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N-CSRS 1 jif123115semincsr.htm Untitled Document

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The sole purpose of this Form N-CSRS filing is to submit the Registrant's Form N-CSRS for the reporting period ended December 31, 2015. This filing was inadvertently submitted on March 4, 2016 (Accession No. 0000277751-16-000035) under the incorrect filing type of Form N-CSR instead of Form N-CSRS.

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: 6/30

Date of reporting period: 12/31/15

Item 1 - Reports to Shareholders



	SEMIANNUAL REPORT December 31, 2015

INTECH Emerging Markets Managed Volatility Fund

Janus Investment Fund

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

Table of Contents

INTECH Emerging Markets Managed Volatility Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	13
Statement of Assets and Liabilities	14
Statement of Operations	16
Statements of Changes in Net Assets	17
Financial Highlights	18
Notes to Financial Statements	21
Additional Information	31
Useful Information About Your Fund Report	43

INTECH Emerging Markets Managed Volatility Fund (unaudited)

FUND SNAPSHOT

This emerging markets equity fund strictly adheres to a highly-evolved process that targets the most optimal portfolio with the potential for the highest return per unit of risk, or risk-adjusted return, and adjusts based on actual volatility in the market at any point in time. The Fund’s unemotional approach seeks to provide downside mitigation along with growth participation when markets are on the rise.

Managed by

INTECH Investment

Management LLC

PERFORMANCE OVERVIEW

For the six-month period ended December 31, 2015, INTECH Emerging Markets Managed Volatility Fund returned -13.42% for its Class I Shares. This compares to the -17.36% return posted by the MSCI Emerging Markets Index, the Fund’s benchmark.

INVESTMENT STRATEGY

INTECH’s mathematical investment process is designed to determine potentially more efficient equity weightings of the securities in the benchmark index, utilizing a specific mathematical optimization and disciplined rebalancing routine. Rather than trying to predict the future direction of stock prices, the process seeks to use the volatility and correlation characteristics of stocks to construct portfolios.

The investment process begins with the stocks in the MSCI Emerging Markets Index. INTECH’s investment process aims to capture stocks’ natural volatility through a rebalancing mechanism based on estimates of relative volatility and correlation in order to outperform the benchmark index over the long term. Within specific risk constraints, the investment process will tend to favor stocks with higher relative volatility and lower correlation as they offer more potential to capture volatility through periodic rebalancing. Once the target proportions are determined and the portfolio is constructed, it is then rebalanced to those target proportions and re-optimized on a periodic basis. The INTECH Emerging Markets Managed Volatility Fund focuses on seeking an excess return above the benchmark, while also reducing or managing the standard deviation of the portfolio depending on the market conditions, a strategy designed to manage the absolute risk of the portfolio.

PERFORMANCE REVIEW

The MSCI Emerging Markets Index posted a return of -17.36% for the six-month period ending December 31, 2015. INTECH Emerging Markets Managed Volatility Fund outperformed the MSCI Emerging Markets Index over the period and generated a return of -13.42%.

The Fund’s defensive positioning acted as tailwind to relative performance as volatility picked up in the emerging equity markets. On average, the Fund was overweight lower beta stocks or stocks with lower sensitivity to market movements which tend to be less volatile. During the period, lower beta stocks outperformed higher beta stocks and the overall market, on average. Consequently, the Fund’s overweight to lower beta stocks contributed to the Fund’s relative return for the period.

An overall decrease in market diversity over the period reflected a change in the distribution of capital, in which larger cap stocks outperformed smaller cap stocks on average within the MSCI Emerging Markets Index. INTECH Emerging Markets Managed Volatility Fund, which tends to overweight smaller cap stocks as they provide more relative volatility capture potential, was negatively impacted by the overall decrease in market diversity over the period.

The Fund’s active sector positioning tends to vary over time and is a function of the volatility and correlation characteristics of the underlying stocks. The Fund’s overall active sector positioning detracted from relative performance during the period. Specifically, an average underweight to the information technology sector, as well as an average overweight allocation to the telecommunication services sector, detracted from relative performance. However, an overall positive selection effect offset adverse sector positioning and contributed to the Fund’s relative performance during the period, especially within the financials and telecommunication services sectors.

OUTLOOK

Because INTECH does not conduct traditional economic or fundamental analysis, INTECH has no view on individual stocks, sectors, economic, or market conditions.


Janus Investment Fund	1

INTECH Emerging Markets Managed Volatility Fund (unaudited)

Going forward, we will continue building portfolios in a disciplined and deliberate manner, with risk management remaining the hallmark of our investment process. As INTECH’s ongoing research efforts yield modest improvements, we will continue implementing changes that we believe are likely to improve the long-term results for our Fund shareholders.

Thank you for your investment in INTECH Emerging Markets Managed Volatility Fund.


2	DECEMBER 31, 2015

INTECH Emerging Markets Managed Volatility Fund (unaudited)

Fund At A Glance

December 31, 2015


5 Largest Equity Holdings - (% of Net Assets)
iShares India 50
Exchange-Traded Funds (ETFs)	11.2%
Chunghwa Telecom Co., Ltd.
Diversified Telecommunication Services	5.1%
Public Bank Bhd
Commercial Banks	1.8%
Komercni Banka A/S
Commercial Banks	1.8%
Far EasTone Telecommunications Co., Ltd.
Wireless Telecommunication Services	1.7%
	21.6%


Asset Allocation - (% of Net Assets)
Common Stocks	86.5%
Investment Companies	11.8%
Preferred Stocks	1.8%
Other	(0.1)%
		100.0%

Emerging markets comprised 97.3% of total net assets.

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

As of December 31, 2015

As of June 30, 2015


Janus Investment Fund	3

INTECH Emerging Markets Managed Volatility Fund (unaudited)

Performance

See important disclosures on the next page.



				Expense Ratios - per the October 28, 2015
Average Annual Total Return - for the periods ended December 31, 2015				prospectuses
	Fiscal Year-to-Date	One Year	Since Inception*	Total Annual Fund Operating Expenses	Net Annual Fund Operating Expenses
Class A Shares at NAV	-13.47%	-10.16%	-8.24%	36.32%	1.36%
Class A Shares at MOP	-18.41%	-15.32%	-13.33%
Class C Shares at NAV	-13.86%	-10.90%	-8.96%	37.13%	2.14%
Class C Shares at CDSC	-14.71%	-11.78%	-8.96%
Class D Shares⁽¹⁾	-13.40%	-10.08%	-8.16%	27.21%	1.28%
Class I Shares	-13.42%	-9.93%	-8.02%	27.42%	1.10%
Class S Shares	-13.47%	-10.32%	-8.40%	36.59%	1.63%
Class T Shares	-13.40%	-10.08%	-8.16%	35.60%	1.37%
MSCI Emerging Markets Index^SM	-17.36%	-14.92%	-10.83%
Morningstar Quartile - Class I Shares	-	1st	2nd
Morningstar Ranking - based on total returns for Diversified Emerging Markets Funds	-	201/870	254/870

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 November 1, 2016.

INTECH's focus on managed volatility may keep the Fund from achieving excess returns over its index. The strategy may underperform during certain periods of up markets, and may not achieve the desired level of protection in down markets.

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


4	DECEMBER 31, 2015

INTECH Emerging Markets Managed Volatility Fund (unaudited)

Performance

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.

Standard deviation measures historical volatility. Higher standard deviation implies greater volatility. Beta is a measure of the volatility of a portfolio in comparison to a benchmark index.

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.

The weighting of securities within the Fund's portfolio may differ significantly from the weightings within the index. The 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.”

* The Fund’s inception date – December 17, 2014

(1) Closed to certain new investors.


Janus Investment Fund	5

INTECH Emerging Markets Managed Volatility 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 (7/1/15)	Ending Account Value (12/31/15)	Expenses Paid During Period (7/1/15 - 12/31/15)†	Beginning Account Value (7/1/15)	Ending Account Value (12/31/15)	Expenses Paid During Period (7/1/15 - 12/31/15)†	Net Annualized Expense Ratio (7/1/15 - 12/31/15)
Class A Shares		$1,000.00	$865.30	$6.10	$1,000.00	$1,018.60	$6.60	1.30%
Class C Shares		$1,000.00	$861.40	$9.36	$1,000.00	$1,015.08	$10.13	2.00%
Class D Shares		$1,000.00	$866.00	$5.82	$1,000.00	$1,018.90	$6.29	1.24%
Class I Shares		$1,000.00	$865.80	$5.11	$1,000.00	$1,019.66	$5.53	1.09%
Class S Shares		$1,000.00	$865.30	$6.33	$1,000.00	$1,018.35	$6.85	1.35%
Class T Shares		$1,000.00	$866.00	$5.30	$1,000.00	$1,019.46	$5.74	1.13%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/366 (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.


6	DECEMBER 31, 2015

INTECH Emerging Markets Managed Volatility Fund

Schedule of Investments (unaudited)

December 31, 2015


Shares			Value
Common Stocks – 86.5%
Air Freight & Logistics – 0.9%
	Hyundai Glovis Co., Ltd.*	91	$14,982
Auto Components – 0.7%
	Cheng Shin Rubber Industry Co., Ltd.	2,000	3,246
	Hyundai Mobis Co., Ltd.*	44	9,252
			12,498
Automobiles – 1.5%
	Hyundai Motor Co.	30	3,813
	Kia Motors Corp.*	472	21,178
			24,991
Beverages – 0.7%
	Cia Cervecerias Unidas SA	179	1,983
	Coca-Cola Femsa SAB de CV	200	1,438
	Tsingtao Brewery Co., Ltd.	2,000	9,058
			12,479
Chemicals – 0.1%
	Hyosung Corp.*	16	1,604
Commercial Banks – 18.5%
	Agricultural Bank of China, Ltd. - Class H	11,000	4,499
	Alior Bank SA*	167	2,836
	Banco de Chile	74,011	7,547
	Banco de Credito e Inversiones	78	2,946
	Banco Santander Chile	28,564	1,283
	Bangkok Bank PCL	700	3,007
	Bank of Communications Co., Ltd - Class H	9,000	6,341
	Bank of the Philippine Islands	5,660	10,089
	Bank Pekao SA	272	9,968
	BDO Unibank, Inc.	4,140	9,241
	Chang Hwa Commercial Bank, Ltd.	1,680	803
	China CITIC Bank Corp., Ltd. - Class H*	2,000	1,296
	China Construction Bank Corp. - Class H	9,000	6,167
	China Everbright Bank Co., Ltd. - Class H	1,000	486
	Commercial Bank QSC	550	6,932
	Commercial International Bank Egypt SAE	4,786	23,282
	Doha Bank QSC	825	10,081
	Dubai Islamic Bank PJSC	834	1,403
	First Financial Holding Co., Ltd.	18,105	8,435
	First Gulf Bank PJSC	3,765	12,967
	Grupo Financiero Banorte SAB de CV	300	1,654
	Hong Leong Bank Bhd	3,100	9,712
	Industrial & Commercial Bank of China, Ltd. - Class H	3,000	1,812
	Kasikornbank PCL	500	2,078
	KB Financial Group, Inc.*	49	1,386
	Komercni Banka A/S	152	30,282
	Krung Thai Bank PCL	10,000	4,643
	Masraf Al Rayan QSC	148	1,528
	Mega Financial Holding Co., Ltd.	7,000	4,529
	National Bank of Abu Dhabi PJSC	6,026	13,060
	OTP Bank PLC	722	14,969
	Powszechna Kasa Oszczednosci Bank Polski SA*	516	3,602
	Public Bank Bhd	7,100	30,651
	Qatar Islamic Bank SAQ	495	14,503
	Qatar National Bank SAQ	523	25,132
	Shinhan Financial Group Co., Ltd.*	28	945
	Taiwan Cooperative Financial Holding Co., Ltd.	50,521	21,152
	VTB Bank PJSC (GDR)	2,983	6,291
			317,538
Commercial Services & Supplies – 1.5%
	KEPCO Plant Service & Engineering Co., Ltd.*	160	12,147


