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N-CSRS 1 jif033116.htm JIF 03-31-16 SEMI ANNUAL NCSR Untitled Document

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-1879

Janus Investment Fund
(Exact name of registrant as specified in charter)

151 Detroit Street, Denver, Colorado 80206
(Address of principal executive offices) (Zip code)

Stephanie Grauerholz, 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: 9/30

Date of reporting period: 3/31/16

Item 1 - Reports to Shareholders



	SEMIANNUAL REPORT March 31, 2016

Janus Asia Equity Fund

Janus Investment Fund

		HIGHLIGHTS · Portfolio management perspective · Investment strategy behind your fund · Fund performance, characteristics and holdings

Table of Contents

Janus Asia Equity Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	12
Statement of Assets and Liabilities	14
Statement of Operations	16
Statements of Changes in Net Assets	17
Financial Highlights	18
Notes to Financial Statements	22
Additional Information	37
Useful Information About Your Fund Report	49

Janus Asia Equity Fund (unaudited)

FUND SNAPSHOT

We believe identifying companies in Asian markets with both operating and capital-allocation excellence can lead to superior risk-adjusted returns. To identify these opportunities, we rely on the insight provided by Janus’ fundamental research.

Hiroshi Yoh

portfolio manager

PERFORMANCE SUMMARY

Janus Asia Equity Fund’s Class I Shares returned 5.82% for the six-month period ended March 31, 2016. The Fund’s benchmark, the MSCI All Country Asia ex-Japan Index, returned 5.66%.

MARKET ENVIRONMENT

During the latter part of 2015, Asian financial market took a beating, in part on concerns about growth in the continent’s largest economy – China – and also due to foreign currency headwinds as global investors redirected capital toward the U.S. in expectation of a period of rising interest rates. This trend reversed as consensus coalesced around the idea that the Federal Reserve (Fed) would be much less aggressive in raising rates than it had previously inferred. The shift increased demand for Asian government debt, largely due to the highly attractive yield differentials when compared to developed market sovereigns. The clamoring for currencies to purchase the region’s financial assets resulted in many currencies appreciating steadily, further boosting stock returns when priced in U.S. dollars.

As sentiment – and flows – reversed, many of the region’s stock indices rallied and ultimately delivered returns that outpaced the broader market. Among the strongest performers were Malaysia, Indonesia and South Korea. While they stabilized after the early period descent, mainland Chinese shares were unable to make up all the lost ground and finished the period just in negative territory. Also lagging in the rebound was region’s second economic powerhouse, India. On a sector basis, previously hard-hit energy and materials led sectors higher while health care and industrial stocks weighed down indices.

PERFORMANCE DISCUSSION

On a country basis, Fund’s selection of Chinese and Indian stocks contributed to relative performance, as did our selection of financials stocks. A combination of an overweight to technology along with strong stock selection in the sector also aided relative results. Holdings in Hong Kong and Singapore, and on a sector basis, energy and health care weighed on relative returns.

Taiwan Semiconductor (TSMC) shrugged off any concern about softness in Apple’s supply chain to deliver a relatively favorable earnings report, which covered the first part of the period. For 2015, revenues grew by 10.6%, which can be considered an achievement given the challenging market environment. While the company sees the markets for many of its products declining, it does expect smartphone units to rise by 8% in 2016. On a longer time horizon, TSMC expects to gain market share by introducing high-demand, cutting-edge technologies, including those based on increasingly powerful yet energy efficient transistors.

Samsung of Korea was a solid contributor to Fund performance. Sales for the company’s newest smartphone – the Galaxy 7 – has been better-than-expected and the handset has received favorable reviews. We see the real possibility that sales data for this product will beat guidance over the near-term. Buttressing the launch is fairly weak competition in the Android market for higher-end devices.

Another leading contributor was China’s Tencent Holdings. Among other products, the company provides a word-chat SMS service that also enables sending pictures. The company has been expanding into Singapore, Taiwan and Hong Kong and has experienced impressive user growth. Seventy percent of revenue is from smartphone games. This channel has become especially lucrative as Tencent gets 70% of game revenue and the supplier receives only 30%. Profitability has improved and earnings continue to grow – even from a relatively high base – due to effective monetization.


Janus Investment Fund	1

Janus Asia Equity Fund (unaudited)

orders hurt Catcher’s stock price, what was overlooked is how the company has gained market share across its lines of business. Also making the stock attractive to us is management’s commitment to curtail capital expenditure, preferring instead to grow free cash flow, which may be used, in part, to increase its dividend.

Also delivering negative returns was Daqin Railway. The company mainly provides coal transportation service in northern China. It also operates a passenger transportation business. We exited our position in Daqin during the period.

Being the country’s largest insurance group, China Life Insurance weighed on results, largely as a consequence of it being caught up in the region’s market volatility. Although premium sales have experienced some near-term headwinds, the long-term growth outlook is more optimistic given the current low penetration of insurance products within the country.

Please see the Derivative instruments section in the “Notes to Financial Statements” for a discussion of derivatives used by the Fund.

OUTLOOK

We believe there are many reasons to favor Asia stocks as we forge deeper into 2016. Much of the boost provided by recently appreciating regional currencies may be behind us, but we still see the potential for additional gains as global interest rate differentials – mainly between developed market funding currencies and attractive emerging market destinations – become more solidified over the course of the year. We are in the camp that sees global growth continuing to decelerate, but not to the degree that it had in 2015. We think Chinese GDP growth landing at the midpoint of official targets, roughly around 6.7%, is entirely plausible. The mix of this growth is important, too, as a shift in emphasis back toward infrastructure and housing stands to boost exports from the region’s materials producers to their massive trading partner.

We have long favored secular growth stories in China that are linked to the expanding consumer class. This is why we prefer autos and Internet names. At present, we also are sanguine about the prospects of more cyclical sectors such as steel, as it is our view that recent industrial weakness has largely played out. Easier financing for capital equipment should help a recovery in the sector. Added to this are the relatively attractive valuations that the past three quarters’ downdrafts have brought investors.

Thank you for your investment in Janus Asia Equity Fund.


2	MARCH 31, 2016

Janus Asia Equity Fund (unaudited)

Fund At A Glance

March 31, 2016





	5 Top Performers - Holdings		5 Bottom Performers - Holdings
		Contribution		Contribution
	Taiwan Semiconductor Manufacturing Co., Ltd.	1.15%	China Life Insurance Co., Ltd. - Class H	-0.41%
	Samsung Electronics Co., Ltd.	1.13%	Daqin Railway Co., Ltd. - Class A	-0.31%
	Tencent Holdings, Ltd.	0.66%	Catcher Technology Co., Ltd.	-0.29%
	China Vanke Co., Ltd. - Class A	0.60%	SK Hynix, Inc.	-0.24%
	Bank Mandiri Persero Tbk PT	0.41%	China Mobile, Ltd.	-0.18%

	5 Top Performers - Sectors*
			Fund Weighting	MSCI All Country Asia ex-Japan Index
		Fund Contribution	(Average % of Equity)	Weighting
	Financials	1.20%	31.89%	31.90%
	Information Technology	0.87%	28.93%	22.89%
	Consumer Discretionary	0.39%	13.14%	8.64%
	Consumer Staples	0.17%	1.91%	5.66%
	Utilities	0.15%	2.78%	4.20%

	5 Bottom Performers - Sectors*
			Fund Weighting	MSCI All Country Asia ex-Japan Index
		Fund Contribution	(Average % of Equity)	Weighting
	Energy	-0.39%	2.44%	4.19%
	Other**	-0.23%	4.93%	0.00%
	Health Care	-0.15%	2.24%	2.69%
	Materials	-0.03%	1.68%	4.36%
	Telecommunication Services	0.00%	3.74%	6.53%

	Security contribution to performance is measured by using an algorithm that multiplies the daily performance of each security with the previous day’s ending weight in the portfolio and is gross of advisory fees. Fixed income securities and certain equity securities, such as private placements and some share classes of equity securities, are excluded.
*	Based on sector classification according to the Global Industry Classification Standard (“GICS”) codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
**	Not a GICS classified sector.


Janus Investment Fund	3

Janus Asia Equity Fund (unaudited)

Fund At A Glance

March 31, 2016


5 Largest Equity Holdings - (% of Net Assets)
Taiwan Semiconductor Manufacturing Co., Ltd.
Semiconductor & Semiconductor Equipment	5.3%
Samsung Electronics Co., Ltd.
Technology Hardware, Storage & Peripherals	5.2%
Tencent Holdings, Ltd.
Internet Software & Services	3.6%
China Mobile, Ltd.
Wireless Telecommunication Services	2.4%
AIA Group, Ltd.
Insurance	2.3%
	18.8%


Asset Allocation - (% of Net Assets)
Common Stocks	94.5%
Investment Companies	2.2%
Preferred Stocks	1.3%
OTC Purchased Options – Calls	0.1%
Other		1.9%
		100.0%

Emerging markets comprised 79.7% of total net assets.

Top Country Allocations - Long Positions - (% of Investment Securities)

As of March 31, 2016

As of September 30, 2015


4	MARCH 31, 2016

Janus Asia Equity Fund (unaudited)

Performance

See important disclosures on the next page.



				Expense Ratios -
Average Annual Total Return - for the periods ended March 31, 2016				per the January 28, 2016 prospectuses
	Fiscal Year-to-Date	One Year	Since Inception*	Total Annual Fund Operating Expenses	Net Annual Fund Operating Expenses
Class A Shares at NAV	5.61%	-12.32%	-0.31%	2.87%	1.45%
Class A Shares at MOP	-0.49%	-17.36%	-1.56%
Class C Shares at NAV	5.25%	-13.01%	-1.01%	3.59%	2.11%
Class C Shares at CDSC	4.25%	-13.84%	-1.01%
Class D Shares⁽¹⁾	5.79%	-12.19%	-0.16%	2.75%	1.24%
Class I Shares	5.82%	-12.05%	-0.01%	2.56%	1.09%
Class S Shares	5.49%	-12.24%	-0.37%	3.06%	1.59%
Class T Shares	5.67%	-12.21%	-0.19%	2.73%	1.35%
MSCI All Country Asia ex-Japan Index	5.66%	-11.85%	-0.27%
Morningstar Quartile - Class I Shares	-	2nd	3rd
Morningstar Ranking - based on total returns for Pacific/Asia ex-Japan Stock Funds	-	47/94	40/77

Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold. For the most recent month-end performance call 877.33JANUS(52687) (or 800.525.3713 if you hold shares directly with Janus Capital) or visit janus.com/advisor/mutual-funds (or janus.com/allfunds if you hold shares directly with Janus Capital).

Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

Net expense ratios reflect the expense waiver, if any, Janus Capital has contractually agreed to through February 1, 2017.

This Fund has a performance-based management fee that may adjust up or down based on the Fund’s performance.


Janus Investment Fund	5

Janus Asia Equity Fund (unaudited)

Performance

A Fund’s performance may be affected by risks that include those associated with nondiversification, non-investment grade debt securities, high-yield/high-risk securities, undervalued or overlooked companies, investments in specific industries or countries and potential conflicts of interest. Additional risks to a Fund may also include, but are not limited to, those associated with investing in foreign securities, emerging markets, initial public offerings, real estate investment trusts (REITs), derivatives, short sales, commodity-linked investments and companies with relatively small market capitalizations. Each Fund has different risks. Please see a Janus prospectus for more information about risks, Fund holdings and other details.

Foreign securities are subject to additional risks including currency fluctuations, political and economic uncertainty, increased volatility, lower liquidity and differing financial and information reporting standards, all of which are magnified in emerging markets.

The Fund will normally invest at least 80% of its net assets, measured at the time of purchase, in the type of securities described by its name.

Returns include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

See Financial Highlights for actual expense ratios during the reporting period.

Ranking is for the share class shown only; other classes may have different performance characteristics. When an expense waiver is in effect, it may have a material effect on the total return, and therefore the ranking for the period.

There is no assurance that the investment process will consistently lead to successful investing.

See Notes to Schedule of Investments and Other Information for index definitions.

A Fund’s portfolio may differ significantly from the securities held in an index. An index is unmanaged and is not available for direct investment; therefore, its performance does not reflect the expenses associated with the active management of an actual portfolio.

See “Useful Information About Your Fund Report.”

*The Fund’s inception date – July 29, 2011

(1) Closed to certain new investors.


6	MARCH 31, 2016

Janus Asia Equity Fund (unaudited)

Expense Examples

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, such as sales charges (loads) on purchase payments (applicable to Class A Shares only); and (2) ongoing costs, including management fees; 12b-1 distribution and shareholder servicing fees; transfer agent fees and expenses payable pursuant to the Transfer Agency Agreement; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The example is based upon an investment of $1,000 invested at the beginning of the period and held for the six-months indicated, unless noted otherwise in the table and footnotes below.

Actual Expenses

The information in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate column for your share class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based upon the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Additionally, for an analysis of the fees associated with an investment in any share class or other similar funds, please visit www.finra.org/fundanalyzer.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. These fees are fully described in the Fund’s prospectuses. Therefore, the hypothetical examples are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (10/1/15)	Ending Account Value (3/31/16)	Expenses Paid During Period (10/1/15 - 3/31/16)†	Beginning Account Value (10/1/15)	Ending Account Value (3/31/16)	Expenses Paid During Period (10/1/15 - 3/31/16)†	Net Annualized Expense Ratio (10/1/15 - 3/31/16)
Class A Shares		$1,000.00	$1,056.10	$8.22	$1,000.00	$1,017.00	$8.07	1.60%
Class C Shares		$1,000.00	$1,052.50	$11.75	$1,000.00	$1,013.55	$11.53	2.29%
Class D Shares		$1,000.00	$1,057.90	$7.20	$1,000.00	$1,018.00	$7.06	1.40%
Class I Shares		$1,000.00	$1,058.20	$6.48	$1,000.00	$1,018.70	$6.36	1.26%
Class S Shares		$1,000.00	$1,054.90	$8.48	$1,000.00	$1,016.75	$8.32	1.65%
Class T Shares		$1,000.00	$1,056.70	$7.66	$1,000.00	$1,017.55	$7.52	1.49%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


Janus Investment Fund	7

Janus Asia Equity Fund

Schedule of Investments (unaudited)

March 31, 2016


Shares or Contract Amounts			Value
Common Stocks – 94.5%
Airlines – 0.6%
	China Eastern Airlines Corp., Ltd.*	92,000	$51,591
Auto Components – 0.6%
	Hyundai Mobis Co., Ltd.	257	55,967
Automobiles – 6.1%
	Astra International Tbk PT	143,700	78,599
	Chongqing Changan Automobile Co., Ltd. - Class B	104,400	195,554
	Great Wall Motor Co., Ltd. - Class H	53,500	43,451
	Hyundai Motor Co.	733	97,763
	Mahindra & Mahindra, Ltd.	2,649	48,434
	Yulon Motor Co., Ltd.	71,000	68,952
			532,753
Capital Markets – 1.6%
	CITIC Securities Co., Ltd. - Class H	37,000	86,715
	Haitong International Securities Group, Ltd.	96,359	55,651
			142,366
Commercial Banks – 13.3%
	Axis Bank, Ltd.	14,704	98,626
	Bangkok Bank PCL (NVDR)	11,200	57,322
	Bank Mandiri Persero Tbk PT	90,500	70,324
	Bank of China, Ltd. - Class H	106,000	44,001
	BOC Hong Kong Holdings, Ltd.	25,000	74,609
	China Construction Bank Corp. - Class H	266,000	169,741
	DBS Group Holdings, Ltd.	12,300	140,389
	Hana Financial Group, Inc.	8,570	185,881
	Industrial & Commercial Bank of China, Ltd. - Class H	288,000	161,132
	Metropolitan Bank & Trust Co.	30,354	54,383
	Shinhan Financial Group Co., Ltd.	2,820	99,886
			1,156,294
Construction & Engineering – 0.6%
	Louis XIII Holdings, Ltd.*	102,371	28,110
	Voltas, Ltd.	6,201	26,043
			54,153
Construction Materials – 0.5%
	BBMG Corp. - Class H	61,000	47,104
Diversified Telecommunication Services – 1.9%
	China Telecom Corp., Ltd. - Class H	123,894	65,484
	KT Corp.	1,690	44,046
	Singapore Telecommunications, Ltd.	19,000	53,863
			163,393
Electric Utilities – 1.7%
	Power Grid Corp. of India, Ltd.	38,117	80,071
	Tenaga Nasional Bhd	18,500	66,177
			146,248
Electrical Equipment – 0.3%
	Finolex Cables, Ltd.	5,767	24,490
Electronic Equipment, Instruments & Components – 5.6%
	Chroma ATE, Inc.	20,000	43,011
	Delta Electronics, Inc.	11,577	51,089
	Hangzhou Hikvision Digital Technology Co., Ltd.^ß	15,900	75,768
	Hon Hai Precision Industry Co., Ltd.	49,577	130,652
	Largan Precision Co., Ltd.	1,000	77,537
	TPK Holding Co., Ltd.	17,000	36,982
	WPG Holdings, Ltd.	67,000	71,418
			486,457
Food & Staples Retailing – 0.6%
	Robinsons Retail Holdings, Inc.	32,270	51,890
Food Products – 0.8%
	San Miguel Pure Foods Co., Inc.	18,000	68,057


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

8	MARCH 31, 2016

Janus Asia Equity Fund

Schedule of Investments (unaudited)

March 31, 2016


Shares or Contract Amounts			Value
Common Stocks – (continued)
Hotels, Restaurants & Leisure – 1.3%
	Genting Malaysia Bhd	74,100	$86,326
	Melco International Development, Ltd.	18,000	25,061
			111,387
Household Durables – 1.4%
	Midea Group Co., Ltd. - Class A^ß	26,300	125,449
Independent Power and Renewable Electricity Producers – 1.2%
	Beijing Jingneng Clean Energy Co., Ltd. - Class H	333,021	106,469
Industrial Conglomerates – 3.6%
	CK Hutchison Holdings, Ltd.	7,340	95,285
	Keppel Corp., Ltd.	12,100	52,351
	Seibu Holdings, Inc.	6,669	141,108
	Shun Tak Holdings, Ltd.	67,500	22,363
			311,107
Information Technology Services – 1.6%
	Cognizant Technology Solutions Corp. - Class A*	1,825	114,428
	Samsung SDS Co., Ltd.	135	20,662
			135,090
Insurance – 5.6%
	AIA Group, Ltd.	35,200	199,435
	Cathay Financial Holding Co., Ltd.	47,000	56,307
	China Life Insurance Co., Ltd. - Class H	35,000	86,360
	Hyundai Marine & Fire Insurance Co., Ltd.	1,791	52,004
	Ping An Insurance Group Co. of China, Ltd. - Class H	18,500	88,480
			482,586
Internet & Catalog Retail – 1.2%
	Ctrip.com International, Ltd. (ADR)*	998	44,172
	JD.com, Inc. (ADR)*^,#	2,279	60,394
			104,566
Internet Software & Services – 7.8%
	Alibaba Group Holding, Ltd. (ADR)*^,#	2,303	182,006
	Baidu, Inc. (ADR)*	473	90,286
	NAVER Corp.	164	91,366
	Tencent Holdings, Ltd.	15,200	310,384
			674,042
Marine – 1.2%
	First Steamship Co., Ltd.	210,411	57,935
	SITC International Holdings Co., Ltd.	90,000	44,437
			102,372
Metals & Mining – 1.2%
	Hindustan Zinc, Ltd.	11,989	33,242
	POSCO	377	72,373
			105,615
Multiline Retail – 0.7%
	Lifestyle International Holdings, Ltd.	43,500	58,657
Oil, Gas & Consumable Fuels – 2.4%
	China Petroleum & Chemical Corp. - Class H	90,400	59,318
	PetroChina Co., Ltd. - Class H	130,000	86,476
	Reliance Industries, Ltd.	3,768	59,475
			205,269
Pharmaceuticals – 2.5%
	China Traditional Chinese Medicine Co., Ltd.*	54,058	26,551
	Yunnan Baiyao Group Co., Ltd. - Class A^ß	20,300	192,404
			218,955
Real Estate Management & Development – 5.7%
	Belle Corp.	621,121	40,355
	Central China Real Estate, Ltd.	387,440	73,921
	Century Properties Group, Inc.	3,806,102	45,488
	Cheung Kong Property Holdings, Ltd.	8,353	53,787
	China Overseas Land & Investment, Ltd.	14,000	44,308


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	9

Janus Asia Equity Fund

Schedule of Investments (unaudited)

March 31, 2016


Shares or Contract Amounts			Value
Common Stocks – (continued)
Real Estate Management & Development – (continued)
	China Vanke Co., Ltd. - Class A^ß	14,900	$46,404
	CSI Properties, Ltd.	2,740,000	77,710
	Siam Future Development PCL	284,200	48,081
	Sun Hung Kai Properties, Ltd.	5,000	61,138
			491,192
Semiconductor & Semiconductor Equipment – 8.2%
	Hua Hong Semiconductor, Ltd. (144A)	73,260	73,193
	SK Hynix, Inc.	7,273	179,058
	Taiwan Semiconductor Manufacturing Co., Ltd.	91,000	458,139
			710,390
Software – 0.5%
	Nexon Co., Ltd.	2,800	47,749
Specialty Retail – 1.8%
	L'Occitane International SA	31,206	55,677
	PC Jeweller, Ltd.	18,153	99,664
			155,341
Technology Hardware, Storage & Peripherals – 6.2%
	Catcher Technology Co., Ltd.	10,000	82,044
	Samsung Electronics Co., Ltd.	397	455,540
			537,584
Textiles, Apparel & Luxury Goods – 0.5%
	Belle International Holdings, Ltd.	78,000	45,148
Thrifts & Mortgage Finance – 2.0%
	Housing Development Finance Corp., Ltd.	4,473	74,683
	LIC Housing Finance, Ltd.	13,656	101,702
			176,385
Tobacco – 0.5%
	ITC, Ltd.	8,768	43,464
Transportation Infrastructure – 0.8%
	Shanghai International Airport Co., Ltd.^ß	15,700	73,043
Wireless Telecommunication Services – 2.4%
	China Mobile, Ltd.	19,000	211,748
Total Common Stocks (cost $8,644,597)			8,214,371
Preferred Stocks – 1.3%
Technology Hardware, Storage & Peripherals – 1.3%
	Samsung Electronics Co., Ltd.(cost $107,787)	116	112,307
Investment Companies – 2.2%
Investments Purchased with Cash Collateral from Securities Lending – 2.2%
	Janus Cash Collateral Fund LLC, 0.4107%^ºº,£(cost $186,200)	186,200	186,200
OTC Purchased Options – Calls – 0.1%
Counterparty/Reference Asset
Goldman Sachs International:
	CNH Currency, exercise price CNH 6.40, expires November 2016*(premiums paid $10,438)	344,497	10,827
Total Investments (total cost $8,949,022) – 98.1%			8,523,705
Cash, Receivables and Other Assets, net of Liabilities – 1.9%			165,740
Net Assets – 100%			$8,689,445


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

10	MARCH 31, 2016

Janus Asia Equity Fund

Schedule of Investments (unaudited)

March 31, 2016


Summary of Investments by Country - (Long Positions) (unaudited)

		% of
		Investment
Country	Value	Securities
China	$2,967,055	34.8	%
South Korea	1,466,853	17.2
Taiwan	1,134,066	13.3
Hong Kong	796,243	9.3
India	689,894	8.1
United States	311,455	3.7
Philippines	260,173	3.1
Singapore	246,603	2.9
Japan	188,857	2.2
Malaysia	152,503	1.8
Indonesia	148,923	1.7
Thailand	105,403	1.2
France	55,677	0.7



Total	$8,523,705	100.0	%


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	11

Janus Asia Equity Fund

Notes to Schedule of Investments and Other Information (unaudited)

MSCI All Country

Asia ex-Japan Index

A free float-adjusted, market capitalization weighted index that is designed to measure the equity market performance of Asia, excluding Japan.


ADR	American Depositary Receipt
LLC	Limited Liability Company
NVDR	Non-Voting Depositary Receipt
OTC	Over-the-Counter
PCL	Public Company Limited

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. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total value of 144A securities as of the period ended March 31, 2016 is $73,193, which represents 0.8% of net assets.


*	Non-income producing security.


ß	Security is illiquid.


ºº	Rate shown is the 7-day yield as of March 31, 2016.


#	Loaned security; a portion of the security is on loan at March 31, 2016.

The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control. The following securities were considered affiliated companies for all or some portion of the period ended March 31, 2016. Unless otherwise indicated, all information in the table is for the period ended March 31, 2016.


	Share			Share
	Balance			Balance	Realized	Dividend	Value
	at 9/30/15	Purchases	Sales	at 3/31/16	Gain/(Loss)	Income	at 3/31/16

Janus Cash Collateral Fund LLC	—	380,718	(194,518)	186,200	$—	$50⁽¹⁾	$186,200
Janus Cash Liquidity Fund LLC	—	3,262,075	(3,262,075)	—	—	148	—

Total					$—	$198	$186,200

(1) Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties.


12	MARCH 31, 2016

Janus Asia Equity Fund

Notes to Schedule of Investments and Other Information (unaudited)


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 March 31, 2016. See Notes to Financial Statements for more information.
Valuation Inputs Summary
	Level 1 - Quoted Prices	Level 2 - Other Significant Observable Inputs	Level 3 - Significant Unobservable Inputs
Assets
Investments in Securities:
Common Stocks
Real Estate Management & Development	$ 444,788	$ -	$ 46,404
All Other	7,723,179		-
Preferred Stocks	-	112,307	-
Investment Companies	-	186,200	-
OTC Purchased Options - Calls	-	10,827	-
Total Assets	$ 8,167,967	$ 309,334	$ 46,404


Janus Investment Fund	13

Janus Asia Equity Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2016

See footnotes at the end of the Statement.



Assets:
	Investments, at cost		$	8,949,022
	Unaffiliated investments, at value⁽¹⁾			8,337,505
	Affiliated investments, at value			186,200
	Restricted cash (Note 1)			394,819
	Non-interested Trustees' deferred compensation			167
	Receivables:
		Investments sold		192,142
		Due from adviser		16,336
		Dividends		16,028
		Fund shares sold		100
	Other assets			798
Total Assets				9,144,095
Liabilities:
	Due to custodian			70,752
	Collateral for securities loaned (Note 3)			186,200
	Payables:			—
		Investments purchased		158,680
		Professional fees		9,517
		Advisory fees		6,334
		Transfer agent fees and expenses		1,734
		Custodian fees		1,255
		Fund shares repurchased		1,152
		Foreign tax liability		542
		12b-1 Distribution and shareholder servicing fees		454
		Non-interested Trustees' deferred compensation fees		167
		Fund administration fees		69
		Non-interested Trustees' fees and expenses		61
		Accrued expenses and other payables		17,733
Total Liabilities				454,650
Net Assets			$	8,689,445


See Notes to Financial Statements.

14	MARCH 31, 2016

Janus Asia Equity Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2016




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	10,097,640
	Undistributed net investment income/(loss)		(48,262)
	Undistributed net realized gain/(loss) from investments and foreign currency transactions		(898,853)
	Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation⁽²⁾		(461,080)
Total Net Assets		$	8,689,445
Net Assets - Class A Shares		$	313,612
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		37,394
Net Asset Value Per Share⁽³⁾		$	8.39
Maximum Offering Price Per Share⁽⁴⁾		$	8.90
Net Assets - Class C Shares		$	387,495
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		46,452
Net Asset Value Per Share⁽³⁾		$	8.34
Net Assets - Class D Shares		$	4,848,518
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		574,662
Net Asset Value Per Share		$	8.44
Net Assets - Class I Shares		$	2,576,596
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		305,049
Net Asset Value Per Share		$	8.45
Net Assets - Class S Shares		$	327,514
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		39,024
Net Asset Value Per Share		$	8.39
Net Assets - Class T Shares		$	235,710
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		28,344
Net Asset Value Per Share		$	8.32

(1) Includes $182,083 of securities on loan. See Note 3 in Notes to Financial Statements.

(2) Includes $542 of foreign capital gains tax on investments.

(3) Redemption price per share may be reduced for any applicable contingent deferred sales charge.

(4) Maximum offering price is computed at 100/94.25 of net asset value.


See Notes to Financial Statements.

