebolaget L.M. Ericsson - Class B 14,337 24,597 - ------------------------------------------------------------------------------------------------------------------------------------ Total Common Stock (cost $7,271,243) 6,115,065 - ------------------------------------------------------------------------------------------------------------------------------------ Preferred Stock - 0.4% Automotive - Cars and Light Trucks - 0.1% 53 Volkswagen A.G., 4.1600% 3,315 Electric - Integrated - 0.1% 184 RWE A.G., 9.1000% 11,336 Medical Products - 0.1% 76 Fresenius A.G., 1.7900% 3,907 Multi-Line Insurance - 0% 1,255 Unipol Gruppo Finanziario S.P.A., 0% 1,043 Soap and Cleaning Preparations - 0.1% 211 Henkel A.G. & Co., KGaA, 2.4000% 5,688 - ------------------------------------------------------------------------------------------------------------------------------------ Total Preferred Stock (cost $26,871) 25,289 - ------------------------------------------------------------------------------------------------------------------------------------ Rights - 0% Beverages - Wine and Spirits - 0% 143 Pernod-Ricard S.A., 4/29/09* 662 Commercial Banks - 0% 432 Banco de Valencia S.A., 5/11/09* 80 Gas - Transportation - 0% 2,120 Snam Rete Gas S.P.A., 5/15/09* 1,627 - ------------------------------------------------------------------------------------------------------------------------------------ Total Rights (cost $0) 2,369 - ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $7,298,114) - 100% 6,142,723 - ------------------------------------------------------------------------------------------------------------------------------------
Summary of Investments by Country- (Long Positions) April 30, 2009 (unaudited) Country Value % of Investment Securities - -------------------------------------------------------------------------------- Australia $ 417,933 6.8% Austria 35,854 0.6% Belgium 111,197 1.8% Bermuda 22,008 0.4% Denmark 108,889 1.8% Finland 88,420 1.4% France 626,421 10.2% Germany 366,715 6.0% Greece 27,061 0.4% Hong Kong 121,328 2.0% Ireland 16,662 0.3% Italy 219,934 3.6% Japan 1,456,388 23.7% Jersey 42,577 0.7% Luxembourg 28,042 0.5% Netherlands 167,877 2.7% New Zealand 13,984 0.2% Norway 41,046 0.7% Portugal 36,210 0.6% Singapore 58,130 0.8% Spain 264,740 4.3% Sweden 203,627 3.3% Switzerland 421,283 6.9% United Kingdom 1,221,204 19.9% United States 25,193 0.4% - -------------------------------------------------------------------------------- Total $ 6,142,723 100.0% Notes to Schedule of Investments (unaudited) ADR American Depositary Receipt FDR Fixed Depositary Receipt PLC Public Limited Company REIT Real Estate Investment Trust * Non-income-producing security ** Security is illiquid + Schedule of Fair Valued Securities (as of April 30, 2009)
- ------------------------------------------------------------------------------------------------------------------- Value as a % of Janus Adviser INTECH Risk-Managed International Fund Value Investment Securities - ------------------------------------------------------------------------------------------------------------------- Alumina, Ltd.** $ 1,808 0.0% - ------------------------------------------------------------------------------------------------------------------- Securities are valued at "fair value" pursuant to procedures adopted by the Fund's Trustees. The Schedule of Fair Valued Securities does not include international equity securities fair valued pursuant to a systematic fair valuation model. - -------------------------------------------------------------------------------------------------------------------
The following is a summary of the inputs that were used to value the Fund's investments in securities and other financial instruments as of April 30, 2009. See Significant Accounting Policies for more information. Valuation Inputs Summary (as of April 30, 2009)
Level 2 - Other Level 3 - Significant Observable Significant Level 1 - Quoted Prices Inputs Unobservable Inputs - ------------------------------------------------------------------------------------------------------------------------------------ Investments in Securities: Janus Adviser INTECH Risk-Managed International Fund $ - $ 6,142,723 $ - - ------------------------------------------------------------------------------------------------------------------------------------
Janus Adviser INTECH Risk-Managed Value Fund Schedule of Investments (unaudited)
Shares or Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------------------ Common Stock - 99.5% Aerospace and Defense - 0.4% 3,700 General Dynamics Corp. $ 191,179 300 Raytheon Co. 13,569 204,748 Aerospace and Defense - Equipment - 0.2% 2,200 United Technologies Corp. 107,448 Airlines - 0.6% 1,200 AMR Corp.* 5,712 3,700 Continental Airlines, Inc. - Class B* 38,924 9,175 Delta Air Lines, Inc.* 56,610 35,000 Southwest Airlines Co. 244,300 345,546 Apparel Manufacturers - 0.4% 4,100 VF Corp. 243,007 Appliances - 0% 300 Whirlpool Corp. 13,548 Applications Software - 0.1% 7,300 Compuware Corp.* 54,604 Audio and Video Products - 0% 700 Harman International Industries, Inc. 12,733 Automotive - Cars and Light Trucks - 0% 2,900 Ford Motor Co.* 17,342 Automotive - Truck Parts and Equipment - Original - 0.1% 2,100 Johnson Controls, Inc. 39,921 Beverages - Non-Alcoholic - 0.3% 3,100 Coca-Cola Co. 133,455 200 Dr. Pepper Snapple Group, Inc.* 4,142 500 Pepsi Bottling Group, Inc. 15,635 600 PepsiAmericas, Inc. 14,742 300 PepsiCo, Inc. 14,928 182,902 Beverages - Wine and Spirits - 0.6% 3,350 Brown-Forman Corp. - Class B 155,775 14,300 Constellation Brands, Inc. - Class A* 165,737 321,512 Brewery - 0% 400 Molson Coors Brewing Co. - Class B 15,300 Broadcast Services and Programming - 0% 300 Scripps Networks Interactive, Inc. - Class A 8,232 Building - Residential and Commercial - 0.1% 1,100 Centex Corp. 12,034 4,400 Lennar Corp. - Class A 42,856 1,200 Pulte Homes, Inc. 13,812 68,702 Building and Construction Products - Miscellaneous - 0.1% 2,200 Owens Corning* 39,380 Building Products - Cement and Aggregate - 0% 100 Martin Marietta Materials, Inc. 8,403 Cable Television - 2.0% 17,200 Cablevision Systems New York Group - Class A 295,152 56,850 Comcast Corp. - Class A 878,901 451 Time Warner Cable, Inc. - Class A* 14,536 1,188,589 Cellular Telecommunications - 0.2% 3,200 Leap Wireless International, Inc.* 115,424 Chemicals - Diversified - 1.5% 300 Dow Chemical Co. 4,800 10,600 E.I. du Pont de Nemours & Co. 295,740 900 FMC Corp. 43,857 11,500 PPG Industries, Inc. 506,575 850,972 Chemicals - Specialty - 0% 100 Sigma-Aldrich Corp. 4,384 Coatings and Paint Products - 0.5% 1,100 RPM International, Inc. 15,202 10,200 Valspar Corp. 244,800 260,002 Commercial Banks - 2.3% 4,200 BancorpSouth, Inc. 97,650 2,000 Bank of Hawaii Corp. 70,280 8,700 BB&T Corp. 203,058 2,400 City National Corp. 87,840 4,630 Commerce Bancshares, Inc. 153,253 4,100 Cullen/Frost Bankers, Inc. 193,069 4,401 First Horizon National Corp. 50,656 3,300 Fulton Financial Corp. 21,813 1,800 M&T Bank Corp. 94,410 2,200 Marshall & Ilsley Corp. 12,716 1,697 Regions Financial Corp. 7,620 3,400 TCF Financial Corp. 47,294 15,995 Valley National Bancorp 231,447 4,700 Zions Bancorporation 51,371 1,322,477 Commercial Services - 0.1% 2,500 Quanta Services, Inc.* 56,825 Commercial Services - Finance - 0.4% 500 Lender Processing Services, Inc. 14,330 7,200 Moody's Corp. 212,544 226,874 Computer Services - 0.7% 4,000 Affiliated Computer Services, Inc. - Class A 193,520 5,700 Computer Sciences Corp.* 210,672 404,192 Computers - 0% 2,200 Sun Microsystems, Inc.* 20,152 Computers - Integrated Systems - 0.1% 2,900 Brocade Communications Systems, Inc.* 16,762 1,300 Diebold, Inc. 34,359 1,400 NCR Corp.* 14,210 65,331 Computers - Memory Devices - 0% 1,500 SanDisk Corp.* 23,580 Computers - Peripheral Equipment - 0.1% 1,700 Lexmark International, Inc. - Class A* 33,354 Consulting Services - 0.1% 4,200 SAIC, Inc.* 76,020 Consumer Products - Miscellaneous - 0.4% 2,900 Clorox Co. 162,545 600 Jarden Corp.* 12,060 1,600 Kimberly-Clark Corp. 78,624 253,229 Containers - Metal and Glass - 0.2% 2,800 Ball Corp. 105,616 Containers - Paper and Plastic - 1.1% 12,000 Bemis Co., Inc. 288,480 4,300 Packaging Corp. of America 68,241 600 Pactiv Corp.* 13,116 11,000 Sonoco Products Co. 268,510 638,347 Cosmetics and Toiletries - 2.4% 28,000 Procter & Gamble Co. 1,384,320 Data Processing and Management - 0.2% 1,300 Dun & Bradstreet Corp. 105,820 500 Fidelity National Information Services, Inc. 8,925 114,745 Diagnostic Kits - 0.1% 1,800 Inverness Medical Innovations, Inc.* 58,122 Dialysis Centers - 0.2% 2,700 DaVita, Inc.* 125,199 Distribution/Wholesale - 0.1% 1,800 Genuine Parts Co. 61,128 800 Ingram Micro, Inc. - Class A* 11,616 72,744 Diversified Operations - 7.7% 4,300 Carlisle Cos., Inc. 97,825 3,100 Cooper Industries, Ltd. - Class A 101,649 1,300 Dover Corp. 40,014 237,200 General Electric Co. 3,000,580 8,800 Illinois Tool Works, Inc. 288,640 2,100 Ingersoll-Rand Co. - Class A 45,717 2,000 ITT Corp. 82,020 17,800 Leggett & Platt, Inc. 255,608 4,600 Leucadia National Corp. 97,658 7,200 Pentair, Inc. 191,808 5,900 Teleflex, Inc. 253,582 3,500 Trinity Industries, Inc. 51,135 4,506,236 Electric - Integrated - 4.4% 100 Alliant Energy Corp. 2,236 3,400 Ameren Corp. 78,268 6,100 Consolidated Edison, Inc. 226,493 4,100 Dominion Resources, Inc. 123,656 5,100 DTE Energy Co. 150,807 1,124 Duke Energy Corp. 15,522 200 Edison International 5,702 1,700 Exelon Corp. 78,421 4,600 FirstEnergy Corp. 188,140 100 FPL Group, Inc. 5,379 11,700 Hawaiian Electric Industries, Inc. 181,818 3,500 Integrys Energy Group, Inc. 92,435 20,400 MDU Resources Group, Inc. 358,428 600 Northeast Utilities 12,612 4,900 NSTAR 153,909 2,500 OGE Energy Corp. 64,275 8,100 PG&E Corp. 300,672 3,400 Pinnacle West Capital Corp. 93,092 2,800 Progress Energy, Inc. 95,536 1,600 SCANA Corp. 48,352 5,700 Southern Co. 164,616 8,000 TECO Energy, Inc. 84,720 400 Wisconsin Energy Corp. 15,984 300 Xcel Energy, Inc. 5,532 2,546,605 Electric Products - Miscellaneous - 0.2% 7,400 Molex, Inc. 123,358 Electronic Components - Miscellaneous - 0.1% 8,500 Jabil Circuit, Inc. 68,850 875 Tyco Electronics, Ltd. 15,260 84,110 Electronic Components - Semiconductors - 0.2% 500 Cree, Inc.* 13,695 2,100 Intel Corp. 33,138 800 International Rectifier Corp.* 13,504 2,200 Intersil Corp. - Class A 25,520 2,500 Micron Technology, Inc.* 12,200 98,057 Electronic Connectors - 0.4% 6,600 Thomas & Betts Corp.* 205,392 Engineering - Research and Development Services - 0.3% 800 Aecom Techonology Corp.* 20,584 900 KBR, Inc. 14,058 3,100 URS Corp.* 136,586 171,228 Fiduciary Banks - 0.4% 6,224 Bank of New York Mellon Corp. 158,588 200 Northern Trust Corp. 10,872 1,100 State Street Corp. 37,543 207,003 Finance - Consumer Loans - 0% 4,300 SLM Corp.* 20,769 Finance - Credit Card - 0.2% 13,700 Discover Financial Services 111,381 Finance - Investment Bankers/Brokers - 3.3% 10,100 Citigroup, Inc. 30,805 2,600 Goldman Sachs Group, Inc. 334,100 7,400 Jefferies Group, Inc. 144,818 31,700 JPMorgan Chase & Co. 1,046,100 9,300 Morgan Stanley 219,852 9,600 Raymond James Financial, Inc. 150,624 1,926,299 Finance - Other Services - 0.1% 100 CME Group, Inc. 22,135 800 Nasdaq Stock Market, Inc.* 15,384 600 NYSE Euronext 13,902 51,421 Financial Guarantee Insurance - 0% 4,500 MBIA, Inc.* 21,285 Food - Canned - 0% 2,800 Del Monte Foods Co. 21,140 Food - Confectionery - 0.9% 7,100 Hershey Co. 256,594 7,000 J.M. Smucker Co. 275,800 532,394 Food - Dairy Products - 0% 900 Dean Foods Co.* 18,630 Food - Meat Products - 0.2% 2,500 Smithfield Foods, Inc.* 21,600 7,600 Tyson Foods, Inc. - Class A 80,104 101,704 Food - Miscellaneous/Diversified - 4.4% 14,100 Campbell Soup Co. 362,652 600 ConAgra Foods, Inc. 10,620 5,200 Corn Products International, Inc. 124,280 9,300 General Mills, Inc. 471,417 12,700 H.J. Heinz Co. 437,134 10,600 Kellogg Co. 446,366 25,652 Kraft Foods, Inc. - Class A 600,257 1,100 McCormick & Co., Inc. 32,395 6,900 Sara Lee Corp. 57,408 2,542,529 Food - Retail - 0.7% 19,000 Kroger Co. 410,780 Forestry - 0% 100 Plum Creek Timber Co., Inc. 3,452 Gas - Distribution - 0.5% 1,100 Atmos Energy Corp. 27,181 3,300 National Fuel Gas Co. 107,943 500 NiSource, Inc. 5,495 200 Sempra Energy 9,204 100 Southern Union Co. 1,591 5,500 UGI Corp. 126,170 1,600 Vectren Corp. 35,472 313,056 Hospital Beds and Equipment - 0% 2,100 Hill-Rom Holdings, Inc. 27,258 Human Resources - 0.1% 1,300 Manpower, Inc. 56,017 Independent Power Producer - 0% 2,300 Reliant Energy, Inc.* 11,408 Instruments - Scientific - 0.1% 1,500 PerkinElmer, Inc. 21,855 1,700 Thermo Fisher Scientific, Inc.* 59,636 81,491 Insurance Brokers - 0.9% 600 AON Corp. 25,320 1,400 Arthur J. Gallagher & Co. 31,472 12,100 Brown & Brown, Inc. 235,466 10,600 Marsh & McLennan Cos., Inc. 223,554 515,812 Internet Content - Information/News - 0.2% 8,200 HLTH Corp.* 90,200 Internet Security - 0.2% 8,100 Symantec Corp.* 139,725 Investment Management and Advisory Services - 0.1% 700 Ameriprise Financial, Inc. 18,445 300 Franklin Resources, Inc. 18,144 1,100 Invesco, Ltd. 16,192 52,781 Life and Health Insurance - 0.6% 10,979 Lincoln National Corp. 123,404 2,600 Principal Financial Group, Inc. 42,484 4,800 Prudential Financial, Inc. 138,624 600 StanCorp Financial Group, Inc. 16,458 500 Torchmark Corp. 14,665 1,100 Unum Group 17,974 353,609 Linen Supply and Related Items - 0% 500 Cintas Corp. 12,830 Machine Tools and Related Products - 0.3% 5,000 Kennametal, Inc. 102,250 1,300 Lincoln Electric Holdings, Inc. 57,889 160,139 Machinery - General Industrial - 0.1% 1,400 Gardner Denver, Inc.* 37,268 600 IDEX Corp. 15,150 52,418 Medical - Biomedical and Genetic - 1.4% 17,200 Amgen, Inc. 833,684 Medical - Drugs - 6.0% 8,100 Bristol-Myers Squibb Co. 155,520 9,700 Eli Lilly & Co. 319,324 500 Endo Pharmaceuticals Holdings, Inc.* 8,270 28,500 King Pharmaceuticals, Inc.* 224,580 21,800 Merck & Co., Inc. 528,432 124,400 Pfizer, Inc. 1,661,984 14,100 Wyeth 597,840 3,495,950 Medical - Generic Drugs - 0.1% 2,400 Mylan, Inc.* 31,800 Medical - HMO - 0.4% 600 Aetna, Inc. 13,206 900 CIGNA Corp. 17,739 1,100 Coventry Health Care, Inc.* 17,501 1,900 Humana, Inc.* 54,682 1,200 UnitedHealth Group, Inc. 28,224 2,600 WellPoint, Inc.* 111,176 242,528 Medical - Hospitals - 0.6% 200 Community Health Systems, Inc.* 4,568 5,500 LifePoint Hospitals, Inc.* 142,175 3,800 Universal Health Services, Inc. - Class B 191,520 338,263 Medical - Outpatient and Home Medical Care - 0% 100 Lincare Holdings, Inc.* 2,413 Medical - Wholesale Drug Distributors - 0.1% 2,200 Cardinal Health, Inc. 74,338 Medical Information Systems - 0.3% 12,200 IMS Health, Inc. 153,232 Medical Instruments - 0.1% 7,200 Boston Scientific Corp.* 60,552 Medical Labs and Testing Services - 0.3% 3,300 Quest Diagnostics, Inc. 169,389 Medical Products - 3.1% 9,275 Covidien, Ltd. 305,890 28,600 Johnson & Johnson 1,497,496 1,803,386 Metal - Copper - 0.2% 3,305 Freeport-McMoRan Copper & Gold, Inc. - Class B 140,958 Metal Processors and Fabricators - 0.1% 1,200 Commercial Metals Co. 17,856 600 Timken Co. 9,648 27,504 Motorcycle and Motor Scooter Manufacturing - 0% 800 Harley-Davidson, Inc. 17,728 Multi-Line Insurance - 1.8% 1,700 Allstate Corp. 39,661 2,700 American Financial Group, Inc. 47,466 800 Assurant, Inc. 19,552 600 Cincinnati Financial Corp. 14,370 15,400 Hartford Financial Services Group, Inc. 176,638 7,800 HCC Insurance Holdings, Inc. 186,576 18,900 Loews Corp. 470,421 2,900 MetLife, Inc. 86,275 3,600 XL Capital, Ltd. - Class A 34,236 1,075,195 Multimedia - 1.5% 4,700 McGraw-Hill Cos., Inc. 141,705 1,800 Time Warner, Inc. 39,294 30,500 Walt Disney Co. 667,950 848,949 Non-Hazardous Waste Disposal - 1.1% 4,105 Republic Services, Inc. 86,205 20,300 Waste Management, Inc. 541,401 627,606 Office Automation and Equipment - 0% 800 Pitney Bowes, Inc. 19,632 Office Supplies and Forms - 0% 300 Avery Dennison Corp. 8,622 Oil - Field Services - 0.4% 10,100 BJ Services Co. 140,289 3,100 Exterran Holdings, Inc.* 64,015 1,000 Oil States International, Inc.* 18,900 223,204 Oil and Gas Drilling - 0.6% 300 ENSCO International, Inc. 8,484 600 Helmerich & Payne, Inc. 18,492 9,000 Nabors Industries, Ltd.* 136,890 3,200 Patterson-UTI Energy, Inc. 40,672 3,700 Pride International, Inc.* 83,990 1,300 Rowan Cos., Inc. 20,293 700 Unit Corp.* 19,103 327,924 Oil Companies - Exploration and Production - 1.8% 2,500 Anadarko Petroleum Corp. 107,650 1,300 Apache Corp. 94,718 200 Cabot Oil & Gas Corp. 6,038 6,800 Chesapeake Energy Corp. 134,028 1,700 Cimarex Energy Co. 45,730 2,700 Devon Energy Corp. 139,995 4,200 Encore Acquisition Co.* 122,598 1,900 Forest Oil Corp.* 30,400 200 Noble Energy, Inc. 11,350 1,500 PetroHawk Energy Corp.* 35,400 5,200 Pioneer Natural Resources Co. 120,224 200 Questar Corp. 5,944 4,100 St. Mary Land & Exploration Co. 73,267 3,200 XTO Energy, Inc. 110,912 1,038,254 Oil Companies - Integrated - 12.7% 28,600 Chevron Corp. 1,890,460 25,193 ConocoPhillips 1,032,913 63,500 Exxon Mobil Corp. 4,233,544 8,500 Marathon Oil Corp. 252,450 7,409,367 Oil Refining and Marketing - 0.1% 400 Sunoco, Inc. 10,604 1,600 Tesoro Corp. 24,400 1,100 Valero Energy Corp. 21,824 56,828 Paper and Related Products - 0% 1,500 International Paper Co. 18,990 Pharmacy Services - 0.4% 10,000 Omnicare, Inc. 257,100 Pipelines - 0.5% 3,400 El Paso Corp. 23,460 3,400 Oneok, Inc. 88,978 11,300 Spectra Energy Corp. 163,850 276,288 Power Converters and Power Supply Equipment - 0% 500 Hubbell, Inc. - Class A 16,600 Private Corrections - 0% 100 Corrections Corporation of America* 1,413 Property and Casualty Insurance - 1.3% 1,400 Arch Capital Group, Ltd.* 80,892 4,400 Chubb Corp. 171,380 700 Fidelity National Financial, Inc. - Class A 12,691 900 Hanover Insurance Group, Inc. 26,982 2,000 Mercury General Corp. 67,560 9,600 Progressive Corp. 146,688 5,000 Travelers Cos., Inc. 205,700 1,300 W. R. Berkley Corp. 31,083 742,976 Quarrying - 0.3% 3,400 Vulcan Materials Co. 161,670 Reinsurance - 0.2% 200 Allied World Assurance Co. Holdings, Ltd. 7,428 600 Axis Capital Holdings, Ltd. 14,784 800 Endurance Specialty Holdings, Ltd. 20,928 200 Everest Re Group, Ltd. 14,928 200 PartnerRe, Ltd. 13,638 1,200 RenaissanceRe Holdings, Ltd. 58,392 130,098 REIT - Apartments - 0.7% 612 Avalonbay Communities, Inc. 34,768 4,000 BRE Properties, Inc. - Class A 98,280 900 Camden Property Trust 24,417 2,900 Equity Residential 66,381 1,100 Essex Property Trust, Inc. 69,839 11,509 UDR, Inc. 115,895 409,580 REIT - Diversified - 0.6% 200 Digital Realty Trust, Inc. 7,202 7,700 Duke Realty Corp. 75,229 8,300 Liberty Property Trust 202,022 1,010 Vornado Realty Trust 49,379 333,832 REIT - Health Care - 0.1% 1,000 HCP, Inc. 21,950 900 Heath Care REIT, Inc. 30,663 52,613 REIT - Office Property - 0.1% 300 Alexandria Real Estate Equities, Inc. 10,944 600 Boston Properties, Inc. 29,652 40,596 REIT - Storage - 0.2% 1,500 Public Storage 100,290 REIT - Warehouse/Industrial - 0.2% 11,000 ProLogis 100,210 Rental Auto/Equipment - 0% 2,200 Hertz Global Holdings, Inc.* 14,960 Retail - Apparel and Shoe - 0.4% 10,400 Foot Locker, Inc. 123,656 8,700 Limited Brands, Inc. 99,354 223,010 Retail - Auto Parts - 0.1% 1,300 O'Reilly Automotive, Inc.* 50,505 Retail - Bedding - 0% 300 Bed Bath & Beyond, Inc.* 9,126 Retail - Building Products - 1.5% 17,300 Home Depot, Inc. 455,336 19,300 Lowe's Cos., Inc. 414,950 870,286 Retail - Consumer Electronics - 0.2% 6,700 RadioShack Corp. 94,336 Retail - Discount - 1.7% 3,400 BJ's Wholesale Club, Inc.* 113,356 8,900 Family Dollar Stores, Inc. 295,391 11,800 Wal-Mart Stores, Inc. 594,720 1,003,467 Retail - Drug Store - 0.3% 2,700 CVS Caremark Corp. 85,806 2,400 Walgreen Co. 75,432 161,238 Retail - Jewelry - 0% 900 Signet Jewelers, Ltd. 14,283 Retail - Major Department Stores - 0.2% 2,900 JC Penney Co., Inc. 89,001 600 Sears Holdings Corp.* 37,482 126,483 Retail - Office Supplies - 0% 800 Staples, Inc. 16,496 Retail - Regional Department Stores - 0.4% 4,900 Kohl's Corp.* 222,215 1,100 Macy's, Inc. 15,048 237,263 Retail - Restaurants - 0% 300 McDonald's Corp. 15,987 Savings/Loan/Thrifts - 0.5% 1,500 Capitol Federal Financial 58,440 12,400 Hudson City Bancorp, Inc. 155,744 1,500 New York Community Bancorp, Inc. 16,965 3,100 People's United Financial, Inc. 48,422 1,500 TFS Financial Corp. 17,595 297,166 Schools - 0.2% 3,900 Career Education Corp.* 85,956 Semiconductor Components/Integrated Circuits - 0% 4,200 Integrated Device Technology, Inc.* 22,806 Steel - Producers - 0.1% 200 Nucor Corp. 8,138 600 Reliance Steel & Aluminum Co. 21,138 2,600 Steel Dynamics, Inc. 32,370 500 United States Steel Corp. 13,275 74,921 Super-Regional Banks - 4.1% 60,005 Bank of America Corp. 535,845 7,300 Capital One Financial Corp. 122,202 1,000 Comerica, Inc. 20,980 12,800 KeyCorp 78,720 5,883 PNC Financial Services Group, Inc. 233,555 1,300 SunTrust Banks, Inc. 18,772 23,300 U.S. Bancorp 424,526 48,761 Wells Fargo & Co. 975,707 2,410,307 Telecommunication Equipment - 0% 2,700 Tellabs, Inc.* 14,148 Telecommunication Services - 0.4% 1,100 Amdocs, Ltd. (U.S. Shares)* 23,023 5,300 Embarq Corp. 193,768 2,300 Virgin Media, Inc. 17,756 234,547 Telephone - Integrated - 7.4% 97,310 AT&T, Inc. 2,493,082 11,500 CenturyTel, Inc. 312,225 33,400 Frontier Communications Corp. 237,474 2,900 Qwest Communications International, Inc. 11,281 4,100 Sprint Nextel Corp.* 17,876 900 Telephone & Data Systems, Inc. 25,803 38,244 Verizon Communications, Inc. 1,160,323 3,337 Windstream Corp. 27,697 4,285,761 Tobacco - 0% 400 Reynolds American, Inc. 15,192 Tools - Hand Held - 0.3% 600 Black & Decker Corp. 24,180 3,000 Snap-On, Inc. 101,760 1,100 Stanley Works 41,833 167,773 Toys - 0.2% 4,400 Hasbro, Inc. 117,304 Transportation - Equipment and Leasing - 0.1% 2,800 GATX Corp. 84,308 Transportation - Marine - 0.4% 5,100 Tidewater, Inc. 220,575 Transportation - Railroad - 0.9% 500 Kansas City Southern* 7,625 14,800 Norfolk Southern Corp. 528,064 535,689 Transportation - Services - 0.4% 3,300 FedEx Corp. 184,668 800 Ryder System, Inc. 22,152 206,820 Transportation - Truck - 0% 300 Con-way, Inc. 7,434 Vitamins and Nutrition Products - 0% 300 NBTY, Inc.* 7,773 Water - 0.1% 600 American Water Works Co., Inc. 10,800 3,200 Aqua America, Inc. 58,720 69,520 Wireless Equipment - 0.1% 5,000 Motorola, Inc. 27,650 - ------------------------------------------------------------------------------------------------------------------------------------ Total Common Stock (cost $63,663,279) 58,046,995 - ------------------------------------------------------------------------------------------------------------------------------------ Money Markets - 0.5% 284,043 Janus Cash Liquidity Fund LLC, 0% (cost $284,043) 284,043 - ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $63,947,322) - 100% $58,331,038 - ------------------------------------------------------------------------------------------------------------------------------------
Summary of Investments by Country- (Long Positions) As of April 30, 2009 (unaudited) % of Investment Country Value Securities - -------------------------------------------------------------------------------- Bermuda $ 86,871 1.5% Cayman Islands 34,236 0.1% Guernsey 23,023 0.0% United States++ 57,426,908 98.4% - -------------------------------------------------------------------------------- Total $ 58,331,038 100.0% ++Includes Short-Term Securities (97.9% excluding Short-Term Securities) Notes to Schedule of Investments (unaudited) REIT Real Estate Investment Trust U.S. Shares Securities of foreign companies trading on an American Stock Exchange. * Non-income-producing security. The following is a summary of the inputs that were used to value the Fund's investments in securities and other financial instruments as of April 30, 2009. See Significant Accounting Policies for more information.