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

Janus Investment Fund	7

INTECH Emerging Markets Managed Volatility Fund

Schedule of Investments (unaudited)

December 31, 2015


Shares			Value
Common Stocks – (continued)
Commercial Services & Supplies – (continued)
	S-1 Corp.*	161	$13,692
			25,839
Construction Materials – 0.3%
	Siam Cement PCL	400	5,071
Consumer Finance – 0.1%
	Gentera SAB de CV	500	968
Containers & Packaging – 0.3%
	Klabin SA	900	5,336
Diversified Consumer Services – 0.4%
	New Oriental Education & Technology Group, Inc. (ADR)	200	6,274
Diversified Financial Services – 0.6%
	Ayala Corp.	670	10,768
Diversified Telecommunication Services – 7.1%
	China Telecom Corp., Ltd. - Class H	18,000	8,454
	China Unicom Hong Kong, Ltd.	4,000	4,878
	Chunghwa Telecom Co., Ltd.	29,000	87,508
	Emirates Telecommunications Group Co. PJSC	845	3,704
	Hellenic Telecommunications Organization SA	73	733
	Telekom Malaysia Bhd	2,000	3,161
	Telekomunikasi Indonesia Persero Tbk PT	57,100	12,866
			121,304
Electric Utilities – 1.6%
	CEZ A/S	1,283	22,942
	Equatorial Energia SA	500	4,329
	PGE Polska Grupa Energetyczna SA	228	745
			28,016
Electronic Equipment, Instruments & Components – 0.4%
	AAC Technologies Holdings, Inc.	500	3,261
	Delta Electronics Thailand PCL	1,700	3,615
			6,876
Food & Staples Retailing – 4.3%
	China Resources Beer Holdings Co., Ltd.	4,000	8,568
	Controladora Comercial Mexicana SAB de CV	4,100	11,259
	CP ALL PCL	10,200	11,130
	Pick n Pay Stores, Ltd.	632	2,659
	President Chain Store Corp.	1,000	6,257
	Spar Group, Ltd.	139	1,656
	Sun Art Retail Group, Ltd.	17,500	13,210
	Wal-Mart de Mexico SAB de CV	7,800	19,690
			74,429
Food Products – 3.7%
	BRF SA	100	1,401
	China Huishan Dairy Holdings Co., Ltd.	16,000	6,132
	China Mengniu Dairy Co., Ltd.	2,000	3,262
	Gruma SAB de CV - Class B	1,100	15,436
	Grupo Lala SAB de CV	1,300	3,024
	JBS SA	700	2,186
	Lotte Confectionery Co., Ltd.*	2	3,888
	PPB Group Bhd	200	741
	Uni-President Enterprises Corp.	2,000	3,343
	Universal Robina Corp.	3,030	11,981
	Want Want China Holdings, Ltd.	15,000	11,168
			62,562
Gas Utilities – 0.1%
	Petronas Gas Bhd	200	1,058
Health Care Providers & Services – 2.4%
	Bangkok Dusit Medical Services PCL	26,600	16,491
	Bumrungrad Hospital PCL	3,200	18,771


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

8	DECEMBER 31, 2015

INTECH Emerging Markets Managed Volatility Fund

Schedule of Investments (unaudited)

December 31, 2015


Shares			Value
Common Stocks – (continued)
Health Care Providers & Services – (continued)
	IHH Healthcare Bhd	4,300	$6,595
			41,857
Hotels, Restaurants & Leisure – 1.6%
	Jollibee Foods Corp.	2,010	9,358
	Kangwon Land, Inc.*	390	12,775
	Minor International PCL	4,180	4,213
	OPAP SA	183	1,611
			27,957
Household Durables – 0.7%
	Coway Co., Ltd.*	9	646
	Hanssem Co., Ltd.*	61	12,046
			12,692
Household Products – 1.1%
	Kimberly-Clark de Mexico SAB de CV - Class A	6,400	14,997
	Unilever Indonesia Tbk PT	1,300	3,491
			18,488
Independent Power and Renewable Electricity Producers – 1.1%
	Aboitiz Power Corp.	14,100	12,499
	AES Gener SA	7,603	3,378
	Colbun SA	4,530	1,083
	Glow Energy PCL	900	1,852
			18,812
Industrial Conglomerates – 3.1%
	Aboitiz Equity Ventures, Inc.	14,020	17,272
	CITIC, Ltd.	5,000	8,852
	Industries Qatar QSC	19	580
	JG Summit Holdings, Inc.	8,460	13,183
	SM Investments Corp.	710	13,041
			52,928
Insurance – 2.4%
	Hanwha Life Insurance Co., Ltd.*	641	4,041
	Hyundai Marine & Fire Insurance Co., Ltd.*	366	11,255
	Powszechny Zaklad Ubezpieczen SA	950	8,254
	Qatar Insurance Co. SAQ	240	5,404
	Samsung Fire & Marine Insurance Co., Ltd.*	44	11,541
			40,495
Internet Software & Services – 0.3%
	Kakao Corp.*	40	3,951
	NAVER Corp.*	3	1,684
			5,635
Machinery – 0.1%
	CRRC Corp., Ltd. - Class H	2,000	2,472
Media – 0.4%
	Cyfrowy Polsat SA*	1,194	6,367
Metals & Mining – 1.5%
	AngloGold Ashanti, Ltd.*	610	4,195
	China Steel Corp.	6,000	3,279
	Gold Fields, Ltd.	3,123	8,530
	Korea Zinc Co., Ltd.*	5	2,000
	Severstal PAO (GDR)	856	7,160
			25,164
Multiline Retail – 0.3%
	El Puerto de Liverpool SAB de CV	400	4,878
Multi-Utilities – 0.7%
	Qatar Electricity & Water Co QSC	188	11,171
Oil, Gas & Consumable Fuels – 3.9%
	China Coal Energy Co., Ltd. - Class H	4,000	1,533
	MOL Hungarian Oil & Gas PLC	329	16,205
	Petronas Dagangan Bhd	500	2,897


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

Janus Investment Fund	9

INTECH Emerging Markets Managed Volatility Fund

Schedule of Investments (unaudited)

December 31, 2015


Shares			Value
Common Stocks – (continued)
Oil, Gas & Consumable Fuels – (continued)
	Polski Koncern Naftowy Orlen SA	1,155	$20,014
	Polskie Gornictwo Naftowe i Gazownictwo SA	14,656	19,239
	Qatar Gas Transport Co., Ltd.	944	6,053
	Surgutneftegas OAO (ADR)	100	595
			66,536
Paper & Forest Products – 0.6%
	Empresas CMPC SA	173	374
	Fibria Celulose SA	800	10,496
			10,870
Personal Products – 0.3%
	Hengan International Group Co., Ltd.	500	4,723
Pharmaceuticals – 2.4%
	CSPC Pharmaceutical Group, Ltd.	2,000	2,044
	Hanmi Pharm Co., Ltd.	22	13,662
	Hanmi Science Co., Ltd.	36	3,961
	Richter Gedeon Nyrt	417	7,922
	Sihuan Pharmaceutical Holdings Group, Ltd.^ß	24,000	13,555
			41,144
Real Estate Investment Trusts (REITs) – 0.1%
	Resilient REIT, Ltd.	168	1,256
Real Estate Management & Development – 1.5%
	Ayala Land, Inc.	13,200	9,667
	Barwa Real Estate Co.	464	5,096
	Central Pattana PCL	800	1,045
	China Vanke Co., Ltd. - Class H^ß	2,300	6,796
	Longfor Properties Co., Ltd.	500	746
	New Europe Property Investments PLC	190	2,187
			25,537
Road & Rail – 0.6%
	BTS Group Holdings PCL	43,100	10,904
Semiconductor & Semiconductor Equipment – 0.2%
	Hanergy Thin Film Power Group, Ltd.*^,ß	52,000	1,441
	Powertech Technology, Inc.	1,000	1,985
			3,426
Software – 0%
	NCSoft Corp.	2	363
Textiles, Apparel & Luxury Goods – 3.5%
	ANTA Sports Products, Ltd.	5,000	13,742
	Belle International Holdings, Ltd.	3,000	2,253
	Eclat Textile Co., Ltd.	1,000	13,809
	Feng TAY Enterprise Co., Ltd.	1,030	5,269
	LPP SA	4	5,675
	Pou Chen Corp.	2,000	2,625
	Shenzhou International Group Holdings, Ltd.	3,000	17,246
			60,619
Tobacco – 1.6%
	KT&G Corp.*	302	26,921
Transportation Infrastructure – 3.6%
	Airports of Thailand PCL	2,300	22,124
	Beijing Capital International Airport Co., Ltd. - Class H	4,000	4,320
	COSCO Pacific, Ltd.	14,000	15,427
	Grupo Aeroportuario del Pacifico SAB de CV - Class B	700	6,178
	Grupo Aeroportuario del Sureste SAB de CV - Class B	55	779
	Jiangsu Expressway Co., Ltd. - Class H	10,000	13,497
			62,325
Water Utilities – 0.9%
	Aguas Andinas SA - Class A	7,286	3,743
	Guangdong Investment, Ltd.	8,000	11,334
			15,077


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

10	DECEMBER 31, 2015

INTECH Emerging Markets Managed Volatility Fund

Schedule of Investments (unaudited)

December 31, 2015


Shares			Value
Common Stocks – (continued)
Wireless Telecommunication Services – 8.8%
	Advanced Info Service PCL	6,000	$25,354
	Axiata Group Bhd	7,300	10,907
	China Mobile, Ltd.	500	5,645
	DiGi.Com Bhd	18,600	23,413
	Far EasTone Telecommunications Co., Ltd.	14,000	28,818
	Globe Telecom, Inc.	120	4,724
	Maxis Bhd	10,200	16,168
	Philippine Long Distance Telephone Co.	195	8,540
	Taiwan Mobile Co., Ltd.	9,000	27,405
	Vodacom Group, Ltd.	62	612
			151,586
Total Common Stocks (cost $1,612,634)			1,482,796
Preferred Stocks – 1.8%
Automobiles – 1.0%
	Hyundai Motor Co.	102	8,962
	Hyundai Motor Co. - 2nd Preference	87	7,792
			16,754
Paper & Forest Products – 0.8%
	Suzano Papel e Celulose SA	3,100	14,650
Total Preferred Stocks (cost $33,388)			31,404
Investment Companies – 11.8%
Exchange-Traded Funds (ETFs) – 11.2%
	iShares India 50	7,100	193,049
Money Markets – 0.6%
	Janus Cash Liquidity Fund LLC, 0.3105%^ºº,£	10,000	10,000
Total Investment Companies (cost $216,379)			203,049
Total Investments (total cost $1,862,401) – 100.1%			1,717,249
Liabilities, net of Cash, Receivables and Other Assets – (0.1)%			(2,150)
Net Assets – 100%			$1,715,099


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

Janus Investment Fund	11

INTECH Emerging Markets Managed Volatility Fund

Schedule of Investments (unaudited)

December 31, 2015


Summary of Investments by Country - (Long Positions) (unaudited)
Country	Value	% of Investment Securities
China	$220,492	12.8	%
Taiwan	218,464	12.7
South Korea	204,487	11.9
India	193,049	11.3
Philippines	130,363	7.6
Thailand	130,298	7.6
Malaysia	105,303	6.1
Qatar	86,480	5.0
Mexico	80,301	4.7
Poland	76,700	4.5
Czech Republic	53,224	3.1
Hungary	39,096	2.3
Brazil	38,398	2.2
United Arab Emirates	31,134	1.8
Egypt	23,282	1.4
Chile	22,337	1.3
South Africa	21,095	1.2
Indonesia	16,357	1.0
Russia	14,046	0.8
United States	10,000	0.6
Greece	2,344	0.1

Total	$1,717,250	100.0	%


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

12	DECEMBER 31, 2015

INTECH Emerging Markets Managed Volatility Fund

Notes to Schedule of Investments and Other Information (unaudited)


MSCI Emerging Markets Index^SM	A free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.