Janus Investment Fund	15

Janus Asia Equity Fund

Statement of Operations (unaudited)

For the period ended March 31, 2016



Investment Income:
	Dividends		$	43,435
	Dividends from affiliates			148
	Affiliated securities lending income, net			50
	Other income			1,977
	Foreign tax withheld			(5,940)
Total Investment Income				39,670
Expenses:
	Advisory fees			42,461
	12b-1Distribution and shareholder servicing fees:
		Class A Shares		466
		Class C Shares		1,888
		Class S Shares		397
	Transfer agent administrative fees and expenses:
		Class D Shares		3,166
		Class S Shares		397
		Class T Shares		483
	Transfer agent networking and omnibus fees:
		Class A Shares		200
		Class C Shares		86
		Class I Shares		451
	Other transfer agent fees and expenses:
		Class A Shares		68
		Class C Shares		68
		Class D Shares		1,714
		Class I Shares		192
		Class S Shares		18
		Class T Shares		30
	Registration fees			36,855
	Professional fees			32,747
	Accounting systems fee			10,339
	Custodian fees			7,952
	Shareholder reports expense			6,054
	Fund administration fees			385
	Non-interested Trustees’ fees and expenses			119
	Other expenses			258
Total Expenses				146,794
Less: Excess Expense Reimbursement				(81,446)
Net Expenses				65,348
Net Investment Income/(Loss)				(25,678)
Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions			(737,792)
Total Net Realized Gain/(Loss) on Investments				(737,792)
Change in Unrealized Net Appreciation/Depreciation:⁽¹⁾
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation			1,264,749
Total Change in Unrealized Net Appreciation/Depreciation				1,264,749
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	501,279

(1) Includes change in unrealized appreciation/depreciation of $(542) due to foreign capital gains tax on investments.


See Notes to Financial Statements.

16	MARCH 31, 2016

Janus Asia Equity Fund

Statements of Changes in Net Assets



			Period ended March 31, 2016 (unaudited)		Year ended September 30, 2015

Operations:
	Net investment income/(loss)		$	(25,678)	$	66,216
	Net realized gain/(loss) on investments			(737,792)		459,975
	Change in unrealized net appreciation/depreciation			1,264,749		(2,045,856)
Net Increase/(Decrease) in Net Assets Resulting from Operations				501,279		(1,519,665)
Dividends and Distributions to Shareholders:
		Class A Shares		—		(8,039)
		Class C Shares		—		(1,661)
		Class D Shares		(3,958)		(99,803)
		Class I Shares		(5,795)		(54,233)
		Class S Shares		—		(6,040)
		Class T Shares		(579)		(5,135)
	Total Dividends from Net Investment Income			(10,332)		(174,911)
	Distributions from Net Realized Gain from Investment Transactions
		Class A Shares		(17,690)		(17,352)
		Class C Shares		(17,051)		(12,715)
		Class D Shares		(239,449)		(198,823)
		Class I Shares		(112,535)		(103,633)
		Class S Shares		(14,332)		(13,114)
		Class T Shares		(19,978)		(7,149)
	Total Distributions from Net Realized Gain from Investment Transactions			(421,035)		(352,786)
Net Decrease from Dividends and Distributions to Shareholders				(431,367)		(527,697)
Capital Share Transactions:
		Class A Shares		(30,377)		(53,994)
		Class C Shares		25,826		92,176
		Class D Shares		(833,873)		(2,141,850)
		Class I Shares		74,505		18,049
		Class S Shares		14,332		39,474
		Class T Shares		(65,147)		(299,971)
Net Increase/(Decrease) from Capital Share Transactions				(814,734)		(2,346,116)
Net Increase/(Decrease) in Net Assets				(744,822)		(4,393,478)
Net Assets:
	Beginning of period			9,434,267		13,827,745
	End of period		$	8,689,445	$	9,434,267

Undistributed Net Investment Income/(Loss)			$	(48,262)	$	(12,252)


See Notes to Financial Statements.

Janus Investment Fund	17

Janus Asia Equity Fund

Financial Highlights


Class A Shares
For a share outstanding during the period ended March 31, 2016 (unaudited) and each year or period ended September 30			2016	2015	2014		2013	2012	2011⁽¹⁾
	Net Asset Value, Beginning of Period		$8.31	$9.79	$9.44		$9.25	$7.43	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	(0.03)⁽²⁾	0.01⁽²⁾	0.23⁽²⁾⁽³⁾		0.07	0.14	(0.23)
		Net realized and unrealized gain/(loss)	0.49	(0.95)	0.59		0.20	1.68	(2.34)
	Total from Investment Operations		0.46	(0.94)	0.82		0.27	1.82	(2.57)
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	(0.17)	(0.14)		(0.08)	—	—
		Distributions (from capital gains)	(0.38)	(0.37)	(0.33)		—	—	—
	Total Dividends and Distributions		(0.38)	(0.54)	(0.47)		(0.08)	—	—
	Net Asset Value, End of Period		$8.39	$8.31	$9.79		$9.44	$9.25	$7.43
	Total Return*		5.61%	(10.07)%	9.06%		2.88%	24.50%	(25.70)%
	Net Assets, End of Period (in thousands)		$314	$348	$456		$973	$878	$619
	Average Net Assets for the Period (in thousands)		$373	$400	$1,053		$1,063	$768	$724
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	3.31%	2.87%	2.49%		2.03%	4.43%	28.35%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.60%	1.61%	1.38%		1.52%	1.55%	1.35%
		Ratio of Net Investment Income/(Loss)	(0.75)%	0.07%	2.35%⁽³⁾		0.51%	0.87%	0.85%
	Portfolio Turnover Rate		35%	152%	72%		104%	75%	2%
						1


Class C Shares
For a share outstanding during the period ended March 31, 2016 (unaudited) and each year or period ended September 30			2016	2015	2014	2013	2012	2011⁽¹⁾
	Net Asset Value, Beginning of Period		$8.29	$9.72	$9.38	$9.18	$7.43	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	(0.06)⁽²⁾	(0.03)⁽²⁾	0.16⁽²⁾⁽³⁾	—⁽⁴⁾	0.06	(0.23)
		Net realized and unrealized gain/(loss)	0.49	(0.98)	0.59	0.21	1.69	(2.34)
	Total from Investment Operations		0.43	(1.01)	0.75	0.21	1.75	(2.57)
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	(0.05)	(0.08)	(0.01)	—	—
		Distributions (from capital gains)	(0.38)	(0.37)	(0.33)	—	—	—
	Total Dividends and Distributions		(0.38)	(0.42)	(0.41)	(0.01)	—	—
	Net Asset Value, End of Period		$8.34	$8.29	$9.72	$9.38	$9.18	$7.43
	Total Return*		5.25%	(10.81)%	8.22%	2.24%	23.55%	(25.70)%
	Net Assets, End of Period (in thousands)		$387	$360	$332	$804	$775	$619
	Average Net Assets for the Period (in thousands)		$375	$373	$802	$815	$716	$724
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	4.01%	3.59%	3.24%	2.77%	5.45%	29.12%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.29%	2.30%	2.12%	2.23%	2.30%	1.38%⁽⁵⁾
		Ratio of Net Investment Income/(Loss)	(1.43)%	(0.31)%	1.68%⁽³⁾	(0.20)%	0.08%	0.82%
	Portfolio Turnover Rate		35%	152%	72%	104%	75%	2%

* Total return not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Period from July 29, 2011 (inception date) through September 30, 2011.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.

(3) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include a special dividend from Strides Arcolab, Ltd. In December 2013. The impact of the special dividend to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.09 and 0.97%, respectively.

(4) Less than $0.005 on a per share basis.

(5) Pursuant to a contractual agreement, Janus waived certain fees and expenses during the period. The Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets would have been 2.34% in 2011 without the waiver of these fees and expenses.


See Notes to Financial Statements.

18	MARCH 31, 2016

Janus Asia Equity Fund

Financial Highlights


Class D Shares
For a share outstanding during the period ended March 31, 2016 (unaudited) and each year or period ended September 30			2016	2015	2014	2013	2012	2011⁽¹⁾
	Net Asset Value, Beginning of Period		$8.35	$9.84	$9.48	$9.26	$7.42	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	(0.02)⁽²⁾	0.07⁽²⁾	0.24⁽²⁾⁽³⁾	0.05	0.25	(0.18)
		Net realized and unrealized gain/(loss)	0.50	(1.00)	0.61	0.23	1.59	(2.40)
	Total from Investment Operations		0.48	(0.93)	0.85	0.28	1.84	(2.58)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.01)	(0.19)	(0.16)	(0.06)	—	—
		Distributions (from capital gains)	(0.38)	(0.37)	(0.33)	—	—	—
		Redemption fees	N/A	N/A	N/A	N/A	—⁽⁴⁾	—⁽⁴⁾
	Total Dividends and Distributions		(0.39)	(0.56)	(0.49)	(0.06)	—	—
	Net Asset Value, End of Period		$8.44	$8.35	$9.84	$9.48	$9.26	$7.42
	Total Return*		5.79%	(9.99)%	9.26%	3.01%	24.80%	(25.80)%
	Net Assets, End of Period (in thousands)		$4,849	$5,640	$9,084	$7,477	$3,394	$1,035
	Average Net Assets for the Period (in thousands)		$5,276	$6,632	$8,635	$7,523	$2,654	$963
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	3.20%	2.75%	2.31%	1.91%	2.77%	31.23%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.40%	1.42%	1.25%	1.40%	1.53%	1.39%⁽⁵⁾
		Ratio of Net Investment Income/(Loss)	(0.54)%	0.67%	2.52%⁽³⁾	0.63%	1.33%	0.90%
	Portfolio Turnover Rate		35%	152%	72%	104%	75%	2%


Class I Shares
For a share outstanding during the period ended March 31, 2016 (unaudited) and each year or period ended September 30			2016	2015	2014	2013	2012	2011⁽¹⁾
	Net Asset Value, Beginning of Period		$8.37	$9.85	$9.49	$9.27	$7.43	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	(0.02)⁽²⁾	0.06⁽²⁾	0.26⁽²⁾⁽³⁾	0.04	0.19	(0.23)
		Net realized and unrealized gain/(loss)	0.50	(0.98)	0.60	0.26	1.65	(2.34)
	Total from Investment Operations		0.48	(0.92)	0.86	0.30	1.84	(2.57)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.02)	(0.19)	(0.17)	(0.08)	—	—
		Distributions (from capital gains)	(0.38)	(0.37)	(0.33)	—	—	—
	Total Dividends and Distributions		(0.40)	(0.56)	(0.50)	(0.08)	—	—
	Net Asset Value, End of Period		$8.45	$8.37	$9.85	$9.49	$9.27	$7.43
	Total Return*		5.82%	(9.79)%	9.43%	3.21%	24.76%	(25.70)%
	Net Assets, End of Period (in thousands)		$2,577	$2,470	$2,899	$1,295	$1,145	$619
	Average Net Assets for the Period (in thousands)		$2,498	$3,017	$2,751	$1,549	$848	$724
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.96%	2.56%	2.15%	1.70%	3.63%	28.10%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.26%	1.27%	1.07%	1.26%	1.29%	1.34%
		Ratio of Net Investment Income/(Loss)	(0.39)%	0.57%	2.75%⁽³⁾	0.55%	1.19%	0.86%
	Portfolio Turnover Rate		35%	152%	72%	104%	75%	2%


See Notes to Financial Statements.

Janus Investment Fund	19

Janus Asia Equity Fund

Financial Highlights

* Total return not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Period from July 29, 2011 (inception date) through September 30, 2011.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.

(4) Redemption fees aggregated less than $0.005 on a per share basis. Redemption fees were eliminated effective April 2, 2012.

(5) Pursuant to a contractual agreement, Janus waived certain fees and expenses during the period. The Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets would have been 2.26% in 2011 without the waiver of these fees and expenses.


Class S Shares
For a share outstanding during the period ended March 31, 2016 (unaudited) and each year or period ended September 30			2016	2015	2014	2013	2012	2011⁽¹⁾
	Net Asset Value, Beginning of Period		$8.32	$9.79	$9.43	$9.23	$7.43	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	(0.03)⁽²⁾	0.07⁽²⁾	0.23⁽²⁾⁽³⁾	0.05	0.10	(0.23)
		Net realized and unrealized gain/(loss)	0.48	(1.00)	0.59	0.22	1.70	(2.34)
	Total from Investment Operations		0.45	(0.93)	0.82	0.27	1.80	(2.57)
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	(0.17)	(0.13)	(0.07)	—	—
		Distributions (from capital gains)	(0.38)	(0.37)	(0.33)	—	—	—
	Total Dividends and Distributions		(0.38)	(0.54)	(0.46)	(0.07)	—	—
	Net Asset Value, End of Period		$8.39	$8.32	$9.79	$9.43	$9.23	$7.43
	Total Return*		5.49%	(9.97)%	9.02%	2.86%	24.23%	(25.70)%
	Net Assets, End of Period (in thousands)		$328	$310	$345	$791	$769	$619
	Average Net Assets for the Period (in thousands)		$317	$390	$752	$874	$710	$724
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	3.43%	3.06%	2.58%	2.21%	4.97%	28.59%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.65%	1.48%	1.46%	1.65%	1.75%	1.36%⁽⁴⁾
		Ratio of Net Investment Income/(Loss)	(0.79)%	0.71%	2.42%⁽³⁾	0.29%	0.63%	0.84%
	Portfolio Turnover Rate		35%	152%	72%	104%	75%	2%


Class T Shares
For a share outstanding during the period ended March 31, 2016 (unaudited) and each year or period ended September 30			2016	2015	2014	2013	2012	2011⁽¹⁾
	Net Asset Value, Beginning of Period		$8.25	$9.81	$9.45	$9.25	$7.43	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	(0.03)⁽²⁾	0.04⁽²⁾	0.24⁽²⁾⁽³⁾	0.13	0.15	(0.23)
		Net realized and unrealized gain/(loss)	0.49	(0.96)	0.61	0.15	1.67	(2.34)
	Total from Investment Operations		0.46	(0.92)	0.85	0.28	1.82	(2.57)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.01)	(0.27)	(0.16)	(0.08)	—	—
		Distributions (from capital gains)	(0.38)	(0.37)	(0.33)	—	—	—
	Total Dividends and Distributions		(0.39)	(0.64)	(0.49)	(0.08)	—	—
	Net Asset Value, End of Period		$8.32	$8.25	$9.81	$9.45	$9.25	$7.43
	Total Return*		5.67%	(9.98)%	9.37%	2.99%	24.50%	(25.70)%
	Net Assets, End of Period (in thousands)		$236	$306	$712	$1,644	$861	$619
	Average Net Assets for the Period (in thousands)		$387	$566	$1,357	$1,331	$798	$724
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	3.21%	2.73%	2.44%	2.05%	4.33%	28.34%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.49%	1.39%	1.26%	1.43%	1.54%	1.35%
		Ratio of Net Investment Income/(Loss)	(0.65)%	0.46%	2.49%⁽³⁾	0.63%	0.89%	0.85%
	Portfolio Turnover Rate		35%	152%	72%	104%	75%	2%


See Notes to Financial Statements.

20	MARCH 31, 2016

Janus Asia Equity Fund

Financial Highlights

* Total return not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Period from July 29, 2011 (inception date) through September 30, 2011.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.

(4) Pursuant to a contractual agreement, Janus waived certain fees and expenses during the period. The Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets would have been 1.84% in 2011 without the waiver of these fees and expenses.


See Notes to Financial Statements.

Janus Investment Fund	21

Janus Asia Equity Fund

Notes to Financial Statements (unaudited)

1. Organization and Significant Accounting Policies

Janus Asia Equity Fund (the “Fund”) is a series fund. The Fund is part of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers forty-five Funds which include multiple series of shares, with differing investment objectives and policies. The Fund invests primarily in equity securities. The Fund is classified as diversified, as defined in the 1940 Act.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares. Class D are closed to new investors in certain distribution channels.

Class A Shares and Class C Shares are generally offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class D Shares are generally no longer being made available to new investors who do not already have a direct account with the Janus funds. Class D Shares are available only to investors who hold accounts directly with the Janus funds, to immediate family members or members of the same household of an eligible individual investor, and to existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus funds.

Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. Class I Shares are also available to certain direct institutional investors including, but not limited to, corporations, certain retirement plans, public plans, and foundations/endowments.

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with Janus Capital Management LLC (“Janus Capital”) or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with Janus Capital or its affiliates to offer Class T Shares on their supermarket platforms.

The following accounting policies have been followed by the Fund and are in conformity with accounting principles generally accepted in the United States of America.

Investment Valuation

Securities held by the Fund are valued in accordance with policies and procedures established by and under the supervision of the Trustees (the “Valuation Procedures”). Equity securities traded on a domestic securities exchange are generally valued at the closing prices on the primary market or exchange on which they trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Securities that are traded on the over-the-counter (“OTC”) markets are generally valued at their closing or latest bid prices as available. Foreign securities and currencies are converted to U.S. dollars using the applicable exchange rate in effect at the close of the New York Stock Exchange (“NYSE”). The Fund will determine the market value of individual securities held by it by using prices provided by one or more approved professional pricing services or, as needed, by obtaining market quotations from independent broker-dealers. Most debt securities are valued in accordance with the evaluated bid price supplied by the pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined


22	MARCH 31, 2016

Janus Asia Equity Fund

Notes to Financial Statements (unaudited)

approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith under the Valuation Procedures. 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; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a nonvalued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to “odd-lot” fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The Fund uses systematic fair valuation models provided by independent third parties to value international equity securities in order to adjust for stale pricing, which may occur between the close of certain foreign exchanges and the close of the NYSE.

Valuation Inputs Summary

FASB ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), defines fair value, establishes a framework for measuring fair value, and expands disclosure requirements regarding fair value measurements. This standard 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 and establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. These inputs are summarized into three broad levels:

Level 1 – Unadjusted quoted prices in active markets the Fund has the ability to access for identical assets or liabilities.

Level 2 – Observable inputs other than unadjusted quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Assets or liabilities categorized as Level 2 in the hierarchy generally include: debt securities fair valued in accordance with the evaluated bid or ask prices supplied by a pricing service; securities traded on OTC markets and listed securities for which no sales are reported that are fair 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 Fund’s Trustees; certain short-term debt securities with maturities of 60 days or less that are fair valued at amortized cost; and equity securities of foreign issuers whose fair value is determined by using systematic fair valuation models provided by independent third parties in order to adjust for stale pricing which may occur between the close of certain foreign exchanges and the close of the NYSE. Other securities that may be categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, swaps, investments in unregistered investment companies, options, and forward contracts.

Level 3 – Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal year.

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of March 31, 2016 to fair value the Fund’s investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments and Other Information.

The Fund did not hold a significant amount of Level 3 securities as of March 31, 2016.

The Fund recognizes transfers between the levels as of the beginning of the fiscal year. The following describes the amounts of transfers between Level 1, Level 2 and Level 3 of the fair value hierarchy during the period.

Financial assets of $6,602,854 were transferred out of Level 2 to Level 1 since certain foreign equity prices were applied a fair valuation adjustment factor at the end of the prior fiscal year and no factor was applied at the end of the current period.


Janus Investment Fund	23

Janus Asia Equity Fund

Notes to Financial Statements (unaudited)

Financial assets of $94,002 were transferred out of Level 2 to Level 3 since certain security’s prices were determined using significant unobservable inputs at the end of the current fiscal year and other significant observable inputs at the end of the prior fiscal year.

Investment Transactions and Investment Income

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Interest income is recorded on the accrual basis and includes amortization of premiums and accretion of discounts. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

Expenses

The Fund bears expenses incurred specifically on its behalf, as well as a portion of general expenses, which may be allocated pro rata to the Fund. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.

Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Indemnifications

In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.

Foreign Currency Translations

The Fund does 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 the date of the financial statements. 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 the date of the financial statements, 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 translations.

Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

Dividends and Distributions

The Fund generally declares and distributes dividends of net investment income and realized capital gains (if any) annually. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as “equalization,” has no effect on the redeeming shareholder or a Fund’s total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Funds’ equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.

The Fund may make certain investments in real estate investment trusts (“REITs”) which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs’ taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If


24	MARCH 31, 2016

Janus Asia Equity Fund

Notes to Financial Statements (unaudited)

the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal income tax purposes.

Federal Income Taxes

The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund’s tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund’s financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Restricted Cash

As of March 31, 2016, the Fund has restricted cash in the amount of $394,819. The restricted cash represents collateral pledged in relation to investment quota for China A Shares. The carrying value of the restricted cash approximates fair value.

2. Derivative Instruments

The Fund may invest in various types of derivatives, which may at times result in significant derivative exposure. A derivative is a financial instrument whose performance is derived from the performance of another asset. The Fund may invest in derivative instruments including, but not limited to: futures contracts, put options, call options, options on future contracts, options on foreign currencies, options on recovery locks, options on security and commodity indices, swaps, forward contracts, structured investments, and other equity-linked derivatives. Each derivative instrument that was held by the Fund during the period ended March 31, 2016 is discussed in further detail below. A summary of derivative activity by the Fund is reflected in the tables at the end of this section.

The Fund may use derivative instruments for hedging purposes (to offset risks associated with an investment, currency exposure, or market conditions), to adjust currency exposure relative to a benchmark index, or for speculative purposes (to earn income and seek to enhance returns). When the Fund invests in a derivative for speculative purposes, the Fund will be fully exposed to the risks of loss of that derivative, which may sometimes be greater than the derivative’s cost. The Fund may not use any derivative to gain exposure to an asset or class of assets that it would be prohibited by its investment restrictions from purchasing directly. The Fund’s ability to use derivative instruments may also be limited by tax considerations.

Investments in derivatives in general are subject to market risks that may cause their prices to fluctuate over time. Investments in derivatives may not directly correlate with the price movements of the underlying instrument. As a result, the use of derivatives may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. The use of derivatives may result in larger losses or smaller gains than otherwise would be the case. Derivatives can be volatile and may involve significant risks.

In pursuit of its investment objective, the Fund may seek to use derivatives to increase or decrease exposure to the following market risk factors:

· Commodity Risk – the risk related to the change in value of commodities or commodity-linked investments due to changes in the overall market movements, volatility of the underlying benchmark, changes in interest rates, or other factors affecting a particular industry of commodity such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political, and regulatory developments.

· Counterparty Risk – the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its financial obligation to the Fund.

· Credit Risk – the risk an issuer will be unable to make principal and interest payments when due, or will default on its obligations.

· Currency Risk – the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment.

· Equity Risk – the risk related to the change in value of equity securities as they relate to increases or decreases in the general market.


Janus Investment Fund	25

Janus Asia Equity Fund

Notes to Financial Statements (unaudited)

· Index Risk – if the derivative is linked to the performance of an index, it will be subject to the risks associated with changes in that index. If the index changes, the Fund could receive lower interest payments or experience a reduction in the value of the derivative to below what the Fund paid. Certain indexed securities, including inverse securities (which move in an opposite direction to the index), may create leverage, to the extent that they increase or decrease in value at a rate that is a multiple of the changes in the applicable index.

· Interest Rate Risk – the risk that the value of fixed-income securities will generally decline as prevailing interest rates rise, which may cause the Fund’s NAV to likewise decrease.

· Leverage Risk – the risk associated with certain types of leveraged investments or trading strategies pursuant to which relatively small market movements may result in large changes in the value of an investment. The Fund creates leverage by investing in instruments, including derivatives, where the investment loss can exceed the original amount invested. Certain investments or trading strategies, such as short sales, that involve leverage can result in losses that greatly exceed the amount originally invested.

· Liquidity Risk – the risk that certain securities may be difficult or impossible to sell at the time that the seller would like or at the price that the seller believes the security is currently worth.

Derivatives may generally be traded OTC or on an exchange. Derivatives traded OTC are agreements that are individually negotiated between parties and can be tailored to meet a purchaser’s needs. OTC derivatives are not guaranteed by a clearing agency and may be subject to increased credit risk.

In an effort to mitigate credit risk associated with derivatives traded OTC, the Fund may enter into collateral agreements with certain counterparties whereby, subject to certain minimum exposure requirements, the Fund may require the counterparty to post collateral if the Fund has a net aggregate unrealized gain on all OTC derivative contracts with a particular counterparty. There is no guarantee that counterparty exposure is reduced and these arrangements are dependent on Janus Capital’s ability to establish and maintain appropriate systems and trading.

Options Contracts

An options contract provides the purchaser with the right, but not the obligation, to buy (call option) or sell (put option) a financial instrument at an agreed upon price on or before a specified date. The purchaser pays a premium to the seller for this right. The seller has the corresponding obligation to sell or buy a financial instrument if the purchaser (owner) "exercises" the option. 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. Upon expiration, or closing of the option transaction, a realized gain or loss is reported on the Statement of Operations (if applicable). The difference between the premium paid/received and the market value of the option is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported on the Statement of Operations (if applicable). Option contracts are typically valued using an approved vendor’s option valuation model. To the extent reliable market quotations are available, option contracts are valued using market quotations. In cases when an approved vendor cannot provide coverage for an option and there is no reliable market quotation, a broker quotation or an internal valuation using the Black-Scholes model, the Cox-Rubenstein Binomial Option Pricing Model, or other appropriate option pricing model is used. Certain options contracts are marked-to-market daily, and the daily variation margin is recorded as a receivable or payable on the Statement of Assets and Liabilities as “Variation margin receivable” or “Variation margin payable” (if applicable).

The Fund may use options contracts to hedge against changes in interest rates, the values of equities, or foreign currencies. The Fund generally invests in options to hedge against adverse movements in the value of portfolio holdings. 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 Fund’s hedging strategy unsuccessful. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased or sold. The Fund may be subject to counterparty risk, interest rate risk, liquidity risk, equity risk, commodity risk, and currency risk in the normal course of pursuing its investment objective through its investments in options contracts.

Options traded on an exchange are regulated and the terms of the options are standardized. Options traded OTC expose the Fund to counterparty risk in the event that the counterparty does not perform. This risk is mitigated by having a netting arrangement between the Fund and the counterparty and by having the counterparty post collateral to cover the Fund’s exposure to the counterparty.


26	MARCH 31, 2016

Janus Asia Equity Fund

Notes to Financial Statements (unaudited)

The Fund may purchase put options to hedge against a decline in the value of its portfolio. By using put options in this way, the Fund will reduce any profit it might otherwise have realized in the underlying security by the amount of the premium paid for the put option and by transaction costs. The Fund may purchase call options to hedge against an increase in the price of securities that it may buy in the future. The premium paid for the call option plus any transaction costs will reduce the benefit, if any, realized by the Fund upon exercise of the option, and, unless the price of the underlying security rises sufficiently, the option may expire worthless to the Fund. The risk in buying options is that the Fund pays a premium whether or not the options are exercised. Options purchased are reported in the Schedule of Investments (if applicable).

During the period, the Fund purchased call options on foreign exchange rates vs. the U.S. dollar in order to increase foreign currency exposure and reduce U.S. dollar exposure where increasing this exposure via the options market was most attractive.

During the period ended March 31, 2016, the average ending monthly market value amounts on purchased call options is $13,602.

The following table, grouped by derivative type, provides information about the fair value and location of derivatives within the Statement of Assets and Liabilities as of March 31, 2016.


Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of March 31, 2016

			Equity Contracts
Asset Derivatives:
Investments, at value*		$	10,827


*	Amounts relate to purchased options.

The following table provides information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the period ended March 31, 2016.


The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended March 31, 2016



Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative			Equity Contracts
Investments, foreign currency translations and non-interested Trustees' deferred compensation		$	389*

*	Amounts relate to purchased options.

Please see the Fund’s Statement of Operations for the Fund’s “Net Realized and Unrealized Gain/(Loss) on Investments.”

3. Other Investments and Strategies

Additional Investment Risk

The financial crisis in both the U.S. and global economies over the past several years has resulted, and may continue to result, in a significant decline in the value and liquidity of many securities of issuers worldwide in the equity and fixed-income/credit markets. In response to the crisis, the United States and certain foreign governments, along with the U.S. Federal Reserve and certain foreign central banks, took steps to support the financial markets. The withdrawal of this support, a failure of measures put in place to respond to the crisis, or investor perception that such efforts were not sufficient could each negatively affect financial markets generally, and the value and liquidity of specific securities. In addition, policy and legislative changes in the United States and in other countries continue to impact many aspects of financial regulation. The effect of these changes on the markets, and the practical implications for market participants,


Janus Investment Fund	27

Janus Asia Equity Fund

Notes to Financial Statements (unaudited)

including the Fund, may not be fully known for some time. As a result, it may also be unusually difficult to identify both investment risks and opportunities, which could limit or preclude the Fund’s ability to achieve its investment objective. Therefore, it is important to understand that the value of your investment may fall, sometimes sharply, and you could lose money.

The enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) provided for widespread regulation of financial institutions, consumer financial products and services, broker-dealers, OTC derivatives, investment advisers, credit rating agencies, and mortgage lending, which expanded federal oversight in the financial sector, including the investment management industry. Many provisions of the Dodd-Frank Act remain pending and will be implemented through future rulemaking. Therefore, the ultimate impact of the Dodd-Frank Act and the regulations under the Dodd-Frank Act on the Fund and the investment management industry as a whole, is not yet certain.

