Untitled Document

N-CSR 1 63018NCSRFINAL.htm 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)

Kathryn Santoro, 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: 6/30/18

Item 1 - Reports to Shareholders



		ANNUAL REPORT June 30, 2018

	Janus Henderson 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 Henderson Adaptive Global Allocation Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	27
Statement of Assets and Liabilities	30
Statement of Operations	32
Statements of Changes in Net Assets	33
Financial Highlights	34
Notes to Financial Statements	38
Report of Independent Registered Public Accounting Firm	55
Additional Information	56
Useful Information About Your Fund Report	70
Designation Requirements	73
Trustees and Officers	74

Janus Henderson 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 Henderson Adaptive Global Allocation Fund Class I Shares returned 6.57% for the 12-month period ended June 30, 2018. This compares with a return of 10.73% for its primary benchmark, the MSCI All Country World Index. The Fund’s secondary benchmark, the Adaptive Global Allocation 60-40 Index, an internally calculated index comprised of the MSCI All Country World Index (60%) and the Bloomberg Barclays Global Aggregate Bond Index (40%), returned 7.12%. Its tertiary benchmark, the Bloomberg Barclays Global Aggregate Bond Index, returned 1.66%.

MARKET ENVIRONMENT

Global financial markets generated gains during the period despite a return of volatility during the winter. Risk assets rose during the autumn of 2017 as investor grew optimistic about the prospects for tax reform in the U.S. However, concerns that inflation may surprise to the upside caused many to consider that the Federal Reserve (Fed) may raise interest rates faster than expected. This fueled the sell-off that hit both risky and traditionally safer asset classes. Higher rates and an improving U.S. economic outlook pushed the yield on 10-year Treasury notes up 56 basis points (bps) to 2.86%. The yield on 2-year notes rose a more pronounced 115 bps to 2.53%. Political concerns in Europe, however, sent Germany’s Bund in the other direction with yields sliding from a period high of 0.77% to as low as 0.26%.

Global stocks rose, led by the U.S. On a sector level, technology and energy gained, with the latter being driven by a roughly 50% increase in crude oil prices. Telecommunications was the worst performing sector. Investment-grade corporate credits finished slightly in the red as spreads widened to 124 bps. High-yield issuers, however, managed to deliver modestly positive returns.

PERFORMANCE DISCUSSION

For the period, the Fund underperformed its primary and secondary benchmarks, the MSCI All Country World Index, and the Adaptive Global Allocation 60-40 Index, respectively. It outperformed its tertiary benchmark, the Bloomberg Barclays Global Aggregate Bond Index. For the full period, the Fund’s relative underperformance was due to an underweight in equities as well as an underweight in a concentrated set of mega-cap stocks, which drove a considerable portion of ACWI’s returns over the period.

We believe that compound returns are most affected by tail risks, not average returns. For that key reason, the Fund’s focus is on mitigating drawdowns while capturing upside opportunities. Our proprietary technology garners information constantly from the options markets, and we view their implied estimates of tail risk as robust and reliable indicators of future risk. The strategy sees these indicators as extremely useful in dynamically managing the risk of an investment in order to enhance compound returns. While the Fund dynamically allocates to equities, at any time, equity weightings could vary. The typical average equity weight is less than 100%. Thus, the Fund may underperform during a period of consistently strong equity performance.

We view investment risk as having two components: drawdown risk and upside risk. Of course, while compound returns are most affected by drawdowns (left tail risk), we believe that not participating in upside opportunities (right tail risk) is also risky.

We are watching several developments in markets and the global economy. Markets are underestimating the


Janus Investment Fund	1

Janus Henderson Adaptive Global Allocation Fund (unaudited)

possibility of an increase in real rates leading to a sell-off in bonds. The market today is too focused on inflation fears. Yet, fixed income markets are already pricing in normalized inflation values with 10-year U.S. break-even inflation, for example, above 2.1%. Real rates, however, are still quite low in some major developed markets, with Germany being the key example. Inflation was the first step of the path towards normalization; real rates are the second – potentially more painful – step as they impact prices of all asset classes, from equities to commodities.

Investors must also be acutely aware of how rising interest volatility will impact the term premium of bonds. Thought rate volatility has not increased, when it does, investors will demand a greater risk premium to lend for longer tenors, and the term premium, which has eluded investors for the past several years should return.

How high interest rates head is a fear of many. But the real fear should be not where they head but how they get there. A violent chaotic path should breed fear, not a measured controlled path.

Investors must get conditioned to more volatile markets. The reason for this is the linkage between interest rates and volatility. Rates and volatility are tightly linked as both are sources of carry (a measure of excess income generated by the Fund’s holdings). Higher rates should lead to higher volatility as the historical source of carry for investors – bonds – finally start to offer more attractive yields, given steps by global central banks to normalize monetary policy. Other sources of carry, including volatility sales, will also have to offer more attractive relative yields to remain competitive. Higher Treasury yields are now luring investors away from selling volatility, a strategy that has been a factor in suppressing large price swings in stocks and bonds in recent years. While we have seen equity volatility increase, rate volatility should ultimately follow as central banks continue to remove monetary accommodation.

While the downside to every asset class has increased due to higher volatility, we believe that select emerging market (EM) equities such as Brazil appear particularly attractive relative to the alternatives. We see both a healthy US consumer and a stronger US dollar, which boasts competitiveness of EM exports. In eras past, a strong US dollar has derailed the public debt market of EM countries as US dollar debt swelled. But EM countries now are much more prudent in the currency risk they take when funding their liabilities, so a stronger US dollar can improve competitiveness without derailing balance sheets. A further tailwind from higher commodities prices stands to benefit major emerging markets that are significant exporters of raw materials.

During the period, with the aim of hedging certain exposures, 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 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 contributed to performance.

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

OUTLOOK

The Fund is designed to operate at a level of risk consistent with the long-term average downside risk of a 60/40 portfolio. If the risk in markets today is much higher than average, then the Fund allocations will be adjusted away from 60/40 to an allocation that seeks to provide the targeted risk level.

While our signals over the past year consistently pointed to equities as being attractive, in the period’s closing weeks, our proprietary options-based tail risk model signals no compelling opportunities across asset classes with none offering large upside potential. The trade-off between the level of expected upside risk versus the level of expected downside risk is not particularly attractive for equities or any other asset class. However, on the bright side, we also do not see significant downside risk to stocks, suggesting that we aren’t near a left-tail tipping point just yet.

Thank you for investing in Janus Henderson Adaptive Global Allocation Fund.


2	JUNE 30, 2018

Janus Henderson Adaptive Global Allocation Fund (unaudited)

Fund At A Glance

June 30, 2018


5 Largest Equity Holdings - (% of Net Assets)
Vanguard Total International Bond
Exchange-Traded Funds (ETFs)	9.4%
iShares Agency Bond
Exchange-Traded Funds (ETFs)	5.2%
iShares 7-10 Year Treasury Bond
Exchange-Traded Funds (ETFs)	4.9%
Vanguard Mortgage-Backed Securities
Exchange-Traded Funds (ETFs)	4.9%
Vanguard FTSE All-World ex-US
Exchange-Traded Funds (ETFs)	4.8%
	29.2%


Asset Allocation - (% of Net Assets)
Investment Companies	93.2%
Common Stocks	14.5%
U.S. Government Agency Notes	2.9%
Commercial Paper	2.8%
Preferred Stocks	0.0%
Other		(13.4)%
		100.0%

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

As of June 30, 2018

As of June 30, 2017


Janus Investment Fund	3

Janus Henderson Adaptive Global Allocation Fund (unaudited)

Performance

See important disclosures on the next page.



			Expense Ratios -
Average Annual Total Return - for the periods ended June 30, 2018			per the October 27, 2017 prospectuses
	One Year	Since Inception*	Total Annual Fund Operating Expenses	Net Annual Fund Operating Expenses
Class A Shares at NAV	6.27%	4.24%	1.62%	1.06%
Class A Shares at MOP	0.19%	2.22%
Class C Shares at NAV	5.58%	3.49%	2.36%	1.81%
Class C Shares at CDSC	4.59%	3.49%
Class D Shares⁽¹⁾	6.51%	4.32%	2.11%	0.96%
Class I Shares	6.57%	4.52%	1.50%	0.81%
Class N Shares	6.62%	4.54%	1.34%	0.81%
Class S Shares	6.24%	4.12%	1.85%	1.31%
Class T Shares	6.40%	4.33%	1.61%	1.06%
MSCI All Country World Index⁽²⁾	10.73%	6.99%
Adaptive Global Allocation 60/40 Index (Hedged)	7.12%	5.48%
Bloomberg Barclays Global Aggregate Bond Index (Hedged)	1.66%	2.87%
Morningstar Quartile - Class I Shares	2nd	2nd
Morningstar Ranking - based on total returns for World Allocation Funds	128/487	111/451

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 800.668.0434 (or 800.525.3713 if you hold shares directly with Janus Henderson) or visit janushenderson.com/performance (or janushenderson.com/allfunds if you hold shares directly with Janus Henderson).

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.


4	JUNE 30, 2018

Janus Henderson Adaptive Global Allocation Fund (unaudited)

Performance

Net expense ratios reflect the expense waiver, if any, contractually agreed to through November 1, 2018.

Performance may be affected by risks that include those associated with non-diversification, portfolio turnover, short sales, potential conflicts of interest, foreign and emerging markets, initial public offerings (IPOs), high-yield and high-risk securities, undervalued, overlooked and smaller capitalization companies, real estate related securities including Real Estate Investment Trusts (REITs), derivatives, and commodity-linked investments. Each product has different risks. Please see the prospectus for more information about risks, holdings and other details.

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.

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

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

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

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

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

Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

See “Useful Information About Your Fund Report.”

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

(1) Closed to certain new investors.

(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.


Janus Investment Fund	5

Janus Henderson Adaptive Global Allocation 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 (1/1/18)	Ending Account Value (6/30/18)	Expenses Paid During Period (1/1/18 - 6/30/18)†	Beginning Account Value (1/1/18)	Ending Account Value (6/30/18)	Expenses Paid During Period (1/1/18 - 6/30/18)†	Net Annualized Expense Ratio (1/1/18 - 6/30/18)
Class A Shares		$1,000.00	$983.00	$4.87	$1,000.00	$1,019.89	$4.96	0.99%
Class C Shares		$1,000.00	$980.10	$8.49	$1,000.00	$1,016.22	$8.65	1.73%
Class D Shares		$1,000.00	$984.00	$4.13	$1,000.00	$1,020.63	$4.21	0.84%
Class I Shares		$1,000.00	$984.90	$3.59	$1,000.00	$1,021.17	$3.66	0.73%
Class N Shares		$1,000.00	$984.90	$3.45	$1,000.00	$1,021.32	$3.51	0.70%
Class S Shares		$1,000.00	$983.00	$5.31	$1,000.00	$1,019.44	$5.41	1.08%
Class T Shares		$1,000.00	$984.00	$4.38	$1,000.00	$1,020.38	$4.46	0.89%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 181/365 (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	JUNE 30, 2018

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2018


Shares or Principal Amounts			Value
Common Stocks– 14.5%
Aerospace & Defense – 0.1%
	Arconic Inc	375	$6,379
	BAE Systems PLC	456	3,891
	Boeing Co	7	2,349
	Harris Corp	11	1,590
	L3 Technologies Inc	5	962
	Leonardo SpA	217	2,142
	Meggitt PLC	60	390
	MTU Aero Engines AG	25	4,801
	Raytheon Co	81	15,648
	Rolls-Royce Holdings PLC*	62	808
	Safran SA	23	2,790
	Textron Inc	45	2,966
	TransDigm Group Inc*	5	1,726
			46,442
Air Freight & Logistics – 0%
	CH Robinson Worldwide Inc	122	10,207
	Expeditors International of Washington Inc	48	3,509
	FedEx Corp	64	14,532
	Royal Mail PLC	1,115	7,429
	United Parcel Service Inc	18	1,912
			37,589
Airlines – 0%
	Alaska Air Group Inc	64	3,865
	American Airlines Group Inc	152	5,770
	Delta Air Lines Inc	37	1,833
	Japan Airlines Co Ltd	100	3,544
	Southwest Airlines Co	316	16,078
	United Continental Holdings Inc*	92	6,415
			37,505
Auto Components – 0.1%
	Aptiv PLC	419	38,393
	NOK Corp	200	3,867
	Nokian Renkaat OYJ	430	16,947
	Stanley Electric Co Ltd	100	3,401
	Toyoda Gosei Co Ltd	100	2,532
	Valeo SA	134	7,314
	Yokohama Rubber Co Ltd	100	2,076
			74,530
Automobiles – 0.1%
	Ferrari NV	42	5,699
	Fiat Chrysler Automobiles NV*	405	7,709
	Ford Motor Co	2,842	31,461
	General Motors Co	710	27,974
	Harley-Davidson Inc	147	6,186
	Mitsubishi Motors Corp	300	2,389
	Nissan Motor Co Ltd	600	5,831
	Peugeot SA	38	866
	Renault SA	99	8,402
	Subaru Corp	200	5,819
	Yamaha Motor Co Ltd	100	2,511
			104,847
Banks – 0.5%
	Aozora Bank Ltd	200	7,606
	Bank of America Corp	659	18,577
	Bank of East Asia Ltd	2,000	7,958
	Bank of Kyoto Ltd	100	4,624
	Bank of Queensland Ltd	1,091	8,218
	Bankia SA	8,649	32,246
	Barclays PLC	3,961	9,875


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

Janus Investment Fund	7

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2018


Shares or Principal Amounts			Value
Common Stocks– (continued)
Banks – (continued)
	BB&T Corp	59	$2,976
	Bendigo & Adelaide Bank Ltd	626	5,051
	BOC Hong Kong Holdings Ltd	3,000	14,066
	CaixaBank SA	1,000	4,319
	Chiba Bank Ltd	900	6,342
	Citigroup Inc	258	17,265
	Comerica Inc	207	18,820
	Commonwealth Bank of Australia	152	8,229
	Concordia Financial Group Ltd	400	2,033
	DNB ASA	222	4,332
	Erste Group Bank AG*	72	3,001
	Fifth Third Bancorp	511	14,666
	Fukuoka Financial Group Inc	2,000	10,044
	Hang Seng Bank Ltd	1,300	32,353
	Huntington Bancshares Inc/OH	178	2,627
	Japan Post Bank Co Ltd	400	4,651
	JPMorgan Chase & Co	76	7,919
	Mebuki Financial Group Inc	2,000	6,710
	National Australia Bank Ltd	824	16,769
	Nordea Bank AB	326	3,138
	People's United Financial Inc	792	14,327
	Raiffeisen Bank International AG	21	643
	Regions Financial Corp	1,009	17,940
	Royal Bank of Scotland Group PLC*	2,605	8,800
	Seven Bank Ltd	1,400	4,282
	Shinsei Bank Ltd	200	3,074
	Shizuoka Bank Ltd	300	2,693
	Standard Chartered PLC	735	6,715
	SunTrust Banks Inc	123	8,120
	Suruga Bank Ltd	500	4,468
	Wells Fargo & Co	212	11,753
	Zions Bancorporation	439	23,131
			380,361
Beverages – 0.3%
	Brown-Forman Corp - Class B	242	11,860
	Coca-Cola Amatil Ltd	1,935	13,164
	Coca-Cola Co	1,607	70,483
	Coca-Cola European Partners PLC	92	3,739
	Constellation Brands Inc	61	13,351
	Davide Campari-Milano SpA	1,417	11,644
	Heineken NV	3	301
	Molson Coors Brewing Co	183	12,451
	Monster Beverage Corp*	134	7,678
	PepsiCo Inc	392	42,677
	Suntory Beverage & Food Ltd	100	4,269
	Treasury Wine Estates Ltd	165	2,131
			193,748
Biotechnology – 0.2%
	AbbVie Inc	149	13,805
	Alexion Pharmaceuticals Inc*	46	5,711
	Biogen Inc*	51	14,802
	Celgene Corp*	326	25,891
	CSL Ltd	94	13,436
	Gilead Sciences Inc	540	38,254
	Grifols SA	876	26,270
	Incyte Corp*	212	14,204
	Regeneron Pharmaceuticals Inc*	10	3,450
	Vertex Pharmaceuticals Inc*	91	15,466
			171,289


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

8	JUNE 30, 2018

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2018


Shares or Principal Amounts			Value
Common Stocks– (continued)
Building Products – 0%
	Allegion PLC	116	$8,974
	Assa Abloy AB	171	3,640
	Cie de Saint-Gobain	86	3,835
	Fortune Brands Home & Security Inc	187	10,040
	Johnson Controls International plc	25	836
			27,325
Capital Markets – 0.3%
	ASX Ltd	533	25,493
	Bank of New York Mellon Corp	229	12,350
	ETRADE Financial Corp	43	2,630
	Franklin Resources Inc	477	15,288
	Goldman Sachs Group Inc	55	12,131
	Hong Kong Exchanges & Clearing Ltd	600	17,979
	IGM Financial Inc	667	19,338
	Investec PLC	200	1,418
	Japan Exchange Group Inc	400	7,429
	London Stock Exchange Group PLC	217	12,783
	Macquarie Group Ltd	44	4,043
	Moody's Corp	49	8,357
	Morgan Stanley	171	8,105
	Natixis SA	633	4,481
	Northern Trust Corp	36	3,704
	Partners Group Holding AG	19	13,942
	Raymond James Financial Inc	46	4,110
	SBI Holdings Inc/Japan	600	15,420
	Thomson Reuters Corp	471	19,008
			208,009
Chemicals – 0.7%
	Air Products & Chemicals Inc	40	6,229
	Air Water Inc	400	7,335
	Akzo Nobel NV	625	53,252
	Albemarle Corp	63	5,943
	CF Industries Holdings Inc	137	6,083
	Clariant AG*	724	17,343
	Covestro AG	236	21,042
	Daicel Corp	400	4,421
	DowDuPont Inc	210	13,843
	Eastman Chemical Co	87	8,697
	Ecolab Inc	181	25,400
	Evonik Industries AG	646	22,113
	FMC Corp	110	9,813
	Hitachi Chemical Co Ltd	500	10,074
	Incitec Pivot Ltd	6,584	17,755
	International Flavors & Fragrances Inc	164	20,329
	Johnson Matthey PLC	337	16,070
	JSR Corp	300	5,093
	K+S AG	705	17,397
	Kaneka Corp	1,000	8,954
	Kansai Paint Co Ltd	100	2,074
	Koninklijke DSM NV	228	22,892
	LANXESS AG	127	9,896
	LyondellBasell Industries NV	54	5,932
	Mitsubishi Gas Chemical Co Inc	300	6,787
	Mosaic Co	95	2,665
	Nippon Paint Holdings Co Ltd	100	4,298
	Nissan Chemical Industries Ltd	100	4,660
	Orica Ltd	940	12,370
	PPG Industries Inc	73	7,572
	Praxair Inc	45	7,117


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

Janus Investment Fund	9

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2018


Shares or Principal Amounts			Value
Common Stocks– (continued)
Chemicals – (continued)
	Sherwin-Williams Co	23	$9,374
	Symrise AG	586	51,367
	Taiyo Nippon Sanso Corp	500	7,160
	Teijin Ltd	300	5,498
	Tosoh Corp	300	4,643
	Umicore SA	37	2,113
	Yara International ASA	13	538
			464,142
Commercial Services & Supplies – 0.2%
	Brambles Ltd	1,510	9,936
	Cintas Corp	66	12,215
	Edenred	230	7,258
	G4S PLC	2,200	7,760
	Republic Services Inc	506	34,590
	Waste Management Inc	503	40,914
			112,673
Communications Equipment – 0.1%
	Cisco Systems Inc	174	7,487
	F5 Networks Inc*	58	10,002
	Juniper Networks Inc	1,593	43,680
	Motorola Solutions Inc	130	15,128
	Nokia OYJ	2,898	16,624
	Telefonaktiebolaget LM Ericsson	884	6,806
			99,727
Construction & Engineering – 0.1%
	Bouygues SA	106	4,563
	CIMIC Group Ltd	167	5,223
	Fluor Corp	248	12,097
	Hochtief AG	11	1,987
	Jacobs Engineering Group Inc	160	10,158
	Quanta Services Inc*	177	5,912
	Skanska AB	106	1,925
	SNC-Lavalin Group Inc	72	3,180
			45,045
Construction Materials – 0.1%
	Boral Ltd	1,561	7,531
	CRH PLC	321	11,344
	James Hardie Industries PLC (CDI)	295	4,965
	Martin Marietta Materials Inc	35	7,817
	Taiheiyo Cement Corp	200	6,575
	Vulcan Materials Co	42	5,421
			43,653
Consumer Finance – 0%
	Acom Co Ltd	700	2,689
	American Express Co	15	1,470
	Synchrony Financial	142	4,740
			8,899
Containers & Packaging – 0.1%
	Amcor Ltd/Australia	1,300	13,882
	Avery Dennison Corp	206	21,033
	Ball Corp	359	12,762
	CCL Industries Inc	220	10,787
	International Paper Co	295	15,364
	Packaging Corp of America	39	4,360
	Sealed Air Corp	417	17,702
			95,890
Distributors – 0%
	Jardine Cycle & Carriage Ltd	200	4,663


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

10	JUNE 30, 2018

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2018


Shares or Principal Amounts			Value
Common Stocks– (continued)
Diversified Consumer Services – 0.1%
	H&R Block Inc	3,773	$85,949
Diversified Financial Services – 0.1%
	AMP Ltd	688	1,811
	Eurazeo SA	255	19,319
	Industrivarden AB	385	7,458
	Kinnevik AB	539	18,448
	Standard Life Aberdeen PLC	6,413	27,554
	Wendel SA	32	4,403
			78,993
Diversified Telecommunication Services – 0.6%
	AT&T Inc	3,407	109,710
	BCE Inc	254	10,288
	CenturyLink Inc	1,831	34,130
	Deutsche Telekom AG*	98	1,521
	Elisa OYJ	472	21,856
	HKT Trust & HKT Ltd	14,000	17,852
	Iliad SA	32	5,052
	Koninklijke KPN NV	6,201	16,854
	Nippon Telegraph & Telephone Corp	100	4,545
	Orange SA	764	12,779
	PCCW Ltd	21,000	11,817
	Proximus SADP	167	3,766
	Singapore Telecommunications Ltd	7,600	17,161
	Swisscom AG	19	8,497
	Telecom Italia SpA/Milano - RSP	3,929	2,560
	Telefonica Deutschland Holding AG	499	1,966
	Telefonica SA	1,380	11,761
	Telenor ASA	584	11,974
	Telia Co AB	1,963	8,972
	Telstra Corp Ltd	11,043	21,390
	TELUS Corp	340	12,079
	TPG Telecom Ltd	1,089	4,164
	Verizon Communications Inc	1,649	82,961
			433,655
Electric Utilities – 0.2%
	Alliant Energy Corp	211	8,930
	AusNet Services	1,948	2,322
	Chubu Electric Power Co Inc	100	1,499
	Chugoku Electric Power Co Inc	500	6,463
	CLP Holdings Ltd	1,000	10,729
	Duke Energy Corp	12	949
	Electricite de France SA	504	6,908
	Emera Inc	52	1,693
	Eversource Energy	122	7,150
	Fortum OYJ	623	14,859
	HK Electric Investments & HK Electric Investments Ltd	1,500	1,430
	Hydro One Ltd	1,512	23,051
	Kyushu Electric Power Co Inc	100	1,118
	PG&E Corp*	16	681
	Pinnacle West Capital Corp	94	7,573
	Power Assets Holdings Ltd	2,000	13,981
	PPL Corp	135	3,854
	Terna Rete Elettrica Nazionale SpA	1,393	7,516
	Tohoku Electric Power Co Inc	100	1,221
	Tokyo Electric Power Co Holdings Inc*	100	465
			122,392
Electrical Equipment – 0%
	AMETEK Inc	255	18,401
	Melrose Industries PLC	3,507	9,840


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

Janus Investment Fund	11

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2018


Shares or Principal Amounts			Value
Common Stocks– (continued)
Electrical Equipment – (continued)
	Mitsubishi Electric Corp	100	$1,329
	OSRAM Licht AG	80	3,267
	Rockwell Automation Inc	22	3,657
			36,494
Electronic Equipment, Instruments & Components – 0.2%
	Amphenol Corp	740	64,491
	Corning Inc	806	22,173
	FLIR Systems Inc	162	8,419
	Hamamatsu Photonics KK	100	4,288
	Hexagon AB	358	19,946
			119,317
Energy Equipment & Services – 0.3%
	Baker Hughes a GE Co	1,149	37,951
	Halliburton Co	1,033	46,547
	National Oilwell Varco Inc	413	17,924
	Schlumberger Ltd	1,037	69,510
	TechnipFMC PLC	337	10,696
	Tenaris SA	142	2,589
			185,217
Equity Real Estate Investment Trusts (REITs) – 0.3%
	Alexandria Real Estate Equities Inc	56	7,066
	American Tower Corp	29	4,181
	Apartment Investment & Management Co	151	6,387
	Ascendas Real Estate Investment Trust	1,500	2,911
	Boston Properties Inc	16	2,007
	British Land Co PLC	99	878
	CapitaLand Mall Trust	6,300	9,560
	Covivio	5	520
	Dexus	383	2,761
	Duke Realty Corp	158	4,587
	Equity Residential	73	4,649
	Essex Property Trust Inc	5	1,195
	Federal Realty Investment Trust	14	1,772
	Goodman Group	1,289	9,199
	GPT Group	998	3,749
	H&R Real Estate Investment Trust	204	3,122
	Hammerson PLC	323	2,221
	Iron Mountain Inc	260	9,103
	Klepierre SA	65	2,445
	Land Securities Group PLC	114	1,435
	Mid-America Apartment Communities Inc	94	9,463
	Mirvac Group	6,327	10,186
	Nippon Prologis REIT Inc	7	14,525
	Prologis Inc	97	6,372
	Realty Income Corp	86	4,626
	RioCan Real Estate Investment Trust	415	7,624
	SBA Communications Corp*	33	5,449
	Scentre Group	2,392	7,791
	SL Green Realty Corp	20	2,011
	SmartCentres Real Estate Investment Trust	49	1,138
	UDR Inc	146	5,481
	United Urban Investment Corp	10	15,542
	Ventas Inc	153	8,713
	Vicinity Centres	115	221
	Vornado Realty Trust	66	4,879
	Weyerhaeuser Co	237	8,641
			192,410
Food & Staples Retailing – 0.4%
	Aeon Co Ltd	100	2,139


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

12	JUNE 30, 2018

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2018


Shares or Principal Amounts			Value
Common Stocks– (continued)
Food & Staples Retailing – (continued)
	Carrefour SA	241	$3,889
	Colruyt SA*	196	11,177
	George Weston Ltd	255	20,807
	ICA Gruppen AB^#	256	7,849
	J Sainsbury PLC	676	2,864
	Kroger Co	453	12,888
	Loblaw Cos Ltd	299	15,376
	METRO AG	173	2,137
	Seven & i Holdings Co Ltd	100	4,359
	Sysco Corp	1,298	88,640
	Tesco PLC	1,556	5,269
	Walgreens Boots Alliance Inc	422	25,326
	Walmart Inc	238	20,385
	Wesfarmers Ltd	353	12,943
	Wm Morrison Supermarkets PLC	4,093	13,595
	Woolworths Group Ltd	616	13,951
			263,594
Food Products – 0.3%
	Associated British Foods PLC	154	5,551
	Calbee Inc	100	3,760
	Campbell Soup Co	420	17,027
	Conagra Brands Inc	113	4,037
	Danone SA	357	26,168
	General Mills Inc	282	12,481
	Hershey Co	577	53,696
	Hormel Foods Corp	215	8,000
	JM Smucker Co	20	2,150
	Kellogg Co	148	10,341
	Marine Harvest ASA	124	2,470
	McCormick & Co Inc/MD	352	40,864
	Mondelez International Inc	501	20,541
	Orkla ASA	2,382	20,867
	Toyo Suisan Kaisha Ltd	100	3,560
	WH Group Ltd	1,500	1,213
	Wilmar International Ltd	500	1,121
	Yamazaki Baking Co Ltd	100	2,612
			236,459
Gas Utilities – 0%
	APA Group	206	1,500
	Gas Natural SDG SA	317	8,387
	Hong Kong & China Gas Co Ltd	6,200	11,832
	Osaka Gas Co Ltd	100	2,069
	Toho Gas Co Ltd	100	3,460
			27,248
Health Care Equipment & Supplies – 0.6%
	Abbott Laboratories	218	13,296
	Baxter International Inc	952	70,296
	Becton Dickinson and Co	23	5,510
	Boston Scientific Corp*	624	20,405
	Cooper Cos Inc	33	7,770
	Cyberdyne Inc*	200	2,337
	Dentsply Sirona Inc	70	3,064
	Edwards Lifesciences Corp*	120	17,468
	Essilor International Cie Generale d'Optique SA	213	30,050
	Hologic Inc*	99	3,935
	Olympus Corp	100	3,736
	ResMed Inc	114	11,808
	Smith & Nephew PLC	1,938	35,633
	Sonova Holding AG	391	70,172


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

Janus Investment Fund	13

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2018


Shares or Principal Amounts			Value
Common Stocks– (continued)
Health Care Equipment & Supplies – (continued)
	Straumann Holding AG	61	$46,455
	Stryker Corp	151	25,498
	Varian Medical Systems Inc*	166	18,878
	Zimmer Biomet Holdings Inc	89	9,918
			396,229
Health Care Providers & Services – 0.3%
	Alfresa Holdings Corp	100	2,349
	Anthem Inc	25	5,951
	Cardinal Health Inc	36	1,758
	Centene Corp*	49	6,037
	Cigna Corp	71	12,066
	CVS Health Corp	100	6,435
	DaVita Inc*	275	19,096
	Fresenius Medical Care AG & Co KGaA	25	2,523
	Fresenius SE & Co KGaA	349	28,021
	Henry Schein Inc*	77	5,593
	Laboratory Corp of America Holdings*	159	28,545
	Medipal Holdings Corp	200	4,018
	Quest Diagnostics Inc	157	17,261
	Ramsay Health Care Ltd	21	840
	Sonic Healthcare Ltd	923	16,785
	Suzuken Co Ltd/Aichi Japan	100	4,231
	UnitedHealth Group Inc	22	5,397
	Universal Health Services Inc	163	18,165
			185,071
Health Care Technology – 0%
	M3 Inc	100	3,981
Hotels, Restaurants & Leisure – 0.4%
	Accor SA	149	7,298
	Carnival Corp	187	10,717
	Chipotle Mexican Grill Inc*	91	39,255
	Crown Resorts Ltd	933	9,342
	Domino's Pizza Enterprises Ltd	27	1,043
	Flight Centre Travel Group Ltd	152	7,155
	Galaxy Entertainment Group Ltd	1,000	7,676
	Hilton Worldwide Holdings Inc	516	40,847
	InterContinental Hotels Group PLC	240	14,928
	Marriott International Inc/MD	59	7,469
	McDonald's Corp	126	19,743
	McDonald's Holdings Co Japan Ltd	100	5,099
	Merlin Entertainments PLC	1,387	7,075
	MGM China Holdings Ltd	2,000	4,631
	Norwegian Cruise Line Holdings Ltd*	376	17,766
	Restaurant Brands International Inc	41	2,473
	Royal Caribbean Cruises Ltd	7	725
	Sands China Ltd	1,600	8,526
	Starbucks Corp	416	20,322
	Tabcorp Holdings Ltd	2,652	8,776
	Whitbread PLC	504	26,324
	Wynn Resorts Ltd	43	7,196
			274,386
Household Durables – 0.1%
	Electrolux AB	90	2,049
	Husqvarna AB	275	2,605
	Leggett & Platt Inc	422	18,838
	Lennar Corp	49	2,573
	Mohawk Industries Inc*	66	14,142
	Newell Brands Inc	654	16,867
	Sekisui Chemical Co Ltd	100	1,703


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

14	JUNE 30, 2018

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2018


Shares or Principal Amounts			Value
Common Stocks– (continued)
Household Durables – (continued)
	Whirlpool Corp	125	$18,279
			77,056
Household Products – 0.4%
	Church & Dwight Co Inc	688	36,574
	Clorox Co	309	41,792
	Colgate-Palmolive Co	1,409	91,317
	Henkel AG & Co KGaA	18	2,003
	Kimberly-Clark Corp	610	64,257
	Lion Corp	200	3,667
	Procter & Gamble Co	677	52,847
	Reckitt Benckiser Group PLC	79	6,493
			298,950
Independent Power and Renewable Electricity Producers – 0%
	AES Corp/VA	50	671
	Electric Power Development Co Ltd	100	2,581
	NRG Energy Inc	57	1,750
	Uniper SE	231	6,886
			11,888
Industrial Conglomerates – 0.1%
	3M Co	14	2,754
	CK Hutchison Holdings Ltd	1,000	10,554
	General Electric Co	2,251	30,636
	Keihan Holdings Co Ltd	100	3,587
	Roper Technologies Inc	59	16,279
	Seibu Holdings Inc	100	1,685
	Sembcorp Industries Ltd	900	1,812
	Smiths Group PLC	258	5,779
			73,086
Information Technology Services – 0.7%
	Amadeus IT Group SA	334	26,314
	Atos SE	253	34,473
	Automatic Data Processing Inc	193	25,889
	Broadridge Financial Solutions Inc	51	5,870
	CGI Group Inc*	474	30,041
	Cognizant Technology Solutions Corp	160	12,638
	Computershare Ltd	693	9,483
	DXC Technology Co	400	32,244
	Fidelity National Information Services Inc	638	67,647
	Fiserv Inc*	130	9,632
	FleetCor Technologies Inc*	77	16,220
	Gartner Inc*	216	28,706
	Global Payments Inc	448	49,948
	International Business Machines Corp	64	8,941
	Mastercard Inc	50	9,826
	Nomura Research Institute Ltd	200	9,682
	NTT Data Corp	200	2,301
	Paychex Inc	304	20,778
	PayPal Holdings Inc*	209	17,403
	Visa Inc	51	6,755
	Western Union Co	2,077	42,225
	Wirecard AG	41	6,599
			473,615
Insurance – 0.6%
	Aegon NV	973	5,814
	Ageas	138	6,958
	AIA Group Ltd	1,200	10,389
	American International Group Inc	271	14,368
	Aon PLC	170	23,319
	Arthur J Gallagher & Co	352	22,979


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

Janus Investment Fund	15

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2018


Shares or Principal Amounts			Value
Common Stocks– (continued)
Insurance – (continued)
	Assurant Inc	231	$23,906
	Baloise Holding AG	32	4,656
	Chubb Ltd	261	33,152
	Cincinnati Financial Corp	157	10,497
	Everest Re Group Ltd	62	14,290
	Gjensidige Forsikring ASA	699	11,452
	Hannover Rueck SE	9	1,122
	Hartford Financial Services Group Inc	192	9,817
	Insurance Australia Group Ltd	2,289	14,499
	Intact Financial Corp	308	21,849
	Loews Corp	620	29,934
	Mapfre SA	6,154	18,518
	Medibank Pvt Ltd	4,663	10,094
	NN Group NV	87	3,530
	Poste Italiane SpA (144A)	278	2,321
	Power Financial Corp	626	14,644
	Progressive Corp	326	19,283
	Prudential Financial Inc	16	1,496
	QBE Insurance Group Ltd	2,387	17,256
	RSA Insurance Group PLC	1,331	11,930
	Sampo Oyj	212	10,337
	SCOR SE	38	1,410
	Sony Financial Holdings Inc	600	11,427
	Swiss Life Holding AG*	5	1,740
	Torchmark Corp	270	21,981
	Willis Towers Watson PLC	211	31,988
	Zurich Insurance Group AG	15	4,451
			441,407
Internet & Direct Marketing Retail – 0.1%
	Amazon.com Inc*	12	20,398
	Booking Holdings Inc*	1	2,027
	Expedia Group Inc	80	9,615
	Netflix Inc*	36	14,091
	Rakuten Inc	100	675
	TripAdvisor Inc*	236	13,148
	Zalando SE (144A)*	98	5,473
			65,427
Internet Software & Services – 0.1%
	Akamai Technologies Inc*	283	20,724
	Alphabet Inc*	18	20,325
	eBay Inc*	523	18,964
	Facebook Inc*	65	12,631
	REA Group Ltd	6	405
	Shopify Inc*	28	4,084
	Twitter Inc*	281	12,271
	United Internet AG	51	2,920
	VeriSign Inc*	20	2,748
			95,072
Leisure Products – 0%
	Hasbro Inc	211	19,477
	Sankyo Co Ltd	100	3,912
			23,389
Life Sciences Tools & Services – 0.2%
	Agilent Technologies Inc	11	680
	Illumina Inc*	17	4,748
	IQVIA Holdings Inc*	302	30,146
	Lonza Group AG*	25	6,644
	Mettler-Toledo International Inc*	45	26,038
	PerkinElmer Inc	442	32,368


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

16	JUNE 30, 2018

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2018


Shares or Principal Amounts			Value
Common Stocks– (continued)
Life Sciences Tools & Services – (continued)
	Waters Corp*	71	$13,745
			114,369
Machinery – 0.2%
	Alfa Laval AB	57	1,349
	Alstom SA	196	9,001
	Amada Holdings Co Ltd	100	960
	ANDRITZ AG	169	8,967
	Caterpillar Inc	37	5,020
	CNH Industrial NV	351	3,719
	Cummins Inc	100	13,300
	Deere & Co	63	8,807
	Fortive Corp	49	3,778
	JTEKT Corp	200	2,716
	KION Group AG	48	3,449
	Komatsu Ltd	100	2,847
	Metso OYJ	76	2,544
	MISUMI Group Inc	100	2,911
	Mitsubishi Heavy Industries Ltd	100	3,636
	NGK Insulators Ltd	100	1,779
	PACCAR Inc	65	4,027
	Pentair PLC	291	12,245
	Snap-on Inc	18	2,893
	Stanley Black & Decker Inc	30	3,984
	Volvo AB	358	5,704
	Wartsila OYJ Abp	24	471
	Xylem Inc/NY	175	11,792
			115,899
Marine – 0%
	Kuehne + Nagel International AG	2	301
Media – 0.7%
	CBS Corp	684	38,454
	Charter Communications Inc*	185	54,244
	Comcast Corp	624	20,473
	DISH Network Corp*	60	2,017
	Eutelsat Communications SA	462	9,567
	Hakuhodo DY Holdings Inc	200	3,207
	Interpublic Group of Cos Inc	1,298	30,425
	ITV PLC	7,257	16,656
	News Corp	4,924	76,322
	Omnicom Group Inc	470	35,847
	Pearson PLC	336	3,906
	RTL Group SA	486	32,950
	Shaw Communications Inc	939	19,130
	Singapore Press Holdings Ltd	2,400	4,573
	Telenet Group Holding NV*	201	9,368
	Toho Co Ltd/Tokyo	100	3,351
	Viacom Inc	459	13,843
	Vivendi SA	877	21,453
	Walt Disney Co	818	85,735
	WPP PLC	623	9,802
			491,323
Metals & Mining – 0.4%
	Agnico Eagle Mines Ltd	169	7,749
	Alumina Ltd	6,074	12,571
	Anglo American PLC	90	1,998
	Antofagasta PLC	634	8,235
	ArcelorMittal	42	1,226
	Barrick Gold Corp	849	11,154
	BHP Billiton Ltd	357	8,944


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

Janus Investment Fund	17

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2018


Shares or Principal Amounts			Value
Common Stocks– (continued)
Metals & Mining – (continued)
	BHP Billiton PLC	152	$3,401
	BlueScope Steel Ltd	489	6,232
	Boliden AB	604	19,551
	Fortescue Metals Group Ltd	2,420	7,849
	Franco-Nevada Corp	167	12,190
	Freeport-McMoRan Inc	493	8,509
	Glencore PLC*	1,156	5,480
	Goldcorp Inc	867	11,905
	Hitachi Metals Ltd	500	5,186
	Kinross Gold Corp*	437	1,646
	Newcrest Mining Ltd	683	11,069
	Newmont Mining Corp	1,184	44,649
	Norsk Hydro ASA	757	4,534
	Nucor Corp	220	13,750
	Randgold Resources Ltd	136	10,458
	Rio Tinto Ltd	93	5,772
	South32 Ltd	302	813
	Teck Resources Ltd	559	14,242
	thyssenkrupp AG	717	17,443
			256,556
Multiline Retail – 0.1%
	Dollar Tree Inc*	201	17,085
	Dollarama Inc	440	17,058
	Harvey Norman Holdings Ltd	2,116	5,194
	J Front Retailing Co Ltd	100	1,518
	Kohl's Corp	203	14,799
	Macy's Inc	124	4,641
	Marks & Spencer Group PLC	1,715	6,672
	Next PLC	54	4,310
	Nordstrom Inc	40	2,071
	Target Corp	142	10,809
			84,157
Multi-Utilities – 0.2%
	AGL Energy Ltd	467	7,782
	Ameren Corp	113	6,876
	Canadian Utilities Ltd	1,460	36,875
	CenterPoint Energy Inc	176	4,877
	Centrica PLC	7,281	15,142
	CMS Energy Corp	199	9,409
	Dominion Energy Inc	238	16,227
	E.ON SE	221	2,361
	NiSource Inc	272	7,148
	RWE AG	69	1,573
	Sempra Energy	63	7,315
	Suez	822	10,657
	Veolia Environnement SA	117	2,503
	WEC Energy Group Inc	102	6,594
			135,339
Oil, Gas & Consumable Fuels – 1.0%
	AltaGas Ltd	1,032	21,315
	Anadarko Petroleum Corp	363	26,590
	Apache Corp	671	31,369
	ARC Resources Ltd	878	9,071
	BP PLC	551	4,195
	Cabot Oil & Gas Corp	2,169	51,622
	Caltex Australia Ltd	585	14,126
	Cameco Corp	608	6,841
	Canadian Natural Resources Ltd	70	2,527
	Cenovus Energy Inc	262	2,721


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

18	JUNE 30, 2018

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2018


Shares or Principal Amounts			Value
Common Stocks– (continued)
Oil, Gas & Consumable Fuels – (continued)
	Chevron Corp	71	$8,977
	Cimarex Energy Co	197	20,043
	Concho Resources Inc*	158	21,859
	ConocoPhillips	370	25,759
	Crescent Point Energy Corp	697	5,122
	Devon Energy Corp	186	8,177
	Enbridge Inc	266	9,511
	Encana Corp	75	980
	Eni SpA	376	6,981
	EOG Resources Inc	28	3,484
	EQT Corp	836	46,130
	Equinor ASA	423	11,200
	Exxon Mobil Corp	444	36,732
	Hess Corp	195	13,044
	HollyFrontier Corp	60	4,106
	Husky Energy Inc	369	5,752
	Idemitsu Kosan Co Ltd	100	3,560
	Imperial Oil Ltd	29	964
	Kinder Morgan Inc/DE	2,752	48,628
	Koninklijke Vopak NV	63	2,908
	Lundin Petroleum AB	140	4,457
	Marathon Oil Corp	651	13,580
	Marathon Petroleum Corp	483	33,887
	Neste Oyj	132	10,320
	Newfield Exploration Co*	186	5,627
	Noble Energy Inc	319	11,254
	Occidental Petroleum Corp	270	22,594
	Oil Search Ltd	1,314	8,680
	OMV AG	53	3,002
	ONEOK Inc	327	22,834
	Origin Energy Ltd*	911	6,794
	Pioneer Natural Resources Co	94	17,789
	Repsol SA	56	1,093
	Santos Ltd*	1,345	6,268
	Snam SpA	2,275	9,477
	TransCanada Corp	488	21,116
	Valero Energy Corp	245	27,153
	Williams Cos Inc	1,226	33,237
	Woodside Petroleum Ltd	269	7,078
			720,534
Paper & Forest Products – 0.1%
	Mondi PLC	673	18,125
	Stora Enso OYJ	459	8,967
	UPM-Kymmene OYJ	530	18,924
			46,016
Personal Products – 0%
	Beiersdorf AG	33	3,747
	Coty Inc	664	9,362
	Estee Lauder Cos Inc	7	999
			14,108
Pharmaceuticals – 0.5%
	Allergan PLC	17	2,834
	Astellas Pharma Inc	300	4,571
	AstraZeneca PLC	983	68,046
	Bayer AG	175	19,279
	Bristol-Myers Squibb Co	634	35,086
	Eli Lilly & Co	257	21,930
	Johnson & Johnson	46	5,582
	Kyowa Hakko Kirin Co Ltd	200	4,026


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

Janus Investment Fund	19

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2018


Shares or Principal Amounts			Value
Common Stocks– (continued)
Pharmaceuticals – (continued)
	Merck & Co Inc	138	$8,377
	Merck KGaA	261	25,480
	Mitsubishi Tanabe Pharma Corp	200	3,454
	Mylan NV*	132	4,770
	Ono Pharmaceutical Co Ltd	100	2,342
	Otsuka Holdings Co Ltd	100	4,843
	Perrigo Co PLC	16	1,167
	Pfizer Inc	515	18,684
	Roche Holding AG	332	73,905
	Sanofi	268	21,458
	Santen Pharmaceutical Co Ltd	200	3,482
	Shionogi & Co Ltd	100	5,133
	Sumitomo Dainippon Pharma Co Ltd	100	2,115
	UCB SA	302	23,672
	Valeant Pharmaceuticals International Inc*	313	7,286
	Vifor Pharma AG	105	16,760
	Zoetis Inc	41	3,493
			387,775
Professional Services – 0.1%
	Bureau Veritas SA	114	3,040
	Equifax Inc	145	18,141
	Experian PLC	23	569
	Nielsen Holdings PLC	52	1,608
	RELX PLC	367	7,855
	Robert Half International Inc	45	2,930
	SEEK Ltd	199	3,226
	Verisk Analytics Inc*	190	20,452
	Wolters Kluwer NV	66	3,715
			61,536
Real Estate Management & Development – 0.2%
	CBRE Group Inc*	16	764
	CK Asset Holdings Ltd	3,000	23,704
	Deutsche Wohnen SE	15	724
	Henderson Land Development Co Ltd	2,200	11,580
	Hongkong Land Holdings Ltd*	1,000	7,150
	Hulic Co Ltd	500	5,324
	LendLease Group	967	14,221
	New World Development Co Ltd	3,000	4,193
	Nomura Real Estate Holdings Inc	200	4,434
	Swire Pacific Ltd	2,000	21,132
	Tokyo Tatemono Co Ltd	100	1,372
	Tokyu Fudosan Holdings Corp	500	3,520
	Vonovia SE	22	1,047
	Wharf Holdings Ltd	4,000	12,813
			111,978
Road & Rail – 0.1%
	Aurizon Holdings Ltd	2,551	8,200
	Canadian Pacific Railway Ltd	7	1,283
	CSX Corp	31	1,977
	East Japan Railway Co	100	9,579
	JB Hunt Transport Services Inc	115	13,978
	Kansas City Southern	87	9,219
	Keikyu Corp	200	3,278
	Keio Corp	100	4,836
	MTR Corp Ltd	2,500	13,775
	Tokyu Corp	200	3,444
	Union Pacific Corp	27	3,825
			73,394


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

20	JUNE 30, 2018

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2018


Shares or Principal Amounts			Value
Common Stocks– (continued)
Semiconductor & Semiconductor Equipment – 0.2%
	Advanced Micro Devices Inc*	113	$1,694
	Applied Materials Inc	244	11,270
	ASM Pacific Technology Ltd	100	1,256
	ASML Holding NV	25	4,930
	Broadcom Inc	37	8,978
	Infineon Technologies AG	902	22,984
	Intel Corp	297	14,764
	KLA-Tencor Corp	72	7,382
	Lam Research Corp	32	5,531
	Microchip Technology Inc	33	3,001
	Micron Technology Inc*	275	14,421
	Qorvo Inc*	47	3,768
	QUALCOMM Inc	218	12,234
	STMicroelectronics NV	234	5,199
	Xilinx Inc	507	33,087
			150,499
Software – 0.5%
	Activision Blizzard Inc	194	14,806
	Adobe Systems Inc*	17	4,145
	BlackBerry Ltd*	1,726	16,649
	CA Inc	2,765	98,572
	Cadence Design Systems Inc*	500	21,655
	Citrix Systems Inc*	37	3,879
	Electronic Arts Inc*	181	25,525
	Microsoft Corp	217	21,398
	Open Text Corp	393	13,833
	Red Hat Inc*	172	23,112
	Sage Group PLC	2,564	21,171
	salesforce.com Inc*	47	6,411
	Symantec Corp	942	19,452
	Synopsys Inc*	794	67,943
	Take-Two Interactive Software Inc*	31	3,669
	Temenos AG*	92	13,918
	Ubisoft Entertainment SA*	124	13,566
			389,704
Specialty Retail – 0.3%
	Advance Auto Parts Inc	92	12,484
	AutoZone Inc*	43	28,850
	Best Buy Co Inc	52	3,878
	CarMax Inc*	285	20,768
	Foot Locker Inc	114	6,002
	Gap Inc	142	4,599
	Hennes & Mauritz AB	118	1,757
	Industria de Diseno Textil SA	29	989
	Kingfisher PLC	2,204	8,635
	L Brands Inc	330	12,170
	Lowe's Cos Inc	110	10,513
	O'Reilly Automotive Inc*	88	24,074
	Ross Stores Inc	31	2,627
	Tiffany & Co	111	14,608
	TJX Cos Inc	235	22,367
	Tractor Supply Co	119	9,102
	Ulta Beauty Inc*	48	11,206
	USS Co Ltd	100	1,901
			196,530
Technology Hardware, Storage & Peripherals – 0.2%
	Apple Inc	61	11,292
	Brother Industries Ltd	100	1,972
	Canon Inc	100	3,276