ADR	American Depositary Receipt
GDR	Global Depositary Receipt
LLC	Limited Liability Company
PCL	Public Company Limited
PJSC	Private Joint Stock Company
PLC	Public Limited Company


*	Non-income producing security.


ß	Security is illiquid.


ºº	Rate shown is the 7-day yield as of December 31, 2015.

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 December 31, 2015. Unless otherwise indicated, all information in the table is for the period ended December 31, 2015.


	Share Balance at 6/30/15	Purchases	Sales	Share Balance at 12/31/15	Dividend Income	Value at 12/31/15
Janus Cash Collateral Fund LLC	3,025	180,350	(183,375)	-	$ -⁽¹⁾	$ -
Janus Cash Liquidity Fund LLC	35,000	459,010	(484,010)	10,000	$ 18	$ 10,000
Total					$ 18	$ 10,000

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


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 December 31, 2015. 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
Pharmaceuticals	$ 27,589	$ -	$ 13,555
Real Estate Management & Development	18,741	6,796	-
Semiconductor & Semiconductor Equipment	1,985	-	1,441
All Other	1,412,689	-	-
Preferred Stocks	-	31,404	-
Investment Companies	193,049	10,000	-
Total Assets	$ 1,654,053	$ 48,200	$ 14,996


Janus Investment Fund	13

INTECH Emerging Markets Managed Volatility Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2015


Assets:
	Investments, at cost		$	1,862,401
	Unaffiliated investments, at value		$	1,707,249
	Affiliated investments, at value			10,000
	Cash			631
	Cash denominated in foreign currency⁽¹⁾			5
	Non-interested Trustees' deferred compensation			35
	Receivables:
		Due from adviser		28,874
		Dividends		2,957
		Fund shares sold		863
		Foreign tax reclaims		188
		Dividends from affiliates		3
	Other assets			19
Total Assets				1,750,824
Liabilities:
	Payables:			—
		Professional fees		23,658
		Custodian fees		5,665
		Accounting systems fees		1,551
		Advisory fees		1,512
		Registration fees		1,141
		Transfer agent fees and expenses		373
		12b-1 Distribution and shareholder servicing fees		86
		Non-interested Trustees' deferred compensation fees		35
		Fund administration fees		15
		Non-interested Trustees' fees and expenses		12
		Accrued expenses and other payables		1,677
Total Liabilities				35,725
Net Assets			$	1,715,099


See Notes to Financial Statements.

14	DECEMBER 31, 2015

INTECH Emerging Markets Managed Volatility Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2015



Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	1,982,817
	Undistributed net investment income/(loss)		15,760
	Undistributed net realized gain/(loss) from investments and foreign currency transactions		(138,307)
	Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation		(145,171)
Total Net Assets		$	1,715,099
Net Assets - Class A Shares		$	137,195
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		15,260
Net Asset Value Per Share⁽²⁾		$	8.99
Maximum Offering Price Per Share⁽³⁾		$	9.54
Net Assets - Class C Shares		$	45,377
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		5,045
Net Asset Value Per Share⁽²⁾		$	8.99
Net Assets - Class D Shares		$	1,029,646
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		114,540
Net Asset Value Per Share		$	8.99
Net Assets - Class I Shares		$	307,339
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		34,185
Net Asset Value Per Share		$	8.99
Net Assets - Class S Shares		$	45,654
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		5,077
Net Asset Value Per Share		$	8.99
Net Assets - Class T Shares		$	149,888
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		16,673
Net Asset Value Per Share		$	8.99

(1) Includes cost of foreign cash of $4.56.

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

(3) Maximum offering price is computed at 100/94.26 of net asset value.


See Notes to Financial Statements.

Janus Investment Fund	15

INTECH Emerging Markets Managed Volatility Fund

Statement of Operations (unaudited)

For the period ended December 31, 2015


Investment Income:
	Dividends		$	34,920
	Affiliated securities lending income, net			72
	Dividends from affiliates			18
	Other income			101
	Foreign tax withheld			(4,349)
Total Investment Income				30,762
Expenses:
	Advisory fees			9,049
	12b-1Distribution and shareholder servicing fees:
		Class A Shares		168
		Class C Shares		223
		Class S Shares		56
	Transfer agent administrative fees and expenses:
		Class D Shares		720
		Class S Shares		61
		Class T Shares		198
	Transfer agent networking and omnibus fees:
		Class I Shares		9
	Other transfer agent fees and expenses:
		Class A Shares		24
		Class C Shares		9
		Class D Shares		503
		Class I Shares		74
		Class S Shares		6
		Class T Shares		19
	Registration fees			57,429
	Professional fees			21,908
	Custodian fees			20,433
	Shareholder reports expense			5,420
	Fund administration fees			91
	Non-interested Trustees’ fees and expenses			26
	Other expenses			3,306
Total Expenses				119,732
Less: Excess Expense Reimbursement				(108,169)
Net Expenses				11,563
Net Investment Income/(Loss)				19,199
Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions			(137,695)
Total Net Realized Gain/(Loss) on Investments				(137,695)
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation			(131,313)
Total Change in Unrealized Net Appreciation/Depreciation				(131,313)
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	(249,809)


See Notes to Financial Statements.

16	DECEMBER 31, 2015

INTECH Emerging Markets Managed Volatility Fund

Statements of Changes in Net Assets (unaudited)



			Period ended December 31, 2015		Period ended June 30, 2015⁽¹⁾
Operations:
	Net investment income/(loss)		$	19,199	$	11,591
	Net realized gain/(loss) on investments			(137,695)		14,600
	Change in unrealized net appreciation/depreciation			(131,313)		(13,858)
Net Increase/(Decrease) in Net Assets Resulting from Operations				(249,809)		12,333
Dividends and Distributions to Shareholders:
		Class A Shares		(1,178)		—
		Class C Shares		(20)		—
		Class D Shares		(9,709)		—
		Class I Shares		(3,366)		—
		Class S Shares		(309)		—
		Class T Shares		(1,423)		—
	Total Dividends from Net Investment Income			(16,005)		—
	Distributions from Net Realized Gain from Investment Transactions
		Class A Shares		(1,145)		—
		Class C Shares		(382)		—
		Class D Shares		(8,596)		—
		Class I Shares		(2,530)		—
		Class S Shares		(382)		—
		Class T Shares		(1,258)		—
	Total Distributions from Net Realized Gain from Investment Transactions			(14,293)		—
Net Decrease from Dividends and Distributions to Shareholders				(30,298)		—
Capital Share Transactions:
		Class A Shares		2,323		150,000
		Class C Shares		402		50,000
		Class D Shares		(132,762)		1,339,896
		Class I Shares		48,307		306,508
		Class S Shares		690		50,000
		Class T Shares		4,876		162,633
Net Increase/(Decrease) from Capital Share Transactions				(76,164)		2,059,037
Net Increase/(Decrease) in Net Assets				(356,271)		2,071,370
Net Assets:
	Beginning of period			2,071,370		—
	End of period		$	1,715,099	$	2,071,370

Undistributed Net Investment Income/(Loss)			$	15,760	$	12,566

(1) Period from December 17, 2014 (inception date) through June 30, 2015.


See Notes to Financial Statements.

Janus Investment Fund	17

INTECH Emerging Markets Managed Volatility Fund (unaudited)

Financial Highlights


Class A Shares
For a share outstanding during the period ended December 31, 2015 (unaudited) and the period ended June 30, 2015			2015	2015⁽¹⁾
	Net Asset Value, Beginning of Period		$10.49	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.10	0.06
		Net realized and unrealized gain/(loss)	(1.44)	0.43
	Total from Investment Operations		(1.34)	0.49
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.08)	—
		Distributions (from capital gains)	(0.08)	—
	Total Dividends and Distributions		(0.16)	—
	Net Asset Value, End of Period		$8.99	$10.49
	Total Return*		(13.47)%	4.90%
	Net Assets, End of Period (in thousands)		$137	$157
	Average Net Assets for the Period (in thousands)		$144	$159
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	12.81%	36.27%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.30%	1.31%
		Ratio of Net Investment Income/(Loss)	1.97%	1.05%
	Portfolio Turnover Rate		52%	43%


Class C Shares
For a share outstanding during the period ended December 31, 2015 (unaudited) and the period ended June 30, 2015			2015	2015⁽¹⁾
	Net Asset Value, Beginning of Period		$10.44	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.06	0.02
		Net realized and unrealized gain/(loss)	(1.43)	0.42
	Total from Investment Operations		(1.37)	0.44
	Less Dividends and Distributions:
		Dividends (from net investment income)	—⁽³⁾	—
		Distributions (from capital gains)	(0.08)	—
	Total Dividends and Distributions		(0.08)	—
	Net Asset Value, End of Period		$8.99	$10.44
	Total Return*		(13.86)%	4.40%
	Net Assets, End of Period (in thousands)		$45	$52
	Average Net Assets for the Period (in thousands)		$48	$53
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	13.50%	37.08%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.00%	2.09%
		Ratio of Net Investment Income/(Loss)	1.27%	0.27%
	Portfolio Turnover Rate		52%	43%

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

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

(1) Period from December 17, 2014 (inception date) through June 30, 2015.

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

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


See Notes to Financial Statements.