A number of countries in the European Union (“EU”) have experienced, and may continue to experience, severe economic and financial difficulties. In particular, many EU nations are susceptible to economic risks associated with high levels of debt, notably due to investments in sovereign debt of countries such as Greece, Italy, Spain, Portugal, and Ireland. Many non-governmental issuers, and even certain governments, have defaulted on, or been forced to restructure, their debts. Many other issuers have faced difficulties obtaining credit or refinancing existing obligations. Financial institutions have in many cases required government or central bank support, have needed to raise capital, and/or have been impaired in their ability to extend credit. As a result, financial markets in the EU experienced extreme volatility and declines in asset values and liquidity. Responses to these financial problems by European governments, central banks, and others, including austerity measures and reforms, may not work, may result in social unrest, and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets, and asset valuations around the world. Greece, Ireland, and Portugal have already received one or more "bailouts" from other Eurozone member states, and it is unclear how much additional funding they will require or if additional Eurozone member states will require bailouts in the future. One or more countries may abandon the euro and/or withdraw from the EU, placing its currency and banking system in jeopardy.

Certain areas of the world have historically been prone to and economically sensitive to environmental events such as, but not limited to, hurricanes, earthquakes, typhoons, flooding, tidal waves, tsunamis, erupting volcanoes, wildfires or droughts, tornadoes, mudslides, or other weather-related phenomena. Such disasters, and the resulting physical or economic damage, could have a severe and negative impact on the Fund’s investment portfolio and, in the longer term, could impair the ability of issuers in which the Fund invests to conduct their businesses as they would under normal conditions. Adverse weather conditions may also have a particularly significant negative effect on issuers in the agricultural sector and on insurance companies that insure against the impact of natural disasters.

China A Shares

The Chinese government may permit a foreign investor to invest in China A Shares as a licensed Qualified Foreign Institutional Investor (“QFII”). QFII licenses are granted by the China Securities Regulatory Commission and an investment quota is granted by the State Administration of Foreign Exchange. Janus Capital has been granted a QFII license and an investment quota.

People’s Republic of China (“PRC”) regulations require QFIIs to entrust assets held in the PRC and to interact with government agencies through a China-based qualified custodian bank. Assets attributable to clients of Janus Capital will be held by the custodian in foreign exchange accounts and securities accounts in the joint name of Janus Capital and its clients, although the terms of the custody agreement make clear that the contents of the accounts belong to the clients, and not to Janus Capital.

During the period ended March 31, 2016, Janus Capital, in its capacity as a QFII, invested in China A Shares on behalf of the Fund. With respect to direct China A Shares investments, as a general matter, any capital invested and profits generated cannot be repatriated for a minimum of one year. Repatriation of any invested capital is subject to approval by the regulator. Additionally, any repatriation of profits would be subject to an audit by a registered accountant in China, and subject to regulatory approval. In light of the foregoing, the Fund’s investment in China A Shares would be subject to the Fund’s limit of investing up to 15% of its net assets in illiquid investments. Current Chinese tax law is unclear whether capital gains realized on the Fund’s investments in China A shares will be subject to tax. Because management


28	MARCH 31, 2016

Janus Asia Equity Fund

Notes to Financial Statements (unaudited)

believes it is more likely than not that Chinese capital gains tax ultimately will not be imposed, the Fund does not accrue for such taxes.

As of March 31, 2016, the Fund has available investment quota of $394,819. The Fund is subject to certain restrictions and administrative processes relating to its ability to repatriate cash balances and may incur substantial delays in gaining access to its assets.

Counterparties

Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the 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 the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund’s exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.

The 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 the Fund’s cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The 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 the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.

Emerging Market Investing

The Fund may invest in securities of issuers or companies from or with exposure to one or more “developing countries” or “emerging market countries.” To the extent that the Fund invests a significant amount of its assets in one or more of these countries, its returns and net asset value may be affected to a large degree by events and economic conditions in such countries. The risks of foreign investing are heightened when investing in emerging markets, which may result in the price of investments in emerging markets experiencing sudden and sharp price swings. In many developing markets, there is less government supervision and regulation of business and industry practices (including the potential lack of strict finance and accounting controls and standards), stock exchanges, brokers, and listed companies, making these investments potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. There is a risk in developing countries that a future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government monopolies, any of which may have a detrimental effect on the Fund’s investments. In addition, the Fund’s investments may be denominated in foreign currencies and therefore, changes in the value of a country’s currency compared to the U.S. dollar may affect the value of the Fund’s investments. To the extent that the Fund invests a significant portion of its assets in the securities of issuers in or companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region, which could have a negative impact on the Fund’s performance. Additionally, foreign and emerging market risks, including, but not limited to, price controls, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, nationalization, and restrictions on repatriation of assets may be heightened to the extent the Fund invests in Chinese local market securities.

Offsetting Assets and Liabilities

The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.


Janus Investment Fund	29

Janus Asia Equity Fund

Notes to Financial Statements (unaudited)

default and/or termination event. Under an ISDA Master Agreement, in the event of a default and/or termination event, the Fund may offset with each counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. For financial reporting purposes, the Fund does not offset certain derivative financial instruments’ payables and receivables and related collateral on the Statement of Assets and Liabilities.

The following table presents gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see either the “Fair Value of Derivative Instruments as of March 31, 2016” table located in Note 2 of these Notes to Financial Statements and/or the Fund’s Schedule of Investments.


Offsetting of Financial Assets and Derivative Assets
Counterparty	Gross Amounts of Recognized Assets	Offsetting Asset or Liability^(a)	Collateral Pledged^(b)	Net Amount
Deutsche Bank AG	$ 182,083	$ -	$ (182,083)	$ -
Goldman Sachs International	10,287	-	-	10,287
Total	$ 192,370	$ -	$ (182,083)	$ 10,287
(a) Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities.
(b) Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value.

Deutsche Bank AG acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodian functions. Securities on loan 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 as permitted by the SEC. 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. Upon receipt of cash collateral, Janus Capital intends to invest the cash collateral in a cash management vehicle for which Janus Capital serves as investment adviser, Janus Cash Collateral Fund LLC. 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 on this mark-to-market evaluation.

The Fund may require the counterparty to pledge securities as collateral daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized gain on OTC derivative contracts with a particular counterparty. The Fund may deposit cash as collateral with the counterparty and/or custodian daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized loss on OTC derivative contracts with a particular counterparty. The collateral amounts are subject to minimum exposure requirements and initial margin requirements. Collateral amounts are monitored and subsequently adjusted up or down as valuations fluctuate by at least the minimum exposure requirement. Collateral may reduce the risk of loss.

Real Estate Investing

The Fund may invest in equity and debt securities of real estate-related companies. Such companies may include those in the real estate industry or real estate-related industries. These securities may include common stocks, corporate bonds, preferred stocks, and other equity securities, including, but not limited to, mortgage-backed securities, real estate-backed securities, securities of REITs and similar REIT-like entities. A REIT is a trust that invests in real estate-related projects, such as properties, mortgage loans, and construction loans. REITs are generally categorized as equity, mortgage, or hybrid REITs. A REIT may be listed on an exchange or traded OTC.


30	MARCH 31, 2016

Janus Asia Equity Fund

Notes to Financial Statements (unaudited)

Securities Lending

Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to qualified parties. Deutsche Bank AG acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodian functions. The Fund may lend portfolio securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, Janus Capital makes efforts to balance the benefits and risks from granting such loans. 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 as permitted by the SEC. If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund.

Upon receipt of cash collateral, Janus Capital may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. Janus Capital currently intends to invest the cash collateral in a cash management vehicle for which Janus Capital serves as investment adviser, Janus Cash Collateral Fund LLC. An investment in Janus Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Cash Collateral Fund LLC, Janus Capital has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Cash Collateral Fund LLC. Additionally, Janus Capital receives an investment advisory fee of 0.05% for managing Janus Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

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 on this mark-to-market evaluation.

The cash collateral invested by Janus Capital is disclosed in the Schedule of Investments (if applicable). Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations. As of March 31, 2016, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $182,083 for equity securities. Gross amounts of recognized liabilities for securities lending (collateral received) as of March 31, 2016 is $186,200, resulting in the net amount due to the counterparty of $4,117.

4. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pays Janus Capital an investment advisory fee which is calculated daily and paid monthly. The Fund’s "base" fee rate prior to any performance adjustment (expressed as an annual rate) is 0.92%.


Janus Investment Fund	31

Janus Asia Equity Fund

Notes to Financial Statements (unaudited)

The investment advisory fee rate is determined by calculating a base fee and applying a performance adjustment. The base fee rate is the same as the contractual investment advisory fee rate. The performance adjustment either increases or decreases the base fee depending on how well the Fund has performed relative to its benchmark index. The Fund's benchmark index used in the calculation is the MSCI All Country Asia ex-Japan Index.

The calculation of the performance adjustment applies as follows:

Investment Advisory Fee = Base Fee Rate +/- Performance Adjustment

The investment advisory fee rate paid to Janus Capital by the Fund consists of two components: (1) a base fee calculated by applying the contractual fixed rate of the advisory fee to the Fund’s average daily net assets during the previous month (“Base Fee Rate”), plus or minus (2) a performance-fee adjustment (“Performance Adjustment”) calculated by applying a variable rate of up to 0.15% (positive or negative) to the Fund’s average daily net assets during the applicable performance measurement period, which is generally the previous 36 months.

The Fund’s prospectuses and statement(s) of additional information contain additional information about performance-based fees. The amount shown as advisory fees on the Statement of Operations reflects the Base Fee Rate plus/minus any Performance Adjustment. For the period ended March 31, 2016, the performance adjusted investment advisory fee rate before any waivers and/or reimbursements of expenses is 0.92%.

Janus Capital Singapore Pte. Limited (“Janus Singapore”) serves as subadviser to the Fund. Janus Singapore provides day-to-day management of the Fund’s portfolio operations. Janus Singapore is an indirect wholly-owned subsidiary of Janus Capital. Janus Capital pays Janus Singapore a fee equal to 50% of the advisory fee paid by the Fund (calculated after any applicable performance fee adjustment, fee waivers, and expense reimbursements). The subadvisory fee paid by Janus Capital to Janus Singapore adjusts up or down based on the Fund’s performance relative to the Fund’s benchmark index over the performance measurement period.

Janus Capital has contractually agreed to waive the advisory fee payable by the Fund or reimburse expenses in an amount equal to the amount, if any, that the Fund’s normal operating expenses in any fiscal year, including the investment advisory fee, but excluding the 12b-1 distribution and shareholder servicing fees (applicable to Class A Shares, Class C Shares, and Class S Shares), transfer agent fees and expenses payable pursuant to the Transfer Agency Agreement, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 1.04%. Janus Capital has agreed to continue the waiver until at least February 1, 2017. The previous expense limit (until February 1, 2016) was 1.28%. If applicable, amounts reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement” on the Statement of Operations.

Janus Services LLC (“Janus Services”), a wholly-owned subsidiary of Janus Capital, is the Fund’s transfer agent. In addition, Janus Services provides or arranges for the provision of certain other administrative services including, but not limited to, recordkeeping, accounting, order processing, and other shareholder services for the Fund. Janus Services is not compensated for its services related to the shares, except for out-of-pocket costs. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.

Certain, but not all, intermediaries may charge administrative fees (such as networking and omnibus) to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to Janus Services, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between Janus Services and the Fund, Janus Services may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. Janus Capital and its affiliates benefit from an increase in assets that may result from such relationships. The Funds’ Trustees have set limits on fees that the Funds may incur with respect to administrative fees paid for omnibus or networked accounts. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.

The Fund’s Class D Shares pay an administrative services fee at an annual rate of 0.12% of the average daily net assets of Class D Shares for shareholder services provided by Janus Services. Janus Services provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, accounting, answering inquiries regarding accounts, transaction processing, transaction confirmations, and the mailing of prospectuses and shareholder reports. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.


32	MARCH 31, 2016

Janus Asia Equity Fund

Notes to Financial Statements (unaudited)

Janus Services receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class S Shares and Class T Shares for providing or procuring administrative services to investors in Class S Shares and Class T Shares of the Fund. Janus Services expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. Janus Services or its affiliates may also pay fees for services provided by intermediaries to the extent the fees charged by intermediaries exceed the 0.25% of net assets charged to Class S Shares and Class T Shares of the Fund. Janus Services may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class S Shares and Class T Shares. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.

Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with Janus Capital.

Janus Services is compensated for its services related to the Fund’s Class D Shares. In addition to the administrative fees discussed above, Janus Services receives reimbursement for out-of-pocket costs it incurs for serving as transfer agent and providing, or arranging for, servicing to shareholders. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.

Under a distribution and shareholder servicing plan (the “Plan”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, Janus Distributors LLC (“Janus Distributors”), a wholly-owned subsidiary of Janus Capital, a fee for the sale and distribution and/or shareholder servicing of the Shares at an annual rate of up to 0.25% of the Class A Shares’ average daily net assets, of up to 1.00% of the Class C Shares’ average daily net assets, and of up to 0.25% of the Class S Shares’ average daily net assets. Under the terms of the Plan, the Trust is authorized to make payments to Janus Distributors for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations. Payments under the Plan are not tied exclusively to actual 12b-1 distribution and shareholder service expenses, and the payments may exceed 12b-1 distribution and shareholder service expenses actually incurred. If any of the Fund’s actual 12b-1 distribution and shareholder service expenses incurred during a calendar year are less than the payments made during a calendar year, the Fund will be refunded the difference. Refunds, if any, are included in “12b-1 Distribution fees and shareholder servicing fees” in the Statement of Operations.

Janus Capital furnishes certain administration, compliance, and accounting services for the Fund and is reimbursed by the Fund for certain of its costs in providing those services (to the extent Janus Capital seeks reimbursement and such costs are not otherwise waived). The Fund also pays for salaries, fees, and expenses of certain Janus Capital employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by Janus Capital, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services Janus Capital provides to the Fund. These amounts are disclosed as “Fund administration fees” on the Statement of Operations. In addition, employees of Janus Capital and/or its affiliates may serve as officers of the Trust. Some expenses related to compensation payable to the Fund's Chief Compliance Officer and compliance staff are shared with the Fund. Total compensation of $367,532 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended March 31, 2016. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.


Janus Investment Fund	33

Janus Asia Equity Fund

Notes to Financial Statements (unaudited)

interested Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation” on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended March 31, 2016 are included in “Non-interested Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $92,975 were paid by the Trust to a Trustee under the Deferred Plan during the period ended March 31, 2016.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or nonaffiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or nonaffiliated money market funds or cash management pooled investment vehicles. The Fund is eligible to participate in the cash sweep program (the “Investing Funds”). As adviser, Janus Capital has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Cash Liquidity Fund LLC is an affiliated unregistered cash management pooled investment vehicle that invests primarily in highly-rated short-term fixed-income securities. Janus Cash Liquidity Fund LLC currently maintains a NAV of $1.00 per share and distributes income daily in a manner consistent with a registered product compliant with Rule 2a-7 under the 1940 Act. There are no restrictions on the Fund's ability to withdraw investments from Janus Cash Liquidity Fund LLC at will, and there are no unfunded capital commitments due from the Fund to Janus Cash Liquidity Fund LLC. The units of Janus Cash Liquidity Fund LLC are not charged any management fee, sales charge or service fee.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended March 31, 2016 can be found in a table located in the Notes to Schedule of Investments and Other Information.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between Janus Distributors and financial intermediaries. During the period ended March 31, 2016, Janus Distributors retained upfront sales charges of $578.

A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to Janus Distributors during the period ended March 31, 2016.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class C Shares during the period ended March 31, 2016.

As of March 31, 2016, shares of the Fund were owned by Janus Capital and/or other funds advised by Janus Capital, as indicated in the table below:


Class	% of Class Owned		% of Fund Owned
Class A Shares	25	%	1	%
Class C Shares	76		3
Class D Shares	-		-
Class I Shares	75		22
Class S Shares	100		4
Class T Shares	-		-


34	MARCH 31, 2016

Janus Asia Equity Fund

Notes to Financial Statements (unaudited)

In addition, other shareholders, including other funds, individuals, accounts, as well as the Fund’s portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund’s Shares and can be considered to “control” the Fund when that ownership exceeds 25% of the Fund’s assets (and which may differ from control as determined in accordance with accounting principles generally accepted in the United States of America).

5. Federal Income Tax

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 Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. 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.

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of March 31, 2016 are noted below.

Unrealized appreciation and unrealized depreciation in the table below exclude appreciation/depreciation on foreign currency translations. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals and investments in passive foreign investment companies.


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 9,078,184	$ 527,460	$ (1,081,939)	$ (554,479)


Janus Investment Fund	35

Janus Asia Equity Fund

Notes to Financial Statements (unaudited)

6. Capital Share Transactions



	Period ended March 31, 2016		Year ended September 30, 2015
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	8,770	$ 72,637	13,582	$ 129,897
Reinvested dividends and distributions	1,928	16,084	2,769	25,391
Shares repurchased	(15,172)	(119,098)	(21,080)	(209,282)
Net Increase/(Decrease)	(4,474)	$ (30,377)	(4,729)	$ (53,994)
Class C Shares:
Shares sold	984	$ 8,879	8,908	$ 87,852
Reinvested dividends and distributions	2,052	17,051	1,561	14,376
Shares repurchased	(12)	(104)	(1,186)	(10,052)
Net Increase/(Decrease)	3,024	$ 25,826	9,283	$ 92,176
Class D Shares:
Shares sold	41,880	$ 351,539	521,332	$ 5,369,396
Reinvested dividends and distributions	28,471	238,587	31,639	291,398
Shares repurchased	(170,737)	(1,423,999)	(801,161)	(7,802,644)
Net Increase/(Decrease)	(100,386)	$ (833,873)	(248,190)	$ (2,141,850)
Class I Shares:
Shares sold	22,772	$ 178,988	117,670	$ 1,172,928
Reinvested dividends and distributions	14,104	118,330	17,141	157,866
Shares repurchased	(26,907)	(222,813)	(133,975)	(1,312,745)
Net Increase/(Decrease)	9,969	$ 74,505	836	$ 18,049
Class S Shares:
Shares sold	-	$ -	55,972	$ 566,788
Reinvested dividends and distributions	1,718	14,332	2,089	19,154
Shares repurchased	-	-	(55,972)	(546,468)
Net Increase/(Decrease)	1,718	$ 14,332	2,089	$ 39,474
Class T Shares:
Shares sold	149,890	$ 1,332,801	545,626	$ 5,289,384
Reinvested dividends and distributions	2,486	20,557	1,351	12,284
Shares repurchased	(161,153)	(1,418,505)	(582,493)	(5,601,639)
Net Increase/(Decrease)	(8,777)	$ (65,147)	(35,516)	$ (299,971)

7. Purchases and Sales of Investment Securities

For the period ended March 31, 2016, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, and in-kind transactions) was as follows:


Purchases of Securities	Proceeds from Sales of Securities	Purchases of Long- Term U.S. Government Obligations	Proceeds from Sales of Long-Term U.S. Government Obligations
$ 3,092,187	$ 4,269,274	$ -	$ -

8. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to March 31, 2016 and through the date of issuance of the Fund’s financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund’s financial statements.


36	MARCH 31, 2016

Janus Asia Equity Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities is available without charge: (i) upon request, by calling 1-800-525-0020 (toll free); (ii) on the Fund’s website at janus.com/proxyvoting; and (iii) on the SEC’s website at http://www.sec.gov. Additionally, information regarding the Fund’s proxy voting record for the most recent twelve-month period ended June 30 is also available, free of charge, through janus.com/proxyvoting and from the SEC’s website at http://www.sec.gov.

Quarterly Portfolio Holdings

The Fund files its complete portfolio holdings (schedule of investments) with the SEC for the first and third quarters of each fiscal year on Form N-Q within 60 days of the end of such fiscal quarter. The Fund’s Form N-Q: (i) is available on the SEC’s website at http://www.sec.gov; (ii) may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. (information on the Public Reference Room may be obtained by calling 1-800-SEC-0330); and (iii) is available without charge, upon request, by calling Janus at 1-800-525-0020 (toll free).

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD

The Trustees of Janus Investment Fund and Janus Aspen Series, each of whom serves as an “independent” Trustee (the “Trustees”), oversee the management of each Fund of Janus Investment Fund and each Portfolio of Janus Aspen Series (each, a “Fund” and collectively, the “Funds”), and as required by law, determine annually whether to continue the investment advisory agreement for each Fund and the subadvisory agreements for the 16 Funds that utilize subadvisers.

In connection with their most recent consideration of those agreements for each Fund, the Trustees received and reviewed information provided by Janus Capital and the respective subadvisers in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analysis provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.

At a meeting held on December 9, 2015, based on the Trustees’ evaluation of the information provided by Janus Capital, the subadvisers, and the independent fee consultant, as well as other information, the Trustees determined that the overall arrangements between each Fund and Janus Capital and each subadviser, as applicable, were fair and reasonable in light of the nature, extent and quality of the services provided by Janus Capital, its affiliates and the subadvisers, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment. At that meeting, the Trustees unanimously approved the continuation of the investment advisory agreement for each Fund, and the subadvisory agreement for each subadvised Fund, for the period from either January 1 or February 1, 2016 through January 1 or February 1, 2017, respectively, subject to earlier termination as provided for in each agreement.

In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees’ determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant’s conclusions and opinions that arose during, and were included as part of, the Trustees’ consideration of the agreements. “Management fees,” as used herein, reflect actual annual advisory fees and any administration fees (excluding out of pocket costs), net of any waivers.

Nature, Extent and Quality of Services

The Trustees reviewed the nature, extent and quality of the services provided by Janus Capital and the subadvisers to the Funds, taking into account the investment objective, strategies and policies of each Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Funds. In addition, the Trustees reviewed the resources and key personnel of Janus Capital and each subadviser, particularly noting those employees who provide investment and risk management services to the Funds. The Trustees also considered other services provided to the Funds by Janus Capital or the subadvisers, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered Janus Capital’s role as administrator to the Funds, noting that Janus Capital does not receive a fee


Janus Investment Fund	37

Janus Asia Equity Fund

Additional Information (unaudited)

for its services but is reimbursed for its out-of-pocket costs. The Trustees considered the role of Janus Capital in monitoring adherence to the Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Funds and with applicable securities laws and regulations.

In this regard, the independent fee consultant noted that Janus Capital provides a number of different services for the Funds and Fund shareholders, ranging from investment management services to various other servicing functions, and that, in its opinion, Janus Capital is a capable provider of those services. The independent fee consultant also provided its belief that Janus Capital has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.

The Trustees concluded that the nature, extent and quality of the services provided by Janus Capital or the subadviser to each Fund were appropriate and consistent with the terms of the respective advisory and subadvisory agreements, and that, taking into account steps taken to address those Funds whose performance lagged that of their peers for certain periods, the Funds were likely to benefit from the continued provision of those services. They also concluded that Janus Capital and each subadviser had sufficient personnel, with the appropriate education and experience, to serve the Funds effectively and had demonstrated its ability to attract well-qualified personnel.

Performance of the Funds

The Trustees considered the performance results of each Fund over various time periods. They noted that they considered Fund performance data throughout the year, including periodic meetings with each Fund’s portfolio manager(s), and also reviewed information comparing each Fund’s performance with the performance of comparable funds and peer groups identified by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent data provider, and with the Fund’s benchmark index. In this regard, the independent fee consultant found that the overall Funds’ performance has been strong: for the 36 months ended September 30, 2015, approximately 70% of the Funds were in the top two Broadridge quartiles of performance, and for the 12 months ended September 30, 2015, approximately 61% of the Funds were in the top two Broadridge quartiles of performance.

The Trustees considered the performance of each Fund, noting that performance may vary by share class, and noted the following:

Fixed-Income Funds and Money Market Funds

· For Janus Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2015 and the third Broadridge quartile for the 12 months ended May 31, 2015. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Global Bond Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2015 and the second Broadridge quartile for the 12 months ended May 31, 2015.

· For Janus Global Unconstrained Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 12 months ended May 31, 2015. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance, and its limited performance history.

· For Janus High-Yield Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2015 and the third Broadridge quartile for the 12 months ended May 31, 2015. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 12 months ended May 31, 2015.

· For Janus Real Return Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2015 and the first Broadridge quartile for the 12 months ended May 31, 2015.


38	MARCH 31, 2016

Janus Asia Equity Fund

Additional Information (unaudited)

· For Janus Short-Term Bond Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2015 and the third Broadridge quartile for the 12 months ended May 31, 2015.

· For Janus Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2015 and the third Broadridge quartile for the 12 months ended May 31, 2015. The Trustees noted the reasons for the Fund’s underperformance.

· For Janus Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2015 and the bottom Broadridge quartile for the 12 months ended May 31, 2015. The Trustees noted the reasons for the Fund’s underperformance.

Asset Allocation Funds

· For Janus Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2015 and the third Broadridge quartile for the 12 months ended May 31, 2015.

· For Janus Global Allocation Fund – Growth, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2015 and the bottom Broadridge quartile for the 12 months ended May 31, 2015. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2015 and the third Broadridge quartile for the 12 months ended May 31, 2015.

Alternative Fund

· For Janus Diversified Alternatives Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 12 months ended May 31, 2015.

Value Funds

· For Perkins International Value Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 12 months ended May 31, 2015.

· For Perkins Global Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2015 and the third Broadridge quartile for the 12 months ended May 31, 2015. The Trustees noted the reasons for the Fund’s underperformance, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps Janus Capital and Perkins had taken or were taking to improve performance.

· For Perkins Large Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2015 and the bottom Broadridge quartile for the 12 months ended May 31, 2015. The Trustees noted the reasons for the Fund’s underperformance, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps Janus Capital and Perkins had taken or were taking to improve performance.

· For Perkins Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2015 and the bottom Broadridge quartile for the 12 months ended May 31, 2015. The Trustees noted the reasons for the Fund’s underperformance, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps Janus Capital and Perkins had taken or were taking to improve performance.

· For Perkins Select Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2015 and the second Broadridge quartile for the 12 months ended May 31, 2015. The Trustees noted the reasons for the Fund’s underperformance, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps Janus Capital and Perkins had taken or were taking to improve performance, and that the performance trend was improving.


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Additional Information (unaudited)

· For Perkins Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2015 and the second Broadridge quartile for the 12 months ended May 31, 2015. The Trustees noted the reasons for the Fund’s underperformance, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps Janus Capital and Perkins had taken or were taking to improve performance, and that the performance trend was improving.

· For Perkins Value Plus Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2015 and the second Broadridge quartile for the 12 months ended May 31, 2015.

Mathematical Funds

· For INTECH Emerging Markets Managed Volatility Fund, the Trustees noted that, due to limited performance for the Fund, performance history was not a material factor.

· For INTECH Global Income Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2015 and the third Broadridge quartile for the 12 months ended May 31, 2015.

· For INTECH International Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2015 and the bottom Broadridge quartile for the 12 months ended May 31, 2015. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital and INTECH had taken or were taking to improve performance.

· For INTECH U.S. Core Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2015 and the second Broadridge quartile for the 12 months ended May 31, 2015.

· For INTECH U.S. Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2015 and the third Broadridge quartile for the 12 months ended May 31, 2015.

Growth and Core Funds

· For Janus Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2015 and the first Broadridge quartile for the 12 months ended May 31, 2015.

· For Janus Contrarian Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2015 and the bottom Broadridge quartile for the 12 months ended May 31, 2015.

· For Janus Enterprise Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2015 and the first Broadridge quartile for the 12 months ended May 31, 2015.

· For Janus Forty Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2015 and the first Broadridge quartile for the 12 months ended May 31, 2015.

· For Janus Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2015 and the first Broadridge quartile for the 12 months ended May 31, 2015.

· For Janus Growth and Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2015 and in the third Broadridge quartile for the 12 months ended May 31, 2015. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Research Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2015 and the first Broadridge quartile for the 12 months ended May 31, 2015.


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Additional Information (unaudited)

· For Janus Triton Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2015 and the first Broadridge quartile for the 12 months ended May 31, 2015.

· For Janus Twenty Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2015 and the bottom Broadridge quartile for the 12 months ended May 31, 2015. The Trustees noted the reasons for the Fund’s underperformance, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Venture Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2015 and the first Broadridge quartile for the 12 months ended May 31, 2015.

Global and International Funds

· For Janus Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2015 and the first Broadridge quartile for the 12 months ended May 31, 2015. The Trustees noted the reasons for the Fund’s underperformance, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2015 and the first Broadridge quartile for the 12 months ended May 31, 2015.

· For Janus Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2015 and the first Broadridge quartile for the 12 months ended May 31, 2015.

· For Janus Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2015 and the first Broadridge quartile for the 12 months ended May 31, 2015.

· For Janus Global Research Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2015 and the first Broadridge quartile for the 12 months ended May 31, 2015.

· For Janus Global Select Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2015 and the first Broadridge quartile for the 12 months ended May 31, 2015.

· For Janus Global Technology Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2015 and the third Broadridge quartile for the 12 months ended May 31, 2015. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus International Equity Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2015 and the second Broadridge quartile for the 12 months ended May 31, 2015.

