Untitled Document

N-CSRS 1 jifsemiannual123116.htm JAS NCSR SEMIANNUAL FILING Untitled Document

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 811-01879

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

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

Michelle Rosenberg, 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: 12/31/16

Item 1 - Reports to Shareholders



	SEMIANNUAL REPORT December 31, 2016

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	15
Statement of Assets and Liabilities	17
Statement of Operations	19
Statements of Changes in Net Assets	20
Financial Highlights	21
Notes to Financial Statements	24
Additional Information	34
Useful Information About Your Fund Report	40

INTECH Emerging Markets Managed Volatility Fund (unaudited)

FUND SNAPSHOT

INTECH’s active approach focuses on adding value by selecting stocks with unique volatility characteristics and low correlations to one another.

Managed by

INTECH Investment

Management LLC

PERFORMANCE OVERVIEW

For the six-month period ended December 31, 2016, INTECH Emerging Markets Managed Volatility Fund returned -3.98% for its Class I Shares. This compares to the 4.49% 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

Led by riskier segments of the market, the MSCI Emerging Markets Index posted a return of 4.49% for the six-month period ending December 31, 2016. INTECH Emerging Markets Managed Volatility Fund underperformed the MSCI Emerging Markets Index over the period and generated a return of -3.98%.

The Fund’s defensive positioning acted as a significant headwind to relative performance as investors’ risk appetites increased in the emerging equity markets. On average, the Fund was overweight lower volatility stocks, or stocks with a lower total risk (standard deviation of returns), as well as lower beta stocks, or stocks with lower sensitivity to market movements. During the period higher volatility and higher beta stocks outperformed lower volatility and lower beta stocks as well as the overall market, on average. Consequently, the Fund’s overweight to lower volatility and lower beta stocks detracted from 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. The 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 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 overweight to the defensive consumer staples sector, as well as an average overweight allocation to the telecommunication services sector, detracted from relative performance. An overall negative selection effect also detracted from the Fund’s relative performance during the period, especially within the materials and financials sectors.


Janus Investment Fund	1

INTECH Emerging Markets Managed Volatility Fund (unaudited)

OUTLOOK

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

Managing downside exposure potentially allows for returns to compound and improve risk-adjusted returns over time. Over the long term, we believe that by reducing risk when market volatility increases and behaving like a core equity fund when market volatility is low, the Fund will achieve its investment objective of producing an excess return over the benchmark with lower absolute risk. 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, 2016

INTECH Emerging Markets Managed Volatility Fund (unaudited)

Fund At A Glance

December 31, 2016


5 Largest Equity Holdings - (% of Net Assets)
Chunghwa Telecom Co Ltd
Diversified Telecommunication Services	4.4%
Emirates Telecommunications Group Co PJSC
Diversified Telecommunication Services	2.5%
Taiwan Mobile Co Ltd
Wireless Telecommunication Services	2.2%
KT&G Corp
Tobacco	2.0%
AAC Technologies Holdings Inc
Electronic Equipment, Instruments & Components	1.9%
	13.0%


Asset Allocation - (% of Net Assets)
Common Stocks	97.6%
Investment Companies	1.7%
Preferred Stocks	0.9%
Rights	0.0%
Other		(0.2)%
		100.0%

Emerging markets comprised 98.5% of total net assets.

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

As of December 31, 2016

As of June 30, 2016


Janus Investment Fund	3

INTECH Emerging Markets Managed Volatility Fund (unaudited)

Performance

See important disclosures on the next page.



				Expense Ratios -
Average Annual Total Return - for the periods ended December 31, 2016				per the October 28, 2016 prospectuses
	Fiscal Year-to-Date	One Year	Since Inception*	Total Annual Fund Operating Expenses	Net Annual Fund Operating Expenses
Class A Shares at NAV	-4.03%	1.20%	-3.73%	10.45%	1.40%
Class A Shares at MOP	-9.57%	-4.64%	-6.48%
Class C Shares at NAV	-4.44%	0.34%	-4.51%	11.27%	2.20%
Class C Shares at CDSC	-5.39%	-0.66%	-4.51%
Class D Shares⁽¹⁾	-4.09%	1.24%	-3.66%	10.37%	1.28%
Class I Shares	-3.98%	1.36%	-3.53%	9.40%	1.13%
Class S Shares	-4.14%	1.09%	-3.86%	10.67%	1.62%
Class T Shares	-4.01%	1.33%	-3.62%	10.37%	1.37%
MSCI Emerging Markets Index	4.49%	11.19%	-0.63%
Morningstar Quartile - Class I Shares	-	4th	3rd
Morningstar Ranking - based on total returns for Diversified Emerging Markets Funds	-	754/842	573/771

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, 2017.

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.


4	DECEMBER 31, 2016

INTECH Emerging Markets Managed Volatility Fund (unaudited)

Performance

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

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

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

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

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

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

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.

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 (7/1/16)	Ending Account Value (12/31/16)	Expenses Paid During Period (7/1/16 - 12/31/16)†	Beginning Account Value (7/1/16)	Ending Account Value (12/31/16)	Expenses Paid During Period (7/1/16 - 12/31/16)†	Net Annualized Expense Ratio (7/1/16 - 12/31/16)
Class A Shares		$1,000.00	$959.70	$6.13	$1,000.00	$1,018.95	$6.31	1.24%
Class C Shares		$1,000.00	$955.60	$9.86	$1,000.00	$1,015.12	$10.16	2.00%
Class D Shares		$1,000.00	$959.10	$5.63	$1,000.00	$1,019.46	$5.80	1.14%
Class I Shares		$1,000.00	$960.20	$5.14	$1,000.00	$1,019.96	$5.30	1.04%
Class S Shares		$1,000.00	$958.60	$6.76	$1,000.00	$1,018.30	$6.97	1.37%
Class T Shares		$1,000.00	$959.90	$5.63	$1,000.00	$1,019.46	$5.80	1.14%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (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, 2016

INTECH Emerging Markets Managed Volatility Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares			Value
Common Stocks – 97.6%
Aerospace & Defense – 0.2%
	Hanwha Techwin Co Ltd*	26	$933
	Korea Aerospace Industries Ltd*	104	5,755
			6,688
Auto Components – 1.2%
	Bharat Forge Ltd	224	2,985
	Bosch Ltd	19	5,870
	Cheng Shin Rubber Industry Co Ltd	12,000	22,563
	Fuyao Glass Industry Group Co Ltd (144A)	1,200	3,693
	Hankook Tire Co Ltd*	40	1,920
	Hyundai Mobis Co Ltd*	4	873
			37,904
Automobiles – 4.6%
	Astra International Tbk PT	16,600	10,154
	Bajaj Auto Ltd	75	2,901
	Geely Automobile Holdings Ltd	55,000	52,305
	Great Wall Motor Co Ltd	5,000	4,637
	Guangzhou Automobile Group Co Ltd	22,000	26,330
	Hero MotoCorp Ltd	197	8,803
	Kia Motors Corp*	69	2,239
	Maruti Suzuki India Ltd	428	33,343
			140,712
Banks – 11.4%
	Agricultural Bank of China Ltd	15,000	6,125
	Axis Bank Ltd	1,219	8,056
	Banco de Chile	163,286	19,152
	Banco de Credito e Inversiones	73	3,697
	Banco do Brasil SA	100	857
	Banco Santander Brasil SA	1,100	9,789
	Banco Santander Chile	84,058	4,680
	Bank Central Asia Tbk PT	22,300	25,545
	Bank Mandiri Persero Tbk PT	1,400	1,197
	Bank Negara Indonesia Persero Tbk PT	21,100	8,626
	Bank of China Ltd	8,000	3,530
	Bank of Communications Co Ltd	9,000	6,443
	Bank of the Philippine Islands	8,930	15,950
	Bank Rakyat Indonesia Persero Tbk PT	4,800	4,163
	BDO Unibank Inc	940	2,118
	China Construction Bank Corp	9,000	6,895
	China Merchants Bank Co Ltd	1,000	2,324
	China Minsheng Banking Corp Ltd	10,500	11,148
	Chongqing Rural Commercial Bank Co Ltd	13,000	7,632
	Commercial Bank QSC	778	6,944
	Credicorp Ltd	100	15,786
	CTBC Financial Holding Co Ltd	3,240	1,770
	Doha Bank QSC	236	2,262
	Dubai Islamic Bank PJSC	1,032	1,565
	E.Sun Financial Holding Co Ltd	7,000	3,988
	First Financial Holding Co Ltd	18,919	10,083
	First Gulf Bank PJSC	315	1,102
	Hana Financial Group Inc	199	5,138
	Hua Nan Financial Holdings Co Ltd	1,000	503
	IDFC Bank Ltd	5,189	4,587
	Industrial & Commercial Bank of China Ltd	13,000	7,754
	Industrial Bank of Korea*	314	3,297
	Kasikornbank PCL	2,200	10,870
	KB Financial Group Inc*	58	2,050
	Krung Thai Bank PCL	10,000	4,927
	Masraf Al Rayan QSC	971	10,022
	Nedbank Group Ltd	181	3,120


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, 2016


Shares			Value
Common Stocks – (continued)
Banks – (continued)
	OTP Bank PLC	240	$6,857
	Public Bank Bhd	8,800	38,677
	Qatar Islamic Bank SAQ	72	2,055
	Qatar National Bank SAQ	227	10,156
	Shinhan Financial Group Co Ltd*	56	2,100
	Siam Commercial Bank PCL	1,800	7,635
	State Bank of India	1,468	5,378
	Taishin Financial Holding Co Ltd	13,940	5,092
	Taiwan Cooperative Financial Holding Co Ltd	20,057	8,730
	Woori Bank*	249	2,624
	Yes Bank Ltd	900	15,270
			348,269
Beverages – 0.8%
	China Resources Beer Holdings Co Ltd*	12,000	23,709
Capital Markets – 0.8%
	CETIP SA - Mercados Organizados	1,900	25,997
Chemicals – 2.0%
	Asian Paints Ltd	2,159	28,328
	Formosa Chemicals & Fibre Corp	1,000	2,977
	Petronas Chemicals Group Bhd	700	1,089
	Sinopec Shanghai Petrochemical Co Ltd	38,000	20,571
	UPL Ltd	1,027	9,754
			62,719
Commercial Services & Supplies – 0.1%
	S-1 Corp*	34	2,466
Construction & Engineering – 0.2%
	China Railway Group Ltd	1,000	818
	Hyundai Development Co-Engineering & Construction*	42	1,560
	Hyundai Engineering & Construction Co Ltd*	152	5,348
			7,726
Construction Materials – 1.0%
	Ambuja Cements Ltd	2,794	8,466
	Shree Cement Ltd	61	13,201
	Siam Cement PCL	300	4,164
	UltraTech Cement Ltd	116	5,536
			31,367
Consumer Finance – 0.6%
	Bajaj Finance Ltd	776	9,628
	Samsung Card Co Ltd*	243	7,982
			17,610
Diversified Consumer Services – 2.2%
	New Oriental Education & Technology Group Inc (ADR)*	1,300	54,730
	TAL Education Group (ADR)*	200	14,030
			68,760
Diversified Financial Services – 1.6%
	Ayala Corp	250	3,678
	Chailease Holding Co Ltd	4,000	6,829
	Far East Horizon Ltd	11,000	9,393
	Fubon Financial Holding Co Ltd	9,000	14,260
	GT Capital Holdings Inc	80	2,044
	Metro Pacific Investments Corp	92,300	12,346
			48,550
Diversified Telecommunication Services – 9.3%
	Bharti Infratel Ltd	701	3,544
	China Communications Services Corp Ltd	16,000	10,183
	Chunghwa Telecom Co Ltd	43,000	135,675
	Emirates Telecommunications Group Co PJSC	14,846	75,922
	Ooredoo QSC	627	17,530
	Telekom Malaysia Bhd	9,600	12,734


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

8	DECEMBER 31, 2016

INTECH Emerging Markets Managed Volatility Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares			Value
Common Stocks – (continued)
Diversified Telecommunication Services – (continued)
	Telekomunikasi Indonesia Persero Tbk PT	96,100	$28,276
			283,864
Electric Utilities – 1.8%
	Centrais Eletricas Brasileiras SA*	600	4,191
	Centrais Eletricas Brasileiras SA - Class B*	1,200	9,519
	CPFL Energia SA	600	4,632
	EDP - Energias do Brasil SA	500	2,053
	Equatorial Energia SA	1,600	26,677
	Tenaga Nasional Bhd	2,300	7,117
			54,189
Electrical Equipment – 0.4%
	Havells India Ltd	2,340	11,749
Electronic Equipment, Instruments & Components – 2.6%
	AAC Technologies Holdings Inc	6,500	58,481
	AU Optronics Corp	6,000	2,177
	Hon Hai Precision Industry Co Ltd	1,000	2,591
	LG Display Co Ltd*	145	3,744
	Sunny Optical Technology Group Co Ltd	1,000	4,357
	WPG Holdings Ltd	6,000	7,044
			78,394
Food & Staples Retailing – 3.0%
	Cencosud SA	3,470	9,747
	CP ALL PCL	32,000	55,774
	President Chain Store Corp	2,000	14,308
	Raia Drogasil SA	600	11,260
			91,089
Food Products – 2.9%
	Charoen Pokphand Foods PCL	18,800	15,419
	Charoen Pokphand Indonesia Tbk PT	26,700	6,105
	China Huishan Dairy Holdings Co Ltd	55,000	21,331
	Indofood CBP Sukses Makmur Tbk PT	28,700	18,256
	Indofood Sukses Makmur Tbk PT	31,800	18,691
	Kuala Lumpur Kepong Bhd	300	1,603
	M Dias Branco SA	100	3,536
	Tingyi Cayman Islands Holding Corp	4,000	4,842
			89,783
Gas Utilities – 0.3%
	China Gas Holdings Ltd	2,000	2,710
	GAIL India Ltd	946	6,113
			8,823
Health Care Providers & Services – 1.5%
	Bangkok Dusit Medical Services PCL	33,000	21,248
	Qualicorp SA	2,700	15,915
	Shanghai Pharmaceuticals Holding Co Ltd	900	2,057
	Sinopharm Group Co Ltd	1,600	6,565
			45,785
Hotels, Restaurants & Leisure – 1.4%
	Jollibee Foods Corp	5,850	22,783
	Minor International PCL	18,180	18,153
	OPAP SA	212	1,874
			42,810
Household Durables – 0.7%
	Nien Made Enterprise Co Ltd	2,000	20,499
Household Products – 0.2%
	Hindustan Unilever Ltd	146	1,777
	Unilever Indonesia Tbk PT	1,300	3,743
			5,520
Independent Power and Renewable Electricity Producers – 0.7%
	Aboitiz Power Corp	14,100	11,833


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, 2016


Shares			Value
Common Stocks – (continued)
Independent Power and Renewable Electricity Producers – (continued)
	Engie Brasil Energia SA	100	$1,073
	Huaneng Renewables Corp Ltd	30,000	9,704
			22,610
Industrial Conglomerates – 1.2%
	Aboitiz Equity Ventures Inc	15,260	21,737
	Berli Jucker PCL	3,200	4,468
	Industries Qatar QSC	43	1,387
	Samsung C&T Corp*	23	2,375
	Shanghai Industrial Holdings Ltd	2,000	5,397
			35,364
Information Technology Services – 0.6%
	HCL Technologies Ltd	979	11,935
	Tata Consultancy Services Ltd	30	1,043
	TravelSky Technology Ltd	3,000	6,282
			19,260
Insurance – 1.7%
	Bajaj Finserv Ltd	150	6,372
	Cathay Financial Holding Co Ltd	2,000	2,995
	China Life Insurance Co Ltd/Taiwan	11,040	10,945
	Hyundai Marine & Fire Insurance Co Ltd*	214	5,572
	New China Life Insurance Co Ltd	2,300	10,465
	Ping An Insurance Group Co of China Ltd	500	2,488
	Qatar Insurance Co SAQ	556	12,940
			51,777
Internet & Direct Marketing Retail – 0.2%
	JD.com Inc (ADR)*	100	2,544
	Vipshop Holdings Ltd (ADR)*	200	2,202
			4,746
Internet Software & Services – 3.8%
	Alibaba Group Holding Ltd (ADR)*	200	17,562
	NAVER Corp*	49	31,388
	NetEase Inc (ADR)	200	43,068
	Tencent Holdings Ltd	800	19,417
	Weibo Corp (ADR)*	100	4,060
			115,495
Life Sciences Tools & Services – 0.3%
	Divi's Laboratories Ltd	738	8,501
Machinery – 1.0%
	Eicher Motors Ltd	60	19,228
	Hyundai Heavy Industries Co Ltd*	6	720
	Samsung Heavy Industries Co Ltd*	198	1,513
	WEG SA	1,100	5,218
	Weichai Power Co Ltd	3,000	4,601
			31,280
Media – 0.4%
	Zee Entertainment Enterprises Ltd	1,731	11,528
Metals & Mining – 3.2%
	Cia de Minas Buenaventura SAA (ADR)	2,400	27,072
	Hindalco Industries Ltd	6,734	15,288
	Impala Platinum Holdings Ltd*	632	1,954
	Industrias Penoles SAB de CV	815	15,114
	JSW Steel Ltd*	858	20,502
	MMC Norilsk Nickel PJSC (ADR)	121	2,026
	Severstal PJSC (GDR)	281	4,261
	Vedanta Ltd	4,086	12,946
			99,163
Multiline Retail – 0.2%
	SACI Falabella	717	5,677


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

10	DECEMBER 31, 2016

INTECH Emerging Markets Managed Volatility Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares			Value
Common Stocks – (continued)
Multi-Utilities – 0.1%
	Qatar Electricity & Water Co QSC	31	$1,933
Oil, Gas & Consumable Fuels – 4.6%
	Adaro Energy Tbk PT	39,300	4,934
	Bharat Petroleum Corp Ltd	2,098	19,612
	Cairn India Ltd	1,586	5,645
	Coal India Ltd	2,823	12,461
	Empresas COPEC SA	101	969
	GS Holdings Corp*	75	3,348
	Hindustan Petroleum Corp Ltd	1,483	9,607
	IRPC PCL	40,600	5,430
	LUKOIL PJSC (ADR)	247	13,832
	MOL Hungarian Oil & Gas PLC	94	6,602
	Novatek PJSC (GDR)	18	2,332
	Polski Koncern Naftowy ORLEN SA	266	5,422
	PTT PCL	500	5,181
	Qatar Gas Transport Co Ltd	3,490	22,104
	Reliance Industries Ltd	484	7,709
	Thai Oil PCL	2,200	4,428
	Ultrapar Participacoes SA	200	4,154
	United Tractors Tbk PT	4,500	7,093
			140,863
Paper & Forest Products – 0.3%
	Fibria Celulose SA	100	961
	Nine Dragons Paper Holdings Ltd	8,000	7,226
	Sappi Ltd	163	1,064
			9,251
Personal Products – 0.4%
	Dabur India Ltd	1,067	4,372
	Godrej Consumer Products Ltd	62	1,378
	Marico Ltd	1,676	6,426
			12,176
Pharmaceuticals – 3.7%
	China Medical System Holdings Ltd	11,000	17,355
	Cipla Ltd/India	1,478	12,392
	CSPC Pharmaceutical Group Ltd	18,000	19,147
	Dr Reddy's Laboratories Ltd	46	2,073
	Glenmark Pharmaceuticals Ltd	547	7,152
	Kalbe Farma Tbk PT	217,900	24,354
	Lupin Ltd	80	1,751
	Piramal Enterprises Ltd	744	17,727
	Richter Gedeon Nyrt	465	9,823
	Sun Pharmaceutical Industries Ltd	251	2,318
			114,092
Real Estate Management & Development – 3.5%
	Aldar Properties PJSC	16,957	12,144
	Ayala Land Inc	4,900	3,151
	Central Pattana PCL	13,500	21,317
	China Vanke Co Ltd	2,400	5,426
	Country Garden Holdings Co Ltd	33,000	18,376
	Emaar Properties PJSC	544	1,053
	Fullshare Holdings Ltd	20,000	9,311
	Guangzhou R&F Properties Co Ltd	3,600	4,351
	Highwealth Construction Corp	8,000	11,240
	Pakuwon Jati Tbk PT	13,100	547
	Shanghai Lujiazui Finance & Trade Zone Development Co Ltd	6,000	8,784
	SM Prime Holdings Inc	22,700	12,922
			108,622
Road & Rail – 1.1%
	BTS Group Holdings PCL	73,000	17,379


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, 2016


Shares			Value
Common Stocks – (continued)
Road & Rail – (continued)
	Localiza Rent a Car SA	400	$4,191
	Rumo Logistica Operadora Multimodal SA*	6,800	12,754
			34,324
Semiconductor & Semiconductor Equipment – 3.9%
	Hanergy Thin Film Power Group Ltd*^,ß	52,000	1,348
	Powertech Technology Inc	6,000	16,134
	Realtek Semiconductor Corp	7,000	22,014
	Semiconductor Manufacturing International Corp*	10,700	16,719
	Siliconware Precision Industries Co Ltd	14,000	20,762
	SK Hynix Inc*	1,018	37,217
	Vanguard International Semiconductor Corp	3,000	5,202
			119,396
Software – 0.4%
	Kingsoft Corp Ltd	1,000	2,037
	NCSoft Corp*	48	9,816
			11,853
Technology Hardware, Storage & Peripherals – 2.2%
	Foxconn Technology Co Ltd	7,030	18,442
	Inventec Corp	12,000	8,173
	Lite-On Technology Corp	15,074	22,529
	Micro-Star International Co Ltd	2,000	4,526
	Pegatron Corp	1,000	2,359
	Quanta Computer Inc	3,000	5,583
	Samsung Electronics Co Ltd	1	1,478
	Wistron Corp	6,000	4,617
			67,707
Textiles, Apparel & Luxury Goods – 1.2%
	ANTA Sports Products Ltd	2,000	5,930
	HengTen Networks Group Ltd*	72,000	3,595
	Shenzhou International Group Holdings Ltd	4,000	25,193
	Titan Co Ltd	628	3,013
			37,731
Thrifts & Mortgage Finance – 0.3%
	Housing Development Finance Corp Ltd	326	6,061
	LIC Housing Finance Ltd	387	3,186
			9,247
Tobacco – 2.3%
	ITC Ltd	2,705	9,611
	KT&G Corp*	727	60,776
			70,387
Transportation Infrastructure – 3.1%
	Airports of Thailand PCL	3,300	36,615
	Bangkok Expressway & Metro PCL	57,800	11,964
	Beijing Capital International Airport Co Ltd	16,000	16,142
	COSCO SHIPPING Ports Ltd	14,000	14,029
	Grupo Aeroportuario del Pacifico SAB de CV	400	3,289
	Grupo Aeroportuario del Sureste SAB de CV	35	504
	Jiangsu Expressway Co Ltd	10,000	12,609
			95,152
Water Utilities – 1.8%
	Aguas Andinas SA	32,821	17,101
	Beijing Enterprises Water Group Ltd*	4,000	2,638
	Guangdong Investment Ltd	28,000	36,751
			56,490
Wireless Telecommunication Services – 4.6%
	China Mobile Ltd	2,500	26,216
	Empresa Nacional de Telecomunicaciones SA*	597	6,339
	Far EasTone Telecommunications Co Ltd	18,000	40,469


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

12	DECEMBER 31, 2016

INTECH Emerging Markets Managed Volatility Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares			Value
Common Stocks – (continued)
Wireless Telecommunication Services – (continued)
	Taiwan Mobile Co Ltd	21,000	$67,701
			140,725
Total Common Stocks (cost $3,055,164)			2,990,332
Preferred Stocks – 0.9%
Automobiles – 0.1%
	Hyundai Motor Co	9	712
	Hyundai Motor Co (2nd Preference)	40	3,273
			3,985
Banks – 0%
	Itau Unibanco Holding SA	100	1,032
Chemicals – 0.3%
	Braskem SA	400	4,244
	Sociedad Quimica y Minera de Chile SA	157	4,478
			8,722
Electric Utilities – 0.1%
	Cia Energetica de Minas Gerais	800	1,828
Metals & Mining – 0.1%
	Gerdau SA	1,000	3,150
	Vale SA	200	1,380
			4,530
Multiline Retail – 0.3%
	Lojas Americanas SA	1,700	8,838
Total Preferred Stocks (cost $30,891)			28,935
Rights – 0%
Banks – 0%
	Commercial Bank QSC*^,ß(cost $0)	140	269
Investment Companies – 1.7%
Money Markets – 1.7%
	Janus Cash Liquidity Fund LLC, 0.4708%^ºº,£(cost $52,000)	52,000	52,000
Total Investments (total cost $3,138,055) – 100.2%			3,071,536
Liabilities, net of Cash, Receivables and Other Assets – (0.2)%			(6,617)
Net Assets – 100%			$3,064,919


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

Janus Investment Fund	13

INTECH Emerging Markets Managed Volatility Fund

Schedule of Investments (unaudited)

December 31, 2016


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

		% of Investment Securities

Country	Value
China	$753,566	24.5	%
Taiwan	522,780	17.0
India	425,126	13.8
Thailand	244,972	8.0
South Korea	206,217	6.7
Brazil	163,249	5.3
Indonesia	161,684	5.3
Philippines	108,562	3.5
United Arab Emirates	91,786	3.0
Qatar	87,602	2.9
Chile	71,840	2.3
Malaysia	61,220	2.0
United States	52,000	1.7
Peru	42,858	1.4
Hungary	23,282	0.8
Russia	22,451	0.7
Mexico	18,907	0.6
South Africa	6,138	0.2
Poland	5,422	0.2
Greece	1,874	0.1



Total	$3,071,536	100.0	%


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

14	DECEMBER 31, 2016

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

144A

Securities sold under Rule 144A of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Unless otherwise noted, these securities have been determined to be liquid under guidelines established by the Board of Trustees. The total value of 144A securities as of the period ended December 31, 2016 is $3,693, which represents 0.1% of net assets.


*	Non-income producing security.


ß	Security is illiquid.


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

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

Balance

Realized

Dividend

Value

at 6/30/16

Purchases

Sales

at 12/31/16

Gain/(Loss)

Income

at 12/31/16

Janus Cash Liquidity Fund LLC

27,081

1,729,113

(1,704,194)

52,000

$—

$123

$52,000


Janus Investment Fund	15

INTECH Emerging Markets Managed Volatility Fund

Notes to Schedule of Investments and Other Information (unaudited)


The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of December 31, 2016. See Notes to Financial Statements for more information.

Valuation Inputs Summary

				Level 2 -		Level 3 -
		Level 1 -		Other Significant		Significant
		Quotes Prices		Observable Inputs		Unobservable Inputs

Assets
Investments in Securities
Common Stocks
Banks	$	15,786	$	332,483	$	-
Diversified Consumer Services		68,760		-		-
Internet & Direct Marketing Retail		4,746		-		-
Internet Software & Services		64,690		50,805		-
Metals & Mining		33,359		65,804		-
Oil, Gas & Consumable Fuels		16,164		124,699		-
Real Estate Management & Development		8,784		99,838		-
Semiconductor & Semiconductor Equipment		-		118,048		1,348
All Other		-		1,985,018		-
Preferred Stocks		-		28,935		-
Rights		-		269		-
Investment Companies		-		52,000		-
Total Assets	$	212,289	$	2,857,899	$	1,348


16	DECEMBER 31, 2016

INTECH Emerging Markets Managed Volatility Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2016

See footnotes at the end of the Statement.



Assets:
	Investments, at cost		$	3,138,055
	Unaffiliated investments, at value			3,019,536
	Affiliated investments, at value			52,000
	Cash			969
	Cash denominated in foreign currency⁽¹⁾			127
	Non-interested Trustees' deferred compensation			57
	Receivables:
		Due from adviser		39,823
		Fund shares sold		10,437
		Dividends		5,444
	Other assets			55
Total Assets				3,128,448
Liabilities:
	Payables:			—
		Investments purchased		19,344
		Professional fees		17,539
		Fund shares repurchased		7,767
		Custodian fees		6,391
		Accounting systems fees		4,023
		Advisory fees		2,670
		Printing fees		2,649
		Transfer agent fees and expenses		586
		12b-1 Distribution and shareholder servicing fees		82
		Non-interested Trustees' deferred compensation fees		57
		Fund administration fees		27
		Non-interested Trustees' fees and expenses		24
		Accrued expenses and other payables		2,370
Total Liabilities				63,529
Net Assets			$	3,064,919


See Notes to Financial Statements.

Janus Investment Fund	17

INTECH Emerging Markets Managed Volatility Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2016




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	3,421,096
	Undistributed net investment income/(loss)		3,640
	Undistributed net realized gain/(loss) from investments and foreign currency transactions		(293,305)
	Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation		(66,512)
Total Net Assets		$	3,064,919
Net Assets - Class A Shares		$	138,767
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		15,425
Net Asset Value Per Share⁽²⁾		$	9.00
Maximum Offering Price Per Share⁽³⁾		$	9.55
Net Assets - Class C Shares		$	45,527
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		5,057
Net Asset Value Per Share⁽²⁾		$	9.00
Net Assets - Class D Shares		$	1,912,718
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		212,680
Net Asset Value Per Share		$	8.99
Net Assets - Class I Shares		$	774,620
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		86,121
Net Asset Value Per Share		$	8.99
Net Assets - Class S Shares		$	46,148
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		5,127
Net Asset Value Per Share		$	9.00
Net Assets - Class T Shares		$	147,139
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		16,350
Net Asset Value Per Share		$	9.00

(1) Includes cost of $127.

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

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


See Notes to Financial Statements.

18	DECEMBER 31, 2016

INTECH Emerging Markets Managed Volatility Fund

Statement of Operations (unaudited)

For the period ended December 31, 2016



Investment Income:
	Dividends		$	32,117
	Dividends from affiliates			123
	Foreign tax withheld			(4,618)
Total Investment Income				27,622
Expenses:
	Advisory fees			15,292
	12b-1Distribution and shareholder servicing fees:
		Class A Shares		187
		Class C Shares		247
		Class S Shares		62
	Transfer agent administrative fees and expenses:
		Class D Shares		1,188
		Class S Shares		62
		Class T Shares		225
	Transfer agent networking and omnibus fees:
		Class I Shares		164
	Other transfer agent fees and expenses:
		Class A Shares		14
		Class D Shares		554
		Class I Shares		121
		Class T Shares		25
	Registration fees			97,111
	Custodian fees			19,798
	Professional fees			19,393
	Accounting systems fee			11,612
	Shareholder reports expense			1,290
	Fund administration fees			152
	Non-interested Trustees’ fees and expenses			59
	Other expenses			65
Total Expenses				167,621
Less: Excess Expense Reimbursement				(149,484)
Net Expenses				18,137
Net Investment Income/(Loss)				9,485
Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions			(95,160)
Total Net Realized Gain/(Loss) on Investments				(95,160)
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation			(102,680)
Total Change in Unrealized Net Appreciation/Depreciation				(102,680)
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	(188,355)


See Notes to Financial Statements.

Janus Investment Fund	19

INTECH Emerging Markets Managed Volatility Fund

Statements of Changes in Net Assets



			Period ended December 31, 2016 (unaudited)		Year ended June 30, 2016

Operations:
	Net investment income/(loss)		$	9,485	$	41,111
	Net realized gain/(loss) on investments			(95,160)		(204,117)
	Change in unrealized net appreciation/depreciation			(102,680)		50,026
Net Increase/(Decrease) in Net Assets Resulting from Operations				(188,355)		(112,980)
Dividends and Distributions to Shareholders:
	Dividends from Net Investment Income
		Class A Shares		(1,470)		(1,177)
		Class C Shares		(105)		(20)
		Class D Shares		(22,736)		(9,709)
		Class I Shares		(10,436)		(3,366)
		Class S Shares		(441)		(309)
		Class T Shares		(1,747)		(1,423)
	Total Dividends from Net Investment Income			(36,935)		(16,004)
	Distributions from Net Realized Gain from Investment Transactions
		Class A Shares		—		(1,145)
		Class C Shares		—		(382)
		Class D Shares		—		(8,595)
		Class I Shares		—		(2,530)
		Class S Shares		—		(382)
		Class T Shares		—		(1,258)
	Total Distributions from Net Realized Gain from Investment Transactions			—		(14,292)
Net Decrease from Dividends and Distributions to Shareholders				(36,935)		(30,296)
Capital Share Transactions:
		Class A Shares		1,470		2,323
		Class C Shares		105		402
		Class D Shares		579,024		252,056
		Class I Shares		161,549		361,614
		Class S Shares		441		690
		Class T Shares		(18,728)		21,169
Net Increase/(Decrease) from Capital Share Transactions				723,861		638,254
Net Increase/(Decrease) in Net Assets				498,571		494,978
Net Assets:
	Beginning of period			2,566,348		2,071,370
	End of period		$	3,064,919	$	2,566,348

Undistributed Net Investment Income/(Loss)			$	3,640	$	31,090


See Notes to Financial Statements.

20	DECEMBER 31, 2016

INTECH Emerging Markets Managed Volatility Fund

Financial Highlights


Class A Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and the year or period ended June 30			2016	2016	2015⁽¹⁾
	Net Asset Value, Beginning of Period		$9.48	$10.49	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.03	0.18	0.06
		Net realized and unrealized gain/(loss)	(0.41)	(1.03)	0.43
	Total from Investment Operations		(0.38)	(0.85)	0.49
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.10)	(0.08)	—
		Distributions (from capital gains)	—	(0.08)	—
	Total Dividends and Distributions		(0.10)	(0.16)	—
	Net Asset Value, End of Period		$9.00	$9.48	$10.49
	Total Return*		(4.03)%	(8.06)%	4.90%
	Net Assets, End of Period (in thousands)		$139	$145	$157
	Average Net Assets for the Period (in thousands)		$147	$140	$159
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	10.34%	10.33%	36.27%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.24%	1.30%	1.31%
		Ratio of Net Investment Income/(Loss)	0.61%	1.89%	1.05%
	Portfolio Turnover Rate		70%	84%	43%


Class C Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and the year or period ended June 30			2016	2016	2015⁽¹⁾
	Net Asset Value, Beginning of Period		$9.44	$10.44	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	(0.01)	0.10	0.02
		Net realized and unrealized gain/(loss)	(0.41)	(1.02)	0.42
	Total from Investment Operations		(0.42)	(0.92)	0.44
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.02)	—⁽³⁾	—
		Distributions (from capital gains)	—	(0.08)	—
	Total Dividends and Distributions		(0.02)	(0.08)	—
	Net Asset Value, End of Period		$9.00	$9.44	$10.44
	Total Return*		(4.44)%	(8.77)%	4.40%
	Net Assets, End of Period (in thousands)		$46	$48	$52
	Average Net Assets for the Period (in thousands)		$48	$46	$53
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	11.10%	11.11%	37.08%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.00%	2.08%	2.09%
		Ratio of Net Investment Income/(Loss)	(0.15)%	1.11%	0.27%
	Portfolio Turnover Rate		70%	84%	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.

Janus Investment Fund	21

INTECH Emerging Markets Managed Volatility Fund

Financial Highlights


Class D Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and the year or period ended June 30			2016	2016	2015⁽¹⁾
	Net Asset Value, Beginning of Period		$9.49	$10.49	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.03	0.19	0.08
		Net realized and unrealized gain/(loss)	(0.42)	(1.02)	0.41
	Total from Investment Operations		(0.39)	(0.83)	0.49
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.11)	(0.09)	—
		Distributions (from capital gains)	—	(0.08)	—
	Total Dividends and Distributions		(0.11)	(0.17)	—
	Net Asset Value, End of Period		$8.99	$9.49	$10.49
	Total Return*		(4.09)%	(7.89)%	4.90%
	Net Assets, End of Period (in thousands)		$1,913	$1,488	$1,335
	Average Net Assets for the Period (in thousands)		$1,943	$1,194	$1,037
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	10.64%	10.26%	27.16%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.14%	1.19%	1.23%
		Ratio of Net Investment Income/(Loss)	0.55%	2.08%	1.38%
	Portfolio Turnover Rate		70%	84%	43%


Class I Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and the year or period ended June 30			2016	2016	2015⁽¹⁾
	Net Asset Value, Beginning of Period		$9.49	$10.50	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.04	0.21	0.10
		Net realized and unrealized gain/(loss)	(0.42)	(1.04)	0.40
	Total from Investment Operations		(0.38)	(0.83)	0.50
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.12)	(0.10)	—
		Distributions (from capital gains)	—	(0.08)	—
	Total Dividends and Distributions		(0.12)	(0.18)	—
	Net Asset Value, End of Period		$8.99	$9.49	$10.50
	Total Return*		(3.98)%	(7.82)%	5.00%
	Net Assets, End of Period (in thousands)		$775	$664	$305
	Average Net Assets for the Period (in thousands)		$795	$391	$181
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	10.30%	9.29%	27.37%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.04%	1.04%	1.05%
		Ratio of Net Investment Income/(Loss)	0.73%	2.30%	1.79%
	Portfolio Turnover Rate		70%	84%	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.

22	DECEMBER 31, 2016

INTECH Emerging Markets Managed Volatility Fund

Financial Highlights


Class S Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and the year or period ended June 30			2016	2016	2015⁽¹⁾
	Net Asset Value, Beginning of Period		$9.48	$10.47	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.02	0.17	0.04
		Net realized and unrealized gain/(loss)	(0.41)	(1.02)	0.43
	Total from Investment Operations		(0.39)	(0.85)	0.47
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.09)	(0.06)	—
		Distributions (from capital gains)	—	(0.08)	—
	Total Dividends and Distributions		(0.09)	(0.14)	—
	Net Asset Value, End of Period		$9.00	$9.48	$10.47
	Total Return*		(4.14)%	(8.06)%	4.70%
	Net Assets, End of Period (in thousands)		$46	$48	$52
	Average Net Assets for the Period (in thousands)		$49	$47	$53
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	10.60%	10.55%	36.54%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.37%	1.33%	1.58%
		Ratio of Net Investment Income/(Loss)	0.47%	1.87%	0.78%
	Portfolio Turnover Rate		70%	84%	43%


Class T Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and the year or period ended June 30			2016	2016	2015⁽¹⁾
	Net Asset Value, Beginning of Period		$9.49	$10.49	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.03	0.19	0.06
		Net realized and unrealized gain/(loss)	(0.41)	(1.02)	0.43
	Total from Investment Operations		(0.38)	(0.83)	0.49
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.11)	(0.09)	—
		Distributions (from capital gains)	—	(0.08)	—
	Total Dividends and Distributions		(0.11)	(0.17)	—
	Net Asset Value, End of Period		$9.00	$9.49	$10.49
	Total Return*		(4.01)%	(7.89)%	4.90%
	Net Assets, End of Period (in thousands)		$147	$175	$169
	Average Net Assets for the Period (in thousands)		$177	$155	$165
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	10.22%	10.26%	35.55%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.14%	1.11%	1.32%
		Ratio of Net Investment Income/(Loss)	0.69%	2.10%	1.07%
	Portfolio Turnover Rate		70%	84%	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	23

INTECH Emerging Markets Managed Volatility Fund

Notes to Financial Statements (unaudited)

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 seeks long-term growth of capital. The Fund is classified as diversified, as defined in the 1940 Act.

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

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


24	DECEMBER 31, 2016

INTECH Emerging Markets Managed Volatility Fund

Notes to Financial Statements (unaudited)

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

Valuation Inputs Summary

FASB ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), defines fair value, establishes a framework for measuring fair value, and expands disclosure requirements regarding fair value measurements. This standard emphasizes that fair value is a market-based measurement that should be determined based on the assumptions that market participants would use in pricing an asset or liability and establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. These inputs are summarized into three broad levels:

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

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

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

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

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

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

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

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

Financial assets of $88,795 were transferred out of Level 1 to Level 2 since certain foreign equity prices were applied a fair valuation adjustment factor at the end of the current period and no factor was applied at the end of the prior fiscal year.


Janus Investment Fund	25

INTECH Emerging Markets Managed Volatility Fund

Notes to Financial Statements (unaudited)

Financial assets of $9,410 were transferred out of Level 2 to Level 1 since certain foreign equity prices were applied a fair valuation adjustment factor at the end of the prior fiscal year and no factor was applied at the end of the current period.

Investment Transactions and Investment Income

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

Expenses

The Fund bears expenses incurred specifically on its behalf. 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 the 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 Fund's 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


26	DECEMBER 31, 2016

INTECH Emerging Markets Managed Volatility Fund

Notes to Financial Statements (unaudited)

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

Federal Income Taxes

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

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. The risk of investing in securities in the European markets may also be heightened due to the referendum in which the United Kingdom voted to exit the EU (known as “Brexit”). One or more other countries may also abandon the euro and/or withdraw from the EU, placing its currency and banking system in jeopardy.


Janus Investment Fund	27

INTECH Emerging Markets Managed Volatility Fund

Notes to Financial Statements (unaudited)

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.

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.

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.

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).

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 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


28	DECEMBER 31, 2016

INTECH Emerging Markets Managed Volatility Fund

Notes to Financial Statements (unaudited)

commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 1.08% of the Fund’s average daily net assets. Janus Capital shall additionally reimburse or waive acquired fund fees and expenses related to exposure to India local market securities from investments in exchange-traded funds. Janus Capital has agreed to continue the waiver until at least November 1, 2017. 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	29

INTECH Emerging Markets Managed Volatility Fund

Notes to Financial Statements (unaudited)

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). In addition, employees of Janus Capital and/or its affiliates may serve as officers of the Trust. The Fund also pays for some or all of 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. Some expenses related to compensation payable to the Fund's Chief Compliance Officer and compliance staff are shared with the Fund. Total compensation of $329,069 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2016. 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, 2016 on the Statement of Assets and Liabilities in the asset, “Non-interested Trustees’ deferred compensation,” and liability, “Non-interested Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation” on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended December 31, 2016 are included in “Non-interested Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $181,750 were paid by the Trust to a Trustee under the Deferred Plan during the period ended December 31, 2016.

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

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


30	DECEMBER 31, 2016

INTECH Emerging Markets Managed Volatility Fund

Notes to Financial Statements (unaudited)

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, 2016.

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

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

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


Class	% of Class Owned		% of Fund Owned
Class A Shares	100	%	5	%
Class C Shares	100		1
Class D Shares	24		15
Class I Shares	12		3
Class S Shares	100		2
Class T Shares	95		5

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.

Accumulated capital losses noted below represent net capital loss carryovers, as of June 30, 2016, that may be available to offset future realized capital gains and thereby reduce future taxable gains distributions. The following table shows these capital loss carryovers.



Capital Loss Carryover Schedule
For the year ended June 30, 2016
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$ (174,392)	$ (22,035)	$ (196,427)⁽¹⁾
	(1) Capital loss carryovers subject to annual limitations, $(57,743) should be available in the next fiscal year.


Janus Investment Fund	31

INTECH Emerging Markets Managed Volatility Fund

Notes to Financial Statements (unaudited)

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, 2016 are noted below.

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


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 3,140,730	$ 101,683	$ (170,877)	$ (69,194)

5. Capital Share Transactions



	Period ended December 31, 2016		Year ended June 30, 2016
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	-	$ -	-	$ -
Reinvested dividends and distributions	165	1,470	260	2,323
Shares repurchased	-	-	-	-
Net Increase/(Decrease)	165	$ 1,470	260	$ 2,323
Class C Shares:
Shares sold	-	$ -	-	$ -
Reinvested dividends and distributions	12	105	45	402
Shares repurchased	-	-	-	-
Net Increase/(Decrease)	12	$ 105	45	$ 402
Class D Shares:
Shares sold	113,645	$1,115,279	71,593	$654,959
Reinvested dividends and distributions	2,557	22,730	2,040	18,218
Shares repurchased	(60,366)	(558,985)	(44,043)	(421,121)
Net Increase/(Decrease)	55,836	$ 579,024	29,590	$252,056
Class I Shares:
Shares sold	21,065	$ 208,003	43,496	$386,213
Reinvested dividends and distributions	1,174	10,436	660	5,896
Shares repurchased	(6,028)	(56,890)	(3,278)	(30,495)
Net Increase/(Decrease)	16,211	$ 161,549	40,878	$361,614
Class S Shares:
Shares sold	-	$ -	-	$ -
Reinvested dividends and distributions	50	441	77	690
Shares repurchased	-	-	-	-
Net Increase/(Decrease)	50	$ 441	77	$ 690
Class T Shares:
Shares sold	457	$ 4,512	3,095	$ 28,726
Reinvested dividends and distributions	197	1,747	300	2,681
Shares repurchased	(2,705)	(24,987)	(1,139)	(10,238)
Net Increase/(Decrease)	(2,051)	$ (18,728)	2,256	$ 21,169

6. Purchases and Sales of Investment Securities

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


Purchases of Securities	Proceeds from Sales of Securities	Purchases of Long- Term U.S. Government Obligations	Proceeds from Sales of Long-Term U.S. Government Obligations
$ 2,799,798	$ 2,142,859	$ -	$ -


32	DECEMBER 31, 2016

INTECH Emerging Markets Managed Volatility Fund

Notes to Financial Statements (unaudited)

7. Merger Related Matters

On October 3, 2016, Janus Capital Group Inc. (“JCGI”), the direct parent of Janus Capital Management LLC, the investment adviser to the Fund (“Janus Capital”), and Henderson Group plc (“Henderson”) announced that they had entered into an Agreement and Plan of Merger (“Merger Agreement”) relating to the strategic combination of Henderson and JCGI (the “Transaction”). Pursuant to the Merger Agreement, a newly formed, direct wholly-owned subsidiary of Henderson will merge with and into JCGI, with JCGI as the surviving corporation and a direct wholly-owned subsidiary of Henderson. The Transaction is currently expected to close in the second quarter of 2017, subject to requisite shareholder and regulatory approvals.

The consummation of the Transaction may be deemed to be an “assignment” (as defined in the Investment Company Act of 1940, as amended) of the current advisory agreement between Janus Capital and the Fund. In addition, the consummation of the Transaction may be deemed to be an assignment of the current sub-advisory agreements between Janus Capital and each of INTECH Investment Management LLC (“INTECH”) and Perkins Investment Management LLC (“Perkins”), the subadvisers to certain funds. As a result, the consummation of the Transaction may cause such investment advisory agreements and investment sub-advisory agreements to terminate automatically in accordance with their respective terms.

On December 8, 2016, the Board of Trustees of the Fund (the “Board of Trustees”) approved, subject to approval of shareholders, a new investment advisory agreement between the Fund and Janus Capital in order to permit Janus Capital to continue to provide advisory services to the Fund following the closing of the Transaction. The new investment advisory agreement will have substantially similar terms as the corresponding current investment advisory agreement.

On December 8, 2016, the Board of Trustees approved, subject to approval of shareholders, a new investment sub-advisory agreement between Janus Capital and INTECH in order to permit INTECH to continue to provide sub-advisory services with respect to the Fund following the closing of the Transaction. The new investment sub-advisory agreement will have substantially similar terms as the corresponding current investment sub-advisory agreement.

On December 8, 2016, the Board of Trustees also approved interim investment advisory agreements between the Fund and Janus Capital and interim sub-advisory agreements between Janus Capital and the Fund’s subadviser, as applicable. In the event shareholders of the Fund do not approve the new investment advisory agreement (and, if applicable, the new investment sub-advisory agreement) prior to the closing of the Transaction, an interim investment advisory agreement (and, if applicable, an interim investment sub-advisory agreement) will take effect with respect to the Fund upon the closing of the Transaction. Such interim agreements will continue in effect for a term ending on the earlier of 150 days from the closing of the Transaction, or when shareholders of the Fund approve the new investment advisory agreement and new investment sub-advisory agreement, if applicable. Compensation earned by Janus Capital and the Fund’s subadviser, if applicable, under their respective interim investment advisory agreement or interim investment sub-advisory agreement will be held in an interest-bearing escrow account and will be paid to Janus Capital or the subadviser, as applicable, if shareholders approve the corresponding new investment advisory agreement or new investment sub-advisory agreement prior to the end of the interim period. Except for the term and escrow provisions described above, the terms of each interim investment advisory agreement and interim investment subadvisory agreement are substantially similar to those of the corresponding current investment advisory agreement or current investment sub-advisory agreement.

In addition, the Fund’s name will change to reflect “Janus Henderson” as part of the Fund’s name.

Shareholders of record of the Fund as of December 29, 2016, will receive a proxy statement, notice of special meeting of shareholders, and proxy card, containing detailed information regarding shareholder proposals with respect to these and certain other matters. The shareholder meeting is expected to be held on or about April 6, 2017.

8. Subsequent Event

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


Janus Investment Fund	33

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 and Sub-Advisory Agreements with Janus and Janus Affiliates during the Period

On September 15, 2016, Janus Capital Group Inc. (“Janus”) advised the Trustees of Janus Investment Fund (the “Trust”), each of whom serves as an “independent” Trustee (the “Board” or the “Trustees”), of its intent to seek a strategic combination of its advisory business with Henderson Group plc (“Henderson”). The Board met with the Chief Executive Officer of Janus, who outlined the proposed combination and the potential benefits to Janus Capital Management LLC (“Janus Capital”) and each Fund of the Trust (each, a “Fund” and collectively, the “Funds”). Subsequent to the September 15, 2016 meeting, the Trustees identified a list of basic principles, which they believed should serve as the foundation for their review of the organizational, operational and strategic issues involved with any potential change in control of Janus Capital, the investment adviser to the Funds. These basic principles were communicated to Janus Capital on September 27, 2016, and were intended to be shared with Henderson. On October 3, 2016, Janus announced that it had entered into a definitive Agreement and Plan of Merger with Henderson pursuant to which Janus and Henderson agreed to effect an all-stock merger of equals strategic combination of their respective businesses, with Janus Capital surviving the merger as a direct wholly-owned subsidiary of Henderson (the “Transaction”). The Board was advised that, subject to certain conditions, the Transaction is currently expected to close during the second quarter of 2017.

As part of its due diligence, the Board developed an initial list of questions related to the proposed transaction, which was provided to Janus Capital on October 6, 2016. At a special Board meeting held on October 19, 2016, the Board considered Janus Capital’s response to the initial information request and met with the management of Janus to discuss the impact of the Transaction on the nature, extent and quality of services Janus Capital is expected to provide to the Janus Funds following the Transaction, addressing, among other matters, the personnel expected to provide such services, and the resources available to do so. After its October 19, 2016 meeting, the Board developed a supplemental request for additional information, which was provided to Janus Capital on October 26, 2016. At another special Board meeting held on November 7-8, 2016, the Board considered Janus Capital’s response to the supplemental information request and again met with the management of Janus and Henderson to discuss the impact of the Transaction on the nature, extent and quality of services Janus Capital is expected to provide to the Janus Funds following the Transaction, and also met with various officers of the Funds and of Janus Capital, including various Fund portfolio managers. After its November 7-8, 2016 meeting, the Board developed a second supplemental request for additional information, which was provided to Janus Capital on November 21, 2016. On December 7-8, 2016, the Board met to consider Janus Capital’s response to the second supplemental information request and to also consider the proposed new investment advisory agreements between the Trust, on behalf of each Fund, and Janus Capital (each, a “New Advisory Agreement” and collectively, the “New Advisory Agreements”) and the new sub-advisory agreements between Janus Capital and each of the Funds that utilize INTECH Investment Management LLC (“INTECH”), Perkins Investment Management LLC (“Perkins”), or Janus Singapore Pte. Limited (“Janus Singapore,” and together with INTECH and Perkins, the “Sub-Advisers” and each, a “Sub-Adviser”) as sub-advisers (each, a “New Sub-Advisory Agreement” and collectively, the “New Sub-Advisory Agreements”) to take effect immediately after the Transaction or shareholder approval, whichever is later. During each of these meetings, the Board sought additional and clarifying information as it deemed necessary or appropriate. In addition, the Board engaged its independent fee consultant to help evaluate certain of the proposals that the Board was being asked to consider. Throughout the process, the Board had the assistance of its independent legal counsel, who advised them on, among other things, its duties and obligations.


34	DECEMBER 31, 2016

INTECH Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

In connection with the Board’s review, Janus Capital provided, and the Board obtained, substantial information regarding the following matters: the management, financial position and business of Henderson; the history of Henderson’s business and operations; the investment performance of the investment companies advised by Henderson; the proposed structure, operations and investment processes of the combined investment management organization after the Transaction and the strategy for operating and growing the business following the Transaction; the future plans of Janus and Henderson with respect to the Funds and any proposed changes to the operations or structure of the Funds; and the future plans of Janus and Henderson with respect to the provision of services to the Funds, and the entities providing such services, including those affiliated with Janus. The Board also received information regarding the terms of the Transaction, anticipated management of the combined organization, the resources that each of Janus and Henderson bring to the combined organization and the process being followed by Janus and Henderson to integrate their organizations. The Board also received information regarding the impact of the Transaction on each of INTECH, Perkins and Janus Singapore.

In connection with the Board’s approval of New Advisory Agreements and New Sub-Advisory Agreements at its December 8, 2016 meeting, the Board also continued its on-going annual process to determine whether to continue the existing investment advisory agreements between Janus Capital and the Trust on behalf of each Fund (each, a “Current Advisory Agreement” and collectively, the “Current Advisory Agreements”) and the existing sub-advisory agreements between Janus Capital and each of the Funds that utilize INTECH, Perkins, or Janus Singapore as sub-advisers (each, a “Current Sub-Advisory Agreement” and collectively, the “Current Sub-Advisory Agreements”). In this regard, the Board received and reviewed information provided by Janus and the respective Sub-Advisers in response to requests of the Board and its independent legal counsel. The Board also received and reviewed information and analysis provided by, and in response to requests of, its independent fee consultant. The Board noted that as part of this annual process, the Board had considered and was in the process of considering, numerous factors, including the nature and quality of services provided by Janus Capital and each Sub-Adviser, as applicable; investment performance, on an absolute basis and relative to appropriate peer groups and one or a combination of market indices; investment management fees, expense ratios and asset sizes of the Funds and peer groups; investment management fees charged to comparable investment companies, separate accounts and non-fund clients; Janus Capital’s profitability from managing the Funds; fall-out benefits to Janus Capital from its relationship to the Funds, including revenues derived from services provided to the Funds by affiliates of Janus Capital; and the potential benefits to Janus Capital, the Funds of receiving research services from broker/dealer firms in connection with the allocation of portfolio transactions to such firms.

In determining whether to approve the New Advisory Agreement for each Fund and the New Sub-Advisory Agreement for Funds managed by INTECH, Perkins or Janus Singapore in connection with the Transaction, and whether to recommend approval to Fund shareholders, the Board received information and made inquiries into all matters as it deemed appropriate. The Board reviewed and analyzed various factors it deemed relevant, including the following factors, among others, none of which by itself was considered dispositive:

· The terms of the New Advisory Agreements are substantially similar to the corresponding Current Advisory Agreements, and the contractual fee rate will not change. In this regard, see the discussion of the Board’s considerations with respect to its most recent approval of the Current Advisory Agreements prior to December 8, 2016, as disclosed in each Fund’s most recent prior annual or semi-annual shareholder report, as applicable.

· The terms of the New Sub-Advisory Agreements are substantially similar to the corresponding Current Sub-Advisory Agreements, and the contractual fee rate will not change. In this regard, see the discussion of the Board’s considerations with respect to its most recent approval of the Current Sub-Advisory Agreements prior to December 8, 2016, as disclosed in each Fund’s most recent prior annual or semi-annual shareholder report, as applicable.

· Janus Capital’s plans for the operation of the Funds, including its plans for the continued provision of all services currently provided to the Funds by Janus Capital and its affiliates, including, among others, investment advisory services, portfolio trading services, and Fund administrative and accounting services, and the personnel and resources proposed to support the provision of such services.


Janus Investment Fund	35

INTECH Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

Capital, and the Funds of receiving research services from broker/dealer firms in connection with the allocation of portfolio transactions to such firms.

In connection with its deliberations, the Board received assurances from Janus, on behalf of itself and its affiliates (collectively, “Janus”) including the following:

· Janus has provided to the Board such information as it believes is reasonably necessary to evaluate the New Advisory Agreements and New Sub-Advisory Agreements.

· Janus is committed to the continuance, without interruption, of services to the Funds of at least the type and quality currently provided by Janus Capital and its affiliates, or superior thereto.

· The Transaction is not expected to affect negatively the nature, extent or quality of the investment advisory services provided by Janus Capital to the Funds following the Transaction, and the investment advisory services are expected to be at least comparable to the services being provided under the Current Advisory Agreements and Current Sub-Advisory Agreements. In this regard, the Board noted specific representations that Janus does not intend for the nature, extent or quality of investment advisory and other services to be provided to the Funds following the Transaction to change, and the extent of such services were expected to increase based on the combined resources of the combined investment management organization after the Transaction, and should the nature, extent or quality of such services decline, Janus would commit the resources needed to return such services to pre-Transaction levels.

· The Funds’ current operations were expected to remain largely unchanged, except for certain fund reorganizations which will be separately considered by the Board, and such other changes as were or will be presented to the Board.

· Janus does not intend to make changes to the portfolio managers providing services to the Funds, other than proposed changes in the management of certain Funds as discussed with the Board, including those related to proposals to merge certain Funds with Funds managed by Henderson Global Investors (North America) Inc., an indirect, wholly-owned subsidiary of Henderson, and subject to such changes as may arise at any time as a result of the ongoing process of portfolio manager evaluation.

· After the Transaction, the extent of distribution and marketing services provided to the Janus Funds were expected to increase based on the combined resources of Janus and Henderson. In this regard, Janus Capital advised the Board that after the Transaction, the extent of distribution and marketing services provided to the Janus Funds are expected to increase based on the combined resources of Janus and Henderson. This is due primarily to the anticipated increase of sales related resources and expanded global presence of the combined Janus Henderson organization, which is expected to enhance visibility and brand recognition of the Janus Henderson Funds.

· The intent of Janus Capital to take the necessary and appropriate steps to retain and attract its key investment advisory personnel.

· The intent of Janus to take the necessary and appropriate steps to retain and attract its key compliance, financial, fund accounting and administrative personnel supporting the management and oversight of the Funds.

· Janus is not aware of any express or implied term, condition, arrangement or understanding that would impose in its best judgement an “unfair burden” on any Fund as a result of the Transaction, as defined in Section 15(f) of the 1940 Act, and that Janus will take no action that would have the effect of imposing such an “unfair burden” on any Fund in connection with the Transaction.

Janus assured the Board that it intended to comply with Section 15(f) of the Investment Company Act of 1940, as amended (the “1940 Act”). Section 15(f) provides a non-exclusive safe harbor for an investment adviser to an investment company or any of its affiliated persons to receive any amount or benefit in connection with a change in control of the investment adviser so long as two conditions are met. First, for a period of three years after the transaction, at least 75% of the board members of the investment company must not be interested persons of such investment adviser (as defined under the 1940 Act). The composition of the Board is in compliance with this provision of Section 15(f). In addition, after careful review and consideration, the Board determined that it would be in the best interests of the Funds to add to the Board an individual who currently acts as a non-interested board member of the


36	DECEMBER 31, 2016

INTECH Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

Henderson Trust. The Board believes that this change in the Board composition will provide perspective and insight relating to experience working with the Henderson organization. The Board’s Nominating and Governance Committee considered a number of candidates and recommended that the Board nominate one proposed new trustee from those candidates who currently act as non-interested board members of the Henderson Trust. The Board approved that trustee nominee to serve on the Board, subject to election by the shareholders of the Funds and contingent on the closing of the Transaction. If the new trustee is elected and serves on the Board, the Board composition would continue to satisfy the provisions of Section 15(f).

To meet the second condition of Section 15(f), an “unfair burden” must not be imposed upon the investment company as a result of such transaction or any express or implied terms, conditions or understandings applicable thereto. The term “unfair burden” is defined in Section 15(f) to include any arrangement during the two-year period after the transaction, whereby the investment adviser, or any interested person of such adviser, receives or is entitled to receive any compensation, directly or indirectly, from the investment company or its shareholders (other than fees for bona fide investment advisory or other services) or from any person in connection with the purchase or sale of securities or other property to, from or on behalf of the investment company (other than bona fide ordinary compensation as principal underwriter for such investment company).

Janus represented that it does not believe that an “unfair burden” will be placed on the Funds as a result of the Transaction. In furtherance thereof, Janus has undertaken to pay the costs of preparing and distributing proxy materials to, and of holding the meetings of, the Funds’ shareholders (the “Meetings”), as well as other fees and expenses in connection with the Transaction, including the reasonable fees and expenses of legal counsel and consultants to the Funds and the Trustees. In addition, Janus has agreed, for a period of two years following the closing of the Transaction, (i) not to request any increases to advisory fees for the Funds, other than those proposed to and approved by the Board prior to the close of the Transaction, and (ii) to continue to use the current process by which expense caps are set annually for the Funds.

As a result of its review and consideration of the New Investment Advisory Agreements and New Sub-Advisory Agreements in connection with the Transaction, at a meeting on December 8, 2016, the Board voted unanimously to approve a New Investment Advisory Agreement for each Fund and a New Sub-Advisory Agreement for each Fund managed by INTECH, Perkins or Janus Singapore, and to recommend such agreements to the Funds’ shareholders for their approval.

Approval of Interim Advisory and Sub-Advisory Agreements with Janus and Janus Affiliates during the Period

In the event shareholders of a Fund do not approve such Fund’s New Advisory Agreement and/or New Sub-Advisory Agreement at the Meetings prior to the closing of the Transaction, Janus Capital proposed that an interim investment advisory agreement between Janus Capital and such Fund (each, an “Interim Advisory Agreement” and collectively, the “Interim Advisory Agreements”) and an interim sub-advisory agreement between Janus Capital and the applicable Sub-Adviser (each, an “Interim Sub-Advisory Agreement” and collectively, the “Interim Sub-Advisory Agreements”) take effect upon the closing of the Transaction. At the December 8, 2016 meeting, the Board, all of whom are Independent Trustees, unanimously approved an Interim Advisory Agreement for each Fund and an Interim Sub-Advisory Agreement for each applicable Fund in order to assure continuity of investment advisory services to the Funds and sub-advisory services to the sub-advised Funds after the Transaction. The terms of each Interim Advisory Agreement are substantially identical to those of the applicable Current Advisory Agreement and New Advisory Agreement, except for the term and escrow provisions described below. Similarly, the terms of each Interim Sub-Advisory Agreement are substantially identical to those of the Current Sub-Advisory Agreements and New Sub-Advisory Agreements, except for the term and escrow provisions described below. The Interim Advisory Agreement and Interim Sub-Advisory Agreement will continue in effect for a term ending on the earlier of 150 days from the closing of the Transaction (the “150-day period”) or when shareholders of the Fund approve the New Advisory Agreement and/or New Sub-Advisory Agreement. Pursuant to Rule 15a-4 under the 1940 Act, compensation earned by Janus Capital under an Interim Advisory Agreement and compensation earned by a Sub-Adviser under an Interim Sub-Advisory Agreement will be held in an interest-bearing escrow account. If shareholders of a Fund approve the New Advisory Agreement prior to the end of the 150-day period, the amount held in the escrow account under the Interim Advisory Agreement will be paid to Janus Capital. If shareholders of a Fund approve the New Advisory Agreement and New Sub-Advisory Agreement prior to the end of the 150-day period, the amount held in the escrow account under the Interim Sub-Advisory Agreement will be paid to the Sub-Adviser. If shareholders of a Fund do not approve the New Advisory Agreement prior to the end of the 150-day period, the Board will take such action as it


Janus Investment Fund	37

INTECH Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

deems to be in the best interests of the Fund, and Janus Capital will be paid the lesser of its costs incurred in performing its services under the Interim Advisory Agreement or the total amount in the escrow account, plus interest earned. If shareholders of a Fund do not approve the New Advisory Agreement and/or New Sub-Advisory Agreement prior to the end of the 150-day period, the Board will take such action as it deems to be in the best interests of the Fund, and the Sub-Adviser will be paid the lesser of its costs incurred in performing its services under the Interim Sub-Advisory Agreement or the total amount in the escrow account, plus interest earned.

Approval of Sub-Advisory Agreements with Henderson Investment Management Limited during the Period

Janus Capital met with the Trustees on November 7-8, 2016, and December 7-8, 2016, to discuss the approval of a new sub-advisory agreement between Janus Capital and Henderson Investment Management Limited (“HIML”) (each, a “HIML Sub-Advisory Agreement” and collectively, the “HIML Sub-Advisory Agreements”) on behalf of each of Janus Asia Equity Fund, Janus Emerging Markets Fund, and Janus Global Real Estate Fund (each, an “HIML Fund” and together, the “HIML Funds”) to take effect immediately after the closing of the Transaction or shareholder approval, whichever is later. At the meetings, the Trustees also discussed the HIML Sub-Advisory Agreements with their independent counsel in executive session. During the course of these meetings, the Trustees requested and considered such information as they deemed relevant to their deliberations. In addition, at prior meetings and during the course of these meetings the Board also undertook a comprehensive process to evaluate the impact of the Transaction on the nature, quality and extent of services expected to be provided by Janus Capital and HIML to each HIML Fund, including after the completion of the Transaction. For a fuller discussion of the Board’s consideration of the approval of a new investment advisory agreement for the HIML Funds in connection with the Transaction, see “Approval of Advisory and Sub-Advisory Agreements with Janus and its Affiliates During the Period” above.

At a meeting of the Board of Trustees held on December 8, 2016, the Trustees considered the HIML Sub-Advisory Agreements. In determining whether to approve the HIML Sub-Advisory Agreements, and whether to recommend approval to the shareholders of each HIML Fund, the Board received information and made inquiries into all matters as it deemed appropriate. The Board reviewed and analyzed various factors it deemed relevant, including the following factors, among others, none of which by itself was considered dispositive:

· the terms of each HIML Sub-Advisory Agreement;

· the nature, quality and extent of services expected to be provided under the HIML Sub-Advisory Agreements, including the reputation, qualifications and background of HIML and its operational and compliance infrastructures;

· the investment approach, the experience and skills of senior management and investment personnel of HIML, including the portfolio managers who would be responsible for managing all or part of the portfolio of each HIML Fund, noting the resources made available to such personnel;

· the ability of HIML to attract and retain high-quality personnel and the organizational depth of HIML;

· the sub-advisory fee rate under each HIML Sub-Advisory Agreement, as well as the overall management fee structure of each HIML Fund, noting that the sub-advisory fee rate is consistent with the approach utilized in the Janus Funds complex for other sub-advisory relationships, taking into account the allocation of managed assets between Janus Capital and HIML for the Global Real Estate Fund;

· under each HIML Sub-Advisory Agreement, Janus Capital would be responsible for paying HIML out of its fees;

· the fall out benefits to HIML and its affiliates from its relationship with each HIML Fund, including the potential benefits to HIML and its affiliates and each HIML Fund of receiving research services from broker/dealer firms in connection with the allocation of portfolio transactions to such firms;

· the potential for economies of scale with respect to the overall fee structure of each HIML Fund and whether either Fund will benefit from any economies of scale; and

· the costs of seeking approval of the HIML Sub-Advisory Agreements will not be borne by the HIML Funds.

As a result of its review and consideration of each HIML Sub-Advisory Agreement and related matters, on December 8, 2016, the Board voted unanimously to approve each HIML Sub-Advisory Agreement and to recommend such agreement to each HIML Fund’s shareholders for their approval.


38	DECEMBER 31, 2016

INTECH Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

Renewal of Investment Advisory and Sub-Advisory Agreements for INTECH U.S. Core Fund

As noted above, at its December 8, 2016 meeting, the Board continued its on-going annual process to determine whether to continue the Current Advisory Agreements and the Current Sub-Advisory Agreements. In this regard, the Board received and reviewed information provided by Janus and the respective Sub-Advisers in response to requests of the Board and its independent legal counsel. The Board also received and reviewed information and analysis provided by, and in response to requests of, its independent fee consultant. The Board noted that the Current Advisory Agreement between the Trust, on behalf of INTECH U.S. Core Fund, and Janus Capital and the Current Sub-Advisory Agreement between Janus Capital and INTECH, on behalf of the Fund, would expire on January 1, 2017, if not renewed. The Board noted that the date of termination for the Current Advisory Agreements and the Current Sub-Advisory Agreements for the other Funds was February 1, 2017, if not renewed. Accordingly, the Board voted unanimously to renew the Current Advisory Agreement and the Current Sub-Advisory Agreement for INTECH U.S. Core Fund through January 31, 2017 in order to (i) align the termination date of such Agreements with the termination date of the Current Advisory Agreements and the Current Sub-Advisory Agreements for the other Funds and (ii) allow for a more complete consideration of such Agreements, as well as the Current Advisory Agreements and the Current Sub-Advisory Agreements for the other Funds.


Janus Investment Fund	39

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, 2016. As the investing environment changes, so could opinions. These views are unique and are not necessarily shared by fellow employees or by Janus in general.

Performance Overviews

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

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

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

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

Schedule of Investments

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

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

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

Tables listing details of individual forward currency contracts, futures, written options, swaptions, 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.


40	DECEMBER 31, 2016

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. Also included are ratios of expenses and net investment income to average net assets.


Janus Investment Fund	41

INTECH Emerging Markets Managed Volatility Fund

Useful Information About Your Fund Report (unaudited)

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

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

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


42	DECEMBER 31, 2016

INTECH Emerging Markets Managed Volatility Fund

Notes

NotesPage1


Janus Investment Fund	43

INTECH Emerging Markets Managed Volatility Fund

Notes

NotesPage2


44	DECEMBER 31, 2016

INTECH Emerging Markets Managed Volatility Fund

Notes

NotesPage3


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-0217-7545

125-24-93012 02-17



	SEMIANNUAL REPORT December 31, 2016

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	11
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	31
Useful Information About Your Fund Report	37

INTECH Global Income Managed Volatility Fund (unaudited)

FUND SNAPSHOT

INTECH’s active approach focuses on adding value by selecting stocks with unique volatility characteristics and low correlations to one another.

Managed by

INTECH Investment

Management LLC

PERFORMANCE OVERVIEW

For the six-month period ended December 31, 2016, INTECH Global Income Managed Volatility Fund’s Class I Shares returned -3.92%. This compares to the 6.81% return posted by the MSCI World Index, the Fund’s primary benchmark, and a 2.27% 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

Led by riskier segments of the market, global developed equity markets as measured by the MSCI World Index posted a return of 6.81% for the six-month period ended December 31, 2016. The MSCI World High Dividend Yield Index recorded a positive return of 2.27% over the period. INTECH Global Income Managed Volatility Fund underperformed the MSCI World Index and the MSCI World High Dividend Yield Index over the period and generated a return of -3.92%.

The Fund’s defensive positioning acted as a significant headwind to relative performance as investors’ risk appetite increased in global equity markets. On average, the Fund was overweight lower volatility stocks, or stocks with a lower total risk (standard deviation of returns), as well as lower beta stocks, or stocks with lower sensitivity to market movements. During the period higher volatility and higher beta stocks outperformed lower volatility and lower beta stocks as well as the overall market, on average. Consequently, the Fund’s overweight to lower volatility and lower beta stocks detracted from the Fund’s relative return for 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 was adversely impacted by an average overweight allocation to the defensive utilities sector, which was the weakest performing sector during the period. Stock selection, which is a residual of the investment process, also detrated from the Fund’s relative performance during the period, especially within the consumer discretionary sector.

An overall increase in market diversity over the past six months reflected a change in the distribution of capital, in which smaller cap stocks outperformed larger 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 positively impacted by the overall increase in market diversity, the Fund was negatively impacted by


Janus Investment Fund	1

INTECH Global Income Managed Volatility Fund (unaudited)

its current defensive positioning and underperformed during the period.

OUTLOOK

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

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


2	DECEMBER 31, 2016

INTECH Global Income Managed Volatility Fund (unaudited)

Fund At A Glance

December 31, 2016


5 Largest Equity Holdings - (% of Net Assets)
Southern Co
Electric Utilities	4.8%
Reynolds American Inc
Tobacco	4.7%
PG&E Corp
Electric Utilities	4.6%
Kimberly-Clark Corp
Household Products	4.5%
Consolidated Edison Inc
Multi-Utilities	4.5%
	23.1%


Asset Allocation - (% of Net Assets)
Common Stocks	99.5%
Investment Companies	0.6%
Other		(0.1)%
		100.0%

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

As of December 31, 2016

As of June 30, 2016


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, 2016					per the October 28, 2016 prospectuses
	Fiscal Year-to-Date	One Year	Five Year	Since Inception*	Total Annual Fund Operating Expenses	Net Annual Fund Operating Expenses
Class A Shares at NAV	-4.05%	5.44%	8.66%	9.24%	1.48%	0.82%
Class A Shares at MOP	-9.55%	-0.61%	7.37%	7.97%
Class C Shares at NAV	-4.35%	4.67%	7.83%	8.42%	2.17%	1.56%
Class C Shares at CDSC	-5.29%	3.67%	7.83%	8.42%
Class D Shares⁽¹⁾	-3.89%	5.64%	8.78%	9.36%	1.33%	0.64%
Class I Shares	-3.92%	5.68%	8.96%	9.54%	1.18%	0.58%
Class S Shares	-4.04%	5.36%	8.65%	9.23%	1.79%	1.01%
Class T Shares	-3.93%	5.63%	8.75%	9.33%	1.31%	0.75%
MSCI World Index	6.81%	7.51%	10.41%	11.08%
MSCI World High Dividend Yield Index	2.27%	9.29%	8.21%	8.94%
Morningstar Quartile - Class I Shares	-	2nd	3rd	3rd
Morningstar Ranking - based on total returns for World Stock Funds	-	498/1,041	451/771	437/760

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, 2017.