Level 1 - Quoted Level 2 - Other Significant Level 3 - Significant Prices Observable Inputs Unobservable Inputs - ---------------------------------------------------------------------------------------------------------------------------------- Investments in Securities: Janus Adviser INTECH Risk-Managed Value Fund 58,046,995 284,043 - - ----------------------------------------------------------------------------------------------------------------------------------
Janus Adviser International Equity Fund Schedule of Investments (unaudited)
Shares or Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------------------ Common Stock - 99.6% Agricultural Chemicals - 5.8% 40,026 Monsanto Co. $ 3,397,807 6,712 Potash Corporation of Saskatchewan, Inc. 576,681 33,415 Potash Corporation of Saskatchewan, Inc. (U.S. Shares) 2,890,063 6,864,551 Agricultural Operations - 1.6% 3,364,555 Chaoda Modern Agriculture Holdings, Ltd. 1,916,900 Brewery - 2.5% 97,897 Anheuser-Busch InBev N.V. 2,987,551 96,824 Anheuser-Busch InBev N.V. - VVPR Strip* 256 2,987,807 Cable Television - 3.3% 5,615 Jupiter Telecommunications Co., Ltd. 3,948,770 Chemicals - Diversified - 2.0% 16,877 Bayer A.G. 835,780 25,424 K+S A.G. 1,516,884 2,352,664 Chemicals - Specialty - 1.2% 2,000,000 Huabao International Holdings, Ltd. 1,416,416 Commercial Banks - 2.4% 47,548 Julius Baer Holding A.G. 1,559,983 79,094 Standard Chartered PLC 1,215,950 2,775,933 Commercial Services - 4.9% 285,820 Aggreko PLC 2,417,304 3,066 SGS S.A. 3,428,536 5,845,840 Computers - 3.2% 54,105 Research In Motion, Ltd. (U.S. Shares)* 3,760,298 Consulting Services - 3.0% 88,152 Bereau Veritas S.A. 3,591,109 Distribution/Wholesale - 2.8% 1,194,000 Li & Fung, Ltd. 3,361,096 Diversified Operations - 1.0% 516,000 China Merchants Holdings International Co., Ltd. 1,219,134 Electric - Distribution - 1.1% 210,735 Equatorial Energia S.A. 1,314,081 Electronic Connectors - 0.5% 5,400 Hirose Electric Co., Ltd. 561,787 Enterprise Software/Services - 4.4% 41,310 Autonomy Corp. PLC* 868,750 206,900 Nomura Research Institute, Ltd. 3,668,715 44,790 Temenos Group A.G.* 618,372 5,155,837 Extended Service Contracts - 0.8% 54,021 Homeserve PLC 977,781 Finance - Investment Bankers/Brokers - 1.1% 9,910 Goldman Sachs Group, Inc. 1,273,435 Finance - Other Services - 2.5% 918,097 IG Group Holdings PLC 2,972,528 Food - Catering - 0.5% 1,216,275 FU JI Food & Catering Services Holdings, Ltd. 643,359 Food - Miscellaneous/Diversified - 1.1% 40,888 Nestle S.A. 1,330,215 Food - Retail - 1.7% 403,719 Tesco PLC 2,003,704 Food - Wholesale/Distribution - 1.5% 1,521,000 Olam International, Ltd. 1,795,046 Human Resources - 3.1% 366,148 Capita Group PLC 3,685,987 Insurance Brokers - 0.7% 624,200 Tempo Participacoes S.A.* 799,597 Investment Companies - 1.7% 532,860 Man Group PLC 1,964,086 Investment Management and Advisory Services - 0.8% 272,700 GP Investments, Ltd. (BDR)* 935,699 Medical - Drugs - 11.3% 216,936 Grifols S.A. 3,808,922 78,357 Novartis A.G. 2,960,285 65,345 Novo Nordisk A/S 3,101,082 27,557 Roche Holding A.G. 3,483,174 13,353,463 Multi-Line Insurance - 1.2% 7,699 Zurich Financial Services A.G. 1,422,362 Oil - Field Services - 0.5% 66,484 Petrofac, Ltd. 559,949 Oil Companies - Integrated - 0.9% 20,342 Total S.A. 1,017,104 Oil Field Machinery and Equipment - 1.7% 257,756 Wellstream Holdings PLC 1,961,919 Optical Supplies - 1.9% 24,945 Alcon, Inc. (U.S. Shares) 2,295,189 Real Estate Management/Services - 7.8% 86,900 Aeon Mall Co., Ltd. 1,139,094 98,000 Daito Trust Construction Co., Ltd. 4,049,269 166,341 LPS Brasil Consultoria de Imoveis S.A.* 572,278 269,000 Mitsubishi Estate Co., Ltd. 3,510,453 9,271,094 Real Estate Operating/Development - 3.5% 1,165,402 CapitaLand, Ltd. 2,146,584 682,000 Hang Lung Properties, Ltd. 1,923,019 4,069,603 Retail - Apparel and Shoe - 4.4% 444,900 Esprit Holdings, Ltd. 2,727,170 25,555 Hennes & Mauritz A.B. - Class B 1,143,036 26,504 Inditex S.A. 1,130,842 94,000 Ports Design, Ltd. 142,659 5,143,707 Retail - Consumer Electronics - 2.0% 51,200 Yamada Denki Co., Ltd. 2,362,801 Retail - Restaurants - 1.8% 4,203,000 Ajisen China Holdings, Ltd. 2,108,618 Schools - 4.5% 132,600 Anhanguera Educacional Participacoes S.A.* 928,164 329,800 Estacio Participacoes S.A.* 2,225,523 7,387,000 Raffles Education Corp., Ltd. 2,151,421 5,305,108 Soap and Cleaning Preparations - 1.4% 41,767 Reckitt Benckiser Group PLC 1,644,358 Tobacco - 1.0% 49,750 British American Tobacco PLC 1,206,858 Transportation - Truck - 0.5% 55,751 DSV A/S 629,639 - ------------------------------------------------------------------------------------------------------------------------------------ Total Common Stock (cost $127,688,142) 117,805,432 - ------------------------------------------------------------------------------------------------------------------------------------ Money Market - 0.4% 530,000 Janus Cash Liquidity Fund LLC, 0% (cost $530,000) 530,000 - ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $128,218,142) - 100% $118,335,432 - ------------------------------------------------------------------------------------------------------------------------------------
Summary of Investments by Country - (Long Positions) April 30, 2009 (unaudited) Country Value % of Investment Securities - -------------------------------------------------------------------------------- Belgium 2,987,807 2.5% Bermuda 8,583,040 7.3% Brazil 5,839,643 4.9% Canada 7,227,041 6.1% Cayman Islands 4,668,877 3.9% Denmark 3,730,722 3.1% France 4,608,213 3.9% Germany 2,352,664 2.0% Hong Kong 3,142,153 2.7% Japan 19,240,889 16.3% Jersey 559,949 0.5% Singapore 6,093,050 5.1% Spain 4,939,766 4.2% Sweden 1,143,036 1.0% Switzerland 17,098,115 14.4% United Kingdom 20,919,225 17.7% United States ++ 5,201,242 4.4% - -------------------------------------------------------------------------------- Total $ 118,335,432 100.0% ++ Includes Short-Term Securities (4.0% excluding Short-Term Securities) Notes to Schedule of Investments (unaudited) BDR Brazilian Depositary Receipt PLC Public Limited Company U.S. Shares Securities of foreign companies trading on an American Stock Exchange. VVPR Strip The Voter Verified Paper Record (VVPR) strip is a coupon which, if presented along with the dividend coupon of the ordinary share, allows the benefit of a reduced withholding tax on the dividends paid by the company. This strip is quoted separately from the ordinary share and is freely negotiable. * Non-income-producing security. The following is a summary of the inputs that were used to value the Fund's investments in securities and other financial instruments as of April 30, 2009. See Significant Accounting Policies for more information. Valuation Inputs Summary (as of April 30, 2009)
Level 1 - Quoted Level 2 - Other Significant Level 3 - Significant Prices Observable Inputs Unobservable Inputs - --------------------------------------------------------------------------------------------------------------------------------- Investments in Securities: Janus Adviser International Equity Fund $ 13,644,154 $ 104,691,278 $ - - ---------------------------------------------------------------------------------------------------------------------------------
Janus Adviser International Forty Fund Schedule of Investments (unaudited)
Shares/Principal/Contract Amounts Value - ------------------------------------------------------------------------------------------------------------------------------------ Common Stock - 98.2% Agricultural Chemicals - 8.5% 974 Monsanto Co. $ 82,682 1,193 Potash Corporation of Saskatchewan, Inc. (U.S. Shares) 103,182 185,864 Agricultural Operations - 1.5% 59,935 Chaoda Modern Agriculture Holdings, Ltd. 34,147 Brewery - 1.9% 1,407 Anheuser-Busch InBev N.V. 42,938 1,256 Anheuser-Busch InBev N.V. - VVPR Strip* 3 42,941 Cable Television - 1.0% 31 Jupiter Telecommunications Co., Ltd. 21,801 Chemicals - Diversified - 2.4% 1,916 Israel Chemicals, Ltd. 16,074 614 K+S A.G. 36,634 52,708 Chemicals - Specialty - 1.1% 35,000 Huabao International Holdings, Ltd. 24,787 Coal - 0.5% 87,500 Bumi Resources 12,084 Commercial Banks - 2.0% 680 Julius Baer Holding A.G. 22,310 1,425 Standard Chartered PLC 21,907 44,217 Commercial Services - 3.0% 7,880 Aggreko PLC 66,645 Computers - 3.9% 1,225 Research In Motion, Ltd. (U.S. Shares)* 85,138 Consulting Services - 4.1% 2,212 Bereau Veritas S.A. 90,112 Distribution/Wholesale - 3.8% 30,000 Li & Fung, Ltd. 84,450 Diversified Operations - 0.6% 6,000 China Merchants Holdings International Co., Ltd. 14,176 Educational Software - 0.6% 245 Educomp Solutions, Ltd. 12,215 Electric - Distribution - 1.3% 4,460 Equatorial Energia S.A. 27,811 Finance - Investment Bankers/Brokers - 1.4% 237 Goldman Sachs Group, Inc. 30,455 Finance - Other Services - 5.8% 4,977 BM&F Bovespa S.A.* 20,197 2,200 Hong Kong Exchanges & Clearing, Ltd. 25,299 25,742 IG Group Holdings PLC 83,345 128,841 Food - Catering - 0.6% 24,000 FU JI Food & Catering Services Holdings, Ltd. 12,695 Food - Retail - 1.2% 5,216 Tesco PLC 25,888 Food - Wholesale/Distribution - 1.5% 28,000 Olam International, Ltd. 33,045 Human Resources - 5.2% 11,285 Capita Group PLC 113,605 Investment Companies - 1.3% 7,920 Man Group PLC 29,193 Investment Management and Advisory Services - 1.1% 7,105 GP Investments, Ltd. (BDR)* 24,379 Medical - Biomedical and Genetic - 2.1% 1,085 Celgene Corp.* 46,351 Medical - Drugs - 14.8% 5,314 Grifols S.A. 93,302 1,997 Novartis A.G. 75,446 1,184 Novo Nordisk A/S 56,189 784 Roche Holding A.G. 99,096 324,033 Oil Field Machinery and Equipment - 1.2% 3,564 Wellstream Holdings PLC 27,128 Real Estate Management/Services - 4.0% 1,200 Daito Trust Construction Co., Ltd. 49,583 3,000 Mitsubishi Estate Co., Ltd. 39,150 88,733 Real Estate Operating/Development - 1.9% 22,500 CapitaLand, Ltd. 41,443 Retail - Apparel and Shoe - 7.1% 9,500 Esprit Holdings, Ltd. 58,233 660 Hennes & Mauritz A.B. - Class B 29,521 636 Inditex S.A. 27,136 27,000 Ports Design, Ltd. 40,977 155,867 Retail - Restaurants - 2.6% 116,000 Ajisen China Holdings, Ltd. 58,196 Schools - 5.7% 2,100 Anhanguera Educacional Participacoes S.A.* 14,699 7,200 Estacio Participacoes S.A.* 48,586 212,000 Raffles Education Corp., Ltd. 61,745 125,030 Soap and Cleaning Preparations - 1.8% 1,030 Reckitt Benckiser Group PLC 40,551 Tobacco - 1.9% 1,693 British American Tobacco PLC 41,070 Transportation - Railroad - 0.8% 3,489 All America Latina Logistica S.A. (GDR) 18,085 - ------------------------------------------------------------------------------------------------------------------------------------ Total Common Stock (cost $2,145,687) 2,163,684 - ------------------------------------------------------------------------------------------------------------------------------------ Purchased Options - Calls - 0% 10 Companhia Vale do Rio Doce (ADR) expires January 2010 exercise price $25.00 890 6 Potash Corporation of Saskatchewan, Inc. (U.S. Shares) expires January 2010 exercise price $180.00 150 - ------------------------------------------------------------------------------------------------------------------------------------ Total Purchased Options - Calls (premium paid $20,568) 1,040 - ------------------------------------------------------------------------------------------------------------------------------------ Money Market - 1.8% 39,005 Janus Cash Liquidity Fund LLC, 0% (cost $39,005) 39,005 - ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $2,205,260) - 100% $2,203,729 - ------------------------------------------------------------------------------------------------------------------------------------
Summary of Investments by Country - (Long Positions) April 30, 2009 (unaudited) Country Value % of Investment Securities - -------------------------------------------------------------------------------- Belgium $ 42,941 1.9% Bermuda 232,826 10.6% Brazil 129,379 5.9% Canada 188,320 8.5% Cayman Islands 105,039 4.8% Denmark 56,189 2.5% France 90,112 4.1% Germany 36,633 1.7% Hong Kong 39,476 1.8% India 12,215 0.6% Indonesia 12,084 0.5% Israel 16,075 0.7% Japan 110,534 5.0% Singapore 136,232 6.2% Spain 120,438 5.5% Sweden 29,521 1.3% Switzerland 196,852 8.9% United Kingdom 449,330 20.4% United States++ 199,533 9.1% - -------------------------------------------------------------------------------- Total $ 2,203,729 100.0% ++Includes Short-Term Securities (7.3% excluding Short-Term Securities) Notes to Schedule of Investments (unaudited) ADR American Depositary Receipt BDR Brazilian Depositary Receipt GDR Global Depositary Receipt PLC Public Limited Company U.S. Shares Securities of foreign companies trading on an American Stock Exchange. VVPR Strip The Voter Verified Paper Record (VVPR) strip is a coupon which, if presented along with the dividend coupon of the ordinary share, allows the benefit of a reduced withholding tax on the dividends paid by the company. This strip is quoted separately from the ordinary share and is freely negotiable. * Non-income-producing security. The following is a summary of the inputs that were used to value the Fund's investments in securities and other financial instruments as of April 30, 2009. See Significant Accounting Policies for more information. Valuation Inputs Summary (as of April 30, 2009)
Level 2 - Other Level 3 - Significant Significant Level 1 - Quoted Prices Observable Inputs Unobservable Inputs - ------------------------------------------------------------------------------------------------------------------------------------ Investments in Securities: Janus Adviser International Forty Fund $ 347,809 $ 1,854,880 $ - - ------------------------------------------------------------------------------------------------------------------------------------ Investments in Purchased Options: - ------------------------------------------------------------------------------------------------------------------------------------ Janus Adviser International Forty Fund $ - $ 1,040 $ - - ------------------------------------------------------------------------------------------------------------------------------------
Janus Adviser International Growth Fund Schedule of Investments (unaudited)
Shares or Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------------------ Common Stock - 81.6% Aerospace and Defense - 0.6% 592,775 Empresa Brasileira de Aeronautica S.A. (ADR) $ 9,614,811 Agricultural Chemicals - 2.5% 464,284 Potash Corporation of Saskatchewan, Inc. 39,890,285 32,025 Potash Corporation of Saskatchewan, Inc. (U.S. Shares) 2,769,842 42,660,127 Agricultural Operations - 1.7% 44,591,850 Chaoda Modern Agriculture Holdings, Ltd. 25,405,479 3,849,981 China Green Holdings, Ltd. 3,088,536 28,494,015 Airlines - 1.9% 2,183,475 Continental Airlines, Inc. - Class B* 22,970,157 1,515,565 Delta Air Lines, Inc.* 9,351,036 32,321,193 Automotive - Cars and Light Trucks - 1.0% 2,976,860 Ford Motor Co.* 17,801,623 Building - Residential and Commercial - 0.8% 761,795 Brascan Residential Properties S.A. 1,306,950 492,875 Gafisa S.A. 4,279,791 778,000 MRV Engenharia e Participacoes S.A.* 7,563,592 13,150,333 Casino Hotels - 2.2% 3,827,195 Crown, Ltd. 19,110,161 3,866,555 Melco Crown Entertainment, Ltd. (ADR)* 17,592,825 36,702,986 Commercial Banks - 0.7% 6,738,807 Anglo Irish Bank Corp., Ltd. **,o 0 199,747 Banca Generali S.P.A. ** 890,552 3,292,400 Banco de Oro Unibank, Inc. 2,047,795 68,210 Banco de Oro Unibank, Inc. (GDR) (144A) 848,282 137,340 Julius Baer Holding A.G. 4,505,931 389,460 Punjab National Bank, Ltd. 3,733,407 12,025,967 Computers - 2.8% 684,280 Research In Motion, Ltd. (U.S. Shares)* 47,557,460 Computers - Other - 0.1% 47,725,144 Amax Entertainment Holdings, Ltd. 1,110,079 Dental Supplies and Equipment - 0.1% 83,600 Osstem Implant Co., Ltd.* 906,275 Diagnostic Kits - 0.1% 11,453,700 Trinity, Ltd. - Private Placement*, ***,ss. 2,231,682 Distribution/Wholesale - 6.9% 41,837,980 Li & Fung, Ltd. 117,773,422 Diversified Operations - 1.0% 795,587 MAX India, Ltd.* 2,275,766 12,038,445 Melco International Development, Ltd. 5,910,086 253,924 Orascom Development Holding A.G.* 7,460,937 20,381,562 Polytec Asset Holdings, Ltd. 1,192,063 16,838,852 Electric - Distribution - 0.2% 498,705 Equatorial Energia S.A. 3,109,776 Electronic Components - Semiconductors - 1.6% 15,912,189 ARM Holdings PLC 27,926,647 Electronic Connectors - 2.2% 368,200 Hirose Electric Co., Ltd. 38,305,554 Finance - Investment Bankers/Brokers - 2.1% 1,508,770 Morgan Stanley 35,667,323 Finance - Mortgage Loan Banker - 0.4% 197,176 Housing Development Finance Corp. 6,831,763 Finance - Other Services - 0.6% 3,119,088 IG Group Holdings PLC 10,098,690 Food - Catering - 0.1% 4,499,000 FU JI Food & Catering Services Holdings, Ltd. 2,379,784 Gambling - Non-Hotel - 0% 216,295 Great Canadian Gaming Corp.* 683,514 Hotels and Motels - 1.2% 3,713,155 Kingdom Hotel Investments (GDR)* 8,911,572 8,326,000 Shangri-La Asia, Ltd. 12,301,158 21,212,730 Insurance Brokers - 0% 216,702 Eurodekania, Ltd. - Private Placement (U.S. Shares)*, **, ***, ss. 332,541 Investment Companies - 0.4% 1,418,354 SM Investments Corp. 7,126,203 Investment Management and Advisory Services - 0.3% 1,820,516 BlueBay Asset Management PLC 4,801,534 Medical - Drugs - 1.6% 218,983 Roche Holding A.G. 27,679,205 Oil Companies - Exploration and Production - 1.8% 622,133 Niko Resources, Ltd. 31,492,550 Oil Companies - Integrated - 7.4% 590,900 Hess Corp. 32,375,411 2,810,825 Petroleo Brasileiro S.A. (ADR) 94,359,394 126,734,805 Oil Field Machinery and Equipment - 0.4% 833,715 Wellstream Holdings PLC 6,345,851 Oil Refining and Marketing - 4.5% 2,131,011 Reliance Industries, Ltd.* 76,790,354 Power Converters and Power Supply Equipment - 2.5% 599,400 SunPower Corp. - Class A* 16,411,572 1,809,295 Suntech Power Holdings Co., Ltd. (ADR)* 27,012,774 43,424,346 Property and Casualty Insurance - 1.8% 2,851,288 Reliance Capital, Ltd. 29,928,275 Real Estate Management/Services - 3.5% 337,700 Daito Trust Construction Co., Ltd. 13,953,453 3,442,000 Mitsubishi Estate Co., Ltd. 44,918,134 58,871,587 Real Estate Operating/Development - 10.6% 18,649,680 Ayala Land, Inc. 2,477,266 25,751,962 CapitaLand, Ltd. 47,433,193 26,692,000 China Overseas Land & Investment, Ltd. 46,585,186 5,288,930 Cyrela Brazil Realty S.A. 32,931,804 533,211 Cyrela Commercial Properties S.A. Empreendimentos e Participacoes* 2,244,277 14,557,000 Hang Lung Properties, Ltd. 41,046,023 484,135 PDG Realty S.A. Empreendimentos e Participacoes 4,562,714 250,345 Rodobens Negocios Imobiliarios S.A. 1,659,575 561,760 Rossi Residencial S.A. 1,940,382 180,880,420 Retail - Apparel and Shoe - 2.7% 7,581,400 Esprit Holdings, Ltd. 46,472,831 Retail - Consumer Electronics - 2.7% 1,007,600 Yamada Denki Co., Ltd. 46,499,184 Retail - Major Department Stores - 0.3% 1,832,949 Arcandor A.G.*, ** 4,312,799 Semiconductor Equipment - 2.9% 2,394,770 ASML Holdings N.V. ** 48,663,873 Sugar - 1.2% 855,654 Bajaj Hindusthan, Ltd. 1,321,546 139,900 Bajaj Hindusthan, Ltd. (GDR) (144A) 216,059 1,843,537 Balrampur Chini Mills, Ltd. 2,584,054 3,147,515 Cosan, Ltd. - Class A* 11,079,252 687,000 Cosan S.A. Industria e Comercio* 4,230,497 639,580 Shree Renuka Sugars, Ltd. 1,263,339 20,694,747 Telecommunication Equipment - 0% 119 Nortel Networks Corp. (U.S. Shares)* 24 Telecommunication Equipment - Fiber Optics - 1.2% 1,374,275 Corning, Inc. 20,091,901 Telecommunication Services - 2.4% 1,161,875 Amdocs, Ltd. (U.S. Shares)* 24,318,044 3,593,092 Reliance Communications, Ltd. 15,976,720 40,294,764 Transportation - Truck - 0.5% 806,285 DSV A/S 9,106,005 Warehousing and Harbor Transport Services - 0% 2,552,658 DP World, Ltd. (U.S. Shares) 689,218 Wireless Equipment - 2.1% 4,112,385 Telefonaktiebolaget L.M. Ericsson - Class B 35,495,253 - ------------------------------------------------------------------------------------------------------------------------------------ Total Common Stock (cost $1,735,891,386) 1,392,132,876 - ------------------------------------------------------------------------------------------------------------------------------------ Preferred Stock - 0.5% Investment Companies - 0.5% 633,830 Bradespar S.A. (cost $4,214,503) 7,803,260 - ------------------------------------------------------------------------------------------------------------------------------------ Money Market - 17.9% 304,549,949 Janus Cash Liquidity Fund LLC, 0% (cost $304,549,949) 304,549,949 - ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $2,044,655,838) - 100% $1,704,486,085 - ------------------------------------------------------------------------------------------------------------------------------------
Summary of Investments by Country- (Long Positions) April 30, 2009 (unaudited) % of Investment Country Value Securities - -------------------------------------------------------------------------------- Australia $ 19,110,161 1.1% Bermuda 191,825,279 11.3% Brazil 175,606,825 10.3% Canada 122,393,675 7.2% Cayman Islands 82,494,497 4.8% Denmark 9,106,005 0.5% Germany 4,312,799 0.3% Guernsey 24,318,044 1.4% Hong Kong 95,772,977 5.6% India 140,921,283 8.3% Ireland 0 0.0% Italy 890,552 0.1% Japan 143,676,324 8.4% Korea 906,275 0.1% Netherlands 48,663,873 2.9% Philippines 12,499,546 0.7% Singapore 47,433,193 2.8% Sweden 35,495,253 2.1% Switzerland 39,646,073 2.3% United Arab Emirates 689,218 0.0% United Kingdom 49,505,262 2.9% United States++ 459,218,971 26.9% - -------------------------------------------------------------------------------- Total $1,704,486,085 100.0% ++Includes Short-Term Securities (9.0% excluding Short-Term Securities) Forward Currency Contracts, Open as of April 30, 2009 (unaudited)
Currency Sold and Currency Currency Value Unrealized Settlement Date Units Sold in U.S.$ Gain/(Loss) - ---------------------------------------------------------------------------------------------------- Euro 5/14/09 12,100,000 $ 16,006,420 $ 364,880 Euro 6/18/09 7,000,000 9,258,326 (189,336) Euro 6/25/09 1,500,000 1,983,845 (30,095) - ---------------------------------------------------------------------------------------------------- Total $ 27,248,591 $ 145,449
Notes to Schedule of Investments (unaudited) 144A Securities sold under Rule 144A of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. ADR American Depositary Receipt GDR Global Depositary Receipt PLC Public Limited Company U.S. Shares Securities of foreign companies trading on an American Stock Exchange. * Non-income-producing security. ** A portion of this security has been segregated by the custodian to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales and/or securities with extended settlement dates. o On January 23, 2009 Anglo Irish Bank Corporation PLC was acquired by the Republic of Ireland. The Fund's investment in this issuer, as reflected in the Schedule of Investments, exposes investors to the negative (or positive) performance resulting from this and other events. *** Schedule of Fair Valued Securities (as of April 30, 2009)
Value as a % of Value Investment Securities - -------------------------------------------------------------------------------------------------------- Janus Adviser International Growth Fund Eurodekania, Ltd. - Private Placement (U.S. Shares) $ 332,541 0.0% Trinity, Ltd. - Private Placement 2,231,682 0.1% - -------------------------------------------------------------------------------------------------------- $ 2,564,223 0.1% - --------------------------------------------------------------------------------------------------------
Securities are valued at "fair value" pursuant to procedures adopted by the Fund's Trustees. The Schedule of Fair Valued Securities does not include international equity securities fair valued pursuant to a systematic fair valuation model. ss. Schedule of Restricted and Illiquid Securities (as of April 30, 2009)
Acquisition Acquisition Value as a % of Date Cost Value Investment Securities - ---------------------------------------------------------------------------------------------------------------------------------- Janus Adviser International Growth Fund Eurodekania, Ltd. - Private Placement (U.S. Shares)*** 3/8/07 $2,841,329 $ 332,541 0.0% Trinity, Ltd. - Private Placement*** 11/14/07 $5,272,128 2,231,682 0.1% - ---------------------------------------------------------------------------------------------------------------------------------- $8,113,457 $2,564,223 0.1% - ----------------------------------------------------------------------------------------------------------------------------------
The Fund has registration rights for certain restricted securities held as of April 30, 2009. The issuer incurs all registration costs.
The following is a summary of the inputs that were used to value the Fund's investments in securities and other financial instruments as of April 30, 2009. See Significant Accounting Policies for more information. Valuation Inputs Summary (as of April 30, 2009) Level 1 - Quoted Level 2 - Other Significant Level 3 - Significant Prices Observable Inputs Unobservable Inputs - -------------------------------------------------------------------------------------------------------------------------------- Investments in Securities: Janus Adviser International Growth Fund $ 240,789,340 $ 1,461,132,522 $ 2,564,223 Other Financial Instruments(a): Janus Adviser International Growth Fund - 145,449 -
(a) Other Financial Instruments include futures, forward currency, written options, and swap contracts. Forward currency contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options and swap contracts are reported at their market value at measurem
Level 3 Valuation Reconciliation of assets as of the nine-month period ended April 30, 2009 Change in Transfers Balance Accrued Unrealized Net In and/ as of Balance as of Discounts/ Realized Appreciation/ Purchases/ or Out of April 30, July 31,2008 Premiums Gain/(Loss) (Depreciation) (Sales) Level 3 2009 - --------------------------------------------------------------------------------------------------------------------------------- Investments in Securities: Janus Adviser International Growth Fund $8,817,402 $ - $ (213,135) $(6,027,639) $ (12,405) $ - $2,564,223 - ---------------------------------------------------------------------------------------------------------------------------------
Aggregate collateral segregated to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales and/or securities with extended settlement dates as of April 30, 2009 is noted below. Fund Aggregate Value - -------------------------------------------------------------------------------- Janus Adviser International Growth Fund $ 53,867,223 Janus Adviser Large Cap Growth Fund Schedule of Investments (unaudited)
Shares and Principal Amounts Value - ------------------------------------------------------------------------------------------------------------------------------------ Common Stock - 94.4% Aerospace and Defense - 1.6% 10,010 Lockheed Martin Corp. $ 786,085 14,740 Northrop Grumman Corp. 712,679 1,498,764 Agricultural Chemicals - 1.4% 6,607 Monsanto Co. 560,868 9,305 Potash Corporation of Saskatchewan, Inc. (U.S. Shares) 804,790 1,365,658 Applications Software - 1.8% 25,940 Citrix Systems, Inc. * 740,068 47,329 Microsoft Corp. 958,886 1,698,954 Athletic Footwear - 0.7% 17,730 Adidas A.G. ** 668,540 Beverages - Non-Alcoholic - 0.6% 13,595 Coca-Cola Co. 585,265 Brewery - 6.5% 205,824 Anheuser-Busch InBev N.V. ** 6,281,190 151,512 Anheuser-Busch InBev N.V. - VVPR Strip *, ** 401 6,281,591 Casino Hotels - 0.8% 83,554 Crown, Ltd. ** 417,207 9,680 Wynn Resorts, Ltd. * 379,746 796,953 Computers - 6.9% 28,918 Apple, Inc. * 3,638,751 20,618 Hewlett-Packard Co. 741,836 16,990 International Business Machines Corp. 1,753,537 7,061 Research In Motion, Ltd. (U.S. Shares) * 490,740 6,624,864 Consumer Products - Miscellaneous - 0.9% 17,465 Kimberly-Clark Corp. 858,230 Cosmetics and Toiletries - 1.2% 20,337 Colgate-Palmolive Co. 1,199,883 Diversified Operations - 2.9% 24,511 Danaher Corp. 1,432,422 23,992 Illinois Tool Works, Inc. 786,938 22,380 Tyco International, Ltd. (U.S. Shares) 531,749 2,751,109 E-Commerce/Services - 1.2% 69,920 eBay, Inc. * 1,151,582 Electric Products - Miscellaneous - 0.6% 16,086 Emerson Electric Co. 547,567 Electronic Components - Semiconductors - 0.8% 41,320 Texas Instruments, Inc. 746,239 Electronic Connectors - 1.0% 27,360 Amphenol Corp. - Class A 925,862 Electronic Measuring Instruments - 0% 87 Keyence Corp. ** 15,356 Enterprise Software/Services - 2.8% 138,589 Oracle Corp. 2,680,311 Finance - Investment Bankers/Brokers - 3.4% 15,194 Goldman Sachs Group, Inc. 1,952,429 41,085 JPMorgan Chase & Co. 1,355,805 3,308,234 Food - Miscellaneous/Diversified - 0.8% 23,506 Nestle S.A. 764,724 Food - Retail - 1.8% 355,518 Tesco PLC ** 1,764,477 Forestry - 0.8% 20,641 Weyerhaeuser Co. 727,802 Gold Mining - 0.6% 14,005 Newmont Mining Corp. 563,561 Independent Power Producer - 0.6% 32,819 NRG Energy, Inc. * 590,086 Industrial Gases - 1.5% 19,511 Praxair, Inc. 1,455,716 Internet Security - 1.1% 58,870 Symantec Corp. * 1,015,508 Investment Management and Advisory Services - 1.1% 27,723 T. Rowe Price Group, Inc. 1,067,890 Medical - Biomedical and Genetic - 4.4% 55,264 Celgene Corp. * 2,360,878 41,862 Gilead Sciences, Inc. * 1,917,280 4,278,158 Medical - Drugs - 2.2% 16,977 Roche Holding A.G. 2,145,874 Medical - HMO - 2.1% 86,385 UnitedHealth Group, Inc. 2,031,775 Medical Products - 2.7% 24,040 Baxter International, Inc. 1,165,940 42,695 Covidien, Ltd. 1,408,081 2,574,021 Metal Processors and Fabricators - 1.1% 14,244 Precision Castparts Corp. 1,066,306 Multi-Line Insurance - 1.4% 28,505 ACE, Ltd. (U.S. Shares) 1,320,352 Multimedia - 1.3% 51,175 Liberty Media Corp. - Entertainment - Class A* 1,246,111 Networking Products - 3.2% 158,769 Cisco Systems, Inc. * 3,067,417 Oil and Gas Drilling - 0.3% 10,355 Helmerich & Payne, Inc. 319,141 Oil Companies - Exploration and Production - 5.9% 27,640 EOG Resources, Inc. 1,754,587 46,983 Occidental Petroleum Corp. 2,644,672 37,360 XTO Energy, Inc. 1,294,898 5,694,157 Oil Companies - Integrated - 2.4% 30,125 Hess Corp. 1,650,549 18,776 Petroleo Brasileiro S.A. (ADR) 630,310 2,280,859 Reinsurance - 1.7% 531 Berkshire Hathaway, Inc. - Class B* 1,627,515 Retail - Building Products - 0.5% 18,300 Home Depot, Inc. 481,656 Retail - Discount - 1.2% 23,735 Wal-Mart Stores, Inc. 1,196,244 Retail - Drug Store - 2.5% 74,510 CVS Caremark Corp. ** 2,367,928 Retail - Office Supplies - 0.4% 20,106 Staples, Inc. 414,586 Retail - Restaurants - 0.7% 12,244 McDonald's Corp. 652,483 Semiconductor Components/Integrated Circuits - 2.3% 116,265 Marvell Technology Group, Ltd. * 1,276,590 581,602 Taiwan Semiconductor Manufacturing Co., Ltd. 971,954 2,248,544 Semiconductor Equipment - 2.0% 69,579 KLA-Tencor Corp. 1,930,121 Telecommunication Equipment - Fiber Optics - 1.2% 77,209 Corning, Inc. 1,128,796 Tobacco - 0.3% 19,430 Altria Group, Inc. 317,292 Toys - 0.5% 1,720 Nintendo Co., Ltd. ** 460,265 Transportation - Railroad - 1.2% 27,952 Canadian National Railway Co. (U.S. Shares) 1,129,820 Transportation - Services - 2.2% 9,292 C.H. Robinson Worldwide, Inc. 493,963 30,226 United Parcel Service, Inc. - Class B 1,582,029 2,075,992 Web Portals/Internet Service Providers - 2.0% 3,199 Google, Inc. - Class A* 1,266,708 49,130 Yahoo!, Inc. * 702,068 1,968,776 Wireless Equipment - 5.3% 106,306 Crown Castle International Corp. * 2,606,623 45,565 QUALCOMM, Inc. 1,928,311 64,493 Telefonaktiebolaget L.M. Ericsson - Class B 556,659 5,091,593 - ------------------------------------------------------------------------------------------------------------------------------------ Total Common Stock (cost $97,468,631) 90,770,508 - ------------------------------------------------------------------------------------------------------------------------------------ Corporate Bonds - 0.4% Electric - Integrated - 0.4% $ 250,000 Energy Future Holdings Corp., 10.8750%, 11/1/17 170,625 430,000 Texas Competitive Electric Holdings Co. LLC, 10.2500%, 11/1/15 244,025 - ------------------------------------------------------------------------------------------------------------------------------------ Total Corporate Bonds (cost $689,544) 414,650 - ------------------------------------------------------------------------------------------------------------------------------------ Money Market - 5.2% 5,021,071 Janus Cash Liquidity Fund LLC, 0% (cost $5,021,071) 5,021,071 - ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $103,179,246) - 100% $96,206,229 - ------------------------------------------------------------------------------------------------------------------------------------
Summary of Investments by Country - (Long Positions) April 30, 2009 (unaudited) Country Value % of Investment Securities - ------------------------------------------------------------------------------- Australia $ 417,206 0.4% Belgium 6,281,592 6.5% Bermuda 2,684,671 2.8% Brazil 630,310 0.7% Canada 2,425,349 2.5% Germany 668,540 0.7% Japan 475,621 0.5% Sweden 556,659 0.6% Switzerland 4,762,698 5.0% Taiwan 971,954 1.0% United Kingdom 1,764,477 1.8% United States ++ 74,567,152 77.5% - ------------------------------------------------------------------------------- Total $ 96,206,229 100.0% ========== ====== ++ Includes Short-Term Securities (72.3% excluding Short-Term Securities)
Forward Currency Contracts, Open as of April 30, 2009 (unaudited) Currency Sold and Currency Currency Unrealized Settlement Date Units Sold Value in U.S.$ Gain/(Loss) - ---------------------------------------------------------------------------------------------------------------- Australian Dollar 5/14/09 29,000 $21,052 $ (833) Australian Dollar 6/18/09 60,000 43,443 (1,422) Australian Dollar 6/25/09 219,000 158,492 (2,936) British Pound 5/14/09 60,000 88,732 (2,818) British Pound 6/18/09 479,000 708,366 (7,709) British Pound 6/25/09 180,000 266,193 (2,329) Euro 5/14/09 855,000 1,131,032 25,783 Euro 6/18/09 960,000 1,269,713 (25,966) Euro 6/25/09 1,700,000 2,248,357 (34,107) Japanese Yen 5/14/09 5,100,000 51,732 187 Japanese Yen 6/18/09 8,300,000 84,241 423 Japanese Yen 6/25/09 13,900,000 141,095 2,797 - ------------------------------------------------------------------------------------------------------------- Total $6,212,448 $(48,930)
Notes to Schedule of Investments (unaudited) ADR American Depositary Receipt PLC Public Limited Company U.S. Shares Securities of foreign companies trading on an American Stock Exchange. VVPR Strips The Voter Verified Paper Record (VVPR)strip is a coupon which, if presented along with the dividend coupon of the ordinary share, allows the benefit of a reduced withholding tax on the dividends paid by the company. This strip is quoted separately from the ordinary share and is freely negotiable. * Non-income-producing security. ** A portion of this holding has been segregated to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales, and/or securities with extended settlement dates. The following is a summary of the inputs that were used to value the Fund's investments in securities and other financial instruments as of April 30, 2009. See Significant Accounting Policies for more information.