· For Janus Overseas Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2015 and the bottom Broadridge quartile for the 12 months ended May 31, 2015. The Trustees noted the reasons for the Fund’s underperformance, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps Janus Capital had taken or was taking to improve performance.


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Additional Information (unaudited)

Janus Aspen Series

· For Janus Aspen Balanced Portfolio, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2015 and the first Broadridge quartile for the 12 months ended May 31, 2015.

· For Janus Aspen Enterprise Portfolio, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2015 and the first Broadridge quartile for the 12 months ended May 31, 2015.

· For Janus Aspen Flexible Bond Portfolio, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2015 and the second Broadridge quartile for the 12 months ended May 31, 2015.

· For Janus Aspen Forty Portfolio, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2015 and the first Broadridge quartile for the 12 months ended May 31, 2015.

· For Janus Aspen Global Allocation Portfolio – Moderate, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2015 and the bottom Broadridge quartile for the 12 months ended May 31, 2015.

· For Janus Aspen Global Research Portfolio, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2015 and the second Broadridge quartile for the 12 months ended May 31, 2015.

· For Janus Aspen Global Technology Portfolio, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2015 and the third Broadridge quartile for the 12 months ended May 31, 2015.

· For Janus Aspen Global Unconstrained Bond Portfolio, the Trustees noted that, due to limited performance for the Fund, performance history was not a material factor.

· For Janus Aspen INTECH U.S. Low Volatility Portfolio, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 12 months ended May 31, 2015.

· For Janus Aspen Janus Portfolio, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2015 and the first Broadridge quartile for the 12 months ended May 31, 2015.

· For Janus Aspen Overseas Portfolio, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2015 and the bottom Broadridge quartile for the 12 months ended May 31, 2015. The Trustees noted the reasons for the Fund’s underperformance, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Aspen Perkins Mid Cap Value Portfolio, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2015 and the bottom Broadridge quartile for the 12 months ended May 31, 2015. The Trustees noted the reasons for the Fund’s underperformance, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps Janus Capital and Perkins had taken or were taking to improve performance.

In consideration of each Fund’s performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, the Fund’s performance warranted continuation of the Fund’s investment advisory and subadvisory agreement(s).

Costs of Services Provided

The Trustees examined information regarding the fees and expenses of each Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant and noted that the rate of management (investment advisory and any administration, but excluding out-of-pocket costs) fees for many of the Funds, after applicable waivers,


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Additional Information (unaudited)

was below the mean management fee rate of the respective peer group of funds selected by an independent data provider. The Trustees also examined information regarding the subadvisory fees charged for subadvisory services, as applicable, noting that all such fees were paid by Janus Capital out of its management fees collected from such Fund.

The independent fee consultant provided its belief that the management fees charged by Janus Capital to each of the Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by Janus Capital. The independent fee consultant found: (1) the total expenses and management fees of the Funds to be reasonable relative to other mutual funds; (2) total expenses, on average, were 14% below the mean total expenses of their respective Broadridge Expense Group peers and 24% below the mean total expenses for their Broadridge Expense Universes; (3) management fees for the Funds, on average, were 15% below the mean management fees for their Expense Groups and 19% below the mean for their Expense Universes; and (4) Fund expenses at the functional level for each asset and share class category were reasonable. The Trustees also considered the total expenses for each share class of each Fund compared to the mean total expenses for its Broadridge Expense Group peers and to mean total expenses for its Broadridge Expense Universe.

The independent fee consultant concluded that, based on its strategic review of expenses at the complex, category and individual fund level, Fund expenses were found to be reasonable relative to both Expense Group and Expense Universe benchmarks. Further, for certain Funds, the independent fee consultant also performed a systematic “focus list” analysis of expenses in the context of the performance or service delivered to each set of investors in each share class in each selected Fund. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Funds and share classes were reasonable in light of performance trends, performance histories, and existence of performance fees, breakpoints, and expense waivers on such Funds.

The Trustees considered the methodology used by Janus Capital and each subadviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by Janus Capital and each subadviser to comparable separate account clients and to comparable non-affiliated funds subadvised by Janus Capital or by a subadviser (for which Janus Capital or the subadviser provides only or primarily portfolio management services). Although in most instances subadvisory and separate account fee rates for various investment strategies were lower than management fee rates for Funds having a similar strategy, the Trustees considered that Janus Capital noted that, under the terms of the management agreements with the Funds, Janus Capital performs significant additional services for the Funds that it does not provide to those other clients, including administration services, oversight of the Funds’ other service providers, trustee support, regulatory compliance and numerous other services, and that, in serving the Funds, Janus Capital assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, they noted that the independent fee consultant found that: (1) the management fees Janus Capital charges to the Funds are reasonable in relation to the management fees Janus Capital charges to its institutional and subadvised accounts; (2) these institutional and subadvised accounts have different service and infrastructure needs; (3) the average spread between management fees charged to the Funds and those charged to Janus Capital’s institutional accounts is reasonable relative to the average spreads seen in the industry; and (4) by one estimation methodology, the fee margins implied by Janus Capital’s subadvised fees when compared to its mutual fund fees are reasonable relative to the estimated fee margins in the industry and relative to estimated fee margins of fund managers using Janus Capital as a subadviser.

The Trustees considered the fees for each Fund for its fiscal year ended in 2014, and noted the following with regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”):

Fixed-Income Funds and Money Market Funds

· For Janus Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.


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Janus Asia Equity Fund

Additional Information (unaudited)

· For Janus Global Bond Fund, the Trustees noted that although the Fund’s total expenses exceeded the peer group mean for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Global Unconstrained Bond Fund, the Trustees noted that although the Fund’s total expenses exceeded the peer group mean for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus High-Yield Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

· For Janus Multi-Sector Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus has contractually agreed to limit the Fund’s expenses.

· For Janus Real Return Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Short-Term Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Government Money Market Fund, the Trustees noted that the Fund’s total expenses exceeded the peer group mean for both share classes. The Trustees considered that management fees for this Fund are higher than the peer group mean due to the Fund’s management fee including other costs, such as custody and transfer agent services, while many funds in the peer group pay these expenses separately from their management fee. In addition, the Trustees considered that Janus Capital voluntarily waives one-half of its advisory fee and other expenses in order to maintain a positive yield.

· For Janus Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group mean for both share classes. In addition, the Trustees considered that Janus Capital voluntarily waives one-half of its advisory fee and other expenses in order to maintain a positive yield.

Asset Allocation Funds

· For Janus Global Allocation Fund – Conservative, the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.

· For Janus Global Allocation Fund – Growth, the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.

· For Janus Global Allocation Fund – Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

Alternative Fund

· For Janus Diversified Alternatives Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

Value Funds

· For Perkins International Value Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Perkins Global Value Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean for one share class, overall the Fund’s total expenses were reasonable.


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Additional Information (unaudited)

· For Perkins Large Cap Value Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Perkins Mid Cap Value Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

· For Perkins Select Value Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Perkins Small Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.

· For Perkins Value Plus Income Fund, the Trustees noted that although the Fund’s total expenses exceeded the peer group mean for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital had contractually agreed to limit the Fund’s expenses.

Mathematical Funds

· For INTECH Emerging Markets Managed Volatility Fund, the Trustees noted that although the Fund’s total expenses exceeded the peer group mean for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For INTECH Global Income Managed Volatility Fund, the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.

· For INTECH International Managed Volatility Fund, the Trustees noted that although the Fund’s total expenses exceeded the peer group mean for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital had contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

· For INTECH U.S. Core Fund, the Trustees noted that although the Fund’s total expenses exceeded the peer group mean for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

· For INTECH U.S. Managed Volatility Fund, the Trustees noted that the Fund’s total expenses exceeded the peer group mean for one share class. The Trustees also noted that Janus Capital had contractually agreed to limit the Fund’s expenses.

Growth and Core Funds

· For Janus Balanced Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

· For Janus Contrarian Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

· For Janus Enterprise Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

· For Janus Forty Fund, the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.


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Janus Asia Equity Fund

Additional Information (unaudited)

· For Janus Fund, the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.

· For Janus Growth and Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

· For Janus Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.

· For Janus Triton Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

· For Janus Twenty Fund, the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.

· For Janus Venture Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

Global and International Funds

· For Janus Asia Equity Fund, the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.

· For Janus Emerging Markets Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.

· For Janus Global Real Estate Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Global Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.

· For Janus Global Select Fund, the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.

· For Janus Global Technology Fund, the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.

· For Janus International Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

· For Janus Overseas Fund, the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.

Janus Aspen Series

· For Janus Aspen Balanced Portfolio, the Trustees noted that the Fund’s total expenses were below the peer group mean for both share classes.


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Additional Information (unaudited)

· For Janus Aspen Enterprise Portfolio, the Trustees noted that the Fund’s total expenses were below the peer group mean for both share classes.

· For Janus Aspen Flexible Bond Portfolio, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital had contractually agreed to limit the Fund’s expenses.

· For Janus Aspen Forty Portfolio, the Trustees noted that the Fund’s total expenses were below the peer group mean for both share classes.

· For Janus Aspen Global Allocation Portfolio - Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean for both share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Aspen Global Research Portfolio, the Trustees noted that the Fund’s total expenses were below the peer group mean for both share classes.

· For Janus Aspen Global Technology Portfolio, the Trustees noted that the Fund’s total expenses were below the peer group mean for both share classes.

· For Janus Aspen Global Unconstrained Bond Portfolio, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean for both share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital had contractually agreed to limit the Fund’s expenses.

· For Janus Aspen INTECH U.S. Low Volatility Portfolio, the Trustees noted that the Fund’s total expenses were below the peer group mean for its sole share class.

· For Janus Aspen Janus Portfolio, the Trustees noted that the Fund’s total expenses were below the peer group mean for both share classes.

· For Janus Aspen Overseas Portfolio, the Trustees noted that the Fund’s total expenses were below the peer group mean for both share classes.

· For Janus Aspen Perkins Mid Cap Value Portfolio, the Trustees noted that the Fund’s total expenses were below the peer group mean for both share classes.

The Trustees reviewed information on the profitability to Janus Capital and its affiliates of their relationships with each Fund, as well as an explanation of the methodology utilized by Janus Capital when allocating various expenses of Janus Capital and its affiliates with respect to contractual relationships with the Funds and other clients. The Trustees also reviewed the financial statements and corporate structure of Janus Capital’s parent company. In their review, the Trustees considered whether Janus Capital and each subadviser receive adequate incentives and resources to manage the Funds effectively. The Trustees recognized that profitability comparisons among fund managers are difficult because very little comparative information is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses, and the fund manager’s capital structure and cost of capital. However, taking into account those factors and the analysis provided by the Trustees’ independent fee consultant, and based on the information available, the Trustees concluded that Janus Capital’s profitability with respect to each Fund in relation to the services rendered was reasonable.

The independent fee consultant found that, while assessing the reasonableness of expenses in light of Janus Capital’s profits is dependent on comparisons with other publicly-traded mutual fund advisers, and that these comparisons are limited in accuracy by differences in complex size, business mix, institutional account orientation, and other factors, after accepting these limitations, the level of profit earned by Janus Capital from managing the Funds is reasonable.

The Trustees concluded that the management fees payable by each Fund to Janus Capital and its affiliates, as well as the fees paid by Janus Capital to the subadvisers of subadvised Funds, were reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies, the fees Janus Capital and the subadvisers charge to other clients, and, as applicable, the impact of fund performance on management fees payable by the Funds. The Trustees also concluded that each Fund’s total expenses were reasonable, taking into account the size of the Fund, the quality of services


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Janus Asia Equity Fund

Additional Information (unaudited)

provided by Janus Capital and any subadviser, the investment performance of the Fund, and any expense limitations agreed to or provided by Janus Capital.

Economies of Scale

The Trustees considered information about the potential for Janus Capital to realize economies of scale as the assets of the Funds increase. They noted that their independent fee consultant provided an analysis of economies of scale, which included discussion of analysis from prior years. They also noted that, although many Funds pay advisory fees at a base fixed rate as a percentage of net assets, without any breakpoints, their independent fee consultant concluded that 85% of these Funds have contractual management fees (gross of waivers) below their Broadridge expense group averages and, overall, 80% of the Funds are below their respective expense group averages for contractual management fees. They also noted that for those Funds whose expenses are being reduced by the contractual expense limitations of Janus Capital, Janus Capital is subsidizing the Funds because they have not reached adequate scale. Moreover, as the assets of some of the Funds have declined in the past few years, certain Funds have benefited from having advisory fee rates that have remained constant rather than increasing as assets declined. In addition, performance fee structures have been implemented for various Funds that have caused the effective rate of advisory fees payable by such a Fund to vary depending on the investment performance of the Fund relative to its benchmark index over the measurement period; and a few Funds have fee schedules with breakpoints and reduced fee rates above certain asset levels. The Trustees also noted that the Funds share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of all of the Funds. Based on all of the information they reviewed, including research and analysis conducted by the Trustees’ independent fee consultant, the Trustees concluded that the current fee structure of each Fund was reasonable and that the current rates of fees do reflect a sharing between Janus Capital and the Fund of any economies of scale that may be present at the current asset level of the Fund.

The independent fee consultant concluded that, given the limitations of various analytical approaches to economies of scale considered in prior years, and their conflicting results, its analyses could not confirm or deny the existence of economies of scale in the Janus complex. Further, the independent fee consultant provided its belief that Fund investors are well-served by the fee levels and performance fee structures in place on the Funds in light of any economies of scale that may be present at Janus Capital.

Other Benefits to Janus Capital

The Trustees also considered benefits that accrue to Janus Capital and its affiliates and subadvisers to the Funds from their relationships with the Funds. They recognized that two affiliates of Janus Capital separately serve the Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market funds for services provided. The Trustees also considered Janus Capital’s past and proposed use of commissions paid by the Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Fund and/or other clients of Janus Capital and/or Janus Capital, and/or a subadviser to a Fund. The Trustees concluded that Janus Capital’s and the subadvisers’ use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit each Fund. The Trustees also concluded that, other than the services provided by Janus Capital and its affiliates and subadvisers pursuant to the agreements and the fees to be paid by each Fund therefor, the Funds and Janus Capital and the subadvisers may potentially benefit from their relationship with each other in other ways. They concluded that Janus Capital and/or the subadvisers benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Funds and that the Funds benefit from Janus Capital’s and/or the subadvisers’ receipt of those products and services as well as research products and services acquired through commissions paid by other clients of Janus Capital and/or other clients of the subadvisers. They further concluded that the success of any Fund could attract other business to Janus Capital, the subadvisers or other Janus funds, and that the success of Janus Capital and the subadvisers could enhance Janus Capital’s and the subadvisers’ ability to serve the Funds.


48	MARCH 31, 2016

Janus Asia Equity Fund

Useful Information About Your Fund Report (unaudited)

Management Commentary

The Management Commentary in this report includes valuable insight as well as statistical information to help you understand how your Fund’s performance and characteristics stack up against those of comparable indices.

If the Fund invests in foreign securities, this report may include information about country exposure. Country exposure is based primarily on the country of risk. A company may be allocated to a country based on other factors such as location of the company’s principal office, the location of the principal trading market for the company’s securities, or the country where a majority of the company’s revenues are derived.

Please keep in mind that the opinions expressed in the Management Commentary are just that: opinions. They are a reflection based on best judgment at the time this report was compiled, which was March 31, 2016. As the investing environment changes, so could opinions. These views are unique and are not necessarily shared by fellow employees or by Janus in general.

Performance Overviews

Performance overview graphs compare the performance of a hypothetical $10,000 investment in the Fund with one or more widely used market indices. When comparing the performance of the Fund with an index, keep in mind that market indices are not available for investment and do not reflect deduction of expenses.

Average annual total returns are quoted for a Fund with more than one year of performance history. Average annual total return is calculated by taking the growth or decline in value of an investment over a period of time, including reinvestment of dividends and distributions, then calculating the annual compounded percentage rate that would have produced the same result had the rate of growth been constant throughout the period. Average annual total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Cumulative total returns are quoted for a Fund with less than one year of performance history. Cumulative total return is the growth or decline in value of an investment over time, independent of the period of time involved. Cumulative total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Pursuant to federal securities rules, expense ratios shown in the performance chart reflect subsidized (if applicable) and unsubsidized ratios. The total annual fund operating expenses ratio is gross of any fee waivers, reflecting the Fund’s unsubsidized expense ratio. The net annual fund operating expenses ratio (if applicable) includes contractual waivers of Janus Capital and reflects the Fund’s subsidized expense ratio. Ratios may be higher or lower than those shown in the “Financial Highlights” in this report.

Schedule of Investments

Following the performance overview section is the Fund’s Schedule of Investments. This schedule reports the types of securities held in the Fund on the last day of the reporting period. Securities are usually listed by type (common stock, corporate bonds, U.S. Government obligations, etc.) and by industry classification (banking, communications, insurance, etc.). Holdings are subject to change without notice.

The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.

If the Fund invests in foreign securities, it will also provide a summary of investments by country. This summary reports the Fund exposure to different countries by providing the percentage of securities invested in each country. The country of each security represents the country of risk. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by Barclays and/or MSCI Inc.

Tables listing details of individual forward currency contracts, futures, written options, and swaps follow the Fund’s Schedule of Investments (if applicable).

Statement of Assets and Liabilities

This statement is often referred to as the “balance sheet.” It lists the assets and liabilities of the Fund on the last day of the reporting period.


Janus Investment Fund	49

Janus Asia Equity Fund

Useful Information About Your Fund Report (unaudited)

The Fund’s assets are calculated by adding the value of the securities owned, the receivable for securities sold but not yet settled, the receivable for dividends declared but not yet received on securities owned, and the receivable for Fund shares sold to investors but not yet settled. The Fund’s liabilities include payables for securities purchased but not yet settled, Fund shares redeemed but not yet paid, and expenses owed but not yet paid. Additionally, there may be other assets and liabilities such as unrealized gain or loss on forward currency contracts.

The section entitled “Net Assets Consist of” breaks down the components of the Fund’s net assets. Because the Fund must distribute substantially all earnings, you will notice that a significant portion of net assets is shareholder capital.

The last section of this statement reports the net asset value (“NAV”) per share on the last day of the reporting period. The NAV is calculated by dividing the Fund’s net assets for each share class (assets minus liabilities) by the number of shares outstanding.

Statement of Operations

This statement details the Fund’s income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.

The first section in this statement, entitled “Investment Income,” reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.

The next section reports the expenses incurred by the Fund, including the advisory fee paid to the investment adviser, transfer agent fees and expenses, and printing and postage for mailing statements, financial reports and prospectuses. Expense offsets and expense reimbursements, if any, are also shown.

The last section lists the amounts of realized gains or losses from investment and foreign currency transactions, and changes in unrealized appreciation or depreciation of investments and foreign currency-denominated assets and liabilities. The Fund will realize a gain (or loss) when it sells its position in a particular security. A change in unrealized gain (or loss) refers to the change in net appreciation or depreciation of the Fund during the reporting period. “Net Realized and Unrealized Gain/(Loss) on Investments” is affected both by changes in the market value of Fund holdings and by gains (or losses) realized during the reporting period.

Statements of Changes in Net Assets

These statements report the increase or decrease in the Fund’s net assets during the reporting period. Changes in the Fund’s net assets are attributable to investment operations, dividends and distributions to investors, and capital share transactions. This is important to investors because it shows exactly what caused the Fund’s net asset size to change during the period.

The first section summarizes the information from the Statement of Operations regarding changes in net assets due to the Fund’s investment operations. The Fund’s net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends and/or distributions in cash, money is taken out of the Fund to pay the dividend and/or distribution. If investors reinvest their dividends and/or distributions, the Fund’s net assets will not be affected. If you compare the Fund’s “Net Decrease from Dividends and Distributions” to “Reinvested Dividends and Distributions,” you will notice that dividends and distributions have little effect on the Fund’s net assets. This is because the majority of the Fund’s investors reinvest their dividends and/or distributions.

The reinvestment of dividends and distributions is included under “Capital Share Transactions.” “Capital Shares” refers to the money investors contribute to the Fund through purchases or withdrawals via redemptions. The Fund’s net assets will increase and decrease in value as investors purchase and redeem shares from the Fund.

Financial Highlights

This schedule provides a per-share breakdown of the components that affect the Fund’s NAV for current and past reporting periods as well as total return, asset size, ratios, and portfolio turnover rate.

The first line in the table reflects the NAV per share at the beginning of the reporting period. The next line reports the net investment income/(loss) per share. Following is the per share total of net gains/(losses), realized and unrealized. Per share dividends and distributions to investors are then subtracted to arrive at the NAV per share at the end of the period. The next line reflects the total return for the period. Also included are ratios of expenses and net investment income to average net assets.


50	MARCH 31, 2016

Janus Asia Equity Fund

Useful Information About Your Fund Report (unaudited)

The Fund’s expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.

The ratio of net investment income/(loss) summarizes the income earned less expenses, divided by the average net assets of the Fund during the reporting period. Do not confuse this ratio with the Fund’s yield. The net investment income ratio is not a true measure of the Fund’s yield because it does not take into account the dividends distributed to the Fund’s investors.

The next figure is the portfolio turnover rate, which measures the buying and selling activity in the Fund. Portfolio turnover is affected by market conditions, changes in the asset size of the Fund, fluctuating volume of shareholder purchase and redemption orders, the nature of the Fund’s investments, and the investment style and/or outlook of the portfolio manager(s) and/or investment personnel. A 100% rate implies that an amount equal to the value of the entire portfolio was replaced once during the fiscal year; a 50% rate means that an amount equal to the value of half the portfolio is traded in a year; and a 200% rate means that an amount equal to the value of the entire portfolio is traded every six months.


Janus Investment Fund	51

Janus Asia Equity Fund

Notes

NotesPage1


52	MARCH 31, 2016

Janus Asia Equity Fund

Notes

NotesPage2


Janus Investment Fund	53

Janus Asia Equity Fund

Notes

NotesPage3


54	MARCH 31, 2016

Janus provides access to a wide range of investment disciplines.

Alternative

Janus alternative funds seek to deliver strong risk-adjusted returns over a full market cycle with lower correlation to equity markets than traditional investments.

Asset Allocation

Janus’ asset allocation funds utilize our fundamental, bottom-up research to balance risk over the long term. From fund options that meet investors’ risk tolerance and objectives to a method that incorporates non-traditional investment choices to seek non-correlated sources of risk and return, Janus’ asset allocation funds aim to allocate risk more effectively.

Fixed Income

Janus fixed income funds attempt to provide less risk relative to equities while seeking to deliver a competitive total return through high current income and appreciation. Janus money market funds seek capital preservation and liquidity with current income as a secondary objective.

Global & International

Janus global and international funds seek to leverage Janus’ research capabilities by taking advantage of inefficiencies in foreign markets, where accurate information and analytical insight are often at a premium.

Growth & Core

Janus growth funds focus on companies believed to be the leaders in their respective industries, with solid management teams, expanding market share, margins and efficiencies. Janus core funds seek investments in more stable and predictable companies. Our core funds look for a strategic combination of steady growth and, for certain funds, some degree of income.

Mathematical

Our mathematical funds seek to outperform their respective indices while maintaining a risk profile equal to or lower than the index itself. Managed by INTECH^{^®} (a Janus subsidiary), these funds use a mathematical process in an attempt to build a more “efficient” portfolio than the index.

Value

Our value funds, managed by Perkins^{^®} (a Janus subsidiary), seek to identify companies with favorable reward to risk characteristics by conducting rigorous downside analysis before determining upside potential.

For more information about our funds, contact your investment professional or go to janus.com/advisor/mutual-funds (or janus.com/allfunds if you hold Shares directly with Janus).

Please consider the charges, risks, expenses and investment objectives carefully before investing. For a prospectus or, if available, a summary prospectus containing this and other information, please call Janus at 877.33JANUS (52687) (or 800.525.3713 if you hold Shares directly with Janus); or download the file from janus.com/info (or janus.com/reports if you hold Shares directly with Janus). Read it carefully before you invest or send money.

Janus, INTECH and Perkins are registered trademarks of Janus International Holding LLC. © Janus International Holding LLC.

Funds distributed by Janus Distributors LLC

Investment products offered are:

NOT FDIC-INSURED

MAY LOSE VALUE

NO BANK GUARANTEE

C-0516-1625

125-24-93036 05-16


Janus Investment Fund	55



	SEMIANNUAL REPORT March 31, 2016

Janus Balanced Fund

Janus Investment Fund

		HIGHLIGHTS · Portfolio management perspective · Investment strategy behind your fund · Fund performance, characteristics and holdings

Table of Contents

Janus Balanced Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	22
Statement of Assets and Liabilities	24
Statement of Operations	26
Statements of Changes in Net Assets	27
Financial Highlights	28
Notes to Financial Statements	32
Additional Information	47
Useful Information About Your Fund Report	59

Janus Balanced Fund (unaudited)

FUND SNAPSHOT

We believe a dynamic approach to asset allocation that leverages our bottom-up, fundamental equity and fixed income research will allow us to outperform our peers over time. Our integrated equity and fixed income research team seeks an optimal balance of asset class opportunities across market cycles.

Jeremiah Buckley

co-portfolio manager

Marc Pinto

co-portfolio manager

Mayur Saigal

co-portfolio manager

Darrell Watters

co-portfolio manager

PERFORMANCE OVERVIEW

Janus Balanced Fund’s Class T Shares returned 3.25% for the six-month period ended March 31, 2016, compared with a 5.91% return by the Balanced Index, an internally calculated blended benchmark. The Balanced Index is composed of a 55% weighting in the S&P 500 Index, the Fund’s primary benchmark, and a 45% weighting in the Barclays U.S. Aggregate Bond Index, the Fund’s secondary benchmark. During the period the S&P 500 Index returned 8.49%, while the Barclays U.S. Aggregate Bond Index returned 2.44%.

INVESTMENT ENVIRONMENT

U.S. equity indices rallied early in the period, continuing their recovery from the summer sell-off and relieved that the Federal Reserve (Fed) did not raise interest rates in September. Riskier segments of the fixed income market also benefited from the Fed’s delay. Volatility returned in November as subdued corporate earnings and manufacturing data weighed on sentiment. Monetary policy again influenced markets in December as the Fed raised interest rates for the first time in nearly a decade. The decision to hike rates pushed Treasury yields higher before year end.

Later, weak manufacturing data and an underwhelming holiday shopping season caused some to question whether the U.S. economy was sufficiently healthy to merit the cadence of rate hikes that the Fed had projected. While headline employment proved resilient, doggedly weak wage growth was flagged as an item of concern. As the calendar turned to 2016, worries re-emerged about the trajectory of the global economy. Crude oil prices resumed their slide, plummeting to levels not seen in over a decade. Stocks also fell, once again entering correction territory, as did credit markets. U.S. Treasurys rallied on these concerns, and based on their relative attractiveness versus negative interest rates abroad.

Aided by recovering commodities and the Fed’s March decision to lower its expected rate hike trajectory, corporate credit and equities recovered toward the end of the period. The yield on the 10-year ended March at 1.77%, down from 2.04% on September 30 while the yield on the 2-year note finished the period at 0.72% up from 0.63%.

Spreads on corporate credit fluctuated along with market volatility. Investment-grade corporate credit spreads widened from 160 basis points (one basis point is equal to one hundredth of 1%) at September’s end to 200 basis points near mid-February before finishing the period at 154 basis points. After widening from 630 basis points to 839 basis points, spreads on high-yield corporates tightened back to 656 basis points by period end.

Given the period’s volatility, historically defensive telecoms, utilities and consumer staples were among the strongest performing equity sectors. Previously stressed materials climbed back into positive territory, as did energy, though to a lesser degree. Health care underperformed broad equities, hampered by sector-specific issues. Financials were weighed down by the expectation of lower-for-longer interest rates, which tend to pressure margins.

PERFORMANCE DISCUSSION

The Fund, which seeks to provide more consistent returns over time by allocating across the spectrum of fixed income and equity securities, underperformed the Balanced Index, its blended benchmark of the S&P 500 Index (55%) and the Barclays U.S. Aggregate Bond Index (45%). The Fund also underperformed its primary benchmark, the S&P 500 Index, but outperformed its secondary benchmark, the Barclays U.S. Aggregate Bond Index.

The equity-to-fixed-income allocation ended the period with an equity weighting of approximately 59.5%, a fixed income weighting of approximately 40.0% and the remainder in cash. Our equity allocation may vary based


Janus Investment Fund	1

Janus Balanced Fund (unaudited)

on market conditions, and the current level reflects our view that on a risk-adjusted basis, equities present greater opportunity for returns in the present environment.

The Fund’s equity sleeve underperformed its benchmark, the S&P 500 Index. Relative underperformance was largely driven by our specialty pharmaceutical and biotech holdings. Negative sentiment has surrounded the health care sector, due in large part to political rhetoric about controlling drug prices. Questionable accounting and drug pricing tactics at one of the largest and most well-known specialty pharmaceutical companies, which we no longer own, has cast a further shadow over all specialty pharmaceutical companies. Stock selection in financials and industrials also detracted.