4	DECEMBER 31, 2016

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.

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

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 (7/1/16)	Ending Account Value (12/31/16)	Expenses Paid During Period (7/1/16 - 12/31/16)†	Beginning Account Value (7/1/16)	Ending Account Value (12/31/16)	Expenses Paid During Period (7/1/16 - 12/31/16)†	Net Annualized Expense Ratio (7/1/16 - 12/31/16)
Class A Shares		$1,000.00	$959.50	$4.25	$1,000.00	$1,020.87	$4.38	0.86%
Class C Shares		$1,000.00	$956.50	$8.04	$1,000.00	$1,016.99	$8.29	1.63%
Class D Shares		$1,000.00	$961.10	$3.21	$1,000.00	$1,021.93	$3.31	0.65%
Class I Shares		$1,000.00	$960.80	$2.92	$1,000.00	$1,022.23	$3.01	0.59%
Class S Shares		$1,000.00	$959.60	$4.59	$1,000.00	$1,020.52	$4.74	0.93%
Class T Shares		$1,000.00	$960.70	$3.76	$1,000.00	$1,021.37	$3.87	0.76%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (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, 2016

INTECH Global Income Managed Volatility Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares			Value
Common Stocks – 99.5%
Aerospace & Defense – 2.8%
	Lockheed Martin Corp	23,600	$5,898,584
Airlines – 0.4%
	Japan Airlines Co Ltd	19,000	554,512
	Singapore Airlines Ltd	54,900	365,749
			920,261
Auto Components – 0.5%
	Bridgestone Corp	12,800	460,502
	Sumitomo Rubber Industries Ltd	31,100	492,028
			952,530
Automobiles – 0%
	Nissan Motor Co Ltd	3,400	34,115
Banks – 2.9%
	Bank of Montreal	1,400	100,706
	BOC Hong Kong Holdings Ltd	254,000	909,415
	Canadian Imperial Bank of Commerce	4,200	342,758
	DBS Group Holdings Ltd^#	62,700	748,238
	Hang Seng Bank Ltd	170,500	3,160,154
	United Overseas Bank Ltd	53,300	748,183
			6,009,454
Beverages – 0.1%
	Coca-Cola Co	4,100	169,986
Biotechnology – 0.2%
	AbbVie Inc	5,600	350,672
Chemicals – 0%
	Syngenta AG	107	42,297
Construction Materials – 1.1%
	Fletcher Building Ltd	317,559	2,331,930
Containers & Packaging – 0.9%
	Amcor Ltd/Australia	158,426	1,706,205
	International Paper Co	100	5,306
	Packaging Corp of America	2,000	169,640
			1,881,151
Diversified Consumer Services – 0.4%
	H&R Block Inc^#	31,600	726,484
Diversified Telecommunication Services – 3.5%
	AT&T Inc	35,500	1,509,815
	BCE Inc	38,577	1,667,503
	HKT Trust & HKT Ltd	2,019,000	2,471,090
	Singapore Telecommunications Ltd	273,900	687,550
	Spark New Zealand Ltd	139,630	330,045
	Swisscom AG	628	280,873
	Telstra Corp Ltd	87,774	322,523
			7,269,399
Electric Utilities – 23.7%
	Alliant Energy Corp	2,200	83,358
	American Electric Power Co Inc	800	50,368
	Cheung Kong Infrastructure Holdings Ltd	558,000	4,438,275
	CLP Holdings Ltd	953,500	8,712,840
	Contact Energy Ltd	449,123	1,450,053
	Duke Energy Corp	17,966	1,394,521
	Endesa SA	4,678	99,039
	Entergy Corp	12,400	911,028
	Eversource Energy	2,500	138,075
	NextEra Energy Inc	4,900	585,354
	PG&E Corp	157,800	9,589,506
	Pinnacle West Capital Corp	3,200	249,696
	Power Assets Holdings Ltd	1,025,500	9,035,073
	PPL Corp	50,600	1,722,930
	Southern Co	202,300	9,951,137


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, 2016


Shares			Value
Common Stocks – (continued)
Electric Utilities – (continued)
	Xcel Energy Inc	20,500	$834,350
			49,245,603
Food & Staples Retailing – 2.8%
	ICA Gruppen AB	4,333	132,033
	Lawson Inc	70,500	4,949,788
	Wesfarmers Ltd	23,001	698,163
			5,779,984
Food Products – 1.9%
	General Mills Inc	55,300	3,415,881
	Tate & Lyle PLC	57,581	501,398
			3,917,279
Health Care Providers & Services – 2.9%
	Sonic Healthcare Ltd	384,257	5,928,944
Hotels, Restaurants & Leisure – 3.6%
	Darden Restaurants Inc	4,600	334,512
	McDonald's Corp	57,600	7,011,072
	Sands China Ltd	30,000	129,030
			7,474,614
Household Durables – 0.3%
	Garmin Ltd	12,600	610,974
Household Products – 5.1%
	Kimberly-Clark Corp	82,500	9,414,900
	Procter & Gamble Co	14,700	1,235,976
			10,650,876
Industrial Conglomerates – 1.3%
	CK Hutchison Holdings Ltd	22,000	248,373
	NWS Holdings Ltd	1,514,000	2,461,753
			2,710,126
Information Technology Services – 0%
	Paychex Inc	600	36,528
Insurance – 1.2%
	Admiral Group PLC	10,295	230,817
	Arthur J Gallagher & Co	9,100	472,836
	Cincinnati Financial Corp	13,200	999,900
	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen	708	133,886
	Sony Financial Holdings Inc	5,400	83,710
	Swiss Re AG	693	65,675
	Tryg A/S	31,483	569,362
			2,556,186
Internet Software & Services – 0%
	Mixi Inc	2,400	87,433
Leisure Products – 0.7%
	Mattel Inc	52,300	1,440,865
Marine – 0.8%
	Kuehne + Nagel International AG	12,414	1,639,354
Media – 4.6%
	Eutelsat Communications SA	5,552	107,461
	SES SA	147,893	3,256,309
	Shaw Communications Inc	237,700	4,769,935
	Singapore Press Holdings Ltd	501,900	1,220,876
	Sky PLC	9,096	110,645
			9,465,226
Multiline Retail – 0.9%
	Harvey Norman Holdings Ltd	266,763	988,363
	Kohl's Corp	13,800	681,444
	Macy's Inc	5,900	211,279
			1,881,086
Multi-Utilities – 8.4%
	Ameren Corp	4,600	241,316


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

8	DECEMBER 31, 2016

INTECH Global Income Managed Volatility Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares			Value
Common Stocks – (continued)
Multi-Utilities – (continued)
	CMS Energy Corp	9,700	$403,714
	Consolidated Edison Inc	127,600	9,401,568
	DTE Energy Co	9,000	886,590
	Public Service Enterprise Group Inc	11,900	522,172
	SCANA Corp	15,900	1,165,152
	Sempra Energy	24,100	2,425,424
	WEC Energy Group Inc	41,351	2,425,236
			17,471,172
Oil, Gas & Consumable Fuels – 1.9%
	Exxon Mobil Corp	23,900	2,157,214
	Peyto Exploration & Development Corp	47,800	1,182,449
	Snam SpA	68,365	281,168
	Spectra Energy Corp	7,700	316,393
	TransCanada Corp	1,800	81,171
			4,018,395
Pharmaceuticals – 2.7%
	Merck & Co Inc	53,700	3,161,319
	Novartis AG	11,964	870,502
	Orion Oyj	5,194	231,139
	Pfizer Inc	24,600	799,008
	Roche Holding AG	299	68,148
	Takeda Pharmaceutical Co Ltd	9,900	408,925
			5,539,041
Real Estate Management & Development – 10.0%
	Daito Trust Construction Co Ltd	43,000	6,459,044
	Hang Lung Properties Ltd	495,000	1,036,501
	Hysan Development Co Ltd	414,000	1,706,847
	New World Development Co Ltd	2,207,000	2,313,476
	Sino Land Co Ltd	712,000	1,053,954
	Sun Hung Kai Properties Ltd	154,000	1,928,199
	Swire Pacific Ltd	92,000	878,254
	Swire Properties Ltd	553,400	1,516,472
	Swiss Prime Site AG*	29,780	2,437,828
	Wharf Holdings Ltd	229,000	1,504,967
			20,835,542
Road & Rail – 1.4%
	Aurizon Holdings Ltd	121,305	441,331
	ComfortDelGro Corp Ltd	1,509,100	2,564,135
			3,005,466
Semiconductor & Semiconductor Equipment – 0.7%
	Intel Corp	10,500	380,835
	Maxim Integrated Products Inc	21,100	813,827
	QUALCOMM Inc	4,600	299,920
			1,494,582
Specialty Retail – 0.7%
	Gap Inc^#	38,600	866,184
	Kingfisher PLC	53,032	228,338
	L Brands Inc	5,100	335,784
			1,430,306
Technology Hardware, Storage & Peripherals – 0.7%
	Canon Inc	48,900	1,369,552
Textiles, Apparel & Luxury Goods – 1.3%
	Yue Yuen Industrial Holdings Ltd	752,500	2,724,010
Tobacco – 4.8%
	Altria Group Inc	800	54,096
	Reynolds American Inc	172,362	9,659,167
	Swedish Match AB	9,132	290,256
			10,003,519


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, 2016


Shares			Value
Common Stocks – (continued)
Wireless Telecommunication Services – 4.3%
	NTT DOCOMO Inc	166,900	$3,795,919
	Rogers Communications Inc	97,100	3,745,854
	StarHub Ltd	701,500	1,357,098
			8,898,871
Total Common Stocks (cost $210,670,946)			206,802,397
Investment Companies – 0.6%
Investments Purchased with Cash Collateral from Securities Lending – 0.6%
	Janus Cash Collateral Fund LLC, 0.4311%^ºº,£(cost $1,198,230)	1,198,230	1,198,230
Total Investments (total cost $211,869,176) – 100.1%			208,000,627
Liabilities, net of Cash, Receivables and Other Assets – (0.1)%			(177,969)
Net Assets – 100%			$207,822,658


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

		% of
		Investment
Country	Value	Securities
United States	$97,720,126	47.0	%
Hong Kong	46,228,683	22.2
Japan	18,695,528	9.0
Canada	11,890,376	5.7
Australia	10,085,529	4.9
Singapore	7,691,829	3.7
Switzerland	5,404,677	2.6
New Zealand	4,112,028	2.0
France	3,363,770	1.6
United Kingdom	1,071,198	0.5
Denmark	569,362	0.3
Sweden	422,289	0.2
Italy	281,168	0.1
Finland	231,139	0.1
Germany	133,886	0.1
Spain	99,039	0.0



Total	$208,000,627	100.0	%


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

10	DECEMBER 31, 2016

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.

MSCI World Index^SM

A market capitalization weighted index composed of companies representative of the market structure of Developed Market countries in North America, Europe and the Asia/Pacific Region. The index includes reinvestment of dividends, net of foreign withholding taxes.


LLC	Limited Liability Company
PLC	Public Limited Company


*	Non-income producing security.


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


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


		Share			Share
		Balance			Balance	Realized	Dividend	Value
		at 6/30/16	Purchases	Sales	at 12/31/16	Gain/(Loss)	Income	at 12/31/16

Janus Cash Collateral Fund LLC		865,710	28,234,935	(27,902,415)	1,198,230	$—	$26,779⁽¹⁾	$1,198,230
Janus Cash Liquidity Fund LLC		4,326,909	66,377,166	(70,704,075)	—	—	9,022	—

Total						$—	$35,801	$1,198,230
(1)	Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties.


Janus Investment Fund	11

INTECH Global Income Managed Volatility Fund

Notes to Schedule of Investments and Other Information (unaudited)


The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of December 31, 2016. See Notes to Financial Statements for more information.

Valuation Inputs Summary

				Level 2 -		Level 3 -
		Level 1 -		Other Significant		Significant
		Quotes Prices		Observable Inputs		Unobservable Inputs

Assets
Investments in Securities:
Common Stocks
Airlines	$	-	$	920,261	$	-
Auto Components		-		952,530		-
Automobiles		-		34,115		-
Banks		-		6,009,454		-
Chemicals		-		42,297		-
Construction Materials		-		2,331,930		-
Containers & Packaging		174,946		1,706,205		-
Diversified Telecommunication Services		1,509,815		5,759,584		-
Electric Utilities		25,510,323		23,735,280		-
Food & Staples Retailing		-		5,779,984		-
Food Products		3,415,881		501,398		-
Health Care Providers & Services		-		5,928,944		-
Hotels, Restaurants & Leisure		7,345,584		129,030		-
Industrial Conglomerates		-		2,710,126		-
Insurance		1,472,736		1,083,450		-
Internet Software & Services		-		87,433		-
Marine		-		1,639,354		-
Media		3,256,309		6,208,917		-
Multiline Retail		892,723		988,363		-
Oil, Gas & Consumable Fuels		2,473,607		1,544,788		-
Pharmaceuticals		3,960,327		1,578,714		-
Real Estate Management & Development		-		20,835,542		-
Road & Rail		-		3,005,466		-
Specialty Retail		1,201,968		228,338		-
Technology Hardware, Storage & Peripherals		-		1,369,552		-
Textiles, Apparel & Luxury Goods		-		2,724,010		-
Tobacco		9,713,263		290,256		-
Wireless Telecommunication Services		-		8,898,871		-
All Other		38,850,723		-		-
Investment Companies		-		1,198,230		-
Total Assets	$	99,778,205	$	108,222,422	$	-


12	DECEMBER 31, 2016

INTECH Global Income Managed Volatility Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2016

See footnotes at the end of the Statement.



Assets:
	Investments, at cost		$	211,869,176
	Unaffiliated investments, at value⁽¹⁾			206,802,397
	Affiliated investments, at value			1,198,230
	Cash denominated in foreign currency⁽²⁾			88,825
	Non-interested Trustees' deferred compensation			3,861
	Receivables:
		Investments sold		3,922,493
		Fund shares sold		508,838
		Dividends		480,738
		Foreign tax reclaims		24,711
	Other assets			2,967
Total Assets				213,033,060
Liabilities:
	Due to custodian			3,022,228
	Collateral for securities loaned (Note 2)			1,198,230
	Payables:			—
		Fund shares repurchased		797,789
		Advisory fees		46,751
		Custodian fees		39,495
		Transfer agent fees and expenses		32,910
		12b-1 Distribution and shareholder servicing fees		22,901
		Professional fees		21,308
		Non-interested Trustees' deferred compensation fees		3,861
		Dividends		3,783
		Fund administration fees		1,870
		Non-interested Trustees' fees and expenses		1,664
		Accrued expenses and other payables		17,612
Total Liabilities				5,210,402
Net Assets			$	207,822,658


See Notes to Financial Statements.

Janus Investment Fund	13

INTECH Global Income Managed Volatility Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2016




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	215,087,067
	Undistributed net investment income/(loss)		(84,007)
	Undistributed net realized gain/(loss) from investments and foreign currency transactions		(3,309,701)
	Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation		(3,870,701)
Total Net Assets		$	207,822,658
Net Assets - Class A Shares		$	35,609,179
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,932,548
Net Asset Value Per Share⁽³⁾		$	12.14
Maximum Offering Price Per Share⁽⁴⁾		$	12.88
Net Assets - Class C Shares		$	16,135,784
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,337,877
Net Asset Value Per Share⁽³⁾		$	12.06
Net Assets - Class D Shares		$	51,610,172
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		4,260,836
Net Asset Value Per Share		$	12.11
Net Assets - Class I Shares		$	43,153,896
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,545,066
Net Asset Value Per Share		$	12.17
Net Assets - Class S Shares		$	322,849
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		26,637
Net Asset Value Per Share		$	12.12
Net Assets - Class T Shares		$	60,990,778
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		5,029,676
Net Asset Value Per Share		$	12.13

(1) Includes $1,167,380 of securities on loan. See Note 2 in Notes to Financial Statements.

(2) Includes cost of $88,825.

(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, 2016

INTECH Global Income Managed Volatility Fund

Statement of Operations (unaudited)

For the period ended December 31, 2016



Investment Income:
	Dividends		$	3,867,473
	Affiliated securities lending income, net			26,779
	Dividends from affiliates			9,022
	Other income			54
	Foreign tax withheld			(112,590)
Total Investment Income				3,790,738
Expenses:
	Advisory fees			620,551
	12b-1Distribution and shareholder servicing fees:
		Class A Shares		47,543
		Class C Shares		76,405
		Class S Shares		438
	Transfer agent administrative fees and expenses:
		Class D Shares		37,443
		Class S Shares		438
		Class T Shares		77,320
	Transfer agent networking and omnibus fees:
		Class A Shares		17,618
		Class C Shares		7,290
		Class I Shares		19,354
	Other transfer agent fees and expenses:
		Class A Shares		2,067
		Class C Shares		1,110
		Class D Shares		8,117
		Class I Shares		1,411
		Class T Shares		560
	Registration fees			87,355
	Custodian fees			46,172
	Professional fees			20,055
	Shareholder reports expense			19,198
	Fund administration fees			10,718
	Non-interested Trustees’ fees and expenses			4,600
	Other expenses			5,844
Total Expenses				1,111,607
Less: Excess Expense Reimbursement				(250,960)
Net Expenses				860,647
Net Investment Income/(Loss)				2,930,091
Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions			(3,155,901)
Total Net Realized Gain/(Loss) on Investments				(3,155,901)
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation			(9,791,841)
Total Change in Unrealized Net Appreciation/Depreciation				(9,791,841)
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	(10,017,651)


See Notes to Financial Statements.

Janus Investment Fund	15

INTECH Global Income Managed Volatility Fund

Statements of Changes in Net Assets



			Period ended December 31, 2016 (unaudited)		Year ended June 30, 2016

Operations:
	Net investment income/(loss)		$	2,930,091	$	1,851,339
	Net realized gain/(loss) on investments			(3,155,901)		(143,710)
	Change in unrealized net appreciation/depreciation			(9,791,841)		6,102,470
Net Increase/(Decrease) in Net Assets Resulting from Operations				(10,017,651)		7,810,099
Dividends and Distributions to Shareholders:
	Dividends from Net Investment Income
		Class A Shares		(558,136)		(240,755)
		Class C Shares		(172,174)		(76,970)
		Class D Shares		(946,115)		(574,558)
		Class I Shares		(772,435)		(266,119)
		Class S Shares		(4,899)		(5,398)
		Class T Shares		(934,743)		(346,275)
	Total Dividends from Net Investment Income			(3,388,502)		(1,510,075)
	Distributions from Net Realized Gain from Investment Transactions
		Class A Shares		(1,908)		(35,986)
		Class C Shares		(872)		(20,542)
		Class D Shares		(2,833)		(121,140)
		Class I Shares		(2,464)		(38,577)
		Class S Shares		(17)		(1,913)
		Class T Shares		(3,297)		(47,481)
	Total Distributions from Net Realized Gain from Investment Transactions			(11,391)		(265,639)
Net Decrease from Dividends and Distributions to Shareholders				(3,399,893)		(1,775,714)
Capital Share Transactions:
		Class A Shares		10,566,822		23,605,557
		Class C Shares		5,518,491		9,846,313
		Class D Shares		49,610		45,554,636
		Class I Shares		16,600,759		25,750,043
		Class S Shares		26,452		130,212
		Class T Shares		16,847,606		43,105,645
Net Increase/(Decrease) from Capital Share Transactions				49,609,740		147,992,406
Net Increase/(Decrease) in Net Assets				36,192,196		154,026,791
Net Assets:
	Beginning of period			171,630,462		17,603,671
	End of period		$	207,822,658	$	171,630,462

Undistributed Net Investment Income/(Loss)			$	(84,007)	$	374,404


See Notes to Financial Statements.

16	DECEMBER 31, 2016

INTECH Global Income Managed Volatility Fund

Financial Highlights


Class A Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and each year or period ended June 30			2016	2016	2015		2014	2013	2012⁽¹⁾
	Net Asset Value, Beginning of Period		$12.84	$11.45	$12.95		$11.60	$10.40	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.16⁽²⁾	0.42⁽²⁾	0.33⁽²⁾		0.57⁽²⁾	0.35	0.22
		Net realized and unrealized gain/(loss)	(0.68)	1.40	(1.08)		1.86	1.24	0.35
	Total from Investment Operations		(0.52)	1.82	(0.75)		2.43	1.59	0.57
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.18)	(0.30)	(0.44)		(0.43)	(0.39)	(0.17)
		Distributions (from capital gains)	—⁽³⁾	(0.13)	(0.31)		(0.65)	—	—
	Total Dividends and Distributions		(0.18)	(0.43)	(0.75)		(1.08)	(0.39)	(0.17)
	Net Asset Value, End of Period		$12.14	$12.84	$11.45		$12.95	$11.60	$10.40
	Total Return*		(4.05)%	16.28%	(5.79)%		21.79%	15.41%	5.70%
	Net Assets, End of Period (in thousands)		$35,609	$27,380	$2,816		$6,300	$1,625	$931
	Average Net Assets for the Period (in thousands)		$37,337	$8,512	$3,789		$4,861	$996	$881
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.08%	1.48%	1.90%		1.96%	2.69%	5.56%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.86%	0.83%	0.84%		0.81%	0.76%	1.02%
		Ratio of Net Investment Income/(Loss)	2.56%	3.47%	2.74%		4.62%	3.18%	4.01%
	Portfolio Turnover Rate		27%	41%	125%		51%	116%	24%
						1


Class C Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and each year or period ended June 30			2016	2016	2015	2014	2013	2012⁽¹⁾
	Net Asset Value, Beginning of Period		$12.75	$11.39	$12.89	$11.56	$10.37	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.11⁽²⁾	0.33⁽²⁾	0.24⁽²⁾	0.45⁽²⁾	0.27	0.19
		Net realized and unrealized gain/(loss)	(0.66)	1.38	(1.07)	1.87	1.22	0.35
	Total from Investment Operations		(0.55)	1.71	(0.83)	2.32	1.49	0.54
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.14)	(0.22)	(0.36)	(0.34)	(0.30)	(0.17)
		Distributions (from capital gains)	—⁽³⁾	(0.13)	(0.31)	(0.65)	—	—
	Total Dividends and Distributions		(0.14)	(0.35)	(0.67)	(0.99)	(0.30)	(0.17)
	Net Asset Value, End of Period		$12.06	$12.75	$11.39	$12.89	$11.56	$10.37
	Total Return*		(4.35)%	15.33%	(6.51)%	20.83%	14.50%	5.36%
	Net Assets, End of Period (in thousands)		$16,136	$11,529	$1,161	$999	$489	$940
	Average Net Assets for the Period (in thousands)		$14,982	$3,746	$1,136	$613	$793	$900
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.85%	2.17%	2.72%	2.70%	3.50%	6.25%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.63%	1.58%	1.61%	1.57%	1.51%	1.70%
		Ratio of Net Investment Income/(Loss)	1.78%	2.74%	2.03%	3.63%	2.26%	3.37%
	Portfolio Turnover Rate		27%	41%	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.

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


See Notes to Financial Statements.

Janus Investment Fund	17

INTECH Global Income Managed Volatility Fund

Financial Highlights


Class D Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and each year or period ended June 30			2016	2016	2015	2014	2013	2012⁽¹⁾
	Net Asset Value, Beginning of Period		$12.80	$11.42	$12.92	$11.58	$10.39	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.17⁽²⁾	0.44⁽²⁾	0.35⁽²⁾	0.56⁽²⁾	0.42	0.21
		Net realized and unrealized gain/(loss)	(0.66)	1.39	(1.07)	1.88	1.17	0.35
	Total from Investment Operations		(0.49)	1.83	(0.72)	2.44	1.59	0.56
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.20)	(0.32)	(0.47)	(0.45)	(0.40)	(0.17)
		Distributions (from capital gains)	—⁽³⁾	(0.13)	(0.31)	(0.65)	—	—
	Total Dividends and Distributions		(0.20)	(0.45)	(0.78)	(1.10)	(0.40)	(0.17)
	Net Asset Value, End of Period		$12.11	$12.80	$11.42	$12.92	$11.58	$10.39
	Total Return*		(3.89)%	16.43%	(5.62)%	21.92%	15.49%	5.60%
	Net Assets, End of Period (in thousands)		$51,610	$55,105	$7,265	$8,689	$4,706	$2,124
	Average Net Assets for the Period (in thousands)		$61,332	$19,737	$7,736	$6,297	$3,161	$1,727
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.89%	1.33%	1.89%	1.78%	2.57%	5.98%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.65%	0.65%	0.66%	0.66%	0.67%	1.32%
		Ratio of Net Investment Income/(Loss)	2.69%	3.60%	2.95%	4.51%	3.91%	4.09%
	Portfolio Turnover Rate		27%	41%	125%	51%	116%	24%


Class I Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and each year or period ended June 30			2016	2016	2015	2014	2013	2012⁽¹⁾
	Net Asset Value, Beginning of Period		$12.87	$11.47	$12.97	$11.62	$10.42	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.18⁽²⁾	0.45⁽²⁾	0.37⁽²⁾	0.56⁽²⁾	0.46	0.23
		Net realized and unrealized gain/(loss)	(0.68)	1.41	(1.08)	1.90	1.15	0.36
	Total from Investment Operations		(0.50)	1.86	(0.71)	2.46	1.61	0.59
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.20)	(0.33)	(0.48)	(0.46)	(0.41)	(0.17)
		Distributions (from capital gains)	—⁽³⁾	(0.13)	(0.31)	(0.65)	—	—
	Total Dividends and Distributions		(0.20)	(0.46)	(0.79)	(1.11)	(0.41)	(0.17)
	Net Asset Value, End of Period		$12.17	$12.87	$11.47	$12.97	$11.62	$10.42
	Total Return*		(3.92)%	16.61%	(5.49)%	22.09%	15.66%	5.90%
	Net Assets, End of Period (in thousands)		$43,154	$29,592	$2,596	$1,995	$1,571	$1,897
	Average Net Assets for the Period (in thousands)		$46,858	$8,765	$2,369	$1,855	$1,927	$1,542
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.81%	1.18%	1.65%	1.67%	2.45%	5.07%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.59%	0.58%	0.54%	0.52%	0.51%	0.75%
		Ratio of Net Investment Income/(Loss)	2.88%	3.72%	3.12%	4.54%	3.63%	4.64%
	Portfolio Turnover Rate		27%	41%	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.

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


See Notes to Financial Statements.

18	DECEMBER 31, 2016

INTECH Global Income Managed Volatility Fund

Financial Highlights


Class S Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and each year or period ended June 30			2016	2016	2015	2014	2013	2012⁽¹⁾
	Net Asset Value, Beginning of Period		$12.81	$11.43	$12.93	$11.58	$10.39	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.15⁽²⁾	0.37⁽²⁾	0.31⁽²⁾	0.46⁽²⁾	0.43	0.21
		Net realized and unrealized gain/(loss)	(0.66)	1.45	(1.07)	1.98	1.15	0.35
	Total from Investment Operations		(0.51)	1.82	(0.76)	2.44	1.58	0.56
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.18)	(0.31)	(0.43)	(0.44)	(0.39)	(0.17)
		Distributions (from capital gains)	—⁽³⁾	(0.13)	(0.31)	(0.65)	—	—
	Total Dividends and Distributions		(0.18)	(0.44)	(0.74)	(1.09)	(0.39)	(0.17)
	Net Asset Value, End of Period		$12.12	$12.81	$11.43	$12.93	$11.58	$10.39
	Total Return*		(4.04)%	16.32%	(5.93)%	21.99%	15.40%	5.60%
	Net Assets, End of Period (in thousands)		$323	$316	$163	$174	$286	$880
	Average Net Assets for the Period (in thousands)		$344	$204	$166	$199	$726	$872
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.23%	1.79%	2.10%	2.13%	2.96%	5.82%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.93%	0.77%	1.00%	0.77%	0.86%	1.26%
		Ratio of Net Investment Income/(Loss)	2.42%	3.06%	2.62%	3.72%	2.86%	3.77%
	Portfolio Turnover Rate		27%	41%	125%	51%	116%	24%


Class T Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and each year or period ended June 30			2016	2016	2015	2014	2013	2012⁽¹⁾
	Net Asset Value, Beginning of Period		$12.82	$11.44	$12.94	$11.60	$10.40	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.16⁽²⁾	0.45⁽²⁾	0.35⁽²⁾	0.55⁽²⁾	0.46	0.22
		Net realized and unrealized gain/(loss)	(0.66)	1.38	(1.08)	1.88	1.14	0.35
	Total from Investment Operations		(0.50)	1.83	(0.73)	2.43	1.60	0.57
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.19)	(0.32)	(0.46)	(0.44)	(0.40)	(0.17)
		Distributions (from capital gains)	—⁽³⁾	(0.13)	(0.31)	(0.65)	—	—
	Total Dividends and Distributions		(0.19)	(0.45)	(0.77)	(1.09)	(0.40)	(0.17)
	Net Asset Value, End of Period		$12.13	$12.82	$11.44	$12.94	$11.60	$10.40
	Total Return*		(3.93)%	16.33%	(5.70)%	21.84%	15.55%	5.70%
	Net Assets, End of Period (in thousands)		$60,991	$47,708	$3,603	$2,200	$615	$1,233
	Average Net Assets for the Period (in thousands)		$60,686	$11,120	$3,147	$855	$1,249	$1,093
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.98%	1.31%	1.87%	1.83%	2.69%	5.53%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.76%	0.75%	0.76%	0.71%	0.69%	1.03%
		Ratio of Net Investment Income/(Loss)	2.61%	3.68%	2.96%	4.49%	3.27%	4.09%
	Portfolio Turnover Rate		27%	41%	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.

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


See Notes to Financial Statements.

Janus Investment Fund	19

INTECH Global Income Managed Volatility Fund

Notes to Financial Statements (unaudited)

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 seeks long-term growth of capital and income. 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, 2016

INTECH Global Income Managed Volatility Fund

Notes to Financial Statements (unaudited)

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.

Financial assets of $7,781,733 were transferred out of Level 1 to Level 2 since certain foreign equity prices were applied a fair valuation adjustment factor at the end of the current period and no factor was applied at the end of the prior fiscal year.


Janus Investment Fund	21

INTECH Global Income Managed Volatility Fund

Notes to Financial Statements (unaudited)

Financial assets of $2,909,972 were transferred out of Level 2 to Level 1 since certain foreign equity prices were applied a fair valuation adjustment factor at the end of the prior fiscal year and no factor was applied at the end of the current period.

Investment Transactions and Investment Income

Expenses

Estimates

Indemnifications

Foreign Currency Translations

Dividends and Distributions

Dividends of net investment income are generally declared and distributed 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 the 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 Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.


22	DECEMBER 31, 2016

INTECH Global Income Managed Volatility Fund

Notes to Financial Statements (unaudited)

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

Federal Income Taxes

2. Other Investments and Strategies

Additional Investment Risk


Janus Investment Fund	23

INTECH Global Income Managed Volatility Fund

Notes to Financial Statements (unaudited)

Counterparties

Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund (“counterparty risk”). Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund’s exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund’s cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that Janus Capital believes to be creditworthy at the time of the transaction. There is always the risk that Janus Capital’s analysis of a counterparty’s creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.

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.

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 in accordance with the Agency Securities Lending and Repurchase Agreement. For financial reporting purposes, the Fund does not offset financial instruments’ payables and receivables and related collateral on the Statement of Assets and Liabilities. Securities on loan will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the SEC. The value of the collateral must be at least 102% of the market value of the loaned securities that are denominated in U.S. dollars and 105% of the market value of the loaned securities that are not denominated in U.S. dollars. Upon receipt of cash collateral, Janus Capital intends to invest the cash collateral in a cash management vehicle for which Janus Capital serves as investment adviser, Janus Cash Collateral Fund LLC. Loaned securities and related collateral are marked-to-market each business day based upon the market value of the loaned securities at the close of business, employing the most recent available pricing information. Collateral levels are then adjusted based on this mark-to-market evaluation.

The 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

			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Assets		or Liability^(a)		Pledged^(b)		Net Amount

Deutsche Bank AG		$	1,167,380	$	—	$	(1,167,380)	$	—

(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.


24	DECEMBER 31, 2016

INTECH Global Income Managed Volatility Fund

Notes to Financial Statements (unaudited)

Real Estate Investing

Securities Lending

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

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

The value of the collateral must be at least 102% of the market value of the loaned securities that are denominated in U.S. dollars and 105% of the market value of the loaned securities that are not denominated in U.S. dollars. Loaned securities and related collateral are marked-to-market each business day based upon the market value of the loaned securities at the close of business, employing the most recent available pricing information. Collateral levels are then adjusted based on this mark-to-market evaluation.

The cash collateral invested by Janus Capital is disclosed in the Schedule of Investments (if applicable). Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations. As of December 31, 2016, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $1,167,380 for equity securities. Gross amounts of recognized liabilities for securities lending (collateral received) as of December 31, 2016 is $1,198,230, resulting in the net amount due to the counterparty of $30,850.

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% of its average daily net assets.


Janus Investment Fund	25

INTECH Global Income Managed Volatility Fund

Notes to Financial Statements (unaudited)

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, 2016

INTECH Global Income Managed Volatility Fund

Notes to Financial Statements (unaudited)

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

Notes to Financial Statements (unaudited)

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, 2016, Janus Distributors retained upfront sales charges of $18,619.

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, 2016, redeeming shareholders of Class C Shares paid CDSCs of $1,864.

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


Class		% of Class Owned		% of Fund Owned
Class A Shares		-	%	-	%
Class C Shares		-		-
Class D Shares		-		-
Class I Shares		-		-
Class S Shares		48		-*
Class T Shares		-		-

*	Less than 0.50%

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.


28	DECEMBER 31, 2016

INTECH Global Income Managed Volatility Fund

Notes to Financial Statements (unaudited)

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, 2016 are noted below.


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 212,363,824	$ 4,224,281	$ (8,587,478)	$ (4,363,197)

5. Capital Share Transactions



	Period ended December 31, 2016		Year ended June 30, 2016
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	1,788,429	$22,859,217	2,158,209	$26,893,110
Reinvested dividends and distributions	44,255	553,842	22,508	276,634
Shares repurchased	(1,033,219)	(12,846,237)	(293,569)	(3,564,187)
Net Increase/(Decrease)	799,465	$10,566,822	1,887,148	$23,605,557
Class C Shares:
Shares sold	631,107	$ 7,957,364	1,028,622	$12,683,048
Reinvested dividends and distributions	13,321	165,087	7,052	85,609
Shares repurchased	(210,490)	(2,603,960)	(233,632)	(2,922,344)
Net Increase/(Decrease)	433,938	$ 5,518,491	802,042	$ 9,846,313
Class D Shares:
Shares sold	1,950,610	$24,817,454	4,575,397	$56,832,685
Reinvested dividends and distributions	75,032	937,648	54,399	665,204
Shares repurchased	(2,068,457)	(25,705,492)	(962,183)	(11,943,253)
Net Increase/(Decrease)	(42,815)	$ 49,610	3,667,613	$45,554,636
Class I Shares:
Shares sold	3,243,429	$41,442,341	2,291,111	$28,481,961
Reinvested dividends and distributions	60,283	756,089	23,575	291,154
Shares repurchased	(2,058,420)	(25,597,671)	(241,156)	(3,023,072)
Net Increase/(Decrease)	1,245,292	$16,600,759	2,073,530	$25,750,043
Class S Shares:
Shares sold	4,010	$ 52,000	13,428	$ 168,151
Reinvested dividends and distributions	393	4,916	610	7,311
Shares repurchased	(2,449)	(30,464)	(3,636)	(45,250)
Net Increase/(Decrease)	1,954	$ 26,452	10,402	$ 130,212
Class T Shares:
Shares sold	3,492,410	$44,360,774	4,226,424	$52,898,744
Reinvested dividends and distributions	75,122	937,951	31,787	393,645
Shares repurchased	(2,259,807)	(28,451,119)	(851,173)	(10,186,744)
Net Increase/(Decrease)	1,307,725	$16,847,606	3,407,038	$43,105,645

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
$113,201,301	$ 57,713,457	$ -	$ -


Janus Investment Fund	29

INTECH Global Income Managed Volatility Fund

Notes to Financial Statements (unaudited)

7. Merger Related Matters

In addition, the Fund’s name will change to reflect “Janus Henderson” as part of the Fund’s name.

8. Subsequent Event


30	DECEMBER 31, 2016

INTECH Global Income Managed Volatility Fund

Notes to Financial Statements (unaudited)

Proxy Voting Policies and Voting Record

Quarterly Portfolio Holdings

Approval of Advisory and Sub-Advisory Agreements with Janus and Janus Affiliates during the Period


Janus Investment Fund	31

INTECH Global Income Managed Volatility Fund

Additional Information (unaudited)


32	DECEMBER 31, 2016

INTECH Global Income Managed Volatility Fund

Additional Information (unaudited)

Capital, and the Funds of receiving research services from broker/dealer firms in connection with the allocation of portfolio transactions to such firms.

In connection with its deliberations, the Board received assurances from Janus, on behalf of itself and its affiliates (collectively, “Janus”) including the following:

· Janus has provided to the Board such information as it believes is reasonably necessary to evaluate the New Advisory Agreements and New Sub-Advisory Agreements.

· Janus is committed to the continuance, without interruption, of services to the Funds of at least the type and quality currently provided by Janus Capital and its affiliates, or superior thereto.

· The intent of Janus Capital to take the necessary and appropriate steps to retain and attract its key investment advisory personnel.


Janus Investment Fund	33

INTECH Global Income Managed Volatility Fund

Additional Information (unaudited)

Approval of Interim Advisory and Sub-Advisory Agreements with Janus and Janus Affiliates during the Period


34	DECEMBER 31, 2016

INTECH Global Income Managed Volatility Fund

Additional Information (unaudited)

Approval of Sub-Advisory Agreements with Henderson Investment Management Limited during the Period

· the terms of each HIML Sub-Advisory Agreement;

· the ability of HIML to attract and retain high-quality personnel and the organizational depth of HIML;

· under each HIML Sub-Advisory Agreement, Janus Capital would be responsible for paying HIML out of its fees;

· the potential for economies of scale with respect to the overall fee structure of each HIML Fund and whether either Fund will benefit from any economies of scale; and

· the costs of seeking approval of the HIML Sub-Advisory Agreements will not be borne by the HIML Funds.


Janus Investment Fund	35

INTECH Global Income Managed Volatility Fund

Additional Information (unaudited)

Renewal of Investment Advisory and Sub-Advisory Agreements for INTECH U.S. Core Fund


36	DECEMBER 31, 2016

INTECH Global Income Managed Volatility Fund

Additional Information (unaudited)

Management Commentary

Performance Overviews

Schedule of Investments

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.

Tables listing details of individual forward currency contracts, futures, written options, swaptions, 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	37

INTECH Global Income Managed Volatility Fund

Useful Information About Your Fund Report (unaudited)

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.

Statements of Changes in Net Assets

Financial Highlights


38	DECEMBER 31, 2016

INTECH Global Income Managed Volatility Fund

Useful Information About Your Fund Report (unaudited)

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


Janus Investment Fund	39

INTECH Global Income Managed Volatility Fund

Useful Information About Your Fund Report (unaudited)

NotesPage1


40	DECEMBER 31, 2016

INTECH Global Income Managed Volatility Fund

Notes

NotesPage2


Janus Investment Fund	41

INTECH Global Income Managed Volatility Fund

Notes

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

Fixed Income

Global & International

Growth & Core

Mathematical

Value

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).

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-0217-7546

125-24-93013 02-17


42	DECEMBER 31, 2016



	SEMIANNUAL REPORT December 31, 2016

INTECH International Managed Volatility Fund

Janus Investment Fund

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

Table of Contents

INTECH International Managed Volatility Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	15
Statement of Assets and Liabilities	16
Statement of Operations	18
Statements of Changes in Net Assets	19
Financial Highlights	20
Notes to Financial Statements	24
Additional Information	36
Useful Information About Your Fund Report	42

INTECH International Managed Volatility Fund (unaudited)

FUND SNAPSHOT

INTECH’s active approach focuses on adding value by selecting stocks with unique volatility characteristics and low correlations to one another.

Managed by

INTECH Investment

Management LLC

PERFORMANCE OVERVIEW

For the six-month period ended December 31, 2016, INTECH International Managed Volatility Fund’s Class I Shares returned -5.95%. This compares to the 5.67% return posted by the MSCI EAFE Index, the Fund’s benchmark.

INVESTMENT STRATEGY

The investment process begins with the stocks in the MSCI EAFE 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 International 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 EAFE Index return advanced by 5.67% for the six-month period ending December 31, 2016. INTECH International Managed Volatility Fund underperformed the MSCI EAFE Index over the period and generated a return of -5.95%.

The Fund’s defensive positioning acted as significant headwind to relative performance as investors’ risk appetites increased in international equity markets during the period. On average, the Fund was overweight lower volatility stocks, or stocks with a lower total risk (standard deviation of returns), as well as lower beta stocks, or stocks with lower sensitivity to market movements. During the period, higher volatility and higher beta stocks strongly outperformed lower volatility and lower beta stocks, as well as the overall market, on average. Consequently, the Fund’s overweight to lower volatility and lower beta stocks detracted from the Fund’s relative return for 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 was adversely impacted by an average underweight allocation to the financials sector, which was the strongest performing sector during the period, as well as average overweight allocations to the real estate and utilities sectors. Stock selection, which is a residual of the investment process, also detracted from the Fund’s relative performance during the period, especially within the industrials, consumer discretionary, and materials sectors.

An overall increase in market diversity over the past six months reflected a change in the distribution of capital, in which smaller cap stocks outperformed larger cap stocks on average within the MSCI EAFE Index. While the INTECH International Managed Volatility Fund, which tends to overweight smaller cap stocks as they provide more relative volatility capture potential, benefited from the overall increase in market diversity during the period, the Fund was negatively impacted by its current defensive positioning and underperformed during the period.


Janus Investment Fund	1

INTECH International Managed Volatility Fund (unaudited)

OUTLOOK

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

Thank you for your investment in INTECH International Managed Volatility Fund.


2	DECEMBER 31, 2016

INTECH International Managed Volatility Fund (unaudited)

Fund At A Glance

December 31, 2016


5 Largest Equity Holdings - (% of Net Assets)
CLP Holdings Ltd
Electric Utilities	2.4%
adidas AG
Textiles, Apparel & Luxury Goods	2.3%
Nestle SA
Food Products	1.8%
Link REIT
Equity Real Estate Investment Trusts (REITs)	1.6%
Nippon Building Fund Inc
Equity Real Estate Investment Trusts (REITs)	1.4%
	9.5%


Asset Allocation - (% of Net Assets)
Common Stocks	99.6%
Investment Companies	1.3%
Preferred Stocks	0.2%
Other		(1.1)%
		100.0%

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

As of December 31, 2016

As of June 30, 2016


Janus Investment Fund	3

INTECH International Managed Volatility Fund (unaudited)

Performance

See important disclosures on the next page.



					Expense Ratios -
Average Annual Total Return - for the periods ended December 31, 2016					per the October 28, 2016 prospectuses
	Fiscal Year-to-Date	One Year	Five Year	Since Inception*	Total Annual Fund Operating Expenses	Net Annual Fund Operating Expenses
Class A Shares at NAV	-5.98%	-4.42%	6.60%	-0.04%	1.24%	1.24%
Class A Shares at MOP	-11.43%	-9.94%	5.35%	-0.65%
Class C Shares at NAV	-6.37%	-5.16%	6.36%	-0.32%	1.94%	1.94%
Class C Shares at CDSC	-7.30%	-6.10%	6.36%	-0.32%
Class D Shares⁽¹⁾	-5.95%	-4.37%	6.83%	-0.02%	1.17%	1.10%
Class I Shares	-5.95%	-4.25%	6.92%	0.12%	0.87%	0.87%
Class N Shares	-5.95%	-4.25%	6.92%	0.12%	0.86%	0.86%
Class S Shares	-6.10%	-4.66%	6.63%	-0.07%	1.40%	1.40%
Class T Shares	-5.92%	-4.34%	6.67%	-0.77%	1.16%	1.16%
MSCI EAFE Index	5.67%	1.00%	6.53%	-0.10%
Morningstar Quartile - Class I Shares	-	3rd	2nd	3rd
Morningstar Ranking - based on total returns for Foreign Large Blend Funds	-	252/372	104/313	183/265

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, 2017.


4	DECEMBER 31, 2016

INTECH International Managed Volatility Fund (unaudited)

Performance

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

Class A Shares, Class C Shares, Class I Shares, and Class S Shares commenced operations on July 6, 2009, after the reorganization of each class of the predecessor fund into corresponding shares of the Fund. Performance shown for each class for periods prior to July 6, 2009, reflects the historical performance of each corresponding class of the predecessor fund prior to the reorganization, calculated using the fees and expenses of the corresponding class of the predecessor fund respectively, net of any applicable fee and expense limitations or waivers.

Class D Shares commenced operations on April 24, 2015. Performance shown for periods prior to April 24, 2015, reflects the historical performance of the Fund’s Class I Shares, calculated using the fees and expenses of Class D Shares, without the effect of any applicable fee and expense limitations or waivers.

Class T Shares commenced operations on July 6, 2009. Performance shown for periods prior to July 6, 2009, reflects the historical performance of the predecessor fund’s Class I Shares, calculated using the fees and expenses of Class T Shares, without the effect of any fee and expense limitations or waivers.

Class N Shares commenced operations on October 28, 2016. Performance shown for periods prior to October 28, 2016, reflects the historical performance of the Fund’s and predecessor fund’s Class I Shares, calculated using the fees and expenses of Class I Shares, net of any applicable fee and expense limitations or waivers.

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

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

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

See “Useful Information About Your Fund Report.”

* The predecessor Fund’s inception date – May 2, 2007

(1) Closed to certain new investors.


Janus Investment Fund	5

INTECH International Managed Volatility Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (7/1/16)	Ending Account Value (12/31/16)	Expenses Paid During Period (7/1/16 - 12/31/16)*	Beginning Account Value (7/1/16)	Ending Account Value (12/31/16)	Expenses Paid During Period (7/1/16 - 12/31/16)†	Net Annualized Expense Ratio (7/1/16 - 12/31/16)
Class A Shares		$1,000.00	$940.20	$5.28	$1,000.00	$1,019.76	$5.50	1.08%
Class C Shares		$1,000.00	$936.30	$8.98	$1,000.00	$1,015.93	$9.35	1.84%
Class D Shares		$1,000.00	$940.50	$4.55	$1,000.00	$1,020.52	$4.74	0.93%
Class I Shares		$1,000.00	$940.50	$3.62	$1,000.00	$1,021.48	$3.77	0.74%
Class N Shares		$1,000.00	$940.50	$1.43	$1,000.00	$1,021.02	$4.23	0.83%
Class S Shares		$1,000.00	$939.00	$5.96	$1,000.00	$1,019.06	$6.21	1.22%
Class T Shares		$1,000.00	$940.80	$4.75	$1,000.00	$1,020.32	$4.94	0.97%
*	Actual Expenses Paid During Period for Class N Shares reflect only the inception period for the Fund (October 28, 2016 to December 31, 2016) and are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 65/365 (to reflect the period). Therefore, actual expenses shown are lower than would be expected for a six-month period. For all other share classes, the Actual Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
†	Hypothetical Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (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, 2016

INTECH International Managed Volatility Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares			Value
Common Stocks – 99.6%
Aerospace & Defense – 1.4%
	Elbit Systems Ltd	1,306	$131,957
	Thales SA	14,068	1,362,907
			1,494,864
Air Freight & Logistics – 0.1%
	Yamato Holdings Co Ltd	3,900	79,070
Airlines – 0.5%
	Singapore Airlines Ltd	85,700	570,941
Auto Components – 1.4%
	Aisin Seiki Co Ltd	1,100	47,610
	Bridgestone Corp	9,000	323,791
	Denso Corp	1,700	73,448
	Koito Manufacturing Co Ltd	2,600	137,311
	NOK Corp	4,300	86,860
	Stanley Electric Co Ltd	18,900	515,240
	Sumitomo Rubber Industries Ltd	11,100	175,611
	Yokohama Rubber Co Ltd	7,200	128,368
			1,488,239
Automobiles – 0.8%
	Ferrari NV	2,445	142,222
	Suzuki Motor Corp	9,400	330,009
	Toyota Motor Corp	4,300	251,064
	Yamaha Motor Co Ltd	8,400	184,323
			907,618
Banks – 4.3%
	ABN AMRO Group NV	2,276	50,406
	Bank Hapoalim BM	157,423	934,974
	Bank Leumi Le-Israel BM*	152,575	627,349
	Bank of East Asia Ltd	38,200	145,736
	Bendigo & Adelaide Bank Ltd	21,068	192,734
	BNP Paribas SA	787	50,126
	BOC Hong Kong Holdings Ltd	138,500	495,882
	CaixaBank SA	9,130	30,156
	Danske Bank A/S	953	28,909
	Hang Seng Bank Ltd	62,700	1,162,121
	HSBC Holdings PLC	40,335	326,080
	Mizrahi Tefahot Bank Ltd	9,394	137,235
	Nordea Bank AB	8,168	90,847
	Raiffeisen Bank International AG*	7,916	144,790
	Resona Holdings Inc	6,800	35,002
	Skandinaviska Enskilda Banken AB	3,078	32,292
	Suruga Bank Ltd	1,500	33,398
	Svenska Handelsbanken AB	4,518	62,801
	Swedbank AB	1,368	33,078
	Yamaguchi Financial Group Inc	6,000	65,205
			4,679,121
Beverages – 1.0%
	Asahi Group Holdings Ltd	1,100	34,687
	Coca-Cola Amatil Ltd	4,706	34,312
	Coca-Cola European Partners PLC	2,707	85,400
	Kirin Holdings Co Ltd	56,500	917,410
			1,071,809
Biotechnology – 2.4%
	Actelion Ltd*	6,585	1,423,753
	CSL Ltd	16,710	1,206,882
			2,630,635
Building Products – 0.5%
	Daikin Industries Ltd	1,900	174,024
	Geberit AG	686	274,613


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

Janus Investment Fund	7

INTECH International Managed Volatility Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares			Value
Common Stocks – (continued)
Building Products – (continued)
	LIXIL Group Corp	6,200	$140,520
			589,157
Capital Markets – 1.3%
	Partners Group Holding AG	3,057	1,431,114
Chemicals – 7.8%
	Air Water Inc	6,300	113,445
	Arkema SA	1,437	140,366
	Asahi Kasei Corp	86,000	748,819
	BASF SE	504	46,997
	Chr Hansen Holding A/S	961	53,168
	Covestro AG	5,867	403,553
	EMS-Chemie Holding AG	1,270	645,473
	Givaudan SA	299	547,939
	Hitachi Chemical Co Ltd	4,300	107,317
	JSR Corp	14,700	231,323
	Kansai Paint Co Ltd	19,200	353,135
	Koninklijke DSM NV	2,088	124,983
	Kuraray Co Ltd	17,300	258,909
	LANXESS AG	2,022	132,467
	Mitsubishi Chemical Holdings Corp	5,100	32,869
	Mitsubishi Gas Chemical Co Inc	28,600	487,048
	Mitsui Chemicals Inc	61,000	273,326
	Nippon Paint Holdings Co Ltd	6,200	168,054
	Nissan Chemical Industries Ltd	8,200	273,396
	Orica Ltd	15,871	201,560
	Shin-Etsu Chemical Co Ltd	1,400	107,913
	Sika AG	298	1,431,867
	Solvay SA	283	33,116
	Symrise AG	2,073	126,070
	Syngenta AG	872	344,700
	Toray Industries Inc	72,000	582,014
	Umicore SA	11,471	652,824
			8,622,651
Commercial Services & Supplies – 0.8%
	ISS A/S	17,496	589,636
	Park24 Co Ltd	6,800	184,274
	Societe BIC SA	92	12,503
	Toppan Printing Co Ltd	10,000	95,315
			881,728
Construction & Engineering – 1.3%
	CIMIC Group Ltd	4,822	121,204
	JGC Corp	11,900	215,509
	Kajima Corp	36,000	248,559
	Obayashi Corp	24,300	231,604
	Skanska AB	6,997	164,982
	Taisei Corp	41,000	286,615
	Vinci SA	2,624	178,457
			1,446,930
Construction Materials – 0.8%
	CRH PLC	2,251	77,788
	Fletcher Building Ltd	94,824	696,321
	Taiheiyo Cement Corp	24,000	75,743
			849,852
Distributors – 0%
	Jardine Cycle & Carriage Ltd	1,700	48,132
Diversified Financial Services – 0.1%
	L E Lundbergforetagen AB	2,519	154,475
Diversified Telecommunication Services – 2.1%
	Bezeq The Israeli Telecommunication Corp Ltd	339,720	645,504


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

8	DECEMBER 31, 2016

INTECH International Managed Volatility Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares			Value
Common Stocks – (continued)
Diversified Telecommunication Services – (continued)
	HKT Trust & HKT Ltd	498,000	$609,511
	Nippon Telegraph & Telephone Corp	2,000	84,082
	Singapore Telecommunications Ltd	52,900	132,791
	Spark New Zealand Ltd	300,831	711,077
	TPG Telecom Ltd^#	30,448	149,403
			2,332,368
Electric Utilities – 4.3%
	Cheung Kong Infrastructure Holdings Ltd	55,000	437,464
	CLP Holdings Ltd	291,500	2,663,653
	HK Electric Investments & HK Electric Investments Ltd	316,500	260,965
	Power Assets Holdings Ltd	153,500	1,352,398
			4,714,480
Electrical Equipment – 0.7%
	ABB Ltd*	3,421	72,038
	Mabuchi Motor Co Ltd	3,100	161,009
	Mitsubishi Electric Corp	12,100	168,231
	Nidec Corp	4,200	361,247
			762,525
Electronic Equipment, Instruments & Components – 3.2%
	Alps Electric Co Ltd	6,400	154,077
	Hamamatsu Photonics KK	2,400	62,964
	Hirose Electric Co Ltd	700	86,574
	Hitachi High-Technologies Corp	5,300	213,352
	Keyence Corp	1,200	822,320
	Kyocera Corp	900	44,645
	Nippon Electric Glass Co Ltd	39,000	210,440
	Omron Corp	9,200	352,145
	TDK Corp	900	61,721
	Yaskawa Electric Corp	51,200	794,282
	Yokogawa Electric Corp	50,000	722,060
			3,524,580
Equity Real Estate Investment Trusts (REITs) – 9.2%
	CapitaLand Commercial Trust	262,800	267,156
	Daiwa House REIT Investment Corp	231	584,215
	Dexus Property Group	99,987	695,839
	Gecina SA	1,494	206,520
	Japan Prime Realty Investment Corp	132	520,074
	Japan Real Estate Investment Corp	215	1,172,663
	Japan Retail Fund Investment Corp	460	931,782
	Link REIT	272,500	1,759,755
	Nippon Building Fund Inc	276	1,529,523
	Nippon Prologis REIT Inc	244	498,906
	Nomura Real Estate Master Fund Inc	580	877,290
	Suntec Real Estate Investment Trust	237,700	269,592
	United Urban Investment Corp	453	689,516
	Vicinity Centres	37,556	81,221
			10,084,052
Food & Staples Retailing – 1.3%
	Colruyt SA	10,635	526,024
	FamilyMart UNY Holdings Co Ltd	8,600	571,428
	Koninklijke Ahold Delhaize NV	1,253	26,369
	Tesco PLC*	8,735	22,231
	Wesfarmers Ltd	10,891	330,581
			1,476,633
Food Products – 4.3%
	Barry Callebaut AG*	198	242,392
	Chocoladefabriken Lindt & Spruengli AG (PC)	15	77,713
	Chocoladefabriken Lindt & Spruengli AG (REG)	2	121,514
	Marine Harvest ASA*	34,104	615,409


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

Janus Investment Fund	9

INTECH International Managed Volatility Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares			Value
Common Stocks – (continued)
Food Products – (continued)
	MEIJI Holdings Co Ltd	12,800	$1,004,259
	Nestle SA	27,212	1,952,386
	NH Foods Ltd	3,000	81,004
	Nissin Foods Holdings Co Ltd	1,800	94,466
	Tate & Lyle PLC	17,842	155,363
	Toyo Suisan Kaisha Ltd	9,400	340,046
			4,684,552
Gas Utilities – 1.8%
	Hong Kong & China Gas Co Ltd	844,020	1,492,052
	Toho Gas Co Ltd	46,000	373,637
	Tokyo Gas Co Ltd	24,000	108,355
			1,974,044
Health Care Equipment & Supplies – 3.5%
	Cochlear Ltd	9,216	813,409
	Coloplast A/S	1,606	108,091
	Hoya Corp	1,800	75,451
	Sonova Holding AG	7,900	956,109
	Terumo Corp	41,300	1,521,767
	William Demant Holding A/S*	21,250	369,555
			3,844,382
Health Care Providers & Services – 1.7%
	Fresenius Medical Care AG & Co KGaA	226	19,158
	Fresenius SE & Co KGaA	1,839	143,631
	Ramsay Health Care Ltd	10,284	506,846
	Ryman Healthcare Ltd	64,337	362,879
	Sonic Healthcare Ltd	51,530	795,089
			1,827,603
Health Care Technology – 0.1%
	M3 Inc	4,500	113,284
Hotels, Restaurants & Leisure – 2.7%
	Aristocrat Leisure Ltd	97,361	1,086,106
	Carnival PLC	898	45,489
	Compass Group PLC	1,184	21,820
	Domino's Pizza Enterprises Ltd	2,849	132,663
	Galaxy Entertainment Group Ltd	82,000	352,796
	McDonald's Holdings Co Japan Ltd^#	10,900	284,944
	Melco Crown Entertainment Ltd (ADR)	13,200	209,880
	Sands China Ltd	40,400	173,760
	Sodexo SA	1,009	115,930
	Tabcorp Holdings Ltd	170,267	590,618
			3,014,006
Household Durables – 1.8%
	Nikon Corp	4,000	61,978
	SEB SA	1,311	177,618
	Sekisui Chemical Co Ltd	5,300	84,360
	Sony Corp	24,300	675,410
	Techtronic Industries Co Ltd	285,000	1,020,993
			2,020,359
Household Products – 0.2%
	Lion Corp	13,000	213,111
Independent Power and Renewable Electricity Producers – 0.3%
	Meridian Energy Ltd	151,802	273,516
Industrial Conglomerates – 1.2%
	CK Hutchison Holdings Ltd	33,000	372,560
	Koninklijke Philips NV	1,473	44,892
	Toshiba Corp*	392,000	947,212
			1,364,664
Information Technology Services – 0.9%
	Atos SE	1,947	205,364


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

10	DECEMBER 31, 2016

INTECH International Managed Volatility Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares			Value
Common Stocks – (continued)
Information Technology Services – (continued)
	Fujitsu Ltd	150,000	$830,999
			1,036,363
Insurance – 1.1%
	AIA Group Ltd	67,600	378,327
	Gjensidige Forsikring ASA	12,977	206,042
	Sompo Holdings Inc	800	27,017
	Swiss Life Holding AG*	617	174,624
	Swiss Re AG	3,507	332,354
	T&D Holdings Inc	7,400	97,456
	Zurich Insurance Group AG*	151	41,486
			1,257,306
Internet & Direct Marketing Retail – 0.1%
	Rakuten Inc	10,200	99,825
Internet Software & Services – 0.1%
	DeNA Co Ltd	6,700	145,972
Leisure Products – 0.3%
	Bandai Namco Holdings Inc	2,800	77,090
	Sega Sammy Holdings Inc	9,600	142,564
	Shimano Inc	900	140,889
			360,543
Life Sciences Tools & Services – 0.9%
	Eurofins Scientific SE	328	139,714
	Lonza Group AG*	4,693	811,582
			951,296
Machinery – 4.5%
	Amada Holdings Co Ltd	4,100	45,662
	Atlas Copco AB - Class A	7,528	228,933
	Atlas Copco AB - Class B	4,497	122,451
	FANUC Corp	4,700	794,875
	GEA Group AG	2,433	97,509
	Hitachi Construction Machinery Co Ltd	8,400	181,377
	Hoshizaki Corp	3,200	252,994
	IHI Corp*	105,000	272,275
	Komatsu Ltd	29,400	663,678
	Makita Corp	5,800	388,041
	MAN SE	5,860	581,982
	Metso OYJ	2,989	85,069
	Nabtesco Corp	15,000	348,279
	NSK Ltd	9,300	107,279
	Schindler Holding AG (PC)	604	106,392
	Schindler Holding AG (REG)	1,152	201,288
	SMC Corp/Japan	200	47,600
	Sumitomo Heavy Industries Ltd	35,000	224,801
	THK Co Ltd	7,800	171,939
			4,922,424
Marine – 0.5%
	Kuehne + Nagel International AG	4,252	561,506
Media – 0.6%
	Hakuhodo DY Holdings Inc	5,700	70,068
	Publicis Groupe SA	336	23,176
	RTL Group SA	1,260	92,339
	Singapore Press Holdings Ltd	96,300	234,251
	Telenet Group Holding NV*	3,481	193,110
	Toho Co Ltd/Tokyo	1,200	33,918
			646,862
Metals & Mining – 3.7%
	Alumina Ltd	40,388	53,123
	Boliden AB	7,637	199,040
	Fortescue Metals Group Ltd	236,741	999,497


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

Janus Investment Fund	11

INTECH International Managed Volatility Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares			Value
Common Stocks – (continued)
Metals & Mining – (continued)
	Fresnillo PLC	38,859	$576,976
	Glencore PLC*	7,799	26,209
	Hitachi Metals Ltd	15,000	202,721
	Newcrest Mining Ltd	66,197	933,157
	Rio Tinto Ltd	3,083	132,593
	Rio Tinto PLC	591	22,502
	South32 Ltd	466,855	921,094
			4,066,912
Multiline Retail – 0.4%
	J Front Retailing Co Ltd	13,800	185,477
	Takashimaya Co Ltd	31,000	255,247
			440,724
Multi-Utilities – 1.0%
	AGL Energy Ltd	15,499	246,543
	DUET Group	329,755	651,511
	National Grid PLC	20,330	237,727
			1,135,781
Oil, Gas & Consumable Fuels – 1.4%
	Caltex Australia Ltd	6,368	139,778
	Idemitsu Kosan Co Ltd	7,700	204,138
	Inpex Corp	8,000	79,880
	Neste Oyj	9,998	383,754
	OMV AG	1,996	70,302
	Snam SpA	31,060	127,742
	TonenGeneral Sekiyu KK	47,000	494,679
			1,500,273
Personal Products – 0.1%
	L'Oreal SA	647	117,929
Pharmaceuticals – 3.0%
	Astellas Pharma Inc	13,400	185,764
	AstraZeneca PLC	3,686	199,871
	Merck KGaA	4,421	461,312
	Mitsubishi Tanabe Pharma Corp	32,300	632,786
	Novartis AG	4,727	343,937
	Orion Oyj	1,924	85,620
	Otsuka Holdings Co Ltd	3,100	134,895
	Sumitomo Dainippon Pharma Co Ltd	32,700	561,559
	Teva Pharmaceutical Industries Ltd (ADR)	9,752	353,510
	UCB SA	5,979	382,649
			3,341,903
Professional Services – 0.4%
	Experian PLC	3,485	67,445
	Recruit Holdings Co Ltd	6,600	264,330
	SGS SA	40	81,255
			413,030
Real Estate Management & Development – 5.0%
	Azrieli Group Ltd	6,959	301,336
	Cheung Kong Property Holdings Ltd	11,000	66,709
	Daito Trust Construction Co Ltd	900	135,189
	Deutsche Wohnen AG	23,531	737,807
	Hang Lung Group Ltd	57,000	198,160
	Hang Lung Properties Ltd	102,000	213,582
	Hysan Development Co Ltd	76,000	313,334
	New World Development Co Ltd	936,000	981,157
	Sun Hung Kai Properties Ltd	7,000	87,645
	Swire Properties Ltd	102,200	280,057
	Swiss Prime Site AG*	11,951	978,324
	Vonovia SE	873	28,433
	Wharf Holdings Ltd	97,000	637,475


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

12	DECEMBER 31, 2016

INTECH International Managed Volatility Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares			Value
Common Stocks – (continued)
Real Estate Management & Development – (continued)
	Wheelock & Co Ltd	97,000	$544,519
			5,503,727
Road & Rail – 2.8%
	ComfortDelGro Corp Ltd	308,800	524,687
	DSV A/S	6,445	286,781
	Keikyu Corp	53,000	613,507
	MTR Corp Ltd	231,000	1,116,706
	Nagoya Railroad Co Ltd	75,000	362,302
	Nippon Express Co Ltd	28,000	150,418
			3,054,401
Semiconductor & Semiconductor Equipment – 1.3%
	ASM Pacific Technology Ltd	17,700	187,390
	Infineon Technologies AG	5,334	92,435
	Rohm Co Ltd	3,300	189,408
	STMicroelectronics NV	45,662	517,639
	Tokyo Electron Ltd	4,700	443,166
			1,430,038
Software – 1.3%
	Check Point Software Technologies Ltd*	2,700	228,042
	Dassault Systemes SE	2,821	214,875
	Konami Holdings Corp	14,900	600,427
	Nexon Co Ltd	1,800	26,017
	Nintendo Co Ltd	200	41,814
	Oracle Corp Japan	2,200	110,722
	SAP SE	1,878	164,104
			1,386,001
Specialty Retail – 0.3%
	Fast Retailing Co Ltd	200	71,364
	Nitori Holdings Co Ltd	1,900	217,149
	Yamada Denki Co Ltd	15,100	81,227
			369,740
Technology Hardware, Storage & Peripherals – 0.7%
	Brother Industries Ltd	43,700	785,955
Textiles, Apparel & Luxury Goods – 3.4%
	adidas AG	15,889	2,510,748
	Hermes International	1,102	451,869
	Kering	875	196,133
	Luxottica Group SpA	576	31,021
	Yue Yuen Industrial Holdings Ltd	148,500	537,562
			3,727,333
Tobacco – 0.3%
	Swedish Match AB	10,720	340,729
Trading Companies & Distributors – 0.9%
	Ashtead Group PLC	4,565	88,426
	ITOCHU Corp	5,500	72,910
	MISUMI Group Inc	2,500	41,034
	Mitsubishi Corp	18,300	388,911
	Mitsui & Co Ltd	15,500	212,613
	Sumitomo Corp	13,100	153,910
			957,804
Transportation Infrastructure – 1.6%
	Aena SA	2,945	401,736
	SATS Ltd	46,000	153,722
	Transurban Group	155,501	1,157,816
			1,713,274
Wireless Telecommunication Services – 0.1%
	NTT DOCOMO Inc	3,700	84,152
Total Common Stocks (cost $109,458,506)			109,522,298


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

Janus Investment Fund	13

INTECH International Managed Volatility Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares			Value
Preferred Stocks – 0.2%
Chemicals – 0.1%
	FUCHS PETROLUB SE	1,700	$71,374
Household Products – 0.1%
	Henkel AG & Co KGaA	663	79,056
Total Preferred Stocks (cost $158,772)			150,430
Investment Companies – 1.3%
Investments Purchased with Cash Collateral from Securities Lending – 0.3%
	Janus Cash Collateral Fund LLC, 0.4311%^ºº,£	303,630	303,630
Money Markets – 1.0%
	Janus Cash Liquidity Fund LLC, 0.4708%^ºº,£	1,140,093	1,140,093
Total Investment Companies (cost $1,443,723)			1,443,723
Total Investments (total cost $111,061,001) – 101.1%			111,116,451
Liabilities, net of Cash, Receivables and Other Assets – (1.1)%			(1,183,883)
Net Assets – 100%			$109,932,568


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

		% of
		Investment
Country	Value	Securities
Japan	$39,610,237	35.7	%
Hong Kong	18,052,149	16.2
Switzerland	13,154,359	11.8
Australia	12,173,579	11.0
Germany	5,788,975	5.2
France	4,111,126	3.7
Israel	3,359,907	3.0
Singapore	2,201,272	2.0
New Zealand	2,043,793	1.8
United Kingdom	1,790,139	1.6
Belgium	1,787,723	1.6
United States	1,443,723	1.3
Denmark	1,436,140	1.3
Sweden	1,429,628	1.3
Norway	821,451	0.7
Finland	554,443	0.5
Spain	431,892	0.4
Netherlands	332,050	0.3
Italy	300,985	0.3
Austria	215,092	0.2
Ireland	77,788	0.1



Total	$111,116,451	100.0	%


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

14	DECEMBER 31, 2016

INTECH International Managed Volatility Fund

Notes to Schedule of Investments and Other Information (unaudited)


MSCI EAFE^{^®} Index	A free float-adjusted market capitalization weighted index designed to measure developed market equity performance. The MSCI EAFE^{^®} Index is composed of companies representative of the market structure of developed market countries. The index includes reinvestment of dividends, net of foreign withholding taxes.


ADR	American Depositary Receipt
LLC	Limited Liability Company
PC	Participation Certificate
PLC	Public Limited Company
REG	Registered


*	Non-income producing security.


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


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


		Share			Share
		Balance			Balance	Realized	Dividend	Value
		at 6/30/16	Purchases	Sales	at 12/31/16	Gain/(Loss)	Income	at 12/31/16

Janus Cash Collateral Fund LLC		427,250	2,950,025	(3,073,645)	303,630	$—	$5,535⁽¹⁾	$303,630
Janus Cash Liquidity Fund LLC		1,396,712	25,907,381	(26,164,000)	1,140,093	—	4,451	1,140,093

Total						$—	$9,986	$1,443,723
(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, 2016. See Notes to Financial Statements for more information.

Valuation Inputs Summary

				Level 2 -		Level 3 -
		Level 1 -		Other Significant		Significant
		Quotes Prices		Observable Inputs		Unobservable Inputs

Assets
Investments in Securities
Common Stocks
Banks	$	50,406	$	4,628,715	$	-
Hotels, Restaurants & Leisure		209,880		2,804,126		-
Pharmaceuticals		353,510		2,988,393		-
Software		228,042		1,157,959		-
All Other		-		97,101,267		-
Preferred Stocks		-		150,430		-
Investment Companies		-		1,443,723		-
Total Assets	$	841,838	$	110,274,613	$	-


Janus Investment Fund	15

INTECH International Managed Volatility Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2016

See footnotes at the end of the Statement.



Assets:
	Investments, at cost		$	111,061,001
	Unaffiliated investments, at value⁽¹⁾			109,672,728
	Affiliated investments, at value			1,443,723
	Cash			67,031
	Cash denominated in foreign currency⁽²⁾			19,193
	Non-interested Trustees' deferred compensation			2,046
	Receivables:
		Fund shares sold		2,737,559
		Dividends		172,428
		Foreign tax reclaims		84,935
		Dividends from affiliates		770
	Other assets			1,320
Total Assets				114,201,733
Liabilities:
	Collateral for securities loaned (Note 2)			303,630
	Payables:			—
		Fund shares repurchased		3,050,177
		Investments purchased		796,711
		Advisory fees		54,641
		Professional fees		21,641
		Transfer agent fees and expenses		10,487
		Custodian fees		4,851
		12b-1 Distribution and shareholder servicing fees		4,551
		Non-interested Trustees' deferred compensation fees		2,046
		Fund administration fees		944
		Non-interested Trustees' fees and expenses		816
		Accrued expenses and other payables		18,670
Total Liabilities				4,269,165
Net Assets			$	109,932,568


See Notes to Financial Statements.

16	DECEMBER 31, 2016

INTECH International Managed Volatility Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2016




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	117,716,553
	Undistributed net investment income/(loss)		(1,029,833)
	Undistributed net realized gain/(loss) from investments and foreign currency transactions		(6,805,582)
	Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation		51,430
Total Net Assets		$	109,932,568
Net Assets - Class A Shares		$	10,126,807
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,378,244
Net Asset Value Per Share⁽³⁾		$	7.35
Maximum Offering Price Per Share⁽⁴⁾		$	7.80
Net Assets - Class C Shares		$	2,297,001
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		318,084
Net Asset Value Per Share⁽³⁾		$	7.22
Net Assets - Class D Shares		$	2,554,472
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		351,207
Net Asset Value Per Share		$	7.27
Net Assets - Class I Shares		$	20,476,166
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,804,749
Net Asset Value Per Share		$	7.30
Net Assets - Class N Shares		$	51,169,498
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		7,025,710
Net Asset Value Per Share		$	7.28
Net Assets - Class S Shares		$	1,400,518
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		190,193
Net Asset Value Per Share		$	7.36
Net Assets - Class T Shares		$	21,908,106
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,012,731
Net Asset Value Per Share		$	7.27

(1) Includes $288,394 of securities on loan. See Note 2 in Notes to Financial Statements.