18	DECEMBER 31, 2015

INTECH Emerging Markets Managed Volatility Fund (unaudited)

Financial Highlights


Class D Shares
For a share outstanding during the period ended December 31, 2015 (unaudited) and the period ended June 30, 2015			2015	2015⁽¹⁾
	Net Asset Value, Beginning of Period		$10.49	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.10	0.08
		Net realized and unrealized gain/(loss)	(1.43)	0.41
	Total from Investment Operations		(1.33)	0.49
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.09)	—
		Distributions (from capital gains)	(0.08)	—
	Total Dividends and Distributions		(0.17)	—
	Net Asset Value, End of Period		$8.99	$10.49
	Total Return*		(13.40)%	4.90%
	Net Assets, End of Period (in thousands)		$1,030	$1,335
	Average Net Assets for the Period (in thousands)		$1,176	$1,037
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	12.71%	27.16%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.24%	1.23%
		Ratio of Net Investment Income/(Loss)	2.06%	1.38%
	Portfolio Turnover Rate		52%	43%


Class I Shares
For a share outstanding during the period ended December 31, 2015 (unaudited) and the period ended June 30, 2015			2015	2015⁽¹⁾
	Net Asset Value, Beginning of Period		$10.50	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.10	0.10
		Net realized and unrealized gain/(loss)	(1.43)	0.40
	Total from Investment Operations		(1.33)	0.50
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.10)	—
		Distributions (from capital gains)	(0.08)	—
	Total Dividends and Distributions		(0.18)	—
	Net Asset Value, End of Period		$8.99	$10.50
	Total Return*		(13.42)%	5.00%
	Net Assets, End of Period (in thousands)		$307	$305
	Average Net Assets for the Period (in thousands)		$296	$181
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	12.71%	27.37%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.09%	1.05%
		Ratio of Net Investment Income/(Loss)	2.14%	1.79%
	Portfolio Turnover Rate		52%	43%

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

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

(1) Period from December 17, 2014 (inception date) through June 30, 2015.

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


See Notes to Financial Statements.

Janus Investment Fund	19

INTECH Emerging Markets Managed Volatility Fund (unaudited)

Financial Highlights


Class S Shares
For a share outstanding during the period ended December 31, 2015 (unaudited) and the period ended June 30, 2015			2015	2015⁽¹⁾
	Net Asset Value, Beginning of Period		$10.47	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.09	0.04
		Net realized and unrealized gain/(loss)	(1.43)	0.43
	Total from Investment Operations		(1.34)	0.47
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.06)	—
		Distributions (from capital gains)	(0.08)	—
	Total Dividends and Distributions		(0.14)	—
	Net Asset Value, End of Period		$8.99	$10.47
	Total Return*		(13.47)%	4.70%
	Net Assets, End of Period (in thousands)		$46	$52
	Average Net Assets for the Period (in thousands)		$48	$53
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	13.05%	36.54%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.35%	1.58%
		Ratio of Net Investment Income/(Loss)	1.92%	0.78%
	Portfolio Turnover Rate		52%	43%


Class T Shares
For a share outstanding during the period ended December 31, 2015 (unaudited) and the period ended June 30, 2015			2015	2015⁽¹⁾
	Net Asset Value, Beginning of Period		$10.00	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.10	0.06
		Net realized and unrealized gain/(loss)	(0.94)	0.43
	Total from Investment Operations		(0.84)	0.49
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.09)	—
		Distributions (from capital gains)	(0.08)	—
	Total Dividends and Distributions		(0.17)	—
	Net Asset Value, End of Period		$8.99	$10.49
	Total Return*		(13.40)%	4.90%
	Net Assets, End of Period (in thousands)		$150	$169
	Average Net Assets for the Period (in thousands)		$155	$165
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	12.86%	35.55%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.13%	1.32%
		Ratio of Net Investment Income/(Loss)	2.13%	1.07%
	Portfolio Turnover Rate		52%	43%

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

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

(1) Period from December 17, 2014 (inception date) through June 30, 2015.

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


See Notes to Financial Statements.

20	DECEMBER 31, 2015

INTECH Emerging Markets Managed Volatility Fund (unaudited)

Notes to Financial Statements

1. Organization and Significant Accounting Policies

INTECH Emerging Markets Managed Volatility 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 common stocks. 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 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


Janus Investment Fund	21

INTECH Emerging Markets Managed Volatility Fund (unaudited)

Notes to Financial Statements

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 December 31, 2015 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 December 31, 2015.

There were no transfers between Level 1, Level 2 and Level 3 of the fair value hierarchy during the period. The Fund recognizes transfers between the levels as of the beginning of the fiscal year.

Investment Transactions and Investment Income


22	DECEMBER 31, 2015

INTECH Emerging Markets Managed Volatility Fund (unaudited)

Notes to Financial Statements

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 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


Janus Investment Fund	23

INTECH Emerging Markets Managed Volatility Fund (unaudited)

Notes to Financial Statements

positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

2. 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, 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.

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


24	DECEMBER 31, 2015

INTECH Emerging Markets Managed Volatility Fund (unaudited)

Notes to Financial Statements

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

To the extent that emerging markets may be included in its benchmark index, 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.

Exchange-Traded Funds

The Fund may invest in exchange-traded funds (“ETFs”) to gain exposure to a particular portion of the market. ETFs are typically open-end investment companies, which may be actively managed or passively managed, that generally seek to track the performance of a specific index. ETFs are traded on a national securities exchange at market prices that may vary from the net asset value of their underlying investments. Accordingly, there may be times when an ETF trades at a premium or discount. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. As a result, the cost of investing in a Fund may be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in stocks and bonds. ETFs also involve the risk that an active trading market for an ETF’s shares may not develop or be maintained. Similarly, because the value of ETF shares depends on the demand in the market, the Fund may not be able to purchase or sell an ETF at the most optimal time, which could adversely affect the Fund’s performance. In addition, ETFs that track particular indices may be unable to match the performance of such underlying indices due to the temporary unavailability of certain index securities in the secondary market or other factors, such as discrepancies with respect to the weighting of securities. Because the Fund may invest in a broad range of ETFs, such risks may include, but are not limited to, leverage risk, foreign exposure risk, interest rate risk, and commodity-linked investments risk.

Real Estate Investing


Janus Investment Fund	25

INTECH Emerging Markets Managed Volatility Fund (unaudited)

Notes to Financial Statements

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.

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.

3. 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 following table reflects the Fund’s contractual investment advisory fee rate (expressed as an annual rate).


Average Daily Net Assets of the Fund	Contractual Investment Advisory Fee (%)
First $2 Billion	0.95
Next $1 Billion	0.92
Next $3 Billion	0.90

INTECH Investment Management LLC (“INTECH”) serves as subadviser to the Fund. As subadviser, INTECH provides day-to-day management of the investment operations of the Fund subject to the general oversight of Janus Capital. Janus Capital owns approximately 97% of INTECH.

Janus Capital pays INTECH a subadvisory fee rate equal to 50% of the investment advisory fee paid by the Fund to Janus Capital (net of any fee waivers and expense reimbursements).


26	DECEMBER 31, 2015

INTECH Emerging Markets Managed Volatility Fund (unaudited)

Notes to Financial Statements

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 1.08%. Janus Capital has agreed to continue the waiver until at least November 1, 2016. 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.

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.


Janus Investment Fund	27

INTECH Emerging Markets Managed Volatility Fund (unaudited)

Notes to Financial Statements

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 (or the subadviser) 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 $296,867 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2015. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

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 December 31, 2015 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 December 31, 2015 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 $151,400 were paid by the Trust to a Trustee under the Deferred Plan during the period ended December 31, 2015.

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 December 31, 2015 can be found in a table located in the Notes to Schedule of Investments and Other Information.


28	DECEMBER 31, 2015

INTECH Emerging Markets Managed Volatility Fund (unaudited)

Notes to Financial Statements

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. There were no upfront sales charges retained by Janus Distributors during the period ended December 31, 2015.

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 December 31, 2015.

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 December 31, 2015.

As of December 31, 2015, 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	100	%	8	%
Class C Shares	100		3
Class D Shares	44		27
Class I Shares	30		5
Class S Shares	100		3
Class T Shares	92		8

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).

4. 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 December 31, 2015 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 is wash sale loss deferrals.


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 1,865,707	$ 240,406	$ (388,864)	$ (148,458)


Janus Investment Fund	29

INTECH Emerging Markets Managed Volatility Fund (unaudited)

Notes to Financial Statements

5. Capital Share Transactions



		Period ended December 31, 2015		Period ended June 30, 2015⁽¹⁾
		Shares	Amount	Shares	Amount
Class A Shares:
Shares sold		-	$ -	15,000	$ 150,000
Reinvested dividends and distributions		260	2,323	-	-
Shares repurchased		-	-	-	-
Net Increase/(Decrease)		260	$ 2,323	15,000	$ 150,000
Class C Shares:
Shares sold		-	$ -	5,000	$ 50,000
Reinvested dividends and distributions		45	402	-	-
Shares repurchased		-	-	-	-
Net Increase/(Decrease)		45	$ 402	5,000	$ 50,000
Class D Shares:
Shares sold		23,226	$ 214,788	165,011	$1,742,920
Reinvested dividends and distributions		2,040	18,218	-	-
Shares repurchased		(37,980)	(365,768)	(37,757)	(403,024)
Net Increase/(Decrease)		(12,714)	$(132,762)	127,254	$1,339,896
Class I Shares:
Shares sold		5,932	$ 56,289	29,081	$ 307,051
Reinvested dividends and distributions		660	5,896	-	-
Shares repurchased		(1,439)	(13,878)	(49)	(543)
Net Increase/(Decrease)		5,153	$ 48,307	29,032	$ 306,508
Class S Shares:
Shares sold		-	$ -	5,000	$ 50,000
Reinvested dividends and distributions		77	690	-	-
Shares repurchased		-	-	-	-
Net Increase/(Decrease)		77	$ 690	5,000	$ 50,000
Class T Shares:
Shares sold		869	$ 8,208	16,514	$ 166,569
Reinvested dividends and distributions		300	2,681	-	-
Shares repurchased		(641)	(6,013)	(369)	(3,936)
Net Increase/(Decrease)		528	$ 4,876	16,145	$ 162,633
(1)	Period from December 17, 2014 (inception date) through June 30, 2015.

6. Purchases and Sales of Investment Securities

For the period ended December 31, 2015, 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
$ 977,183	$ 1,084,565	$ -	$ -

7. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2015 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.


30	DECEMBER 31, 2015

INTECH Emerging Markets Managed Volatility 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


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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.


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INTECH Emerging Markets Managed Volatility 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.


Janus Investment Fund	33

INTECH Emerging Markets Managed Volatility Fund

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.


34	DECEMBER 31, 2015

INTECH Emerging Markets Managed Volatility Fund

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.


Janus Investment Fund	35

INTECH Emerging Markets Managed Volatility Fund

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,


36	DECEMBER 31, 2015

INTECH Emerging Markets Managed Volatility Fund

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.


Janus Investment Fund	37

INTECH Emerging Markets Managed Volatility 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.


38	DECEMBER 31, 2015

INTECH Emerging Markets Managed Volatility Fund

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.


Janus Investment Fund	39

INTECH Emerging Markets Managed Volatility 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.


40	DECEMBER 31, 2015

INTECH Emerging Markets Managed Volatility Fund

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


Janus Investment Fund	41

INTECH Emerging Markets Managed Volatility 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.


42	DECEMBER 31, 2015

INTECH Emerging Markets Managed Volatility 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 December 31, 2015. 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	43

INTECH Emerging Markets Managed Volatility 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. The total return may include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. As a result, the


44	DECEMBER 31, 2015

INTECH Emerging Markets Managed Volatility Fund

Useful Information About Your Fund Report (unaudited)

total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.