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

Janus Investment Fund	21

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2018


Shares or Principal Amounts			Value
Common Stocks– (continued)
Technology Hardware, Storage & Peripherals – (continued)
	FUJIFILM Holdings Corp	100	$3,902
	HP Inc	323	7,329
	Konica Minolta Inc	100	926
	NEC Corp	400	10,971
	NetApp Inc	107	8,403
	Seagate Technology PLC	78	4,405
	Seiko Epson Corp	100	1,733
	Western Digital Corp	291	22,526
	Xerox Corp	2,432	58,368
			135,103
Textiles, Apparel & Luxury Goods – 0.2%
	adidas AG	47	10,263
	Asics Corp	100	1,688
	Hanesbrands Inc	299	6,584
	Hermes International	1	611
	Hugo Boss AG	87	7,889
	Kering SA	3	1,692
	Li & Fung Ltd	16,000	5,842
	Michael Kors Holdings Ltd*	130	8,658
	NIKE Inc	352	28,047
	Puma SE	7	4,087
	PVH Corp	158	23,656
	Tapestry Inc	412	19,245
	Under Armour Inc*^,#	422	9,487
	VF Corp	342	27,880
			155,629
Tobacco – 0.1%
	British American Tobacco PLC	64	3,232
	Imperial Brands PLC	328	12,211
	Philip Morris International Inc	352	28,420
	Swedish Match AB	63	3,120
			46,983
Trading Companies & Distributors – 0.1%
	Brenntag AG	21	1,170
	Bunzl PLC	130	3,936
	Fastenal Co	139	6,690
	ITOCHU Corp	300	5,431
	Marubeni Corp	200	1,524
	Mitsui & Co Ltd	100	1,666
	Rexel SA	415	5,963
	Travis Perkins PLC	903	16,945
	United Rentals Inc*	35	5,167
	WW Grainger Inc	5	1,542
			50,034
Transportation Infrastructure – 0.1%
	Aena SME SA	12	2,177
	Aeroports de Paris	32	7,230
	Getlink	1,746	23,936
	Sydney Airport	959	5,078
	Transurban Group	1,124	9,980
			48,401
Water Utilities – 0.1%
	American Water Works Co Inc	109	9,306
	Severn Trent PLC	439	11,456
	United Utilities Group PLC	1,731	17,427
			38,189
Wireless Telecommunication Services – 0.1%
	KDDI Corp	200	5,469
	NTT DOCOMO Inc	1,000	25,472


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

22	JUNE 30, 2018

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2018


Shares or Principal Amounts			Value
Common Stocks– (continued)
Wireless Telecommunication Services – (continued)
	Rogers Communications Inc	430	$20,425
	Tele2 AB	34	399
			51,765
Total Common Stocks (cost $10,104,662)			10,233,744
Preferred Stocks– 0%
Auto Components – 0%
	Schaeffler AG	142	1,846
Automobiles – 0%
	Porsche Automobil Holding SE	154	9,808
Health Care Equipment & Supplies – 0%
	Sartorius AG	68	10,158
Total Preferred Stocks (cost $23,330)			21,812
Investment Companies– 93.2%
Exchange-Traded Funds (ETFs) – 81.5%
	Invesco QQQ Trust Series 1	11,687	2,006,074
	iShares 20+ Year Treasury Bond	17,641	2,147,263
	iShares 7-10 Year Treasury Bond^#	33,438	3,427,729
	iShares Agency Bond	32,482	3,619,144
	iShares Currency Hedged MSCI Japan	70,770	2,282,333
	iShares iBoxx High Yield Corporate Bond^#	5,862	498,739
	iShares iBoxx Investment Grade Corporate Bond	23,817	2,728,714
	iShares MSCI Canada	9,420	268,564
	iShares MSCI Europe Financials	8,060	163,054
	iShares MSCI Hong Kong	10,097	244,448
	iShares MSCI Japan	23,535	1,362,912
	iShares MSCI Spain Index Fund^#	10,849	329,267
	Vanguard Consumer Staples^#	4,986	669,470
	Vanguard Financials^#	38,214	2,577,534
	Vanguard FTSE All World ex-US Small-Cap^#	15,794	1,822,786
	Vanguard FTSE All-World ex-US	65,379	3,389,247
	Vanguard FTSE Emerging Markets	64,958	2,741,228
	Vanguard FTSE Europe	25,813	1,448,884
	Vanguard FTSE Pacific	20,453	1,431,301
	Vanguard Growth	5,471	819,611
	Vanguard High Dividend Yield	7,751	643,721
	Vanguard Industrials^#	18,107	2,459,112
	Vanguard Information Technology^#	9,908	1,797,311
	Vanguard International High Dividend Yield	14,658	912,167
	Vanguard Materials	3,210	422,308
	Vanguard Mid-Cap	12,122	1,910,912
	Vanguard Mortgage-Backed Securities^#	66,365	3,411,825
	Vanguard S&P 500	8,772	2,188,702
	Vanguard Small-Cap	6,373	992,085
	Vanguard Small-Cap Value	3,101	421,085
	Vanguard Total International Bond	121,452	6,644,639
	Vanguard Value	16,460	1,709,042
			57,491,211
Investments Purchased with Cash Collateral from Securities Lending – 11.7%
	Janus Henderson Cash Collateral Fund LLC, 1.8237%^ºº,£	8,252,929	8,252,929
Total Investment Companies (cost $64,867,019)			65,744,140
Commercial Paper– 2.8%
	Enbridge Energy Partners , 0%, 7/18/18 (Section 4(2))^◊	$1,900,000	1,897,688
	Harley-Davidson Financial Services, 0%, 8/16/18 (Section 4(2))^◊	100,000	99,678
Total Commercial Paper (cost $1,996,704)			1,997,366


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

Janus Investment Fund	23

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2018


Shares or Principal Amounts			Value
U.S. Government Agency Notes– 2.9%
Federal Home Loan Bank Discount Notes:
	0%, 7/2/18^◊(cost $1,999,750)	$2,000,000	$2,000,000
Total Investments (total cost $78,991,465) – 113.4%			79,997,062
Liabilities, net of Cash, Receivables and Other Assets – (13.4)%			(9,454,628)
Net Assets – 100%			$70,542,434


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

		% of
		Investment
Country	Value	Securities
United States	$72,026,158	90.0	%
Japan	4,144,401	5.2
Canada	766,491	1.0
United Kingdom	543,867	0.7
Australia	505,739	0.6
Germany	369,299	0.5
France	331,325	0.4
Hong Kong	284,431	0.4
Switzerland	278,784	0.3
Spain	132,074	0.2
Finland	121,849	0.2
Sweden	119,173	0.1
Netherlands	117,935	0.1
Norway	67,367	0.1
Italy	62,357	0.1
Belgium	57,054	0.1
Singapore	41,801	0.0
Austria	15,613	0.0
Ireland	11,344	0.0



Total	$79,997,062	100.0	%

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 6/30/18
Investment Companies - 11.7%
Investments Purchased with Cash Collateral from Securities Lending - 11.7%
	Janus Henderson Cash Collateral Fund LLC,1.8237%^ºº	$	13,738^∆	$	-	$	-	$	8,252,929


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

24	JUNE 30, 2018

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2018


		Share Balance at 6/30/17		Purchases		Sales		Share Balance at 6/30/18
Investment Companies - 11.7%
Investments Purchased with Cash Collateral from Securities Lending - 11.7%
	Janus Henderson Cash Collateral Fund LLC,1.8237%^ºº		-		39,368,482		(31,115,553)		8,252,929


Schedule of Forward Foreign Currency Exchange Contracts, Open


Counterparty/ Foreign Currency	Settlement Date	Foreign Currency Amount (Sold)/ Purchased		USD Currency Amount (Sold)/ Purchased		Market Value and Unrealized Appreciation/ (Depreciation)
Bank of America:
British Pound	7/12/18	(926,500)	$	1,235,265	$	12,179
Canadian Dollar	7/12/18	(1,047,500)		809,211		12,205
Euro	7/12/18	(2,535,117)		2,965,884		3,410

						27,794
HSBC Securities (USA), Inc.:
Australian Dollar	7/12/18	(859,000)		651,360		15,767
Japanese Yen	7/12/18	(321,000,000)		2,965,879		64,156
Korean Won	7/12/18	(384,600,000)		356,990		11,732
Swedish Krona	7/12/18	(1,835,000)		209,024		3,926
Swiss Franc	7/12/18	(271,000)		276,156		2,152
Taiwan Dollar	7/12/18	(8,444,000)		282,276		5,081

						102,814
Total					$	130,608

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 June 30, 2018.


Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of June 30, 2018

					Currency Contracts
Asset Derivatives:
Forward foreign currency exchange contracts					$130,608


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

Janus Investment Fund	25

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments

June 30, 2018

The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the year ended June 30, 2018.


The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the year ended June 30, 2018

Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative	Currency Contracts	Equity Contracts	Total
Futures contracts	$ -	$ (8,332)	$ (8,332)
Forward foreign currency exchange contracts	(274,116)	-	(274,116)
Purchased options contracts	-	(84,943)	(84,943)
Written options contracts	-	86,713	86,713

Total	$(274,116)	$ (6,562)	$(280,678)


Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative	Currency Contracts	Equity Contracts	Total
Forward foreign currency exchange contracts	$ 196,848	$ -	$ 196,848

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


Average Ending Monthly Market Value of Derivative Instruments During the Year Ended June 30, 2018

	Market Value
Forward foreign currency exchange contracts, sold	$ 5,201,230
Purchased options contracts, put	37,315
Written options contracts, put	16,674


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

26	JUNE 30, 2018

Janus Henderson Adaptive Global Allocation Fund

Notes to Schedule of Investments and Other Information


Adaptive Global Allocation 60/40 Index	Adaptive Global Allocation 60/40 Index is 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%).
Bloomberg Barclays Global Aggregate Bond Index	Bloomberg Barclays Global Aggregate Bond Index is a broad-based measure of the global investment grade fixed-rate debt markets.
MSCI All Country World Index^SM	MSCI All Country World Index^SM reflects the equity market performance of global developed and emerging markets.


CDI	Clearing House Electronic Subregister System Depositary Interest
LLC	Limited Liability 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 year ended June 30, 2018 is $7,794, which represents 0.0% of net assets.

4(2)

Securities sold under Section 4(2) 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 4(2) securities as of the year ended June 30, 2018 is $1,997,366, which represents 2.8% of net assets.


*	Non-income producing security.


ºº	Rate shown is the 7-day yield as of June 30, 2018.


#	Loaned security; a portion of the security is on loan at June 30, 2018.


◊	Zero coupon bond.


£	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.


∆	Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties.


Janus Investment Fund	27

Janus Henderson Adaptive Global Allocation Fund

Notes to Schedule of Investments and Other Information


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 June 30, 2018. 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
Aerospace & Defense	$	31,620	$	14,822	$	-
Air Freight & Logistics		30,160		7,429		-
Airlines		33,961		3,544		-
Auto Components		38,393		36,137		-
Automobiles		65,621		39,226		-
Banks		158,121		222,240		-
Beverages		162,239		31,509		-
Biotechnology		131,583		39,706		-
Building Products		19,850		7,475		-
Capital Markets		105,021		102,988		-
Chemicals		128,997		335,145		-
Commercial Services & Supplies		87,719		24,954		-
Communications Equipment		76,297		23,430		-
Construction & Engineering		31,347		13,698		-
Construction Materials		13,238		30,415		-
Consumer Finance		6,210		2,689		-
Containers & Packaging		82,008		13,882		-
Distributors		-		4,663		-
Diversified Financial Services		-		78,993		-
Diversified Telecommunication Services		249,168		184,487		-
Electric Utilities		53,881		68,511		-
Electrical Equipment		22,058		14,436		-
Electronic Equipment, Instruments & Components		95,083		24,234		-
Energy Equipment & Services		182,628		2,589		-
Equity Real Estate Investment Trusts (REITs)		108,466		83,944		-
Food & Staples Retailing		183,422		80,172		-
Food Products		169,137		67,322		-
Gas Utilities		-		27,248		-
Health Care Equipment & Supplies		207,846		188,383		-
Health Care Providers & Services		126,304		58,767		-
Health Care Technology		-		3,981		-
Hotels, Restaurants & Leisure		166,513		107,873		-
Household Durables		70,699		6,357		-
Household Products		286,787		12,163		-
Independent Power and Renewable Electricity Producers		2,421		9,467		-
Industrial Conglomerates		49,669		23,417		-
Information Technology Services		384,763		88,852		-
Insurance		293,503		147,904		-
Internet & Direct Marketing Retail		59,279		6,148		-
Internet Software & Services		91,747		3,325		-
Leisure Products		19,477		3,912		-
Life Sciences Tools & Services		107,725		6,644		-
Machinery		65,846		50,053		-


28	JUNE 30, 2018

Janus Henderson Adaptive Global Allocation Fund

Notes to Schedule of Investments and Other Information

Valuation Inputs Summary



					Level 2 -		Level 3 -
			Level 1 -		Other Significant		Significant
			Quotes Prices		Observable Inputs		Unobservable Inputs
Marine			-		301		-
Media			376,490		114,833		-
Metals & Mining			125,794		130,762		-
Multiline Retail			66,463		17,694		-
Multi-Utilities			95,321		40,018		-
Oil, Gas & Consumable Fuels			620,395		100,139		-
Paper & Forest Products			-		46,016		-
Personal Products			10,361		3,747		-
Pharmaceuticals			109,209		278,566		-
Professional Services			43,131		18,405		-
Real Estate Management & Development			7,914		104,064		-
Road & Rail			30,282		43,112		-
Semiconductor & Semiconductor Equipment			116,130		34,369		-
Software			341,049		48,655		-
Specialty Retail			183,248		13,282		-
Technology Hardware, Storage & Peripherals			112,323		22,780		-
Textiles, Apparel & Luxury Goods			123,557		32,072		-
Tobacco			28,420		18,563		-
Trading Companies & Distributors			13,399		36,635		-
Transportation Infrastructure			-		48,401		-
Water Utilities			9,306		28,883		-
Wireless Telecommunication Services			20,425		31,340		-
All Other			85,949		-		-
Preferred Stocks			-		21,812		-
Investment Companies			57,491,211		8,252,929		-
Commercial Paper			-		1,997,366		-
U.S. Government Agency Notes			-		2,000,000		-
Total Investments in Securities		$	64,209,184	$	15,787,878	$	-
Other Financial Instruments^(a):
Forward Foreign Currency Exchange Contracts			-		130,608		-
Total Assets		$	64,209,184	$	15,918,486	$	-

(a)	Other financial instruments include forward foreign currency exchange, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange 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	29

Janus Henderson Adaptive Global Allocation Fund

Statement of Assets and Liabilities

June 30, 2018

See footnotes at the end of the Statement.



Assets:
	Unaffiliated investments, at value⁽¹⁾⁽²⁾		$	71,744,133
	Affiliated investments, at value⁽³⁾			8,252,929
	Cash			104,909
	Forward foreign currency exchange contracts			130,608
	Cash denominated in foreign currency⁽⁴⁾			1,671
	Non-interested Trustees' deferred compensation			1,477
	Receivables:
		Investments sold		9,488,591
		Dividends		70,194
		Due from adviser		57,469
		Foreign tax reclaims		6,775
	Other assets			155
Total Assets				89,858,911
Liabilities:
	Collateral for securities loaned (Note 3)			8,252,929
	Payables:			—
		Investments purchased		10,812,494
		Advisory fees		44,797
		Professional fees		44,190
		Non-affiliated fund administration fees payable		30,009
		Dividends		15,969
		Custodian fees		13,914
		Transfer agent fees and expenses		3,237
		12b-1 Distribution and shareholder servicing fees		1,796
		Non-interested Trustees' deferred compensation fees		1,477
		Non-interested Trustees' fees and expenses		607
		Affiliated fund administration fees payable		149
		Accrued expenses and other payables		94,909
Total Liabilities				19,316,477
Net Assets			$	70,542,434


See Notes to Financial Statements.

30	JUNE 30, 2018

Janus Henderson Adaptive Global Allocation Fund

Statement of Assets and Liabilities

June 30, 2018




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	67,339,936
	Undistributed net investment income/(loss)		353,881
	Undistributed net realized gain/(loss) from investments and foreign currency transactions		1,712,335
	Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation		1,136,282
Total Net Assets		$	70,542,434
Net Assets - Class A Shares		$	766,301
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		73,457
Net Asset Value Per Share⁽⁵⁾		$	10.43
Maximum Offering Price Per Share⁽⁶⁾		$	11.07
Net Assets - Class C Shares		$	1,602,796
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		154,882
Net Asset Value Per Share⁽⁵⁾		$	10.35
Net Assets - Class D Shares		$	2,480,438
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		237,799
Net Asset Value Per Share		$	10.43
Net Assets - Class I Shares		$	9,959,059
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		952,519
Net Asset Value Per Share		$	10.46
Net Assets - Class N Shares		$	51,920,617
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		4,965,860
Net Asset Value Per Share		$	10.46
Net Assets - Class S Shares		$	1,256,426
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		120,554
Net Asset Value Per Share		$	10.42
Net Assets - Class T Shares		$	2,556,797
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		245,108
Net Asset Value Per Share		$	10.43

(1) Includes cost of $70,738,536.

(2) Includes $8,082,194 of securities on loan. See Note 3 in Notes to Financial Statements.

(3) Includes cost of $8,252,929.

(4) Includes cost of $1,671.

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

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


See Notes to Financial Statements.

Janus Investment Fund	31

Janus Henderson Adaptive Global Allocation Fund

Statement of Operations

For the year ended June 30, 2018



Investment Income:
	Dividends		$	1,397,006
	Interest			82,593
	Affiliated securities lending income, net			13,738
	Other income			323
	Foreign tax withheld			(11,931)
Total Investment Income				1,481,729
Expenses:
	Advisory fees			487,689
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		1,937
		Class C Shares		14,459
		Class S Shares		3,160
	Transfer agent administrative fees and expenses:
		Class D Shares		2,564
		Class S Shares		3,160
		Class T Shares		6,573
	Transfer agent networking and omnibus fees:
		Class A Shares		124
		Class C Shares		168
		Class I Shares		2,557
	Other transfer agent fees and expenses:
		Class A Shares		93
		Class C Shares		142
		Class D Shares		360
		Class I Shares		220
		Class N Shares		1,684
		Class S Shares		24
		Class T Shares		50
	Registration fees			119,833
	Custodian fees			113,311
	Professional fees			59,119
	Non-affiliated fund administration fees			30,011
	Shareholder reports expense			20,894
	Affiliated fund administration fees			4,071
	Non-interested Trustees’ fees and expenses			2,194
	Other expenses			4,273
Total Expenses				878,670
Less: Excess Expense Reimbursement and Waivers				(369,184)
Net Expenses				509,486
Net Investment Income/(Loss)				972,243
Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions			4,424,363
	Purchased options contracts			(84,943)
	Forward foreign currency exchange contracts			(274,116)
	Futures contracts			(8,332)
	Written options contracts			86,713
Total Net Realized Gain/(Loss) on Investments				4,143,685
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation			(1,485,126)
	Forward foreign currency exchange contracts			196,848
Total Change in Unrealized Net Appreciation/Depreciation				(1,288,278)
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	3,827,650


See Notes to Financial Statements.

32	JUNE 30, 2018

Janus Henderson Adaptive Global Allocation Fund

Statements of Changes in Net Assets



			Year ended June 30, 2018		Year ended June 30, 2017

Operations:
	Net investment income/(loss)		$	972,243	$	562,650
	Net realized gain/(loss) on investments			4,143,685		4,303,273
	Change in unrealized net appreciation/depreciation			(1,288,278)		1,595,291
Net Increase/(Decrease) in Net Assets Resulting from Operations				3,827,650		6,461,214
Dividends and Distributions to Shareholders:
	Dividends from Net Investment Income
		Class A Shares		(12,386)		(5,289)
		Class C Shares		(15,309)		(1,847)
		Class D Shares		(34,259)		(13,395)
		Class I Shares		(74,095)		(12,820)
		Class N Shares		(959,456)		(544,951)
		Class S Shares		(18,359)		(8,556)
		Class T Shares		(42,761)		(11,892)
	Total Dividends from Net Investment Income			(1,156,625)		(598,750)
	Distributions from Net Realized Gain from Investment Transactions
		Class A Shares		(42,830)		—
		Class C Shares		(83,298)		—
		Class D Shares		(110,002)		—
		Class I Shares		(229,169)		—
		Class N Shares		(2,889,637)		—
		Class S Shares		(69,088)		—
		Class T Shares		(138,227)		—
	Total Distributions from Net Realized Gain from Investment Transactions			(3,562,251)		—
Net Decrease from Dividends and Distributions to Shareholders				(4,718,876)		(598,750)
Capital Share Transactions:
		Class A Shares		32,841		108,044
		Class C Shares		409,268		61,795
		Class D Shares		916,576		179,662
		Class I Shares		5,453,056		3,267,488
		Class N Shares		3,755,002		(4,666,016)
		Class S Shares		87,770		8,507
		Class T Shares		315,716		1,085,345
Net Increase/(Decrease) from Capital Share Transactions				10,970,229		44,825
Net Increase/(Decrease) in Net Assets				10,079,003		5,907,289
Net Assets:
	Beginning of period			60,463,431		54,556,142
	End of period		$	70,542,434	$	60,463,431

Undistributed Net Investment Income/(Loss)			$	353,881	$	220,840


See Notes to Financial Statements.

Janus Investment Fund	33

Janus Henderson Adaptive Global Allocation Fund

Financial Highlights


Class A Shares
For a share outstanding during each year or period ended June 30			2018	2017	2016		2015⁽¹⁾
	Net Asset Value, Beginning of Period		$10.55	$9.49	$9.69		$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.13	0.09	0.05		0.01
		Net realized and unrealized gain/(loss)	0.55	1.06	(0.23)		(0.32)
	Total from Investment Operations		0.68	1.15	(0.18)		(0.31)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.18)	(0.09)	(0.02)		—
		Distributions (from capital gains)	(0.62)	—	—		—
	Total Dividends and Distributions		(0.80)	(0.09)	(0.02)		—
	Net Asset Value, End of Period		$10.43	$10.55	$9.49		$9.69
	Total Return*		6.27%	12.17%	(1.85)%		(3.10)%
	Net Assets, End of Period (in thousands)		$766	$743	$571		$485
	Average Net Assets for the Period (in thousands)		$777	$609	$530		$496
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.63%	1.52%	1.54%		13.45%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.01%	1.07%	1.09%		1.07%
		Ratio of Net Investment Income/(Loss)	1.24%	0.86%	0.55%		5.04%
	Portfolio Turnover Rate		440%	302%⁽³⁾	122%		10%
						1


Class C Shares
For a share outstanding during each year or period ended June 30			2018	2017	2016	2015⁽¹⁾
	Net Asset Value, Beginning of Period		$10.48	$9.44	$9.69	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.06	0.01	(0.01)	0.01
		Net realized and unrealized gain/(loss)	0.54	1.05	(0.23)	(0.32)
	Total from Investment Operations		0.60	1.06	(0.24)	(0.31)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.11)	(0.02)	(0.01)	—
		Distributions (from capital gains)	(0.62)	—	—	—
	Total Dividends and Distributions		(0.73)	(0.02)	(0.01)	—
	Net Asset Value, End of Period		$10.35	$10.48	$9.44	$9.69
	Total Return*		5.58%	11.21%	(2.52)%	(3.10)%
	Net Assets, End of Period (in thousands)		$1,603	$1,225	$1,046	$24
	Average Net Assets for the Period (in thousands)		$1,448	$1,112	$827	$25
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.34%	2.27%	2.29%	14.19%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.75%	1.83%	1.84%	1.82%
		Ratio of Net Investment Income/(Loss)	0.54%	0.05%	(0.06)%	4.29%
	Portfolio Turnover Rate		440%	302%⁽³⁾	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.

(3) The increase in the portfolio turnover rate was due to a restructuring of the Fund’s portfolio as a result of a change in its principal investment strategies.


See Notes to Financial Statements.

34	JUNE 30, 2018

Janus Henderson Adaptive Global Allocation Fund

Financial Highlights


Class D Shares
For a share outstanding during each year or period ended June 30			2018	2017	2016	2015⁽¹⁾
	Net Asset Value, Beginning of Period		$10.54	$9.49	$9.70	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.15	0.09	0.06	0.01
		Net realized and unrealized gain/(loss)	0.55	1.05	(0.25)	(0.31)
	Total from Investment Operations		0.70	1.14	(0.19)	(0.30)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.19)	(0.09)	(0.02)	—
		Distributions (from capital gains)	(0.62)	—	—	—
	Total Dividends and Distributions		(0.81)	(0.09)	(0.02)	—
	Net Asset Value, End of Period		$10.43	$10.54	$9.49	$9.70
	Total Return*		6.51%	12.13%	(1.93)%	(3.00)%
	Net Assets, End of Period (in thousands)		$2,480	$1,619	$1,285	$102
	Average Net Assets for the Period (in thousands)		$2,139	$1,435	$973	$64
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.84%	2.01%	2.59%	20.64%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.86%	0.96%	1.10%	0.98%
		Ratio of Net Investment Income/(Loss)	1.39%	0.94%	0.69%	5.03%
	Portfolio Turnover Rate		440%	302%⁽³⁾	122%	10%


Class I Shares
For a share outstanding during each year or period ended June 30			2018	2017	2016	2015⁽¹⁾
	Net Asset Value, Beginning of Period		$10.57	$9.51	$9.69	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.19	0.17	0.09	0.01
		Net realized and unrealized gain/(loss)	0.52	1.00	(0.24)	(0.32)
	Total from Investment Operations		0.71	1.17	(0.15)	(0.31)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.20)	(0.11)	(0.03)	—
		Distributions (from capital gains)	(0.62)	—	—	—
	Total Dividends and Distributions		(0.82)	(0.11)	(0.03)	—
	Net Asset Value, End of Period		$10.46	$10.57	$9.51	$9.69
	Total Return*		6.57%	12.42%	(1.55)%	(3.10)%
	Net Assets, End of Period (in thousands)		$9,959	$4,596	$1,090	$48
	Average Net Assets for the Period (in thousands)		$4,830	$1,802	$854	$50
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.38%	1.40%	1.28%	13.19%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.79%	0.80%	0.83%	0.82%
		Ratio of Net Investment Income/(Loss)	1.75%	1.69%	0.94%	5.29%
	Portfolio Turnover Rate		440%	302%⁽³⁾	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.

(3) The increase in the portfolio turnover rate was due to a restructuring of the Fund’s portfolio as a result of a change in its principal investment strategies.


See Notes to Financial Statements.

Janus Investment Fund	35

Janus Henderson Adaptive Global Allocation Fund

Financial Highlights


Class N Shares
For a share outstanding during each year or period ended June 30			2018	2017	2016	2015⁽¹⁾
	Net Asset Value, Beginning of Period		$10.56	$9.51	$9.70	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.16	0.10	0.07	0.01
		Net realized and unrealized gain/(loss)	0.56	1.06	(0.23)	(0.31)
	Total from Investment Operations		0.72	1.16	(0.16)	(0.30)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.20)	(0.11)	(0.03)	—
		Distributions (from capital gains)	(0.62)	—	—	—
	Total Dividends and Distributions		(0.82)	(0.11)	(0.03)	—
	Net Asset Value, End of Period		$10.46	$10.56	$9.51	$9.70
	Total Return*		6.72%	12.43%	(1.65)%	(3.00)%
	Net Assets, End of Period (in thousands)		$51,921	$48,806	$48,423	$53,702
	Average Net Assets for the Period (in thousands)		$52,068	$48,134	$49,786	$9,234
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.27%	1.24%	1.27%	67.74%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.73%	0.81%	0.83%	0.82%
		Ratio of Net Investment Income/(Loss)	1.52%	1.03%	0.73%	6.84%
	Portfolio Turnover Rate		440%	302%⁽³⁾	122%	10%


Class S Shares
For a share outstanding during each year or period ended June 30			2018	2017	2016	2015⁽¹⁾
	Net Asset Value, Beginning of Period		$10.53	$9.48	$9.69	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.12	0.07	0.05	0.01
		Net realized and unrealized gain/(loss)	0.55	1.06	(0.24)	(0.32)
	Total from Investment Operations		0.67	1.13	(0.19)	(0.31)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.16)	(0.08)	(0.02)	—
		Distributions (from capital gains)	(0.62)	—	—	—
	Total Dividends and Distributions		(0.78)	(0.08)	(0.02)	—
	Net Asset Value, End of Period		$10.42	$10.53	$9.48	$9.69
	Total Return*		6.24%	11.95%	(1.99)%	(3.10)%
	Net Assets, End of Period (in thousands)		$1,256	$1,183	$1,057	$24
	Average Net Assets for the Period (in thousands)		$1,267	$1,110	$831	$25
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.83%	1.75%	1.78%	13.69%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.11%	1.17%	1.24%	1.32%
		Ratio of Net Investment Income/(Loss)	1.14%	0.70%	0.53%	4.79%
	Portfolio Turnover Rate		440%	302%⁽³⁾	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.

(3) The increase in the portfolio turnover rate was due to a restructuring of the Fund’s portfolio as a result of a change in its principal investment strategies.


See Notes to Financial Statements.

36	JUNE 30, 2018

Janus Henderson Adaptive Global Allocation Fund

Financial Highlights


Class T Shares
For a share outstanding during each year or period ended June 30			2018	2017	2016	2015⁽¹⁾
	Net Asset Value, Beginning of Period		$10.55	$9.50	$9.69	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.14	0.09	0.07	0.01
		Net realized and unrealized gain/(loss)	0.55	1.06	(0.24)	(0.32)
	Total from Investment Operations		0.69	1.15	(0.17)	(0.31)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.19)	(0.10)	(0.02)	—
		Distributions (from capital gains)	(0.62)	—	—	—
	Total Dividends and Distributions		(0.81)	(0.10)	(0.02)	—
	Net Asset Value, End of Period		$10.43	$10.55	$9.50	$9.69
	Total Return*		6.40%	12.17%	(1.72)%	(3.10)%
	Net Assets, End of Period (in thousands)		$2,557	$2,291	$1,085	$48
	Average Net Assets for the Period (in thousands)		$2,635	$1,204	$856	$50
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.54%	1.51%	1.53%	13.44%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.92%	0.94%	1.00%	1.07%
		Ratio of Net Investment Income/(Loss)	1.30%	0.95%	0.77%	5.04%
	Portfolio Turnover Rate		440%	302%⁽³⁾	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.

(3) The increase in the portfolio turnover rate was due to a restructuring of the Fund’s portfolio as a result of a change in its principal investment strategies.


See Notes to Financial Statements.

Janus Investment Fund	37

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements

1. Organization and Significant Accounting Policies

Janus Henderson Adaptive Global Allocation Fund (the “Fund”) is a series 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 49 funds, each of which offers multiple share classes, 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 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 Henderson funds. Class D Shares are available only to investors who hold accounts directly with the Janus Henderson 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 Henderson 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, who established Class I Share accounts before August 4, 2017.

Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, Janus Capital Management LLC (“Janus Capital”), or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Distributors LLC dba Janus Henderson Distributors (“Janus Henderson Distributors”) including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.

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 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


38	JUNE 30, 2018

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements

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, 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.


Janus Investment Fund	39

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements

securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments and Other Information.

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 year.

Financial assets of $3,843,033 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.

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


40	JUNE 30, 2018

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements

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 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.

On December 22, 2017, the Tax Cuts and Jobs Act was signed into law. Currently, Management does not believe the bill will have a material impact on the Fund’s intention to continue to qualify as a regulated investment company, which is generally not subject to U.S. federal income tax.

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 year ended June 30, 2018 is discussed in further detail below. A summary of derivative activity by the Fund is reflected in the tables at the end of the Schedule of Investments.

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.


Janus Investment Fund	41

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements

· 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.

· 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. Additionally, the Fund may deposit cash and/or treasuries 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. All liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund’s commitment with respect to certain exchange-traded derivatives, centrally cleared derivatives, forward foreign currency exchange contracts, short sales, and/or securities with extended settlement dates. 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 non-hedging 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).


42	JUNE 30, 2018

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements

During the year, 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 year, 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.

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 year, the Fund sold futures on equity indices to decrease exposure to equity risk. There were no futures held at June 30, 2018.

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-Rubinstein Binomial Option Pricing Model, or other appropriate option pricing model is used. Certain options contracts are marked-to-market daily, and the daily variation margin is recorded as a receivable or payable on the Statement of Assets and Liabilities as “Variation margin receivable” or “Variation margin payable” (if applicable).

The Fund may use options contracts to hedge against changes in interest rates, the values of equities, or foreign currencies. The Fund generally invests in options to hedge against adverse movements in the value of portfolio holdings. The use of such instruments may involve certain additional risks as a result of unanticipated movements in the market. A lack of correlation between the value of an instrument underlying an option and the asset being hedged, or unexpected adverse price movements, could render the Fund’s hedging strategy unsuccessful. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased or sold. The Fund may be subject to


Janus Investment Fund	43

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements

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

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

There were no purchased or written options held at June 30, 2018.

3. Other Investments and Strategies

Additional Investment Risk

The financial crisis in both the U.S. and global economies over the past several years has resulted, and may continue to result, in a significant decline in the value and liquidity of many securities of issuers worldwide in the equity and fixed-income/credit markets. In response to the crisis, the United States and certain foreign governments, along with the U.S. Federal Reserve and certain foreign central banks, took steps to support the financial markets. The withdrawal of this support, a failure of measures put in place to respond to the crisis, or investor perception that such efforts were not sufficient could each negatively affect financial markets generally, and the value and liquidity of specific securities. In addition, policy and legislative changes in the United States and in other countries continue to impact many aspects of financial regulation. The effect of these changes on the markets, and the practical implications for market participants, 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”) of 2010 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.


44	JUNE 30, 2018

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements

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”). There is considerable uncertainty about how Brexit will be conducted, how negotiations of necessary treaties and trade agreements will proceed, or how financial markets will react. In addition, one or more other countries may also abandon the euro and/or withdraw from the EU, placing its currency and banking system in jeopardy.

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

Counterparties

Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund (“counterparty risk”). Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery 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.

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 seek to track the performance of a specific index or be actively managed. 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


Janus Investment Fund	45

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements

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 the risks associated with the securities in which the ETF or mutual fund invests.

Offsetting Assets and Liabilities

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

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund 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 the “Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of June 30, 2018” table located in 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

Bank of America		$	27,794	$	—	$	—	$	27,794
Deutsche Bank AG			8,082,194		—		(8,082,194)		—
HSBC Securities (USA), Inc.			102,814		—		—		102,814

Total		$	8,212,802	$	—	$	(8,082,194)	$	130,608
(a)	Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities.
(b)	Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value.

Deutsche Bank AG acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodian functions in accordance with the Agency Securities Lending and Repurchase Agreement. 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 Henderson 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.


46	JUNE 30, 2018

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements

The Fund generally does not exchange collateral on its forward foreign currency contracts with its counterparties; however, all liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund’s commitment with respect to these contracts. Certain securities may be segregated at the Fund’s custodian. These segregated securities are denoted on the accompanying Schedule of Investments and are evaluated daily to ensure their cover and/or market value equals or exceeds the Fund’s corresponding forward foreign currency exchange contract's obligation value.

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.

Securities Lending

Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. 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. 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 Henderson Cash Collateral Fund LLC. An investment in Janus Henderson 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 Henderson 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 Henderson Cash Collateral Fund LLC. Additionally, Janus Capital receives an investment advisory fee of 0.05% for managing Janus Henderson 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 June 30, 2018, securities lending transactions accounted for as secured borrowings with an overnight and


Janus Investment Fund	47

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements

continuous contractual maturity are $8,082,194. Gross amounts of recognized liabilities for securities lending (collateral received) as of June 30, 2018 is $8,252,929, resulting in the net amount due to the counterparty of $170,734.

Sovereign Debt

The Fund may invest in U.S. and non-U.S. government debt securities (“sovereign debt”). Some investments in sovereign debt, such as U.S. sovereign debt, are considered low risk. However, investments in sovereign debt, especially the debt of less developed countries, 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, but not limited to, 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. In addition, to the extent the Fund invests in non-U.S. sovereign debt, it may be subject to currency risk.

4. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pays Janus Capital an investment advisory fee which is calculated daily and paid monthly. The 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	0.75
Next $2 Billion	0.72
Over $4 Billion	0.70

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 total annual fund operating expenses, including the investment advisory fee, but excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus/administrative fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.71% of the Fund’s average daily net assets. In addition, Janus Capital shall additionally reimburse or waive acquired fund fees and expenses to the extent they exceed 0.10%. Janus Capital has agreed to continue the waivers until at least November 1, 2018. The previous expense limit (until November 1, 2017) was 0.82%. If applicable, amounts waived and/or reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.

For a period of three years subsequent to the Fund’s commencement of operations, Janus Capital could have recovered from the Fund fees and expenses previously waived or reimbursed, which could then be considered a deferral, if the Fund’s expense ratio, including recovered expenses, fell below the expense limit. During the year ended June 30, 2018, Janus Capital reimbursed the Fund $343,615 of fees and expenses that were eligible for recoupment. The recoupment of such reimbursements expired June 23, 2018.

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.


48	JUNE 30, 2018

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements

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. For all share classes except Class D Shares, Janus Services also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

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

Under a distribution and shareholder servicing plan (the “Plan”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, Janus Henderson 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 Henderson 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 and shareholder servicing fees” in the Statement of Operations.


Janus Investment Fund	49

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements

addition, employees of Janus Capital and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of 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 any subadvisor, as applicable) provides to the Fund. These amounts are disclosed as “Affiliated Fund administration fees” on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund’s Chief Compliance Officer and certain compliance staff, all of whom are employees of Janus Capital and/or its affiliates, are shared with the Fund. Total compensation of $476,345 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended June 30, 2018. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

Effective April 1, 2018, BNP Paribas Financial Services (“BPFS”) provides certain administrative services to the Fund, including services related to Fund accounting, calculation of the Fund’s daily NAV, and Fund audit, tax, and reporting obligations, pursuant to a sub-administration agreement with Janus Capital on behalf of the Fund. As compensation for such services, Janus Capital pays BPFS a fee based on a percentage of the Fund’s assets, along with a flat fee, and is reimbursed by the Fund for amounts paid to BPFS (to the extent Janus Capital seeks reimbursement and such costs are not otherwise waived). These amounts are disclosed as “Non-affiliated fund administration fees” 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 Henderson 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 June 30, 2018 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 year ended June 30, 2018 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 $471,025 were paid by the Trust to the Trustees under the Deferred Plan during the year ended June 30, 2018.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between Janus Henderson Distributors and financial intermediaries. During the year ended June 30, 2018, Janus Henderson Distributors retained upfront sales charges of $483.

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 Henderson Distributors during the year ended June 30, 2018.

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 year ended June 30, 2018.


50	JUNE 30, 2018

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements

As of June 30, 2018, shares of the Fund were owned by affiliates of Janus Henderson Investors, and/or other funds advised by Janus Henderson, as indicated in the table below:


Class	% of Class Owned		% of Fund Owned
Class A Shares	74	%	1	%
Class C Shares	77		2
Class D Shares	52		2
Class I Shares	13		2
Class N Shares	98		72
Class S Shares	99		2
Class T Shares	50		2

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

5. Federal Income Tax

The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.

Other book to tax differences primarily consist of deferred compensation, derivatives, and foreign currency contract adjustments. 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.


			Loss Deferrals		Other Book	Net Tax
Undistributed Ordinary Income	Undistributed Long-Term Gains	Accumulated Capital Losses	Late-Year Ordinary Loss	Post-October Capital Loss	to Tax Differences	Appreciation/ (Depreciation)
$ 1,207,682	$ 2,096,422	$ -	$ -	$ -	$ 614	$ (102,220)

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of June 30, 2018 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals, investments in partnerships and investments in passive foreign investment companies.


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 80,099,282	$ 902,560	$ (1,004,780)	$ (102,220)

Information on the tax components of derivatives as of June 30, 2018 is as follows:


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 125,527	$ 5,081	$ -	$ 5,081

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.


Janus Investment Fund	51

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements

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. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.


For the year ended June 30, 2018
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 4,131,790	$ 587,086	$ -	$ -


For the year ended June 30, 2017
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 598,750	$ -	$ -	$ -

Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets. The following reclassifications have been made to the Fund:



Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ 139,048	$ 317,423	$ (456,471)

Capital has been adjusted by $139,048, including $56,360 of long-term capital gain, for distributions in connection with Fund share redemptions (tax equalization).


52	JUNE 30, 2018

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements

6. Capital Share Transactions



	Year ended June 30, 2018		Year ended June 30, 2017
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	19,160	$ 204,066	10,099	$ 106,444
Reinvested dividends and distributions	5,219	55,216	540	5,289
Shares repurchased	(21,405)	(226,441)	(350)	(3,689)
Net Increase/(Decrease)	2,974	$ 32,841	10,289	$ 108,044
Class C Shares:
Shares sold	28,828	$ 312,302	7,963	$ 80,428
Reinvested dividends and distributions	9,356	98,607	189	1,847
Shares repurchased	(156)	(1,641)	(2,086)	(20,480)
Net Increase/(Decrease)	38,028	$ 409,268	6,066	$ 61,795
Class D Shares:
Shares sold	102,858	$1,118,070	38,178	$ 379,076
Reinvested dividends and distributions	13,642	144,192	1,369	13,386
Shares repurchased	(32,266)	(345,686)	(21,398)	(212,800)
Net Increase/(Decrease)	84,234	$ 916,576	18,149	$ 179,662
Class I Shares:
Shares sold	628,842	$6,660,877	342,781	$ 3,504,650
Reinvested dividends and distributions	28,637	303,264	1,308	12,820
Shares repurchased	(139,819)	(1,511,085)	(23,808)	(249,982)
Net Increase/(Decrease)	517,660	$5,453,056	320,281	$ 3,267,488
Class N Shares:
Shares sold	369,834	$4,063,452	82,790	$ 825,703
Reinvested dividends and distributions	363,465	3,849,093	55,607	544,951
Shares repurchased	(387,157)	(4,157,543)	(610,500)	(6,036,670)
Net Increase/(Decrease)	346,142	$3,755,002	(472,103)	$(4,666,016)
Class S Shares:
Shares sold	4,733	$ 50,023	-	$ -
Reinvested dividends and distributions	8,273	87,447	875	8,556
Shares repurchased	(4,774)	(49,700)	(6)	(49)
Net Increase/(Decrease)	8,232	$ 87,770	869	$ 8,507
Class T Shares:
Shares sold	65,840	$ 721,009	103,305	$ 1,088,835
Reinvested dividends and distributions	17,123	180,988	1,215	11,892
Shares repurchased	(55,095)	(586,281)	(1,559)	(15,382)
Net Increase/(Decrease)	27,868	$ 315,716	102,961	$ 1,085,345

7. Purchases and Sales of Investment Securities

For the year ended June 30, 2018, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as applicable) 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
$269,625,684	$ 264,951,511	$ -	$ -

8. Recent Accounting Pronouncements


Janus Investment Fund	53

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements

company financial statements, as well as other amendments. The compliance date of the amendments to Regulation S-X was August 1, 2017. This report incorporates the amendments to Regulation S-X.

The FASB issued Accounting Standards Update No. 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities ("ASU 2017-08") to amend the amortization period for certain purchased callable debt securities held at a premium. The guidance requires certain premiums on callable debt securities to be amortized to the earliest call date. The amortization period for callable debt securities purchased at a discount will not be impacted. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted, including adoption in an interim period. Management is currently evaluating the impacts of ASU 2017-08 on the financial statements.

9. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to June 30, 2018 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.


54	JUNE 30, 2018

Janus Henderson Adaptive Global Allocation Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Adaptive Global Allocation Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Adaptive Global Allocation Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of June 30, 2018, the related statement of operations for the year ended June 30, 2018, the statements of changes in net assets for each of the two years in the period ended June 30, 2018, including the related notes, and the financial highlights for each of the three years in the period then ended and the period from June 23, 2015 (inception date) through June 30, 2015 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended June 30, 2018 and the financial highlights for each of the three years in the period then ended and the period from June 23, 2015 (inception date) through June 30, 2015 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2018 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Denver, Colorado
August 17, 2018

We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.


Janus Investment Fund	55

Janus Henderson Adaptive Global Allocation 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 1-800-525-1093; (ii) on the Fund’s website at janushenderson.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 janushenderson.com/proxyvoting and from the SEC’s website at http://www.sec.gov.

Full Holdings

The Fund is required to disclose its complete holdings on Form N-Q within 60 days of the end of the first and third fiscal quarters, and in the annual report and semiannual report to Fund shareholders. These reports (i) are 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) are available without charge, upon request, by calling a Janus Henderson representative at 1-877-335-2687 (toll free) (or 1-800-525-3713 if you hold Class D shares). Portfolio holdings consisting of at least the names of the holdings are generally available on a monthly basis with a 30-day lag. Holdings are generally posted approximately two business days thereafter under Full Holdings for the Fund at janushenderson.com/info (or janushenderson.com/reports if you hold Class D Shares).

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD

The Trustees of Janus Investment Fund and Janus Aspen Series, each of whom serves as an “independent” Trustee (the “Trustees”), oversee the management of each Fund of Janus Investment Fund and each Portfolio of Janus Aspen Series (each, a “Fund” and collectively, the “Funds”), and as required by law, determine annually whether to continue the investment advisory agreement for each Fund and the subadvisory agreements for the 14 Funds that utilize subadvisers.

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

Additionally, in connection with their consideration of whether to continue the investment advisory agreement and subadvisory agreement for each Fund, as applicable, the Trustees also received and reviewed information in connection with the transaction to combine the respective businesses of Henderson Group plc and Janus Capital Group, Inc., the parent company of Janus Capital (the “Transaction”), announced in October 2016, which closed in the second quarter of 2017. In this regard, the Trustees reviewed information regarding the impact of the Transaction on the services to be provided by Janus Capital and each subadviser, as applicable, to the Funds under such agreements prior to the close of the Transaction as well as the services provided after the Transaction closed.

At a meeting held on December 7, 2017, based on the Trustees’ evaluation of the information provided by Janus Capital, the subadvisers, and the independent fee consultant, as well as other information, the Trustees determined that the overall arrangements between each Fund and Janus Capital and each subadviser, as applicable, were fair and reasonable in light of the nature, extent and quality of the services provided by Janus Capital, its affiliates and the subadvisers, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment. At that meeting, the Trustees unanimously approved the continuation of the investment advisory agreement for each Fund, and the subadvisory agreement for each subadvised Fund, for the period from February 1, 2018 through February 1, 2019, subject to earlier termination as provided for in each agreement.

In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees’ determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant’s conclusions and opinions that arose during, and were included as part of, the Trustees’ consideration of the


56	JUNE 30, 2018

Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

agreements. “Management fees,” as used herein, reflect actual annual advisory fees and any administration fees (excluding out of pocket costs), net of any waivers.

Nature, Extent and Quality of Services

The Trustees reviewed the nature, extent and quality of the services provided by Janus Capital and the subadvisers to the Funds, taking into account the investment objective, strategies and policies of each Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Funds. In addition, the Trustees reviewed the resources and key personnel of Janus Capital and each subadviser, particularly noting those employees who provide investment and risk management services to the Funds. The Trustees also considered other services provided to the Funds by Janus Capital or the subadvisers, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered Janus Capital’s role as administrator to the Funds, noting that Janus Capital does not receive a fee for its services but is reimbursed for its out-of-pocket costs. The Trustees considered the role of Janus Capital in monitoring adherence to the Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Funds and with applicable securities laws and regulations.

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

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

Performance of the Funds

The Trustees considered the performance results of each Fund over various time periods. They noted that they considered Fund performance data throughout the year, including periodic meetings with each Fund’s portfolio manager(s), and also reviewed information comparing each Fund’s performance with the performance of comparable funds and peer groups identified by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent data provider, and with the Fund’s benchmark index. In this regard, the independent fee consultant found that the overall Funds’ performance has been strong: for the 36 months ended September 30, 2017, approximately 70% of the Funds were in the top two quartiles of performance, as reported by Morningstar, and for the 12 months ended September 30, 2017, approximately 46% of the Funds were in the top two quartiles of performance, as reported by Morningstar.

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

Alternative Funds

· For Janus Henderson Diversified Alternatives Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson International Long/Short Equity Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance, and the Fund’s limited performance history.