(2) Includes cost of $19,193.

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

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


See Notes to Financial Statements.

Janus Investment Fund	17

INTECH International Managed Volatility Fund

Statement of Operations (unaudited)

For the period ended December 31, 2016⁽¹⁾



Investment Income:
	Dividends		$	1,067,243
	Affiliated securities lending income, net			5,535
	Dividends from affiliates			4,451
	Other income			49
	Foreign tax withheld			(100,599)
Total Investment Income				976,679
Expenses:
	Advisory fees			295,577
	12b-1Distribution and shareholder servicing fees:
		Class A Shares		9,084
		Class C Shares		10,151
		Class S Shares		1,300
	Transfer agent administrative fees and expenses:
		Class D Shares		1,532
		Class S Shares		1,300
		Class T Shares		27,167
	Transfer agent networking and omnibus fees:
		Class A Shares		3,281
		Class C Shares		973
		Class I Shares		11,612
	Other transfer agent fees and expenses:
		Class A Shares		351
		Class C Shares		120
		Class D Shares		364
		Class I Shares		1,504
		Class N Shares		107
		Class S Shares		10
		Class T Shares		154
	Registration fees			30,935
	Professional fees			19,861
	Custodian fees			15,027
	Shareholder reports expense			5,927
	Fund administration fees			5,104
	Non-interested Trustees’ fees and expenses			1,924
	Other expenses			6,728
Total Expenses				450,093
Less: Excess Expense Reimbursement				(37)
Net Expenses				450,056
Net Investment Income/(Loss)				526,623
Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions			(2,318,494)
Total Net Realized Gain/(Loss) on Investments				(2,318,494)
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation			(5,176,047)
Total Change in Unrealized Net Appreciation/Depreciation				(5,176,047)
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	(6,967,918)

(1) Period from October 28, 2016 (inception date) through December 31, 2016 for Class N Shares.


See Notes to Financial Statements.

18	DECEMBER 31, 2016

INTECH International Managed Volatility Fund

Statements of Changes in Net Assets



			Period ended December 31, 2016 (unaudited)⁽¹⁾		Year ended June 30, 2016

Operations:
	Net investment income/(loss)		$	526,623	$	1,322,942
	Net realized gain/(loss) on investments			(2,318,494)		(2,355,579)
	Change in unrealized net appreciation/depreciation			(5,176,047)		1,706,722
Net Increase/(Decrease) in Net Assets Resulting from Operations				(6,967,918)		674,085
Dividends and Distributions to Shareholders:
	Dividends from Net Investment Income
		Class A Shares		(171,788)		(16,604)
		Class C Shares		(29,038)		(6,407)
		Class D Shares		(46,272)		(15,202)
		Class I Shares		(384,770)		(894,967)
		Class N Shares		(989,140)		N/A
		Class S Shares		(25,915)		(736)
		Class T Shares		(408,738)		(19,967)
Net Decrease from Dividends and Distributions to Shareholders				(2,055,661)		(953,883)
Capital Share Transactions:
		Class A Shares		6,045,667		(959,620)
		Class C Shares		913,645		1,077,678
		Class D Shares		465,617		1,770,325
		Class I Shares		(41,822,407)		2,526,681
		Class N Shares		52,327,656		N/A
		Class S Shares		483,362		937,439
		Class T Shares		9,414,595		13,031,280
Net Increase/(Decrease) from Capital Share Transactions				27,828,135		18,383,783
Net Increase/(Decrease) in Net Assets				18,804,556		18,103,985
Net Assets:
	Beginning of period			91,128,012		73,024,027
	End of period		$	109,932,568	$	91,128,012

Undistributed Net Investment Income/(Loss)			$	(1,029,833)	$	499,205

(1) Period from October 28, 2016 (inception date) through December 31, 2016 for Class N Shares.


See Notes to Financial Statements.

Janus Investment Fund	19

INTECH International Managed Volatility Fund

Financial Highlights


Class A Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and each year ended June 30			2016	2016	2015		2014	2013	2012
	Net Asset Value, Beginning of Period		$7.96	$8.03	$9.66		$8.07	$6.79	$8.10
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.03⁽¹⁾	0.11⁽¹⁾	0.09⁽¹⁾		0.25⁽¹⁾	0.22	0.12
		Net realized and unrealized gain/(loss)	(0.51)	(0.13)	(0.56)		1.57	1.21	(1.36)
	Total from Investment Operations		(0.48)	(0.02)	(0.47)		1.82	1.43	(1.24)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.13)	(0.05)	(0.15)		(0.23)	(0.15)	(0.07)
		Distributions (from capital gains)	—	—	(1.01)		—⁽²⁾	—	—
	Total Dividends and Distributions		(0.13)	(0.05)	(1.16)		(0.23)	(0.15)	(0.07)
	Net Asset Value, End of Period		$7.35	$7.96	$8.03		$9.66	$8.07	$6.79
	Total Return*		(5.98)%	(0.22)%	(4.19)%		22.74%	21.27%	(15.33)%
	Net Assets, End of Period (in thousands)		$10,127	$4,821	$5,829		$5,342	$473	$445
	Average Net Assets for the Period (in thousands)		$7,099	$3,145	$5,392		$2,240	$317	$452
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.08%	1.24%	1.35%		1.21%	1.22%	1.42%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.08%	1.24%	1.34%		1.20%	1.22%	1.26%
		Ratio of Net Investment Income/(Loss)	0.79%	1.45%	1.09%		2.69%	1.26%	1.72%
	Portfolio Turnover Rate		43%	74%	191%		160%	143%	140%
						1


Class C Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and each year ended June 30			2016	2016	2015	2014	2013	2012
	Net Asset Value, Beginning of Period		$7.81	$7.94	$9.58	$8.14	$6.78	$8.11
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	—⁽¹⁾⁽²⁾	0.08⁽¹⁾	0.03⁽¹⁾	0.19⁽¹⁾	2.46	0.17
		Net realized and unrealized gain/(loss)	(0.50)	(0.15)	(0.56)	1.57	(0.93)	(1.43)
	Total from Investment Operations		(0.50)	(0.07)	(0.53)	1.76	1.53	(1.26)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.09)	(0.06)	(0.10)	(0.32)	(0.17)	(0.07)
		Distributions (from capital gains)	—	—	(1.01)	—⁽²⁾	—	—
	Total Dividends and Distributions		(0.09)	(0.06)	(1.11)	(0.32)	(0.17)	(0.07)
	Net Asset Value, End of Period		$7.22	$7.81	$7.94	$9.58	$8.14	$6.78
	Total Return*		(6.37)%	(0.86)%	(4.95)%	21.91%	22.79%	(15.55)%
	Net Assets, End of Period (in thousands)		$2,297	$1,581	$510	$526	$113	$433
	Average Net Assets for the Period (in thousands)		$1,989	$924	$480	$179	$251	$574
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.84%	1.94%	2.02%	1.93%	1.32%	1.71%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.84%	1.94%	2.01%	1.93%	1.18%	1.47%
		Ratio of Net Investment Income/(Loss)	0.02%	1.05%	0.40%	2.13%	1.20%	1.33%
	Portfolio Turnover Rate		43%	74%	191%	160%	143%	140%

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

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

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

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


See Notes to Financial Statements.

20	DECEMBER 31, 2016

INTECH International Managed Volatility Fund

Financial Highlights


Class D Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and the year or period ended June 30			2016	2016	2015⁽¹⁾
	Net Asset Value, Beginning of Period		$7.87	$8.00	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.04	0.15	0.03
		Net realized and unrealized gain/(loss)	(0.51)	(0.16)	(2.03)
	Total from Investment Operations		(0.47)	(0.01)	(2.00)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.13)	(0.12)	—
		Distributions (from capital gains)	—	—	—
	Total Dividends and Distributions		(0.13)	(0.12)	—
	Net Asset Value, End of Period		$7.27	$7.87	$8.00
	Total Return*		(5.95)%	(0.12)%	(20.00)%
	Net Assets, End of Period (in thousands)		$2,554	$2,282	$504
	Average Net Assets for the Period (in thousands)		$2,505	$1,314	$315
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.93%	1.17%	2.26%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.93%	1.10%	1.26%
		Ratio of Net Investment Income/(Loss)	0.92%	1.97%	1.80%
	Portfolio Turnover Rate		43%	74%	191%


Class I Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and each year ended June 30			2016	2016	2015	2014	2013	2012
	Net Asset Value, Beginning of Period		$7.89	$8.00	$9.63	$8.03	$6.77	$8.06
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.04⁽²⁾	0.14⁽²⁾	0.13⁽²⁾	0.21⁽²⁾	0.18	0.12
		Net realized and unrealized gain/(loss)	(0.51)	(0.13)	(0.57)	1.63	1.28	(1.35)
	Total from Investment Operations		(0.47)	0.01	(0.44)	1.84	1.46	(1.23)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.12)	(0.12)	(0.18)	(0.24)	(0.20)	(0.06)
		Distributions (from capital gains)	—	—	(1.01)	—⁽³⁾	—	—
		Redemption fees	N/A	N/A	N/A	N/A	N/A	—⁽⁴⁾
	Total Dividends and Distributions		(0.12)	(0.12)	(1.19)	(0.24)	(0.20)	(0.06)
	Net Asset Value, End of Period		$7.30	$7.89	$8.00	$9.63	$8.03	$6.77
	Total Return*		(5.95)%	0.14%	(3.90)%	23.21%	21.78%	(15.18)%
	Net Assets, End of Period (in thousands)		$20,476	$66,948	$65,227	$69,062	$59,981	$35,608
	Average Net Assets for the Period (in thousands)		$59,672	$61,549	$64,504	$66,596	$42,583	$29,910
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.74%	0.87%	0.93%	0.81%	0.92%	1.13%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.74%	0.87%	0.93%	0.81%	0.92%	1.00%
		Ratio of Net Investment Income/(Loss)	0.98%	1.78%	1.48%	2.27%	1.86%	2.05%
	Portfolio Turnover Rate		43%	74%	191%	160%	143%	140%

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

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

(1) Period from April 24, 2015 (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.

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


See Notes to Financial Statements.

Janus Investment Fund	21

INTECH International Managed Volatility Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended December 31 (unaudited)			2016⁽¹⁾
	Net Asset Value, Beginning of Period		$7.79
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.02
		Net realized and unrealized gain/(loss)	(0.38)
	Total from Investment Operations		(0.36)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.15)
		Distributions (from capital gains)	—
	Total Dividends and Distributions		(0.15)
	Net Asset Value, End of Period		$7.28
	Total Return*		(5.95)%
	Net Assets, End of Period (in thousands)		$51,169
	Average Net Assets for the Period (in thousands)		$33,435
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.83%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.83%
		Ratio of Net Investment Income/(Loss)	1.53%
	Portfolio Turnover Rate		43%


Class S Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and each year ended June 30			2016	2016	2015	2014	2013	2012
	Net Asset Value, Beginning of Period		$7.98	$8.09	$9.74	$8.09	$6.79	$8.12
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.02⁽²⁾	0.15⁽²⁾	0.09⁽²⁾	0.15⁽²⁾	2.47	0.10
		Net realized and unrealized gain/(loss)	(0.51)	(0.17)	(0.57)	1.69	(1.02)	(1.36)
	Total from Investment Operations		(0.49)	(0.02)	(0.48)	1.84	1.45	(1.26)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.13)	(0.09)	(0.16)	(0.19)	(0.15)	(0.07)
		Distributions (from capital gains)	—	—	(1.01)	—⁽³⁾	—	—
	Total Dividends and Distributions		(0.13)	(0.09)	(1.17)	(0.19)	(0.15)	(0.07)
	Net Asset Value, End of Period		$7.36	$7.98	$8.09	$9.74	$8.09	$6.79
	Total Return*		(6.10)%	(0.18)%	(4.29)%	22.92%	21.48%	(15.54)%
	Net Assets, End of Period (in thousands)		$1,401	$1,009	$67	$67	$118	$421
	Average Net Assets for the Period (in thousands)		$1,016	$135	$64	$86	$254	$432
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.23%	1.40%	1.43%	1.33%	1.48%	1.66%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.22%	1.26%	1.43%	1.13%	1.29%	1.44%
		Ratio of Net Investment Income/(Loss)	0.61%	1.98%	1.01%	1.69%	1.09%	1.52%
	Portfolio Turnover Rate		43%	74%	191%	160%	143%	140%

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

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

(1) Period from October 28, 2016 (inception date) through December 31, 2016.

(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.

22	DECEMBER 31, 2016

INTECH International Managed Volatility Fund

Financial Highlights


Class T Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and each year ended June 30			2016	2016	2015	2014	2013	2012
	Net Asset Value, Beginning of Period		$7.87	$7.99	$9.60	$8.01	$6.77	$8.09
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.03⁽¹⁾	0.22⁽¹⁾	0.09⁽¹⁾	0.32⁽¹⁾	0.08	0.06
		Net realized and unrealized gain/(loss)	(0.50)	(0.23)	(0.55)	1.49	1.35	(1.31)
	Total from Investment Operations		(0.47)	(0.01)	(0.46)	1.81	1.43	(1.25)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.13)	(0.11)	(0.14)	(0.22)	(0.19)	(0.07)
		Distributions (from capital gains)	—	—	(1.01)	—⁽²⁾	—	—
	Total Dividends and Distributions		(0.13)	(0.11)	(1.15)	(0.22)	(0.19)	(0.07)
	Net Asset Value, End of Period		$7.27	$7.87	$7.99	$9.60	$8.01	$6.77
	Total Return*		(5.92)%	(0.14)%	(4.08)%	22.78%	21.30%	(15.47)%
	Net Assets, End of Period (in thousands)		$21,908	$14,487	$887	$2,504	$202	$59
	Average Net Assets for the Period (in thousands)		$21,317	$4,865	$1,474	$1,121	$70	$40
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.97%	1.16%	1.16%	1.12%	1.27%	1.41%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.97%	1.16%	1.16%	1.12%	1.26%	1.25%
		Ratio of Net Investment Income/(Loss)	0.89%	2.90%	1.10%	3.44%	1.24%	1.80%
	Portfolio Turnover Rate		43%	74%	191%	160%	143%	140%

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

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

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

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


See Notes to Financial Statements.

Janus Investment Fund	23

INTECH International Managed Volatility Fund

Notes to Financial Statements (unaudited)

1. Organization and Significant Accounting Policies

INTECH International 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 seeks long-term growth of capital. The Fund is classified as diversified, as defined in the 1940 Act.

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

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


24	DECEMBER 31, 2016

INTECH International Managed Volatility Fund

Notes to Financial Statements (unaudited)

intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith under the Valuation Procedures. Circumstances in which fair value pricing may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a nonvalued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to “odd-lot” fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The Fund uses systematic fair valuation models provided by independent third parties to value international equity securities in order to adjust for stale pricing, which may occur between the close of certain foreign exchanges and the close of the NYSE.

Valuation Inputs Summary

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

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

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


Janus Investment Fund	25

INTECH International Managed Volatility Fund

Notes to Financial Statements (unaudited)

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

Expenses

Estimates

Indemnifications

Foreign Currency Translations

Dividends and Distributions

Federal Income Taxes


26	DECEMBER 31, 2016

INTECH International Managed Volatility Fund

Notes to Financial Statements (unaudited)

no provision for federal income tax is required in the Fund’s financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

2. Other Investments and Strategies

Additional Investment Risk

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


Janus Investment Fund	27

INTECH International Managed Volatility Fund

Notes to Financial Statements (unaudited)

(i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund’s exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.

Offsetting Assets and Liabilities


Offsetting of Financial Assets and Derivative Assets

			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Assets		or Liability^(a)		Pledged^(b)		Net Amount

Deutsche Bank AG		$	288,394	$	—	$	(288,394)	$	—

(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.

Real Estate Investing


28	DECEMBER 31, 2016

INTECH International Managed Volatility Fund

Notes to Financial Statements (unaudited)

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 (if applicable). Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations. As of December 31, 2016, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $288,394 for equity securities. Gross amounts of recognized liabilities for securities lending (collateral received) as of December 31, 2016 is $303,630, resulting in the net amount due to the counterparty of $15,236.

3. Investment Advisory Agreements and Other Transactions with Affiliates

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 Investment Fund	29

INTECH International Managed Volatility Fund

Notes to Financial Statements (unaudited)


30	DECEMBER 31, 2016

INTECH International Managed Volatility Fund

Notes to Financial Statements (unaudited)

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	31

INTECH International Managed Volatility Fund

Notes to Financial Statements (unaudited)

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, 2016, redeeming shareholders of Class C Shares paid CDSCs of $58.

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


Class	% of Class Owned		% of Fund Owned
Class A Shares	-	%	-	%
Class C Shares	-		-
Class D Shares	-		-
Class I Shares	-		-
Class N Shares	100		44
Class S Shares	-		-
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.



Capital Loss Carryover Schedule
For the year ended June 30, 2016
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$(4,474,653)	$ -	$ (4,474,653)


32	DECEMBER 31, 2016

INTECH International Managed Volatility Fund

Notes to Financial Statements (unaudited)

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, 2016 are noted below.


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 111,680,482	$ 4,201,973	$ (4,766,004)	$ (564,031)

5. Capital Share Transactions



		Period ended December 31, 2016⁽¹⁾		Year ended June 30, 2016
		Shares	Amount	Shares	Amount

Class A Shares:
Shares sold		973,029	$ 7,617,538	519,588	$ 4,041,147
Reinvested dividends and distributions		23,307	171,072	2,134	16,432
Shares repurchased		(223,960)	(1,742,943)	(641,804)	(5,017,199)
Net Increase/(Decrease)		772,376	$ 6,045,667	(120,082)	$ (959,620)
Class C Shares:
Shares sold		199,722	$ 1,563,622	146,639	$ 1,142,252
Reinvested dividends and distributions		3,664	26,417	523	3,966
Shares repurchased		(87,726)	(676,394)	(8,942)	(68,540)
Net Increase/(Decrease)		115,660	$ 913,645	138,220	$ 1,077,678
Class D Shares:
Shares sold		137,674	$ 1,072,372	336,191	$ 2,598,577
Reinvested dividends and distributions		6,316	45,853	1,990	15,144
Shares repurchased		(82,715)	(652,608)	(111,321)	(843,396)
Net Increase/(Decrease)		61,275	$ 465,617	226,860	$ 1,770,325
Class I Shares:
Shares sold		2,241,893	$ 17,534,085	1,444,458	$11,126,723
Reinvested dividends and distributions		49,835	363,296	116,406	887,017
Shares repurchased		(7,971,126)	(59,719,788)	(1,228,122)	(9,487,059)
Net Increase/(Decrease)		(5,679,398)	$(41,822,407)	332,742	$ 2,526,681
Class N Shares:
Shares sold		7,046,345	$ 52,503,613	-	$ -
Reinvested dividends and distributions		136,058	989,140	-	-
Shares repurchased		(156,693)	(1,165,097)	-	-
Net Increase/(Decrease)		7,025,710	$ 52,327,656	N/A	N/A
Class S Shares:
Shares sold		100,771	$ 769,689	118,590	$ 940,433
Reinvested dividends and distributions		3,526	25,915	95	736
Shares repurchased		(40,612)	(312,242)	(471)	(3,730)
Net Increase/(Decrease)		63,685	$ 483,362	118,214	$ 937,439
Class T Shares:
Shares sold		1,635,765	$ 12,973,768	1,981,283	$14,984,653
Reinvested dividends and distributions		56,136	407,550	2,609	19,854
Shares repurchased		(519,094)	(3,966,723)	(254,969)	(1,973,227)
Net Increase/(Decrease)		1,172,807	$ 9,414,595	1,728,923	$13,031,280
(1)	Period from October 28, 2016 (inception date) through December 31, 2016 for Class N Shares.


Janus Investment Fund	33

INTECH International Managed Volatility Fund

Notes to Financial Statements (unaudited)

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
$72,349,031	$ 44,216,236	$ -	$ -

7. Merger Related Matters

In addition, the Fund’s name will change to reflect “Janus Henderson” as part of the Fund’s name.


34	DECEMBER 31, 2016

INTECH International Managed Volatility Fund

Notes to Financial Statements (unaudited)

8. Subsequent Event


Janus Investment Fund	35

INTECH International Managed Volatility Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Quarterly Portfolio Holdings

Approval of Advisory and Sub-Advisory Agreements with Janus and Janus Affiliates during the Period


36	DECEMBER 31, 2016

INTECH International Managed Volatility Fund

Additional Information (unaudited)


Janus Investment Fund	37

INTECH International Managed Volatility Fund

Additional Information (unaudited)

Capital, and the Funds of receiving research services from broker/dealer firms in connection with the allocation of portfolio transactions to such firms.

In connection with its deliberations, the Board received assurances from Janus, on behalf of itself and its affiliates (collectively, “Janus”) including the following:

· Janus has provided to the Board such information as it believes is reasonably necessary to evaluate the New Advisory Agreements and New Sub-Advisory Agreements.

· Janus is committed to the continuance, without interruption, of services to the Funds of at least the type and quality currently provided by Janus Capital and its affiliates, or superior thereto.

· The intent of Janus Capital to take the necessary and appropriate steps to retain and attract its key investment advisory personnel.


38	DECEMBER 31, 2016

INTECH International Managed Volatility Fund

Additional Information (unaudited)

Approval of Interim Advisory and Sub-Advisory Agreements with Janus and Janus Affiliates during the Period


Janus Investment Fund	39

INTECH International Managed Volatility Fund

Additional Information (unaudited)

Approval of Sub-Advisory Agreements with Henderson Investment Management Limited during the Period

· the terms of each HIML Sub-Advisory Agreement;

· the ability of HIML to attract and retain high-quality personnel and the organizational depth of HIML;

· under each HIML Sub-Advisory Agreement, Janus Capital would be responsible for paying HIML out of its fees;

· the potential for economies of scale with respect to the overall fee structure of each HIML Fund and whether either Fund will benefit from any economies of scale; and

· the costs of seeking approval of the HIML Sub-Advisory Agreements will not be borne by the HIML Funds.


40	DECEMBER 31, 2016

INTECH International Managed Volatility Fund

Additional Information (unaudited)

Renewal of Investment Advisory and Sub-Advisory Agreements for INTECH U.S. Core Fund


Janus Investment Fund	41

INTECH International Managed Volatility Fund

Useful Information About Your Fund Report (unaudited)

Management Commentary

Performance Overviews

Schedule of Investments

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.

Tables listing details of individual forward currency contracts, futures, written options, swaptions, 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.


42	DECEMBER 31, 2016

INTECH International Managed Volatility Fund

Useful Information About Your Fund Report (unaudited)

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.

Statements of Changes in Net Assets

Financial Highlights


Janus Investment Fund	43

INTECH International Managed Volatility Fund

Useful Information About Your Fund Report (unaudited)

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


44	DECEMBER 31, 2016

INTECH International Managed Volatility Fund

Notes

NotesPage1


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

Fixed Income

Global & International

Growth & Core

Mathematical

Value

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).

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-0217-7547

125-24-93014 02-17



	SEMIANNUAL REPORT December 31, 2016

INTECH U.S. Core Fund

Janus Investment Fund

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

Table of Contents

INTECH U.S. Core 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	21
Additional Information	33
Useful Information About Your Fund Report	39

INTECH U.S. Core Fund (unaudited)(closed to certain new investors)

FUND SNAPSHOT

INTECH’s active approach focuses on adding value by selecting stocks with unique volatility characteristics and low correlations to one another.

Managed by

INTECH Investment

Management LLC

PERFORMANCE OVERVIEW

For the six-month period ended December 31, 2016, INTECH U.S. Core Fund’s Class T Shares returned 4.56%. This compares to the 7.82% return posted by the S&P 500 Index, the Fund’s benchmark.

INVESTMENT STRATEGY

INTECH’s mathematical investing process seeks to build a more efficient portfolio than its benchmark, with returns in excess of the index while maintaining benchmark-like risk. The process does not attempt to predict the direction of the market, nor does it have a view of any particular company in the portfolio. Instead, it employs a proprietary optimization process to build portfolios with the potential to outperform the index by capturing stocks’ natural volatility.

Within specific risk controls, INTECH’s disciplined mathematical process establishes target proportional weightings for stocks in the Fund as a result of an optimization routine. Once the weights are determined and the portfolio is constructed, it is rebalanced and re-optimized on a periodic basis. By limiting the distance any one stock position can deviate from its benchmark weight, INTECH’s process attempts to control the relative risk of the portfolio. We believe that instituting an investment process aimed at providing consistent, positive excess returns at benchmark-like risk, will allow us to meet our shareholders’ objectives while minimizing the risk of significant underperformance relative to the benchmark.

PERFORMANCE REVIEW

The U.S. equity market as measured by the S&P 500 Index recorded a strong return of 7.82% for the six-month period ended December 31, 2016. INTECH U.S. Core Fund underperformed the S&P 500 Index over the period and generated a return of 4.65%.

An overall increase in market diversity over the period reflected a change in the distribution of capital, in which smaller cap stocks outperformed larger cap stocks on average within the S&P 500 Index. While the INTECH U.S. Core Fund, which tends to overweight smaller cap stocks as they provide more relative volatility capture potential, was positively impacted by the overall increase in market diversity, adverse sector positioning and stock selection more than offset the positive contribution from the smaller size positioning of the Fund during the period.

The strategy’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 was negatively impacted by an average underweight allocation to the financials sector, which became the strongest performing sector during the period after lagging in the first half of the year, as well as an average underweight allocation to the information technology sector, during the period. An average underweight allocation to some strong performing mega cap bank stocks was among the largest detractors during the period.

OUTLOOK

INTECH attempts to generate a targeted excess return at the least amount of tracking error through all market cycles regardless of the direction the market moves or the magnitude of the move. While we may experience short periods of underperformance, we expect to exceed the benchmark over a three- to five-year time horizon.

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

Going forward, INTECH will continue to implement its mathematical investment process in a disciplined and deliberate manner, with risk management remaining the hallmark of the investment process. At the same time, INTECH continues to make marginal improvements to the process, seeking an efficient portfolio that offers better long-term results than its benchmark regardless of the market’s direction.

Thank you for your investment in INTECH U.S. Core Fund.


Janus Investment Fund	1

INTECH U.S. Core Fund (unaudited)(closed to certain new investors)

Fund At A Glance

December 31, 2016


5 Largest Equity Holdings - (% of Net Assets)
NVIDIA Corp
Semiconductor & Semiconductor Equipment	3.1%
Lockheed Martin Corp
Aerospace & Defense	2.1%
Constellation Brands Inc
Beverages	1.9%
Spectra Energy Corp
Oil, Gas & Consumable Fuels	1.8%
Williams Cos Inc
Oil, Gas & Consumable Fuels	1.7%
	10.6%


Asset Allocation - (% of Net Assets)
Common Stocks	99.6%
Investment Companies	1.0%
Other		(0.6)%
		100.0%

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

As of December 31, 2016

As of June 30, 2016


2	DECEMBER 31, 2016

INTECH U.S. Core Fund (unaudited)(closed to certain new investors)

Performance

See important disclosures on the next page.



						Expense Ratios -
Average Annual Total Return - for the periods ended December 31, 2016						per the October 28, 2016 prospectuses
	Fiscal Year-to-Date	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses
Class A Shares at NAV	4.43%	8.31%	13.97%	6.76%	9.79%	0.94%
Class A Shares at MOP	-1.55%	2.06%	12.63%	6.13%	9.33%
Class C Shares at NAV	4.19%	7.76%	13.13%	5.98%	8.99%	1.73%
Class C Shares at CDSC	3.19%	6.76%	13.13%	5.98%	8.99%
Class D Shares⁽¹⁾	4.60%	8.61%	14.15%	6.99%	10.06%	0.79%
Class I Shares	4.65%	8.72%	14.28%	6.94%	10.02%	0.68%
Class N Shares	4.73%	8.74%	14.07%	6.94%	10.02%	0.57%
Class S Shares	4.42%	8.27%	13.79%	6.60%	9.61%	1.12%
Class T Shares	4.56%	8.52%	14.07%	6.94%	10.02%	0.87%
S&P 500 Index	7.82%	11.96%	14.66%	6.95%	9.56%
Morningstar Quartile - Class T Shares	-	1st	2nd	3rd	1st
Morningstar Ranking - based on total returns for Large Growth Funds	-	164/1,497	383/1,371	618/1,170	223/1,024

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.

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

The proprietary mathematical process used by INTECH may not achieve the desired results. Since the Fund’s portfolio is periodically re-balanced, this may result in a higher portfolio turnover rate, higher expenses and potentially higher net taxable gains or losses compared to a “buy and hold” or index fund strategy.


Janus Investment Fund	3

INTECH U.S. Core Fund (unaudited)(closed to certain new investors)

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.

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

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

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

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

Class N Shares commenced operations on October 28, 2014. Performance shown for periods prior to October 28, 2014, reflects the performance of the Fund’s Class T Shares, calculated using the fees and expenses of Class T Shares, net of any applicable fee and expense limitations or waivers.

Tracking Error is a divergence between the price behavior of a position or portfolio and the price behavior of a benchmark.

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 – February 28, 2003

(1) Closed to certain new investors.


4	DECEMBER 31, 2016

INTECH U.S. Core Fund (unaudited)(closed to certain new investors)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (7/1/16)	Ending Account Value (12/31/16)	Expenses Paid During Period (7/1/16 - 12/31/16)†	Beginning Account Value (7/1/16)	Ending Account Value (12/31/16)	Expenses Paid During Period (7/1/16 - 12/31/16)†	Net Annualized Expense Ratio (7/1/16 - 12/31/16)
Class A Shares		$1,000.00	$1,044.30	$4.48	$1,000.00	$1,020.82	$4.43	0.87%
Class C Shares		$1,000.00	$1,041.90	$7.36	$1,000.00	$1,018.00	$7.27	1.43%
Class D Shares		$1,000.00	$1,046.00	$3.40	$1,000.00	$1,021.88	$3.36	0.66%
Class I Shares		$1,000.00	$1,046.50	$2.79	$1,000.00	$1,022.48	$2.75	0.54%
Class N Shares		$1,000.00	$1,047.30	$2.58	$1,000.00	$1,022.68	$2.55	0.50%
Class S Shares		$1,000.00	$1,044.20	$5.15	$1,000.00	$1,020.16	$5.09	1.00%
Class T Shares		$1,000.00	$1,045.60	$3.82	$1,000.00	$1,021.48	$3.77	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 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


Janus Investment Fund	5

INTECH U.S. Core Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares			Value
Common Stocks – 99.6%
Aerospace & Defense – 5.6%
	General Dynamics Corp	6,300	$1,087,758
	L-3 Communications Holdings Inc	39,400	5,993,134
	Lockheed Martin Corp	50,300	12,571,982
	Northrop Grumman Corp	19,800	4,605,084
	Raytheon Co	49,100	6,972,200
	TransDigm Group Inc	9,600	2,390,016
			33,620,174
Air Freight & Logistics – 0.2%
	CH Robinson Worldwide Inc	6,400	468,864
	Expeditors International of Washington Inc	10,300	545,488
			1,014,352
Banks – 0.1%
	Fifth Third Bancorp	31,400	846,858
Beverages – 2.2%
	Constellation Brands Inc	72,500	11,114,975
	Dr Pepper Snapple Group Inc	24,700	2,239,549
			13,354,524
Building Products – 0%
	Johnson Controls International plc	1,099	45,268
Capital Markets – 1.9%
	CME Group Inc	30,800	3,552,780
	ETRADE Financial Corp	21,400	741,510
	Intercontinental Exchange Inc	2,500	141,050
	Moody's Corp	11,700	1,102,959
	Morgan Stanley	26,200	1,106,950
	Nasdaq Inc	31,600	2,120,992
	S&P Global Inc	22,400	2,408,896
	State Street Corp	4,900	380,828
			11,555,965
Chemicals – 1.4%
	Albemarle Corp	38,200	3,288,256
	FMC Corp	44,200	2,499,952
	International Flavors & Fragrances Inc	19,700	2,321,251
			8,109,459
Commercial Services & Supplies – 1.9%
	Cintas Corp	24,600	2,842,776
	Republic Services Inc	83,300	4,752,265
	Waste Management Inc	49,900	3,538,409
			11,133,450
Communications Equipment – 0.8%
	Harris Corp	43,800	4,488,186
Construction & Engineering – 0.5%
	Jacobs Engineering Group Inc*	45,000	2,565,000
	Quanta Services Inc*	12,700	442,595
			3,007,595
Construction Materials – 1.1%
	Martin Marietta Materials Inc	21,200	4,696,436
	Vulcan Materials Co	17,200	2,152,580
			6,849,016
Containers & Packaging – 1.9%
	Avery Dennison Corp	38,600	2,710,492
	International Paper Co	76,100	4,037,866
	WestRock Co	94,200	4,782,534
			11,530,892
Distributors – 0.3%
	Genuine Parts Co	19,200	1,834,368
	LKQ Corp*	4,200	128,730
			1,963,098


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

6	DECEMBER 31, 2016

INTECH U.S. Core Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares			Value
Common Stocks – (continued)
Diversified Consumer Services – 0.1%
	H&R Block Inc^#	21,200	$487,388
Diversified Financial Services – 0.2%
	Leucadia National Corp	49,600	1,153,200
Electric Utilities – 3.2%
	Alliant Energy Corp	19,900	754,011
	Edison International	19,300	1,389,407
	Entergy Corp	27,500	2,020,425
	Exelon Corp	62,500	2,218,125
	NextEra Energy Inc	11,900	1,421,574
	PG&E Corp	17,000	1,033,090
	Pinnacle West Capital Corp	47,300	3,690,819
	PPL Corp	65,500	2,230,275
	Southern Co	55,900	2,749,721
	Xcel Energy Inc	43,700	1,778,590
			19,286,037
Electrical Equipment – 0.4%
	Rockwell Automation Inc	16,800	2,257,920
Electronic Equipment, Instruments & Components – 1.5%
	Amphenol Corp	83,300	5,597,760
	Corning Inc	127,200	3,087,144
			8,684,904
Energy Equipment & Services – 1.0%
	FMC Technologies Inc*	10,300	365,959
	Halliburton Co	100,500	5,436,045
			5,802,004
Equity Real Estate Investment Trusts (REITs) – 6.0%
	American Tower Corp	17,500	1,849,400
	Apartment Investment & Management Co	4,000	181,800
	Digital Realty Trust Inc^#	31,600	3,105,016
	Equinix Inc	22,403	8,007,056
	Federal Realty Investment Trust	14,800	2,103,228
	HCP Inc	28,700	852,964
	Iron Mountain Inc	106,400	3,455,872
	Kimco Realty Corp	129,300	3,253,188
	Prologis Inc	153,300	8,092,707
	Realty Income Corp	13,200	758,736
	SL Green Realty Corp	6,400	688,320
	Ventas Inc	52,500	3,282,300
	Vornado Realty Trust	1,200	125,244
			35,755,831
Food & Staples Retailing – 0.4%
	Sysco Corp	44,500	2,463,965
Food Products – 2.2%
	Archer-Daniels-Midland Co	36,000	1,643,400
	Conagra Brands Inc	68,500	2,709,175
	Kellogg Co	24,800	1,828,008
	Kraft Heinz Co	10,800	943,056
	Tyson Foods Inc	99,400	6,130,992
			13,254,631
Health Care Equipment & Supplies – 5.2%
	Baxter International Inc	41,900	1,857,846
	Becton Dickinson and Co	29,100	4,817,505
	Boston Scientific Corp*	71,900	1,555,197
	Cooper Cos Inc	20,000	3,498,600
	CR Bard Inc	8,000	1,797,280
	Edwards Lifesciences Corp*	30,200	2,829,740
	Hologic Inc*	48,600	1,949,832
	Intuitive Surgical Inc*	4,500	2,853,765
	Medtronic PLC	1,300	92,599


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

Janus Investment Fund	7

INTECH U.S. Core Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares			Value
Common Stocks – (continued)
Health Care Equipment & Supplies – (continued)
	St Jude Medical Inc	27,500	$2,205,225
	Stryker Corp	18,800	2,252,428
	Varian Medical Systems Inc*	36,900	3,312,882
	Zimmer Biomet Holdings Inc	18,800	1,940,160
			30,963,059
Health Care Providers & Services – 3.5%
	Aetna Inc	9,400	1,165,694
	Anthem Inc	3,400	488,818
	Cardinal Health Inc	7,800	561,366
	Centene Corp*	19,500	1,101,945
	Henry Schein Inc*	20,300	3,079,713
	Laboratory Corp of America Holdings*	10,300	1,322,314
	Quest Diagnostics Inc	61,700	5,670,230
	UnitedHealth Group Inc	46,300	7,409,852
			20,799,932
Hotels, Restaurants & Leisure – 0.7%
	McDonald's Corp	2,400	292,128
	Wynn Resorts Ltd^#	28,600	2,474,186
	Yum! Brands Inc	26,300	1,665,579
			4,431,893
Household Durables – 0.4%
	Garmin Ltd	4,800	232,752
	Leggett & Platt Inc	29,100	1,422,408
	Newell Brands Inc	19,400	866,210
			2,521,370
Household Products – 0.3%
	Church & Dwight Co Inc	5,600	247,464
	Kimberly-Clark Corp	11,100	1,266,732
			1,514,196
Independent Power and Renewable Electricity Producers – 0.4%
	AES Corp/VA	204,900	2,380,938
Industrial Conglomerates – 0.2%
	Honeywell International Inc	1,200	139,020
	Roper Technologies Inc	6,400	1,171,712
			1,310,732
Information Technology Services – 2.3%
	Automatic Data Processing Inc	25,800	2,651,724
	Fiserv Inc*	47,300	5,027,044
	Mastercard Inc	4,800	495,600
	Paychex Inc	77,200	4,699,936
	Total System Services Inc	19,100	936,473
			13,810,777
Insurance – 5.0%
	Aflac Inc	96,700	6,730,320
	Allstate Corp	4,000	296,480
	Aon PLC	7,900	881,087
	Arthur J Gallagher & Co	68,900	3,580,044
	Assurant Inc	14,200	1,318,612
	Chubb Ltd	11,500	1,519,380
	Cincinnati Financial Corp	72,400	5,484,300
	Loews Corp	10,100	472,983
	Marsh & McLennan Cos Inc	25,200	1,703,268
	Principal Financial Group Inc	37,800	2,187,108
	Torchmark Corp	41,400	3,053,664
	Travelers Cos Inc	14,600	1,787,332
	Unum Group	25,000	1,098,250
			30,112,828
Internet & Direct Marketing Retail – 1.2%
	Amazon.com Inc*	3,600	2,699,532


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

8	DECEMBER 31, 2016

INTECH U.S. Core Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares			Value
Common Stocks – (continued)
Internet & Direct Marketing Retail – (continued)
	Expedia Inc	11,200	$1,268,736
	Netflix Inc*	6,200	767,560
	Priceline Group Inc*	1,500	2,199,090
			6,934,918
Internet Software & Services – 1.7%
	Akamai Technologies Inc*	18,000	1,200,240
	eBay Inc*	41,300	1,226,197
	Facebook Inc	42,100	4,843,605
	Yahoo! Inc*	80,000	3,093,600
			10,363,642
Leisure Products – 0.1%
	Hasbro Inc	500	38,895
	Mattel Inc	16,700	460,085
			498,980
Life Sciences Tools & Services – 2.0%
	Agilent Technologies Inc	29,600	1,348,576
	Illumina Inc*	29,300	3,751,572
	Mettler-Toledo International Inc*	4,500	1,883,520
	Thermo Fisher Scientific Inc	20,400	2,878,440
	Waters Corp*	13,400	1,800,826
			11,662,934
Machinery – 2.0%
	Caterpillar Inc	6,400	593,536
	Cummins Inc	8,300	1,134,361
	Illinois Tool Works Inc	12,000	1,469,520
	Ingersoll-Rand PLC	35,700	2,678,928
	Parker-Hannifin Corp	12,600	1,764,000
	Stanley Black & Decker Inc	22,300	2,557,587
	Xylem Inc/NY	41,100	2,035,272
			12,233,204
Media – 0.9%
	CBS Corp	13,500	858,870
	Interpublic Group of Cos Inc	168,900	3,953,949
	Omnicom Group Inc	3,600	306,396
			5,119,215
Metals & Mining – 1.5%
	Newmont Mining Corp	259,100	8,827,537
Multiline Retail – 0.1%
	Nordstrom Inc^#	11,700	560,781
Multi-Utilities – 3.5%
	Ameren Corp	35,400	1,857,084
	CenterPoint Energy Inc	143,900	3,545,696
	CMS Energy Corp	31,700	1,319,354
	Consolidated Edison Inc	43,600	3,212,448
	DTE Energy Co	10,900	1,073,759
	NiSource Inc	104,700	2,318,058
	SCANA Corp	63,800	4,675,264
	Sempra Energy	7,100	714,544
	WEC Energy Group Inc	37,700	2,211,105
			20,927,312
Oil, Gas & Consumable Fuels – 10.0%
	Anadarko Petroleum Corp	24,600	1,715,358
	Apache Corp	98,500	6,251,795
	Cabot Oil & Gas Corp	116,200	2,714,432
	Chesapeake Energy Corp*	254,400	1,785,888
	Cimarex Energy Co	20,800	2,826,720
	Concho Resources Inc*	21,400	2,837,640
	Devon Energy Corp	42,700	1,950,109
	EOG Resources Inc	13,100	1,324,410


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

Janus Investment Fund	9

INTECH U.S. Core Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares			Value
Common Stocks – (continued)
Oil, Gas & Consumable Fuels – (continued)
	EQT Corp	46,900	$3,067,260
	Kinder Morgan Inc/DE	64,800	1,342,008
	Newfield Exploration Co*	62,600	2,535,300
	ONEOK Inc	71,200	4,087,592
	Phillips 66	8,700	751,767
	Pioneer Natural Resources Co	18,400	3,313,288
	Range Resources Corp	7,700	264,572
	Southwestern Energy Co*	158,700	1,717,134
	Spectra Energy Corp	262,900	10,802,561
	Williams Cos Inc	331,700	10,329,138
			59,616,972
Pharmaceuticals – 0.2%
	Zoetis Inc	22,700	1,215,131
Professional Services – 1.5%
	Dun & Bradstreet Corp	12,000	1,455,840
	Equifax Inc	58,000	6,857,340
	Verisk Analytics Inc*	7,500	608,775
			8,921,955
Road & Rail – 0.6%
	CSX Corp	42,200	1,516,246
	JB Hunt Transport Services Inc	4,500	436,815
	Kansas City Southern	17,900	1,518,815
			3,471,876
Semiconductor & Semiconductor Equipment – 12.5%
	Applied Materials Inc	293,000	9,455,110
	Broadcom Ltd	49,249	8,705,746
	Intel Corp	45,100	1,635,777
	KLA-Tencor Corp	34,200	2,690,856
	Lam Research Corp	60,700	6,417,811
	Linear Technology Corp	5,300	330,455
	Microchip Technology Inc	78,600	5,042,190
	Micron Technology Inc*	413,600	9,066,112
	NVIDIA Corp	170,800	18,231,192
	Qorvo Inc*	31,600	1,666,268
	QUALCOMM Inc	49,400	3,220,880
	Skyworks Solutions Inc	18,600	1,388,676
	Texas Instruments Inc	46,000	3,356,620
	Xilinx Inc	54,100	3,266,017
			74,473,710
Software – 4.2%
	Activision Blizzard Inc	97,000	3,502,670
	Adobe Systems Inc*	82,200	8,462,490
	Autodesk Inc*	23,500	1,739,235
	Electronic Arts Inc*	41,400	3,260,664
	Intuit Inc	10,400	1,191,944
	Symantec Corp	283,000	6,760,870
			24,917,873
Specialty Retail – 2.2%
	Best Buy Co Inc	42,000	1,792,140
	Gap Inc	24,000	538,560
	Home Depot Inc	20,700	2,775,456
	Lowe's Cos Inc	29,100	2,069,592
	Ross Stores Inc	44,400	2,912,640
	Ulta Salon Cosmetics & Fragrance Inc*	10,400	2,651,376
	Urban Outfitters Inc*	8,800	250,624
			12,990,388
Technology Hardware, Storage & Peripherals – 2.2%
	Hewlett Packard Enterprise Co	134,000	3,100,760
	HP Inc	45,100	669,284


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

10	DECEMBER 31, 2016

INTECH U.S. Core Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares			Value
Common Stocks – (continued)
Technology Hardware, Storage & Peripherals – (continued)
	NetApp Inc	113,000	$3,985,510
	Seagate Technology PLC	110,000	4,198,700
	Western Digital Corp	21,000	1,426,950
			13,381,204
Textiles, Apparel & Luxury Goods – 0.4%
	PVH Corp	23,900	2,156,736
Tobacco – 1.0%
	Altria Group Inc	85,600	5,788,272
	Reynolds American Inc	956	53,574
			5,841,846
Trading Companies & Distributors – 0.1%
	United Rentals Inc*	8,300	876,314
Water Utilities – 0.8%
	American Water Works Co Inc	68,700	4,971,132
Total Common Stocks (cost $521,852,062)			594,474,102
Investment Companies – 1.0%
Investments Purchased with Cash Collateral from Securities Lending – 0.8%
	Janus Cash Collateral Fund LLC, 0.4311%^ºº,£	4,969,584	4,969,584
Money Markets – 0.2%
	Janus Cash Liquidity Fund LLC, 0.4708%^ºº,£	1,099,000	1,099,000
Total Investment Companies (cost $6,068,584)			6,068,584
Total Investments (total cost $527,920,646) – 100.6%			600,542,686
Liabilities, net of Cash, Receivables and Other Assets – (0.6)%			(3,791,623)
Net Assets – 100%			$596,751,063


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

Janus Investment Fund	11

INTECH U.S. Core Fund

Notes to Schedule of Investments and Other Information (unaudited)


S&P 500^{^®} Index	Measures broad U.S. equity performance.


LLC	Limited Liability Company
PLC	Public Limited Company


*	Non-income producing security.


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


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


		Share			Share
		Balance			Balance	Realized	Dividend	Value
		at 6/30/16	Purchases	Sales	at 12/31/16	Gain/(Loss)	Income	at 12/31/16

Janus Cash Collateral Fund LLC		13,993,920	94,114,820	(103,139,156)	4,969,584	$—	$57,901⁽¹⁾	$4,969,584
Janus Cash Liquidity Fund LLC		1,493,883	27,855,845	(28,250,728)	1,099,000	—	3,511	1,099,000

Total						$—	$61,412	$6,068,584
(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, 2016. See Notes to Financial Statements for more information.

Valuation Inputs Summary

				Level 2 -		Level 3 -
		Level 1 -		Other Significant		Significant
		Quotes Prices		Observable Inputs		Unobservable Inputs

Assets
Investments in Securities
Common Stocks	$	594,474,102	$	-	$	-
Investment Companies		-		6,068,584		-
Total Assets	$	594,474,102	$	6,068,584	$	-


12	DECEMBER 31, 2016

INTECH U.S. Core Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2016

See footnotes at the end of the Statement.



Assets:
	Investments, at cost		$	527,920,646
	Unaffiliated investments, at value⁽¹⁾			594,474,102
	Affiliated investments, at value			6,068,584
	Cash			22,959
	Non-interested Trustees' deferred compensation			11,080
	Receivables:
		Investments sold		1,276,794
		Dividends		784,012
		Fund shares sold		213,377
		Dividends from affiliates		90
	Other assets			7,521
Total Assets				602,858,519
Liabilities:
	Collateral for securities loaned (Note 2)			4,969,584
	Payables:			—
		Fund shares repurchased		725,575
		Advisory fees		200,819
		Transfer agent fees and expenses		92,783
		12b-1 Distribution and shareholder servicing fees		26,258
		Professional fees		24,212
		Non-interested Trustees' deferred compensation fees		11,080
		Fund administration fees		5,170
		Non-interested Trustees' fees and expenses		4,764
		Dividends		1,230
		Custodian fees		985
		Accrued expenses and other payables		44,996
Total Liabilities				6,107,456
Net Assets			$	596,751,063


See Notes to Financial Statements.

Janus Investment Fund	13

INTECH U.S. Core Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2016




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	517,496,115
	Undistributed net investment income/(loss)		928,579
	Undistributed net realized gain/(loss) from investments		5,701,776
	Unrealized net appreciation/(depreciation) of investments and non-interested Trustees’ deferred compensation		72,624,593
Total Net Assets		$	596,751,063
Net Assets - Class A Shares		$	24,117,855
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,320,514
Net Asset Value Per Share⁽²⁾		$	18.26
Maximum Offering Price Per Share⁽³⁾		$	19.37
Net Assets - Class C Shares		$	14,463,632
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		802,714
Net Asset Value Per Share⁽²⁾		$	18.02
Net Assets - Class D Shares		$	286,965,958
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		15,693,161
Net Asset Value Per Share		$	18.29
Net Assets - Class I Shares		$	106,718,248
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		5,832,253
Net Asset Value Per Share		$	18.30
Net Assets - Class N Shares		$	16,064,510
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		879,040
Net Asset Value Per Share		$	18.28
Net Assets - Class S Shares		$	31,772,091
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,747,159
Net Asset Value Per Share		$	18.19
Net Assets - Class T Shares		$	116,648,769
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		6,379,005
Net Asset Value Per Share		$	18.29

(1) Includes $4,864,722 of securities on loan. See Note 2 in Notes to Financial Statements.

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

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


See Notes to Financial Statements.

14	DECEMBER 31, 2016

INTECH U.S. Core Fund

Statement of Operations (unaudited)

For the period ended December 31, 2016



Investment Income:
	Dividends		$	6,202,103
	Affiliated securities lending income, net			57,901
	Dividends from affiliates			3,511
	Other income			128
Total Investment Income				6,263,643
Expenses:
	Advisory fees			1,347,226
	12b-1Distribution and shareholder servicing fees:
		Class A Shares		31,231
		Class C Shares		70,693
		Class S Shares		42,144
	Transfer agent administrative fees and expenses:
		Class D Shares		175,389
		Class S Shares		42,144
		Class T Shares		151,193
	Transfer agent networking and omnibus fees:
		Class A Shares		14,118
		Class C Shares		4,237
		Class I Shares		20,498
	Other transfer agent fees and expenses:
		Class A Shares		1,215
		Class C Shares		963
		Class D Shares		32,141
		Class I Shares		2,333
		Class N Shares		264
		Class S Shares		201
		Class T Shares		730
	Registration fees			56,226
	Shareholder reports expense			52,267
	Fund administration fees			29,079
	Professional fees			27,308
	Non-interested Trustees’ fees and expenses			9,930
	Custodian fees			2,697
	Other expenses			6,916
Total Expenses				2,121,143
Less: Excess Expense Reimbursement				(4,622)
Net Expenses				2,116,521
Net Investment Income/(Loss)				4,147,122
Net Realized Gain/(Loss) on Investments:
	Investments			18,415,686
Total Net Realized Gain/(Loss) on Investments				18,415,686
Change in Unrealized Net Appreciation/Depreciation:
	Investments and non-interested Trustees’ deferred compensation			4,154,828
Total Change in Unrealized Net Appreciation/Depreciation				4,154,828
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	26,717,636


See Notes to Financial Statements.

Janus Investment Fund	15

INTECH U.S. Core Fund

Statements of Changes in Net Assets



			Period ended December 31, 2016 (unaudited)		Year ended June 30, 2016

Operations:
	Net investment income/(loss)		$	4,147,122	$	5,624,981
	Net realized gain/(loss) on investments			18,415,686		11,300,146
	Change in unrealized net appreciation/depreciation			4,154,828		9,444,816
Net Increase/(Decrease) in Net Assets Resulting from Operations				26,717,636		26,369,943
Dividends and Distributions to Shareholders:
	Dividends from Net Investment Income
		Class A Shares		(312,490)		(474)
		Class C Shares		(84,588)		—
		Class D Shares		(4,196,330)		(365,646)
		Class I Shares		(1,672,104)		(256,581)
		Class N Shares		(260,589)		(134)
		Class S Shares		(349,331)		—
		Class T Shares		(1,613,326)		(65,149)
	Total Dividends from Net Investment Income			(8,488,758)		(687,984)
	Distributions from Net Realized Gain from Investment Transactions
		Class A Shares		(531,986)		(3,775,981)
		Class C Shares		(333,513)		(2,898,284)
		Class D Shares		(6,284,864)		(43,914,844)
		Class I Shares		(2,331,095)		(18,496,171)
		Class N Shares		(349,170)		(8,118)
		Class S Shares		(698,301)		(5,457,787)
		Class T Shares		(2,575,716)		(20,516,757)
	Total Distributions from Net Realized Gain from Investment Transactions			(13,104,645)		(95,067,942)
Net Decrease from Dividends and Distributions to Shareholders				(21,593,403)		(95,755,926)
Capital Share Transactions:
		Class A Shares		(1,270,355)		31,455
		Class C Shares		(2,908,414)		60,971
		Class D Shares		(2,805,779)		17,395,221
		Class I Shares		2,287,354		(37,148,146)
		Class N Shares		400,805		15,194,163
		Class S Shares		(4,342,443)		(6,178,864)
		Class T Shares		(5,808,503)		(18,703,820)
Net Increase/(Decrease) from Capital Share Transactions				(14,447,335)		(29,349,020)
Net Increase/(Decrease) in Net Assets				(9,323,102)		(98,735,003)
Net Assets:
	Beginning of period			606,074,165		704,809,168
	End of period		$	596,751,063	$	606,074,165

Undistributed Net Investment Income/(Loss)			$	928,579	$	5,270,215


See Notes to Financial Statements.

16	DECEMBER 31, 2016

INTECH U.S. Core Fund

Financial Highlights


Class A Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and each year ended June 30			2016	2016	2015		2014	2013	2012
	Net Asset Value, Beginning of Period		$18.11	$20.47	$21.27		$17.66	$14.72	$14.31
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.11⁽¹⁾	0.15⁽¹⁾	0.21⁽¹⁾		0.14⁽¹⁾	0.18	0.15
		Net realized and unrealized gain/(loss)	0.69	0.61	1.27		4.34	2.96	0.39
	Total from Investment Operations		0.80	0.76	1.48		4.48	3.14	0.54
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.24)	—⁽²⁾	(0.26)		(0.11)	(0.20)	(0.13)
		Distributions (from capital gains)	(0.41)	(3.12)	(2.02)		(0.76)	—	—
	Total Dividends and Distributions		(0.65)	(3.12)	(2.28)		(0.87)	(0.20)	(0.13)
	Net Asset Value, End of Period		$18.26	$18.11	$20.47		$21.27	$17.66	$14.72
	Total Return*		4.43%	4.43%	7.03%		25.84%	21.48%	3.83%
	Net Assets, End of Period (in thousands)		$24,118	$25,178	$27,845		$22,550	$16,242	$13,486
	Average Net Assets for the Period (in thousands)		$24,517	$24,289	$24,335		$18,644	$13,430	$13,834
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.87%	0.94%	0.89%		0.97%	0.98%	0.99%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.87%	0.94%	0.89%		0.97%	0.98%	0.99%
		Ratio of Net Investment Income/(Loss)	1.19%	0.78%	0.97%		0.70%	1.05%	1.03%
	Portfolio Turnover Rate		55%	106%	130%		59%	67%	73%
						1


Class C Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and each year ended June 30			2016	2016	2015	2014	2013	2012
	Net Asset Value, Beginning of Period		$17.79	$20.29	$21.14	$17.59	$14.68	$14.26
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.06⁽¹⁾	0.03⁽¹⁾	0.05⁽¹⁾	(0.01)⁽¹⁾	0.04	0.03
		Net realized and unrealized gain/(loss)	0.68	0.59	1.26	4.32	2.96	0.39
	Total from Investment Operations		0.74	0.62	1.31	4.31	3.00	0.42
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.10)	—	(0.14)	—	(0.09)	—
		Distributions (from capital gains)	(0.41)	(3.12)	(2.02)	(0.76)	—	—
	Total Dividends and Distributions		(0.51)	(3.12)	(2.16)	(0.76)	(0.09)	—
	Net Asset Value, End of Period		$18.02	$17.79	$20.29	$21.14	$17.59	$14.68
	Total Return*		4.19%	3.72%	6.21%	24.87%	20.51%	2.95%
	Net Assets, End of Period (in thousands)		$14,464	$17,156	$19,376	$14,013	$9,154	$6,450
	Average Net Assets for the Period (in thousands)		$16,221	$18,086	$17,511	$11,106	$7,536	$6,402
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.43%	1.57%	1.66%	1.75%	1.77%	1.83%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.43%	1.57%	1.66%	1.75%	1.77%	1.83%
		Ratio of Net Investment Income/(Loss)	0.63%	0.17%	0.22%	(0.07)%	0.25%	0.20%
	Portfolio Turnover Rate		55%	106%	130%	59%	67%	73%

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

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

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

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


See Notes to Financial Statements.

Janus Investment Fund	17

INTECH U.S. Core Fund

Financial Highlights


Class D Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and each year ended June 30			2016	2016	2015	2014	2013	2012
	Net Asset Value, Beginning of Period		$18.14	$20.50	$21.29	$17.67	$14.74	$14.32
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.13⁽¹⁾	0.18⁽¹⁾	0.24⁽¹⁾	0.17⁽¹⁾	0.19	0.17
		Net realized and unrealized gain/(loss)	0.71	0.61	1.29	4.35	2.97	0.39
	Total from Investment Operations		0.84	0.79	1.53	4.52	3.16	0.56
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.28)	(0.03)	(0.30)	(0.14)	(0.23)	(0.14)
		Distributions (from capital gains)	(0.41)	(3.12)	(2.02)	(0.76)	—	—
		Redemption fees	N/A	N/A	N/A	N/A	N/A	—⁽²⁾
	Total Dividends and Distributions		(0.69)	(3.15)	(2.32)	(0.90)	(0.23)	(0.14)
	Net Asset Value, End of Period		$18.29	$18.14	$20.50	$21.29	$17.67	$14.74
	Total Return*		4.60%	4.56%	7.23%	26.02%	21.62%	3.96%
	Net Assets, End of Period (in thousands)		$286,966	$287,476	$302,054	$286,019	$220,548	$174,853
	Average Net Assets for the Period (in thousands)		$286,788	$286,102	$303,548	$255,973	$192,611	$168,338
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.66%	0.79%	0.74%	0.80%	0.85%	0.84%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.66%	0.79%	0.74%	0.80%	0.85%	0.84%
		Ratio of Net Investment Income/(Loss)	1.41%	0.96%	1.14%	0.87%	1.17%	1.20%
	Portfolio Turnover Rate		55%	106%	130%	59%	67%	73%


Class I Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and each year ended June 30			2016	2016	2015	2014	2013	2012
	Net Asset Value, Beginning of Period		$18.16	$20.52	$21.31	$17.68	$14.75	$14.33
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.14⁽¹⁾	0.19⁽¹⁾	0.27⁽¹⁾	0.20⁽¹⁾	0.19	0.20
		Net realized and unrealized gain/(loss)	0.71	0.61	1.28	4.35	2.99	0.37
	Total from Investment Operations		0.85	0.80	1.55	4.55	3.18	0.57
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.30)	(0.04)	(0.32)	(0.16)	(0.25)	(0.15)
		Distributions (from capital gains)	(0.41)	(3.12)	(2.02)	(0.76)	—	—
		Redemption fees	N/A	N/A	N/A	N/A	N/A	—⁽²⁾
	Total Dividends and Distributions		(0.71)	(3.16)	(2.34)	(0.92)	(0.25)	(0.15)
	Net Asset Value, End of Period		$18.30	$18.16	$20.52	$21.31	$17.68	$14.75
	Total Return*		4.65%	4.65%	7.35%	26.22%	21.75%	4.06%
	Net Assets, End of Period (in thousands)		$106,718	$103,603	$153,922	$174,615	$71,592	$50,196
	Average Net Assets for the Period (in thousands)		$105,376	$121,119	$178,491	$147,897	$56,472	$52,297
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.54%	0.68%	0.61%	0.68%	0.75%	0.72%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.54%	0.68%	0.61%	0.68%	0.75%	0.72%
		Ratio of Net Investment Income/(Loss)	1.54%	1.03%	1.26%	1.00%	1.27%	1.31%
	Portfolio Turnover Rate		55%	106%	130%	59%	67%	73%

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

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

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

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


See Notes to Financial Statements.

18	DECEMBER 31, 2016

INTECH U.S. Core Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and the year or period ended June 30			2016	2016	2015⁽¹⁾
	Net Asset Value, Beginning of Period		$18.14	$20.50	$21.73
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.15	0.24	0.20
		Net realized and unrealized gain/(loss)	0.71	0.57	0.93
	Total from Investment Operations		0.86	0.81	1.13
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.31)	(0.05)	(0.34)
		Distributions (from capital gains)	(0.41)	(3.12)	(2.02)
	Total Dividends and Distributions		(0.72)	(3.17)	(2.36)
	Net Asset Value, End of Period		$18.28	$18.14	$20.50
	Total Return*		4.73%	4.70%	5.26%
	Net Assets, End of Period (in thousands)		$16,065	$15,565	$53
	Average Net Assets for the Period (in thousands)		$15,976	$3,138	$53
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.50%	0.57%	0.59%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.50%	0.57%	0.59%
		Ratio of Net Investment Income/(Loss)	1.58%	1.41%	1.45%
	Portfolio Turnover Rate		55%	106%	130%


Class S Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and each year ended June 30			2016	2016	2015	2014	2013	2012
	Net Asset Value, Beginning of Period		$18.01	$20.41	$21.23	$17.66	$14.73	$14.29
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.10⁽²⁾	0.11⁽²⁾	0.17⁽²⁾	0.11⁽²⁾	0.16	0.12
		Net realized and unrealized gain/(loss)	0.70	0.61	1.28	4.34	2.94	0.40
	Total from Investment Operations		0.80	0.72	1.45	4.45	3.10	0.52
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.21)	—	(0.25)	(0.12)	(0.17)	(0.09)
		Distributions (from capital gains)	(0.41)	(3.12)	(2.02)	(0.76)	—	—
		Redemption fees	N/A	N/A	N/A	N/A	N/A	0.01
	Total Dividends and Distributions		(0.62)	(3.12)	(2.27)	(0.88)	(0.17)	(0.08)
	Net Asset Value, End of Period		$18.19	$18.01	$20.41	$21.23	$17.66	$14.73
	Total Return*		4.42%	4.23%	6.86%	25.61%	21.20%	3.75%
	Net Assets, End of Period (in thousands)		$31,772	$35,763	$45,678	$30,533	$5,996	$4,645
	Average Net Assets for the Period (in thousands)		$33,093	$36,252	$38,156	$24,601	$4,857	$4,525
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.00%	1.12%	1.07%	1.14%	1.17%	1.16%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.00%	1.12%	1.07%	1.14%	1.17%	1.16%
		Ratio of Net Investment Income/(Loss)	1.04%	0.60%	0.81%	0.54%	0.86%	0.88%
	Portfolio Turnover Rate		55%	106%	130%	59%	67%	73%

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

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

(1) Period from October 28, 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 U.S. Core Fund

Financial Highlights


Class T Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and each year ended June 30			2016	2016	2015	2014	2013	2012
	Net Asset Value, Beginning of Period		$18.13	$20.49	$21.29	$17.67	$14.74	$14.31
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.12⁽¹⁾	0.16⁽¹⁾	0.22⁽¹⁾	0.16⁽¹⁾	0.18	0.15
		Net realized and unrealized gain/(loss)	0.71	0.61	1.28	4.34	2.97	0.40
	Total from Investment Operations		0.83	0.77	1.50	4.50	3.15	0.55
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.26)	(0.01)	(0.28)	(0.12)	(0.22)	(0.12)
		Distributions (from capital gains)	(0.41)	(3.12)	(2.02)	(0.76)	—	—
		Redemption fees	N/A	N/A	N/A	N/A	N/A	—⁽²⁾
	Total Dividends and Distributions		(0.67)	(3.13)	(2.30)	(0.88)	(0.22)	(0.12)
	Net Asset Value, End of Period		$18.29	$18.13	$20.49	$21.29	$17.67	$14.74
	Total Return*		4.56%	4.47%	7.10%	25.94%	21.58%	3.93%
	Net Assets, End of Period (in thousands)		$116,649	$121,334	$155,881	$147,294	$109,408	$83,640
	Average Net Assets for the Period (in thousands)		$118,690	$132,444	$157,958	$129,992	$92,764	$75,220
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.75%	0.87%	0.82%	0.89%	0.92%	0.91%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.74%	0.86%	0.82%	0.89%	0.92%	0.91%
		Ratio of Net Investment Income/(Loss)	1.32%	0.87%	1.05%	0.79%	1.11%	1.14%
	Portfolio Turnover Rate		55%	106%	130%	59%	67%	73%

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

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

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

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


See Notes to Financial Statements.

20	DECEMBER 31, 2016

INTECH U.S. Core Fund

Notes to Financial Statements (unaudited)

1. Organization and Significant Accounting Policies

INTECH U.S. Core 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 seeks long-term growth of capital. The Fund is classified as diversified, as defined in the 1940 Act.

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

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 U.S. Core Fund

Notes to Financial Statements (unaudited)

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

Valuation Inputs Summary

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

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


22	DECEMBER 31, 2016

INTECH U.S. Core Fund

Notes to Financial Statements (unaudited)

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

Expenses

Estimates

Indemnifications

Dividends and Distributions

Federal Income Taxes

2. Other Investments and Strategies

Additional Investment Risk


Janus Investment Fund	23

INTECH U.S. Core Fund

Notes to Financial Statements (unaudited)

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.

Counterparties


24	DECEMBER 31, 2016

INTECH U.S. Core Fund

Notes to Financial Statements (unaudited)

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.

Offsetting Assets and Liabilities

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 in accordance with the Agency Securities Lending and Repurchase Agreement. For financial reporting purposes, the Fund does not offset financial instruments’ payables and receivables and related collateral on the Statement of Assets and Liabilities.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.


Offsetting of Financial Assets and Derivative Assets

			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Assets		or Liability^(a)		Pledged^(b)		Net Amount

Deutsche Bank AG		$	4,864,722	$	—	$	(4,864,722)	$	—

(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.

Real Estate Investing

Securities Lending


Janus Investment Fund	25

INTECH U.S. Core Fund

Notes to Financial Statements (unaudited)

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.

The cash collateral invested by Janus Capital is disclosed in the Schedule of Investments (if applicable). Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations. As of December 31, 2016, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $4,864,722. Gross amounts of recognized liabilities for securities lending (collateral received) as of December 31, 2016 is $4,969,584, resulting in the net amount due to the counterparty of $104,862.

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 "base" fee rate prior to any performance adjustment (expressed as an annual rate) is 0.50%.

The investment advisory fee rate is determined by calculating a base fee and applying a performance adjustment. The base fee rate is the same as the contractual investment advisory fee rate. The performance adjustment either increases or decreases the base fee depending on how well the Fund has performed relative to its benchmark index. The Fund's benchmark index used in the calculation is the S&P 500^{^®}Index.

The calculation of the performance adjustment applies as follows:

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

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

The Fund’s prospectuses and statement(s) of additional information contain additional information about performance-based fees. The amount shown as advisory fees on the Statement of Operations reflects the Base Fee Rate plus/minus any Performance Adjustment. For the period ended December 31, 2016, the performance adjusted investment advisory fee rate before any waivers and/or reimbursements of expenses is 0.44%.


26	DECEMBER 31, 2016

INTECH U.S. Core Fund

Notes to Financial Statements (unaudited)

Janus Capital pays INTECH a subadvisory fee rate equal to 50% of the investment advisory fee paid by the Fund to Janus Capital (calculated after any applicable performance fee adjustment net of any fee waivers and expense reimbursements). The subadvisory fee paid by Janus Capital to INTECH adjusts up or down based on the Fund's performance relative to its benchmark index over the performance measurement period.

Janus Capital has contractually agreed to waive the advisory fee payable by the Fund or reimburse expenses in an amount equal to the amount, if any, that the Fund’s normal operating expenses including the investment advisory fee, but excluding any performance adjustments to management fees, 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 0.83% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waiver until at least November 1, 2017. The previous expense limit until November 1, 2016 was 0.89%. If applicable, amounts reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement” on the Statement of Operations.


Janus Investment Fund	27

INTECH U.S. Core Fund

Notes to Financial Statements (unaudited)

The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of December 31, 2016 on the Statement of Assets and Liabilities in the asset, “Non-interested Trustees’ deferred compensation,” and liability, “Non-interested Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Unrealized net appreciation/(depreciation) of investments and non-interested Trustees’ deferred compensation” on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended December 31, 2016 are included in “Non-interested Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $181,750 were paid by the Trust to a Trustee under the Deferred Plan during the period ended December 31, 2016.


28	DECEMBER 31, 2016

INTECH U.S. Core Fund

Notes to Financial Statements (unaudited)

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.

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, 2016, redeeming shareholders of Class C Shares paid CDSCs of $233.

4. Federal Income Tax

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


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 527,874,220	$81,180,228	$ (8,511,762)	$ 72,668,466


Janus Investment Fund	29

INTECH U.S. Core Fund

Notes to Financial Statements (unaudited)

5. Capital Share Transactions



	Period ended December 31, 2016		Year ended June 30, 2016
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	210,008	$ 3,859,017	321,972	$ 5,907,128
Reinvested dividends and distributions	33,943	623,869	214,272	3,711,183
Shares repurchased	(314,068)	(5,753,241)	(505,793)	(9,586,856)
Net Increase/(Decrease)	(70,117)	$(1,270,355)	30,451	$ 31,455
Class C Shares:
Shares sold	16,839	$ 305,020	91,461	$ 1,598,233
Reinvested dividends and distributions	16,409	297,488	115,828	1,978,350
Shares repurchased	(194,972)	(3,510,922)	(197,845)	(3,515,612)
Net Increase/(Decrease)	(161,724)	$(2,908,414)	9,444	$ 60,971
Class D Shares:
Shares sold	401,214	$ 7,435,600	727,871	$ 13,385,018
Reinvested dividends and distributions	562,269	10,351,382	2,521,722	43,726,659
Shares repurchased	(1,119,523)	(20,592,761)	(2,135,254)	(39,716,456)
Net Increase/(Decrease)	(156,040)	$(2,805,779)	1,114,339	$ 17,395,221
Class I Shares:
Shares sold	369,779	$ 6,821,372	615,963	$ 11,464,100
Reinvested dividends and distributions	214,279	3,947,020	1,059,725	18,386,233
Shares repurchased	(457,393)	(8,481,038)	(3,472,759)	(66,998,479)
Net Increase/(Decrease)	126,665	$ 2,287,354	(1,797,071)	$(37,148,146)
Class N Shares:
Shares sold	53,675	$ 998,694	886,360	$ 15,742,108
Reinvested dividends and distributions	33,157	609,759	476	8,252
Shares repurchased	(65,623)	(1,207,648)	(31,603)	(556,197)
Net Increase/(Decrease)	21,209	$ 400,805	855,233	$ 15,194,163
Class S Shares:
Shares sold	180,758	$ 3,313,071	380,143	$ 7,095,538
Reinvested dividends and distributions	57,152	1,046,448	316,231	5,451,819
Shares repurchased	(476,861)	(8,701,962)	(948,287)	(18,726,221)
Net Increase/(Decrease)	(238,951)	$(4,342,443)	(251,913)	$ (6,178,864)
Class T Shares:
Shares sold	273,068	$ 5,033,434	591,339	$ 11,143,304
Reinvested dividends and distributions	219,609	4,042,999	1,146,171	19,874,602
Shares repurchased	(806,129)	(14,884,936)	(2,653,162)	(49,721,726)
Net Increase/(Decrease)	(313,452)	$(5,808,503)	(915,652)	$(18,703,820)

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
$331,166,496	$ 362,495,562	$ -	$ -

7. Merger Related Matters


30	DECEMBER 31, 2016

INTECH U.S. Core Fund

Notes to Financial Statements (unaudited)

owned subsidiary of Henderson. The Transaction is currently expected to close in the second quarter of 2017, subject to requisite shareholder and regulatory approvals.

In addition, the Fund’s name will change to reflect “Janus Henderson” as part of the Fund’s name.

8. Fund Merger

On December 8, 2016, the Board of Trustees of the Fund approved an Agreement and Plan of Reorganization that provides for the merger of the Fund into INTECH U.S. Managed Volatility Fund (the “Acquiring Fund”), a similarly managed fund (the “Merger”).

The Merger is subject to certain conditions, including approval by shareholders of the Fund.