Valuation Inputs Summary (as of April 30, 2009) Level 1 - Quoted Level 2 - Other Significant Level 3 - Significant Prices Observable Inputs Unobservable Inputs - --------------------------------------------------------------------------------------------------------------------------------- Investments in Securities: Janus Adviser Large Cap Growth Fund $76,093,551 $ 20,112,678 $ - - --------------------------------------------------------------------------------------------------------------------------------- Other Financial Instruments(a): Janus Adviser Large Cap Growth Fund - (48,930) - - ---------------------------------------------------------------------------------------------------------------------------------
(a)Other Financial Instruments include futures, forwards, written options, and swap contracts. Forward currency contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options and swap contracts are reported at their market value at measurement date. Aggregate collateral segregated to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales and/or securities with extended settlement dates as of April 30, 2009 is noted below. Fund Aggregate Value - -------------------------------------------------------------------------------- Janus Adviser Large Cap Growth Fund $10,719,736 Janus Adviser Long/Short Fund Schedule of Investments (unaudited)
Shares/Principal/Contract Amounts Value - ------------------------------------------------------------------------------------------------------------------------------------ Common Stock** - 258.2% Aerospace and Defense - 1.5% 35,730 Northrop Grumman Corp. $ 1,727,546 Airlines - 1.1% 240,550 UAL Corp.* 1,183,506 Athletic Footwear - 1.7% 49,489 Adidas A.G. 1,866,068 Automotive - Cars and Light Trucks - 2.0% 64,874 Bayerische Motoren Werke A.G. 2,234,277 Brewery - 15.4% 564,534 Anheuser-Busch InBev N.V. 17,228,049 780,976 Anheuser-Busch InBev N.V. - VVPR Strip* 2,066 17,230,115 Broadcast Services and Programming - 3.5% 240,965 Liberty Global, Inc. - Class A* 3,973,513 Building - Residential and Commercial - 2.7% 6,035 NVR, Inc.* 3,049,908 Closed-End Funds - 0% 4,999 Calamos Convertible Opportunities & Income Fund 45,291 Commercial Banks - 11.2% 123,385 Banco Latinoamericano de Exportaciones S.A. (U.S. Shares) 1,517,635 135,762 ICICI Bank, Ltd. 1,306,876 470,827 ICICI Bank, Ltd. (ADR) 9,713,160 12,537,671 Computers - 2.3% 20,509 Apple, Inc.* 2,580,647 Containers - Metal and Glass - 2.1% 97,881 Owens-Illinois, Inc.* 2,387,318 Diagnostic Kits - 0.1% 649,530 Trinity, Ltd. - Private Placement*,***,00,ss. 126,557 Disposable Medical Products - 0.9% 642,100 Top Glove Corp. Bhd 1,000,685 Distribution/Wholesale - 4.8% 298,300 Pool Corp. 5,327,638 Diversified Operations - 2.3% 77,980 Illinois Tool Works, Inc. 2,557,744 E-Commerce/Services - 3.0% 110,480 eBay, Inc.* 1,819,605 33,650 Netflix, Inc.* 1,524,682 3,344,287 Electric - Generation - 5.9% 1,741,203 NTPC, Ltd. 6,627,853 Electric - Transmission - 3.8% 2,324,000 Power Grid Corp. of India, Ltd. 4,315,468 Energy - Alternate Sources - 2.2% 174,110 Covanta Holding Corp.* 2,456,692 Enterprise Software/Services - 2.5% 101,700 Concur Technologies, Inc.* 2,753,019 Finance - Consumer Loans - 0.8% 191,130 SLM Corp.* 923,158 Finance - Investment Bankers/Brokers - 2.2% 19,575 Goldman Sachs Group, Inc. 2,515,388 Financial Guarantee Insurance - 0.9% 99,260 Assured Guaranty, Ltd. 958,852 Food - Retail - 3.3% 745,486 Tesco PLC 3,699,933 Forestry - 4.9% 159,764 Plum Creek Timber Co., Inc. 5,515,053 Gold Mining - 1.8% 49,360 Newmont Mining Corp. 1,986,246 Internet Security - 1.2% 75,625 Symantec Corp.* 1,304,531 Investment Companies - 21.0% 788,686 Australian Infrastructure Fund 863,634 36,510 iShares iBoxx High Yield Corporate Bond (ETF) 2,784,618 19,385 iShares MSCI Brazil Index Fund (ETF) 874,264 50,320 Market Vectors - Gold Miners (ETF) 1,656,031 32,235 Market Vectors Steel Index (ETF) 1,131,126 120,475 PowerShares Cleantech (ETF) 2,337,215 154,730 PowerShares DB US Dollar Index Bearish Fund (ETF)* 3,940,972 35,535 ProShares UltraShort 20+ Year Treasury (ETF) 1,752,231 31,285 ProShares UltraShort Lehman 7-10 Year Treasury (ETF) 1,711,602 45,725 ProShares UltraShort Real Estate (ETF) 1,079,110 16,900 SPDR Gold Trust (ETF)* 1,474,863 60,195 SPDR KBW Regional Banking (ETF) 1,255,066 99,555 SPDR S&P Homebuilders (ETF) 1,349,966 375,800 XACT OBX (ETF)* 1,291,723 23,502,421 Investment Management and Advisory Services - 2.3% 749,100 GP Investments, Ltd. (BDR)* 2,570,340 Machinery - Farm - 2.3% 104,085 AGCO Corp.* 2,529,266 Medical - Biomedical and Genetic - 2.1% 48,930 Amgen, Inc.* 2,371,637 Medical - Drugs - 3.8% 90,635 Novo Nordisk A/S (ADR) 4,306,069 Medical Products - 1.6% 38,000 Baxter International, Inc. 1,843,000 Metal - Copper - 4.3% 35,655 Freeport-McMoRan Copper & Gold, Inc. - Class B 1,520,686 179,700 Southern Copper Corp. 3,337,029 4,857,715 Metal Processors and Fabricators - 0.4% 168,282 Bharat Forge, Ltd. 423,330 Multi-Line Insurance - 3.2% 76,260 ACE, Ltd. (U.S. Shares) 3,532,363 Multimedia - 6.0% 276,508 Liberty Media Corp. - Entertainment - Class A* 6,732,971 Oil and Gas Drilling - 0.6% 22,495 Helmerich & Payne, Inc. 693,296 Oil Companies - Exploration and Production - 32.4% 14,650 Apache Corp. 1,067,399 36,400 Canadian Natural Resources, Ltd. (U.S. Shares) 1,678,404 452,130 Denbury Resources, Inc.* 7,360,677 41,565 EOG Resources, Inc. 2,638,546 559,020 Forest Oil Corp.* 8,944,321 86,055 Occidental Petroleum Corp. 4,844,036 1,800 OGX Petroleo e Gas Participacoes S.A. * 757,617 338,365 SandRidge Energy, Inc.* 2,761,058 144,910 Ultra Petroleum Corp. (U.S. Shares)* 6,202,148 36,254,206 Oil Companies - Integrated - 3.4% 69,655 Hess Corp. 3,816,397 Paper and Related Products - 0.6% 18,230 Aracruz Celulose S.A. (ADR) 217,666 47,815 Votorantim Celulose e Papel S.A. (ADR)* 417,903 635,569 Pipelines - 6.0% 31,076 Enbridge, Inc. 959,892 141,361 Kinder Morgan Management LLC* 5,773,183 6,733,075 Property and Casualty Insurance - 2.1% 12,470 White Mountains Insurance Group, Ltd. 2,385,760 Real Estate Management/Services - 6.8% 605,590 CB Richard Ellis Group, Inc. - Class A* 4,541,925 233,000 Mitsubishi Estate Co., Ltd. 3,040,652 7,582,577 Real Estate Operating/Development - 33.5% 3,561,000 CapitaLand, Ltd. 6,559,096 1,919,123 Forestar Group, Inc.* 24,679,923 254,905 St. Joe Co.* 6,342,036 37,581,055 Reinsurance - 1.1% 419 Berkshire Hathaway, Inc. - Class B* 1,284,235 REIT - Diversified - 3.1% 71,058 Vornado Realty Trust 3,474,026 REIT - Mortgage - 0.7% 341,730 Gramercy Capital Corp. 738,137 REIT - Office Property - 0.7% 14,915 Boston Properties, Inc. 737,099 REIT - Regional Malls - 1.8% 40,130 Simon Property Group, Inc. 2,070,708 REIT - Warehouse/Industrial - 6.8% 834,708 ProLogis 7,604,190 Resorts and Theme Parks - 7.3% 278,665 Vail Resorts, Inc.* 8,137,018 Retail - Major Department Stores - 0.5% 126,611 Pantaloon Retail India, Ltd. 496,184 13,327 Pantaloon Retail India, Ltd. - Class B 32,091 528,275 Semiconductor Components/Integrated Circuits - 1.6% 462,720 Atmel Corp.* 1,776,844 1 Taiwan Semiconductor Manufacturing Co., Ltd. 2 1,776,846 Telecommunication Equipment - Fiber Optics - 4.9% 375,030 Corning, Inc. 5,482,939 Tobacco - 0.7% 48,525 Altria Group, Inc. 792,413 Toys - 1.7% 7,000 Nintendo Co., Ltd. 1,873,171 Transportation - Marine - 7.0% 40,290 Alexander & Baldwin, Inc. 1,073,326 116,995 DryShips, Inc. (U.S. Shares) 868,103 406,130 Teekay Corp. (U.S. Shares) 5,864,517 7,805,946 Water Treatment Systems - 1.3% 86,215 Nalco Holding Co. 1,407,029 Wireless Equipment - 2.5% 65,610 QUALCOMM, Inc. 2,776,615 - ------------------------------------------------------------------------------------------------------------------------------------ Total Common Stock (cost $342,812,259) 289,068,658 - ------------------------------------------------------------------------------------------------------------------------------------ Corporate Bonds** - 7.1% Apparel Manufacturers - 0.5% $ 620,000 Levi Strauss & Co., 9.7500%, 1/15/15 585,900 Finance - Auto Loans - 0.7% 930,000 Ford Motor Credit Co. LLC, 9.7500%, 9/15/10 837,041 Quarrying - 0.6% 815,000 Vulcan Materials Co., 7.0000%, 6/15/18 708,480 REIT - Diversified - 3.4% 4,566,000 Vornado Realty Trust, 2.8500%, 4/1/27 3,852,563 REIT - Warehouse/Industrial - 1.9% 3,032,000 ProLogis, 2.2500%, 4/1/37 2,164,090 - ------------------------------------------------------------------------------------------------------------------------------------ Total Corporate Bonds (cost $6,451,225) 8,148,074 - ------------------------------------------------------------------------------------------------------------------------------------ Purchased Options - Calls - 5.0% 2,394 Ameristar Casinos, Inc. expires May 2009 exercise price $15.00 1,149,120 9,012 AMR Corp. expires May 2009 exercise price $5.00 315,420 750 ArcelorMittal expires December 2009 exercise price $18.00 368,025 3,000 Cadence Design Systems, Inc. expires January 2010 exercise price $5.00 450,000 3,066 Continental Airlines, Inc. - Class B expires June 2009 exercise price $1.00 282,072 1,365 PowerShares QQQQ expires June 2009 exercise price $32.00 438,165 250 PowerShares QQQQ expires January 2010 exercise price $30.00 158,000 1,500 ProLogis (LEAPS) expires January 2011 exercise price $10.00 1,065,000 20 S&P 500(R) Index (LEAPS) expires December 2010 exercise price $850.00 274,600 516 St. Joe Co. expires January 2010 exercise price $30.00 121,260 1,035 Terex Corp. (LEAPS) expires July 2009 exercise price $10.00 98,325 2,747 UAL Corp. expires June 2009 exercise price $5.00 260,965 796 UAL Corp. expires June 2009 exercise price $7.50 23,880 1,194 UAL Corp. expires June 2009 exercise price $7.50 39,402 1,000 United States Oil Fund (LEAPS) expires January 2011 exercise price $35.00 510,000 - ------------------------------------------------------------------------------------------------------------------------------------ Total Purchased Options - Calls (premiums paid $6,812,869) 5,554,234 - ------------------------------------------------------------------------------------------------------------------------------------ Purchased Options - Puts - 0.2% 3,466 iShares MSCI EAFE Emerging Markets (ETF) expires May 2009 exercise price $25.00 57,848 384 S&P 500(R) Index expires May 2009 exercise price $775.00 122,880 300 S&P 500(R) Index expires May 2009 exercise price $775.00 84,000 - ------------------------------------------------------------------------------------------------------------------------------------ Total Purchased Options - Puts (premiums paid $908,856) 264,728 - ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $356,985,209) - 270.5% 303,035,694 - ------------------------------------------------------------------------------------------------------------------------------------ Securities Sold Short - (170.5)% Common Stock - (170.5)% Advertising Services - (1.4)% 111,414 JC Decaux S.A. (1,591,989) Agricultural Operations - (1.3)% 30,020 Bunge, Ltd. (1,441,260) Apparel Manufacturers - (5.1)% 42,945 Hermes International (5,676,857) Applications Software - (2.8)% 74,060 Salesforce.com, Inc.* (3,170,509) Athletic Footwear - (0.8)% 403,000 Yue Yuen Industrial Holdings, Ltd. (894,717) Automotive - Truck Parts and Equipment - Original - (0.7)% 131,315 American Axle & Manufacturing Holdings, Inc. (131,315) 58,820 Federal Mogul Corp.* (652,902) (784,217) Brewery - (4.8)% 247,000 Kirin Holdings Co., Ltd. (2,718,402) 1,044,000 Tsingtao Brewery Co., Ltd. (2,702,331) (5,420,733) Building Products - Cement and Aggregate - (2.3)% 394,000 Anhui Conch Cement Co., Ltd. (2,614,181) Cellular Telecommunications - (1.0)% 996,000 China Unicom Hong Kong, Ltd. (1,150,943) Coffee - (1.8)% 28,130 Green Mountain Coffee Roasters, Inc.* (2,034,080) Commercial Banks - (15.0)% 2,083,000 Bank of China, Ltd. (771,760) 1,522,685 Bank VTB OAO (GDR)* (2,801,740) 88,674 Commonwealth Bank of Australia (2,253,857) 291,902 Erste Group Bank A.G. (6,103,041) 127,960 International Bancshares Corp. (1,728,740) 27,460 Prosperity Bancshares, Inc. (762,564) 170,991 Westpac Banking Corp. (2,378,743) (16,800,445) Commercial Services - (5.6)% 222,080 Iron Mountain, Inc.* (6,327,059) Commercial Services - Finance - (4.4)% 166,425 Moody's Corp. (4,912,866) Computer Services - (1.4)% 13,311 Atos Origin S.A. (412,371) 11,412 Cap Gemini S.A. (426,485) 8,010 Computer Sciences Corp.* (296,050) 365,252 Logica PLC (413,063) (1,547,969) Computers - Peripheral Equipment - (0.8)% 27,075 Synaptics Inc.* (879,396) Dental Supplies and Equipment - (4.7)% 324,660 Sirona Dental Systems, Inc.* (5,311,438) Distribution/Wholesale - (4.8)% 298,300 Pool Corp. (5,327,638) Diversified Operations - (1.1)% 55,685 Ingersoll-Rand Co. - Class A (1,212,262) E-Commerce/Services - (2.7)% 33,650 Netflix, Inc.* (3,049,363) Electronic Components - Semiconductors - (0.4)% 18,025 Cree, Inc.* (493,705) Enterprise Software/Services - (2.5)% 101,700 Concur Technologies, Inc.* (2,753,019) Finance - Auto Loans - (0.9)% 103,900 AmeriCredit Corp.* (1,056,663) Finance - Credit Card - (2.8)% 125,385 American Express Co. (3,162,210) Food - Miscellaneous/Diversified - (4.6)% 48,730 General Mills, Inc. (2,470,124) 62,490 Kellogg Co. (2,631,454) (5,101,578) Garden Products - (1.7)% 61,020 Toro Co. (1,853,788) Home Furnishings - (0.9)% 78,120 Tempur-Pedic International, Inc. (1,004,623) Investment Companies - (30.3)% 114,880 Financial Select Sector SPDR (ETF) (1,243,002) 685,800 iShares Asia Trust - iShares FTSE/Xinhua A50 China Tracker (ETF) (975,688) 126,080 iShares Dow Jones U.S. Broker Dealers Index (ETF) (2,869,581) 32,700 iShares Dow Jones U.S. Industrial Sector Index (ETF) (1,342,989) 113,815 iShares Dow Jones U.S. Insurance Index (ETF) (2,221,669) 39,480 iShares FTSE/Xinhua China 25 Index Fund (ETF) (1,262,570) 64,100 iShares MSCI Australia Index Fund (ETF) (941,629) 84,848 iShares MSCI Emerging Markets Index (ETF) (2,430,895) 446,670 iShares MSCI Japan Index Fund (ETF) (3,801,162) 47,685 iShares MSCI Mexico Investable Market Index (ETF) (1,489,679) 72,800 iShares MSCI Taiwan Index (ETF) (744,016) 33,130 iShares MSCI Thailand Index Fund (ETF) (874,301) 51,930 iShares S&P N. America Technology-Software Index (ETF) (1,892,848) 53,175 Lyxor Eastern Europe Fund (ETF) (875,431) 46,875 Lyxor Russia Fund (ETF) (1,107,068) 13,300 Oil Services Holders Trust (ETF) (1,200,990) 60,540 PowerShares Dynamic Healthcare Services Portfolio (ETF) (943,819) 74,700 PowerShares Dynamic Leisure and Entertainment Portfolio (798,543) 40,690 SPDR S&P Oil & Gas Equipment & Services (ETF) (844,724) 106,235 SPDR S&P Retail (ETF) (2,939,522) 71,170 Technology Select Sector SPDR Fund (ETF) (1,227,682) 143,680 United States Natural Gas Fund L.P. (ETF)* (1,886,518) (33,914,326) Machinery - Farm - (2.3)% 104,085 AGCO Corp.* (2,529,266) Machinery - Pumps - (0.5)% 7,560 Flowserve Corp. (513,324) Medical Products - (0.6)% 32,067 Nobel Biocare Holding A.G. (655,044) Metal - Aluminum - (5.2)% 7,616,000 Aluminum Corp. of China, Ltd. (5,817,335) Motorcycle and Motor Scooter Manufacturing - (1.5)% 75,650 Harley-Davidson, Inc. (1,676,404) Oil and Gas Drilling - (1.7)% 145,680 Patterson-UTI Energy, Inc. (1,851,593) Oil Refining and Marketing - (5.1)% 232,010 Tesoro Corp. (3,538,152) 168,670 Western Refining, Inc. (2,123,556) (5,661,708) Paper and Related Products - (0.5)% 339,200 Lee & Man Paper Manufacturing, Ltd. (253,419) 704,000 Nine Dragons Paper Holdings, Ltd. (317,992) (571,411) Patient Monitoring Equipment - (0.9)% 42,545 Mindray Medical International, Ltd. (ADR) (970,877) Real Estate Operating/Development - (4.8)% 5,016,000 Agile Property Holdings, Ltd. (3,728,093) 1,272,000 Genting Singapore PLC* (521,339) 352,400 Guangzhou R&F Properties Company, Ltd. (566,962) 599,000 Yanlord Land Group Ltd. (576,349) (5,392,743) Rental Auto/Equipment - (2.2)% 129,015 Rent-A-Center, Inc.* (2,483,539) Retail - Apparel and Shoe - (0.9)% 68,335 Lululemon Athletica, Inc.* (953,273) 252 Pou Sheng International Holdings, Ltd.* (25) (953,298) Retail - Automobile - (6.1)% 532,517 Carmax, Inc.* (6,794,917) Retail - Jewelry - (4.5)% 710,025 Bulgari S.P.A. (3,631,954) 10,255 Swatch Group A.G. (1,422,819) (5,054,773) Retail - Major Department Stores - (0.6)% 726,000 Lifestyle International Holdings, Ltd. (692,291) Retail - Miscellaneous/Diversified - (0.8)% 115,100 Aeon Co., Ltd. (898,752) Retail - Pawn Shops - (1.3)% 67,493 Cash America International, Inc. (1,509,143) Retail - Regional Department Stores - (1.3)% 1,854,000 Golden Eagle Retail Group, Ltd. (1,492,035) Retail - Restaurants - (5.3)% 95,046 Brinker International, Inc. (1,684,216) 31,867 Chipotle Mexican Grill, Inc. - Class A* (2,584,095) 57,075 P.F. Chang's China Bistro, Inc.* (1,722,523) (5,990,834) Retail - Sporting Goods - (4.5)% 391,061 Cabela's, Inc.* (5,009,491) Schools - (8.9)% 81,180 Bridgepoint Education, Inc.* (880,804) 26,185 ITT Educational Services, Inc.* (2,638,662) 34,320 Strayer Education, Inc. (6,500,551) (10,020,017) Super-Regional Banks - (2.7)% 182,747 Capital One Financial Corp. (3,059,185) Transportation - Marine - (0.5)% 1,224,000 China Shipping Container Lines Co., Ltd. (293,777) 74,500 Orient Overseas International, Ltd. (214,094) (507,871) Transportation - Railroad - (0.4)% 114,000 Kintetsu Corp. (496,209) Water - (0.8)% 33,725 Veolia Environment (925,193) - ------------------------------------------------------------------------------------------------------------------------------------ Total Securities Sold Short (proceeds $188,428,158) - (170.5)% (191,015,088) - ------------------------------------------------------------------------------------------------------------------------------------ Total Investments and Securities Sold Short (total cost $168,557,051) -100% $ 112,020,606 - ------------------------------------------------------------------------------------------------------------------------------------
Summary of Investments by Country- (Long Positions) April 30, 2009 (unaudited) % of Investment Country Value Securities - -------------------------------------------------------------------------------- Australia $ 863,634 0.3% Belgium 17,230,114 5.7% Bermuda 5,914,952 2.0% Brazil 1,393,187 0.4% Canada 8,840,444 2.9% Denmark 4,306,069 1.4% Germany 4,100,345 1.4% Hong Kong 126,557 0.0% India 22,914,964 7.6% Japan 4,913,824 1.6% Malaysia 1,000,685 0.3% Marshall Islands 6,732,620 2.2% Norway 1,291,723 0.4% Panama 1,517,636 0.5% Singapore 6,559,096 2.2% Switzerland 3,532,363 1.2% Taiwan 2 0.0% United Kingdom 3,699,933 1.2% United States 208,097,546 68.7% - -------------------------------------------------------------------------------- Total $ 303,035,694 100.0% Summary of Investments by Country- (Short Positions) April 30, 2009 (unaudited) % of Securities Country Value Sold Short - -------------------------------------------------------------------------------- Australia $ (4,632,601) 2.4% Austria (6,103,041) 3.2% Bermuda (4,080,351) 2.1% Cayman Islands (3,408,622) 1.8% China (6,949,012) 3.6% France (11,015,394) 5.8% Hong Kong (11,672,059) 6.1% Italy (3,631,954) 1.9% Japan (4,113,363) 2.2% Russia (2,801,740) 1.5% Singapore (1,097,688) 0.6% Switzerland (2,077,863) 1.1% United Kingdom (413,064) 0.2% United States (129,018,336) 67.5% - -------------------------------------------------------------------------------- Total $ (191,015,088) 100.0%
Forward Currency Contracts, Open as of April 30, 2009 (unaudited) Currency Sold and Currency Currency Unrealized Settlement Date Units Sold Value in U.S.$ Gain/(Loss) - ---------------------------------------------------------------------------------------------------------- Brazilian Real 5/14/09 4,600,000 $ 2,098,151 $ (86,782) - ---------------------------------------------------------------------------------------------------------- $ 2,098,151 $ (86,782) - ----------------------------------------------------------------------------------------------------------
Total Return Swaps outstanding at 4/30/09
Unrealized Return Received by the Appreciation/ Counterparty Notional Amount Return Paid by the Fund Fund Termination Date (Depreciation) - ------------------------------------------------------------------------------------------------------------------------------------ Goldman Sachs $ (288,400) Farglory Land Development 1-month LIBOR minus International Co., Ltd. 650 basis points 5/6/10 $ (23,403) Morgan Stanley (1,519,755) Formosa Chemicals & Fibre 1-month LIBOR minus Corp. 600 basis points 9/7/10 (445,353) Morgan Stanley (2,835,537) Honam Petrochemical 1-month LIBOR minus Corp. 300 basis points 1/27/11 (96,200) Morgan Stanley (2,356,628) SK Telecom Co., Ltd. 1-month LIBOR minus 400 basis points 1/27/11 24,941 - ------------------------------------------------------------------------------------------------------------------------------------ Total $ (540,015) - ------------------------------------------------------------------------------------------------------------------------------------
Schedule of Written Options - Calls - -------------------------------------------------------------------------------- American Express Company expires May 2009 486 contracts exercise price $20.00 $(277,020) American Express Company expires May 2009 432 contracts exercise price $22.50 (155,952) American Express Company expires May 2009 1,222 contracts exercise price $25.00 (201,630) American Express Company expires May 2009 700 contracts exercise price $15.00 (716,100) Anheuser-Busch InBev N.V. expires June 2009 1,980 contracts exercise price $23.00 (508,699) Apple, Inc. expires May 2009 51 contracts exercise price $120.00 (36,618) Brinker International, Inc. expires May 2009 681 contracts exercise price $20.00 (27,240) Cabela's, Inc. expires May 2009 1,915 contracts exercise price $10.00 (612,800) Caterpillar, Inc. expires May 2009 454 contracts exercise price $33.00 (152,090) CenturyTel, Inc. expires May 2009 939 contracts exercise price $30.00 (6,573) Chipotle Mexican Grill, Inc. - Class A expires May 2009 106 contracts exercise price $85.00 (20,140) Chipotle Mexican Grill, Inc. - Class A expires May 2009 100 contracts exercise price $90.00 (7,300) iShares MSCI Emerging Markets Index - (ETF) expires May 2009 3,466 contracts exercise price $30.00 (150,702) Moody's Corp. expires May 2009 587 contracts exercise price $24.00 (340,460) Moody's Corp. expires May 2009 1,009 contracts exercise price $25.00 (524,680) Netflix, Inc. expires May 2009 457 contracts exercise price $45.00 (102,825) Novo Nordisk A/S (ADR) expires May 2009 906 contracts exercise price $55.00 (22,650) Patterson-UTI Energy, Inc. expires May 2009 1,485 contracts exercise price $12.50 (103,103) P.F. Chang's China Bistro, Inc. expires May 2009 780 contracts exercise price $35.00 (15,600) Southern Copper Corp. expires May 2009 1,797 contracts exercise price $20.00 (80,865) Tesoro Corp. expires May 2009 959 contracts exercise price $15.00 (86,310) Valero Energy Corp. expires May 2009 913 contracts exercise price $21.00 (31,042) - -------------------------------------------------------------------------------- Total Written Options - Calls (Premiums received $2,246,274) $(4,180,399) - -------------------------------------------------------------------------------- Schedule of Written Options - Puts - -------------------------------------------------------------------------------- Ameristar Casinos, Inc. expires May 2009 2,244 contracts exercise price $12.50 $(11,220) AMR Corp. expires May 2009 9,012 contracts exercise price $4.00 (180,240) Autoliv, Inc. expires May 2009 1,125 contracts exercise price $20.00 (23,625) Autoliv, Inc expires May 2009 1,244 contracts exercise price $22.50 (70,908) Continental Airlines, Inc. - Class B expires May 2009 1,477 contracts exercise price $10.00 (103,390) Denbury Resources, Inc. expires May 2009 1,867 contracts exercise price $15.00 (80,281) DryShips, Inc. (U.S. Shares) expires June 2009 1,978 contracts exercise price $5.00 (79,120) Hess Corp. expires May 2009 354 contracts exercise price $55.00 (84,252) Moody's Corp. expires May 2009 1,483 contracts exercise price $19.00 (4,449) Novo Nordisk A/S (ADR) expires May 2009 448 contracts exercise price $240.00 (11,302) Novo Nordisk A/S (ADR) expires May 2009 430 contracts exercise price $250.00 (19,938) United States Oil Fund (LEAPS) expires January 2011 1,000 contracts exercise price $25.00 (510,000) Ultra Petroleum Corp. (U.S. Shares) expires May 2009 422 contracts exercise price $38.00 (15,192) Ultra Petroleum Corp. (U.S. Shares) expires May 2009 369 contracts exercise price $40.00 (24,542) - -------------------------------------------------------------------------------- Total Written Options - Puts (Premiums received $2,427,208) $(1,218,459) - -------------------------------------------------------------------------------- Notes to Schedule of Investments (unaudited) ADR American Depositary Receipt BDR Brazilian Depositary Receipt ETF Exchange Traded Fund GDR Global Depositary Receipt LEAPS Long-Term Equity Anticipation Securities PLC Public Limited Company REIT Real Estate Investment Trust SPDR Standard & Poor's Depositary Receipt U.S. Shares Securities of foreign companies trading on an American Stock Exchange. VVPR Strip The Voter Verified Paper Record (VVPR) strip is a coupon which, if presented along with the dividend coupon of the ordinary share, allows the benefit of a reduced withholding tax on the dividends paid by the company. This strip is quoted separately from the ordinary share and is freely negotiable. * Non-income-producing security. ** All liquid common stock and corporate bond positions have been segregated to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales, swaps and/or securities with extended settlement dates. *** Restricted as to resale and may not have a readily available market. Not included in amount listed for segregation requirements. Value as a % Value of Net Assets - -------------------------------------------------------------------------------- Janus Adviser Long/Short Fund Trinity, Ltd. - Private Placement ss. $ 126,557 0.1% - -------------------------------------------------------------------------------- Securities are valued at "fair value" pursuant to procedures adopted by the Fund's Trustees. The Schedule of Fair Valued Securities does not include international activities fair valued pursuant to a systematic fair valuation model. ss. Schedule of Restricted and Illiquid Securities (as of April 30, 2009)
Acquisition Acquisition Value as a % of Date Cost Value Investment Securities - ---------------------------------------------------------------------------------------------------------------------- Janus Adviser Long/Short Fund Trinity, Ltd. - Private Placement*** 11/14/07 $ 298,978 $ 126,557 0.1% - ----------------------------------------------------------------------------------------------------------------------
The following is a summary of the inputs that were used to value the Fund's investments in securities and other financial instruments as of April 30, 2009. See Significant Accounting Policies for more information.