Asset Allocation Funds

· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge


Janus Investment Fund	57

Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2017 and the third Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

Fixed-Income Funds

· For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2017 and the bottom Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2017 and the bottom Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Global Unconstrained Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2017 and the bottom Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2017 and the third Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson Real Return Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2017 and the first Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson Short-Term Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2017 and the third Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Strategic Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge quartile for the 12 months ended May 31, 2017.

Global and International Equity Funds

· For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2017 and the first Broadridge quartile for the 12 months ended May 31, 2017.


58	JUNE 30, 2018

Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

· For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2017 and the third Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson European Focus Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2017 and the bottom Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2017 and the first Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2017 and the first Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Global Technology Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2017 and the third Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Global Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2017 and the bottom Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps Janus Capital and Perkins had taken or were taking to improve performance.

· For Janus Henderson International Opportunities Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2017 and the bottom Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson International Small Cap Fund, the Trustees noted that, due to limited performance for the Fund, performance history was not a material factor.

· For Janus Henderson International Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2017 and the bottom Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital and Perkins had taken or were taking to improve performance.

· For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2017 and the first Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance, while also noting that


Janus Investment Fund	59

Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.

Money Market Funds

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2017 and the third Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance.

· For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2017 and the third Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance.

Multi-Asset Funds

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson All Asset Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2017 and the third Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Dividend & Income Builder Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson Value Plus Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge quartile for the 12 months ended May 31, 2017.

Multi-Asset U.S. Equity Funds

· For Janus Henderson Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2017 and the first Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2017 and the first Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2017 and the third Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2017 and the first Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2017 and the third Broadridge quartile for the 12 months ended May 31, 2017.


60	JUNE 30, 2018

Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

· For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2017 and the third Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson U.S. Growth Opportunities Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance, and the Fund’s limited performance history.

· For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2017 and the bottom Broadridge quartile for the 12 months ended May 31, 2017.

Quantitative Equity Funds

· For Janus Henderson Emerging Markets Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital and Intech had taken or were taking to improve performance, and the Fund’s limited performance history.

· For Janus Henderson Global Income Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2017 and the third Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson International Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2017 and the bottom Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital and Intech had taken or were taking to improve performance.

· For Janus Henderson U.S. Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2017 and the bottom Broadridge quartile for the 12 months ended May 31, 2017.

U.S. Equity Funds

· For Janus Henderson Large Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2017 and the bottom Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps Janus Capital and Perkins had taken or were taking to improve performance.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson Select Value Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge quartile for the 12 months ended May 31, 2017.

Janus Aspen Series

· For Janus Henderson Balanced Portfolio, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2017 and the first Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson Enterprise Portfolio, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge quartile for the 12 months ended May 31, 2017.


Janus Investment Fund	61

Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

· For Janus Henderson Flexible Bond Portfolio, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2017 and the bottom Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Forty Portfolio, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2017 and the third Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson Global Allocation Portfolio – Moderate, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Global Research Portfolio, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2017 and the third Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Global Technology Portfolio, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson Global Unconstrained Bond Portfolio, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance, and the Fund’s limited performance history.

· For Janus Henderson Mid Cap Value Portfolio, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps Janus Capital and Perkins had taken or were taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Overseas Portfolio, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2017 and the first Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Research Portfolio, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2017 and the third Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson U.S. Low Volatility Portfolio, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2017 and the bottom Broadridge quartile for the 12 months ended May 31, 2017.

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

Costs of Services Provided

The Trustees examined information regarding the fees and expenses of each Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of


62	JUNE 30, 2018

Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

that information provided by their independent fee consultant and noted that the rate of management (investment advisory and any administration, but excluding out-of-pocket costs) fees for many of the Funds, after applicable waivers, was below the average management fee rate of the respective peer group of funds selected by an independent data provider. The Trustees also examined information regarding the subadvisory fees charged for subadvisory services, as applicable, noting that all such fees were paid by Janus Capital out of its management fees collected from such Fund.

The independent fee consultant provided its belief that the management fees charged by Janus Capital to each of the Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by Janus Capital. The independent fee consultant found: (1) the total expenses and management fees of the Funds to be reasonable relative to other mutual funds; (2) total expenses, on average, were 10% below the average total expenses of their respective Broadridge Expense Group peers and 18% below the average total expenses for their Broadridge Expense Universes; (3) management fees for the Funds, on average, were 8% below the average management fees for their Expense Groups and 9% below the average for their Expense Universes; and (4) Fund expenses at the functional level for each asset and share class category were reasonable. The Trustees also considered the total expenses for each share class of each Fund compared to the average total expenses for its Broadridge Expense Group peers and to average total expenses for its Broadridge Expense Universe.

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

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

The Trustees also reviewed management fees charged by Janus Capital and each subadviser to comparable separate account clients and to comparable non-affiliated funds subadvised by Janus Capital or by a subadviser (for which Janus Capital or the subadviser provides only or primarily portfolio management services). Although in most instances subadvisory and separate account fee rates for various investment strategies were lower than management fee rates for Funds having a similar strategy, the Trustees considered that Janus Capital noted that, under the terms of the management agreements with the Funds, Janus Capital performs significant additional services for the Funds that it does not provide to those other clients, including administration services, oversight of the Funds’ other service providers, trustee support, regulatory compliance and numerous other services, and that, in serving the Funds, Janus Capital assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, they noted that the independent fee consultant found that: (1) the management fees Janus Capital charges to the Funds are reasonable in relation to the management fees Janus Capital charges to its institutional clients and to the fees Janus Capital charges to funds subadvised by Janus Capital; (2) these institutional and subadvised accounts have different service and infrastructure needs; (3) Janus mutual fund investors enjoy reasonable fees relative to the fees charged to Janus institutional and subadvised fund investors; (4) in three of seven product categories, the Funds receive proportionally better pricing than the industry in relation to Janus institutional clients; and (5) in seven of eight strategies, Janus Capital has lower management fees than funds subadvised by Janus Capital’s portfolio managers.

The Trustees considered the fees for each Fund for its fiscal year ended in 2016, and noted the following with regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”):

Alternative Funds

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

· For Janus Henderson International Long/Short Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were


Janus Investment Fund	63

Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses effective June 5, 2017.

Asset Allocation Funds

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

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

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

Fixed-Income Funds

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

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

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

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

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

· For Janus Henderson Short-Term Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to waive 11 basis points of management fees effective February 1, 2018 and also has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Strategic Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses effective June 5, 2017.

Global and International Equity Funds

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


64	JUNE 30, 2018

Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

· For Janus Henderson Emerging Markets Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses effective June 5, 2017.

· For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses effective June 5, 2017.

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

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

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

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

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

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

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

· For Janus Henderson International Opportunities Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses effective June 5, 2017.

· For Janus Henderson International Small Cap Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses effective June 5, 2017.

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

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

Money Market Funds

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

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


Janus Investment Fund	65

Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

Multi-Asset Funds

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

· For Janus Henderson All Asset Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s total expenses effective June 5, 2017.

· For Janus Henderson Dividend & Income Builder Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses effective June 5, 2017.

· For Janus Henderson Value Plus Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

Multi-Asset U.S. Equity Funds

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

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

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

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

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

· For Janus Henderson Research Fund, the Trustees noted that, although the Fund’s total expenses were equal to or exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses effective February 1, 2017.

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

· For Janus Henderson U.S. Growth Opportunities Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses effective June 5, 2017.

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


66	JUNE 30, 2018

Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

Quantitative Equity Funds

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

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

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

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

U.S. Equity Funds

· For Janus Henderson Large Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

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

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

Janus Aspen Series

· For Janus Henderson Balanced Portfolio, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable.

· For Janus Henderson Enterprise Portfolio, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable.

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

· For Janus Henderson Forty Portfolio, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable.

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

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

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

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


Janus Investment Fund	67

Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

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

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

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

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

The Trustees reviewed information on the overall profitability to Janus Capital and its affiliates of their relationship with the Funds, and considered profitability data of other fund managers. The Trustees also considered the financial information, estimated profitability and corporate structure of Janus Capital’s parent company before and after the Transaction. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses, and the fund manager’s capital structure and cost of capital. The Trustees also noted that the Trustees’ independent fee consultant reviewed the overall profitability of Janus Capital’s parent company prior to the Transaction, and the independent fee consultant found that, while assessing the reasonableness of Fund expenses in light of such profits was dependent on comparisons with other publicly-traded mutual fund advisers, and that these comparisons were limited in accuracy by differences in complex size, business mix, institutional account orientation and other factors, after accepting these limitations, the level of profit earned by Janus Capital’s parent company was reasonable. In this regard, the independent consultant concluded that the profitability of Janus Capital’s parent company did not show excess nor did it show any insufficiency that could limit the ability to invest the resources needed to drive strong future investment performance on behalf of the Funds.

Additionally, the Trustees considered the estimated profitability to Janus Capital from the investment management services it provided to each Fund. The Trustees also considered such estimated profitability taking into account the impact of the Transaction on Janus Capital’s expense structure on a pro forma basis. In their review, the Trustees considered whether Janus Capital and each subadviser receive adequate incentives and resources to manage the Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Fund is necessarily a product of the allocation methodology utilized by Janus Capital to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant concluded that (1) the expense allocation methodology utilized by Janus Capital was reasonable and (2) the estimated profitability to Janus Capital from the investment management services it provided to each Fund was reasonable, including after taking into account the impact of the Transaction on Janus Capital’s expense structure on a pro forma basis. The Trustees also considered that the estimated profitability for an individual Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Fund’s investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that Janus Capital’s estimated profitability with respect to each Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Funds was not a material factor in the Board’s approval of the reasonableness of any Fund’s investment management fees.

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


68	JUNE 30, 2018

Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

Economies of Scale

The Trustees considered information about the potential for Janus Capital to realize economies of scale as the assets of the Funds increase. They noted their independent fee consultant’s analysis of economies of scale in prior years. They also noted that, although many Funds pay advisory fees at a base fixed rate as a percentage of net assets, without any breakpoints or performance fees, their independent fee consultant concluded that 86% of these Funds’ share classes have contractual management fees (gross of waivers) below their Broadridge expense group averages. They also noted that for those Funds whose expenses are being reduced by the contractual expense limitations of Janus Capital, Janus Capital is subsidizing certain of these Funds because they have not reached adequate scale. Moreover, as the assets of some of the Funds have declined in the past few years, certain Funds have benefited from having advisory fee rates that have remained constant rather than increasing as assets declined. In addition, performance fee structures have been implemented for various Funds that have caused the effective rate of advisory fees payable by such a Fund to vary depending on the investment performance of the Fund relative to its benchmark index over the measurement period; and a few Funds have fee schedules with breakpoints and reduced fee rates above certain asset levels. The Trustees also noted that the Funds share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of all of the Funds. Based on all of the information they reviewed, including past research and analysis conducted by the Trustees’ independent fee consultant, the Trustees concluded that the current fee structure of each Fund was reasonable and that the current rates of fees do reflect a sharing between Janus Capital and the Fund of any economies of scale that may be present at the current asset level of the Fund.

The independent fee consultant concluded that, given the limitations of various analytical approaches to economies of scale it had considered in prior years, and their conflicting results, it is difficult to analytically confirm or deny the existence of economies of scale in the Janus complex. The independent consultant concluded that (1) to the extent there were economies of scale at Janus Capital, Janus Capital’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Funds which have not yet achieved those economies and (2) by setting lower fixed fees from the start on these Funds, Janus Capital appeared to be investing to increase the likelihood that these Funds will grow to a level to achieve any scale economies that may exist. Further, the independent fee consultant provided its belief that Fund investors are well-served by the fee levels and performance fee structures in place on the Funds in light of any economies of scale that may be present at Janus Capital.

Other Benefits to Janus Capital

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


Janus Investment Fund	69

Janus Henderson Adaptive Global Allocation 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 June 30, 2018. As the investing environment changes, so could opinions. These views are unique and are not necessarily shared by fellow employees or by Janus Henderson 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.


70	JUNE 30, 2018

Janus Henderson Adaptive Global Allocation 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	71

Janus Henderson 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.

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.


72	JUNE 30, 2018

Janus Henderson Adaptive Global Allocation Fund

Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended June 30, 2018:



Capital Gain Distributions	$643,446
Dividends Received Deduction Percentage	81%
Qualified Dividend Income Percentage	98%


Janus Investment Fund	73

Janus Henderson Adaptive Global Allocation Fund

Trustees and Officers (unaudited)

The Fund’s Statement of Additional Information includes additional information about the Trustees and officers and is available, without charge, by calling 1-877-335-2687.

The following are the Trustees and officers of the Trust, together with a brief description of their principal occupations during the last five years (principal occupations for certain Trustees may include periods over five years).

Each Trustee has served in that capacity since he or she was originally elected or appointed. The Trustees do not serve a specified term of office. Each Trustee will hold office until the termination of the Trust or his or her earlier death, resignation, retirement, incapacity, or removal. Under the Fund’s Governance Procedures and Guidelines, the policy is for Trustees to retire no later than the end of the calendar year in which the Trustee turns 75. The Trustees review the Fund’s Governance Procedures and Guidelines from time to time and may make changes they deem appropriate. The Fund’s Nominating and Governance Committee will consider nominees for the position of Trustee recommended by shareholders. Shareholders may submit the name of a candidate for consideration by the Committee by submitting their recommendations to the Trust’s Secretary. Each Trustee is currently a Trustee of one other registered investment company advised by Janus Capital: Janus Aspen Series. Collectively, these two registered investment companies consist of 61 series or funds.

The Trust’s officers are elected annually by the Trustees for a one-year term. Certain officers also serve as officers of Janus Aspen Series. Certain officers of the Fund may also be officers and/or directors of Janus Capital. Except as otherwise disclosed, Fund officers receive no compensation from the Fund, except for the Fund’s Chief Compliance Officer, as authorized by the Trustees.


74	JUNE 30, 2018

Janus Henderson Adaptive Global Allocation Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William F. McCalpin 151 Detroit Street Denver, CO 80206 DOB: 1957	Chairman Trustee	1/08-Present 6/02-Present	Managing Partner, Impact Investments, Athena Capital Advisors LLC (independent registered investment advisor) (since 2016) and Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations). Formerly, Chief Executive Officer, Imprint Capital (impact investment firm) (2013-2015) and Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a private family foundation) (1998-2006).	61	Director of Mutual Fund Directors Forum (a non-profit organization serving independent directors of U.S. mutual funds), Chairman of the Board and Trustee of The Investment Fund for Foundations Investment Program (TIP) (consisting of 2 funds), and Director of the F.B. Heron Foundation (a private grantmaking foundation).


Janus Investment Fund	75

Janus Henderson Adaptive Global Allocation Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Trustee	1/13-Present	Executive Vice President, Institutional Markets, of Black Creek Group (private equity real estate investment management firm) (since 2012). Formerly, Executive Vice President and Co-Head, Global Private Client Group (2007-2010), Executive Vice President, Mutual Funds (2005-2007), and Chief Marketing Officer (2001-2005) of Nuveen Investments, Inc. (asset management).	61	Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of MotiveQuest LLC (strategic social market research company) (2003-2016); Director of Nuveen Global Investors LLC (2007-2011); Director of Communities in Schools (2004-2010); and Director of Mutual Fund Education Alliance (until 2010).


76	JUNE 30, 2018

Janus Henderson Adaptive Global Allocation Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William D. Cvengros 151 Detroit Street Denver, CO 80206 DOB: 1948	Trustee	1/11-Present	Managing Member and Chief Executive Officer of SJC Capital, LLC (a personal investment company and consulting firm) (since 2002). Formerly, Venture Partner for The Edgewater Funds (a middle market private equity firm) (2002-2004); Chief Executive Officer and President of PIMCO Advisors Holdings L.P. (a publicly traded investment management firm) (1994-2000); and Chief Investment Officer of Pacific Life Insurance Company (a mutual life insurance and annuity company) (1987-1994).	61	Advisory Board Member, Innovate Partners Emerging Growth and Equity Fund I (early stage venture capital fund) (since 2014) and Managing Trustee of National Retirement Partners Liquidating Trust (since 2013). Formerly, Chairman, National Retirement Partners, Inc. (formerly a network of advisors to 401(k) plans) (2005-2013); Director of Prospect Acquisition Corp. (a special purpose acquisition corporation) (2007-2009); Director of RemedyTemp, Inc. (temporary help services company) (1996-2006); and Trustee of PIMCO Funds Multi-Manager Series (1990-2000) and Pacific Life Variable Life & Annuity Trusts (1987-1994).


Janus Investment Fund	77

Janus Henderson Adaptive Global Allocation Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Raudline Etienne 151 Detroit Street Denver, CO 80206 DOB: 1965	Trustee	6/16-Present	Founder, Daraja Capital (advisory and investment firm) (since 2016), and Senior Advisor, Albright Stonebridge Group LLC (global strategy firm) (since 2016). Formerly, Senior Vice President (2011-2015), Albright Stonebridge Group LLC; and Deputy Comptroller and Chief Investment Officer, New York State Common Retirement Fund (public pension fund) (2008-2011).	61	Director of Brightwood Capital Advisors, LLC (since 2014).
Gary A. Poliner 151 Detroit Street Denver, CO 80206 DOB: 1953	Trustee	6/16-Present	Retired. Formerly, President (2010-2013) of Northwestern Mutual Life Insurance Company.	61	Director of MGIC Investment Corporation (private mortgage insurance) (since 2013) and West Bend Mutual Insurance Company (property/casualty insurance) (since 2013). Formerly, Trustee of Northwestern Mutual Life Insurance Company (2010-2013); and Director of Frank Russell Company (global asset management firm) (2008-2013).


78	JUNE 30, 2018

Janus Henderson Adaptive Global Allocation Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
James T. Rothe 151 Detroit Street Denver, CO 80206 DOB: 1943	Trustee	1/97-Present	Professor Emeritus of Business of the University of Colorado, Colorado Springs, CO (since 2004). Formerly, Co-founder and Managing Director of Roaring Fork Capital SBIC, L.P. (SBA SBIC fund focusing on private investment in public equity firms) (2004-2014), Professor of Business of the University of Colorado (2002-2004), and Distinguished Visiting Professor of Business (2001-2002) of Thunderbird (American Graduate School of International Management), Glendale, AZ.	61	Formerly, Director of Red Robin Gourmet Burgers, Inc. (RRGB) (2004- 2014).
William D. Stewart 151 Detroit Street Denver, CO 80206 DOB: 1944	Trustee	6/84-Present	Retired. Formerly, President and founder of HPS Products and Corporate Vice President of MKS Instruments, Boulder, CO (a provider of advanced process control systems for the semiconductor industry) (1976-2012).	61	None


Janus Investment Fund	79

Janus Henderson Adaptive Global Allocation Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Diane L. Wallace 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	6/17-Present	Retired.	61	Formerly, Independent Trustee, Henderson Global Funds (13 portfolios) (2015-2017); Independent Trustee, State Farm Associates' Funds Trust, State Farm Mutual Fund Trust, and State Farm Variable Product Trust (28 portfolios) (2013-2017). Chief Operating Officer, Senior Vice President-Operations, and Chief Financial Officer for Driehaus Capital Management, LLC (1988-2006); and Treasurer of Driehaus Mutual Funds (1996-2002).


80	JUNE 30, 2018

Janus Henderson Adaptive Global Allocation Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Linda S. Wolf 151 Detroit Street Denver, CO 80206 DOB: 1947	Trustee	11/05-Present	Retired. Formerly, Chairman and Chief Executive Officer of Leo Burnett (Worldwide) (advertising agency) (2001-2005).	61	Director of Chicago Community Trust (Regional Community Foundation), Chicago Council on Global Affairs, InnerWorkings (U.S. provider of print procurement solutions to corporate clients), Lurie Children’s Hospital (Chicago, IL), Shirley Ryan Ability Lab and Wrapports, LLC (digital communications company). Formerly, Director of Walmart (until 2017); Director of Chicago Convention & Tourism Bureau (until 2014); and The Field Museum of Natural History (Chicago, IL) (until 2014).


Janus Investment Fund	81

Janus Henderson Adaptive Global Allocation Fund

Trustees and Officers (unaudited)


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Ashwin Alankar 151 Detroit Street Denver, CO 80206 DOB: 1974	Executive Vice President and Co-Portfolio Manager Janus Henderson Adaptive Global Allocation Fund	6/15-Present	Senior Vice President and Global Head of Asset Allocation and Risk Management of Janus Capital and Portfolio Manager for other Janus Henderson accounts. Formerly, Co-Chief Investment Officer of AllianceBernstein’s Tail Risk Parity (2010-2014).
Enrique Chang 151 Detroit Street Denver, CO 80206 DOB: 1962	Executive Vice President and Co-Portfolio Manager Janus Henderson Adaptive Global Allocation Fund	6/15-Present	Global Chief Investment Officer of Janus Henderson Investors and Portfolio Manager for other Janus Henderson accounts. Formerly, President, Head of Investments of Janus Capital (2016-2017); and Chief Investment Officer Equities and Asset Allocation of Janus Capital (2013-2016). During the five years prior to 2013, Mr. Chang was Chief Investment Officer and Executive Vice President for American Century Investments.


82	JUNE 30, 2018

Janus Henderson Adaptive Global Allocation Fund

Trustees and Officers (unaudited)


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Bruce L. Koepfgen 151 Detroit Street Denver, CO 80206 DOB: 1952	President and Chief Executive Officer	7/14-Present	Head of North America at Janus Henderson Investors and Janus Capital Management LLC (since 2017); Executive Vice President and Director of Janus International Holding LLC (since 2011); Executive Vice President of Janus Distributors LLC (since 2011); Vice President and Director of Intech Investment Management LLC (since 2011); Executive Vice President and Director of Perkins Investment Management LLC (since 2011); and Executive Vice President and Director of Janus Management Holdings Corporation (since 2011). Formerly, President of Janus Capital Group Inc. and Janus Capital Management LLC (2013-2017); Executive Vice President of Janus Services LLC (2011-2015), Janus Capital Group Inc. and Janus Capital Management LLC (2011-2013); and Chief Financial Officer of Janus Capital Group Inc., Janus Capital Management LLC, Janus Distributors LLC, Janus Management Holdings Corporation, and Janus Services LLC (2011-2013).
Susan K. Wold 151 Detroit Street Denver, CO 80206 DOB: 1960	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	9/17-Present	Senior Vice President and Head of Compliance, North America for Janus Henderson (since September 2017); Formerly, Vice President, Head of Global Corporate Compliance, and Chief Compliance Officer for Janus Capital Management LLC (May 2017- September 2017); Vice President, Compliance at Janus Capital Group Inc. and Janus Capital Management LLC (2005-2017).
Jesper Nergaard 151 Detroit Street Denver, CO 80206 DOB: 1962	Chief Financial Officer Vice President, Treasurer, and Principal Accounting Officer	3/05-Present 2/05-Present	Vice President of Janus Capital and Janus Services LLC.


Janus Investment Fund	83

Janus Henderson Adaptive Global Allocation Fund

Trustees and Officers (unaudited)


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Kathryn L. Santoro 151 Detroit Street Denver, CO 80206 DOB: 1974	Vice President, Chief Legal Counsel, and Secretary	12/16-Present	Vice President of Janus Capital and Janus Services LLC (since 2016). Formerly, Vice President and Associate Counsel of Curian Capital, LLC and Curian Clearing LLC (2013-2016); and General Counsel and Secretary (2011-2012) and Vice President (2009-2012) of Old Mutual Capital, Inc.
*Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.


84	JUNE 30, 2018

Janus Henderson Adaptive Global Allocation Fund

Notes

NotesPage1


Janus Investment Fund	85

Knowledge. Shared

At Janus Henderson, we believe in the sharing of expert insight for better investment and business decisions. We call this ethos Knowledge. Shared.

Learn more by visiting janushenderson.com.




This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson, Janus, Henderson, Perkins, Intech and Henderson Geneva are trademarks or registered trademarks of Janus Henderson Investors. © Janus Henderson Investors. The name Janus Henderson Investors includes HGI Group Limited, Henderson Global Investors (Brand Management) Sarl and Janus International Holding LLC. Funds distributed by Janus Henderson Distributors
							125-02-93059 08-18



	ANNUAL REPORT June 30, 2018

Janus Henderson All Asset Fund

Janus Investment Fund

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

Table of Contents

Janus Henderson All Asset Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	12
Statement of Assets and Liabilities	14
Statement of Operations	16
Statements of Changes in Net Assets	17
Financial Highlights	18
Notes to Financial Statements	25
Report of Independent Registered Public Accounting Firm	41
Additional Information	42
Useful Information About Your Fund Report	56
Designation Requirements	59
Trustees and Officers	60

Janus Henderson All Asset Fund (unaudited)

FUND SNAPSHOT

All Asset Fund is a global, multi-asset portfolio that has the ability to invest in a broad range of both traditional and alternative asset classes. The Fund is managed with an active approach to asset allocation, allowing the manager maximum flexibility to make strategic and tactical decisions.

Paul O’Connor

portfolio manager

PERFORMANCE

The Janus Henderson All Asset Fund’s Class I Shares generated a positive absolute return of 3.78% over the 12-month period from July 1, 2017, to June 30, 2018. The Fund’s primary benchmark, the 3-Month USD LIBOR, returned 1.53%. Since inception in 2012, the Fund has returned 4.01% annualized.

INVESTMENT ENVIRONMENT

The 12 months to the end of June 2018 were characterized by good stock market returns, rising U.S. Treasury yields and, latterly, a stronger U.S. dollar. This occurred against a background where the global economic growth remained solid and inflation broadly moved back toward central bank targets. Most risks were eventually swept aside, although rising trade tensions at the end of the period weighed on investor sentiment.

Strong performance from the U.S. economy was a major feature of the period. Tax cuts and higher spending commitments helped boost economic output. Reductions in corporate and personal tax rates improved confidence at a relatively late point in the economic cycle but come at a cost of higher budget deficits. In January 2018, Jay Powell took over from Janet Yellen as Chair of the Federal Reserve (Fed), which continued its path of monetary policy normalization. The Fed implemented three further interest rate increases over the 12 months as inflation moved back up toward the target level, despite the wage growth only edging higher. The slow rate of earnings growth continues to vex policy makers given the very low unemployment rate. However, other indicators of labor market demand and the strength of the U.S. economy suggest greater wage pressure should be coming through.

Outside the U.S., political events were in focus. Another strong win for the incumbent Japanese government in an election during the second half of 2018 was welcomed by investors as a sign that there was continued commitment to structural reforms and defeating deflation. In contrast, European elections brought uncertainty. Difficulties in forming an Italian government became even more challenging as the final coalition between two non-mainstream parties raised concerns about unaffordable higher spending and Italy’s position within the eurozone. Elsewhere, a change in the Spanish government and coalition issues in Germany brought tension at a time of disappointing economic data. In the UK, negotiations to leave the European Union continued to dominate headlines.

More globally, the end of the reporting period was dominated by escalating global trade tensions. A move toward protectionism could have major consequences for the global, interlinked network of supply chains. While it is likely that all countries will suffer if trade tariffs are generally raised, investors were more immediately concerned with the impact on regions with significant export exposure, such as China, Europe and Japan.

The S&P 500^{^®} Index returned 14.4% over the period, led by the technology and consumer sectors. However, volatility returned to equity markets more broadly at the end of January 2018 as optimism became extended and markets suffered a sharp drop. The recovery has been slow but global equity markets have now edged back into positive territory for the year so far. European equities lagged other regions over the reporting period. A strong U.S. dollar in 2018 was a headwind for emerging market equities, in particular.

U.S. Treasury yields were significantly higher at the end of the period than at the start, particularly the shorter-maturity 2-year bonds, which are heavily influenced by the outlook for monetary policy. Other major global sovereign bond markets saw smaller moves, with German Bunds actually ending the period lower.

Corporate bonds suffered from widening credit spreads and rising U.S. Treasury yields. Investment-grade debt delivered negative returns but high-yield bonds performed better over the 12 months. Emerging market debt


Janus Investment Fund	1

Janus Henderson All Asset Fund (unaudited)

suffered from widening credit spreads and currency weakness against the U.S. dollar in 2018.

Within commodities, the price of gold was little changed between the start and end of the period. However, the price of oil surged over 60% on concerns about reducing global supply. Industrial metal prices were also higher as global growth remained solid.

PERFORMANCE DISCUSSION

The Fund outperformed its primary benchmark over the reporting period. Outperformance was largely generated by the Fund’s risk assets, with equity holdings providing the majority of returns.

All equity regions contributed positively to performance, with the largest contributions coming from Japanese and U.S. equities. Futures positions in the TOPIX, FTSE 100 and Euro Stoxx 50 indices were the most significant performers over the period.

While positions in S&P 500 futures were the largest contributor with U.S. equities, exposure to regional banks and technology stocks also added significantly to performance. The Vanguard Information Technology ETF benefited from the technology sector delivering exceptionally strong returns. The SPDR S&P Regional Banking ETF produced solid returns and diversification during periods of significant increases in U.S. Treasury yields.

Fixed income contributions were small but accretive to the overall returns from the Fund. Sovereigns were a slight drag but allocations to Treasury Inflation Protected Securities (TIPS) helped offset most of the negative performance from 10-year Treasury futures. All areas of credit added to performance, as did emerging market debt.

In alternatives, gold was the most significant contributor to performance. Real estate was broadly flat but alternative strategies were a mild drag on returns following some poor performance from certain strategies toward the end of the period.

Overseas currency exposure was the largest negative contributor to performance as the U.S. dollar strengthened, particularly toward the latter part of the reporting period.

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

OUTLOOK

The gradual move away from easy monetary policy and rising trade tensions continue to bring about the return of greater volatility to markets. Investors will need to continue to adapt to this transition in the investment environment and be wary of the assets that have benefited most from the period of low volatility and easy money. Volatility will present both risks and opportunities. This should be a productive environment for those able to carefully pick the right moments to switch between asset classes.


2	JUNE 30, 2018

Janus Henderson All Asset Fund (unaudited)

Fund At A Glance

June 30, 2018


Holdings - (% of Net Assets)
Fidelity Investments Money Market Treasury Portfolio	42.2	%
iShares TIPS Bond	7.4
Janus Henderson Emerging Markets Fund - Class N Shares	4.4
PIMCO Enhanced Short Maturity Active	4.1
T Rowe Price US High Yield Fund	4.0
Janus Henderson Global Equity Income Fund - Class N Shares	3.9
AQR Equity Market Neutral Fund	3.8
SPDR S&P Regional Banking	3.6
AQR Managed Futures Strategy Fund	3.5
iShares Edge MSCI Min Vol EAFE	3.4
iShares Edge MSCI Min Vol Emerging Markets	3.2
BlackRock Emerging Markets Flexible Dynamic Bond Portfolio	3.2
iShares JP Morgan USD Emerging Markets Bond	3.0
Invesco International Dividend Achievers	3.0
Invesco Senior Loan	3.0
Janus Henderson Strategic Income Fund - Class N Shares	2.8
US Cities Fund LP	1.1


Asset Allocation - (% of Net Assets)
Money Markets	42.2%
Exchange-Traded Funds (ETFs)	30.7%
Fixed Income Funds	10.0%
Equity Funds	9.4%
Alternative Funds	7.3%
Other		0.4%
		100.0%


Janus Investment Fund	3

Janus Henderson All Asset Fund (unaudited)

Performance

See important disclosures on the next page.



				Expense Ratios -
Average Annual Total Return - for the periods ended June 30, 2018				per the October 27, 2017 prospectuses
	One Year	Five Year	Since Inception*	Total Annual Fund Operating Expenses	Net Annual Fund Operating Expenses
Class A Shares at NAV	3.45%	3.84%	3.74%	1.54%	1.29%
Class A Shares at MOP	-2.47%	2.62%	2.76%
Class C Shares at NAV	2.69%	3.03%	2.95%	2.30%	2.05%
Class C Shares at CDSC	1.73%	3.03%	2.95%
Class D Shares⁽¹⁾	3.67%	3.83%	3.72%	1.37%	1.11%
Class I Shares	3.78%	4.11%	4.01%	1.27%	1.03%
Class N Shares	3.71%	4.00%	3.88%	1.23%	0.97%
Class S Shares	3.46%	3.53%	3.40%	1.71%	1.46%
Class T Shares	3.60%	3.75%	3.63%	1.46%	1.21%
3-Month USD LIBOR	1.53%	0.66%	0.61%
MSCI World Index (Net)	11.09%	9.94%	9.94%
Morningstar Quartile - Class I Shares	3rd	3rd	4th
Morningstar Ranking - based on total returns for World Allocation Funds	336/487	310/413	296/386

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, contractually agreed to through November 1, 2018.

The expense ratios shown are estimated.

Performance may be affected by risks that include those associated with non-diversification, portfolio turnover, short sales, potential conflicts of interest,


4	JUNE 30, 2018

Janus Henderson All Asset Fund (unaudited)

Performance

foreign and emerging markets, initial public offerings (IPOs), high-yield and high-risk securities, undervalued, overlooked and smaller capitalization companies, real estate related securities including Real Estate Investment Trusts (REITs), derivatives, and commodity-linked investments. Each product has different risks. Please see the prospectus for more information about risks, holdings and other details.

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

Returns of the Fund shown prior to June 5, 2017, are those for Henderson All Asset Fund (the “Predecessor Fund”), which merged into the Fund after the close of business on June 2, 2017. The Predecessor Fund was advised by Henderson Global Investors (North America) Inc. and subadvised by Henderson Investment Management Limited. Class A Shares, Class C Shares, Class I Shares, and Class R6 Shares of the Predecessor Fund were reorganized into Class A Shares, Class C Shares, Class I Shares, and Class N Shares, respectively, of the Fund. In connection with this reorganization, certain shareholders of the Predecessor Fund who held shares directly with the Predecessor Fund and not through an intermediary had the Class A Shares, Class C Shares, Class I Shares, and Class N Shares of the Fund received in the reorganization automatically exchanged for Class D Shares of the Fund following the reorganization. Class A Shares, Class C Shares, and Class I Shares of the Predecessor Fund commenced operations with the Predecessor Fund’s inception on March 30, 2012. Class R6 Shares of the Predecessor Fund commenced operations on November 30, 2015. Class D Shares, Class S Shares, and Class T Shares commenced operations on June 5, 2017.

Performance of Class A Shares shown for periods prior to June 5, 2017, reflects the performance of Class A Shares of the Predecessor Fund, calculated using the fees and expenses of Class A Shares of the Predecessor Fund, in effect during the periods shown, net of any applicable fee and expense limitations or waivers.

Performance of Class C Shares shown for periods prior to June 5, 2017, reflects the performance of Class C Shares of the Predecessor Fund, calculated using the fees and expenses of Class C Shares of the Predecessor Fund, in effect during the periods shown, net of any applicable fee and expense limitations or waivers.

Performance of Class I Shares shown for periods prior to June 5, 2017, reflects the performance of Class I Shares of the Predecessor Fund, calculated using the fees and expenses of Class I Shares of the Predecessor Fund, in effect during the periods shown, net of any applicable fee and expense limitations or waivers.

Performance of Class N Shares shown for periods prior to June 5, 2017, reflects the performance of Class R6 Shares of the Predecessor Fund, calculated using the fees and expenses of Class R6 Shares of the Predecessor Fund, in effect during the periods shown, net of any applicable fee and expense limitations or waivers, except that for periods prior to November 30, 2015, performance for Class N Shares reflects the performance of Class I Shares of the Predecessor Fund, calculated using the estimated fees and expenses of Class N Shares, net of any applicable fee and expense limitations or waivers.

Performance of Class S Shares shown for periods prior to June 5, 2017, reflects the performance of Class I Shares of the Predecessor Fund, calculated using the estimated fees and expenses of Class S Shares, net of any applicable fee and expense limitations or waivers.

Performance of Class T Shares shown for periods prior to June 5, 2017, reflects the performance of Class I Shares of the Predecessor Fund, calculated using the estimated fees and expenses of Class T Shares, net of any applicable fee and expense limitations or waivers.

Performance of Class D Shares shown for periods prior to June 5, 2017, reflects the performance of Class I Shares of the Predecessor Fund, calculated using the estimated fees and expenses of Class D 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.

Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

See “Useful Information About Your Fund Report.”

Effective June 5, 2017, the Fund’s performance is compared to the MSCI World Index net of foreign withholding taxes. Previously, the Predecessor Fund used the MSCI World Index gross of foreign withholding taxes. The net version of the benchmark is believed to more closely reflect the Fund’s investment universe.

See important disclosures on the next page.


Janus Investment Fund	5

Janus Henderson All Asset Fund (unaudited)

Performance

Effective July 9, 2018, the Fund is closed to new investors. The Fund will liquidate on or about December 31, 2018 and may deviate from its stated investment strategies and policies and accordingly cease being managed to meet its investment objective as it prepares for liquidation. See the prospectus supplement for further details.

*The Predecessor Fund’s inception date – March 30, 2012

(1) Closed to certain new investors.


6	JUNE 30, 2018

Janus Henderson All Asset Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (1/1/18)	Ending Account Value (6/30/18)	Expenses Paid During Period (1/1/18 - 6/30/18)†	Beginning Account Value (1/1/18)	Ending Account Value (6/30/18)	Expenses Paid During Period (1/1/18 - 6/30/18)†	Net Annualized Expense Ratio (1/1/18 - 6/30/18)
Class A Shares		$1,000.00	$981.90	$4.18	$1,000.00	$1,020.58	$4.26	0.85%
Class C Shares		$1,000.00	$977.80	$7.55	$1,000.00	$1,017.16	$7.70	1.54%
Class D Shares		$1,000.00	$982.80	$3.20	$1,000.00	$1,021.57	$3.26	0.65%
Class I Shares		$1,000.00	$983.70	$2.85	$1,000.00	$1,021.92	$2.91	0.58%
Class N Shares		$1,000.00	$982.70	$2.56	$1,000.00	$1,022.22	$2.61	0.52%
Class S Shares		$1,000.00	$982.80	$3.98	$1,000.00	$1,020.78	$4.06	0.81%
Class T Shares		$1,000.00	$981.80	$3.44	$1,000.00	$1,021.32	$3.51	0.70%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 181/365 (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 Henderson All Asset Fund

Schedule of Investments

June 30, 2018


Shares			Value
Investment Companies– 99.6%
Alternative Funds – 7.3%
	AQR Equity Market Neutral Fund	162,124	$1,815,792
	AQR Managed Futures Strategy Fund*	190,973	1,665,285
			3,481,077
Equity Funds – 9.4%
	Janus Henderson Emerging Markets Fund - Class N Shares^£	216,898	2,125,603
	Janus Henderson Global Equity Income Fund - Class N Shares^£	259,680	1,880,084
	US Cities Fund LP*	956	524,428
			4,530,115
Exchange-Traded Funds (ETFs) – 30.7%
	Invesco International Dividend Achievers	92,109	1,437,821
	Invesco Senior Loan	62,715	1,436,174
	iShares Edge MSCI Min Vol EAFE	23,064	1,640,773
	iShares Edge MSCI Min Vol Emerging Markets	26,389	1,526,340
	iShares JP Morgan USD Emerging Markets Bond	13,527	1,444,278
	iShares TIPS Bond	31,605	3,567,256
	PIMCO Enhanced Short Maturity Active	19,098	1,939,402
	SPDR S&P Regional Banking	27,933	1,703,913
			14,695,957
Fixed Income Funds – 10.0%
	BlackRock Emerging Markets Flexible Dynamic Bond Portfolio	175,111	1,507,705
	Janus Henderson Strategic Income Fund - Class N Shares^£	145,561	1,356,627
	T Rowe Price US High Yield Fund	196,963	1,916,448
			4,780,780
Money Markets – 42.2%
	Fidelity Investments Money Market Treasury Portfolio, 1.7500%^ºº	20,228,301	20,228,301
Total Investments (total cost $47,583,884) – 99.6%			47,716,230
Cash, Receivables and Other Assets, net of Liabilities – 0.4%			214,899
Net Assets – 100%			$47,931,129


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

8	JUNE 30, 2018

Janus Henderson All Asset Fund

Schedule of Investments

June 30, 2018

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income⁽¹⁾		Realized Gain/(Loss)⁽¹⁾		Change in Unrealized Appreciation/ Depreciation⁽¹⁾		Value at 6/30/18
Investment Companies - 11.2%
Equity Funds - 8.4%
	Janus Henderson Emerging Markets Fund - Class N Shares		70,388		-		(23,798)		2,125,603
	Janus Henderson Global Equity Income Fund - Class N Shares		122,957		-		(88,710)		1,880,084
Total Equity Funds		$	193,345	$	-	$	(112,508)	$	4,005,687
Fixed Income Funds - 2.8%
	Janus Henderson Strategic Income Fund - Class N Shares	$	33,464	$	-	$	(17,449)	$	1,356,627
Total Affiliated Investments - 11.2%		$	226,809	$	-	$	(129,957)	$	5,362,314

(1) For securities that were affiliated for a portion of the year ended June 30, 2018, this column reflects amounts for the entire year ended June 30, 2018 and not just the year in which the security was affiliated.


		Share Balance at 6/30/17		Purchases		Sales		Share Balance at 6/30/18
Investment Companies - 11.2%
Equity Funds - 8.4%
	Janus Henderson Emerging Markets Fund - Class N Shares		210,214		6,684		-		216,898
	Janus Henderson Global Equity Income Fund - Class N Shares		231,489		28,191		-		259,680
Fixed Income Funds - 2.8%
	Janus Henderson Strategic Income Fund - Class N Shares		142,014		3,547		-		145,561


Schedule of Forward Foreign Currency Exchange Contracts, Open


Counterparty/ Foreign Currency	Settlement Date	Foreign Currency Amount (Sold)/ Purchased		USD Currency Amount (Sold)/ Purchased		Market Value and Unrealized Appreciation/ (Depreciation)
BNP Paribas:
British Pound	7/25/18	2,170,494	$	(2,875,808)	$	(8,593)
Euro	7/25/18	976,819		(1,133,448)		9,265
Japanese Yen	7/25/18	361,909,519		(3,283,881)		(9,098)
Total					$	(8,426)


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

Janus Investment Fund	9

Janus Henderson All Asset Fund

Schedule of Investments

June 30, 2018

Schedule of Futures


Description	Number of Contracts	Expiration Date		Value and Notional Amount		Unrealized Appreciation/ (Depreciation)		Variation Margin Asset/(Liability)
Futures Purchased:
10-Year US Treasury	25	9/19/18	$	3,004,688	$	30,078	$	3,906
EURO STOXX	56	9/21/18		2,217,427		(47,480)		17,722
FTSE 100	30	9/21/18		3,009,065		(19,233)		43,257
OSE NIKKEI	7	9/13/18		1,409,485		869		(648)
OSE TOPIX	12	9/13/18		1,875,881		(30,488)		(1,259)
S&P 500 E-mini	26	9/21/18		3,537,950		(85,082)		(1,105)
Total					$	(151,336)	$	61,873

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 June 30, 2018.


Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of June 30, 2018

	Currency Contracts	Equity Contracts	Interest Rate Contracts	Total
Asset Derivatives:
Forward foreign currency exchange contracts	$ 9,265	$ -	$ -	$ 9,265
Variation margin receivable	-	60,979	3,906	64,885

Total Asset Derivatives	$ 9,265	$ 60,979	$ 3,906	$74,150

Liability Derivatives:
Forward foreign currency exchange contracts	$ 17,691	$ -	$ -	$17,691
Variation margin payable	-	3,012	-	3,012

Total Liability Derivatives	$ 17,691	$ 3,012	$ -	$20,703


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

10	JUNE 30, 2018

Janus Henderson All Asset Fund

Schedule of Investments

June 30, 2018

The following tables provides information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the year ended June 30, 2018.


The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the year ended June 30, 2018

Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative	Currency Contracts	Equity Contracts	Interest Rate Contracts	Total
Futures contracts	$ -	$996,814	$ (111,803)	$ 885,011
Forward foreign currency exchange contracts	205,797	-	-	205,797

Total	$205,797	$996,814	$ (111,803)	$1,090,808


Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative	Currency Contracts	Equity Contracts	Interest Rate Contracts	Total
Futures contracts	$ -	$ (8,421)	$ 35,000	$ 26,579
Forward foreign currency exchange contracts	(83,930)	-	-	(83,930)

Total	$ (83,930)	$ (8,421)	$ 35,000	$ (57,351)

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


Average Ending Monthly Market Value of Derivative Instruments During the Year Ended June 30, 2018

	Market Value
Forward foreign currency exchange contracts, purchased	$ 7,049,890
Forward foreign currency exchange contracts, sold	212,565
Futures contracts, purchased	13,996,295


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

Janus Investment Fund	11

Janus Henderson All Asset Fund

Notes to Schedule of Investments and Other Information


LIBOR (London Interbank Offered Rate)	LIBOR (London Interbank Offered Rate) is a short-term interest rate that banks offer one another and generally represents current cash rates.
MSCI World Index^SM	MSCI World Index^SM reflects the equity market performance of global developed markets.
S&P 500^{^®} Index	S&P 500^{^®} Index reflects U.S. large-cap equity performance and represents broad U.S. equity market performance.


LP	Limited Partnership
SPDR	Standard & Poor's Depositary Receipt


*	Non-income producing security.


ºº	Rate shown is the 7-day yield as of June 30, 2018.


£	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.


12	JUNE 30, 2018

Janus Henderson All Asset Fund

Notes to Schedule of Investments and Other Information


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 June 30, 2018. 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:
Investment Companies
Alternative Funds		$	3,481,077	$	-	$	-
Equity Funds			4,005,687		524,428		-
Exchange-Traded Funds (ETFs)			14,695,957		-		-
Fixed Income Funds			4,780,780		-		-
Money Markets			20,228,301		-		-
Total Investments in Securities		$	47,191,802	$	524,428	$	-
Other Financial Instruments^(a):
Forward Foreign Currency Exchange Contracts			-		9,265		-
Variation Margin Receivable			64,885		-		-
Total Assets		$	47,256,687	$	533,693	$	-
Liabilities
Forward Foreign Currency Exchange Contracts			-		17,691		-
Variation Margin Payable			3,012		-		-
Total Liabilities		$	3,012	$	17,691	$	-

(a)	Other financial instruments include forward foreign currency exchange, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange 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	13

Janus Henderson All Asset Fund

Statement of Assets and Liabilities

June 30, 2018

See footnotes at the end of the Statement.



Assets:
	Unaffiliated investments, at value⁽¹⁾		$	42,353,916
	Affiliated investments, at value⁽²⁾			5,362,314
	Cash			26,784,155
	Deposits with brokers for futures			515,563
	Forward foreign currency exchange contracts			9,265
	Variation margin receivable			64,885
	Non-interested Trustees' deferred compensation			1,005
	Receivables:
		Fund shares sold		24,284
		Foreign tax reclaims		570
	Other assets			15,789
Total Assets				75,131,746
Liabilities:
	Due to custodian			26,739,652
	Forward foreign currency exchange contracts			17,691
	Variation margin payable			3,012
	Payables:			—
		Investments purchased		280,174
		Fund shares repurchased		85,012
		Professional fees		39,060
		Non-affiliated fund administration fees payable		12,021
		12b-1 Distribution and shareholder servicing fees		6,609
		Advisory fees		5,348
		Transfer agent fees and expenses		3,755
		Non-interested Trustees' deferred compensation fees		1,005
		Custodian fees		595
		Non-interested Trustees' fees and expenses		472
		Affiliated fund administration fees payable		103
		Accrued expenses and other payables		6,108
Total Liabilities				27,200,617
Net Assets			$	47,931,129


See Notes to Financial Statements.

14	JUNE 30, 2018

Janus Henderson All Asset Fund

Statement of Assets and Liabilities

June 30, 2018




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	46,954,639
	Undistributed net investment income/(loss)		487,008
	Undistributed net realized gain/(loss) from investments and foreign currency transactions		519,390
	Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation		(29,908)
Total Net Assets		$	47,931,129
Net Assets - Class A Shares		$	1,658,301
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		160,969
Net Asset Value Per Share⁽³⁾		$	10.30
Maximum Offering Price Per Share⁽⁴⁾		$	10.93
Net Assets - Class C Shares		$	7,221,705
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		715,104
Net Asset Value Per Share⁽³⁾		$	10.10
Net Assets - Class D Shares		$	936,931
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		91,447
Net Asset Value Per Share		$	10.25
Net Assets - Class I Shares		$	6,035,781
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		588,784
Net Asset Value Per Share		$	10.25
Net Assets - Class N Shares		$	31,892,620
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,117,370
Net Asset Value Per Share		$	10.23
Net Assets - Class S Shares		$	51,172
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		4,991
Net Asset Value Per Share		$	10.25
Net Assets - Class T Shares		$	134,619
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		13,122
Net Asset Value Per Share		$	10.26

(1) Includes cost of $42,276,478.

(2) Includes cost of $5,307,406.

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

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


See Notes to Financial Statements.