The industrials sector’s performance was weakened by one stock in particular, Union Pacific. The slowdown in the oil market presented challenges for Union Pacific and rail companies in general. The weaker rail volumes and operating margins have been disappointing and we exited the position.

Regeneron, a biotechnology pharmaceutical, was negatively impacted both by the general headwinds in biotech and by slower than expected sales for one of its drugs controlling cholesterol. News that the company lost a court case with a competitor over patent infringement for a drug also weighed on the stock. We continue to like the company. We believe sales for its cholesterol drug were hampered by reimbursement issues from insurance companies, and that sales are poised to pick up. In addition, we continue to like some of the company’s other innovative treatments.

Eli Lilly’s stock was not immune to the health care sector’s sell-off, and also weighed on performance. However, we do not believe any of the company’s underlying fundamentals have changed. We still like some of the drugs in the company’s pipeline and also like the company’s high dividend yield.

Relative contributors included our security selection in consumer discretionary as well as our stock selection and overweight to materials. Our underweight in energy helped drive the sector’s relative outperformance, which reinforces our view that what we do not own can be just as important as what we do. Individual issuers Microsoft, Alphabet Inc. (formerly Google) and Dollar Tree Inc. were top performing stocks.

Microsoft’s stock benefited from an upward re-valuation in recent months as market focus shifted from weak personal computer sales to attractive parts of its business that continue to expand at a profitable rate, such as its public and private cloud offerings. We also remain encouraged by management’s additional cost reduction inroads.

Alphabet Inc. (formerly Google) benefited from better than expected earnings results and an announcement of a significant stock buyback program. We believe the company provides advertisers with superior cross-device marketing offerings, and we see continued opportunity for Google to monetize its Android mobile platform. We also see opportunity for Google to increase monetization of its YouTube platform in the coming quarters now that it is easier for advertisers to buy ads and target specific audience segments of YouTube.

Dollar Tree’s stock was up after the company showed progress in integrating newly-merged Family Dollar, which helped increase investor confidence in the company. We remain encouraged by the opportunity for Dollar Tree’s management team to improve margins for the former Family Dollar franchises. We also believe dollar stores offering consumers low price points are well positioned in a relatively weak economic environment.

The Fund’s fixed income sleeve underperformed its benchmark, the Barclays U.S. Aggregate Bond Index. We held our defensive stance, and focused security selection on higher quality companies with stable free cash flows and management teams committed to balance sheet strength. We favored shorter to intermediate-term corporate credits in which we believe we have a clearer insight on the issuers’ fundamentals and ability to pay down debt. Consequently, we gave up some ground as the rally in lower quality credits dominated the latter portion of the period. Both investment-grade and high-yield corporate credit positioning weighed on relative performance.

On a credit sector basis, our holdings in midstream and independent energy, as well as technology, detracted from relative results. Energy companies were generally challenged by continued low prices in crude oil. Companies including Chesapeake Energy and EnLink Midstream Partners LP impacted Fund performance. While Chesapeake Energy, a major natural gas producer with some oil assets, had achieved productivity gains to help combat the weak price environment, we exited the position during the period. EnLink faced challenges as its sponsor, exploration and production company Devon Energy, faced ratings downgrades driven largely by lower


2	MARCH 31, 2016

Janus Balanced Fund (unaudited)

commodity prices and elevated leverage. Moody’s subsequently downgraded EnLink. We exited our position during the period.

The underperformance in technology was largely a function of hard disk manufacturer Seagate Technology. Hard disk year-over-year demand has continued to weaken due to limited personal computer growth in emerging markets. Elevated issuance in the investment-grade segment of technology also weighed on spreads. While we have reduced the position, we remain constructive on an improving earnings outlook and a management team focused on deleveraging.

Security selection in automotives, diversified manufacturing and building materials contributed positively to relative performance. Individual issuers Fidelity National Information Services, Anheuser-Busch InBev and Newell Rubbermaid aided relative results. Banking and payment technology company Fidelity National Information Services is a market leader within the financial technology industry. We like the company’s defensive business model, recurring earnings and strong free cash flow. Management has expressed a commitment to paying down debt following last year’s acquisition of SunGard.

We see long-term upside in beverage and brewing company Anheuser-Busch InBev due to management’s commitment to deleveraging. The company has a track record of delevering post acquisitions, which is pertinent based on its recent purchase of SABMiller.

Newell Rubbermaid fits our focus of seeking corporate credit with stable free cash flows and a management team focused on balance sheet strength. The company, which manufactures and markets branded consumer products, recently purchased Jarden Corporation and has expressed commitment to delevering in the near-term.

On an asset class basis, our out-of-index exposure to preferred stock contributed to relative performance. Our U.S. Treasury allocation was another relative contributor primarily due to yield curve positioning. While we are underweight Treasurys, we are overweight the long end of the curve, in expectation of curve flattening. We favor longer dated Treasurys to hedge against volatility in our corporate credit exposure. Conversely, we consider our positioning in short-term Treasurys as a source of liquidity.

Our holdings in commercial mortgage-backed securities (CMBS) detracted from relative results. We are overweight the asset class and are focusing on higher yielding, shorter duration securities than the index. We believe short-term technicals in the market led to the sector’s downturn as opposed to issues in the underlying real estate. Market volatility and illiquidity contributed to spread widening as did concerns that aggressive loans maturing in a more conservative market may struggle to obtain refinancing. Our positions continue to be either legacy CMBS that have delevered or single-asset/single-borrower CMBS on which we have conducted robust fundamental analysis on the underlying properties.

Please see the Derivative Instruments section in the "Notes to Financial Statements" for a discussion of derivatives used by the Fund.

OUTLOOK

While the economy is growing at a slow clip, we remain constructive on U.S. equities. Given slow growth and cautious statements from the Fed, we expect monetary policy to remain accommodative and for interest rates to remain low this year. That backdrop is typically favorable for growth equities and dividend-paying areas, two areas of the market in which we tend to focus.

While we are positive on a broad basis, the current environment creates varying outlooks for different sectors. In our view, the outlook for industrial companies, many of which have growth prospects tied to energy companies or to emerging markets, remains weak. Within the energy sector, we are still not stepping in and buying stocks as we believe the low oil price environment will persist. The recent rebound in oil was due largely to market-driven short covering, in our opinion, as speculative investors attempted to exit bearish views on commodities. Our longer term view on health care remains in place. We believe that innovation is driving new drug creation to meet high, unmet medical needs. While we foresee continued volatility in drug-related names throughout 2016 given the news flow around politics, overall in the battle between efficacy and rhetoric, we believe efficacy will win. We are most positive on the consumer discretionary sector, where companies are benefiting from improved U.S. consumer spending power at a broad level, and at the company level, select companies are also benefiting from value-creating innovation.

Within the fixed income sleeve, we remain defensively positioned, with a focus on capital preservation, as we believe the volatility seen in credit markets through the first quarter of 2016 will remain a central theme. The trajectory of U.S. interest rate hikes continues to be one of our primary concerns. Recent monetary policy has


Janus Investment Fund	3

Janus Balanced Fund (unaudited)

strongly influenced the markets, and the state of the markets and slowing global growth has undoubtedly influenced the actions of the Fed. While the Fed has recently lowered its expected trajectory of rate hikes to better align with market expectations, we foresee additional bouts of volatility as likely over the course of the year. Should the discussion of an accelerated increase in interest rate hikes come back to the table, we believe there could be another sell-off in risk assets. For now, however, the lower rate trajectory is likely to cause a weaker U.S. dollar.

Commodity companies, in our view, are aided by a weakening U.S. dollar, while the imbalance in supply and demand persists and commodities fundamentals remain weak. With a belief that the price of crude oil will remain at lower levels for the foreseeable future, within the energy-related sectors, we seek only higher quality companies with strong fundamentals that can survive at lower-for-longer prices.

Additionally, we are mindful that we appear to be in the later stages of the credit cycle, as evidenced by elevated levels of merger and acquisition activity, share buybacks and debt issuance. Subdued earnings growth in combination with deteriorating balance sheets and weakening credit metrics lend to a cautious outlook on corporate credit. We are focused on companies with stable free cash flows and dedication to balance sheet strength. We believe these higher quality issuers can offer participation on the upside as well as downside protection.

We continue to believe that security avoidance will be a central driver of performance as the perils associated with holding risk assets far outweigh the potential upside. We believe company fundamentals remain under pressure and consider it too early to adopt a more aggressive, opportunistic stance. We maintain our defensive posture within the fixed income sleeve, focusing on our commitment to deliver capital preservation and strong risk-adjusted returns for our clients.

Thank you for investing in Janus Balanced Fund.


4	MARCH 31, 2016

Janus Balanced Fund (unaudited)

Fund At A Glance

March 31, 2016





	5 Top Performers - Holdings		5 Bottom Performers - Holdings
		Contribution		Contribution
	Microsoft Corp.	1.03%	Union Pacific Corp.	-0.42%
	Alphabet, Inc. - Class C	0.76%	Regeneron Pharmaceuticals, Inc.	-0.34%
	EI du Pont de Nemours & Co.	0.66%	CBRE Group, Inc. - Class A	-0.30%
	Dollar Tree, Inc.	0.63%	Endo International PLC	-0.28%
	Home Depot, Inc.	0.51%	Eli Lilly & Co.	-0.28%

	5 Top Performers - Sectors*
			Fund Weighting	S&P 500^{^®} Index
		Fund Contribution	(Average % of Equity)	Weighting
	Consumer Discretionary	0.71%	18.52%	12.94%
	Energy	0.37%	0.85%	6.80%
	Materials	0.25%	5.15%	2.81%
	Other**	0.18%	2.14%	0.00%
	Information Technology	-0.20%	20.67%	20.65%

	5 Bottom Performers - Sectors*
			Fund Weighting	S&P 500^{^®} Index
		Fund Contribution	(Average % of Equity)	Weighting
	Health Care	-1.30%	21.66%	14.73%
	Financials	-0.95%	16.12%	16.14%
	Industrials	-0.93%	9.90%	10.10%
	Telecommunication Services	-0.36%	0.31%	2.53%
	Consumer Staples	-0.31%	4.68%	10.16%

	Security contribution to performance is measured by using an algorithm that multiplies the daily performance of each security with the previous day’s ending weight in the portfolio and is gross of advisory fees. Fixed income securities and certain equity securities, such as private placements and some share classes of equity securities, are excluded.
*	Based on sector classification according to the Global Industry Classification Standard (“GICS”) codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
**	Not a GICS classified sector.


Janus Investment Fund	5

Janus Balanced Fund (unaudited)

Fund At A Glance

March 31, 2016


5 Largest Equity Holdings - (% of Net Assets)
Microsoft Corp.
Software	2.9%
Amgen, Inc.
Biotechnology	2.9%
MasterCard, Inc. - Class A
Information Technology Services	2.9%
Alphabet, Inc. - Class C
Internet Software & Services	2.4%
NIKE, Inc. - Class B
Textiles, Apparel & Luxury Goods	2.3%
	13.4%


Asset Allocation - (% of Net Assets)
Common Stocks	58.9%
Corporate Bonds	14.3%
U.S. Treasury Notes/Bonds	13.0%
Mortgage-Backed Securities	9.3%
Asset-Backed/Commercial Mortgage-Backed Securities	2.8%
Preferred Stocks	0.6%
Investment Companies	0.5%
Bank Loans and Mezzanine Loans	0.3%
Other		0.3%
		100.0%

Top Country Allocations - Long Positions - (% of Investment Securities)

As of March 31, 2016

As of September 30, 2015


6	MARCH 31, 2016

Janus Balanced Fund (unaudited)

Performance

See important disclosures on the next page.



						Expense Ratios -
Average Annual Total Return - for the periods ended March 31, 2016						per the January 28, 2016 prospectuses
	Fiscal Year-to-Date	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses
Class A Shares at NAV	3.20%	-1.96%	7.13%	6.89%	9.46%	0.93%
Class A Shares at MOP	-2.74%	-7.59%	5.87%	6.26%	9.19%
Class C Shares at NAV	2.83%	-2.61%	6.34%	6.10%	8.79%	1.66%
Class C Shares at CDSC	1.85%	-3.53%	6.34%	6.10%	8.79%
Class D Shares⁽¹⁾	3.32%	-1.75%	7.36%	7.05%	9.54%	0.73%
Class I Shares	3.32%	-1.67%	7.43%	6.98%	9.51%	0.65%
Class N Shares	3.37%	-1.61%	7.25%	6.98%	9.51%	0.58%
Class R Shares	2.99%	-2.33%	6.72%	6.44%	9.08%	1.32%
Class S Shares	3.12%	-2.08%	6.98%	6.70%	9.31%	1.08%
Class T Shares	3.25%	-1.83%	7.25%	6.98%	9.51%	0.83%
S&P 500^{^®} Index	8.49%	1.78%	11.58%	7.01%	9.18%
Barclays U.S. Aggregate Bond Index	2.44%	1.96%	3.78%	4.90%	5.73%
Balanced Index	5.91%	2.11%	8.22%	6.34%	7.92%
Morningstar Quartile - Class T Shares	-	2nd	1st	1st	1st
Morningstar Ranking - based on total returns for Moderate Allocation Funds	-	322/963	183/828	35/668	20/246

Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.


Janus Investment Fund	7

Janus Balanced Fund (unaudited)

Performance

Fixed income securities are subject to interest rate, inflation, credit and default risk. The bond market is volatile. As interest rates rise, bond prices usually fall, and vice versa. The return of principal is not guaranteed,and prices may decline if an issuer fails to make timely payments or its credit strength weakens.

See Financial Highlights for actual expense ratios during the reporting period.

Class A Shares, Class C Shares, Class R Shares, and Class S Shares commenced operations on July 6, 2009. Performance shown for each class for periods prior to July 6, 2009, reflects the performance of the Fund’s Class J Shares, the initial share class (renamed Class T Shares effective February 16, 2010), calculated using the fees and expenses of each respective class, without the effect of any fee and expense limitations or waivers.

Class D Shares commenced operations on February 16, 2010. Performance shown for periods prior to February 16, 2010, reflects the performance of the Fund’s former Class J Shares, calculated using the fees and expenses in effect during the periods shown, net of any applicable fee and expense limitations or waivers.

Class I Shares commenced operations on July 6, 2009. Performance shown for periods prior to July 6, 2009, reflects the performance of the Fund’s former Class J Shares, calculated using the fees and expenses of Class J Shares, net of any applicable fee and expense limitations or waivers.

Class N Shares commenced operations on May 31, 2012. Performance shown for periods prior to May 31, 2012, reflects the performance of the Fund’s Class T Shares, calculated using the fees and expenses of Class T Shares, net of any applicable fee and expense limitations or waivers.

If each share class of the Fund had been available during periods prior to its commencement, the performance shown may have been different. The performance shown for periods following the Fund's commencement of each share class reflects the fees and expenses of each respective share class, net of any applicable fee and expense limitations or waivers. Please refer to the Fund's prospectuses for further details concerning historical performance.

There is no assurance that the investment process will consistently lead to successful investing.

See Notes to Schedule of Investments and Other Information for index definitions.

A Fund’s portfolio may differ significantly from the securities held in an index. An Index is unmanaged and not available for direct investment; therefore, its performance does not reflect the expenses associated with the active management of an actual portfolio.

See “Useful Information About Your Fund Report.”

Effective December 31, 2015, Jeremiah Buckley, Marc Pinto, Mayur Saigal, Gibson Smith and Darrell Watters are Co-Portfolio Managers of the Fund. Effective April 1, 2016, Gibson Smith is removed as Co-Portfolio Manager of the Fund.

*The Fund’s inception date – September 1, 1992

(1) Closed to certain new investors.


8	MARCH 31, 2016

Janus Balanced Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (10/1/15)	Ending Account Value (3/31/16)	Expenses Paid During Period (10/1/15 - 3/31/16)†	Beginning Account Value (10/1/15)	Ending Account Value (3/31/16)	Expenses Paid During Period (10/1/15 - 3/31/16)†	Net Annualized Expense Ratio (10/1/15 - 3/31/16)
Class A Shares		$1,000.00	$1,032.00	$4.72	$1,000.00	$1,020.35	$4.70	0.93%
Class C Shares		$1,000.00	$1,028.30	$8.42	$1,000.00	$1,016.70	$8.37	1.66%
Class D Shares		$1,000.00	$1,033.20	$3.71	$1,000.00	$1,021.35	$3.69	0.73%
Class I Shares		$1,000.00	$1,033.20	$3.35	$1,000.00	$1,021.70	$3.34	0.66%
Class N Shares		$1,000.00	$1,033.70	$2.95	$1,000.00	$1,022.10	$2.93	0.58%
Class R Shares		$1,000.00	$1,029.90	$6.75	$1,000.00	$1,018.35	$6.71	1.33%
Class S Shares		$1,000.00	$1,031.20	$5.48	$1,000.00	$1,019.60	$5.45	1.08%
Class T Shares		$1,000.00	$1,032.50	$4.22	$1,000.00	$1,020.85	$4.19	0.83%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


Janus Investment Fund	9

Janus Balanced Fund

Schedule of Investments (unaudited)

March 31, 2016


Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities – 2.8%
	AmeriCredit Automobile Receivables 2016-1, 3.5900%, 2/8/22	$8,596,000	$8,622,273
	AmeriCredit Automobile Receivables Trust 2012-4, 3.8200%, 2/10/20 (144A)	3,975,000	4,019,968
	AmeriCredit Automobile Receivables Trust 2013-4, 3.3100%, 10/8/19	3,128,000	3,188,576
	AmeriCredit Automobile Receivables Trust 2015-2, 3.0000%, 6/8/21	5,920,000	5,864,843
	Applebee's Funding LLC / IHOP Funding LLC, 4.2770%, 9/5/44 (144A)	35,209,000	35,070,491
	Aventura Mall Trust 2013-AVM, 3.7427%, 12/5/32 (144A)^‡	7,763,000	7,636,403
	BAMLL Commercial Mortgage Securities Trust 2015-200P,
	3.5958%, 4/14/33 (144A)^‡	7,323,000	6,111,015
	Banc of America Commercial Mortgage Trust 2006-6, 5.4210%, 10/10/45	7,147,117	7,127,878
	Banc of America Commercial Mortgage Trust 2007-3, 5.5434%, 6/10/49^‡	4,582,502	4,548,083
	Boca Hotel Portfolio Trust 2013-BOCA, 3.4862%, 8/15/26 (144A)^‡	5,279,000	5,260,760
	CGBAM Commercial Mortgage Trust 2014-HD, 3.4362%, 2/15/31 (144A)^‡	2,843,000	2,674,544
	CKE Restaurant Holdings, Inc., 4.4740%, 3/20/43 (144A)	16,426,955	16,406,638
	COMM 2007-C9 Mortgage Trust, 5.6500%, 12/10/49^‡	5,750,042	5,755,540
	Commercial Mortgage Trust 2007-GG11, 5.8670%, 12/10/49^‡	3,931,436	4,042,404
	Core Industrial Trust 2015-TEXW, 3.8487%, 2/10/34 (144A)^‡	7,789,000	7,626,817
	DB Master Finance LLC 2015-1, 3.2620%, 2/20/45 (144A)	5,742,990	5,654,261
	Domino's Pizza Master Issuer LLC, 5.2160%, 1/25/42 (144A)	7,235,602	7,404,573
	Domino's Pizza Master Issuer LLC, 3.4840%, 10/25/45 (144A)	15,688,680	15,092,385
	Freddie Mac Structured Agency Credit Risk Debt Notes, 2.8330%, 10/25/24^‡	2,185,569	2,205,289
	Freddie Mac Structured Agency Credit Risk Debt Notes, 3.0830%, 10/25/24^‡	2,961,000	2,991,215
	Freddie Mac Structured Agency Credit Risk Debt Notes, 2.6330%, 3/25/25^‡	9,810,000	9,842,302
	FREMF 2010 K-SCT Mortgage Trust, 2.0000%, 1/25/20 (144A)^§	11,953,853	10,966,638
	GAHR Commercial Mortgage Trust 2015-NRF, 3.3822%, 12/15/19 (144A)^‡	3,875,000	3,667,845
	GS Mortgage Securities Corp. II, 3.4352%, 12/10/27 (144A)^‡	9,415,000	8,985,105
	GS Mortgage Securities Corp. Trust 2013-NYC5, 3.6490%, 1/10/30 (144A)^‡	3,856,000	3,819,862
	Hilton USA Trust 2013-HLT, 5.2216%, 11/5/30 (144A)^‡	5,177,000	5,207,462
	JP Morgan Chase Commercial Mortgage Securities Trust 2013-WT,
	2.8044%, 2/16/25 (144A)	7,369,006	7,433,348
	JP Morgan Chase Commercial Mortgage Securities Trust 2013-WT,
	4.8447%, 2/16/25 (144A)	6,350,000	6,401,517
	JP Morgan Chase Commercial Mortgage Securities Trust 2015-COSMO,
	2.2362%, 1/15/32 (144A)^‡	5,249,000	5,122,163
	JP Morgan Chase Commercial Mortgage Securities Trust 2015-COSMO,
	4.3862%, 1/15/32 (144A)^‡	4,577,000	4,384,588
	JP Morgan Chase Commercial Mortgage Securities Trust 2015-SGP,
	3.1862%, 7/15/36 (144A)^‡	2,621,000	2,597,088
	JP Morgan Chase Commercial Mortgage Securities Trust 2015-SGP,
	4.9362%, 7/15/36 (144A)^‡	8,195,000	7,977,547
	JP Morgan Chase Commercial Mortgage Securities Trust 2015-UES,
	3.6210%, 9/5/32 (144A)^‡	5,438,000	5,114,235
	LB-UBS Commercial Mortgage Trust 2007-C1, 5.4840%, 2/15/40	5,314,420	5,303,561
	LB-UBS Commercial Mortgage Trust 2007-C2, 5.4930%, 2/15/40^‡	3,454,678	3,508,941
	LB-UBS Commercial Mortgage Trust 2007-C7, 6.2387%, 9/15/45^‡	4,661,755	4,553,455
	Santander Drive Auto Receivables Trust 2012-6, 2.5200%, 9/17/18	3,633,000	3,657,053
	Santander Drive Auto Receivables Trust 2013-4, 4.6700%, 1/15/20 (144A)	10,982,000	11,012,848
	Santander Drive Auto Receivables Trust 2013-A, 4.7100%, 1/15/21 (144A)	5,851,000	5,974,425
	Santander Drive Auto Receivables Trust 2015-1, 3.2400%, 4/15/21	6,207,000	6,254,665
	Santander Drive Auto Receivables Trust 2015-4, 3.5300%, 8/16/21	10,633,000	10,657,815
	Starwood Retail Property Trust 2014-STAR, 2.9362%, 11/15/27 (144A)^‡	3,238,000	3,145,228
	Starwood Retail Property Trust 2014-STAR, 3.6862%, 11/15/27 (144A)^‡	10,070,000	9,475,055
	Starwood Retail Property Trust 2014-STAR, 4.5862%, 11/15/27 (144A)^‡	5,338,000	4,979,085
	Wachovia Bank Commercial Mortgage Trust Series 2007-C30, 5.3830%, 12/15/43	10,073,980	10,255,411
	Wachovia Bank Commercial Mortgage Trust Series 2007-C31, 5.6600%, 4/15/47^‡	14,972,961	14,822,839
	Wachovia Bank Commercial Mortgage Trust Series 2007-C33, 5.9457%, 2/15/51^‡	8,408,593	8,283,263
	Wachovia Bank Commercial Mortgage Trust Series 2007-C34, 5.9451%, 5/15/46^‡	3,609,121	3,584,377
	Wells Fargo Commercial Mortgage Trust 2014-TISH, 3.1862%, 1/15/27 (144A)^‡	3,115,000	2,964,914
	Wells Fargo Commercial Mortgage Trust 2014-TISH, 2.6862%, 2/15/27 (144A)^‡	4,304,000	4,104,709
	Wells Fargo Commercial Mortgage Trust 2014-TISH, 3.6862%, 2/15/27 (144A)^‡	1,557,000	1,520,662


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

10	MARCH 31, 2016

Janus Balanced Fund

Schedule of Investments (unaudited)

March 31, 2016


Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities – (continued)
	Wendy's Funding LLC 2015-1, 3.3710%, 6/15/45 (144A)	$17,493,095	$17,172,272
Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $377,257,995)			370,054,234
Bank Loans and Mezzanine Loans – 0.3%
Communications – 0.1%
	CCO Safari III LLC, 3.5000%, 1/24/23^‡	11,357,000	11,360,180
	Tribune Media Co., 3.7500%, 12/27/20^‡	6,753,431	6,722,501
			18,082,681
Consumer Non-Cyclical – 0.1%
	IMS Health, Inc., 3.5000%, 3/17/21^‡	10,886,820	10,852,853
Technology – 0.1%
	Avago Technologies Cayman Finance, Ltd., 4.2500%, 2/1/23^‡	13,719,000	13,642,585
Total Bank Loans and Mezzanine Loans (cost $42,508,436)			42,578,119
Corporate Bonds – 14.3%
Asset-Backed Securities – 0.1%
	American Tower Trust I, 1.5510%, 3/15/18 (144A)	10,969,000	10,960,905
Banking – 1.9%
	Ally Financial, Inc., 8.0000%, 12/31/18	2,216,000	2,393,280
	American Express Co., 6.8000%, 9/1/66^‡	12,678,000	12,709,695
	Bank of America Corp., 5.7500%, 8/15/16	3,825,000	3,888,640
	Bank of America Corp., 4.4500%, 3/3/26	12,924,000	13,314,163
	Bank of America Corp., 8.0000%^µ	7,142,000	6,990,233
	Bank of America Corp., 6.3000%^µ	7,469,000	7,693,070
	Citizens Financial Group, Inc., 4.3000%, 12/3/25	13,470,000	13,924,074
	Discover Financial Services, 3.9500%, 11/6/24	4,412,000	4,369,137
	Discover Financial Services, 3.7500%, 3/4/25	9,403,000	9,152,297
	Goldman Sachs Capital I, 6.3450%, 2/15/34	20,642,000	24,092,930
	Goldman Sachs Group, Inc., 5.6250%, 1/15/17	4,354,000	4,491,856
	Goldman Sachs Group, Inc., 3.7500%, 2/25/26	13,004,000	13,336,564
	JPMorgan Chase & Co., 4.2500%, 10/1/27	12,882,000	13,398,955
	Morgan Stanley, 2.4500%, 2/1/19	13,441,000	13,639,806
	Morgan Stanley, 4.8750%, 11/1/22	4,509,000	4,885,254
	Morgan Stanley, 3.9500%, 4/23/27	9,534,000	9,544,077
	Morgan Stanley, 5.5500%^µ	11,871,000	11,701,838
	Royal Bank of Scotland Group PLC, 6.1000%, 6/10/23	14,254,000	14,599,602
	Royal Bank of Scotland Group PLC, 6.0000%, 12/19/23	8,249,000	8,354,587
	Royal Bank of Scotland Group PLC, 5.1250%, 5/28/24	4,059,000	3,902,282
	Santander UK PLC, 5.0000%, 11/7/23 (144A)	29,438,000	29,876,803
	SVB Financial Group, 5.3750%, 9/15/20	11,723,000	13,026,246
	Synchrony Financial, 3.0000%, 8/15/19	13,527,000	13,741,457
	Wells Fargo & Co., 5.8750%^µ	3,907,000	4,171,895
	Zions Bancorporation, 5.8000%^µ	2,948,000	2,800,600
			259,999,341
Basic Industry – 0.6%
	Albemarle Corp., 4.1500%, 12/1/24	9,260,000	9,167,372
	Albemarle Corp., 5.4500%, 12/1/44	10,609,000	10,159,104
	Alcoa, Inc., 5.1250%, 10/1/24	13,891,000	13,174,780
	Ashland, Inc., 3.8750%, 4/15/18	6,264,000	6,475,410
	Ashland, Inc., 6.8750%, 5/15/43	8,045,000	7,662,863
	Georgia-Pacific LLC, 3.1630%, 11/15/21 (144A)	19,441,000	19,833,164
	Georgia-Pacific LLC, 3.6000%, 3/1/25 (144A)	9,845,000	10,184,731
	Reliance Steel & Aluminum Co., 4.5000%, 4/15/23	9,842,000	9,487,649
			86,145,073
Brokerage – 1.6%
	Ameriprise Financial, Inc., 7.5180%, 6/1/66^‡	21,664,000	21,068,240
	Carlyle Holdings Finance LLC, 3.8750%, 2/1/23 (144A)	5,027,000	5,190,458
	Charles Schwab Corp., 3.0000%, 3/10/25	8,007,000	8,115,719
	Charles Schwab Corp., 7.0000%^µ	10,876,000	12,398,640
	E*TRADE Financial Corp., 5.3750%, 11/15/22	12,951,000	13,679,494
	E*TRADE Financial Corp., 4.6250%, 9/15/23	17,434,000	17,390,415
	Intercontinental Exchange, Inc., 3.7500%, 12/1/25	10,820,000	11,045,391