The Merger is expected to be tax-free for federal income tax purposes; therefore, Fund shareholders should not realize a tax gain or loss when the Merger is implemented. The Merger, however, may accelerate distributions, which are taxable, as the tax year for the Fund will end on the date of the Merger. In connection with the Merger, shareholders of each class of shares of the Fund will receive shares of a corresponding class of the Acquiring Fund approximately equivalent in dollar value to the Fund shares owned immediately prior to the Merger. Investors who are Fund shareholders of record as of December 29, 2016, will receive a proxy statement/prospectus which includes important information regarding the Merger. Only Fund shareholders as of December 29, 2016, are eligible to vote on the Merger. Therefore, if you purchased shares of the Fund after December 29, 2016, and assuming shareholders of the Fund as of that date approve the Merger, any shares of the Fund you hold as of the Merger date will automatically be converted into shares of the Acquiring Fund.

Shareholders of the Fund may redeem their shares or exchange their shares for shares of another Janus fund for which they are eligible to purchase at any time prior to the Merger. Any applicable contingent deferred sales charges (“CDSC”) charged by the Fund will be waived for redemptions or exchanges through the date of the Merger. Exchanges by Class A shareholders of the Fund into Class A Shares of another Janus fund are not subject to any applicable initial sales


Janus Investment Fund	31

INTECH U.S. Core Fund

Notes to Financial Statements (unaudited)

charge. For shareholders holding shares through an intermediary, check with your intermediary regarding other Janus funds and share classes offered through your intermediary.

A full description of the Acquiring Fund and the terms of the Merger will be contained in the proxy statement/prospectus that will be sent to shareholders of the Fund of record as of December 29, 2016. Janus Capital encourages you to read the proxy statement/prospectus when it is available as it contains important information regarding the Merger. A copy of the proxy statement/prospectus, when it is available, will be available at janus.com/fundupdate, or you may request a free copy by calling 1-877-335-2687 (or 1-800-525-3713 if you hold shares directly with Janus Capital).

Shareholders of record of the Fund as of December 29, 2016, are expected to receive a proxy statement, notice of special meeting of shareholders, and proxy card, containing detailed information regarding shareholder proposals with respect to these and certain other matters. The shareholder meeting is expected to be held on or about April 6, 2017.

9. Subsequent Event


32	DECEMBER 31, 2016

INTECH U.S. Core Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Quarterly Portfolio Holdings

Approval of Advisory and Sub-Advisory Agreements with Janus and Janus Affiliates during the Period


Janus Investment Fund	33

INTECH U.S. Core Fund

Additional Information (unaudited)


34	DECEMBER 31, 2016

INTECH U.S. Core Fund

Additional Information (unaudited)

Capital, and the Funds of receiving research services from broker/dealer firms in connection with the allocation of portfolio transactions to such firms.

In connection with its deliberations, the Board received assurances from Janus, on behalf of itself and its affiliates (collectively, “Janus”) including the following:

· Janus has provided to the Board such information as it believes is reasonably necessary to evaluate the New Advisory Agreements and New Sub-Advisory Agreements.

· Janus is committed to the continuance, without interruption, of services to the Funds of at least the type and quality currently provided by Janus Capital and its affiliates, or superior thereto.

· The intent of Janus Capital to take the necessary and appropriate steps to retain and attract its key investment advisory personnel.


Janus Investment Fund	35

INTECH U.S. Core Fund

Additional Information (unaudited)

Approval of Interim Advisory and Sub-Advisory Agreements with Janus and Janus Affiliates during the Period


36	DECEMBER 31, 2016

INTECH U.S. Core Fund

Additional Information (unaudited)

Approval of Sub-Advisory Agreements with Henderson Investment Management Limited during the Period

· the terms of each HIML Sub-Advisory Agreement;

· the ability of HIML to attract and retain high-quality personnel and the organizational depth of HIML;

· under each HIML Sub-Advisory Agreement, Janus Capital would be responsible for paying HIML out of its fees;

· the potential for economies of scale with respect to the overall fee structure of each HIML Fund and whether either Fund will benefit from any economies of scale; and

· the costs of seeking approval of the HIML Sub-Advisory Agreements will not be borne by the HIML Funds.


Janus Investment Fund	37

INTECH U.S. Core Fund

Additional Information (unaudited)

Renewal of Investment Advisory and Sub-Advisory Agreements for INTECH U.S. Core Fund


38	DECEMBER 31, 2016

INTECH U.S. Core Fund

Useful Information About Your Fund Report (unaudited)

Management Commentary

Performance Overviews

Schedule of Investments

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.

Tables listing details of individual forward currency contracts, futures, written options, swaptions, 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	39

INTECH U.S. Core Fund

Useful Information About Your Fund Report (unaudited)

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.

Statements of Changes in Net Assets

Financial Highlights


40	DECEMBER 31, 2016

INTECH U.S. Core Fund

Useful Information About Your Fund Report (unaudited)

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


Janus Investment Fund	41

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

Fixed Income

Global & International

Growth & Core

Mathematical

Value

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).

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-0217-7548

125-24-93015 02-17



	SEMIANNUAL REPORT December 31, 2016

INTECH U.S. Managed Volatility Fund

Janus Investment Fund

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

Table of Contents

INTECH U.S. Managed Volatility Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	16
Statement of Assets and Liabilities	17
Statement of Operations	19
Statements of Changes in Net Assets	20
Financial Highlights	21
Notes to Financial Statements	25
Additional Information	37
Useful Information About Your Fund Report	43

INTECH U.S. Managed Volatility Fund (unaudited)

FUND SNAPSHOT

INTECH’s active approach focuses on adding value by selecting stocks with unique volatility characteristics and low correlations to one another.

Managed by

INTECH Investment

Management LLC

PERFORMANCE OVERVIEW

For the six-month period ended December 31, 2016, INTECH U.S. Managed Volatility Fund returned -0.58% for its Class I Shares. This compares to the 8.01% return posted by the Russell 1000 Index, the Fund’s benchmark.

INVESTMENT STRATEGY

The investment process begins with the stocks in the Russell 1000 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 U.S. 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

Led by riskier segments of the market, the U.S. equity market as measured by the Russell 1000 Index posted a strong return of 8.01% for the six-month period ending December 31, 2016. INTECH U.S. Managed Volatility Fund underperformed the Russell 1000 Index over the period and generated a return of -0.58%.

An overall increase in market diversity over the period reflected a change in the distribution of capital, in which smaller cap stocks outperformed larger cap stocks on average within the Russell 1000 Index. While the INTECH U.S. Managed Volatility Fund, which tends to overweight smaller cap stocks as they provide more relative volatility capture potential, was positively impacted by the overall increase in market diversity, the Fund was negatively impacted by its defensive positioning and underperformed during the period.

The Fund’s defensive positioning acted as headwind to relative performance as investors’ risk appetites increased in U.S. markets during the period. 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, higher beta stocks strongly outperformed lower beta stocks and the overall market, on average. Consequently, the Fund’s overweight to lower beta stocks and underweight to higher beta stocks detracted from the Fund’s relative return for the period.

The Fund’s overall active sector positioning also detracted from relative performance during the period. Average overweight allocations to the defensive utilities and consumer staples sectors, which were two of the weakest performing sectors during the period, as well as an average overweight allocation to the real estate sector, detracted from the Fund’s relative performance. An average underweight allocation to some strong performing mega cap bank stocks was among the ten largest detractors during the period.

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 U.S. Managed Volatility Fund (unaudited)

Thank you for your investment in INTECH U.S. Managed Volatility Fund.


2	DECEMBER 31, 2016

INTECH U.S. Managed Volatility Fund (unaudited)

Fund At A Glance

December 31, 2016


5 Largest Equity Holdings - (% of Net Assets)
General Mills Inc
Food Products	3.1%
Reynolds American Inc
Tobacco	2.7%
Altria Group Inc
Tobacco	2.5%
Newmont Mining Corp
Metals & Mining	2.1%
American Water Works Co Inc
Water Utilities	1.6%
	12.0%


Asset Allocation - (% of Net Assets)
Common Stocks	99.3%
Investment Companies	4.3%
Other		(3.6)%
		100.0%

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

As of December 31, 2016

As of June 30, 2016


Janus Investment Fund	3

INTECH U.S. Managed Volatility Fund (unaudited)

Performance

See important disclosures on the next page.



						Expense Ratios -
Average Annual Total Return - for the periods ended December 31, 2016						per the October 28, 2016 prospectuses
	Fiscal Year-to-Date	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses
Class A Shares at NAV	-0.77%	7.86%	13.59%	5.60%	6.62%	0.93%
Class A Shares at MOP	-6.46%	1.70%	12.25%	4.97%	6.05%
Class C Shares at NAV	-1.15%	6.97%	12.82%	4.84%	5.85%	1.66%
Class C Shares at CDSC	-2.13%	5.97%	12.82%	4.84%	5.85%
Class D Shares⁽¹⁾	-0.58%	7.95%	13.76%	5.69%	6.71%	0.83%
Class I Shares	-0.58%	8.08%	13.93%	5.87%	6.90%	0.65%
Class N Shares	-0.53%	8.16%	13.93%	5.87%	6.90%	0.61%
Class S Shares	-0.71%	7.73%	13.57%	5.45%	6.47%	1.13%
Class T Shares	-0.64%	8.00%	13.70%	5.57%	6.57%	0.86%
Russell 1000 Index	8.01%	12.05%	14.69%	7.08%	7.82%
Morningstar Quartile - Class I Shares	-	4th	2nd	3rd	3rd
Morningstar Ranking - based on total returns for Large Blend Funds	-	1,150/1,456	544/1,272	689/1,110	560/1,071

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.

A Fund’s performance may be affected by risks that include those associated with non-diversification, 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.


4	DECEMBER 31, 2016

INTECH U.S. Managed Volatility Fund (unaudited)

Performance

Additional risks to a Fund may also include, but are not limited to, those associated with investing in foreign securities, emerging markets, initial public offerings, real estate investment trusts (REITs), derivatives, short sales, commodity-linked investments and companies with relatively small market capitalizations. Each Fund has different risks. Please see a Janus prospectus for more information about risks, Fund holdings and other details.

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.

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

Class N Shares commenced operations on October 28, 2014. Performance shown for periods prior to October 28, 2014, reflects the historical performance of the Fund’s Class I Shares, calculated using the fees and expenses of Class I Shares, net of any applicable fee and expense limitations or waivers.

Class D Shares commenced operations on December 22, 2014. Performance shown for periods prior to December 22, 2014, reflects the historical performance of the Fund’s Class I Shares, calculated using the fees and expenses of Class D Shares, without the effect of any applicable fee and expense limitations or waivers.

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 predecessor Fund’s inception date – December 30, 2005

(1) Closed to certain new investors.


Janus Investment Fund	5

INTECH U.S. Managed Volatility Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (7/1/16)	Ending Account Value (12/31/16)	Expenses Paid During Period (7/1/16 - 12/31/16)†	Beginning Account Value (7/1/16)	Ending Account Value (12/31/16)	Expenses Paid During Period (7/1/16 - 12/31/16)†	Net Annualized Expense Ratio (7/1/16 - 12/31/16)
Class A Shares		$1,000.00	$992.30	$4.67	$1,000.00	$1,020.52	$4.74	0.93%
Class C Shares		$1,000.00	$988.50	$8.52	$1,000.00	$1,016.64	$8.64	1.70%
Class D Shares		$1,000.00	$994.20	$3.82	$1,000.00	$1,021.37	$3.87	0.76%
Class I Shares		$1,000.00	$994.20	$3.32	$1,000.00	$1,021.88	$3.36	0.66%
Class N Shares		$1,000.00	$994.70	$2.92	$1,000.00	$1,022.28	$2.96	0.58%
Class S Shares		$1,000.00	$992.90	$5.27	$1,000.00	$1,019.91	$5.35	1.05%
Class T Shares		$1,000.00	$993.60	$4.17	$1,000.00	$1,021.02	$4.23	0.83%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (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, 2016

INTECH U.S. Managed Volatility Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares			Value
Common Stocks – 99.3%
Aerospace & Defense – 3.5%
	BWX Technologies Inc	72,200	$2,866,340
	General Dynamics Corp	3,500	604,310
	HEICO Corp	11,700	794,430
	Huntington Ingalls Industries Inc	6,300	1,160,397
	L-3 Communications Holdings Inc	10,300	1,566,733
	Lockheed Martin Corp	21,100	5,273,734
	Northrop Grumman Corp	7,300	1,697,834
	Orbital ATK Inc	2,700	236,871
	Raytheon Co	17,800	2,527,600
	Spirit AeroSystems Holdings Inc	12,000	700,200
	TransDigm Group Inc	3,600	896,256
			18,324,705
Air Freight & Logistics – 0.1%
	Expeditors International of Washington Inc	2,400	127,104
	United Parcel Service Inc	3,200	366,848
			493,952
Airlines – 0.8%
	American Airlines Group Inc	4,300	200,767
	Copa Holdings SA	27,400	2,488,742
	Southwest Airlines Co	9,400	468,496
	Spirit Airlines Inc*	5,300	306,658
	United Continental Holdings Inc*	6,500	473,720
			3,938,383
Automobiles – 0.2%
	Thor Industries Inc	8,400	840,420
Banks – 2.5%
	Bank of America Corp	18,000	397,800
	Bank of Hawaii Corp	4,400	390,236
	BB&T Corp	7,600	357,352
	Citizens Financial Group Inc	44,300	1,578,409
	Commerce Bancshares Inc/MO	24,066	1,391,256
	Fifth Third Bancorp	59,600	1,607,412
	First Republic Bank/CA	2,100	193,494
	KeyCorp	44,200	807,534
	People's United Financial Inc^#	23,200	449,152
	PNC Financial Services Group Inc	12,700	1,485,392
	Popular Inc	78,200	3,426,724
	Regions Financial Corp	25,400	364,744
	US Bancorp	7,700	395,549
			12,845,054
Beverages – 1.2%
	Constellation Brands Inc	28,000	4,292,680
	Dr Pepper Snapple Group Inc	18,100	1,641,127
	PepsiCo Inc	3,100	324,353
			6,258,160
Biotechnology – 0.7%
	Amgen Inc	1,300	190,073
	Incyte Corp*	1,500	150,405
	Neurocrine Biosciences Inc*	5,000	193,500
	Seattle Genetics Inc*^,#	56,400	2,976,228
			3,510,206
Building Products – 0.4%
	AO Smith Corp	5,200	246,220
	Lennox International Inc	10,400	1,592,968
	Owens Corning	8,000	412,480
			2,251,668
Capital Markets – 2.8%
	CBOE Holdings Inc^#	52,300	3,864,447
	CME Group Inc	16,800	1,937,880


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

Janus Investment Fund	7

INTECH U.S. Managed Volatility Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares			Value
Common Stocks – (continued)
Capital Markets – (continued)
	Eaton Vance Corp	6,500	$272,220
	FactSet Research Systems Inc	2,600	424,918
	Goldman Sachs Group Inc	1,400	335,230
	Intercontinental Exchange Inc	1,500	84,630
	LPL Financial Holdings Inc	39,900	1,404,879
	MarketAxess Holdings Inc	9,200	1,351,664
	Morgan Stanley	22,700	959,075
	MSCI Inc	14,600	1,150,188
	Nasdaq Inc	22,700	1,523,624
	NorthStar Asset Management Group Inc	20,300	302,876
	Raymond James Financial Inc	3,500	242,445
	S&P Global Inc	3,600	387,144
	State Street Corp	4,400	341,968
	TD Ameritrade Holding Corp	3,100	135,160
			14,718,348
Chemicals – 0.4%
	Ashland Global Holdings Inc	5,400	590,166
	Cabot Corp	2,900	146,566
	International Flavors & Fragrances Inc	5,700	671,631
	Scotts Miracle-Gro Co	9,200	879,060
			2,287,423
Commercial Services & Supplies – 1.7%
	Cintas Corp	3,700	427,572
	Copart Inc*	13,700	759,117
	Republic Services Inc	96,200	5,488,210
	Waste Management Inc	28,900	2,049,299
			8,724,198
Communications Equipment – 0.6%
	Arista Networks Inc*	12,600	1,219,302
	Harris Corp	11,100	1,137,417
	Motorola Solutions Inc	6,300	522,207
	Palo Alto Networks Inc*	2,800	350,140
			3,229,066
Construction & Engineering – 0.1%
	Quanta Services Inc*	17,200	599,420
Construction Materials – 0%
	Martin Marietta Materials Inc	1,000	221,530
Containers & Packaging – 1.2%
	Berry Plastics Group Inc*	11,800	575,014
	Graphic Packaging Holding Co	10,600	132,288
	International Paper Co	14,600	774,676
	Packaging Corp of America	50,700	4,300,374
	Sonoco Products Co	2,800	147,560
	WestRock Co	8,100	411,237
			6,341,149
Distributors – 0%
	Pool Corp	1,500	156,510
Diversified Financial Services – 0%
	Berkshire Hathaway Inc*	500	81,490
Diversified Telecommunication Services – 1.3%
	AT&T Inc	114,976	4,889,929
	Zayo Group Holdings Inc*	51,500	1,692,290
			6,582,219
Electric Utilities – 6.3%
	Alliant Energy Corp	46,700	1,769,463
	American Electric Power Co Inc	11,500	724,040
	Duke Energy Corp	13,700	1,063,394
	Edison International	40,300	2,901,197
	Entergy Corp	37,500	2,755,125


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

8	DECEMBER 31, 2016

INTECH U.S. Managed Volatility Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares			Value
Common Stocks – (continued)
Electric Utilities – (continued)
	Exelon Corp	11,300	$401,037
	Hawaiian Electric Industries Inc	18,400	608,488
	NextEra Energy Inc	15,500	1,851,630
	PG&E Corp	56,300	3,421,351
	Pinnacle West Capital Corp	29,700	2,317,491
	PPL Corp	14,900	507,345
	Southern Co	112,900	5,553,551
	Westar Energy Inc	78,400	4,417,840
	Xcel Energy Inc	110,600	4,501,420
			32,793,372
Electronic Equipment, Instruments & Components – 0.5%
	Amphenol Corp	9,200	618,240
	Cognex Corp	9,700	617,114
	Corning Inc	38,400	931,968
	Dolby Laboratories Inc	13,300	601,027
			2,768,349
Energy Equipment & Services – 0.1%
	Baker Hughes Inc	5,600	363,832
Equity Real Estate Investment Trusts (REITs) – 8.4%
	Alexandria Real Estate Equities Inc	6,800	755,684
	American Campus Communities Inc	33,500	1,667,295
	American Homes 4 Rent	86,000	1,804,280
	AvalonBay Communities Inc	1,300	230,295
	Boston Properties Inc	1,000	125,780
	Brixmor Property Group Inc	13,600	332,112
	Care Capital Properties Inc	4,400	110,000
	Communications Sales & Leasing Inc	72,900	1,852,389
	CyrusOne Inc	11,100	496,503
	DCT Industrial Trust Inc	12,800	612,864
	Digital Realty Trust Inc^#	85,100	8,361,926
	Douglas Emmett Inc	11,900	435,064
	Duke Realty Corp	46,200	1,227,072
	Empire State Realty Trust Inc^#	50,100	1,011,519
	EPR Properties	14,600	1,047,842
	Equinix Inc	4,713	1,684,473
	Equity LifeStyle Properties Inc	70,800	5,104,680
	Federal Realty Investment Trust	1,300	184,743
	Gaming and Leisure Properties Inc	12,800	391,936
	Healthcare Trust of America Inc	44,100	1,283,751
	Hospitality Properties Trust	3,700	117,438
	Iron Mountain Inc	9,700	315,056
	Liberty Property Trust	31,700	1,252,150
	Mid-America Apartment Communities Inc	950	93,024
	National Retail Properties Inc	27,000	1,193,400
	Piedmont Office Realty Trust Inc	1,700	35,547
	Prologis Inc	10,300	543,737
	Realty Income Corp	56,600	3,253,368
	Senior Housing Properties Trust	172,300	3,261,639
	SL Green Realty Corp	1,300	139,815
	Spirit Realty Capital Inc	37,500	407,250
	STORE Capital Corp	29,500	728,945
	Sun Communities Inc	12,700	972,947
	Ventas Inc	5,500	343,860
	Welltower Inc^#	30,400	2,034,672
			43,413,056
Food & Staples Retailing – 0.8%
	Casey's General Stores Inc	800	95,104
	Costco Wholesale Corp	3,700	592,407


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

Janus Investment Fund	9

INTECH U.S. Managed Volatility Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares			Value
Common Stocks – (continued)
Food & Staples Retailing – (continued)
	Sysco Corp	60,200	$3,333,274
			4,020,785
Food Products – 5.5%
	Campbell Soup Co	16,500	997,755
	Conagra Brands Inc	20,100	794,955
	General Mills Inc	264,200	16,319,634
	Ingredion Inc	4,900	612,304
	JM Smucker Co	7,700	986,062
	Kellogg Co	35,300	2,601,963
	Kraft Heinz Co	1,300	113,516
	Lamb Weston Holdings Inc	3,933	148,864
	Pinnacle Foods Inc	43,600	2,330,420
	Tyson Foods Inc	55,300	3,410,904
			28,316,377
Gas Utilities – 1.3%
	Atmos Energy Corp	54,600	4,048,590
	National Fuel Gas Co	10,100	572,064
	UGI Corp	40,650	1,873,152
			6,493,806
Health Care Equipment & Supplies – 5.4%
	ABIOMED Inc*	31,000	3,493,080
	Align Technology Inc*	13,100	1,259,303
	Baxter International Inc	26,000	1,152,840
	Becton Dickinson and Co	5,300	877,415
	Boston Scientific Corp*	22,800	493,164
	Cooper Cos Inc	9,400	1,644,342
	CR Bard Inc	2,000	449,320
	DexCom Inc*	8,900	531,330
	Edwards Lifesciences Corp*	43,200	4,047,840
	Hill-Rom Holdings Inc	24,300	1,364,202
	Hologic Inc*	4,800	192,576
	IDEXX Laboratories Inc*	12,900	1,512,783
	Intuitive Surgical Inc*	2,500	1,585,425
	Medtronic PLC	6,100	434,503
	ResMed Inc	10,100	626,705
	Stryker Corp	6,100	730,841
	Teleflex Inc	21,500	3,464,725
	Varian Medical Systems Inc*	17,100	1,535,238
	West Pharmaceutical Services Inc	16,600	1,408,178
	Zimmer Biomet Holdings Inc	13,700	1,413,840
			28,217,650
Health Care Providers & Services – 1.7%
	AmerisourceBergen Corp	22,000	1,720,180
	Anthem Inc	5,200	747,604
	Centene Corp*	4,100	231,691
	Laboratory Corp of America Holdings*	1,000	128,380
	Quest Diagnostics Inc	12,400	1,139,560
	UnitedHealth Group Inc	16,800	2,688,672
	VCA Inc*	5,800	398,170
	WellCare Health Plans Inc*	14,400	1,973,952
			9,028,209
Health Care Technology – 0.3%
	Veeva Systems Inc*	42,200	1,717,540
Hotels, Restaurants & Leisure – 1.9%
	Aramark	14,000	500,080
	Domino's Pizza Inc	10,000	1,592,400
	Dunkin' Brands Group Inc	39,900	2,092,356
	International Game Technology PLC	28,200	719,664
	Las Vegas Sands Corp	15,900	849,219


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

10	DECEMBER 31, 2016

INTECH U.S. Managed Volatility Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares			Value
Common Stocks – (continued)
Hotels, Restaurants & Leisure – (continued)
	McDonald's Corp	4,200	$511,224
	MGM Resorts International*	8,300	239,289
	Panera Bread Co*	5,600	1,148,504
	Vail Resorts Inc	6,700	1,080,777
	Wendy's Co	63,600	859,872
			9,593,385
Household Durables – 0.3%
	NVR Inc*	900	1,502,100
Household Products – 1.5%
	Church & Dwight Co Inc	9,900	437,481
	Clorox Co	12,900	1,548,258
	Energizer Holdings Inc	7,400	330,114
	Kimberly-Clark Corp	24,600	2,807,352
	Procter & Gamble Co	31,900	2,682,152
	Spectrum Brands Holdings Inc	1,100	134,563
			7,939,920
Industrial Conglomerates – 0%
	3M Co	1,100	196,427
Information Technology Services – 1.8%
	Booz Allen Hamilton Holding Corp	19,400	699,758
	Broadridge Financial Solutions Inc	11,200	742,560
	Computer Sciences Corp	20,900	1,241,878
	CSRA Inc	7,100	226,064
	Jack Henry & Associates Inc	27,300	2,423,694
	Leidos Holdings Inc	43,700	2,234,818
	Mastercard Inc	11,400	1,177,050
	Total System Services Inc	5,400	264,762
	Visa Inc	3,000	234,060
			9,244,644
Insurance – 6.9%
	Aflac Inc	10,900	758,640
	Allied World Assurance Co Holdings AG	2,400	128,904
	American Financial Group Inc/OH	17,400	1,533,288
	Aon PLC	2,700	301,131
	Arch Capital Group Ltd*	14,000	1,208,060
	Arthur J Gallagher & Co	16,800	872,928
	Assurant Inc	26,100	2,423,646
	Assured Guaranty Ltd	20,600	778,062
	Axis Capital Holdings Ltd	4,900	319,823
	Chubb Ltd	2,351	310,614
	Cincinnati Financial Corp	38,400	2,908,800
	Erie Indemnity Co	9,000	1,012,050
	Everest Re Group Ltd	14,400	3,116,160
	First American Financial Corp	5,600	205,128
	FNF Group	6,400	217,344
	Markel Corp*	3,900	3,527,550
	Marsh & McLennan Cos Inc	3,600	243,324
	MetLife Inc	9,400	506,566
	Old Republic International Corp	61,000	1,159,000
	Principal Financial Group Inc	28,900	1,672,154
	ProAssurance Corp	34,500	1,938,900
	Reinsurance Group of America Inc	8,700	1,094,721
	RenaissanceRe Holdings Ltd	21,700	2,955,974
	Torchmark Corp	2,300	169,648
	Validus Holdings Ltd	48,800	2,684,488
	White Mountains Insurance Group Ltd	4,200	3,511,410
			35,558,313
Internet & Direct Marketing Retail – 0.4%
	Amazon.com Inc*	1,100	824,857


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

Janus Investment Fund	11

INTECH U.S. Managed Volatility Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares			Value
Common Stocks – (continued)
Internet & Direct Marketing Retail – (continued)
	Expedia Inc	3,000	$339,840
	Netflix Inc*	5,400	668,520
	Priceline Group Inc*	200	293,212
			2,126,429
Internet Software & Services – 2.1%
	Akamai Technologies Inc*	19,100	1,273,588
	Alphabet Inc - Class A*	200	158,490
	Alphabet Inc - Class C*	600	463,092
	eBay Inc*	38,000	1,128,220
	Facebook Inc	46,800	5,384,340
	Pandora Media Inc*^,#	112,600	1,468,304
	Yelp Inc*	21,500	819,795
	Zillow Group Inc*^,#	6,100	222,467
			10,918,296
Leisure Products – 0.1%
	Mattel Inc	9,700	267,235
Life Sciences Tools & Services – 1.2%
	Illumina Inc*	12,900	1,651,716
	Mettler-Toledo International Inc*	1,000	418,560
	Quintiles IMS Holdings Inc*	33,620	2,556,801
	Thermo Fisher Scientific Inc	3,400	479,740
	Waters Corp*	7,100	954,169
			6,060,986
Machinery – 1.1%
	Cummins Inc	2,800	382,676
	Donaldson Co Inc	4,700	197,776
	IDEX Corp	2,500	225,150
	Illinois Tool Works Inc	3,800	465,348
	Oshkosh Corp	7,900	510,419
	Toro Co	33,600	1,879,920
	Trinity Industries Inc	4,700	130,472
	Xylem Inc/NY	43,500	2,154,120
			5,945,881
Media – 1.0%
	Cable One Inc	2,100	1,305,633
	Charter Communications Inc*	5,643	1,624,733
	Cinemark Holdings Inc	45,900	1,760,724
	Liberty Broadband Corp*	3,000	222,210
	Live Nation Entertainment Inc*	15,100	401,660
			5,314,960
Metals & Mining – 2.4%
	Newmont Mining Corp	313,500	10,680,945
	Royal Gold Inc	30,800	1,951,180
			12,632,125
Mortgage Real Estate Investment Trusts (REITs) – 1.8%
	AGNC Investment Corp	114,800	2,081,324
	Annaly Capital Management Inc	397,200	3,960,084
	Chimera Investment Corp	83,600	1,422,872
	MFA Financial Inc	103,600	790,468
	Starwood Property Trust Inc	36,000	790,200
	Two Harbors Investment Corp	22,800	198,816
			9,243,764
Multiline Retail – 0.3%
	Nordstrom Inc^#	29,900	1,433,107
Multi-Utilities – 4.3%
	Ameren Corp	48,200	2,528,572
	CenterPoint Energy Inc	35,300	869,792
	CMS Energy Corp	4,400	183,128
	Consolidated Edison Inc	70,500	5,194,440


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

12	DECEMBER 31, 2016

INTECH U.S. Managed Volatility Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares			Value
Common Stocks – (continued)
Multi-Utilities – (continued)
	Dominion Resources Inc/VA	3,700	$283,383
	DTE Energy Co	14,000	1,379,140
	MDU Resources Group Inc	37,800	1,087,506
	NiSource Inc	175,300	3,881,142
	SCANA Corp	41,400	3,033,792
	Vectren Corp	800	41,720
	WEC Energy Group Inc	64,176	3,763,922
			22,246,537
Oil, Gas & Consumable Fuels – 3.9%
	Cheniere Energy Inc*	3,000	124,290
	Cimarex Energy Co	5,900	801,810
	Continental Resources Inc/OK*^,#	27,100	1,396,734
	Devon Energy Corp	1,300	59,371
	Energen Corp*	800	46,136
	EOG Resources Inc	2,900	293,190
	ONEOK Inc	44,300	2,543,263
	Parsley Energy Inc*	67,200	2,368,128
	Pioneer Natural Resources Co	3,000	540,210
	Range Resources Corp	15,100	518,836
	Rice Energy Inc*	96,100	2,051,735
	Southwestern Energy Co*	181,300	1,961,666
	Spectra Energy Corp	82,600	3,394,034
	Valero Energy Corp	8,700	594,384
	Williams Cos Inc	37,400	1,164,636
	WPX Energy Inc*	148,700	2,166,559
			20,024,982
Personal Products – 0.2%
	Nu Skin Enterprises Inc	26,400	1,261,392
Pharmaceuticals – 0.4%
	Eli Lilly & Co	8,200	603,110
	Johnson & Johnson	4,800	553,008
	Merck & Co Inc	2,700	158,949
	Pfizer Inc	3,800	123,424
	Zoetis Inc	9,800	524,594
			1,963,085
Professional Services – 0.3%
	Dun & Bradstreet Corp	7,000	849,240
	Equifax Inc	4,100	484,743
			1,333,983
Road & Rail – 0.7%
	CSX Corp	13,900	499,427
	Landstar System Inc	7,100	605,630
	Norfolk Southern Corp	3,100	335,017
	Old Dominion Freight Line Inc*	10,600	909,374
	Union Pacific Corp	10,500	1,088,640
			3,438,088
Semiconductor & Semiconductor Equipment – 3.9%
	Applied Materials Inc	28,100	906,787
	Intel Corp	27,900	1,011,933
	KLA-Tencor Corp	8,800	692,384
	Lam Research Corp	3,100	327,763
	Marvell Technology Group Ltd	73,900	1,024,993
	Microchip Technology Inc	9,400	603,010
	Micron Technology Inc*	186,100	4,079,312
	NVIDIA Corp	76,200	8,133,588
	QUALCOMM Inc	15,800	1,030,160
	Teradyne Inc	42,000	1,066,800
	Texas Instruments Inc	7,700	561,869


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

Janus Investment Fund	13

INTECH U.S. Managed Volatility Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares			Value
Common Stocks – (continued)
Semiconductor & Semiconductor Equipment – (continued)
	Xilinx Inc	14,000	$845,180
			20,283,779
Software – 3.1%
	Activision Blizzard Inc	26,900	971,359
	Cadence Design Systems Inc*	4,600	116,012
	Dell Technologies Inc Class V*	51,700	2,841,949
	Electronic Arts Inc*	15,300	1,205,028
	Microsoft Corp	6,700	416,338
	PTC Inc*	32,800	1,517,656
	Symantec Corp	146,100	3,490,329
	Synopsys Inc*	15,000	882,900
	Tyler Technologies Inc*	5,700	813,789
	VMware Inc*^,#	48,800	3,842,024
			16,097,384
Specialty Retail – 2.7%
	Burlington Stores Inc*	21,300	1,805,175
	CST Brands Inc	7,200	346,680
	Dick's Sporting Goods Inc	38,000	2,017,800
	Foot Locker Inc	9,900	701,811
	Gap Inc	24,200	543,048
	Murphy USA Inc*	15,100	928,197
	O'Reilly Automotive Inc*	2,400	668,184
	Ross Stores Inc	13,100	859,360
	Ulta Salon Cosmetics & Fragrance Inc*	23,700	6,042,078
			13,912,333
Technology Hardware, Storage & Peripherals – 0.8%
	Apple Inc	14,200	1,644,644
	Hewlett Packard Enterprise Co	11,400	263,796
	NetApp Inc	54,600	1,925,742
	Western Digital Corp	6,800	462,060
			4,296,242
Tobacco – 5.2%
	Altria Group Inc	192,400	13,010,088
	Reynolds American Inc	248,612	13,928,229
			26,938,317
Transportation Infrastructure – 0.1%
	Macquarie Infrastructure Corp	6,700	547,390
Water Utilities – 1.8%
	American Water Works Co Inc	117,600	8,509,536
	Aqua America Inc	30,000	901,200
			9,410,736
Wireless Telecommunication Services – 1.3%
	Sprint Corp*^,#	562,400	4,735,408
	T-Mobile US Inc*	30,100	1,731,051
			6,466,459
Total Common Stocks (cost $471,256,030)			514,735,156
Investment Companies – 4.3%
Investments Purchased with Cash Collateral from Securities Lending – 3.9%
	Janus Cash Collateral Fund LLC, 0.4311%^ºº,£	20,288,377	20,288,377
Money Markets – 0.4%
	Janus Cash Liquidity Fund LLC, 0.4708%^ºº,£	1,924,896	1,924,896
Total Investment Companies (cost $22,213,273)			22,213,273
Total Investments (total cost $493,469,303) – 103.6%			536,948,429
Liabilities, net of Cash, Receivables and Other Assets – (3.6)%			(18,523,519)
Net Assets – 100%			$518,424,910


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

14	DECEMBER 31, 2016

INTECH U.S. Managed Volatility Fund

Schedule of Investments (unaudited)

December 31, 2016


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

		% of
		Investment
Country	Value	Securities
United States	$536,228,765	99.9	%
Italy	719,664	0.1



Total	$536,948,429	100.0	%


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

Janus Investment Fund	15

INTECH U.S. Managed Volatility Fund

Notes to Schedule of Investments and Other Information (unaudited)


Russell 1000^{^®} Index	Measures the performance of the large-cap segment of the U.S. equity universe.


LLC	Limited Liability Company
PLC	Public Limited Company


*	Non-income producing security.


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


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


		Share			Share
		Balance			Balance	Realized	Dividend	Value
		at 6/30/16	Purchases	Sales	at 12/31/16	Gain/(Loss)	Income	at 12/31/16

Janus Cash Collateral Fund LLC		17,472,940	106,593,075	(103,777,638)	20,288,377	$—	$45,406⁽¹⁾	$20,288,377
Janus Cash Liquidity Fund LLC		12,141,471	88,164,425	(98,381,000)	1,924,896	—	15,182	1,924,896

Total						$—	$60,588	$22,213,273
(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, 2016. See Notes to Financial Statements for more information.

Valuation Inputs Summary

				Level 2 -		Level 3 -
		Level 1 -		Other Significant		Significant
		Quotes Prices		Observable Inputs		Unobservable Inputs

Assets
Investments in Securities:
Common Stocks	$	514,735,156	$	-	$	-
Investment Companies		-		22,213,273		-
Total Assets	$	514,735,156	$	22,213,273	$	-


16	DECEMBER 31, 2016

INTECH U.S. Managed Volatility Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2016

See footnotes at the end of the Statement.



Assets:
	Investments, at cost		$	493,469,303
	Unaffiliated investments, at value⁽¹⁾			514,735,156
	Affiliated investments, at value			22,213,273
	Cash			72,847
	Non-interested Trustees' deferred compensation			9,648
	Receivables:
		Investments sold		2,109,667
		Dividends		1,414,969
		Fund shares sold		1,411,078
		Dividends from affiliates		801
	Other assets			6,346
Total Assets				541,973,785
Liabilities:
	Collateral for securities loaned (Note 2)			20,288,377
	Payables:			—
		Fund shares repurchased		2,845,455
		Advisory fees		237,045
		Transfer agent fees and expenses		70,776
		12b-1 Distribution and shareholder servicing fees		31,443
		Professional fees		19,643
		Non-interested Trustees' deferred compensation fees		9,648
		Fund administration fees		4,504
		Non-interested Trustees' fees and expenses		3,958
		Custodian fees		315
		Accrued expenses and other payables		37,711
Total Liabilities				23,548,875
Net Assets			$	518,424,910


See Notes to Financial Statements.

Janus Investment Fund	17

INTECH U.S. Managed Volatility Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2016




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	534,742,494
	Undistributed net investment income/(loss)		1,453,044
	Undistributed net realized gain/(loss) from investments		(61,250,244)
	Unrealized net appreciation/(depreciation) of investments and non-interested Trustees’ deferred compensation		43,479,616
Total Net Assets		$	518,424,910
Net Assets - Class A Shares		$	39,757,081
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		4,110,477
Net Asset Value Per Share⁽²⁾		$	9.67
Maximum Offering Price Per Share⁽³⁾		$	10.26
Net Assets - Class C Shares		$	24,336,178
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,577,632
Net Asset Value Per Share⁽²⁾		$	9.44
Net Assets - Class D Shares		$	19,710,395
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,062,508
Net Asset Value Per Share		$	9.56
Net Assets - Class I Shares		$	200,981,408
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		20,796,715
Net Asset Value Per Share		$	9.66
Net Assets - Class N Shares		$	69,849,856
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		7,253,395
Net Asset Value Per Share		$	9.63
Net Assets - Class S Shares		$	3,454,679
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		357,667
Net Asset Value Per Share		$	9.66
Net Assets - Class T Shares		$	160,335,313
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		16,779,729
Net Asset Value Per Share		$	9.56

(1) Includes $19,842,659 of securities on loan. See Note 2 in Notes to Financial Statements.

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

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


See Notes to Financial Statements.

18	DECEMBER 31, 2016

INTECH U.S. Managed Volatility Fund

Statement of Operations (unaudited)

For the period ended December 31, 2016



Investment Income:
	Dividends		$	6,497,650
	Affiliated securities lending income, net			45,406
	Dividends from affiliates			15,182
	Other income			142
	Foreign tax withheld			(1,842)
Total Investment Income				6,556,538
Expenses:
	Advisory fees			1,307,602
	12b-1Distribution and shareholder servicing fees:
		Class A Shares		46,700
		Class C Shares		111,072
		Class S Shares		4,437
	Transfer agent administrative fees and expenses:
		Class D Shares		12,398
		Class S Shares		4,437
		Class T Shares		209,484
	Transfer agent networking and omnibus fees:
		Class A Shares		15,531
		Class C Shares		12,953
		Class I Shares		76,925
	Other transfer agent fees and expenses:
		Class A Shares		1,856
		Class C Shares		1,337
		Class D Shares		3,192
		Class I Shares		4,418
		Class N Shares		1,095
		Class S Shares		12
		Class T Shares		933
	Registration fees			99,596
	Fund administration fees			24,844
	Professional fees			20,409
	Shareholder reports expense			18,227
	Non-interested Trustees’ fees and expenses			9,498
	Custodian fees			3,083
	Other expenses			12,173
Total Expenses				2,002,212
Less: Excess Expense Reimbursement				(1,982)
Net Expenses				2,000,230
Net Investment Income/(Loss)				4,556,308
Net Realized Gain/(Loss) on Investments:
	Investments			8,005,158
Total Net Realized Gain/(Loss) on Investments				8,005,158
Change in Unrealized Net Appreciation/Depreciation:
	Investments and non-interested Trustees’ deferred compensation			(16,381,336)
Total Change in Unrealized Net Appreciation/Depreciation				(16,381,336)
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	(3,819,870)


See Notes to Financial Statements.

Janus Investment Fund	19

INTECH U.S. Managed Volatility Fund

Statements of Changes in Net Assets



			Period ended December 31, 2016 (unaudited)		Year ended June 30, 2016

Operations:
	Net investment income/(loss)		$	4,556,308	$	4,248,019
	Net realized gain/(loss) on investments			8,005,158		(2,263,117)
	Change in unrealized net appreciation/depreciation			(16,381,336)		36,113,333
Net Increase/(Decrease) in Net Assets Resulting from Operations				(3,819,870)		38,098,235
Dividends and Distributions to Shareholders:
	Dividends from Net Investment Income
		Class A Shares		(504,735)		(47,144)
		Class C Shares		(177,214)		(13,428)
		Class D Shares		(271,368)		(19,296)
		Class I Shares		(2,968,251)		(312,277)
		Class N Shares		(1,064,592)		(327,842)
		Class S Shares		(35,815)		(19,003)
		Class T Shares		(2,166,066)		(345,943)
Net Decrease from Dividends and Distributions to Shareholders				(7,188,041)		(1,084,933)
Capital Share Transactions:
		Class A Shares		9,775,306		19,483,451
		Class C Shares		6,641,068		12,536,104
		Class D Shares		5,314,730		10,563,795
		Class I Shares		33,428,846		55,642,917
		Class N Shares		(3,674,073)		(6,239,964)
		Class S Shares		28,501		(9,729,745)
		Class T Shares		20,915,772		50,147,523
Net Increase/(Decrease) from Capital Share Transactions				72,430,150		132,404,081
Net Increase/(Decrease) in Net Assets				61,422,239		169,417,383
Net Assets:
	Beginning of period			457,002,671		287,585,288
	End of period		$	518,424,910	$	457,002,671

Undistributed Net Investment Income/(Loss)			$	1,453,044	$	4,084,777


See Notes to Financial Statements.

20	DECEMBER 31, 2016

INTECH U.S. Managed Volatility Fund

Financial Highlights


Class A Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and each year ended June 30			2016	2016	2015		2014	2013	2012
	Net Asset Value, Beginning of Period		$9.87	$9.04	$13.16		$12.45	$10.15	$10.03
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.08⁽¹⁾	0.11⁽¹⁾	0.12⁽¹⁾		0.12⁽¹⁾	0.16	0.15
		Net realized and unrealized gain/(loss)	(0.16)	0.75	0.38		2.78	2.33	0.11
	Total from Investment Operations		(0.08)	0.86	0.50		2.90	2.49	0.26
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.12)	(0.03)	(0.14)		(0.11)	(0.19)	(0.14)
		Distributions (from capital gains)	—	—	(4.48)		(2.08)	—	—
	Total Dividends and Distributions		(0.12)	(0.03)	(4.62)		(2.19)	(0.19)	(0.14)
	Net Asset Value, End of Period		$9.67	$9.87	$9.04		$13.16	$12.45	$10.15
	Total Return*		(0.77)%	9.54%	4.04%		24.98%	24.86%	2.71%
	Net Assets, End of Period (in thousands)		$39,757	$30,628	$8,845		$1,424	$7,348	$5,494
	Average Net Assets for the Period (in thousands)		$36,625	$16,493	$2,962		$8,530	$6,373	$5,099
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.93%	0.93%	1.03%		1.03%	0.97%	0.92%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.93%	0.93%	1.03%		1.01%	0.97%	0.92%
		Ratio of Net Investment Income/(Loss)	1.61%	1.22%	1.17%		0.91%	1.37%	1.54%
	Portfolio Turnover Rate		47%	72%	107%		150%	100%	100%
						1


Class C Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and each year ended June 30			2016	2016	2015	2014	2013	2012
	Net Asset Value, Beginning of Period		$9.62	$8.85	$13.09	$12.43	$10.14	$9.94
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.04⁽¹⁾	0.05⁽¹⁾	0.04⁽¹⁾	0.04⁽¹⁾	(0.08)	0.18
		Net realized and unrealized gain/(loss)	(0.15)	0.73	0.37	2.77	2.49	0.02
	Total from Investment Operations		(0.11)	0.78	0.41	2.81	2.41	0.20
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.07)	(0.01)	(0.17)	(0.07)	(0.12)	—
		Distributions (from capital gains)	—	—	(4.48)	(2.08)	—	—
	Total Dividends and Distributions		(0.07)	(0.01)	(4.65)	(2.15)	(0.12)	—
	Net Asset Value, End of Period		$9.44	$9.62	$8.85	$13.09	$12.43	$10.14
	Total Return*		(1.15)%	8.87%	3.26%	24.20%	23.97%	2.01%
	Net Assets, End of Period (in thousands)		$24,336	$18,116	$4,330	$861	$380	$147
	Average Net Assets for the Period (in thousands)		$22,188	$9,583	$1,567	$643	$206	$164
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.70%	1.61%	1.73%	1.67%	1.69%	1.72%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.70%	1.61%	1.73%	1.67%	1.69%	1.61%
		Ratio of Net Investment Income/(Loss)	0.86%	0.58%	0.41%	0.31%	0.57%	0.81%
	Portfolio Turnover Rate		47%	72%	107%	150%	100%	100%

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

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

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


See Notes to Financial Statements.

Janus Investment Fund	21

INTECH U.S. Managed Volatility Fund

Financial Highlights


Class D Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and the year or period ended June 30			2016	2016	2015⁽¹⁾
	Net Asset Value, Beginning of Period		$9.75	$8.93	$10.10
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.09	0.12	0.03
		Net realized and unrealized gain/(loss)	(0.15)	0.73	0.16
	Total from Investment Operations		(0.06)	0.85	0.19
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.13)	(0.03)	—
		Distributions (from capital gains)	—	—	(1.36)
	Total Dividends and Distributions		(0.13)	(0.03)	(1.36)
	Net Asset Value, End of Period		$9.56	$9.75	$8.93
	Total Return*		(0.58)%	9.55%	1.50%
	Net Assets, End of Period (in thousands)		$19,710	$14,953	$3,322
	Average Net Assets for the Period (in thousands)		$20,279	$7,109	$2,101
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.76%	0.83%	1.21%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.76%	0.83%	1.11%
		Ratio of Net Investment Income/(Loss)	1.78%	1.30%	0.66%
	Portfolio Turnover Rate		47%	72%	107%


Class I Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and each year ended June 30			2016	2016	2015	2014	2013	2012
	Net Asset Value, Beginning of Period		$9.86	$9.02	$13.25	$12.51	$10.19	$10.07
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.09⁽²⁾	0.13⁽²⁾	0.16⁽²⁾	0.17⁽²⁾	0.22	0.17
		Net realized and unrealized gain/(loss)	(0.15)	0.75	0.38	2.80	2.32	0.12
	Total from Investment Operations		(0.06)	0.88	0.54	2.97	2.54	0.29
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.14)	(0.04)	(0.29)	(0.15)	(0.22)	(0.17)
		Distributions (from capital gains)	—	—	(4.48)	(2.08)	—	—
		Redemption fees	N/A	N/A	N/A	N/A	N/A	—⁽³⁾
	Total Dividends and Distributions		(0.14)	(0.04)	(4.77)	(2.23)	(0.22)	(0.17)
	Net Asset Value, End of Period		$9.66	$9.86	$9.02	$13.25	$12.51	$10.19
	Total Return*		(0.58)%	9.78%	4.35%	25.48%	25.23%	2.96%
	Net Assets, End of Period (in thousands)		$200,981	$171,556	$101,060	$104,039	$77,625	$93,800
	Average Net Assets for the Period (in thousands)		$194,056	$101,772	$61,707	$86,864	$93,335	$89,976
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.66%	0.65%	0.71%	0.66%	0.67%	0.67%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.66%	0.65%	0.71%	0.66%	0.67%	0.67%
		Ratio of Net Investment Income/(Loss)	1.88%	1.42%	1.36%	1.32%	1.71%	1.78%
	Portfolio Turnover Rate		47%	72%	107%	150%	100%	100%

* 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 22, 2014 (inception date) through June 30, 2015.

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

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


See Notes to Financial Statements.

22	DECEMBER 31, 2016

INTECH U.S. Managed Volatility Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and the year or period ended June 30			2016	2016	2015⁽¹⁾
	Net Asset Value, Beginning of Period		$9.83	$8.99	$13.03
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.09	0.14	0.11
		Net realized and unrealized gain/(loss)	(0.14)	0.74	0.66
	Total from Investment Operations		(0.05)	0.88	0.77
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.15)	(0.04)	(0.33)
		Distributions (from capital gains)	—	—	(4.48)
	Total Dividends and Distributions		(0.15)	(0.04)	(4.81)
	Net Asset Value, End of Period		$9.63	$9.83	$8.99
	Total Return*		(0.53)%	9.85%	6.22%
	Net Assets, End of Period (in thousands)		$69,850	$75,067	$74,862
	Average Net Assets for the Period (in thousands)		$72,001	$72,242	$53,040
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.58%	0.61%	0.72%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.58%	0.61%	0.72%
		Ratio of Net Investment Income/(Loss)	1.93%	1.49%	1.56%
	Portfolio Turnover Rate		47%	72%	107%


Class S Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and each year ended June 30			2016	2016	2015	2014	2013	2012
	Net Asset Value, Beginning of Period		$9.83	$9.01	$13.27	$12.53	$10.15	$10.02
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.07⁽²⁾	0.08⁽²⁾	0.11⁽²⁾	0.11⁽²⁾	0.90	0.13
		Net realized and unrealized gain/(loss)	(0.14)	0.75	0.39	2.82	1.63	0.11
	Total from Investment Operations		(0.07)	0.83	0.50	2.93	2.53	0.24
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.10)	(0.01)	(0.28)	(0.11)	(0.15)	(0.11)
		Distributions (from capital gains)	—	—	(4.48)	(2.08)	—	—
	Total Dividends and Distributions		(0.10)	(0.01)	(4.76)	(2.19)	(0.15)	(0.11)
	Net Asset Value, End of Period		$9.66	$9.83	$9.01	$13.27	$12.53	$10.15
	Total Return*		(0.71)%	9.27%	3.99%	25.01%	25.12%	2.48%
	Net Assets, End of Period (in thousands)		$3,455	$3,490	$12,967	$64	$64	$221
	Average Net Assets for the Period (in thousands)		$3,482	$8,378	$2,892	$63	$132	$208
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.08%	1.12%	1.20%	1.23%	1.16%	1.15%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.05%	1.07%	1.18%	1.08%	0.97%	1.09%
		Ratio of Net Investment Income/(Loss)	1.47%	0.88%	1.20%	0.88%	1.41%	1.36%
	Portfolio Turnover Rate		47%	72%	107%	150%	100%	100%

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

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

(1) Period from October 28, 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	23

INTECH U.S. Managed Volatility Fund

Financial Highlights


Class T Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and each year ended June 30			2016	2016	2015	2014	2013	2012
	Net Asset Value, Beginning of Period		$9.75	$8.93	$13.19	$12.48	$10.18	$10.05
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.08⁽¹⁾	0.11⁽¹⁾	0.13⁽¹⁾	0.14⁽¹⁾	0.19	0.13
		Net realized and unrealized gain/(loss)	(0.14)	0.74	0.38	2.80	2.31	0.13
	Total from Investment Operations		(0.06)	0.85	0.51	2.94	2.50	0.26
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.13)	(0.03)	(0.29)	(0.15)	(0.20)	(0.13)
		Distributions (from capital gains)	—	—	(4.48)	(2.08)	—	—
	Total Dividends and Distributions		(0.13)	(0.03)	(4.77)	(2.23)	(0.20)	(0.13)
	Net Asset Value, End of Period		$9.56	$9.75	$8.93	$13.19	$12.48	$10.18
	Total Return*		(0.64)%	9.55%	4.19%	25.27%	24.84%	2.73%
	Net Assets, End of Period (in thousands)		$160,335	$143,193	$82,199	$18,659	$479	$58
	Average Net Assets for the Period (in thousands)		$164,456	$102,987	$31,644	$9,758	$205	$36
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.83%	0.86%	0.95%	0.90%	0.91%	0.89%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.83%	0.85%	0.95%	0.90%	0.89%	0.89%
		Ratio of Net Investment Income/(Loss)	1.71%	1.26%	1.27%	1.09%	1.28%	1.54%
	Portfolio Turnover Rate		47%	72%	107%	150%	100%	100%

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

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

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


See Notes to Financial Statements.

24	DECEMBER 31, 2016

INTECH U.S. Managed Volatility Fund

Notes to Financial Statements (unaudited)

1. Organization and Significant Accounting Policies

INTECH U.S. 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 seeks long-term growth of capital. 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


Janus Investment Fund	25

INTECH U.S. Managed Volatility Fund

Notes to Financial Statements (unaudited)

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


26	DECEMBER 31, 2016

INTECH U.S. Managed Volatility Fund

Notes to Financial Statements (unaudited)

Expenses

Estimates

Indemnifications

Dividends and Distributions

Federal Income Taxes

2. Other Investments and Strategies

Additional Investment Risk


Janus Investment Fund	27

INTECH U.S. Managed Volatility Fund

Notes to Financial Statements (unaudited)

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.

Counterparties


28	DECEMBER 31, 2016

INTECH U.S. Managed Volatility Fund

Notes to Financial Statements (unaudited)

Offsetting Assets and Liabilities


Offsetting of Financial Assets and Derivative Assets

			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Assets		or Liability^(a)		Pledged^(b)		Net Amount

Deutsche Bank AG		$	19,842,659	$	—	$	(19,842,659)	$	—

(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.

Real Estate Investing

Securities Lending


Janus Investment Fund	29

INTECH U.S. Managed Volatility Fund

Notes to Financial Statements (unaudited)

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.

The cash collateral invested by Janus Capital is disclosed in the Schedule of Investments (if applicable). Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations. As of December 31, 2016, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $19,842,659 for equity securities. Gross amounts of recognized liabilities for securities lending (collateral received) as of December 31, 2016 is $20,288,377, resulting in the net amount due to the counterparty of $445,718.

3. Investment Advisory Agreements and Other Transactions with Affiliates

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).


30	DECEMBER 31, 2016

INTECH U.S. Managed Volatility Fund

Notes to Financial Statements (unaudited)


Janus Investment Fund	31

INTECH U.S. Managed Volatility Fund

Notes to Financial Statements (unaudited)

Trust. The Fund also pays for some or all of 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. Some expenses related to compensation payable to the Fund's Chief Compliance Officer and compliance staff are shared with the Fund. Total compensation of $329,069 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2016. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

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, 2016, redeeming shareholders of Class C Shares paid CDSCs of $2,947.


32	DECEMBER 31, 2016

INTECH U.S. Managed Volatility Fund

Notes to Financial Statements (unaudited)

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


Class		% of Class Owned		% of Fund Owned
Class A Shares		-	%	-	%
Class C Shares		-		-
Class D Shares		-*		-*
Class I Shares		-		-
Class N Shares		93		13
Class S Shares		2		-*
Class T Shares		-		-

*	Less than 0.50%

4. Federal Income Tax



Capital Loss Carryover Schedule
For the year ended June 30, 2016
		No Expiration
	June 30, 2018	Short-Term	Long-Term	Accumulated Capital Losses
	$ (65,625,412)	$(3,508,365)	$ -	$ (69,133,777)


Janus Investment Fund	33

INTECH U.S. Managed Volatility Fund

Notes to Financial Statements (unaudited)

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, 2016 are noted below.


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 493,486,658	$52,032,499	$ (8,570,728)	$ 43,461,771

5. Capital Share Transactions



	Period ended December 31, 2016		Year ended June 30, 2016
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	2,172,515	$21,022,921	3,018,526	$ 27,622,020
Reinvested dividends and distributions	49,834	483,389	4,109	37,020
Shares repurchased	(1,216,597)	(11,731,004)	(895,968)	(8,175,589)
Net Increase/(Decrease)	1,005,752	$ 9,775,306	2,126,667	$ 19,483,451
Class C Shares:
Shares sold	880,907	$ 8,397,369	1,935,657	$ 17,364,828
Reinvested dividends and distributions	15,895	150,528	1,156	10,194
Shares repurchased	(203,286)	(1,906,829)	(541,892)	(4,838,918)
Net Increase/(Decrease)	693,516	$ 6,641,068	1,394,921	$ 12,536,104
Class D Shares:
Shares sold	1,296,351	$12,621,079	1,460,738	$ 13,288,703
Reinvested dividends and distributions	28,091	269,394	2,165	19,268
Shares repurchased	(795,363)	(7,575,743)	(301,352)	(2,744,176)
Net Increase/(Decrease)	529,079	$ 5,314,730	1,161,551	$ 10,563,795
Class I Shares:
Shares sold	5,993,759	$58,440,352	12,418,318	$112,907,159
Reinvested dividends and distributions	245,589	2,379,762	21,185	190,664
Shares repurchased	(2,836,158)	(27,391,268)	(6,244,669)	(57,454,906)
Net Increase/(Decrease)	3,403,190	$33,428,846	6,194,834	$ 55,642,917
Class N Shares:
Shares sold	113,368	$ 1,096,594	350,259	$ 3,168,445
Reinvested dividends and distributions	110,206	1,064,592	36,589	327,842
Shares repurchased	(606,692)	(5,835,259)	(1,073,955)	(9,736,251)
Net Increase/(Decrease)	(383,118)	$ (3,674,073)	(687,107)	$ (6,239,964)
Class S Shares:
Shares sold	30,832	$ 299,750	77,678	$ 708,075
Reinvested dividends and distributions	3,676	35,623	2,113	18,977
Shares repurchased	(31,699)	(306,872)	(1,164,877)	(10,456,797)
Net Increase/(Decrease)	2,809	$ 28,501	(1,085,086)	$ (9,729,745)
Class T Shares:
Shares sold	6,228,154	$60,358,316	11,014,761	$ 99,380,114
Reinvested dividends and distributions	225,081	2,158,527	38,718	344,588
Shares repurchased	(4,365,116)	(41,601,071)	(5,568,486)	(49,577,179)
Net Increase/(Decrease)	2,088,119	$20,915,772	5,484,993	$ 50,147,523


34	DECEMBER 31, 2016

INTECH U.S. Managed Volatility Fund

Notes to Financial Statements (unaudited)

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
$310,866,892	$ 237,101,851	$ -	$ -

7. Merger Related Matters

In addition, the Fund’s name will change to reflect “Janus Henderson” as part of the Fund’s name.


Janus Investment Fund	35

INTECH U.S. Managed Volatility Fund

Notes to Financial Statements (unaudited)

8. Subsequent Event


36	DECEMBER 31, 2016

INTECH U.S. Managed Volatility Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Quarterly Portfolio Holdings

Approval of Advisory and Sub-Advisory Agreements with Janus and Janus Affiliates during the Period


Janus Investment Fund	37

INTECH U.S. Managed Volatility Fund

Additional Information (unaudited)


38	DECEMBER 31, 2016

INTECH U.S. Managed Volatility Fund

Additional Information (unaudited)

Capital, and the Funds of receiving research services from broker/dealer firms in connection with the allocation of portfolio transactions to such firms.

In connection with its deliberations, the Board received assurances from Janus, on behalf of itself and its affiliates (collectively, “Janus”) including the following:

· Janus has provided to the Board such information as it believes is reasonably necessary to evaluate the New Advisory Agreements and New Sub-Advisory Agreements.

· Janus is committed to the continuance, without interruption, of services to the Funds of at least the type and quality currently provided by Janus Capital and its affiliates, or superior thereto.

· The intent of Janus Capital to take the necessary and appropriate steps to retain and attract its key investment advisory personnel.


Janus Investment Fund	39

INTECH U.S. Managed Volatility Fund

Additional Information (unaudited)

Approval of Interim Advisory and Sub-Advisory Agreements with Janus and Janus Affiliates during the Period


40	DECEMBER 31, 2016

INTECH U.S. Managed Volatility Fund

Additional Information (unaudited)

Approval of Sub-Advisory Agreements with Henderson Investment Management Limited during the Period

· the terms of each HIML Sub-Advisory Agreement;

· the ability of HIML to attract and retain high-quality personnel and the organizational depth of HIML;

· under each HIML Sub-Advisory Agreement, Janus Capital would be responsible for paying HIML out of its fees;

· the potential for economies of scale with respect to the overall fee structure of each HIML Fund and whether either Fund will benefit from any economies of scale; and

· the costs of seeking approval of the HIML Sub-Advisory Agreements will not be borne by the HIML Funds.


Janus Investment Fund	41

INTECH U.S. Managed Volatility Fund

Additional Information (unaudited)

Renewal of Investment Advisory and Sub-Advisory Agreements for INTECH U.S. Core Fund


42	DECEMBER 31, 2016

INTECH U.S. Managed Volatility Fund

Useful Information About Your Fund Report (unaudited)

Management Commentary

Performance Overviews

Schedule of Investments

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.

Tables listing details of individual forward currency contracts, futures, written options, swaptions, 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 U.S. Managed Volatility Fund

Useful Information About Your Fund Report (unaudited)

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.

Statements of Changes in Net Assets

Financial Highlights


44	DECEMBER 31, 2016

INTECH U.S. Managed Volatility Fund

Useful Information About Your Fund Report (unaudited)

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


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

Fixed Income

Global & International

Growth & Core

Mathematical

Value

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).

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-0217-7549

125-24-93016 02-17



	SEMIANNUAL REPORT December 31, 2016

Janus Adaptive Global Allocation Fund

Janus Investment Fund

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

Table of Contents

Janus Adaptive Global Allocation Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	31
Statement of Assets and Liabilities	34
Statement of Operations	36
Statements of Changes in Net Assets	37
Financial Highlights	38
Notes to Financial Statements	42
Additional Information	61
Useful Information About Your Fund Report	67

Janus Adaptive Global Allocation Fund (unaudited)

FUND SNAPSHOT

This global allocation fund seeks to provide investors total return by dynamically allocating its assets across a portfolio of global equity and fixed income investments, which may involve the use of derivatives. The Fund is designed to actively adapt based on forward-looking views on extreme market movements, both positive and negative, with the goal of minimizing the risk of significant loss in a major downturn while participating in the growth potential of capital markets.

Ashwin Alankar

co-portfolio manager

Enrique Chang

co-portfolio manager

PERFORMANCE OVERVIEW

Janus Adaptive Global Allocation Fund Class I Shares returned 3.81% for the six-month period ended December 31, 2016. This compares with a return of 4.00% for its primary benchmark, the Adaptive Global Allocation 70-30 Index, an internally calculated index comprised of the MSCI All Country World Index (70%) and the Bloomberg Barclays Global Aggregate Bond Index (30%). The Fund’s secondary benchmark, the MSCI All Country World Index, and its tertiary benchmark, the Bloomberg Barclays Global Aggregate Bond Index, returned 6.55% and -1.82%, respectively.

MARKET ENVIRONMENT

Global stocks registered steady gains over the period. Investors quickly regained their composure in July after the UK’s decision to leave the European Union (EU) jolted markets the prior month. Later in the period, the surprise election of Donald Trump to the U.S. presidency pushed U.S. equity benchmarks to record levels. A recovery in crude oil prices after an early-year plunge propelled energy stocks, resulting in the sector being among the period’s best performers. Other cyclical sectors also registered steady gains as investors expected that a Trump administration would champion pro-growth policies. Given the bias toward improving global growth, historically defensive sectors lagged the broader market.

Early year volatility, capped by June’s Brexit vote, bled into the period, pushing yields on the 10-year U.S. Treasury down to 1.36% in early July. They reversed course, however, as Federal Reserve (Fed) officials hinted at their intent to raise interest rates, a step that occurred in December. The sell-off in Treasurys accelerated after November’s U.S. elections, with the yield on the 10-year note finishing the period at 2.44%. The risk-on environment caused spreads to narrow on both investment-grade and high-yield corporate credit.

PERFORMANCE DISCUSSION

For the period, the underperformance against the primary benchmark was driven by our cautious, although steady, stance on equities during the third quarter , supported by our options-based signals which did not indicate increased attractiveness for U.S., European or emerging markets equities, particularly post-Brexit. During the fourth quarter and after the U.S. election, however, our signals changed, thus pointing to increased attractiveness for U.S. equities and some selected emerging markets. As a result, such change was reflected in the portfolio’s composition.

Just as important during the period, our signals indicated higher expected tail losses (ETLs), for global government debt. Clearly, our signals correctly anticipated that investors’ appetite for returns near zero (or even below zero) were rapidly diminishing. Thus, during the period, our fixed income nominal duration was reduced to reflect the limited upside potential for global sovereigns in the period ahead.

DERIVATIVES

During the period, the Fund used a series of derivative instruments including options, futures, swaps and forward exchange contracts. Since many of the derivatives we use, namely futures and certain options, are liquid, the Fund utilizes them as low-cost instruments to dynamically adjust exposures to desired targets. Other derivatives, including swaps and forward contracts, are also used to adjust portfolio exposures as conditions merit and gain access to certain markets in a timely and/or cost-effective manner. This may lead to short positions in futures when exposures need to be adjusted downward. For the period, the Fund’s derivative exposure detracted from performance. Please see the Derivative Instruments section in the “Notes to Financial Statements” for a discussion of derivatives used by the Fund.


Janus Investment Fund	1

Janus Adaptive Global Allocation Fund (unaudited)

OUTLOOK

We believe that 2017 will continue to be a year where the “safe has become unsafe” as we return to the “old normal,” with the distortions that have kept inflation and real rates so low dissipating as the Fed tightens faster than most investors anticipate.

Unconventional times define the current investment environment. Rapidly changing circumstances challenge the use of conventional investment practices. The shapes of the distributions of forward returns could change dramatically over time, especially in this environment. Thus, our emphasis and focus on risk management. Since our investment process and technology focuses precisely on garnering forward-looking information on risk from the options market, we remain confident that our adaptive technology will allow us to navigate successfully through 2017, where unprecedented changes in risks could likely surface in greater frequency and with greater intensity.

Thank you for investing in Janus Adaptive Global Allocation Fund.


2	DECEMBER 31, 2016

Janus Adaptive Global Allocation Fund (unaudited)

Fund At A Glance

December 31, 2016


5 Largest Equity Holdings - (% of Net Assets)
iShares Core S&P 500
Exchange-Traded Funds (ETFs)	13.4%
Vanguard FTSE Pacific
Exchange-Traded Funds (ETFs)	3.5%
iShares MSCI Mexico Capped
Exchange-Traded Funds (ETFs)	2.3%
Deutsche X-trackers Harvest CSI 300 China A-Shares
Exchange-Traded Funds (ETFs)	1.3%
Vanguard S&P 500
Exchange-Traded Funds (ETFs)	1.1%
	21.6%


Asset Allocation - (% of Net Assets)
Investment Companies	57.1%
Common Stocks	29.1%
Foreign Government Bonds	1.9%
United States Treasury Notes/Bonds	0.6%
OTC Purchased Options – Puts	0.1%
Preferred Stocks	0.0%
Other		11.2%
		100.0%

Emerging markets comprised 6.0% of total net assets.

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

As of December 31, 2016

As of June 30, 2016


Janus Investment Fund	3

Janus Adaptive Global Allocation Fund (unaudited)

Performance

See important disclosures on the next page.



				Expense Ratios -
Average Annual Total Return - for the periods ended December 31, 2016				per the October 28, 2016 prospectuses
	Fiscal Year-to-Date	One Year	Since Inception*	Total Annual Fund Operating Expenses	Net Annual Fund Operating Expenses
Class A Shares at NAV	3.66%	5.10%	-0.93%	1.65%	1.17%
Class A Shares at MOP	-2.31%	-0.93%	-4.70%
Class C Shares at NAV	3.25%	4.35%	-1.63%	2.40%	1.92%
Class C Shares at CDSC	2.25%	3.35%	-1.63%
Class D Shares⁽¹⁾	3.73%	5.28%	-0.87%	2.70%	1.19%
Class I Shares	3.81%	5.47%	-0.64%	1.39%	0.92%
Class N Shares	3.81%	5.48%	-0.63%	1.38%	0.92%
Class S Shares	3.66%	5.10%	-1.02%	1.89%	1.42%
Class T Shares	3.67%	5.33%	-0.84%	1.64%	1.17%
Adaptive Global Allocation 70/30 Index (Hedged)⁽²⁾	4.00%	6.82%	0.97%
MSCI All Country World Index	6.55%	7.86%	-0.42%
Bloomberg Barclays Global Aggregate Bond Index (Hedged)	-1.82%	3.95%	3.67%
Adaptive Global Allocation 70/30 Index (Unhedged)⁽³⁾	2.57%	6.25%	0.33%
Bloomberg Barclays Global Aggregate Bond Index (Unhedged)⁽³⁾	-6.31%	2.09%	1.47%
Morningstar Quartile - Class I Shares	-	3rd	2nd
Morningstar Ranking - based on total returns for World Allocation	-	258/496	194/482


4	DECEMBER 31, 2016

Janus Adaptive Global Allocation Fund (unaudited)

Performance

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, 2017.

The expense ratios shown are estimated.

Janus Capital does not have prior experience managing an adaptive global allocation investment strategy. There is a risk that the Fund’s investments will correlate with stocks and bonds to a greater degree than anticipated, and that the proprietary options implied information model used to implement the Fund's investment strategy may not achieve the desired results. The Fund may underperform during up markets and be negatively affected in down markets. Diversification does not assure a profit or eliminate the risk of loss.

Foreign securities are subject to currency fluctuations, political and economic uncertainty, increased volatility and lower liquidity, all of which are magnified in emerging markets. Fixed income securities are subject to interest rate, inflation, credit and default risk. As interest rates rise, bond prices usually fall, and vice versa.

Derivatives involve risks in addition to the risks of the underlying securities, including gains or losses which, as a result of leverage, can be substantially greater than the derivatives’ original cost. Short sales are speculative transactions with potentially unlimited losses, and the use of leverage can magnify the effect of losses.

Holding a meaningful portion of assets in cash or cash equivalents may negatively affect performance.

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

Until the earlier of three years from inception or the Fund’s assets meeting the first fee breakpoint, Janus Capital may recover expenses previously waived or reimbursed if the expense ratio falls below certain limits.

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

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

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

See “Useful Information About Your Fund Report.”

*The Fund’s inception date – June 23, 2015

(1) Closed to certain new investors.

See important disclosures on the next page.


Janus Investment Fund	5

Janus Adaptive Global Allocation Fund (unaudited)

Performance

(2) Effective on or about January 1, 2017, the Fund’s investment strategies and benchmark indices changed. These changes are intended to provide the Fund with more flexibility to invest across global equity investments and global fixed-income investments and at times, invest in commodity-linked investments, without having to allocate its investments across these asset classes in any fixed proportion. In addition, these changes limit the Fund’s use of derivatives. The changes to the Fund's benchmark indices are summarized below:

· The Fund’s primary benchmark changed from the Adaptive Global Allocation 70/30 Index to the MSCI All Country World Index.

· The Adaptive Global Allocation 60/40 Index was added as a secondary benchmark for the Fund.

· The Fund will continue to retain the Bloomberg Barclays Global Aggregate Bond Index as an additional secondary benchmark.

(3) The Fund’s primary and secondary benchmarks changed to reflect the hedged, rather than unhedged, version of the Bloomberg Barclays Global Aggregate Bond Index. This change was intended to provide a more appropriate comparison for the Fund.