Valuation Inputs Summary (as of April 30, 2009) Level 2 - Other Level 3 - Significant Significant Level 1 - Quoted Prices Observable Inputs Unobservable Inputs - ----------------------------------------------------------------------------------------------------------------------------- Investments in Securities: Janus Adviser Long/Short Fund $ 218,430,017 $ 78,660,158 126,557 - ----------------------------------------------------------------------------------------------------------------------------- Investments in Purchased Options: - ----------------------------------------------------------------------------------------------------------------------------- Janus Adviser Long/Short Fund 4,379,290 1,439,672 - - ----------------------------------------------------------------------------------------------------------------------------- Investments in Securities Sold Short: - ----------------------------------------------------------------------------------------------------------------------------- Janus Adviser Long/Short Fund (134,630,047) (56,385,041) - - ----------------------------------------------------------------------------------------------------------------------------- Other Financial Instruments(a): - ----------------------------------------------------------------------------------------------------------------------------- Janus Adviser Long/Short Fund (3,499,785) (2,525,870) - - -----------------------------------------------------------------------------------------------------------------------------
(a) Other Financial Instruments include futures, forward currency, written options, and swap contracts. Forward currency contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options and swap contracts are reported at their market value at measurement date.
Level 3 Valuation Reconciliation of Assets (as of the nine-month period ended April 30, 2009) Change in Accrued Unrealized Net Transfers In Balance as of Discounts/ Realized Appreciation/ Purchases/ and/or Out of Balance as of October 31, 2008 Premiums Gain/(Loss) (Depreciation) (Sales) Level 3 April 30, 2009 - ----------------------------------------------------------------------------------------------------------------------------------- Investments in Securities: Janus Adviser Long/Short Fund $ 297,534 $ - $ - $ (170,977) $ - $ - $ 126,557 - -----------------------------------------------------------------------------------------------------------------------------------
All liquid common stock and corporate bond positions have been segregated to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales, swaps and/or securities with extended settlement dates as of April 30, 2009 are noted below. Fund Aggregate Value - -------------------------------------------------------------------------------- Janus Adviser Long/Short Fund $ 291,749,786 - -------------------------------------------------------------------------------- Janus Adviser Mid Cap Growth Fund Schedule of Investments (unaudited)
Shares or Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------------------ Common Stock - 93.4% Advertising Sales - 1.4% 484,402 Lamar Advertising Co. - Class A* $ 8,186,394 Aerospace and Defense - 1.0% 200,040 Empresa Brasileira de Aeronautica S.A. (ADR) 3,244,649 78,460 TransDigm Group, Inc.* 2,757,084 6,001,733 Aerospace and Defense - Equipment - 1.2% 89,930 Alliant Techsystems, Inc.* 7,162,925 Agricultural Chemicals - 1.4% 98,150 Potash Corporation of Saskatchewan, Inc. (U.S. Shares) 8,488,994 Agricultural Operations - 0.2% 2,067,520 Chaoda Modern Agriculture Holdings, Ltd. 1,177,936 Airlines - 1.4% 308,025 Ryanair Holdings PLC (ADR)*,** 8,424,484 Apparel Manufacturers - 1.1% 111,960 VF Corp. 6,635,869 Applications Software - 1.3% 271,460 Citrix Systems, Inc.* 7,744,754 Auction House - Art Dealer - 1.2% 325,685 Ritchie Bros. Auctioneers, Inc. (U.S. Shares) 7,295,344 Batteries and Battery Systems - 1.2% 121,045 Energizer Holdings, Inc.* 6,935,879 Casino Hotels - 1.0% 858,438 Crown, Ltd.** 4,286,400 388,435 Melco Crown Entertainment, Ltd. (ADR)* 1,767,379 6,053,779 Cellular Telecommunications - 1.1% 182,590 Leap Wireless International, Inc.* 6,586,021 Commercial Services - 2.8% 280,140 CoStar Group, Inc.* 10,379,187 218,380 Iron Mountain, Inc.* 6,221,646 16,600,833 Commercial Services - Finance - 1.3% 143,610 Global Payments, Inc. 4,604,137 108,642 Paychex, Inc. 2,934,420 7,538,557 Computer Services - 0.3% 47,955 IHS, Inc. - Class A* 1,983,419 Computers - 1.1% 52,062 Apple, Inc.* 6,550,961 Computers - Peripheral Equipment - 0.8% 362,885 Logitech International S.A. (U.S. Shares)* 4,833,628 Consulting Services - 0.4% 176,313 Gartner, Inc.* 2,381,989 Containers - Metal and Glass - 3.2% 226,125 Ball Corp. 8,529,435 428,295 Owens-Illinois, Inc.* 10,446,115 18,975,550 Decision Support Software - 1.4% 408,483 MSCI, Inc.* 8,574,058 Distribution/Wholesale - 1.2% 2,565,975 Li & Fung, Ltd. 7,223,190 Diversified Operations - 0% 406,940 Polytec Asset Holdings, Ltd. 23,801 Electric Products - Miscellaneous - 0.8% 144,112 AMETEK, Inc. 4,641,848 Electronic Components - Miscellaneous - 1.1% 362,515 Tyco Electronics, Ltd. 6,322,262 Electronic Components - Semiconductors - 0.6% 2,147,335 ARM Holdings PLC 3,768,675 Electronic Connectors - 2.2% 380,815 Amphenol Corp. - Class A 12,886,780 Electronic Measuring Instruments - 1.4% 387,221 Trimble Navigation, Ltd.* 8,302,018 Entertainment Software - 0.4% 108,555 Electronic Arts, Inc.* 2,209,094 Fiduciary Banks - 0.9% 94,150 Northern Trust Corp. 5,117,994 Finance - Other Services - 0.7% 19,660 CME Group, Inc. 4,351,741 Independent Power Producer - 0.4% 118,990 NRG Energy, Inc.* 2,139,440 Instruments - Controls - 0.5% 46,925 Mettler-Toledo International, Inc.* 2,891,988 Instruments - Scientific - 1.4% 241,377 Thermo Fisher Scientific, Inc.* 8,467,505 Internet Security - 1.7% 571,690 Symantec Corp.* 9,861,653 Investment Management and Advisory Services - 2.0% 108,055 Eaton Vance Corp. 2,957,465 335,620 National Financial Partners Corp. 2,369,477 176,430 T. Rowe Price Group, Inc. 6,796,084 12,123,026 Machinery - General Industrial - 1.7% 225,185 Roper Industries, Inc. 10,266,184 Machinery - Pumps - 0.7% 187,355 Graco, Inc. 4,419,704 Medical - Biomedical and Genetic - 7.0% 470,831 Celgene Corp.*,** 20,113,900 41,440 Genzyme Corp.* 2,209,995 163,745 Gilead Sciences, Inc.* 7,499,521 84,480 Millipore Corp.* 4,992,768 125,255 Myriad Genetics, Inc.* 4,858,641 56,950 Vertex Pharmaceuticals, Inc.* 1,755,199 41,430,024 Medical - Drugs - 0.5% 72,550 Shire PLC (ADR) 2,703,939 Medical Instruments - 1.2% 48,900 Intuitive Surgical, Inc.* 7,028,397 Medical Products - 2.6% 236,750 Covidien, Ltd. 7,808,015 135,795 Henry Schein, Inc.* 5,573,027 66,152 Varian Medical Systems, Inc.* 2,207,492 15,588,534 Metal Processors and Fabricators - 1.3% 102,560 Precision Castparts Corp. 7,677,642 Networking Products - 1.2% 327,895 Juniper Networks, Inc.* 7,098,927 Oil Companies - Exploration and Production - 3.4% 155,095 EOG Resources, Inc. 9,845,430 119,590 Forest Oil Corp.* 1,913,440 195,031 Ultra Petroleum Corp. (U.S. Shares)* 8,347,326 20,106,196 Oil Companies - Integrated - 1.6% 173,600 Hess Corp. 9,511,544 Oil Field Machinery and Equipment - 0.3% 72,725 Dresser-Rand Group, Inc.* 1,791,217 Physical Practice Management - 0.9% 150,770 Mednax, Inc.* 5,412,643 Pipelines - 1.2% 178,857 Kinder Morgan Management LLC* 7,304,520 Real Estate Management/Services - 0.8% 137,273 Jones Lang LaSalle, Inc. 4,429,800 Reinsurance - 1.7% 3,304 Berkshire Hathaway, Inc. - Class B* 10,126,760 Retail - Apparel and Shoe - 2.4% 887,200 Esprit Holdings, Ltd. 5,438,401 259,685 Nordstrom, Inc. 5,876,672 148,555 Urban Outfitters, Inc.* 2,895,337 14,210,410 Retail - Office Supplies - 0.8% 230,242 Staples, Inc. 4,747,590 Retail - Regional Department Stores - 0.8% 106,855 Kohl's Corp.* 4,845,874 Semiconductor Components/Integrated Circuits - 2.4% 2,929,235 Atmel Corp.* 11,248,263 356,779 Cypress Semiconductor Corp.* 2,829,257 14,077,520 Semiconductor Equipment - 1.7% 369,995 Kla-Tencor Corp. 10,263,661 Telecommunication Equipment - 2.1% 489,120 CommScope, Inc.* 12,276,912 Telecommunication Equipment - Fiber Optics - 1.0% 385,115 Corning, Inc. 5,630,381 Telecommunication Services - 3.9% 457,775 Amdocs, Ltd. (U.S. Shares)* 9,581,231 342,935 SAVVIS, Inc.* 3,902,600 1,064,095 Time Warner Telecom, Inc. - Class A* 9,779,032 23,262,863 Toys - 1.6% 628,651 Mattel, Inc. 9,404,619 Transportation - Railroad - 1.2% 173,740 Canadian National Railway Co. (U.S. Shares) 7,022,571 Transportation - Services - 2.2% 132,950 C.H. Robinson Worldwide, Inc. 7,067,622 178,635 Expeditors International of Washington, Inc. 6,200,421 13,268,043 Transportation - Truck - 1.6% 211,265 Con-way, Inc. 5,235,147 112,180 Landstar System, Inc. 3,994,730 9,229,877 Vitamins and Nutrition Products - 0.4% 82,930 Mead Johnson Nutrition Co. - Class A* 2,342,773 Web Hosting/Design - 2.1% 179,905 Equinix, Inc.* 12,634,728 Wireless Equipment - 3.0% 723,068 Crown Castle International Corp.* 17,729,627 - ------------------------------------------------------------------------------------------------------------------------------------ Total Common Stock (cost $628,626,070) 554,307,602 - ------------------------------------------------------------------------------------------------------------------------------------ Money Market - 6.6% 39,378,811 Janus Cash Liquidity Fund LLC, 0% (cost $39,378,811) 39,378,811 - ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $668,004,881) - 100% $593,686,413 - ------------------------------------------------------------------------------------------------------------------------------------
Summary of Investments by Country - (Long Positions) April 30, 2009 (unaudited) % of Investment Country Value Securities - ------------------------------------------------------------------------------- Australia $ 4,286,400 0.7% Bermuda 26,791,867 4.5% Brazil 3,244,649 0.6% Canada 31,154,235 5.3% Cayman Islands 2,969,116 0.5% Guernsey 9,581,231 1.6% Ireland 8,424,484 1.4% Switzerland 4,833,628 0.8% United Kingdom 6,472,613 1.1% United States++ 495,928,190 83.5% - ------------------------------------------------------------------------------- Total $ 593,686,413 100.0% ++ Includes Short-Term Securities (76.9% excluding Short-Term Securities) Forward Currency Contracts, Open as of April 30, 2009 (unaudited)
Currency Sold and Currency Currency Unrealized Settlement Date Units Sold Value in U.S.$ Gain/(Loss) - --------------------------------------------------------------------------------------------------- Australian Dollar 5/14/09 2,700,000 $ 1,959,969 $ (77,529) Australian Dollar 6/18/09 1,000,000 724,044 (23,694) Australian Dollar 6/25/09 977,000 707,063 (13,100) Euro 6/18/09 4,914,885 6,500,515 (132,938) Euro 6/25/09 1,100,000 1,454,820 (22,069) - --------------------------------------------------------------------------------------------------- Total $ 11,346,411 $ (269,330)
Notes to Schedule of Investments (unaudited) ADR American Depositary Receipt PLC Public Limited Company U.S. Shares Securities of foreign companies trading on an American Stock Exchange. * Non-income-producing security. ** A portion of this security has been segregated by the custodian to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales and/or securities with extended settlement dates. The following is a summary of the inputs that were used to value the Fund's investments in securities and other financial instruments as of April 30, 2009. See Significant Accounting Policies for more information.
Valuation Inputs Summary (as of April 30, 2009) Level 1 - Quoted Level 2 - Other Significant Level 3 - Significant Prices Observable Inputs Unobservable Inputs - ---------------------------------------------------------------------------------------------------------------------------------- Investments in Securities: Janus Adviser Mid Cap Growth Fund $516,248,749 $ 77,437,664 $ - Other Financial Instruments(a): Janus Adviser Mid Cap Growth Fund - (269,330) - - ----------------------------------------------------------------------------------------------------------------------------------
a) Other Financial Instruments include futures, forwards, written options contracts and swap contracts. Forward currency contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options and swap contracts are reported at their market value at measurement date. Aggregate collateral segregated to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales and/or securities with extended settlement dates as of April 30, 2009 is noted below. Fund Aggregate Value - -------------------------------------------------------------------------------- Janus Adviser Mid Cap Growth Fund $ 16,128,484 - -------------------------------------------------------------------------------- Janus Adviser Modular Portfolio Construction(R) Fund Schedule of Investments (unaudited)
Shares or Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------------------ Exchange-Traded Funds - 5.9% Commodity - 3.7% 3,815 iShares S&P GSCI Commodity-Indexed Trust (ETF)*,** 94,574 Currency - 2.2% 2,200 WisdomTree Dreyfus Japanese Yen Fund (ETF) 58,344 - ------------------------------------------------------------------------------------------------------------------------------------ Total Exchange-Traded Funds (cost $184,173) 152,918 - ------------------------------------------------------------------------------------------------------------------------------------ Mutual Funds(1) - 91.2% Equity Funds - 52.3% 5,912 Janus Adviser Forty Fund - Class I Shares 146,798 4,877 Janus Adviser Global Real Estate Fund - Class I Shares 27,506 8,242 Janus Adviser INTECH Risk-Managed Growth Fund - Class I Shares 71,124 13,481 Janus Adviser INTECH Risk-Managed International Fund - Class I Shares 73,740 10,739 Janus Adviser INTECH Risk-Managed Value Fund - Class I Shares 71,093 17,643 Janus Adviser International Equity Fund - Class I Shares 130,383 4,603 Janus Adviser International Growth Fund - Class I Shares 148,690 711 Janus Adviser Large Cap Growth Fund - Class I Shares 13,169 16,413 Janus Adviser Orion Fund - Class I Shares 151,000 5,320 Janus Adviser Perkins Mid Cap Value Fund(2) - Class I Shares 71,770 13,226 Janus Adviser Research Core Fund(3) - Class I Shares 139,539 10,268 Janus Adviser Small-Mid Growth Fund - Class I Shares 91,178 15,240 Janus Contrarian Fund 148,591 3,272 Janus Research Fund 61,228 1,345,809 Fixed-Income Funds - 38.9% 75,349 Janus Adviser Flexible Bond Fund - Class I Shares 932,817 9,292 Janus Adviser High-Yield Fund - Class I Shares 68,851 1,001,668 - ------------------------------------------------------------------------------------------------------------------------------------ Total Mutual Funds (cost $2,272,842) 2,347,477 - ------------------------------------------------------------------------------------------------------------------------------------ Money Market - 2.9% 75,108 Janus Cash Liquidity Fund LLC, 0% (cost $75,108) 75,108 - ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $2,532,123) - 100% $2,575,503 - ------------------------------------------------------------------------------------------------------------------------------------
(1) The Fund invests in mutual funds within the Janus family of funds and they may be deemed to be under common control because they share the same Board of Trustees. (2) Formerly named Janus Adviser Mid Cap Value Fund. (3) Formerly named Janus Adviser Fundamental Equity Fund.
Total Return Swaps outstanding at April 30, 2009 Unrealized Notional Return Received by the Termination Appreciation/ Counterparty Amount Return Paid by the Fund Fund Date (Depreciation) - ---------------------------------------------------------------------------------------------------------------------------------- Goldman Sachs Positive One Year Return Negative One Year on Goldman Sachs Return on Goldman Absolute Return Tracker Sachs Absolute Return $48,300 Index Tracker Index 9/4/2009 $ (2,085) - ---------------------------------------------------------------------------------------------------------------------------------- Total $ (2,085) - ----------------------------------------------------------------------------------------------------------------------------------
Notes to Schedule of Investments (unaudited) ETF Exchange-Traded Fund * Non-income-producing security. ** A portion of this security has been segregated by the custodian to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales and/or securities with extended settlement dates. The following is a summary of the inputs that were used to value the Fund's investments in securities and other financial instruments as of April 30, 2009. See Significant Accounting Policies for more information.
Valuation Inputs Summary (as of April 30, 2009) Level 2 - Other Level 1 - Quoted Significant Observable Level 3 - Significant Prices Inputs Unobservable Inputs - ------------------------------------------------------------------------------------------------------------------------------ Investments in Securities: Janus Adviser Modular Portfolio Construction(R) Fund $152,918 $ 2,422,585 $ - Other Financial Instruments(a): Janus Adviser Modular Portfolio Construction(R) Fund - (2,085) - - ------------------------------------------------------------------------------------------------------------------------------
a) Other Financial Instruments include futures, forwards, written options contracts and swap contracts. Forward currency contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options and swap contracts are reported at their market value at measurement date. Aggregate collateral segregated to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales, swap agreements and/or securities with extended settlement dates as of April 30, 2009 is noted below. Fund Aggregate Value - -------------------------------------------------------------------------------- Janus Adviser Modular Portfolio Construction(R) Fund $4,958 Janus Adviser Orion Fund Schedule of Investments (unaudited)
Shares/Principal/Contract Amounts Value - ------------------------------------------------------------------------------------------------------------------------------------ Common Stock - 97.3% Advertising Sales - 3.2% 67,232 Lamar Advertising Co. - Class A*,** $ 1,136,221 Aerospace and Defense - 1.1% 31,470 Spirit Aerosystems Holdings, Inc.* 401,243 Agricultural Chemicals - 0.3% 4,760 Intrepid Potash, Inc.* 117,524 Athletic Footwear - 0.5% 4,780 Adidas A.G.** 180,238 Brewery - 4.2% 49,072 Anheuser-Busch InBev N.V.** 1,497,543 Building Products - Wood - 2.4% 96,823 Masco Corp.** 857,852 Casino Hotels - 1.5% 121,280 Melco Crown Entertainment, Ltd. (ADR)* 551,824 Commercial Banks - 4.0% 116,264 CapitalSource, Inc. 359,256 112,987 ICICI Bank, Ltd.** 1,087,638 1,446,894 Computers - 2.6% 7,530 Apple, Inc.* 947,500 Containers - Metal and Glass - 1.6% 22,740 Owens-Illinois, Inc.* 554,629 Diversified Operations - 4.4% 47,475 Illinois Tool Works, Inc.** 1,557,180 Electronic Components - Miscellaneous - 1.9% 38,884 Tyco Electronics, Ltd. 678,137 Electronic Components - Semiconductors - 2.0% 133,561 ON Semiconductor Corp.* 723,901 Electronic Connectors - 2.4% 25,865 Amphenol Corp. - Class A 875,272 Electronic Measuring Instruments - 1.1% 18,025 Trimble Navigation, Ltd.* 386,456 Fiduciary Banks - 1.4% 9,515 Northern Trust Corp. 517,235 Finance - Investment Bankers/Brokers - 12.8% 15,225 Goldman Sachs Group, Inc.** 1,956,412 12,425 Greenhill & Co., Ltd. 963,310 70,520 Morgan Stanley** 1,667,093 4,586,815 Gold Mining - 2.0% 18,175 Newmont Mining Corp. 731,362 Hotels and Motels - 1.0% 17,415 Starwood Hotels & Resorts Worldwide, Inc. 363,277 Internet Gambling - 1.8% 164,809 PartyGaming PLC** 642,463 Internet Security - 2.3% 47,190 Symantec Corp.* 814,028 Medical - Biomedical and Genetic - 3.4% 21,170 Celgene Corp.* 904,383 10,355 Vertex Pharmaceuticals, Inc.* 319,141 1,223,524 Medical - Drugs - 0.9% 2,654 Roche Holding A.G. 335,463 Medical Instruments - 2.0% 4,956 Intuitive Surgical, Inc.*,** 712,326 Medical Products - 0.9% 5,960 Johnson & Johnson 312,066 Oil Companies - Exploration and Production - 7.0% 21,345 Anadarko Petroleum Corp.** 919,115 15,150 Occidental Petroleum Corp. 852,793 17,585 Ultra Petroleum Corp. (U.S. Shares)*,** 752,638 2,524,546 Oil Companies - Integrated - 1.7% 10,825 Hess Corp. 593,102 Printing - Commercial - 1.9% 19,582 VistaPrint, Ltd.* 672,642 Real Estate Management/Services - 3.0% 32,940 Jones Lang LaSalle, Inc.** 1,062,974 Real Estate Operating/Development - 0.6% 59,134 Rossi Residencial S.A.** 204,256 Retail - Apparel and Shoe - 0% 280 J. Crew Group, Inc.* 4,819 Retail - Building Products - 1.1% 18,335 Lowe's Cos., Inc. 394,203 Retail - Drug Store - 3.0% 33,545 CVS/Caremark Corp. 1,066,060 Schools - 1.1% 1,293,000 Raffles Education Corp., Ltd. 376,579 Semiconductor Components/Integrated Circuits - 3.9% 193,015 Atmel Corp.*,** 741,177 24,465 Cypress Semiconductor Corp.* 194,007 42,300 Marvell Technology Group, Ltd.* 464,454 1,399,638 Semiconductor Equipment - 2.6% 17,975 KLA-Tencor Corp. 498,626 15,910 Lam Research Corp.*,** 443,571 942,197 Toys - 3.4% 4,600 Nintendo Co., Ltd.** 1,230,941 Transportation - Railroad - 0.9% 64,384 All America Latina Logistica S.A. (GDR)** 333,732 Veterinary Diagnostics - 0.2% 2,100 VCA Antech, Inc.* 52,542 Wireless Equipment - 5.2% 76,610 Crown Castle International Corp.* 1,878,476 - ------------------------------------------------------------------------------------------------------------------------------------ Total Common Stock (cost $34,839,134) 34,887,680 - ------------------------------------------------------------------------------------------------------------------------------------ Preferred Stock - 1.5% Metal - Copper - 1.5% 7,800 Freeport-McMoRan Copper & Gold, Inc., convertible, 6.7500% (cost $411,812) 524,550 - ------------------------------------------------------------------------------------------------------------------------------------ Purchased Options - Calls - 0.8% 120 CVS/Caremark Corp. (LEAPS) expires January 2010 exercise price $30.00 60,741 75 Occidental Petroleum Corp. (LEAPS) expires January 2011 exercise price $30.00 204,750 139 PNC Bank Corp. expires January 2010 exercise price $2.50 0 86 UnitedHealth Group, Inc. expires January 2010 exercise price $30.00 17,964 - ------------------------------------------------------------------------------------------------------------------------------------ Total Purchased Options - Calls (premiums received $293,182) 283,455 - ------------------------------------------------------------------------------------------------------------------------------------ Purchased Options - Puts - 0.0% 9 S&P 500(R) Index** expires May 2009 exercise price $825.00 (premiums received $14,787) 8,010 - ------------------------------------------------------------------------------------------------------------------------------------ Money Market - 2.2% 803,039 Janus Cash Liquidity Fund LLC, 0% (cost $803,039) 803,039 - ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $36,361,954)- 100.0% $36,506,734 - ------------------------------------------------------------------------------------------------------------------------------------ Securities Sold Short - (1.8)% Coal - (0.2)% 3,605 Peabody Energy Corp. (95,136) Diversified Operations - (1.6)% 44,685 General Electric Co. (565,265) - ------------------------------------------------------------------------------------------------------------------------------------ Total Securities Sold Short (proceeds $621,559) - (1.8)% (660,401) - ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $35,740,395)- 100.0% $35,846,333 - ------------------------------------------------------------------------------------------------------------------------------------
Summary of Investments by Country - (Long Positions) April 30, 2009 (unaudited) % of Investment Country Value Securities - -------------------------------------------------------------------------------- Belgium $ 1,497,544 4.1% Bermuda 1,815,233 5.0% Brazil 537,987 1.5% Canada 752,638 2.1% Cayman Islands 551,824 1.5% Germany 180,238 0.5% Gibraltar 642,463 1.7% India 1,087,639 3.0% Japan 1,230,941 3.4% Singapore 376,579 1.0% Switzerland 335,463 0.9% United States++ 27,498,185 75.3% - -------------------------------------------------------------------------------- Total $ 36,506,734 100.0% ++Includes Short-Term Securities (73.1% excluding Short-Term Securities) Summary of Investments by Country - (Short Positions) April 30, 2009 (unaudited) % of Securities Country Value Sold Short - -------------------------------------------------------------------------------- United States $ (660,401) 100.0% - -------------------------------------------------------------------------------- Total $ (660,401) 100.0% Financial Futures - Short - -------------------------------------------------------------------------------- 13 Contracts Russell 2000 Mini - -------------------------------------------------------------------------------- expires June 2009, principal - -------------------------------------------------------------------------------- amount $594,693, value $632,710 - -------------------------------------------------------------------------------- cumulative depreciation $(38,017) - --------------------------------------------------------------------------------
Forward Currency Contracts, Open as of April 30, 2009 (unaudited) - --------------------------------------------------------------------------------------------------- Currency Sold and Currency Currency Value Unrealized Settlement Date Units Sold in U.S.$ Gain/(Loss) - --------------------------------------------------------------------------------------------------- Brazilian Real 5/14/09 340,000 $ 155,081 $ (6,414) Brazilian Real 6/18/09 88,000 39,775 (144) Brazilian Real 6/25/09 50,000 22,565 (219) British Pound 5/14/09 137,000 202,606 (1,408) British Pound 6/18/09 106,500 157,497 (1,714) British Pound 6/25/09 97,000 143,448 (1,255) Euro 5/14/09 132,000 174,615 3,981 Euro 6/18/09 189,000 249,975 (5,112) Euro 6/25/09 317,000 419,253 (2,648) Indian Rupee 5/14/09 8,000,000 159,740 (4,038) Indian Rupee 6/25/09 5,500,000 109,352 (956) Japanese Yen 5/14/09 23,000,000 233,299 845 Japanese Yen 6/18/09 44,500,000 451,655 2,269 Japanese Yen 6/25/09 42,630,000 432,726 8,579 - --------------------------------------------------------------------------------------------------- Total $ 2,951,587 $ (8,234)
Schedule of Written Options - Calls Value - --------------------------------------------------------------------------------------------------- S&P 500(R) Index expires May 2009 27 contracts exercise price $920.00 (Premiums received $20,443) $(20,443) - --------------------------------------------------------------------------------------------------- Schedule of Written Options - Puts Value - --------------------------------------------------------------------------------------------------- CVS/Caremark Corp. (LEAPS) expires January 2010 120 contracts exercise price $20.00 (8,336) J. Crew Group, Inc. expires June 2009 122 contracts exercise price $15.00 (11,414) Occidental Petroleum Company (LEAPS) expires January 2011 75 contracts exercise price $30.00 (25,500) S&P 500(R) Index expires May 2009 9 contracts exercise price $775.00 (2,520) - --------------------------------------------------------------------------------------------------- Total Written Options - Puts (Premiums received $87,477) $(47,770) - ---------------------------------------------------------------------------------------------------
Total Return Swaps outstanding at April 30, 2009 Unrealized Return Paid by the Return Received by the Termination Appreciation/ Counterparty Notional Amount Fund Fund Date (Depreciation) - ------------------------------------------------------------------------------------------------------------------------------- Credit Suisse Custom Retail 1-month LIBOR Credit Suisse $ 835,145 Basket Index plus 30 basis points 4/27/10 $ 52,727 Goldman Sachs Custom Energy 1-month LIBOR Goldman Sachs 544,794 Basket Index plus 40 basis points 4/8/10 11,247 - ------------------------------------------------------------------------------------------------------------------------------- Total $63,974 - -------------------------------------------------------------------------------------------------------------------------------
Notes to Schedule of Investments (unaudited) ADR American Depositary Receipt GDR Global Depositary Receipt LEAPS Long-Term Equity Anticipation Securities PLC Public Limited Company U.S. Shares Securities of foreign companies trading on an American Stock Exchange. * Non-income-producing security. ** A portion of this security has been segregated by the custodian to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales and/or securities with extended settlement dates. The following is a summary of the inputs that were used to value the Fund's investments in securities and other financial instruments as of April 30, 2009. See Significant Accounting Policies for more information.