Janus Investment Fund	15

Janus Henderson All Asset Fund

Statement of Operations

For the year ended June 30, 2018



Investment Income:
	Dividends		$	823,030
	Dividends from affiliates			226,809
	Other income			34,053
Total Investment Income				1,083,892
Expenses:
	Advisory fees			197,689
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		4,684
		Class C Shares		73,283
		Class S Shares		107
	Transfer agent administrative fees and expenses:
		Class D Shares		741
		Class S Shares		128
		Class T Shares		210
	Transfer agent networking and omnibus fees:
		Class A Shares		1,433
		Class C Shares		4,886
		Class I Shares		4,529
	Other transfer agent fees and expenses:
		Class A Shares		273
		Class C Shares		814
		Class D Shares		116
		Class I Shares		430
		Class N Shares		1,230
		Class T Shares		10
	Professional fees			51,647
	Registration fees			27,496
	Non-affiliated fund administration fees			12,023
	Custodian fees			7,308
	Shareholder reports expense			6,340
	Affiliated fund administration fees			3,121
	Non-interested Trustees’ fees and expenses			1,084
	Other expenses			14,869
Total Expenses				414,451
Less: Excess Expense Reimbursement and Waivers				(59,399)
Net Expenses				355,052
Net Investment Income/(Loss)				728,840
Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions			374,005
	Forward foreign currency exchange contracts			205,797
	Futures contracts			885,011
	Capital gain distributions from underlying funds			45,266
Total Net Realized Gain/(Loss) on Investments				1,510,079
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation			(381,023)
	Investments in affiliates			(129,957)
	Forward foreign currency exchange contracts			(83,930)
	Futures contracts			26,579
Total Change in Unrealized Net Appreciation/Depreciation				(568,331)
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	1,670,588


See Notes to Financial Statements.

16	JUNE 30, 2018

Janus Henderson All Asset Fund

Statements of Changes in Net Assets



			Year ended June 30, 2018		Period ended June 30, 2017⁽¹⁾⁽²⁾		Year ended July 31, 2016⁽³⁾

Operations:
	Net investment income/(loss)		$	728,840	$	473,118	$	467,923
	Net realized gain/(loss) on investments			1,510,079		3,531,639		(1,417,530)
	Change in unrealized net appreciation/depreciation			(568,331)		(1,033,928)		290,617
Net Increase/(Decrease) in Net Assets Resulting from Operations				1,670,588		2,970,829		(658,990)
Dividends and Distributions to Shareholders:
	Dividends from Net Investment Income
		Class A Shares		(29,769)		(16,309)		(15,397)
		Class C Shares		(40,622)		—		—
		Class D Shares		(14,536)		—		N/A
		Class I Shares		(156,220)		(52,539)		(101,094)
		Class N Shares		(667,439)		(241,031)		(230,208)
		Class S Shares		(905)		—		N/A
		Class T Shares		(974)		—		N/A
	Total Dividends from Net Investment Income			(910,465)		(309,879)		(346,699)
	Distributions from Net Realized Gain from Investment Transactions
		Class A Shares		(100,034)		—		(161,332)
		Class C Shares		(413,271)		—		(297,759)
		Class D Shares		(37,421)		—		N/A
		Class I Shares		(400,627)		—		(411,454)
		Class N Shares		(1,696,854)		—		(860,579)
		Class S Shares		(2,726)		—		N/A
		Class T Shares		(2,726)		—		N/A
	Total Distributions from Net Realized Gain from Investment Transactions			(2,653,659)		—		(1,731,124)
Net Decrease from Dividends and Distributions to Shareholders				(3,564,124)		(309,879)		(2,077,823)
Capital Share Transactions:
		Class A Shares		(137,827)		(2,312,576)		(2,065,085)
		Class C Shares		(502,747)		(1,732,547)		(1,096,409)
		Class D Shares		910,048		79,738		N/A
		Class I Shares		(1,028,520)		(3,845,659)		(32,054,787)
		Class N Shares		2,364,293		149,275		29,428,493
		Class S Shares		3,631		50,010		N/A
		Class T Shares		88,264		50,010		N/A
Net Increase/(Decrease) from Capital Share Transactions				1,697,142		(7,561,749)		(5,787,788)
Net Increase/(Decrease) in Net Assets				(196,394)		(4,900,799)		(8,524,601)
Net Assets:
	Beginning of period			48,127,523		53,028,322		61,552,923
	End of period		$	47,931,129	$	48,127,523	$	53,028,322

Undistributed Net Investment Income/(Loss)			$	487,009	$	436,631	$	68,893

(1) Period from June 5, 2017 (inception date) through June 30, 2017 for Class D Shares, Class S Shares and Class T Shares.

(2) Period from August 1, 2017 through June 30, 2017. The Fund changed its fiscal year end from July 31 to June 30.

(3) Period from November 30, 2015 (inception date) through July 31, 2016 for Class N Shares.


See Notes to Financial Statements.

Janus Investment Fund	17

Janus Henderson All Asset Fund

Financial Highlights


Class A Shares
For a share outstanding during the year or period ended June 30			2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$10.70	$10.12
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.14	0.09
		Net realized and unrealized gain/(loss)	0.22	0.53
	Total from Investment Operations		0.36	0.62
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.17)	(0.04)
		Distributions (from capital gains)	(0.59)	—
	Total Dividends and Distributions		(0.76)	(0.04)
	Net Asset Value, End of Period		$10.30	$10.70
	Total Return*		3.25%⁽³⁾	6.18%
	Net Assets, End of Period (in thousands)		$1,658	$1,862
	Average Net Assets for the Period (in thousands)		$1,885	$3,232
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses⁽⁴⁾	1.01%	1.01%
		Ratio of Net Expenses (After Waivers and Expense Offsets)⁽⁴⁾	0.87%	0.85%
		Ratio of Net Investment Income/(Loss)⁽⁴⁾	1.30%	0.91%
	Portfolio Turnover Rate		16%	55%


Class C Shares
For a share outstanding during the year or period ended June 30			2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$10.46	$9.93
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.06	0.02
		Net realized and unrealized gain/(loss)	0.23	0.51
	Total from Investment Operations		0.29	0.53
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.06)	—
		Distributions (from capital gains)	(0.59)	—
	Total Dividends and Distributions		(0.65)	—
	Net Asset Value, End of Period		$10.10	$10.46
	Total Return*		2.59%⁽³⁾	5.34%
	Net Assets, End of Period (in thousands)		$7,222	$7,979
	Average Net Assets for the Period (in thousands)		$7,524	$8,949
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses⁽⁴⁾	1.70%	1.78%
		Ratio of Net Expenses (After Waivers and Expense Offsets)⁽⁴⁾	1.58%	1.60%
		Ratio of Net Investment Income/(Loss)⁽⁴⁾	0.61%	0.22%
	Portfolio Turnover Rate		16%	55%

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

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

(1) Period from August 1, 2016 through June 30, 2017. The Fund changed its fiscal year end from July 31 to June 30.

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

(3) The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

(4) Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.


See Notes to Financial Statements.

18	JUNE 30, 2018

Janus Henderson All Asset Fund

Financial Highlights


Class A Shares
For a share outstanding during the year or period ended July 31			2016	2015	2014		2013
	Net Asset Value, Beginning of Period		$10.55	$10.76	$10.52		$9.93
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.08	0.09	0.10		0.09
		Net realized and unrealized gain/(loss)	(0.17)	0.12	0.56		0.61
	Total from Investment Operations		(0.09)	0.21	0.66		0.70
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.03)	(0.14)	(0.11)		(0.09)
		Distributions (from capital gains)	(0.31)	(0.28)	(0.31)		(0.02)
	Total Dividends and Distributions		(0.34)	(0.42)	(0.42)		(0.11)
	Net Asset Value, End of Period		$10.12	$10.55	$10.76		$10.52
	Total Return*		(0.71)%	1.94%	6.44%		7.05%
	Net Assets, End of Period (in thousands)		$4,011	$6,396	$8,929		$12,023
	Average Net Assets for the Period (in thousands)		$4,935	$7,122	$10,041		$10,644
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses⁽²⁾	0.95%⁽³⁾	0.91%	0.93%		1.10%
		Ratio of Net Expenses (After Waivers and Expense Offsets)⁽²⁾	0.85%	0.85%	0.85%		0.85%
		Ratio of Net Investment Income/(Loss)⁽²⁾	0.84%	0.88%	0.94%		0.86%
	Portfolio Turnover Rate		44%	19%	52%		37%
						1


Class C Shares
For a share outstanding during the year or period ended July 31			2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$10.39	$10.63	$10.43	$9.91
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.01	0.02	0.02	0.02
		Net realized and unrealized gain/(loss)	(0.16)	0.10	0.56	0.59
	Total from Investment Operations		(0.15)	0.12	0.58	0.61
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	(0.08)	(0.07)	(0.07)
		Distributions (from capital gains)	(0.31)	(0.28)	(0.31)	(0.02)
	Total Dividends and Distributions		(0.31)	(0.36)	(0.38)	(0.09)
	Net Asset Value, End of Period		$9.93	$10.39	$10.63	$10.43
	Total Return*		(1.37)%	1.14%	5.61%	6.18%
	Net Assets, End of Period (in thousands)		$9,247	$10,824	$11,094	$9,357
	Average Net Assets for the Period (in thousands)		$9,422	$11,557	$10,389	$5,333
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses⁽²⁾	1.71%⁽³⁾	1.68%	1.67%	1.80%
		Ratio of Net Expenses (After Waivers and Expense Offsets)⁽²⁾	1.60%	1.60%	1.60%	1.60%
		Ratio of Net Investment Income/(Loss)⁽²⁾	0.09%	0.18%	0.20%	0.20%
	Portfolio Turnover Rate		44%	19%	52%	37%

* 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) Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.

(3) The Ratio of Gross Expenses include a reimbursement of prior period custodian out-of-pocket expenses. The Ratio of Gross Expenses would have been 0.01% higher had the custodian not reimbursed the Fund.


See Notes to Financial Statements.

Janus Investment Fund	19

Janus Henderson All Asset Fund

Financial Highlights


Class D Shares
For a share outstanding during the year or period ended June 30			2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$10.67	$10.76
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.17	0.03
		Net realized and unrealized gain/(loss)	0.23	(0.12)⁽³⁾
	Total from Investment Operations		0.40	(0.09)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.23)	—
		Distributions (from capital gains)	(0.59)	—
	Total Dividends and Distributions		(0.82)	—
	Net Asset Value, End of Period		$10.25	$10.67
	Total Return*		3.57%⁽⁴⁾	(0.84)%
	Net Assets, End of Period (in thousands)		$937	$79
	Average Net Assets for the Period (in thousands)		$615	$77
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses⁽⁵⁾	0.98%	0.86%
		Ratio of Net Expenses (After Waivers and Expense Offsets)⁽⁵⁾	0.66%	0.69%
		Ratio of Net Investment Income/(Loss)⁽⁵⁾	1.64%	3.79%
	Portfolio Turnover Rate		16%	55%


Class I Shares
For a share outstanding during the year or period ended June 30			2018	2017⁽⁶⁾
	Net Asset Value, Beginning of Period		$10.67	$10.10
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.17	0.11
		Net realized and unrealized gain/(loss)	0.23	0.53
	Total from Investment Operations		0.40	0.64
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.23)	(0.07)
		Distributions (from capital gains)	(0.59)	—
	Total Dividends and Distributions		(0.82)	(0.07)
	Net Asset Value, End of Period		$10.25	$10.67
	Total Return*		3.58%⁽⁴⁾	6.38%
	Net Assets, End of Period (in thousands)		$6,036	$7,334
	Average Net Assets for the Period (in thousands)		$7,343	$8,349
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses⁽⁵⁾	0.71%	0.79%
		Ratio of Net Expenses (After Waivers and Expense Offsets)⁽⁵⁾	0.60%	0.59%
		Ratio of Net Investment Income/(Loss)⁽⁵⁾	1.59%	1.19%
	Portfolio Turnover Rate		16%	55%

* 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 5, 2017 (inception date) through June 30, 2017.

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

(3) This amount does not agree with the change in the aggregate gains and losses in the Fund’s securities for the year or period due to the timing of sales and repurchases of the Fund’s shares in relation to fluctuating market values for the Fund’s securities.

(4) The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

(5) Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.

(6) Period from August 1, 2016 through June 30, 2017. The Fund changed its fiscal year end from July 31 to June 30.


See Notes to Financial Statements.

20	JUNE 30, 2018

Janus Henderson All Asset Fund

Financial Highlights


Class I Shares
For a share outstanding during the year or period ended July 31			2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$10.55	$10.77	$10.54	$9.94
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.07	0.13	0.13	0.11
		Net realized and unrealized gain/(loss)	(0.13)	0.10	0.56	0.61
	Total from Investment Operations		(0.06)	0.23	0.69	0.72
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.08)	(0.17)	(0.15)	(0.10)
		Distributions (from capital gains)	(0.31)	(0.28)	(0.31)	(0.02)
	Total Dividends and Distributions		(0.39)	(0.45)	(0.46)	(0.12)
	Net Asset Value, End of Period		$10.10	$10.55	$10.77	$10.54
	Total Return*		(0.45)%	2.20%	6.72%	7.28%
	Net Assets, End of Period (in thousands)		$10,750	$44,333	$46,867	$43,221
	Average Net Assets for the Period (in thousands)		$22,035	$45,011	$52,153	$35,799
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses⁽²⁾	0.68%⁽³⁾	0.63%	0.62%	0.79%
		Ratio of Net Expenses (After Waivers and Expense Offsets)⁽²⁾	0.60%	0.60%	0.60%	0.60%
		Ratio of Net Investment Income/(Loss)⁽²⁾	0.69%	1.18%	1.22%	1.10%
	Portfolio Turnover Rate		44%	19%	52%	37%

* 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) Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.


See Notes to Financial Statements.

Janus Investment Fund	21

Janus Henderson All Asset Fund

Financial Highlights


Class N Shares
For a share outstanding during the year or period ended June 30			2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$10.65	$10.09
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.18	0.12
		Net realized and unrealized gain/(loss)	0.22	0.52
	Total from Investment Operations		0.40	0.64
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.23)	(0.08)
		Distributions (from capital gains)	(0.59)	—
	Total Dividends and Distributions		(0.82)	(0.08)
	Net Asset Value, End of Period		$10.23	$10.65
	Total Return*		3.61%⁽³⁾	6.43%
	Net Assets, End of Period (in thousands)		$31,893	$30,774
	Average Net Assets for the Period (in thousands)		$32,052	$29,638
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses⁽⁴⁾	0.64%	0.71%
		Ratio of Net Expenses (After Waivers and Expense Offsets)⁽⁴⁾	0.53%	0.60%
		Ratio of Net Investment Income/(Loss)⁽⁴⁾	1.65%	1.24%
	Portfolio Turnover Rate		16%	55%


Class S Shares
For a share outstanding during the year or period ended June 30			2018	2017⁽⁵⁾
	Net Asset Value, Beginning of Period		$10.67	$10.76
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.14	0.03
		Net realized and unrealized gain/(loss)	0.22	(0.12)⁽⁶⁾
	Total from Investment Operations		0.36	(0.09)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.19)	—
		Distributions (from capital gains)	(0.59)	—
	Total Dividends and Distributions		(0.78)	—
	Net Asset Value, End of Period		$10.25	$10.67
	Total Return*		3.26%⁽³⁾	(0.84)%
	Net Assets, End of Period (in thousands)		$51	$50
	Average Net Assets for the Period (in thousands)		$51	$50
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses⁽⁴⁾	2.55%	1.26%
		Ratio of Net Expenses (After Waivers and Expense Offsets)⁽⁴⁾	0.86%	1.09%
		Ratio of Net Investment Income/(Loss)⁽⁴⁾	1.32%	3.31%
	Portfolio Turnover Rate		16%	55%

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

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

(1) Period from August 1, 2016 through June 30, 2017. The Fund changed its fiscal year end from July 31 to June 30.

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

(3) The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

(4) Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.

(5) Period from June 5, 2017 (inception date) through June 30, 2017.

(6) This amount does not agree with the change in the aggregate gains and losses in the Fund’s securities for the year or period due to the timing of sales and repurchases of the Fund’s shares in relation to fluctuating market values for the Fund’s securities.


See Notes to Financial Statements.

22	JUNE 30, 2018

Janus Henderson All Asset Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended July 31			2016⁽¹⁾
	Net Asset Value, Beginning of Period		$10.25
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.12
		Net realized and unrealized gain/(loss)	0.11⁽³⁾
	Total from Investment Operations		0.23
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.08)
		Distributions (from capital gains)	(0.31)
	Total Dividends and Distributions		(0.39)
	Net Asset Value, End of Period		$10.09
	Total Return*		2.37%
	Net Assets, End of Period (in thousands)		$29,020
	Average Net Assets for the Period (in thousands)		$27,943
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses⁽⁴⁾	0.64%⁽⁵⁾
		Ratio of Net Expenses (After Waivers and Expense Offsets)⁽⁴⁾	0.60%
		Ratio of Net Investment Income/(Loss)⁽⁴⁾	1.88%
	Portfolio Turnover Rate		44%

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

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

(1) Period from November 30, 2015 (inception date) through July 31, 2016.

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

(4) Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.

(5) The Ratio of Gross Expenses include a reimbursement of prior period custodian out-of-pocket expenses. The Ratio of Gross Expenses would have been 0.01% higher had the custodian not reimbursed the Fund.


See Notes to Financial Statements.

Janus Investment Fund	23

Janus Henderson All Asset Fund

Financial Highlights


Class T Shares
For a share outstanding during the year or period ended June 30			2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$10.67	$10.76
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.15	0.03
		Net realized and unrealized gain/(loss)	0.24	(0.12)⁽³⁾
	Total from Investment Operations		0.39	(0.09)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.21)	—
		Distributions (from capital gains)	(0.59)	—
	Total Dividends and Distributions		(0.80)	—
	Net Asset Value, End of Period		$10.26	$10.67
	Total Return*		3.50%⁽⁴⁾	(0.84)%
	Net Assets, End of Period (in thousands)		$135	$50
	Average Net Assets for the Period (in thousands)		$84	$50
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses⁽⁵⁾	1.78%	0.99%
		Ratio of Net Expenses (After Waivers and Expense Offsets)⁽⁵⁾	0.69%	0.82%
		Ratio of Net Investment Income/(Loss)⁽⁵⁾	1.43%	3.58%
	Portfolio Turnover Rate		16%	55%

* 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 5, 2017 (inception date) through June 30, 2017.

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

(4) The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

(5) Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.


See Notes to Financial Statements.

24	JUNE 30, 2018

Janus Henderson All Asset Fund

Notes to Financial Statements

1. Organization and Significant Accounting Policies

Janus Henderson All Asset Fund (the “Fund”) is a series 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 Fund operates as a “fund of funds,” meaning substantially all of the Fund’s assets will be invested in other underlying funds (the “underlying funds”). The Trust offers 49 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks to provide total return by investing in a broad range of asset classes. The Fund is classified as diversified, as defined in the 1940 Act.

Pursuant to the Agreement and Plan of Reorganization, the Fund acquired all the assets and liabilities of the Henderson All Asset Fund (the “Predecessor Fund”), a series of Henderson Global Funds, in exchange for Class A, Class C, Class I and Class N Fund shares having an aggregate net asset value equal to the value of the aggregate net assets of the same share class of the Predecessor Fund (except that Class R6 Predecessor Fund shares were exchanged for Class N Fund shares) (the “Reorganization”). The Reorganization occurred at the close of business on June 2, 2017.

The Predecessor Fund and the Fund had identical investment objectives and substantially similar investment policies and principal risks. For financial reporting purposes, the Predecessor Fund’s financial and performance history prior to the Reorganization is carried forward and reflected in the Fund’s financial statements and financial highlights.

The last fiscal year end of the Predecessor Fund was July 31, 2016. Subsequent to July 31, 2016, the Fund changed its fiscal year end to June 30, 2017, to reflect the fiscal year end of certain funds of the Trust.


Janus Investment Fund	25

Janus Henderson All Asset Fund

Notes to Financial Statements

Underlying Funds

The Fund may seek exposure to both traditional asset classes (such as equity and fixed-income investments) and alternative asset classes (such as real estate, commodities, currencies, private equity, and absolute return strategies) by investing in other investment companies or investment pools, by investing directly in securities and other investments or through the use of derivatives. Such investment companies and investment pools might include, for example, other open-end or closed-end investment companies (including investment companies that concentrate their investments in one or more industries or economic or market sectors), exchange-traded funds (“ETFs”, which are open-end investment companies whose shares may be bought or sold by investors in transactions on major stock exchanges), unit investment trusts, and domestic or foreign private investment pools (including investment companies not registered under the 1940 Act, such as “hedge funds”) or indexes of investment pools. Additional details and descriptions of the investment objectives and strategies of each of the underlying funds are available in the underlying funds’ prospectuses. The Trustees of the underlying funds may change the investment objectives or strategies of the underlying funds at any time without prior notice to the Fund’s shareholders.

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

The Fund’s net asset value (“NAV”) is calculated based upon the NAV of each of the underlying funds in which the Fund invests on the day of valuation. The NAV for each class of the underlying funds is computed by dividing the total value of securities and other assets allocated to the class, less liabilities allocated to that class, by the total number of shares outstanding for the class.

Valuation Inputs Summary

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


26	JUNE 30, 2018

Janus Henderson All Asset Fund

Notes to Financial Statements

The Fund classifies each of its investments in the underlying funds without consideration as to the classification level of the specific investments held by the underlying funds.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 June 30, 2018 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.

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

Investment Transactions and Investment Income

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities held by the underlying funds 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. Any distributions from the underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds. 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. Additionally, the Fund, as a shareholder in the underlying funds, will also indirectly bear its pro rata share of the expenses incurred by the underlying funds. 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

Indemnifications

Foreign Currency Translations

Dividends and Distributions


Janus Investment Fund	27

Janus Henderson All Asset Fund

Notes to Financial Statements

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

Federal Income Taxes

2. Derivative Instruments

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

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


28	JUNE 30, 2018

Janus Henderson All Asset Fund

Notes to Financial Statements

· 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.

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

Forward Foreign Currency Exchange Contracts


Janus Investment Fund	29

Janus Henderson All Asset Fund

Notes to Financial Statements

The Fund may enter 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 and/or in order to take a positive outlook on the related currency to increase exposure to currency risk.

The Fund may enter 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 and/or in order to take a negative outlook on the related currency to increase exposure to currency risk.

During the year, 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.

Futures Contracts

The Fund may purchase or sell futures on equity indices to increase or decrease exposure to equity risk.

The Fund may purchase or sell futures on interest rates to increase or decrease exposure to interest rate risk.

3. Other Investments and Strategies

Additional Investment Risk


30	JUNE 30, 2018

Janus Henderson All Asset Fund

Notes to Financial Statements

Counterparties

Exchange-Traded and Mutual Funds


Janus Investment Fund	31

Janus Henderson All Asset Fund

Notes to Financial Statements

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 the risks associated with the securities in which the ETF or mutual fund invests.

Offsetting Assets and Liabilities

The following table presents gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the “Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of June 30, 2018” table located in 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

BNP Paribas		$	9,265	$	(9,265)	$	—	$	—

Offsetting of Financial Liabilities and Derivative Liabilities

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

BNP Paribas		$	17,691	$	(9,265)	$	—	$	8,426

(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.


32	JUNE 30, 2018

Janus Henderson All Asset Fund

Notes to Financial Statements

custodian. These segregated securities are denoted on the accompanying Schedule of Investments and are evaluated daily to ensure their cover and/or market value equals or exceeds the Fund’s corresponding forward foreign currency exchange contract's obligation value.

4. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pays Janus Capital an investment advisory fee which is calculated daily and paid monthly. The Fund’s contractual investment advisory fee rate (expressed as an annual rate) is 0.40% of its average daily net assets.

Effective December 31, 2017, the Fund’s subadvisory agreement with Henderson Investment Management Limited (“HIML”) was terminated. HIML served as subadviser to the Fund. As subadviser, HIML provided day-to-day management of the investment operations of the Fund subject to the general oversight of the Board of Trustees and Janus Capital. HIML was an affiliate of Janus Capital through a common parent company.

Janus Capital paid HIML 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 entered into a personnel-sharing arrangement with its foreign (non-U.S.) affiliates, Henderson Global Investors Limited, Henderson Global Investors (Japan) Ltd., and Henderson Global Investors (Singapore) Ltd. (collectively, “HGIL”), pursuant to which HGIL and certain employees of HGIL serve as “associated persons” of Janus Capital. In this capacity, such employees of HGIL are subject to the oversight and supervision of Janus Capital and may provide portfolio management, research, and related services to the Fund on behalf of Janus Capital.

Janus Capital has contractually agreed to waive the investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses but excluding the 12b-1 distribution and shareholder servicing fees (applicable to Class A Shares, Class C Shares, and Class S Shares) such as transfer agency fees (including out-of-pocket costs), administrative services fees, and any networking/omnibus/administrative fees payable by any share class, 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 November 1, 2018. Class R shares, If applicable, amounts waived and/or reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.

Janus Services LLC (“Janus Services”), a wholly-owned subsidiary of Janus Capital, is the Fund’s and the underlying funds’ 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.


Janus Investment Fund	33

Janus Henderson All Asset Fund

Notes to Financial Statements

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.

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 Henderson 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 Henderson 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 serves as administrator to the Fund pursuant to an administration agreement between Janus Capital and the Trust. Under the administration agreement, Janus Capital provides oversight and coordination of the Fund’s service providers, recordkeeping, and other administrative services, and is reimbursed by the Fund for certain of its costs in providing these 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 pays for some or all of the salaries, fees, and expenses of 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 any subadvisor, as applicable) provides to the Fund. These amounts are disclosed as “Affiliated Fund administration fees” on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund’s Chief Compliance Officer and certain compliance staff, all of whom are employees of Janus Capital and/or its affiliates, are shared with the Fund. Total compensation of $476,345 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended June 30, 2018. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.


34	JUNE 30, 2018

Janus Henderson All Asset Fund

Notes to Financial Statements

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the year ended June 30, 2018 can be found in a table located in the Schedule of Investments and Other Information.

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 year ended June 30, 2018, redeeming shareholders of Class A Shares paid CDSCs of $2 to Janus Henderson 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 year ended June 30, 2018, redeeming shareholders of Class C Shares paid CDSCs of $643.

As of June 30, 2018, shares of the Fund were owned by affiliates of Janus Henderson Investors, and/or other funds advised by Janus Henderson, as indicated in the table below:


Class		% of Class Owned		% of Fund Owned
Class A Shares		-	%^*	-	%^*
Class C Shares		-*		-*
Class D Shares		5		-*
Class I Shares		-*		-*
Class N Shares		-*		-*
Class S Shares		100		-*
Class T Shares		38		-*

*	Less than 0.50%


Janus Investment Fund	35

Janus Henderson All Asset Fund

Notes to Financial Statements

5. Federal Income Tax


			Loss Deferrals		Other Book	Net Tax
Undistributed Ordinary Income	Undistributed Long-Term Gains	Accumulated Capital Losses	Late-Year Ordinary Loss	Post-October Capital Loss	to Tax Differences	Appreciation/ (Depreciation)
$ 1,079,300	$ 77,745	$ -	$ -	$ -	$ (32,953)	$ (147,601)


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 47,863,831	$ 627,073	$ (774,674)	$ (147,601)

Information on the tax components of derivatives as of June 30, 2018 is as follows:


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 130,306	$ 869	$ (30,488)	$ (29,619)

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

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. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.


For the year ended June 30, 2018
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 2,151,602	$ 1,412,522	$ -	$ -


36	JUNE 30, 2018

Janus Henderson All Asset Fund

Notes to Financial Statements


For the period ended June 30, 2017
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 309,879	$ -	$ -	$ -


For the year ended July 31, 2016
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 1,377,424	$ 700,399	$ -	$ -



Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ -	$ 232,002	$ (232,002)


Janus Investment Fund	37

Janus Henderson All Asset Fund

Notes to Financial Statements

6. Capital Share Transactions



		Year ended June 30, 2018		Period ended June 30, 2017⁽¹⁾
		Shares	Amount	Shares	Amount

Class A Shares:
Shares sold		48,201	$ 525,233	48,061	$ 489,973
Reinvested dividends and distributions		12,312	129,155	926	9,384
Shares repurchased		(73,546)	(792,215)	(271,215)	(2,811,933)
Net Increase/(Decrease)		(13,033)	$ (137,827)	(222,228)	$(2,312,576)
Class C Shares:
Shares sold		97,146	$ 1,023,851	272,453	$ 2,717,264
Reinvested dividends and distributions		35,136	362,603	-	-
Shares repurchased		(179,801)	(1,889,201)	(441,397)	(4,449,811)
Net Increase/(Decrease)		(47,519)	$ (502,747)	(168,944)	$(1,732,547)
Class D Shares:
Shares sold		81,664	$ 885,173	7,406	$ 79,738
Reinvested dividends and distributions		4,981	51,957	-	-
Shares repurchased		(2,604)	(27,082)	-	-
Net Increase/(Decrease)		84,041	$ 910,048	7,406	$ 79,738
Class I Shares:
Shares sold		80,322	$ 867,578	220,782	$ 2,264,674
Reinvested dividends and distributions		51,183	533,836	5,108	51,538
Shares repurchased		(229,868)	(2,429,934)	(602,702)	(6,161,871)
Net Increase/(Decrease)		(98,363)	$(1,028,520)	(376,812)	$(3,845,659)
Class N Shares:
Shares sold		-	$ -	4,417	$ 44,259
Reinvested dividends and distributions		227,336	2,364,293	23,932	240,992
Shares repurchased		-	-	(13,373)	(135,976)
Net Increase/(Decrease)		227,336	$ 2,364,293	14,976	$ 149,275
Class S Shares:
Shares sold		-	$ -	4,644	$ 50,010
Reinvested dividends and distributions		347	3,631	-	-
Shares repurchased		-	-	-	-
Net Increase/(Decrease)		347	$ 3,631	4,644	$ 50,010
Class T Shares:
Shares sold		8,479	$ 88,275	4,644	$ 50,010
Reinvested dividends and distributions		330	3,700	-	-
Shares repurchased		(331)	(3,711)	-	-
Net Increase/(Decrease)		8,478	$ 88,264	4,644	$ 50,010
(1)	Period from June 5, 2017 (inception date) through June 30, 2017 for Class D Shares, Class S Shares and Class T Shares.


38	JUNE 30, 2018

Janus Henderson All Asset Fund

Notes to Financial Statements




Year ended July 31, 2016⁽¹⁾		Shares	Amount

Class A Shares:
Shares sold		242,349	$ 2,389,247
Reinvested dividends and distributions		17,076	168,932
Shares repurchased		(469,446)	(4,623,264)
Net Increase/(Decrease)		(210,021)	$ (2,065,085)
Class C Shares:
Shares sold		328,077	$ 3,171,463
Reinvested dividends and distributions		26,511	257,689
Shares repurchased		(464,349)	(4,525,561)
Net Increase/(Decrease)		(109,761)	$ (1,096,409)
Class I Shares:
Shares sold		270,034	$ 2,652,602
Reinvested dividends and distributions		51,382	507,864
Shares repurchased		(3,460,698)	(35,215,253)
Net Increase/(Decrease)		(3,139,282)	$(32,054,787)
Class N Shares:
Shares sold		2,765,534	$ 28,346,633
Reinvested dividends and distributions		110,490	1,090,787
Shares repurchased		(966)	(8,927)
Net Increase/(Decrease)		2,875,058	$ 29,428,493
(1)	Period from November 30, 2015 (inception date) through July 31, 2016 for Class N Shares.

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
$ 4,743,625	$ 8,792,405	$ -	$ -

8. Recent Accounting Pronouncements

The Securities and Exchange Commission ("SEC") adopted new rules as well as amendments to its rules to modernize the reporting and disclosure of information by registered investment companies. In addition, the SEC adopted amendments to Regulation S-X, which require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date of the amendments to Regulation S-X was August 1, 2017. This report incorporates the amendments to Regulation S-X.


Janus Investment Fund	39

Janus Henderson All Asset Fund

Notes to Financial Statements

9. Subsequent Event

The Board of Trustees of the Trust has approved plan to liquidate and terminate the Fund with such liquidation effective on or about December 31, 2018, or at such other time as may be authorized by the Board of Trustees ("Liquidation Date"). Termination of the Fund is expected to occur as soon as practicable following the Liquidation Date.


40	JUNE 30, 2018

Janus Henderson All Asset Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson All Asset Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson All Asset Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of June 30, 2018, the related statement of operations for the year ended June 30, 2018, the statements of changes in net assets for the year ended June 30, 2018 and for the period from August 1, 2016 through June 30, 2017, including the related notes, and the financial highlights for each of the periods indicated therein beginning on or after August 1, 2016 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2018, the results of its operations for the year then ended, the changes in its net assets for the year ended June 30, 2018 and for the period from August 1, 2016 through June 30, 2017 and the financial highlights for each of the periods indicated therein beginning on or after August 1, 2016 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Fund as of and for the year ended July 31, 2016, and the financial highlights for each of the periods ended on or prior to July 31, 2016 (not presented herein, other than the statements of changes in net assets and the financial highlights) were audited by other auditors whose report dated September 23, 2016 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2018 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Denver, Colorado
August 17, 2018

We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.


Janus Investment Fund	41

Janus Henderson All Asset Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD


42	JUNE 30, 2018

Janus Henderson All Asset Fund

Additional Information (unaudited)

agreements. “Management fees,” as used herein, reflect actual annual advisory fees and any administration fees (excluding out of pocket costs), net of any waivers.

Nature, Extent and Quality of Services

Performance of the Funds

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

Alternative Funds

Asset Allocation Funds


Janus Investment Fund	43

Janus Henderson All Asset Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


44	JUNE 30, 2018

Janus Henderson All Asset Fund

Additional Information (unaudited)

· For Janus Henderson International Small Cap Fund, the Trustees noted that, due to limited performance for the Fund, performance history was not a material factor.


Janus Investment Fund	45

Janus Henderson All Asset Fund

Additional Information (unaudited)

Money Market Funds

Multi-Asset Funds

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 12 months ended May 31, 2017.

Multi-Asset U.S. Equity Funds


46	JUNE 30, 2018

Janus Henderson All Asset Fund

Additional Information (unaudited)

Quantitative Equity Funds

U.S. Equity Funds

Janus Aspen Series


Janus Investment Fund	47

Janus Henderson All Asset Fund

Additional Information (unaudited)

Costs of Services Provided


48	JUNE 30, 2018

Janus Henderson All Asset Fund

Additional Information (unaudited)

Alternative Funds


Janus Investment Fund	49

Janus Henderson All Asset Fund

Additional Information (unaudited)

reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses effective June 5, 2017.

Asset Allocation Funds

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

Fixed-Income Funds

Global and International Equity Funds


50	JUNE 30, 2018

Janus Henderson All Asset Fund

Additional Information (unaudited)

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

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

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

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

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

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

Money Market Funds


Janus Investment Fund	51

Janus Henderson All Asset Fund

Additional Information (unaudited)

Multi-Asset Funds

· For Janus Henderson Value Plus Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

Multi-Asset U.S. Equity Funds

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

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


52	JUNE 30, 2018

Janus Henderson All Asset Fund

Additional Information (unaudited)

Quantitative Equity Funds

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

U.S. Equity Funds

· For Janus Henderson Large Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

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

Janus Aspen Series

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

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


Janus Investment Fund	53

Janus Henderson All Asset Fund

Additional Information (unaudited)

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

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

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

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


54	JUNE 30, 2018

Janus Henderson All Asset Fund

Additional Information (unaudited)

Economies of Scale

Other Benefits to Janus Capital


Janus Investment Fund	55

Janus Henderson All Asset 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.


56	JUNE 30, 2018

Janus Henderson All Asset 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	57

Janus Henderson All Asset 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.


58	JUNE 30, 2018

Janus Henderson All Asset Fund

Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended June 30, 2018:



Capital Gain Distributions	$1,412,522
Dividends Received Deduction Percentage	80%
Qualified Dividend Income Percentage	67%


Janus Investment Fund	59

Janus Henderson All Asset Fund

Trustees and Officers (unaudited)

The Fund’s Statement of Additional Information includes additional information about the Trustees and officers and is available, without charge, by calling 1-877-335-2687.


60	JUNE 30, 2018

Janus Henderson All Asset Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William F. McCalpin 151 Detroit Street Denver, CO 80206 DOB: 1957	Chairman Trustee	1/08-Present 6/02-Present	Managing Partner, Impact Investments, Athena Capital Advisors LLC (independent registered investment advisor) (since 2016) and Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations). Formerly, Chief Executive Officer, Imprint Capital (impact investment firm) (2013-2015) and Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a private family foundation) (1998-2006).	61	Director of Mutual Fund Directors Forum (a non-profit organization serving independent directors of U.S. mutual funds), Chairman of the Board and Trustee of The Investment Fund for Foundations Investment Program (TIP) (consisting of 2 funds), and Director of the F.B. Heron Foundation (a private grantmaking foundation).


Janus Investment Fund	61

Janus Henderson All Asset Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Trustee	1/13-Present	Executive Vice President, Institutional Markets, of Black Creek Group (private equity real estate investment management firm) (since 2012). Formerly, Executive Vice President and Co-Head, Global Private Client Group (2007-2010), Executive Vice President, Mutual Funds (2005-2007), and Chief Marketing Officer (2001-2005) of Nuveen Investments, Inc. (asset management).	61	Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of MotiveQuest LLC (strategic social market research company) (2003-2016); Director of Nuveen Global Investors LLC (2007-2011); Director of Communities in Schools (2004-2010); and Director of Mutual Fund Education Alliance (until 2010).


62	JUNE 30, 2018

Janus Henderson All Asset Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William D. Cvengros 151 Detroit Street Denver, CO 80206 DOB: 1948	Trustee	1/11-Present	Managing Member and Chief Executive Officer of SJC Capital, LLC (a personal investment company and consulting firm) (since 2002). Formerly, Venture Partner for The Edgewater Funds (a middle market private equity firm) (2002-2004); Chief Executive Officer and President of PIMCO Advisors Holdings L.P. (a publicly traded investment management firm) (1994-2000); and Chief Investment Officer of Pacific Life Insurance Company (a mutual life insurance and annuity company) (1987-1994).	61	Advisory Board Member, Innovate Partners Emerging Growth and Equity Fund I (early stage venture capital fund) (since 2014) and Managing Trustee of National Retirement Partners Liquidating Trust (since 2013). Formerly, Chairman, National Retirement Partners, Inc. (formerly a network of advisors to 401(k) plans) (2005-2013); Director of Prospect Acquisition Corp. (a special purpose acquisition corporation) (2007-2009); Director of RemedyTemp, Inc. (temporary help services company) (1996-2006); and Trustee of PIMCO Funds Multi-Manager Series (1990-2000) and Pacific Life Variable Life & Annuity Trusts (1987-1994).


Janus Investment Fund	63

Janus Henderson All Asset Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Raudline Etienne 151 Detroit Street Denver, CO 80206 DOB: 1965	Trustee	6/16-Present	Founder, Daraja Capital (advisory and investment firm) (since 2016), and Senior Advisor, Albright Stonebridge Group LLC (global strategy firm) (since 2016). Formerly, Senior Vice President (2011-2015), Albright Stonebridge Group LLC; and Deputy Comptroller and Chief Investment Officer, New York State Common Retirement Fund (public pension fund) (2008-2011).	61	Director of Brightwood Capital Advisors, LLC (since 2014).
Gary A. Poliner 151 Detroit Street Denver, CO 80206 DOB: 1953	Trustee	6/16-Present	Retired. Formerly, President (2010-2013) of Northwestern Mutual Life Insurance Company.	61	Director of MGIC Investment Corporation (private mortgage insurance) (since 2013) and West Bend Mutual Insurance Company (property/casualty insurance) (since 2013). Formerly, Trustee of Northwestern Mutual Life Insurance Company (2010-2013); and Director of Frank Russell Company (global asset management firm) (2008-2013).


64	JUNE 30, 2018

Janus Henderson All Asset Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
James T. Rothe 151 Detroit Street Denver, CO 80206 DOB: 1943	Trustee	1/97-Present	Professor Emeritus of Business of the University of Colorado, Colorado Springs, CO (since 2004). Formerly, Co-founder and Managing Director of Roaring Fork Capital SBIC, L.P. (SBA SBIC fund focusing on private investment in public equity firms) (2004-2014), Professor of Business of the University of Colorado (2002-2004), and Distinguished Visiting Professor of Business (2001-2002) of Thunderbird (American Graduate School of International Management), Glendale, AZ.	61	Formerly, Director of Red Robin Gourmet Burgers, Inc. (RRGB) (2004- 2014).
William D. Stewart 151 Detroit Street Denver, CO 80206 DOB: 1944	Trustee	6/84-Present	Retired. Formerly, President and founder of HPS Products and Corporate Vice President of MKS Instruments, Boulder, CO (a provider of advanced process control systems for the semiconductor industry) (1976-2012).	61	None


Janus Investment Fund	65

Janus Henderson All Asset Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Diane L. Wallace 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	6/17-Present	Retired.	61	Formerly, Independent Trustee, Henderson Global Funds (13 portfolios) (2015-2017); Independent Trustee, State Farm Associates' Funds Trust, State Farm Mutual Fund Trust, and State Farm Variable Product Trust (28 portfolios) (2013-2017). Chief Operating Officer, Senior Vice President-Operations, and Chief Financial Officer for Driehaus Capital Management, LLC (1988-2006); and Treasurer of Driehaus Mutual Funds (1996-2002).


66	JUNE 30, 2018

Janus Henderson All Asset Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Linda S. Wolf 151 Detroit Street Denver, CO 80206 DOB: 1947	Trustee	11/05-Present	Retired. Formerly, Chairman and Chief Executive Officer of Leo Burnett (Worldwide) (advertising agency) (2001-2005).	61	Director of Chicago Community Trust (Regional Community Foundation), Chicago Council on Global Affairs, InnerWorkings (U.S. provider of print procurement solutions to corporate clients), Lurie Children’s Hospital (Chicago, IL), Shirley Ryan Ability Lab and Wrapports, LLC (digital communications company). Formerly, Director of Walmart (until 2017); Director of Chicago Convention & Tourism Bureau (until 2014); and The Field Museum of Natural History (Chicago, IL) (until 2014).


Janus Investment Fund	67

Janus Henderson All Asset Fund

Trustees and Officers (unaudited)


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Paul O'Connor 151 Detroit Street Denver, CO 80206 DOB: 1964	Executive Vice President and Portfolio Manager Janus Henderson All Asset Fund	6/17-Present (Predecessor Fund: since 11/13)	Head of Multi-Asset of Janus Henderson Investors and Portfolio Manager of other Janus Henderson accounts. Formerly, Head of Asset Allocation at Mercer Partners (2011-2013).
Bruce L. Koepfgen 151 Detroit Street Denver, CO 80206 DOB: 1952	President and Chief Executive Officer	7/14-Present	Head of North America at Janus Henderson Investors and Janus Capital Management LLC (since 2017); Executive Vice President and Director of Janus International Holding LLC (since 2011); Executive Vice President of Janus Distributors LLC (since 2011); Vice President and Director of Intech Investment Management LLC (since 2011); Executive Vice President and Director of Perkins Investment Management LLC (since 2011); and Executive Vice President and Director of Janus Management Holdings Corporation (since 2011). Formerly, President of Janus Capital Group Inc. and Janus Capital Management LLC (2013-2017); Executive Vice President of Janus Services LLC (2011-2015), Janus Capital Group Inc. and Janus Capital Management LLC (2011-2013); and Chief Financial Officer of Janus Capital Group Inc., Janus Capital Management LLC, Janus Distributors LLC, Janus Management Holdings Corporation, and Janus Services LLC (2011-2013).


68	JUNE 30, 2018

Janus Henderson All Asset Fund

Trustees and Officers (unaudited)


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Susan K. Wold 151 Detroit Street Denver, CO 80206 DOB: 1960	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	9/17-Present	Senior Vice President and Head of Compliance, North America for Janus Henderson (since September 2017); Formerly, Vice President, Head of Global Corporate Compliance, and Chief Compliance Officer for Janus Capital Management LLC (May 2017- September 2017); Vice President, Compliance at Janus Capital Group Inc. and Janus Capital Management LLC (2005-2017).
Jesper Nergaard 151 Detroit Street Denver, CO 80206 DOB: 1962	Chief Financial Officer Vice President, Treasurer, and Principal Accounting Officer	3/05-Present 2/05-Present	Vice President of Janus Capital and Janus Services LLC.
Kathryn L. Santoro 151 Detroit Street Denver, CO 80206 DOB: 1974	Vice President, Chief Legal Counsel, and Secretary	12/16-Present	Vice President of Janus Capital and Janus Services LLC (since 2016). Formerly, Vice President and Associate Counsel of Curian Capital, LLC and Curian Clearing LLC (2013-2016); and General Counsel and Secretary (2011-2012) and Vice President (2009-2012) of Old Mutual Capital, Inc.
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.


Janus Investment Fund	69

Knowledge. Shared

At Janus Henderson, we believe in the sharing of expert insight for better investment and business decisions. We call this ethos Knowledge. Shared.

Learn more by visiting janushenderson.com.




This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson, Janus, Henderson, Perkins, Intech and Henderson Geneva are trademarks or registered trademarks of Janus Henderson Investors. © Janus Henderson Investors. The name Janus Henderson Investors includes HGI Group Limited, Henderson Global Investors (Brand Management) Sarl and Janus International Holding LLC. Funds distributed by Janus Henderson Distributors
							125-02-93074 08-18



		ANNUAL REPORT June 30, 2018

	Janus Henderson Diversified Alternatives Fund

	Janus Investment Fund

HIGHLIGHTS

· Portfolio management perspective

· Investment strategy behind your fund

· Fund performance, characteristics
and holdings

Table of Contents

Janus Henderson Diversified Alternatives Fund


Management Commentary and Consolidated Schedule of
Investments	1
Notes to Consolidated Schedule of Investments and Other
Information	13
Consolidated Statement of Assets and Liabilities	15
Consolidated Statement of Operations	17
Consolidated Statements of Changes in Net Assets	18
Consolidated Financial Highlights	19
Notes to Consolidated Financial Statements	23
Report of Independent Registered Public Accounting Firm	40
Additional Information	41
Useful Information About Your Fund Report	55
Designation Requirements	58
Trustees and Officers	59

Janus Henderson 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 SUMMARY

For the 12 months ended June 30, 2018, the Janus Henderson Diversified Alternatives Fund’s Class I Shares returned 1.74%, compared with a return of -0.40% for its primary benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, and 4.18% for its secondary benchmark, LIBOR + 3%.

MARKET ENVIRONMENT

Aided by optimism about strong economic growth, strengthening fundamentals and U.S. tax reform, risk markets rose through the second half of 2017 and into 2018 despite a hiccup in August as North Korea fired missiles over Japan. Equity markets hit all-time highs and corporate credit spreads reached cycle tights early in 2018. However, investors quickly had to contend with elevated market volatility, stemming in large part from concerns over the pace of rate hikes from the Federal Reserve (Fed). Later in the period, rising trade tensions threatened to weigh on business confidence and the formation of a eurosceptic coalition government in Italy created uncertainty in Europe. Corporate credit spreads widened, with more pronounced widening in investment grade, as tapering demand, debt-funded consolidation activity and steady supply further impacted valuations.

Despite volatility, global stocks delivered strong gains during the period. The prospects of synchronized growth and a U.S. dollar that weakened over much of the period boosted emerging market stocks. The energy sector was among the top performers, benefiting as crude oil prices rose 61%. The Fed ultimately raised rates three times, reflecting near-term confidence in the U.S. economy. However, stable long-term expectations contributed to a flatter yield curve. After cresting 3% intra-period, the yield on the 10-year Treasury note closed the period at 2.86%, up from 2.31% at the period start.

PERFORMANCE DISCUSSION

The Fund outperformed its primary benchmark and underperformed its secondary benchmark during the 12-month 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.

Despite volatility, three of the Fund’s momentum strategies were able to generate positive returns during the period, with the equity momentum and currency momentum strategies among the leading contributors. The equity momentum strategy was the leading contributor to returns as the period saw equity markets around the world experience continued strong growth despite volatility. This strategy seeks to capture directional momentum in equities through the quantitative analysis of equity index price movement. It outperformed as it was able to capture the strong upward trend in equities.

The currency momentum strategy also delivered positive returns. This strategy, which looks to capture long-term movements in the U.S. dollar versus a basket of foreign currencies, benefited as the dollar generally strengthened during the period.

The commodity roll yield strategy was another leading contributor to returns. This strategy 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. The strategy benefited from favorable supply/demand dynamics in a number of commodities (i.e., livestock, wheat and natural gas) at different points during the period.

Although many of the Fund’s strategies were able to capitalize on trends during the period, the equity value strategy delivered negative returns. This strategy aims to capture the potential return associated with holding value equities while also being short growth stocks. Value stocks rallied near the end of 2017 and were expected to


Janus Investment Fund	1

Janus Henderson Diversified Alternatives Fund (unaudited)

outperform growth stocks given rising interest rates and the passage of a tax reform bill at the end of 2017. However, the technology sector ultimately led the market higher during the period, causing value to generally underperform growth.

The equity emerging strategy also underperformed. This strategy looks to capture the potential return specifically associated with holding equities in companies of less-developed economies. The noise around potential trade wars during the period weighed on the asset class; investors were concerned that emerging markets, particularly China, would be impacted in the event of a trade dispute, and fled for regions that were perceived as being more insulated.