6	DECEMBER 31, 2016

Janus Adaptive Global Allocation Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (7/1/16)	Ending Account Value (12/31/16)	Expenses Paid During Period (7/1/16 - 12/31/16)†	Beginning Account Value (7/1/16)	Ending Account Value (12/31/16)	Expenses Paid During Period (7/1/16 - 12/31/16)†	Net Annualized Expense Ratio (7/1/16 - 12/31/16)
Class A Shares		$1,000.00	$1,036.60	$5.65	$1,000.00	$1,019.66	$5.60	1.10%
Class C Shares		$1,000.00	$1,032.50	$9.53	$1,000.00	$1,015.83	$9.45	1.86%
Class D Shares		$1,000.00	$1,037.30	$5.14	$1,000.00	$1,020.16	$5.09	1.00%
Class I Shares		$1,000.00	$1,038.10	$4.32	$1,000.00	$1,020.97	$4.28	0.84%
Class N Shares		$1,000.00	$1,038.10	$4.32	$1,000.00	$1,020.97	$4.28	0.84%
Class S Shares		$1,000.00	$1,036.60	$6.06	$1,000.00	$1,019.26	$6.01	1.18%
Class T Shares		$1,000.00	$1,036.70	$4.98	$1,000.00	$1,020.32	$4.94	0.97%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


Janus Investment Fund	7

Janus Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares/Principal/ Contract Amounts				Value
Foreign Government Bonds – 1.9%
	Australia Government Bond, 2.7500%, 4/21/24^†	695,000	AUD	$507,238
	Canadian Government Bond, 3.5000%, 12/1/45^†	196,000	CAD	181,422
	Spain Government Bond, 5.9000%, 7/30/26 (144A)^†	246,000	EUR	364,504
Total Foreign Government Bonds (cost $1,079,204)				1,053,164
United States Treasury Notes/Bonds – 0.6%
	3.1250%, 8/15/44^†(cost $301,488)	$303,000		305,990
Common Stocks – 29.1%
Aerospace & Defense – 0.2%
	Arconic Inc	1,061		19,671
	Boeing Co	15		2,335
	CAE Inc	588		8,225
	L-3 Communications Holdings Inc^†	48		7,301
	Lockheed Martin Corp^†	21		5,249
	Raytheon Co^†	70		9,940
	Rockwell Collins Inc^†	208		19,294
	Singapore Technologies Engineering Ltd	2,900		6,439
	Textron Inc	123		5,973
	Thales SA	101		9,785
	TransDigm Group Inc	20		4,979
	Zodiac Aerospace	373		8,562
				107,753
Air Freight & Logistics – 0.1%
	Bollore SA	655		2,307
	CH Robinson Worldwide Inc	186		13,626
	Expeditors International of Washington Inc	488		25,844
	Royal Mail PLC	713		4,056
				45,833
Airlines – 0.2%
	Alaska Air Group Inc	34		3,017
	ANA Holdings Inc	7,000		18,831
	Cathay Pacific Airways Ltd	27,000		35,494
	Delta Air Lines Inc	156		7,674
	easyJet PLC	898		11,105
	Japan Airlines Co Ltd	1,000		29,185
	Singapore Airlines Ltd	1,300		8,661
	Southwest Airlines Co	220		10,965
	United Continental Holdings Inc*	33		2,405
				127,337
Auto Components – 0.2%
	Adient plc*	4		234
	Aisin Seiki Co Ltd	300		12,984
	Cie Generale des Etablissements Michelin	99		11,010
	Continental AG	63		12,262
	GKN PLC	13,045		53,132
	NHK Spring Co Ltd	200		1,899
	Nokian Renkaat OYJ	430		16,026
	Sumitomo Rubber Industries Ltd	100		1,582
	Valeo SA	33		1,896
	Yokohama Rubber Co Ltd	100		1,783
				112,808
Automobiles – 0.4%
	Daimler AG	106		7,866
	Ford Motor Co^†	11,091		134,534
	General Motors Co	488		17,002
	Isuzu Motors Ltd	1,100		13,888
	Mazda Motor Corp	800		12,996
	Peugeot SA*	3,078		50,171
				236,457
Banks – 0.9%
	ABN AMRO Group NV	31		687


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

8	DECEMBER 31, 2016

Janus Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares/Principal/ Contract Amounts				Value
Common Stocks – (continued)
Banks – (continued)
	Aozora Bank Ltd	3,000	$10,613
	Bank of America Corp	1,117	24,686
	Bank of East Asia Ltd	1,400	5,341
	Bank of Queensland Ltd	548	4,682
	Barclays PLC	8,909	24,469
	BOC Hong Kong Holdings Ltd	4,500	16,112
	Chugoku Bank Ltd	300	4,295
	Citigroup Inc	60	3,566
	Citizens Financial Group Inc^†	2,317	82,555
	Comerica Inc	48	3,269
	DBS Group Holdings Ltd	1,200	14,320
	DNB ASA	430	6,399
	Erste Group Bank AG*	449	13,144
	Fifth Third Bancorp	276	7,444
	Hachijuni Bank Ltd	400	2,313
	Hang Seng Bank Ltd	1,500	27,802
	Hiroshima Bank Ltd	1,000	4,655
	HSBC Holdings PLC	591	4,778
	Huntington Bancshares Inc/OH	994	13,141
	Intesa Sanpaolo SpA	1,780	4,543
	Intesa Sanpaolo SpA (RSP)	2,154	5,060
	Iyo Bank Ltd	500	3,440
	KeyCorp	572	10,450
	Kyushu Financial Group Inc	200	1,353
	Mebuki Financial Group Inc	1,100	4,065
	Mizuho Financial Group Inc	1,100	1,970
	Oversea-Chinese Banking Corp Ltd	2,000	12,275
	People's United Financial Inc^†	3,569	69,096
	PNC Financial Services Group Inc	26	3,041
	Regions Financial Corp	244	3,504
	Resona Holdings Inc	3,900	20,075
	Royal Bank of Scotland Group PLC*	3,011	8,315
	Seven Bank Ltd	1,600	4,597
	Sumitomo Mitsui Trust Holdings Inc	400	14,214
	Suruga Bank Ltd	100	2,227
	Unione di Banche Italiane SpA	1,621	4,455
	United Overseas Bank Ltd	1,000	14,037
	US Bancorp	272	13,973
	Wells Fargo & Co	276	15,210
	Yamaguchi Financial Group Inc	1,000	10,868
			501,039
Beverages – 0.5%
	Asahi Group Holdings Ltd	100	3,153
	Brown-Forman Corp^†	1,911	85,842
	Coca-Cola Amatil Ltd	1,971	14,371
	Coca-Cola Co^†	1,087	45,067
	Coca-Cola HBC AG*	92	2,005
	Constellation Brands Inc^†	197	30,202
	Diageo PLC	369	9,545
	Dr Pepper Snapple Group Inc^†	277	25,116
	Heineken NV	113	8,463
	Suntory Beverage & Food Ltd	200	8,275
	Treasury Wine Estates Ltd	1,895	14,578
			246,617
Biotechnology – 0.3%
	Actelion Ltd*	498	107,673
	Biogen Inc*	60	17,015
	Celgene Corp*	83	9,607
	CSL Ltd	74	5,345


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

Janus Investment Fund	9

Janus Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares/Principal/ Contract Amounts				Value
Common Stocks – (continued)
Biotechnology – (continued)
	Gilead Sciences Inc^†	406	$29,074
	Shire PLC	315	17,847
			186,561
Building Products – 0.1%
	Allegion PLC	149	9,536
	Asahi Glass Co Ltd	2,000	13,590
	Fortune Brands Home & Security Inc	168	8,981
	Johnson Controls International plc	43	1,771
	LIXIL Group Corp	1,100	24,931
	Masco Corp	58	1,834
			60,643
Capital Markets – 0.6%
	Affiliated Managers Group Inc*	38	5,521
	Ameriprise Financial Inc	52	5,769
	ASX Ltd	289	10,349
	Bank of New York Mellon Corp	172	8,149
	BlackRock Inc	16	6,089
	CI Financial Corp	1,580	33,977
	CME Group Inc	245	28,261
	Daiwa Securities Group Inc	2,000	12,288
	ETRADE Financial Corp	206	7,138
	Franklin Resources Inc	332	13,141
	Goldman Sachs Group Inc	15	3,592
	Hong Kong Exchanges & Clearing Ltd	1,600	37,653
	Intercontinental Exchange Inc	130	7,335
	Legg Mason Inc	191	5,713
	Moody's Corp	71	6,693
	Nasdaq Inc	154	10,336
	Northern Trust Corp	14	1,247
	Partners Group Holding AG	46	21,535
	Platinum Asset Management Ltd	2,919	11,138
	S&P Global Inc	53	5,700
	SBI Holdings Inc/Japan	1,200	15,232
	Schroders PLC	676	24,929
	Singapore Exchange Ltd	2,800	13,841
	Thomson Reuters Corp	457	20,002
			315,628
Chemicals – 1.2%
	Agrium Inc	51	5,127
	Air Water Inc	200	3,601
	Akzo Nobel NV	79	4,933
	Albemarle Corp	160	13,773
	Arkema SA	194	18,950
	Asahi Kasei Corp	1,000	8,707
	CF Industries Holdings Inc	384	12,088
	Covestro AG	415	28,545
	Daicel Corp	100	1,098
	Eastman Chemical Co	300	22,563
	Ecolab Inc^†	42	4,923
	EMS-Chemie Holding AG	60	30,495
	Evonik Industries AG	1,271	37,838
	FMC Corp	413	23,359
	Givaudan SA	9	16,493
	Hitachi Chemical Co Ltd	100	2,496
	Incitec Pivot Ltd	770	1,991
	International Flavors & Fragrances Inc^†	178	20,974
	JSR Corp	200	3,147
	K+S AG	1,805	43,141
	Kansai Paint Co Ltd	200	3,678


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

10	DECEMBER 31, 2016

Janus Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares/Principal/ Contract Amounts				Value
Common Stocks – (continued)
Chemicals – (continued)
	Koninklijke DSM NV	500	$29,929
	LANXESS AG	201	13,168
	Linde AG	269	44,103
	LyondellBasell Industries NV	70	6,005
	Mitsubishi Chemical Holdings Corp	1,200	7,734
	Mitsubishi Gas Chemical Co Inc	200	3,406
	Mitsui Chemicals Inc	1,000	4,481
	Monsanto Co^†	553	58,181
	Mosaic Co^†	555	16,278
	Orica Ltd	242	3,073
	Potash Corp of Saskatchewan Inc	1,154	20,879
	PPG Industries Inc^†	50	4,738
	Praxair Inc^†	221	25,899
	Sherwin-Williams Co^†	6	1,612
	Sika AG	7	33,634
	Sumitomo Chemical Co Ltd	2,000	9,464
	Symrise AG	453	27,549
	Taiyo Nippon Sanso Corp	200	2,309
	Teijin Ltd	100	2,022
	Toray Industries Inc	1,000	8,084
	Umicore SA	248	14,114
	Yara International ASA	727	28,648
			673,230
Commercial Services & Supplies – 0.2%
	Cintas Corp^†	45	5,200
	Park24 Co Ltd	100	2,710
	Pitney Bowes Inc	129	1,960
	Republic Services Inc^†	1,042	59,446
	Societe BIC SA	37	5,029
	Stericycle Inc*^,†	26	2,003
	Toppan Printing Co Ltd	2,000	19,063
			95,411
Communications Equipment – 0.2%
	F5 Networks Inc*^,†	219	31,694
	Juniper Networks Inc^†	1,277	36,088
	Motorola Solutions Inc^†	134	11,107
	Nokia OYJ	3,609	17,354
			96,243
Construction & Engineering – 0.3%
	Bouygues SA	499	17,857
	Fluor Corp	146	7,668
	HOCHTIEF AG	5	699
	Jacobs Engineering Group Inc*	64	3,648
	JGC Corp	1,000	18,110
	Kajima Corp	3,000	20,713
	Obayashi Corp	3,000	28,593
	Quanta Services Inc*	58	2,021
	Shimizu Corp	3,000	27,394
	SNC-Lavalin Group Inc	101	4,348
	Taisei Corp	3,000	20,972
			152,023
Construction Materials – 0.1%
	Boral Ltd	1,334	5,189
	Imerys SA	226	17,122
	James Hardie Industries PLC (CDI)	319	5,050
	Martin Marietta Materials Inc	95	21,045
	Taiheiyo Cement Corp	1,000	3,156
	Vulcan Materials Co^†	115	14,392
			65,954


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

Janus Investment Fund	11

Janus Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares/Principal/ Contract Amounts				Value
Common Stocks – (continued)
Consumer Finance – 0.1%
	Acom Co Ltd*	100	$436
	American Express Co^†	145	10,742
	Discover Financial Services	54	3,893
	Navient Corp	526	8,642
	Synchrony Financial	320	11,606
			35,319
Containers & Packaging – 0.3%
	Amcor Ltd/Australia	203	2,186
	Avery Dennison Corp^†	649	45,573
	Ball Corp^†	150	11,260
	CCL Industries Inc	300	58,950
	International Paper Co^†	348	18,465
	Owens-Illinois Inc*	56	975
	Sealed Air Corp	201	9,113
	Toyo Seikan Group Holdings Ltd	200	3,725
	WestRock Co^†	212	10,763
			161,010
Distributors – 0%
	Jardine Cycle & Carriage Ltd	100	2,831
Diversified Consumer Services – 0%
	Benesse Holdings Inc	100	2,752
	H&R Block Inc	886	20,369
			23,121
Diversified Financial Services – 0.2%
	AMP Ltd	2,291	8,309
	Berkshire Hathaway Inc*^,†	17	2,771
	Challenger Ltd/Australia	853	6,896
	Eurazeo SA	294	17,195
	EXOR NV	158	6,813
	First Pacific Co Ltd/Hong Kong	10,000	6,985
	Industrivarden AB	1,002	18,682
	Leucadia National Corp^†	1,053	24,482
	Mitsubishi UFJ Lease & Finance Co Ltd	300	1,546
	Onex Corp	298	20,284
	ORIX Corp	600	9,297
			123,260
Diversified Telecommunication Services – 1.0%
	AT&T Inc^†	845	35,938
	BCE Inc	261	11,282
	BT Group PLC	5,038	22,810
	CenturyLink Inc^†	506	12,033
	Deutsche Telekom AG	136	2,336
	Elisa OYJ	559	18,164
	Frontier Communications Corp	2,456	8,301
	HKT Trust & HKT Ltd	23,000	28,150
	Iliad SA	141	27,080
	Koninklijke KPN NV	10,193	30,179
	Level 3 Communications Inc*^,†	470	26,489
	Nippon Telegraph & Telephone Corp	700	29,429
	Orange SA	708	10,743
	PCCW Ltd	48,000	25,869
	Proximus SADP	792	22,801
	Singapore Telecommunications Ltd	10,300	25,855
	Swisscom AG	66	29,519
	Telecom Italia SpA/Milano*	1,759	1,549
	Telecom Italia SpA/Milano (RSP)*	2,173	1,570
	Telefonica Deutschland Holding AG	10,346	44,206
	Telstra Corp Ltd	8,917	32,765
	TELUS Corp	766	24,392


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

12	DECEMBER 31, 2016

Janus Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares/Principal/ Contract Amounts				Value
Common Stocks – (continued)
Diversified Telecommunication Services – (continued)
	TPG Telecom Ltd	3,367	$16,521
	Verizon Communications Inc^†	513	27,384
	Vocus Communications Ltd	4,535	12,622
			527,987
Electric Utilities – 0.7%
	AusNet Services	9,340	10,636
	Cheung Kong Infrastructure Holdings Ltd	1,000	7,954
	Chubu Electric Power Co Inc	600	8,371
	Chugoku Electric Power Co Inc	800	9,372
	CLP Holdings Ltd	1,500	13,707
	Duke Energy Corp^†	202	15,679
	Edison International	143	10,295
	Enel SpA	6,845	30,118
	Eversource Energy	389	21,484
	Exelon Corp	429	15,225
	FirstEnergy Corp^†	1,047	32,426
	Fortis Inc/Canada	417	12,878
	Fortum OYJ	971	14,860
	HK Electric Investments & HK Electric Investments Ltd	11,000	9,070
	Hokuriku Electric Power Co	500	5,596
	Hydro One Ltd (144A)	2,415	42,418
	Kyushu Electric Power Co Inc	800	8,654
	NextEra Energy Inc^†	72	8,601
	PG&E Corp^†	482	29,291
	Pinnacle West Capital Corp^†	253	19,742
	Power Assets Holdings Ltd	2,000	17,621
	PPL Corp^†	308	10,487
	Shikoku Electric Power Co Inc	600	6,067
	Southern Co^†	467	22,972
	Tohoku Electric Power Co Inc	800	10,096
			393,620
Electrical Equipment – 0.2%
	Acuity Brands Inc	23	5,310
	AMETEK Inc^†	748	36,353
	Legrand SA	88	4,983
	Mitsubishi Electric Corp	1,500	20,855
	Nidec Corp	200	17,202
	OSRAM Licht AG	345	18,110
	Rockwell Automation Inc	56	7,526
			110,339
Electronic Equipment, Instruments & Components – 0.5%
	Alps Electric Co Ltd	400	9,630
	Corning Inc^†	3,030	73,538
	FLIR Systems Inc^†	1,514	54,792
	Hamamatsu Photonics KK	300	7,871
	Hirose Electric Co Ltd	200	24,735
	Hitachi High-Technologies Corp	200	8,051
	Murata Manufacturing Co Ltd	100	13,318
	Nippon Electric Glass Co Ltd	3,000	16,188
	Omron Corp	100	3,828
	Shimadzu Corp	1,000	15,896
	TE Connectivity Ltd^†	542	37,550
	Yaskawa Electric Corp	200	3,103
	Yokogawa Electric Corp	400	5,776
			274,276
Energy Equipment & Services – 0.4%
	Baker Hughes Inc^†	861	55,939
	FMC Technologies Inc*	660	23,450
	Halliburton Co^†	366	19,797


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

Janus Investment Fund	13

Janus Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares/Principal/ Contract Amounts				Value
Common Stocks – (continued)
Energy Equipment & Services – (continued)
	Helmerich & Payne Inc	303	$23,452
	National Oilwell Varco Inc	232	8,686
	Schlumberger Ltd^†	472	39,624
	Technip SA	47	3,335
	Tenaris SA	718	12,797
	Transocean Ltd*	1,953	28,787
			215,867
Equity Real Estate Investment Trusts (REITs) – 0.5%
	American Tower Corp	36	3,804
	Apartment Investment & Management Co	52	2,363
	Ascendas Real Estate Investment Trust	2,900	4,532
	AvalonBay Communities Inc	18	3,189
	Boston Properties Inc	18	2,264
	CapitaLand Mall Trust	4,300	5,576
	Crown Castle International Corp	88	7,636
	Daiwa House REIT Investment Corp	6	15,174
	Dexus Property Group	886	6,166
	Digital Realty Trust Inc	102	10,023
	Equinix Inc	7	2,502
	Equity Residential	48	3,089
	Essex Property Trust Inc	53	12,322
	Extra Space Storage Inc	71	5,484
	Federal Realty Investment Trust	51	7,248
	Fonciere Des Regions	24	2,093
	Gecina SA	15	2,073
	H&R Real Estate Investment Trust	143	2,383
	ICADE	28	1,997
	Iron Mountain Inc	399	12,960
	Japan Prime Realty Investment Corp	3	11,820
	Japan Real Estate Investment Corp	2	10,908
	Japan Retail Fund Investment Corp	6	12,154
	Klepierre	69	2,710
	Link REIT	1,000	6,458
	Macerich Co	179	12,680
	Nippon Building Fund Inc	2	11,083
	Nippon Prologis REIT Inc	2	4,089
	Nomura Real Estate Master Fund Inc	8	12,101
	Public Storage	18	4,023
	Realty Income Corp	109	6,265
	RioCan Real Estate Investment Trust	228	4,523
	SL Green Realty Corp	79	8,496
	Smart Real Estate Investment Trust	106	2,550
	Stockland	1,841	6,078
	Suntec Real Estate Investment Trust	5,000	5,671
	UDR Inc	49	1,788
	United Urban Investment Corp	2	3,044
	Ventas Inc	125	7,815
	Vicinity Centres	2,687	5,811
	Westfield Corp	553	3,752
	Weyerhaeuser Co	28	843
			257,540
Food & Staples Retailing – 0.7%
	Aeon Co Ltd	400	5,661
	Alimentation Couche-Tard Inc	174	7,891
	Colruyt SA	443	21,911
	Costco Wholesale Corp^†	201	32,182
	FamilyMart UNY Holdings Co Ltd	400	26,578
	George Weston Ltd	172	14,553
	J Sainsbury PLC	8,475	25,962


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

14	DECEMBER 31, 2016

Janus Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares/Principal/ Contract Amounts				Value
Common Stocks – (continued)
Food & Staples Retailing – (continued)
	Kroger Co	66	$2,278
	Lawson Inc	300	21,063
	Loblaw Cos Ltd	245	12,928
	METRO AG	158	5,243
	Metro Inc	726	21,718
	Sundrug Co Ltd	100	6,911
	Tesco PLC*	4,154	10,572
	Tsuruha Holdings Inc	100	9,466
	Walgreens Boots Alliance Inc^†	472	39,063
	Wal-Mart Stores Inc^†	881	60,895
	Whole Foods Market Inc^†	487	14,980
	Wm Morrison Supermarkets PLC	9,420	26,757
	Woolworths Ltd	205	3,556
			370,168
Food Products – 0.9%
	Ajinomoto Co Inc	300	6,034
	Archer-Daniels-Midland Co^†	458	20,908
	Aryzta AG*	106	4,669
	Associated British Foods PLC	161	5,440
	Barry Callebaut AG*	23	28,157
	Calbee Inc	200	6,258
	Campbell Soup Co^†	1,227	74,197
	Chocoladefabriken Lindt & Spruengli AG (PC)	3	15,543
	Danone SA	67	4,240
	General Mills Inc^†	177	10,933
	Hershey Co^†	796	82,330
	Hormel Foods Corp	359	12,497
	Kellogg Co^†	1,217	89,705
	Kraft Heinz Co^†	30	2,620
	McCormick & Co Inc/MD	141	13,160
	Mead Johnson Nutrition Co^†	461	32,620
	MEIJI Holdings Co Ltd	100	7,846
	Nisshin Seifun Group Inc	300	4,499
	Nissin Foods Holdings Co Ltd	100	5,248
	Orkla ASA	1,300	11,770
	Saputo Inc	48	1,699
	Toyo Suisan Kaisha Ltd	200	7,235
	WH Group Ltd (144A)	15,000	12,078
	Wilmar International Ltd	5,700	14,067
	Yakult Honsha Co Ltd	100	4,630
	Yamazaki Baking Co Ltd	300	5,791
			484,174
Gas Utilities – 0.1%
	APA Group	1,614	9,970
	Hong Kong & China Gas Co Ltd	8,600	15,203
	Osaka Gas Co Ltd	3,000	11,525
	Toho Gas Co Ltd	1,000	8,123
	Tokyo Gas Co Ltd	3,000	13,544
			58,365
Health Care Equipment & Supplies – 0.5%
	Abbott Laboratories^†	432	16,593
	Baxter International Inc^†	242	10,730
	Boston Scientific Corp*	1,155	24,983
	Cochlear Ltd	101	8,914
	Cooper Cos Inc	112	19,592
	CR Bard Inc^†	132	29,655
	CYBERDYNE Inc*	200	2,822
	Danaher Corp^†	61	4,748
	Essilor International SA	294	33,210


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

Janus Investment Fund	15

Janus Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares/Principal/ Contract Amounts				Value
Common Stocks – (continued)
Health Care Equipment & Supplies – (continued)
	Hologic Inc*	79	$3,169
	Hoya Corp	300	12,575
	Intuitive Surgical Inc*^,†	52	32,977
	Olympus Corp	300	10,346
	Sonova Holding AG	366	44,296
	Terumo Corp	100	3,685
	Varian Medical Systems Inc*^,†	233	20,919
			279,214
Health Care Providers & Services – 0.4%
	Alfresa Holdings Corp	200	3,298
	AmerisourceBergen Corp^†	106	8,288
	Centene Corp*	73	4,125
	Cigna Corp^†	473	63,093
	Fresenius Medical Care AG & Co KGaA	140	11,868
	Fresenius SE & Co KGaA	104	8,123
	HCA Holdings Inc*^,†	88	6,514
	Henry Schein Inc*^,†	120	18,205
	Humana Inc	113	23,055
	Laboratory Corp of America Holdings*^,†	171	21,953
	Medipal Holdings Corp	200	3,140
	Miraca Holdings Inc	100	4,479
	Patterson Cos Inc^†	345	14,155
	Quest Diagnostics Inc	161	14,796
	Ramsay Health Care Ltd	157	7,738
	Sonic Healthcare Ltd	411	6,342
	Suzuken Co Ltd/Aichi Japan	100	3,262
	Universal Health Services Inc	104	11,064
			233,498
Health Care Technology – 0%
	Cerner Corp*	229	10,848
	M3 Inc	100	2,517
			13,365
Hotels, Restaurants & Leisure – 0.9%
	Accor SA	39	1,454
	Aristocrat Leisure Ltd	447	4,986
	Carnival Corp	184	9,579
	Carnival PLC	75	3,799
	Chipotle Mexican Grill Inc*^,†	143	53,957
	Darden Restaurants Inc^†	753	54,758
	Domino's Pizza Enterprises Ltd	95	4,424
	Galaxy Entertainment Group Ltd	1,000	4,302
	InterContinental Hotels Group PLC	900	40,157
	Marriott International Inc/MD	278	22,985
	McDonald's Holdings Co Japan Ltd	200	5,228
	Merlin Entertainments PLC	8,275	45,716
	MGM China Holdings Ltd	3,600	7,432
	Oriental Land Co Ltd/Japan	300	16,938
	Sands China Ltd	2,000	8,602
	Shangri-La Asia Ltd	6,000	6,320
	SJM Holdings Ltd	4,000	3,126
	Sodexo SA	38	4,366
	Starbucks Corp^†	807	44,805
	Tabcorp Holdings Ltd	1,871	6,490
	Tatts Group Ltd	2,449	7,906
	Whitbread PLC	614	28,537
	Wynn Resorts Ltd^†	300	25,953
	Yum China Holdings Inc*^,†	829	21,653
	Yum! Brands Inc	829	52,501
			485,974


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

16	DECEMBER 31, 2016

Janus Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares/Principal/ Contract Amounts				Value
Common Stocks – (continued)
Household Durables – 0.3%
	Barratt Developments PLC	6,979	$39,697
	Casio Computer Co Ltd	700	9,868
	PulteGroup Inc	571	10,495
	Sekisui Chemical Co Ltd	100	1,592
	Sekisui House Ltd	900	14,950
	Sony Corp	100	2,779
	Techtronic Industries Co Ltd	1,500	5,374
	Whirlpool Corp^†	319	57,985
			142,740
Household Products – 0.4%
	Church & Dwight Co Inc^†	1,212	53,558
	Clorox Co^†	232	27,845
	Colgate-Palmolive Co^†	324	21,203
	Procter & Gamble Co^†	656	55,156
	Reckitt Benckiser Group PLC	230	19,440
	Unicharm Corp	900	19,658
			196,860
Independent Power and Renewable Electricity Producers – 0%
	Electric Power Development Co Ltd	300	6,894
Industrial Conglomerates – 0.1%
	CK Hutchison Holdings Ltd	3,500	39,514
	Jardine Matheson Holdings Ltd	100	5,525
	Keppel Corp Ltd	1,000	3,975
	NWS Holdings Ltd	2,000	3,252
			52,266
Information Technology Services – 0.7%
	Alliance Data Systems Corp^†	161	36,788
	Atos SE	313	33,014
	Capgemini SA	86	7,252
	CGI Group Inc*	805	38,640
	Computershare Ltd	959	8,619
	Fiserv Inc*^,†	479	50,908
	Fujitsu Ltd	3,000	16,620
	Global Payments Inc^†	417	28,944
	Nomura Research Institute Ltd	880	26,754
	Obic Co Ltd	200	8,725
	Otsuka Corp	200	9,324
	PayPal Holdings Inc*	214	8,447
	Teradata Corp*	847	23,013
	Total System Services Inc^†	658	32,262
	Western Union Co	1,064	23,110
	Xerox Corp	2,930	25,579
			377,999
Insurance – 1.2%
	Aflac Inc	116	8,074
	Ageas	238	9,417
	AIA Group Ltd	2,400	13,432
	Allstate Corp	27	2,001
	American International Group Inc	71	4,637
	Aon PLC	73	8,142
	Assurant Inc	94	8,729
	Baloise Holding AG	241	30,314
	CNP Assurances	230	4,259
	Dai-ichi Life Holdings Inc	500	8,285
	Direct Line Insurance Group PLC	8,494	38,516
	Gjensidige Forsikring ASA	989	15,703
	Great-West Lifeco Inc	886	23,211
	Hartford Financial Services Group Inc	263	12,532
	Insurance Australia Group Ltd	2,945	12,689


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

Janus Investment Fund	17

Janus Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares/Principal/ Contract Amounts				Value
Common Stocks – (continued)
Insurance – (continued)
	Intact Financial Corp	355	$25,412
	Legal & General Group PLC	5,962	18,156
	Loews Corp^†	1,563	73,195
	Marsh & McLennan Cos Inc	247	16,695
	Medibank Pvt Ltd	4,141	8,418
	MetLife Inc	197	10,616
	MS&AD Insurance Group Holdings Inc	300	9,270
	NN Group NV	292	9,886
	Old Mutual PLC	20,902	53,016
	Poste Italiane SpA (144A)	796	5,280
	Power Corp of Canada	51	1,142
	Power Financial Corp	618	15,449
	Principal Financial Group Inc	147	8,505
	Progressive Corp^†	648	23,004
	Sampo Oyj	413	18,466
	SCOR SE	622	21,485
	Sompo Holdings Inc	400	13,509
	Standard Life PLC	4,825	21,995
	Swiss Life Holding AG*	59	16,698
	T&D Holdings Inc	400	5,268
	Torchmark Corp	396	29,209
	UnipolSai SpA	4,098	8,748
	Unum Group	23	1,010
	Willis Towers Watson PLC	63	7,704
	XL Group Ltd	81	3,018
	Zurich Insurance Group AG*	6	1,648
			626,743
Internet & Direct Marketing Retail – 0.3%
	Amazon.com Inc*^,†	75	56,240
	Netflix Inc*^,†	428	52,986
	Priceline Group Inc*^,†	33	48,380
	Rakuten Inc	100	979
	Start Today Co Ltd	100	1,716
	TripAdvisor Inc*	393	18,223
			178,524
Internet Software & Services – 0.4%
	Akamai Technologies Inc*	298	19,871
	Alphabet Inc - Class A*^,†	53	42,000
	Alphabet Inc - Class C*^,†	58	44,766
	eBay Inc*	805	23,900
	Facebook Inc	242	27,842
	Kakaku.com Inc	600	9,921
	Mixi Inc	200	7,286
	United Internet AG	739	28,760
	VeriSign Inc*^,†	185	14,073
	Yahoo Japan Corp	4,800	18,423
	Yahoo! Inc*	132	5,104
			241,946
Leisure Products – 0%
	Bandai Namco Holdings Inc	100	2,753
	Hasbro Inc	126	9,802
	Sankyo Co Ltd	100	3,222
	Sega Sammy Holdings Inc	200	2,970
	Yamaha Corp	100	3,048
			21,795
Life Sciences Tools & Services – 0.3%
	Agilent Technologies Inc^†	117	5,331
	Illumina Inc*	143	18,310
	Lonza Group AG*	286	49,459


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

18	DECEMBER 31, 2016

Janus Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares/Principal/ Contract Amounts				Value
Common Stocks – (continued)
Life Sciences Tools & Services – (continued)
	Mettler-Toledo International Inc*	61	$25,532
	QIAGEN NV*	1,338	37,533
	Waters Corp*	129	17,336
			153,501
Machinery – 0.5%
	Alstom SA*	317	8,721
	ANDRITZ AG	323	16,211
	Caterpillar Inc	141	13,076
	Cummins Inc	13	1,777
	Deere & Co^†	145	14,941
	Flowserve Corp	152	7,304
	GEA Group AG	287	11,502
	Hitachi Construction Machinery Co Ltd	800	17,274
	IHI Corp*	2,000	5,186
	Kawasaki Heavy Industries Ltd	2,000	6,244
	Kone OYJ	150	6,719
	Kubota Corp	1,000	14,238
	MAN SE	325	32,277
	Metso OYJ	233	6,631
	Minebea Co Ltd	200	1,868
	Mitsubishi Heavy Industries Ltd	3,000	13,630
	NSK Ltd	800	9,228
	Parker-Hannifin Corp	60	8,400
	Pentair PLC	45	2,523
	Sembcorp Marine Ltd	1,000	951
	SMC Corp/Japan	100	23,800
	Snap-on Inc	76	13,017
	Sumitomo Heavy Industries Ltd	2,000	12,846
	Xylem Inc/NY^†	135	6,685
			255,049
Media – 1.1%
	Axel Springer SE	403	19,538
	Charter Communications Inc*	21	6,046
	Dentsu Inc	300	14,133
	Discovery Communications Inc - Class A*^,†	1,963	53,806
	Discovery Communications Inc - Class C*^,†	1,855	49,677
	Eutelsat Communications SA	1,092	21,136
	Hakuhodo DY Holdings Inc	100	1,229
	ITV PLC	10,741	27,222
	Lagardere SCA	674	18,720
	Omnicom Group Inc^†	420	35,746
	REA Group Ltd	179	7,109
	RTL Group SA	1,394	102,160
	Scripps Networks Interactive Inc^†	990	70,656
	Shaw Communications Inc	1,228	24,642
	Singapore Press Holdings Ltd	2,800	6,811
	Telenet Group Holding NV*	466	25,852
	Time Warner Inc^†	622	60,042
	Toho Co Ltd/Tokyo	100	2,826
	Twenty-First Century Fox Inc	34	953
	Viacom Inc	43	1,509
	Walt Disney Co^†	376	39,187
	WPP PLC	167	3,733
			592,733
Metals & Mining – 0.4%
	Agnico Eagle Mines Ltd	225	9,461
	Alcoa Corp	353	9,912
	ArcelorMittal*	1,014	7,475
	Barrick Gold Corp	651	10,421


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

Janus Investment Fund	19

Janus Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares/Principal/ Contract Amounts				Value
Common Stocks – (continued)
Metals & Mining – (continued)
	BHP Billiton PLC	620	$9,801
	Eldorado Gold Corp*	2,802	9,016
	Franco-Nevada Corp	398	23,800
	Freeport-McMoRan Inc*	375	4,946
	Glencore PLC*	5,687	19,111
	Goldcorp Inc	1,284	17,483
	Hitachi Metals Ltd	100	1,351
	Kinross Gold Corp*	1,347	4,204
	Kobe Steel Ltd*	500	4,747
	Maruichi Steel Tube Ltd	200	6,495
	Mitsubishi Materials Corp	300	9,159
	Newcrest Mining Ltd	349	4,920
	Newmont Mining Corp	643	21,907
	Norsk Hydro ASA	1,263	6,033
	Nucor Corp^†	362	21,546
	Rio Tinto Ltd	20	860
	Rio Tinto PLC	33	1,256
	Silver Wheaton Corp	708	13,680
	South32 Ltd	1,934	3,816
	Teck Resources Ltd	92	1,841
	voestalpine AG	276	10,834
	Yamana Gold Inc	3,218	9,037
			243,112
Multiline Retail – 0.3%
	Canadian Tire Corp Ltd	55	5,706
	Dollar General Corp^†	787	58,293
	Dollar Tree Inc*^,†	232	17,906
	Dollarama Inc	231	16,928
	Kohl's Corp	59	2,913
	Marks & Spencer Group PLC	4,716	20,302
	Marui Group Co Ltd	800	11,656
	Next PLC	170	10,403
	Target Corp	307	22,175
			166,282
Multi-Utilities – 0.7%
	AGL Energy Ltd	578	9,194
	Atco Ltd/Canada	502	16,700
	Canadian Utilities Ltd	862	23,237
	CenterPoint Energy Inc^†	1,467	36,147
	Centrica PLC	12,914	37,200
	CMS Energy Corp^†	1,200	49,944
	Consolidated Edison Inc^†	176	12,968
	Dominion Resources Inc/VA^†	465	35,614
	DTE Energy Co^†	60	5,911
	E.ON SE	459	3,201
	National Grid PLC	1,136	13,284
	NiSource Inc	481	10,649
	Public Service Enterprise Group Inc^†	679	29,795
	RWE AG*	114	1,418
	SCANA Corp^†	319	23,376
	Sempra Energy^†	180	18,115
	Suez	1,271	18,743
	Veolia Environnement SA	224	3,807
	WEC Energy Group Inc^†	44	2,581
			351,884
Oil, Gas & Consumable Fuels – 2.2%
	AltaGas Ltd	573	14,469
	Anadarko Petroleum Corp^†	489	34,098
	Apache Corp^†	661	41,954


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

20	DECEMBER 31, 2016

Janus Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares/Principal/ Contract Amounts				Value
Common Stocks – (continued)
Oil, Gas & Consumable Fuels – (continued)
	ARC Resources Ltd	400	$6,886
	BP PLC	2,277	14,146
	Cabot Oil & Gas Corp^†	1,411	32,961
	Caltex Australia Ltd	453	9,943
	Cameco Corp	2,431	25,424
	Chevron Corp^†	14	1,648
	Cimarex Energy Co^†	198	26,908
	Concho Resources Inc*	131	17,371
	ConocoPhillips^†	881	44,173
	Devon Energy Corp^†	55	2,512
	Enbridge Inc	262	11,026
	Eni SpA	661	10,715
	EOG Resources Inc^†	521	52,673
	EQT Corp^†	755	49,377
	Exxon Mobil Corp^†	302	27,259
	Hess Corp^†	1,179	73,440
	Husky Energy Inc*	368	4,465
	Idemitsu Kosan Co Ltd	300	7,953
	Imperial Oil Ltd	68	2,366
	Inpex Corp	1,100	10,983
	Italgas SpA*	794	3,124
	JX Holdings Inc	3,800	16,026
	Keyera Corp	82	2,471
	Kinder Morgan Inc/DE^†	4,033	83,523
	Koninklijke Vopak NV	247	11,650
	Marathon Oil Corp^†	92	1,593
	Marathon Petroleum Corp^†	750	37,762
	Neste Oyj	465	17,848
	Newfield Exploration Co*	550	22,275
	Noble Energy Inc^†	145	5,519
	Occidental Petroleum Corp^†	542	38,607
	Oil Search Ltd	626	3,231
	OMV AG	621	21,873
	ONEOK Inc	434	24,916
	Origin Energy Ltd	948	4,495
	Pembina Pipeline Corp	607	18,972
	Peyto Exploration & Development Corp	786	19,444
	Phillips 66^†	665	57,463
	Pioneer Natural Resources Co^†	188	33,853
	PrairieSky Royalty Ltd	936	22,269
	Range Resources Corp	756	25,976
	Santos Ltd	1,387	4,006
	Showa Shell Sekiyu KK	900	8,362
	Snam SpA	3,970	16,328
	Southwestern Energy Co*^,†	1,481	16,024
	Statoil ASA	342	6,236
	Suncor Energy Inc	223	7,292
	Tesoro Corp^†	978	85,526
	TonenGeneral Sekiyu KK	2,000	21,050
	TOTAL SA	37	1,889
	TransCanada Corp	50	2,255
	Valero Energy Corp^†	517	35,321
	Woodside Petroleum Ltd	221	4,959
			1,204,888
Paper & Forest Products – 0.1%
	Oji Holdings Corp	2,000	8,131
	Stora Enso OYJ	1,532	16,409
	UPM-Kymmene OYJ	1,264	30,972


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

Janus Investment Fund	21

Janus Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares/Principal/ Contract Amounts				Value
Common Stocks – (continued)
Paper & Forest Products – (continued)
	West Fraser Timber Co Ltd	68	$2,432
			57,944
Personal Products – 0.1%
	Beiersdorf AG	129	10,945
	Coty Inc	390	7,141
	Pola Orbis Holdings Inc	100	8,247
	Shiseido Co Ltd	300	7,580
	Unilever PLC	163	6,592
			40,505
Pharmaceuticals – 0.9%
	Allergan plc	6	1,260
	AstraZeneca PLC	1,056	57,261
	Bayer AG	412	42,976
	Bristol-Myers Squibb Co^†	568	33,194
	Chugai Pharmaceutical Co Ltd	300	8,593
	Eisai Co Ltd	200	11,435
	Eli Lilly & Co^†	216	15,887
	Galenica AG	15	16,894
	GlaxoSmithKline PLC	2,804	53,540
	Hisamitsu Pharmaceutical Co Inc	100	4,989
	Johnson & Johnson^†	193	22,236
	Kyowa Hakko Kirin Co Ltd	200	2,751
	Merck & Co Inc	73	4,298
	Merck KGaA	284	29,634
	Mitsubishi Tanabe Pharma Corp	400	7,836
	Novartis AG	312	22,701
	Ono Pharmaceutical Co Ltd	100	2,181
	Otsuka Holdings Co Ltd	100	4,351
	Perrigo Co PLC	170	14,149
	Pfizer Inc^†	530	17,214
	Roche Holding AG	237	54,017
	Sanofi	116	9,380
	Santen Pharmaceutical Co Ltd	300	3,664
	Shionogi & Co Ltd	100	4,772
	Sumitomo Dainippon Pharma Co Ltd	300	5,152
	Taisho Pharmaceutical Holdings Co Ltd	100	8,284
	UCB SA	73	4,672
	Zoetis Inc^†	315	16,862
			480,183
Professional Services – 0.2%
	Bureau Veritas SA	689	13,348
	Dun & Bradstreet Corp	19	2,305
	Intertek Group PLC	144	6,143
	Nielsen Holdings PLC^†	812	34,063
	Randstad Holding NV	54	2,924
	Recruit Holdings Co Ltd	100	4,005
	RELX NV	252	4,235
	Robert Half International Inc	100	4,878
	Verisk Analytics Inc*	170	13,799
			85,700
Real Estate Management & Development – 0.2%
	Aeon Mall Co Ltd	100	1,404
	CapitaLand Ltd	2,200	4,571
	CBRE Group Inc*	436	13,730
	Cheung Kong Property Holdings Ltd	2,000	12,129
	City Developments Ltd	700	3,988
	Deutsche Wohnen AG	63	1,975
	First Capital Realty Inc	250	3,849
	Global Logistic Properties Ltd	3,800	5,758


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

22	DECEMBER 31, 2016

Janus Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares/Principal/ Contract Amounts				Value
Common Stocks – (continued)
Real Estate Management & Development – (continued)
	Hang Lung Properties Ltd	2,000	$4,188
	Henderson Land Development Co Ltd	2,000	10,558
	Hongkong Land Holdings Ltd	600	3,798
	Hysan Development Co Ltd	1,000	4,123
	Kerry Properties Ltd	1,500	4,042
	NTT Urban Development Corp	200	1,755
	Sino Land Co Ltd	2,000	2,961
	Swire Pacific Ltd	1,500	14,319
	Swire Properties Ltd	1,800	4,933
	Swiss Prime Site AG*	55	4,502
	UOL Group Ltd	1,400	5,768
	Vonovia SE	113	3,680
	Wharf Holdings Ltd	2,000	13,144
			125,175
Road & Rail – 0.4%
	Central Japan Railway Co	100	16,427
	ComfortDelGro Corp Ltd	4,000	6,796
	JB Hunt Transport Services Inc	292	28,344
	Kansas City Southern	98	8,315
	MTR Corp Ltd	8,500	41,091
	Nagoya Railroad Co Ltd	1,000	4,831
	Nippon Express Co Ltd	4,000	21,488
	Ryder System Inc	98	7,295
	Tokyu Corp	4,000	29,350
	West Japan Railway Co	500	30,644
			194,581
Semiconductor & Semiconductor Equipment – 1.3%
	Applied Materials Inc^†	1,467	47,340
	ASM Pacific Technology Ltd	1,500	15,880
	ASML Holding NV	185	20,725
	First Solar Inc*	531	17,040
	Infineon Technologies AG	2,024	35,075
	Intel Corp	117	4,244
	KLA-Tencor Corp^†	411	32,337
	Lam Research Corp	106	11,207
	Linear Technology Corp^†	4,239	264,302
	Microchip Technology Inc^†	25	1,604
	Micron Technology Inc*	1,410	30,907
	NVIDIA Corp^†	372	39,707
	Qorvo Inc*	187	9,861
	QUALCOMM Inc^†	118	7,694
	Rohm Co Ltd	300	17,219
	Skyworks Solutions Inc	115	8,586
	Xilinx Inc^†	1,854	111,926
			675,654
Software – 0.7%
	Activision Blizzard Inc	500	18,055
	Adobe Systems Inc*^,†	105	10,810
	Autodesk Inc*^,†	490	36,265
	Dassault Systemes SE	434	33,058
	Electronic Arts Inc*	297	23,392
	Gemalto NV	382	22,052
	Intuit Inc	39	4,470
	Konami Holdings Corp	700	28,208
	Nexon Co Ltd	200	2,891
	Open Text Corp	644	39,777
	Oracle Corp Japan	500	25,164
	Red Hat Inc*	143	9,967
	salesforce.com Inc*	324	22,181


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

Janus Investment Fund	23

Janus Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares/Principal/ Contract Amounts				Value
Common Stocks – (continued)
Software – (continued)
	SAP SE	186	$16,253
	Symantec Corp^†	2,064	49,309
	Trend Micro Inc/Japan	600	21,281
			363,133
Specialty Retail – 1.0%
	ABC-Mart Inc	100	5,658
	AutoZone Inc*^,†	49	38,700
	Bed Bath & Beyond Inc^†	2,185	88,798
	Best Buy Co Inc	501	21,378
	Dixons Carphone PLC	9,837	42,878
	Foot Locker Inc	113	8,011
	Gap Inc	343	7,697
	Kingfisher PLC	9,251	39,832
	Staples Inc^†	6,946	62,861
	Tiffany & Co	384	29,733
	Tractor Supply Co^†	2,249	170,497
	Ulta Salon Cosmetics & Fragrance Inc*	94	23,964
	Urban Outfitters Inc*	104	2,962
	USS Co Ltd	100	1,590
	Yamada Denki Co Ltd	2,900	15,600
			560,159
Technology Hardware, Storage & Peripherals – 0.6%
	Apple Inc^†	928	107,481
	BlackBerry Ltd*	3,663	25,211
	Brother Industries Ltd	200	3,597
	Hewlett Packard Enterprise Co	322	7,451
	HP Inc^†	2,179	32,336
	Konica Minolta Inc	2,700	26,750
	NEC Corp	6,000	15,853
	NetApp Inc^†	977	34,459
	Seiko Epson Corp	100	2,113
	Western Digital Corp^†	628	42,673
			297,924
Textiles, Apparel & Luxury Goods – 0.6%
	Christian Dior SE	81	16,968
	Cie Financiere Richemont SA	297	19,671
	Coach Inc	27	946
	Gildan Activewear Inc	471	11,960
	Hanesbrands Inc	919	19,823
	Li & Fung Ltd	16,000	6,996
	Luxottica Group SpA	218	11,740
	LVMH Moet Hennessy Louis Vuitton SE	42	8,007
	Michael Kors Holdings Ltd*	255	10,960
	NIKE Inc	406	20,637
	Ralph Lauren Corp^†	306	27,638
	Swatch Group AG	60	18,661
	Swatch Group AG (REG)	317	19,380
	Under Armour Inc - Class A^†	1,590	46,189
	Under Armour Inc - Class C^†	2,175	54,745
	Yue Yuen Industrial Holdings Ltd	1,500	5,430
			299,751
Tobacco – 0.1%
	Altria Group Inc^†	305	20,624
	British American Tobacco PLC	61	3,463
	Imperial Brands PLC	667	29,011
	Japan Tobacco Inc	100	3,286
	Philip Morris International Inc^†	150	13,723
			70,107


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

24	DECEMBER 31, 2016

Janus Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares/Principal/ Contract Amounts				Value
Common Stocks – (continued)
Trading Companies & Distributors – 0.2%
	Brenntag AG	137	$7,591
	Bunzl PLC	786	20,336
	Fastenal Co^†	141	6,624
	ITOCHU Corp	2,000	26,513
	Marubeni Corp	4,100	23,199
	Rexel SA	435	7,145
	United Rentals Inc*	40	4,223
	Wolseley PLC	156	9,529
	WW Grainger Inc	28	6,503
			111,663
Transportation Infrastructure – 0.4%
	Aena SA	212	28,919
	Aeroports de Paris	50	5,356
	Atlantia SpA	114	2,667
	Fraport AG Frankfurt Airport Services Worldwide	192	11,339
	Groupe Eurotunnel SE	68	645
	Mitsubishi Logistics Corp	2,000	28,230
	Sydney Airport	6,227	26,816
	Transurban Group	11,631	86,601
			190,573
Water Utilities – 0.2%
	American Water Works Co Inc^†	530	38,351
	Severn Trent PLC	732	20,024
	United Utilities Group PLC	2,214	24,527
			82,902
Wireless Telecommunication Services – 0.3%
	KDDI Corp	500	12,626
	Millicom International Cellular SA (SDR)	230	9,828
	NTT DOCOMO Inc	800	18,195
	Rogers Communications Inc	1,036	39,966
	SoftBank Group Corp	200	13,205
	StarHub Ltd	12,400	23,989
	Vodafone Group PLC	9,825	24,160
			141,969
Total Common Stocks (cost $15,181,914)			15,664,604
Preferred Stocks – 0%
Chemicals – 0%
	FUCHS PETROLUB SE	247	10,370
Media – 0%
	ProSiebenSat.1 Media SE	358	13,837
Total Preferred Stocks (cost $26,080)			24,207
Investment Companies – 57.1%
Closed-End Funds – 0.2%
	BlackRock Limited Duration Income Trust	5,375	81,539
Exchange-Traded Funds (ETFs) – 29.7%
	Consumer Staples Select Sector SPDR Fund^†	7,155	369,985
	Deutsche X-trackers Harvest CSI 300 China A-Shares^†	30,247	709,292
	Energy Select Sector SPDR Fund^†	3,240	244,037
	Financial Select Sector SPDR Fund^†	12,126	281,929
	Global X MSCI Colombia^†	23,769	216,773
	Global X MSCI Greece	1,872	14,583
	iShares Core MSCI Emerging Markets^†	10,380	440,631
	iShares Core S&P 500^†	32,038	7,208,230
	iShares MSCI All Peru Capped^†	6,290	206,312
	iShares MSCI Brazil Capped^†	6,509	217,010
	iShares MSCI Chile Capped^†	3,749	140,288
	iShares MSCI EAFE^†	1,770	102,182
	iShares MSCI Emerging Markets	4	140
	iShares MSCI Indonesia	1,471	35,495


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

Janus Investment Fund	25

Janus Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares/Principal/ Contract Amounts					Value
Investment Companies – (continued)
Exchange-Traded Funds (ETFs) – (continued)
	iShares MSCI Mexico Capped^†	28,146		$1,237,580
	iShares MSCI Philippines^†	622		20,165
	iShares MSCI South Korea Capped^†	1,678		89,303
	iShares MSCI Thailand Capped^†	630		45,417
	iShares Russell 2000^†	1,084		146,177
	Lyxor UCITS FTSE MIB - EUR	2,220		43,952
	Real Estate Select Sector SPDR Fund	316		9,717
	Schwab US Broad Market	200		10,836
	SPDR S&P Aerospace & Defense^†	6,480		410,638
	VanEck Vectors Russia^†	22,935		486,681
	Vanguard FTSE Europe^†	10,000		479,400
	Vanguard FTSE Pacific^†	32,088		1,864,955
	Vanguard S&P 500^†	2,900		595,399
	WisdomTree Japan Hedged Equity Fund^†	8,000		396,320
				16,023,427
Money Markets – 27.2%
	Janus Cash Liquidity Fund LLC, 0.4708%^ºº,£	14,672,463		14,672,463
Total Investment Companies (cost $29,804,133)				30,777,429
OTC Purchased Options – Puts – 0.1%
Counterparty/Reference Asset
Goldman Sachs International:
	iShares MSCI Emerging Markets (ETF),
	exercise price $35.00, expires January 2017* (premiums paid $85,200)	710	45,976
Total Investments (total cost $46,478,019) – 88.8%				47,871,370
Cash, Receivables and Other Assets, net of Liabilities – 11.2%				6,044,335
Net Assets – 100%				$53,915,705


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

		% of
		Investment
Country	Value	Securities
United States	$35,616,853	74.4	%
Japan	2,306,575	4.8
Mexico	1,237,580	2.6
Canada	1,062,973	2.2
United Kingdom	1,054,505	2.2
Australia	950,748	2.0
China	730,945	1.5
Germany	725,121	1.5
Switzerland	585,959	1.2
Hong Kong	505,968	1.1
France	498,576	1.0
Russia	486,681	1.0
Spain	393,423	0.8
Brazil	217,010	0.5
Colombia	216,773	0.5
Singapore	190,712	0.4
Finland	163,449	0.3
Italy	162,646	0.3
Netherlands	152,476	0.3
Chile	140,288	0.3


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

26	DECEMBER 31, 2016

Janus Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2016


		% of
		Investment
Country	Value	Securities
Belgium	$98,767	0.2	%
South Korea	89,303	0.2
Norway	74,789	0.2
Austria	62,062	0.1
Thailand	45,417	0.1
Indonesia	35,495	0.1
Sweden	28,510	0.1
Philippines	20,165	0.1
Greece	14,583	0.0
Ireland	3,018	0.0



Total	$47,871,370	100.0	%


Schedule of Foreign Currency Contracts, Open


Counterparty/ Currency	Settlement Date	Currency Units Sold/ (Purchased)		Currency Value		Unrealized Appreciation/ (Depreciation)
Bank of America:
Australian Dollar	1/12/17	898,000	$	647,742	$	16,404
Brazilian Real	1/12/17	410,000		125,673		(9,229)
British Pound	1/12/17	607,000		748,132		16,672
Canadian Dollar	1/12/17	1,238,000		922,274		6,819
Chilean Peso	1/12/17	64,979,000		97,022		(914)
Colombian Peso	1/12/17	89,269,000		29,687		(807)
Danish Krone	1/12/17	170,000		24,089		232
Euro	1/12/17	2,227,000		2,345,078		25,575
Hong Kong Dollar	1/12/17	(391,000)		(50,428)		2
Indonesian Rupiah	1/12/17	606,488,000		44,990		(510)
Japanese Yen	1/12/17	150,073,500		1,284,873		28,014
Korean Won	1/12/17	163,276,000		135,214		4,332
Mexican Peso	1/12/17	(112,000)		(5,397)		28
Norwegian Krone	1/12/17	167,000		19,354		419
Philippine Peso	1/12/17	2,606,000		52,423		(30)
Polish Zloty	1/12/17	(23,000)		(5,498)		39
Russian Rouble	1/12/17	4,402,000		71,805		(3,515)
Singapore Dollar	1/12/17	249,000		171,982		2,418
South African Rand	1/12/17	(20,000)		(1,455)		46
Swedish Krona	1/12/17	1,515,000		166,471		(2,516)
Thailand Baht	1/12/17	2,438,000		68,089		162
Turkish Lira	1/12/17	(36,000)		(10,196)		(96)

				6,881,924		83,545


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

Janus Investment Fund	27

Janus Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2016


Counterparty/ Currency	Settlement Date	Currency Units Sold/ (Purchased)		Currency Value		Unrealized Appreciation/ (Depreciation)
HSBC Securities (USA), Inc.:
Euro	1/19/17	489,500	$	515,678	$	4,874
Euro	1/19/17	750,000		790,109		(4,515)
Mexican Peso	1/19/17	(31,200,000)		(1,501,644)		2,863
Mexican Peso	1/19/17	(61,258,500)		(2,948,349)		(38,665)

				(3,144,206)		(35,443)
RBC Capital Markets Corp.:
Japanese Yen	2/9/17	33,016,000		283,150		112
Swiss Franc	2/9/17	271,000		266,988		(2,089)

				550,138		(1,977)
Total			$	4,287,856	$	46,125


Schedule of Futures
Description	Number of Contracts	Expiration Date		Unrealized Appreciation/ (Depreciation)			Variation Margin Asset/(Liability)
Futures Purchased:
10-Year Australian Treasury Bond	15		3/17		$	3,100	$	1,629
10-Year Canadian Government Bond	9		3/17			(7,488)		670
10-Year mini-Japanese Government Bond	21		3/17			268		(1,258)
10-Year US Treasury Note	17		3/17			19,369		5,844
3-Year Australian Treasury Bond	74		3/17			938		4,951
90-Day Eurodollar	239		3/17			1,283		2,988
BIST National-30 Index	57		2/17			1,458		202
Coffee	3		3/17			(9,990)		1,800
Coffee	3		5/17			26,000		1,856
Corn	9		3/17			(62,737)		1,013
Cotton	5		3/17			23,900		375
DAX Index	2		3/17			(1,609)		1,184
Euro-BTP Italian Government Bond	5		3/17			7,293		(1,526)
Euro-OAT	3		3/17			1,354		(1,421)
FTSE 100 Index	6		3/17			4,350		(185)
FTSE Bursa Malaysia KLCI Index	2		1/17			(12,361)		(100)
FTSE/JSE Top 40 Index	4		3/17			10,222		(746)
H-Shares Index	1		1/17			(9,230)		464
KOSPI 200 Index	1		3/17			(21,927)		-
Long Gilt	5		3/17			9,468		(246)
Mexican Bolsa Index	57		3/17			(16,435)		(7,345)
mini FTSE/MIB Index	27		3/17			3,226		1,023
mini MSCI Emerging Markets Index	13		3/17			(23,512)		(3,770)
MSCI Taiwan Index	10		1/17			46,169		2,200
NASDAQ 100 E-mini Index	6		3/17			4,615		(6,540)
Russel 1000 mini Index	9		3/17			15,120		(2,700)


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

28	DECEMBER 31, 2016

Janus Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2016


Description	Number of Contracts		Expiration Date		Unrealized Appreciation/ (Depreciation)				Variation Margin Asset/(Liability)
S&P 500 E-mini Index		18	3/17			$	19,981		$	(8,010)
SGX Nifty 50 Index		6	1/17				2,345			816
Silver		1	3/17				(891)			(1,145)
Soybean	3		3/17				(7,703)			(1,313)
SPI 200 Index	5		6/17				(2,780)			(3,517)
Sugar	7		3/17				9,523			157
Topix Index	5		3/17				(3,488)			1,284
US Treasury Long Bond	1		3/17				(2,125)			750
WIG 20 Index	11		3/17				(31,725)			53
WTI Crude	13		2/17				(27,732)			(650)
						(31,751)			(11,213)
Futures Sold:
5-Year US Treasury Note	(53)		3/17	$			(9,275)	$		(8,695)
90-Day Eurodollar	(239)		3/18				1,998			(8,963)
							(7,277)			(17,658)
Total				$			(39,028)	$		(28,871)


Schedule of OTC Written Options
Counterparty	Reference Asset	Number of Contracts		Exercise Price			Expiration Date			Premiums Received	Unrealized Appreciation/ (Depreciation)			Options Written, at Value

Written Put Options:
Goldman Sachs International	iShares MSCI Emerging Markets (ETF)		710		$	33.00		1/17	$	31,950		$	20,823		$	(11,127)


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

Janus Investment Fund	29

Janus Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2016


Schedule of Centrally Cleared Credit Default Swaps - Sell Protection⁽¹⁾
Reference Asset Type/ Reference Asset	S&P Credit Rating	Fixed Rate	Maturity Date	Notional Amount⁽²⁾		Premiums Paid/ (Received)	Unrealized Appreciation/ (Depreciation)	Variation Margin Asset/ (Liability)
Credit Default Swap Index⁽³⁾
CDX.NA.HY.24	N/A	5%	6/20/20	264,698	USD	$ 18,019	$ 3,571	$ 219
CDX.NA.IG.24	N/A	1	6/20/20	789,000	USD	13,252	292	220
iTraxx Europe Crossover Series 23 Version 1	N/A	5	6/20/20	197,172	EUR	17,047	2,763	427
iTraxx Europe Series 23 Version 1	N/A	1	6/20/20	356,000	EUR	5,497	514	133
Total						$ 53,815	$ 7,140	$ 999
(1) If a credit event occurs, the seller of protection will pay a net settlement amount equal to the notional amount of the swap less the recovery value of the reference asset from related offsetting purchase protection.
(2) If a credit event occurs, the notional amount represents the maximum potential amount the Fund could be required to make as a seller of credit protection or receive as a buyer of credit protection.
(3) For those index credit default swaps entered into by the Fund to sell protection, “Variation Margin” serves as an indicator of the current status of payment and performance risk and represents the likelihood of an expected gain or loss should the notional amount of the swap be closed or sold at period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference asset’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap agreement.


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

30	DECEMBER 31, 2016

Janus Adaptive Global Allocation Fund

Notes to Schedule of Investments and Other Information (unaudited)


Adaptive Global Allocation 60/40 Index	An internally-calculated, hypothetical combination of total returns from the MSCI All Country World Index^SM (60%) and the Bloomberg Barclays Global Aggregate Bond Index (Hedged) (40%).
Adaptive Global Allocation 70/30 Index (Hedged)	An internally-calculated, hypothetical combination of total returns from the MSCI All Country World Index^SM (70%) and the Bloomberg Barclays Global Aggregate Bond Index (Hedged) (30%).
Adaptive Global Allocation 70/30 Index (Unhedged)	An internally-calculated, hypothetical combination of total returns from the MSCI All Country World Index^SM(70%) and the Bloomberg Barclays Global Aggregate Bond Index (Unhedged) (30%).
Bloomberg Barclays Global Aggregate Bond Index	A broad-based measure of the global investment grade fixed-rate debt markets.
MSCI All Country World Index^SM	An unmanaged, free float-adjusted market capitalization weighted index composed of stocks of companies located in countries throughout the world. It is designed to measure equity market performance in global developed and emerging markets. The index includes reinvestment of dividends, net of foreign withholding taxes.


CDI	Clearing House Electronic Subregister System Depositary Interest
LLC	Limited Liability Company
OTC	Over-the-Counter
PC	Participation Certificate
PLC	Public Limited Company
REG	Registered
RSP	Italian Savings Shares
SDR	Swedish Depositary Receipt
SPDR	Standard & Poor's Depositary Receipt

144A


*	Non-income producing security.


†	A portion of this security has been segregated to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales, swap agreements, and/or securities with extended settlement dates, the value of which, as of December 31, 2016, is $22,243,856.


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

Balance

Realized

Dividend

Value

at 6/30/16

Purchases

Sales

at 12/31/16

Gain/(Loss)

Income

at 12/31/16

Janus Cash Liquidity Fund LLC

1,192,000

23,559,463

(10,079,000)

14,672,463

$—

$26,383

$14,672,463


Janus Investment Fund	31

Janus Adaptive Global Allocation Fund

Notes to Schedule of Investments and Other Information (unaudited)


The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of December 31, 2016. See Notes to Financial Statements for more information.

Valuation Inputs Summary

				Level 2 -		Level 3 -
		Level 1 -		Other Significant		Significant
		Quotes Prices		Observable Inputs		Unobservable Inputs

Assets
Investments in Securities:
Foreign Government Bonds	$	-	$	1,053,164	$	-
United States Treasury Notes/Bonds		-		305,990		-
Common Stocks
Aerospace & Defense		74,742		33,011		-
Air Freight & Logistics		39,470		6,363		-
Airlines		24,061		103,276		-
Auto Components		234		112,574		-
Automobiles		151,536		84,921		-
Banks		250,622		250,417		-
Beverages		186,227		60,390		-
Biotechnology		55,696		130,865		-
Building Products		22,122		38,521		-
Capital Markets		114,684		200,944		-
Chemicals		210,393		462,837		-
Commercial Services & Supplies		68,609		26,802		-
Communications Equipment		78,889		17,354		-
Construction & Engineering		13,337		138,686		-
Construction Materials		40,487		25,467		-
Consumer Finance		34,883		436		-
Containers & Packaging		96,149		64,861		-
Distributors		-		2,831		-
Diversified Consumer Services		20,369		2,752		-
Diversified Financial Services		27,253		96,007		-
Diversified Telecommunication Services		110,145		417,842		-
Electric Utilities		186,202		207,418		-
Electrical Equipment		49,189		61,150		-
Electronic Equipment, Instruments & Components		165,880		108,396		-
Energy Equipment & Services		199,735		16,132		-
Equity Real Estate Investment Trusts (REITs)		114,794		142,746		-
Food & Staples Retailing		149,398		220,770		-
Food Products		338,970		145,204		-
Gas Utilities		-		58,365		-
Health Care Equipment & Supplies		163,366		115,848		-
Health Care Providers & Services		185,248		48,250		-
Health Care Technology		10,848		2,517		-
Hotels, Restaurants & Leisure		286,191		199,783		-
Household Durables		68,480		74,260		-
Household Products		157,762		39,098		-
Independent Power and Renewable Electricity Producers		-		6,894		-
Industrial Conglomerates		5,525		46,741		-
Information Technology Services		229,051		148,948		-
Insurance		217,071		409,672		-


32	DECEMBER 31, 2016

Janus Adaptive Global Allocation Fund

Notes to Schedule of Investments and Other Information (unaudited)


					Level 2 -		Level 3 -
			Level 1 -		Other Significant		Significant
			Quotes Prices		Observable Inputs		Unobservable Inputs
Internet & Direct Marketing Retail		$	175,829	$	2,695	$	-
Internet Software & Services			177,556		64,390		-
Leisure Products			9,802		11,993		-
Life Sciences Tools & Services			66,509		86,992		-
Machinery			67,723		187,326		-
Media			317,622		275,111		-
Metals & Mining			58,311		184,801		-
Multiline Retail			101,287		64,995		-
Multi-Utilities			225,100		126,784		-
Oil, Gas & Consumable Fuels			872,732		332,156		-
Paper & Forest Products			-		57,944		-
Personal Products			7,141		33,364		-
Pharmaceuticals			125,100		355,083		-
Professional Services			55,045		30,655		-
Real Estate Management & Development			17,528		107,647		-
Road & Rail			43,954		150,627		-
Semiconductor & Semiconductor Equipment			586,755		88,899		-
Software			174,449		188,684		-
Specialty Retail			454,601		105,558		-
Technology Hardware, Storage & Peripherals			224,400		73,524		-
Textiles, Apparel & Luxury Goods			180,938		118,813		-
Tobacco			34,347		35,760		-
Trading Companies & Distributors			17,350		94,313		-
Transportation Infrastructure			-		190,573		-
Water Utilities			38,351		44,551		-
Wireless Telecommunication Services			9,828		132,141		-
Preferred Stocks			-		24,207		-
Investment Companies			16,104,966		14,672,463		-
OTC Purchased Options – Puts			-		45,976		-
Total Investments in Securities		$	24,294,842	$	23,576,528	$	-
Other Financial Instruments^(a):
Forward Currency Contracts			-		109,011		-
Variation Margin Receivable			29,259		999		-
Total Assets		$	24,324,101	$	23,686,538	$	-
Liabilities
Other Financial Instruments^(a):
Forward Currency Contracts		$	-	$	62,886	$	-
Options Written, at Value			-		11,127		-
Variation Margin Payable			58,130		-		-
Total Liabilities		$	58,130	$	74,013	$	-

(a)	Other financial instruments include forward currency, futures, written options, written swaptions, and swap contracts. Forward currency contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Futures, certain written options on futures, and centrally cleared swap contracts are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Written options, written swaptions, and other swap contracts are reported at their market value at measurement date.


Janus Investment Fund	33

Janus Adaptive Global Allocation Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2016

See footnotes at the end of the Statement.



Assets:
	Investments, at cost		$	46,478,019
	Unaffiliated investments, at value			33,198,907
	Affiliated investments, at value			14,672,463
	Cash			21,542
	Restricted cash (Note 1)			6,039,000
	Forward currency contracts			109,011
	Cash denominated in foreign currency⁽¹⁾			1,177
	Closed foreign currency contracts			21,879
	Variation margin receivable			30,258
	Non-interested Trustees' deferred compensation			1,001
	Receivables:
		Dividends		26,828
		Interest		13,397
		Dividends from affiliates		5,275
		Investments sold		4,104
		Fund shares sold		2,804
		Foreign tax reclaims		2,446
	Other assets			683
Total Assets				54,150,775
Liabilities:
	Forward currency contracts			62,886
	Options written, at value⁽²⁾			11,127
	Closed foreign currency contracts			7,739
	Variation margin payable			58,130
	Payables:			—
		Advisory fees		28,811
		Professional fees		19,967
		Fund shares repurchased		15,005
		Custodian fees		14,339
		Printing fees		5,618
		Transfer agent fees and expenses		1,640
		12b-1 Distribution and shareholder servicing fees		1,368
		Non-interested Trustees' deferred compensation fees		1,001
		Fund administration fees		465
		Non-interested Trustees' fees and expenses		431
		Accrued expenses and other payables		6,543
Total Liabilities				235,070
Net Assets			$	53,915,705


See Notes to Financial Statements.

34	DECEMBER 31, 2016

Janus Adaptive Global Allocation Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2016




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	54,017,832
	Undistributed net investment income/(loss)		(267,065)
	Undistributed net realized gain/(loss) from investments and foreign currency transactions		(1,263,337)
	Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation		1,428,275
Total Net Assets		$	53,915,705
Net Assets - Class A Shares		$	592,414
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		60,734
Net Asset Value Per Share⁽³⁾		$	9.75
Maximum Offering Price Per Share⁽⁴⁾		$	10.34
Net Assets - Class C Shares		$	1,083,684
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		111,363
Net Asset Value Per Share⁽³⁾		$	9.73
Net Assets - Class D Shares		$	1,387,018
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		142,314
Net Asset Value Per Share		$	9.75
Net Assets - Class I Shares		$	1,124,325
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		115,195
Net Asset Value Per Share		$	9.76
Net Assets - Class N Shares		$	47,446,779
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		4,861,842
Net Asset Value Per Share		$	9.76
Net Assets - Class S Shares		$	1,095,029
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		112,322
Net Asset Value Per Share		$	9.75
Net Assets - Class T Shares		$	1,186,456
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		121,678
Net Asset Value Per Share		$	9.75

(1) Includes cost of $1,171.

(2) Premiums received $31,950.

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

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


See Notes to Financial Statements.

Janus Investment Fund	35

Janus Adaptive Global Allocation Fund

Statement of Operations (unaudited)

For the period ended December 31, 2016



Investment Income:
	Dividends		$	345,285
	Dividends from affiliates			26,383
	Interest			25,297
	Other income			207
	Foreign tax withheld			(9,644)
Total Investment Income				387,528
Expenses:
	Advisory fees			208,220
	12b-1Distribution and shareholder servicing fees:
		Class A Shares		741
		Class C Shares		5,497
		Class S Shares		1,370
	Transfer agent administrative fees and expenses:
		Class D Shares		826
		Class S Shares		1,370
		Class T Shares		1,451
	Other transfer agent fees and expenses:
		Class A Shares		32
		Class C Shares		65
		Class D Shares		316
		Class I Shares		30
		Class N Shares		845
		Class T Shares		10
	Custodian fees			43,421
	Registration fees			24,921
	Professional fees			21,861
	Accounting systems fee			17,335
	Shareholder reports expense			8,979
	Fund administration fees			2,636
	Non-interested Trustees’ fees and expenses			899
	Other expenses			483
Total Expenses				341,308
Less: Excess Expense Reimbursement				(101,352)
Net Expenses				239,956
Net Investment Income/(Loss)				147,572
Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions			719,204
	Futures contracts			522,502
	Swap contracts			12,768
	Written options contracts			12,430
Total Net Realized Gain/(Loss) on Investments				1,266,904
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation			882,128
	Futures contracts			(334,908)
	Swap contracts			25,453
	Written options contracts			26,333
Total Change in Unrealized Net Appreciation/Depreciation				599,006
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	2,013,482


See Notes to Financial Statements.

36	DECEMBER 31, 2016

Janus Adaptive Global Allocation Fund

Statements of Changes in Net Assets



			Period ended December 31, 2016 (unaudited)		Year ended June 30, 2016

Operations:
	Net investment income/(loss)		$	147,572	$	390,114
	Net realized gain/(loss) on investments			1,266,904		(2,596,821)
	Change in unrealized net appreciation/depreciation			599,006		1,415,777
Net Increase/(Decrease) in Net Assets Resulting from Operations				2,013,482		(790,930)
Dividends and Distributions to Shareholders:
	Dividends from Net Investment Income
		Class A Shares		(5,289)		(1,400)
		Class C Shares		(1,847)		(605)
		Class D Shares		(13,394)		(2,799)
		Class I Shares		(12,820)		(3,319)
		Class N Shares		(544,951)		(154,765)
		Class S Shares		(8,556)		(1,917)
		Class T Shares		(11,892)		(2,641)
Net Decrease from Dividends and Distributions to Shareholders				(598,749)		(167,446)
Capital Share Transactions:
		Class A Shares		5,289		97,999
		Class C Shares		5,067		1,001,412
		Class D Shares		66,336		1,160,175
		Class I Shares		6,175		1,014,824
		Class N Shares		(2,218,984)		(4,213,215)
		Class S Shares		8,507		1,007,934
		Class T Shares		72,440		1,011,209
Net Increase/(Decrease) from Capital Share Transactions				(2,055,170)		1,080,338
Net Increase/(Decrease) in Net Assets				(640,437)		121,962
Net Assets:
	Beginning of period			54,556,142		54,434,180
	End of period		$	53,915,705	$	54,556,142

Undistributed Net Investment Income/(Loss)			$	(267,065)	$	184,112


See Notes to Financial Statements.