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	45

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-0216-108352

125-24-93012 02-16



	SEMIANNUAL REPORT December 31, 2015

INTECH Global Income Managed Volatility Fund

Janus Investment Fund

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

Table of Contents

INTECH Global Income Managed Volatility Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	12
Statement of Assets and Liabilities	13
Statement of Operations	15
Statements of Changes in Net Assets	16
Financial Highlights	17
Notes to Financial Statements	20
Additional Information	30
Useful Information About Your Fund Report	42

INTECH Global Income Managed Volatility Fund (unaudited)

FUND SNAPSHOT

This global developed-markets equity fund strictly adheres to a highly-evolved process that targets the most optimal portfolio with the potential for the highest return per unit of risk, or risk-adjusted return, and adjusts based on actual volatility in the market at any point in time. The Fund’s unemotional approach seeks to provide downside mitigation along with growth participation when markets are on the rise, while generating monthly income distributions.

Managed by

INTECH Investment

Management LLC

PERFORMANCE OVERVIEW

For the six-month period ended December 31, 2015, INTECH Global Income Managed Volatility Fund’s Class I Shares returned 6.02%. This compares to the -3.41% return posted by the MSCI World Index, the Fund’s primary benchmark, and a -2.59% return for its secondary benchmark, the MSCI World High Dividend Yield Index.

INVESTMENT STRATEGY

The investment process begins with the stocks in the MSCI World High Dividend Yield Index. INTECH’s investment process aims to capture stocks’ natural volatility through a rebalancing mechanism based on estimates of relative volatility and correlation in order to outperform the benchmark index over the long term. Within specific risk constraints, the investment process will tend to favor stocks with higher relative volatility and lower correlation as they offer more potential to capture volatility through periodic rebalancing. Once the target proportions are determined and the portfolio is constructed, it is then rebalanced to those target proportions and re-optimized on a periodic basis. The INTECH Global Income Managed Volatility Fund focuses on seeking an excess return above the benchmark, while also reducing or managing the Fund’s standard deviation depending on the market conditions, a strategy designed to manage the absolute risk of the portfolio.

PERFORMANCE REVIEW

The global developed equity markets as measured by the MSCI World Index posted a return of -3.41% for the six-month period ended December 31, 2015. The MSCI World High Dividend Yield Index was down by 2.59% over the period. INTECH Global Income Managed Volatility Fund outperformed the MSCI World Index and the MSCI World High Dividend Yield Index over the period and generated a return of 6.02%.

The Fund’s defensive positioning acted as tailwind to relative performance as volatility picked up in the global equity markets. The Fund benefited from an average overweight allocation to the defensive utilities sector, as well as average underweight allocations to the energy and materials sectors, which were the two weakest performing sectors during the period. Favorable security selection, especially within the consumer staples and utilities sectors, also contributed to the Fund’s relative performance during the period.

An overall decrease in market diversity over the past six months reflected a change in the distribution of capital, in which larger cap stocks outperformed smaller cap stocks on average. While the INTECH Global Income Managed Volatility Fund, which tends to overweight smaller cap stocks as they provide more relative volatility capture potential, was negatively impacted by the overall decrease in market diversity, the Fund strongly outperformed during the period, benefiting from favorable active sector positioning and security selection.

OUTLOOK

Because INTECH does not conduct traditional economic or fundamental analysis, INTECH has no view on individual stocks, sectors, economic, or market conditions.

Going forward, we will continue building portfolios in a disciplined and deliberate manner, with risk management remaining the hallmark of our investment process. As


Janus Investment Fund	1

INTECH Global Income Managed Volatility Fund (unaudited)

INTECH’s ongoing research efforts yield modest improvements, we will continue implementing changes that we believe are likely to improve the long-term results for our fund shareholders.

Thank you for your investment in INTECH Global Income Managed Volatility Fund.


2	DECEMBER 31, 2015

INTECH Global Income Managed Volatility Fund (unaudited)

Fund At A Glance

December 31, 2015


5 Largest Equity Holdings - (% of Net Assets)
Kimberly-Clark Corp.
Household Products	4.3%
Southern Co.
Electric Utilities	4.2%
Reynolds American, Inc.
Tobacco	4.2%
PG&E Corp.
Multi-Utilities	4.0%
CLP Holdings, Ltd.
Electric Utilities	4.0%
	20.7%


Asset Allocation - (% of Net Assets)
Common Stocks	91.1%
Investment Companies	6.1%
Preferred Stocks	0.1%
Other	2.7%
		100.0%

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

As of December 31, 2015

As of June 30, 2015


Janus Investment Fund	3

INTECH Global Income Managed Volatility Fund (unaudited)

Performance

See important disclosures on the next page.



				Expense Ratios -
Average Annual Total Return - for the periods ended December 31, 2015				per the October 28, 2015 prospectuses
	Fiscal Year-to-Date	One Year	Since Inception*	Total Annual Fund Operating Expenses	Net Annual Fund Operating Expenses
Class A Shares at NAV	5.81%	7.57%	10.20%	1.90%	0.82%
Class A Shares at MOP	-0.29%	1.35%	8.60%
Class C Shares at NAV	5.39%	6.75%	9.37%	2.72%	1.60%
Class C Shares at CDSC	4.39%	5.75%	9.37%
Class D Shares⁽¹⁾	5.92%	7.78%	10.30%	1.89%	0.66%
Class I Shares	6.02%	7.94%	10.52%	1.65%	0.53%
Class S Shares	5.94%	7.63%	10.21%	2.10%	1.00%
Class T Shares	5.80%	7.60%	10.27%	1.87%	0.76%
MSCI World Index^SM	-3.41%	-0.87%	11.98%
MSCI World High Dividend Yield Index	-2.59%	-3.20%	8.86%
Morningstar Quartile - Class I Shares	-	1st	3rd
Morningstar Ranking - based on total returns for World Stock Funds	-	37/1,255	542/958

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 November 1, 2016.


4	DECEMBER 31, 2015

INTECH Global Income Managed Volatility Fund (unaudited)

Performance

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.

Tracking Error is a divergence between the price behavior of a position or portfolio and the price behavior of a benchmark. Standard deviation measures historical volatility. Higher standard deviation implies greater volatility.

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.

See “Useful Information About Your Fund Report.”

* The Fund’s inception date – December 15, 2011

(1) Closed to certain new investors.


Janus Investment Fund	5

INTECH Global Income Managed Volatility Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (7/1/15)	Ending Account Value (12/31/15)	Expenses Paid During Period (7/1/15 - 12/31/15)†	Beginning Account Value (7/1/15)	Ending Account Value (12/31/15)	Expenses Paid During Period (7/1/15 - 12/31/15)†	Net Annualized Expense Ratio (7/1/15 - 12/31/15)
Class A Shares		$1,000.00	$1,058.10	$4.35	$1,000.00	$1,020.91	$4.27	0.84%
Class C Shares		$1,000.00	$1,053.90	$8.42	$1,000.00	$1,016.94	$8.26	1.63%
Class D Shares		$1,000.00	$1,059.20	$3.47	$1,000.00	$1,021.77	$3.41	0.67%
Class I Shares		$1,000.00	$1,060.20	$3.11	$1,000.00	$1,022.12	$3.05	0.60%
Class S Shares		$1,000.00	$1,059.40	$3.31	$1,000.00	$1,021.92	$3.25	0.64%
Class T Shares		$1,000.00	$1,058.00	$3.83	$1,000.00	$1,021.42	$3.76	0.74%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/366 (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.


6	DECEMBER 31, 2015

INTECH Global Income Managed Volatility Fund

Schedule of Investments (unaudited)

December 31, 2015


Shares			Value
Common Stocks – 91.1%
Aerospace & Defense – 2.2%
	Cobham PLC	759	$3,168
	Lockheed Martin Corp.	2,600	564,590
	Rolls-Royce Holdings PLC*	374	3,170
	Singapore Technologies Engineering, Ltd.	6,700	14,229
			585,157
Auto Components – 0.1%
	Cie Generale des Etablissements Michelin	181	17,288
	Nokian Renkaat Oyj	383	13,775
			31,063
Automobiles – 0.1%
	Daihatsu Motor Co., Ltd.	2,700	36,867
	General Motors Co.	100	3,401
			40,268
Biotechnology – 0.2%
	AbbVie, Inc.	700	41,468
Capital Markets – 0.1%
	CI Financial Corp.	1,600	35,389
	ICAP PLC	276	2,073
	IGM Financial, Inc.	100	2,554
			40,016
Chemicals – 0.5%
	Incitec Pivot, Ltd.	237	684
	Koninklijke DSM NV	581	29,217
	LyondellBasell Industries NV - Class A	300	26,070
	Orica, Ltd.	3,389	38,268
	Potash Corp. of Saskatchewan, Inc.	300	5,139
	Syngenta AG	42	16,455
	Yara International ASA	436	18,867
			134,700
Commercial Banks – 3.9%
	Bank of East Asia, Ltd.	39,200	145,929
	Bank of Montreal	900	50,793
	Bank of Nova Scotia	200	8,091
	BOC Hong Kong Holdings, Ltd.	33,500	102,448
	Canadian Imperial Bank of Commerce	1,700	112,051
	DBS Group Holdings, Ltd.	7,600	89,497
	Hang Seng Bank, Ltd.	21,700	413,011
	Oversea-Chinese Banking Corp., Ltd.	5,300	32,908
	Royal Bank of Canada	700	37,517
	United Overseas Bank, Ltd.	4,000	55,345
			1,047,590
Commercial Services & Supplies – 0.2%
	Brambles, Ltd.	3,257	27,453
	G4S PLC	11,592	38,530
			65,983
Communications Equipment – 0%
	Telefonaktiebolaget LM Ericsson - Class B	709	6,917
Construction & Engineering – 0%
	Boskalis Westminster	241	9,854
Construction Materials – 0%
	Fletcher Building, Ltd.	1,158	5,819
	James Hardie Industries PLC (CDI)	168	2,138
			7,957
Containers & Packaging – 1.1%
	Amcor, Ltd.	26,685	261,275
	Rexam PLC	4,320	38,492
			299,767
Diversified Financial Services – 0.3%
	Deutsche Boerse AG	168	14,858


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

Janus Investment Fund	7

INTECH Global Income Managed Volatility Fund

Schedule of Investments (unaudited)