The rates momentum strategy, which looks to capture the persistence in the movement of interest rates, also delivered negative returns. While the yield of the 10-year Treasury note generally moved higher during the period, it did so in a relatively choppy fashion, which weighed on returns.

DERIVATIVES USAGE

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

The Fund’s model undergoes a monthly rebalancing in which it adjusts its allocations to the 11 risk premia strategies according to the market conditions experienced during the month. This rebalancing process is designed to optimize the weightings of the strategies in order to deliver consistent, absolute returns with low correlation to stocks and bonds and a targeted volatility of 5% to 7%.

The Fund’s model appears to be constructive on continued strength in commodities, as evidenced by increasingly long positions in commodities such as oil. Given the volatility in the segment, however, the allocation to the commodity value strategy was reduced. The allocations to the equity momentum, currency momentum and rates momentum also reduced as the asset classes have been exhibiting indecisive directional movements. Additionally, after being automatically turned off by the Fund’s model in the face of extreme volatility in early 2018, the currency carry strategy, which looks to generate returns by taking advantage of short-term yield differentials between various currencies, was turned back on shortly before the period ended.

Thank you for investing in Janus Henderson Diversified Alternative Fund.


2	JUNE 30, 2018

Janus Henderson Diversified Alternatives Fund (unaudited)

Fund At A Glance

June 30, 2018


Asset Allocation
Commodity	38.3%
Equity	28.6%
Fixed Income	17.2%
Currency	14.0%
Cash & Cash Equivalents	1.9%
	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 Henderson Diversified Alternatives Fund (unaudited)

Performance

See important disclosures on the next page.



				Expense Ratios -
Average Annual Total Return - for the periods ended June 30, 2018				per the October 27, 2017 prospectuses
	One Year	Five Year	Since Inception*	Total Annual Fund Operating Expenses	Net Annual Fund Operating Expenses
Class A Shares at NAV	1.56%	1.92%	1.41%	1.62%	1.36%
Class A Shares at MOP	-4.28%	0.72%	0.33%
Class C Shares at NAV	0.81%	1.27%	0.76%	2.34%	2.10%
Class C Shares at CDSC	-0.18%	1.27%	0.76%
Class D Shares⁽¹⁾	1.66%	2.02%	1.52%	1.66%	1.24%
Class I Shares	1.74%	2.12%	1.63%	1.34%	1.13%
Class N Shares	1.83%	2.17%	1.67%	1.32%	1.09%
Class S Shares	1.39%	1.83%	1.30%	1.83%	1.59%
Class T Shares	1.69%	2.03%	1.51%	1.56%	1.34%
Bloomberg Barclays U.S. Aggregate Bond Index	-0.40%	2.27%	1.59%
London Interbank Offered Rate (LIBOR) + 3% Index	4.18%	3.82%	3.84%^**
Morningstar Quartile - Class I Shares	3rd	3rd	3rd
Morningstar Ranking - based on total returns for Multialternative Funds	181/394	105/192	131/180

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, contractually agreed to through November 1, 2018.


4	JUNE 30, 2018

Janus Henderson 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.

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.

Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

See “Useful Information About Your Fund Report.”

*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 Henderson Diversified Alternatives Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (1/1/18)	Ending Account Value (6/30/18)	Expenses Paid During Period (1/1/18 - 6/30/18)†	Beginning Account Value (1/1/18)	Ending Account Value (6/30/18)	Expenses Paid During Period (1/1/18 - 6/30/18)†	Net Annualized Expense Ratio (1/1/18 - 6/30/18)
Class A Shares		$1,000.00	$996.00	$7.03	$1,000.00	$1,017.75	$7.10	1.42%
Class C Shares		$1,000.00	$993.00	$10.53	$1,000.00	$1,014.23	$10.64	2.13%
Class D Shares		$1,000.00	$996.10	$6.14	$1,000.00	$1,018.65	$6.21	1.24%
Class I Shares		$1,000.00	$997.00	$5.94	$1,000.00	$1,018.84	$6.01	1.20%
Class N Shares		$1,000.00	$997.10	$5.45	$1,000.00	$1,019.34	$5.51	1.10%
Class S Shares		$1,000.00	$995.00	$7.27	$1,000.00	$1,017.50	$7.35	1.47%
Class T Shares		$1,000.00	$997.00	$6.34	$1,000.00	$1,018.45	$6.41	1.28%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 181/365 (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	JUNE 30, 2018

Janus Henderson Diversified Alternatives Fund

Consolidated Schedule of Investments

June 30, 2018


Shares or Principal Amounts			Value
Investment Companies– 6.1%
Money Markets – 6.1%
	Janus Henderson Cash Liquidity Fund LLC, 1.8501%^(a),ºº,£(cost $6,988,466)	6,988,466	$6,988,466
U.S. Government Agency Notes– 88.3%
United States Treasury Bill:
	0%, 7/12/18^◊	$15,000,000	14,993,000
	0%, 8/9/18^◊	10,500,000	10,479,759
	0%, 9/6/18^◊	18,000,000	17,937,960
	0%, 10/11/18^†,◊	20,000,000	19,902,163
	0%, 11/8/18^◊	20,000,000	19,857,384
	0%, 12/6/18^◊	18,000,000	17,840,743
Total U.S. Government Agency Notes (cost $100,998,617)			101,011,009
Total Investments (total cost $107,987,083) – 94.4%			107,999,475
Cash, Receivables and Other Assets, net of Liabilities – 5.6%			6,444,272
Net Assets – 100%			$114,443,747

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 6/30/18
Investment Companies - 6.1%
Money Markets - 6.1%
	Janus Henderson Cash Liquidity Fund LLC, 1.8501%^(a)ºº	$	105,148	$	-	$	-	$	6,988,466


		Share Balance at 6/30/17		Purchases		Sales		Share Balance at 6/30/18
Investment Companies - 6.1%
Money Markets - 6.1%
	Janus Henderson Cash Liquidity Fund LLC, 1.8501%^(a)ºº		5,561,820		106,376,420		(104,949,774)		6,988,466


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

Janus Investment Fund	7

Janus Henderson Diversified Alternatives Fund

Consolidated Schedule of Investments

June 30, 2018


Schedule of Forward Foreign Currency Exchange Contracts, Open


Counterparty/ Foreign Currency	Settlement Date	Foreign Currency Amount (Sold)/ Purchased		USD Currency Amount (Sold)/ Purchased		Market Value and Unrealized Appreciation/ (Depreciation)
HSBC Securities (USA), Inc.:
Australian Dollar	7/13/18	3,931,000	$	(2,907,938)	$	705
Canadian Dollar	7/13/18	(1,285,000)		977,657		(77)
Euro	7/13/18	(1,700,000)		1,986,559		(182)
Japanese Yen	7/13/18	(604,400,000)		5,456,553		(7,420)
New Zealand Dollar	7/13/18	8,629,000		(5,845,802)		(3,076)
Norwegian Krone	7/13/18	32,860,000		(4,034,858)		3,365
Swedish Krona	7/13/18	(47,280,000)		5,286,056		1,128
Swiss Franc	7/13/18	(5,197,000)		5,242,553		(12,565)
Total					$	(18,122)


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

8	JUNE 30, 2018

Janus Henderson Diversified Alternatives Fund

Consolidated Schedule of Investments

June 30, 2018

Schedule of Futures


Description	Number of Contracts	Expiration Date		Value and Notional Amount		Unrealized Appreciation/ (Depreciation)		Variation Margin Asset/(Liability)
Futures Purchased:
10-Year US Treasury Note	127	9/19/18	$	15,263,813	$	(21,864)	$	673
Brent Crude^(a)	41	9/28/18		3,219,730		-		(84)
Copper^(a)	11	12/27/18		821,700		(77,478)		(1,378)
Cotton^(a)	75	3/7/19		3,137,250		(96,442)		(4,669)
Euro-Bund	127	9/6/18		24,105,946		129,860		10,843
Gold^(a)	7	10/29/18		882,140		(37,725)		2,085
S&P 500 E-mini	116	9/21/18		15,784,700		(12,605)		9,359
Silver^(a)	10	12/27/18		815,800		(10,207)		7,850
US Dollar Index	217	9/17/18		20,473,733		256,928		(202,139)
Wheat^(a)	89	3/14/19		2,368,513		(12,238)		(12,509)
WTI Crude^(a)	43	8/21/18		3,115,780		(430)		(550)
Total - Futures Purchased						117,799		(190,519)
Futures Sold:
Coffee^(a)	18	12/18/18		800,213		23,963		4,388
Corn^(a)	45	12/14/18		835,313		55,363		(11,294)
Live Cattle^(a)	18	12/31/18		818,640		(15,769)		(17,100)
Soybean^(a)	18	1/14/19		800,100		26,256		2,964
Sugar^(a)	57	2/28/19		826,728		47,904		(1,885)
Wheat^(a)	33	12/14/18		852,638		60,838		(26,744)
Total - Futures Sold						198,555		(49,671)
Total					$	316,354	$	(240,190)


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

Janus Investment Fund	9

Janus Henderson Diversified Alternatives Fund

Consolidated Schedule of Investments

June 30, 2018

Schedule of Total Return Swaps

Counterparty/

Return Paid

by the Fund

Return Received

by the Fund

Payment

Frequency

Termination

Date

Notional

Amount

Value and

Unrealized

Appreciation/

(Depreciation)

Barclays Capital, Inc.:


3 month USD LIBOR plus 20 basis points		Bloomberg Barclays U.S. Credit RBI Series-1 Index		Monthly		8/1/18		24,700,000	USD	$	(3,649)

BNP Paribas:


Minus 20 basis points	A long/short basket of equity indices⁽¹⁾	Monthly	7/31/18	25,100,000	USD	-
Plus 40 basis points	A long/short basket of equity indices⁽²⁾	Monthly	7/31/18	31,700,000	USD	-
						-

Goldman Sachs International:


1 month USD LIBOR plus 90 basis points	MSCI Daily Total Return Net Emerging Markets	Monthly	7/5/18	(16,898,631)	USD	37
MSCI Daily Total Return Gross World USD	1 month USD LIBOR Plus 25 basis points	Monthly	7/5/18	16,899,925	USD	188
						225

JPMorgan Chase & Co.:


Plus 13 basis points^(a)	A long/short basket of commodity indices⁽³⁾	Monthly	7/31/18	123,100,000	USD		6,400
Total						$	2,976

(1) Long Index – Russell 2000 Total Return Index, Short Index – Russell 1000 Total Return Index

(2) Long Index – S&P 500 Pure Value TR Index, Short Index – S&P 500 Pure Growth TR Index

(3) Long Index – Bloomberg Commodity Index 2-4-6 Forward Blend, Short Index – Bloomberg Commodity Index


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

10	JUNE 30, 2018

Janus Henderson Diversified Alternatives Fund

Consolidated Schedule of Investments

June 30, 2018

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 June 30, 2018.


Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of June 30, 2018

	Commodity Contracts		Credit Contracts	Currency Contracts		Equity Contracts		Interest Rate Contracts	Total
Asset Derivatives:
Forward foreign currency exchange contracts	$ -		$ -	$ 5,198		$ -		$ -	$ 5,198
Outstanding swap contracts, at value	6,400		-	-		225		-	6,625
Variation margin receivable	17,287	^(a)	-	-		9,359	^(a)	11,516	38,162

Total Asset Derivatives	$ 23,687		$ -	$ 5,198		$ 9,584		$ 11,516	$ 49,985

Liability Derivatives:
Forward foreign currency exchange contracts	$ -		$ -	$ 23,320		$ -		$ -	$ 23,320
Outstanding swap contracts, at value	-		3,649	-		-		-	3,649
Variation margin payable	76,213	^(a)	-	202,139	^(a)	-		-	278,352

Total Liability Derivatives	$ 76,213		$ 3,649	$225,459		$ -		$ -	$305,321
(a) Amounts relate to variation margin for futures.

The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Consolidated Statement of Operations for the year ended June 30, 2018.


The effect of Derivative Instruments (not accounted for as hedging instruments) on the Consolidated Statement of Operations for the year ended June 30, 2018

Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative	Commodity Contracts	Credit Contracts	Currency Contracts	Equity Contracts	Interest Rate Contracts	Total
Futures contracts	$1,117,569	$ -	$1,158,330	$1,161,627	$ (543,279)	$2,894,247
Forward foreign currency exchange contracts	-	-	(287,934)	-	-	(287,934)
Swap contracts	1,051,133	(1,030,092)	-	(1,765,778)	-	(1,744,737)

Total	$2,168,702	$(1,030,092)	$ 870,396	$ (604,151)	$ (543,279)	$ 861,576


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	$ 222,679	$ -	$ (20,199)	$ 50,848	$ 90,239	$ 343,567
Forward foreign currency exchange contracts	-	-	(29,765)	-	-	(29,765)
Swap contracts	6,382	(7,005)	-	(3,859)	-	(4,482)

Total	$ 229,061	$ (7,005)	$ (49,964)	$ 46,989	$ 90,239	$ 309,320

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.


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

Janus Investment Fund	11

Janus Henderson Diversified Alternatives Fund

Consolidated Schedule of Investments

June 30, 2018


Average Ending Monthly Market Value of Derivative Instruments During the Year Ended June 30, 2018

	Market Value
Forward foreign currency exchange contracts, purchased	$ 6,790,213
Forward foreign currency exchange contracts, sold	9,627,093
Futures contracts, purchased	48,909,413
Futures contracts, sold	45,278,688
Total return swaps, long	4,434
Total return swaps, short	(7,645)


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

12	JUNE 30, 2018

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Schedule of Investments and Other Information


Bloomberg Barclays U.S. Aggregate Bond Index	Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based measure of the investment grade, US dollar-denominated, fixed-rate taxable bond market.
London Interbank Offered Rate (LIBOR)	LIBOR (London Interbank Offered Rate) is a short-term interest rate that banks offer one another and generally represents current cash rates.
S&P 500^{^®} Index	S&P 500^{^®} Index reflects U.S. large-cap equity performance and represents broad U.S. equity market 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.

†

All or a portion of this security has been segregated at the Fund’s custodian or counterparty to cover forward foreign currency exchange

contracts, exchange-traded derivatives, centrally cleared derivatives, short sales, and/or securities with extended settlement dates. Assets

segregated at the Fund’s custodian or counterparty are evaluated daily to ensure their cover and/or market value equals or exceeds the

current market value of the Fund’s corresponding obligation value.


ºº	Rate shown is the 7-day yield as of June 30, 2018.


◊	Zero coupon bond.


£	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.


Janus Investment Fund	13

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Schedule of Investments and Other Information


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 June 30, 2018. 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		$	-	$	6,988,466	$	-
U.S. Government Agency Notes			-		101,011,009		-
Total Investments in Securities		$	-	$	107,999,475	$	-
Other Financial Instruments^(a):
Forward Foreign Currency Exchange Contracts		$	-	$	5,198	$	-
Outstanding Swap Contracts, at Value			-		6,625		-
Variation Margin Receivable			38,162		-		-
Total Assets		$	38,162	$	108,011,298	$	-
Liabilities
Other Financial Instruments^(a):
Forward Foreign Currency Exchange Contracts		$	-	$	23,320	$	-
Outstanding Swap Contracts, at Value			-		3,649		-
Variation Margin Payable			278,352		-		-
Total Liabilities		$	278,352	$	26,969	$	-

(a)	Other financial instruments include forward foreign currency exchange, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange 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.


14	JUNE 30, 2018

Janus Henderson Diversified Alternatives Fund

Consolidated Statement of Assets and Liabilities

June 30, 2018

See footnotes at the end of the Consolidated Statement.



Assets:
	Unaffiliated investments, at value⁽¹⁾		$	101,011,009
	Affiliated investments, at value⁽²⁾			6,988,466
	Cash			879,885
	Deposits with brokers for futures			2,250,000
	Deposits with brokers for OTC derivatives			4,340,000
	Forward foreign currency exchange contracts			5,198
	Outstanding swap contracts, at value			6,625
	Variation margin receivable			38,162
	Non-interested Trustees' deferred compensation			2,391
	Receivables:
		Fund shares sold		331,352
		Dividends and interest on swap contracts		27,210
		Dividends from affiliates		13,915
		Foreign tax reclaims		454
	Other assets			100,463
Total Assets				115,995,130
Liabilities:
	Forward foreign currency exchange contracts			23,320
	Outstanding swap contracts, at value			3,649
	Variation margin payable			278,352
	Payables:			—
		Investments purchased		895,537
		Dividends and interest on swap contracts		99,826
		Advisory fees		81,145
		Professional fees		49,989
		Fund shares repurchased		34,456
		Non-affiliated fund administration fees payable		20,266
		Transfer agent fees and expenses		6,023
		12b-1 Distribution and shareholder servicing fees		3,010
		Non-interested Trustees' deferred compensation fees		2,391
		Custodian fees		1,381
		Non-interested Trustees' fees and expenses		817
		Affiliated fund administration fees payable		243
		Accrued expenses and other payables		50,978
Total Liabilities				1,551,383
Net Assets			$	114,443,747


See Notes to Consolidated Financial Statements.

Janus Investment Fund	15

Janus Henderson Diversified Alternatives Fund

Consolidated Statement of Assets and Liabilities

June 30, 2018




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	114,763,585
	Undistributed net investment income/(loss)		676,199
	Undistributed net realized gain/(loss) from investments and foreign currency transactions		(1,309,872)
	Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation		313,835
Total Net Assets		$	114,443,747
Net Assets - Class A Shares		$	3,941,300
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		392,048
Net Asset Value Per Share⁽³⁾		$	10.05
Maximum Offering Price Per Share⁽⁴⁾		$	10.66
Net Assets - Class C Shares		$	2,188,403
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		221,975
Net Asset Value Per Share⁽³⁾		$	9.86
Net Assets - Class D Shares		$	5,168,723
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		511,940
Net Asset Value Per Share		$	10.10
Net Assets - Class I Shares		$	19,706,928
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,948,637
Net Asset Value Per Share		$	10.11
Net Assets - Class N Shares		$	75,615,044
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		7,452,583
Net Asset Value Per Share		$	10.15
Net Assets - Class S Shares		$	1,472,958
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		147,237
Net Asset Value Per Share		$	10.00
Net Assets - Class T Shares		$	6,350,391
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		631,936
Net Asset Value Per Share		$	10.05

(1) Includes cost of $100,998,617.

(2) Includes cost of $6,988,466.

(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 Consolidated Financial Statements.

16	JUNE 30, 2018

Janus Henderson Diversified Alternatives Fund

Consolidated Statement of Operations

For the year ended June 30, 2018



Investment Income:
	Interest		$	1,124,140
	Dividends from affiliates			105,148
	Other income			14,555
Total Investment Income				1,243,843
Expenses:
	Advisory fees			1,076,151
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		7,770
		Class C Shares		21,571
		Class S Shares		3,691
	Transfer agent administrative fees and expenses:
		Class D Shares		6,026
		Class S Shares		3,691
		Class T Shares		12,768
	Transfer agent networking and omnibus fees:
		Class A Shares		1,252
		Class C Shares		597
		Class I Shares		10,793
	Other transfer agent fees and expenses:
		Class A Shares		336
		Class C Shares		214
		Class D Shares		1,528
		Class I Shares		589
		Class N Shares		2,098
		Class S Shares		26
		Class T Shares		125
	Registration fees			109,809
	Professional fees			65,832
	Shareholder reports expense			36,525
	Non-affiliated fund administration fees			20,267
	Custodian fees			13,422
	Affiliated fund administration fees			5,935
	Non-interested Trustees’ fees and expenses			3,139
	Other expenses			8,366
Total Expenses				1,412,521
Less: Excess Expense Reimbursement and Waivers				(235,842)
Net Expenses				1,176,679
Net Investment Income/(Loss)				67,164
Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions			19,336
	Forward foreign currency exchange contracts			(287,934)
	Futures contracts			2,894,247
	Swap contracts			(1,744,737)
Total Net Realized Gain/(Loss) on Investments				880,912
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation			12,938
	Forward foreign currency exchange contracts			(29,765)
	Futures contracts			343,567
	Swap contracts			(4,482)
Total Change in Unrealized Net Appreciation/Depreciation				322,258
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	1,270,334


See Notes to Consolidated Financial Statements.

Janus Investment Fund	17

Janus Henderson Diversified Alternatives Fund

Consolidated Statements of Changes in Net Assets



			Year ended June 30, 2018		Year ended June 30, 2017

Operations:
	Net investment income/(loss)		$	67,164	$	(581,252)
	Net realized gain/(loss) on investments			880,912		5,436,962
	Change in unrealized net appreciation/depreciation			322,258		(1,392,807)
Net Increase/(Decrease) in Net Assets Resulting from Operations				1,270,334		3,462,903
Dividends and Distributions to Shareholders:
	Dividends from Net Investment Income
		Class A Shares		(39,665)		(84,982)
		Class C Shares		(3,459)		(39,641)
		Class D Shares		(62,629)		(129,036)
		Class I Shares		(208,324)		(105,459)
		Class N Shares		(1,223,347)		(1,334,148)
		Class S Shares		(13,853)		(41,439)
		Class T Shares		(77,225)		(70,488)
	Total Dividends from Net Investment Income			(1,628,502)		(1,805,193)
	Distributions from Net Realized Gain from Investment Transactions
		Class A Shares		(43,076)		—
		Class C Shares		(28,894)		—
		Class D Shares		(62,973)		—
		Class I Shares		(172,208)		—
		Class N Shares		(1,013,987)		—
		Class S Shares		(19,521)		—
		Class T Shares		(70,833)		—
	Total Distributions from Net Realized Gain from Investment Transactions			(1,411,492)		—
Net Decrease from Dividends and Distributions to Shareholders				(3,039,994)		(1,805,193)
Capital Share Transactions:
		Class A Shares		1,696,051		(648,350)
		Class C Shares		137,371		280,356
		Class D Shares		361,550		(8,871)
		Class I Shares		13,307,958		4,238,843
		Class N Shares		26,406,111		1,786,193
		Class S Shares		34,374		41,439
		Class T Shares		2,750,667		2,073,135
Net Increase/(Decrease) from Capital Share Transactions				44,694,082		7,762,745
Net Increase/(Decrease) in Net Assets				42,924,422		9,420,455
Net Assets:
	Beginning of period			71,519,325		62,098,870
	End of period		$	114,443,747	$	71,519,325

Undistributed Net Investment Income/(Loss)			$	676,199	$	551,752


See Notes to Consolidated Financial Statements.

18	JUNE 30, 2018

Janus Henderson Diversified Alternatives Fund

Consolidated Financial Highlights


Class A Shares
For a share outstanding during each year ended June 30			2018	2017	2016		2015	2014
	Net Asset Value, Beginning of Period		$10.16	$9.92	$9.98		$9.84	$9.82
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.02)	(0.11)	(0.14)		(0.15)	(0.13)
		Net realized and unrealized gain/(loss)	0.18	0.63	0.18		0.37	0.15
	Total from Investment Operations		0.16	0.52	0.04		0.22	0.02
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.13)	(0.28)	—		—	—
		Distributions (from capital gains)	(0.14)	—	(0.10)		(0.08)	—
	Total Dividends and Distributions		(0.27)	(0.28)	(0.10)		(0.08)	—
	Net Asset Value, End of Period		$10.05	$10.16	$9.92		$9.98	$9.84
	Total Return*		1.46%⁽²⁾	5.29%	0.42%		2.22%	0.20%
	Net Assets, End of Period (in thousands)		$3,941	$2,297	$2,882		$2,740	$4,055
	Average Net Assets for the Period (in thousands)		$3,110	$2,737	$2,730		$2,048	$3,752
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.68%	1.83%	1.89%		1.84%	1.70%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.44%	1.54%	1.53%		1.52%	1.46%
		Ratio of Net Investment Income/(Loss)	(0.23)%	(1.13)%	(1.42)%		(1.51)%	(1.34)%
	Portfolio Turnover Rate		0%	16%	0%		0%	59%
						1


Class C Shares
For a share outstanding during each year ended June 30			2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$9.94	$9.72	$9.84	$9.79	$9.78
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.14)	(0.18)	(0.21)	(0.23)	(0.15)
		Net realized and unrealized gain/(loss)	0.22	0.61	0.19	0.36	0.16
	Total from Investment Operations		0.08	0.43	(0.02)	0.13	0.01
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.02)	(0.21)	—	—	—
		Distributions (from capital gains)	(0.14)	—	(0.10)	(0.08)	—
	Total Dividends and Distributions		(0.16)	(0.21)	(0.10)	(0.08)	—
	Net Asset Value, End of Period		$9.86	$9.94	$9.72	$9.84	$9.79
	Total Return*		0.71%⁽²⁾	4.48%	(0.19)%	1.31%	0.10%
	Net Assets, End of Period (in thousands)		$2,188	$2,071	$1,749	$1,709	$3,516
	Average Net Assets for the Period (in thousands)		$2,162	$1,885	$1,685	$1,752	$3,551
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.44%	2.56%	2.63%	2.59%	1.89%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.18%	2.29%	2.27%	2.26%	1.64%
		Ratio of Net Investment Income/(Loss)	(1.42)%	(1.85)%	(2.15)%	(2.26)%	(1.52)%
	Portfolio Turnover Rate		0%	16%	0%	0%	59%

* 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) The return includes adjustments in accordance with generally accepted accounting principles required at period end date.


See Notes to Consolidated Financial Statements.

Janus Investment Fund	19

Janus Henderson Diversified Alternatives Fund

Consolidated Financial Highlights


Class D Shares
For a share outstanding during each year ended June 30			2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$10.20	$9.96	$10.00	$9.85	$9.82
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.06)	(0.10)	(0.13)	(0.14)	(0.13)
		Net realized and unrealized gain/(loss)	0.24	0.63	0.19	0.37	0.16
	Total from Investment Operations		0.18	0.53	0.06	0.23	0.03
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.14)	(0.29)	—	—	—
		Distributions (from capital gains)	(0.14)	—	(0.10)	(0.08)	—
	Total Dividends and Distributions		(0.28)	(0.29)	(0.10)	(0.08)	—
	Net Asset Value, End of Period		$10.10	$10.20	$9.96	$10.00	$9.85
	Total Return*		1.66%	5.38%	0.62%	2.32%	0.31%
	Net Assets, End of Period (in thousands)		$5,169	$4,857	$4,758	$3,060	$6,170
	Average Net Assets for the Period (in thousands)		$5,034	$4,638	$3,829	$3,281	$5,964
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.75%	1.87%	2.05%	1.96%	1.66%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.30%	1.41%	1.42%	1.43%	1.41%
		Ratio of Net Investment Income/(Loss)	(0.60)%	(0.97)%	(1.30)%	(1.42)%	(1.28)%
	Portfolio Turnover Rate		0%	16%	0%	0%	59%


Class I Shares
For a share outstanding during each year ended June 30			2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$10.24	$10.00	$10.02	$9.87	$9.83
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.02	(0.08)	(0.11)	(0.13)	(0.11)
		Net realized and unrealized gain/(loss)	0.15	0.63	0.19	0.36	0.15
	Total from Investment Operations		0.17	0.55	0.08	0.23	0.04
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.16)	(0.31)	—	—	—
		Distributions (from capital gains)	(0.14)	—	(0.10)	(0.08)	—
	Total Dividends and Distributions		(0.30)	(0.31)	(0.10)	(0.08)	—
	Net Asset Value, End of Period		$10.11	$10.24	$10.00	$10.02	$9.87
	Total Return*		1.64%⁽²⁾	5.51%	0.82%	2.32%	0.41%
	Net Assets, End of Period (in thousands)		$19,707	$6,713	$2,383	$2,265	$5,727
	Average Net Assets for the Period (in thousands)		$12,386	$4,396	$2,318	$2,586	$6,201
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.45%	1.55%	1.63%	1.59%	1.50%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.22%	1.31%	1.27%	1.26%	1.25%
		Ratio of Net Investment Income/(Loss)	0.24%	(0.81)%	(1.16)%	(1.26)%	(1.13)%
	Portfolio Turnover Rate		0%	16%	0%	0%	59%

* 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) The return includes adjustments in accordance with generally accepted accounting principles required at period end date.


See Notes to Consolidated Financial Statements.

20	JUNE 30, 2018

Janus Henderson Diversified Alternatives Fund

Consolidated Financial Highlights


Class N Shares
For a share outstanding during each year ended June 30			2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$10.26	$10.01	$10.04	$9.87	$9.83
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.02	(0.08)	(0.11)	(0.13)	(0.11)
		Net realized and unrealized gain/(loss)	0.17	0.63	0.18	0.38	0.15
	Total from Investment Operations		0.19	0.55	0.07	0.25	0.04
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.16)	(0.30)	—	—	—
		Distributions (from capital gains)	(0.14)	—	(0.10)	(0.08)	—
	Total Dividends and Distributions		(0.30)	(0.30)	(0.10)	(0.08)	—
	Net Asset Value, End of Period		$10.15	$10.26	$10.01	$10.04	$9.87
	Total Return*		1.83%	5.58%	0.72%	2.52%	0.41%
	Net Assets, End of Period (in thousands)		$75,615	$50,421	$47,367	$52,478	$57,190
	Average Net Assets for the Period (in thousands)		$68,132	$47,482	$48,364	$54,416	$57,130
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.36%	1.53%	1.62%	1.60%	1.49%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.14%	1.26%	1.25%	1.25%	1.25%
		Ratio of Net Investment Income/(Loss)	0.17%	(0.83)%	(1.14)%	(1.24)%	(1.13)%
	Portfolio Turnover Rate		0%	16%	0%	0%	59%


Class S Shares
For a share outstanding during each year ended June 30			2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$10.10	$9.89	$9.92	$9.82	$9.81
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.08)	(0.12)	(0.12)	(0.18)	(0.14)
		Net realized and unrealized gain/(loss)	0.22	0.63	0.19	0.36	0.15
	Total from Investment Operations		0.14	0.51	0.07	0.18	0.01
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.10)	(0.30)	—	—	—
		Distributions (from capital gains)	(0.14)	—	(0.10)	(0.08)	—
	Total Dividends and Distributions		(0.24)	(0.30)	(0.10)	(0.08)	—
	Net Asset Value, End of Period		$10.00	$10.10	$9.89	$9.92	$9.82
	Total Return*		1.29%⁽²⁾	5.17%	0.72%	1.82%	0.10%
	Net Assets, End of Period (in thousands)		$1,473	$1,453	$1,381	$1,371	$3,506
	Average Net Assets for the Period (in thousands)		$1,480	$1,425	$1,340	$1,578	$3,492
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.92%	2.04%	2.12%	2.07%	1.95%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.53%	1.64%	1.33%	1.75%	1.58%
		Ratio of Net Investment Income/(Loss)	(0.79)%	(1.21)%	(1.22)%	(1.74)%	(1.46)%
	Portfolio Turnover Rate		0%	16%	0%	0%	59%

* 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) The return includes adjustments in accordance with generally accepted accounting principles required at period end date.


See Notes to Consolidated Financial Statements.

Janus Investment Fund	21

Janus Henderson Diversified Alternatives Fund

Consolidated Financial Highlights


Class T Shares
For a share outstanding during each year ended June 30			2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$10.17	$9.95	$9.98	$9.85	$9.82
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	—⁽²⁾	(0.10)	(0.10)	(0.15)	(0.13)
		Net realized and unrealized gain/(loss)	0.17	0.63	0.17	0.36	0.16
	Total from Investment Operations		0.17	0.53	0.07	0.21	0.03
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.15)	(0.31)	—	—	—
		Distributions (from capital gains)	(0.14)	—	(0.10)	(0.08)	—
	Total Dividends and Distributions		(0.29)	(0.31)	(0.10)	(0.08)	—
	Net Asset Value, End of Period		$10.05	$10.17	$9.95	$9.98	$9.85
	Total Return*		1.59%⁽³⁾	5.39%	0.72%	2.12%	0.31%
	Net Assets, End of Period (in thousands)		$6,350	$3,708	$1,579	$2,517	$3,809
	Average Net Assets for the Period (in thousands)		$5,110	$2,556	$1,689	$2,162	$3,773
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.62%	1.77%	1.87%	1.83%	1.75%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.33%	1.45%	1.18%	1.51%	1.40%
		Ratio of Net Investment Income/(Loss)	(0.03)%	(0.97)%	(1.08)%	(1.50)%	(1.28)%
	Portfolio Turnover Rate		0%	16%	0%	0%	59%

* 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.

(3) The return includes adjustments in accordance with generally accepted accounting principles required at period end date.


See Notes to Consolidated Financial Statements.

22	JUNE 30, 2018

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Financial Statements

1. Organization and Significant Accounting Policies

Janus Henderson Diversified Alternatives Fund (the “Fund”) is a series 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 49 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


Janus Investment Fund	23

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Financial Statements

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.

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 June 30, 2018, the Fund owns 688,356 shares of the Subsidiary, with a market value of $10,512,961. This represents 9% 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 June 30, 2018, Subsidiary information included in the Consolidated Financial Statements is as follows:


Net assets	$ 10,512,961
Market value of investments	5,134,505
Net income/(loss)	43,748
Net realized gain/(loss)	2,667,165
Net change in unrealized appreciation/depreciation	373,536

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	JUNE 30, 2018

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Financial Statements

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.

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 year. The Fund recognizes transfers between the levels as of the beginning of the fiscal year.

Investment Transactions and Investment Income


Janus Investment Fund	25

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Financial Statements

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

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

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.

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.


26	JUNE 30, 2018

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Financial Statements

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.

· 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	27

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Financial Statements

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.

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 year, 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.


28	JUNE 30, 2018

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Financial Statements

Futures Contracts

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

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

During the year, the Fund sold commodity futures to decrease exposure to commodity risk.

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

During the year, the Fund purchased futures on currency indices to increase exposure to currency risk.

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.

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


Janus Investment Fund	29

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Financial Statements

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 U.S. Commodity Futures Trading Commission (“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 year is included in the Consolidated 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.

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 year, the Fund entered into total return swaps on equity indices or custom baskets of equity 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 year, the Fund entered into total return swaps on equity 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 year, the Fund entered into total return swaps on a custom basket of 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 year, 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.

3. Other Investments and Strategies

Additional Investment Risk


30	JUNE 30, 2018

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Financial Statements

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


Janus Investment Fund	31

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Financial Statements

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 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.


Offsetting of Financial Assets and Derivative Assets

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

Goldman Sachs International		$	225	$	—	$	—	$	225
HSBC Securities (USA), Inc.			5,198		(5,198)		—		—
JPMorgan Chase & Co.^(c)			6,400		—		—		6,400

Total		$	11,823	$	(5,198)	$	—	$	6,625
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.		$	3,649	$	—	$	—	$	3,649
HSBC Securities (USA), Inc.			23,320		(5,198)		—		18,122

Total		$	26,969	$	(5,198)	$	—	$	21,771
(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.
(c)	This counterparty has an ISDA Master Agreement with the Fund and a separate ISDA Master Agreement with the Subsidiary. Exposure from OTC derivatives can only be netted across transactions governed under the same ISDA Master Agreement with the same legal entity. The Fund and Subsidiary are recognized as two separate legal entities. As such, exposure cannot be netted. This line item represents the amount from the Subsidiary.


32	JUNE 30, 2018

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Financial Statements

than the Fund’s commitment with respect to these contracts. Certain securities may be segregated at the Fund’s custodian. These segregated securities are denoted on the accompanying Consolidated Schedule of Investments and are evaluated daily to ensure their cover and/or market value equals or exceeds the Fund’s corresponding forward foreign currency exchange contract's obligation value.

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.

Sovereign Debt

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 total annual fund operating expenses, which include the other expenses of the Subsidiary, including the investment advisory fee, but excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus/administrative fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 1.09% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waivers until at least November 1, 2018. The previous expense limit (until November 1, 2017) was 1.25%.If applicable, amounts waived and/or reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement and Waivers” on the Consolidated Statement of Operations.


Janus Investment Fund	33

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Financial Statements

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 Henderson 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 Henderson 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


34	JUNE 30, 2018

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Financial Statements

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 and shareholder servicing fees” in the Consolidated Statement of Operations.

Janus Capital serves as administrator to the Fund pursuant to an administration agreement between Janus Capital and the Trust. Under the administration agreement, Janus Capital provides oversight and coordination of the Fund’s service providers, recordkeeping, and other administrative services, and is reimbursed by the Fund for certain of its costs in providing these 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 pays for some or all of the salaries, fees, and expenses of 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 any subadvisor, as applicable) provides to the Fund. These amounts are disclosed as “Affiliated Fund administration fees” on the Consolidated Statement of Operations. In addition, some expenses related to compensation payable to the Fund’s Chief Compliance Officer and certain compliance staff, all of whom are employees of Janus Capital and/or its affiliates, are shared with the Fund. Total compensation of $476,345 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended June 30, 2018. 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 Henderson 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 June 30, 2018 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 year ended June 30, 2018 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 $471,025 were paid by the Trust to the Trustees under the Deferred Plan during the year ended June 30, 2018.

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 Henderson 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 Henderson 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 Henderson Cash Liquidity Fund LLC at will, and


Janus Investment Fund	35

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Financial Statements

there are no unfunded capital commitments due from the Fund to Janus Henderson Cash Liquidity Fund LLC. The units of Janus Henderson 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 year ended June 30, 2018 can be found in the “Schedules of Affiliated Investments” located in the Consolidated Schedule of Investments.

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 year ended June 30, 2018, redeeming shareholders of Class C Shares paid CDSCs of $100.

As of June 30, 2018, shares of the Fund were owned by affiliates of Janus Henderson Investors, and/or other funds advised by Janus Henderson, as indicated in the table below:


Class	% of Class Owned		% of Fund Owned
Class A Shares	29	%	1	%
Class C Shares	65		1
Class D Shares	-		-
Class I Shares	-		-
Class N Shares	98		65
Class S Shares	100		1
Class T Shares	21		1

5. Federal Income Tax


			Loss Deferrals		Other Book	Net Tax
Undistributed Ordinary Income	Undistributed Long-Term Gains	Accumulated Capital Losses	Late-Year Ordinary Loss	Post-October Capital Loss	to Tax Differences	Appreciation/ (Depreciation)
$ 678,814	$ -	$ (332,257)	$ -	$ -	$ (35,369)	$ (631,026)


36	JUNE 30, 2018

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Financial Statements

Accumulated capital losses noted below represent net capital loss carryovers, as of June 30, 2018, 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, 2018
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$ (332,257)	$ -	$ (332,257)

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of June 30, 2018 are noted below. 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)
$ 108,630,501	$ 12,452	$ (643,478)	$ (631,026)

Information on the tax components of derivatives as of June 30, 2018 is as follows:


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 298,458	$ 6,400	$ (3,649)	$ 2,751

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

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. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.


For the year ended June 30, 2018
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 2,926,822	$ 113,172	$ -	$ -


For the year ended June 30, 2017
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 1,805,193	$ -	$ -	$ -


Janus Investment Fund	37

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Financial Statements



Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ -	$ 1,685,785	$ (1,685,785)

6. Capital Share Transactions



	Year ended June 30, 2018		Year ended June 30, 2017
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	178,367	$ 1,824,059	68,349	$ 693,334
Reinvested dividends and distributions	8,168	82,741	8,507	84,982
Shares repurchased	(20,563)	(210,749)	(141,210)	(1,426,666)
Net Increase/(Decrease)	165,972	$ 1,696,051	(64,354)	$ (648,350)
Class C Shares:
Shares sold	18,346	$ 184,332	27,955	$ 276,529
Reinvested dividends and distributions	3,245	32,353	4,041	39,641
Shares repurchased	(7,945)	(79,314)	(3,618)	(35,814)
Net Increase/(Decrease)	13,646	$ 137,371	28,378	$ 280,356
Class D Shares:
Shares sold	200,339	$ 2,054,582	275,006	$2,801,234
Reinvested dividends and distributions	12,180	123,867	12,801	128,390
Shares repurchased	(176,901)	(1,816,899)	(289,307)	(2,938,495)
Net Increase/(Decrease)	35,618	$ 361,550	(1,500)	$ (8,871)
Class I Shares:
Shares sold	1,581,941	$16,285,667	730,298	$7,421,286
Reinvested dividends and distributions	37,380	380,532	10,483	105,459
Shares repurchased	(326,472)	(3,358,241)	(323,385)	(3,287,902)
Net Increase/(Decrease)	1,292,849	$13,307,958	417,396	$4,238,843
Class N Shares:
Shares sold	2,978,018	$30,971,228	815,553	$8,243,513
Reinvested dividends and distributions	219,132	2,237,334	132,356	1,334,148
Shares repurchased	(659,996)	(6,802,451)	(763,744)	(7,791,468)
Net Increase/(Decrease)	2,537,154	$26,406,111	184,165	$1,786,193
Class S Shares:
Shares sold	98	$ 1,000	-	$ -
Reinvested dividends and distributions	3,311	33,374	4,173	41,439
Shares repurchased	-	-	-	-
Net Increase/(Decrease)	3,409	$ 34,374	4,173	$ 41,439
Class T Shares:
Shares sold	435,554	$ 4,472,608	301,264	$3,042,024
Reinvested dividends and distributions	14,630	148,058	7,049	70,488
Shares repurchased	(182,986)	(1,869,999)	(102,214)	(1,039,377)
Net Increase/(Decrease)	267,198	$ 2,750,667	206,099	$2,073,135

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
$ -	$ 2,575,000	$ -	$ -


38	JUNE 30, 2018

Janus Henderson Diversified Alternatives Fund

Notes to Consolidated Financial Statements

8. Recent Accounting Pronouncements

9. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to June 30, 2018 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.


Janus Investment Fund	39

Janus Henderson Diversified Alternatives Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Diversified Alternatives Fund:

Opinion on the Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Janus Henderson Diversified Alternatives Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of June 30, 2018, the related consolidated statement of operations for the year ended June 30, 2018, the consolidated statements of changes in net assets for each of the two years in the period ended June 30, 2018, including the related notes, and the consolidated financial highlights for each of the five years in the period ended June 30, 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended June 30, 2018 and the financial highlights for each of the five years in the period ended June 30, 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Denver, Colorado
August 17, 2018

We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.


40	JUNE 30, 2018

Janus Henderson Diversified Alternatives Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD


Janus Investment Fund	41

Janus Henderson Diversified Alternatives Fund

Additional Information (unaudited)

agreements. “Management fees,” as used herein, reflect actual annual advisory fees and any administration fees (excluding out of pocket costs), net of any waivers.

Nature, Extent and Quality of Services

Performance of the Funds

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

Alternative Funds

Asset Allocation Funds


42	JUNE 30, 2018

Janus Henderson Diversified Alternatives Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


Janus Investment Fund	43

Janus Henderson Diversified Alternatives Fund

Additional Information (unaudited)

· For Janus Henderson International Small Cap Fund, the Trustees noted that, due to limited performance for the Fund, performance history was not a material factor.


44	JUNE 30, 2018

Janus Henderson Diversified Alternatives Fund

Additional Information (unaudited)

Money Market Funds

Multi-Asset Funds

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 12 months ended May 31, 2017.

Multi-Asset U.S. Equity Funds


Janus Investment Fund	45

Janus Henderson Diversified Alternatives Fund

Additional Information (unaudited)

Quantitative Equity Funds

U.S. Equity Funds

Janus Aspen Series


46	JUNE 30, 2018

Janus Henderson Diversified Alternatives Fund

Additional Information (unaudited)

Costs of Services Provided


Janus Investment Fund	47

Janus Henderson Diversified Alternatives Fund

Additional Information (unaudited)

Alternative Funds


48	JUNE 30, 2018

Janus Henderson Diversified Alternatives Fund

Additional Information (unaudited)

reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses effective June 5, 2017.

Asset Allocation Funds

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

Fixed-Income Funds

Global and International Equity Funds


Janus Investment Fund	49

Janus Henderson Diversified Alternatives Fund

Additional Information (unaudited)

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

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

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

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

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

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

Money Market Funds


50	JUNE 30, 2018

Janus Henderson Diversified Alternatives Fund

Additional Information (unaudited)

Multi-Asset Funds

· For Janus Henderson Value Plus Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

Multi-Asset U.S. Equity Funds

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

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


Janus Investment Fund	51

Janus Henderson Diversified Alternatives Fund

Additional Information (unaudited)

Quantitative Equity Funds

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

U.S. Equity Funds

· For Janus Henderson Large Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

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

Janus Aspen Series

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

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


52	JUNE 30, 2018

Janus Henderson Diversified Alternatives Fund

Additional Information (unaudited)

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

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

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

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


Janus Investment Fund	53

Janus Henderson Diversified Alternatives Fund

Additional Information (unaudited)

Economies of Scale

Other Benefits to Janus Capital


54	JUNE 30, 2018

Janus Henderson 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	55

Janus Henderson 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


56	JUNE 30, 2018

Janus Henderson 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	57

Janus Henderson Diversified Alternatives Fund

Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended June 30, 2018:



Capital Gain Distributions	$113,172
Qualified Dividend Income Percentage	100%


58	JUNE 30, 2018

Janus Henderson Diversified Alternatives Fund

Trustees and Officers (unaudited)

The Fund’s Statement of Additional Information includes additional information about the Trustees and officers and is available, without charge, by calling 1-877-335-2687.


Janus Investment Fund	59

Janus Henderson Diversified Alternatives Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William F. McCalpin 151 Detroit Street Denver, CO 80206 DOB: 1957	Chairman Trustee	1/08-Present 6/02-Present	Managing Partner, Impact Investments, Athena Capital Advisors LLC (independent registered investment advisor) (since 2016) and Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations). Formerly, Chief Executive Officer, Imprint Capital (impact investment firm) (2013-2015) and Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a private family foundation) (1998-2006).	61	Director of Mutual Fund Directors Forum (a non-profit organization serving independent directors of U.S. mutual funds), Chairman of the Board and Trustee of The Investment Fund for Foundations Investment Program (TIP) (consisting of 2 funds), and Director of the F.B. Heron Foundation (a private grantmaking foundation).


60	JUNE 30, 2018

Janus Henderson Diversified Alternatives Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Trustee	1/13-Present	Executive Vice President, Institutional Markets, of Black Creek Group (private equity real estate investment management firm) (since 2012). Formerly, Executive Vice President and Co-Head, Global Private Client Group (2007-2010), Executive Vice President, Mutual Funds (2005-2007), and Chief Marketing Officer (2001-2005) of Nuveen Investments, Inc. (asset management).	61	Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of MotiveQuest LLC (strategic social market research company) (2003-2016); Director of Nuveen Global Investors LLC (2007-2011); Director of Communities in Schools (2004-2010); and Director of Mutual Fund Education Alliance (until 2010).


Janus Investment Fund	61

Janus Henderson Diversified Alternatives Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William D. Cvengros 151 Detroit Street Denver, CO 80206 DOB: 1948	Trustee	1/11-Present	Managing Member and Chief Executive Officer of SJC Capital, LLC (a personal investment company and consulting firm) (since 2002). Formerly, Venture Partner for The Edgewater Funds (a middle market private equity firm) (2002-2004); Chief Executive Officer and President of PIMCO Advisors Holdings L.P. (a publicly traded investment management firm) (1994-2000); and Chief Investment Officer of Pacific Life Insurance Company (a mutual life insurance and annuity company) (1987-1994).	61	Advisory Board Member, Innovate Partners Emerging Growth and Equity Fund I (early stage venture capital fund) (since 2014) and Managing Trustee of National Retirement Partners Liquidating Trust (since 2013). Formerly, Chairman, National Retirement Partners, Inc. (formerly a network of advisors to 401(k) plans) (2005-2013); Director of Prospect Acquisition Corp. (a special purpose acquisition corporation) (2007-2009); Director of RemedyTemp, Inc. (temporary help services company) (1996-2006); and Trustee of PIMCO Funds Multi-Manager Series (1990-2000) and Pacific Life Variable Life & Annuity Trusts (1987-1994).


62	JUNE 30, 2018

Janus Henderson Diversified Alternatives Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Raudline Etienne 151 Detroit Street Denver, CO 80206 DOB: 1965	Trustee	6/16-Present	Founder, Daraja Capital (advisory and investment firm) (since 2016), and Senior Advisor, Albright Stonebridge Group LLC (global strategy firm) (since 2016). Formerly, Senior Vice President (2011-2015), Albright Stonebridge Group LLC; and Deputy Comptroller and Chief Investment Officer, New York State Common Retirement Fund (public pension fund) (2008-2011).	61	Director of Brightwood Capital Advisors, LLC (since 2014).
Gary A. Poliner 151 Detroit Street Denver, CO 80206 DOB: 1953	Trustee	6/16-Present	Retired. Formerly, President (2010-2013) of Northwestern Mutual Life Insurance Company.	61	Director of MGIC Investment Corporation (private mortgage insurance) (since 2013) and West Bend Mutual Insurance Company (property/casualty insurance) (since 2013). Formerly, Trustee of Northwestern Mutual Life Insurance Company (2010-2013); and Director of Frank Russell Company (global asset management firm) (2008-2013).