Janus Investment Fund	37

Janus Adaptive Global Allocation Fund

Financial Highlights


Class A Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and the year or period ended June 30			2016	2016	2015⁽¹⁾
	Net Asset Value, Beginning of Period		$9.49	$9.69	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.02	0.05	0.01
		Net realized and unrealized gain/(loss)	0.33	(0.23)	(0.32)
	Total from Investment Operations		0.35	(0.18)	(0.31)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.09)	(0.02)	—
		Distributions (from capital gains)	—	—	—
	Total Dividends and Distributions		(0.09)	(0.02)	—
	Net Asset Value, End of Period		$9.75	$9.49	$9.69
	Total Return*		3.66%	(1.85)%	(3.10)%
	Net Assets, End of Period (in thousands)		$592	$571	$485
	Average Net Assets for the Period (in thousands)		$582	$530	$496
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.45%	1.54%	13.45%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.10%	1.09%	1.07%
		Ratio of Net Investment Income/(Loss)	0.32%	0.55%	5.04%
	Portfolio Turnover Rate		58%	122%	10%


Class C Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and the year or period ended June 30			2016	2016	2015⁽¹⁾
	Net Asset Value, Beginning of Period		$9.44	$9.69	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	(0.02)	(0.01)	0.01
		Net realized and unrealized gain/(loss)	0.33	(0.23)	(0.32)
	Total from Investment Operations		0.31	(0.24)	(0.31)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.02)	(0.01)	—
		Distributions (from capital gains)	—	—	—
	Total Dividends and Distributions		(0.02)	(0.01)	—
	Net Asset Value, End of Period		$9.73	$9.44	$9.69
	Total Return*		3.25%	(2.52)%	(3.10)%
	Net Assets, End of Period (in thousands)		$1,084	$1,046	$24
	Average Net Assets for the Period (in thousands)		$1,079	$827	$25
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.21%	2.29%	14.19%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.86%	1.84%	1.82%
		Ratio of Net Investment Income/(Loss)	(0.44)%	(0.06)%	4.29%
	Portfolio Turnover Rate		58%	122%	10%

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

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

(1) Period from June 23, 2015 (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.

38	DECEMBER 31, 2016

Janus Adaptive Global Allocation Fund

Financial Highlights


Class D Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and the year or period ended June 30			2016	2016	2015⁽¹⁾
	Net Asset Value, Beginning of Period		$9.49	$9.70	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.02	0.06	0.01
		Net realized and unrealized gain/(loss)	0.33	(0.25)	(0.31)
	Total from Investment Operations		0.35	(0.19)	(0.30)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.09)	(0.02)	—
		Distributions (from capital gains)	—	—	—
	Total Dividends and Distributions		(0.09)	(0.02)	—
	Net Asset Value, End of Period		$9.75	$9.49	$9.70
	Total Return*		3.73%	(1.93)%	(3.00)%
	Net Assets, End of Period (in thousands)		$1,387	$1,285	$102
	Average Net Assets for the Period (in thousands)		$1,350	$973	$64
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.89%	2.59%	20.64%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.00%	1.10%	0.98%
		Ratio of Net Investment Income/(Loss)	0.43%	0.69%	5.03%
	Portfolio Turnover Rate		58%	122%	10%


Class I Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and the year or period ended June 30			2016	2016	2015⁽¹⁾
	Net Asset Value, Beginning of Period		$9.51	$9.69	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.03	0.09	0.01
		Net realized and unrealized gain/(loss)	0.33	(0.24)	(0.32)
	Total from Investment Operations		0.36	(0.15)	(0.31)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.11)	(0.03)	—
		Distributions (from capital gains)	—	—	—
	Total Dividends and Distributions		(0.11)	(0.03)	—
	Net Asset Value, End of Period		$9.76	$9.51	$9.69
	Total Return*		3.81%	(1.55)%	(3.10)%
	Net Assets, End of Period (in thousands)		$1,124	$1,090	$48
	Average Net Assets for the Period (in thousands)		$1,105	$854	$50
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.19%	1.28%	13.19%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.84%	0.83%	0.82%
		Ratio of Net Investment Income/(Loss)	0.58%	0.94%	5.29%
	Portfolio Turnover Rate		58%	122%	10%

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

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

(1) Period from June 23, 2015 (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	39

Janus Adaptive Global Allocation Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and the year or period ended June 30			2016	2016	2015⁽¹⁾
	Net Asset Value, Beginning of Period		$9.51	$9.70	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.03	0.07	0.01
		Net realized and unrealized gain/(loss)	0.33	(0.23)	(0.31)
	Total from Investment Operations		0.36	(0.16)	(0.30)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.11)	(0.03)	—
		Distributions (from capital gains)	—	—	—
	Total Dividends and Distributions		(0.11)	(0.03)	—
	Net Asset Value, End of Period		$9.76	$9.51	$9.70
	Total Return*		3.81%	(1.65)%	(3.00)%
	Net Assets, End of Period (in thousands)		$47,447	$48,423	$53,702
	Average Net Assets for the Period (in thousands)		$48,156	$49,786	$9,234
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.19%	1.27%	67.74%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.84%	0.83%	0.82%
		Ratio of Net Investment Income/(Loss)	0.57%	0.73%	6.84%
	Portfolio Turnover Rate		58%	122%	10%


Class S Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and the year or period ended June 30			2016	2016	2015⁽¹⁾
	Net Asset Value, Beginning of Period		$9.48	$9.69	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.01	0.05	0.01
		Net realized and unrealized gain/(loss)	0.34	(0.24)	(0.32)
	Total from Investment Operations		0.35	(0.19)	(0.31)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.08)	(0.02)	—
		Distributions (from capital gains)	—	—	—
	Total Dividends and Distributions		(0.08)	(0.02)	—
	Net Asset Value, End of Period		$9.75	$9.48	$9.69
	Total Return*		3.66%	(1.99)%	(3.10)%
	Net Assets, End of Period (in thousands)		$1,095	$1,057	$24
	Average Net Assets for the Period (in thousands)		$1,075	$831	$25
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.69%	1.78%	13.69%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.18%	1.24%	1.32%
		Ratio of Net Investment Income/(Loss)	0.24%	0.53%	4.79%
	Portfolio Turnover Rate		58%	122%	10%

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

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

(1) Period from June 23, 2015 (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.

40	DECEMBER 31, 2016

Janus Adaptive Global Allocation Fund

Financial Highlights


Class T Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and the year or period ended June 30			2016	2016	2015⁽¹⁾
	Net Asset Value, Beginning of Period		$9.50	$9.69	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.02	0.07	0.01
		Net realized and unrealized gain/(loss)	0.33	(0.24)	(0.32)
	Total from Investment Operations		0.35	(0.17)	(0.31)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.10)	(0.02)	—
		Distributions (from capital gains)	—	—	—
	Total Dividends and Distributions		(0.10)	(0.02)	—
	Net Asset Value, End of Period		$9.75	$9.50	$9.69
	Total Return*		3.67%	(1.72)%	(3.10)%
	Net Assets, End of Period (in thousands)		$1,186	$1,085	$48
	Average Net Assets for the Period (in thousands)		$1,139	$856	$50
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.44%	1.53%	13.44%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.97%	1.00%	1.07%
		Ratio of Net Investment Income/(Loss)	0.47%	0.77%	5.04%
	Portfolio Turnover Rate		58%	122%	10%

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

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

(1) Period from June 23, 2015 (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	41

Janus Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

1. Organization and Significant Accounting Policies

Janus Adaptive Global Allocation 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 seeks total return through growth of capital and income. The Fund is classified as nondiversified, 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


42	DECEMBER 31, 2016

Janus Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

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.

Financial assets of $35,676 were transferred out of Level 2 to Level 1 since certain foreign equity prices were applied a fair valuation adjustment factor at the end of the prior fiscal year and no factor was applied at the end of the current period.


Janus Investment Fund	43

Janus Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

Investment Transactions and Investment Income

Expenses

Estimates

Indemnifications

Foreign Currency Translations

Dividends and Distributions


44	DECEMBER 31, 2016

Janus Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

Federal Income Taxes

Restricted Cash

As of December 31, 2016, the Fund has restricted cash in the amount of $6,039,000. The restricted cash represents collateral pledged in relation to derivatives and/or securities with extended settlement dates. The carrying value of the restricted cash approximates fair value.

2. Derivative Instruments

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

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

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

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

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

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

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

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

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


Janus Investment Fund	45

Janus Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

securities (which move in an opposite direction to the index), may create leverage, to the extent that they increase or decrease in value at a rate that is a multiple of the changes in the applicable index.

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

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

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

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

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

Forward Foreign Currency Exchange Contracts

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

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

During the period, the Fund entered into forward currency contracts with the obligation to purchase foreign currencies in the future at an agreed upon rate in order to take a positive outlook on the related currency. These forward contracts seek to increase exposure to currency risk.

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

During the period, the Fund entered into forward currency contracts with the obligation to sell foreign currencies in the future at an agreed upon rate in order to take a negative outlook on the related currency. These forward contracts seek to increase exposure to currency risk.

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


46	DECEMBER 31, 2016

Janus Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

During the period ended December 31, 2016, the average ending monthly currency value amounts on purchased and sold forward currency contracts are $1,139,538 and $7,474,662, respectively.

Futures Contracts

A futures contract is an exchange-traded agreement to take or make delivery of an underlying asset at a specific time in the future for a specific predetermined negotiated price. The Fund may enter into futures contracts to gain exposure to the stock market or other markets pending investment of cash balances or to meet liquidity needs. The Fund is subject to interest rate risk, equity risk, and currency risk in the normal course of pursuing its investment objective through its investments in futures contracts. The Fund may also use such derivative instruments to hedge or protect from adverse movements in securities prices, currency rates or interest rates. The use of futures contracts may involve risks such as the possibility of illiquid markets or imperfect correlation between the values of the contracts and the underlying securities, or that the counterparty will fail to perform its obligations.

Futures contracts on commodities are valued at the settlement price on valuation date on the commodities exchange as reported by an approved vendor. Mini contracts, as defined in the description of the contract, shall be valued using the Actual Settlement Price or “ASET” price type as reported by an approved vendor. In the event that foreign futures trade when the foreign equity markets are closed, the last foreign futures trade price shall be used. Futures contracts are marked-to-market daily, and the daily variation margin is recorded as a receivable or payable on the Statement of Assets and Liabilities (if applicable). The change in unrealized net appreciation/depreciation is reported on the Statement of Operations (if applicable). When a contract is closed, a realized gain or loss is reported on the Statement of Operations (if applicable), equal to the difference between the opening and closing value of the contract. Securities held by the Fund that are designated as collateral for market value on futures contracts are noted on the Schedule of Investments (if applicable). Such collateral is in the possession of the Fund’s futures commission merchant.

With futures, there is minimal counterparty credit risk to the Fund since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default.

During the period, the Fund purchased commodity futures to increase exposure to commodity risk.

During the period, the Fund purchased futures on equity indices to increase exposure to equity risk.

During the period, the Fund sold futures on equity indices to decrease exposure to equity risk.

During the period, the Fund purchased interest rate futures to increase exposure to interest rate risk.

During the period, the Fund sold interest rate futures to decrease exposure to interest rate risk.

During the period ended December 31, 2016, the average ending monthly market value amounts on purchased and sold futures contracts are $51,760,674 and $32,300,909, respectively.

Options Contracts

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

The Fund may use options contracts to hedge against changes in interest rates, the values of equities, or foreign currencies. The Fund generally invests in options to hedge against adverse movements in the value of portfolio holdings. The use of such instruments may involve certain additional risks as a result of unanticipated movements in the market.


Janus Investment Fund	47

Janus Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

A lack of correlation between the value of an instrument underlying an option and the asset being hedged, or unexpected adverse price movements, could render the Fund’s hedging strategy unsuccessful. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased or sold. The Fund may be subject to counterparty risk, interest rate risk, liquidity risk, equity risk, commodity risk, and currency risk in the normal course of pursuing its investment objective through its investments in options contracts.

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

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

During the period, the Fund purchased call options on various ETFs for the purpose of increasing exposure to individual equity risk.

During the period, the Fund purchased put options on various ETFs for the purpose of decreasing exposure to individual equity risk.

During the period ended December 31, 2016, the average ending monthly market value amounts on purchased call and put options are $110 and $31,188, respectively.

In writing an option, the Fund bears the risk of an unfavorable change in the price of the security underlying the written option. When an option is written, the Fund receives a premium and becomes obligated to sell or purchase the underlying security at a fixed price, upon exercise of the option. Options written are reported as a liability on the Statement of Assets and Liabilities as “Options written, at value” (if applicable). The risk in writing call options is that the Fund gives up the opportunity for profit if the market price of the security increases and the options are exercised. The risk in writing put options is that the Fund may incur a loss if the market price of the security decreases and the options are exercised. The risk in buying options is that the Fund pays a premium whether or not the options are exercised. Exercise of an option written by the Fund could result in the Fund buying or selling a security at a price different from the current market value.

During the period, the Fund wrote put options on various ETFs for the purpose of increasing exposure to individual equity risk and/or generating income.

During the period ended December 31, 2016, the average ending monthly market value amounts on written put options is $10,682.


Written option activity for the period ended December 31, 2016 is indicated in the table below:

	Number of	Premiums
	Contracts	Received
Options outstanding at June 30, 2016	250	$ 6,750
Options written	2,210	104,360
Options closed	(1,105)	(47,920)
Options expired	(645)	(31,240)
Options exercised	-	-
Options outstanding at December 31, 2016	710	$ 31,950

Swaps


48	DECEMBER 31, 2016

Janus Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

swap agreements is the change in value of the specific index, security, or currency, or other factors that determine the amounts of payments due to and from the Fund. The use of swaps is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Swap transactions may in some instances involve the delivery of securities or other underlying assets by the Fund or its counterparty to collateralize obligations under the swap. If the other party to a swap that is not collateralized defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. Swap agreements entail the risk that a party will default on its payment obligations to the Fund. If the other party to a swap defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. If the Fund utilizes a swap at the wrong time or judges market conditions incorrectly, the swap may result in a loss to the Fund and reduce the Fund’s total return.

Swap agreements also bear the risk that the Fund will not be able to meet its obligation to the counterparty. Swap agreements are typically privately negotiated and entered into in the OTC market. However, certain swap agreements are required to be cleared through a clearinghouse and traded on an exchange or swap execution facility. Swaps that are required to be cleared are required to post initial and variation margins in accordance with the exchange requirements. Regulations enacted require the Fund to centrally clear certain interest rate and credit default index swaps through a clearinghouse or central counterparty (“CCP”). To clear a swap with a CCP, the Fund will submit the swap to, and post collateral with, a futures clearing merchant (“FCM”) that is a clearinghouse member. Alternatively, the Fund may enter into a swap with a financial institution other than the FCM (the “Executing Dealer”) and arrange for the swap to be transferred to the FCM for clearing. The Fund may also enter into a swap with the FCM itself. The CCP, the FCM, and the Executing Dealer are all subject to regulatory oversight by the CFTC. A default or failure by a CCP or an FCM, or the failure of a swap to be transferred from an Executing Dealer to the FCM for clearing, may expose the Fund to losses, increase its costs, or prevent the Fund from entering or exiting swap positions, accessing collateral, or fully implementing its investment strategies. The regulatory requirement to clear certain swaps could, either temporarily or permanently, reduce the liquidity of cleared swaps or increase the costs of entering into those swaps.

Index swaps, interest rate swaps, and credit default swaps are valued using an approved vendor supplied price. Basket swaps are valued using a broker supplied price. Equity swaps that consist of a single underlying equity are valued either at the closing price, the latest bid price, or the last sale price on the primary market or exchange it trades. The market value of swap contracts are aggregated by positive and negative values and are disclosed separately as an asset or liability on the Fund’s Statement of Assets and Liabilities (if applicable). Realized gains and losses are reported on the Fund’s Statement of Operations (if applicable). The change in unrealized net appreciation or depreciation during the period is included in the Statement of Operations (if applicable).

The Fund’s maximum risk of loss from counterparty risk or credit risk is the discounted value of the payments to be received from/paid to the counterparty over the contract’s remaining life, to the extent that the amount is positive. The risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to cover the Fund’s exposure to the counterparty.

The Fund may enter into various types of credit default swap agreements, including OTC credit default swap agreements and index credit default swaps (“CDX”), for investment purposes and to add leverage to its portfolio. Credit default swaps are a specific kind of counterparty agreement that allow the transfer of third party credit risk from one party to the other. One party in the swap is a lender and faces credit risk from a third party, and the counterparty in the credit default swap agrees to insure this risk in exchange for regular periodic payments. Credit default swaps could result in losses if the Fund does not correctly evaluate the creditworthiness of the company or companies on which the credit default swap is based. Credit default swap agreements may involve greater risks than if the Fund had invested in the reference obligation directly since, in addition to risks relating to the reference obligation, credit default swaps are subject to illiquidity risk, counterparty risk, and credit risk. The Fund will generally incur a greater degree of risk when it sells a credit default swap than when it purchases a credit default swap. As a buyer of a credit default swap, the Fund may lose its investment and recover nothing should no credit event occur and the swap is held to its termination date. As seller of a credit default swap, if a credit event were to occur, the value of any deliverable obligation received by the Fund, coupled with the upfront or periodic payments previously received, may be less than what it pays to the buyer, resulting in a loss of value to the Fund.

As a buyer of credit protection, the Fund is entitled to receive the par (or other agreed-upon) value of a referenced debt obligation from the counterparty to the contract in the event of a default or other credit event by a third party, such as a U.S. or foreign issuer, on the debt obligation. In return, the Fund as buyer would pay to the counterparty a periodic


Janus Investment Fund	49

Janus Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Fund would have spent the stream of payments and potentially received no benefit from the contract.

If the Fund is the seller of credit protection against a particular security, the Fund would receive an up-front or periodic payment to compensate against potential credit events. As the seller in a credit default swap contract, the Fund would be required to pay the par value (the “notional value”) (or other agreed-upon value) of a referenced debt obligation to the counterparty in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the debt obligation. In return, the Fund would receive from the counterparty a periodic stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the Fund would keep the stream of payments and would have no payment obligations. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional value of the swap. The maximum potential amount of future payments (undiscounted) that the Fund as a seller could be required to make in a credit default transaction would be the notional amount of the agreement.

The Fund may invest in CDXs. A CDX is a swap on an index of credit default swaps. CDXs allow an investor to manage credit risk or take a position on a basket of credit entities (such as credit default swaps or commercial mortgage-backed securities) in a more efficient manner than transacting in a single-name CDS. If a credit event occurs in one of the underlying companies, the protection is paid out via the delivery of the defaulted bond by the buyer of protection in return for a payment of notional value of the defaulted bond by the seller of protection or it may be settled through a cash settlement between the two parties. The underlying company is then removed from the index. If the Fund holds a long position in a CDX, the Fund would indirectly bear its proportionate share of any expenses paid by a CDX. A Fund holding a long position in CDXs typically receives income from principal or interest paid on the underlying securities. By investing in CDXs, the Fund could be exposed to illiquidity risk, counterparty risk, and credit risk of the issuers of the underlying loan obligations and of the CDX markets. If there is a default by the CDX counterparty, the Fund will have contractual remedies pursuant to the agreements related to the transaction. CDXs also bear the risk that the Fund will not be able to meet its obligation to the counterparty.

During the period, the Fund sold protection via the credit default swap market in order to gain credit risk exposure to individual corporates, countries and/or credit indices where gaining this exposure via the cash bond market was less attractive.

During the period ended December 31, 2016, the average ending monthly market value amounts on credit default swaps which are long the reference asset is $50,284.

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


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

		Commodity Contracts	Credit Contracts	Currency Contracts	Equity Contracts		Interest Rate Contracts	Total
Asset Derivatives:
Forward currency contracts		$ -	$ -	$109,011	$ -		$ -	$109,011
Unaffiliated investments, at value		-	-	-	45,976	^(a)	-	45,976
Variation margin receivable		5,201	999	-	7,226		16,832	30,258

Total Asset Derivatives		$ 5,201	$ 999	$109,011	$ 53,202		$ 16,832	$185,245

Liability Derivatives:
Forward currency contracts		$ -	$ -	$ 62,886	$ -		$ -	$ 62,886
Options written, at value		-	-	-	11,127		-	11,127
Variation margin payable		3,108	-	-	32,913		22,109	58,130

Total Liability Derivatives		$ 3,108	$ -	$ 62,886	$ 44,040		$ 22,109	$132,143
(a)	Amounts relate to purchased options.
(b)	Amounts relate to purchased options.


50	DECEMBER 31, 2016

Janus Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

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


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

Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative		Commodity Contracts	Credit Contracts	Currency Contracts		Equity Contracts		Interest Rate Contracts	Total
Futures contracts		$ 22,007	$ -	$ -		$ 230,388		$ 270,107	$ 522,502
Investments and foreign currency transactions		-	-	403,316	^(a)	(36,105)	^(b)	-	367,211
Swap contracts		-	12,768	-		-		-	12,768
Written options contracts		-	-	-		12,340		-	12,340

Total		$ 22,007	$ 12,768	$403,316		$ 206,623		$ 270,107	$ 914,821


Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative		Commodity Contracts	Credit Contracts	Currency Contracts		Equity Contracts		Interest Rate Contracts	Total
Futures contracts		$ (47,830)	$ -	$ -		$(130,347)		$ (156,731)	$(334,908)
Investments, foreign currency translations and non-interested Trustees' deferred compensation		-	-	27,217	^(a)	(28,928)	^(b)	-	(1,711)
Swap contracts		-	25,453	-		-		-	25,453
Written options contracts		-	-	-		26,333		-	26,333

Total		$ (47,830)	$ 25,453	$ 27,217		$(132,942)		$ (156,731)	$(284,833)
(a)	Amounts relate to forward currency contracts.
(b)	Amounts relate to purchased options.
(c)	Amounts relate to purchased options.

Please see the “Net Realized Gain/(Loss) on Investments” and “Change in Unrealized Net Appreciation/Depreciation” sections of the Fund’s Statement of Operations.

3. Other Investments and Strategies

Additional Investment Risk


Janus Investment Fund	51

Janus Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

Counterparties

Emerging Market Investing

The Fund may invest in securities of issuers or companies from or with exposure to one or more “developing countries” or “emerging market countries.” To the extent that the Fund invests a significant amount of its assets in one or more of these countries, its returns and net asset value may be affected to a large degree by events and economic conditions in such countries. The risks of foreign investing are heightened when investing in emerging markets, which may result in the price of investments in emerging markets experiencing sudden and sharp price swings. In many developing markets, there is less government supervision and regulation of business and industry practices (including the potential lack of strict finance and accounting controls and standards), stock exchanges, brokers, and listed companies, making these investments potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. There is a risk in developing countries that a future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on


52	DECEMBER 31, 2016

Janus Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

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 (also known as “A Shares”).

Exchange-Traded and Mutual Funds

The Fund may invest in exchange-traded funds (“ETFs”) and mutual funds 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 or mutual fund, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's or mutual fund’s expenses. As a result, the cost of investing in the Fund may be higher than the cost of investing directly in ETFs or mutual funds 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 and mutual funds, such risks may include, but are not limited to, leverage risk, foreign exposure risk, interest rate risk, emerging markets risk, fixed-income risk, and commodity-linked investments risk. The Fund is also subject to substantially the same risks as those associated with direct exposure to the securities held by the ETF or mutual fund.

Offsetting Assets and Liabilities

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

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


Janus Investment Fund	53

Janus Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)


Offsetting of Financial Assets and Derivative Assets

			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Assets		or Liability^(a)		Pledged^(b)		Net Amount

Bank of America		$	101,162	$	(17,617)	$	—	$	83,545
Goldman Sachs International			45,976		(11,127)		—		34,849
HSBC Securities (USA), Inc.			7,737		(7,737)		—		—
RBC Capital Markets Corp.			112		(112)		—		—

Total		$	154,987	$	(36,593)	$	—	$	118,394
Offsetting of Financial Liabilities and Derivative Liabilities

			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Liabilities		or Liability^(a)		Pledged^(b)		Net Amount

Bank of America		$	17,617	$	(17,617)	$	—	$	—
Goldman Sachs International			11,127		(11,127)		—		—
HSBC Securities (USA), Inc.			43,180		(7,737)		—		35,443
RBC Capital Markets Corp.			2,089		(112)		—		1,977

Total		$	74,013	$	(36,593)	$	—	$	37,420
(a)	Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities.
(b)	Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value.

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

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

Real Estate Investing

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

Sovereign Debt


54	DECEMBER 31, 2016

Janus Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

political constraints to which the governmental entity may be subject. Sovereign debtors may also be dependent on expected disbursements from foreign governments, multilateral agencies, and other entities. The failure of a sovereign debtor to implement economic reforms, achieve specified levels of economic performance, or repay principal or interest when due may result in the cancellation of third party commitments to lend funds to the sovereign debtor, which may further impair such debtor’s ability or willingness to timely service its debts. The Fund may be requested to participate in the rescheduling of such sovereign debt and to extend further loans to governmental entities, which may adversely affect the Fund’s holdings. In the event of default, there may be limited or no legal remedies for collecting sovereign debt and there may be no bankruptcy proceedings through which the Fund may collect all or part of the sovereign debt that a governmental entity has not repaid.

4. Investment Advisory Agreements and Other Transactions with Affiliates


Average Daily Net Assets of the Fund	Contractual Investment Advisory Fee (%)
First $2 Billion	0.75
Next $2 Billion	0.72
Over $4 Billion	0.70

For a period of three years subsequent to the Fund’s commencement of operations, or until the Fund’s assets exceed the first breakpoint in the investment advisory fee schedule, whichever occurs first, Janus Capital may recover from the Fund fees and expenses previously waived or reimbursed, if the Fund’s expense ratio, including recovered expenses, falls below the expense limit. If applicable, this amount is disclosed as “Recoupment expense” on the Statement of Operations. During the period ended December 31, 2016, Janus Capital reimbursed the Fund $99,772 of fees and expenses that are eligible for recoupment. As of December 31, 2016, the aggregate amount of recoupment that may potentially be made to Janus Capital is $489,843. The recoupment of such reimbursements expires June 23, 2018.


Janus Investment Fund	55

Janus Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

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.

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). In addition, employees of Janus Capital and/or its affiliates may serve as officers of the Trust. The Fund also pays for some or all of salaries, fees, and expenses of certain Janus Capital employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by Janus Capital, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services Janus Capital provides to the Fund. These amounts are disclosed as “Fund administration fees” on the Statement of Operations. Some expenses related to compensation payable to the Fund's Chief Compliance Officer and compliance staff are shared with the Fund. Total compensation of $329,069 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2016. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.


56	DECEMBER 31, 2016

Janus Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

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


Class	% of Class Owned		% of Fund Owned
Class A Shares	83	%	1	%
Class C Shares	100		2
Class D Shares	81		2
Class I Shares	100		2
Class N Shares	99		87
Class S Shares	99		2
Class T Shares	94		2

5. Federal Income Tax


Janus Investment Fund	57

Janus Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)



Capital Loss Carryover Schedule
For the year ended June 30, 2016
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$(1,405,922)	$ (451,096)	$ (1,857,018)

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, 2016 are noted below.


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 46,649,676	$ 1,997,365	$ (775,671)	$ 1,221,694


58	DECEMBER 31, 2016

Janus Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

6. Capital Share Transactions



	Period ended December 31, 2016		Year ended June 30, 2016
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	-	$ -	18,238	$ 172,540
Reinvested dividends and distributions	540	5,289	151	1,400
Shares repurchased	-	-	(8,195)	(75,941)
Net Increase/(Decrease)	540	$ 5,289	10,194	$ 97,999
Class C Shares:
Shares sold	2,472	$ 23,700	4,711,698	$45,882,942
Reinvested dividends and distributions	189	1,847	65	605
Shares repurchased	(2,086)	(20,480)	(4,603,475)	(44,882,135)
Net Increase/(Decrease)	575	$ 5,067	108,288	$ 1,001,412
Class D Shares:
Shares sold	11,518	$ 111,153	168,896	$ 1,561,124
Reinvested dividends and distributions	1,369	13,386	301	2,789
Shares repurchased	(5,989)	(58,203)	(44,318)	(403,738)
Net Increase/(Decrease)	6,898	$ 66,336	124,879	$ 1,160,175
Class I Shares:
Shares sold	-	$ -	109,221	$ 1,011,505
Reinvested dividends and distributions	1,308	12,820	357	3,319
Shares repurchased	(691)	(6,645)	-	-
Net Increase/(Decrease)	617	$ 6,175	109,578	$ 1,014,824
Class N Shares:
Shares sold	41,924	$ 405,599	133,982	$ 1,236,460
Reinvested dividends and distributions	55,607	544,951	16,659	154,765
Shares repurchased	(327,510)	(3,169,534)	(597,912)	(5,604,440)
Net Increase/(Decrease)	(229,979)	$(2,218,984)	(447,271)	$ (4,213,215)
Class S Shares:
Shares sold	-	$ -	108,946	$ 1,007,904
Reinvested dividends and distributions	875	8,556	205	1,906
Shares repurchased	(6)	(49)	(198)	(1,876)
Net Increase/(Decrease)	869	$ 8,507	108,953	$ 1,007,934
Class T Shares:
Shares sold	7,249	$ 70,708	114,701	$ 1,062,650
Reinvested dividends and distributions	1,215	11,892	285	2,641
Shares repurchased	(1,065)	(10,160)	(5,707)	(54,082)
Net Increase/(Decrease)	7,399	$ 72,440	109,279	$ 1,011,209

7. Purchases and Sales of Investment Securities


Purchases of Securities	Proceeds from Sales of Securities	Purchases of Long- Term U.S. Government Obligations	Proceeds from Sales of Long-Term U.S. Government Obligations
$ 20,770,075	$ 19,289,559	$ -	$ -

8. Merger Related Matters


Janus Investment Fund	59

Janus Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

owned subsidiary of Henderson. The Transaction is currently expected to close in the second quarter of 2017, subject to requisite shareholder and regulatory approvals.

In addition, the Fund’s name will change to reflect “Janus Henderson” as part of the Fund’s name.

9. Subsequent Event


60	DECEMBER 31, 2016

Janus Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

Proxy Voting Policies and Voting Record

Quarterly Portfolio Holdings

Approval of Advisory and Sub-Advisory Agreements with Janus and Janus Affiliates during the Period


Janus Investment Fund	61

Janus Adaptive Global Allocation Fund

Additional Information (unaudited)

the Board was being asked to consider. Throughout the process, the Board had the assistance of its independent legal counsel, who advised them on, among other things, its duties and obligations.


62	DECEMBER 31, 2016

Janus Adaptive Global Allocation Fund

Additional Information (unaudited)

· The estimated profitability to Janus Capital from managing the Funds after the Transaction, including potential economies of scale and fall-out benefits to Janus Capital from its relationship to the Funds, including revenues derived from services provided to the Funds by affiliates of Janus Capital, and the potential benefits to Janus Capital, and the Funds of receiving research services from broker/dealer firms in connection with the allocation of portfolio transactions to such firms.

In connection with its deliberations, the Board received assurances from Janus, on behalf of itself and its affiliates (collectively, “Janus”) including the following:

· Janus has provided to the Board such information as it believes is reasonably necessary to evaluate the New Advisory Agreements and New Sub-Advisory Agreements.

· Janus is committed to the continuance, without interruption, of services to the Funds of at least the type and quality currently provided by Janus Capital and its affiliates, or superior thereto.

· The intent of Janus Capital to take the necessary and appropriate steps to retain and attract its key investment advisory personnel.


Janus Investment Fund	63

Janus Adaptive Global Allocation Fund

Additional Information (unaudited)

investment adviser (as defined under the 1940 Act). The composition of the Board is in compliance with this provision of Section 15(f). In addition, after careful review and consideration, the Board determined that it would be in the best interests of the Funds to add to the Board an individual who currently acts as a non-interested board member of the Henderson Trust. The Board believes that this change in the Board composition will provide perspective and insight relating to experience working with the Henderson organization. The Board’s Nominating and Governance Committee considered a number of candidates and recommended that the Board nominate one proposed new trustee from those candidates who currently act as non-interested board members of the Henderson Trust. The Board approved that trustee nominee to serve on the Board, subject to election by the shareholders of the Funds and contingent on the closing of the Transaction. If the new trustee is elected and serves on the Board, the Board composition would continue to satisfy the provisions of Section 15(f).

Approval of Interim Advisory and Sub-Advisory Agreements with Janus and Janus Affiliates during the Period


64	DECEMBER 31, 2016

Janus Adaptive Global Allocation Fund

Additional Information (unaudited)

Agreement and New Sub-Advisory Agreement prior to the end of the 150-day period, the amount held in the escrow account under the Interim Sub-Advisory Agreement will be paid to the Sub-Adviser. If shareholders of a Fund do not approve the New Advisory Agreement prior to the end of the 150-day period, the Board will take such action as it deems to be in the best interests of the Fund, and Janus Capital will be paid the lesser of its costs incurred in performing its services under the Interim Advisory Agreement or the total amount in the escrow account, plus interest earned. If shareholders of a Fund do not approve the New Advisory Agreement and/or New Sub-Advisory Agreement prior to the end of the 150-day period, the Board will take such action as it deems to be in the best interests of the Fund, and the Sub-Adviser will be paid the lesser of its costs incurred in performing its services under the Interim Sub-Advisory Agreement or the total amount in the escrow account, plus interest earned.

Approval of Sub-Advisory Agreements with Henderson Investment Management Limited during the Period

· the terms of each HIML Sub-Advisory Agreement;

· the ability of HIML to attract and retain high-quality personnel and the organizational depth of HIML;

· under each HIML Sub-Advisory Agreement, Janus Capital would be responsible for paying HIML out of its fees;

· the potential for economies of scale with respect to the overall fee structure of each HIML Fund and whether either Fund will benefit from any economies of scale; and

· the costs of seeking approval of the HIML Sub-Advisory Agreements will not be borne by the HIML Funds.


Janus Investment Fund	65

Janus Adaptive Global Allocation Fund

Additional Information (unaudited)

Renewal of Investment Advisory and Sub-Advisory Agreements for INTECH U.S. Core Fund


66	DECEMBER 31, 2016

Janus Adaptive Global Allocation Fund

Additional Information (unaudited)

Management Commentary

Performance Overviews

Schedule of Investments

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.

Tables listing details of individual forward currency contracts, futures, written options, swaptions, 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	67

Janus Adaptive Global Allocation Fund

Useful Information About Your Fund Report (unaudited)

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.

Statements of Changes in Net Assets

Financial Highlights


68	DECEMBER 31, 2016

Janus Adaptive Global Allocation Fund

Useful Information About Your Fund Report (unaudited)

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


Janus Investment Fund	69

Janus Adaptive Global Allocation Fund

Useful Information About Your Fund Report (unaudited)

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

Fixed Income

Global & International

Growth & Core

Mathematical

Value

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).

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-0217-7550

125-24-93059 02-17


70	DECEMBER 31, 2016



	SEMIANNUAL REPORT December 31, 2016

Janus Diversified Alternatives Fund

Janus Investment Fund

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

Table of Contents

Janus Diversified Alternatives Fund


Management Commentary and Consolidated Schedule of
Investments	1
Notes to Consolidated Schedule of Investments and Other
Information	9
Consolidated Statement of Assets and Liabilities	11
Consolidated Statement of Operations	13
Consolidated Statements of Changes in Net Assets	14
Consolidated Financial Highlights	15
Notes to Consolidated Financial Statements	19
Additional Information	37
Useful Information About Your Fund Report	43

Janus Diversified Alternatives Fund (unaudited)

FUND SNAPSHOT

We invest in a portfolio of traditional and nontraditional investable risk factors distilled from traditional asset classes, each a type of risk premium. We combine these independent risk premia into a liquid portfolio that seeks to deliver consistent, absolute returns with low correlation to stocks and bonds.

Ashwin Alankar

co-portfolio manager

John Fujiwara

co-portfolio manager

PERFORMANCE OVERVIEW

For the six-month period ended December 31, 2016, Janus Diversified Alternatives Fund’s Class I Shares returned 3.66%, compared with a return of -2.53% for its primary benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, and 1.80% for its secondary benchmark, LIBOR + 3%.

MARKET ENVIRONMENT

After initially sliding in the wake of June’s Brexit results, equity markets recovered and were relatively flat before getting a boost in November from the results of the U.S. election amid expectations of a more business-friendly regime. Donald Trump’s administration was expected to implement an agenda focused on less regulation, lower corporate tax rates and fiscal stimulus, all of which would be expected to provide a better environment for faster economic growth. Interest rates also increased as the Federal Reserve (Fed) responded to higher levels of employment and inflation, which was beneficial for financials stocks. Industrials, materials and energy stocks rallied on a recovery in commodity prices during the year and the decision of the Organization of the Petroleum Exporting Countries (OPEC) to cut production in 2017.

In fixed income, rates rose across the U.S. Treasury curve during the period as market participants latched on to the possibility for stronger economic growth and higher inflation. Risk assets remained in favor after the election of Mr. Trump to the U.S. presidency, while rates moved higher. Rates rose across the yield curve, with the move most pronounced in the 5- to 10-year maturities. Spreads on both investment-grade and high-yield corporate credit tightened during the period.

PERFORMANCE DISCUSSION

The Fund outperformed its primary benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, and its secondary benchmark, LIBOR + 3%, during the semiannual period. Over time, the Fund seeks to provide positive absolute returns and offer true diversification with low correlation to stocks and bonds by investing in a portfolio of risk premia strategies.

The equity value strategy was the strongest-performing strategy during the period. This strategy, which aims to capture the potential return associated with holding value equities while also being short growth stocks, benefited from its exposure to the financial sector. This sector – which is a large part of the value segment – rallied sharply in the wake of the election given a steepening yield curve in the U.S. and the expectations for reduced regulation under Mr. Trump’s administration. The equity value strategy’s exposure to energy stocks also aided returns as the sector rallied after OPEC’s announcement of its intent to curb production in 2017.

Another strong contributor was the commodity roll yield strategy, which seeks to generate returns by providing liquidity to the most “crowded” section of the commodity futures curve; it is typically short the most active front-month contract and long farther-dated tenors. This strategy benefited from weakness in agriculture during the period.

The equity size strategy, which is long small-cap stocks and short large-cap stocks, also contributed to returns during the period. The strengthening of small-cap stocks, especially in the wake of Mr. Trump’s election, aided the strategy’s performance. Small-cap stocks outperformed as they are seen as bigger beneficiaries of the new administration’s policies.

While a number of the Fund’s strategies had strong returns, some underperformed. The commodity momentum strategy was the leading detractor during the period. This strategy looks to capture the persistence in the price movement of commodities. Although crude oil prices rebounded after OPEC’s announcement, energy prices were relatively range-bound over the course of the six-month period. The generally sideways movement and


Janus Investment Fund	1

Janus Diversified Alternatives Fund (unaudited)

lack of clear directionality led to the strategy’s underperformance.

The credit strategy also underperformed. This strategy, which seeks to capture the potential systematic return associated with the default and duration risks of investing in bond markets, was negatively impacted as Treasuries sold off and spreads tightened during the post-election, risk-on environment.

Another leading detractor was the currency momentum strategy, which aims to capture long-term movements in the U.S. dollar versus a basket of foreign currencies. Although the dollar strengthened during the post-election rally, it was range-bound and largely directionless for much of the period. Because the strategy is designed to capture long-term movements, the post-election bounce was not enough to overcome the lack of a clear trend before the election.

DERIVATIVES

The Fund makes extensive use of derivatives because they are generally the most efficient and liquid way to gain our desired exposures. Swaps are used to take exposures in equity, fixed income and commodity indices. Futures are used to take exposures in commodities, currencies and long-end fixed income markets. Forwards are employed to take exposures in foreign currencies, generally one week in length. In aggregate, these positions contributed to performance during the period.

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

OUTLOOK

Moving into 2017, the Fund’s model is indicating that trend trades are volatile. Therefore, the allocations to a number of our momentum strategies – namely, currency momentum, commodity momentum and rates momentum – have been decreased. Additionally, although rates have gone higher and are expected to keep rising, the model is allocating to duration in the credit premia strategy as this strategy currently appears to have the lowest correlation to the other strategies in the portfolio.

Thank you for investing in Janus Diversified Alternatives Fund.


2	DECEMBER 31, 2016

Janus Diversified Alternatives Fund (unaudited)

Fund At A Glance

December 31, 2016


Asset Allocation
Commodity	31.6%
Equity	25.4%
Fixed Income	20.8%
Currency	17.3%
Cash & Cash Equivalents	4.9%
	100.0%

The allocations shown reflect absolute notional exposures to various asset classes. The allocations are calculated net of cash segregated for future obligations.


Janus Investment Fund	3

Janus Diversified Alternatives Fund (unaudited)

Performance

See important disclosures on the next page.



				Expense Ratios -
Average Annual Total Return - for the periods ended December 31, 2016				per the October 28, 2016 prospectuses
	Fiscal Year-to-Date	One Year	Since Inception*	Total Annual Fund Operating Expenses	Net Annual Fund Operating Expenses
Class A Shares at NAV	3.63%	8.90%	1.15%	1.66%	1.52%
Class A Shares at MOP	-2.37%	2.60%	-0.34%
Class C Shares at NAV	3.12%	8.01%	0.52%	2.40%	2.25%
Class C Shares at CDSC	2.12%	7.01%	0.52%
Class D Shares⁽¹⁾	3.63%	8.99%	1.25%	1.82%	1.42%
Class I Shares	3.66%	9.11%	1.35%	1.40%	1.26%
Class N Shares	3.73%	9.18%	1.40%	1.39%	1.25%
Class S Shares	3.40%	8.68%	1.02%	1.89%	1.75%
Class T Shares	3.63%	9.00%	1.22%	1.64%	1.50%
Bloomberg Barclays U.S. Aggregate Bond Index	-2.53%	2.65%	1.71%
London Interbank Offered Rate (LIBOR) + 3%	1.80%	3.88%	3.65%^**
Morningstar Quartile - Class I Shares	-	1st	3rd
Morningstar Ranking - based on total returns for Multialternative Funds	-	13/430	142/217

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, 2017.


4	DECEMBER 31, 2016

Janus Diversified Alternatives Fund (unaudited)

Performance

There is a risk that the Fund’s investments will correlate with stocks and bonds to a greater degree than anticipated, and the investment process may not achieve the desired results. The Fund may underperform during up markets and be negatively affected in down markets. Diversification does not assure a profit or eliminate the risk of loss.

Investments in commodities, commodity-linked notes, securities derivatives, futures, foreign securities, short sales and investments through a nonregistered subsidiary provide exposure to certain special risks, including greater volatility and loss of interest and principal, and may not be appropriate for all investors. Commodities are speculative and may fluctuate widely based on a variety of factors, including market movements, economic events and supply and demand disruptions. Derivatives involve risks in addition to the risks of the underlying securities, including gains or losses which, as a result of leverage, can be substantially greater than the derivatives’ original cost. Short sales are speculative transactions with potentially unlimited losses, and the use of leverage can magnify the effect of losses.

Holding a meaningful portion of assets in cash or cash equivalents may negatively affect performance.

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

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

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

See “Useful Information About Your Fund Report.”

Effective July 1, 2016, Ashwin Alankar and John Fujiwara are Co-Portfolio Managers of the Fund.

* The Fund’s inception date – December 28, 2012

** The London Interbank Offered Rate (LIBOR) + 3% since inception returns are calculated from December 31, 2012.

(1) Closed to certain new investors.


Janus Investment Fund	5

Janus Diversified Alternatives Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (7/1/16)	Ending Account Value (12/31/16)	Expenses Paid During Period (7/1/16 - 12/31/16)†	Beginning Account Value (7/1/16)	Ending Account Value (12/31/16)	Expenses Paid During Period (7/1/16 - 12/31/16)†	Net Annualized Expense Ratio (7/1/16 - 12/31/16)
Class A Shares		$1,000.00	$1,036.30	$7.96	$1,000.00	$1,017.39	$7.88	1.55%
Class C Shares		$1,000.00	$1,031.20	$11.78	$1,000.00	$1,013.61	$11.67	2.30%
Class D Shares		$1,000.00	$1,036.30	$7.29	$1,000.00	$1,018.05	$7.22	1.42%
Class I Shares		$1,000.00	$1,036.60	$6.62	$1,000.00	$1,018.70	$6.56	1.29%
Class N Shares		$1,000.00	$1,037.30	$6.52	$1,000.00	$1,018.80	$6.46	1.27%
Class S Shares		$1,000.00	$1,034.00	$8.46	$1,000.00	$1,016.89	$8.39	1.65%
Class T Shares		$1,000.00	$1,036.30	$7.39	$1,000.00	$1,017.95	$7.32	1.44%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (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 Consolidated Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


6	DECEMBER 31, 2016

Janus Diversified Alternatives Fund

Consolidated Schedule of Investments (unaudited)

December 31, 2016


Shares or Principal Amounts			Value
Investment Companies – 10.8%
Money Markets – 10.8%
	Janus Cash Liquidity Fund LLC, 0.4708%^(a),ºº,£(cost $6,849,397)	6,849,397	$6,849,397
U.S. Government Agency Notes – 78.9%
United States Treasury Bill:
	0%, 1/12/17^◊	$10,000,000	9,999,000
	0%, 2/9/17^†,◊	10,000,000	9,995,400
	0%, 3/9/17^†,◊	10,000,000	9,991,340
	0%, 4/13/17^◊	10,000,000	9,989,148
	0%, 5/11/17^◊	10,000,000	9,978,800
Total U.S. Government Agency Notes (cost $49,952,600)			49,953,688
Total Investments (total cost $56,801,997) – 89.7%			56,803,085
Cash, Receivables and Other Assets, net of Liabilities – 10.3%			6,506,712
Net Assets – 100%			$63,309,797


Schedule of Foreign Currency Contracts, Open


Counterparty/ Currency	Settlement Date	Currency Units Sold/ (Purchased)		Currency Value		Unrealized Appreciation/ (Depreciation)
HSBC Securities (USA), Inc.:
Australian Dollar	1/6/17	(1,233,000)	$	(889,554)	$	4,488
British Pound	1/6/17	327,000		402,953		(2,910)
Canadian Dollar	1/6/17	1,941,000		1,445,855		(14,289)
Euro	1/6/17	1,533,000		1,613,681		(18,418)
Japanese Yen	1/6/17	292,100,000		2,499,755		(6,862)
New Zealand Dollar	1/6/17	(3,498,000)		(2,429,152)		10,254
Norwegian Krone	1/6/17	(19,490,000)		(2,258,614)		24,117
Swedish Krona	1/9/17	5,360,000		588,824		(4,839)
Swiss Franc	1/6/17	268,000		263,308		(2,738)
Total			$	1,237,056	$	(11,197)


Schedule of Futures
Description	Number of Contracts		Expiration Date		Unrealized Appreciation/ (Depreciation)			Variation Margin Asset/(Liability)
Futures Purchased:
Copper^(a)		13		5/17		$	(20,648)		$	5,687
Cotton No. 2^(a)		24		5/17			(10,301)			1,327
Gold^(a)		7		4/17			(23,063)			(4,480)
Live Cattle^(a)		26		6/17			28,182			(12,850)
S&P 500 E-mini		42		3/17			(26,188)			(9,851)
Silver^(a)		10		5/17			(47,482)			(11,550)
Sugar #11 (World)^(a)		51		7/17			22,005			3,175
U.S. Dollar Index		118		3/17			218,280			(49,174)
						140,785			(77,716)


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

Janus Investment Fund	7

Janus Diversified Alternatives Fund

Consolidated Schedule of Investments (unaudited)

December 31, 2016


Description	Number of Contracts	Expiration Date			Unrealized Appreciation/ (Depreciation)				Variation Margin Asset/(Liability)
Futures Sold:
10-Year U.S. Treasury Note	86		3/17			$	22,844		$	(31,602)
Brent Crude^(a)	23		3/17				(28,912)			402
Coffee 'C'^(a)	26		5/17				28,046			(9,608)
Corn^(a)	73		7/17				13,956			(2,919)
Soybean^(a)	26		5/17				33,017			6,293
Wheat^(a)	61		7/17				(2,434)			(4,698)
WTI Crude^(a)	24		3/17				(23,524)			891
						42,993			(41,241)
Total				$			183,778	$		(118,957)


Schedule of Total Return Swaps
					Unrealized
	Return Paid	Return Received	Termination	Notional	Appreciation/
Counterparty	by the Fund	by the Fund	Date	Amount	(Depreciation)

Barclays Capital, Inc.	3 month USD LIBOR plus 20 basis points	Bloomberg Barclays U.S. Credit RBI Series-1 Index	2/1/17	$30,800,000	$(10,628)
BNP Paribas^(a)	Plus 22 basis points	A long/short basket of commodity indices	1/31/17	43,300,000	14
BNP Paribas	Minus 30 basis points	A long/short basket of equity indices	2/3/17	7,800,000	7
BNP Paribas	Plus 40 basis points	A long/short basket of equity indices	2/3/17	14,400,000	(7)
Goldman Sachs International	MSCI Daily Total Return Gross World USD	1 month USD LIBOR Plus 20 basis points	2/6/17	(16,503,110)	(11)
Goldman Sachs International	1 month USD LIBOR plus 70 basis points	MSCI Daily Total Return Net Emerging Markets	2/6/17	16,499,870	(28)

Total					$(10,653)


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

8	DECEMBER 31, 2016

Janus Diversified Alternatives Fund

Notes to Consolidated Schedule of Investments and Other Information (unaudited)


Bloomberg Barclays U.S. Aggregate Bond Index	A broad-based measure of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market.
London Interbank Offered Rate (LIBOR)	A daily reference rate based on the interest rates at which banks offer to lend unsecured funds to other banks in the London wholesale money marker (or interbank market).
S&P 500^{^®} Index	Measures broad U.S. equity performance.


LLC	Limited Liability Company


(a)	All or a portion of this security is owned by Janus Diversified Alternatives Subsidiary, Ltd. See Note 1 in Notes to Consolidated Financial Statements.


†	A portion of this security has been segregated to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales, swap agreements, and/or securities with extended settlement dates, the value of which, as of December 31, 2016, is $19,986,740.


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


◊	Zero coupon bond.

Balance

Realized

Dividend

Value

at 6/30/16

Purchases

Sales

at 12/31/16

Gain/(Loss)

Income

at 12/31/16

Janus Cash Liquidity Fund LLC

22,843,654

18,907,024

(34,901,281)

6,849,397

$—

$31,756

$6,849,397


Janus Investment Fund	9

Janus Diversified Alternatives Fund

Notes to Consolidated Schedule of Investments and Other Information (unaudited)


The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of December 31, 2016. See Notes to Consolidated Financial Statements for more information.

Valuation Inputs Summary

					Level 2 -		Level 3 -
			Level 1 -		Other Significant		Significant
			Quotes Prices		Observable Inputs		Unobservable Inputs

Assets
Investments in Securities:
Investment Companies		$	-	$	6,849,397	$	-
U.S. Government Agency Notes			-		49,953,688		-
Total Investments in Securities		$	-	$	56,803,085	$	-
Other Financial Instruments^(a):
Forward Currency Contracts			-		38,859		-
Outstanding Swap Contracts, at Value			-		21		-
Variation Margin Receivable			17,775		-		-
Total Assets		$	17,775	$	56,841,965	$	-
Liabilities
Other Financial Instruments^(a):
Forward Currency Contracts		$	-	$	50,056	$	-
Outstanding Swap Contracts, at Value			-		10,674		-
Variation Margin Payable			136,732		-		-
Total Liabilities		$	136,732	$	60,730	$	-

(a)	Other financial instruments include forward currency, futures, written options, written swaptions, and swap contracts. Forward currency contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Futures, certain written options on futures, and centrally cleared swap contracts are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Written options, written swaptions, and other swap contracts are reported at their market value at measurement date.


10	DECEMBER 31, 2016

Janus Diversified Alternatives Fund

Consolidated Statement of Assets and Liabilities (unaudited)

December 31, 2016



Assets:
	Investments, at cost		$	56,801,997
	Unaffiliated investments, at value			49,953,688
	Affiliated investments, at value			6,849,397
	Cash			164,975
	Restricted cash (Note 1)			6,230,000
	Forward currency contracts			38,859
	Outstanding swap contracts, at value			21
	Variation margin receivable			17,775
	Non-interested Trustees' deferred compensation			1,167
	Receivables:
		Fund shares sold		513,110
		Dividends and interest on swap contracts		7,404
		Dividends from affiliates		2,930
		Foreign tax reclaims		2,026
	Other assets			740
Total Assets				63,782,092
Liabilities:
	Forward currency contracts			50,056
	Outstanding swap contracts, at value			10,674
	Variation margin payable			136,732
	Payables:			—
		Investments purchased		98,541
		Fund shares repurchased		41,197
		Dividends and interest on swap contracts		36,774
		Advisory fees		26,696
		Professional fees		25,260
		Printing fees		18,652
		12b-1 Distribution and shareholder servicing fees		2,716
		Transfer agent fees and expenses		2,530
		Custodian fees		2,247
		Non-interested Trustees' deferred compensation fees		1,167
		Fund administration fees		542
		Non-interested Trustees' fees and expenses		485
		Accrued expenses and other payables		18,026
Total Liabilities				472,295
Net Assets			$	63,309,797


See Notes to Consolidated Financial Statements.

Janus Investment Fund	11

Janus Diversified Alternatives Fund

Consolidated Statement of Assets and Liabilities (unaudited)

December 31, 2016




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	62,923,814
	Undistributed net investment income/(loss)		(1,344,035)
	Undistributed net realized gain/(loss) from investments and foreign currency transactions		1,566,906
	Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation		163,112
Total Net Assets		$	63,309,797
Net Assets - Class A Shares		$	3,120,265
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		312,176
Net Asset Value Per Share⁽¹⁾		$	10.00
Maximum Offering Price Per Share⁽²⁾		$	10.61
Net Assets - Class C Shares		$	1,881,008
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		191,791
Net Asset Value Per Share⁽¹⁾		$	9.81
Net Assets - Class D Shares		$	4,555,896
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		454,448
Net Asset Value Per Share		$	10.03
Net Assets - Class I Shares		$	4,456,505
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		443,110
Net Asset Value Per Share		$	10.06
Net Assets - Class N Shares		$	45,531,796
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		4,519,197
Net Asset Value Per Share		$	10.08
Net Assets - Class S Shares		$	1,428,178
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		143,828
Net Asset Value Per Share		$	9.93
Net Assets - Class T Shares		$	2,336,149
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		233,726
Net Asset Value Per Share		$	10.00

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

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


See Notes to Consolidated Financial Statements.

12	DECEMBER 31, 2016

Janus Diversified Alternatives Fund

Consolidated Statement of Operations (unaudited)

For the period ended December 31, 2016



Investment Income:
	Interest		$	62,068
	Dividends from affiliates			31,756
Total Investment Income				93,824
Expenses:
	Advisory fees			387,919
	12b-1Distribution and shareholder servicing fees:
		Class A Shares		3,801
		Class C Shares		9,204
		Class S Shares		1,796
	Transfer agent administrative fees and expenses:
		Class D Shares		2,750
		Class S Shares		1,796
		Class T Shares		2,504
	Transfer agent networking and omnibus fees:
		Class A Shares		311
		Class C Shares		75
		Class I Shares		221
	Other transfer agent fees and expenses:
		Class A Shares		146
		Class C Shares		99
		Class D Shares		689
		Class I Shares		66
		Class N Shares		811
		Class S Shares		11
		Class T Shares		17
	Registration fees			92,549
	Professional fees			24,247
	Shareholder reports expense			15,465
	Custodian fees			6,147
	Fund administration fees			3,008
	Non-interested Trustees’ fees and expenses			1,023
	Other expenses			17
Total Expenses				554,672
Less: Excess Expense Reimbursement				(135,409)
Net Expenses				419,263
Net Investment Income/(Loss)				(325,439)
Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions			430,151
	Futures contracts			900,823
	Swap contracts			2,427,343
Total Net Realized Gain/(Loss) on Investments				3,758,317
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation			(18,434)
	Futures contracts			(1,219,306)
	Swap contracts			16,468
Total Change in Unrealized Net Appreciation/Depreciation				(1,221,272)
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	2,211,606


See Notes to Consolidated Financial Statements.

Janus Investment Fund	13

Janus Diversified Alternatives Fund

Consolidated Statements of Changes in Net Assets



			Period ended December 31, 2016 (unaudited)		Year ended June 30, 2016

Operations:
	Net investment income/(loss)		$	(325,439)	$	(739,199)
	Net realized gain/(loss) on investments			3,758,317		(520,479)
	Change in unrealized net appreciation/depreciation			(1,221,272)		1,558,179
Net Increase/(Decrease) in Net Assets Resulting from Operations				2,211,606		298,501
Dividends and Distributions to Shareholders:
	Dividends from Net Investment Income
		Class A Shares		(84,982)		—
		Class C Shares		(39,641)		—
		Class D Shares		(129,036)		—
		Class I Shares		(105,459)		—
		Class N Shares		(1,334,148)		—
		Class S Shares		(41,439)		—
		Class T Shares		(70,488)		—
	Total Dividends from Net Investment Income			(1,805,193)		—
	Distributions from Net Realized Gain from Investment Transactions
		Class A Shares		—		(27,536)
		Class C Shares		—		(17,384)
		Class D Shares		—		(32,440)
		Class I Shares		—		(20,092)
		Class N Shares		—		(480,219)
		Class S Shares		—		(13,463)
		Class T Shares		—		(15,000)
	Total Distributions from Net Realized Gain from Investment Transactions			—		(606,134)
Net Decrease from Dividends and Distributions to Shareholders				(1,805,193)		(606,134)
Capital Share Transactions:
		Class A Shares		220,208		152,790
		Class C Shares		116,970		56,519
		Class D Shares		(232,278)		1,681,902
		Class I Shares		2,095,698		117,498
		Class N Shares		(2,190,520)		(4,853,714)
		Class S Shares		41,439		13,511
		Class T Shares		752,997		(902,857)
Net Increase/(Decrease) from Capital Share Transactions				804,514		(3,734,351)
Net Increase/(Decrease) in Net Assets				1,210,927		(4,041,984)
Net Assets:
	Beginning of period			62,098,870		66,140,854
	End of period		$	63,309,797	$	62,098,870

Undistributed Net Investment Income/(Loss)			$	(1,344,035)	$	786,597


See Notes to Consolidated Financial Statements.

14	DECEMBER 31, 2016

Janus Diversified Alternatives Fund

Consolidated Financial Highlights


Class A Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and each year or period ended June 30			2016	2016	2015		2014	2013⁽¹⁾
	Net Asset Value, Beginning of Period		$9.92	$9.98	$9.84		$9.82	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	(0.06)⁽²⁾	(0.14)⁽²⁾	(0.15)⁽²⁾		(0.13)⁽²⁾	(0.10)
		Net realized and unrealized gain/(loss)	0.42	0.18	0.37		0.15	(0.08)
	Total from Investment Operations		0.36	0.04	0.22		0.02	(0.18)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.28)	—	—		—	—
		Distributions (from capital gains)	—	(0.10)	(0.08)		—	—
	Total Dividends and Distributions		(0.28)	(0.10)	(0.08)		—	—
	Net Asset Value, End of Period		$10.00	$9.92	$9.98		$9.84	$9.82
	Total Return*		3.63%	0.42%	2.22%		0.20%	(1.80)%
	Net Assets, End of Period (in thousands)		$3,120	$2,882	$2,740		$4,055	$3,523
	Average Net Assets for the Period (in thousands)		$2,982	$2,730	$2,048		$3,752	$3,557
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.97%	1.89%	1.84%		1.70%	3.05%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.55%	1.53%	1.52%		1.46%	1.52%
		Ratio of Net Investment Income/(Loss)	(1.25)%	(1.42)%	(1.51)%		(1.34)%	(1.36)%
	Portfolio Turnover Rate		0%	0%	0%		59%	38%
						1


Class C Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and each year or period ended June 30			2016	2016	2015	2014	2013⁽¹⁾
	Net Asset Value, Beginning of Period		$9.72	$9.84	$9.79	$9.78	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	(0.10)⁽²⁾	(0.21)⁽²⁾	(0.23)⁽²⁾	(0.15)⁽²⁾	(0.14)
		Net realized and unrealized gain/(loss)	0.40	0.19	0.36	0.16	(0.08)
	Total from Investment Operations		0.30	(0.02)	0.13	0.01	(0.22)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.21)	—	—	—	—
		Distributions (from capital gains)	—	(0.10)	(0.08)	—	—
	Total Dividends and Distributions		(0.21)	(0.10)	(0.08)	—	—
	Net Asset Value, End of Period		$9.81	$9.72	$9.84	$9.79	$9.78
	Total Return*		3.12%	(0.19)%	1.31%	0.10%	(2.20)%
	Net Assets, End of Period (in thousands)		$1,881	$1,749	$1,709	$3,516	$3,566
	Average Net Assets for the Period (in thousands)		$1,805	$1,685	$1,752	$3,551	$3,578
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.71%	2.63%	2.59%	1.89%	3.92%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.30%	2.27%	2.26%	1.64%	2.27%
		Ratio of Net Investment Income/(Loss)	(2.00)%	(2.15)%	(2.26)%	(1.52)%	(2.11)%
	Portfolio Turnover Rate		0%	0%	0%	59%	38%

* 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 28, 2012 (inception date) through June 30, 2013.

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


See Notes to Consolidated Financial Statements.

Janus Investment Fund	15

Janus Diversified Alternatives Fund

Consolidated Financial Highlights


Class D Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and each year or period ended June 30			2016	2016	2015	2014	2013⁽¹⁾
	Net Asset Value, Beginning of Period		$9.96	$10.00	$9.85	$9.82	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	(0.06)⁽²⁾	(0.13)⁽²⁾	(0.14)⁽²⁾	(0.13)⁽²⁾	(0.08)
		Net realized and unrealized gain/(loss)	0.42	0.19	0.37	0.16	(0.10)
	Total from Investment Operations		0.36	0.06	0.23	0.03	(0.18)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.29)	—	—	—	—
		Distributions (from capital gains)	—	(0.10)	(0.08)	—	—
	Total Dividends and Distributions		(0.29)	(0.10)	(0.08)	—	—
	Net Asset Value, End of Period		$10.03	$9.96	$10.00	$9.85	$9.82
	Total Return*		3.63%	0.62%	2.32%	0.31%	(1.80)%
	Net Assets, End of Period (in thousands)		$4,556	$4,758	$3,060	$6,170	$6,008
	Average Net Assets for the Period (in thousands)		$4,497	$3,829	$3,281	$5,964	$4,995
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.00%	2.05%	1.96%	1.66%	3.20%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.42%	1.42%	1.43%	1.41%	1.39%
		Ratio of Net Investment Income/(Loss)	(1.12)%	(1.30)%	(1.42)%	(1.28)%	(1.23)%
	Portfolio Turnover Rate		0%	0%	0%	59%	38%


Class I Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and each year or period ended June 30			2016	2016	2015	2014	2013⁽¹⁾
	Net Asset Value, Beginning of Period		$10.00	$10.02	$9.87	$9.83	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	(0.05)⁽²⁾	(0.11)⁽²⁾	(0.13)⁽²⁾	(0.11)⁽²⁾	(0.08)
		Net realized and unrealized gain/(loss)	0.42	0.19	0.36	0.15	(0.09)
	Total from Investment Operations		0.37	0.08	0.23	0.04	(0.17)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.31)	—	—	—	—
		Distributions (from capital gains)	—	(0.10)	(0.08)	—	—
	Total Dividends and Distributions		(0.31)	(0.10)	(0.08)	—	—
	Net Asset Value, End of Period		$10.06	$10.00	$10.02	$9.87	$9.83
	Total Return*		3.66%	0.82%	2.32%	0.41%	(1.70)%
	Net Assets, End of Period (in thousands)		$4,457	$2,383	$2,265	$5,727	$6,464
	Average Net Assets for the Period (in thousands)		$2,652	$2,318	$2,586	$6,201	$5,751
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.74%	1.63%	1.59%	1.50%	2.58%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.29%	1.27%	1.26%	1.25%	1.27%
		Ratio of Net Investment Income/(Loss)	(0.99)%	(1.16)%	(1.26)%	(1.13)%	(1.10)%
	Portfolio Turnover Rate		0%	0%	0%	59%	38%

* 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 28, 2012 (inception date) through June 30, 2013.

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


See Notes to Consolidated Financial Statements.

16	DECEMBER 31, 2016

Janus Diversified Alternatives Fund

Consolidated Financial Highlights


Class N Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and each year or period ended June 30			2016	2016	2015	2014	2013⁽¹⁾
	Net Asset Value, Beginning of Period		$10.01	$10.04	$9.87	$9.83	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	(0.05)⁽²⁾	(0.11)⁽²⁾	(0.13)⁽²⁾	(0.11)⁽²⁾	(0.05)
		Net realized and unrealized gain/(loss)	0.42	0.18	0.38	0.15	(0.12)
	Total from Investment Operations		0.37	0.07	0.25	0.04	(0.17)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.30)	—	—	—	—
		Distributions (from capital gains)	—	(0.10)	(0.08)	—	—
	Total Dividends and Distributions		(0.30)	(0.10)	(0.08)	—	—
	Net Asset Value, End of Period		$10.08	$10.01	$10.04	$9.87	$9.83
	Total Return*		3.73%	0.72%	2.52%	0.41%	(1.70)%
	Net Assets, End of Period (in thousands)		$45,532	$47,367	$52,478	$57,190	$57,935
	Average Net Assets for the Period (in thousands)		$46,832	$48,364	$54,416	$57,130	$30,839
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.68%	1.62%	1.60%	1.49%	1.84%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.27%	1.25%	1.25%	1.25%	1.25%
		Ratio of Net Investment Income/(Loss)	(0.97)%	(1.14)%	(1.24)%	(1.13)%	(1.06)%
	Portfolio Turnover Rate		0%	0%	0%	59%	38%


Class S Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and each year or period ended June 30			2016	2016	2015	2014	2013⁽¹⁾
	Net Asset Value, Beginning of Period		$9.89	$9.92	$9.82	$9.81	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	(0.07)⁽²⁾	(0.12)⁽²⁾	(0.18)⁽²⁾	(0.14)⁽²⁾	(0.11)
		Net realized and unrealized gain/(loss)	0.41	0.19	0.36	0.15	(0.08)
	Total from Investment Operations		0.34	0.07	0.18	0.01	(0.19)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.30)	—	—	—	—
		Distributions (from capital gains)	—	(0.10)	(0.08)	—	—
	Total Dividends and Distributions		(0.30)	(0.10)	(0.08)	—	—
	Net Asset Value, End of Period		$9.93	$9.89	$9.92	$9.82	$9.81
	Total Return*		3.40%	0.72%	1.82%	0.10%	(1.90)%
	Net Assets, End of Period (in thousands)		$1,428	$1,381	$1,371	$3,506	$3,502
	Average Net Assets for the Period (in thousands)		$1,410	$1,340	$1,578	$3,492	$3,548
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.19%	2.12%	2.07%	1.95%	3.19%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.65%	1.33%	1.75%	1.58%	1.76%
		Ratio of Net Investment Income/(Loss)	(1.35)%	(1.22)%	(1.74)%	(1.46)%	(1.60)%
	Portfolio Turnover Rate		0%	0%	0%	59%	38%

* 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 28, 2012 (inception date) through June 30, 2013.

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


See Notes to Consolidated Financial Statements.

Janus Investment Fund	17

Janus Diversified Alternatives Fund

Consolidated Financial Highlights


Class T Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and each year or period ended June 30			2016	2016	2015	2014	2013⁽¹⁾
	Net Asset Value, Beginning of Period		$9.95	$9.98	$9.85	$9.82	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	(0.06)⁽²⁾	(0.10)⁽²⁾	(0.15)⁽²⁾	(0.13)⁽²⁾	(0.11)
		Net realized and unrealized gain/(loss)	0.42	0.17	0.36	0.16	(0.07)
	Total from Investment Operations		0.36	0.07	0.21	0.03	(0.18)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.31)	—	—	—	—
		Distributions (from capital gains)	—	(0.10)	(0.08)	—	—
	Total Dividends and Distributions		(0.31)	(0.10)	(0.08)	—	—
	Net Asset Value, End of Period		$10.00	$9.95	$9.98	$9.85	$9.82
	Total Return*		3.63%	0.72%	2.12%	0.31%	(1.80)%
	Net Assets, End of Period (in thousands)		$2,336	$1,579	$2,517	$3,809	$3,772
	Average Net Assets for the Period (in thousands)		$1,962	$1,689	$2,162	$3,773	$4,004
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.96%	1.87%	1.83%	1.75%	2.94%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.44%	1.18%	1.51%	1.40%	1.51%
		Ratio of Net Investment Income/(Loss)	(1.13)%	(1.08)%	(1.50)%	(1.28)%	(1.36)%
	Portfolio Turnover Rate		0%	0%	0%	59%	38%

* 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 28, 2012 (inception date) through June 30, 2013.

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


See Notes to Consolidated Financial Statements.

18	DECEMBER 31, 2016

Janus Diversified Alternatives Fund

Notes to Consolidated Financial Statements (unaudited)

1. Organization and Significant Accounting Policies

Janus Diversified Alternatives 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 seeks absolute return with low correlation to stocks and bonds. The Fund is classified as diversified, as defined in the 1940 Act.

Investment in Subsidiary

To qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended (the “Code”), 90% of the Fund’s income must be from certain qualified sources. Direct investment in many commodities-related investments generates income that is not from a qualifying source for purposes of meeting this 90% test. The Fund will seek to gain exposure to the commodity markets, in whole or in part, through investments in the Janus Diversified Alternatives Subsidiary, Ltd., a wholly-owned subsidiary of the Fund (”Subsidiary”) organized under the laws of the Cayman Islands, which is generally subject to the same investment policies and restrictions as the Fund. The Subsidiary may invest without limitation in commodity index-linked swaps, commodity futures, commodity swaps, commodity-linked notes, and other commodity-linked derivative instruments. The Subsidiary may also invest in fixed-income securities and other investments which may serve as margin or collateral for the Subsidiary’s derivatives positions. The Fund may invest 25% or less of its total assets in the Subsidiary. Income or net capital gains from the Fund’s investment in the Subsidiary would be treated as ordinary income to the Fund. Janus Capital is the adviser to the Subsidiary. The Subsidiary will not be subject to U.S. laws (including securities laws) and their protections. The Subsidiary is subject to the laws of a foreign jurisdiction, which can be affected by developments in that jurisdiction.


Janus Investment Fund	19

Janus Diversified Alternatives Fund

Notes to Consolidated Financial Statements (unaudited)

By investing in the Subsidiary, the Fund will be indirectly exposed to the risks associated with the Subsidiary’s investments, which are generally similar to those that are permitted to be held by the Fund. The Subsidiary is not registered under the 1940 Act, and is not subject to all of the provisions of the 1940 Act. The IRS has previously issued a number of private letter rulings to mutual funds (but not the Fund) in which it ruled that income from a fund’s investment in a wholly-owned foreign subsidiary that invests in commodity-linked derivatives, such as the Subsidiary, constitutes qualifying income. The IRS has suspended issuance of any further private letter rulings pending a review of its position. A change in the IRS’ position or changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to operate and could adversely affect the Fund. In particular, unfavorable treatment of the income derived from the Fund’s investment in the Subsidiary could jeopardize the Fund’s status as a regulated investment company under the Code, which in turn may subject the Fund to higher tax rates and/or penalties. Additionally, the Commodity Futures Trading Commission (“CFTC”) adopted changes to Rule 4.5 under the Commodity Exchange Act in 2012 that required Janus Capital to register with the CFTC, and operation of the Fund and Subsidiary is subject to certain CFTC rules and regulations. Existing or new CFTC regulation may increase the costs of implementing the Fund’s strategies, which could negatively affect the Fund’s returns.

The Subsidiary was incorporated on December 28, 2012 as a wholly-owned subsidiary of Janus Diversified Alternatives Fund. As of December 31, 2016, the Fund owns 864,438 shares of the Subsidiary, with a market value of $11,486,254. This represents 18% of the Fund’s net assets. The Fund’s Consolidated Schedule of Investments, Consolidated Statement of Assets and Liabilities, Consolidated Statement of Operations, Consolidated Statements of Changes in Net Assets, and Consolidated Financial Highlights include the accounts of both the Fund and the Subsidiary. All inter-company transactions and balances have been eliminated in consolidation.

As of December 31, 2016, Subsidiary information included in the Consolidated Financial Statements is as follows:


Net assets	$ 11,486,254
Market value of investments	6,455,397
Net income/(loss)	13,106
Net realized gain/(loss)	1,075,732
Net change in unrealized appreciation/depreciation	755,447

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

Investment Valuation

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


20	DECEMBER 31, 2016

Janus Diversified Alternatives Fund

Notes to Consolidated Financial Statements (unaudited)

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.

Information on the valuation of certain derivatives is contained in Note 2 below.

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


Janus Investment Fund	21

Janus Diversified Alternatives Fund

Notes to Consolidated Financial Statements (unaudited)

Expenses

Estimates

The preparation of consolidated 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 consolidated financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Indemnifications

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 consolidated 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 consolidated financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

Dividends and Distributions

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 consolidated financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Restricted Cash

As of December 31, 2016, the Fund has restricted cash in the amount of $6,230,000. The restricted cash represents collateral pledged in relation to derivatives and/or securities with extended settlement dates. The carrying value of the restricted cash approximates fair value.