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	11

Janus Balanced Fund

Schedule of Investments (unaudited)

March 31, 2016


Shares or Principal Amounts			Value
Corporate Bonds – (continued)
Brokerage – (continued)
	Lazard Group LLC, 6.8500%, 6/15/17	$562,000	$592,240
	Lazard Group LLC, 4.2500%, 11/14/20	13,060,000	13,638,375
	Lazard Group LLC, 3.7500%, 2/13/25	2,888,000	2,665,670
	Neuberger Berman Group LLC / Neuberger Berman Finance Corp.,
	5.8750%, 3/15/22 (144A)	12,824,000	13,336,960
	Neuberger Berman Group LLC / Neuberger Berman Finance Corp.,
	4.8750%, 4/15/45 (144A)	13,780,000	11,670,640
	Raymond James Financial, Inc., 4.2500%, 4/15/16	15,385,000	15,399,477
	Raymond James Financial, Inc., 5.6250%, 4/1/24	29,699,000	32,901,473
	Stifel Financial Corp., 4.2500%, 7/18/24	9,107,000	9,014,254
	TD Ameritrade Holding Corp., 2.9500%, 4/1/22	11,095,000	11,324,345
	TD Ameritrade Holding Corp., 3.6250%, 4/1/25	20,617,000	21,583,875
			221,015,666
Capital Goods – 0.8%
	Ball Corp., 4.3750%, 12/15/20	6,595,000	6,862,922
	CNH Industrial Capital LLC, 3.6250%, 4/15/18	7,138,000	7,138,000
	FLIR Systems, Inc., 3.7500%, 9/1/16	11,460,000	11,563,553
	General Electric Co., 5.0000%^µ	12,313,000	12,682,390
	Hanson, Ltd., 6.1250%, 8/15/16	10,446,000	10,620,448
	Harris Corp., 4.2500%, 10/1/16	9,205,000	9,335,048
	Martin Marietta Materials, Inc., 4.2500%, 7/2/24	6,452,000	6,502,977
	Masco Corp., 3.5000%, 4/1/21	3,162,000	3,185,715
	Owens Corning, 4.2000%, 12/1/24	4,713,000	4,706,911
	Vulcan Materials Co., 7.0000%, 6/15/18	7,734,000	8,488,065
	Vulcan Materials Co., 7.5000%, 6/15/21	4,369,000	5,177,265
	Vulcan Materials Co., 4.5000%, 4/1/25	20,170,000	20,724,675
			106,987,969
Communications – 0.5%
	American Tower Corp., 3.3000%, 2/15/21	12,128,000	12,335,656
	American Tower Corp., 4.4000%, 2/15/26	6,641,000	7,022,426
	CCO Safari II LLC, 4.4640%, 7/23/22 (144A)	11,389,000	11,904,557
	CCO Safari II LLC, 4.9080%, 7/23/25 (144A)	19,369,000	20,430,731
	SBA Tower Trust, 2.9330%, 12/15/17 (144A)	6,249,000	6,221,199
	UBM PLC, 5.7500%, 11/3/20 (144A)	12,268,000	13,288,256
			71,202,825
Consumer Cyclical – 1.3%
	1011778 BC ULC / New Red Finance, Inc., 4.6250%, 1/15/22 (144A)	13,545,000	13,782,038
	Brinker International, Inc., 3.8750%, 5/15/23	15,739,000	15,455,084
	CVS Health Corp., 2.8000%, 7/20/20	20,226,000	20,991,615
	CVS Health Corp., 4.7500%, 12/1/22 (144A)	5,017,000	5,629,761
	CVS Health Corp., 5.0000%, 12/1/24 (144A)	6,635,000	7,606,590
	DR Horton, Inc., 4.7500%, 5/15/17	4,005,000	4,095,113
	DR Horton, Inc., 3.7500%, 3/1/19	8,897,000	9,074,940
	Ford Motor Credit Co. LLC, 3.9840%, 6/15/16	18,061,000	18,175,489
	General Motors Co., 3.5000%, 10/2/18	8,409,000	8,607,764
	General Motors Co., 4.8750%, 10/2/23	18,451,000	19,334,618
	General Motors Financial Co., Inc., 3.1000%, 1/15/19	10,513,000	10,638,725
	MDC Holdings, Inc., 5.5000%, 1/15/24	10,099,000	9,669,793
	Schaeffler Finance BV, 4.2500%, 5/15/21 (144A)	3,974,000	4,043,545
	Toll Brothers Finance Corp., 4.0000%, 12/31/18	3,526,000	3,649,410
	Toll Brothers Finance Corp., 5.8750%, 2/15/22	3,217,000	3,434,148
	Toll Brothers Finance Corp., 4.3750%, 4/15/23	1,842,000	1,800,555
	ZF North America Capital, Inc., 4.0000%, 4/29/20 (144A)	5,101,000	5,158,386
	ZF North America Capital, Inc., 4.5000%, 4/29/22 (144A)	2,698,000	2,751,960
	ZF North America Capital, Inc., 4.7500%, 4/29/25 (144A)	5,183,000	5,157,085
			169,056,619
Consumer Non-Cyclical – 1.8%
	Actavis Funding SCS, 3.0000%, 3/12/20	16,829,000	17,303,712
	Actavis Funding SCS, 4.5500%, 3/15/35	9,178,000	9,456,185


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

12	MARCH 31, 2016

Janus Balanced Fund

Schedule of Investments (unaudited)

March 31, 2016


Shares or Principal Amounts			Value
Corporate Bonds – (continued)
Consumer Non-Cyclical – (continued)
	Anheuser-Busch InBev Finance, Inc., 2.6500%, 2/1/21	$7,480,000	$7,686,351
	Anheuser-Busch InBev Finance, Inc., 3.3000%, 2/1/23	19,885,000	20,672,903
	Anheuser-Busch InBev Finance, Inc., 3.6500%, 2/1/26	12,738,000	13,395,446
	Becton Dickinson and Co., 1.8000%, 12/15/17	11,129,000	11,175,786
	Express Scripts Holding Co., 4.5000%, 2/25/26	4,384,000	4,539,049
	Fresenius Medical Care US Finance II, Inc., 5.8750%, 1/31/22 (144A)	10,428,000	11,455,158
	HCA, Inc., 3.7500%, 3/15/19	6,502,000	6,660,649
	HCA, Inc., 5.2500%, 6/15/26	13,046,000	13,372,150
	Kraft Heinz Foods Co., 2.8000%, 7/2/20 (144A)	7,963,000	8,179,124
	Kraft Heinz Foods Co., 3.5000%, 7/15/22 (144A)	6,799,000	7,135,442
	Life Technologies Corp., 6.0000%, 3/1/20	7,834,000	8,778,412
	Newell Rubbermaid, Inc., 3.1500%, 4/1/21	3,464,000	3,558,283
	Newell Rubbermaid, Inc., 3.8500%, 4/1/23	3,284,000	3,405,873
	Newell Rubbermaid, Inc., 4.2000%, 4/1/26	26,472,000	27,690,877
	Newell Rubbermaid, Inc., 5.5000%, 4/1/46	4,123,000	4,479,211
	Smithfield Foods, Inc., 5.2500%, 8/1/18 (144A)	1,781,000	1,807,715
	Sysco Corp., 2.5000%, 7/15/21	2,649,000	2,679,773
	Sysco Corp., 3.3000%, 7/15/26	6,651,000	6,746,143
	Thermo Fisher Scientific, Inc., 3.3000%, 2/15/22	6,060,000	6,177,358
	Tyson Foods, Inc., 6.6000%, 4/1/16	8,400,000	8,400,000
	Wm Wrigley Jr Co., 2.4000%, 10/21/18 (144A)	18,926,000	19,114,995
	Wm Wrigley Jr Co., 3.3750%, 10/21/20 (144A)	6,177,000	6,432,400
	Zimmer Biomet Holdings, Inc., 3.1500%, 4/1/22	7,915,000	8,032,411
			238,335,406
Electric – 0.2%
	IPALCO Enterprises, Inc., 5.0000%, 5/1/18	5,726,000	6,012,300
	PPL WEM, Ltd. / Western Power Distribution, Ltd., 3.9000%, 5/1/16 (144A)	7,653,000	7,665,849
	PPL WEM, Ltd. / Western Power Distribution, Ltd., 5.3750%, 5/1/21 (144A)	10,561,000	11,712,286
			25,390,435
Energy – 1.3%
	Anadarko Petroleum Corp., 6.3750%, 9/15/17	3,144,000	3,294,833
	Anadarko Petroleum Corp., 4.8500%, 3/15/21	1,743,000	1,761,488
	Anadarko Petroleum Corp., 5.5500%, 3/15/26	6,358,000	6,413,976
	Anadarko Petroleum Corp., 6.6000%, 3/15/46	6,355,000	6,487,921
	Canadian Natural Resources, Ltd., 5.7000%, 5/15/17	1,983,000	2,044,124
	Canadian Natural Resources, Ltd., 5.9000%, 2/1/18	4,210,000	4,367,736
	Cimarex Energy Co., 5.8750%, 5/1/22	8,659,000	8,944,660
	Cimarex Energy Co., 4.3750%, 6/1/24	2,913,000	2,868,239
	ConocoPhillips Co., 4.2000%, 3/15/21	8,091,000	8,449,553
	ConocoPhillips Co., 4.9500%, 3/15/26	16,185,000	16,896,201
	ConocoPhillips Co., 5.9500%, 3/15/46	2,043,000	2,197,782
	Devon Energy Corp., 2.2500%, 12/15/18	9,835,000	9,178,897
	Energy Transfer Partners LP, 4.1500%, 10/1/20	5,990,000	5,755,174
	Helmerich & Payne International Drilling Co., 4.6500%, 3/15/25	17,549,000	17,661,331
	Hess Corp., 8.1250%, 2/15/19	3,196,000	3,511,432
	Kinder Morgan Energy Partners LP, 5.0000%, 10/1/21	5,491,000	5,602,434
	Kinder Morgan Energy Partners LP, 4.3000%, 5/1/24	6,018,000	5,719,152
	Kinder Morgan, Inc., 6.5000%, 9/15/20	566,000	607,411
	Motiva Enterprises LLC, 5.7500%, 1/15/20 (144A)	8,118,000	8,465,597
	NGL Energy Partners LP / NGL Energy Finance Corp., 5.1250%, 7/15/19	3,392,000	2,052,160
	Oceaneering International, Inc., 4.6500%, 11/15/24	12,760,000	10,988,899
	Phillips 66 Partners LP, 3.6050%, 2/15/25	3,618,000	3,287,695
	Spectra Energy Partners LP, 4.7500%, 3/15/24	14,118,000	15,208,827
	Western Gas Partners LP, 5.3750%, 6/1/21	19,545,000	18,912,309
			170,677,831
Finance Companies – 0.4%
	AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust,
	4.6250%, 10/30/20	5,821,000	5,966,525


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	13

Janus Balanced Fund

Schedule of Investments (unaudited)

March 31, 2016


Shares or Principal Amounts			Value
Corporate Bonds – (continued)
Finance Companies – (continued)
	AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust,
	4.6250%, 7/1/22	$1,113,000	$1,135,260
	CIT Group, Inc., 4.2500%, 8/15/17	24,149,000	24,574,264
	CIT Group, Inc., 5.5000%, 2/15/19 (144A)	7,108,000	7,353,226
	International Lease Finance Corp., 6.7500%, 9/1/16 (144A)	10,951,000	11,115,265
	International Lease Finance Corp., 8.7500%, 3/15/17	4,365,000	4,598,091
			54,742,631
Financial – 0.4%
	Jones Lang LaSalle, Inc., 4.4000%, 11/15/22	13,036,000	13,393,069
	Kennedy-Wilson, Inc., 5.8750%, 4/1/24	16,616,000	16,242,140
	LeasePlan Corp. NV, 2.5000%, 5/16/18 (144A)	23,090,000	22,888,678
			52,523,887
Industrial – 0.1%
	Cintas Corp. No 2, 2.8500%, 6/1/16	5,269,000	5,287,768
	Cintas Corp. No 2, 4.3000%, 6/1/21	5,544,000	6,034,616
			11,322,384
Insurance – 0.5%
	Berkshire Hathaway, Inc., 2.7500%, 3/15/23	10,539,000	10,748,157
	Berkshire Hathaway, Inc., 3.1250%, 3/15/26	8,520,000	8,735,948
	CNO Financial Group, Inc., 4.5000%, 5/30/20	3,089,000	3,150,780
	CNO Financial Group, Inc., 5.2500%, 5/30/25	9,783,000	10,003,118
	Primerica, Inc., 4.7500%, 7/15/22	19,604,000	21,166,949
	Voya Financial, Inc., 5.6500%, 5/15/53^‡	8,008,000	7,447,440
			61,252,392
Real Estate Investment Trusts (REITs) – 0.6%
	Alexandria Real Estate Equities, Inc., 2.7500%, 1/15/20	9,544,000	9,526,506
	Alexandria Real Estate Equities, Inc., 4.6000%, 4/1/22	16,053,000	17,301,345
	Alexandria Real Estate Equities, Inc., 4.5000%, 7/30/29	8,730,000	8,782,886
	Post Apartment Homes LP, 4.7500%, 10/15/17	7,503,000	7,759,257
	Senior Housing Properties Trust, 6.7500%, 4/15/20	3,671,000	4,041,639
	Senior Housing Properties Trust, 6.7500%, 12/15/21	4,054,000	4,471,748
	SL Green Realty Corp., 5.0000%, 8/15/18	8,709,000	9,146,801
	SL Green Realty Corp., 7.7500%, 3/15/20	17,197,000	20,134,316
			81,164,498
Technology – 1.9%
	Autodesk, Inc., 3.6000%, 12/15/22	2,672,000	2,661,117
	Cadence Design Systems, Inc., 4.3750%, 10/15/24	20,472,000	20,743,070
	Fidelity National Information Services, Inc., 3.6250%, 10/15/20	6,056,000	6,259,027
	Fidelity National Information Services, Inc., 5.0000%, 3/15/22	2,694,000	2,802,323
	Fidelity National Information Services, Inc., 4.5000%, 10/15/22	7,926,000	8,452,334
	Fidelity National Information Services, Inc., 5.0000%, 10/15/25	20,688,000	22,340,289
	Seagate HDD Cayman, 4.7500%, 1/1/25	30,331,000	23,690,240
	Seagate HDD Cayman, 4.8750%, 6/1/27 (144A)	9,765,000	7,351,561
	Seagate HDD Cayman, 5.7500%, 12/1/34	6,296,000	4,472,458
	Total System Services, Inc., 3.8000%, 4/1/21	6,457,000	6,640,398
	Total System Services, Inc., 4.8000%, 4/1/26	18,021,000	18,594,861
	Trimble Navigation, Ltd., 4.7500%, 12/1/24	22,589,000	23,033,642
	TSMC Global, Ltd., 1.6250%, 4/3/18 (144A)	31,117,000	30,939,633
	Verisk Analytics, Inc., 4.8750%, 1/15/19	7,426,000	7,831,244
	Verisk Analytics, Inc., 5.8000%, 5/1/21	27,503,000	30,811,006
	Verisk Analytics, Inc., 4.1250%, 9/12/22	7,188,000	7,453,058
	Verisk Analytics, Inc., 4.0000%, 6/15/25	12,012,000	12,100,829
	Verisk Analytics, Inc., 5.5000%, 6/15/45	12,560,000	12,274,273
			248,451,363
Transportation – 0.3%
	Penske Truck Leasing Co. LP / PTL Finance Corp., 3.3750%, 3/15/18 (144A)	12,164,000	12,415,466
	Penske Truck Leasing Co. LP / PTL Finance Corp., 2.5000%, 6/15/19 (144A)	7,969,000	7,923,266
	Penske Truck Leasing Co. LP / PTL Finance Corp., 4.8750%, 7/11/22 (144A)	1,213,000	1,295,212
	Penske Truck Leasing Co. LP / PTL Finance Corp., 4.2500%, 1/17/23 (144A)	6,755,000	6,844,855


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

14	MARCH 31, 2016

Janus Balanced Fund

Schedule of Investments (unaudited)

March 31, 2016


Shares or Principal Amounts			Value
Corporate Bonds – (continued)
Transportation – (continued)
	Southwest Airlines Co., 5.1250%, 3/1/17	$7,880,000	$8,145,123
			36,623,922
Total Corporate Bonds (cost $1,878,225,583)			1,905,853,147
Mortgage-Backed Securities – 9.3%
Fannie Mae Pool:
	5.5000%, 1/1/25	1,399,331	1,509,546
	4.0000%, 6/1/29	2,407,928	2,584,331
	4.0000%, 7/1/29	5,327,160	5,706,273
	4.0000%, 9/1/29	4,722,673	5,043,696
	5.0000%, 9/1/29	3,741,664	4,135,600
	3.5000%, 10/1/29	658,441	696,017
	5.0000%, 1/1/30	1,553,087	1,716,601
	5.5000%, 1/1/33	913,804	1,034,090
	4.0000%, 4/1/34	5,329,410	5,795,011
	6.0000%, 10/1/35	4,262,346	4,895,435
	6.0000%, 12/1/35	4,870,418	5,600,271
	6.0000%, 2/1/37	802,785	933,705
	6.0000%, 9/1/37	3,312,727	3,655,510
	6.0000%, 10/1/38	3,519,266	4,020,566
	7.0000%, 2/1/39	1,215,933	1,409,858
	5.5000%, 12/1/39	6,712,222	7,570,231
	5.5000%, 3/1/40	5,430,066	6,232,279
	5.5000%, 4/1/40	14,994,100	16,911,507
	4.5000%, 10/1/40	1,339,439	1,456,773
	5.0000%, 10/1/40	2,262,093	2,540,946
	5.5000%, 2/1/41	2,975,561	3,414,135
	5.0000%, 5/1/41	6,483,729	7,192,849
	5.5000%, 5/1/41	4,638,504	5,223,546
	5.5000%, 6/1/41	7,613,048	8,568,369
	5.5000%, 6/1/41	6,546,963	7,480,652
	5.5000%, 7/1/41	803,207	905,997
	4.5000%, 8/1/41	4,939,061	5,386,423
	5.5000%, 12/1/41	6,961,184	7,839,198
	4.5000%, 1/1/42	1,454,560	1,586,810
	5.5000%, 2/1/42	29,131,922	32,851,678
	4.0000%, 6/1/42	8,867,174	9,538,825
	4.5000%, 6/1/42	1,954,673	2,158,281
	3.5000%, 7/1/42	5,861,700	6,208,790
	4.0000%, 7/1/42	1,753,945	1,886,734
	4.0000%, 8/1/42	4,103,843	4,415,582
	4.0000%, 9/1/42	8,103,569	8,718,335
	4.0000%, 9/1/42	5,320,376	5,724,480
	4.0000%, 11/1/42	6,170,480	6,639,280
	4.0000%, 12/1/42	4,726,685	5,154,294
	3.5000%, 1/1/43	10,891,234	11,443,300
	3.5000%, 2/1/43	23,641,421	24,837,056
	3.5000%, 2/1/43	21,932,357	23,045,376
	4.5000%, 2/1/43	24,458,185	26,711,857
	4.5000%, 3/1/43	8,646,816	9,551,396
	4.0000%, 5/1/43	13,514,650	14,542,370
	4.0000%, 7/1/43	19,326,077	20,797,185
	4.0000%, 8/1/43	15,522,280	16,702,517
	4.0000%, 9/1/43	3,903,231	4,202,768
	3.5000%, 1/1/44	18,611,536	19,819,196
	3.5000%, 1/1/44	8,339,730	8,874,423
	4.0000%, 2/1/44	10,107,898	10,878,933
	3.5000%, 4/1/44	9,692,461	10,285,480
	3.5000%, 5/1/44	28,189,037	29,996,297
	4.5000%, 5/1/44	36,703,098	40,738,788


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	15

Janus Balanced Fund

Schedule of Investments (unaudited)

March 31, 2016


Shares or Principal Amounts			Value
Mortgage-Backed Securities – (continued)
Fannie Mae Pool – (continued)
	5.5000%, 5/1/44	$6,329,273	$7,129,885
	4.0000%, 6/1/44	12,795,842	13,770,750
	4.0000%, 7/1/44	24,811,296	26,996,510
	5.0000%, 7/1/44	14,644,252	16,538,752
	4.0000%, 8/1/44	15,690,522	17,072,507
	4.0000%, 8/1/44	5,959,287	6,484,142
	4.5000%, 8/1/44	16,193,489	17,967,458
	4.5000%, 10/1/44	12,347,466	13,768,169
	4.5000%, 10/1/44	7,075,799	7,868,336
	3.5000%, 2/1/45	19,284,206	20,261,528
	4.5000%, 3/1/45	12,783,617	14,220,819
	4.5000%, 5/1/45	10,161,976	11,335,656
	4.5000%, 6/1/45	6,133,132	6,802,026
	4.0000%, 9/1/45	36,391,876	39,484,214
	4.5000%, 10/1/45	23,723,351	26,486,679
	4.5000%, 10/1/45	12,858,132	14,208,764
	3.5000%, 12/1/45	5,951,702	6,311,049
	3.5000%, 1/1/46	15,570,336	16,490,668
	3.5000%, 1/1/46	13,184,505	13,964,642
	4.5000%, 2/1/46	18,363,265	20,583,111
	4.5000%, 2/1/46	7,683,876	8,570,471
			813,085,582
Freddie Mac Gold Pool:
	5.0000%, 1/1/19	739,424	763,518
	5.5000%, 8/1/19	634,376	655,591
	5.0000%, 6/1/20	1,303,209	1,377,311
	5.5000%, 12/1/28	3,330,479	3,695,205
	3.5000%, 7/1/29	5,895,594	6,233,864
	5.5000%, 10/1/36	2,797,817	3,164,384
	6.0000%, 4/1/40	13,944,526	16,314,243
	4.5000%, 1/1/41	3,651,923	3,992,771
	5.5000%, 5/1/41	6,105,585	6,786,929
	5.5000%, 8/1/41	13,415,049	15,455,011
	5.5000%, 8/1/41	9,184,181	10,492,590
	5.5000%, 9/1/41	2,149,271	2,386,465
	5.0000%, 3/1/42	6,505,158	7,302,142
	3.5000%, 2/1/44	7,547,766	7,934,762
	4.5000%, 5/1/44	7,510,192	8,285,969
	4.0000%, 8/1/44	5,046,395	5,480,269
	4.5000%, 9/1/44	23,746,783	26,449,735
	4.5000%, 6/1/45	10,372,855	11,558,020
	4.5000%, 2/1/46	6,502,878	7,253,268
			145,582,047
Ginnie Mae I Pool:
	5.1000%, 1/15/32	5,345,654	6,096,840
	7.5000%, 8/15/33	5,676,590	6,768,491
	4.9000%, 10/15/34	5,845,453	6,488,080
	5.5000%, 9/15/35	658,518	762,247
	5.5000%, 3/15/36	2,919,129	3,320,841
	5.5000%, 2/15/39	4,218,196	4,834,131
	5.5000%, 8/15/39	12,408,177	14,209,806
	5.5000%, 8/15/39	4,001,205	4,557,456
	5.0000%, 10/15/39	2,724,373	3,041,572
	5.5000%, 10/15/39	4,655,212	5,394,866
	5.0000%, 11/15/39	4,343,626	4,820,570
	5.0000%, 1/15/40	1,448,886	1,606,266
	5.0000%, 5/15/40	1,577,539	1,770,852
	5.0000%, 5/15/40	567,101	636,449
	5.0000%, 7/15/40	4,714,277	5,228,089


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

16	MARCH 31, 2016

Janus Balanced Fund

Schedule of Investments (unaudited)

March 31, 2016


Shares or Principal Amounts			Value
Mortgage-Backed Securities – (continued)
Ginnie Mae I Pool – (continued)
	5.0000%, 7/15/40	$1,290,945	$1,432,157
	5.0000%, 2/15/41	4,784,777	5,312,322
	5.0000%, 4/15/41	1,844,750	2,043,703
	4.5000%, 5/15/41	8,697,971	9,646,783
	5.0000%, 5/15/41	1,933,472	2,171,430
	4.5000%, 7/15/41	4,119,678	4,499,493
	4.5000%, 7/15/41	1,293,397	1,422,744
	4.5000%, 8/15/41	11,486,734	12,763,625
	5.0000%, 9/15/41	1,195,162	1,327,996
	5.0000%, 11/15/43	8,511,779	9,485,451
	4.5000%, 5/15/44	5,429,531	5,990,216
	5.0000%, 6/15/44	8,402,081	9,479,666
	5.0000%, 6/15/44	3,153,517	3,554,265
	5.0000%, 7/15/44	3,438,386	3,872,700
	4.0000%, 1/15/45	27,201,592	29,263,849
	4.0000%, 4/15/45	4,072,845	4,426,984
			176,229,940
Ginnie Mae II Pool:
	6.0000%, 11/20/34	2,664,155	3,114,887
	5.5000%, 11/20/37	3,284,914	3,640,535
	6.0000%, 1/20/39	1,118,242	1,264,774
	7.0000%, 5/20/39	622,933	755,034
	4.5000%, 10/20/41	7,736,694	8,315,829
	6.0000%, 10/20/41	447,824	514,181
	6.0000%, 12/20/41	1,289,161	1,474,645
	5.5000%, 1/20/42	2,869,210	3,203,255
	6.0000%, 1/20/42	1,416,986	1,625,288
	6.0000%, 2/20/42	1,125,037	1,285,841
	6.0000%, 3/20/42	1,002,828	1,150,127
	6.0000%, 4/20/42	3,829,462	4,393,900
	3.5000%, 5/20/42	2,809,606	2,991,156
	5.5000%, 5/20/42	4,043,722	4,509,482
	6.0000%, 5/20/42	1,612,022	1,827,567
	5.5000%, 7/20/42	5,287,259	5,820,590
	6.0000%, 7/20/42	1,107,762	1,270,520
	6.0000%, 8/20/42	1,239,178	1,421,362
	6.0000%, 9/20/42	2,705,441	3,103,043
	6.0000%, 11/20/42	1,072,417	1,226,038
	6.0000%, 2/20/43	1,470,711	1,685,851
	3.5000%, 9/20/44	7,779,342	8,283,451
	5.0000%, 12/20/44	4,823,489	5,407,944
	5.0000%, 9/20/45	2,318,721	2,550,470
	4.0000%, 10/20/45	9,732,333	10,558,718
	4.0000%, 11/20/45	22,811,502	24,808,469
			106,202,957
Total Mortgage-Backed Securities (cost $1,228,210,299)			1,241,100,526
U.S. Treasury Notes/Bonds – 13.0%
	0.7500%, 2/28/18	108,318,000	108,343,346
	1.0000%, 9/15/18	11,754,000	11,810,020
	1.3750%, 9/30/18^†	142,355,000	144,368,042
	1.2500%, 10/31/18	55,514,000	56,116,827
	1.1250%, 1/15/19	6,066,000	6,113,388
	0.7500%, 2/15/19	34,717,000	34,613,925
	1.6250%, 7/31/19	47,899,000	48,946,791
	1.7500%, 9/30/19	43,617,000	44,750,039
	1.5000%, 10/31/19	63,685,000	64,782,102
	1.6250%, 12/31/19	67,015,000	68,433,842
	1.7500%, 12/31/20	44,836,000	45,934,123
	1.3750%, 1/31/21	56,241,000	56,645,260


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	17

Janus Balanced Fund

Schedule of Investments (unaudited)