Janus Investment Fund	63

Janus Henderson Diversified Alternatives Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
James T. Rothe 151 Detroit Street Denver, CO 80206 DOB: 1943	Trustee	1/97-Present	Professor Emeritus of Business of the University of Colorado, Colorado Springs, CO (since 2004). Formerly, Co-founder and Managing Director of Roaring Fork Capital SBIC, L.P. (SBA SBIC fund focusing on private investment in public equity firms) (2004-2014), Professor of Business of the University of Colorado (2002-2004), and Distinguished Visiting Professor of Business (2001-2002) of Thunderbird (American Graduate School of International Management), Glendale, AZ.	61	Formerly, Director of Red Robin Gourmet Burgers, Inc. (RRGB) (2004- 2014).
William D. Stewart 151 Detroit Street Denver, CO 80206 DOB: 1944	Trustee	6/84-Present	Retired. Formerly, President and founder of HPS Products and Corporate Vice President of MKS Instruments, Boulder, CO (a provider of advanced process control systems for the semiconductor industry) (1976-2012).	61	None


64	JUNE 30, 2018

Janus Henderson Diversified Alternatives Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Diane L. Wallace 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	6/17-Present	Retired.	61	Formerly, Independent Trustee, Henderson Global Funds (13 portfolios) (2015-2017); Independent Trustee, State Farm Associates' Funds Trust, State Farm Mutual Fund Trust, and State Farm Variable Product Trust (28 portfolios) (2013-2017). Chief Operating Officer, Senior Vice President-Operations, and Chief Financial Officer for Driehaus Capital Management, LLC (1988-2006); and Treasurer of Driehaus Mutual Funds (1996-2002).


Janus Investment Fund	65

Janus Henderson Diversified Alternatives Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Linda S. Wolf 151 Detroit Street Denver, CO 80206 DOB: 1947	Trustee	11/05-Present	Retired. Formerly, Chairman and Chief Executive Officer of Leo Burnett (Worldwide) (advertising agency) (2001-2005).	61	Director of Chicago Community Trust (Regional Community Foundation), Chicago Council on Global Affairs, InnerWorkings (U.S. provider of print procurement solutions to corporate clients), Lurie Children’s Hospital (Chicago, IL), Shirley Ryan Ability Lab and Wrapports, LLC (digital communications company). Formerly, Director of Walmart (until 2017); Director of Chicago Convention & Tourism Bureau (until 2014); and The Field Museum of Natural History (Chicago, IL) (until 2014).


66	JUNE 30, 2018

Janus Henderson Diversified Alternatives Fund

Trustees and Officers (unaudited)


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Ashwin Alankar 151 Detroit Street Denver, CO 80206 DOB: 1974	Executive Vice President and Co-Portfolio Manager Janus Henderson Diversified Alternatives Fund	7/16-Present	Senior Vice President and Global Head of Asset Allocation and Risk Management of Janus Capital and Portfolio Manager for other Janus Henderson accounts. Formerly, Co-Chief Investment Officer of AllianceBernstein's Tail Risk Parity (2010-2014).
John S. Fujiwara 151 Detroit Street Denver, CO 80206 DOB: 1960	Executive Vice President and Co-Portfolio Manager Janus Henderson Diversified Alternatives Fund	12/12-Present	Portfolio Manager for other Janus Henderson accounts. Formerly, Senior Principal at Absolute Plus Management, LLC (2006-2012).
Bruce L. Koepfgen 151 Detroit Street Denver, CO 80206 DOB: 1952	President and Chief Executive Officer	7/14-Present	Head of North America at Janus Henderson Investors and Janus Capital Management LLC (since 2017); Executive Vice President and Director of Janus International Holding LLC (since 2011); Executive Vice President of Janus Distributors LLC (since 2011); Vice President and Director of Intech Investment Management LLC (since 2011); Executive Vice President and Director of Perkins Investment Management LLC (since 2011); and Executive Vice President and Director of Janus Management Holdings Corporation (since 2011). Formerly, President of Janus Capital Group Inc. and Janus Capital Management LLC (2013-2017); Executive Vice President of Janus Services LLC (2011-2015), Janus Capital Group Inc. and Janus Capital Management LLC (2011-2013); and Chief Financial Officer of Janus Capital Group Inc., Janus Capital Management LLC, Janus Distributors LLC, Janus Management Holdings Corporation, and Janus Services LLC (2011-2013).


Janus Investment Fund	67

Janus Henderson Diversified Alternatives Fund

Trustees and Officers (unaudited)


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Susan K. Wold 151 Detroit Street Denver, CO 80206 DOB: 1960	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	9/17-Present	Senior Vice President and Head of Compliance, North America for Janus Henderson (since September 2017); Formerly, Vice President, Head of Global Corporate Compliance, and Chief Compliance Officer for Janus Capital Management LLC (May 2017- September 2017); Vice President, Compliance at Janus Capital Group Inc. and Janus Capital Management LLC (2005-2017).
Jesper Nergaard 151 Detroit Street Denver, CO 80206 DOB: 1962	Chief Financial Officer Vice President, Treasurer, and Principal Accounting Officer	3/05-Present 2/05-Present	Vice President of Janus Capital and Janus Services LLC.
Kathryn L. Santoro 151 Detroit Street Denver, CO 80206 DOB: 1974	Vice President, Chief Legal Counsel, and Secretary	12/16-Present	Vice President of Janus Capital and Janus Services LLC (since 2016). Formerly, Vice President and Associate Counsel of Curian Capital, LLC and Curian Clearing LLC (2013-2016); and General Counsel and Secretary (2011-2012) and Vice President (2009-2012) of Old Mutual Capital, Inc.
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.


68	JUNE 30, 2018

Janus Henderson Diversified Alternatives Fund

Notes

NotesPage1


Janus Investment Fund	69

Knowledge. Shared

At Janus Henderson, we believe in the sharing of expert insight for better investment and business decisions. We call this ethos Knowledge. Shared.

Learn more by visiting janushenderson.com.




This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson, Janus, Henderson, Perkins, Intech and Henderson Geneva are trademarks or registered trademarks of Janus Henderson Investors. © Janus Henderson Investors. The name Janus Henderson Investors includes HGI Group Limited, Henderson Global Investors (Brand Management) Sarl and Janus International Holding LLC. Funds distributed by Janus Henderson Distributors
							125-02-93018 08-18



		ANNUAL REPORT June 30, 2018

	Janus Henderson Dividend & Income Builder Fund

	Janus Investment Fund

HIGHLIGHTS

· Portfolio management perspective

· Investment strategy behind your fund

· Fund performance, characteristics
and holdings

Table of Contents

Janus Henderson Dividend & Income Builder 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	28
Report of Independent Registered Public Accounting Firm	42
Additional Information	43
Useful Information About Your Fund Report	57
Designation Requirements	60
Trustees and Officers	61

Janus Henderson Dividend & Income Builder Fund (unaudited)

FUND SNAPSHOT

The Janus Henderson Dividend & Income Builder Fund is a global portfolio of income-producing securities. The Fund invests primarily in dividend-paying equities, with an allocation to fixed income securities. The equity and fixed income allocation is driven by assessment of the relative attractiveness of income opportunities within each asset class and views on the broader market environment. Within the equity allocation, we seek companies that pay an attractive and sustainable dividend yield with the capability to grow over the medium to long term. The fixed income allocation is used opportunistically in the 10%-30% range as well as to seek to protect capital when the portfolio management team thinks the macro environment dictates; this allows us to seek to reduce the beta further when appropriate.

Alex Crooke

co-portfolio manager

Job Curtis

co-portfolio mangers

Ben Lofthouse

co-portfolio manager

Jenna Barnard

co-portfolio manager

John Pattullo

co-portfolio manager

PERFORMANCE

The Janus Henderson Dividend & Income Builder Fund Class I Shares returned 4.86% over the 12-month reporting period ended June 30, 2018. The Fund’s primary benchmark, the MSCI World Index^SM, returned 11.09%, and its peer group, the Morningstar World Allocation category, returned 5.40%.

INVESTMENT ENVIRONMENT

After a period of synchronized global economic growth in 2017, surprisingly positive U.S. economic growth indicators at the end of January caused the market to reappraise U.S. inflation expectations and increase forecasts for the number of U.S. interest rate hikes. This triggered volatility in both equity and bond markets. Corporate bonds and some higher yielding equities sold off, losing their defensive characteristics for a period; in fact many of the least economically sensitive shares sold off the most. More recently, trade concerns have resulted in the market starting to worry about slowing growth, and with that came a change in market leadership where defensive stocks and sectors started to outperform again. The one consistent theme of the year has been the strong leadership of technology shares.

Overseas markets have underperformed the U.S. over this period. From an economic viewpoint, growth outside the U.S. has been picking up, and monetary policy remains highly accommodative in most economies, which is positive for their growth outlooks. The potential negative market impact of increasing interest rates on U.S. economic growth may have been offset by 2018’s U.S. tax reform, which has increased investor confidence in U.S. corporate spending and earnings trends. This should also be good for global economic growth. Politically, the environment outside the U.S. has been more difficult and this has reduced investor confidence in some markets, notably much of the emerging markets and Europe.

Outside of the inflation shock at the start of 2018, the inflation picture around the world has been relatively benign. Further, reports from the corporate sector have broadly been positive to unchanged, suggesting that some of the market sell-off may have been overdone.

PERFORMANCE DISCUSSION

The Fund delivered positive returns and met its income growth objectives over the period; however it underperformed its primary benchmark, the MSCI World Index.


Janus Investment Fund	1

Janus Henderson Dividend & Income Builder Fund (unaudited)

By sector, the Fund’s defensive bias and bond allocation were a detractor as the market favored cyclicals (led by technology) over the period. More broadly at the sector level, the Fund’s overweight in energy was a positive contributor to returns. The Fund increased its energy position over the last year to an overweight position on the back of an improvement in cash flows for the sector, which has increased dividend cover. The recent increase in the oil price further supports the investment case, and we believe there is scope for dividend yields to compress as the market gains confidence in the sustainability of dividend payments. Among the largest relative detractors by sector was the Fund’s position to the European financials sector as shares sold off toward the end of the period in sympathy with troubles in Italy and Italian bond yields. While share prices have been volatile, the balance sheets of the portfolio’s holdings are strong and the regulatory environment has become much clearer. The positions have been held and offer considerable value, in our opinion.

The Fund’s overweight allocation to Europe (including the UK), had a negative impact on relative performance. The region is generally recovering, but remains vulnerable to political uncertainty. Many of the holdings in the region are global companies, though, and trade at considerable discounts to their peers listed elsewhere. Due to this overweight position, currency was also a detractor to the performance of overseas stocks. After a weak 2017, the U.S. dollar was strong during the second quarter of 2018; against the euro and pound the USD was up over 5%.

In the fixed income allocation, returns over the period were slightly negative. We have taken a defensive approach to the portfolio and the proportion of investment-grade bonds has been increased to seek to provide more downside protection in the event of economic deterioration. While we are comfortable with this from a portfolio construction point of view, in the short term the spread widening has impacted returns.

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

OUTLOOK

The Fund remains defensively positioned, with overweight positions in sectors/industries including telecommunication services, tobacco and pharmaceuticals. We believe these sectors have attractive dividend yields and offer good value on a number of metrics. A number of cyclical sectors have performed well and despite the robust economic backdrop, we are finding fewer opportunities here. We will continue with our existing strategy of identifying companies that pay an attractive and sustainable dividend that we believe has capacity to grow over the medium to long term.

Bond markets have so far been fairly challenging this year after an exceptionally strong 2017. We may be through the worst of the inflation breakout fears and we believe that the majority of the bond bear market is behind us. Credit markets have repriced somewhat to a more attractive level but not to a level that we would consider cheap. We continue to expect coupons to be the main source of returns for the fixed income allocation.

Thank you for your investment in Janus Henderson Dividend & Income Builder Fund.


2	JUNE 30, 2018

Janus Henderson Dividend & Income Builder Fund (unaudited)

Fund At A Glance

June 30, 2018





	5 Top Performers - Holdings		5 Bottom Performers - Holdings
		Contribution		Contribution
	Microsoft Corp	1.48%	General Electric Co	-0.42%
	BP PLC	0.71%	Standard Chartered PLC	-0.30%
	Royal Dutch Shell PLC	0.69%	Philip Morris International Inc	-0.29%
	Cisco Systems Inc	0.54%	Japan Tobacco Inc	-0.28%
	Renault SA	0.52%	Pandora A/S	-0.24%

	5 Top Performers - Sectors*
		Fund	Fund Weighting	MSCI World Index (Net)
		Contribution	(Average % of Equity)	Weighting
	Energy	1.47%	9.37%	6.22%
	Materials	0.39%	4.44%	5.12%
	Real Estate	0.36%	4.34%	3.06%
	Utilities	0.07%	2.97%	3.02%
	Telecommunication Services	-0.14%	5.49%	2.74%

	5 Bottom Performers - Sectors*
		Fund	Fund Weighting	MSCI World Index (Net)
		Contribution	(Average % of Equity)	Weighting
	Financials	-1.70%	18.77%	17.94%
	Industrials	-1.34%	11.40%	11.51%
	Consumer Staples	-1.04%	11.15%	8.83%
	Information Technology	-0.80%	8.81%	17.13%
	Other**	-0.61%	5.45%	0.00%

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


Janus Investment Fund	3

Janus Henderson Dividend & Income Builder Fund (unaudited)

Fund At A Glance

June 30, 2018


5 Largest Equity Holdings - (% of Net Assets)
Microsoft Corp
Software	3.4%
Nestle SA
Food Products	2.3%
Pfizer Inc
Pharmaceuticals	2.1%
RELX NV
Professional Services	1.9%
BP PLC
Oil, Gas & Consumable Fuels	1.8%
	11.5%


Asset Allocation - (% of Net Assets)
Common Stocks	78.3%
Corporate Bonds	16.2%
Investment Companies	5.3%
Other		0.2%
		100.0%

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

As of June 30, 2018

As of June 30, 2017


4	JUNE 30, 2018

Janus Henderson Dividend & Income Builder Fund (unaudited)

Performance

See important disclosures on the next page.



				Expense Ratios -
Average Annual Total Return - for the periods ended June 30, 2018				per the October 27, 2017 prospectuses
	One Year	Five Year	Since Inception*	Total Annual Fund Operating Expenses	Net Annual Fund Operating Expenses
Class A Shares at NAV	4.63%	7.12%	7.99%	1.30%	1.15%
Class A Shares at MOP	-1.39%	6.04%	7.05%
Class C Shares at NAV	3.85%	6.30%	7.17%	2.07%	1.92%
Class C Shares at CDSC	2.85%	6.30%	7.17%
Class D Shares⁽¹⁾	4.77%	7.26%	8.12%	1.15%	1.00%
Class I Shares	4.86%	7.37%	8.24%	1.09%	0.94%
Class N Shares	4.94%	7.29%	8.15%	1.15%	1.00%
Class S Shares	4.52%	6.92%	7.77%	1.50%	1.35%
Class T Shares	4.66%	7.15%	8.01%	1.25%	1.10%
MSCI World Index (Net)	11.09%	9.94%	11.31%
Morningstar Quartile - Class I Shares	3rd	1st	1st
Morningstar Ranking - based on total returns for World Allocation Funds	254/487	23/413	31/399

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, contractually agreed to through November 1, 2018.


Janus Investment Fund	5

Janus Henderson Dividend & Income Builder Fund (unaudited)

Performance

The expense ratios shown are estimated.

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

Returns of the Fund shown prior to June 5, 2017, are those for Henderson Dividend & Income Builder Fund (the “Predecessor Fund”), which merged into the Fund after the close of business on June 2, 2017. The Predecessor Fund was advised by Henderson Global Investors (North America) Inc. and subadvised by Henderson Investment Management Limited. Class A Shares, Class C Shares, Class I Shares, and Class R6 Shares of the Predecessor Fund were reorganized into Class A Shares, Class C Shares, Class I Shares, and Class N Shares, respectively, of the Fund. In connection with this reorganization, certain shareholders of the Predecessor Fund who held shares directly with the Predecessor Fund and not through an intermediary had the Class A Shares, Class C Shares, Class I Shares, and Class N Shares of the Fund received in the reorganization automatically exchanged for Class D Shares of the Fund following the reorganization. Class A Shares, Class C Shares, and Class I Shares of the Predecessor Fund commenced operations with the Predecessor Fund’s inception on August 1, 2012. Class R6 Shares of the Predecessor Fund commenced operations on November 30, 2015. Class D Shares, Class S Shares, and Class T Shares commenced operations on June 5, 2017.

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.

Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

See important disclosures on the next page.


6	JUNE 30, 2018

Janus Henderson Dividend & Income Builder Fund (unaudited)

Performance

See “Useful Information About Your Fund Report.”

*The Predecessor Fund’s inception date – August 1, 2012

(1) Closed to certain new investors.


Janus Investment Fund	7

Janus Henderson Dividend & Income Builder Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (1/1/18)	Ending Account Value (6/30/18)	Expenses Paid During Period (1/1/18 - 6/30/18)†	Beginning Account Value (1/1/18)	Ending Account Value (6/30/18)	Expenses Paid During Period (1/1/18 - 6/30/18)†	Net Annualized Expense Ratio (1/1/18 - 6/30/18)
Class A Shares		$1,000.00	$975.10	$5.58	$1,000.00	$1,019.14	$5.71	1.14%
Class C Shares		$1,000.00	$971.10	$9.33	$1,000.00	$1,015.32	$9.54	1.91%
Class D Shares		$1,000.00	$975.60	$4.85	$1,000.00	$1,019.89	$4.96	0.99%
Class I Shares		$1,000.00	$976.50	$4.41	$1,000.00	$1,020.33	$4.51	0.90%
Class N Shares		$1,000.00	$976.60	$4.17	$1,000.00	$1,020.58	$4.26	0.85%
Class S Shares		$1,000.00	$974.70	$6.02	$1,000.00	$1,018.70	$6.16	1.23%
Class T Shares		$1,000.00	$975.40	$5.44	$1,000.00	$1,019.29	$5.56	1.11%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 181/365 (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.


8	JUNE 30, 2018

Janus Henderson Dividend & Income Builder Fund

Schedule of Investments

June 30, 2018


Shares or Principal Amounts			Value
Corporate Bonds– 16.2%
Banking – 2.3%
	Barclays Bank PLC, ICE LIBOR USD 3 Month + 1.5500%, 6.2780%^µ	$910,000	$990,899
	HBOS Capital Funding LP, 6.8500%^µ	100,000	100,875
	Lloyds Banking Group PLC, 4.6500%, 3/24/26	500,000	491,801
	Lloyds Banking Group PLC, ICE LIBOR USD 3 Month + 1.2700%, 6.6570%^µ	412,000	439,925
	Royal Bank of Scotland Group PLC, 6.1000%, 6/10/23	1,000,000	1,052,856
	Wachovia Capital Trust III, ICE LIBOR USD 3 Month + 0.9300%, 5.5698%^µ	1,000,000	990,000
			4,066,356
Capital Goods – 0.8%
	Berry Global Inc, 5.1250%, 7/15/23	433,000	429,211
	Crown Americas LLC / Crown Americas Capital Corp IV, 4.5000%, 1/15/23	1,000,000	980,000
			1,409,211
Communications – 5.3%
	AT&T Inc, 2.4500%, 6/30/20	1,000,000	984,390
	CCO Holdings LLC / CCO Holdings Capital Corp, 5.8750%, 5/1/27 (144A)	500,000	488,125
	Crown Castle International Corp, 3.8000%, 2/15/28	1,000,000	935,294
	Deutsche Telekom International Finance BV, 1.9500%, 9/19/21	1,000,000	953,233
	Sirius XM Radio Inc, 6.0000%, 7/15/24 (144A)	1,000,000	1,018,750
	Telenet Finance Luxembourg Notes Sarl, 5.5000%, 3/1/28 (144A)	800,000	728,000
	T-Mobile USA Inc, 4.5000%, 2/1/26	91,000	84,971
	T-Mobile USA Inc, 4.7500%, 2/1/28	215,000	198,875
	Unitymedia Hessen GmbH & Co KG / Unitymedia NRW GmbH,
	5.0000%, 1/15/25 (144A)	300,000	303,750
	Verizon Communications Inc, 1.7500%, 8/15/21	1,000,000	955,380
	Virgin Media Secured Finance PLC, 5.2500%, 1/15/26	1,000,000	925,000
	Vodafone Group PLC, 2.9500%, 2/19/23	1,000,000	964,593
	Zayo Group LLC / Zayo Capital Inc, 5.7500%, 1/15/27 (144A)	1,000,000	982,500
			9,522,861
Consumer Cyclical – 0.7%
	Amazon.com Inc, 3.1500%, 8/22/27	1,000,000	960,024
	Service Corp International/US, 8.0000%, 11/15/21	200,000	222,500
			1,182,524
Consumer Non-Cyclical – 3.6%
	Anheuser-Busch InBev Finance Inc, 2.6500%, 2/1/21	1,000,000	986,006
	Aramark Services Inc, 5.1250%, 1/15/24	715,000	715,000
	Aramark Services Inc, 4.7500%, 6/1/26	291,000	281,179
	Constellation Brands Inc, 4.7500%, 11/15/24	381,000	395,384
	CVS Health Corp, 4.3000%, 3/25/28	158,000	155,791
	HCA Inc, 5.2500%, 6/15/26	1,000,000	993,200
	Johnson & Johnson, 2.9000%, 1/15/28	1,000,000	954,074
	Philip Morris International Inc, 1.8750%, 2/25/21	1,000,000	968,112
	Sysco Corp, 3.5500%, 3/15/25	732,000	717,204
	Tesco PLC, 6.1500%, 11/15/37	224,000	238,385
			6,404,335
Insurance – 0.4%
	Prudential PLC, 5.2500%^µ	900,000	819,000
Real Estate Investment Trusts (REITs) – 0.3%
	Digital Realty Trust LP, 4.7500%, 10/1/25	450,000	463,581
Technology – 2.8%
	Apple Inc, 3.3500%, 2/9/27	1,000,000	976,135
	Dell International LLC / EMC Corp, 5.4500%, 6/15/23 (144A)	1,105,000	1,155,477
	Equinix Inc, 5.3750%, 4/1/23	600,000	614,175
	Iron Mountain Inc, 4.8750%, 9/15/27 (144A)	1,000,000	921,250
	Microsoft Corp, 3.3000%, 2/6/27	1,000,000	986,933
	VMware Inc, 3.9000%, 8/21/27	353,000	325,830
			4,979,800
Total Corporate Bonds (cost $29,822,604)			28,847,668


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

Janus Investment Fund	9

Janus Henderson Dividend & Income Builder Fund

Schedule of Investments

June 30, 2018


Shares or Principal Amounts			Value
Common Stocks– 78.3%
Aerospace & Defense – 0.8%
	BAE Systems PLC	168,549	$1,438,071
Air Freight & Logistics – 1.2%
	Deutsche Post AG	64,326	2,100,094
Automobiles – 0.7%
	General Motors Co	33,311	1,312,453
Banks – 9.8%
	Bank of China Ltd	2,527,000	1,245,213
	BAWAG Group AG	27,902	1,299,295
	BNP Paribas SA	34,678	2,149,326
	ING Groep NV	139,740	2,005,014
	JPMorgan Chase & Co	19,847	2,068,057
	Mitsubishi UFJ Financial Group Inc	350,800	1,989,929
	Nordea Bank AB	175,883	1,692,788
	Societe Generale SA	26,487	1,115,220
	Standard Chartered PLC	202,256	1,847,682
	Swedbank AB	98,390	2,104,839
			17,517,363
Beverages – 2.8%
	Carlsberg A/S	11,144	1,312,318
	Coca-Cola Co	31,776	1,393,695
	Diageo PLC	62,457	2,241,520
			4,947,533
Capital Markets – 2.2%
	Blackstone Group LP	54,476	1,752,493
	Credit Suisse Group AG*	47,231	709,107
	Natixis SA	205,507	1,454,938
			3,916,538
Chemicals – 3.4%
	BASF SE	21,213	2,027,697
	DowDuPont Inc	31,600	2,083,072
	Nutrien Ltd	34,921	1,899,004
			6,009,773
Commercial Services & Supplies – 1.4%
	Prosegur Cash SA	583,181	1,566,718
	Societe BIC SA	10,705	992,175
			2,558,893
Communications Equipment – 1.3%
	Cisco Systems Inc	53,986	2,323,018
Diversified Telecommunication Services – 2.9%
	Deutsche Telekom AG*	103,863	1,611,753
	Orange SA	110,642	1,850,628
	Verizon Communications Inc	34,090	1,715,068
			5,177,449
Electric Utilities – 2.1%
	Enel SpA	344,351	1,907,596
	SSE PLC	97,128	1,734,987
			3,642,583
Electrical Equipment – 0.7%
	ABB Ltd	60,346	1,317,322
Energy Equipment & Services – 0.7%
	Tenaris SA	70,281	1,281,550
Equity Real Estate Investment Trusts (REITs) – 3.0%
	Crown Castle International Corp	13,368	1,441,338
	CyrusOne Inc	22,591	1,318,411
	Eurocommercial Properties NV	26,610	1,129,158
	Hammerson PLC	200,154	1,376,476
			5,265,383


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

10	JUNE 30, 2018

Janus Henderson Dividend & Income Builder Fund

Schedule of Investments

June 30, 2018


Shares or Principal Amounts			Value
Common Stocks– (continued)
Food Products – 2.3%
	Nestle SA	53,873	$4,172,360
Health Care Equipment & Supplies – 1.2%
	Medtronic PLC	25,578	2,189,733
Hotels, Restaurants & Leisure – 0.9%
	Las Vegas Sands Corp	21,123	1,612,952
Industrial Conglomerates – 1.5%
	Siemens AG	20,333	2,686,773
Information Technology Services – 0.7%
	Sabre Corp	46,957	1,157,021
Insurance – 2.5%
	AXA SA	47,830	1,171,704
	Manulife Financial Corp	62,252	1,118,594
	Prudential PLC	97,793	2,234,027
			4,524,325
Leisure Products – 0.6%
	Hasbro Inc	11,300	1,043,103
Media – 0.6%
	ITV PLC	461,910	1,060,147
Metals & Mining – 1.2%
	Rio Tinto PLC	37,161	2,049,154
Multi-Utilities – 0.8%
	National Grid PLC	125,306	1,386,063
Oil, Gas & Consumable Fuels – 8.9%
	BP PLC	429,869	3,272,508
	Chevron Corp	25,011	3,162,141
	Occidental Petroleum Corp	33,809	2,829,137
	Royal Dutch Shell PLC	90,019	3,123,412
	Snam SpA	135,932	566,227
	TOTAL SA	48,115	2,925,702
			15,879,127
Paper & Forest Products – 1.2%
	UPM-Kymmene OYJ	57,115	2,039,297
Personal Products – 1.2%
	Unilever NV	37,245	2,076,039
Pharmaceuticals – 7.0%
	Bayer AG	21,554	2,374,554
	Johnson & Johnson	8,245	1,000,448
	Novartis AG	32,295	2,447,158
	Novo Nordisk A/S	22,165	1,023,920
	Pfizer Inc	103,969	3,771,995
	Roche Holding AG	8,410	1,872,109
			12,490,184
Professional Services – 1.9%
	RELX NV	155,547	3,310,868
Real Estate Management & Development – 0.6%
	Nexity SA	15,544	981,503
Semiconductor & Semiconductor Equipment – 2.1%
	Maxim Integrated Products Inc	27,420	1,608,457
	Taiwan Semiconductor Manufacturing Co Ltd (ADR)	59,510	2,175,686
			3,784,143
Software – 3.7%
	Microsoft Corp	60,664	5,982,077
	Sage Group PLC	76,424	631,030
			6,613,107
Specialty Retail – 0.7%
	Best Buy Co Inc	16,461	1,227,661
Textiles, Apparel & Luxury Goods – 1.0%
	Hanesbrands Inc	50,074	1,102,630


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

Janus Investment Fund	11

Janus Henderson Dividend & Income Builder Fund

Schedule of Investments

June 30, 2018


Shares or Principal Amounts			Value
Common Stocks– (continued)
Textiles, Apparel & Luxury Goods – (continued)
	Pandora A/S	10,755	$751,762
			1,854,392
Tobacco – 2.5%
	British American Tobacco PLC	21,059	1,063,364
	Imperial Brands PLC	64,042	2,384,180
	Philip Morris International Inc	11,434	923,181
			4,370,725
Trading Companies & Distributors – 0.6%
	Watsco Inc	6,425	1,145,449
Wireless Telecommunication Services – 1.6%
	Tele2 AB	151,236	1,776,870
	Vodafone Group PLC	469,182	1,136,700
			2,913,570
Total Common Stocks (cost $128,886,847)			139,375,719
Investment Companies– 5.3%
Money Markets – 5.3%
	Fidelity Investments Money Market Treasury Portfolio, 1.7500%^ºº(cost $9,471,347)	9,471,347	9,471,347
Total Investments (total cost $168,180,798) – 99.8%			177,694,734
Cash, Receivables and Other Assets, net of Liabilities – 0.2%			362,470
Net Assets – 100%			$178,057,204


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

		% of
		Investment
Country	Value	Securities
United States	$73,488,282	41.4	%
United Kingdom	33,002,655	18.6
France	12,641,196	7.1
Germany	12,057,854	6.8
Switzerland	10,518,056	5.9
Netherlands	8,521,079	4.8
Sweden	5,574,497	3.1
Italy	3,755,373	2.1
Denmark	3,088,000	1.7
Canada	3,017,598	1.7
Taiwan	2,175,686	1.2
Finland	2,039,297	1.2
Japan	1,989,929	1.1
Belgium	1,714,006	1.0
Spain	1,566,718	0.9
Austria	1,299,295	0.7
China	1,245,213	0.7



Total	$177,694,734	100.0	%


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

12	JUNE 30, 2018

Janus Henderson Dividend & Income Builder Fund

Schedule of Investments

June 30, 2018


Schedule of Forward Foreign Currency Exchange Contracts, Open


Counterparty/ Foreign Currency	Settlement Date	Foreign Currency Amount (Sold)/ Purchased		USD Currency Amount (Sold)/ Purchased		Market Value and Unrealized Appreciation/ (Depreciation)
BNP Paribas:
British Pound	7/25/18	(5,277,849)	$	6,995,446	$	23,427
Euro	7/25/18	(7,099,267)		8,239,614		(65,335)
Total					$	(41,908)

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 June 30, 2018.


Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of June 30, 2018

					Currency Contracts
Asset Derivatives:
Forward foreign currency exchange contracts					$ 23,427


Liability Derivatives:
Forward foreign currency exchange contracts					$ 65,335

The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the year ended June 30, 2018.


The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the year ended June 30, 2018

Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative				Currency Contracts
Forward foreign currency exchange contracts				$(132,491)



Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative				Currency Contracts
Forward foreign currency exchange contracts				$ 232,529

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


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

Janus Investment Fund	13

Janus Henderson Dividend & Income Builder Fund

Schedule of Investments

June 30, 2018


Average Ending Monthly Market Value of Derivative Instruments During the Year Ended June 30, 2018

	Market Value
Forward foreign currency exchange contracts, sold	$15,587,125


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

14	JUNE 30, 2018

Janus Henderson Dividend & Income Builder Fund

Notes to Schedule of Investments and Other Information


MSCI World Index^SM	MSCI World Index^SM reflects the equity market performance of global developed markets.


ADR	American Depositary Receipt
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
LLC	Limited Liability Company
LP	Limited Partnership
PLC	Public Limited Company

144A


*	Non-income producing security.


ºº	Rate shown is the 7-day yield as of June 30, 2018.


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.


Janus Investment Fund	15

Janus Henderson Dividend & Income Builder Fund

Notes to Schedule of Investments and Other Information


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 June 30, 2018. 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:
Corporate Bonds		$	-	$	28,847,668	$	-
Common Stocks
Aerospace & Defense			-		1,438,071		-
Air Freight & Logistics			-		2,100,094		-
Banks			2,068,057		15,449,306		-
Beverages			1,393,695		3,553,838		-
Capital Markets			1,752,493		2,164,045		-
Chemicals			3,982,076		2,027,697		-
Commercial Services & Supplies			-		2,558,893		-
Diversified Telecommunication Services			1,715,068		3,462,381		-
Electric Utilities			-		3,642,583		-
Electrical Equipment			-		1,317,322		-
Energy Equipment & Services			-		1,281,550		-
Equity Real Estate Investment Trusts (REITs)			2,759,749		2,505,634		-
Food Products			-		4,172,360		-
Industrial Conglomerates			-		2,686,773		-
Insurance			1,118,594		3,405,731		-
Media			-		1,060,147		-
Metals & Mining			-		2,049,154		-
Multi-Utilities			-		1,386,063		-
Oil, Gas & Consumable Fuels			5,991,278		9,887,849		-
Paper & Forest Products			-		2,039,297		-
Personal Products			-		2,076,039		-
Pharmaceuticals			4,772,443		7,717,741		-
Professional Services			-		3,310,868		-
Real Estate Management & Development			-		981,503		-
Software			5,982,077		631,030		-
Textiles, Apparel & Luxury Goods			1,102,630		751,762		-
Tobacco			923,181		3,447,544		-
Wireless Telecommunication Services			-		2,913,570		-
All Other			15,795,533		-		-
Investment Companies			9,471,347		-		-
Total Investments in Securities		$	58,828,221	$	118,886,513	$	-
Other Financial Instruments^(a):
Forward Foreign Currency Exchange Contracts		$	-	$	23,427	$	-
Total Assets		$	58,828,221	$	118,889,940	$	-
Liabilities
Other Financial Instruments^(a):
Forward Foreign Currency Exchange Contracts		$	-	$	65,335	$	-

(a)	Other financial instruments include forward foreign currency exchange, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange 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.


16	JUNE 30, 2018

Janus Henderson Dividend & Income Builder Fund

Statement of Assets and Liabilities

June 30, 2018

See footnotes at the end of the Statement.



Assets:
	Investments, at value⁽¹⁾		$	177,694,734
	Forward foreign currency exchange contracts			23,427
	Cash denominated in foreign currency⁽²⁾			52,549
	Non-interested Trustees' deferred compensation			3,732
	Receivables:
		Interest		375,026
		Dividends		265,805
		Fund shares sold		253,981
		Foreign tax reclaims		239,032
	Other assets			15,476
Total Assets				178,923,762
Liabilities:
	Due to custodian			241
	Forward foreign currency exchange contracts			65,335
	Payables:			—
		Fund shares repurchased		518,695
		Advisory fees		112,672
		Dividends		42,398
		Professional fees		40,744
		12b-1 Distribution and shareholder servicing fees		31,719
		Transfer agent fees and expenses		21,109
		Non-affiliated fund administration fees payable		13,797
		Non-interested Trustees' deferred compensation fees		3,732
		Custodian fees		1,546
		Non-interested Trustees' fees and expenses		1,340
		Affiliated fund administration fees payable		380
		Accrued expenses and other payables		12,850
Total Liabilities				866,558
Net Assets			$	178,057,204


See Notes to Financial Statements.

Janus Investment Fund	17

Janus Henderson Dividend & Income Builder Fund

Statement of Assets and Liabilities

June 30, 2018




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	166,372,434
	Undistributed net investment income/(loss)		808,414
	Undistributed net realized gain/(loss) from investments and foreign currency transactions		1,409,386
	Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation		9,466,970
Total Net Assets		$	178,057,204
Net Assets - Class A Shares		$	29,293,545
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,222,853
Net Asset Value Per Share⁽³⁾		$	13.18
Maximum Offering Price Per Share⁽⁴⁾		$	13.98
Net Assets - Class C Shares		$	29,203,032
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,244,908
Net Asset Value Per Share⁽³⁾		$	13.01
Net Assets - Class D Shares		$	8,071,926
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		612,696
Net Asset Value Per Share		$	13.17
Net Assets - Class I Shares		$	100,824,751
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		7,646,337
Net Asset Value Per Share		$	13.19
Net Assets - Class N Shares		$	857,143
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		65,156
Net Asset Value Per Share		$	13.16
Net Assets - Class S Shares		$	51,567
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,916
Net Asset Value Per Share		$	13.17
Net Assets - Class T Shares		$	9,755,240
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		741,070
Net Asset Value Per Share		$	13.16

(1) Includes cost of $168,180,798.

(2) Includes cost of $52,549.

(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.

18	JUNE 30, 2018

Janus Henderson Dividend & Income Builder Fund

Statement of Operations

For the year ended June 30, 2018



Investment Income:
	Dividends		$	5,468,192
	Interest			1,094,394
	Other income			87,384
	Foreign tax withheld			(425,610)
Total Investment Income				6,224,360
Expenses:
	Advisory fees			1,202,987
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		69,413
		Class C Shares		310,261
		Class S Shares		121
	Transfer agent administrative fees and expenses:
		Class D Shares		5,621
		Class S Shares		130
		Class T Shares		9,176
	Transfer agent networking and omnibus fees:
		Class A Shares		9,977
		Class C Shares		16,937
		Class I Shares		57,951
	Other transfer agent fees and expenses:
		Class A Shares		3,122
		Class C Shares		3,499
		Class D Shares		757
		Class I Shares		4,001
		Class N Shares		45
		Class T Shares		40
	Professional fees			54,659
	Registration fees			28,335
	Non-affiliated fund administration fees			13,797
	Shareholder reports expense			11,016
	Affiliated fund administration fees			9,898
	Custodian fees			9,590
	Non-interested Trustees’ fees and expenses			3,584
	Other expenses			24,126
Total Expenses				1,849,043
Less: Excess Expense Reimbursement and Waivers				(3,758)
Net Expenses				1,845,285
Net Investment Income/(Loss)				4,379,075
Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions			1,985,989
	Forward foreign currency exchange contracts			(132,491)
Total Net Realized Gain/(Loss) on Investments				1,853,498
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation			(1,103,036)
	Forward foreign currency exchange contracts			232,529
Total Change in Unrealized Net Appreciation/Depreciation				(870,507)
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	5,362,066


See Notes to Financial Statements.

Janus Investment Fund	19

Janus Henderson Dividend & Income Builder Fund

Statements of Changes in Net Assets



			Year ended June 30, 2018		Period ended June 30, 2017⁽¹⁾⁽²⁾		Year ended July 31, 2016⁽³⁾

Operations:
	Net investment income/(loss)		$	4,379,075	$	4,140,712	$	2,864,282
	Net realized gain/(loss) on investments			1,853,498		1,660,388		(1,888,832)
	Change in unrealized net appreciation/depreciation			(870,507)		6,376,130		2,134,525
Net Increase/(Decrease) in Net Assets Resulting from Operations				5,362,066		12,177,230		3,109,975
Dividends and Distributions to Shareholders:
	Dividends from Net Investment Income
		Class A Shares		(748,523)		(821,245)		(868,814)
		Class C Shares		(676,819)		(693,252)		(547,913)
		Class D Shares		(143,927)		(3,726)		N/A
		Class I Shares		(2,652,024)		(2,076,324)		(1,120,978)
		Class N Shares		(18,014)		(7,195)		(8,044)
		Class S Shares		(1,333)		(466)		N/A
		Class T Shares		(133,759)		(565)		N/A
Net Decrease from Dividends and Distributions to Shareholders				(4,374,399)		(3,602,773)		(2,545,749)
Capital Share Transactions:
		Class A Shares		3,156,214		(16,630,544)		24,280,254
		Class C Shares		(1,992,556)		(4,742,089)		19,255,636
		Class D Shares		7,890,598		479,492		N/A
		Class I Shares		21,418,407		27,280,884		22,396,737
		Class N Shares		830,295		(370,933)		394,912
		Class S Shares		1,333		50,476		N/A
		Class T Shares		10,009,996		60,575		N/A
Net Increase/(Decrease) from Capital Share Transactions				41,314,287		6,127,861		66,327,539
Net Increase/(Decrease) in Net Assets				42,301,954		14,702,318		66,891,765
Net Assets:
	Beginning of period			135,755,250		121,052,932		54,161,167
	End of period		$	178,057,204	$	135,755,250	$	121,052,932

Undistributed Net Investment Income/(Loss)			$	808,414	$	1,147,435	$	606,452

(1) Period from August 1, 2016 through June 30, 2017. The Fund changed its fiscal year end from July 31 to June 30.

(2) Period from June 5, 2017 (inception date) through June 30, 2017 for Class D Shares, Class S Shares and Class T Shares.

(3) Period from November 30, 2015 (inception date) through July 31, 2016 for Class N Shares.


See Notes to Financial Statements.

20	JUNE 30, 2018

Janus Henderson Dividend & Income Builder Fund

Financial Highlights


Class A Shares
For a share outstanding during the year or period ended June 30			2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$12.94	$12.16
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.36	0.38
		Net realized and unrealized gain/(loss)	0.24	0.75
	Total from Investment Operations		0.60	1.13
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.36)	(0.35)
		Distributions (from capital gains)	—	—
	Total Dividends and Distributions		(0.36)	(0.35)
	Net Asset Value, End of Period		$13.18	$12.94
	Total Return*		4.63%	9.44%
	Net Assets, End of Period (in thousands)		$29,294	$25,824
	Average Net Assets for the Period (in thousands)		$27,827	$29,932
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.14%	1.23%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.14%	1.23%
		Ratio of Net Investment Income/(Loss)	2.71%	3.36%
	Portfolio Turnover Rate		36%	55%


Class C Shares
For a share outstanding during the year or period ended June 30			2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$12.81	$12.05
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.25	0.30
		Net realized and unrealized gain/(loss)	0.24	0.73
	Total from Investment Operations		0.49	1.03
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.29)	(0.27)
		Distributions (from capital gains)	—	—
	Total Dividends and Distributions		(0.29)	(0.27)
	Net Asset Value, End of Period		$13.01	$12.81
	Total Return*		3.85%	8.62%
	Net Assets, End of Period (in thousands)		$29,203	$30,671
	Average Net Assets for the Period (in thousands)		$31,115	$32,821
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.91%	2.01%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.91%	2.01%
		Ratio of Net Investment Income/(Loss)	1.85%	2.68%
	Portfolio Turnover Rate		36%	55%

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

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

(1) Period from August 1, 2016 through June 30, 2017. The Fund changed its fiscal year end from July 31 to June 30.

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


See Notes to Financial Statements.

Janus Investment Fund	21

Janus Henderson Dividend & Income Builder Fund

Financial Highlights


Class A Shares
For a share outstanding during the year or period ended July 31			2016	2015	2014		2013⁽¹⁾
	Net Asset Value, Beginning of Period		$12.50	$12.57	$11.40		$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.40	0.35	0.40		0.33
		Net realized and unrealized gain/(loss)	(0.40)⁽³⁾	0.11	1.10		1.33
	Total from Investment Operations		—	0.46	1.50		1.66
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.34)	(0.33)	(0.31)		(0.26)
		Distributions (from capital gains)	—	(0.20)	(0.02)		—
	Total Dividends and Distributions		(0.34)	(0.53)	(0.33)		(0.26)
	Net Asset Value, End of Period		$12.16	$12.50	$12.57		$11.40
	Total Return*		0.19%	3.81%	13.26%		16.79%
	Net Assets, End of Period (in thousands)		$40,869	$15,959	$14,308		$1,891
	Average Net Assets for the Period (in thousands)		$30,357	$15,010	$12,099		$327
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.27%⁽⁴⁾	1.46%	1.94%		7.35%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.27%⁽⁵⁾	1.30%	1.30%		1.30%
		Ratio of Net Investment Income/(Loss)	3.37%⁽⁶⁾	2.84%	3.20%		2.98%
	Portfolio Turnover Rate		39%	26%	78%		188%
						1


Class C Shares
For a share outstanding during the year or period ended July 31			2016	2015	2014	2013⁽¹⁾
	Net Asset Value, Beginning of Period		$12.40	$12.49	$11.35	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.30	0.26	0.30	0.25
		Net realized and unrealized gain/(loss)	(0.39)⁽³⁾	0.10	1.10	1.33
	Total from Investment Operations		(0.09)	0.36	1.40	1.58
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.26)	(0.25)	(0.24)	(0.23)
		Distributions (from capital gains)	—	(0.20)	(0.02)	—
	Total Dividends and Distributions		(0.26)	(0.45)	(0.26)	(0.23)
	Net Asset Value, End of Period		$12.05	$12.40	$12.49	$11.35
	Total Return*		(0.58)%	3.00%	12.45%	15.94%
	Net Assets, End of Period (in thousands)		$33,327	$13,846	$4,525	$463
	Average Net Assets for the Period (in thousands)		$24,477	$10,077	$2,561	$128
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.04%⁽⁴⁾	2.23%	2.68%	8.17%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.03%⁽⁵⁾	2.05%	2.05%	2.05%
		Ratio of Net Investment Income/(Loss)	2.55%⁽⁶⁾	2.15%	2.38%	2.32%
	Portfolio Turnover Rate		39%	26%	78%	188%

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

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

(1) Period from August 1, 2012 (inception date) through July 31, 2013.

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

(3) This amount does not agree with the change in the aggregate gains and losses in the Fund's securities for the year or period due to the timing of sales and repurchases of the Fund's shares in relation to fluctuating market values for the Fund's securities.

(4) The Ratio of Gross Expenses include a reimbursement of prior period custodian out-of-pocket expenses. The Ratio of Gross Expenses would have been 0.02% higher had the custodian not reimbursed the Fund.

(5) The Ratio of Net Expenses (After Waivers and Expense Offsets) include a reimbursement of prior period custodian out-of-pocket expenses. The Ratio of Net Expenses (After Waivers and Expense Offsets) would have been 0.01% higher had the custodian not reimbursed the Fund.

(6) The Ratio of Net Investment Income/(Loss) include a reimbursement of prior period custodian out-of-pocket expenses. The Ratio of Net Investment Income/(Loss) would have been 0.01% lower had the custodian not reimbursed the Fund.


See Notes to Financial Statements.

22	JUNE 30, 2018

Janus Henderson Dividend & Income Builder Fund

Financial Highlights


Class D Shares
For a share outstanding during the year or period ended June 30			2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$12.93	$13.18
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.46	0.04
		Net realized and unrealized gain/(loss)	0.16	(0.17)⁽³⁾
	Total from Investment Operations		0.62	(0.13)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.38)	(0.12)
		Distributions (from capital gains)	—	—
	Total Dividends and Distributions		(0.38)	(0.12)
	Net Asset Value, End of Period		$13.17	$12.93
	Total Return*		4.77%	(0.96)%
	Net Assets, End of Period (in thousands)		$8,072	$472
	Average Net Assets for the Period (in thousands)		$4,665	$343
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.02%	1.10%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.99%	1.05%
		Ratio of Net Investment Income/(Loss)	3.47%	4.27%
	Portfolio Turnover Rate		36%	55%


Class I Shares
For a share outstanding during the year or period ended June 30			2018	2017⁽⁴⁾
	Net Asset Value, Beginning of Period		$12.94	$12.16
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.40	0.45
		Net realized and unrealized gain/(loss)	0.23	0.71
	Total from Investment Operations		0.63	1.16
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.38)	(0.38)
		Distributions (from capital gains)	—	—
	Total Dividends and Distributions		(0.38)	(0.38)
	Net Asset Value, End of Period		$13.19	$12.94
	Total Return*		4.86%	9.70%
	Net Assets, End of Period (in thousands)		$100,825	$78,630
	Average Net Assets for the Period (in thousands)		$92,797	$66,190
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.91%	1.00%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.91%	1.00%
		Ratio of Net Investment Income/(Loss)	2.94%	3.97%
	Portfolio Turnover Rate		36%	55%

* 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 5, 2017 (inception date) through June 30, 2017.

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

(4) Period from August 1, 2016 through June 30, 2017. The Fund changed its fiscal year end from July 31 to June 30.


See Notes to Financial Statements.

Janus Investment Fund	23

Janus Henderson Dividend & Income Builder Fund

Financial Highlights


Class I Shares
For a share outstanding during the year or period ended July 31			2016	2015	2014	2013⁽¹⁾
	Net Asset Value, Beginning of Period		$12.49	$12.57	$11.39	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.40	0.39	0.44	0.46
		Net realized and unrealized gain/(loss)	(0.37)⁽³⁾	0.09	1.09	1.22
	Total from Investment Operations		0.03	0.48	1.53	1.68
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.36)	(0.36)	(0.33)	(0.29)
		Distributions (from capital gains)	—	(0.20)	(0.02)	—
	Total Dividends and Distributions		(0.36)	(0.56)	(0.35)	(0.29)
	Net Asset Value, End of Period		$12.16	$12.49	$12.57	$11.39
	Total Return*		0.48%	3.97%	13.56%	17.01%
	Net Assets, End of Period (in thousands)		$46,454	$24,356	$8,156	$1,463
	Average Net Assets for the Period (in thousands)		$36,087	$14,987	$4,251	$1,982
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.04%⁽⁴⁾	1.24%	1.66%	7.11%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.04%⁽⁵⁾	1.05%	1.05%	1.05%
		Ratio of Net Investment Income/(Loss)	3.37%⁽⁶⁾	3.13%	3.50%	4.18%
	Portfolio Turnover Rate		39%	26%	78%	188%

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

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

(1) Period from August 1, 2012 (inception date) through July 31, 2013.

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


See Notes to Financial Statements.