22	DECEMBER 31, 2016

Janus Diversified Alternatives Fund

Notes to Consolidated Financial Statements (unaudited)

2. Derivative Instruments

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

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

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

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

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

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

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


Janus Investment Fund	23

Janus Diversified Alternatives Fund

Notes to Consolidated Financial Statements (unaudited)

Commodity-Linked Investments

The Fund may invest in commodity index-linked swap agreements, commodity options and futures, and options on futures that provide exposure to the investment returns of the commodities markets. The Fund may also invest in other commodity-linked derivative instruments, such as commodity-linked notes (“structured notes”). The Fund will seek to gain exposure to the commodity markets, in whole or in part, through investments in the Subsidiary which is generally subject to the same investment policies and restrictions as the Fund. The Subsidiary invests in commodity-linked investments and other investments which may serve as margin or collateral for the Subsidiary’s derivative positions. Such exposure may subject the Fund to greater volatility than investments in traditional securities. The value of a given commodity-linked derivative investment typically is based upon the price movements of a physical commodity (such as heating oil, livestock, or agricultural products), a commodity futures contract or commodity index, or some other readily measurable economic variable. The value of commodity-linked derivative instruments may therefore be affected by changes in overall market movements, volatility of the underlying benchmark, changes in interest rates, or other factors affecting a particular industry or commodity such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political, and regulatory developments.

Forward Foreign Currency Exchange Contracts

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

During the period ended December 31, 2016, the average ending monthly currency value amounts on purchased and sold forward currency contracts are $6,127,013 and $7,715,392, respectively.

Futures Contracts


24	DECEMBER 31, 2016

Janus Diversified Alternatives Fund

Notes to Consolidated Financial Statements (unaudited)

to the stock market or other markets pending investment of cash balances or to meet liquidity needs. The Fund is subject to interest rate risk, equity risk, and currency risk in the normal course of pursuing its investment objective through its investments in futures contracts. The Fund may also use such derivative instruments to hedge or protect from adverse movements in securities prices, currency rates or interest rates. The use of futures contracts may involve risks such as the possibility of illiquid markets or imperfect correlation between the values of the contracts and the underlying securities, or that the counterparty will fail to perform its obligations.

Futures contracts on commodities are valued at the settlement price on valuation date on the commodities exchange as reported by an approved vendor. Mini contracts, as defined in the description of the contract, shall be valued using the Actual Settlement Price or “ASET” price type as reported by an approved vendor. In the event that foreign futures trade when the foreign equity markets are closed, the last foreign futures trade price shall be used. Futures contracts are marked-to-market daily, and the daily variation margin is recorded as a receivable or payable on the Consolidated Statement of Assets and Liabilities (if applicable). The change in unrealized net appreciation/depreciation is reported on the Consolidated Statement of Operations (if applicable). When a contract is closed, a realized gain or loss is reported on the Consolidated Statement of Operations (if applicable), equal to the difference between the opening and closing value of the contract. Securities held by the Fund that are designated as collateral for market value on futures contracts are noted on the Consolidated Schedule of Investments (if applicable). Such collateral is in the possession of the Fund’s futures commission merchant.

During the period, the Fund purchased interest rate futures to increase exposure to interest rate risk.

During the period, the Fund sold interest rate futures to decrease exposure to interest rate risk.

During the period, the Fund purchased commodity futures to increase exposure to commodity risk.

During the period, the Fund sold commodity futures to decrease exposure to commodity risk.

During the period, the Fund purchased futures on equity indices to increase exposure to equity risk.

During the period, the Fund purchased futures on currency indices to increase exposure to currency risk.

During the period, the Fund sold futures on currency indices to decrease exposure to currency risk.

During the period ended December 31, 2016, the average ending monthly market value amounts on purchased and sold futures contracts are $35,948,847 and $17,716,027, respectively.

Swaps

Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a day to more than one year to exchange one set of cash flows for another. The most significant factor in the performance of swap agreements is the change in value of the specific index, security, or currency, or other factors that determine the amounts of payments due to and from the Fund. The use of swaps is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Swap transactions may in some instances involve the delivery of securities or other underlying assets by the Fund or its counterparty to collateralize obligations under the swap. If the other party to a swap that is not collateralized defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. Swap agreements entail the risk that a party will default on its payment obligations to the Fund. If the other party to a swap defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. If the Fund utilizes a swap at the wrong time or judges market conditions incorrectly, the swap may result in a loss to the Fund and reduce the Fund’s total return.


Janus Investment Fund	25

Janus Diversified Alternatives Fund

Notes to Consolidated Financial Statements (unaudited)

Fund may enter into a swap with a financial institution other than the FCM (the “Executing Dealer”) and arrange for the swap to be transferred to the FCM for clearing. The Fund may also enter into a swap with the FCM itself. The CCP, the FCM, and the Executing Dealer are all subject to regulatory oversight by the CFTC. A default or failure by a CCP or an FCM, or the failure of a swap to be transferred from an Executing Dealer to the FCM for clearing, may expose the Fund to losses, increase its costs, or prevent the Fund from entering or exiting swap positions, accessing collateral, or fully implementing its investment strategies. The regulatory requirement to clear certain swaps could, either temporarily or permanently, reduce the liquidity of cleared swaps or increase the costs of entering into those swaps.

Index swaps, interest rate swaps, and credit default swaps are valued using an approved vendor supplied price. Basket swaps are valued using a broker supplied price. Equity swaps that consist of a single underlying equity are valued either at the closing price, the latest bid price, or the last sale price on the primary market or exchange it trades. The market value of swap contracts are aggregated by positive and negative values and are disclosed separately as an asset or liability on the Fund’s Consolidated Statement of Assets and Liabilities (if applicable). Realized gains and losses are reported on the Fund’s Consolidated Statement of Operations (if applicable). The change in unrealized net appreciation or depreciation during the period is included in the Consolidated Statement of Operations (if applicable).

Total return swaps involve an exchange by two parties in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset, which includes both the income it generates and any capital gains over the payment period. A fixed-income total return swap may be written on many different kinds of underlying reference assets, and may include different indices for various kinds of debt securities (e.g., U.S. investment grade bonds, high-yield bonds, or emerging market bonds).

During the period, the Fund entered into total return swaps on equity securities or indices to increase exposure to equity risk. These total return swaps require the Fund to pay a floating reference interest rate, and an amount equal to the negative price movement of securities or an index multiplied by the notional amount of the contract. The Fund will receive payments equal to the positive price movement of the same securities or index multiplied by the notional amount of the contract and, in some cases, dividends paid on the securities.

During the period, the Fund entered into total return swaps on equity securities or indices to decrease exposure to equity risk. These total return swaps require the Fund to pay an amount equal to the positive price movement of securities or an index multiplied by the notional amount of the contract and, in some cases, dividends paid on the securities. The Fund will receive payments of a floating reference interest rate and an amount equal to the negative price movement of the same securities or index multiplied by the notional amount of the contract.

During the period, the Fund entered into total return swaps on commodity indices to increase exposure to commodity risk. These total return swaps require the Fund to pay a fixed or a floating reference interest rate, and an amount equal to the negative price movement of an index multiplied by the notional amount of the contract. The Fund will receive payments equal to the positive price movement of the same index multiplied by the notional amount of the contract.

During the period, the Fund entered into total return swaps on credit indices to increase exposure to credit risk. These total return swaps require the Fund to pay a floating reference interest rate, and an amount equal to the negative price movement of an index multiplied by the notional amount of the contract. The Fund will receive payments equal to the positive price movement of the same index multiplied by the notional amount of the contract.

During the period ended December 31, 2016, the average ending monthly market value amounts on total return swaps which are long and short the reference asset are $720,336 and $(245,800), respectively.


26	DECEMBER 31, 2016

Janus Diversified Alternatives Fund

Notes to Consolidated Financial Statements (unaudited)

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


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

		Commodity Contracts		Credit Contracts	Currency Contracts		Equity Contracts		Interest Rate Contracts		Total
Asset Derivatives:
Forward currency contracts		$ -		$ -	$ 38,859		$ -		$ -		$ 38,859
Outstanding swap contracts, at value		14		-	-		7		-		21
Variation margin receivable		17,775		-	-		-		-		17,775

Total Asset Derivatives		$ 17,789		$ -	$ 38,859		$ 7		$ -		$ 56,655

Liability Derivatives:
Forward currency contracts		$ -		$ -	$ 50,056		$ -		$ -		$ 50,056
Outstanding swap contracts, at value		-		10,628	-		46		-		10,674
Variation margin payable		46,105	^(a)	-	49,174	^(a)	9,851	^(a)	31,602	^(a)	136,732

Total Liability Derivatives		$ 46,105		$ 10,628	$ 99,230		$ 9,897		$ 31,602		$197,462
(a)	Amounts relate to variation margin for futures.
(b)	Amounts relate to purchased options.

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


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

Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative		Commodity Contracts	Credit Contracts	Currency Contracts		Equity Contracts	Interest Rate Contracts	Total
Futures contracts		$ 176,947	$ -	$(506,221)		$ 403,516	$ 826,581	$ 900,823
Investments and foreign currency transactions		-	-	428,441	^(a)	-	-	428,441
Swap contracts		898,787	(711,887)	-		2,240,443	-	2,427,343

Total		$1,075,734	$(711,887)	$ (77,780)		$2,643,959	$ 826,581	$ 3,756,607


Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative		Commodity Contracts	Credit Contracts	Currency Contracts		Equity Contracts	Interest Rate Contracts	Total
Futures contracts		$ (755,462)	$ -	$ 239,823		$ (193,546)	$ (510,121)	$(1,219,306)
Investments, foreign currency translations and non-interested Trustees' deferred compensation		-	-	(18,032)	^(a)	-	-	(18,032)
Swap contracts		14	16,849	-		(395)	-	16,468

Total		$ (755,448)	$ 16,849	$ 221,791		$ (193,941)	$ (510,121)	$(1,220,870)
(a)	Amounts relate to forward currency contracts.
(b)	Amounts relate to purchased options.

Please see the “Net Realized Gain/(Loss) on Investments” and “Change in Unrealized Net Appreciation/Depreciation” sections of the Fund’s Consolidated Statement of Operations.

3. Other Investments and Strategies

Additional Investment Risk


Janus Investment Fund	27

Janus Diversified Alternatives Fund

Notes to Consolidated Financial Statements (unaudited)

Counterparties


28	DECEMBER 31, 2016

Janus Diversified Alternatives Fund

Notes to Consolidated Financial Statements (unaudited)

Offsetting Assets and Liabilities

The Fund presents gross and net information about transactions that are either offset in the consolidated 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 Consolidated Statement of Assets and Liabilities.

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


Offsetting of Financial Assets and Derivative Assets

			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Assets		or Liability^(a)		Pledged^(b)		Net Amount

BNP Paribas		$	21	$	(7)	$	3,180,000^(c)	$	3,180,014
HSBC Securities (USA), Inc.			38,859		(38,859)		—		—

Total		$	38,880	$	(38,866)	$	3,180,000	$	3,180,014
Offsetting of Financial Liabilities and Derivative Liabilities

			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Liabilities		or Liability^(a)		Pledged^(b)		Net Amount

Barclays Capital, Inc.		$	10,628	$	—	$	(10,628)	$	—
BNP Paribas			7		(7)		—		—
Goldman Sachs International			39		—		(39)		—
HSBC Securities (USA), Inc.			50,056		(38,859)		—		11,197

Total		$	60,730	$	(38,866)	$	(10,667)	$	21,825
(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 Consolidated 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.
(c)	The Fund pledged $3,180,000 for certain transactions. This amount is included in “Restricted cash” on the Consolidated Statement of Assets and Liabilities.


Janus Investment Fund	29

Janus Diversified Alternatives Fund

Notes to Consolidated Financial Statements (unaudited)

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

Sovereign Debt

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

4. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund and the Subsidiary each pay Janus Capital an investment advisory fee which is calculated daily and paid monthly. The following table reflects the Fund’s and the Subsidiary's contractual investment advisory fee rate (expressed as an annual rate).


Average Daily Net Assets of the Fund	Contractual Investment Advisory Fee (%)
First $1 Billion	1.00
Over $1 Billion	0.95

Janus Capital has contractually agreed to waive a portion of the Fund’s management fee in an amount equal to the management fee paid to Janus Capital by the Subsidiary. The management fee waiver arrangement related to the Subsidiary may not be discontinued by Janus Capital as long as its contract with the Subsidiary is in place.

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 , which include the other expenses of the Subsidiary, 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 1.25% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waiver until at least November 1, 2017. If applicable, amounts reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement” on the Consolidated Statement of Operations.


30	DECEMBER 31, 2016

Janus Diversified Alternatives Fund

Notes to Consolidated Financial Statements (unaudited)

Janus Services LLC (“Janus Services”), a wholly-owned subsidiary of Janus Capital, is the Fund’s and the Subsidiary'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 Consolidated 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 Consolidated 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


Janus Investment Fund	31

Janus Diversified Alternatives Fund

Notes to Consolidated Financial Statements (unaudited)

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 Consolidated 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). In addition, employees of Janus Capital and/or its affiliates may serve as officers of the Trust. The Fund also pays for some or all of salaries, fees, and expenses of certain Janus Capital employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by Janus Capital, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services Janus Capital provides to the Fund. These amounts are disclosed as “Fund administration fees” on the Consolidated Statement of Operations. Some expenses related to compensation payable to the Fund's Chief Compliance Officer and compliance staff are shared with the Fund. Total compensation of $329,069 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2016. The Fund's portion is reported as part of “Other expenses” on the Consolidated 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, 2016 on the Consolidated 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 Consolidated Statement of Assets and Liabilities. Deferred compensation expenses for the period ended December 31, 2016 are included in “Non-interested Trustees’ fees and expenses” on the Consolidated 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 $181,750 were paid by the Trust to a Trustee under the Deferred Plan during the period ended December 31, 2016.


32	DECEMBER 31, 2016

Janus Diversified Alternatives Fund

Notes to Consolidated Financial Statements (unaudited)

no CDSCs paid by redeeming shareholders of Class A Shares to Janus Distributors during the period ended December 31, 2016.

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


Class	% of Class Owned		% of Fund Owned
Class A Shares	36	%	2	%
Class C Shares	74		2
Class D Shares	-		-
Class I Shares	-		-
Class N Shares	98		71
Class S Shares	100		2
Class T Shares	55		2

5. Federal Income Tax



Capital Loss Carryover Schedule
For the year ended June 30, 2016
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$ (968,111)	$ (565,584)	$ (1,533,695)


Janus Investment Fund	33

Janus Diversified Alternatives Fund

Notes to Consolidated Financial Statements (unaudited)

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, 2016 are noted below.

Unrealized appreciation and unrealized depreciation in the table below exclude appreciation/depreciation on foreign currency translations. The primary difference between book and tax appreciation or depreciation of investments is investments in partnerships.


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 57,791,568	$ 2,958	$ (991,441)	$ (988,483)

6. Capital Share Transactions



	Period ended December 31, 2016		Year ended June 30, 2016
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	27,623	$ 281,820	26,339	$ 256,424
Reinvested dividends and distributions	8,507	84,982	2,902	27,536
Shares repurchased	(14,384)	(146,594)	(13,491)	(131,170)
Net Increase/(Decrease)	21,746	$ 220,208	15,750	$ 152,790
Class C Shares:
Shares sold	7,830	$ 77,629	19,883	$ 190,060
Reinvested dividends and distributions	4,041	39,641	1,863	17,384
Shares repurchased	(31)	(300)	(15,465)	(150,925)
Net Increase/(Decrease)	11,840	$ 116,970	6,281	$ 56,519
Class D Shares:
Shares sold	127,987	$ 1,313,114	376,129	$ 3,665,064
Reinvested dividends and distributions	12,801	128,390	3,381	32,185
Shares repurchased	(164,162)	(1,673,782)	(207,729)	(2,015,347)
Net Increase/(Decrease)	(23,374)	$ (232,278)	171,781	$ 1,681,902
Class I Shares:
Shares sold	203,406	$ 2,083,647	106,810	$ 1,044,128
Reinvested dividends and distributions	10,483	105,459	2,104	20,092
Shares repurchased	(9,171)	(93,408)	(96,470)	(946,722)
Net Increase/(Decrease)	204,718	$ 2,095,698	12,444	$ 117,498
Class N Shares:
Shares sold	59,727	$ 611,119	164,210	$ 1,601,677
Reinvested dividends and distributions	132,356	1,334,148	50,232	480,219
Shares repurchased	(404,150)	(4,135,787)	(711,924)	(6,935,610)
Net Increase/(Decrease)	(212,067)	$(2,190,520)	(497,482)	$(4,853,714)
Class S Shares:
Shares sold	-	$ -	-	$ 48
Reinvested dividends and distributions	4,173	41,439	1,424	13,463
Shares repurchased	-	-	-	-
Net Increase/(Decrease)	4,173	$ 41,439	1,424	$ 13,511
Class T Shares:
Shares sold	104,414	$ 1,058,748	25,467	$ 245,031
Reinvested dividends and distributions	7,049	70,488	1,570	14,927
Shares repurchased	(36,376)	(376,239)	(120,675)	(1,162,815)
Net Increase/(Decrease)	75,087	$ 752,997	(93,638)	$ (902,857)


34	DECEMBER 31, 2016

Janus Diversified Alternatives Fund

Notes to Consolidated Financial Statements (unaudited)

7. Purchases and Sales of Investment Securities


Purchases of Securities	Proceeds from Sales of Securities	Purchases of Long- Term U.S. Government Obligations	Proceeds from Sales of Long-Term U.S. Government Obligations
$ -	$ 2,500,000	$ -	$ -

8. Merger Related Matters

In addition, the Fund’s name will change to reflect “Janus Henderson” as part of the Fund’s name.


Janus Investment Fund	35

Janus Diversified Alternatives Fund

Notes to Consolidated Financial Statements (unaudited)

9. Subsequent Event

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


36	DECEMBER 31, 2016

Janus Diversified Alternatives Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Quarterly Portfolio Holdings

Approval of Advisory and Sub-Advisory Agreements with Janus and Janus Affiliates during the Period


Janus Investment Fund	37

Janus Diversified Alternatives Fund

Additional Information (unaudited)


38	DECEMBER 31, 2016

Janus Diversified Alternatives Fund

Additional Information (unaudited)

Capital, and the Funds of receiving research services from broker/dealer firms in connection with the allocation of portfolio transactions to such firms.

In connection with its deliberations, the Board received assurances from Janus, on behalf of itself and its affiliates (collectively, “Janus”) including the following:

· Janus has provided to the Board such information as it believes is reasonably necessary to evaluate the New Advisory Agreements and New Sub-Advisory Agreements.

· Janus is committed to the continuance, without interruption, of services to the Funds of at least the type and quality currently provided by Janus Capital and its affiliates, or superior thereto.

· The intent of Janus Capital to take the necessary and appropriate steps to retain and attract its key investment advisory personnel.


Janus Investment Fund	39

Janus Diversified Alternatives Fund

Additional Information (unaudited)

Approval of Interim Advisory and Sub-Advisory Agreements with Janus and Janus Affiliates during the Period


40	DECEMBER 31, 2016

Janus Diversified Alternatives Fund

Additional Information (unaudited)

Approval of Sub-Advisory Agreements with Henderson Investment Management Limited during the Period

· the terms of each HIML Sub-Advisory Agreement;

· the ability of HIML to attract and retain high-quality personnel and the organizational depth of HIML;

· under each HIML Sub-Advisory Agreement, Janus Capital would be responsible for paying HIML out of its fees;

· the potential for economies of scale with respect to the overall fee structure of each HIML Fund and whether either Fund will benefit from any economies of scale; and

· the costs of seeking approval of the HIML Sub-Advisory Agreements will not be borne by the HIML Funds.


Janus Investment Fund	41

Janus Diversified Alternatives Fund

Additional Information (unaudited)

Renewal of Investment Advisory and Sub-Advisory Agreements for INTECH U.S. Core Fund


42	DECEMBER 31, 2016

Janus Diversified Alternatives Fund

Useful Information About Your Fund Report (unaudited)

Management Commentary

Performance Overviews

Consolidated Schedule of Investments

Following the performance overview section is the Fund’s Consolidated 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 Consolidated 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, swaptions, and swaps follow the Fund’s Consolidated Schedule of Investments (if applicable).

Consolidated 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

Janus Diversified Alternatives Fund

Useful Information About Your Fund Report (unaudited)

Consolidated 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.

Consolidated Statements of Changes in Net Assets

The first section summarizes the information from the Consolidated 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.

Consolidated Financial Highlights


44	DECEMBER 31, 2016

Janus Diversified Alternatives Fund

Useful Information About Your Fund Report (unaudited)

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


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

Fixed Income

Global & International

Growth & Core

Mathematical

Value

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).

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-0217-7551

125-24-93018 02-17



	SEMIANNUAL REPORT December 31, 2016

Janus Flexible Bond Fund

Janus Investment Fund

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

Table of Contents

Janus Flexible Bond Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	18
Statement of Assets and Liabilities	20
Statement of Operations	22
Statements of Changes in Net Assets	23
Financial Highlights	24
Notes to Financial Statements	28
Additional Information	40
Useful Information About Your Fund Report	46

Janus Flexible Bond Fund (unaudited)

FUND SNAPSHOT

This dynamic core bond fund leverages a bottom-up, fundamentally driven investment process designed to generate risk-adjusted outperformance and capital preservation. Throughout its history, the fund has utilized an active and flexible approach to manage across a variety of market and rate cycles.

Michael Keough

co-portfolio manager

Mayur Saigal

co-portfolio manager

Darrell Watters

co-portfolio manager

PERFORMANCE OVERVIEW

During the six-month period ended December 31, 2016, Janus Flexible Bond Fund’s Class T Shares returned -1.93% compared with -2.53% for the Fund’s benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index.

INVESTMENT ENVIRONMENT

Rates rallied through the first few days of the period as market participants digested the United Kingdom’s decision to exit the European Union. Accommodative monetary policy abroad also drove investors toward U.S. Treasurys, pushing the yield on the 10-year note to all-time lows. From there, however, corporate credit spreads resumed tightening and rates generally rose as market concerns ebbed. Brexit, in the interim, was less damaging than investors had feared. Concern from central banks over the ineffective nature of ultra-accommodative monetary policy hinted at the need for fiscal stimulus to take the next shot at spurring global economic growth. U.S. economic data was ticking up, and signs of inflation emerged. Market participants latched on to the possibility for stronger economic growth and higher inflation. The election of Donald Trump to the U.S. presidency added further optimism as pro-growth fiscal policies now seem within reach. Risk assets, including corporate credit, remained in favor, while rates moved higher. In December, the Federal Reserve (Fed) announced an increase to the target federal funds rate, and a projection of three additional hikes in 2017 which drove Treasury yields higher still.

Rates rose across the yield curve, with the move most pronounced in 5- to 10-year Treasury notes. Spreads on both investment-grade and high-yield corporate credit tightened.

PERFORMANCE DISCUSSION

The Fund outperformed its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, during the six-month period. Outperformance was led by our corporate credit exposure, which benefited from significant spread tightening during the period. A sustained reach for yield kept demand for U.S. corporate credit strong, and later in the period, President-elect Trump’s policy proposals renewed investor hope that economic growth could lead to improved fundamentals in the coming year. Yield curve positioning and our overweight allocation in investment grade aided relative results, as did our out-of-index allocation to high yield. Gains were concentrated in the lowest tier of investment-grade credit ratings and the highest tier of high-yield ratings.

Further supporting performance was our out-of-benchmark allocation to bank loans. The floating rate nature of the instruments aided results, as short-term interest rates ticked higher. The Fund also benefited from the generally higher yields on the instruments. In our view, loans – which benefit from a senior position in the capital structure and can offer protection in a rising-rate environment – will offer stable and attractive risk-adjusted opportunities in the coming year.

Relative credit sector contributors included technology, banking and financial other. Financial sectors, including banking, benefited from the prospect of rising rates and Mr. Trump’s proposals for a more relaxed regulatory environment. Outperformance in technology was largely due to our overweight allocation and strong security selection. Demand for personal computers and enterprise infrastructure picked up during the period and benefited the cyclical technology sector, including our position in Seagate Technology. The data storage company was the top contributing corporate issuer, on a relative basis. A position in Verisk Analytics, a data analytics and risk assessment firm, further supported performance in the sector. Deleveraging initiatives, accelerated by the sale of its health care services business earlier in 2016, were well received by investors during the period.

Food and beverage was the leading sector detractor on a relative basis. Underperformance was impacted, in part, by


Janus Investment Fund	1

Janus Flexible Bond Fund (unaudited)

our duration positioning in Anheuser-Busch InBev. We continue to like the name, believing the synergies gained from the multinational beverage and brewing company’s merger with SABMiller will be beneficial in driving earnings growth. We also appreciate management’s plans to delever and improve the balance sheet post-merger.

At the asset class level, our positioning in U.S. mortgage-backed securities (MBS) contributed to outperformance. As rates rose, our positions were less exposed to the duration extension across the asset class. Within MBS, we focus on generic agency pass-throughs with higher coupons and less negative convexity than the positions in the index. Our exposure to U.S. Treasurys was the largest detractor. Our yield curve positioning, particularly exposure to the 5- and 10-year notes, weighed on results as rates continued to sell off in December. The backup in rates was most pronounced in the belly of the curve, which was impacted by the Fed’s decision to increase the target federal funds rate, as well as by future Fed projections.

OUTLOOK

Investor sentiment has changed dramatically with the election of Mr. Trump. The pro-business initiatives his administration has proposed have already generated a more positive outlook for the U.S. economy and triggered increased growth and inflation expectations. In our view, this optimism in conjunction with a stronger dollar and relatively higher oil prices will continue to propel rates upward across the yield curve in the coming year. We anticipate a steeper curve, with the front end moving on Fed projections and the long end rising further on increased inflationary expectations. The Fed’s forecast for three interest rate hikes in 2017 is in line with our expectations, although we believe more hikes could be warranted in a reflationary environment. As a result, we will continue to actively manage duration and yield curve positioning, with the expectation of maintaining duration below that of the benchmark.

New fiscal policies for tax reform, industry deregulation and infrastructure spending, if properly implemented, should drive increased growth and inflation in the U.S., enabling the recent earnings recession to shift toward improving corporate fundamentals in 2017. Organic growth prospects and the accompanying rise in operating earnings would allow companies to grow into their capital structures, reversing the recent trend of increasing leverage. For the past two years we’ve seen accommodative monetary policy prolong the latter stages of a credit cycle, and we believe the results of the U.S. election may have just further extended the cycle. Global demand for U.S. corporate credit – due to its comparatively higher yields versus other global fixed income asset classes – also contributes to our modestly improved outlook.

Market moves in the coming year will largely be determined by the success of Mr. Trump’s policy execution, in our view, and we will closely monitor the difference between rhetoric and implementation, as well as the transition from policy intentions to growth. Our analysts are conducting in-depth, bottom-up research to identify issuers with higher quality business models and strong fundamentals, particularly in sectors that may benefit from a change in economic policy.

With growth prospects on the horizon, we are taking a selectively opportunistic approach to U.S. corporate credit, yet we remain mindful of tighter spread levels after tightening in 2016. We are also closely watching the ability for corporate spreads to hold near current levels in a rising-rate environment. Our focus remains on issuers with ample liquidity, strong free-cash-flow generation potential and commitment to a sound balance sheet. In this extended cycle, the importance of security avoidance remains a central aspect of our investment process. Even as we opportunistically add to credit, we intend to maintain a conservative bias, reflecting our commitment to deliver capital preservation and strong risk-adjusted returns for our clients.

Thank you for your investment in Janus Flexible Bond Fund.


2	DECEMBER 31, 2016

Janus Flexible Bond Fund (unaudited)

Fund At A Glance

December 31, 2016


Fund Profile
30-day Current Yield*	Without Reimbursement	With Reimbursement
Class A Shares NAV	2.13%	2.13%
Class A Shares MOP	2.03%	2.03%
Class C Shares**	1.44%	1.44%
Class D Shares	2.36%	2.36%
Class I Shares	2.41%	2.41%
Class N Shares	2.52%	2.52%
Class R Shares	1.77%	1.77%
Class S Shares	2.02%	2.02%
Class T Shares	2.27%	2.27%
Weighted Average Maturity		7.1 Years
Average Effective Duration***		4.5 Years
* Yield will fluctuate.
** Does not include the 1.00% contingent deferred sales charge.
*** A theoretical measure of price volatility.


Ratings^† Summary - (% of Total Investments)
AAA	0.4%
AA	44.6%
A	7.3%
BBB	38.3%
BB	5.6%
B	1.3%
Not Rated	1.3%
Other	1.2%
† Credit ratings provided by Standard & Poor's (S&P), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality. "Other" includes cash equivalents, equity securities, and certain derivative instruments.

Significant Areas of Investment - (% of Net Assets)


Asset Allocation - (% of Net Assets)
Corporate Bonds	42.4%
Mortgage-Backed Securities	24.5%
United States Treasury Notes/Bonds	12.9%
Asset-Backed/Commercial Mortgage-Backed Securities	6.5%
U.S. Government Agency Notes	5.3%
Bank Loans and Mezzanine Loans	5.1%
Inflation-Indexed Bonds	1.5%
Investment Companies	1.0%
Preferred Stocks	0.9%
Other		(0.1)%
		100.0%


Janus Investment Fund	3

Janus Flexible Bond Fund (unaudited)

Performance

See important disclosures on the next page.



						Expense Ratios -
Average Annual Total Return - for the periods ended December 31, 2016						per the October 28, 2016 prospectuses
	Fiscal Year-to-Date	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses
Class A Shares at NAV	-1.99%	2.38%	2.86%	5.26%	6.72%	0.81%
Class A Shares at MOP	-6.65%	-2.45%	1.86%	4.75%	6.54%
Class C Shares at NAV	-2.33%	1.58%	2.10%	4.51%	6.03%	1.53%
Class C Shares at CDSC	-3.30%	0.58%	2.10%	4.51%	6.03%
Class D Shares⁽¹⁾	-1.88%	2.61%	3.06%	5.41%	6.77%	0.60%
Class I Shares	-1.86%	2.65%	3.09%	5.33%	6.75%	0.56%
Class N Shares	-1.81%	2.67%	2.95%	5.33%	6.75%	0.44%
Class R Shares	-2.18%	2.00%	2.46%	4.83%	6.32%	1.20%
Class S Shares	-2.05%	2.16%	2.69%	5.09%	6.57%	0.94%
Class T Shares	-1.93%	2.42%	2.95%	5.33%	6.75%	0.69%
Bloomberg Barclays U.S. Aggregate Bond Index	-2.53%	2.65%	2.23%	4.34%	6.45%^**
Morningstar Quartile - Class T Shares	-	3rd	2nd	1st	1st
Morningstar Ranking - based on total returns for Intermediate-Term Bond Funds	-	709/1,011	327/909	65/796	25/196

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 4.75%. 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.


4	DECEMBER 31, 2016

Janus Flexible Bond Fund (unaudited)

Performance

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

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.

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

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

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

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 – July 7, 1987

** The Bloomberg Barclays U.S. Aggregate Bond Index’s since inception returns are calculated from June 30, 1987.

(1) Closed to certain new investors.


Janus Investment Fund	5

Janus Flexible Bond Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (7/1/16)	Ending Account Value (12/31/16)	Expenses Paid During Period (7/1/16 - 12/31/16)†	Beginning Account Value (7/1/16)	Ending Account Value (12/31/16)	Expenses Paid During Period (7/1/16 - 12/31/16)†	Net Annualized Expense Ratio (7/1/16 - 12/31/16)
Class A Shares		$1,000.00	$980.10	$4.09	$1,000.00	$1,021.07	$4.18	0.82%
Class C Shares		$1,000.00	$976.70	$7.57	$1,000.00	$1,017.54	$7.73	1.52%
Class D Shares		$1,000.00	$981.20	$3.00	$1,000.00	$1,022.18	$3.06	0.60%
Class I Shares		$1,000.00	$981.40	$2.80	$1,000.00	$1,022.38	$2.85	0.56%
Class N Shares		$1,000.00	$981.90	$2.25	$1,000.00	$1,022.94	$2.29	0.45%
Class R Shares		$1,000.00	$978.20	$5.98	$1,000.00	$1,019.16	$6.11	1.20%
Class S Shares		$1,000.00	$979.50	$4.69	$1,000.00	$1,020.47	$4.79	0.94%
Class T Shares		$1,000.00	$980.70	$3.44	$1,000.00	$1,021.73	$3.52	0.69%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (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, 2016

Janus Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities – 6.5%
	AmeriCredit Automobile Receivables 2016-1, 3.5900%, 2/8/22	$14,947,000	$15,206,348
	AmeriCredit Automobile Receivables Trust 2012-4, 3.8200%, 2/10/20 (144A)	5,788,000	5,808,243
	AmeriCredit Automobile Receivables Trust 2015-2, 3.0000%, 6/8/21	10,333,000	10,448,093
	AmeriCredit Automobile Receivables Trust 2016-2, 3.6500%, 5/9/22	10,100,000	10,286,841
	Applebee's Funding LLC / IHOP Funding LLC, 4.2770%, 9/5/44 (144A)	36,857,000	36,427,985
	Aventura Mall Trust 2013-AVM, 3.7427%, 12/5/32 (144A)^‡	11,081,000	11,208,477
	Banc of America Commercial Mortgage Trust 2007-3, 5.5485%, 6/10/49^‡	8,675,811	8,790,949
	Capital Auto Receivables Asset Trust 2013-4, 3.8300%, 7/20/22 (144A)	6,783,000	6,887,730
	CGBAM Commercial Mortgage Trust 2014-HD, 3.5382%, 2/15/31 (144A)^‡	4,651,000	4,578,490
	CKE Restaurant Holdings Inc, 4.4740%, 3/20/43 (144A)	21,850,644	21,565,797
	COBALT CMBS Commercial Mortgage Trust 2007-C2, 5.5680%, 4/15/47^‡	3,985,536	3,989,275
	COMM 2007-C9 Mortgage Trust, 5.6500%, 12/10/49^‡	9,919,389	10,094,742
	Commercial Mortgage Trust 2007-GG11, 5.8670%, 12/10/49^‡	5,559,150	5,681,232
	Core Industrial Trust 2015-TEXW, 3.8487%, 2/10/34 (144A)^‡	14,590,000	14,109,623
	Cosmopolitan Hotel Trust 2016-COSMO, 2.8039%, 11/15/33 (144A)^‡	5,053,000	5,078,334
	Cosmopolitan Hotel Trust 2016-COSMO, 4.2039%, 11/15/33 (144A)^‡	6,594,000	6,631,184
	Cosmopolitan Hotel Trust 2016-COSMO, 5.3539%, 11/15/33 (144A)^‡	9,735,000	9,798,832
	Domino's Pizza Master Issuer LLC, 5.2160%, 1/25/42 (144A)	9,665,856	9,858,815
	Domino's Pizza Master Issuer LLC, 3.4840%, 10/25/45 (144A)	27,142,830	26,860,545
	FREMF 2010 K-SCT Mortgage Trust, 2.0000%, 1/25/20 (144A)^§	17,051,375	15,783,491
	GAHR Commercial Mortgage Trust 2015-NRF, 3.3822%, 12/15/34 (144A)^‡	6,855,842	6,813,886
	GS Mortgage Securities Corp II, 3.4350%, 12/10/27 (144A)^‡	15,769,000	14,889,752
	GS Mortgage Securities Corp Trust 2013-NYC5, 3.6490%, 1/10/30 (144A)^‡	7,205,000	7,320,721
	Hilton USA Trust 2013-HLT, 4.4534%, 11/5/30 (144A)^‡	4,730,000	4,736,187
	J.P. Morgan Chase Commercial Mortgage Securities Trust 2016-WIKI,
	3.5537%, 10/5/31 (144A)	3,212,000	3,234,466
	J.P. Morgan Chase Commercial Mortgage Securities Trust 2016-WIKI,
	4.0090%, 10/5/31 (144A)^‡	4,929,000	4,899,640
	JP Morgan Chase Commercial Mortgage Securities Trust 2013-WT,
	2.8044%, 2/16/25 (144A)	11,026,101	11,033,004
	JP Morgan Chase Commercial Mortgage Securities Trust 2013-WT,
	4.8447%, 2/16/25 (144A)	10,795,000	10,792,939
	JP Morgan Chase Commercial Mortgage Securities Trust 2015-SGP,
	3.4539%, 7/15/36 (144A)^‡	4,251,000	4,277,477
	JP Morgan Chase Commercial Mortgage Securities Trust 2015-SGP,
	5.2039%, 7/15/36 (144A)^‡	14,352,000	14,441,634
	JP Morgan Chase Commercial Mortgage Securities Trust 2015-UES,
	3.6210%, 9/5/32 (144A)^‡	9,457,000	9,145,448
	LB-UBS Commercial Mortgage Trust 2006-C1, 5.2760%, 2/15/41^‡	4,362,856	4,363,072
	LB-UBS Commercial Mortgage Trust 2007-C1, 5.4840%, 2/15/40	9,854,979	9,863,589
	LB-UBS Commercial Mortgage Trust 2007-C2, 5.4930%, 2/15/40^‡	5,389,176	5,433,813
	LB-UBS Commercial Mortgage Trust 2007-C7, 6.2452%, 9/15/45^‡	7,952,564	8,018,156
	OSCAR US Funding Trust V, 2.7300%, 12/15/20 (144A)	5,300,000	5,239,485
	OSCAR US Funding Trust V, 2.9900%, 12/15/23 (144A)	4,500,000	4,410,558
	Santander Drive Auto Receivables Trust 2012-6, 2.5200%, 9/17/18	5,759,704	5,767,352
	Santander Drive Auto Receivables Trust 2013-4, 4.6700%, 1/15/20 (144A)	16,689,000	16,977,403
	Santander Drive Auto Receivables Trust 2013-A, 4.7100%, 1/15/21 (144A)	11,182,000	11,465,385
	Santander Drive Auto Receivables Trust 2015-1, 3.2400%, 4/15/21	10,596,000	10,719,922
	Santander Drive Auto Receivables Trust 2015-4, 3.5300%, 8/16/21	17,533,000	17,821,072
	Starwood Retail Property Trust 2014-STAR, 3.2039%, 11/15/27 (144A)^‡	5,056,000	4,983,073
	Starwood Retail Property Trust 2014-STAR, 3.9539%, 11/15/27 (144A)^‡	16,629,884	15,843,345
	Starwood Retail Property Trust 2014-STAR, 4.8539%, 11/15/27 (144A)^‡	8,155,000	7,705,460
	Taco Bell Funding LLC, 3.8320%, 5/25/46 (144A)	19,820,325	19,892,174
	Wachovia Bank Commercial Mortgage Trust Series 2007-C30, 5.3830%, 12/15/43	15,753,104	15,756,648
	Wachovia Bank Commercial Mortgage Trust Series 2007-C31, 5.6600%, 4/15/47^‡	27,520,082	27,764,229
	Wachovia Bank Commercial Mortgage Trust Series 2007-C33, 5.9692%, 2/15/51^‡	18,292,731	18,340,365
	Wachovia Bank Commercial Mortgage Trust Series 2007-C34, 5.9416%, 5/15/46^‡	7,386,597	7,403,659
	Wells Fargo Commercial Mortgage Trust 2014-TISH, 3.2882%, 1/15/27 (144A)^‡	4,847,000	4,727,952
	Wells Fargo Commercial Mortgage Trust 2014-TISH, 2.9540%, 2/15/27 (144A)^‡	6,719,000	6,738,304
	Wells Fargo Commercial Mortgage Trust 2014-TISH, 3.7880%, 2/15/27 (144A)^‡	1,982,000	1,982,317


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

Janus Investment Fund	7

Janus Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities – (continued)
	Wendys Funding LLC 2015-1, 3.3710%, 6/15/45 (144A)	$33,026,938	$32,976,604
Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $599,818,233)			594,874,117
Bank Loans and Mezzanine Loans – 5.1%
Basic Industry – 0.3%
	Axalta Coating Systems US Holdings Inc, 3.4982%, 2/1/23^(a),‡	26,580,187	26,829,509
Communications – 1.6%
	Charter Communications Operating LLC, 3.0200%, 7/1/20^‡	8,960,360	8,997,725
	Charter Communications Operating LLC, 3.0200%, 1/3/21^‡	11,117,594	11,160,841
	Charter Communications Operating LLC, 3.5000%, 1/15/24^‡	25,970,748	26,105,750
	Level 3 Financing Inc, 4.0000%, 1/15/20^(a),‡	2,792,000	2,828,296
	Level 3 Financing Inc, 3.5000%, 5/31/22^‡	43,621,000	44,111,736
	Mission Broadcasting Inc, 0%, 9/26/23^(a),‡	959,645	967,140
	Nexstar Broadcasting Inc, 0%, 9/26/23^(a),‡	10,769,355	10,853,463
	Nielsen Finance LLC, 3.1542%, 10/4/23^‡	23,985,423	24,235,352
	T-Mobile USA Inc, 3.5200%, 11/9/22^‡	18,451,218	18,662,669
			147,922,972
Consumer Cyclical – 1.8%
	Aramark Services Inc, 3.3533%, 9/7/19^‡	16,366,686	16,520,206
	Aramark Services Inc, 3.4982%, 2/24/21^‡	21,998,895	22,183,466
	Hilton Worldwide Finance LLC, 3.5000%, 10/26/20^‡	1,249,182	1,259,413
	Hilton Worldwide Finance LLC, 3.2561%, 10/25/23^(a),‡	51,801,390	52,358,254
	KFC Holding Co, 3.4862%, 6/16/23^‡	49,738,165	50,391,227
	Landry's Inc, 4.0000%, 10/4/23^‡	24,670,000	24,894,744
			167,607,310
Consumer Non-Cyclical – 0.6%
	HCA Inc, 3.5200%, 2/15/24^‡	27,655,930	27,971,485
	Quintiles IMS Inc, 3.5000%, 3/17/21^‡	14,047,763	14,127,975
	Tumi Holdings Inc, 3.3556%, 8/1/21^‡	9,291,563	9,284,308
			51,383,768
Technology – 0.8%
	Avago Technologies Cayman Finance Ltd, 3.7039%, 2/1/23^(a),‡	56,591,687	57,370,142
	CommScope Inc, 3.2700%, 12/29/22^(a),‡	17,757,947	17,909,008
			75,279,150
Total Bank Loans and Mezzanine Loans (cost $466,886,837)			469,022,709
Corporate Bonds – 42.4%
Asset-Backed Securities – 0.2%
	American Tower Trust #1, 1.5510%, 3/15/18 (144A)	21,455,000	21,435,547
Banking – 6.4%
	Ally Financial Inc, 3.2500%, 11/5/18	10,809,000	10,822,511
	Ally Financial Inc, 8.0000%, 12/31/18	4,153,000	4,531,961
	Bank of America Corp, 5.4200%, 3/15/17	5,560,000	5,600,277
	Bank of America Corp, 3.8750%, 3/22/17	4,125,000	4,148,347
	Bank of America Corp, 5.7000%, 5/2/17	13,175,000	13,354,351
	Bank of America Corp, 4.1830%, 11/25/27	47,415,000	47,372,753
	Bank of America Corp, 6.3000%^µ	8,804,000	9,200,180
	Bank of America NA, 5.3000%, 3/15/17	28,155,000	28,373,004
	Citigroup Inc, 2.3607%, 9/1/23^‡	24,083,000	24,561,842
	Citizens Financial Group Inc, 3.7500%, 7/1/24	6,682,000	6,460,391
	Citizens Financial Group Inc, 4.3500%, 8/1/25	4,646,000	4,661,671
	Citizens Financial Group Inc, 4.3000%, 12/3/25	25,008,000	25,369,716
	Credit Suisse AG/New York NY, 1.3750%, 5/26/17	5,433,000	5,434,174
	Discover Financial Services, 3.9500%, 11/6/24	18,411,000	18,224,184
	Discover Financial Services, 3.7500%, 3/4/25	15,558,000	15,191,158
	Goldman Sachs Capital I, 6.3450%, 2/15/34	28,349,000	33,659,476
	Goldman Sachs Group Inc, 5.6250%, 1/15/17	7,686,000	7,695,385
	Goldman Sachs Group Inc, 3.7500%, 2/25/26	19,520,000	19,550,549
	JPMorgan Chase & Co, 2.2950%, 8/15/21	31,699,000	31,082,867
	JPMorgan Chase & Co, 3.3750%, 5/1/23	34,978,000	34,816,821
	Morgan Stanley, 5.5500%, 4/27/17	7,440,000	7,538,372
	Morgan Stanley, 2.4500%, 2/1/19	11,606,000	11,681,497


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

8	DECEMBER 31, 2016

Janus Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares or Principal Amounts			Value
Corporate Bonds – (continued)
Banking – (continued)
	Morgan Stanley, 2.8000%, 6/16/20	$17,498,000	$17,628,868
	Morgan Stanley, 4.8750%, 11/1/22	7,831,000	8,383,673
	Morgan Stanley, 3.9500%, 4/23/27	17,340,000	17,138,769
	Murray Street Investment Trust I, 4.6470%, 3/9/17^Ç	30,900,000	31,060,989
	Santander UK PLC, 5.0000%, 11/7/23 (144A)	26,374,000	26,830,903
	SVB Financial Group, 5.3750%, 9/15/20	16,641,000	18,017,910
	Synchrony Financial, 2.6000%, 1/15/19	831,000	834,922
	Synchrony Financial, 3.0000%, 8/15/19	21,494,000	21,763,126
	Synchrony Financial, 4.5000%, 7/23/25	23,962,000	24,581,969
	UBS AG, 4.7500%, 5/22/23^‡	14,353,000	14,640,060
	UBS AG/Jersey, 7.2500%, 2/22/22^‡	3,087,000	3,105,266
	Wells Fargo & Co, 2.1000%, 5/8/17	7,658,000	7,679,588
	Wells Fargo & Co, 3.0000%, 4/22/26	7,370,000	7,022,770
	Wells Fargo & Co, 5.8750%^µ	12,530,000	13,155,247
			581,175,547
Basic Industry – 1.0%
	Air Liquide Finance SA, 1.7500%, 9/27/21 (144A)	8,688,000	8,342,113
	ArcelorMittal, 7.2500%, 2/25/22^‡	1,580,000	1,781,450
	Ashland LLC, 3.8750%, 4/15/18	11,284,000	11,580,205
	Georgia-Pacific LLC, 3.1630%, 11/15/21 (144A)	32,024,000	32,375,303
	Georgia-Pacific LLC, 3.6000%, 3/1/25 (144A)	17,274,000	17,449,435
	Reliance Steel & Aluminum Co, 4.5000%, 4/15/23	17,032,000	17,119,255
	Steel Dynamics Inc, 5.0000%, 12/15/26 (144A)	2,071,000	2,063,234
			90,710,995
Brokerage – 3.4%
	Carlyle Holdings Finance LLC, 3.8750%, 2/1/23 (144A)	10,514,000	10,599,069
	Charles Schwab Corp, 3.0000%, 3/10/25	11,610,000	11,376,395
	Charles Schwab Corp, 4.6250%^µ	14,466,000	13,598,040
	Charles Schwab Corp, 7.0000%^µ	16,618,000	18,902,975
	E*TRADE Financial Corp, 5.3750%, 11/15/22	21,195,000	22,424,840
	E*TRADE Financial Corp, 4.6250%, 9/15/23	28,634,000	29,206,680
	Intercontinental Exchange Inc, 3.7500%, 12/1/25	19,155,000	19,650,233
	Lazard Group LLC, 4.2500%, 11/14/20	20,019,000	20,918,514
	Neuberger Berman Group LLC / Neuberger Berman Finance Corp,
	5.8750%, 3/15/22 (144A)	24,804,000	25,641,135
	Neuberger Berman Group LLC / Neuberger Berman Finance Corp,
	4.8750%, 4/15/45 (144A)	23,697,000	18,780,109
	Raymond James Financial Inc, 5.6250%, 4/1/24	47,096,000	52,386,953
	Raymond James Financial Inc, 3.6250%, 9/15/26	5,349,000	5,208,776
	Scottrade Financial Services Inc, 6.1250%, 7/11/21 (144A)	7,387,000	8,344,850
	TD Ameritrade Holding Corp, 2.9500%, 4/1/22	18,184,000	18,391,916
	TD Ameritrade Holding Corp, 3.6250%, 4/1/25	34,587,000	35,068,555
			310,499,040
Capital Goods – 1.8%
	Arconic Inc, 5.1250%, 10/1/24	24,431,000	25,041,775
	Ball Corp, 4.3750%, 12/15/20	11,110,000	11,609,950
	CIT Group Inc, 5.0000%, 5/15/18 (144A)	5,242,000	5,307,525
	CNH Industrial Capital LLC, 3.6250%, 4/15/18	12,126,000	12,277,575
	General Electric Co, 5.0000%^µ	21,768,000	22,588,654
	L-3 Communications Corp, 3.8500%, 12/15/26	3,666,000	3,638,608
	Martin Marietta Materials Inc, 4.2500%, 7/2/24	9,436,000	9,576,238
	Masco Corp, 3.5000%, 4/1/21	11,390,000	11,418,475
	Masco Corp, 4.3750%, 4/1/26	1,921,000	1,953,791
	Owens Corning, 4.2000%, 12/1/24	10,030,000	10,261,974
	Owens Corning, 3.4000%, 8/15/26	3,714,000	3,522,852
	Vulcan Materials Co, 7.0000%, 6/15/18	13,081,000	13,963,967
	Vulcan Materials Co, 7.5000%, 6/15/21	7,053,000	8,304,907
	Vulcan Materials Co, 4.5000%, 4/1/25	19,946,000	20,843,570


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

Janus Investment Fund	9

Janus Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares or Principal Amounts			Value
Corporate Bonds – (continued)
Capital Goods – (continued)
	Xylem Inc/NY, 3.2500%, 11/1/26	$5,585,000	$5,415,093
			165,724,954
Communications – 4.2%
	American Tower Corp, 3.3000%, 2/15/21	21,096,000	21,319,175
	American Tower Corp, 3.4500%, 9/15/21	1,835,000	1,857,027
	American Tower Corp, 3.5000%, 1/31/23	3,254,000	3,260,440
	American Tower Corp, 4.4000%, 2/15/26	11,535,000	11,771,364
	American Tower Corp, 3.3750%, 10/15/26	25,178,000	23,800,134
	BellSouth LLC, 4.4000%, 4/26/17 (144A)	89,008,000	89,920,332
	CCO Holdings LLC / CCO Holdings Capital Corp, 5.2500%, 3/15/21	16,151,000	16,635,530
	Charter Communications Operating LLC / Charter Communications Operating Capital, 4.9080%, 7/23/25	32,576,000	34,290,117
	Comcast Corp, 2.3500%, 1/15/27	11,068,000	10,213,108
	Cox Communications Inc, 3.3500%, 9/15/26 (144A)	23,525,000	22,431,464
	Crown Castle International Corp, 4.8750%, 4/15/22	27,628,000	29,418,294
	Crown Castle International Corp, 5.2500%, 1/15/23	14,508,000	15,614,235
	SBA Tower Trust, 2.9330%, 12/11/17 (144A)	11,871,000	11,883,307
	Time Warner Cable LLC, 5.8500%, 5/1/17	16,071,000	16,298,694
	UBM PLC, 5.7500%, 11/3/20 (144A)	18,799,000	19,748,989
	Verizon Communications Inc, 1.7500%, 8/15/21	7,299,000	6,995,362
	Verizon Communications Inc, 2.6250%, 8/15/26	43,852,000	40,306,522
	Verizon Communications Inc, 4.1250%, 8/15/46	9,267,000	8,369,880
			384,133,974
Consumer Cyclical – 3.7%
	1011778 BC ULC / New Red Finance Inc, 4.6250%, 1/15/22 (144A)	22,674,000	23,127,480
	Brinker International Inc, 3.8750%, 5/15/23	29,696,000	28,099,840
	CVS Health Corp, 2.8000%, 7/20/20	34,494,000	34,992,818
	CVS Health Corp, 4.7500%, 12/1/22	8,829,000	9,577,461
	CVS Health Corp, 5.0000%, 12/1/24	11,868,000	12,976,768
	DR Horton Inc, 4.7500%, 5/15/17	6,951,000	7,011,821
	DR Horton Inc, 3.7500%, 3/1/19	12,226,000	12,470,520
	DR Horton Inc, 4.0000%, 2/15/20	2,925,000	3,005,437
	Ford Motor Co, 4.3460%, 12/8/26	13,750,000	13,874,451
	Ford Motor Credit Co LLC, 3.0000%, 6/12/17	3,683,000	3,704,372
	General Motors Co, 4.8750%, 10/2/23	29,111,000	30,484,282
	General Motors Financial Co Inc, 3.1000%, 1/15/19	18,300,000	18,487,758
	General Motors Financial Co Inc, 3.7000%, 5/9/23	7,512,000	7,383,770
	Hanesbrands Inc, 4.6250%, 5/15/24 (144A)	27,244,000	26,426,680
	IHO Verwaltungs GmbH, 4.1250%, 9/15/21 (144A)	4,265,000	4,307,650
	IHO Verwaltungs GmbH, 4.5000%, 9/15/23 (144A)	3,048,000	2,979,420
	MDC Holdings Inc, 5.5000%, 1/15/24	13,625,000	14,067,812
	Priceline Group Inc, 3.6000%, 6/1/26	32,263,000	31,862,197
	Schaeffler Finance BV, 4.2500%, 5/15/21 (144A)	5,836,000	5,952,720
	Toll Brothers Finance Corp, 4.0000%, 12/31/18	5,979,000	6,135,949
	Toll Brothers Finance Corp, 5.8750%, 2/15/22	4,861,000	5,274,185
	Toll Brothers Finance Corp, 4.3750%, 4/15/23	3,327,000	3,318,682
	Walgreens Boots Alliance Inc, 2.6000%, 6/1/21	5,649,000	5,608,564
	Walgreens Boots Alliance Inc, 3.1000%, 6/1/23	3,584,000	3,556,371
	Walgreens Boots Alliance Inc, 3.4500%, 6/1/26	14,583,000	14,293,921
	Walgreens Boots Alliance Inc, 4.6500%, 6/1/46	2,505,000	2,536,989
	ZF North America Capital Inc, 4.5000%, 4/29/22 (144A)	6,154,000	6,346,312
			337,864,230
Consumer Non-Cyclical – 6.7%
	AbbVie Inc, 3.2000%, 5/14/26	30,355,000	28,838,525
	Actavis Funding SCS, 3.0000%, 3/12/20	27,516,000	27,883,806
	Anheuser-Busch InBev Finance Inc, 2.6500%, 2/1/21	6,152,000	6,180,225
	Anheuser-Busch InBev Finance Inc, 3.3000%, 2/1/23	35,101,000	35,686,801
	Anheuser-Busch InBev Finance Inc, 3.6500%, 2/1/26	56,491,000	57,260,916
	Anheuser-Busch InBev Finance Inc, 4.9000%, 2/1/46	20,841,000	22,377,669


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

10	DECEMBER 31, 2016

Janus Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares or Principal Amounts			Value
Corporate Bonds – (continued)
Consumer Non-Cyclical – (continued)
	Becton Dickinson and Co, 1.8000%, 12/15/17	$13,827,000	$13,857,544
	Constellation Brands Inc, 4.2500%, 5/1/23	22,497,000	23,326,914
	Constellation Brands Inc, 3.7000%, 12/6/26	5,328,000	5,205,669
	Danone SA, 2.0770%, 11/2/21 (144A)	25,400,000	24,641,861
	Danone SA, 2.5890%, 11/2/23 (144A)	16,000,000	15,398,672
	Express Scripts Holding Co, 4.5000%, 2/25/26	15,798,000	16,241,940
	HCA Inc, 3.7500%, 3/15/19	8,775,000	9,016,312
	HCA Inc, 5.3750%, 2/1/25	3,137,000	3,144,842
	Kraft Heinz Foods Co, 2.8000%, 7/2/20	13,466,000	13,584,555
	Kraft Heinz Foods Co, 3.5000%, 7/15/22	11,538,000	11,700,097
	Kraft Heinz Foods Co, 3.0000%, 6/1/26	15,049,000	14,107,760
	Life Technologies Corp, 6.0000%, 3/1/20	14,721,000	16,026,915
	Molson Coors Brewing Co, 3.0000%, 7/15/26	30,591,000	28,874,937
	Molson Coors Brewing Co, 4.2000%, 7/15/46	7,358,000	6,846,148
	Newell Brands Inc, 3.1500%, 4/1/21	6,006,000	6,107,213
	Newell Brands Inc, 3.8500%, 4/1/23	5,150,000	5,336,590
	Newell Brands Inc, 5.0000%, 11/15/23	10,216,000	10,953,054
	Newell Brands Inc, 4.2000%, 4/1/26	35,862,000	37,380,935
	Perrigo Finance Unlimited Co, 3.9000%, 12/15/24	16,301,000	15,937,716
	Perrigo Finance Unlimited Co, 4.3750%, 3/15/26	6,596,000	6,593,691
	Shire Acquisitions Investments Ireland DAC, 2.4000%, 9/23/21	14,812,000	14,294,691
	Shire Acquisitions Investments Ireland DAC, 2.8750%, 9/23/23	20,027,000	19,012,572
	Shire Acquisitions Investments Ireland DAC, 3.2000%, 9/23/26	19,967,000	18,632,785
	Smithfield Foods Inc, 5.2500%, 8/1/18 (144A)	1,367,000	1,382,379
	Sysco Corp, 2.5000%, 7/15/21	4,608,000	4,554,681
	Sysco Corp, 3.3000%, 7/15/26	11,453,000	11,222,577
	Universal Health Services Inc, 4.7500%, 8/1/22 (144A)	19,797,000	20,044,462
	Universal Health Services Inc, 5.0000%, 6/1/26 (144A)	15,930,000	15,531,750
	Wm Wrigley Jr Co, 2.4000%, 10/21/18 (144A)	24,834,000	25,051,571
	Wm Wrigley Jr Co, 3.3750%, 10/21/20 (144A)	15,037,000	15,445,856
			607,684,631
Electric – 1.3%
	Dominion Resources Inc/VA, 2.0000%, 8/15/21	2,650,000	2,567,506
	Dominion Resources Inc/VA, 2.8500%, 8/15/26	3,727,000	3,484,063
	Duke Energy Corp, 1.8000%, 9/1/21	7,162,000	6,892,644
	Duke Energy Corp, 2.6500%, 9/1/26	11,190,000	10,427,950
	IPALCO Enterprises Inc, 5.0000%, 5/1/18	8,303,000	8,572,847
	PPL WEM Ltd / Western Power Distribution Ltd, 5.3750%, 5/1/21 (144A)	16,355,000	17,633,487
	Southern Co, 2.3500%, 7/1/21	28,177,000	27,667,081
	Southern Co, 2.9500%, 7/1/23	15,027,000	14,812,475
	Southern Co, 3.2500%, 7/1/26	28,615,000	27,807,971
			119,866,024
Energy – 4.5%
	Anadarko Petroleum Corp, 4.8500%, 3/15/21	3,025,000	3,240,928
	Anadarko Petroleum Corp, 5.5500%, 3/15/26	19,437,000	21,726,698
	Antero Resources Corp, 5.3750%, 11/1/21	20,206,000	20,660,635
	Buckeye Partners LP, 3.9500%, 12/1/26	4,121,000	4,014,402
	Canadian Natural Resources Ltd, 5.7000%, 5/15/17	4,109,000	4,170,064
	Canadian Natural Resources Ltd, 5.9000%, 2/1/18	7,304,000	7,602,303
	Cenovus Energy Inc, 5.7000%, 10/15/19	458,000	489,716
	Cimarex Energy Co, 5.8750%, 5/1/22	15,286,000	15,888,406
	Cimarex Energy Co, 4.3750%, 6/1/24	5,128,000	5,326,884
	ConocoPhillips Co, 4.2000%, 3/15/21	14,109,000	14,974,756
	ConocoPhillips Co, 4.9500%, 3/15/26	18,545,000	20,446,456
	Diamond Offshore Drilling Inc, 5.8750%, 5/1/19	3,594,000	3,727,876
	Energy Transfer Partners LP, 4.1500%, 10/1/20	9,083,000	9,399,161
	Energy Transfer Partners LP, 4.7500%, 1/15/26	9,519,000	9,828,291
	Helmerich & Payne International Drilling Co, 4.6500%, 3/15/25	33,909,000	34,994,902
	Hess Corp, 4.3000%, 4/1/27	16,686,000	16,584,733


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

Janus Investment Fund	11

Janus Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares or Principal Amounts			Value
Corporate Bonds – (continued)
Energy – (continued)
	Hiland Partners Holdings LLC / Hiland Partners Finance Corp,
	5.5000%, 5/15/22 (144A)	$10,325,000	$10,780,332
	Kinder Morgan Energy Partners LP, 5.0000%, 10/1/21	8,474,000	9,014,904
	Kinder Morgan Energy Partners LP, 3.9500%, 9/1/22	9,790,000	10,041,016
	Kinder Morgan Inc/DE, 6.5000%, 9/15/20	978,000	1,095,669
	Motiva Enterprises LLC, 5.7500%, 1/15/20 (144A)	7,815,000	8,440,106
	MPLX LP, 4.5000%, 7/15/23	4,571,000	4,637,778
	Oceaneering International Inc, 4.6500%, 11/15/24	21,567,000	21,247,485
	Phillips 66 Partners LP, 3.6050%, 2/15/25	11,163,000	10,918,832
	Plains All American Pipeline LP / PAA Finance Corp, 4.6500%, 10/15/25	23,237,000	23,976,169
	Regency Energy Partners LP / Regency Energy Finance Corp, 5.8750%, 3/1/22	13,199,000	14,506,361
	Sabine Pass Liquefaction LLC, 5.0000%, 3/15/27 (144A)	24,620,000	24,835,425
	Spectra Energy Partners LP, 4.7500%, 3/15/24	22,135,000	23,474,234
	Tesoro Logistics LP / Tesoro Logistics Finance Corp, 5.2500%, 1/15/25	6,335,000	6,469,619
	Western Gas Partners LP, 5.3750%, 6/1/21	22,530,000	24,212,946
	Williams Cos Inc, 3.7000%, 1/15/23	5,933,000	5,725,345
	Williams Partners LP / ACMP Finance Corp, 4.8750%, 5/15/23	17,694,000	18,011,979
	Williams Partners LP / ACMP Finance Corp, 4.8750%, 3/15/24	1,622,000	1,636,509
			412,100,920
Finance Companies – 0.8%
	CIT Group Inc, 4.2500%, 8/15/17	52,809,000	53,469,112
	CIT Group Inc, 5.5000%, 2/15/19 (144A)	12,367,000	13,047,185
	International Lease Finance Corp, 8.7500%, 3/15/17	8,795,000	8,915,931
			75,432,228
Financial Institutions – 1.2%
	Jones Lang LaSalle Inc, 4.4000%, 11/15/22	25,498,000	26,262,914
	Kennedy-Wilson Inc, 5.8750%, 4/1/24	35,017,000	35,673,569
	LeasePlan Corp NV, 2.5000%, 5/16/18 (144A)	43,823,000	43,880,277
			105,816,760
Industrial – 0.1%
	Cintas Corp No 2, 4.3000%, 6/1/21	6,877,000	7,292,426
Insurance – 0.9%
	Aetna Inc, 2.4000%, 6/15/21	12,926,000	12,855,928
	Aetna Inc, 2.8000%, 6/15/23	9,351,000	9,200,477
	Aetna Inc, 3.2000%, 6/15/26	42,080,000	41,567,045
	Berkshire Hathaway Inc, 3.1250%, 3/15/26	3,462,000	3,434,536
	CNO Financial Group Inc, 4.5000%, 5/30/20	5,157,000	5,285,925
	Voya Financial Inc, 5.6500%, 5/15/53^‡	13,763,000	13,556,555
			85,900,466
Real Estate Investment Trusts (REITs) – 1.4%
	Alexandria Real Estate Equities Inc, 2.7500%, 1/15/20	5,112,000	5,097,058
	Alexandria Real Estate Equities Inc, 4.6000%, 4/1/22	25,967,000	27,445,120
	Alexandria Real Estate Equities Inc, 4.5000%, 7/30/29	11,703,000	11,689,226
	Goodman Funding Pty Ltd, 6.3750%, 4/15/21 (144A)	23,721,000	26,760,917
	Post Apartment Homes LP, 4.7500%, 10/15/17	11,448,000	11,622,903
	Senior Housing Properties Trust, 6.7500%, 4/15/20	5,306,000	5,739,113
	Senior Housing Properties Trust, 6.7500%, 12/15/21	6,203,000	6,936,257
	SL Green Realty Corp, 5.0000%, 8/15/18	11,451,000	11,924,224
	SL Green Realty Corp, 7.7500%, 3/15/20	20,371,000	22,983,499
			130,198,317
Technology – 4.2%
	Cadence Design Systems Inc, 4.3750%, 10/15/24	33,934,000	33,234,009
	Fidelity National Information Services Inc, 3.6250%, 10/15/20	10,591,000	10,956,432
	Fidelity National Information Services Inc, 5.0000%, 3/15/22	3,586,000	3,684,866
	Fidelity National Information Services Inc, 4.5000%, 10/15/22	14,187,000	15,126,307
	Fidelity National Information Services Inc, 3.0000%, 8/15/26	18,526,000	17,395,692
	NXP BV / NXP Funding LLC, 4.1250%, 6/15/20 (144A)	7,380,000	7,638,300
	NXP BV / NXP Funding LLC, 4.1250%, 6/1/21 (144A)	5,354,000	5,528,005
	NXP BV / NXP Funding LLC, 3.8750%, 9/1/22 (144A)	20,579,000	20,836,237


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

12	DECEMBER 31, 2016

Janus Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares or Principal Amounts			Value
Corporate Bonds – (continued)
Technology – (continued)
	NXP BV / NXP Funding LLC, 4.6250%, 6/1/23 (144A)	$12,333,000	$12,949,650
	Seagate HDD Cayman, 4.7500%, 1/1/25	22,402,000	21,342,273
	Seagate HDD Cayman, 4.8750%, 6/1/27	5,849,000	5,263,732
	Seagate HDD Cayman, 5.7500%, 12/1/34	5,079,000	4,329,847
	Total System Services Inc, 3.8000%, 4/1/21	11,204,000	11,554,696
	Total System Services Inc, 4.8000%, 4/1/26	39,372,000	42,367,382
	Trimble Inc, 4.7500%, 12/1/24	39,735,000	40,191,833
	TSMC Global Ltd, 1.6250%, 4/3/18 (144A)	55,832,000	55,606,383
	Verisk Analytics Inc, 4.8750%, 1/15/19	10,487,000	10,990,093
	Verisk Analytics Inc, 5.8000%, 5/1/21	33,674,000	37,438,012
	Verisk Analytics Inc, 4.1250%, 9/12/22	13,064,000	13,596,580
	Verisk Analytics Inc, 5.5000%, 6/15/45	13,808,000	14,657,413
			384,687,742
Transportation – 0.6%
	Penske Truck Leasing Co Lp / PTL Finance Corp, 3.3750%, 3/15/18 (144A)	22,010,000	22,392,534
	Penske Truck Leasing Co Lp / PTL Finance Corp, 2.5000%, 6/15/19 (144A)	9,157,000	9,176,880
	Penske Truck Leasing Co Lp / PTL Finance Corp, 4.8750%, 7/11/22 (144A)	1,452,000	1,556,543
	Penske Truck Leasing Co Lp / PTL Finance Corp, 4.2500%, 1/17/23 (144A)	10,648,000	11,048,280
	Southwest Airlines Co, 5.1250%, 3/1/17	10,814,000	10,876,754
			55,050,991
Total Corporate Bonds (cost $3,852,532,845)			3,875,574,792
Inflation-Indexed Bonds – 1.5%
	United States Treasury Inflation Indexed Bonds, 0.1250%, 7/15/26^ÇÇ(cost $141,639,190)	146,060,818	141,218,610
Mortgage-Backed Securities – 24.5%
Fannie Mae Pool:
	6.0000%, 8/1/22	4,425,973	4,733,722
	5.5000%, 1/1/25	1,501,930	1,597,402
	4.0000%, 3/1/29	7,383,000	7,830,069
	4.0000%, 6/1/29	2,688,886	2,853,436
	4.0000%, 7/1/29	7,283,206	7,689,020
	4.0000%, 9/1/29	8,153,675	8,611,435
	5.0000%, 9/1/29	6,419,522	6,994,640
	3.5000%, 10/1/29	37,028,817	38,924,994
	5.0000%, 1/1/30	2,350,767	2,559,254
	3.5000%, 5/1/33	5,845,246	6,068,186
	4.0000%, 4/1/34	9,155,087	9,720,733
	6.0000%, 10/1/35	5,865,712	6,688,107
	6.0000%, 12/1/35	4,687,616	5,359,723
	6.0000%, 2/1/37	2,330,649	2,718,696
	6.0000%, 9/1/37	4,724,861	5,055,667
	6.0000%, 10/1/38	5,043,374	5,714,157
	7.0000%, 2/1/39	2,083,628	2,507,787
	5.5000%, 12/1/39	8,879,443	9,931,632
	5.5000%, 3/1/40	7,134,040	8,104,852
	5.5000%, 4/1/40	15,245,320	17,001,004
	4.5000%, 10/1/40	1,498,436	1,617,831
	5.0000%, 10/1/40	2,173,994	2,412,707
	5.5000%, 2/1/41	4,057,000	4,608,525
	5.0000%, 5/1/41	3,347,797	3,662,076
	5.5000%, 5/1/41	4,887,837	5,455,339
	5.5000%, 6/1/41	10,739,698	12,163,504
	5.5000%, 6/1/41	4,286,045	4,781,954
	5.5000%, 7/1/41	17,898,386	19,971,025
	4.5000%, 8/1/41	8,030,701	8,671,398
	5.0000%, 10/1/41	4,140,145	4,529,210
	5.5000%, 12/1/41	9,240,057	10,338,771
	5.5000%, 2/1/42	43,125,819	48,059,732
	4.0000%, 6/1/42	12,362,312	13,105,821


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

Janus Investment Fund	13

Janus Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares or Principal Amounts			Value
Mortgage-Backed Securities – (continued)
Fannie Mae Pool – (continued)
	3.5000%, 7/1/42	$23,349,946	$24,066,465
	4.0000%, 7/1/42	7,373,358	7,814,870
	4.0000%, 8/1/42	5,249,979	5,565,367
	4.0000%, 9/1/42	6,758,170	7,165,661
	4.0000%, 9/1/42	6,313,192	6,695,432
	4.0000%, 11/1/42	8,186,783	8,683,209
	4.5000%, 11/1/42	5,263,368	5,702,513
	4.0000%, 12/1/42	3,076,152	3,258,709
	3.5000%, 1/1/43	15,484,551	15,959,880
	3.5000%, 2/1/43	32,658,348	33,662,813
	3.5000%, 2/1/43	5,749,681	5,926,057
	4.5000%, 2/1/43	31,466,552	33,981,516
	3.5000%, 3/1/43	17,038,389	17,564,916
	4.5000%, 3/1/43	11,956,953	13,215,456
	4.0000%, 5/1/43	17,070,626	18,100,060
	4.0000%, 7/1/43	23,137,694	24,532,799
	4.0000%, 8/1/43	20,740,840	21,994,262
	4.0000%, 9/1/43	6,048,413	6,412,178
	5.5000%, 10/1/43	8,662,690	9,843,059
	3.5000%, 1/1/44	24,163,100	24,941,238
	3.5000%, 1/1/44	9,474,233	9,777,970
	4.0000%, 2/1/44	12,759,869	13,533,749
	3.5000%, 4/1/44	11,289,025	11,634,596
	4.5000%, 5/1/44	58,591,341	64,022,005
	5.5000%, 5/1/44	9,212,273	10,277,164
	4.0000%, 6/1/44	19,619,025	20,807,156
	4.0000%, 7/1/44	34,741,865	36,903,660
	5.0000%, 7/1/44	13,805,884	15,385,355
	4.0000%, 8/1/44	19,467,181	20,679,310
	4.0000%, 8/1/44	7,377,620	7,837,379
	4.5000%, 8/1/44	26,320,097	28,723,714
	4.5000%, 10/1/44	19,816,534	21,598,467
	4.5000%, 10/1/44	10,769,709	11,681,360
	3.5000%, 2/1/45	28,784,007	29,670,198
	4.5000%, 3/1/45	18,779,502	20,369,579
	4.0000%, 5/1/45	15,220,176	16,159,767
	4.5000%, 5/1/45	17,815,427	19,416,944
	4.5000%, 5/1/45	10,938,247	11,964,904
	4.5000%, 6/1/45	9,344,592	10,210,830
	4.5000%, 9/1/45	43,875,828	47,594,482
	4.0000%, 10/1/45	28,885,880	30,577,916
	4.5000%, 10/1/45	37,608,117	40,990,455
	4.5000%, 10/1/45	19,153,759	21,117,127
	3.5000%, 12/1/45	9,672,420	9,962,891
	4.0000%, 12/1/45	13,410,725	14,238,564
	3.5000%, 1/1/46	27,581,916	28,405,094
	3.5000%, 1/1/46	23,627,862	24,333,222
	4.0000%, 1/1/46	6,357,082	6,732,704
	4.0000%, 1/1/46	5,365,484	5,682,911
	4.5000%, 2/1/46	33,592,541	36,628,671
	4.5000%, 2/1/46	12,542,627	13,624,409
	4.0000%, 4/1/46	17,395,063	18,489,395
	4.5000%, 4/1/46	16,612,572	18,220,210
	4.0000%, 5/1/46	20,976,165	22,222,524
	4.0000%, 6/1/46	6,559,604	6,959,638
	4.5000%, 6/1/46	33,955,678	36,874,779
	3.5000%, 7/1/46	17,767,032	18,273,149
	3.5000%, 7/1/46	17,603,813	18,131,321
	4.0000%, 7/1/46	6,640,982	7,047,873


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

14	DECEMBER 31, 2016

Janus Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares or Principal Amounts			Value
Mortgage-Backed Securities – (continued)
Fannie Mae Pool – (continued)
	4.5000%, 7/1/46	$11,561,818	$12,539,092
	4.0000%, 10/1/46	4,469,755	4,736,718
			1,419,166,121
Freddie Mac Gold Pool:
	5.0000%, 6/1/20	1,745,993	1,825,219
	5.5000%, 12/1/28	3,782,964	4,190,941
	3.5000%, 7/1/29	7,145,051	7,468,049
	3.5000%, 9/1/29	6,309,375	6,595,176
	8.0000%, 4/1/32	2,595,454	3,277,713
	5.5000%, 10/1/36	4,176,868	4,738,528
	5.5000%, 4/1/40	7,925,477	8,865,928
	6.0000%, 4/1/40	3,990,846	4,657,715
	5.5000%, 5/1/41	6,386,763	7,083,991
	5.5000%, 8/1/41	12,414,215	14,253,177
	5.5000%, 8/1/41	11,717,840	13,302,701
	5.0000%, 3/1/42	10,190,038	11,323,872
	3.5000%, 2/1/44	12,312,336	12,676,030
	4.5000%, 5/1/44	9,827,208	10,672,177
	5.0000%, 7/1/44	3,513,358	3,896,751
	4.0000%, 8/1/44	3,174,899	3,361,342
	4.5000%, 9/1/44	38,089,006	41,672,722
	4.5000%, 6/1/45	19,635,519	21,486,424
	4.0000%, 2/1/46	7,026,164	7,462,178
	4.5000%, 2/1/46	18,388,351	20,125,733
	4.5000%, 2/1/46	11,969,622	12,984,928
	4.5000%, 5/1/46	9,146,631	9,971,211
	4.5000%, 6/1/46	10,963,031	11,892,956
	3.5000%, 7/1/46	35,531,880	36,546,545
	4.0000%, 7/1/46	18,940,522	20,018,090
			300,350,097
Ginnie Mae I Pool:
	4.0000%, 8/15/24	3,423,295	3,576,775
	5.1000%, 1/15/32	8,733,217	9,963,492
	7.5000%, 8/15/33	8,523,508	9,953,128
	4.9000%, 10/15/34	10,062,815	11,474,307
	5.5000%, 9/15/35	2,470,490	2,838,684
	5.5000%, 3/15/36	3,403,303	3,840,742
	5.5000%, 2/15/39	6,272,168	7,067,812
	5.5000%, 6/15/39	15,004,598	17,053,580
	5.5000%, 8/15/39	9,677,662	11,243,696
	5.5000%, 8/15/39	6,400,282	7,435,103
	5.0000%, 9/15/39	10,673,655	11,707,462
	5.0000%, 9/15/39	4,676,721	5,128,675
	5.0000%, 10/15/39	3,371,084	3,729,782
	5.0000%, 11/15/39	5,923,941	6,501,141
	5.0000%, 1/15/40	1,905,323	2,096,556
	5.0000%, 5/15/40	7,639,982	8,457,953
	5.0000%, 5/15/40	2,128,417	2,368,410
	5.0000%, 5/15/40	699,373	779,101
	5.0000%, 7/15/40	6,082,515	6,677,240
	5.0000%, 7/15/40	2,000,507	2,199,726
	4.5000%, 9/15/40	6,820,526	7,466,565
	5.0000%, 2/15/41	6,112,873	6,742,941
	5.0000%, 4/15/41	2,112,928	2,323,698
	4.5000%, 5/15/41	13,376,648	15,096,031
	4.5000%, 5/15/41	7,583,546	8,309,915
	5.0000%, 5/15/41	2,241,400	2,492,163
	4.5000%, 7/15/41	6,135,799	6,976,475
	4.5000%, 7/15/41	1,868,091	2,070,782


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

Janus Investment Fund	15

Janus Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares or Principal Amounts			Value
Mortgage-Backed Securities – (continued)
Ginnie Mae I Pool – (continued)
	4.5000%, 8/15/41	$15,933,797	$17,597,180
	5.0000%, 9/15/41	3,488,668	3,902,703
	5.0000%, 11/15/43	13,572,666	15,244,024
	4.5000%, 5/15/44	8,021,526	8,785,301
	5.0000%, 6/15/44	11,175,348	12,484,395
	5.0000%, 6/15/44	7,108,941	7,929,012
	5.0000%, 7/15/44	5,201,718	5,798,614
	4.0000%, 1/15/45	35,982,871	38,451,373
	4.0000%, 4/15/45	8,350,039	9,072,124
	4.0000%, 7/15/46	27,485,383	29,778,229
	4.5000%, 8/15/46	39,611,575	43,390,981
			378,005,871
Ginnie Mae II Pool:
	6.0000%, 11/20/34	3,367,312	3,925,000
	5.5000%, 3/20/35	14,196,001	15,935,485
	5.5000%, 3/20/36	3,476,584	3,873,802
	5.5000%, 11/20/37	3,726,418	4,163,924
	6.0000%, 1/20/39	1,485,264	1,666,820
	7.0000%, 5/20/39	741,661	872,084
	5.0000%, 6/20/41	8,079,253	8,777,914
	6.0000%, 12/20/41	2,757,127	3,152,772
	5.5000%, 1/20/42	4,711,266	5,253,309
	6.0000%, 1/20/42	1,643,379	1,870,336
	6.0000%, 2/20/42	2,459,520	2,785,358
	6.0000%, 3/20/42	1,565,176	1,784,531
	6.0000%, 4/20/42	6,638,838	7,623,513
	3.5000%, 5/20/42	4,855,422	5,086,015
	5.5000%, 5/20/42	5,233,533	5,800,334
	6.0000%, 5/20/42	4,409,006	5,011,475
	5.5000%, 7/20/42	7,760,850	8,505,118
	6.0000%, 7/20/42	1,763,506	1,975,420
	6.0000%, 8/20/42	1,797,704	2,055,506
	6.0000%, 9/20/42	1,986,941	2,273,924
	6.0000%, 11/20/42	1,688,442	1,926,354
	6.0000%, 2/20/43	2,231,039	2,548,946
	4.0000%, 3/20/43	6,119,726	6,598,508
	5.0000%, 12/20/44	11,819,709	13,308,771
	5.0000%, 9/20/45	4,405,975	4,965,886
	4.0000%, 10/20/45	16,575,825	17,866,139
			139,607,244
Total Mortgage-Backed Securities (cost $2,254,976,332)			2,237,129,333
United States Treasury Notes/Bonds – 12.9%
	0.7500%, 9/30/18	45,913,000	45,594,915
	1.5000%, 10/31/19	72,869,900	73,012,142
	1.5000%, 11/30/19	110,057,700	110,230,711
	1.3750%, 9/30/20	15,553,000	15,365,337
	1.7500%, 12/31/20	160,406,000	160,224,260
	1.3750%, 1/31/21	140,279,000	137,921,471
	1.1250%, 2/28/21	268,461,000	260,989,193
	1.2500%, 3/31/21	151,024,000	147,408,032
	2.0000%, 8/15/25	31,836,000	30,794,135
	3.6250%, 2/15/44	63,250,400	69,958,674
	3.1250%, 8/15/44	52,953,800	53,476,401
	3.0000%, 11/15/44	28,758,500	28,345,125
	2.8750%, 11/15/46	47,519,000	45,765,311
Total United States Treasury Notes/Bonds (cost $1,186,607,135)			1,179,085,707
Preferred Stocks – 0.9%
Banks – 0.4%
	Citigroup Capital XIII, 7.2573%	1,299,103	33,542,839


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

16	DECEMBER 31, 2016

Janus Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2016


Shares or Principal Amounts			Value
Preferred Stocks – (continued)
Capital Markets – 0.3%
	Morgan Stanley, 6.8750%	415,640	$11,238,906
	Morgan Stanley, 7.1250%	557,544	15,683,713
			26,922,619
Consumer Finance – 0.2%
	Discover Financial Services, 6.5000%	948,751	24,363,926
Industrial Conglomerates – 0%
	General Electric Co, 4.7000%	84,678	2,079,692
Total Preferred Stocks (cost $84,336,298)			86,909,076
Investment Companies – 1.0%
Money Markets – 1.0%
	Janus Cash Liquidity Fund LLC, 0.4708%^ºº,£(cost $87,607,247)	87,607,247	87,607,247
U.S. Government Agency Notes – 5.3%
United States Treasury Bill:
	0%, 1/12/17^◊	$121,799,000	121,786,820
	0%, 3/16/17^◊	277,882,000	277,786,184
	0%, 6/22/17^◊	7,351,000	7,329,498
	0%, 11/9/17^◊	80,872,000	80,317,137
Total U.S. Government Agency Notes (cost $487,263,704)			487,219,639
Total Investments (total cost $9,161,667,821) – 100.1%			9,158,641,230
Liabilities, net of Cash, Receivables and Other Assets – (0.1)%			(10,252,810)
Net Assets – 100%			$9,148,388,420


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

		% of
		Investment
Country	Value	Securities
United States	$8,612,650,689	94.1	%
Belgium	121,505,611	1.3
Netherlands	90,832,469	1.0
United Kingdom	64,213,379	0.7
Singapore	57,370,142	0.6
Taiwan	55,606,383	0.6
France	48,382,646	0.5
Canada	35,389,563	0.4
Australia	26,760,917	0.3
Switzerland	23,179,500	0.3
Germany	19,586,102	0.2
Luxembourg	1,781,450	0.0
Hong Kong	1,382,379	0.0



Total	$9,158,641,230	100.0	%


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

Janus Investment Fund	17

Janus Flexible Bond Fund

Notes to Schedule of Investments and Other Information (unaudited)


Bloomberg Barclays U.S. Aggregate Bond Index	A broad-based measure of the investment grade, US dollar-denominated, fixed-rate taxable bond market.