Valuation Inputs Summary (as of April 30, 2009) Level 1 - Quoted Level 2 - Other Significant Level 3 - Significant Prices Observable Inputs Unobservable Inputs - --------------------------------------------------------------------------------------------------------------------------------- Investments in Securities: Janus Adviser Orion Fund $28,447,002 $7,768,267 $ - - --------------------------------------------------------------------------------------------------------------------------------- Investments in Purchased Options: Janus Adviser Orion Fund 204,750 86,715 - - --------------------------------------------------------------------------------------------------------------------------------- Investments in Securities Sold Short: Janus Adviser Orion Fund - (660,401) - - --------------------------------------------------------------------------------------------------------------------------------- Other Financial Instruments(a): Janus Adviser Orion Fund (38,017) (12,473) - - ---------------------------------------------------------------------------------------------------------------------------------
(a)Other Financial Instruments include futures, forwards, written options, and swap contracts. Forward currency contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options and swap contracts are reported at their market value at measurement date. Aggregate collateral segregated to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales and/or securities with extended settlement dates as of April 30, 2009 is noted below. Fund Aggregate Value - -------------------------------------------------------------------------------- Janus Adviser Orion Fund $ 13,339,089 - -------------------------------------------------------------------------------- Janus Adviser Perkins Large Cap Value Fund Schedule of Investments (unaudited)
Shares or Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------------------ Common Stock - 89.5% Aerospace and Defense - Equipment - 1.7% 5,810 United Technologies Corp. $ 283,760 Apparel Manufacturers - 0.2% 600 VF Corp. 35,562 Applications Software - 1.5% 12,135 Microsoft Corp. 245,855 Athletic Footwear - 0.3% 950 NIKE, Inc. - Class B 49,847 Beverages - Non-Alcoholic - 2.1% 4,180 Coca-Cola Co. 179,949 3,400 PepsiCo, Inc. 169,184 349,133 Beverages - Wine and Spirits - 0.2% 900 Brown-Forman Corp. - Class B 41,850 Brewery - 0.8% 3,600 Molson Coors Brewing Co. - Class B 137,700 Cable Television - 0.9% 9,485 Comcast Corp. - Class A 146,638 Cellular Telecommunications - 0.9% 8,495 Vodafone Group PLC (ADR) 155,883 Chemicals - Specialty - 0.4% 1,500 Lubrizol Corp. 64,830 Commercial Banks - 1.4% 8,505 BB&T Corp. 198,507 955 HSBC Holdings PLC (ADR) 33,998 232,505 Computers - 1.8% 3,885 Hewlett-Packard Co. 139,782 1,580 International Business Machines Corp. 163,072 302,854 Computers - Memory Devices - 0.7% 9,210 EMC Corp.* 115,401 Consumer Products - Miscellaneous - 1.1% 3,620 Kimberly-Clark Corp. 177,887 Cosmetics and Toiletries - 2.1% 7,175 Procter & Gamble Co. 354,732 Diversified Operations - 3.9% 2,500 3M Co. 144,000 23,260 General Electric Co. 294,239 8,885 Tyco International, Ltd. (U.S. Shares) 211,108 649,347 Electric - Integrated - 2.8% 2,175 Entergy Corp. 140,875 4,025 FirstEnergy Corp. 164,623 895 FPL Group, Inc. 48,142 3,585 Public Service Enterprise Group, Inc. 106,976 460,616 Electric Products - Miscellaneous - 0.8% 4,100 Emerson Electric Co. 139,564 Electronic Components - Semiconductors - 0.9% 9,395 Intel Corp. 148,253 Electronic Connectors - 0.3% 1,395 Thomas & Betts Corp.* 43,412 Engineering - Research and Development Services - 0.4% 4,260 McDermott International, Inc. (U.S. Shares)* 68,756 Entertainment Software - 0.3% 2,600 Electronic Arts, Inc.* 52,910 Fiduciary Banks - 0.4% 1,200 Northern Trust Corp. 65,232 Finance - Investment Bankers/Brokers - 1.9% 905 Goldman Sachs Group, Inc. 116,293 5,800 JPMorgan Chase & Co. 191,400 307,693 Food - Miscellaneous/Diversified - 3.5% 3,450 General Mills, Inc. 174,881 3,940 Kellogg Co. 165,913 4,000 Kraft Foods, Inc. - Class A 93,600 7,355 Unilever PLC (ADR) 143,128 577,522 Food - Retail - 0.8% 5,900 Kroger Co. 127,558 Forestry - 0.5% 2,385 Weyerhaeuser Co. 84,095 Gold Mining - 1.1% 6,900 Goldcorp, Inc. (U.S. Shares) 189,888 Industrial Gases - 0.5% 1,330 Air Products & Chemicals, Inc. 87,647 Instruments - Scientific - 1.2% 5,825 Thermo Fisher Scientific, Inc.* 204,341 Internet Security - 0.6% 5,605 Symantec Corp.* 96,686 Investment Management and Advisory Services - 1.6% 5,300 AllianceBernstein Holding L.P. 92,856 1,350 Franklin Resources, Inc. 81,648 6,445 Invesco, Ltd. 94,870 269,374 Life and Health Insurance - 0.8% 3,410 AFLAC, Inc. 98,515 2,910 Lincoln National Corp. 32,708 131,223 Machinery - Farm - 0.8% 3,200 Deere & Co. 132,032 Medical - Biomedical and Genetic - 1.0% 3,305 Amgen, Inc.* 160,193 Medical - Drugs - 2.8% 5,480 Eli Lilly & Co. 180,402 2,800 Novartis A.G. (ADR) 106,148 13,115 Pfizer, Inc. 175,216 461,766 Medical - Wholesale Drug Distributors - 1.1% 5,550 Cardinal Health, Inc. 187,535 Medical Instruments - 1.1% 3,620 Medtronic, Inc. 115,840 2,070 St. Jude Medical, Inc.* 69,386 185,226 Medical Labs and Testing Services - 1.0% 2,625 Laboratory Corporation of America Holdings* 168,394 Medical Products - 4.9% 5,615 Covidien, Ltd. 185,183 9,080 Johnson & Johnson 475,429 3,300 Zimmer Holdings, Inc.* 145,167 805,779 Metal - Copper - 1.0% 3,820 Freeport-McMoRan Copper & Gold, Inc. - Class B 162,923 Multi-Line Insurance - 1.5% 7,395 Allstate Corp. 172,525 8,705 Old Republic International Corp. 81,566 254,091 Multimedia - 3.3% 5,000 McGraw-Hill Cos., Inc. 150,750 5,815 Time Warner, Inc. 126,941 4,400 Viacom, Inc. - Class B* 84,656 8,200 Walt Disney Co. 179,580 541,927 Networking Products - 0.9% 7,430 Cisco Systems, Inc.* 143,548 Non-Hazardous Waste Disposal - 0.4% 3,365 Republic Services, Inc. 70,665 Oil - Field Services - 0.9% 3,230 Schlumberger, Ltd. (U.S. Shares) 158,238 Oil and Gas Drilling - 0.9% 2,295 Transocean, Ltd. (U.S. Shares)* 154,867 Oil Companies - Exploration and Production - 5.0% 5,085 Anadarko Petroleum Corp. 218,960 1,100 Apache Corp. 80,146 3,900 Devon Energy Corp. 202,215 1,500 EnCana Corp. (U.S. Shares) 68,595 1,905 EQT Corp. 64,065 3,320 Forest Oil Corp.* 53,120 2,500 Noble Energy, Inc. 141,875 828,976 Oil Companies - Integrated - 4.0% 5,670 Exxon Mobil Corp. 378,018 3,445 Hess Corp. 188,752 3,105 Marathon Oil Corp. 92,219 658,989 Oil Field Machinery and Equipment - 0.2% 1,200 National Oilwell Varco, Inc.* 36,336 Pipelines - 1.7% 3,245 Kinder Morgan Energy Partners L.P. 154,981 2,900 Plains All American Pipeline L.P. 122,786 277,767 Reinsurance - 2.3% 103 Berkshire Hathaway, Inc. - Class B* 315,695 840 Everest Re Group, Ltd. 62,698 378,393 REIT - Apartments - 0.2% 1,435 Equity Residential 32,847 REIT - Mortgage - 0.2% 2,345 Redwood Trust, Inc. 38,153 REIT - Storage - 0.8% 1,950 Public Storage 130,377 Retail - Discount - 1.3% 4,135 Wal-Mart Stores, Inc. 208,404 Retail - Drug Store - 1.3% 3,685 CVS Caremark Corp. 117,109 3,000 Walgreen Co. 94,290 211,399 Savings/Loan/Thrifts - 0.7% 7,565 People's United Financial, Inc. 118,165 Schools - 0.5% 1,245 Apollo Group, Inc. - Class A* 78,373 Semiconductor Equipment - 0.5% 6,255 Applied Materials, Inc. 76,374 Super-Regional Banks - 4.8% 9,670 Bank of America Corp. 86,353 5,035 PNC Financial Services Group, Inc. 199,890 4,970 SunTrust Banks, Inc. 71,767 12,430 U.S. Bancorp 226,474 10,500 Wells Fargo & Co. 210,105 794,589 Telephone - Integrated - 3.8% 18,165 AT&T, Inc. 465,387 5,215 Verizon Communications, Inc. 158,223 623,610 Tobacco - 0.4% 1,820 Philip Morris International, Inc. 65,884 Transportation - Railroad - 0.8% 2,655 Union Pacific Corp. 130,467 Wireless Equipment - 1.0% 11,275 Nokia OYJ (ADR) 159,429 - ------------------------------------------------------------------------------------------------------------------------------------ Total Common Stock (cost $14,721,269) 14,834,270 - ------------------------------------------------------------------------------------------------------------------------------------ Repurchase Agreement - 10.5% $ 1,737,000 ING Financial Markets LLC, 0.2500% dated 4/30/09, maturing 5/1/09 to be repurchased at $1,737,012 collateralized by $1,217,847 in Corporate Bonds 7.8750% - 9.1250%, 5/15/18 - 8/15/21 with a value of $1,771,768 (cost $1,737,000) 1,737,000 - ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $16,458,269) - 100% $16,571,270 - ------------------------------------------------------------------------------------------------------------------------------------
Summary of Investments by Country - (Long Positions) April 30, 2009 (unaudited) % of Investment Country Value Securities - -------------------------------------------------------------------------------- Bermuda $ 342,751 2.1% Canada 258,483 1.6% Finland 159,428 1.0% Netherlands Antilles 158,238 0.9% Panama 68,756 0.4% Switzerland 472,122 2.8% United Kingdom 333,010 2.0% United States++ 14,778,482 89.2% - -------------------------------------------------------------------------------- Total $ 16,571,270 100.0% ++ Includes Short-Term Securities (78.7% excluding Short-Term Securities) Notes to Schedule of Investments (unaudited) ADR American Depositary Receipt PLC Public Limited Company REIT Real Estate Investment Trust U.S. Shares Securities of foreign companies trading on an American Stock Exchange. * Non-income-producing security. The following is a summary of the inputs that were used to value the Fund's investments in securities as of April 30, 2009. See Significant Accounting Policies for more information.
Valuation Inputs Summary (as of April 30, 2009) Level 1 - Quoted Level 2 - Other Significant Level 3 - Significant Prices Observable Inputs Unobservable Inputs - ---------------------------------------------------------------------------------------------------------------------------------- Investments in Securities: Janus Adviser Perkins Large Cap Value Fund $14,235,684 $ 2,335,586 $ - - ----------------------------------------------------------------------------------------------------------------------------------
Janus Adviser Perkins Mid Cap Value Fund (1) Schedule of Investments (unaudited)
Shares/Principal/Contract Amount Value - ------------------------------------------------------------------------------------------------------------------------------------ Common Stock - 89.8% Aerospace and Defense - 0.6% 250,000 Rockwell Collins, Inc. $ 9,587,500 Apparel Manufacturers - 0.5% 130,400 VF Corp. 7,728,808 Athletic Footwear - 0.4% 121,600 NIKE, Inc. - Class B 6,380,352 Automotive - Truck Parts and Equipment - Original - 1.1% 254,600 BorgWarner, Inc 7,370,670 567,100 Johnson Controls, Inc. 10,780,571 18,151,241 Beverages - Non-Alcoholic - 0.5% 166,000 PepsiCo, Inc. 8,260,160 Beverages - Wine and Spirits - 0.4% 145,200 Brown-Forman Corp. - Class B 6,751,800 Brewery - 1.0% 440,000 Molson Coors Brewing Co. - Class B 16,830,000 Building - Residential and Commercial - 1.2% 431,000 Centex Corp. 4,715,140 479,600 KB Home 8,666,372 524,600 Pulte Homes, Inc. 6,038,146 19,419,658 Building Products - Cement and Aggregate - 0.3% 135,700 Texas Industries, Inc. 4,339,686 Cable Television - 0.4% 433,000 Comcast Corp. - Class A 6,694,180 Chemicals - Specialty - 1.9% 735,000 Lubrizol Corp. 31,766,700 Coal - 0.5% 597,800 Arch Coal, Inc. 8,351,266 Commercial Banks - 1.6% 548,900 BB&T Corp. 12,811,326 328,800 City National Corp. 12,034,080 657,700 Synovus Financial Corp. 2,124,371 26,969,777 Commercial Services - Finance - 0.4% 204,500 Global Payments, Inc. 6,556,270 Computer Aided Design - 0.4% 315,100 Autodesk, Inc. * 6,283,094 Computer Services - 0.7% 454,600 Perot Systems Corp. - Class A * 6,391,676 297,500 SRA International, Inc. * 4,578,525 10,970,201 Computers - 0.7% 318,500 Hewlett-Packard Co. 11,459,630 Computers - Integrated Systems - 1.4% 382,100 Diebold, Inc. 10,098,903 1,335,800 NCR Corp. * 13,558,370 23,657,273 Computers - Memory Devices - 0.6% 797,100 EMC Corp. * 9,987,663 Consumer Products - Miscellaneous - 0.7% 233,500 Kimberly-Clark Corp. 11,474,190 Containers - Metal and Glass - 0.6% 268,200 Ball Corp. 10,116,504 Containers - Paper and Plastic - 0.6% 784,942 Temple-Inland, Inc. 9,372,207 Cosmetics and Toiletries - 0.9% 290,300 Procter & Gamble Co. 14,352,432 Data Processing and Management - 0.2% 72,500 Fiserv, Inc. * 2,705,700 Distribution/Wholesale - 0.8% 459,800 Tech Data Corp. * 13,237,642 Diversified Operations - 1.4% 980,600 Tyco International, Ltd. (U.S. Shares) 23,299,056 E-Commerce/Services - 0.3% 285,600 eBay, Inc. * 4,703,832 Electric - Integrated - 3.1% 270,000 DPL, Inc. 6,056,100 209,500 Entergy Corp. 13,569,315 296,400 FirstEnergy Corp. 12,122,760 82,100 FPL Group, Inc. 4,416,159 260,000 PPL Corp. 7,776,600 302,000 Public Service Enterprise Group, Inc. 9,011,680 52,952,614 Electric Products - Miscellaneous - 0.8% 400,000 Emerson Electric Co. 13,616,000 Electronic Components - Miscellaneous - 0.5% 1,398,600 Vishay Intertechnology, Inc. * 8,209,782 Electronic Components - Semiconductors - 0.3% 416,800 Intersil Corp. - Class A 4,834,880 Electronic Connectors - 0.8% 452,900 Thomas & Betts Corp. * 14,094,248 Electronic Forms - 0.3% 194,300 Adobe Systems, Inc. * 5,314,105 Electronic Measuring Instruments - 0.3% 316,800 Agilent Technologies, Inc. * 5,784,768 Engineering - Research and Development Services - 1.7% 193,000 Jacobs Engineering Group, Inc. * 7,341,720 575,100 McDermott International, Inc. (U.S. Shares) * 9,282,114 284,600 URS Corp. * 12,539,476 29,163,310 Entertainment Software - 0.5% 375,000 Electronic Arts, Inc. * 7,631,250 Fiduciary Banks - 0.3% 93,300 Northern Trust Corp. 5,071,788 Finance - Investment Bankers/Brokers - 0.5% 536,300 Raymond James Financial, Inc. 8,414,547 Food - Miscellaneous/Diversified - 2.7% 292,600 General Mills, Inc. 14,831,894 423,100 Kellogg Co. 17,816,741 160,200 Kraft Foods, Inc. - Class A 3,748,680 525,700 Unilever PLC (ADR) 10,230,122 46,627,437 Food - Retail - 0.8% 597,800 Kroger Co. 12,924,436 Forestry - 0.7% 350,000 Weyerhaeuser Co. 12,341,000 Gold Mining - 1.2% 719,000 Goldcorp, Inc. (U.S. Shares)** 19,786,880 Hotels and Motels - 0.5% 158,100 Marriott International, Inc. - Class A 3,724,836 244,100 Starwood Hotels & Resorts Worldwide, Inc. 5,091,926 8,816,762 Human Resources - 0.7% 154,300 Manpower, Inc. 6,648,787 202,000 Robert Half International, Inc. 4,852,040 11,500,827 Industrial Gases - 0.7% 179,200 Air Products & Chemicals, Inc. 11,809,280 Instruments - Scientific - 2.4% 850,000 PerkinElmer, Inc. 12,384,500 428,900 Thermo Fisher Scientific, Inc. * 15,045,812 385,800 Varian, Inc. * 12,739,116 40,169,428 Insurance Brokers - 1.4% 360,000 Arthur J. Gallagher & Co. 8,092,800 750,000 Brown & Brown, Inc. 14,595,000 22,687,800 Internet Security - 0.4% 396,900 Symantec Corp. * 6,846,525 Investment Management and Advisory Services - 3.0% 830,000 AllianceBernstein Holding L.P. 14,541,600 189,281 Franklin Resources, Inc. 11,447,715 1,800,000 Invesco, Ltd. 26,496,000 52,485,315 Life and Health Insurance - 1.2% 355,400 AFLAC, Inc. 10,267,506 387,700 Lincoln National Corp. 4,357,748 613,600 Protective Life Corp. 5,258,552 19,883,806 Machinery - Farm - 0.9% 351,600 Deere & Co. 14,507,016 Medical - Biomedical and Genetic - 1.1% 352,200 Charles River Laboratories International, Inc. * 9,738,330 226,091 Life Technologies Corp. * 8,433,194 18,171,524 Medical - Drugs - 0.7% 275,000 Endo Pharmaceuticals Holdings, Inc. * 4,548,500 365,200 Forest Laboratories, Inc. * 7,921,188 12,469,688 Medical - HMO - 0.4% 497,400 Health Net, Inc. * 7,182,456 Medical - Wholesale Drug Distributors - 1.0% 492,600 Cardinal Health, Inc. 16,644,954 Medical Instruments - 0.4% 180,300 St. Jude Medical, Inc. * 6,043,656 Medical Labs and Testing Services - 1.9% 261,400 Covance, Inc. * 10,267,792 346,600 Laboratory Corp. of America Holdings * 22,234,390 32,502,182 Medical Products - 2.8% 498,500 Covidien, Ltd. 16,440,530 142,200 Henry Schein, Inc. * 5,835,888 367,600 Hospira, Inc. * 12,083,012 271,400 Zimmer Holdings, Inc. * 11,938,886 46,298,316 Metal - Copper - 0.6% 244,300 Freeport-McMoRan Copper & Gold, Inc. - Class B 10,419,395 Metal Processors and Fabricators - 0.5% 251,900 Kaydon Corp. 8,050,724 Multi-Line Insurance - 2.3% 775,000 Allstate Corp. 18,080,750 2,099,000 Old Republic International Corp. 19,667,630 37,748,380 Multimedia - 1.0% 249,700 McGraw-Hill Cos., Inc. 7,528,455 450,000 Viacom, Inc. - Class B * 8,658,000 16,186,455 Networking Products - 0.6% 503,400 Polycom, Inc. * 9,383,376 Non-Hazardous Waste Disposal - 0.5% 407,600 Republic Services, Inc. 8,559,600 Oil - Field Services - 0.6% 200,300 Schlumberger, Ltd. (U.S. Shares) 9,812,697 Oil and Gas Drilling - 0.7% 181,900 Transocean, Ltd. (U.S. Shares) * 12,274,612 Oil Companies - Exploration and Production - 5.9% 338,700 Anadarko Petroleum Corp. 14,584,422 92,900 Bill Barrett Corp. * 2,413,542 155,800 Cabot Oil & Gas Corp. 4,703,602 343,000 Devon Energy Corp. 17,784,551 70,600 EnCana Corp. (U.S. Shares) 3,228,538 330,000 EQT Corp. 11,097,900 1,086,900 Forest Oil Corp.* 17,390,400 270,000 Noble Energy, Inc. 15,322,500 278,300 SandRidge Energy, Inc. * 2,270,928 360,700 St. Mary Land & Exploration Co. 6,445,709 123,500 Ultra Petroleum Corp. (U.S. Shares) * 5,285,800 100,527,892 Oil Companies - Integrated - 0.9% 288,900 Hess Corp. 15,828,831 Paper and Related Products - 1.1% 283,300 Potlatch Corp. 8,331,853 254,400 Rayonier, Inc. 9,824,928 18,156,781 Pipelines - 2.0% 230,000 Kinder Morgan Energy Partners L.P. 10,984,800 518,100 Plains All American Pipeline L.P. 21,936,354 32,921,154 Property and Casualty Insurance - 0.8% 404,000 Mercury General Corp. 13,647,120 Reinsurance - 2.2% 7,000 Berkshire Hathaway, Inc. - Class B 21,455,000 217,300 Everest Re Group, Ltd. 16,219,272 37,674,272 REIT - Apartments - 1.1% 200,000 Avalonbay Communities, Inc. 11,362,000 283,800 Equity Residential 6,496,182 17,858,182 REIT - Health Care - 0.5% 297,900 Ventas, Inc. 8,531,856 REIT - Hotels - 0.4% 847,300 Host Hotels & Resorts, Inc. 6,515,737 REIT - Mortgage - 0.5% 550,000 Redwood Trust, Inc. 8,948,500 REIT - Office Property - 0.8% 114,400 Boston Properties, Inc. 5,653,648 199,700 Mack-Cali Realty Corp. 5,363,942 100,100 SL Green Realty Corp. 1,767,766 12,785,356 REIT - Storage - 0.5% 130,200 Public Storage 8,705,172 REIT - Warehouse/Industrial - 0.5% 414,900 AMB Property Corp. 7,920,441 Retail - Apparel and Shoe - 0.7% 424,200 American Eagle Outfitters, Inc. 6,286,644 256,000 Men's Wearhouse, Inc. 4,771,840 11,058,484 Retail - Automobile - 0.3% 151,300 Copart, Inc. * 4,749,307 Retail - Drug Store - 1.3% 372,900 CVS Caremark Corp. 11,850,762 329,300 Walgreen Co. 10,349,899 22,200,661 Savings/Loan/Thrifts - 1.7% 375,400 NewAlliance Bancshares, Inc. 4,846,414 925,000 People's United Financial, Inc.** 14,448,500 680,100 Washington Federal, Inc. 8,827,698 28,122,612 Schools - 0.5% 145,000 Apollo Group, Inc. - Class A* 9,127,750 Semiconductor Components/Integrated Circuits - 0.4% 337,700 Analog Devices, Inc. 7,186,256 Semiconductor Equipment - 0.9% 1,292,000 Applied Materials, Inc. 15,775,320 Super-Regional Banks - 1.7% 271,900 PNC Financial Services Group, Inc. 10,794,430 478,300 SunTrust Banks, Inc. 6,906,652 635,800 U.S. Bancorp 11,584,276 29,285,358 Telephone - Integrated - 0.7% 450,200 CenturyTel, Inc. 12,222,930 Tools - Hand Held - 0.5% 61,700 Snap-On, Inc. 2,092,864 160,000 Stanley Works 6,084,800 8,177,664 Toys - 0.5% 547,800 Mattel, Inc. 8,195,088 Transportation - Railroad - 1.2% 700,000 Kansas City Southern * 10,675,000 202,500 Union Pacific Corp. 9,950,850 20,625,850 Wireless Equipment - 0.8% 932,300 Nokia OYJ (ADR) 13,182,722 X-Ray Equipment - 0.5% 600,000 Hologic, Inc. * 8,916,000 - ------------------------------------------------------------------------------------------------------------------------------------ Total Common Stock (cost $1,615,875,690) 1,505,475,937 - ------------------------------------------------------------------------------------------------------------------------------------ Purchased Options - Puts - 0.7% 9,684 iShares Russell Mid-Cap Value Index expires May 2009 exercise price $27.82 1,171,764 5,968 iShares Russell Mid-Cap Value Index expires June 2009 exercise price $30.00** 1,832,176 8,475 iShares Russell Mid-Cap Value Index expires July 2009 exercise price $13.56** 25,425 8,475 iShares Russell Mid-Cap Value Index expires July 2009 exercise price $22.60** 525,450 968 iShares Russell Mid-Cap Value Index expires August 2009 exercise price $27.82** 264,264 2,148 Mid-Cap SPDR Trust Series 1 expires August 2009 exercise price $91.30** 1,207,176 193 Russell Mid-Cap Value Index expires May 2009 exercise price $613.83 236,929 364 Russell Mid-Cap Value Index expires July 2009 exercise price $318.93** 13,776 364 Russell Mid-Cap Value Index expires July 2009 exercise price $531.55** 498,633 684 Russell Mid-Cap Value Index expires July 2009 exercise price $577.50** 1,759,262 404 Russell Mid-Cap Value Index expires August 2009 exercise price $505.89** 712,842 376 Russell Mid-Cap Value Index expires August 2009 exercise price $542.75** 995,704 52 S&P Mid-Cap 400(R) Index expires May 2009 exercise price $541.80 89,180 451 S&P Mid-Cap 400(R) Index expires June 2009 exercise price $272.66** 6,842 451 S&P Mid-Cap 400(R) Index expires June 2009 exercise price $454.44** 258,626 82 S&P Mid-Cap 400(R) Index expires June 2009 exercise price $550.35 217,839 434 S&P Mid-Cap 400(R) Index expires July 2009 exercise price $509.60** 920,401 443 S&P Mid-Cap 400(R) Index expires August 2009 exercise price $279.14** 40,570 443 S&P Mid-Cap 400(R) Index expires August 2009 exercise price $465.24** 737,666 - ------------------------------------------------------------------------------------------------------------------------------------ Total Purchased Options - Puts (premiums paid $36,939,794) 11,514,475 - ------------------------------------------------------------------------------------------------------------------------------------ Repurchase Agreement - 9.5% $ 159,159,000 ING Financial Markets LLC, 0.2500% dated 4/30/09, maturing 5/1/09 to be repurchased at $159,160,105 collateralized by $111,589,735 in Corporate Bonds 7.8750% - 9.1250%, 5/15/18 - 8/15/21 With a value of $162,344,705 (cost $159,159,000) 159,159,000 - ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $1,811,974,484) - 100% $1,676,149,412 - ------------------------------------------------------------------------------------------------------------------------------------
Summary of Investments by Country- (Long Positions) April 30, 2009 (unaudited) % of Investment Country Value Securities - -------------------------------------------------------------------------------- Bermuda $ 59,155,802 3.5% Canada 28,301,218 1.7% Finland 13,182,722 0.8% Netherlands Antilles 9,812,697 0.6% Panama 9,282,114 0.6% Switzerland 35,573,668 2.1% United Kingdom 10,230,122 0.6% United States++ 1,510,611,069 90.1% - -------------------------------------------------------------------------------- Total $ 1,676,149,412 100.0% ++Includes Short-Term Securities(80.6% excluding Short-Term Securities) Value - -------------------------------------------------------------------- Schedule of Written Options - Puts iShares Russell Mid-Cap Value Index expires June 2009 2,984 contracts exercise price $27.85 (280,496) iShares Russell Mid-Cap Value Index expires July 2009 16,950 contracts exercise price $18.08 (288,150) iShares Russell Mid-Cap Value Index expires August 2009 484 contracts exercise price $23.32 (55,660) Mid-Cap SPDR Trust Series 1 expires August 2009 1,074 contracts exercise price $80.34 (313,608) Russell Mid-Cap Value Index expires July 2009 342 contracts exercise price $484.00 (267,133) Russell Mid-Cap Value Index expires July 2009 728 contracts exercise price $425.24 (222,608) Russell Mid-Cap Value Index expires August 2009 188 contracts exercise price $465.21 (197,336) Russell Mid-Cap Value Index expires August 2009 202 contracts exercise price $423.98 (137,915) S&P Mid-Cap 400(R) Index expires June 2009 902 contracts exercise price $363.55 (87,368) S&P Mid-Cap 400(R) Index expires July 2009 172 contracts exercise price $457.60 (165,295) S&P Mid-Cap 400(R) Index expires August 2008 886 contracts exercise price $372.19 (410,555) - -------------------------------------------------------------------- Total Written Options - Puts (Premiums received $11,964,519) $ (2,426,124) - -------------------------------------------------------------------- Notes to Schedule of Investments (unaudited) ADR American Depositary Receipt REIT Real Estate Investment Trust SPDR Standard & Poor's Depository Receipt U.S. Shares Securities of foreign companies trading on an American Stock Exchange. * Non-income-producing security. ** A portion of this security has been segregated by the custodian to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales and/or securities with extended settlement dates. The following is a summary of the inputs that were used to value the Fund's investments in securities and other financial instruments as of April 30, 2009. See Significant Accounting Policies for more information.