24	JUNE 30, 2018

Janus Henderson Dividend & Income Builder Fund

Financial Highlights


Class N Shares
For a share outstanding during the year or period ended June 30			2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$12.91	$12.17
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.45	0.40
		Net realized and unrealized gain/(loss)	0.19	0.73
	Total from Investment Operations		0.64	1.13
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.39)	(0.39)
		Distributions (from capital gains)	—	—
	Total Dividends and Distributions		(0.39)	(0.39)
	Net Asset Value, End of Period		$13.16	$12.91
	Total Return*		4.94%	9.44%
	Net Assets, End of Period (in thousands)		$857	$50
	Average Net Assets for the Period (in thousands)		$557	$281
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.99%	1.12%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.86%	1.06%
		Ratio of Net Investment Income/(Loss)	3.40%	3.58%
	Portfolio Turnover Rate		36%	55%


Class S Shares
For a share outstanding during the year or period ended June 30			2018	2017⁽³⁾
	Net Asset Value, Beginning of Period		$12.93	$13.18
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.34	0.03
		Net realized and unrealized gain/(loss)	0.25	(0.16)⁽⁴⁾
	Total from Investment Operations		0.59	(0.13)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.35)	(0.12)
		Distributions (from capital gains)	—	—
	Total Dividends and Distributions		(0.35)	(0.12)
	Net Asset Value, End of Period		$13.17	$12.93
	Total Return*		4.52%	(0.97)%
	Net Assets, End of Period (in thousands)		$52	$49
	Average Net Assets for the Period (in thousands)		$52	$50
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.77%	1.44%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.21%	1.44%
		Ratio of Net Investment Income/(Loss)	2.56%	3.22%
	Portfolio Turnover Rate		36%	55%

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

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

(1) Period from August 1, 2016 through June 30, 2017. The Fund changed its fiscal year end from July 31 to June 30.

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

(3) Period from June 5, 2017 (inception date) through June 30, 2017.

(4) This amount does not agree with the change in the aggregate gains and losses in the Fund’s securities for the year or period due to the timing of sales and repurchases of the Fund’s shares in relation to fluctuating market values for the Fund’s securities.


See Notes to Financial Statements.

Janus Investment Fund	25

Janus Henderson Dividend & Income Builder Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended July 31			2016⁽¹⁾
	Net Asset Value, Beginning of Period		$11.95
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.28
		Net realized and unrealized gain/(loss)	0.17
	Total from Investment Operations		0.45
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.23)
		Distributions (from capital gains)	—
	Total Dividends and Distributions		(0.23)
	Net Asset Value, End of Period		$12.17
	Total Return*		3.93%
	Net Assets, End of Period (in thousands)		$403
	Average Net Assets for the Period (in thousands)		$406
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.09%⁽³⁾
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.03%⁽⁴⁾
		Ratio of Net Investment Income/(Loss)	3.51%⁽⁵⁾
	Portfolio Turnover Rate		39%

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

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

(1) Period from November 30, 2015 (inception date) through July 31, 2016.

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

(3) The Ratio of Gross Expenses include a reimbursement of prior period custodian out-of-pocket expenses. The Ratio of Gross Expenses would have been 0.02% higher had the custodian not reimbursed the Fund.

(4) The Ratio of Net Expenses (After Waivers and Expense Offsets) include a reimbursement of prior period custodian out-of-pocket expenses. The Ratio of Net Expenses (After Waivers and Expense Offsets) would have been 0.01% higher had the custodian not reimbursed the Fund.

(5) The Ratio of Net Investment Income/(Loss) include a reimbursement of prior period custodian out-of-pocket expenses. The Ratio of Net Investment Income/(Loss) would have been 0.01% lower had the custodian not reimbursed the Fund.


See Notes to Financial Statements.

26	JUNE 30, 2018

Janus Henderson Dividend & Income Builder Fund

Financial Highlights


Class T Shares
For a share outstanding during the year or period ended June 30			2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$12.93	$13.18
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.49	0.03
		Net realized and unrealized gain/(loss)	0.11	(0.16)⁽³⁾
	Total from Investment Operations		0.60	(0.13)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.37)	(0.12)
		Distributions (from capital gains)	—	—
	Total Dividends and Distributions		(0.37)	(0.12)
	Net Asset Value, End of Period		$13.16	$12.93
	Total Return*		4.66%	(0.96)%
	Net Assets, End of Period (in thousands)		$9,755	$59
	Average Net Assets for the Period (in thousands)		$3,644	$52
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.13%	1.20%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.11%	1.19%
		Ratio of Net Investment Income/(Loss)	3.75%	3.48%
	Portfolio Turnover Rate		36%	55%

* 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 5, 2017 (inception date) through June 30, 2017.

(2) 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 Henderson Dividend & Income Builder Fund

Notes to Financial Statements

1. Organization and Significant Accounting Policies

Janus Henderson Dividend & Income Builder Fund (the “Fund”) is a series 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 49 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks to provide current income from a portfolio of securities that exceeds the average yield on global stocks, and aims to provide a growing stream of income per share over time. The Fund's secondary objective is to seek to provide long-term capital appreciation. The Fund is classified as diversified, as defined in the 1940 Act.

Pursuant to the Agreement and Plan of Reorganization, the Fund acquired all the assets and liabilities of the Henderson Dividend & Income Builder Fund (the “Predecessor Fund”), a series of Henderson Global Funds, in exchange for Class A, Class C, Class I and Class N Fund shares having an aggregate net asset value equal to the value of the aggregate net assets of the same share class of the Predecessor Fund (except that Class R6 Predecessor Fund shares were exchanged for Class N Fund shares) (the “Reorganization”). The Reorganization occurred at the close of business on June 2, 2017.


28	JUNE 30, 2018

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements

programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with Janus Capital or its affiliates to offer Class S Shares on their supermarket platforms.

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

Investment Valuation

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


Janus Investment Fund	29

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements

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.

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 $53,205,009 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 year and no factor was applied at the end of the prior fiscal year.

Investment Transactions and Investment Income

Expenses

Estimates

Indemnifications

Foreign Currency Translations


30	JUNE 30, 2018

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements

of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

Dividends and Distributions

Dividends are declared and distributed quarterly 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 a Fund’s total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Funds’ equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.

Federal Income Taxes

2. Derivative Instruments


Janus Investment Fund	31

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements

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:

· 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.

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

Forward Foreign Currency Exchange Contracts


32	JUNE 30, 2018

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements

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 non-hedging 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.

3. Other Investments and Strategies

Additional Investment Risk


Janus Investment Fund	33

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements

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”). There is considerable uncertainty about how Brexit will be conducted, how negotiations of necessary treaties and trade agreements will proceed, or how financial markets will react. In addition, one or more other countries may also abandon the euro and/or withdraw from the EU, placing its currency and banking system in jeopardy.

Counterparties

Offsetting Assets and Liabilities


34	JUNE 30, 2018

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements


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		$	23,427	$	(23,427)	$	—	$	—

Offsetting of Financial Liabilities and Derivative Liabilities

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

BNP Paribas		$	65,335	$	(23,427)	$	—	$	41,908

(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

4. Investment Advisory Agreements and Other Transactions with Affiliates


Average Daily Net Assets of the Portfolio	Contractual Investment Advisory Fee (%)
First $1 Billion	0.75
Next $1 Billion	0.65
Above $2 Billion	0.55

Janus Capital paid HIML 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	35

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements

Janus Capital has contractually agreed to waive the advisory fee payable by the Fund or reimburse expenses in an amount equal to the amount, if any, that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus/administrative fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.84% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waivers until at least November 1, 2018. If applicable, amounts waived and/or reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.


36	JUNE 30, 2018

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements

agent and providing, or arranging for, servicing to shareholders. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.

Under a distribution and shareholder servicing plan (the “Plan”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, Janus Henderson 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 Henderson 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	37

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements

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 year ended June 30, 2018, redeeming shareholders of Class C Shares paid CDSCs of $494.

As of June 30, 2018, shares of the Fund were owned by affiliates of Janus Henderson Investors, and/or other funds advised by Janus Henderson, as indicated in the table below:


Class		% of Class Owned		% of Fund Owned
Class A Shares		-	%^*	-	%^*
Class C Shares		-*		-*
Class D Shares		1		-*
Class I Shares		-*		-*
Class N Shares		6		-*
Class S Shares		100		-*
Class T Shares		1		-*

*	Less than 0.50%

5. Federal Income Tax


			Loss Deferrals		Other Book	Net Tax
Undistributed Ordinary Income	Undistributed Long-Term Gains	Accumulated Capital Losses	Late-Year Ordinary Loss	Post-October Capital Loss	to Tax Differences	Appreciation/ (Depreciation)
$ 1,740,770	$ 412,960	$ -	$ -	$ -	$ (8,789)	$ 9,539,829

During the year ended June 30, 2018, capital loss carryovers of $875,255 were utilized by the Fund.


38	JUNE 30, 2018

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 168,154,905	$16,738,324	$ (7,198,495)	$ 9,539,829

Information on the tax components of derivatives as of June 30, 2018 is as follows:


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ (41,908)	$ -	$ -	$ -

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.


For the year ended June 30, 2018
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 4,374,399	$ -	$ -	$ -


For the period June 30, 2017
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 3,602,773	$ -	$ -	$ -


For the year ended July 31, 2016
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 2,545,749	$ -	$ -	$ -


Janus Investment Fund	39

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements



Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ 209,637	$ (343,697)	$ 134,060

Capital has been adjusted by $209,637, all of which is long-term capital gain, for distributions in connection with Fund share redemptions (tax equalization).

6. Capital Share Transactions



		Year ended June 30, 2018		Period ended June 30, 2017⁽¹⁾
		Shares	Amount	Shares	Amount

Class A Shares:
Shares sold		543,059	$ 7,403,270	754,911	$ 9,122,480
Reinvested dividends and distributions		54,015	721,102	61,530	760,901
Shares repurchased		(369,556)	(4,968,158)	(2,181,055)	(26,513,925)
Net Increase/(Decrease)		227,518	$ 3,156,214	(1,364,614)	$(16,630,544)
Class C Shares:
Shares sold		380,888	$ 5,093,663	834,857	$ 9,909,376
Reinvested dividends and distributions		45,669	602,726	50,464	619,971
Shares repurchased		(575,138)	(7,688,945)	(1,257,449)	(15,271,436)
Net Increase/(Decrease)		(148,581)	$ (1,992,556)	(372,128)	$ (4,742,089)
Class D Shares:
Shares sold		673,703	$ 9,216,467	36,199	$ 475,766
Reinvested dividends and distributions		10,502	139,614	287	3,726
Shares repurchased		(107,995)	(1,465,483)	-	-
Net Increase/(Decrease)		576,210	$ 7,890,598	36,486	$ 479,492
Class I Shares:
Shares sold		2,365,953	$32,242,372	4,236,743	$ 51,301,987
Reinvested dividends and distributions		195,765	2,614,379	159,418	1,982,927
Shares repurchased		(992,173)	(13,438,344)	(2,138,860)	(26,004,030)
Net Increase/(Decrease)		1,569,545	$21,418,407	2,257,301	$ 27,280,884
Class N Shares:
Shares sold		61,316	$ 830,926	8,803	$ 110,868
Reinvested dividends and distributions		1,355	18,014	592	7,195
Shares repurchased		(1,371)	(18,645)	(38,651)	(488,996)
Net Increase/(Decrease)		61,300	$ 830,295	(29,256)	$ (370,933)
Class S Shares:
Shares sold		-	$ -	3,780	$ 50,010
Reinvested dividends and distributions		100	1,333	36	466
Shares repurchased		-	-	-	-
Net Increase/(Decrease)		100	$ 1,333	3,816	$ 50,476
Class T Shares:
Shares sold		787,984	$10,711,487	4,543	$ 60,010
Reinvested dividends and distributions		10,086	133,524	43	565
Shares repurchased		(61,586)	(835,015)	-	-
Net Increase/(Decrease)		736,484	$10,009,996	4,586	$ 60,575
(1)	Period from June 5, 2017 (inception date) through June 30, 2017 for Class D Shares, Class S Shares and Class T Shares.


40	JUNE 30, 2018

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements




Year ended July 31, 2016⁽¹⁾		Shares	Amount

Class A Shares:
Shares sold		2,785,583	$32,547,025
Reinvested dividends and distributions		70,083	802,945
Shares repurchased		(772,776)	(9,069,716)
Net Increase/(Decrease)		2,082,890	$24,280,254
Class C Shares:
Shares sold		2,400,976	$27,918,336
Reinvested dividends and distributions		42,557	482,691
Shares repurchased		(794,960)	(9,145,391)
Net Increase/(Decrease)		1,648,573	$19,255,636
Class I Shares:
Shares sold		3,995,617	$47,186,699
Reinvested dividends and distributions		93,605	1,071,929
Shares repurchased		(2,219,176)	(25,861,891)
Net Increase/(Decrease)		1,870,046	$22,396,737
Class N Shares:
Shares sold		37,520	$ 447,689
Reinvested dividends and distributions		696	8,044
Shares repurchased		(5,104)	(60,821)
Net Increase/(Decrease)		33,112	$ 394,912
(1)	Period from November 30, 2015 (inception date) through July 31, 2016 for Class N Shares.

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
$94,227,261	$ 55,058,577	$ -	$ -

8. Recent Accounting Pronouncements

9. Subsequent Event


Janus Investment Fund	41

Janus Henderson Dividend & Income Builder Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Dividend & Income Builder Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Dividend & Income Builder Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of June 30, 2018, the related statement of operations for the year ended June 30, 2018, the statements of changes in net assets for the year ended June 30, 2018 and for the period from August 1, 2016 through June 30, 2017, including the related notes, and the financial highlights for each of the periods indicated therein beginning on or after August 1, 2016 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2018, the results of its operations for the year then ended, the changes in its net assets for the year ended June 30, 2018 and for the period from August 1, 2016 through June 30, 2017 and the financial highlights for each of the periods indicated therein beginning on or after August 1, 2016 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2018 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Denver, Colorado
August 17, 2018

We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.


42	JUNE 30, 2018

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD


Janus Investment Fund	43

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

agreements. “Management fees,” as used herein, reflect actual annual advisory fees and any administration fees (excluding out of pocket costs), net of any waivers.

Nature, Extent and Quality of Services

Performance of the Funds

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

Alternative Funds

Asset Allocation Funds


44	JUNE 30, 2018

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


Janus Investment Fund	45

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

· For Janus Henderson International Small Cap Fund, the Trustees noted that, due to limited performance for the Fund, performance history was not a material factor.


46	JUNE 30, 2018

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

Money Market Funds

Multi-Asset Funds

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 12 months ended May 31, 2017.

Multi-Asset U.S. Equity Funds


Janus Investment Fund	47

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

Quantitative Equity Funds

U.S. Equity Funds

Janus Aspen Series


48	JUNE 30, 2018

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

Costs of Services Provided


Janus Investment Fund	49

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

Alternative Funds


50	JUNE 30, 2018

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses effective June 5, 2017.

Asset Allocation Funds

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

Fixed-Income Funds

Global and International Equity Funds


Janus Investment Fund	51

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

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

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

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

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

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

Money Market Funds


52	JUNE 30, 2018

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

Multi-Asset Funds

· For Janus Henderson Value Plus Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

Multi-Asset U.S. Equity Funds

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

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


Janus Investment Fund	53

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

Quantitative Equity Funds

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

U.S. Equity Funds

· For Janus Henderson Large Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

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

Janus Aspen Series

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

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


54	JUNE 30, 2018

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

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

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

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

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


Janus Investment Fund	55

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

Economies of Scale

Other Benefits to Janus Capital


56	JUNE 30, 2018

Janus Henderson Dividend & Income Builder 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	57

Janus Henderson Dividend & Income Builder 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


58	JUNE 30, 2018

Janus Henderson Dividend & Income Builder 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	59

Janus Henderson Dividend & Income Builder Fund

Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended June 30, 2018:



Capital Gain Distributions	$209,636
Foreign Taxes Paid	$404,343
Foreign Source Income	$4,239,662
Dividends Received Deduction Percentage	25%
Qualified Dividend Income Percentage	100%


60	JUNE 30, 2018

Janus Henderson Dividend & Income Builder Fund

Trustees and Officers (unaudited)

The Fund’s Statement of Additional Information includes additional information about the Trustees and officers and is available, without charge, by calling 1-877-335-2687.


Janus Investment Fund	61

Janus Henderson Dividend & Income Builder Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William F. McCalpin 151 Detroit Street Denver, CO 80206 DOB: 1957	Chairman Trustee	1/08-Present 6/02-Present	Managing Partner, Impact Investments, Athena Capital Advisors LLC (independent registered investment advisor) (since 2016) and Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations). Formerly, Chief Executive Officer, Imprint Capital (impact investment firm) (2013-2015) and Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a private family foundation) (1998-2006).	61	Director of Mutual Fund Directors Forum (a non-profit organization serving independent directors of U.S. mutual funds), Chairman of the Board and Trustee of The Investment Fund for Foundations Investment Program (TIP) (consisting of 2 funds), and Director of the F.B. Heron Foundation (a private grantmaking foundation).


62	JUNE 30, 2018

Janus Henderson Dividend & Income Builder Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Trustee	1/13-Present	Executive Vice President, Institutional Markets, of Black Creek Group (private equity real estate investment management firm) (since 2012). Formerly, Executive Vice President and Co-Head, Global Private Client Group (2007-2010), Executive Vice President, Mutual Funds (2005-2007), and Chief Marketing Officer (2001-2005) of Nuveen Investments, Inc. (asset management).	61	Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of MotiveQuest LLC (strategic social market research company) (2003-2016); Director of Nuveen Global Investors LLC (2007-2011); Director of Communities in Schools (2004-2010); and Director of Mutual Fund Education Alliance (until 2010).


Janus Investment Fund	63

Janus Henderson Dividend & Income Builder Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William D. Cvengros 151 Detroit Street Denver, CO 80206 DOB: 1948	Trustee	1/11-Present	Managing Member and Chief Executive Officer of SJC Capital, LLC (a personal investment company and consulting firm) (since 2002). Formerly, Venture Partner for The Edgewater Funds (a middle market private equity firm) (2002-2004); Chief Executive Officer and President of PIMCO Advisors Holdings L.P. (a publicly traded investment management firm) (1994-2000); and Chief Investment Officer of Pacific Life Insurance Company (a mutual life insurance and annuity company) (1987-1994).	61	Advisory Board Member, Innovate Partners Emerging Growth and Equity Fund I (early stage venture capital fund) (since 2014) and Managing Trustee of National Retirement Partners Liquidating Trust (since 2013). Formerly, Chairman, National Retirement Partners, Inc. (formerly a network of advisors to 401(k) plans) (2005-2013); Director of Prospect Acquisition Corp. (a special purpose acquisition corporation) (2007-2009); Director of RemedyTemp, Inc. (temporary help services company) (1996-2006); and Trustee of PIMCO Funds Multi-Manager Series (1990-2000) and Pacific Life Variable Life & Annuity Trusts (1987-1994).


64	JUNE 30, 2018

Janus Henderson Dividend & Income Builder Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Raudline Etienne 151 Detroit Street Denver, CO 80206 DOB: 1965	Trustee	6/16-Present	Founder, Daraja Capital (advisory and investment firm) (since 2016), and Senior Advisor, Albright Stonebridge Group LLC (global strategy firm) (since 2016). Formerly, Senior Vice President (2011-2015), Albright Stonebridge Group LLC; and Deputy Comptroller and Chief Investment Officer, New York State Common Retirement Fund (public pension fund) (2008-2011).	61	Director of Brightwood Capital Advisors, LLC (since 2014).
Gary A. Poliner 151 Detroit Street Denver, CO 80206 DOB: 1953	Trustee	6/16-Present	Retired. Formerly, President (2010-2013) of Northwestern Mutual Life Insurance Company.	61	Director of MGIC Investment Corporation (private mortgage insurance) (since 2013) and West Bend Mutual Insurance Company (property/casualty insurance) (since 2013). Formerly, Trustee of Northwestern Mutual Life Insurance Company (2010-2013); and Director of Frank Russell Company (global asset management firm) (2008-2013).


Janus Investment Fund	65

Janus Henderson Dividend & Income Builder Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
James T. Rothe 151 Detroit Street Denver, CO 80206 DOB: 1943	Trustee	1/97-Present	Professor Emeritus of Business of the University of Colorado, Colorado Springs, CO (since 2004). Formerly, Co-founder and Managing Director of Roaring Fork Capital SBIC, L.P. (SBA SBIC fund focusing on private investment in public equity firms) (2004-2014), Professor of Business of the University of Colorado (2002-2004), and Distinguished Visiting Professor of Business (2001-2002) of Thunderbird (American Graduate School of International Management), Glendale, AZ.	61	Formerly, Director of Red Robin Gourmet Burgers, Inc. (RRGB) (2004- 2014).
William D. Stewart 151 Detroit Street Denver, CO 80206 DOB: 1944	Trustee	6/84-Present	Retired. Formerly, President and founder of HPS Products and Corporate Vice President of MKS Instruments, Boulder, CO (a provider of advanced process control systems for the semiconductor industry) (1976-2012).	61	None


66	JUNE 30, 2018

Janus Henderson Dividend & Income Builder Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Diane L. Wallace 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	6/17-Present	Retired.	61	Formerly, Independent Trustee, Henderson Global Funds (13 portfolios) (2015-2017); Independent Trustee, State Farm Associates' Funds Trust, State Farm Mutual Fund Trust, and State Farm Variable Product Trust (28 portfolios) (2013-2017). Chief Operating Officer, Senior Vice President-Operations, and Chief Financial Officer for Driehaus Capital Management, LLC (1988-2006); and Treasurer of Driehaus Mutual Funds (1996-2002).


Janus Investment Fund	67

Janus Henderson Dividend & Income Builder Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Linda S. Wolf 151 Detroit Street Denver, CO 80206 DOB: 1947	Trustee	11/05-Present	Retired. Formerly, Chairman and Chief Executive Officer of Leo Burnett (Worldwide) (advertising agency) (2001-2005).	61	Director of Chicago Community Trust (Regional Community Foundation), Chicago Council on Global Affairs, InnerWorkings (U.S. provider of print procurement solutions to corporate clients), Lurie Children’s Hospital (Chicago, IL), Shirley Ryan Ability Lab and Wrapports, LLC (digital communications company). Formerly, Director of Walmart (until 2017); Director of Chicago Convention & Tourism Bureau (until 2014); and The Field Museum of Natural History (Chicago, IL) (until 2014).


68	JUNE 30, 2018

Janus Henderson Dividend & Income Builder Fund

Trustees and Officers (unaudited)


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Alex Crooke 151 Detroit Street Denver, CO 80206 DOB: 1969	Executive Vice President and Co-Portfolio Manager Janus Henderson Dividend & Income Builder Fund	6/17-Present (Predecessor Fund: since 8/12)	Co-Head of Equities - EMEA and Asia Pacific of Janus Henderson Investors and Portfolio Manager for other Janus Henderson accounts.
Job Curtis 151 Detroit Street Denver, CO 80206 DOB: 1961	Executive Vice President and Co-Portfolio Manager Janus Henderson Dividend & Income Builder Fund	6/17-Present (Predecessor Fund: since 8/12)	Director of Global Equity Income of Janus Henderson Investors and Portfolio Manager for other Janus Henderson accounts.
Ben Lofthouse 151 Detroit Street Denver, CO 80206 DOB: 1976	Executive Vice President and Co-Portfolio Manager Janus Henderson Dividend & Income Builder Fund	6/17-Present (Predecessor Fund: since 11/14)	Head of Global Equity Income of Janus Henderson Investors and Portfolio Manager for other Janus Henderson accounts.
Jenna Barnard 151 Detroit Street Denver, CO 80206 DOB: 1980	Executive Vice President and Co-Portfolio Manager Janus Henderson Dividend & Income Builder Fund	6/17-Present (Predecessor Fund: since 8/12)	Co-Head of Strategic Fixed Income of Janus Henderson Investors and Portfolio Manager for other Janus Henderson accounts.
John Pattullo 151 Detroit Street Denver, CO 80206 DOB: 1970	Executive Vice President and Co-Portfolio Manager Janus Henderson Dividend & Income Builder Fund	6/17-Present (Predecessor Fund: since 8/12)	Co-Head of Strategic Fixed Income of Janus Henderson Investors and Portfolio Manager for other Janus Henderson accounts.


Janus Investment Fund	69

Janus Henderson Dividend & Income Builder Fund

Trustees and Officers (unaudited)


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Bruce L. Koepfgen 151 Detroit Street Denver, CO 80206 DOB: 1952	President and Chief Executive Officer	7/14-Present	Head of North America at Janus Henderson Investors and Janus Capital Management LLC (since 2017); Executive Vice President and Director of Janus International Holding LLC (since 2011); Executive Vice President of Janus Distributors LLC (since 2011); Vice President and Director of Intech Investment Management LLC (since 2011); Executive Vice President and Director of Perkins Investment Management LLC (since 2011); and Executive Vice President and Director of Janus Management Holdings Corporation (since 2011). Formerly, President of Janus Capital Group Inc. and Janus Capital Management LLC (2013-2017); Executive Vice President of Janus Services LLC (2011-2015), Janus Capital Group Inc. and Janus Capital Management LLC (2011-2013); and Chief Financial Officer of Janus Capital Group Inc., Janus Capital Management LLC, Janus Distributors LLC, Janus Management Holdings Corporation, and Janus Services LLC (2011-2013).
Susan K. Wold 151 Detroit Street Denver, CO 80206 DOB: 1960	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	9/17-Present	Senior Vice President and Head of Compliance, North America for Janus Henderson (since September 2017); Formerly, Vice President, Head of Global Corporate Compliance, and Chief Compliance Officer for Janus Capital Management LLC (May 2017- September 2017); Vice President, Compliance at Janus Capital Group Inc. and Janus Capital Management LLC (2005-2017).


70	JUNE 30, 2018

Janus Henderson Dividend & Income Builder Fund

Trustees and Officers (unaudited)


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Jesper Nergaard 151 Detroit Street Denver, CO 80206 DOB: 1962	Chief Financial Officer Vice President, Treasurer, and Principal Accounting Officer	3/05-Present 2/05-Present	Vice President of Janus Capital and Janus Services LLC.
Kathryn L. Santoro 151 Detroit Street Denver, CO 80206 DOB: 1974	Vice President, Chief Legal Counsel, and Secretary	12/16-Present	Vice President of Janus Capital and Janus Services LLC (since 2016). Formerly, Vice President and Associate Counsel of Curian Capital, LLC and Curian Clearing LLC (2013-2016); and General Counsel and Secretary (2011-2012) and Vice President (2009-2012) of Old Mutual Capital, Inc.
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.


Janus Investment Fund	71

Janus Henderson Dividend & Income Builder Fund

Notes

NotesPage1


72	JUNE 30, 2018

Janus Henderson Dividend & Income Builder Fund

Notes

NotesPage2


Janus Investment Fund	73

Knowledge. Shared

At Janus Henderson, we believe in the sharing of expert insight for better investment and business decisions. We call this ethos Knowledge. Shared.

Learn more by visiting janushenderson.com.




This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson, Janus, Henderson, Perkins, Intech and Henderson Geneva are trademarks or registered trademarks of Janus Henderson Investors. © Janus Henderson Investors. The name Janus Henderson Investors includes HGI Group Limited, Henderson Global Investors (Brand Management) Sarl and Janus International Holding LLC. Funds distributed by Janus Henderson Distributors
							125-02-93075 08-18



		ANNUAL REPORT June 30, 2018

	Janus Henderson 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

Janus Henderson Emerging Markets Managed Volatility Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	16
Statement of Assets and Liabilities	18
Statement of Operations	20
Statements of Changes in Net Assets	22
Financial Highlights	23
Notes to Financial Statements	27
Report of Independent Registered Public Accounting Firm	38
Additional Information	39
Useful Information About Your Fund Report	53
Designation Requirements	56
Trustees and Officers	57

Janus Henderson 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.

sub-advised by

Intech Investment

Management LLC

PERFORMANCE OVERVIEW

For the twelve-month period ended June 30, 2018, Janus Henderson Emerging Markets Managed Volatility Fund returned 12.82% for its Class I Shares. This compares to the 8.20% 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 Janus Henderson 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

After outperforming throughout 2017 and in the first quarter of 2018, emerging markets gave back some of those gains in the second quarter of 2018, and posted a return of 8.20% for the twelve-month period ending June 30, 2018. Janus Henderson Emerging Markets Managed Volatility Fund outperformed the MSCI Emerging Markets Index over the period and generated a return of 12.82%.

The Fund’s defensive positioning acted as a tailwind to relative performance as investors’ risk appetites decreased in emerging equity markets. On average, the Fund was overweight lower beta stocks, or stocks with lower sensitivity to market movements. During the period, lower beta stocks outperformed higher beta stocks as well as the overall market, on average. Consequently, the Fund’s overweight to lower beta stocks contributed to 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. While the Fund’s overall active-sector positioning detracted from relative performance during the period, an overall positive selection effect more than offset the adverse impact from sector positioning and contributed to the Fund’s relative performance. Specifically, an average underweight to the information technology sector, which was among the strongest performing sectors during the period, detracted from the Fund’s relative performance during the period. However, favorable selection effects among some consumer discretionary, real estate and consumer staples names were significant contributors to the Fund’s relative performance for 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.

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


Janus Investment Fund	1

Janus Henderson Emerging Markets Managed Volatility Fund (unaudited)

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 Janus Henderson Emerging Markets Managed Volatility Fund.


2	JUNE 30, 2018

Janus Henderson Emerging Markets Managed Volatility Fund (unaudited)

Fund At A Glance

June 30, 2018


5 Largest Equity Holdings - (% of Net Assets)
Chunghwa Telecom Co Ltd
Diversified Telecommunication Services	3.7%
Public Bank Bhd
Banks	2.7%
Taiwan Mobile Co Ltd
Wireless Telecommunication Services	2.7%
Far EasTone Telecommunications Co Ltd
Wireless Telecommunication Services	2.0%
CP ALL PCL
Food & Staples Retailing	2.0%
	13.1%


Asset Allocation - (% of Net Assets)
Common Stocks	99.2%
Preferred Stocks	0.5%
Other		0.3%
		100.0%

Emerging markets comprised 99.7% of total net assets.

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

As of June 30, 2018

As of June 30, 2017


Janus Investment Fund	3

Janus Henderson Emerging Markets Managed Volatility Fund (unaudited)

Performance

See important disclosures on the next page.



			Expense Ratios -
Average Annual Total Return - for the periods ended June 30, 2018			per the October 27, 2017 prospectuses
	One Year	Since Inception*	Total Annual Fund Operating Expenses	Net Annual Fund Operating Expenses
Class A Shares at NAV	12.50%	5.57%	7.62%	1.30%
Class A Shares at MOP	6.02%	3.82%
Class C Shares at NAV	11.66%	4.77%	8.20%	2.04%
Class C Shares at CDSC	10.66%	4.77%
Class D Shares⁽¹⁾	12.68%	5.69%	6.98%	1.22%
Class I Shares	12.82%	5.84%	7.71%	1.12%
Class N Shares	11.90%	-0.10%	7.65%	1.06%
Class S Shares	12.38%	5.46%	7.92%	1.56%
Class T Shares	12.64%	5.70%	7.76%	1.31%
MSCI Emerging Markets Index	8.20%	6.88%
Morningstar Quartile - Class I Shares	1st	3rd
Morningstar Ranking - based on total returns for Diversified Emerging Markets Funds	58/857	385/735

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, contractually agreed to through November 1, 2018.

The expense ratios for Class N Shares are estimated.


4	JUNE 30, 2018

Janus Henderson Emerging Markets Managed Volatility Fund (unaudited)

Performance

companies, real estate related securities including Real Estate Investment Trusts (REITs), derivatives, and commodity-linked investments. Each product has different risks. Please see the prospectus for more information about risks, holdings and other details.

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.

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 August 4, 2017. Performance shown for periods prior to August 4, 2017 reflects the performance of the Fund’s Class I Shares, calculated using the fees and expenses of Class N Shares, without the effect of any fee and expense limitations or waivers.

If Class N Shares of the Fund had been available during periods prior to August 4, 2017, the performance shown may have been different. The performance shown for periods following the Fund’s commencement Class N Shares reflects the fees and expenses of Class N Shares, 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.

Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

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

Janus Henderson Emerging Markets Managed Volatility Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (1/1/18)	Ending Account Value (6/30/18)	Expenses Paid During Period (1/1/18 - 6/30/18)†	Beginning Account Value (1/1/18)	Ending Account Value (6/30/18)	Expenses Paid During Period (1/1/18 - 6/30/18)†	Net Annualized Expense Ratio (1/1/18 - 6/30/18)
Class A Shares		$1,000.00	$975.50	$6.12	$1,000.00	$1,018.60	$6.26	1.25%
Class C Shares		$1,000.00	$972.10	$9.54	$1,000.00	$1,015.12	$9.74	1.95%
Class D Shares		$1,000.00	$976.40	$5.39	$1,000.00	$1,019.34	$5.51	1.10%
Class I Shares		$1,000.00	$977.30	$4.36	$1,000.00	$1,020.38	$4.46	0.89%
Class N Shares		$1,000.00	$977.20	$4.76	$1,000.00	$1,019.98	$4.86	0.97%
Class S Shares		$1,000.00	$974.70	$6.66	$1,000.00	$1,018.05	$6.81	1.36%
Class T Shares		$1,000.00	$976.40	$5.49	$1,000.00	$1,019.24	$5.61	1.12%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 181/365 (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	JUNE 30, 2018

Janus Henderson Emerging Markets Managed Volatility Fund

Schedule of Investments

June 30, 2018


Shares			Value
Common Stocks– 99.2%
Aerospace & Defense – 0.1%
	Embraer SA	1,300	$8,139
Air Freight & Logistics – 0.3%
	Hyundai Glovis Co Ltd	249	25,774
Airlines – 0.3%
	Turk Hava Yollari AO*	9,216	27,157
Auto Components – 0.7%
	Bharat Forge Ltd	838	7,489
	Bosch Ltd	12	3,065
	Fuyao Glass Industry Group Co Ltd (144A)	3,600	12,152
	Hankook Tire Co Ltd	50	1,885
	Hyundai Mobis Co Ltd	10	1,900
	Motherson Sumi Systems Ltd	10,360	42,989
			69,480
Automobiles – 1.9%
	Hero MotoCorp Ltd	425	21,535
	Hyundai Motor Co	613	68,975
	Kia Motors Corp	452	12,503
	Mahindra & Mahindra Ltd	630	8,235
	Maruti Suzuki India Ltd	571	73,505
			184,753
Banks – 21.1%
	Abu Dhabi Commercial Bank PJSC	19,932	38,327
	Alior Bank SA*	1,467	26,039
	Banco de Chile	1,036,976	159,909
	Banco Santander Chile	424,326	33,321
	Bancolombia SA	696	8,392
	Bank Central Asia Tbk PT	76,600	114,656
	Bank Mandiri Persero Tbk PT	137,100	65,182
	Bank Negara Indonesia Persero Tbk PT	75,100	36,776
	Bank Rakyat Indonesia Persero Tbk PT	54,000	10,659
	BDO Unibank Inc	15,670	36,779
	BNK Financial Group Inc	657	5,507
	Chang Hwa Commercial Bank Ltd	47,250	27,454
	China Development Financial Holding Corp	10,000	3,655
	CIMB Group Holdings Bhd	12,300	16,606
	Commercial Bank PQSC	5,567	58,253
	Credicorp Ltd	200	45,024
	CTBC Financial Holding Co Ltd	21,240	15,282
	Dubai Islamic Bank PJSC	69,031	91,295
	E.Sun Financial Holding Co Ltd	89,505	62,366
	First Abu Dhabi Bank PJSC	43,047	142,435
	First Financial Holding Co Ltd	138,657	93,677
	Grupo Financiero Banorte SAB de CV	800	4,717
	Hong Leong Bank Bhd	11,500	51,754
	Hua Nan Financial Holdings Co Ltd	62,450	36,348
	Industrial Bank of Korea	1,266	17,477
	Kasikornbank PCL	3,600	21,688
	KB Financial Group Inc	237	11,217
	Komercni banka as	483	20,328
	Krung Thai Bank PCL	57,500	29,000
	Malayan Banking Bhd	55,200	122,962
	Masraf Al Rayan QSC	2,423	23,251
	Mega Financial Holding Co Ltd	19,000	16,756
	Moneta Money Bank AS	8,386	28,794
	Nedbank Group Ltd	1,119	20,354
	OTP Bank Nyrt	1,096	39,752
	Powszechna Kasa Oszczednosci Bank Polski SA	452	4,444
	Public Bank Bhd	44,700	258,416
	Qatar Islamic Bank SAQ	262	8,352


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

Janus Investment Fund	7

Janus Henderson Emerging Markets Managed Volatility Fund

Schedule of Investments

June 30, 2018


Shares			Value
Common Stocks– (continued)
Banks – (continued)
	Qatar National Bank QPSC	458	$19,125
	Sberbank of Russia PJSC (ADR)	3,411	49,102
	Siam Commercial Bank PCL	1,200	4,294
	SinoPac Financial Holdings Co Ltd	75,000	27,043
	Standard Bank Group Ltd	671	9,353
	Taishin Financial Holding Co Ltd	13,538	6,391
	Taiwan Cooperative Financial Holding Co Ltd	147,588	86,386
			2,008,898
Beverages – 1.3%
	Arca Continental SAB de CV	3,100	19,088
	China Resources Beer Holdings Co Ltd	14,000	67,746
	Cia Cervecerias Unidas SA	2,998	37,543
	United Spirits Ltd*	405	3,927
			128,304
Biotechnology – 0.7%
	3SBio Inc (144A)	10,500	23,739
	Celltrion Inc	15	4,079
	Medy-Tox Inc	51	35,076
			62,894
Chemicals – 2.7%
	Asian Paints Ltd	568	10,474
	Formosa Plastics Corp	2,000	7,375
	Indorama Ventures PCL	34,700	57,220
	Lotte Chemical Corp	6	1,871
	Mexichem SAB de CV	3,100	8,966
	Nan Ya Plastics Corp	2,000	5,715
	Petronas Chemicals Group Bhd	33,900	70,551
	PTT Global Chemical PCL	38,300	84,312
	Sinopec Shanghai Petrochemical Co Ltd	12,000	7,245
			253,729
Commercial Services & Supplies – 0.2%
	China Everbright International Ltd	17,000	21,884
Construction & Engineering – 0.3%
	China Railway Group Ltd	5,000	3,759
	Gamuda Bhd	5,400	4,374
	GS Engineering & Construction Corp	419	17,246
	Hyundai Engineering & Construction Co Ltd	138	7,097
			32,476
Construction Materials – 0.6%
	Anhui Conch Cement Co Ltd	1,500	8,521
	Asia Cement Corp	6,000	6,586
	Shree Cement Ltd	22	4,991
	Taiwan Cement Corp	24,000	33,318
			53,416
Consumer Finance – 0.5%
	Mahindra & Mahindra Financial Services Ltd	354	2,423
	Shriram Transport Finance Co Ltd	2,528	47,934
			50,357
Containers & Packaging – 0%
	Klabin SA	800	4,046
Diversified Consumer Services – 0.3%
	New Oriental Education & Technology Group Inc (ADR)	200	18,932
	TAL Education Group (ADR)*	300	11,040
			29,972
Diversified Financial Services – 0.2%
	Ayala Corp	235	4,051
	Chailease Holding Co Ltd	2,000	6,553
	FirstRand Ltd	177	824


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

8	JUNE 30, 2018

Janus Henderson Emerging Markets Managed Volatility Fund

Schedule of Investments

June 30, 2018


Shares			Value
Common Stocks– (continued)
Diversified Financial Services – (continued)
	Fubon Financial Holding Co Ltd	1,000	$1,675
	GT Capital Holdings Inc	95	1,620
			14,723
Diversified Telecommunication Services – 5.4%
	China Telecom Corp Ltd	18,000	8,394
	Chunghwa Telecom Co Ltd	98,000	353,500
	Emirates Telecommunications Group Co PJSC	14,846	65,316
	Hellenic Telecommunications Organization SA	5,327	65,900
	Telekomunikasi Indonesia Persero Tbk PT	36,100	9,459
	True Corp PCL	51,100	8,180
			510,749
Electric Utilities – 3.1%
	CEZ AS	4,071	96,617
	Enel Chile SA	224,361	22,162
	Equatorial Energia SA	2,000	29,306
	Interconexion Electrica SA ESP	7,553	37,388
	Tenaga Nasional Bhd	30,100	109,147
			294,620
Electronic Equipment, Instruments & Components – 0.2%
	AU Optronics Corp	2,000	847
	Sunny Optical Technology Group Co Ltd	700	12,872
	WPG Holdings Ltd	4,000	5,664
			19,383
Energy Equipment & Services – 0.9%
	Dialog Group Bhd	116,300	88,831
Equity Real Estate Investment Trusts (REITs) – 0.3%
	Fibra Uno Administracion SA de CV	4,800	6,972
	Growthpoint Properties Ltd	5,599	10,903
	Redefine Properties Ltd	15,013	11,484
			29,359
Food & Staples Retailing – 3.6%
	Berli Jucker PCL	26,200	39,963
	CP ALL PCL	86,600	192,067
	E-MART Inc	50	11,412
	Pick n Pay Stores Ltd	1,820	9,961
	President Chain Store Corp	3,000	33,966
	Shoprite Holdings Ltd	251	4,027
	SPAR Group Ltd	1,589	21,473
	Sun Art Retail Group Ltd	11,500	14,980
	Wal-Mart de Mexico SAB de CV	4,700	12,394
			340,243
Food Products – 5.1%
	Britannia Industries Ltd	656	59,469
	Charoen Pokphand Foods PCL	8,300	6,066
	China Huishan Dairy Holdings Co Ltd*^,¢	55,000	0
	China Mengniu Dairy Co Ltd*	1,000	3,373
	Gruma SAB de CV	740	9,053
	IOI Corp Bhd	64,200	72,185
	Kuala Lumpur Kepong Bhd	9,700	58,039
	Nestle India Ltd	201	28,770
	Nestle Malaysia Bhd	700	25,524
	Orion Corp/Republic of Korea	578	77,200
	PPB Group Bhd	10,600	51,614
	Sime Darby Plantation Bhd	5,300	6,991
	Tingyi Cayman Islands Holding Corp	18,000	41,732
	Uni-President Enterprises Corp	1,000	2,536
	Want Want China Holdings Ltd	50,000	44,176
			486,728


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

Janus Investment Fund	9

Janus Henderson Emerging Markets Managed Volatility Fund

Schedule of Investments

June 30, 2018


Shares			Value
Common Stocks– (continued)
Gas Utilities – 2.0%
	China Gas Holdings Ltd	19,200	$77,128
	China Resources Gas Group Ltd	4,000	17,289
	ENN Energy Holdings Ltd	5,000	49,103
	GAIL India Ltd	4,009	19,919
	Infraestructura Energetica Nova SAB de CV	4,300	19,196
	Petronas Gas Bhd	1,200	5,131
			187,766
Health Care Providers & Services – 1.7%
	Bangkok Dusit Medical Services PCL	57,000	42,977
	Bumrungrad Hospital PCL	800	4,022
	IHH Healthcare Bhd	18,200	27,480
	Life Healthcare Group Holdings Ltd	7,821	14,186
	Netcare Ltd	15,979	32,172
	Shanghai Pharmaceuticals Holding Co Ltd	1,600	4,394
	Sinopharm Group Co Ltd	8,000	32,093
			157,324
Hotels, Restaurants & Leisure – 1.9%
	Jollibee Foods Corp	9,930	48,948
	Kangwon Land Inc	72	1,688
	Minor International PCL	45,200	44,253
	OPAP SA	3,361	37,660
	Yum China Holdings Inc	1,300	49,998
			182,547
Household Durables – 0.3%
	Haier Electronics Group Co Ltd*	8,000	27,344
Household Products – 1.1%
	Hindustan Unilever Ltd	2,460	58,904
	Kimberly-Clark de Mexico SAB de CV	12,400	20,952
	Unilever Indonesia Tbk PT	8,700	27,973
			107,829
Independent Power and Renewable Electricity Producers – 0.5%
	CGN Power Co Ltd (144A)	22,000	5,669
	China Longyuan Power Group Corp Ltd	7,000	5,615
	China Resources Power Holdings Co Ltd	6,000	10,519
	Colbun SA	30,394	6,284
	Huaneng Power International Inc	8,000	5,286
	Huaneng Renewables Corp Ltd	32,000	10,599
	NTPC Ltd	1,753	4,085
			48,057
Industrial Conglomerates – 1.8%
	Bidvest Group Ltd	2,503	35,925
	Far Eastern New Century Corp	2,000	1,894
	Industries Qatar QSC	1,150	33,804
	SM Investments Corp	6,290	103,116
			174,739
Information Technology Services – 2.1%
	HCL Technologies Ltd	1,506	20,318
	Infosys Ltd	2,604	49,966
	Tata Consultancy Services Ltd	1,888	50,813
	Tech Mahindra Ltd	7,433	71,059
	Wipro Ltd	1,171	4,482
			196,638
Insurance – 0.6%
	Bajaj Finserv Ltd	74	6,274
	China Life Insurance Co Ltd/Taiwan	6,000	6,315
	DB Insurance Co Ltd	18	953
	Hyundai Marine & Fire Insurance Co Ltd	754	22,784
	Samsung Fire & Marine Insurance Co Ltd	60	14,210


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

10	JUNE 30, 2018

Janus Henderson Emerging Markets Managed Volatility Fund

Schedule of Investments

June 30, 2018


Shares			Value
Common Stocks– (continued)
Insurance – (continued)
	Sanlam Ltd	711	$3,608
			54,144
Internet Software & Services – 1.5%
	Autohome Inc (ADR)	100	10,100
	Tencent Holdings Ltd	2,600	129,479
			139,579
Machinery – 1.9%
	Ashok Leyland Ltd	6,773	12,426
	China Conch Venture Holdings Ltd	28,000	102,326
	Eicher Motors Ltd	44	18,347
	Hiwin Technologies Corp	4,000	47,164
			180,263
Marine – 0.1%
	MISC Bhd	4,100	6,013
Media – 0.1%
	Zee Entertainment Enterprises Ltd	629	4,992
Metals & Mining – 2.5%
	China Steel Corp	5,000	3,886
	Eregli Demir ve Celik Fabrikalari TAS	16,023	35,567
	JSW Steel Ltd	5,099	24,289
	MMC Norilsk Nickel PJSC (ADR)	2,526	45,120
	Novolipetsk Steel OJSC (GDR)	2,691	65,238
	Severstal PJSC (GDR)	3,567	52,103
	Southern Copper Corp	300	14,061
	Vale SA	34	435
			240,699
Multiline Retail – 1.4%
	Lotte Shopping Co Ltd	136	25,605
	SACI Falabella	1,997	18,333
	Shinsegae Inc	242	87,067
	Woolworths Holdings Ltd/South Africa	1,042	4,208
			135,213
Oil, Gas & Consumable Fuels – 8.0%
	CNOOC Ltd	13,000	22,273
	Coal India Ltd	15,767	60,803
	Ecopetrol SA	48,175	49,750
	Empresas COPEC SA	2,224	34,227
	Formosa Petrochemical Corp	3,000	12,032
	Gazprom PJSC (ADR)	6,709	29,458
	Indian Oil Corp Ltd	2,990	6,803
	IRPC PCL	343,300	60,046
	LUKOIL PJSC (ADR)	1,120	76,442
	MOL Hungarian Oil & Gas PLC	192	1,857
	Novatek PJSC (GDR)	271	40,142
	Oil & Natural Gas Corp Ltd	4,475	10,324
	Petronet LNG Ltd	1,209	3,865
	PTT Exploration & Production PCL	11,000	46,584
	PTT PCL	31,000	44,862
	Reliance Industries Ltd	6,239	88,472
	Rosneft Oil Co PJSC (GDR)*	2,282	14,139
	Tatneft PJSC (ADR)	1,204	76,041
	Thai Oil PCL	24,500	57,450
	Tupras Turkiye Petrol Rafinerileri AS	92	2,164
	United Tractors Tbk PT	12,800	28,171
			765,905
Paper & Forest Products – 1.1%
	Empresas CMPC SA	9,223	33,956
	Fibria Celulose SA	900	16,855
	Mondi Ltd	671	18,188


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

Janus Investment Fund	11

Janus Henderson Emerging Markets Managed Volatility Fund

Schedule of Investments

June 30, 2018


Shares			Value
Common Stocks– (continued)
Paper & Forest Products – (continued)
	Sappi Ltd	1,551	$10,327
	Suzano Papel e Celulose SA	1,800	20,889
			100,215
Personal Products – 2.2%
	Dabur India Ltd	12,566	71,758
	Godrej Consumer Products Ltd	753	13,466
	Hengan International Group Co Ltd	9,500	90,855
	LG Household & Health Care Ltd	23	28,797
			204,876
Pharmaceuticals – 2.6%
	China Medical System Holdings Ltd	3,000	5,968
	China Resources Pharmaceutical Group Ltd (144A)	10,000	13,806
	Cipla Ltd/India	798	7,179
	CSPC Pharmaceutical Group Ltd	48,000	144,285
	Richter Gedeon Nyrt	2,440	44,639
	Sino Biopharmaceutical Ltd	22,500	34,335
	Sun Pharmaceutical Industries Ltd	103	847
			251,059
Real Estate Management & Development – 1.8%
	Aldar Properties PJSC	25,352	13,959
	Central Pattana PCL	34,300	72,183
	Country Garden Holdings Co Ltd	24,000	41,872
	Fullshare Holdings Ltd*	15,000	7,413
	SM Prime Holdings Inc	54,700	36,817
			172,244
Semiconductor & Semiconductor Equipment – 1.0%
	Hanergy Thin Film Power Group Ltd*^,¢	52,000	2,121
	SK Hynix Inc	1,078	82,640
	United Microelectronics Corp	16,000	9,093
			93,854
Specialty Retail – 0.4%
	Foschini Group Ltd	40	507
	Hotel Shilla Co Ltd	115	12,728
	Mr Price Group Ltd	226	3,715
	Truworths International Ltd	3,017	17,004
			33,954
Technology Hardware, Storage & Peripherals – 0.2%
	Asustek Computer Inc	2,000	18,257
	Samsung Electronics Co Ltd	48	2,004
			20,261
Textiles, Apparel & Luxury Goods – 1.7%
	ANTA Sports Products Ltd	19,000	99,957
	CCC SA	30	1,655
	Eclat Textile Co Ltd	1,000	11,880
	Shenzhou International Group Holdings Ltd	4,000	49,049
			162,541
Tobacco – 1.4%
	Gudang Garam Tbk PT	3,400	15,937
	Hanjaya Mandala Sampoerna Tbk PT	124,600	31,059
	ITC Ltd	10,193	39,568
	KT&G Corp	455	43,636
			130,200
Transportation Infrastructure – 2.5%
	Airports of Thailand PCL	70,700	134,532
	Bangkok Expressway & Metro PCL	235,600	52,929
	Grupo Aeroportuario del Pacifico SAB de CV	500	4,631
	Jiangsu Expressway Co Ltd	18,000	21,376
	Malaysia Airports Holdings Bhd	6,000	13,077


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

12	JUNE 30, 2018

Janus Henderson Emerging Markets Managed Volatility Fund

Schedule of Investments

June 30, 2018


Shares			Value
Common Stocks– (continued)
Transportation Infrastructure – (continued)
	Promotora y Operadora de Infraestructura SAB de CV	1,675	$14,969
			241,514
Water Utilities – 0.6%
	Guangdong Investment Ltd	38,000	60,169
Wireless Telecommunication Services – 6.4%
	Advanced Info Service PCL	2,000	11,174
	Axiata Group Bhd	64,000	60,248
	Bharti Airtel Ltd	344	1,917
	DiGi.Com Bhd	43,300	44,422
	Far EasTone Telecommunications Co Ltd	75,000	194,142
	Maxis Bhd	20,800	28,095
	PLDT Inc	400	9,560
	Taiwan Mobile Co Ltd	71,000	257,337
	Turkcell Iletisim Hizmetleri AS	1,323	3,494
	Vodacom Group Ltd	369	3,298
			613,687
Total Common Stocks (cost $9,229,121)			9,439,541
Preferred Stocks– 0.5%
Automobiles – 0.4%
	Hyundai Motor Co	425	31,346
	Hyundai Motor Co (2nd Pref)	87	7,085
			38,431
Banks – 0.1%
	Bancolombia SA	814	9,926
Total Preferred Stocks (cost $53,508)			48,357
Total Investments (total cost $9,282,629) – 99.7%			9,487,898
Cash, Receivables and Other Assets, net of Liabilities – 0.3%			33,320
Net Assets – 100%			$9,521,218


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

Janus Investment Fund	13

Janus Henderson Emerging Markets Managed Volatility Fund

Schedule of Investments

June 30, 2018


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

		% of
		Investment
Country	Value	Securities
China	$1,430,966	15.1	%
Taiwan	1,395,093	14.7
Malaysia	1,121,460	11.8
Thailand	1,013,802	10.7
India	965,682	10.2
South Korea	659,762	7.0
Russia	447,785	4.7
United Arab Emirates	351,332	3.7
Chile	345,735	3.7
Indonesia	339,872	3.6
Philippines	240,891	2.5
South Africa	231,517	2.5
Czech Republic	145,739	1.5
Qatar	142,785	1.5
Mexico	120,938	1.3
Colombia	105,456	1.1
Greece	103,560	1.1
Hungary	86,248	0.9
Brazil	79,670	0.8
Turkey	68,382	0.7
Peru	59,085	0.6
Poland	32,138	0.3



Total	$9,487,898	100.0	%


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

14	JUNE 30, 2018

Janus Henderson Emerging Markets Managed Volatility Fund

Schedule of Investments

June 30, 2018

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 6/30/18
Investment Companies - N/A
Money Markets - N/A
	Janus Henderson Cash Liquidity Fund LLC,1.8501%^ºº	$	2,065	$	-	$	-	$	-


		Share Balance at 6/30/17		Purchases		Sales		Share Balance at 6/30/18
Investment Companies - N/A
Money Markets - N/A
	Janus Henderson Cash Liquidity Fund LLC,1.8501%^ºº		36,000		7,978,680		(8,014,680)		-


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

Janus Investment Fund	15

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Schedule of Investments and Other Information


MSCI Emerging Markets Index^SM	MSCI Emerging Markets Index^SM reflects the 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


*	Non-income producing security.