LLC	Limited Liability Company
LP	Limited Partnership
PLC	Public Limited Company
ULC	Unlimited Liability Company

144A


(a)	All or a portion of this position has not settled, or is not funded. Upon settlement or funding date, interest rates for unsettled or unfunded amounts will be determined. Interest and dividends will not be accrued until time of settlement or funding.


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


ÇÇ	Security is a U.S. Treasury Inflation-Protected Security (TIPS).


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


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


Ç	Step bond. The coupon rate will increase or decrease periodically based upon a predetermined schedule. The rate shown reflects the current rate.


◊	Zero coupon bond.

Balance

Realized

Dividend

Value

at 6/30/16

Purchases

Sales

at 12/31/16

Gain/(Loss)

Income

at 12/31/16

Janus Cash Liquidity Fund LLC

136,206,796

2,647,097,451

(2,695,697,000)

87,607,247

$—

$298,113

$87,607,247


§	Schedule of Restricted and Illiquid Securities (as of December 31, 2016)
							Value as a
		Acquisition					% of Net
		Date		Cost		Value	Assets
FREMF 2010 K-SCT Mortgage Trust, 2.0000%, 1/25/20		4/29/13	$	15,763,122	$	15,783,491	0.2	%


The Fund has registration rights for certain restricted securities held as of December 31, 2016. The issuer incurs all registration costs.


18	DECEMBER 31, 2016

Janus Flexible Bond Fund

Notes to Schedule of Investments and Other Information (unaudited)


The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of December 31, 2016. See Notes to Financial Statements for more information.

Valuation Inputs Summary

				Level 2 -		Level 3 -
		Level 1 -		Other Significant		Significant
		Quotes Prices		Observable Inputs		Unobservable Inputs

Assets
Investments in Securities:
Asset-Backed/Commercial Mortgage-Backed Securities	$	-	$	594,874,117	$	-
Bank Loans and Mezzanine Loans		-		469,022,709		-
Corporate Bonds		-		3,875,574,792		-
Inflation-Indexed Bonds		-		141,218,610		-
Mortgage-Backed Securities		-		2,237,129,333		-
United States Treasury Notes/Bonds		-		1,179,085,707		-
Preferred Stocks		-		86,909,076		-
Investment Companies		-		87,607,247		-
U.S. Government Agency Notes		-		487,219,639		-
Total Assets	$	-	$	9,158,641,230	$	-


Janus Investment Fund	19

Janus Flexible Bond Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2016



Assets:
	Investments, at cost		$	9,161,667,821
	Unaffiliated investments, at value			9,071,033,983
	Affiliated investments, at value			87,607,247
	Cash			2,090,412
	Non-interested Trustees' deferred compensation			169,789
	Receivables:
		Interest		60,443,678
		Investments sold		45,738,426
		Fund shares sold		14,321,281
		Dividends		426,876
		Dividends from affiliates		52,726
	Other assets			215,384
Total Assets				9,282,099,802
Liabilities:
	Payables:			—
		Investments purchased		89,674,439
		Fund shares repurchased		36,004,204
		Advisory fees		3,382,136
		Dividends		2,197,274
		Transfer agent fees and expenses		1,328,532
		12b-1 Distribution and shareholder servicing fees		495,001
		Non-interested Trustees' deferred compensation fees		169,789
		Fund administration fees		79,681
		Non-interested Trustees' fees and expenses		76,879
		Professional fees		31,795
		Custodian fees		5,657
		Accrued expenses and other payables		265,995
Total Liabilities				133,711,382
Net Assets			$	9,148,388,420


See Notes to Financial Statements.

20	DECEMBER 31, 2016

Janus Flexible Bond Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2016




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	9,355,160,113
	Undistributed net investment income/(loss)		(16,665,024)
	Undistributed net realized gain/(loss) from investments		(187,105,072)
	Unrealized net appreciation/(depreciation) of investments and non-interested Trustees’ deferred compensation		(3,001,597)
Total Net Assets		$	9,148,388,420
Net Assets - Class A Shares		$	625,774,853
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		60,841,621
Net Asset Value Per Share⁽¹⁾		$	10.29
Maximum Offering Price Per Share⁽²⁾		$	10.80
Net Assets - Class C Shares		$	342,525,850
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		33,298,733
Net Asset Value Per Share⁽¹⁾		$	10.29
Net Assets - Class D Shares		$	637,687,592
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		61,999,006
Net Asset Value Per Share		$	10.29
Net Assets - Class I Shares		$	5,412,224,336
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		526,196,474
Net Asset Value Per Share		$	10.29
Net Assets - Class N Shares		$	559,035,020
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		54,372,850
Net Asset Value Per Share		$	10.28
Net Assets - Class R Shares		$	40,876,789
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,973,863
Net Asset Value Per Share		$	10.29
Net Assets - Class S Shares		$	58,745,748
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		5,710,653
Net Asset Value Per Share		$	10.29
Net Assets - Class T Shares		$	1,471,518,232
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		143,096,594
Net Asset Value Per Share		$	10.28

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

(2) Maximum offering price is computed at 100/95.25 of net asset value.


See Notes to Financial Statements.

Janus Investment Fund	21

Janus Flexible Bond Fund

Statement of Operations (unaudited)

For the period ended December 31, 2016



Investment Income:
	Interest		$	137,664,058
	Dividends			2,926,390
	Dividends from affiliates			298,113
	Other income			1,758,910
Total Investment Income				142,647,471
Expenses:
	Advisory fees			19,766,782
	12b-1Distribution and shareholder servicing fees:
		Class A Shares		901,069
		Class C Shares		1,859,710
		Class R Shares		123,086
		Class S Shares		85,367
	Transfer agent administrative fees and expenses:
		Class D Shares		408,831
		Class R Shares		61,543
		Class S Shares		85,737
		Class T Shares		1,998,770
	Transfer agent networking and omnibus fees:
		Class A Shares		424,873
		Class C Shares		135,323
		Class I Shares		3,052,333
	Other transfer agent fees and expenses:
		Class A Shares		35,785
		Class C Shares		23,485
		Class D Shares		70,018
		Class I Shares		134,986
		Class N Shares		9,681
		Class R Shares		993
		Class S Shares		625
		Class T Shares		9,597
	Fund administration fees			465,831
	Shareholder reports expense			367,717
	Registration fees			238,512
	Non-interested Trustees’ fees and expenses			165,185
	Professional fees			61,428
	Custodian fees			28,630
	Other expenses			475,040
Total Expenses				30,990,937
Less: Excess Expense Reimbursement				(34,202)
Net Expenses				30,956,735
Net Investment Income/(Loss)				111,690,736
Net Realized Gain/(Loss) on Investments:
	Investments			(8,162,845)
Total Net Realized Gain/(Loss) on Investments				(8,162,845)
Change in Unrealized Net Appreciation/Depreciation:
	Investments and non-interested Trustees’ deferred compensation			(290,345,034)
Total Change in Unrealized Net Appreciation/Depreciation				(290,345,034)
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	(186,817,143)


See Notes to Financial Statements.

22	DECEMBER 31, 2016

Janus Flexible Bond Fund

Statements of Changes in Net Assets



			Period ended December 31, 2016 (unaudited)		Year ended June 30, 2016

Operations:
	Net investment income/(loss)		$	111,690,736	$	218,078,013
	Net realized gain/(loss) on investments			(8,162,845)		(69,454,405)
	Change in unrealized net appreciation/depreciation			(290,345,034)		233,976,837
Net Increase/(Decrease) in Net Assets Resulting from Operations				(186,817,143)		382,600,445
Dividends and Distributions to Shareholders:
	Dividends from Net Investment Income
		Class A Shares		(8,747,488)		(17,998,053)
		Class C Shares		(3,297,651)		(6,428,300)
		Class D Shares		(9,027,665)		(17,270,564)
		Class I Shares		(76,857,484)		(145,433,828)
		Class N Shares		(8,421,512)		(16,828,353)
		Class R Shares		(504,524)		(862,483)
		Class S Shares		(790,752)		(1,680,718)
		Class T Shares		(20,452,283)		(38,612,137)
Net Decrease from Dividends and Distributions to Shareholders				(128,099,359)		(245,114,436)
Capital Share Transactions:
		Class A Shares		(71,560,622)		(75,568,554)
		Class C Shares		(24,649,587)		24,630,783
		Class D Shares		(12,333,014)		18,921,120
		Class I Shares		43,955,554		(496,774,650)
		Class N Shares		(36,248,592)		(33,131,137)
		Class R Shares		(6,759,054)		14,500,989
		Class S Shares		(11,507,432)		2,657,910
		Class T Shares		(52,137,548)		142,112,682
Net Increase/(Decrease) from Capital Share Transactions				(171,240,295)		(402,650,857)
Net Increase/(Decrease) in Net Assets				(486,156,797)		(265,164,848)
Net Assets:
	Beginning of period			9,634,545,217		9,899,710,065
	End of period		$	9,148,388,420	$	9,634,545,217

Undistributed Net Investment Income/(Loss)			$	(16,665,024)	$	(256,401)


See Notes to Financial Statements.

Janus Investment Fund	23

Janus Flexible Bond Fund

Financial Highlights


Class A Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and each year ended June 30			2016	2016	2015		2014	2013	2012
	Net Asset Value, Beginning of Period		$10.63	$10.48	$10.64		$10.50	$10.85	$10.54
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.11⁽¹⁾	0.23⁽¹⁾	0.24⁽¹⁾		0.25⁽¹⁾	0.30	0.35
		Net realized and unrealized gain/(loss)	(0.32)	0.18	(0.13)		0.31	(0.14)	0.46
	Total from Investment Operations		(0.21)	0.41	0.11		0.56	0.16	0.81
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.13)	(0.26)	(0.27)		(0.30)	(0.30)	(0.35)
		Distributions (from capital gains)	—	—	—		(0.12)	(0.21)	(0.15)
	Total Dividends and Distributions		(0.13)	(0.26)	(0.27)		(0.42)	(0.51)	(0.50)
	Net Asset Value, End of Period		$10.29	$10.63	$10.48		$10.64	$10.50	$10.85
	Total Return*		(1.99)%	3.97%	1.02%		5.47%	1.45%	7.97%
	Net Assets, End of Period (in thousands)		$625,775	$720,360	$785,362		$666,272	$719,932	$697,880
	Average Net Assets for the Period (in thousands)		$708,427	$728,366	$678,538		$649,984	$786,291	$539,788
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.82%	0.81%	0.79%		0.80%	0.75%	0.77%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.82%	0.81%	0.79%		0.79%	0.75%	0.77%
		Ratio of Net Investment Income/(Loss)	2.11%	2.18%	2.25%		2.38%	2.09%	3.06%
	Portfolio Turnover Rate		41%	99%	124%		118%	118%	126%
						1


Class C Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and each year ended June 30			2016	2016	2015	2014	2013	2012
	Net Asset Value, Beginning of Period		$10.63	$10.48	$10.64	$10.50	$10.85	$10.54
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.08⁽¹⁾	0.16⁽¹⁾	0.16⁽¹⁾	0.17⁽¹⁾	0.21	0.27
		Net realized and unrealized gain/(loss)	(0.33)	0.18	(0.13)	0.31	(0.14)	0.46
	Total from Investment Operations		(0.25)	0.34	0.03	0.48	0.07	0.73
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.09)	(0.19)	(0.19)	(0.22)	(0.21)	(0.27)
		Distributions (from capital gains)	—	—	—	(0.12)	(0.21)	(0.15)
	Total Dividends and Distributions		(0.09)	(0.19)	(0.19)	(0.34)	(0.42)	(0.42)
	Net Asset Value, End of Period		$10.29	$10.63	$10.48	$10.64	$10.50	$10.85
	Total Return*		(2.33)%	3.27%	0.28%	4.68%	0.65%	7.14%
	Net Assets, End of Period (in thousands)		$342,526	$379,168	$349,070	$304,253	$432,713	$425,830
	Average Net Assets for the Period (in thousands)		$372,252	$358,131	$332,035	$341,462	$470,325	$336,150
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.52%	1.49%	1.53%	1.58%	1.55%	1.55%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.52%	1.49%	1.53%	1.56%	1.55%	1.55%
		Ratio of Net Investment Income/(Loss)	1.42%	1.50%	1.52%	1.60%	1.30%	2.29%
	Portfolio Turnover Rate		41%	99%	124%	118%	118%	126%

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

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

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


See Notes to Financial Statements.

24	DECEMBER 31, 2016

Janus Flexible Bond Fund

Financial Highlights


Class D Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and each year ended June 30			2016	2016	2015	2014	2013	2012
	Net Asset Value, Beginning of Period		$10.63	$10.47	$10.64	$10.50	$10.85	$10.54
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.12⁽¹⁾	0.25⁽¹⁾	0.26⁽¹⁾	0.27⁽¹⁾	0.32	0.37
		Net realized and unrealized gain/(loss)	(0.32)	0.19	(0.14)	0.31	(0.14)	0.46
	Total from Investment Operations		(0.20)	0.44	0.12	0.58	0.18	0.83
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.14)	(0.28)	(0.29)	(0.32)	(0.32)	(0.37)
		Distributions (from capital gains)	—	—	—	(0.12)	(0.21)	(0.15)
	Total Dividends and Distributions		(0.14)	(0.28)	(0.29)	(0.44)	(0.53)	(0.52)
	Net Asset Value, End of Period		$10.29	$10.63	$10.47	$10.64	$10.50	$10.85
	Total Return*		(1.88)%	4.28%	1.12%	5.67%	1.61%	8.17%
	Net Assets, End of Period (in thousands)		$637,688	$671,895	$643,371	$662,074	$750,690	$802,674
	Average Net Assets for the Period (in thousands)		$669,032	$644,053	$658,439	$677,831	$825,062	$747,701
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.60%	0.60%	0.60%	0.61%	0.60%	0.59%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.60%	0.60%	0.60%	0.61%	0.60%	0.59%
		Ratio of Net Investment Income/(Loss)	2.34%	2.39%	2.46%	2.57%	2.25%	3.28%
	Portfolio Turnover Rate		41%	99%	124%	118%	118%	126%


Class I Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and each year ended June 30			2016	2016	2015	2014	2013	2012
	Net Asset Value, Beginning of Period		$10.63	$10.48	$10.64	$10.50	$10.85	$10.54
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.13⁽¹⁾	0.25⁽¹⁾	0.26⁽¹⁾	0.27⁽¹⁾	0.32	0.38
		Net realized and unrealized gain/(loss)	(0.33)	0.18	(0.13)	0.31	(0.14)	0.46
	Total from Investment Operations		(0.20)	0.43	0.13	0.58	0.18	0.84
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.14)	(0.28)	(0.29)	(0.32)	(0.32)	(0.38)
		Distributions (from capital gains)	—	—	—	(0.12)	(0.21)	(0.15)
	Total Dividends and Distributions		(0.14)	(0.28)	(0.29)	(0.44)	(0.53)	(0.53)
	Net Asset Value, End of Period		$10.29	$10.63	$10.48	$10.64	$10.50	$10.85
	Total Return*		(1.86)%	4.22%	1.24%	5.69%	1.66%	8.21%
	Net Assets, End of Period (in thousands)		$5,412,224	$5,552,671	$5,971,814	$3,486,670	$2,918,160	$1,691,809
	Average Net Assets for the Period (in thousands)		$5,600,446	$5,344,122	$5,007,807	$3,017,072	$2,181,783	$1,567,379
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.56%	0.56%	0.57%	0.62%	0.56%	0.55%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.56%	0.56%	0.57%	0.59%	0.55%	0.55%
		Ratio of Net Investment Income/(Loss)	2.38%	2.43%	2.46%	2.59%	2.28%	3.29%
	Portfolio Turnover Rate		41%	99%	124%	118%	118%	126%

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

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

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


See Notes to Financial Statements.

Janus Investment Fund	25

Janus Flexible Bond Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and each year or period ended June 30			2016	2016	2015	2014	2013	2012⁽¹⁾
	Net Asset Value, Beginning of Period		$10.62	$10.47	$10.63	$10.50	$10.85	$10.82
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.13⁽²⁾	0.27⁽²⁾	0.27⁽²⁾	0.29⁽²⁾	0.39	0.05
		Net realized and unrealized gain/(loss)	(0.32)	0.18	(0.12)	0.30	(0.19)	0.01
	Total from Investment Operations		(0.19)	0.45	0.15	0.59	0.20	0.06
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.15)	(0.30)	(0.31)	(0.34)	(0.34)	(0.03)
		Distributions (from capital gains)	—	—	—	(0.12)	(0.21)	—
	Total Dividends and Distributions		(0.15)	(0.30)	(0.31)	(0.46)	(0.55)	(0.03)
	Net Asset Value, End of Period		$10.28	$10.62	$10.47	$10.63	$10.50	$10.85
	Total Return*		(1.81)%	4.35%	1.37%	5.74%	1.77%	0.57%
	Net Assets, End of Period (in thousands)		$559,035	$613,840	$638,030	$225,650	$64,760	$253,638
	Average Net Assets for the Period (in thousands)		$590,721	$592,601	$467,431	$161,478	$210,599	$196,727
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.45%	0.44%	0.44%	0.45%	0.44%	0.46%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.45%	0.44%	0.44%	0.45%	0.44%	0.46%
		Ratio of Net Investment Income/(Loss)	2.49%	2.55%	2.57%	2.78%	2.45%	2.78%
	Portfolio Turnover Rate		41%	99%	124%	118%	118%	126%


Class R Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and each year ended June 30			2016	2016	2015	2014	2013	2012
	Net Asset Value, Beginning of Period		$10.63	$10.48	$10.64	$10.50	$10.85	$10.54
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.09⁽²⁾	0.19⁽²⁾	0.19⁽²⁾	0.20⁽²⁾	0.26	0.31
		Net realized and unrealized gain/(loss)	(0.32)	0.18	(0.12)	0.32	(0.14)	0.46
	Total from Investment Operations		(0.23)	0.37	0.07	0.52	0.12	0.77
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.11)	(0.22)	(0.23)	(0.26)	(0.26)	(0.31)
		Distributions (from capital gains)	—	—	—	(0.12)	(0.21)	(0.15)
	Total Dividends and Distributions		(0.11)	(0.22)	(0.23)	(0.38)	(0.47)	(0.46)
	Net Asset Value, End of Period		$10.29	$10.63	$10.48	$10.64	$10.50	$10.85
	Total Return*		(2.18)%	3.57%	0.61%	5.05%	1.02%	7.54%
	Net Assets, End of Period (in thousands)		$40,877	$49,255	$33,915	$23,049	$30,080	$26,212
	Average Net Assets for the Period (in thousands)		$48,520	$41,127	$28,705	$24,473	$29,460	$13,660
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.20%	1.20%	1.19%	1.20%	1.17%	1.18%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.20%	1.20%	1.19%	1.20%	1.17%	1.18%
		Ratio of Net Investment Income/(Loss)	1.73%	1.81%	1.84%	1.95%	1.67%	2.63%
	Portfolio Turnover Rate		41%	99%	124%	118%	118%	126%

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

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

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

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


See Notes to Financial Statements.

26	DECEMBER 31, 2016

Janus Flexible Bond Fund

Financial Highlights


Class S Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and each year ended June 30			2016	2016	2015	2014	2013	2012
	Net Asset Value, Beginning of Period		$10.63	$10.48	$10.64	$10.50	$10.85	$10.55
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.11⁽¹⁾	0.21⁽¹⁾	0.23⁽¹⁾	0.23⁽¹⁾	0.28	0.34
		Net realized and unrealized gain/(loss)	(0.33)	0.18	(0.14)	0.32	(0.14)	0.45
	Total from Investment Operations		(0.22)	0.39	0.09	0.55	0.14	0.79
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.12)	(0.24)	(0.25)	(0.29)	(0.28)	(0.34)
		Distributions (from capital gains)	—	—	—	(0.12)	(0.21)	(0.15)
	Total Dividends and Distributions		(0.12)	(0.24)	(0.25)	(0.41)	(0.49)	(0.49)
	Net Asset Value, End of Period		$10.29	$10.63	$10.48	$10.64	$10.50	$10.85
	Total Return*		(2.05)%	3.83%	0.87%	5.31%	1.26%	7.69%
	Net Assets, End of Period (in thousands)		$58,746	$72,406	$68,701	$116,274	$75,202	$74,154
	Average Net Assets for the Period (in thousands)		$67,514	$71,575	$92,884	$83,118	$78,304	$66,641
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.95%	0.94%	0.94%	0.95%	0.95%	0.95%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.94%	0.94%	0.94%	0.95%	0.94%	0.94%
		Ratio of Net Investment Income/(Loss)	1.99%	2.06%	2.18%	2.23%	1.91%	2.92%
	Portfolio Turnover Rate		41%	99%	124%	118%	118%	126%


Class T Shares
For a share outstanding during the period ended December 31, 2016 (unaudited) and each year ended June 30			2016	2016	2015	2014	2013	2012
	Net Asset Value, Beginning of Period		$10.62	$10.47	$10.63	$10.49	$10.85	$10.54
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.12⁽¹⁾	0.24⁽¹⁾	0.25⁽¹⁾	0.26⁽¹⁾	0.31	0.36
		Net realized and unrealized gain/(loss)	(0.32)	0.18	(0.13)	0.31	(0.15)	0.46
	Total from Investment Operations		(0.20)	0.42	0.12	0.57	0.16	0.82
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.14)	(0.27)	(0.28)	(0.31)	(0.31)	(0.36)
		Distributions (from capital gains)	—	—	—	(0.12)	(0.21)	(0.15)
	Total Dividends and Distributions		(0.14)	(0.27)	(0.28)	(0.43)	(0.52)	(0.51)
	Net Asset Value, End of Period		$10.28	$10.62	$10.47	$10.63	$10.49	$10.85
	Total Return*		(1.93)%	4.10%	1.12%	5.58%	1.42%	8.06%
	Net Assets, End of Period (in thousands)		$1,471,518	$1,574,950	$1,409,448	$1,135,441	$1,165,892	$1,286,847
	Average Net Assets for the Period (in thousands)		$1,570,640	$1,482,943	$1,300,050	$1,096,557	$1,333,891	$1,033,338
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.70%	0.69%	0.69%	0.70%	0.70%	0.70%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.69%	0.68%	0.69%	0.69%	0.69%	0.69%
		Ratio of Net Investment Income/(Loss)	2.25%	2.31%	2.35%	2.49%	2.16%	3.14%
	Portfolio Turnover Rate		41%	99%	124%	118%	118%	126%

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

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

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


See Notes to Financial Statements.

Janus Investment Fund	27

Janus Flexible Bond Fund

Notes to Financial Statements (unaudited)

1. Organization and Significant Accounting Policies

Janus Flexible Bond 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 seeks to obtain maximum total return, consistent with preservation of capital. The Fund is classified as diversified, as defined in the 1940 Act.

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

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

Investment Valuation


28	DECEMBER 31, 2016

Janus Flexible Bond Fund

Notes to Financial Statements (unaudited)

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

Valuation Inputs Summary

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

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


Janus Investment Fund	29

Janus Flexible Bond Fund

Notes to Financial Statements (unaudited)

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

Expenses

Estimates

Indemnifications

Dividends and Distributions

Dividends are declared daily and distributed monthly for the Fund. Realized capital gains, if any, are declared and distributed in December. 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 the 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 Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.

Federal Income Taxes

2. Other Investments and Strategies

Additional Investment Risk

The Fund may be invested in lower-rated debt securities that have a higher risk of default or loss of value since these securities may be sensitive to economic changes, political changes, or adverse developments specific to the issuer.


30	DECEMBER 31, 2016

Janus Flexible Bond Fund

Notes to Financial Statements (unaudited)

Inflation-Linked Securities

The Fund may invest in inflation-indexed bonds, including municipal inflation-indexed bonds and corporate inflation-indexed bonds, or in derivatives that are linked to these securities. Inflation-linked bonds are fixed-income securities that have a principal value that is periodically adjusted according to the rate of inflation. If an index measuring inflation falls, the principal value of inflation-indexed bonds will typically be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Because of their inflation adjustment feature, inflation-linked bonds typically have lower yields than conventional fixed-rate bonds. In addition, inflation-linked bonds also normally decline in price when real interest rates rise. In the event of deflation, when


Janus Investment Fund	31

Janus Flexible Bond Fund

Notes to Financial Statements (unaudited)

prices decline over time, the principal and income of inflation-linked bonds would likely decline, resulting in losses to the Fund.

In the case of Treasury Inflation-Protected Securities, also known as TIPS, repayment of original bond principal upon maturity (as adjusted for inflation) is guaranteed by the U.S. Treasury. For inflation-linked bonds that do not provide a similar guarantee, the adjusted principal value of the inflation-linked bond repaid at maturity may be less than the original principal. Other non-U.S. sovereign governments also issue inflation-linked securities (sometimes referred to as “linkers”) that are tied to their own local consumer price indices. In certain of these non-U.S. jurisdictions, the repayment of the original bond principal upon the maturity of an inflation-linked bond is not guaranteed, allowing for the amount of the bond repaid at maturity to be less than par. Inflation-linked bonds may also be issued by, or related to, sovereign governments of other developed countries, emerging market countries, or companies or other entities not affiliated with governments.

Loans

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

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

· Floating Rate Loans – Floating rate loans are debt securities that have floating interest rates, that adjust periodically, and are tied to a benchmark lending rate, such as London Interbank Offered Rate (“LIBOR”). In other cases, the lending rate could be tied to the prime rate offered by one or more major U.S. banks or the rate paid on large certificates of deposit traded in the secondary markets. If the benchmark lending rate changes, the rate payable to lenders under the loan will change at the next scheduled adjustment date specified in the loan agreement. Floating rate loans are typically issued to companies (‘‘borrowers’’) in connection with recapitalizations, acquisitions, and refinancings. Floating rate loan investments are generally below investment grade. Senior floating rate loans are secured by specific collateral of a borrower and are senior in the borrower’s capital structure. The senior position in the borrower’s capital structure generally gives holders of senior loans a claim on certain of the borrower’s assets that is senior to subordinated debt and preferred and common stock in the case of a borrower’s default. Floating rate loan investments may involve foreign borrowers, and investments may be denominated in foreign currencies. Floating rate loans often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged. The Fund may invest in obligations of borrowers who are in bankruptcy proceedings. While the Fund generally expects to invest in fully funded term loans, certain of the loans in which the Fund may invest include revolving loans, bridge loans, and delayed draw term loans.

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

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

Mortgage- and Asset-Backed Securities

Mortgage- and asset-backed securities represent interests in “pools” of commercial or residential mortgages or other assets, including consumer loans or receivables. The Fund may purchase fixed or variable rate commercial or residential mortgage-backed securities issued by the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), the Federal Home Loan Mortgage Corporation (“Freddie Mac”), or other governmental or government-related entities. Ginnie Mae’s guarantees are backed by the full faith and credit of the U.S. Government, which means that the U.S. Government guarantees that the interest and principal will be paid when due.


32	DECEMBER 31, 2016

Janus Flexible Bond Fund

Notes to Financial Statements (unaudited)

Fannie Mae and Freddie Mac securities are not backed by the full faith and credit of the U.S. Government. In September 2008, the Federal Housing Finance Agency (“FHFA”), an agency of the U.S. Government, placed Fannie Mae and Freddie Mac under conservatorship. Since that time, Fannie Mae and Freddie Mac have received capital support through U.S. Treasury preferred stock purchases, and Treasury and Federal Reserve purchases of their mortgage-backed securities. The FHFA and the U.S. Treasury have imposed strict limits on the size of these entities’ mortgage portfolios. The FHFA has the power to cancel any contract entered into by Fannie Mae and Freddie Mac prior to FHFA’s appointment as conservator or receiver, including the guarantee obligations of Fannie Mae and Freddie Mac.

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

Real Estate Investing

Restricted Security Transactions

Restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933, as amended. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. Lack of a secondary market and resale restrictions may result in the inability of the Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, these securities may exhibit greater price volatility than securities for which secondary markets exist.

Sovereign Debt


Janus Investment Fund	33

Janus Flexible Bond Fund

Notes to Financial Statements (unaudited)

When-Issued and Delayed Delivery Securities

The Fund may purchase or sell securities on a when-issued or delayed delivery basis. When-issued and delayed delivery securities in which the Fund may invest include U.S. Treasury Securities, municipal bonds, bank loans, and other similar instruments. The price of the underlying securities and date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Losses may arise due to changes in the market value of the securities or from the inability of counterparties to meet the terms of the contract. In connection with such purchases, the Fund may hold liquid assets as collateral with the Fund’s custodian sufficient to cover the purchase price.

3. Investment Advisory Agreements and Other Transactions with Affiliates


Average Daily Net Assets of the Fund	Contractual Investment Advisory Fee (%)
First $300 Million	0.50
Over $300 Million	0.40

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 including the investment advisory fee, but excluding the 12b-1 distribution and shareholder servicing fees (applicable to Class A Shares, Class C Shares, Class R Shares, and Class S Shares), transfer agent fees and expenses payable pursuant to the Transfer Agency Agreement, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.51% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waiver until at least November 1, 2017. If applicable, amounts reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement” 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 R Shares, Class S Shares, and Class T Shares for providing or procuring administrative services to investors in Class R Shares, Class S Shares, and Class T Shares of the Fund. Janus Services expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. Janus Services or its affiliates may also pay fees for services provided by intermediaries to the extent the fees charged by intermediaries exceed the 0.25% of net assets charged to Class R Shares, Class S Shares, and Class T Shares of the Fund. Janus Services may


34	DECEMBER 31, 2016

Janus Flexible Bond Fund

Notes to Financial Statements (unaudited)

keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class R Shares, Class S Shares, and Class T Shares. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.

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

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). In addition, employees of Janus Capital and/or its affiliates may serve as officers of the Trust. The Fund also pays for some or all of salaries, fees, and expenses of certain Janus Capital employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by Janus Capital, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services Janus Capital provides to the Fund. These amounts are disclosed as “Fund administration fees” on the Statement of Operations. Some expenses related to compensation payable to the Fund's Chief Compliance Officer and compliance staff are shared with the Fund. Total compensation of $329,069 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2016. 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, 2016 on the Statement of Assets and Liabilities in the asset, “Non-interested Trustees’ deferred compensation,” and liability, “Non-interested Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Unrealized net appreciation/(depreciation) of investments and non-interested Trustees’ deferred compensation” on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended December 31, 2016 are included in “Non-interested Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be


Janus Investment Fund	35

Janus Flexible Bond Fund

Notes to Financial Statements (unaudited)

deferred until distributed in accordance with the Deferred Plan. Deferred fees of $181,750 were paid by the Trust to a Trustee under the Deferred Plan during the period ended December 31, 2016.

Class A Shares include a 4.75% 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, 2016, Janus Distributors retained upfront sales charges of $19,148.

A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. During the period ended December 31, 2016, redeeming shareholders of Class A Shares paid CDSCs of $750 to Janus Distributors.

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, 2016, redeeming shareholders of Class C Shares paid CDSCs of $24,662.

The Fund is permitted to purchase or sell securities (“cross-trade”) between itself and other funds or accounts managed by Janus Capital Management LLC in accordance with Rule 17a-7 under the Investment Company Act of 1940 (“Rule 17a-7”), when the transaction is consistent with the investment objectives and policies of the Fund and in accordance with the Internal Cross Trade Procedures adopted by the Trust’s Board of Trustees. These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to another fund or account that is or could be considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser, common Officer, or common Trustee complies with Rule 17a-7. Under these procedures, each cross-trade is effected at the current market price to save costs where allowed. During the period ended December 31, 2016, the Fund engaged in cross trades amounting to $87,946,894 in purchases and $77,418,246 in sales, resulting in a net realized gain of $1,119,179. The net realized gain is included within the “Net Realized Gain/(Loss) on Investments” section of the Fund’s Statement of Operations.

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, net investment losses, and capital loss carryovers.


36	DECEMBER 31, 2016

Janus Flexible Bond Fund

Notes to Financial Statements (unaudited)



Capital Loss Carryover Schedule
For the year ended June 30, 2016
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$(119,723,103)	$(47,222,360)	$ (166,945,463)

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, 2016 are noted below.


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 9,165,899,163	$95,135,354	$(102,393,287)	$ (7,257,933)


Janus Investment Fund	37

Janus Flexible Bond Fund

Notes to Financial Statements (unaudited)

5. Capital Share Transactions



	Period ended December 31, 2016		Year ended June 30, 2016
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	10,192,591	$ 107,650,934	30,862,286	$ 321,927,299
Reinvested dividends and distributions	696,120	7,324,752	1,475,150	15,413,036
Shares repurchased	(17,835,201)	(186,536,308)	(39,523,827)	(412,908,889)
Net Increase/(Decrease)	(6,946,490)	$ (71,560,622)	(7,186,391)	$ (75,568,554)
Class C Shares:
Shares sold	3,224,021	$ 34,101,269	10,319,755	$ 107,717,629
Reinvested dividends and distributions	244,462	2,571,989	468,859	4,899,441
Shares repurchased	(5,846,990)	(61,322,845)	(8,432,912)	(87,986,287)
Net Increase/(Decrease)	(2,378,507)	$ (24,649,587)	2,355,702	$ 24,630,783
Class D Shares:
Shares sold	4,463,436	$ 47,121,267	9,871,691	$ 102,999,979
Reinvested dividends and distributions	804,839	8,466,388	1,549,840	16,193,555
Shares repurchased	(6,496,335)	(67,920,669)	(9,615,442)	(100,272,414)
Net Increase/(Decrease)	(1,228,060)	$ (12,333,014)	1,806,089	$ 18,921,120
Class I Shares:
Shares sold	118,629,485	$1,252,346,167	224,904,326	$2,348,690,668
Reinvested dividends and distributions	6,391,527	67,213,285	12,346,103	128,991,269
Shares repurchased	(121,340,371)	(1,275,603,898)	(284,830,994)	(2,974,456,587)
Net Increase/(Decrease)	3,680,641	$ 43,955,554	(47,580,565)	$ (496,774,650)
Class N Shares:
Shares sold	7,158,433	$ 75,591,887	18,514,273	$ 193,371,976
Reinvested dividends and distributions	759,714	7,991,481	1,527,405	15,950,232
Shares repurchased	(11,332,589)	(119,831,960)	(23,185,607)	(242,453,345)
Net Increase/(Decrease)	(3,414,442)	$ (36,248,592)	(3,143,929)	$ (33,131,137)
Class R Shares:
Shares sold	876,680	$ 9,245,605	2,925,092	$ 30,467,910
Reinvested dividends and distributions	34,116	359,057	59,565	622,526
Shares repurchased	(1,571,286)	(16,363,716)	(1,587,827)	(16,589,447)
Net Increase/(Decrease)	(660,490)	$ (6,759,054)	1,396,830	$ 14,500,989
Class S Shares:
Shares sold	736,326	$ 7,765,468	3,291,527	$ 34,360,627
Reinvested dividends and distributions	74,900	788,679	160,168	1,673,519
Shares repurchased	(1,912,974)	(20,061,579)	(3,196,886)	(33,376,236)
Net Increase/(Decrease)	(1,101,748)	$ (11,507,432)	254,809	$ 2,657,910
Class T Shares:
Shares sold	19,467,590	$ 205,368,740	52,113,391	$ 543,443,252
Reinvested dividends and distributions	1,930,191	20,300,668	3,667,575	38,309,470
Shares repurchased	(26,539,326)	(277,806,956)	(42,126,935)	(439,640,040)
Net Increase/(Decrease)	(5,141,545)	$ (52,137,548)	13,654,031	$ 142,112,682

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
$2,132,283,133	$1,372,151,098	$ 1,715,259,649	$ 3,106,531,968


38	DECEMBER 31, 2016

Janus Flexible Bond Fund

Notes to Financial Statements (unaudited)

7. Merger Related Matters

In addition, the Fund’s name will change to reflect “Janus Henderson” as part of the Fund’s name.

8. Subsequent Event


Janus Investment Fund	39

Janus Flexible Bond Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Quarterly Portfolio Holdings

Approval of Advisory and Sub-Advisory Agreements with Janus and Janus Affiliates during the Period


40	DECEMBER 31, 2016



	SEMIANNUAL REPORT December 31, 2016

Janus Global Allocation Fund - Conservative

Janus Investment Fund

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


Holdings - (% of Net Assets)
Janus Global Bond Fund - Class N Shares	36.8	%
Perkins Large Cap Value Fund - Class N Shares	8.0
Janus International Equity Fund - Class N Shares	7.7
INTECH U.S. Managed Volatility Fund - Class N Shares	7.1
Janus Short-Term Bond Fund - Class N Shares	6.8
Janus Flexible Bond Fund - Class N Shares	6.6
Janus Adaptive Global Allocation Fund - Class N Shares	5.1
Janus Diversified Alternatives Fund - Class N Shares	4.6
INTECH International Managed Volatility Fund - Class N Shares	4.0
Janus Triton Fund - Class N Shares	2.7
Janus Global Research Fund - Class I Shares	2.1
Janus Global Real Estate Fund - Class I Shares	2.0
Janus Fund - Class N Shares	1.6
Janus Overseas Fund - Class N Shares	1.5
Perkins Small Cap Value Fund - Class N Shares	1.4
Janus Global Select Fund - Class I Shares	1.1
Janus Forty Fund - Class N Shares	0.9


Asset Allocation - (% of Net Assets)
Fixed Income Funds	50.2%
Equity Funds	45.2%
Alternative Funds	4.6%
Other		(0.0)%
		100.0%


Shares			Value
Investment Companies^£ – 100.0%
Alternative Funds – 4.6%
	Janus Diversified Alternatives Fund - Class N Shares	1,086,518	$10,952,099
Equity Funds – 45.2%
	INTECH International Managed Volatility Fund - Class N Shares	1,302,203	9,480,039
	INTECH U.S. Managed Volatility Fund - Class N Shares	1,740,370	16,759,762
	Janus Adaptive Global Allocation Fund - Class N Shares	1,235,261	12,056,148
	Janus Forty Fund - Class N Shares	73,643	2,117,235
	Janus Fund - Class N Shares	113,428	3,783,956
	Janus Global Real Estate Fund - Class I Shares	448,922	4,583,493
	Janus Global Research Fund - Class I Shares	78,319	4,961,526
	Janus Global Select Fund - Class I Shares	198,668	2,578,713
	Janus International Equity Fund - Class N Shares	1,661,460	17,977,000
	Janus Overseas Fund - Class N Shares	138,477	3,495,151
	Janus Triton Fund - Class N Shares	260,684	6,232,953
	Perkins Large Cap Value Fund - Class N Shares	1,216,147	18,777,303
	Perkins Small Cap Value Fund - Class N Shares	147,533	3,272,283
			106,075,562
Fixed Income Funds – 50.2%
	Janus Flexible Bond Fund - Class N Shares	1,513,885	15,562,735
	Janus Global Bond Fund - Class N Shares*	9,370,963	86,400,277
	Janus Short-Term Bond Fund - Class N Shares	5,294,162	15,988,368
			117,951,380
Total Investments (total cost $226,681,750) – 100.0%			234,979,041
Liabilities, net of Cash, Receivables and Other Assets – (0)%			(116,922)
Net Assets – 100%			$234,862,119


Bloomberg Barclays Global Aggregate Bond Index	A broad-based measure of the global investment grade fixed-rate debt markets.
Global Conservative Allocation Index	An internally-calculated, hypothetical combination of total returns from the Bloomberg Barclays Global Aggregate Bond Index (60%) and the MSCI All Country World Index^SM (40%).
MSCI All Country World Index^SM	An unmanaged, free float-adjusted market capitalization weighted index composed of stocks of companies located in countries throughout the world. It is designed to measure equity market performance in global developed and emerging markets. The index includes reinvestment of dividends, net of foreign withholding taxes.



Assets:
	Investments, at cost		$	226,681,750
	Affiliated investments, at value			234,979,041
	Non-interested Trustees' deferred compensation			4,363
	Receivables:
		Investments sold		237,158
		Dividends from affiliates		196,544
		Fund shares sold		165,571
	Other assets			3,099
Total Assets				235,585,776
Liabilities:
	Payables:			—
		Fund shares repurchased		405,278
		Investments purchased		196,544
		Transfer agent fees and expenses		37,811
		12b-1 Distribution and shareholder servicing fees		18,367
		Professional fees		14,839
		Advisory fees		10,750
		Non-interested Trustees' deferred compensation fees		4,363
		Non-interested Trustees' fees and expenses		2,060
		Accrued expenses and other payables		33,645
Total Liabilities				723,657
Net Assets			$	234,862,119
Net Assets Consist of:
	Capital (par value and paid-in surplus)		$	227,304,636
	Undistributed net investment income/(loss)			659,247
	Undistributed net realized gain/(loss) from investments			(1,400,211)
	Unrealized net appreciation/(depreciation) of investments and non-interested Trustees’ deferred compensation			8,298,447
Total Net Assets			$	234,862,119
Net Assets - Class A Shares			$	5,978,400
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			502,827
Net Asset Value Per Share⁽¹⁾			$	11.89
Maximum Offering Price Per Share⁽²⁾			$	12.62
Net Assets - Class C Shares			$	18,118,654
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			1,550,504
Net Asset Value Per Share⁽¹⁾			$	11.69
Net Assets - Class D Shares			$	178,487,613
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			14,967,474
Net Asset Value Per Share			$	11.93
Net Assets - Class I Shares			$	4,067,990
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			341,199
Net Asset Value Per Share			$	11.92
Net Assets - Class S Shares			$	1,610,277
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			136,051
Net Asset Value Per Share			$	11.84
Net Assets - Class T Shares			$	26,599,185
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			2,234,124
Net Asset Value Per Share			$	11.91



Investment Income:
	Dividends from affiliates		$	1,325,967
Total Investment Income				1,325,967
Expenses:
	Advisory fees			64,746
	12b-1Distribution and shareholder servicing fees:
		Class A Shares		12,004
		Class C Shares		77,305
		Class S Shares		2,035
	Transfer agent administrative fees and expenses:
		Class D Shares		116,384
		Class S Shares		2,049
		Class T Shares		36,355
	Transfer agent networking and omnibus fees:
		Class A Shares		6,724
		Class C Shares		7,008
		Class I Shares		2,057
	Other transfer agent fees and expenses:
		Class A Shares		509
		Class C Shares		1,199
		Class D Shares		14,505
		Class I Shares		124
		Class S Shares		29
		Class T Shares		180
	Registration fees			47,949
	Shareholder reports expense			22,724
	Professional fees			15,375
	Non-interested Trustees’ fees and expenses			4,308
	Other expenses			2,024
Total Expenses				435,593
Less: Excess Expense Reimbursement				(4,046)
Net Expenses				431,547
Net Investment Income/(Loss)				894,420
Net Realized Gain/(Loss) on Investments:
	Investments in affiliates			(1,139,855)
	Capital gain distributions from underlying funds			1,761,553
Total Net Realized Gain/(Loss) on Investments				621,698
Change in Unrealized Net Appreciation/Depreciation:
	Investments and non-interested Trustees’ deferred compensation			(3,485,215)
Total Change in Unrealized Net Appreciation/Depreciation				(3,485,215)
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	(1,969,097)



	SEMIANNUAL REPORT December 31, 2016

Janus Global Allocation Fund - Growth

Janus Investment Fund

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


Asset Allocation - (% of Net Assets)
Equity Funds	82.0%
Fixed Income Funds	12.7%
Alternative Funds	5.3%
Other		(0.0)%
		100.0%


Bloomberg Barclays Global Aggregate Bond Index	A broad-based measure of the global investment grade fixed-rate debt markets.
Global Growth Allocation Index	An internally-calculated, hypothetical combination of total returns from the MSCI All Country World Index^SM (80%) and the Bloomberg Barclays Global Aggregate Bond Index (20%).
MSCI All Country World Index^SM	An unmanaged, free float-adjusted market capitalization weighted index composed of stocks of companies located in countries throughout the world. It is designed to measure equity market performance in global developed and emerging markets. The index includes reinvestment of dividends, net of foreign withholding taxes.



Assets:
	Investments, at cost		$	214,770,142
	Affiliated investments, at value			234,872,262
	Non-interested Trustees' deferred compensation			4,357
	Receivables:
		Fund shares sold		183,184
		Dividends from affiliates		46,076
		Investments sold		20,604
	Other assets			2,881
Total Assets				235,129,364
Liabilities:
	Payables:			—
		Fund shares repurchased		211,799
		Investments purchased		45,747
		Transfer agent fees and expenses		40,420
		Professional fees		14,844
		Printing fees		12,311
		Advisory fees		10,659
		12b-1 Distribution and shareholder servicing fees		6,100
		Postage fees		6,059
		Registration fees		5,395
		Non-interested Trustees' deferred compensation fees		4,357
		Non-interested Trustees' fees and expenses		1,902
		Accrued expenses and other payables		14,668
Total Liabilities				374,261
Net Assets			$	234,755,103
Net Assets Consist of:
	Capital (par value and paid-in surplus)		$	214,138,850
	Undistributed net investment income/(loss)			642,512
	Undistributed net realized gain/(loss) from investments			(129,460)
	Unrealized net appreciation/(depreciation) of investments and non-interested Trustees’ deferred compensation			20,103,201
Total Net Assets			$	234,755,103
Net Assets - Class A Shares			$	5,482,500
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			432,671
Net Asset Value Per Share⁽¹⁾			$	12.67
Maximum Offering Price Per Share⁽²⁾			$	13.44
Net Assets - Class C Shares			$	4,602,767
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			368,357
Net Asset Value Per Share⁽¹⁾			$	12.50
Net Assets - Class D Shares			$	200,725,425
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			15,740,851
Net Asset Value Per Share			$	12.75
Net Assets - Class I Shares			$	4,758,330
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			373,192
Net Asset Value Per Share			$	12.75
Net Assets - Class S Shares			$	2,443,040
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			193,651
Net Asset Value Per Share			$	12.62
Net Assets - Class T Shares			$	16,743,041
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			1,314,345
Net Asset Value Per Share			$	12.74



Investment Income:
	Dividends from affiliates		$	3,031,929
Total Investment Income				3,031,929
Expenses:
	Advisory fees			61,081
	12b-1Distribution and shareholder servicing fees:
		Class A Shares		7,176
		Class C Shares		20,692
		Class S Shares		3,092
	Transfer agent administrative fees and expenses:
		Class D Shares		125,217
		Class S Shares		3,123
		Class T Shares		22,267
	Transfer agent networking and omnibus fees:
		Class A Shares		1,947
		Class C Shares		2,418
		Class I Shares		1,949
	Other transfer agent fees and expenses:
		Class A Shares		316
		Class C Shares		326
		Class D Shares		25,953
		Class I Shares		149
		Class S Shares		36
		Class T Shares		182
	Registration fees			43,966
	Shareholder reports expense			36,393
	Professional fees			15,325
	Non-interested Trustees’ fees and expenses			3,964
	Insurance Expense			1,131
	Other expenses			754
Total Expenses				377,457
Less: Excess Expense Reimbursement				(2,680)
Net Expenses				374,777
Net Investment Income/(Loss)				2,657,152
Net Realized Gain/(Loss) on Investments:
	Investments in affiliates			(868,877)
	Capital gain distributions from underlying funds			3,099,379
Total Net Realized Gain/(Loss) on Investments				2,230,502
Change in Unrealized Net Appreciation/Depreciation:
	Investments and non-interested Trustees’ deferred compensation			343,741
Total Change in Unrealized Net Appreciation/Depreciation				343,741
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	5,231,395



	SEMIANNUAL REPORT December 31, 2016

Janus Global Allocation Fund - Moderate

Janus Investment Fund

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


Holdings - (% of Net Assets)
Janus Global Bond Fund - Class N Shares	24.2	%
Janus International Equity Fund - Class N Shares	10.6
Perkins Large Cap Value Fund - Class N Shares	9.9
INTECH U.S. Managed Volatility Fund - Class N Shares	9.1
Janus Diversified Alternatives Fund - Class N Shares	8.0
INTECH International Managed Volatility Fund - Class N Shares	6.9
Janus Adaptive Global Allocation Fund - Class N Shares	5.2
Janus Short-Term Bond Fund - Class N Shares	4.3
Janus Global Real Estate Fund - Class I Shares	2.8
Janus Triton Fund - Class N Shares	2.8
Perkins Small Cap Value Fund - Class N Shares	2.7
Janus Overseas Fund - Class N Shares	2.7
Janus Emerging Markets Fund - Class I Shares	2.2
Janus Fund - Class N Shares	1.8
Janus Forty Fund - Class N Shares	1.7
Janus Twenty Fund - Class D Shares	1.5
Janus Global Research Fund - Class I Shares	1.3
Janus Contrarian Fund - Class I Shares	1.2
Janus Global Select Fund - Class I Shares	0.9
Janus Asia Equity Fund - Class I Shares	0.2


Asset Allocation - (% of Net Assets)
Equity Funds		63.5%
Fixed Income Funds		28.5%
Alternative Funds		8.0%
Other		0.0%
		100.0%


Bloomberg Barclays Global Aggregate Bond Index	A broad-based measure of the global investment grade fixed-rate debt markets.
Global Moderate Allocation Index	An internally calculated, hypothetical combination of total returns from the MSCI All Country World Index^SM (60%) and Bloomberg Barclays Global Aggregate Bond Index (40%).
MSCI All Country World Index^SM	An unmanaged, free float-adjusted market capitalization weighted index composed of stocks of companies located in countries throughout the world. It is designed to measure equity market performance in global developed and emerging markets. The index includes reinvestment of dividends, net of foreign withholding taxes.



Assets:
	Investments, at cost		$	238,507,306
	Affiliated investments, at value			255,172,197
	Non-interested Trustees' deferred compensation			4,737
	Receivables:
		Fund shares sold		253,083
		Dividends from affiliates		110,213
		Investments sold		27,907
	Other assets			3,240
Total Assets				255,571,377
Liabilities:
	Payables:			—
		Fund shares repurchased		163,895
		Investments purchased		110,206
		Transfer agent fees and expenses		41,063
		Professional fees		14,809
		Printing fees		11,365
		12b-1 Distribution and shareholder servicing fees		10,638
		Advisory fees		8,158
		Registration fees		6,976
		Postage fees		5,124
		Non-interested Trustees' deferred compensation fees		4,737
		Non-interested Trustees' fees and expenses		2,143
		Accrued expenses and other payables		14,188
Total Liabilities				393,302
Net Assets			$	255,178,075
Net Assets Consist of:
	Capital (par value and paid-in surplus)		$	238,535,217
	Undistributed net investment income/(loss)			667,778
	Undistributed net realized gain/(loss) from investments			(691,058)
	Unrealized net appreciation/(depreciation) of investments and non-interested Trustees’ deferred compensation			16,666,138
Total Net Assets			$	255,178,075
Net Assets - Class A Shares			$	11,538,737
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			953,941
Net Asset Value Per Share⁽¹⁾			$	12.10
Maximum Offering Price Per Share⁽²⁾			$	12.84
Net Assets - Class C Shares			$	8,298,675
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			694,251
Net Asset Value Per Share⁽¹⁾			$	11.95
Net Assets - Class D Shares			$	209,640,394
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			17,243,171
Net Asset Value Per Share			$	12.16
Net Assets - Class I Shares			$	4,411,521
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			363,009
Net Asset Value Per Share			$	12.15
Net Assets - Class S Shares			$	2,635,003
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			219,282
Net Asset Value Per Share			$	12.02
Net Assets - Class T Shares			$	18,653,745
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			1,537,562
Net Asset Value Per Share			$	12.13



Investment Income:
	Dividends from affiliates		$	2,484,318
Total Investment Income				2,484,318
Expenses:
	Advisory fees			68,203
	12b-1Distribution and shareholder servicing fees:
		Class A Shares		16,700
		Class C Shares		39,282
		Class S Shares		3,367
	Transfer agent administrative fees and expenses:
		Class D Shares		133,800
		Class S Shares		3,390
		Class T Shares		25,414
	Transfer agent networking and omnibus fees:
		Class A Shares		5,914
		Class C Shares		3,426
		Class I Shares		2,229
	Other transfer agent fees and expenses:
		Class A Shares		696
		Class C Shares		538
		Class D Shares		21,711
		Class I Shares		138
		Class S Shares		34
		Class T Shares		212
	Registration fees			42,324
	Shareholder reports expense			30,920
	Professional fees			15,353
	Non-interested Trustees’ fees and expenses			4,458
	Other expenses			978
Total Expenses				419,087
Less: Excess Expense Reimbursement				(6,936)
Net Expenses				412,151
Net Investment Income/(Loss)				2,072,167
Net Realized Gain/(Loss) on Investments:
	Investments in affiliates			(1,164,643)
	Capital gain distributions from underlying funds			2,629,053
Total Net Realized Gain/(Loss) on Investments				1,464,410
Change in Unrealized Net Appreciation/Depreciation:
	Investments and non-interested Trustees’ deferred compensation			(1,242,166)
Total Change in Unrealized Net Appreciation/Depreciation				(1,242,166)
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	2,294,411



	SEMIANNUAL REPORT December 31, 2016

Janus Global Bond Fund

Janus Investment Fund

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


Ratings^† Summary - (% of Total Investments)
AAA	2.3%
AA	27.5%
A	13.1%
BBB	26.7%
BB	6.3%
B	2.2%
CCC	0.5%
D	1.1%
Not Rated	20.2%
Other	0.1%
† Credit ratings provided by Standard & Poor's (S&P), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality. "Other" includes cash equivalents, equity securities, and certain derivative instruments.


Asset Allocation - (% of Net Assets)
Foreign Government Bonds	36.5%
Corporate Bonds	27.2%
United States Treasury Notes/Bonds	15.4%
Asset-Backed/Commercial Mortgage-Backed Securities	11.9%
Inflation-Indexed Bonds	7.3%
Investment Companies	0.9%
Bank Loans and Mezzanine Loans	0.7%
Other		0.1%
		100.0%


Shares or Principal Amounts				Value
Foreign Government Bonds – (continued)
	United Kingdom Gilt, 3.2500%, 1/22/44	696,000	GBP	$1,108,303
Total Foreign Government Bonds (cost $96,224,708)				88,677,589
Inflation-Indexed Bonds – 7.3%
	Italy Buoni Poliennali Del Tesoro, 3.1000%, 9/15/26	2,069,495	EUR	2,660,599
	Spain Government Inflation Linked Bond, 1.8000%, 11/30/24 (144A)	3,955,471	EUR	4,731,719
	Spain Government Inflation Linked Bond, 1.0000%, 11/30/30 (144A)	1,760,871	EUR	1,952,126
	United States Treasury Inflation Indexed Bonds, 0.6250%, 1/15/26^ÇÇ	$2,484,125		2,505,545
	United States Treasury Inflation Indexed Bonds, 0.1250%, 7/15/26^ÇÇ	1,919,956		1,856,305
	United States Treasury Inflation Indexed Bonds, 0.7500%, 2/15/45^ÇÇ	1,364,152		1,283,098
	United States Treasury Inflation Indexed Bonds, 1.0000%, 2/15/46^ÇÇ	2,593,120		2,603,113
Total Inflation-Indexed Bonds (cost $18,013,448)				17,592,505
United States Treasury Notes/Bonds – 15.4%
	0.8750%, 4/30/17	2,969,000		2,972,394
	0.6250%, 5/31/17	1,080,000		1,080,085
	0.6250%, 6/30/17	2,780,000		2,779,566
	0.6250%, 9/30/17	6,816,000		6,806,246
	0.7500%, 12/31/17	1,434,000		1,431,572
	0.7500%, 8/31/18	7,228,000		7,182,276
	1.0000%, 9/15/18	223,000		222,493
	0.7500%, 9/30/18	2,470,000		2,452,888
	0.7500%, 10/31/18	2,733,000		2,712,844
	1.3750%, 9/30/20	790,000		780,468
	1.1250%, 8/31/21	964,000		930,530
	2.0000%, 11/15/26	4,529,000		4,350,512
	3.5000%, 2/15/39	745,000		813,217
	2.5000%, 2/15/45	898,000		798,001
	3.0000%, 11/15/45	528,000		519,562
	2.2500%, 8/15/46	1,917,000		1,607,732
Total United States Treasury Notes/Bonds (cost $37,613,794)				37,440,386
Investment Companies – 0.9%
Money Markets – 0.9%
	Janus Cash Liquidity Fund LLC, 0.4708%^ºº,£(cost $2,120,957)	2,120,957		2,120,957
Total Investments (total cost $255,158,855) – 99.9%				242,771,904
Cash, Receivables and Other Assets, net of Liabilities – 0.1%				231,087
Net Assets – 100%				$243,002,991



Assets:
	Investments, at cost		$	255,158,855
	Unaffiliated investments, at value			240,650,947
	Affiliated investments, at value			2,120,957
	Cash			133,852
	Forward currency contracts			561,702
	Cash denominated in foreign currency⁽¹⁾			7
	Closed foreign currency contracts			139,925
	Non-interested Trustees' deferred compensation			4,509
	Receivables:
		Interest		1,710,376
		Fund shares sold		90,428
		Dividends from affiliates		2,173
	Other assets			14,919
Total Assets				245,429,795
Liabilities:
	Forward currency contracts			535,916
	Closed foreign currency contracts			1,217,648
	Payables:			—
		Fund shares repurchased		467,658
		Advisory fees		93,801
		Professional fees		24,736
		Transfer agent fees and expenses		13,542
		Dividends		8,744
		Custodian fees		6,994
		12b-1 Distribution and shareholder servicing fees		6,915
		Non-interested Trustees' deferred compensation fees		4,509
		Non-interested Trustees' fees and expenses		2,258
		Fund administration fees		2,129
		Accrued expenses and other payables		41,954
Total Liabilities				2,426,804
Net Assets			$	243,002,991




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	273,727,495
	Undistributed net investment income/(loss)		(8,597,318)
	Undistributed net realized gain/(loss) from investments and foreign currency transactions		(9,778,545)
	Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation		(12,348,641)
Total Net Assets		$	243,002,991
Net Assets - Class A Shares		$	11,264,881
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,220,287
Net Asset Value Per Share⁽²⁾		$	9.23
Maximum Offering Price Per Share⁽³⁾		$	9.69
Net Assets - Class C Shares		$	4,560,556
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		493,623
Net Asset Value Per Share⁽²⁾		$	9.24
Net Assets - Class D Shares		$	10,343,372
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,121,022
Net Asset Value Per Share		$	9.23
Net Assets - Class I Shares		$	28,959,966
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,139,702
Net Asset Value Per Share		$	9.22
Net Assets - Class N Shares		$	181,383,418
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		19,676,494
Net Asset Value Per Share		$	9.22
Net Assets - Class S Shares		$	254,481
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		27,548
Net Asset Value Per Share		$	9.24
Net Assets - Class T Shares		$	6,236,317
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		675,573
Net Asset Value Per Share		$	9.23



Investment Income:
	Interest		$	3,267,533
	Dividends from affiliates			17,905
	Other income			3,916
Total Investment Income				3,289,354
Expenses:
	Advisory fees			843,824
	12b-1Distribution and shareholder servicing fees:
		Class A Shares		16,857
		Class C Shares		26,667
		Class S Shares		339
	Transfer agent administrative fees and expenses:
		Class D Shares		7,270
		Class S Shares		339
		Class T Shares		10,541
	Transfer agent networking and omnibus fees:
		Class A Shares		6,261
		Class C Shares		2,252
		Class I Shares		20,587
	Other transfer agent fees and expenses:
		Class A Shares		642
		Class C Shares		307
		Class D Shares		1,854
		Class I Shares		810
		Class N Shares		2,662
		Class T Shares		78
	Registration fees			71,327
	Professional fees			24,230
	Custodian fees			17,244
	Fund administration fees			13,362
	Shareholder reports expense			8,867
	Non-interested Trustees’ fees and expenses			4,808
	Other expenses			9,863
Total Expenses				1,090,991
Less: Excess Expense Reimbursement				(94,497)
Net Expenses				996,494
Net Investment Income/(Loss)				2,292,860
Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions			(5,951,502)
Total Net Realized Gain/(Loss) on Investments				(5,951,502)
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation			(11,200,703)
Total Change in Unrealized Net Appreciation/Depreciation				(11,200,703)
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	(14,859,345)



	SEMIANNUAL REPORT December 31, 2016

Janus Global Unconstrained Bond Fund

Janus Investment Fund

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


Ratings^† Summary - (% of Total Investments)
AA	3.9%
A	12.3%
BBB	22.9%
BB	18.2%
B	5.5%
CCC	0.6%
D	1.3%
Not Rated	7.9%
Other	27.4%
† Credit ratings provided by Standard & Poor's (S&P), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality. "Other" includes cash equivalents, equity securities, and certain derivative instruments.


Asset Allocation - (% of Net Assets)
Corporate Bonds	52.2%
Commercial Paper	22.1%
Asset-Backed/Commercial Mortgage-Backed Securities	8.3%
Foreign Government Bonds	4.2%
Common Stocks	3.0%
Investment Companies	2.3%
Inflation-Indexed Bonds	1.9%
Other		6.0%
		100.0%


Shares or Principal Amounts			Value
Commercial Paper – (continued)
	ICBCIL Finance Co Ltd, 0%, 1/10/17 (144A)^◊	$4,473,000	$4,471,428
	MetLife Short Term Funding LLC, 0%, 4/24/17 (144A)^◊	15,198,000	15,147,023
	MetLife Short Term Funding LLC, 0%, 5/8/17 (144A)^◊	7,900,000	7,868,436
	Microsoft Corp, 0%, 3/30/17 (144A)^◊	8,960,000	8,942,528
	NiSource Finance Corp, 0%, 1/12/17 (144A)^◊	8,484,000	8,481,531
	Province of British Columbia Canada, 0%, 3/21/17^◊	71,023,000	70,864,242
	South Carolina Electric & Gas Co, 0%, 1/18/17^◊	10,895,000	10,890,101
	Sumitomo Mitsui Banking Corp, 0%, 1/17/17 (144A)^◊	7,795,000	7,792,661
Total Commercial Paper (cost $393,484,114)			393,499,146
Total Investments (total cost $1,684,857,473) – 94.0%			1,675,421,944
Cash, Receivables and Other Assets, net of Liabilities – 6.0%			107,827,791
Net Assets – 100%			$1,783,249,735


Counterparty/ Currency	Settlement Date	Currency Units Sold		Currency Value		Unrealized Appreciation/ (Depreciation)
Citibank NA:
Japanese Yen	1/6/17	5,900,000,000	$	50,491,454	$	(260,733)
JPMorgan Chase & Co.:
Japanese Yen	1/17/17	2,428,200,000		20,796,939		282,925
Mexican Peso	1/26/17	706,000,000		33,936,956		(118,930)

				54,733,895		163,995
Morgan Stanley:
Japanese Yen	1/6/17	11,800,000,000		100,982,909		(605,216)
Total			$	206,208,258	$	(701,954)