December 31, 2015


Shares			Value
Common Stocks – (continued)
Diversified Financial Services – (continued)
	Singapore Exchange, Ltd.	10,700	$58,132
			72,990
Diversified Telecommunication Services – 3.9%
	AT&T, Inc.	3,000	103,230
	BCE, Inc.	3,977	153,676
	Elisa Oyj	2,743	103,693
	HKT Trust & HKT, Ltd.	55,000	70,260
	Inmarsat PLC	4,199	70,372
	PCCW, Ltd.	399,000	234,258
	Singapore Telecommunications, Ltd.	18,900	48,940
	Swisscom AG	295	148,192
	TDC A/S	14,935	74,806
	Telstra Corp., Ltd.	10,295	42,075
			1,049,502
Electric Utilities – 19.0%
	Cheung Kong Infrastructure Holdings, Ltd.	62,000	574,415
	CLP Holdings, Ltd.	127,000	1,079,118
	Contact Energy, Ltd.	28,184	91,337
	Duke Energy Corp.	2,366	168,909
	Entergy Corp.	2,000	136,720
	Eversource Energy	962	49,129
	Fortum Oyj	267	4,039
	NextEra Energy, Inc.	800	83,112
	Pepco Holdings, Inc.	2,200	57,222
	Power Assets Holdings, Ltd.	117,000	1,076,428
	PPL Corp.	10,400	354,952
	Red Electrica Corp. SA	934	78,258
	Southern Co.	24,500	1,146,355
	SSE PLC	2,645	59,572
	Terna Rete Elettrica Nazionale SpA	13,793	71,281
	Xcel Energy, Inc.	2,500	89,775
			5,120,622
Energy Equipment & Services – 0.3%
	Helmerich & Payne, Inc.	100	5,355
	National Oilwell Varco, Inc.	500	16,745
	Petrofac, Ltd.	256	3,004
	Technip SA	714	35,483
	Tenaris SA	160	1,902
	Transocean, Ltd.	945	11,797
			74,286
Food & Staples Retailing – 2.5%
	ICA Gruppen AB	1,020	37,170
	Lawson, Inc.	6,000	491,762
	Sysco Corp.	1,600	65,600
	Woolworths, Ltd.	4,319	77,087
			671,619
Food Products – 2.7%
	Campbell Soup Co.	600	31,530
	General Mills, Inc.	5,400	311,364
	Kellogg Co.	5,000	361,350
	Tate & Lyle PLC	1,860	16,422
			720,666
Gas Utilities – 0.4%
	Snam SpA	20,940	109,899
Health Care Providers & Services – 2.0%
	Sonic Healthcare, Ltd.	41,849	544,804
Hotels, Restaurants & Leisure – 3.2%
	Darden Restaurants, Inc.	100	6,364
	Flight Centre Travel Group, Ltd.	160	4,650


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

8	DECEMBER 31, 2015

INTECH Global Income Managed Volatility Fund

Schedule of Investments (unaudited)

December 31, 2015


Shares			Value
Common Stocks – (continued)
Hotels, Restaurants & Leisure – (continued)
	McDonald's Corp.	6,900	$815,166
	Sands China, Ltd.	1,200	4,111
	William Hill PLC	6,656	38,851
			869,142
Household Durables – 1.0%
	Electrolux AB - Series B	97	2,360
	Garmin, Ltd.	3,300	122,661
	Husqvarna AB - Class B	206	1,368
	Leggett & Platt, Inc.	400	16,808
	Persimmon PLC*	1,816	54,258
	Sekisui House, Ltd.	3,800	64,709
			262,164
Household Products – 6.7%
	Clorox Co.	4,900	621,467
	Kimberly-Clark Corp.	9,100	1,158,430
	Procter & Gamble Co.	300	23,823
			1,803,720
Industrial Conglomerates – 1.7%
	Keppel Corp., Ltd.	22,900	105,185
	NWS Holdings, Ltd.	153,000	229,012
	Sembcorp Industries, Ltd.	56,900	122,448
			456,645
Information Technology Services – 0.1%
	Paychex, Inc.	300	15,867
Insurance – 2.1%
	Admiral Group PLC	5,026	122,903
	Arthur J Gallagher & Co.	600	24,564
	Direct Line Insurance Group PLC	43,207	259,524
	Gjensidige Forsikring ASA	122	1,959
	Great-West Lifeco, Inc.	2,300	57,404
	SCOR SE	1,149	43,086
	Swiss Re AG	258	25,290
	Tryg A/S	1,855	37,122
			571,852
Leisure Products – 0.3%
	Mattel, Inc.	2,900	78,793
Machinery – 0.6%
	IMI PLC	108	1,371
	Sandvik AB	421	3,696
	Sembcorp Marine, Ltd.^#	47,500	58,650
	SKF AB - Class B	1,159	18,850
	Sulzer AG	76	7,161
	Yangzijiang Shipbuilding Holdings, Ltd.	107,100	83,123
			172,851
Marine – 0.5%
	Kuehne + Nagel International AG	1,028	141,474
Media – 5.3%
	Axel Springer SE	341	19,023
	Eutelsat Communications SA	4,646	139,335
	ITV PLC	8,245	33,615
	SES SA (FDR)	13,708	380,943
	Shaw Communications, Inc. - Class B	20,800	357,817
	Singapore Press Holdings, Ltd.	28,900	80,340
	Sky PLC	25,591	419,457
			1,430,530
Multiline Retail – 0.1%
	Kohl's Corp.	200	9,526
	Macy's, Inc.	100	3,498


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

Janus Investment Fund	9

INTECH Global Income Managed Volatility Fund

Schedule of Investments (unaudited)

December 31, 2015


Shares			Value
Common Stocks – (continued)
Multiline Retail – (continued)
	Marks & Spencer Group PLC	2,864	$19,098
			32,122
Multi-Utilities – 11.2%
	CMS Energy Corp.	1,300	46,904
	Consolidated Edison, Inc.	16,600	1,066,882
	DTE Energy Co.	1,200	96,228
	National Grid PLC	5,368	74,179
	PG&E Corp.	20,500	1,090,395
	Public Service Enterprise Group, Inc.	3,800	147,022
	SCANA Corp.	900	54,441
	Sempra Energy	2,900	272,629
	WEC Energy Group, Inc.	3,551	182,202
			3,030,882
Oil, Gas & Consumable Fuels – 0.2%
	ConocoPhillips	200	9,338
	Murphy Oil Corp.	100	2,245
	Peyto Exploration & Development Corp.	500	8,988
	PrairieSky Royalty, Ltd.	1,500	23,766
	Woodside Petroleum, Ltd.	418	8,746
			53,083
Pharmaceuticals – 2.0%
	Johnson & Johnson	200	20,544
	Merck & Co., Inc.	6,100	322,202
	Novartis AG	911	78,972
	Orion Oyj - Class B	465	16,153
	Pfizer, Inc.	1,500	48,420
	Roche Holding AG	157	43,338
			529,629
Real Estate Management & Development – 4.5%
	Daito Trust Construction Co., Ltd.	4,800	559,561
	Hang Lung Properties, Ltd.	13,000	29,590
	Hysan Development Co., Ltd.	10,000	40,969
	Sino Land Co., Ltd.	14,000	20,522
	Sun Hung Kai Properties, Ltd.	10,000	120,777
	Swire Pacific, Ltd. - Class A	19,000	213,786
	Swiss Prime Site AG*	2,719	213,164
	Wharf Holdings, Ltd.	2,000	11,097
			1,209,466
Road & Rail – 0.8%
	ComfortDelGro Corp., Ltd.	101,300	217,996
Semiconductor & Semiconductor Equipment – 0.3%
	Maxim Integrated Products, Inc.	2,200	83,600
Specialty Retail – 0.6%
	GameStop Corp. - Class A	1,500	42,060
	Gap, Inc.	300	7,410
	Kingfisher PLC	1,981	9,621
	Staples, Inc.	9,900	93,753
			152,844
Technology Hardware, Storage & Peripherals – 0.4%
	Canon, Inc.	2,300	70,332
	Seagate Technology PLC	1,300	47,658
			117,990
Textiles, Apparel & Luxury Goods – 1.3%
	Coach, Inc.	3,600	117,828
	Hugo Boss AG	699	58,180
	Yue Yuen Industrial Holdings, Ltd.	51,000	173,404
			349,412
Tobacco – 4.2%
	Reynolds American, Inc.	24,662	1,138,151


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

10	DECEMBER 31, 2015

INTECH Global Income Managed Volatility Fund

Schedule of Investments (unaudited)

December 31, 2015


Shares			Value
Common Stocks – (continued)
Trading Companies & Distributors – 0.6%
	Finning International, Inc.	200	$2,700
	ITOCHU Corp.	5,800	69,592
	Marubeni Corp.	7,200	37,450
	Mitsui & Co., Ltd.	3,000	36,083
	Rexel SA	1,187	15,839
			161,664
Transportation Infrastructure – 1.4%
	Auckland International Airport, Ltd.	94,476	371,411
Wireless Telecommunication Services – 2.5%
	NTT DOCOMO, Inc.	11,800	243,894
	Rogers Communications, Inc. - Class B	8,000	275,938
	StarHub, Ltd.	62,200	162,379
			682,211
Total Common Stocks (cost $24,052,187)			24,608,627
Preferred Stocks – 0.1%
Media – 0.1%
	ProSiebenSat.1 Media SE(cost $13,609)	262	13,314
Investment Companies – 6.1%
Investments Purchased with Cash Collateral from Securities Lending – 0%
	Janus Cash Collateral Fund LLC, 0.3005%^ºº,£	2,600	2,600
Money Markets – 6.1%
	Janus Cash Liquidity Fund LLC, 0.3105%^ºº,£	1,652,000	1,652,000
Total Investment Companies (cost $1,654,600)			1,654,600
Total Investments (total cost $25,720,396) – 97.3%			26,276,541
Cash, Receivables and Other Assets, net of Liabilities – 2.7%			731,094
Net Assets – 100%			$27,007,635


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

		% of
		Investment
Country	Value	Securities
United States	$13,058,356	49.7	%
Hong Kong	4,539,135	17.3
Japan	1,610,250	6.1
United Kingdom	1,267,680	4.8
Canada	1,131,823	4.3
Singapore	1,129,172	4.3
Australia	1,007,180	3.8
Switzerland	685,843	2.6
France	631,974	2.4
New Zealand	468,567	1.8
Italy	183,082	0.7
Finland	137,660	0.5
Denmark	111,928	0.4
Germany	105,375	0.4
Spain	78,258	0.3
Sweden	70,361	0.3
Netherlands	39,071	0.2
Norway	20,826	0.1

Total	$26,276,541	100.0	%


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

Janus Investment Fund	11

INTECH Global Income Managed Volatility Fund

Notes to Schedule of Investments and Other Information (unaudited)

MSCI World High Dividend Yield

Index

An index designed to reflect the performance of the high dividend yield securities contained within the broader MSCI World Index^SM. The index includes large- and mid- capitalization stocks from developed markets across the Americas, Asia-Pacific and Europe. The index includes reinvestment of dividends, net of foreign withholding taxes.

MSCI World Index^SM

A free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed market countries in North America, Europe, and the Asia/Pacific Region. The index includes reinvestment of dividends, net of foreign withholding taxes.


CDI	Clearing House Electronic Subregister System Depositary Interest
FDR	Fixed Depositary Receipt
LLC	Limited Liability Company
PLC	Public Limited Company


*	Non-income producing security.


ºº	Rate shown is the 7-day yield as of December 31, 2015.


#	Loaned security; a portion of the security is on loan at December 31, 2015.

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. Based on the Fund’s relative ownership, the following securities were considered affiliated companies for all or some portion of the period ended December 31, 2015. Unless otherwise indicated, all information in the table is for the period ended December 31, 2015.