Valuation Inputs Summary (as of April 30, 2009) Level 1 - Quoted Level 2 - Other Significant Level 3 - Significant Prices Observable Inputs Unobservable Inputs - ------------------------------------------------------------------------------------------------------------------------------ Investments in Securities: Janus Adviser Perkins Mid Cap Value Fund $1,482,063,093 $ 182,571,844 $ - Investments in Purchased Options: Janus Adviser Perkins Mid Cap Value Fund - 11,514,475 - Other Financial Instruments(a): Janus Adviser Perkins Mid Cap Value Fund - 2,426,124 - - ------------------------------------------------------------------------------------------------------------------------------
(a)Other Financial Instruments include futures, forwards, written options, and swap contracts. Forward currency contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options and swap contracts are reported at their market value at measurement date. Aggregate collateral segregated to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales and/or securities with extended settlement dates as of April 30, 2009 is noted below. Fund Aggregate Collateral - -------------------------------------------------------------------------------- Janus Adviser Perkins Mid Cap Value Fund $ 22,473,817 - -------------------------------------------------------------------------------- (1) Formerly named Janus Adviser Mid Cap Value Fund. Janus Adviser Perkins Small Company Value Fund(1) Schedule of Investments (unaudited)
Shares or Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------------------ Common Stock - 92.7% Apparel Manufacturers - 0.8% 21,300 Volcom, Inc.* $ 287,337 Applications Software - 1.1% 20,270 Progress Software Corp.* 429,521 Building - Heavy Construction - 0.5% 10,125 Sterling Construction Co., Inc.* 190,046 Building - Mobile Home and Manufactured Homes - 0.4% 19,000 Winnebago Industries 167,390 Chemicals - Specialty - 2.3% 19,800 Lubrizol Corp. 855,756 Circuit Boards - 0.9% 47,000 TTM Technologies, Inc.* 348,740 Commercial Banks - 4.3% 4,800 Bank of Hawaii Corp. 168,672 10,300 City National Corp. 376,980 52,955 F.N.B. Corp. 398,222 28,000 Glacier Bancorp, Inc. 428,960 75,020 Synovus Financial Corp. 242,315 1,615,149 Commercial Services - 0.7% 37,125 ICT Group, Inc.* 262,845 Commercial Services - Finance - 0.7% 8,100 Global Payments, Inc. 259,686 Computer Services - 0.8% 19,860 SRA International, Inc.* 305,645 Computers - Integrated Systems - 2.4% 20,000 Diebold, Inc. 528,600 37,070 NCR Corp. 376,261 904,861 Consulting Services - 2.5% 10,020 Advisory Board Co.* 186,773 14,340 CRA International, Inc.* 334,695 4,500 MAXIMUS, Inc. 181,485 17,650 Navigant Consulting, Inc.* 259,632 962,585 Containers - Paper and Plastic - 1.9% 15,970 Sonoco Products Co. 389,828 28,000 Temple-Inland, Inc. 334,320 724,148 Data Processing and Management - 0.5% 10,800 Fair Isaac Corp. 181,656 Decision Support Software - 0.8% 42,000 Wind River Systems, Inc.* 307,860 Direct Marketing - 1.2% 55,360 Harte-Hanks, Inc. 457,274 Distribution/Wholesale - 2.4% 10,000 Fossil, Inc.* 201,600 24,000 Tech Data Corp.* 690,960 892,560 Electric Products - Miscellaneous - 0.9% 21,605 Littelfuse, Inc.* 354,106 Electronic Components - Miscellaneous - 0.7% 43,000 Vishay Intertechnology, Inc.* 252,410 Electronic Components - Semiconductors - 1.4% 23,600 Intersil Corp. - Class A 273,760 20,000 Microsemi Corp.* 268,400 542,160 Electronic Connectors - 0.7% 8,500 Thomas & Betts Corp.* 264,520 Engineering - Research and Development Services - 0.7% 6,025 URS Corp.* 265,462 Enterprise Software/Services - 1.1% 46,335 Omnicell, Inc.* 407,748 Filtration and Separations Products - 0.6% 7,000 Donaldson Co., Inc. 230,930 Food - Retail - 0.7% 11,000 Ruddick Corp. 282,260 Footwear and Related Apparel - 1.2% 8,000 Skechers U.S.A., Inc. - Class A* 93,600 16,615 Wolverine World Wide, Inc. 346,090 439,690 Hospital Beds and Equipment - 1.5% 43,025 Hill-Rom Holdings, Inc. 558,465 Human Resources - 1.2% 24,270 MPS Group, Inc.* 195,131 10,000 Robert Half International, Inc. 240,200 435,331 Industrial Automation and Robotics - 0.8% 21,000 Cognex Corp. 295,470 Instruments - Scientific - 2.7% 34,500 PerkinElmer, Inc. 502,665 16,100 Varian, Inc.* 531,622 1,034,287 Insurance Brokers - 1.5% 29,785 Brown & Brown, Inc. 579,616 Investment Management and Advisory Services - 0.9% 19,000 AllianceBernstein Holding L.P. 332,880 Lasers - Systems and Components - 0.7% 32,000 Electro Scientific Industries, Inc.* 275,200 Life and Health Insurance - 0.8% 33,000 Protective Life Corp. 282,810 Machinery - General Industrial - 1.5% 28,000 Albany International Corp. - Class A 259,840 7,800 Wabtec Corp. 297,492 557,332 Machinery - Pumps - 0.8% 12,500 Graco, Inc. 294,875 Medical - Biomedical and Genetic - 0.7% 9,000 Charles River Laboratories International, Inc.* 248,850 Medical - Generic Drugs - 1.2% 17,210 Perrigo Co. 446,083 Medical Imaging Systems - 0.7% 24,270 Vital Images, Inc.* 245,855 Medical Information Systems - 0.5% 3,400 Cerner Corp.* 182,920 Medical Instruments - 0.7% 19,390 Angiodynamics, Inc.* 245,671 Medical Labs and Testing Services - 1.0% 9,930 Covance, Inc.* 390,050 Medical Laser Systems - 0.8% 52,880 LCA-Vision, Inc. 304,060 Medical Products - 1.6% 26,000 PSS World Medical, Inc.* 377,520 7,000 West Pharmaceutical Services, Inc. 228,550 606,070 Medical Sterilization Products - 0.8% 13,100 STERIS Corp. 315,710 Metal Processors and Fabricators - 1.4% 16,625 Kaydon Corp. 531,335 Multi-Line Insurance - 2.7% 110,000 Old Republic International Corp. 1,030,700 Networking Products - 0.7% 14,900 Polycom, Inc.* 277,736 Office Furnishings - Original - 0.4% 10,800 HNI Corp. 167,400 Oil - Field Services - 1.0% 12,600 CARBO Ceramics, Inc. 386,946 Oil Companies - Exploration and Production - 2.6% 2,900 Bill Barrett Corp.* 75,342 15,000 Cabot Oil & Gas Corp. 452,850 28,685 Forest Oil Corp.* 458,960 987,152 Oil Field Machinery and Equipment - 0.8% 8,800 Lufkin Industries, Inc. 307,120 Paper and Related Products - 3.7% 29,000 Glatfelter 257,520 17,650 Potlatch Corp. 519,087 16,040 Rayonier, Inc. 619,464 1,396,071 Pipelines - 3.1% 11,100 Magellan Midstream Partners L.P. 370,740 33,355 Western Gas Partners L.P. 506,662 17,100 Williams Partners L.P. 293,265 1,170,667 Property and Casualty Insurance - 2.3% 11,000 Infinity Property & Casualty Corp. 387,640 6,000 Navigators* 272,280 4,415 RLI Corp. 212,052 871,972 Radio - 0.3% 57,905 Entercom Communications Corp. 96,122 Reinsurance - 1.2% 17,650 IPC Holdings, Ltd. 459,606 REIT - Apartments - 1.3% 10,200 BRE Properties, Inc. - Class A 250,614 6,000 Mid-America Apartment Communities, Inc. 221,940 472,554 REIT - Hotels - 0.9% 54,060 DiamondRock Hospitality Company 350,849 REIT - Mortgage - 1.0% 23,045 Redwood Trust, Inc. 374,942 REIT - Office Property - 1.4% 11,000 Mack-Cali Realty Corp. 295,460 18,000 Parkway Properties, Inc. 249,660 545,120 Resorts and Theme Parks - 0.2% 6,005 Cedar Fair L.P. 68,397 Retail - Apparel and Shoe - 1.2% 10,000 American Eagle Outfitters, Inc. 148,200 16,000 Chico's FAS, Inc.* 122,240 10,000 Men's Wearhouse, Inc. 186,400 456,840 Retail - Convenience Stores - 1.0% 14,480 Casey's General Stores, Inc. 385,313 Retail - Leisure Products - 0.4% 30,000 MarineMax, Inc.* 136,500 Retail - Propane Distribution - 0.8% 13,245 Inergy L.P. 305,960 Savings/Loan/Thrifts - 5.9% 32,200 Dime Community Bancshares 268,548 41,000 First Niagara Financial Group, Inc. 555,140 58,020 NewAlliance Bancshares, Inc. 749,039 51,000 Washington Federal, Inc. 661,980 2,234,707 Semiconductor Components/Integrated Circuits - 0.3% 10,000 Emulex Corp.* 104,700 Semiconductor Equipment - 0.7% 25,000 Verigy, Ltd.* 275,000 Telecommunication Services - 0.6% 22,000 Premiere Global Services, Inc.* 231,880 Tools - Hand Held - 1.2% 4,600 Snap-On, Inc. 156,032 8,010 Stanley Works 304,620 460,652 Transactional Software - 1.0% 45,687 Bottomline Technologies, Inc.* 358,643 Transportation - Marine - 0.9% 11,030 Kirby Corp.* 340,386 Transportation - Railroad - 1.1% 26,480 Kansas City Southern* 403,820 - ------------------------------------------------------------------------------------------------------------------------------------ Total Common Stock (cost $28,312,387) 35,012,970 - ------------------------------------------------------------------------------------------------------------------------------------ Money Markets - 7.3% 2,752,944 Janus Cash Liquidity Fund LLC, 0% (cost $2,752,944) 2,752,944 - ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $31,065,331) - 100% $37,765,914 - ------------------------------------------------------------------------------------------------------------------------------------
Summary of Investments by Country - (Long Positions) April 30, 2009 (unaudited) Country Value % of Investment Securities - -------------------------------------------------------------------------------- United States ++ $ 37,765,914 100.0% - -------------------------------------------------------------------------------- Total $ 37,765,914 100.0% ++ Includes Short-Term Securities (92.7% excluding Short-Term Securities) Notes to Schedule of Investments (unaudited) REIT Real Estate Investment Trust * Non-income-producing security. The following is a summary of the inputs that were used to value the Fund's investments in securities and other financial instruments as of April 30, 2009. See Significant Accounting Policies for more information.
Valuation Inputs Summary (as of April 30, 2009) Level 1 - Quoted Level 2 - Other Significant Level 3 - Significant Prices Observable Inputs Unobservable Inputs - -------------------------------------------------------------------------------------------------------------------------------- Investments in Securities: Janus Adviser Perkins Small Company Value Fund 35,012,970 2,752,944 - - --------------------------------------------------------------------------------------------------------------------------------
(1) Formerly named Janus Adviser Small Company Value Fund. Janus Adviser Research Core Fund(1) Schedule of Investments (unaudited)
Shares Value - ------------------------------------------------------------------------------------------------------------------------------------ Common Stock - 100% Advertising Sales - 1.6% 37,964 Lamar Advertising Co. - Class A* $ 641,592 Aerospace and Defense - 1.6% 13,616 Northrop Grumman Corp. 658,334 Aerospace and Defense - Equipment - 1.9% 16,098 United Technologies Corp. 786,226 Agricultural Chemicals - 0.6% 2,685 Potash Corporation of Saskatchewan, Inc. (U.S. Shares) 232,226 Athletic Footwear - 1.1% 8,642 NIKE, Inc. - Class B 453,446 Beverages - Non-Alcoholic - 1.3% 10,510 PepsiCo, Inc. 522,978 Brewery - 2.5% 33,095 Anheuser-Busch InBev N.V. ** 1,009,970 16,280 Anheuser-Busch InBev N.V. - VVPR Strip*, ** 43 1,010,013 Building - Residential and Commercial - 1.4% 1,114 NVR, Inc.* 562,982 Cable Television - 1.1% 60,503 British Sky Broadcasting Group PLC** 430,752 Cellular Telecommunications - 0.6% 142,095 Vodafone Group PLC** 260,922 Chemicals - Diversified - 0.4% 3,556 Bayer A.G. ** 176,100 Commercial Banks - 0.7% 14,289 ICICI Bank, Ltd. (ADR) 294,782 Computers - 1.5% 4,913 Apple, Inc.* 618,203 Consumer Products - Miscellaneous - 2.0% 16,646 Kimberly-Clark Corp. 817,984 Containers - Metal and Glass - 0.7% 11,837 Owens-Illinois, Inc.* 288,704 Cosmetics and Toiletries - 1.8% 12,305 Colgate-Palmolive Co. 725,995 Diversified Minerals - 0.5% 13,022 Cia Vale do Rio Doce (ADR) 214,993 Diversified Operations - 3.5% 6,269 Danaher Corp. 366,360 32,291 Illinois Tool Works, Inc. 1,059,145 1,425,505 E-Commerce/Services - 0.5% 11,937 eBay, Inc.* 196,602 Electric - Generation - 2.5% 144,381 AES Corp.* 1,020,774 Electronic Components - Miscellaneous - 1.3% 29,306 Tyco Electronics, Ltd. 511,097 Engineering - Research and Development Services - 0.9% 26,135 ABB, Ltd. ** 369,403 Enterprise Software/Services - 2.4% 49,592 Oracle Corp. 959,109 Finance - Investment Bankers/Brokers - 6.4% 5,362 Goldman Sachs Group, Inc. 689,017 54,402 JPMorgan Chase & Co. 1,795,266 6,244 Morgan Stanley 147,608 2,631,891 Finance - Other Services - 0.7% 1,285 CME Group, Inc. 284,435 Independent Power Producer - 2.5% 55,540 NRG Energy, Inc.* 998,609 Medical - Biomedical and Genetic - 3.2% 5,950 Celgene Corp.* 254,184 6,249 Genzyme Corp.* 333,259 15,375 Gilead Sciences, Inc.* 704,175 1,291,618 Medical - Drugs - 4.9% 28,169 Merck & Co., Inc. 682,817 10,322 Roche Holding A.G. ** 1,304,689 1,987,506 Medical Products - 2.8% 28,374 Covidien, Ltd. 935,775 6,354 Hospira, Inc.* 208,856 1,144,631 Multimedia - 1.6% 80,533 News Corp. - Class A 665,203 Networking Products - 3.6% 75,131 Cisco Systems, Inc.* 1,451,531 Oil - Field Services - 1.2% 9,574 Schlumberger, Ltd. (U.S. Shares) 469,030 Oil Companies - Exploration and Production - 4.5% 10,890 Devon Energy Corp. 564,647 22,363 Occidental Petroleum Corp. 1,258,813 1,823,460 Oil Companies - Integrated - 4.9% 24,701 Hess Corp. 1,353,368 19,503 Petroleo Brasileiro S.A. (ADR) 654,716 2,008,084 Oil Field Machinery and Equipment - 0.7% 11,507 Cameron International Corp.* 294,349 Property and Casualty Insurance - 2.0% 20,684 Chubb Corp. 805,642 Real Estate Management/Services - 1.5% 46,000 Mitsubishi Estate Co., Ltd. ** 600,300 Real Estate Operating/Development - 0.5% 111,000 CapitaLand, Ltd. 204,454 Retail - Apparel and Shoe - 1.3% 12,095 Inditex S.A. ** 516,056 Retail - Discount - 2.6% 20,982 Wal-Mart Stores, Inc. 1,057,493 Retail - Drug Store - 3.3% 42,839 CVS Caremark Corp. 1,361,423 Semiconductor Equipment - 2.6% 38,656 Kla-Tencor Corp. 1,072,317 Soap and Cleaning Preparations - 2.0% 20,536 Reckitt Benckiser Group PLC** 808,498 Telecommunication Equipment - Fiber Optics - 1.6% 43,665 Corning, Inc. 638,382 Telecommunication Services - 0.6% 10,895 Amdocs, Ltd. (U.S. Shares)* 228,032 Tobacco - 1.3% 32,162 Altria Group, Inc. 525,205 Toys - 0.5% 700 Nintendo Co., Ltd. ** 187,317 Transportation - Services - 3.2% 24,969 United Parcel Service, Inc. - Class B 1,306,877 Web Portals/Internet Service Providers - 1.7% 1,205 Google, Inc. - Class A* 477,144 14,597 Yahoo!, Inc.* 208,591 685,735 Wireless Equipment - 5.9% 45,768 Crown Castle International Corp.* 1,122,231 30,961 QUALCOMM, Inc. 1,310,270 2,432,501 - ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $51,799,385) - 100.0% $40,659,301 - ------------------------------------------------------------------------------------------------------------------------------------
Summary of Investments by Country- (Long Positions) April 30, 2009 (unaudited) % of Investment Country Value Securities - ------------------------------------------------------------------------------- Belgium $ 1,010,013 2.5% Bermuda 1,446,871 3.6% Brazil 869,709 2.1% Canada 232,226 0.6% Germany 176,100 0.4% Guernsey 228,032 0.6% India 294,782 0.7% Japan 787,617 1.9% Netherlands Antilles 469,030 1.1% Singapore 204,454 0.5% Spain 516,056 1.3% Switzerland 1,674,092 4.1% United Kingdom 1,500,172 3.7% United States 31,250,147 76.9% - ------------------------------------------------------------------------------- Total $ 40,659,301 100.0% Forward Currency Contracts, Open as of April 30, 2009 (unaudited)
Currency Sold and Currency Currency Value Unrealized Settlement Date Units Sold in U.S.$ Gain/(Loss) - ------------------------------------------------------------------------------------------------------------ British Pound 5/14/09 300,000 $ 443,662 $ (3,082) British Pound 6/18/09 205,000 303,163 (3,299) British Pound 6/25/09 27,000 39,929 (349) Euro 5/14/09 78,000 103,182 2,352 Euro 6/18/09 540,000 714,214 (14,606) Japanese Yen 5/14/09 12,000,000 121,721 (900) Japanese Yen 6/25/09 27,000,000 274,070 5,433 Swiss Franc 6/18/09 950,000 833,233 (16,626) - ------------------------------------------------------------------------------------------------------------ Total $ 2,833,174 $ (31,077)
Notes to Schedule of Investments (unaudited) ADR American Depositary Receipt PLC Public Limited Company U.S. Shares Securities of foreign companies trading on an American Stock Exchange. VVPR Strip The Voter Verified Paper Record (VVPR)strip is a coupon which, if presented along with the dividend coupon of the ordinary share, allows the benefit of a reduced withholding tax on the dividends paid by the company. This strip is quoted separately from the ordinary share and is freely negotiable. * Non-income-producing security. ** A portion of this security has been segregated by the custodian to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales and/or securities with extended settlement dates. The following is a summary of the inputs that were used to value the Fund's investments in securities and other financial instruments as of April 30, 2009. See Significant Accounting Policies for more information.
Valuation Inputs Summary (as of April 30, 2009) Level 1 - Quoted Level 2 - Other Significant Level 3 - Significant Prices Observable Inputs Unobservable Inputs - --------------------------------------------------------------------------------------------------------------------------------- Investments in Securities: Janus Adviser Research Core Fund $33,626,306 $ 7,032,995 $ - Other Financial Instruments(a): Janus Adviser Research Core Fund - (31,077) -
(a) Other Financial Instruments include futures, forward currency, written options, and swap contracts. Forward currency contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options and swap contracts are reported at their market value at measurement date. Aggregate collateral segregated to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales and/or securities with extended settlement dates as of April 30, 2009 is noted below. Fund Aggregate Value - -------------------------------------------------------------------------------- Janus Adviser Research Core Fund $ 5,664,050 (1) Formerly named Janus Adviser Fundamental Equity Fund. Janus Adviser Small-Mid Growth Fund Schedule of Investments (unaudited)
Shares or Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------------------ Common Stock - 86.1% Advertising Sales - 0.9% 2,975 Lamar Advertising Co. - Class A* $ 50,278 Aerospace and Defense - 1.1% 1,815 TransDigm Group, Inc.* 63,779 Auction House - Art Dealer - 2.0% 5,185 Ritchie Bros. Auctioneers, Inc. (U.S. Shares) 116,144 Audio and Video Products - 2.5% 5,415 DTS, Inc.* 144,310 Commercial Banks - 0.6% 10,885 CapitalSource, Inc. 33,635 Commercial Services - 5.8% 3,940 CoStar Group, Inc.* 145,976 4,660 Iron Mountain, Inc.* 132,763 3,825 Standard Parking Corp.* 58,293 337,032 Commercial Services - Finance - 4.7% 6,680 Euronet Worldwide, Inc.* 108,082 1,185 Interactive Data Corp. 26,639 1,300 Morningstar, Inc.* 51,571 4,960 Riskmetrics Group, Inc.* 86,254 272,546 Computer Software - 0.9% 4,365 Omniture, Inc.* 53,777 Decision Support Software - 1.8% 5,068 MSCI, Inc.* 106,377 Diagnostic Kits - 0.9% 1,300 Idexx Laboratories, Inc.* 51,090 Distribution/Wholesale - 1.1% 2,100 MWI Veterinary Supply, Inc.* 65,268 Diversified Operations - 0.3% 39,000 Melco International Development, Ltd. 19,146 Electronic Components - Semiconductors - 1.5% 48,596 ARM Holdings PLC 85,288 Electronic Connectors - 2.7% 4,585 Amphenol Corp. - Class A 155,156 Electronic Measuring Instruments - 1.5% 4,135 Trimble Navigation, Ltd.* 88,654 Enterprise Software/Services - 1.0% 2,210 Concur Technologies, Inc.* 59,825 Filtration and Separations Products - 1.2% 2,205 Donaldson Co., Inc. 72,743 Finance - Other Services - 1.7% 10,240 MarketAxess Holdings, Inc.* 98,202 Footwear and Related Apparel - 1.0% 2,890 Wolverine World Wide, Inc. 60,199 Human Resources - 1.4% 4,340 Resources Connection, Inc.* 84,847 Internet Applications Software - 1.7% 5,720 DealerTrack Holdings, Inc.* 86,829 28 e-Seikatsu Co., Ltd. 12,754 99,583 Investment Management and Advisory Services - 1.0% 1,090 Eaton Vance Corp. 29,834 735 T. Rowe Price Group, Inc. 28,312 58,146 Machinery - General Industrial - 3.3% 2,195 Roper Industries, Inc. 100,070 2,440 Wabtec Corp. 93,062 193,132 Medical - Biomedical and Genetic - 0.7% 1,045 Myriad Genetics, Inc.* 40,536 Medical - Drugs - 0.8% 14,890 Achillion Pharmaceuticals, Inc.* 25,313 7,060 Array BioPharma, Inc.* 20,686 45,999 Medical Information Systems - 1.1% 2,060 Athenahealth, Inc.* 65,508 Medical Instruments - 3.8% 6,575 Conmed Corp.* 87,578 543 Intuitive Surgical, Inc.* 78,045 1,025 Techne Corp. 58,651 224,274 Medical Products - 1.9% 10,235 TomoTherapy, Inc.* 26,406 1,685 Varian Medical Systems, Inc.* 56,229 1,200 VNUS Medical Technologies, Inc.* 26,580 109,215 Multimedia - 1.0% 1,060 FactSet Research Systems, Inc. 56,805 Oil Companies - Exploration and Production - 0.7% 5,188 SandRidge Energy, Inc.* 42,334 Oil Field Machinery and Equipment - 2.8% 6,595 Dresser-Rand Group, Inc.*,** 162,435 Pipelines - 1.3% 1,848 Kinder Morgan Management LLC* 75,472 Power Converters and Power Supply Equipment - 0.5% 1,271 SunPower Corp. - Class B* 32,233 Printing - Commercial - 1.5% 2,580 VistaPrint, Ltd.* 88,623 Real Estate Management/Services - 1.7% 3,125 Jones Lang LaSalle, Inc. 100,844 Real Estate Operating/Development - 0.4% 3,930 Rodobens Negocios Imobiliarios S.A. 26,053 Recreational Vehicles - 1.1% 1,900 Polaris Industries, Inc. 63,555 Retail - Apparel and Shoe - 2.0% 6,240 Bebe Stores, Inc. 57,408 2,930 Urban Outfitters, Inc.* 57,106 114,514 Retail - Catalog Shopping - 0.9% 1,335 MSC Industrial Direct Co. - Class A 54,535 Retail - Petroleum Products - 2.3% 3,505 World Fuel Services Corp. 133,646 Schools - 0.9% 286 Strayer Education, Inc. 54,171 Semiconductor Components/Integrated Circuits - 3.2% 34,430 Atmel Corp. 132,211 7,085 Cypress Semiconductor Corp.* 56,184 188,395 Telecommunication Equipment - 1.8% 4,080 CommScope, Inc.* 102,408 Telecommunication Services - 1.7% 1,710 Amdocs, Ltd. (U.S. Shares)* 35,790 5,550 SAVVIS, Inc.* 63,159 98,949 Theaters - 1.0% 4,060 National CineMedia, Inc. 58,992 Therapeutics - 1.0% 9,125 MannKind Corp.* 37,322 1,365 Theravance, Inc.* 19,560 56,882 Transportation - Marine - 1.1% 11,840 Horizon Lines, Inc. - Class A 62,989 Transportation - Services - 1.6% 2,655 Expeditors International of Washington, Inc. 92,155 Transportation - Truck - 2.6% 3,525 Forward Air Corp. 58,762 1,905 Landstar System, Inc. 67,836 910 Old Dominion Freight Line, Inc.* 25,617 152,215 Water Treatment Systems - 1.0% 3,670 Nalco Holding Co. 59,894 Web Hosting/Design - 2.1% 1,730 Equinix, Inc.*,** 121,498 Wireless Equipment - 3.0% 3,965 Crown Castle International Corp.* 97,222 3,155 SBA Communications Corp. - Class A*,** 79,506 176,728 - ------------------------------------------------------------------------------------------------------------------------------------ Total Common Stock (cost $5,242,291) 5,031,014 - ------------------------------------------------------------------------------------------------------------------------------------ Money Market - 14.8% 867,297 Janus Cash Liquidity Fund LLC, 0% (cost $867,297) 867,297 - ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $6,109,588) - 100.9% $ 5,898,311 - ------------------------------------------------------------------------------------------------------------------------------------ Securities Sold Short - (0.9)% Retail - Restaurants - (0.9)% 1,685 BJ's Restaurants, Inc.* (27,786) 710 Buffalo Wild Wings, Inc.* (27,718) - ------------------------------------------------------------------------------------------------------------------------------------ Total Securities Sold Short (proceeds $46,418) (55,504) - ------------------------------------------------------------------------------------------------------------------------------------ Total Investments and Securities Sold Short (total cost $6,063,170) - 100% $ 5,842,807 - ------------------------------------------------------------------------------------------------------------------------------------
Summary of Investments by Country - (Long Positions) April 30, 2009 (unaudited) Country Value % of Investment Securities - ------------------------------------------------------------------------------- Bermuda $ 88,623 1.5% Brazil 26,053 0.4% Canada 116,144 2.0% Guernsey 35,790 0.6% Hong Kong 19,146 0.3% Japan 12,754 0.2% United Kingdom 85,288 1.5% United States ++ 5,514,513 93.5% - ------------------------------------------------------------------------------- Total $ 5,898,311 100.0% ========= ====== ++ Includes Short-Term Securities (78.8% excluding Short-Term Securities) Summary of Investments by Country - (Short Positions) April 30, 2009 (unaudited) Country Value % of Securities Sold Short - -------------------------------------------------------------------------------- United States $ (55,504) 100.0% - -------------------------------------------------------------------------------- Notes to Schedule of Investments (unaudited) PLC Public Limited Company U.S. Shares Securities of foreign companies trading on an American Stock Exchange. * Non-income-producing security. ** A portion of this security has been segregated by the custodian to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales and/or securities with extended settlement dates. The following is a summary of the inputs that were used to value the Fund's investments in securities and other financial instruments as of April 30, 2009. See Significant Accounting Policies for more information.
Valuation Inputs Summary (as of April 30, 2009) Level 1 - Quoted Level 2 - Other Significant Level 3 - Significant Prices Observable Inputs Unobservable Inputs - ----------------------------------------------------------------------------------------------------------------------------------- Investments in Securities: Janus Adviser Small-Mid Growth Fund $ 4,887,773 $ 1,010,538 $ - Investments in Securities Sold Short: Janus Adviser Small-Mid Growth Fund (55,504) - - - -----------------------------------------------------------------------------------------------------------------------------------
Aggregate collateral segregated to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales, swap agreements and/or securities with extended settlement dates as of April 30, 2009 is noted below. Fund Aggregate Value - -------------------------------------------------------------------------------- Janus Adviser Small-Mid Growth Fund $ 112,128 - -------------------------------------------------------------------------------- Janus Adviser Worldwide Fund Schedule of Investments (unaudited)
Shares or Principal Amount Value - ------------------------------------------------------------------------------------------------------------------------------------ Common Stock - 99.8% Aerospace and Defense - Equipment - 0.8% 11,685 United Technologies Corp. $ 570,695 Agricultural Chemicals - 6.6% 21,880 Monsanto Co. 1,857,393 26,204 Mosaic Co. 1,059,952 20,180 Potash Corporation of Saskatchewan, Inc. (U.S. Shares) 1,745,368 4,662,713 Agricultural Operations - 0.2% 250,070 Chaoda Modern Agriculture Holdings, Ltd. 142,473 Applications Software - 1.5% 53,750 Microsoft Corp. 1,088,975 Beverages - Non-Alcoholic - 1.2% 16,465 PepsiCo, Inc. 819,298 Brewery - 1.3% 31,206 Anheuser-Busch InBev N.V. 952,323 Cable Television - 1.2% 1,240 Jupiter Telecommunications Co., Ltd. 872,035 Chemicals - Diversified - 2.0% 40,535 Israel Chemicals, Ltd. 340,072 18,165 K+S A.G. 1,083,787 1,423,859 Chemicals - Specialty - 0.8% 755,000 Huabao International Holdings, Ltd. 534,697 Commercial Banks - 1.8% 50,160 ICICI Bank, Ltd. 482,852 13,375 Julius Baer Holding A.G. 438,815 24,117 Standard Chartered PLC 370,762 1,292,429 Commercial Services - 2.5% 87,835 Aggreko PLC 742,859 940 SGS S.A. 1,051,149 1,794,008 Computer Services - 0.3% 6,413 Infosys Technologies, Ltd. 194,345 Computers - 5.1% 14,930 Apple, Inc.* 1,878,642 25,230 Research In Motion, Ltd. (U.S. Shares)* 1,753,485 3,632,127 Consulting Services - 1.8% 31,435 Bereau Veritas S.A. 1,280,589 Cosmetics and Toiletries - 2.7% 11,470 Colgate-Palmolive Co. 676,730 24,530 Procter & Gamble Co. 1,212,763 1,889,493 Distribution/Wholesale - 2.4% 617,120 Li & Fung, Ltd. 1,737,186 Diversified Operations - 1.0% 142,440 China Merchants Holdings International Co., Ltd. 336,538 6,245 Danaher Corp. 364,958 701,496 Educational Software - 0.1% 773 Educomp Solutions, Ltd. 38,540 Electric - Distribution - 0.1% 13,225 Equatorial Energia S.A. 82,467 Electronic Connectors - 0.8% 16,175 Amphenol Corp. - Class A 547,362 Enterprise Software/Services - 2.2% 16,780 Autonomy Corp. PLC 352,884 21,260 Nomura Research Institute, Ltd. 376,979 44,380 Oracle Corp. 858,309 1,588,172 Finance - Investment Bankers/Brokers - 3.6% 14,515 Goldman Sachs Group, Inc. 1,865,178 21,298 JPMorgan Chase & Co. 702,834 2,568,012 Finance - Mortgage Loan Banker - 1.2% 23,643 Housing Development Finance Corp. 819,184 Finance - Other Services - 1.8% 96,250 BM&F Bovespa S.A.* 390,584 1,335 CME Group, Inc. 295,502 1,655 Hong Kong Exchanges & Clearing, Ltd. 19,032 181,755 IG Group Holdings PLC 588,469 1,293,587 Food - Miscellaneous/Diversified - 0.7% 15,937 Nestle S.A. 518,480 Food - Retail - 2.0% 280,890 Tesco PLC 1,394,089 Food - Wholesale/Distribution - 0.3% 171,785 Olam International, Ltd. 202,736 Gold Mining - 2.0% 34,750 Newmont Mining Corp. 1,398,340 Human Resources - 2.6% 186,350 Capita Group PLC 1,875,973 Investment Companies - 0.5% 104,995 Man Group PLC 387,005 Medical - Biomedical and Genetic - 6.0% 49,270 Celgene Corp.* 2,104,814 42,465 Gilead Sciences, Inc.* 1,944,897 5,730 Vertex Pharmaceuticals, Inc.* 176,599 4,226,310 Medical - Drugs - 7.5% 16,000 Abbott Laboratories 669,600 31,950 Grifols S.A. 560,972 26,685 Novartis A.G. 1,008,145 31,033 Novo Nordisk A/S 1,472,736 12,584 Roche Holding A.G. 1,590,604 5,302,057 Medical - Generic Drugs - 0.4% 7,305 Teva Pharmaceutical S.P. (ADR) 320,616 Medical Instruments - 1.2% 3,560 Intuitive Surgical, Inc.* 511,679 9,215 St. Jude Medical, Inc.* 308,887 820,566 Medical Products - 2.2% 11,020 Baxter International, Inc. 534,470 12,595 Johnson & Johnson 659,474 9,165 Stryker Corp. 354,777 1,548,721 Multi-Line Insurance - 0.5% 2,080 Zurich Financial Services A.G. 384,272 Networking Products - 0.5% 18,415 Cisco Systems, Inc.* 355,778 Oil - Field Services - 1.7% 42,880 Petrofac, Ltd. 361,149 16,620 Schlumberger, Ltd. (U.S. Shares) 814,213 1,175,362 Oil Companies - Exploration and Production - 2.0% 6,815 Devon Energy Corp. 353,358 12,020 EOG Resources, Inc. 763,029 5,900 Occidental Petroleum Corp. 332,111 1,448,498 Oil Companies - Integrated - 2.4% 12,475 Hess Corp. 683,506 19,355 Petroleo Brasileiro S.A. (ADR) 649,747 7,018 Total S.A. 350,901 1,684,154 Oil Field Machinery and Equipment - 0.5% 48,795 Wellstream Holdings PLC 371,405 Optical Supplies - 1.2% 9,300 Alcon, Inc. (U.S. Shares) 855,693 Real Estate Management/Services - 3.0% 26,000 Aeon Mall Co., Ltd. 340,811 29,700 Daito Trust Construction Co., Ltd. 1,227,177 42,000 Mitsubishi Estate Co., Ltd. 548,100 2,116,088 Real Estate Operating/Development - 2.2% 425,500 CapitaLand, Ltd. 783,739 209,170 China Overseas Land & Investment, Ltd. 365,062 139,830 Hang Lung Properties, Ltd. 394,275 1,543,076 Reinsurance - 2.0% 467 Berkshire Hathaway, Inc. - Class B* 1,431,355 Retail - Apparel and Shoe - 5.4% 290,800 Esprit Holdings, Ltd. 1,782,559 22,235 Hennes & Mauritz A.B. - Class B 994,537 25,203 Inditex S.A. 1,075,333 7,000 Ports Design, Ltd. 10,624 3,863,053 Retail - Consumer Electronics - 0.5% 8,440 Yamada Denki Co., Ltd. 389,493 Schools - 0.3% 1,500 Anhanguera Educacional Participacoes S.A.* 10,500 1,000 Estacio Participacoes S.A.* 6,748 572,000 Raffles Education Corp., Ltd. 166,591 183,839 Soap and Cleaning Preparations - 1.5% 26,342 Reckitt Benckiser Group PLC 1,037,079 Super-Regional Banks - 0.5% 17,670 Wells Fargo & Co. 353,577 Telecommunication Services - 0.5% 23,143 Bharti Tele-Ventures, Ltd. 349,567 Tobacco - 3.3% 35,340 British American Tobacco PLC 857,294 90,490 ITC, Ltd. 343,028 32,470 Philip Morris International, Inc. 1,175,413 2,375,735 Transportation - Railroad - 0.6% 77,250 All America Latina Logistica S.A. (GDR) 400,422 Transportation - Services - 1.2% 16,015 United Parcel Service, Inc. - Class B 838,225 Transportation - Truck - 0.5% 34,277 DSV A/S 387,117 Web Portals/Internet Service Providers - 0.8% 1,390 Google, Inc. - Class A* 550,398 Wireless Equipment - 0.3% 7,815 Crown Castle International Corp.* 191,624 - ------------------------------------------------------------------------------------------------------------------------------------ Total Common Stock (cost $68,332,241) 70,806,768 - ------------------------------------------------------------------------------------------------------------------------------------ Money Market - 0.2% 142,000 Janus Cash Liquidity Fund LLC, 0% (cost $142,000) 142,000 - ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (total cost $68,474,241) - 100% $70,948,768 - ------------------------------------------------------------------------------------------------------------------------------------
Summary of Investments by Country - (Long Positions) April 30, 2009 (unaudited) Country Value % of Investment Securities - -------------------------------------------------------------------------------- Belgium 952,323 1.4% Bermuda 4,065,066 5.7% Brazil 1,540,468 2.2% Canada 3,498,853 4.9% Cayman Islands 142,473 0.2% Denmark 1,859,852 2.6% France 1,631,491 2.3% Germany 1,083,787 1.5% Hong Kong 1,114,907 1.6% India 2,227,515 3.1% Israel 660,689 0.9% Japan 3,754,594 5.3% Jersey 361,149 0.5% Netherlands Antilles 814,214 1.2% Singapore 1,153,067 1.6% Spain 1,636,305 2.3% Sweden 994,537 1.4% Switzerland 5,847,158 8.2% United Kingdom 7,977,818 11.3% United States ++ 29,632,502 41.8% - -------------------------------------------------------------------------------- Total $ 70,948,768 100.0% ++ Includes Short-Term Securities (41.6% excluding Short-Term Securities) Notes to Schedule of Investments (unaudited) ADR American Depositary Receipt GDR Global Depositary Receipt PLC Public Limited Company U.S. Shares Securities of foreign companies trading on an American Stock Exchange. * Non-income-producing security. The following is a summary of the inputs that were used to value the Fund's investments in securities and other financial instruments as of April 30, 2009. See Significant Accounting Policies for more information.