March 31, 2016


Shares or Principal Amounts			Value
U.S. Treasury Notes/Bonds – (continued)
	1.1250%, 2/28/21	$159,842,000	$159,186,328
	2.1250%, 9/30/21	35,585,000	37,043,167
	2.1250%, 12/31/21	49,596,000	51,581,774
	1.7500%, 5/15/23	14,743,000	14,945,716
	2.5000%, 8/15/23	54,330,000	57,897,525
	2.7500%, 11/15/23	75,698,000	81,990,396
	2.5000%, 5/15/24	39,614,000	42,127,033
	2.0000%, 2/15/25	6,873,000	7,019,855
	2.0000%, 8/15/25	58,814,000	59,944,346
	2.2500%, 11/15/25	203,019,000	211,285,680
	1.6250%, 2/15/26	40,584,000	39,994,274
	3.7500%, 11/15/43	39,995,000	49,675,030
	3.6250%, 2/15/44	10,830,000	13,138,566
	3.3750%, 5/15/44	9,428,000	10,929,484
	2.5000%, 2/15/45	7,695,000	7,503,225
	3.0000%, 5/15/45	11,528,000	12,432,683
	2.8750%, 8/15/45	19,966,000	21,001,736
	3.0000%, 11/15/45	120,909,000	130,529,729
	2.5000%, 2/15/46	41,538,000	40,501,170
Total U.S. Treasury Notes/Bonds (cost $1,680,468,258)			1,739,585,422
Common Stocks – 58.9%
Aerospace & Defense – 4.6%
	Boeing Co.	2,348,843	298,162,130
	Honeywell International, Inc.	1,693,372	189,742,333
	Northrop Grumman Corp.	626,976	124,078,550
			611,983,013
Automobiles – 1.1%
	General Motors Co.	4,448,824	139,826,538
Beverages – 0.3%
	Diageo PLC	1,505,649	40,680,068
Biotechnology – 5.8%
	AbbVie, Inc.	4,866,036	277,947,976
	Amgen, Inc.	2,567,987	385,018,291
	Celgene Corp.*	937,107	93,795,040
	Regeneron Pharmaceuticals, Inc.*	36,439	13,134,073
			769,895,380
Capital Markets – 2.3%
	Blackstone Group LP	7,642,182	214,363,205
	TD Ameritrade Holding Corp.	3,104,198	97,875,363
			312,238,568
Chemicals – 3.1%
	EI du Pont de Nemours & Co.	2,463,322	155,977,549
	LyondellBasell Industries NV - Class A	3,030,882	259,382,882
			415,360,431
Commercial Banks – 1.6%
	JPMorgan Chase & Co.	1,320,269	78,186,330
	US Bancorp	3,271,893	132,806,137
			210,992,467
Consumer Finance – 1.7%
	American Express Co.	1,642,221	100,832,369
	Synchrony Financial*	4,569,315	130,956,568
			231,788,937
Diversified Financial Services – 1.2%
	CME Group, Inc.	1,603,736	154,038,843
Food & Staples Retailing – 0.5%
	Costco Wholesale Corp.	426,056	67,137,904
Food Products – 0.8%
	Hershey Co.	1,221,614	112,498,433
Health Care Providers & Services – 1.0%
	Aetna, Inc.	1,218,518	136,900,497


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

18	MARCH 31, 2016

Janus Balanced Fund

Schedule of Investments (unaudited)

March 31, 2016


Shares or Principal Amounts			Value
Common Stocks – (continued)
Hotels, Restaurants & Leisure – 2.2%
	Norwegian Cruise Line Holdings, Ltd.*	2,477,074	$136,957,421
	Six Flags Entertainment Corp.	1,044,116	57,937,997
	Starbucks Corp.	1,740,853	103,928,924
			298,824,342
Industrial Conglomerates – 1.2%
	General Electric Co.	5,063,291	160,962,021
Information Technology Services – 3.4%
	Automatic Data Processing, Inc.	735,074	65,943,489
	MasterCard, Inc. - Class A	4,023,153	380,187,959
			446,131,448
Insurance – 0.7%
	Prudential PLC	5,254,937	98,174,460
Internet & Catalog Retail – 1.8%
	Ctrip.com International, Ltd. (ADR)*	979,566	43,355,591
	Priceline Group, Inc.*	153,628	198,020,347
			241,375,938
Internet Software & Services – 3.2%
	Alphabet, Inc. - Class C	422,461	314,712,322
	Yahoo!, Inc.*	3,022,643	111,263,489
			425,975,811
Leisure Products – 0.6%
	Mattel, Inc.	2,510,222	84,393,664
Media – 1.3%
	Comcast Corp. - Class A	1,306,655	79,810,487
	Time Warner, Inc.	1,190,891	86,399,142
			166,209,629
Multiline Retail – 1.9%
	Dollar Tree, Inc.*	3,096,800	255,362,128
Pharmaceuticals – 5.2%
	Allergan PLC*	1,026,723	275,192,566
	Bristol-Myers Squibb Co.	4,372,964	279,344,940
	Eli Lilly & Co.	1,960,972	141,209,594
			695,747,100
Real Estate Investment Trusts (REITs) – 0.8%
	Colony Capital, Inc.- Class A	3,718,838	62,364,913
	Colony Starwood Homes^ß	598,678	13,335,552
	Outfront Media, Inc.	1,453,631	30,671,614
			106,372,079
Real Estate Management & Development – 1.1%
	CBRE Group, Inc. - Class A*	3,766,912	108,562,404
	Colony American Homes Holdings III LP^£,§	6,162,871	32,401,294
			140,963,698
Software – 4.1%
	Adobe Systems, Inc.*	1,714,842	160,852,180
	Microsoft Corp.	7,004,488	386,857,872
			547,710,052
Specialty Retail – 2.0%
	Home Depot, Inc.	2,039,250	272,097,128
Technology Hardware, Storage & Peripherals – 1.9%
	Apple, Inc.	2,294,201	250,044,967
Textiles, Apparel & Luxury Goods – 2.3%
	NIKE, Inc. - Class B	5,026,002	308,948,343
Tobacco – 1.2%
	Altria Group, Inc.	2,617,147	163,990,431
Total Common Stocks (cost $6,335,087,239)			7,866,624,318
Preferred Stocks – 0.6%
Capital Markets – 0.2%
	Morgan Stanley, 6.8750%	443,275	12,030,484


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	19

Janus Balanced Fund

Schedule of Investments (unaudited)

March 31, 2016


Shares or Principal Amounts			Value
Preferred Stocks – (continued)
Capital Markets – (continued)
	Morgan Stanley, 7.1250%	436,310	$12,413,020
			24,443,504
Commercial Banks – 0.3%
	Citigroup Capital XIII, 6.9881%	802,075	21,086,552
	Wells Fargo & Co., 6.6250%	360,200	10,564,666
			31,651,218
Consumer Finance – 0.1%
	Discover Financial Services, 6.5000%	546,525	14,564,891
Industrial Conglomerates – 0%
	General Electric Co., 4.7000%	50,029	1,308,258
Real Estate Investment Trusts (REITs) – 0%
	Morgan Stanley Capital Trust III, 6.2500%	72,550	1,862,359
	Morgan Stanley Capital Trust IV, 6.2500%	15,495	396,362
	Morgan Stanley Capital Trust V, 5.7500%	6,270	159,446
	Morgan Stanley Capital Trust VIII, 6.4500%	27,878	713,956
			3,132,123
Total Preferred Stocks (cost $70,077,954)			75,099,994
Investment Companies – 0.5%
Money Markets – 0.5%
	Janus Cash Liquidity Fund LLC, 0.3874%^ºº,£(cost $68,678,591)	68,678,591	68,678,591
Total Investments (total cost $11,680,514,355) – 99.7%			13,309,574,351
Cash, Receivables and Other Assets, net of Liabilities – 0.3%			33,510,653
Net Assets – 100%			$13,343,085,004


Summary of Investments by Country - (Long Positions) (unaudited)

		% of Investment
Country	Value	Securities
United States	$12,862,256,706	96.7	%
United Kingdom	228,254,193	1.7
China	43,355,591	0.3
Belgium	41,754,700	0.3
Germany	39,186,582	0.3
Taiwan	30,939,633	0.2
Netherlands	29,990,463	0.2
Canada	20,193,898	0.2
Singapore	13,642,585	0.1



Total	$13,309,574,351	100.0	%


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

20	MARCH 31, 2016

Janus Balanced Fund

Schedule of Investments (unaudited)

March 31, 2016


Schedule of Foreign Currency Contracts, Open
Counterparty/ Currency		Settlement Date		Currency Units Sold				Currency Value				Unrealized Appreciation/ (Depreciation)

Bank of America:
British Pound	4/14/16		6,550,000		$		9,406,064		$		(61,048)

Credit Suisse International:
British Pound	5/12/16		8,037,000				11,542,374				21,101

HSBC Securities (USA), Inc.:
British Pound	4/28/16		11,725,000				16,838,272				(290,991)

JPMorgan Chase & Co.:
British Pound	4/14/16		1,500,000				2,154,060				18,261
British Pound	4/14/16		12,320,000				17,692,016				(98,378)

								19,846,076				(80,117)

RBC Capital Markets Corp.:
British Pound	5/12/16		7,621,000				10,944,933				18,485

Total						$		68,577,719		$		(392,570)


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	21

Janus Balanced Fund

Notes to Schedule of Investments and Other Information (unaudited)


Balanced Index	An internally-calculated, hypothetical combination of total returns from the S&P 500^{^®} Index (55%) and the Barclays U.S. Aggregate Bond Index (45%).
Barclays U.S. Aggregate Bond Index	A broad-based measure of the investment grade, US dollar-denominated, fixed-rate taxable bond market.
S&P 500^{^®} Index	Measures broad U.S. equity performance..


ADR	American Depositary Receipt
LLC	Limited Liability Company
LP	Limited Partnership
PLC	Public Limited Company
ULC	Unlimited Liability Company

144A


*	Non-income producing security.


†	A portion of this security 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, the value of which, as of March 31, 2016, is $65,919,165.


‡	The interest rate on floating rate notes is based on an index or market interest rates and is subject to change. Rate in the security description is as of March 31, 2016.


ß	Security is illiquid.


ºº	Rate shown is the 7-day yield as of March 31, 2016.


µ	This variable rate security is a perpetual bond. Perpetual bonds have no contractual maturity date, are not redeemable, and pay an indefinite stream of interest. The coupon rate shown represents the current interest rate.


	Share						Share
	Balance						Balance		Realized		Dividend	Value
	at 9/30/15		Purchases		Sales		at 3/31/16		Gain/(Loss)		Income	at 3/31/16

Colony American Homes Holdings III LP
	6,162,871	—		—		6,162,871		$—		$592,594		$32,401,294
Janus Cash Liquidity Fund LLC
	101,280,473	2,277,716,118		(2,310,318,000)		68,678,591		—		248,807		68,678,591

Total									$—		$841,401	$101,079,885


22	MARCH 31, 2016

Janus Balanced Fund

Notes to Schedule of Investments and Other Information (unaudited)


§	Schedule of Restricted and Illiquid Securities (as of March 31, 2016)
							Value as a
		Acquisition					% of Net
		Date		Cost		Value	Assets
Colony American Homes Holdings III LP		1/30/13	$	42,613,147	$	32,401,294	0.2	%
FREMF 2010 K-SCT Mortgage Trust, 2.0000%, 1/25/20		4/29/13		10,848,897		10,966,638	0.1
Total			$	53,462,044	$	43,367,932	0.3	%

The Fund has registration rights for certain restricted securities held as of March 31, 2016. 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 March 31, 2016. See Notes to Financial Statements for more information.
Valuation Inputs Summary
	Level 1 - Quoted Prices	Level 2 - Other Significant Observable Inputs	Level 3 - Significant Unobservable Inputs
Assets
Investments in Securities:
Asset-Backed/Commercial Mortgage-Backed Securities	$ -	$ 370,054,234	$ -
Bank Loans and Mezzanine Loans	-	42,578,119	-
Corporate Bonds	-	1,905,853,147	-
Mortgage-Backed Securities	-	1,241,100,526	-
U.S. Treasury Notes/Bonds	-	1,739,585,422	-
Common Stocks
Real Estate Investment Trusts (REITs)	93,036,527	13,335,552	-
Real Estate Management & Development	108,562,404	-	32,401,294
All Other	7,619,288,541	-	-
Preferred Stocks	-	75,099,994	-
Investment Companies	-	68,678,591	-
Total Investments in Securities	$ 7,820,887,472	$ 5,456,285,585	$ 32,401,294
Other Financial Instruments^(a):
Forward Currency Contracts	$ -	$ 57,847	$ -
Total Assets	$ 7,820,887,472	$ 5,456,343,432	$ 32,401,294
Liabilities
Other Financial Instruments^(a):
Forward Currency Contracts	$ -	$ 450,417	$ -
(a) Other financial instruments include forward currency, futures, 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.


Janus Investment Fund	23

Janus Balanced Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2016

See footnotes at the end of the Statement.



Assets:
	Investments, at cost		$	11,680,514,355
	Unaffiliated investments, at value			13,208,494,466
	Affiliated investments, at value			101,079,885
	Cash			1,299,616
	Forward currency contracts			57,847
	Closed foreign currency contracts			34,245
	Non-interested Trustees' deferred compensation			255,839
	Receivables:
		Investments sold		226,204,374
		Interest		35,928,034
		Fund shares sold		32,860,407
		Dividends		12,020,832
		Foreign tax reclaims		318,901
		Dividends from affiliates		36,619
	Other assets			151,950
Total Assets				13,618,743,015
Liabilities:
	Forward currency contracts			450,417
	Closed foreign currency contracts			400,199
	Payables:			—
		Investments purchased		225,684,511
		Fund shares repurchased		35,028,829
		Advisory fees		6,128,846
		Dividends		3,480,614
		Transfer agent fees and expenses		1,874,336
		12b-1 Distribution and shareholder servicing fees		1,679,856
		Non-interested Trustees' deferred compensation fees		255,839
		Fund administration fees		105,862
		Non-interested Trustees' fees and expenses		83,083
		Professional fees		35,423
		Custodian fees		349
		Accrued expenses and other payables		449,847
Total Liabilities				275,658,011
Net Assets			$	13,343,085,004


See Notes to Financial Statements.

24	MARCH 31, 2016

Janus Balanced Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2016




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	11,700,171,474
	Undistributed net investment income/(loss)		21,105,973
	Undistributed net realized gain/(loss) from investments and foreign currency transactions		(6,966,368)
	Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation		1,628,773,925
Total Net Assets		$	13,343,085,004
Net Assets - Class A Shares		$	1,065,608,972
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		37,374,836
Net Asset Value Per Share⁽¹⁾		$	28.51
Maximum Offering Price Per Share⁽²⁾		$	30.25
Net Assets - Class C Shares		$	1,435,594,124
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		50,691,476
Net Asset Value Per Share⁽¹⁾		$	28.32
Net Assets - Class D Shares		$	1,421,278,583
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		49,754,072
Net Asset Value Per Share		$	28.57
Net Assets - Class I Shares		$	1,699,877,207
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		59,494,245
Net Asset Value Per Share		$	28.57
Net Assets - Class N Shares		$	1,823,452,410
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		63,887,241
Net Asset Value Per Share		$	28.54
Net Assets - Class R Shares		$	287,471,457
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		10,122,226
Net Asset Value Per Share		$	28.40
Net Assets - Class S Shares		$	702,185,962
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		24,629,752
Net Asset Value Per Share		$	28.51
Net Assets - Class T Shares		$	4,907,616,289
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		171,971,891
Net Asset Value Per Share		$	28.54

(1) Redemption price per share may be reduced for any applicable contingent deferred sales charge.

(2) Maximum offering price is computed at 100/94.25 of net asset value.


See Notes to Financial Statements.

Janus Investment Fund	25

Janus Balanced Fund

Statement of Operations (unaudited)

For the period ended March 31, 2016



Investment Income:
	Dividends		$	91,396,143
	Interest			81,397,952
	Dividends from affiliates			841,401
	Other income			266,855
Total Investment Income				173,902,351
Expenses:
	Advisory fees			35,952,336
	12b-1Distribution and shareholder servicing fees:
		Class A Shares		1,277,150
		Class C Shares		6,738,140
		Class R Shares		715,583
		Class S Shares		908,243
	Transfer agent administrative fees and expenses:
		Class D Shares		846,637
		Class R Shares		357,792
		Class S Shares		908,243
		Class T Shares		6,111,583
	Transfer agent networking and omnibus fees:
		Class A Shares		477,374
		Class C Shares		530,088
		Class I Shares		632,265
	Other transfer agent fees and expenses:
		Class A Shares		52,419
		Class C Shares		87,612
		Class D Shares		109,516
		Class I Shares		34,094
		Class N Shares		12,292
		Class R Shares		1,115
		Class S Shares		1,911
		Class T Shares		13,169
	Fund administration fees			551,008
	Shareholder reports expense			419,679
	Non-interested Trustees’ fees and expenses			183,162
	Registration fees			176,800
	Professional fees			78,293
	Custodian fees			31,129
	Other expenses			664,354
Total Expenses				57,871,987
Less: Excess Expense Reimbursement				(46,375)
Net Expenses				57,825,612
Net Investment Income/(Loss)				116,076,739
Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions			(40,812,984)
Total Net Realized Gain/(Loss) on Investments				(40,812,984)
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation			332,559,119
Total Change in Unrealized Net Appreciation/Depreciation				332,559,119
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	407,822,874


See Notes to Financial Statements.

26	MARCH 31, 2016

Janus Balanced Fund

Statements of Changes in Net Assets



			Period ended March 31, 2016 (unaudited)		Year ended September 30, 2015

Operations:
	Net investment income/(loss)		$	116,076,739	$	236,250,595
	Net realized gain/(loss) on investments			(40,812,984)		698,703,845
	Change in unrealized net appreciation/depreciation			332,559,119		(1,029,201,973)
Net Increase/(Decrease) in Net Assets Resulting from Operations				407,822,874		(94,247,533)
Dividends and Distributions to Shareholders:
		Class A Shares		(8,356,353)		(15,949,143)
		Class C Shares		(6,981,730)		(12,344,484)
		Class D Shares		(12,646,069)		(27,015,967)
		Class I Shares		(15,234,311)		(29,079,644)
		Class N Shares		(17,346,201)		(35,097,894)
		Class R Shares		(1,789,065)		(3,919,504)
		Class S Shares		(5,214,203)		(12,632,388)
		Class T Shares		(41,859,757)		(86,778,197)
	Total Dividends from Net Investment Income			(109,427,689)		(222,817,221)
	Distributions from Net Realized Gain from Investment Transactions
		Class A Shares		(45,340,413)		(36,613,767)
		Class C Shares		(60,624,654)		(44,392,134)
		Class D Shares		(62,550,462)		(59,186,126)
		Class I Shares		(70,501,358)		(58,796,781)
		Class N Shares		(77,682,727)		(69,741,720)
		Class R Shares		(12,754,560)		(12,357,019)
		Class S Shares		(32,384,158)		(34,600,124)
		Class T Shares		(218,072,346)		(194,276,900)
	Total Distributions from Net Realized Gain from Investment Transactions			(579,910,678)		(509,964,571)
Net Decrease from Dividends and Distributions to Shareholders				(689,338,367)		(732,781,792)
Capital Share Transactions:
		Class A Shares		121,713,543		193,038,639
		Class C Shares		199,610,987		353,469,430
		Class D Shares		68,325,235		58,964,132
		Class I Shares		223,589,648		303,840,018
		Class N Shares		149,799,973		173,300,111
		Class R Shares		12,110,830		(9,747,343)
		Class S Shares		(34,814,734)		(36,679,858)
		Class T Shares		281,214,957		503,098,909
Net Increase/(Decrease) from Capital Share Transactions				1,021,550,439		1,539,284,038
Net Increase/(Decrease) in Net Assets				740,034,946		712,254,713
Net Assets:
	Beginning of period			12,603,050,058		11,890,795,345
	End of period		$	13,343,085,004	$	12,603,050,058

Undistributed Net Investment Income/(Loss)			$	21,105,973	$	14,456,923


See Notes to Financial Statements.

Janus Investment Fund	27

Janus Balanced Fund

Financial Highlights


Class A Shares
For a share outstanding during the period ended March 31, 2016 (unaudited) and each year ended September 30			2016	2015	2014		2013	2012	2011
	Net Asset Value, Beginning of Period		$29.12	$31.10	$29.11		$27.01	$23.19	$25.10
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.25⁽¹⁾	0.55⁽¹⁾	0.49⁽¹⁾		0.51	0.50	0.51
		Net realized and unrealized gain/(loss)	0.70	(0.70)	2.83		2.90	4.22	(1.14)
	Total from Investment Operations		0.95	(0.15)	3.32		3.41	4.72	(0.63)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.23)	(0.52)	(0.47)		(0.50)	(0.49)	(0.50)
		Distributions (from capital gains)	(1.33)	(1.31)	(0.86)		(0.81)	(0.41)	(0.78)
	Total Dividends and Distributions		(1.56)	(1.83)	(1.33)		(1.31)	(0.90)	(1.28)
	Net Asset Value, End of Period		$28.51	$29.12	$31.10		$29.11	$27.01	$23.19
	Total Return*		3.20%	(0.59)%	11.65%		13.12%	20.70%	(2.85)%
	Net Assets, End of Period (in thousands)		$1,065,609	$966,624	$835,681		$765,049	$656,171	$526,178
	Average Net Assets for the Period (in thousands)		$1,021,720	$941,167	$839,360		$690,266	$610,115	$566,145
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.93%	0.93%	0.95%		0.94%	0.98%	0.91%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.93%	0.93%	0.95%		0.94%	0.98%	0.91%
		Ratio of Net Investment Income/(Loss)	1.73%	1.78%	1.61%		1.66%	1.87%	2.03%
	Portfolio Turnover Rate		39%	75%	72%		78%	84%	94%
						1


Class C Shares
For a share outstanding during the period ended March 31, 2016 (unaudited) and each year ended September 30			2016	2015	2014	2013	2012	2011
	Net Asset Value, Beginning of Period		$28.95	$30.93	$29.00	$26.93	$23.15	$25.08
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.14⁽¹⁾	0.34⁽¹⁾	0.27⁽¹⁾	0.32	0.31	0.33
		Net realized and unrealized gain/(loss)	0.70	(0.69)	2.80	2.88	4.22	(1.15)
	Total from Investment Operations		0.84	(0.35)	3.07	3.20	4.53	(0.82)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.14)	(0.32)	(0.28)	(0.32)	(0.34)	(0.33)
		Distributions (from capital gains)	(1.33)	(1.31)	(0.86)	(0.81)	(0.41)	(0.78)
	Total Dividends and Distributions		(1.47)	(1.63)	(1.14)	(1.13)	(0.75)	(1.11)
	Net Asset Value, End of Period		$28.32	$28.95	$30.93	$29.00	$26.93	$23.15
	Total Return*		2.83%	(1.25)%	10.78%	12.30%	19.84%	(3.57)%
	Net Assets, End of Period (in thousands)		$1,435,594	$1,267,034	$996,498	$708,673	$538,591	$435,691
	Average Net Assets for the Period (in thousands)		$1,361,188	$1,175,456	$874,136	$597,677	$491,552	$463,476
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.66%	1.61%	1.68%	1.70%	1.72%	1.65%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.66%	1.61%	1.68%	1.70%	1.72%	1.65%
		Ratio of Net Investment Income/(Loss)	1.00%	1.10%	0.88%	0.90%	1.13%	1.29%
	Portfolio Turnover Rate		39%	75%	72%	78%	84%	94%

* Total return not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.


See Notes to Financial Statements.

28	MARCH 31, 2016

Janus Balanced Fund

Financial Highlights


Class D Shares
For a share outstanding during the period ended March 31, 2016 (unaudited) and each year ended September 30			2016	2015	2014	2013	2012	2011
	Net Asset Value, Beginning of Period		$29.17	$31.14	$29.15	$27.03	$23.19	$25.10
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.28⁽¹⁾	0.61⁽¹⁾	0.56⁽¹⁾	0.56	0.56	0.56
		Net realized and unrealized gain/(loss)	0.71	(0.69)	2.82	2.92	4.23	(1.15)
	Total from Investment Operations		0.99	(0.08)	3.38	3.48	4.79	(0.59)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.26)	(0.58)	(0.53)	(0.55)	(0.54)	(0.54)
		Distributions (from capital gains)	(1.33)	(1.31)	(0.86)	(0.81)	(0.41)	(0.78)
	Total Dividends and Distributions		(1.59)	(1.89)	(1.39)	(1.36)	(0.95)	(1.32)
	Net Asset Value, End of Period		$28.57	$29.17	$31.14	$29.15	$27.03	$23.19
	Total Return*		3.32%	(0.38)%	11.86%	13.40%	21.03%	(2.69)%
	Net Assets, End of Period (in thousands)		$1,421,279	$1,382,693	$1,414,364	$1,288,565	$1,157,251	$962,089
	Average Net Assets for the Period (in thousands)		$1,411,061	$1,453,548	$1,383,412	$1,212,029	$1,089,153	$1,039,223
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.73%	0.73%	0.73%	0.73%	0.72%	0.72%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.73%	0.73%	0.73%	0.73%	0.72%	0.72%
		Ratio of Net Investment Income/(Loss)	1.93%	1.98%	1.83%	1.87%	2.13%	2.22%
	Portfolio Turnover Rate		39%	75%	72%	78%	84%	94%


Class I Shares
For a share outstanding during the period ended March 31, 2016 (unaudited) and each year ended September 30			2016	2015	2014	2013	2012	2011
	Net Asset Value, Beginning of Period		$29.18	$31.15	$29.15	$27.02	$23.19	$25.09
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.29⁽¹⁾	0.64⁽¹⁾	0.59⁽¹⁾	0.45	0.57	0.53
		Net realized and unrealized gain/(loss)	0.70	(0.70)	2.83	3.05	4.22	(1.09)
	Total from Investment Operations		0.99	(0.06)	3.42	3.50	4.79	(0.56)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.27)	(0.60)	(0.56)	(0.56)	(0.55)	(0.56)
		Distributions (from capital gains)	(1.33)	(1.31)	(0.86)	(0.81)	(0.41)	(0.78)
	Total Dividends and Distributions		(1.60)	(1.91)	(1.42)	(1.37)	(0.96)	(1.34)
	Net Asset Value, End of Period		$28.57	$29.18	$31.15	$29.15	$27.02	$23.19
	Total Return*		3.32%	(0.30)%	11.99%	13.47%	21.02%	(2.56)%
	Net Assets, End of Period (in thousands)		$1,699,877	$1,510,302	$1,306,391	$966,885	$1,990,129	$1,631,889
	Average Net Assets for the Period (in thousands)		$1,614,125	$1,482,511	$1,167,616	$1,148,507	$1,846,745	$530,094
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.66%	0.65%	0.64%	0.69%	0.69%	0.62%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.66%	0.65%	0.64%	0.69%	0.69%	0.62%
		Ratio of Net Investment Income/(Loss)	2.00%	2.06%	1.92%	2.02%	2.16%	2.32%
	Portfolio Turnover Rate		39%	75%	72%	78%	84%	94%

* Total return not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.


See Notes to Financial Statements.

Janus Investment Fund	29

Janus Balanced Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended March 31, 2016 (unaudited) and each year or period ended September 30			2016	2015	2014	2013	2012⁽¹⁾
	Net Asset Value, Beginning of Period		$29.15	$31.11	$29.12	$27.01	$25.46
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.30⁽²⁾	0.66⁽²⁾	0.60⁽²⁾	0.77	0.17
		Net realized and unrealized gain/(loss)	0.70	(0.69)	2.83	2.74	1.67
	Total from Investment Operations		1.00	(0.03)	3.43	3.51	1.84
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.28)	(0.62)	(0.58)	(0.59)	(0.29)
		Distributions (from capital gains)	(1.33)	(1.31)	(0.86)	(0.81)	—
	Total Dividends and Distributions		(1.61)	(1.93)	(1.44)	(1.40)	(0.29)
	Net Asset Value, End of Period		$28.54	$29.15	$31.11	$29.12	$27.01
	Total Return*		3.37%	(0.20)%	12.03%	13.52%	7.25%
	Net Assets, End of Period (in thousands)		$1,823,452	$1,709,643	$1,648,665	$1,432,413	$7,610
	Average Net Assets for the Period (in thousands)		$1,763,388	$1,751,330	$1,532,107	$1,029,152	$483
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.58%	0.58%	0.58%	0.58%	0.82%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.58%	0.58%	0.58%	0.58%	0.77%
		Ratio of Net Investment Income/(Loss)	2.08%	2.14%	1.98%	1.89%	2.98%
	Portfolio Turnover Rate		39%	75%	72%	78%	84%


Class R Shares
For a share outstanding during the period ended March 31, 2016 (unaudited) and each year ended September 30			2016	2015	2014	2013	2012	2011
	Net Asset Value, Beginning of Period		$29.02	$30.99	$29.03	$26.95	$23.15	$25.08
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.19⁽²⁾	0.43⁽²⁾	0.37⁽²⁾	0.40	0.41	0.41
		Net realized and unrealized gain/(loss)	0.70	(0.68)	2.82	2.89	4.22	(1.15)
	Total from Investment Operations		0.89	(0.25)	3.19	3.29	4.63	(0.74)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.18)	(0.41)	(0.37)	(0.40)	(0.42)	(0.41)
		Distributions (from capital gains)	(1.33)	(1.31)	(0.86)	(0.81)	(0.41)	(0.78)
	Total Dividends and Distributions		(1.51)	(1.72)	(1.23)	(1.21)	(0.83)	(1.19)
	Net Asset Value, End of Period		$28.40	$29.02	$30.99	$29.03	$26.95	$23.15
	Total Return*		2.99%	(0.94)%	11.20%	12.68%	20.32%	(3.28)%
	Net Assets, End of Period (in thousands)		$287,471	$281,398	$309,887	$279,905	$235,356	$156,098
	Average Net Assets for the Period (in thousands)		$286,233	$297,615	$296,348	$258,708	$202,808	$150,156
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.33%	1.31%	1.33%	1.33%	1.33%	1.33%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.33%	1.31%	1.33%	1.33%	1.33%	1.33%
		Ratio of Net Investment Income/(Loss)	1.33%	1.39%	1.23%	1.27%	1.51%	1.62%
	Portfolio Turnover Rate		39%	75%	72%	78%	84%	94%

* Total return not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Period from May 31, 2012 (inception date) through September 30, 2012.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.