	Share Balance at 6/30/15	Purchases	Sales	Share Balance at 12/31/15	Dividend Income	Value at 12/31/15
Janus Cash Collateral Fund LLC	3,063	925,484	(925,947)	2,600	$ 1,121⁽¹⁾	$ 2,600
Janus Cash Liquidity Fund LLC	235,033	10,049,255	(8,632,288)	1,652,000	557	1,652,000
Total					$ 1,678	$ 1,654,600

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


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 December 31, 2015. 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	$ 24,608,627	$ -	$ -
Preferred Stocks	-	13,314	-
Investment Companies	-	1,654,600	-
Total Assets	$ 24,608,627	$ 1,667,914	$ -


12	DECEMBER 31, 2015

INTECH Global Income Managed Volatility Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2015

See footnotes at the end of the Statement.


Assets:
	Investments, at cost		$	25,720,396
	Unaffiliated investments, at value⁽¹⁾		$	24,621,941
	Affiliated investments, at value			1,654,600
	Cash			30,395
	Cash denominated in foreign currency⁽²⁾			381
	Non-interested Trustees' deferred compensation			525
	Receivables:
		Fund shares sold		1,157,255
		Dividends		46,900
		Due from adviser		29,364
		Investments sold		15,500
		Foreign tax reclaims		10,477
		Dividends from affiliates		226
	Other assets			947
Total Assets				27,568,511
Liabilities:
	Collateral for securities loaned (Note 2)			2,600
	Payables:			—
		Investments purchased		492,640
		Professional fees		20,786
		Advisory fees		12,237
		Transfer agent fees and expenses		3,825
		12b-1 Distribution and shareholder servicing fees		2,488
		Fund shares repurchased		2,319
		Dividends		1,008
		Non-interested Trustees' deferred compensation fees		525
		Fund administration fees		211
		Non-interested Trustees' fees and expenses		102
		Custodian fees		77
		Accrued expenses and other payables		22,058
Total Liabilities				560,876
Net Assets			$	27,007,635


See Notes to Financial Statements.

Janus Investment Fund	13

INTECH Global Income Managed Volatility Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2015



Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	26,589,380
	Undistributed net investment income/(loss)		6,179
	Undistributed net realized gain/(loss) from investments and foreign currency transactions		(141,868)
	Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation		553,944
Total Net Assets		$	27,007,635
Net Assets - Class A Shares		$	5,108,327
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		432,172
Net Asset Value Per Share⁽³⁾		$	11.82
Maximum Offering Price Per Share⁽⁴⁾		$	12.54
Net Assets - Class C Shares		$	2,001,102
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		170,263
Net Asset Value Per Share⁽³⁾		$	11.75
Net Assets - Class D Shares		$	11,339,607
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		961,686
Net Asset Value Per Share		$	11.79
Net Assets - Class I Shares		$	3,578,380
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		302,085
Net Asset Value Per Share		$	11.85
Net Assets - Class S Shares		$	172,881
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		14,655
Net Asset Value Per Share		$	11.80
Net Assets - Class T Shares		$	4,807,338
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		407,301
Net Asset Value Per Share		$	11.80

(1) Includes $2,475 of securities on loan. See Note 2 in Notes to Financial Statements.

(2) Includes cost of $381.

(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.

14	DECEMBER 31, 2015

INTECH Global Income Managed Volatility Fund

Statement of Operations (unaudited)

For the period ended December 31, 2015


Investment Income:
	Dividends		$	340,160
	Affiliated securities lending income, net			1,121
	Dividends from affiliates			557
	Other income			14
	Foreign tax withheld			(8,494)
Total Investment Income				333,358
Expenses:
	Advisory fees			56,971
	12b-1Distribution and shareholder servicing fees:
		Class A Shares		5,099
		Class C Shares		7,119
		Class S Shares		216
	Transfer agent administrative fees and expenses:
		Class D Shares		5,339
		Class S Shares		216
		Class T Shares		3,967
	Transfer agent networking and omnibus fees:
		Class A Shares		1,389
		Class C Shares		542
		Class I Shares		1,132
	Other transfer agent fees and expenses:
		Class A Shares		234
		Class C Shares		115
		Class D Shares		1,705
		Class I Shares		93
		Class T Shares		92
	Registration fees			70,034
	Professional fees			21,158
	Shareholder reports expense			15,731
	Custodian fees			9,826
	Fund administration fees			985
	Non-interested Trustees’ fees and expenses			189
	Other expenses			4,713
Total Expenses				206,865
Less: Excess Expense Reimbursement				(128,551)
Net Expenses				78,314
Net Investment Income/(Loss)				255,044
Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions			(135,423)
Total Net Realized Gain/(Loss) on Investments				(135,423)
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation			735,274
Total Change in Unrealized Net Appreciation/Depreciation				735,274
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	854,895


See Notes to Financial Statements.

Janus Investment Fund	15

INTECH Global Income Managed Volatility Fund

Statements of Changes in Net Assets (unaudited)



			Period ended December 31, 2015		Year ended June 30, 2015
Operations:
	Net investment income/(loss)		$	255,044	$	525,964
	Net realized gain/(loss) on investments			(135,423)		379,893
	Change in unrealized net appreciation/depreciation			735,274		(2,126,913)
Net Increase/(Decrease) in Net Assets Resulting from Operations				854,895		(1,221,056)
Dividends and Distributions to Shareholders:
		Class A Shares		(53,599)		(140,804)
		Class C Shares		(14,748)		(33,845)
		Class D Shares		(129,532)		(300,902)
		Class I Shares		(43,615)		(94,121)
		Class S Shares		(2,461)		(5,904)
		Class T Shares		(45,796)		(119,202)
	Total Dividends from Net Investment Income			(289,751)		(694,778)
	Distributions from Net Realized Gain from Investment Transactions
		Class A Shares		(35,986)		(87,688)
		Class C Shares		(20,542)		(30,899)
		Class D Shares		(121,140)		(198,183)
		Class I Shares		(38,577)		(59,895)
		Class S Shares		(1,913)		(4,215)
		Class T Shares		(47,481)		(79,471)
	Total Distributions from Net Realized Gain from Investment Transactions			(265,639)		(460,351)
Net Decrease from Dividends and Distributions to Shareholders				(555,390)		(1,155,129)
Capital Share Transactions:
		Class A Shares		2,216,682		(2,920,812)
		Class C Shares		806,881		297,198
		Class D Shares		3,878,334		(433,017)
		Class I Shares		898,395		880,667
		Class S Shares		4,374		10,156
		Class T Shares		1,299,793		1,789,842
Net Increase/(Decrease) from Capital Share Transactions				9,104,459		(375,966)
Net Increase/(Decrease) in Net Assets				9,403,964		(2,752,151)
Net Assets:
	Beginning of period			17,603,671		20,355,822
	End of period		$	27,007,635	$	17,603,671

Undistributed Net Investment Income/(Loss)			$	6,179	$	40,886


See Notes to Financial Statements.

16	DECEMBER 31, 2015

INTECH Global Income Managed Volatility Fund (unaudited)

Financial Highlights


Class A Shares
For a share outstanding during the period ended December 31, 2015 (unaudited) and each year or period ended June 30			2015	2015	2014		2013	2012⁽¹⁾
	Net Asset Value, Beginning of Period		$11.45	$12.95	$11.60		$10.40	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.16⁽²⁾	0.33⁽²⁾	0.57⁽²⁾		0.35	0.22
		Net realized and unrealized gain/(loss)	0.50	(1.08)	1.86		1.24	0.35
	Total from Investment Operations		0.66	(0.75)	2.43		1.59	0.57
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.16)	(0.44)	(0.43)		(0.39)	(0.17)
		Distributions (from capital gains)	(0.13)	(0.31)	(0.65)		—	—
	Total Dividends and Distributions		(0.29)	(0.75)	(1.08)		(0.39)	(0.17)
	Net Asset Value, End of Period		$11.82	$11.45	$12.95		$11.60	$10.40
	Total Return*		5.81%	(5.79)%	21.79%		15.41%	5.70%
	Net Assets, End of Period (in thousands)		$5,108	$2,816	$6,300		$1,625	$931
	Average Net Assets for the Period (in thousands)		$3,996	$3,789	$4,861		$996	$881
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.02%	1.90%	1.96%		2.69%	5.56%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.84%	0.84%	0.81%		0.76%	1.02%
		Ratio of Net Investment Income/(Loss)	2.65%	2.74%	4.62%		3.18%	4.01%
	Portfolio Turnover Rate		27%	125%	51%		116%	24%
						1


Class C Shares
For a share outstanding during the period ended December 31, 2015 (unaudited) and each year or period ended June 30			2015	2015	2014	2013	2012⁽¹⁾
	Net Asset Value, Beginning of Period		$11.39	$12.89	$11.56	$10.37	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.10⁽²⁾	0.24⁽²⁾	0.45⁽²⁾	0.27	0.19
		Net realized and unrealized gain/(loss)	0.51	(1.07)	1.87	1.22	0.35
	Total from Investment Operations		0.61	(0.83)	2.32	1.49	0.54
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.12)	(0.36)	(0.34)	(0.30)	(0.17)
		Distributions (from capital gains)	(0.13)	(0.31)	(0.65)	—	—
	Total Dividends and Distributions		(0.25)	(0.67)	(0.99)	(0.30)	(0.17)
	Net Asset Value, End of Period		$11.75	$11.39	$12.89	$11.56	$10.37
	Total Return*		5.39%	(6.51)%	20.83%	14.50%	5.36%
	Net Assets, End of Period (in thousands)		$2,001	$1,161	$999	$489	$940
	Average Net Assets for the Period (in thousands)		$1,383	$1,136	$613	$793	$900
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.83%	2.72%	2.70%	3.50%	6.25%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.63%	1.61%	1.57%	1.51%	1.70%
		Ratio of Net Investment Income/(Loss)	1.66%	2.03%	3.63%	2.26%	3.37%
	Portfolio Turnover Rate		27%	125%	51%	116%	24%

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

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

(1) Period from December 15, 2011 (inception date) through June 30, 2012.

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


See Notes to Financial Statements.