Valuation Inputs Summary (as of April 30, 2009) Level 1 - Quoted Level 2 - Other Significant Level 3 - Significant Prices Observable Inputs Unobservable Inputs - --------------------------------------------------------------------------------------------------------------------------------- Investments in Securities: Janus Adviser Worldwide Fund $ 34,676,083 $36,272,685 - - ---------------------------------------------------------------------------------------------------------------------------------
SIGNIFICANT ACCOUNTING POLICIES The following section describes the organization and significant accounting policies and provides more detailed information about the schedules and tables that appear throughout the Schedules of Investments for the Janus Adviser Balanced Fund, Janus Adviser Contrarian Fund, Janus Adviser Flexible Bond Fund, Janus Adviser Forty Fund, Janus Adviser Global Real Estate Fund, Janus Adviser Global Research Fund, Janus Adviser Growth and Income Fund, Janus Adviser High-Yield Fund, Janus Adviser INTECH Risk-Managed Core Fund, Janus Adviser INTECH Risk-Managed Growth Fund, Janus Adviser INTECH Risk-Managed International Fund, Janus Adviser INTECH Risk-Managed Value Fund, Janus Adviser International Equity Fund, Janus Adviser International Forty Fund, Janus Adviser International Growth Fund, Janus Adviser Large Cap Growth Fund, Janus Adviser Long/Short Fund, Janus Adviser Mid Cap Growth Fund, Janus Adviser Modular Portfolio Construction(R) Fund, Janus Adviser Orion Fund, Janus Adviser Perkins Large Cap Value Fund, Janus Adviser Perkins Mid Cap Value Fund (formerly named Janus Adviser Mid Cap Value Fund), Janus Adviser Perkins Small Company Value Fund (formerly named Janus Adviser Small Company Value Fund), Janus Adviser Research Core Fund (formerly named Janus Adviser Fundamental Equity Fund), Janus Adviser Small-Mid Growth Fund and Janus Adviser Worldwide Fund (collectively the "Funds" and individually a "Fund") are series funds. The Funds are part of Janus Adviser Series (the "Trust"), which is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust offers twenty-six funds which include multiple series of shares, with differing investment objectives and policies. Each Fund in this report is classified as diversified, as defined in the 1940 Act except for Janus Adviser Contrarian Fund, Janus Adviser Forty Fund, Janus Adviser Global Real Estate Fund, Janus Adviser International Forty Fund, Janus Adviser Long/Short Fund and Janus Adviser Orion Fund, which are classified as non-diversified. The accounting policies have been consistently followed by the Funds and are in conformity with accounting principles generally accepted in the United States of America in the investment company industry. INVESTMENT VALUATION Securities are valued at the last sales price or the official closing price for securities traded on a principal securities exchange (U.S. or foreign) and on the NASDAQ National Market. Securities traded on over-the-counter markets and listed securities for which no sales are reported are valued at the latest bid price (or yield equivalent thereof) obtained from one or more dealers transacting in a market for such securities or by a pricing service approved by the Funds' Trustees. Short-term securities with maturities of 60 days or less may be valued at amortized cost, which approximates market value. Debt securities with a remaining maturity of greater than 60 days are valued in accordance with the evaluated bid price supplied by the pricing service. The evaluated bid price supplied by the pricing service is an evaluation that reflects such factors as security prices, yields, maturities and ratings. Short positions shall be valued in accordance with the same methodologies, except that in the event that a last sale price is not available, the latest ask price shall be used instead of a bid price. Foreign securities and currencies are converted to U.S. dollars using the applicable exchange rate in effect as of the daily close of the New York Stock Exchange ("NYSE"). When market quotations are not readily available or deemed unreliable, or events or circumstances that may affect the value of portfolio securities held by the Funds are identified between the closing of their principal markets and the time the net asset value ("NAV") is determined, securities may be valued at fair value as determined in good faith under procedures established by and under the supervision of the Funds' Trustees. Circumstances in which fair value pricing may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; and (iii) a non-significant event such as a market closing early or not opening, or a security trading halt. The Funds may use a systematic fair valuation model provided by an independent pricing service to value foreign equity securities in order to adjust for stale pricing, which may occur between the close of certain foreign exchanges and the NYSE. Restricted and illiquid securities are valued in accordance with procedures established by the Funds' Trustees. SECURITIES LENDING Under procedures adopted by the Trustees, the Funds may seek to earn additional income by lending securities to qualified parties (typically brokers or other financial institutions) who need to borrow securities in order to complete certain transactions such as covering short sales, avoiding failures to deliver securities or completing arbitrage activities. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. Janus Capital Management LLC ("Janus Capital") makes efforts to balance the benefits and risks from granting such loans. The Funds do not have the right to vote on securities while they are being lent; however, the Funds may attempt to call back the loan and vote the proxy if time permits. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral permitted by the Securities and Exchange Commission ("SEC"). Cash collateral may be invested as permitted by the 1940 Act and rules promulgated thereunder. Dresdner Bank AG (the "Lending Agent") may also invest the cash collateral in the Allianz Dresdner Daily Asset Fund or investments in non-affiliated money market funds or accounts, mutually agreed to by the Funds and the Lending Agent, that comply with Rule 2a-7 of the 1940 Act relating to money market funds. The value of the collateral must be at least 102% of the market value of the loaned securities that are denominated in U.S. dollars and 105% of the market value of the loaned securities that are not denominated in U.S. dollars. Loaned securities and related collateral are marked-to-market each business day based upon the market value of the loaned securities at the close of business, employing the most recent available pricing information. Collateral levels are then adjusted based upon this mark-to-market evaluation. The borrower pays fees at the Funds' direction to the Lending Agent. The Lending Agent may retain a portion of the interest earned on the cash collateral invested. The cash collateral invested by the Lending Agent is disclosed in the Schedule of Investments (if applicable). The Securities Lending Program was suspended and effective November 19, 2008, the Funds no longer had any securities on loan. Management continues to review the program and may resume securities lending. Repurchase Agreements Repurchase agreements held by a Fund are fully collateralized, and such collateral is in the possession of the Fund's custodian or subcustodian. The collateral is evaluated daily to ensure its market value equals or exceeds the current market value of the repurchase agreements, including accrued interest. In the event of default on the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral or proceeds may be subject to legal proceedings. Interfund Lending Pursuant to an exemptive order received from the SEC, the Funds may be party to interfund lending agreements between the Funds and other Janus Capital-sponsored mutual funds and certain pooled investment vehicles, which permit them to borrow or lend cash at a rate beneficial to both the borrowing and lending funds. Outstanding borrowings from all sources totaling 10% or more of the borrowing Fund's total assets must be collateralized at 102% of the outstanding principal value of the loan; loans of less than 10% may be unsecured. Forward Currency Transactions The Funds, except Janus Adviser INTECH Risk-Managed Core Fund, Janus Adviser INTECH Risk-Managed Growth Fund, Janus Adviser INTECH Risk-Managed International Fund, and Janus Adviser INTECH Risk-Managed Value Fund (the "Risk-Managed Funds") may enter into forward currency contracts in order to reduce exposure to changes in foreign currency exchange rates on foreign portfolio holdings and to lock in the U.S. dollar cost of firm purchase and sale commitments for securities denominated in or exposed to foreign currencies. A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated rate. Forward currency contracts held by the Funds are fully collateralized by other securities, which are denoted in the accompanying Schedules of Investments (if applicable). The collateral is evaluated daily to ensure its market value equals or exceeds the current market value of the corresponding forward currency contracts. Such collateral is in the possession of the Fund's custodian. Futures Contracts The Funds may enter into futures contracts to gain exposure to the stock market pending investment of cash balances or to meet liquidity needs. The Funds may also use such derivative instruments to hedge or protect from adverse movements in securities prices, currency rates or interest rates. The use of futures contracts may involve risks such as the possibility of illiquid markets or imperfect correlation between the values of the contracts and the underlying securities, or that the counterparty will fail to perform its obligations. Futures contracts are marked-to-market daily. Generally, futures contracts are marked-to-market (i.e., treated as realized and subject to distribution) for federal income tax purposes at fiscal year-end. Securities of the Funds that are designated as collateral for market value on futures contracts are noted in the Schedule of Investments (if applicable). Such collateral is in the possession of the Funds' custodian. Swaps The Funds, except the Risk-Managed Funds, may utilize swap agreements as a means to gain exposure to certain common stocks and/or to "hedge" or protect their portfolios from adverse movements in securities prices or interest rates. A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. Swap agreements entail the risk that a party will default on its payment obligation to a Fund. If the other party to a swap defaults, a Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. If a Fund utilizes a swap at the wrong time or judges market conditions incorrectly, the swap may result in a loss to the Fund and reduce the Fund's total return. Various types of swaps such as credit default (funded and unfunded), equity, interest rate, and total return swaps are described below. Credit default swaps are a specific kind of counterparty agreement that allows the transfer of third party credit risk from one party to the other. One party in the swap is a lender and faces credit risk from a third party, and the counterparty in the credit default swap agrees to insure this risk in exchange for regular periodic payments. Funded or unfunded credit default swaps are based on an index of credit default swaps ("CDXs") or other similarly structured products. CDXs are designed to track segments of the credit default swap market and provide investors with exposure to specific reference baskets of issuers of bonds or loans. These instruments have the potential to allow an investor to obtain the same investment exposure as an investor who invests in an individual credit default swap, but with the potential added benefit of diversification. The CDX reference baskets are normally priced daily and rebalanced every six months in conjunction with leading market makers in the credit industry. The liquidity of the market for CDXs is normally subject to liquidity in the secured loan and credit derivatives markets. A Fund investing in CDXs is normally only permitted to take long positions in these instruments. Equity swaps involve the exchange by two parties of future cash flow (e.g., one cash flow based on a referenced interest rate and the other based on the performance of stock or a stock index). Interest rate swaps involve the exchange by two parties of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments). Total return swaps involve an exchange by two parties in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset, which includes both the income it generates and any capital gains over the payment period. Options Contracts The Funds may purchase or write covered and uncovered put and call options on futures contracts and on portfolio securities for hedging purposes or as a substitute for an investment. The Funds may utilize American-style and European-style options. An American-style option is an option contract that can be exercised at any time between the time of purchase and the option's expiration date. A European-style option is an option contract that can only be exercised on the option's expiration date. The Funds, except the Risk-Managed Funds, may also purchase or write put and call options on foreign currencies in a manner similar to that in which futures or forward contracts on foreign currencies will be utilized. The Funds may also invest in Long-Term Equity Anticipation Securities (LEAPS), which are long-term option contracts that can be maintained for a period of up to three years. The Funds generally invest in options to hedge against adverse movements in the value of portfolio holdings. When an option is written, the Funds receive a premium and become obligated to sell or purchase the underlying security at a fixed price, upon exercise of the option. In writing an option, the Funds bear the market risk of an unfavorable change in the price of the security underlying the written option. Exercise of an option written by the Funds could result in the Funds buying or selling a security at a price different from the current market value. When an option is exercised, the proceeds on sales for a written call option, the purchase cost for a written put option, or the cost of the security for a purchased put or call option are adjusted by the amount of premium received or paid by the Funds. The Funds may also purchase and write exchange-listed and over-the-counter put and call options on domestic securities indices, and on foreign securities indices listed on domestic and foreign securities exchanges. Options on securities indices are similar to options on securities except that (1) the expiration cycles of securities index options are monthly, while those of securities options are currently quarterly, and (2) the delivery requirements are different. Instead of giving the right to take or make delivery of securities at a specified price, an option on a securities index gives the holder the right to receive a cash "exercise settlement amount" equal to (a) the amount, if any, by which the fixed exercise price of the option exceeds (in the case of a put) or is less than (in the case of a call) the closing value of the underlying index on the date of exercise, multiplied by (b) a fixed "index multiplier." Receipt of this cash amount will depend upon the closing level of the securities index upon which the option is based being greater than, in the case of a call, or less than, in the case of a put, the exercise price of the index and the exercise price of the option times a specified multiple. The writer of the option is obligated, in return for the premium received, to make delivery of this amount. Holdings designated to cover outstanding written options are noted in the Schedules of Investments (if applicable). The risk in writing call options is that the Funds give up the opportunity for profit if the market price of the security increases and the options are exercised. The risk in writing put options is that the Funds may incur a loss if the market price of the security decreases and the options are exercised. The risk in buying options is that the Funds pay a premium whether or not the options are exercised. The use of such instruments may involve certain additional risks as a result of unanticipated movements in the market. A lack of correlation between the value of an instrument underlying an option and the asset being hedged, or unexpected adverse price movements, could render the Funds' hedging strategy unsuccessful. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased or sold. There is no limit to the loss the Funds may recognize due to written call options. Written option activity for the nine-month period ended April 30, 2009 is indicated in the tables below: Number of Premiums Call Options Contracts Received - -------------------------------------------------------------------------------- Janus Adviser Contrarian Fund Options outstanding at July 31, 2008 2,620 $ 704,490 Options written 24,576 12,410,258 Options closed (8,763) (10,085,322) Options expired (13,917) (2,418,833) Options exercised (557) (151,656) - -------------------------------------------------------------------------------- Options outstanding at April 30, 2009 3,959 $ 458,937 - -------------------------------------------------------------------------------- Number of Premiums Put Options Contracts Received - -------------------------------------------------------------------------------- Janus Adviser Contrarian Fund Options outstanding at July 31, 2008 1,865 $ 920,647 Options written 13,707 8,106,204 Options closed (5,150) (7,138,851) Options expired (2,837) (703,919) Options exercised (4,366) (622,098) - -------------------------------------------------------------------------------- Options outstanding at April 30, 2009 3,219 $ 561,983 - -------------------------------------------------------------------------------- Number of Premiums Call Options Contracts Received - -------------------------------------------------------------------------------- Janus Adviser Forty Fund Options outstanding at July 31, 2008 -- $ -- Options written 11,895 456,409 Options closed -- -- Options expired (11,895) (456,409) Options exercised -- -- - -------------------------------------------------------------------------------- Options outstanding at April 30, 2009 -- $ -- - -------------------------------------------------------------------------------- Number of Premiums Call Options Contracts Received - -------------------------------------------------------------------------------- Janus Adviser Global Real Estate Fund Options outstanding at July 31, 2008 -- $ -- Options written 62 5,115 Options closed -- -- Options expired (42) (3,155) Options exercised -- -- - -------------------------------------------------------------------------------- Options outstanding at April 30, 2009 20 $ 1,960 - -------------------------------------------------------------------------------- Number of Premiums Put Options Contracts Received - -------------------------------------------------------------------------------- Janus Adviser Global Real Estate Fund Options outstanding at July 31, 2008 -- $ -- Options written 876 107,911 Options closed -- -- Options expired (407) (38,983) Options exercised (359) (58,078) - -------------------------------------------------------------------------------- Options outstanding at April 30, 2009 110 $ 10,850 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Number of Premiums Call Options Contracts Received - -------------------------------------------------------------------------------- Janus Adviser Global Research Fund - -------------------------------------------------------------------------------- Options outstanding at July 31, 2008 -- $ -- - -------------------------------------------------------------------------------- Options written 10 673 - -------------------------------------------------------------------------------- Options closed (8) (529) - -------------------------------------------------------------------------------- Options expired -- -- - -------------------------------------------------------------------------------- Options exercised (2) (144) - -------------------------------------------------------------------------------- Options outstanding at April 30, 2009 -- $ -- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Number of Premiums Put Options Contracts Received - -------------------------------------------------------------------------------- Janus Adviser International Forty Fund Options outstanding at July 31, 2008 -- $ -- Options written 20 27,140 Options closed (20) (27,140) Options expired -- -- Options exercised -- -- - -------------------------------------------------------------------------------- Options outstanding at April 30, 2009 -- $ -- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Number of Premiums Call Options Contracts Received - -------------------------------------------------------------------------------- Janus Adviser Large Cap Growth Fund - -------------------------------------------------------------------------------- Options outstanding at July 31, 2008 2,506 $ 416,709 - -------------------------------------------------------------------------------- Options written 2,009 223,522 - -------------------------------------------------------------------------------- Options closed (784) (161,092) - -------------------------------------------------------------------------------- Options expired (3,731) (479,139) - -------------------------------------------------------------------------------- Options exercised -- -- - -------------------------------------------------------------------------------- Options outstanding at April 30, 2009 -- $ -- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Number of Premiums Put Options Contracts Received - -------------------------------------------------------------------------------- Janus Adviser Large Cap Growth Fund - -------------------------------------------------------------------------------- Options outstanding at July 31, 2008 1,943 $ 183,950 - -------------------------------------------------------------------------------- Options written 2,340 399,594 - -------------------------------------------------------------------------------- Options closed (2,682) (441,436) - -------------------------------------------------------------------------------- Options expired (34) (126,758) - -------------------------------------------------------------------------------- Options exercised (1,567) (15,350) - -------------------------------------------------------------------------------- Options outstanding at April 30, 2009 -- $ -- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Number of Premiums Call Options Contracts Received - -------------------------------------------------------------------------------- Janus Adviser Long/Short Fund Options outstanding at July 31, 2008 38,735 $ 5,343,288 Options written 108,832 25,075,125 Options closed (48,140) (16,641,258) Options expired (72,537) (10,803,879) Options exercised (5,465) (727,002) - -------------------------------------------------------------------------------- Options outstanding at April 30, 2009 21,425 $ 2,246,274 - -------------------------------------------------------------------------------- Number of Premiums Put Options Contracts Received - -------------------------------------------------------------------------------- Janus Adviser Long/Short Fund Options outstanding at July 31, 2008 25,948 $ 5,586,581 Options written 115,076 30,245,323 Options closed (83,859) (26,994,144) Options expired (19,329) (3,669,216) Options exercised (14,383) (2,741,336) - -------------------------------------------------------------------------------- Options outstanding at April 30, 2009 23,453 $ 2,427,208 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Number of Premiums Call Options Contracts Received - -------------------------------------------------------------------------------- Janus Adviser Orion Fund Options outstanding at July 31, 2008 2,236 $ 446,828 Options written 9,853 1,018,821 Options closed (8,855) (1,102,985) Options expired (3,127) (322,289) Options exercised (80) (19,932) - -------------------------------------------------------------------------------- Options outstanding at April 30, 2009 27 $ 20,443 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Put Options Number of Premiums Contracts Received Janus Adviser Orion Fund Options outstanding at July 31, 2008 1,487 $ 237,770 Options written 3,251 559,656 Options closed (3,724) (632,827) Options expired (640) (70,587) Options exercised (48) (6,535) - -------------------------------------------------------------------------------- Options outstanding at April 30, 2009 326 $ 87,477 - -------------------------------------------------------------------------------- Number of Premiums Put Options Contracts Received - -------------------------------------------------------------------------------- Janus Adviser Perkins Mid Cap Value Fund (1) - -------------------------------------------------------------------------------- Options outstanding at July 31, 2008 78,897 $ 1,805,258 - -------------------------------------------------------------------------------- Options written 39,236 18,561,720 - -------------------------------------------------------------------------------- Options closed (83,254) (5,811,439) - -------------------------------------------------------------------------------- Options expired (185) (439,531) - -------------------------------------------------------------------------------- Options exercised (9,782) (2,151,489) - -------------------------------------------------------------------------------- Options outstanding at April 30, 2009 24,912 $ 11,964,519 - -------------------------------------------------------------------------------- (1) Formerly named Janus Adviser Mid Cap Value Fund - -------------------------------------------------------------------------------- Call Options Number of Premiums Contracts Received Janus Adviser Research Core Fund (1) Options outstanding at July 31, 2008 1910 $ 165,721 Options written 578 518,538 Options closed (1,501) (643,083) Options expired (967) (39,036) Options exercised (20) (2,140) - -------------------------------------------------------------------------------- Options outstanding at April 30, 2009 -- $ -- - -------------------------------------------------------------------------------- (1) Formerly named Janus Adviser Fundamental Equity Fund - -------------------------------------------------------------------------------- Call Options Number of Premiums Contracts Received Janus Adviser Small-Mid Growth Fund Options outstanding at July 31, 2008 9 $ 3,123 Options written -- -- Options closed -- -- Options expired (9) (3,123) Options exercised -- -- - -------------------------------------------------------------------------------- Options outstanding at April 30, 2009 -- $ -- - -------------------------------------------------------------------------------- Mortgage Dollar Rolls Janus Adviser Flexible Bond Fund, Janus Adviser Global Real Estate Fund, Janus Adviser High-Yield Fund, and Janus Adviser Long/Short Fund may enter into "mortgage dollar rolls." In a "mortgage dollar roll" transaction, the Funds sell a mortgage-related security (such as a Government National Mortgage Association ("Ginnie Mae") security) to a dealer and simultaneously agree to repurchase a similar security (but not the same security) in the future at a pre-determined price. The Funds will not be entitled to receive interest and principal payments while the dealer holds the security. The difference between the sale price and the future purchase price is recorded as an adjustment to investment income of the Funds. The Funds' obligations under a dollar roll agreement must be covered by cash, U.S. Government securities or other liquid high-grade debt obligations equal in value to the securities subject to repurchase by the Funds maintained in a segregated account. To the extent that the Funds collateralize their obligations under a dollar roll agreement, the asset coverage requirements of the 1940 Act will not apply to such transactions. Furthermore, under certain circumstances, an underlying mortgage-backed security that is part of a dollar roll transaction may be considered illiquid. Successful use of mortgage dollar rolls depends on the portfolio managers' ability to predict interest rates and mortgage payments. Dollar roll transactions involve the risk that the market value of the securities the Funds are required to purchase may decline below the agreed upon repurchase price. Securities Traded on a To-Be-Announced Basis Janus Adviser Flexible Bond Fund, Janus Adviser Global Real Estate Fund, Janus Adviser High-Yield Fund and Janus Adviser Long/Short Fund may trade securities on a to-be-announced ("TBA") basis. In a TBA transaction, the Funds commit to purchasing or selling securities for which specific information is not yet known at the time of the trade, particularly the face amount and maturity date in Ginnie Mae, Federal National Mortgage Association ("Fannie Mae") and/or Federal Home Loan Mortgage Corporation ("Freddie Mac") transactions. Securities purchased on a TBA basis are not settled until they are delivered to the Funds, normally 15 to 45 days later. Beginning on the date the Funds enter into a TBA transaction, cash, U.S. Government securities or other liquid high-grade debt obligations are segregated in an amount equal in value to the purchase price of the TBA security. These transactions are subject to market fluctuations and their current value is determined in the same manner as for other securities. Mortgage- and Asset-Backed Securities The Funds, except the Risk-Managed Funds, may purchase fixed or variable rate mortgage-backed securities issued by Ginnie Mae, Fannie Mae, Freddie Mac, or other governmental or government-related entities. Fannie Maes and Freddie Macs are not backed by the full faith and credit of the U.S. Government. The Funds may purchase other mortgage- and asset-backed securities through single- and multi-seller conduits, collateralized debt obligations, structured investment vehicles, and other similar securities. Asset-backed securities may be backed by automobile loans, equipment leases, credit card receivables, or other collateral. In the event the underlying securities fail to perform, these investment vehicles could be forced to sell the assets and recognize losses on such assets, which could impact a Fund's yield and your return. In addition, mortgage-backed securities may be supported by some form of government or private guarantee and/or insurance. However, there is no assurance that the guarantors or insurers will meet their obligations. Unlike traditional debt instruments, payments on these securities include both interest and a partial payment of principal. Prepayment risk, which results from prepayments of the principal of underlying loans, may shorten the effective maturities of these securities and may result in a Fund having to reinvest proceeds at a lower interest rate. In addition to prepayment risk, investments in mortgage-backed securities, including those comprised of subprime mortgages, and investments in other asset-backed securities comprised of under-performing assets may be subject to a higher degree of credit risk, valuation risk, and liquidity risk. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations. Mortgage- and asset- backed securities are also subject to extension risk, which is the risk that rising interest rates could cause mortgages or other obligations underlying these securities to be paid more slowly than expected, increasing a Fund's sensitivity to interest changes and causing its price to decline. Floating Rate Loans Janus Adviser Balanced Fund, Janus Adviser Flexible Bond Fund, Janus Adviser High-Yield Fund, and Janus Adviser Long/Short Fund may invest in floating rate loans. Floating rate loans are debt securities that have floating interest rates, which adjust periodically, and are tied to a benchmark lending rate such as the London Interbank Offered Rate ("LIBOR"). LIBOR is a short-term interest rate that banks charge one another and is generally representative of the most competitive and current cash rates. In other cases, the lending rate could be tied to the prime rate offered by one or more major U.S. banks or the rate paid on large certificates of deposit traded in the secondary markets. If the benchmark lending rate changes, the rate payable to lenders under the loan will change at the next scheduled adjustment date specified in the loan agreement. Floating rate loans are typically issued to companies ("borrowers") in connection with recapitalizations, acquisitions, and refinancings. Floating rate loan investments are generally below investment grade. Senior floating rate loans are secured by specific collateral of a borrower and are senior in the borrower's capital structure. The senior position in the borrower's capital structure generally gives holders of senior loans a claim on certain of the borrower's assets that are senior to subordinated debt and preferred and common stock in the case of a borrower's default. Floating rate loan investments may involve foreign borrowers, and investments may be denominated in foreign currencies. Floating rate loans often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged. The Funds may invest in obligations of borrowers who are in bankruptcy proceedings. Floating rate loans may include fully funded term loans or revolving lines of credit. The interest rate on floating rate notes is based on an index or market interest rates and is subject to change. Rates in the security descriptions are as of April 30, 2009. Bank Loans Janus Adviser Balanced Fund, Janus Adviser Flexible Bond Fund, and Janus Adviser High-Yield Fund, and Janus Adviser Long/Short Fund may invest in bank loans, which include institutionally-traded floating rate securities generally acquired as an assignment from another holder of, or participation interest in, loans originated by a bank or financial institution (the "Lender") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. When investing in a loan participation, the Funds have the right to receive payments of principal, interest and any fees to which they are entitled only from the Lender selling the loan agreement and only upon receipt by the Lender of payments from the borrower. The Funds generally have no right to enforce compliance with the terms of the loan agreement with the borrower. Assignments and participations involve credit, interest rate, and liquidity risk. Interest rates on floating rate securities adjust with general interest rate changes and/or issuer credit quality. The interest rates paid on a floating rate security in which a Fund invests are readjusted periodically to an increment over a designated benchmark rate, such as the one-month, three-month, six-month, or one-year LIBOR. The Funds may have difficulty trading assignments and participations to third parties. There may be restrictions on transfer and only limited opportunities may exist to sell such securities in secondary markets. As a result, the Funds may be unable to sell assignments or participations at the desired time or may be able to sell only at a price less than fair market value. The Funds utilize an independent third party to value individual bank loans on a daily basis. The average monthly value of borrowings outstanding under bank loan arrangements and the related rate range during the nine-month period ended April 30, 2009 is indicated in the table below:
- -------------------------------------------------------------------------------------------------------- Average Monthly Fund Borrowings Rates - -------------------------------------------------------------------------------------------------------- Janus Adviser Balanced Fund $ 275,990 0% - -------------------------------------------------------------------------------------------------------- Janus Adviser High-Yield Fund 283,420 0.0000% - 10.7188% - --------------------------------------------------------------------------------------------------------