See Notes to Financial Statements.

30	MARCH 31, 2016

Janus Balanced Fund

Financial Highlights


Class S Shares
For a share outstanding during the period ended March 31, 2016 (unaudited) and each year ended September 30			2016	2015	2014	2013	2012	2011
	Net Asset Value, Beginning of Period		$29.12	$31.09	$29.11	$27.01	$23.19	$25.11
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.23⁽¹⁾	0.50⁽¹⁾	0.45⁽¹⁾	0.47	0.47	0.47
		Net realized and unrealized gain/(loss)	0.70	(0.68)	2.83	2.90	4.23	(1.15)
	Total from Investment Operations		0.93	(0.18)	3.28	3.37	4.70	(0.68)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.21)	(0.48)	(0.44)	(0.46)	(0.47)	(0.46)
		Distributions (from capital gains)	(1.33)	(1.31)	(0.86)	(0.81)	(0.41)	(0.78)
	Total Dividends and Distributions		(1.54)	(1.79)	(1.30)	(1.27)	(0.88)	(1.24)
	Net Asset Value, End of Period		$28.51	$29.12	$31.09	$29.11	$27.01	$23.19
	Total Return*		3.12%	(0.71)%	11.49%	12.97%	20.60%	(3.03)%
	Net Assets, End of Period (in thousands)		$702,186	$750,461	$837,505	$837,535	$789,572	$614,608
	Average Net Assets for the Period (in thousands)		$726,595	$828,503	$844,760	$811,115	$722,713	$664,970
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.08%	1.08%	1.08%	1.08%	1.08%	1.08%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.08%	1.07%	1.08%	1.08%	1.08%	1.08%
		Ratio of Net Investment Income/(Loss)	1.58%	1.63%	1.47%	1.52%	1.77%	1.86%
	Portfolio Turnover Rate		39%	75%	72%	78%	84%	94%


Class T Shares
For a share outstanding during the period ended March 31, 2016 (unaudited) and each year ended September 30			2016	2015	2014	2013	2012	2011
	Net Asset Value, Beginning of Period		$29.15	$31.12	$29.13	$27.02	$23.19	$25.10
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.27⁽¹⁾	0.58⁽¹⁾	0.53⁽¹⁾	0.53	0.54	0.51
		Net realized and unrealized gain/(loss)	0.70	(0.69)	2.83	2.92	4.22	(1.13)
	Total from Investment Operations		0.97	(0.11)	3.36	3.45	4.76	(0.62)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.25)	(0.55)	(0.51)	(0.53)	(0.52)	(0.51)
		Distributions (from capital gains)	(1.33)	(1.31)	(0.86)	(0.81)	(0.41)	(0.78)
	Total Dividends and Distributions		(1.58)	(1.86)	(1.37)	(1.34)	(0.93)	(1.29)
	Net Asset Value, End of Period		$28.54	$29.15	$31.12	$29.13	$27.02	$23.19
	Total Return*		3.25%	(0.46)%	11.77%	13.27%	20.88%	(2.78)%
	Net Assets, End of Period (in thousands)		$4,907,616	$4,734,896	$4,541,805	$3,979,849	$3,548,410	$3,066,279
	Average Net Assets for the Period (in thousands)		$4,889,267	$4,872,456	$4,375,206	$3,721,640	$3,387,942	$3,227,273
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.83%	0.83%	0.83%	0.83%	0.83%	0.83%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.83%	0.82%	0.82%	0.83%	0.83%	0.83%
		Ratio of Net Investment Income/(Loss)	1.83%	1.89%	1.73%	1.77%	2.02%	2.11%
	Portfolio Turnover Rate		39%	75%	72%	78%	84%	94%

* Total return not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.


See Notes to Financial Statements.

Janus Investment Fund	31

Janus Balanced Fund

Notes to Financial Statements (unaudited)

1. Organization and Significant Accounting Policies

Janus Balanced Fund (the “Fund”) is a series fund. The Fund is part of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers forty-five Funds which include multiple series of shares, with differing investment objectives and policies. The Fund invests primarily in equity securities. The Fund is classified as diversified, as defined in the 1940 Act.

Shareholders, including other funds, individuals, accounts, as well as the Fund’s portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund’s Shares and can be considered to “control” the Fund when that ownership exceeds 25% of the Fund’s assets (and which may differ from control as determined in accordance with accounting principles generally accepted in the United States of America).

Class N Shares are generally available only to financial intermediaries purchasing on behalf of 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and nonqualified deferred compensation plans. Class N Shares are also available to Janus proprietary products.

Class R Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms.

The following accounting policies have been followed by the Fund and are in conformity with accounting principles generally accepted in the United States of America.

Investment Valuation


32	MARCH 31, 2016

Janus Balanced Fund

Notes to Financial Statements (unaudited)

the primary exchange is generally used to value the security. Securities that are traded on the over-the-counter (“OTC”) markets are generally valued at their closing or latest bid prices as available. Foreign securities and currencies are converted to U.S. dollars using the applicable exchange rate in effect at the close of the New York Stock Exchange (“NYSE”). The Fund will determine the market value of individual securities held by it by using prices provided by one or more approved professional pricing services or, as needed, by obtaining market quotations from independent broker-dealers. Most debt securities are valued in accordance with the evaluated bid price supplied by the pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith under the Valuation Procedures. 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; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a nonvalued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to “odd-lot” fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The Fund uses systematic fair valuation models provided by independent third parties to value international equity securities in order to adjust for stale pricing, which may occur between the close of certain foreign exchanges and the close of the NYSE.

Valuation Inputs Summary

Level 1 – Unadjusted quoted prices in active markets the Fund has the ability to access for identical assets or liabilities.

There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal year.


Janus Investment Fund	33

Janus Balanced Fund

Notes to Financial Statements (unaudited)

The Fund did not hold a significant amount of Level 3 securities as of March 31, 2016.

Financial assets of $139,913,861 were transferred out of Level 2 to Level 1 since certain foreign equity prices were applied a fair valuation adjustment factor at the end of the prior fiscal year and no factor was applied at the end of the current period.

Investment Transactions and Investment Income

Expenses

Estimates

Indemnifications

Foreign Currency Translations

Dividends and Distributions

Dividends of net investment income are generally declared and distributed quarterly, and realized capital gains (if any) are distributed annually. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as “equalization,” has no effect on the redeeming shareholder or a Fund’s total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It


34	MARCH 31, 2016

Janus Balanced Fund

Notes to Financial Statements (unaudited)

is possible that the Internal Revenue Service (IRS) could challenge the Funds’ equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.

Federal Income Taxes

2. Derivative Instruments

In pursuit of its investment objective, the Fund may seek to use derivatives to increase or decrease exposure to the following market risk factors:

· Counterparty Risk – the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its financial obligation to the Fund.

· Credit Risk – the risk an issuer will be unable to make principal and interest payments when due, or will default on its obligations.

· Currency Risk – the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment.

· Equity Risk – the risk related to the change in value of equity securities as they relate to increases or decreases in the general market.


Janus Investment Fund	35

Janus Balanced Fund

Notes to Financial Statements (unaudited)

· Interest Rate Risk – the risk that the value of fixed-income securities will generally decline as prevailing interest rates rise, which may cause the Fund’s NAV to likewise decrease.

Forward Foreign Currency Exchange Contracts

A forward foreign currency exchange contract (“forward currency contract”) is an obligation to buy or sell a specified currency at a future date at a negotiated rate (which may be U.S. dollars or a foreign currency). The Fund may enter into forward currency contracts for hedging purposes, including, but not limited to, reducing exposure to changes in foreign currency exchange rates on foreign portfolio holdings and locking in the U.S. dollar cost of firm purchase and sale commitments for securities denominated in or exposed to foreign currencies. The Fund may also invest in forward currency contracts for nonhedging purposes such as seeking to enhance returns. The Fund is subject to currency risk and counterparty risk in the normal course of pursuing its investment objective through its investments in forward currency contracts.

Forward currency contracts are valued by converting the foreign value to U.S. dollars by using the current spot U.S. dollar exchange rate and/or forward rate for that currency. Exchange and forward rates as of the close of the NYSE shall be used to value the forward currency contracts. The unrealized appreciation/(depreciation) for forward currency contracts is reported in the Statement of Assets and Liabilities as a receivable or payable and in the Statement of Operations for the change in unrealized net appreciation/depreciation (if applicable). The gain or loss arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon closing a forward currency contract is reported on the Statement of Operations (if applicable).

During the period, the Fund entered into forward currency contracts with the obligation to sell foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency denominated securities held by the Fund.

During the period ended March 31, 2016, the average ending monthly currency value amounts on sold forward currency contracts is $73,536,700.


36	MARCH 31, 2016

Janus Balanced Fund

Notes to Financial Statements (unaudited)

The following table, grouped by derivative type, provides information about the fair value and location of derivatives within the Statement of Assets and Liabilities as of March 31, 2016.


Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of March 31, 2016

		Currency Contracts
Asset Derivatives:
Forward currency contracts	$	57,847


Liability Derivatives:
Forward currency contracts	$	450,417

The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the period ended March 31, 2016.


The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended March 31, 2016

Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative		Currency Contracts
Investments and foreign currency transactions	$	5,310,091



Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative		Currency Contracts
Investments, foreign currency translations and non-interested Trustees' deferred compensation	$	(1,321,375)

Please see the Fund’s Statement of Operations for the Fund’s “Net Realized and Unrealized Gain/(Loss) on Investments.”

3. Other Investments and Strategies

Additional Investment Risk


Janus Investment Fund	37

Janus Balanced Fund

Notes to Financial Statements (unaudited)

financial sector, including the investment management industry. Many provisions of the Dodd-Frank Act remain pending and will be implemented through future rulemaking. Therefore, the ultimate impact of the Dodd-Frank Act and the regulations under the Dodd-Frank Act on the Fund and the investment management industry as a whole, is not yet certain.

Counterparties

Loans

The Fund may invest in various commercial loans, including bank loans, bridge loans, debtor-in-possession (“DIP”) loans, mezzanine loans, and other fixed and floating rate loans. These loans may be acquired through loan participations and assignments or on a when-issued basis. Commercial loans will comprise no more than 20% of the Fund’s total assets. Below are descriptions of the types of loans held by the Fund as of March 31, 2016.

· Bank Loans - Bank loans are obligations of companies or other entities entered into in connection with recapitalizations, acquisitions, and refinancings. The Fund’s investments in bank loans are generally acquired as a participation interest in, or assignment of, loans originated by a lender or other financial institution. These investments may include institutionally-traded floating and fixed-rate debt securities.


38	MARCH 31, 2016

Janus Balanced Fund

Notes to Financial Statements (unaudited)

· Floating Rate Loans – Floating rate loans are debt securities that have floating interest rates, that adjust periodically, and are tied to a benchmark lending rate, such as London Interbank Offered Rate (“LIBOR”). 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 is 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 Fund may invest in obligations of borrowers who are in bankruptcy proceedings. While the Fund generally expects to invest in fully funded term loans, certain of the loans in which the Fund may invest include revolving loans, bridge loans, and delayed draw term loans.

Purchasers of floating rate loans may pay and/or receive certain fees. The Fund may receive fees such as covenant waiver fees or prepayment penalty fees. The Fund may pay fees such as facility fees. Such fees may affect the Fund’s return.

· Mezzanine Loans - Mezzanine loans are secured by the stock of the company that owns the assets. Mezzanine loans are a hybrid of debt and equity financing that is typically used to fund the expansion of existing companies. A mezzanine loan is composed of debt capital that gives the lender the right to convert to an ownership or equity interest in the company if the loan is not paid back in time and in full. Mezzanine loans typically are the most subordinated debt obligation in an issuer’s capital structure.

Mortgage- and Asset-Backed Securities

Mortgage- and asset-backed securities represent interests in “pools” of commercial or residential mortgages or other assets, including consumer loans or receivables. The Fund may purchase fixed or variable rate commercial or residential mortgage-backed securities issued by the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), the Federal Home Loan Mortgage Corporation (“Freddie Mac”), or other governmental or government-related entities. Ginnie Mae’s guarantees are backed by the full faith and credit of the U.S. Government, which means that the U.S. Government guarantees that the interest and principal will be paid when due. Fannie Mae and Freddie Mac securities are not backed by the full faith and credit of the U.S. Government. In September 2008, the Federal Housing Finance Agency (“FHFA”), an agency of the U.S. Government, placed Fannie Mae and Freddie Mac under conservatorship. Since that time, Fannie Mae and Freddie Mac have received capital support through U.S. Treasury preferred stock purchases, and Treasury and Federal Reserve purchases of their mortgage-backed securities. The FHFA and the U.S. Treasury have imposed strict limits on the size of these entities’ mortgage portfolios. The FHFA has the power to cancel any contract entered into by Fannie Mae and Freddie Mac prior to FHFA’s appointment as conservator or receiver, including the guarantee obligations of Fannie Mae and Freddie Mac.

The Fund may also 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 various consumer obligations, including automobile loans, equipment leases, credit card receivables, or other collateral. In the event the underlying loans are not paid, the securities’ issuer could be forced to sell the assets and recognize losses on such assets, which could impact the Fund’s yield and your return. Unlike traditional debt instruments, payments on these securities include both interest and a partial payment of principal. Mortgage and asset-backed securities are subject to both extension risk, where borrowers pay off their debt obligations more slowly in times of rising interest rates, and prepayment risk, where borrowers pay off their debt obligations sooner than expected in times of declining interest rates. These risks may reduce the Fund’s returns. In addition, investments in mortgage- and asset backed securities, including those comprised of subprime mortgages, may be subject to a higher degree of credit risk, valuation risk, and liquidity risk than various other types of fixed-income securities. Additionally, although mortgage-backed securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that guarantors or insurers will meet their obligations.


Janus Investment Fund	39

Janus Balanced Fund

Notes to Financial Statements (unaudited)

Offsetting Assets and Liabilities

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs OTC derivatives and forward foreign currency exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, in the event of a default and/or termination event, the Fund may offset with each counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. For financial reporting purposes, the Fund does not offset certain derivative financial instruments’ payables and receivables and related collateral on the Statement of Assets and Liabilities.

The following tables present gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see either the “Fair Value of Derivative Instruments as of March 31, 2016” table located in Note 2 of these Notes to Financial Statements and/or the Fund’s Schedule of Investments.


Offsetting of Financial Assets and Derivative Assets
Counterparty	Gross Amounts of Recognized Assets	Offsetting Asset or Liability^(a)	Collateral Pledged^(b)	Net Amount
Credit Suisse International	$ 21,101	$ -	$ -	$ 21,101
JPMorgan Chase & Co.	18,261	(18,261)	-	-
RBC Capital Markets Corp.	18,485	-	-	18,485
Total	$ 57,847	$ (18,261)	$ -	$ 39,586
Offsetting of Financial Liabilities and Derivative Liabilities
Counterparty	Gross Amounts of Recognized Liabilities	Offsetting Asset or Liability^(a)	Collateral Pledged^(b)	Net Amount
Bank of America	$ 61,048	$ -	$ -	$ 61,048
HSBC Securities (USA), Inc.	290,991	-	-	290,991
JPMorgan Chase & Co.	98,378	(18,261)	-	80,117
Total	$ 450,417	$ (18,261)	$ -	$ 432,156
(a) Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities.
(b) Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value.

The Fund does not exchange collateral on its forward currency contracts with its counterparties; however, the Fund may segregate cash or high-grade securities in an amount at all times equal to or greater than the Fund’s commitment with respect to these contracts. Such segregated assets, if with the Fund’s custodian, are denoted on the accompanying Schedule of Investments and are evaluated daily to ensure their market value equals or exceeds the current market value of the Fund’s corresponding forward currency contracts.

Real Estate Investing


40	MARCH 31, 2016

Janus Balanced Fund

Notes to Financial Statements (unaudited)

estate-backed securities, securities of REITs and similar REIT-like entities. A REIT is a trust that invests in real estate-related projects, such as properties, mortgage loans, and construction loans. REITs are generally categorized as equity, mortgage, or hybrid REITs. A REIT may be listed on an exchange or traded OTC.

Restricted Security Transactions

Restricted securities held by the Fund 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 Fund 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.

Sovereign Debt

The Fund may invest in U.S. and foreign government debt securities (“sovereign debt”). Investments in U.S. sovereign debt are considered low risk. However, investments in non-U.S. sovereign debt can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner. A sovereign debtor’s willingness or ability to satisfy its debt obligation may be affected by various factors, including its cash flow situation, the extent of its foreign currency reserves, the availability of foreign exchange when a payment is due, the relative size of its debt position in relation to its economy as a whole, the sovereign debtor’s policy toward international lenders, and local political constraints to which the governmental entity may be subject. Sovereign debtors may also be dependent on expected disbursements from foreign governments, multilateral agencies, and other entities. The failure of a sovereign debtor to implement economic reforms, achieve specified levels of economic performance, or repay principal or interest when due may result in the cancellation of third party commitments to lend funds to the sovereign debtor, which may further impair such debtor’s ability or willingness to timely service its debts. The Fund may be requested to participate in the rescheduling of such sovereign debt and to extend further loans to governmental entities, which may adversely affect the Fund’s holdings. In the event of default, there may be limited or no legal remedies for collecting sovereign debt and there may be no bankruptcy proceedings through which the Fund may collect all or part of the sovereign debt that a governmental entity has not repaid.

When-Issued and Delayed Delivery Securities

The Fund may purchase or sell securities on a when-issued or delayed delivery basis. When-issued and delayed delivery securities in which the Fund may invest include U.S. Treasury Securities, municipal bonds, bank loans, and other similar instruments. 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 Fund may hold liquid assets as collateral with the Fund’s custodian sufficient to cover the purchase price.

4. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pays Janus Capital an investment advisory fee which is calculated daily and paid monthly. The Fund’s contractual investment advisory fee rate (expressed as an annual rate) is 0.55%.

Janus Capital has contractually agreed to waive the advisory fee payable by the Fund or reimburse expenses in an amount equal to the amount, if any, that the Fund’s normal operating expenses in any fiscal year, including the investment advisory fee, but excluding the 12b-1 distribution and shareholder servicing fees (applicable to Class A Shares, Class C Shares, Class R Shares, and Class S Shares), transfer agent fees and expenses payable pursuant to the Transfer Agency Agreement, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.68%. Janus Capital has agreed to continue the waiver until at least February 1, 2017. If applicable, amounts reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement” on the Statement of Operations.


Janus Investment Fund	41

Janus Balanced Fund

Notes to Financial Statements (unaudited)

Janus Services receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class R Shares, Class S Shares, and Class T Shares for providing or procuring administrative services to investors in Class R Shares, Class S Shares, and Class T Shares of the Fund. Janus Services expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. Janus Services or its affiliates may also pay fees for services provided by intermediaries to the extent the fees charged by intermediaries exceed the 0.25% of net assets charged to Class R Shares, Class S Shares, and Class T Shares of the Fund. Janus Services may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class R Shares, Class S Shares, and Class T Shares. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.

Under a distribution and shareholder servicing plan (the “Plan”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, Janus Distributors LLC (“Janus Distributors”), a wholly-owned subsidiary of Janus Capital, a fee for the sale and distribution and/or shareholder servicing of the Shares at an annual rate of up to 0.25% of the Class A Shares’ average daily net assets, of up to 1.00% of the Class C Shares’ average daily net assets, of up to 0.50% of the Class R Shares' average daily net assets, and of up to 0.25% of the Class S Shares’ average daily net assets. Under the terms of the Plan, the Trust is authorized to make payments to Janus Distributors for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations. Payments under the Plan are not tied exclusively to actual 12b-1 distribution and shareholder service expenses, and the payments may exceed 12b-1 distribution and shareholder service expenses actually incurred. If any of the Fund’s actual 12b-1 distribution and shareholder service expenses incurred during a calendar year are less than the payments made during a calendar year, the Fund will be refunded the difference. Refunds, if any, are included in “12b-1 Distribution fees and shareholder servicing fees” in the Statement of Operations.


42	MARCH 31, 2016

Janus Balanced Fund

Notes to Financial Statements (unaudited)

The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of March 31, 2016 on the Statement of Assets and Liabilities in the asset, “Non-interested Trustees’ deferred compensation,” and liability, “Non-interested Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation” on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended March 31, 2016 are included in “Non-interested Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $92,975 were paid by the Trust to a Trustee under the Deferred Plan during the period ended March 31, 2016.

A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. During the period ended March 31, 2016, redeeming shareholders of Class A Shares paid CDSCs of $910 to Janus Distributors.


Janus Investment Fund	43

Janus Balanced Fund

Notes to Financial Statements (unaudited)

of the Class C Shares redeemed. During the period ended March 31, 2016, redeeming shareholders of Class C Shares paid CDSCs of $122,161.

The Fund is permitted to purchase or sell securities (“cross-trade”) between itself and other funds or accounts managed by Janus Capital Management LLC in accordance with Rule 17a-7 under the Investment Company Act of 1940 (“Rule 17a-7”), when the transaction is consistent with the investment objectives and policies of the Fund and in accordance with the Internal Cross Trade Procedures adopted by the Trust’s Board of Trustees. These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to another fund or account that is or could be considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser, common Officer, or common Trustee complies with Rule 17a-7. Under these procedures, each cross-trade is effected at the current market price to save costs where allowed. During the period ended March 31, 2016, the Fund engaged in cross trades amounting to $38,324,100 in purchases and $50,235,004 in sales, resulting in a net realized gain of $1,386,413. The net realized gain is included in “Investments and foreign currency transactions” within the “Net Realized and Unrealized Gain/(Loss) on Investments” section of the Fund’s Statement of Operations.

5. Federal Income Tax

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of March 31, 2016 are noted below.


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 11,639,803,595	$1,793,123,738	$(123,352,982)	$ 1,669,770,756


44	MARCH 31, 2016

Janus Balanced Fund

Notes to Financial Statements (unaudited)

6. Capital Share Transactions



	Period ended March 31, 2016		Year ended September 30, 2015
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	7,540,555	$218,094,150	12,097,676	$ 372,516,617
Reinvested dividends and distributions	1,594,274	46,153,794	1,469,070	44,120,078
Shares repurchased	(4,950,636)	(142,534,401)	(7,250,610)	(223,598,056)
Net Increase/(Decrease)	4,184,193	$121,713,543	6,316,136	$ 193,038,639
Class C Shares:
Shares sold	9,484,202	$272,507,838	16,000,004	$ 490,276,478
Reinvested dividends and distributions	1,909,546	54,955,219	1,502,054	44,857,576
Shares repurchased	(4,464,756)	(127,852,070)	(5,952,341)	(181,664,624)
Net Increase/(Decrease)	6,928,992	$199,610,987	11,549,717	$ 353,469,430
Class D Shares:
Shares sold	2,250,189	$ 65,056,908	4,067,346	$ 125,773,675
Reinvested dividends and distributions	2,541,655	73,705,754	2,809,173	84,527,872
Shares repurchased	(2,431,785)	(70,437,427)	(4,901,017)	(151,337,415)
Net Increase/(Decrease)	2,360,059	$ 68,325,235	1,975,502	$ 58,964,132
Class I Shares:
Shares sold	14,902,013	$431,032,573	21,361,492	$ 662,059,843
Reinvested dividends and distributions	2,366,578	68,620,574	2,256,661	67,896,243
Shares repurchased	(9,530,570)	(276,063,499)	(13,803,536)	(426,116,068)
Net Increase/(Decrease)	7,738,021	$223,589,648	9,814,617	$ 303,840,018
Class N Shares:
Shares sold	5,607,337	$160,471,002	8,759,193	$ 271,098,349
Reinvested dividends and distributions	3,280,549	95,023,652	3,487,239	104,838,341
Shares repurchased	(3,645,488)	(105,694,681)	(6,589,553)	(202,636,579)
Net Increase/(Decrease)	5,242,398	$149,799,973	5,656,879	$ 173,300,111
Class R Shares:
Shares sold	1,293,026	$ 37,183,447	2,518,350	$ 77,276,119
Reinvested dividends and distributions	456,374	13,169,120	499,593	14,956,932
Shares repurchased	(1,323,192)	(38,241,737)	(3,321,095)	(101,980,394)
Net Increase/(Decrease)	426,208	$ 12,110,830	(303,152)	$ (9,747,343)
Class S Shares:
Shares sold	2,191,293	$ 63,090,094	4,943,832	$ 152,709,412
Reinvested dividends and distributions	1,293,699	37,458,194	1,564,920	47,004,547
Shares repurchased	(4,624,382)	(135,363,022)	(7,677,565)	(236,393,817)
Net Increase/(Decrease)	(1,139,390)	$ (34,814,734)	(1,168,813)	$ (36,679,858)
Class T Shares:
Shares sold	20,594,645	$598,079,613	41,642,121	$1,285,255,099
Reinvested dividends and distributions	8,885,179	257,406,628	9,239,410	277,727,824
Shares repurchased	(19,933,861)	(574,271,284)	(34,421,128)	(1,059,884,014)
Net Increase/(Decrease)	9,545,963	$281,214,957	16,460,403	$ 503,098,909

7. Purchases and Sales of Investment Securities


Purchases of Securities	Proceeds from Sales of Securities	Purchases of Long- Term U.S. Government Obligations	Proceeds from Sales of Long-Term U.S. Government Obligations
$3,591,042,636	$2,979,310,942	$ 1,976,995,244	$ 2,097,164,856


Janus Investment Fund	45

Janus Balanced Fund

Notes to Financial Statements (unaudited)

8. Subsequent Event


46	MARCH 31, 2016

Janus Balanced Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Quarterly Portfolio Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD

Nature, Extent and Quality of Services


Janus Investment Fund	47

Janus Balanced Fund

Additional Information (unaudited)

Performance of the Funds

The Trustees considered the performance of each Fund, noting that performance may vary by share class, and noted the following:

Fixed-Income Funds and Money Market Funds

· For Janus Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 12 months ended May 31, 2015.


48	MARCH 31, 2016

Janus Balanced Fund

Additional Information (unaudited)

Asset Allocation Funds

Alternative Fund

· For Janus Diversified Alternatives Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 12 months ended May 31, 2015.

Value Funds

· For Perkins International Value Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 12 months ended May 31, 2015.


Janus Investment Fund	49

Janus Balanced Fund

Additional Information (unaudited)

Mathematical Funds

· For INTECH Emerging Markets Managed Volatility Fund, the Trustees noted that, due to limited performance for the Fund, performance history was not a material factor.

Growth and Core Funds


50	MARCH 31, 2016

Janus Balanced Fund

Additional Information (unaudited)

Global and International Funds


Janus Investment Fund	51

Janus Balanced Fund

Additional Information (unaudited)

Janus Aspen Series

· For Janus Aspen Global Unconstrained Bond Portfolio, the Trustees noted that, due to limited performance for the Fund, performance history was not a material factor.

· For Janus Aspen INTECH U.S. Low Volatility Portfolio, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 12 months ended May 31, 2015.

Costs of Services Provided


52	MARCH 31, 2016

Janus Balanced Fund

Additional Information (unaudited)

Fixed-Income Funds and Money Market Funds


Janus Investment Fund	53

Janus Balanced Fund

Additional Information (unaudited)

Asset Allocation Funds

· For Janus Global Allocation Fund – Conservative, the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.

· For Janus Global Allocation Fund – Growth, the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.

Alternative Fund

Value Funds

· For Perkins Global Value Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean for one share class, overall the Fund’s total expenses were reasonable.


54	MARCH 31, 2016

Janus Balanced Fund

Additional Information (unaudited)

· For Perkins Small Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.

Mathematical Funds

· For INTECH Global Income Managed Volatility Fund, the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.

Growth and Core Funds

· For Janus Forty Fund, the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.


Janus Investment Fund	55

Janus Balanced Fund

Additional Information (unaudited)

· For Janus Fund, the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.

· For Janus Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.

· For Janus Twenty Fund, the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.

Global and International Funds

· For Janus Asia Equity Fund, the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.

· For Janus Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.

· For Janus Global Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.

· For Janus Global Select Fund, the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.

· For Janus Global Technology Fund, the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.

· For Janus Overseas Fund, the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.

Janus Aspen Series

· For Janus Aspen Balanced Portfolio, the Trustees noted that the Fund’s total expenses were below the peer group mean for both share classes.


56	MARCH 31, 2016