Janus Investment Fund	17

INTECH Global Income Managed Volatility Fund (unaudited)

Financial Highlights


Class D Shares
For a share outstanding during the period ended December 31, 2015 (unaudited) and each year or period ended June 30			2015	2015	2014	2013	2012⁽¹⁾
	Net Asset Value, Beginning of Period		$11.42	$12.92	$11.58	$10.39	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.15⁽²⁾	0.35⁽²⁾	0.56⁽²⁾	0.42	0.21
		Net realized and unrealized gain/(loss)	0.52	(1.07)	1.88	1.17	0.35
	Total from Investment Operations		0.67	(0.72)	2.44	1.59	0.56
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.17)	(0.47)	(0.45)	(0.40)	(0.17)
		Distributions (from capital gains)	(0.13)	(0.31)	(0.65)	—	—
	Total Dividends and Distributions		(0.30)	(0.78)	(1.10)	(0.40)	(0.17)
	Net Asset Value, End of Period		$11.79	$11.42	$12.92	$11.58	$10.39
	Total Return*		5.92%	(5.62)%	21.92%	15.49%	5.60%
	Net Assets, End of Period (in thousands)		$11,340	$7,265	$8,689	$4,706	$2,124
	Average Net Assets for the Period (in thousands)		$8,666	$7,736	$6,297	$3,161	$1,727
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.03%	1.89%	1.78%	2.57%	5.98%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.67%	0.66%	0.66%	0.67%	1.32%
		Ratio of Net Investment Income/(Loss)	2.57%	2.95%	4.51%	3.91%	4.09%
	Portfolio Turnover Rate		27%	125%	51%	116%	24%


Class I Shares
For a share outstanding during the period ended December 31, 2015 (unaudited) and each year or period ended June 30			2015	2015	2014	2013	2012⁽¹⁾
	Net Asset Value, Beginning of Period		$11.47	$12.97	$11.62	$10.42	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.16⁽²⁾	0.37⁽²⁾	0.56⁽²⁾	0.46	0.23
		Net realized and unrealized gain/(loss)	0.52	(1.08)	1.90	1.15	0.36
	Total from Investment Operations		0.68	(0.71)	2.46	1.61	0.59
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.17)	(0.48)	(0.46)	(0.41)	(0.17)
		Distributions (from capital gains)	(0.13)	(0.31)	(0.65)	—	—
	Total Dividends and Distributions		(0.30)	(0.79)	(1.11)	(0.41)	(0.17)
	Net Asset Value, End of Period		$11.85	$11.47	$12.97	$11.62	$10.42
	Total Return*		6.02%	(5.49)%	22.09%	15.66%	5.90%
	Net Assets, End of Period (in thousands)		$3,578	$2,596	$1,995	$1,571	$1,897
	Average Net Assets for the Period (in thousands)		$2,894	$2,369	$1,855	$1,927	$1,542
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.79%	1.65%	1.67%	2.45%	5.07%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.60%	0.54%	0.52%	0.51%	0.75%
		Ratio of Net Investment Income/(Loss)	2.64%	3.12%	4.54%	3.63%	4.64%
	Portfolio Turnover Rate		27%	125%	51%	116%	24%

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

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

(1) Period from December 15, 2011 (inception date) through June 30, 2012.

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


See Notes to Financial Statements.

18	DECEMBER 31, 2015

INTECH Global Income Managed Volatility Fund (unaudited)

Financial Highlights


Class S Shares
For a share outstanding during the period ended December 31, 2015 (unaudited) and each year or period ended June 30			2015	2015	2014	2013	2012⁽¹⁾
	Net Asset Value, Beginning of Period		$11.43	$12.93	$11.58	$10.39	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.16⁽²⁾	0.31⁽²⁾	0.46⁽²⁾	0.43	0.21
		Net realized and unrealized gain/(loss)	0.51	(1.07)	1.98	1.15	0.35
	Total from Investment Operations		0.67	(0.76)	2.44	1.58	0.56
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.17)	(0.43)	(0.44)	(0.39)	(0.17)
		Distributions (from capital gains)	(0.13)	(0.31)	(0.65)	—	—
	Total Dividends and Distributions		(0.30)	(0.74)	(1.09)	(0.39)	(0.17)
	Net Asset Value, End of Period		$11.80	$11.43	$12.93	$11.58	$10.39
	Total Return*		5.94%	(5.93)%	21.99%	15.40%	5.60%
	Net Assets, End of Period (in thousands)		$173	$163	$174	$286	$880
	Average Net Assets for the Period (in thousands)		$169	$166	$199	$726	$872
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.20%	2.10%	2.13%	2.96%	5.82%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.64%	1.00%	0.77%	0.86%	1.26%
		Ratio of Net Investment Income/(Loss)	2.63%	2.62%	3.72%	2.86%	3.77%
	Portfolio Turnover Rate		27%	125%	51%	116%	24%


Class T Shares
For a share outstanding during the period ended December 31, 2015 (unaudited) and each year or period ended June 30			2015	2015	2014	2013	2012⁽¹⁾
	Net Asset Value, Beginning of Period		$11.44	$12.94	$11.60	$10.40	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.14⁽²⁾	0.35⁽²⁾	0.55⁽²⁾	0.46	0.22
		Net realized and unrealized gain/(loss)	0.52	(1.08)	1.88	1.14	0.35
	Total from Investment Operations		0.66	(0.73)	2.43	1.60	0.57
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.17)	(0.46)	(0.44)	(0.40)	(0.17)
		Distributions (from capital gains)	(0.13)	(0.31)	(0.65)	—	—
	Total Dividends and Distributions		(0.30)	(0.77)	(1.09)	(0.40)	(0.17)
	Net Asset Value, End of Period		$11.80	$11.44	$12.94	$11.60	$10.40
	Total Return*		5.80%	(5.70)%	21.84%	15.55%	5.70%
	Net Assets, End of Period (in thousands)		$4,807	$3,603	$2,200	$615	$1,233
	Average Net Assets for the Period (in thousands)		$3,078	$3,147	$855	$1,249	$1,093
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.96%	1.87%	1.83%	2.69%	5.53%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.74%	0.76%	0.71%	0.69%	1.03%
		Ratio of Net Investment Income/(Loss)	2.43%	2.96%	4.49%	3.27%	4.09%
	Portfolio Turnover Rate		27%	125%	51%	116%	24%

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

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

(1) Period from December 15, 2011 (inception date) through June 30, 2012.

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


See Notes to Financial Statements.

Janus Investment Fund	19

INTECH Global Income Managed Volatility Fund (unaudited)

Notes to Financial Statements

1. Organization and Significant Accounting Policies

INTECH Global Income Managed Volatility 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 common stocks. The Fund is classified as diversified, as defined in the 1940 Act.

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


20	DECEMBER 31, 2015

INTECH Global Income Managed Volatility Fund (unaudited)

Notes to Financial Statements

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.

There were no transfers between Level 1, Level 2 and Level 3 of the fair value hierarchy during the period. The Fund recognizes transfers between the levels as of the beginning of the 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,


Janus Investment Fund	21

INTECH Global Income Managed Volatility Fund (unaudited)

Notes to Financial Statements

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

Estimates

Indemnifications

Foreign Currency Translations

Dividends and Distributions

Dividends of net investment income are generally declared and distributed monthly, 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 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


22	DECEMBER 31, 2015

INTECH Global Income Managed Volatility Fund (unaudited)

Notes to Financial Statements

2. Other Investments and Strategies

Additional Investment Risk

Counterparties


Janus Investment Fund	23

INTECH Global Income Managed Volatility Fund (unaudited)

Notes to Financial Statements

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.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter 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 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 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	$ 2,475	$ -	$ (2,475)	$ -
(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.


24	DECEMBER 31, 2015

INTECH Global Income Managed Volatility Fund (unaudited)

Notes to Financial Statements

Real Estate Investing

To the extent that real estate-related securities may be included in the Fund’s named benchmark index, INTECH’s mathematical investment process may select 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.

Securities Lending

The cash collateral invested by Janus Capital is disclosed in the Schedule of Investments. 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 December 31, 2015, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $2,475 for equity securities. Gross amounts of recognized liabilities for securities lending (collateral received) as of December 31, 2015 is $2,600, resulting in the net amount due to the counterparty of $125.

3. 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 Investment Fund	25

INTECH Global Income Managed Volatility Fund (unaudited)

Notes to Financial Statements

Janus Capital pays INTECH a subadvisory fee rate equal to 50% of the investment advisory fee paid by the Fund to Janus Capital (net of any fee waivers and expense reimbursements).

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 0.50%. Janus Capital has agreed to continue the waiver until at least November 1, 2016. If applicable, amounts reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement” on the Statement of Operations.


26	DECEMBER 31, 2015

INTECH Global Income Managed Volatility Fund (unaudited)

Notes to Financial Statements

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 Investment Fund	27

INTECH Global Income Managed Volatility Fund (unaudited)

Notes to Financial Statements

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.

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 December 31, 2015, Janus Distributors retained upfront sales charges of $1,147.

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. During the period ended December 31, 2015, redeeming shareholders of Class C Shares paid CDSCs of $429.

As of December 31, 2015, 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	-	%	-	%
Class C Shares	-		-
Class D Shares	-		-
Class I Shares	-		-
Class S Shares	85		1
Class T Shares	-		-

4. 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, passive foreign investment companies, net investment losses, and capital loss carryovers.

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of December 31, 2015 are noted below.


28	DECEMBER 31, 2015

INTECH Global Income Managed Volatility Fund (unaudited)

Notes to Financial Statements


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 25,888,894	$ 1,347,884	$ (960,237)	$ 387,647

5. Capital Share Transactions



	Period ended December 31, 2015		Year ended June 30, 2015
	Shares	Amount	Shares	Amount
Class A Shares:
Shares sold	362,835	$4,323,537	83,406	$ 999,502
Reinvested dividends and distributions	7,641	89,585	18,749	222,211
Shares repurchased	(184,239)	(2,196,440)	(342,712)	(4,142,525)
Net Increase/(Decrease)	186,237	$2,216,682	(240,557)	$(2,920,812)
Class C Shares:
Shares sold	76,370	$ 899,390	49,451	$ 590,406
Reinvested dividends and distributions	2,988	34,823	5,481	63,956
Shares repurchased	(10,992)	(127,332)	(30,496)	(357,164)
Net Increase/(Decrease)	68,366	$ 806,881	24,436	$ 297,198
Class D Shares:
Shares sold	448,966	$5,341,458	277,204	$ 3,340,857
Reinvested dividends and distributions	20,492	239,965	40,592	477,286
Shares repurchased	(143,810)	(1,703,089)	(354,189)	(4,251,160)
Net Increase/(Decrease)	325,648	$3,878,334	(36,393)	$ (433,017)
Class I Shares:
Shares sold	87,147	$1,032,734	85,522	$ 1,038,425
Reinvested dividends and distributions	6,926	81,484	13,067	154,016
Shares repurchased	(18,232)	(215,823)	(26,142)	(311,774)
Net Increase/(Decrease)	75,841	$ 898,395	72,447	$ 880,667
Class S Shares:
Shares sold	-	$ -	-	$ 37
Reinvested dividends and distributions	374	4,374	861	10,119
Shares repurchased	-	-	-	-
Net Increase/(Decrease)	374	$ 4,374	861	$ 10,156
Class T Shares:
Shares sold	343,637	$4,106,608	210,567	$ 2,573,000
Reinvested dividends and distributions	7,968	93,255	16,892	198,465
Shares repurchased	(259,217)	(2,900,070)	(82,534)	(981,623)
Net Increase/(Decrease)	92,388	$1,299,793	144,925	$ 1,789,842

6. 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
$11,965,668	$ 5,355,122	-	-

7. Subsequent Event


Janus Investment Fund	29

INTECH Global Income Managed Volatility 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


30	DECEMBER 31, 2015

INTECH Global Income Managed Volatility 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.


Janus Investment Fund	31

INTECH Global Income Managed Volatility 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.


32	DECEMBER 31, 2015

INTECH Global Income Managed Volatility 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


Janus Investment Fund	33

INTECH Global Income Managed Volatility Fund

Additional Information (unaudited)

Global and International Funds


34	DECEMBER 31, 2015

INTECH Global Income Managed Volatility 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


Janus Investment Fund	35

INTECH Global Income Managed Volatility Fund

Additional Information (unaudited)

Fixed-Income Funds and Money Market Funds


36	DECEMBER 31, 2015

INTECH Global Income Managed Volatility 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.


Janus Investment Fund	37

INTECH Global Income Managed Volatility 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.


38	DECEMBER 31, 2015

INTECH Global Income Managed Volatility 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.


Janus Investment Fund	39