Short Sales The Funds may engage in "short sales against the box." Short sales against the box involve either selling short a security that the Funds own or selling short a security that the Funds have the right to obtain for delivery at a specified date in the future. The Funds may enter into short sales against the box to hedge against anticipated declines in the market price of portfolio securities. The Funds do not deliver from their portfolios the securities sold short and do not immediately receive the proceeds of the short sale. The Funds borrow the securities sold short and receive proceeds from the short sale only when they deliver the securities to the lender. If the value of the securities sold short increases prior to the scheduled delivery date, the Funds lose the opportunity to participate in the gain. The Funds may also engage in other short sales. The Funds may engage in short sales when the portfolio managers and/or investment personnel anticipate that a security's market purchase price will be less than its borrowing price. To complete the transaction, the Funds must borrow the security to deliver it to the purchaser and buy that same security in the market to return it to the lender. No more than 10% of a Fund's net assets may be invested in short sales of stocks, futures, swaps, structured notes, and uncovered written calls (limitation not applicable to Janus Adviser Long/Short Fund). The Funds may engage in short sales "against the box" and options for hedging purposes that are not subject to this 10% limit. Although the potential for gain as a result of a short sale is limited to the price at which a Fund sold the security short less the cost of borrowing the security, the potential for loss is theoretically unlimited because there is no limit to the cost of replacing the borrowed security. There is no assurance that a Fund will be able to close out a short position at a particular time or at an acceptable price. A gain or a loss will be recognized upon termination of a short sale. Short sales held by the Funds are fully collateralized by other securities, which are denoted in the accompanying Schedule of Investments (if applicable). The Funds are also required to pay the lender of the security any dividends or interest that accrues on a borrowed security during the period of the loan. Depending on the arrangements made with the broker or custodian, a Fund may or may not receive any payments (including interest) on collateral it has deposited with the broker. The deposits represent restricted cash held as collateral in relation to short sales. The Funds pay stock loan fees on assets borrowed from the security broker. A Fund may also enter into short positions through derivative instruments such as option contracts, futures contracts and swap agreements, which may expose the Fund to similar risks. To the extent that the Fund enters into short derivative positions, the Fund may be exposed to risks similar to those associated with short sales, including the risk that the Fund's losses are theoretically unlimited. Foreign Currency Translations The Funds do not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at April 30, 2009. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at April 30, 2009, resulting from changes in the exchange rates and changes in market prices of securities held. Currency gains and losses are also calculated on payables and receivables that are denominated in foreign currencies. The payables and receivables are generally related to foreign security transactions and income. Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, political and economic risk, regulatory risk and market risk. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar. Borrowing Janus Adviser Long/Short Fund may borrow money from banks for investment purposes to the extent permitted by the 1940 Act. This practice is known as leverage. Currently, under the 1940 Act, the Funds may borrow from banks up to one-third of their total assets (including the amount borrowed) provided that they maintain continuous asset coverage of 300% with respect to such borrowings or sell (within three days) sufficient portfolio holdings to restore such coverage if it should decline to less than 300% due to market fluctuations or otherwise, even if disadvantageous from an investment standpoint. In addition to borrowing for leverage purposes, the Funds also may borrow money to meet redemptions in order to avoid forced, unplanned sales of portfolio securities or for other temporary or emergency purposes. This allows the Funds greater flexibility to buy and sell portfolio securities for investment or tax considerations, rather than for cash flow considerations. The use of borrowing by the Funds involves special risk considerations that may not be associated with other funds having similar policies. Because substantially all of the Funds' assets fluctuate in value, whereas the interest obligation resulting from a borrowing will be fixed by the terms of the Funds' agreement with its lender, the NAV per share of the Funds will tend to increase more when its portfolio securities increase in value and decrease more when its portfolio securities decrease in value than would otherwise be the case if the Funds did not borrow funds. In addition, interest costs on borrowings may fluctuate with changing market rates of interest and may partially offset or exceed the return earned on borrowed funds. Under adverse market conditions, the Funds might have to sell portfolio securities to meet interest or principal payments at a time when fundamental investment considerations would not favor such sales. The interest that the Funds must pay on borrowed money, together with any additional fees to maintain a line of credit or any minimum average balances required to be maintained, are additional costs that will reduce or eliminate any net investment income and may also offset any potential capital gains. Unless the appreciation and income, if any, on assets acquired with borrowed funds exceed the costs of borrowing, the use of leverage will diminish the investment performance of the Funds compared with what it would have been without leverage. When-Issued Securities The Funds may purchase or sell securities on a when-issued or forward commitment basis. The price of the underlying securities and date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Losses may arise due to changes in the market value of the securities or from the inability of counterparties to meet the terms of the contract. In connection with such purchases, the Funds may hold liquid assets as collateral with the Funds' custodian sufficient to cover the purchase price. Exchange-Traded Funds The Funds may invest in exchange-traded funds, which are index-based investment companies that hold substantially all of their assets in securities representing their specific index. As a shareholder of another investment company, the Funds would bear their pro rata portion of the other investment company's expenses, including advisory fees, in addition to the expenses the Funds bear directly in connection with its own operations. Exchange-Traded Notes The Funds may invest directly in exchange-traded notes ("ETN"), which are senior, unsecured, unsubordinated debt securities whose returns are linked to a particular index and provide exposure to the total returns of various market indices, including indices linked to stocks, bonds, commodities and currencies. This type of debt security differs from other types of bonds and notes. ETN returns are based upon the performance of a market index minus applicable fees; no period coupon payments are distributed and no principal protections exist. ETNs do not pay cash distributions. Instead, the value of dividends, interest, and investment gains are captured in the Funds' total return. The Funds will invest in these securities when desiring exposure to debt securities or commodities. When evaluating ETNs for investment, Janus Capital will consider the potential risks involved, expected tax efficiency, rate of return, and credit risk. When the Funds invest in ETNs, they will bear their proportionate share of any fees and expenses borne by the ETN. There may be restrictions on the Funds' right to redeem their investment in an ETN, which are meant to be held until maturity. The Funds' decision to sell their ETN holdings may be limited by the availability of a secondary market. Equity-Linked Structured Notes The Funds, except the Risk-Managed Funds, may invest in equity-linked structured notes. Equity-linked structured notes are derivative securities which are specially designed to combine the characteristics of one or more underlying securities and their equity derivatives in a single note form. The return and/or yield or income component may be based on the performance of the underlying equity securities, an equity index, and/or option positions. Equity-linked structured notes are typically offered in limited transactions by financial institutions in either registered or non-registered form. An investment in equity-linked structured notes creates exposure to the credit risk of the issuing financial institution, as well as to the market risk of the underlying securities. There is no guaranteed return of principal with these securities and the appreciation potential of these securities may be limited by a maximum payment or call right. In certain cases, equity-linked structured notes may be more volatile and less liquid than less complex securities or other types of fixed-income securities. Such securities may exhibit price behavior that does not correlate with other fixed-income securities. Initial Public Offerings The Funds may invest in initial public offerings ("IPOs"). IPOs and other investment techniques may have a magnified performance impact on a Fund with a small asset base. A Fund may not experience similar performance as its assets grow. Additional Investment Risk The Funds, particularly Janus Adviser Flexible Bond Fund and Janus Adviser High-Yield Fund, may be invested in lower-rated debt securities that have a higher risk of default or loss of value since these securities may be sensitive to economic changes, political changes or adverse developments specific to the issuer. The Risk-Managed Funds do not intend to invest in high-yield/high-risk bonds. Counterparties Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to a Fund ("counterparty risk"). Counterparty risk may arise because of the counterparty's financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty's inability to fulfill its obligation may result in significant financial loss to a Fund. A Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. A Fund may be exposed to counterparty risk through participation in various programs including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby a Fund's cash balances are invested in one or more money market funds, as well as investment in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. A Fund intends to enter into financial transactions with counterparties that Janus Capital believes to be creditworthy at the time of the transaction. There is always the risk that Janus Capital's analysis of a counterparty's creditworthiness is incorrect or may change due to market conditions. To the extent that a Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties. Restricted Security Transactions Restricted securities held by the Funds may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933, as amended. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. Lack of a secondary market and resale restrictions may result in the inability of the Funds to sell a security at a fair price and may substantially delay the sale of the security. In addition, these securities may exhibit greater price volatility than securities for which secondary markets exist. Money Market Investments Pursuant to the terms and conditions of an SEC exemptive order and the provisions of the 1940 Act, the Funds may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Funds may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles. During the nine-month period ended April 30, 2009, the Funds recorded distributions from affiliated investment companies as affiliated dividend income, and had the following affiliated purchases and sales: The Funds may invest in money market funds, including funds managed by Janus Capital. During the nine-month period ended April 30, 2009, the following Funds had the following affiliated purchases and sales:
Purchases Sales Dividend Value Shares/Cost Shares/Cost Income at 4/30/09 - ------------------------------------------------------------------------------------------------------------------------- Janus Cash Liquidity Fund LLC Janus Adviser Balanced Fund $ 303,199,411 $(275,250,325) $ 33,760 $ 27,949,086 Janus Adviser Contrarian Fund 6,281,000 (6,281,000) 228 -- Janus Adviser Flexible Bond Fund 238,837,912 (187,879,000) 24,428 50,958,912 Janus Adviser Forty Fund 656,777,824 (188,686,368) 87,423 468,091,456 Janus Adviser Global Real Estate Fund 2,132,242 (1,807,000) 299 325,242 Janus Adviser Global Research Fund 2,490,037 (2,459,037) 71 31,000 Janus Adviser Growth and Income Fund 7,327,204 (7,195,175) 560 132,029 Janus Adviser High-Yield Fund 26,834,427 (23,855,711) 2,359 2,978,716 Janus Adviser INTECH Risk-Managed Core Fund 3,512,032 (3,154,000) 236 358,032 Janus Adviser INTECH Risk-Managed Growth Fund 27,545,541 (24,919,541) 1,268 2,626,000 Janus Adviser INTECH Risk-Managed International Fund 607,027 (607,027) 39 -- Janus Adviser INTECH Risk-Managed Value Fund 11,413,262 (11,129,219) 445 284,043 Janus Adviser International Equity Fund 17,777,287 (17,247,287) 794 530,000 Janus Adviser International Forty Fund 561,005 (522,000) 43 39,005 Janus Adviser International Growth Fund 409,412,330 (104,862,381) 93,935 304,549,949 Janus Adviser Large Cap Growth Fund 18,542,071 (13,521,000) 4,414 5,021,071 Janus Adviser Long/Short Fund -- -- -- -- Janus Adviser Mid Cap Growth Fund 108,613,959 (69,235,148) 13,005 39,378,811 Janus Adviser Modular Portfolio Construction(R) Fund 281,009 (205,901) 27 75,108 Janus Adviser Orion Fund 7,237,081 (6,434,042) 513 803,039 Janus Adviser Perkins Mid Cap Value Fund(1) -- -- -- -- Janus Adviser Perkins Small Company Value Fund(2) 10,834,319 (8,081,375) 1,752 2,752,944 Janus Adviser Research Core Fund(3) 3,964,032 (3,964,032) 138 -- Janus Adviser Small-Mid Growth Fund 6,876,023 (6,008,726) 213 867,297 Janus Adviser Worldwide Fund 14,879,090 (14,737,090) 2,534 142,000 - ------------------------------------------------------------------------------------------------------------------------- $1,885,936,125 $(978,042,385) $ 268,484 $ 907,893,740 - ------------------------------------------------------------------------------------------------------------------------- (1) Formerly named Janus Adviser Mid Cap Value Fund. (2) Formerly named Janus Adviser Small Company Value Fund. (3) Formerly named Janus Adviser Fundamental Equity Fund.
Janus Institutional Cash Management Fund - Institutional Shares Janus Adviser Balanced Fund $ 41,694,258 $ (52,916,534) $ 135,734 $ -- Janus Adviser Contrarian Fund 1,854,556 (2,890,612) 2,549 -- Janus Adviser Flexible Bond Fund 18,491,040 (19,022,277) 27,801 -- Janus Adviser Forty Fund 103,976,745 (595,956,918) 2,268,530 -- Janus Adviser Global Real Estate Fund 155,420 (732,826) 3,686 -- Janus Adviser Global Research Fund 77,245 (175,044) 312 -- Janus Adviser Growth and Income Fund 603,574 (2,028,574) 3,480 -- Janus Adviser High-Yield Fund 164,776 (360,548) 2,587 -- Janus Adviser INTECH Risk-Managed Core Fund 86,080 (93,080) 18 -- Janus Adviser INTECH Risk-Managed Growth Fund 1,559,806 (2,309,156) 4,428 -- Janus Adviser INTECH Risk-Managed International Fund 65,597 (101,094) 133 -- Janus Adviser INTECH Risk-Managed Value Fund 304,682 (595,902) 393 -- Janus Adviser International Equity Fund 4,083,091 (8,977,319) 18,240 -- Janus Adviser International Forty Fund 351,418 (398,724) 181 -- Janus Adviser International Growth Fund 12,034,082 (109,090,602) 227,950 -- Janus Adviser Large Cap Growth Fund 689,757 (5,894,024) 9,408 -- Janus Adviser Long/Short Fund -- -- -- -- Janus Adviser Mid Cap Growth Fund 17,324,515 (47,255,166) 262,844 -- Janus Adviser Modular Portfolio Construction(R) Fund 801 (801) 2 -- Janus Adviser Orion Fund 3,051,527 (7,411,005) 16,164 -- Janus Adviser Perkins Mid Cap Value Fund(1) -- -- -- -- Janus Adviser Perkins Small Company Value Fund(2) 1,056,621 (1,735,629) 10,740 -- Janus Adviser Research Core Fund(3) 1,029,682 (1,334,182) 1,293 -- Janus Adviser Small-Mid Growth Fund 216,921 (266,245) 242 -- Janus Adviser Worldwide Fund 126,240 (126,240) 17 -- - ------------------------------------------------------------------------------------------------------------------------- $ 208,998,434 $(859,672,502) $ 2,996,732 $ -- - ------------------------------------------------------------------------------------------------------------------------- (1) Formerly named Janus Adviser Mid Cap Value Fund. (2) Formerly named Janus Adviser Small Company Value Fund. (3) Formerly named Janus Adviser Fundamental Equity Fund.
Janus Institutional Money Market Fund - Institutional Shares Janus Adviser Balanced Fund $ 169,998,431 $ (231,189,141) $ 173,957 $ -- Janus Adviser Contrarian Fund 25,134,931 (27,315,331) 8,526 -- Janus Adviser Flexible Bond Fund 148,869,212 (148,869,212) 48,139 -- Janus Adviser Forty Fund 912,502,045 (1,003,259,715) 3,123,491 -- Janus Adviser Global Real Estate Fund 765,258 (879,746) 1,652 -- Janus Adviser Global Research Fund 1,827,992 (1,827,992) 1,208 -- Janus Adviser Growth and Income Fund 17,567,891 (18,752,891) 14,226 -- Janus Adviser High-Yield Fund 2,520,465 (2,583,741) 4,825 -- Janus Adviser INTECH Risk-Managed Core Fund 7,057,039 (7,070,039) 2,251 -- Janus Adviser INTECH Risk-Managed Growth Fund 42,957,548 (47,590,198) 23,002 -- Janus Adviser INTECH Risk-Managed International Fund 799,945 (804,256) 323 -- Janus Adviser INTECH Risk-Managed Value Fund 6,786,767 (6,786,767) 2,710 -- Janus Adviser International Equity Fund 41,019,754 (49,602,705) 38,676 -- Janus Adviser International Forty Fund 799,121 (869,821) 307 -- Janus Adviser International Growth Fund 370,569,017 (370,569,017) 694,936 -- Janus Adviser Large Cap Growth Fund 11,427,507 (11,427,507) 7,525 -- Janus Adviser Long/Short Fund -- -- -- -- Janus Adviser Mid Cap Growth Fund 90,018,186 (91,747,686) 51,255 -- Janus Adviser Modular Portfolio Construction(R) Fund 1,266,325 (1,266,325) 279 -- Janus Adviser Orion Fund 11,686,946 (12,427,496) 7,000 -- Janus Adviser Perkins Mid Cap Value Fund(1) -- -- -- -- Janus Adviser Perkins Small Company Value Fund(2) 5,481,884 (7,495,996) 26,772 -- Janus Adviser Research Core Fund(3) 4,392,354 (6,669,854) 3,877 -- Janus Adviser Small-Mid Growth Fund 1,164,956 (1,320,029) 2,571 -- Janus Adviser Worldwide Fund 9,381,452 (9,381,452) 14,563 -- - ------------------------------------------------------------------------------------------------------------------------- $1,883,995,026 $(2,059,706,917) $ 4,252,071 $ -- - -------------------------------------------------------------------------------------------------------------------------- (1) Formerly named Janus Adviser Mid Cap Value Fund. (2) Formerly named Janus Adviser Small Company Value Fund. (3) Formerly named Janus Adviser Fundamental Equity Fund.
Affiliated Fund of Funds Transactions Janus Adviser Modular Portfolio Construction(R) Fund may invest in certain funds within the Janus family of funds, of which the funds may be deemed to be under common control as they share the same board of directors. During the nine-month period ended April 30, 2009, the Fund had the following affiliated purchases and sales:
Purchases Sales Realized Dividend Value Shares Cost Shares Cost Gain/(Loss) Income at 4/30/09 - ------------------------------------------------------------------------------------------------------------------------------------ Janus Adviser Modular Portfolio Construction(R) Fund Janus Adviser Flexible Bond Fund - Class I Shares 77,417 $ 941,157 (2,068) $ (24,945) $ 518 $ 10,056 $ 932,817 Janus Adviser Forty Fund - Class I Shares 7,132 193,438 (1,220) (45,535) (19,395) -- 146,798 Janus Adviser Global Real Estate Fund - Class I Shares 5,399 30,759 (522) (4,517) (1,750) 566 27,506 Janus Adviser High-Yield Fund - Class I Shares 9,501 69,931 (209) (1,852) (353) 849 26,851 Janus Adviser INTECH Risk-Managed Growth Fund - Class I Shares 10,332 96,430 (2,090) (26,293) (8,680) 525 71,124 Janus Adviser INTECH Risk-Managed International Fund - Class I Shares 17,039 101,902 (3,558) (29,607) (10,255) 1,304 73,740 Janus Adviser INTECH Risk-Managed Value Fund - - Class I Shares 13,927 102,858 (3,188) (32,289) (11,284) 1,386 71,093 Janus Adviser International Equity Fund - Class I Shares 22,867 164,385 (5,224) (49,040) (11,776) 519 130,383 Janus Adviser International Growth Fund - Class I Shares 5,617 201,142 (1,014) (55,565) (29,130) 5,284 148,690 Janus Adviser Large Cap Growth Fund - Class I Shares 734 12,461 (23) (418) 1 -- 13,169 Janus Adviser Orion Fund - Class I Shares 19,520 193,098 (3,107) (44,551) (19,909) 696 151,000 Janus Adviser Perkins Mid Cap Value Fund(1)- Class I Shares 5,320 66,612 -- -- -- -- 71,770 Janus Adviser Research Core Fund(2) - Class I Shares 21,487 251,228 (8,261) (121,993) (36,526) 1,358 139,539 Janus Adviser Small-Mid Growth Fund - Class I Shares 20,138 184,434 (9,870) (108,704) (34,753) 1,192 91,178 Janus Contrarian Fund 18,130 198,709 (2,890) (46,558) (19,948) 537 148,591 Janus Research Fund 4,369 85,385 (1,097) (29,219) (9,737) 113 61,228 - ------------------------------------------------------------------------------------------------------------------------------------ $ 2,893,929 $ (621,086) $ (212,977) $ 24,385 $2,347,477 - ------------------------------------------------------------------------------------------------------------------------------------ (1) Formerly named Janus Adviser Mid Cap Value Fund. (2) Formerly named Janus Adviser Fundamental Equity Fund.
Federal Income Taxes Income and capital gains distributions are determined in accordance with income tax regulations that may differ from accounting principles generally accepted in the United States of America. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses and capital loss carryovers. The Funds have elected to treat gains and losses on forward foreign currency contracts as capital gains and losses. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code. Unrealized appreciation and unrealized depreciation in the table below exclude appreciation/depreciation on foreign currency translations. The primary difference between book and tax appreciation or depreciation of investments is wash sale loss deferrals. The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities, excluding securities sold short, for federal income tax purposes as of April 30, 2009 are noted below.
- ------------------------------------------------------------------------------------------------------------- Federal Tax Unrealized Unrealized Net Cost Appreciation (Depreciation) Appreciation/ (Depreciation) - ------------------------------------------------------------------------------------------------------------- Janus Adviser Balanced Fund $790,556,097 $39,577,932 $(46,773,885) $(7,195,953) - ------------------------------------------------------------------------------------------------------------- Janus Adviser Contrarian Fund 231,788,639 4,965,124 (81,517,074) (76,551,950) - ------------------------------------------------------------------------------------------------------------- Janus Adviser Flexible Bond Fund 454,317,092 6,909,489 (1,839,470) 5,070,019 - ------------------------------------------------------------------------------------------------------------- Janus Adviser Forty Fund 4,521,245,956 258,993,478 (492,743,607) (233,750,129) - ------------------------------------------------------------------------------------------------------------- Janus Adviser Global Real Estate Fund 6,637,239 165,898 (2,113,635) (1,947,737) - ------------------------------------------------------------------------------------------------------------- Janus Adviser Global Research Fund 5,290,578 173,318 (1,120,985) (947,667) - ------------------------------------------------------------------------------------------------------------- Janus Adviser Growth and Income Fund 94,869,922 8,141,435 (16,832,658) (8,691,223) - ------------------------------------------------------------------------------------------------------------- Janus Adviser High-Yield Fund 57,597,962 2,390,102 (501,435) 1,888,667 - ------------------------------------------------------------------------------------------------------------- Janus Adviser INTECH Risk-Managed Core Fund 78,927,160 2,981,503 (11,018,410) (8,036,907) - ------------------------------------------------------------------------------------------------------------- Janus Adviser INTECH Risk-Managed Growth Fund 908,138,667 46,234,446 (97,716,196) (51,481,750) - ------------------------------------------------------------------------------------------------------------- Janus Adviser INTECH Risk-Managed International Fund 7,574,347 187,745 (1,619,369) (1,431,624) - ------------------------------------------------------------------------------------------------------------- Janus Adviser INTECH Risk-Managed Value Fund 67,273,672 1,854,835 (10,797,469) (8,942,634) - ------------------------------------------------------------------------------------------------------------- Janus Adviser International Equity Fund 132,019,713 6,566,332 (20,250,613) 13,684,281 - ------------------------------------------------------------------------------------------------------------- Janus Adviser International Forty Fund 2,288,330 192,657 (277,258) (84,601) - ------------------------------------------------------------------------------------------------------------- Janus Adviser International Growth Fund 2,062,148,459 123,811,984 (481,474,358) (357,662,374) - ------------------------------------------------------------------------------------------------------------- Janus Adviser Large Cap Growth Fund 105,334,814 5,637,051 (14,765,636) (9,128,585) - ------------------------------------------------------------------------------------------------------------- Janus Adviser Long/Short Fund 371,566,816 26,124,569 (94,655,691) (68,541,122) - ------------------------------------------------------------------------------------------------------------- Janus Adviser Mid Cap Growth Fund 675,077,673 34,888,216 (116,279,476) (81,391,260) - ------------------------------------------------------------------------------------------------------------- Janus Adviser Modular Portfolio Construction(R) Fund 2,708,599 26,530 (159,626) (133,096) - ------------------------------------------------------------------------------------------------------------- Janus Adviser Orion Fund 37,548,169 4,625,457 (5,666,892) (1,041,435) - ------------------------------------------------------------------------------------------------------------- Janus Adviser Perkins Large Cap Value Fund 16,489,278 903,002 (821,010) 81,992 - ------------------------------------------------------------------------------------------------------------- Janus Adviser Perkins Mid Cap Value Fund(1) 1,861,780,007 84,386,189 (270,016,784) (185,630,595) - ------------------------------------------------------------------------------------------------------------- Janus Adviser Perkins Small Company Value Fund(2) 31,750,718 6,932,049 (916,853) 6,015,196 - ------------------------------------------------------------------------------------------------------------- Janus Adviser Research Core Fund(3) 52,639,744 1,483,027 (13,463,470) (11,980,443) - ------------------------------------------------------------------------------------------------------------- Janus Adviser Small-Mid Growth Fund 6,276,729 484,959 (863,377) (378,418) - ------------------------------------------------------------------------------------------------------------- Janus Adviser Worldwide Fund 69,099,194 4,376,349 (2,526,775) 1,849,574 - ------------------------------------------------------------------------------------------------------------- (1) Formerly named Janus Adviser Mid Cap Value Fund. (2) Formerly named Janus Adviser Small Company Value Fund. (3) Formerly named Janus Adviser Fundamental Equity Fund.
Information on the tax components of securities sold short as of April 30, 2009 are as follows:
- --------------------------------------------------------------------------------------------------------------------- Federal Tax Unrealized Unrealized Net Tax Proceeds from Appreciation (Depreciation) Appreciation/ Securities Sold (Depreciation) Short - --------------------------------------------------------------------------------------------------------------------- Janus Adviser Long/Short Fund $(188,315,243) $18,253,800 $(20,953,645) $(2,699,845) - --------------------------------------------------------------------------------------------------------------------- Janus Adviser Orion Fund (621,559) -- (38,842) (38,842) - --------------------------------------------------------------------------------------------------------------------- Janus Adviser Small-Mid Growth Fund (46,418) -- (9,086) (9,086) - ---------------------------------------------------------------------------------------------------------------------
New Accounting Pronouncements In September 2006, the Financial Accounting Standards Board ("FASB") issued Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" ("SFAS No. 157"), which defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. SFAS No. 157 does not require new fair value measurements, but is applied to the extent that other accounting pronouncements require or permit fair value measurements. SFAS No. 157 emphasizes that fair value is a market-based measurement that should be determined based on the assumptions that market participants would use in pricing an asset or liability. SFAS No. 157 was effective for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. Various inputs are used in determining the value of the Fund's investments defined pursuant to SFAS No. 157. These inputs are summarized into three broad levels: Level 1 - Quoted prices in active markets for identical securities. Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that reflect the assumptions market participants would use in pricing a security and are developed based on market data obtained from sources independent of the reporting entity. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, and others. Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the factors market participants would use in pricing the security and would be based on the best information available in the circumstances. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of April 30, 2009 to value each Fund's investments in securities and other financial instruments is included in the "Valuation Inputs Summary" and "Level 3 Valuation Reconciliation of Assets" (if required) in the Schedules of Investments. In April 2009, FASB issued FASB staff position No. 157-4, "Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly." ("FSP 157-4"). FSP 157-4 provides additional guidance for estimating fair value in accordance with FASB Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" ("FAS 157"), when the volume and level of activity for the asset or liability have significantly decreased as well as guidance on identifying circumstances that indicate a transaction is not orderly. FSP 157-4 is effective for fiscal years and interim periods ending after June 15, 2009. Management is currently evaluating the impact the adoption of FSP 157-4 will have on the Funds' financial statement disclosures. In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161, "Disclosures about Derivative Instruments and Hedging Activities" ("SFAS No. 161"), which requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative agreements. SFAS No. 161 is effective for financial statements issued for fiscal years beginning after November 15, 2008, and interim periods within those fiscal years. Management is in the process of evaluating the impact of SFAS No. 161 on the Fund's financial statement disclosures. In September 2008, FASB issued a FASB Staff Position No. FAS 133-1 and FIN 45-4, "Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45" (the "Position"), which was effective for fiscal years ending after November 15, 2008. The Position amends FASB Statement No. 133 ("FAS 133"), Accounting for Derivative Instruments and Hedging Activities, and also amends FASB Interpretation No. 45 ("FIN 45"), Guarantor's Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of Others. The amendments to FAS 133 include required disclosure for (i) the nature and terms of the credit derivative, reasons for entering into the credit derivative, the events or circumstances that would require the seller to perform under the credit derivative, and the current status of the payment/performance risk of the credit derivative, (ii) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the credit derivative, (iii) the fair value of the credit derivative, and (iv) the nature of any recourse provisions and assets held either as collateral or by third parties. The amendments to FIN 45 require additional disclosures about the current status of the payment/performance risk of a guarantee. Management has evaluated the impact of SFAS No. 133-1 and FIN 45-4 and has determined there is no impact on the Fund's financial statement disclosures. Subsequent Events The Board of Trustees of Janus Adviser Series ("JAD"), a registered investment company advised by Janus Capital, has approved an Agreement and Plan of Reorganization (the "Plan") pursuant to which certain JAD Funds will merge with and into, and be acquired by, corresponding similarly managed funds of the Janus Investment Fund Trust. Under the Plan, INTECH Risk-Managed Core Fund (formerly named INTECH Risk-Managed Stock Fund), Janus Balanced Fund, Janus Contrarian Fund, Janus Enterprise Fund, Janus Flexible Bond Fund, Janus Fund, Janus Growth and Income Fund, Janus High-Yield Fund, Janus Orion Fund, Janus Overseas Fund, Janus Research Core Fund (formerly named Janus Fundamental Equity Fund), Janus Triton Fund, Janus Worldwide Fund, Perkins Mid Cap Value Fund (formerly named Janus Mid Cap Value Fund) and Perkins Small Cap Value Fund (formerly named Janus Small Cap Value Fund) will acquire assets and liabilities from similarly managed JAD Funds. The merger is a part of several significant enhancements Janus Capital has recently undertaken to reorganize and simplify its mutual fund offerings by creating one combined mutual fund platform. The closing date of the merger is expected to be on or about July 6, 2009. For more information regarding these changes, please refer to the March 17, 2009 Supplement to the Prospectus. The Board of Trustees of Janus Adviser Series approved a plan to liquidate and terminate Janus Adviser Global Research Fund effective on or about July 2, 2009. - -------------------------------- Item 2. Controls and Procedures. (a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-3(b) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-Q. (b) There were no changes in the registrant's internal control over financial reporting during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. Item 3. Exhibits. Separate certifications for the Registrant's Principal Executive Officer and Principal Financial Officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are attached as Ex99.CERT. Signatures Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Janus Adviser Series By: _/s/ Robin C. Beery_________ Robin C. Beery, President and Chief Executive Officer of Janus Adviser Series (Principal Executive Officer) Date: June 29, 2009 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. By: _/s/ Robin C. Beery_________ Robin C. Beery, President and Chief Executive Officer of Janus Adviser Series (Principal Executive Officer) Date: June 29, 2009 By: _/s/ Jesper Nergaard________ Jesper Nergaard, Vice President, Chief Financial Officer, Treasurer and Principal Accounting Officer of Janus Adviser Series (Principal Accounting Officer and Principal Financial Officer) Date: June 29, 2009 EX-99.CERT 3 jadex99cert0409.txt JAD 3Q NQ 4-30-09 CERTIFICATION FORM Item 3. Exhibits. Section 302 Certifications I, Robin C. Beery, certify that: 1. I have reviewed this report on Form N-Q of Janus Adviser Series; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: June 29, 2009 /s/ Robin C. Beery President and Chief Executive Officer of Janus Adviser Series (Principal Executive Officer) Section 302 Certifications I, Jesper Nergaard, certify that: 1. I have reviewed this report on Form N-Q of Janus Adviser Series; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: June 29, 2009 /s/ Jesper Nergaard Vice President, Chief Financial Officer, Treasurer and Principal Accounting Officer of Janus Adviser Series (Principal Accounting Officer and Principal Financial Officer) -----END PRIVACY-ENHANCED MESSAGE-----