ºº	Rate shown is the 7-day yield as of June 30, 2018.


¢	Security is valued using significant unobservable inputs.


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 June 30, 2018. 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
Air Freight & Logistics	$	-	$	25,774	$	-
Airlines		-		27,157		-
Auto Components		-		69,480		-
Automobiles		-		184,753		-
Banks		251,363		1,757,535		-
Beverages		56,631		71,673		-
Biotechnology		-		62,894		-
Chemicals		8,966		244,763		-
Commercial Services & Supplies		-		21,884		-
Construction & Engineering		-		32,476		-
Construction Materials		-		53,416		-
Consumer Finance		-		50,357		-


16	JUNE 30, 2018

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Schedule of Investments and Other Information


Valuation Inputs Summary
				Level 2 -		Level 3 -
		Level 1 -		Other Significant		Significant
		Quotes Prices		Observable Inputs		Unobservable Inputs
Diversified Financial Services		-		14,723		-
Diversified Telecommunication Services		-		510,749		-
Electric Utilities		88,856		205,764		-
Electronic Equipment, Instruments & Components		-		19,383		-
Energy Equipment & Services		-		88,831		-
Equity Real Estate Investment Trusts (REITs)		6,972		22,387		-
Food & Staples Retailing		12,394		327,849		-
Food Products		9,053		477,675		-
Gas Utilities		19,196		168,570		-
Health Care Providers & Services		-		157,324		-
Hotels, Restaurants & Leisure		49,998		132,549		-
Household Durables		-		27,344		-
Household Products		20,952		86,877		-
Independent Power and Renewable Electricity Producers		6,284		41,773		-
Industrial Conglomerates		-		174,739		-
Information Technology Services		-		196,638		-
Insurance		-		54,144		-
Internet Software & Services		10,100		129,479		-
Machinery		-		180,263		-
Marine		-		6,013		-
Media		-		4,992		-
Metals & Mining		14,496		226,203		-
Multiline Retail		18,333		116,880		-
Oil, Gas & Consumable Fuels		83,977		681,928		-
Paper & Forest Products		71,700		28,515		-
Personal Products		-		204,876		-
Pharmaceuticals		-		251,059		-
Real Estate Management & Development		-		172,244		-
Semiconductor & Semiconductor Equipment		-		91,733		2,121
Specialty Retail		-		33,954		-
Technology Hardware, Storage & Peripherals		-		20,261		-
Textiles, Apparel & Luxury Goods		-		162,541		-
Tobacco		-		130,200		-
Transportation Infrastructure		19,600		221,914		-
Water Utilities		-		60,169		-
Wireless Telecommunication Services		-		613,687		-
All Other		42,157		-		-
Preferred Stocks		-		48,357		-
Total Assets	$	791,028	$	8,694,749	$	2,121


Janus Investment Fund	17

Janus Henderson Emerging Markets Managed Volatility Fund

Statement of Assets and Liabilities

June 30, 2018

See footnotes at the end of the Statement.



Assets:
	Investments, at value⁽¹⁾		$	9,487,898
	Cash denominated in foreign currency⁽²⁾			92,213
	Non-interested Trustees' deferred compensation			200
	Receivables:
		Investments sold		53,224
		Dividends		31,874
		Due from adviser		16,259
		Fund shares sold		703
		Foreign tax reclaims		22
	Other assets			52
Total Assets				9,682,445
Liabilities:
	Due to custodian			57,151
	Payables:			—
		Professional fees		34,671
		Fund shares repurchased		23,584
		Non-affiliated fund administration fees payable		14,552
		Registration fees		10,848
		Advisory fees		8,198
		Custodian fees		3,031
		Transfer agent fees and expenses		2,087
		12b-1 Distribution and shareholder servicing fees		204
		Non-interested Trustees' deferred compensation fees		200
		Non-interested Trustees' fees and expenses		58
		Affiliated fund administration fees payable		22
		Accrued expenses and other payables		6,621
Total Liabilities				161,227
Net Assets			$	9,521,218


See Notes to Financial Statements.

18	JUNE 30, 2018

Janus Henderson Emerging Markets Managed Volatility Fund

Statement of Assets and Liabilities

June 30, 2018




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	8,767,611
	Undistributed net investment income/(loss)		1,819
	Undistributed net realized gain/(loss) from investments and foreign currency transactions		546,650
	Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation		205,138
Total Net Assets		$	9,521,218
Net Assets - Class A Shares		$	409,637
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		35,413
Net Asset Value Per Share⁽³⁾		$	11.57
Maximum Offering Price Per Share⁽⁴⁾		$	12.28
Net Assets - Class C Shares		$	93,477
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		8,118
Net Asset Value Per Share⁽³⁾		$	11.51
Net Assets - Class D Shares		$	7,046,500
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		609,269
Net Asset Value Per Share		$	11.57
Net Assets - Class I Shares		$	102,129
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		8,776
Net Asset Value Per Share		$	11.64
Net Assets - Class N Shares		$	1,614,308
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		139,328
Net Asset Value Per Share		$	11.59
Net Assets - Class S Shares		$	60,310
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		5,214
Net Asset Value Per Share		$	11.57
Net Assets - Class T Shares		$	194,857
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		16,828
Net Asset Value Per Share		$	11.58

(1) Includes cost of $9,282,629.

(2) Includes cost of $117,376.

(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	19

Janus Henderson Emerging Markets Managed Volatility Fund

Statement of Operations

For the year ended June 30, 2018⁽¹⁾

See footnotes at the end of the Statement.



Investment Income:
	Dividends		$	247,600
	Dividends from affiliates			2,065
	Other income			1,180
	Foreign tax withheld			(26,272)
Total Investment Income				224,573
Expenses:
	Advisory fees			87,858
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		503
		Class C Shares		1,055
		Class S Shares		152
	Transfer agent administrative fees and expenses:
		Class D Shares		8,769
		Class S Shares		152
		Class T Shares		516
	Transfer agent networking and omnibus fees:
		Class A Shares		24
		Class C Shares		23
		Class I Shares		371
	Other transfer agent fees and expenses:
		Class A Shares		91
		Class C Shares		21
		Class D Shares		2,003
		Class I Shares		99
		Class N Shares		105
		Class S Shares		15
		Class T Shares		24
	Registration fees			109,869
	Professional fees			63,590
	Custodian fees			58,379
	Non-affiliated fund administration fees			14,552
	Shareholder reports expense			4,695
	Affiliated fund administration fees			563
	Non-interested Trustees’ fees and expenses			272
	Other expenses			3,366
Total Expenses				357,067
Less: Excess Expense Reimbursement and Waivers				(252,177)
Net Expenses				104,890
Net Investment Income/(Loss)				119,683


See Notes to Financial Statements.

20	JUNE 30, 2018

Janus Henderson Emerging Markets Managed Volatility Fund

Statement of Operations

For the year ended June 30, 2018(1)



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions⁽²⁾	$	857,517
Total Net Realized Gain/(Loss) on Investments			857,517
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation⁽³⁾		(283,465)
Total Change in Unrealized Net Appreciation/Depreciation			(283,465)
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	693,735

(1) Period from August 4, 2017 (inception date) through June 30, 2018 for Class N Shares.

(2) Includes realized foreign capital gains tax on investments of $(4,548).

(3) Includes change in unrealized appreciation/depreciation of $2,436 due to foreign capital gains tax on investments.


See Notes to Financial Statements.

Janus Investment Fund	21

Janus Henderson Emerging Markets Managed Volatility Fund

Statements of Changes in Net Assets



			Year ended June 30, 2018⁽¹⁾		Year ended June 30, 2017

Operations:
	Net investment income/(loss)		$	119,683	$	36,737
	Net realized gain/(loss) on investments			857,517		(67,218)
	Change in unrealized net appreciation/depreciation			(283,465)		452,435
Net Increase/(Decrease) in Net Assets Resulting from Operations				693,735		421,954
Dividends and Distributions to Shareholders:
	Dividends from Net Investment Income
		Class A Shares		(2,398)		(1,470)
		Class C Shares		(701)		(105)
		Class D Shares		(100,880)		(22,736)
		Class I Shares		(2,120)		(10,436)
		Class N Shares		(19,377)		N/A
		Class S Shares		(694)		(441)
		Class T Shares		(3,217)		(1,748)
	Total Dividends from Net Investment Income			(129,387)		(36,936)
	Distributions from Net Realized Gain from Investment Transactions
		Class A Shares		(998)		—
		Class C Shares		(497)		—
		Class D Shares		(37,425)		—
		Class I Shares		(1,070)		—
		Class N Shares		(6,727)		N/A
		Class S Shares		(316)		—
		Class T Shares		(1,212)		—
	Total Distributions from Net Realized Gain from Investment Transactions			(48,245)		—
Net Decrease from Dividends and Distributions to Shareholders				(177,632)		(36,936)
Capital Share Transactions:
		Class A Shares		233,739		8,970
		Class C Shares		2,371		31,105
		Class D Shares		2,431,763		2,432,061
		Class I Shares		(822,406)		109,466
		Class N Shares		1,639,044		N/A
		Class S Shares		1,010		441
		Class T Shares		2,517		(16,332)
Net Increase/(Decrease) from Capital Share Transactions				3,488,038		2,565,711
Net Increase/(Decrease) in Net Assets				4,004,141		2,950,729
Net Assets:
	Beginning of period			5,517,077		2,566,348
	End of period		$	9,521,218	$	5,517,077

Undistributed Net Investment Income/(Loss)			$	1,819	$	13,919

(1) Period from August 4, 2017 (inception date) through June 30, 2018 for Class N Shares.


See Notes to Financial Statements.

22	JUNE 30, 2018

Janus Henderson Emerging Markets Managed Volatility Fund

Financial Highlights


Class A Shares
For a share outstanding during each year or period ended June 30			2018	2017	2016		2015⁽¹⁾
	Net Asset Value, Beginning of Period		$10.47	$9.48	$10.49		$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.17	0.08	0.18		0.06
		Net realized and unrealized gain/(loss)	1.14	1.01	(1.03)		0.43
	Total from Investment Operations		1.31	1.09	(0.85)		0.49
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.15)	(0.10)	(0.08)		—
		Distributions (from capital gains)	(0.06)	—	(0.08)		—
	Total Dividends and Distributions		(0.21)	(0.10)	(0.16)		—
	Net Asset Value, End of Period		$11.57	$10.47	$9.48		$10.49
	Total Return*		12.50%	11.64%	(8.06)%		4.90%
	Net Assets, End of Period (in thousands)		$410	$169	$145		$157
	Average Net Assets for the Period (in thousands)		$206	$152	$140		$159
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	4.40%	7.53%	10.33%		36.27%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.30%	1.29%	1.30%		1.31%
		Ratio of Net Investment Income/(Loss)	1.46%	0.85%	1.89%		1.05%
	Portfolio Turnover Rate		132%	116%	84%		43%
						1


Class C Shares
For a share outstanding during each year or period ended June 30			2018	2017	2016	2015⁽¹⁾
	Net Asset Value, Beginning of Period		$10.44	$9.44	$10.44	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.06	0.01	0.10	0.02
		Net realized and unrealized gain/(loss)	1.16	1.01	(1.02)	0.42
	Total from Investment Operations		1.22	1.02	(0.92)	0.44
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.09)	(0.02)	—⁽³⁾	—
		Distributions (from capital gains)	(0.06)	—	(0.08)	—
	Total Dividends and Distributions		(0.15)	(0.02)	(0.08)	—
	Net Asset Value, End of Period		$11.51	$10.44	$9.44	$10.44
	Total Return*		11.66%	10.85%	(8.77)%	4.40%
	Net Assets, End of Period (in thousands)		$93	$84	$48	$52
	Average Net Assets for the Period (in thousands)		$108	$52	$46	$53
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	5.29%	8.12%	11.11%	37.08%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.00%	2.05%	2.08%	2.09%
		Ratio of Net Investment Income/(Loss)	0.54%	0.14%	1.11%	0.27%
	Portfolio Turnover Rate		132%	116%	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	23

Janus Henderson Emerging Markets Managed Volatility Fund

Financial Highlights


Class D Shares
For a share outstanding during each year or period ended June 30			2018	2017	2016	2015⁽¹⁾
	Net Asset Value, Beginning of Period		$10.47	$9.49	$10.49	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.15	0.10	0.19	0.08
		Net realized and unrealized gain/(loss)	1.18	0.99	(1.02)	0.41
	Total from Investment Operations		1.33	1.09	(0.83)	0.49
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.17)	(0.11)	(0.09)	—
		Distributions (from capital gains)	(0.06)	—	(0.08)	—
	Total Dividends and Distributions		(0.23)	(0.11)	(0.17)	—
	Net Asset Value, End of Period		$11.57	$10.47	$9.49	$10.49
	Total Return*		12.68%	11.70%	(7.89)%	4.90%
	Net Assets, End of Period (in thousands)		$7,047	$4,206	$1,488	$1,335
	Average Net Assets for the Period (in thousands)		$7,312	$2,602	$1,194	$1,037
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	3.79%	6.89%	10.26%	27.16%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.13%	1.22%	1.19%	1.23%
		Ratio of Net Investment Income/(Loss)	1.27%	1.00%	2.08%	1.38%
	Portfolio Turnover Rate		132%	116%	84%	43%


Class I Shares
For a share outstanding during each year or period ended June 30			2018	2017	2016	2015⁽¹⁾
	Net Asset Value, Beginning of Period		$10.48	$9.49	$10.50	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.21	0.10	0.21	0.10
		Net realized and unrealized gain/(loss)	1.13	1.01	(1.04)	0.40
	Total from Investment Operations		1.34	1.11	(0.83)	0.50
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.12)	(0.12)	(0.10)	—
		Distributions (from capital gains)	(0.06)	—	(0.08)	—
	Total Dividends and Distributions		(0.18)	(0.12)	(0.18)	—
	Net Asset Value, End of Period		$11.64	$10.48	$9.49	$10.50
	Total Return*		12.82%	11.93%	(7.82)%	5.00%
	Net Assets, End of Period (in thousands)		$102	$831	$664	$305
	Average Net Assets for the Period (in thousands)		$374	$765	$391	$181
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	4.79%	7.62%	9.29%	27.37%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.18%	1.10%	1.04%	1.05%
		Ratio of Net Investment Income/(Loss)	1.79%	0.97%	2.30%	1.79%
	Portfolio Turnover Rate		132%	116%	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.

24	JUNE 30, 2018

Janus Henderson Emerging Markets Managed Volatility Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended June 30			2018⁽¹⁾
	Net Asset Value, Beginning of Period		$11.10
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.15
		Net realized and unrealized gain/(loss)	0.58
	Total from Investment Operations		0.73
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.18)
		Distributions (from capital gains)	(0.06)
	Total Dividends and Distributions		(0.24)
	Net Asset Value, End of Period		$11.59
	Total Return*		6.57%
	Net Assets, End of Period (in thousands)		$1,614
	Average Net Assets for the Period (in thousands)		$1,086
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	3.50%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.97%
		Ratio of Net Investment Income/(Loss)	1.35%
	Portfolio Turnover Rate		132%


Class S Shares
For a share outstanding during each year or period ended June 30			2018	2017	2016	2015⁽³⁾
	Net Asset Value, Beginning of Period		$10.47	$9.48	$10.47	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.14	0.07	0.17	0.04
		Net realized and unrealized gain/(loss)	1.16	1.01	(1.02)	0.43
	Total from Investment Operations		1.30	1.08	(0.85)	0.47
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.14)	(0.09)	(0.06)	—
		Distributions (from capital gains)	(0.06)	—	(0.08)	—
	Total Dividends and Distributions		(0.20)	(0.09)	(0.14)	—
	Net Asset Value, End of Period		$11.57	$10.47	$9.48	$10.47
	Total Return*		12.38%	11.52%	(8.06)%	4.70%
	Net Assets, End of Period (in thousands)		$60	$54	$48	$52
	Average Net Assets for the Period (in thousands)		$61	$50	$47	$53
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	5.54%	7.83%	10.55%	36.54%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.40%	1.42%	1.33%	1.58%
		Ratio of Net Investment Income/(Loss)	1.15%	0.71%	1.87%	0.78%
	Portfolio Turnover Rate		132%	116%	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 August 4, 2017 (inception date) through June 30, 2018.

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

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


See Notes to Financial Statements.

Janus Investment Fund	25

Janus Henderson Emerging Markets Managed Volatility Fund

Financial Highlights


Class T Shares
For a share outstanding during each year or period ended June 30			2018	2017	2016	2015⁽¹⁾
	Net Asset Value, Beginning of Period		$10.48	$9.49	$10.49	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.16	0.09	0.19	0.06
		Net realized and unrealized gain/(loss)	1.16	1.01	(1.02)	0.43
	Total from Investment Operations		1.32	1.10	(0.83)	0.49
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.16)	(0.11)	(0.09)	—
		Distributions (from capital gains)	(0.06)	—	(0.08)	—
	Total Dividends and Distributions		(0.22)	(0.11)	(0.17)	—
	Net Asset Value, End of Period		$11.58	$10.48	$9.49	$10.49
	Total Return*		12.64%	11.78%	(7.89)%	4.90%
	Net Assets, End of Period (in thousands)		$195	$174	$175	$169
	Average Net Assets for the Period (in thousands)		$207	$170	$155	$165
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	4.51%	7.67%	10.26%	35.55%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.16%	1.18%	1.11%	1.32%
		Ratio of Net Investment Income/(Loss)	1.36%	0.93%	2.10%	1.07%
	Portfolio Turnover Rate		132%	116%	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.

26	JUNE 30, 2018

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Financial Statements

1. Organization and Significant Accounting Policies

Janus Henderson Emerging Markets Managed Volatility Fund (the “Fund”) is a series 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 49 funds, each of which offers multiple share classes, 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	27

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Financial Statements

Valuation Inputs Summary

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

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


28	JUNE 30, 2018

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Financial Statements

securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments and Other Information.

Financial assets of $2,808,184 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.

The Fund did not hold a significant amount of Level 3 securities as of June 30, 2018.

Investment Transactions and Investment Income

Expenses

Estimates

Indemnifications

Foreign Currency Translations

Dividends and Distributions


Janus Investment Fund	29

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Financial Statements

Federal Income Taxes

2. Other Investments and Strategies

Additional Investment Risk


30	JUNE 30, 2018

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Financial Statements

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”). There is considerable uncertainty about how Brexit will be conducted, how negotiations of necessary treaties and trade agreements will proceed, or how financial markets will react. In addition, one or more other countries may also abandon the euro and/or withdraw from the EU, placing its currency and banking system in jeopardy.

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.

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


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


Janus Investment Fund	31

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Financial Statements

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 total annual fund operating expenses, including the investment advisory fee, but excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus/administrative fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.95% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waivers until at least November 1, 2018. The previous expense limit (until November 1, 2017) was 1.08%. If applicable, amounts waived and/or reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.


32	JUNE 30, 2018

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Financial Statements


Janus Investment Fund	33

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Financial Statements

to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $471,025 were paid by the Trust to the Trustees under the Deferred Plan during the year ended June 30, 2018.

As of June 30, 2018, shares of the Fund were owned by affiliates of Janus Henderson Investors, and/or other funds advised by Janus Henderson, as indicated in the table below:


Class	% of Class Owned		% of Fund Owned
Class A Shares	37	%	2	%
Class C Shares	63		1
Class D Shares	-		-
Class I Shares	-		-
Class N Shares	3		1
Class S Shares	100		1
Class T Shares	69		1

4. Federal Income Tax


34	JUNE 30, 2018

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Financial Statements

Other book to tax differences primarily consist of deferred compensation and foreign currency contract adjustments. 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.


			Loss Deferrals		Other Book	Net Tax
Undistributed Ordinary Income	Undistributed Long-Term Gains	Accumulated Capital Losses	Late-Year Ordinary Loss	Post-October Capital Loss	to Tax Differences	Appreciation/ (Depreciation)
$ 132,593	$ 504,872	$ (80,943)	$ -	$ -	$ (331)	$ 197,416



Capital Loss Carryover Schedule
For the year ended June 30, 2018
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$ (71,865)	$ (9,078)	$ (80,943)

During the year ended June 30, 2018, capital loss carryovers of $167,673 were utilized by the Fund.


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 9,290,482	$ 735,605	$ (538,189)	$ 197,416

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. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.


For the year ended June 30, 2018
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 155,575	$ 22,057	$ -	$ -


For the year ended June 30, 2017
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 36,936	$ -	$ -	$ -


Janus Investment Fund	35

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Financial Statements



Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ 16,621	$ (2,396)	$ (14,225)

Capital has been adjusted by $16,621, including $9,806 of long-term capital gain, for distributions in connection with Fund share redemptions (tax equalization).

5. Capital Share Transactions



		Year ended June 30, 2018⁽¹⁾		Year ended June 30, 2017
		Shares	Amount	Shares	Amount

Class A Shares:
Shares sold		21,727	$ 263,183	747	$ 7,500
Reinvested dividends and distributions		292	3,396	165	1,470
Shares repurchased		(2,778)	(32,840)	-	-
Net Increase/(Decrease)		19,241	$ 233,739	912	$ 8,970
Class C Shares:
Shares sold		2,895	$ 34,999	2,989	$ 31,000
Reinvested dividends and distributions		103	1,198	12	105
Shares repurchased		(2,926)	(33,826)	-	-
Net Increase/(Decrease)		72	$ 2,371	3,001	$ 31,105
Class D Shares:
Shares sold		642,361	$7,658,499	359,468	$3,534,066
Reinvested dividends and distributions		11,810	137,001	2,557	22,730
Shares repurchased		(446,401)	(5,363,737)	(117,370)	(1,124,735)
Net Increase/(Decrease)		207,770	$2,431,763	244,655	$2,432,061
Class I Shares:
Shares sold		17,626	$ 202,640	35,379	$ 350,572
Reinvested dividends and distributions		274	3,190	1,174	10,436
Shares repurchased		(88,386)	(1,028,236)	(27,201)	(251,542)
Net Increase/(Decrease)		(70,486)	$ (822,406)	9,352	$ 109,466
Class N Shares:
Shares sold		148,338	$1,749,677	-	$ -
Reinvested dividends and distributions		2,248	26,104	-	-
Shares repurchased		(11,258)	(136,737)	-	-
Net Increase/(Decrease)		139,328	$1,639,044	-	$ -
Class S Shares:
Shares sold		-	$ -	-	$ -
Reinvested dividends and distributions		87	1,010	50	441
Shares repurchased		-	-	-	-
Net Increase/(Decrease)		87	$ 1,010	50	$ 441
Class T Shares:
Shares sold		9,122	$ 110,365	805	$ 8,011
Reinvested dividends and distributions		382	4,429	197	1,748
Shares repurchased		(9,260)	(112,277)	(2,819)	(26,091)
Net Increase/(Decrease)		244	$ 2,517	(1,817)	$ (16,332)
(1)	Period from August 4, 2017 (inception date) through June 30, 2018 for Class N Shares.


36	JUNE 30, 2018

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Financial Statements

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
$15,271,601	$ 11,874,863	$ -	$ -

7. Recent Accounting Pronouncements

8. Subsequent Event


Janus Investment Fund	37

Janus Henderson Emerging Markets Managed Volatility Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Emerging Markets Managed Volatility Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Emerging Markets Managed Volatility Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of June 30, 2018, the related statement of operations for the year ended June 30, 2018, the statements of changes in net assets for each of the two years in the period ended June 30, 2018, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended June 30, 2018 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2018 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

Denver, Colorado
August 17, 2018

We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.


38	JUNE 30, 2018

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD


Janus Investment Fund	39

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

agreements. “Management fees,” as used herein, reflect actual annual advisory fees and any administration fees (excluding out of pocket costs), net of any waivers.

Nature, Extent and Quality of Services

Performance of the Funds

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

Alternative Funds

Asset Allocation Funds


40	JUNE 30, 2018

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


Janus Investment Fund	41

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

· For Janus Henderson International Small Cap Fund, the Trustees noted that, due to limited performance for the Fund, performance history was not a material factor.


42	JUNE 30, 2018

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

Money Market Funds

Multi-Asset Funds

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 12 months ended May 31, 2017.

Multi-Asset U.S. Equity Funds


Janus Investment Fund	43

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

Quantitative Equity Funds

U.S. Equity Funds

Janus Aspen Series


44	JUNE 30, 2018

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

Costs of Services Provided


Janus Investment Fund	45

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

Alternative Funds


46	JUNE 30, 2018

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses effective June 5, 2017.

Asset Allocation Funds

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

Fixed-Income Funds

Global and International Equity Funds


Janus Investment Fund	47

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

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

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

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

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

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

Money Market Funds


48	JUNE 30, 2018

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

Multi-Asset Funds

· For Janus Henderson Value Plus Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

Multi-Asset U.S. Equity Funds

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

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


Janus Investment Fund	49

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

Quantitative Equity Funds

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

U.S. Equity Funds

· For Janus Henderson Large Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

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

Janus Aspen Series

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

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


50	JUNE 30, 2018

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

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

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

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

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


Janus Investment Fund	51

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

Economies of Scale

Other Benefits to Janus Capital


52	JUNE 30, 2018

Janus Henderson Emerging Markets 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	53

Janus Henderson Emerging Markets 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

The first line in the table reflects the NAV per share at the beginning of the reporting period. The next line reports the net investment income/(loss) per share. Following is the per share total of net gains/(losses), realized and unrealized. Per share dividends and distributions to investors are then subtracted to arrive at the NAV per share at the end of the period. The next line reflects the total return for the period. The total return may include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. As a result, the


54	JUNE 30, 2018

Janus Henderson Emerging Markets Managed Volatility Fund

Useful Information About Your Fund Report (unaudited)

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

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


Janus Investment Fund	55

Janus Henderson Emerging Markets Managed Volatility Fund

Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended June 30, 2018:



Capital Gain Distributions	$31,864
Foreign Taxes Paid	$25,971
Foreign Source Income	$247,601
Qualified Dividend Income Percentage	83%


56	JUNE 30, 2018

Janus Henderson Emerging Markets Managed Volatility Fund

Trustees and Officers (unaudited)

The Fund’s Statement of Additional Information includes additional information about the Trustees and officers and is available, without charge, by calling 1-877-335-2687.


Janus Investment Fund	57

Janus Henderson Emerging Markets Managed Volatility Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William F. McCalpin 151 Detroit Street Denver, CO 80206 DOB: 1957	Chairman Trustee	1/08-Present 6/02-Present	Managing Partner, Impact Investments, Athena Capital Advisors LLC (independent registered investment advisor) (since 2016) and Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations). Formerly, Chief Executive Officer, Imprint Capital (impact investment firm) (2013-2015) and Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a private family foundation) (1998-2006).	61	Director of Mutual Fund Directors Forum (a non-profit organization serving independent directors of U.S. mutual funds), Chairman of the Board and Trustee of The Investment Fund for Foundations Investment Program (TIP) (consisting of 2 funds), and Director of the F.B. Heron Foundation (a private grantmaking foundation).


58	JUNE 30, 2018

Janus Henderson Emerging Markets Managed Volatility Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Trustee	1/13-Present	Executive Vice President, Institutional Markets, of Black Creek Group (private equity real estate investment management firm) (since 2012). Formerly, Executive Vice President and Co-Head, Global Private Client Group (2007-2010), Executive Vice President, Mutual Funds (2005-2007), and Chief Marketing Officer (2001-2005) of Nuveen Investments, Inc. (asset management).	61	Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of MotiveQuest LLC (strategic social market research company) (2003-2016); Director of Nuveen Global Investors LLC (2007-2011); Director of Communities in Schools (2004-2010); and Director of Mutual Fund Education Alliance (until 2010).


Janus Investment Fund	59

Janus Henderson Emerging Markets Managed Volatility Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William D. Cvengros 151 Detroit Street Denver, CO 80206 DOB: 1948	Trustee	1/11-Present	Managing Member and Chief Executive Officer of SJC Capital, LLC (a personal investment company and consulting firm) (since 2002). Formerly, Venture Partner for The Edgewater Funds (a middle market private equity firm) (2002-2004); Chief Executive Officer and President of PIMCO Advisors Holdings L.P. (a publicly traded investment management firm) (1994-2000); and Chief Investment Officer of Pacific Life Insurance Company (a mutual life insurance and annuity company) (1987-1994).	61	Advisory Board Member, Innovate Partners Emerging Growth and Equity Fund I (early stage venture capital fund) (since 2014) and Managing Trustee of National Retirement Partners Liquidating Trust (since 2013). Formerly, Chairman, National Retirement Partners, Inc. (formerly a network of advisors to 401(k) plans) (2005-2013); Director of Prospect Acquisition Corp. (a special purpose acquisition corporation) (2007-2009); Director of RemedyTemp, Inc. (temporary help services company) (1996-2006); and Trustee of PIMCO Funds Multi-Manager Series (1990-2000) and Pacific Life Variable Life & Annuity Trusts (1987-1994).


60	JUNE 30, 2018

Janus Henderson Emerging Markets Managed Volatility Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Raudline Etienne 151 Detroit Street Denver, CO 80206 DOB: 1965	Trustee	6/16-Present	Founder, Daraja Capital (advisory and investment firm) (since 2016), and Senior Advisor, Albright Stonebridge Group LLC (global strategy firm) (since 2016). Formerly, Senior Vice President (2011-2015), Albright Stonebridge Group LLC; and Deputy Comptroller and Chief Investment Officer, New York State Common Retirement Fund (public pension fund) (2008-2011).	61	Director of Brightwood Capital Advisors, LLC (since 2014).
Gary A. Poliner 151 Detroit Street Denver, CO 80206 DOB: 1953	Trustee	6/16-Present	Retired. Formerly, President (2010-2013) of Northwestern Mutual Life Insurance Company.	61	Director of MGIC Investment Corporation (private mortgage insurance) (since 2013) and West Bend Mutual Insurance Company (property/casualty insurance) (since 2013). Formerly, Trustee of Northwestern Mutual Life Insurance Company (2010-2013); and Director of Frank Russell Company (global asset management firm) (2008-2013).


Janus Investment Fund	61

Janus Henderson Emerging Markets Managed Volatility Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
James T. Rothe 151 Detroit Street Denver, CO 80206 DOB: 1943	Trustee	1/97-Present	Professor Emeritus of Business of the University of Colorado, Colorado Springs, CO (since 2004). Formerly, Co-founder and Managing Director of Roaring Fork Capital SBIC, L.P. (SBA SBIC fund focusing on private investment in public equity firms) (2004-2014), Professor of Business of the University of Colorado (2002-2004), and Distinguished Visiting Professor of Business (2001-2002) of Thunderbird (American Graduate School of International Management), Glendale, AZ.	61	Formerly, Director of Red Robin Gourmet Burgers, Inc. (RRGB) (2004- 2014).
William D. Stewart 151 Detroit Street Denver, CO 80206 DOB: 1944	Trustee	6/84-Present	Retired. Formerly, President and founder of HPS Products and Corporate Vice President of MKS Instruments, Boulder, CO (a provider of advanced process control systems for the semiconductor industry) (1976-2012).	61	None


62	JUNE 30, 2018

Janus Henderson Emerging Markets Managed Volatility Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Diane L. Wallace 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	6/17-Present	Retired.	61	Formerly, Independent Trustee, Henderson Global Funds (13 portfolios) (2015-2017); Independent Trustee, State Farm Associates' Funds Trust, State Farm Mutual Fund Trust, and State Farm Variable Product Trust (28 portfolios) (2013-2017). Chief Operating Officer, Senior Vice President-Operations, and Chief Financial Officer for Driehaus Capital Management, LLC (1988-2006); and Treasurer of Driehaus Mutual Funds (1996-2002).


Janus Investment Fund	63

Janus Henderson Emerging Markets Managed Volatility Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Linda S. Wolf 151 Detroit Street Denver, CO 80206 DOB: 1947	Trustee	11/05-Present	Retired. Formerly, Chairman and Chief Executive Officer of Leo Burnett (Worldwide) (advertising agency) (2001-2005).	61	Director of Chicago Community Trust (Regional Community Foundation), Chicago Council on Global Affairs, InnerWorkings (U.S. provider of print procurement solutions to corporate clients), Lurie Children’s Hospital (Chicago, IL), Shirley Ryan Ability Lab and Wrapports, LLC (digital communications company). Formerly, Director of Walmart (until 2017); Director of Chicago Convention & Tourism Bureau (until 2014); and The Field Museum of Natural History (Chicago, IL) (until 2014).


64	JUNE 30, 2018

Janus Henderson Emerging Markets Managed Volatility Fund

Trustees and Officers (unaudited)


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Bruce L. Koepfgen 151 Detroit Street Denver, CO 80206 DOB: 1952	President and Chief Executive Officer	7/14-Present	Head of North America at Janus Henderson Investors and Janus Capital Management LLC (since 2017); Executive Vice President and Director of Janus International Holding LLC (since 2011); Executive Vice President of Janus Distributors LLC (since 2011); Vice President and Director of Intech Investment Management LLC (since 2011); Executive Vice President and Director of Perkins Investment Management LLC (since 2011); and Executive Vice President and Director of Janus Management Holdings Corporation (since 2011). Formerly, President of Janus Capital Group Inc. and Janus Capital Management LLC (2013-2017); Executive Vice President of Janus Services LLC (2011-2015), Janus Capital Group Inc. and Janus Capital Management LLC (2011-2013); and Chief Financial Officer of Janus Capital Group Inc., Janus Capital Management LLC, Janus Distributors LLC, Janus Management Holdings Corporation, and Janus Services LLC (2011-2013).
Susan K. Wold 151 Detroit Street Denver, CO 80206 DOB: 1960	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	9/17-Present	Senior Vice President and Head of Compliance, North America for Janus Henderson (since September 2017); Formerly, Vice President, Head of Global Corporate Compliance, and Chief Compliance Officer for Janus Capital Management LLC (May 2017- September 2017); Vice President, Compliance at Janus Capital Group Inc. and Janus Capital Management LLC (2005-2017).
Jesper Nergaard 151 Detroit Street Denver, CO 80206 DOB: 1962	Chief Financial Officer Vice President, Treasurer, and Principal Accounting Officer	3/05-Present 2/05-Present	Vice President of Janus Capital and Janus Services LLC.


Janus Investment Fund	65

Janus Henderson Emerging Markets Managed Volatility Fund

Trustees and Officers (unaudited)


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Kathryn L. Santoro 151 Detroit Street Denver, CO 80206 DOB: 1974	Vice President, Chief Legal Counsel, and Secretary	12/16-Present	Vice President of Janus Capital and Janus Services LLC (since 2016). Formerly, Vice President and Associate Counsel of Curian Capital, LLC and Curian Clearing LLC (2013-2016); and General Counsel and Secretary (2011-2012) and Vice President (2009-2012) of Old Mutual Capital, Inc.
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.


66	JUNE 30, 2018

Janus Henderson Emerging Markets Managed Volatility Fund

Notes

NotesPage1


Janus Investment Fund	67

Janus Henderson Emerging Markets Managed Volatility Fund

Notes

NotesPage2


68	JUNE 30, 2018

Janus Henderson Emerging Markets Managed Volatility Fund

Notes

NotesPage3


Janus Investment Fund	69

Knowledge. Shared

At Janus Henderson, we believe in the sharing of expert insight for better investment and business decisions. We call this ethos Knowledge. Shared.

Learn more by visiting janushenderson.com.




This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson, Janus, Henderson, Perkins, Intech and Henderson Geneva are trademarks or registered trademarks of Janus Henderson Investors. © Janus Henderson Investors. The name Janus Henderson Investors includes HGI Group Limited, Henderson Global Investors (Brand Management) Sarl and Janus International Holding LLC. Funds distributed by Janus Henderson Distributors
							125-02-93012 08-18



		ANNUAL REPORT June 30, 2018

	Janus Henderson Flexible Bond Fund

	Janus Investment Fund

HIGHLIGHTS

· Portfolio management perspective

· Investment strategy behind your fund

· Fund performance, characteristics
and holdings

Table of Contents

Janus Henderson Flexible Bond Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	19
Statement of Assets and Liabilities	21
Statement of Operations	23
Statements of Changes in Net Assets	24
Financial Highlights	25
Notes to Financial Statements	29
Report of Independent Registered Public Accounting Firm	44
Additional Information	45
Useful Information About Your Fund Report	59
Designation Requirements	62
Trustees and Officers	63

Janus Henderson 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 one-year period ended June 30, 2018, Janus Henderson Flexible Bond Fund’s Class I Shares returned -0.55% compared with -0.40% for the Fund’s benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index.

INVESTMENT ENVIRONMENT

The period began with generally solid corporate earnings and the economy humming along at its slow, but steady, pace. Corporate credit spreads gradually compressed. The passage of U.S. tax reform and optimism around its potential to provide tailwinds for the U.S. economy helped investment-grade and high-yield corporate credit spreads reach cycle tights early in the new year. However, volatility returned to markets in February, stemming in large part from concerns that the Federal Reserve (Fed) may increase interest rates at a faster-than-projected pace. Investors also grappled with geopolitical risks, including the increasing likelihood – and eventual approval – of a populist government in Italy. Escalating trade tensions between the U.S. and China caused further volatility. Investment-grade corporate credit spreads ultimately widened as tapering demand, debt-funded consolidation activity and steady supply further impacted valuations. High-yield spreads ended roughly where they began.

The Fed raised its benchmark rate three times over the course of the period, reflecting near-term confidence in the U.S. economy. However, stable long-term expectations contributed to a flatter yield curve. The yield on the 10-year Treasury note closed June at 2.86%, up from 2.30% a year prior.

PERFORMANCE DISCUSSION

The Fund underperformed its benchmark during the period. Our out-of-index allocation to high-yield corporate credit detracted from relative results. Our underweight to government-related debt also detracted as the asset class fared better than corporate credit during the period. Government related securities include government agency debt as well as debt issued by state-owned firms.

Concern over rising rates, stretched valuations, and elevated consolidation activity and commensurate supply led us to reduce our corporate credit allocation, diversify our spread product exposure, and increase emphasis on shorter-dated and floating rate securities. This proved beneficial, as our allocations to bank loans, asset-backed securities (ABS), commercial mortgage-backed securities (CMBS), and mortgage-backed securities (MBS) aided relative results. Our ability to out-carry, or generate more income than the Fund’s benchmark, aided outperformance in these asset classes,

At the corporate sector level, banking was the largest relative detractor. The sector benefited considerably early in the period on improving fundamentals and tighter spreads, but the recent flattening of the yield curve caused concerns around potential compression of banks’ net interest margins. Our overweight position in J.P. Morgan was among the leading credit detractors, largely due to these broader industry concerns.

Other holdings performed well. Media entertainment was the leading relative sector contributor. Our yield curve positioning proved beneficial, as did spread carry. At the individual issuer level, Hilton Hotels & Resorts was a top contributor. Amid consumer strength, hotel operators have been able to capitalize on low vacancy rates by increasing nightly room rates. We have a favorable opinion of Hilton’s fundamentals as the company has successfully spun-off less-profitable business lines and is focused on growing earnings.

OUTLOOK

The Fed is delivering on rate hikes, and Fed officials forecast two additional increases this year. We expect that to come to fruition, with additional hikes in 2019. Supply/demand dynamics should also push U.S. rates higher with hedging costs deterring foreign buyers, while Treasury issuance compensates for unfinanced corporate


Janus Investment Fund	1

Janus Henderson Flexible Bond Fund (unaudited)

and individual income tax cuts. We are incrementally positive on the economy, but we question the sustainability of growth long term, particularly once the impact of tax reform recedes. We also anticipate that long-term secular trends, such as demographics and the pervasiveness of technology, will ultimately keep inflation in check. That said, we expect yields to rise and the Treasury curve to flatten.

We are, however, mindful that volatility has returned and that there are a number of geopolitical risks, including trade policy and the new eurosceptic coalition government in Italy, that could put rate hikes on pause and steer investors toward more defensive assets. We intend to maintain duration modestly below that of the benchmark, but will continue in our tactical approach to yield curve positioning.

We acknowledge that corporate fundamentals are strong, tax reform is beneficial and economic growth is decent, all of which can extend the economic and credit cycles, but we are definitely in the later stages of both. Rates are rising and valuations are rich. Leverage is creeping higher as investment-grade issuers seek to buy growth to combat industry disruption. We expect debt-funded consolidation activity to continue to weigh on valuations. Demand is also tapering, due to a combination of new repatriation policies and higher hedging costs. Investment-grade corporates are struggling in the face of these technical challenges. In contrast, shrinking high-yield supply is supporting valuations, and we anticipate this credit market divergence to continue.

We believe it is prudent to limit credit risk at this point in the cycle, but we remain opportunistic. We will continue to emphasize favorable risk-adjusted carry opportunities in shorter-dated and floating rate spread products with minimal interest rate risk. Our analysts are also seeking issuers with fundamental improvement stories and the potential to generate outperformance as they progress through an upgrade cycle. We are monitoring the widening in investment-grade spreads for attractive re-entry points. Given the asymmetric risk at this point of the cycle, we believe security avoidance is as important as security selection. This approach aligns with our core tenets of capital preservation and delivering strong risk-adjusted returns.

Thank you for your investment in Janus Henderson Flexible Bond Fund.


2	JUNE 30, 2018

Janus Henderson Flexible Bond Fund (unaudited)

Fund At A Glance

June 30, 2018


Fund Profile
30-day Current Yield*	Without Reimbursement	With Reimbursement
Class A Shares NAV	2.32%	2.32%
Class A Shares MOP	2.21%	2.21%
Class C Shares**	1.69%	1.69%
Class D Shares	2.59%	2.59%
Class I Shares	2.71%	2.71%
Class N Shares	2.75%	2.75%
Class R Shares	2.01%	2.01%
Class S Shares	2.26%	2.26%
Class T Shares	2.52%	2.52%
Weighted Average Maturity		9.0 Years
Average Effective Duration***		5.4 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	3.1%
AA	42.1%
A	6.7%
BBB	25.9%
BB	10.4%
B	2.4%
Not Rated	9.2%
Other	0.2%
† 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	36.9%
Mortgage-Backed Securities	27.8%
Asset-Backed/Commercial Mortgage-Backed Securities	15.4%
United States Treasury Notes/Bonds	12.6%
Investment Companies	6.7%
Bank Loans and Mezzanine Loans	6.4%
Other		(5.8)%
		100.0%


Janus Investment Fund	3

Janus Henderson Flexible Bond Fund (unaudited)

Performance

See important disclosures on the next page.



					Expense Ratios -
Average Annual Total Return - for the periods ended June 30, 2018					per the October 27, 2017 prospectuses
	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses	Net Annual Fund Operating Expenses
Class A Shares at NAV	-0.95%	1.93%	4.57%	6.43%	0.84%	0.83%
Class A Shares at MOP	-5.67%	0.95%	4.06%	6.26%
Class C Shares at NAV	-1.54%	1.23%	3.82%	5.74%	1.53%	1.52%
Class C Shares at CDSC	-2.51%	1.23%	3.82%	5.74%
Class D Shares⁽¹⁾	-0.64%	2.17%	4.76%	6.50%	0.60%	0.59%
Class I Shares	-0.55%	2.21%	4.68%	6.47%	0.56%	0.56%
Class N Shares	-0.59%	2.31%	4.68%	6.47%	0.45%	0.45%
Class R Shares	-1.23%	1.56%	4.16%	6.03%	1.20%	1.20%
Class S Shares	-0.98%	1.82%	4.41%	6.29%	0.95%	0.95%
Class T Shares	-0.72%	2.10%	4.68%	6.47%	0.70%	0.70%
Bloomberg Barclays U.S. Aggregate Bond Index	-0.40%	2.27%	3.72%	6.20%^**
Morningstar Quartile - Class T Shares	3rd	3rd	1st	1st
Morningstar Ranking - based on total returns for Intermediate-Term Bond Funds	666/1,041	561/925	141/820	28/192

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.

Net expense ratios reflect the expense waiver, if any, contractually agreed to through November 1, 2018.


4	JUNE 30, 2018

Janus Henderson Flexible Bond 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.

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

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

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

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.

Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

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 Henderson Flexible Bond Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (1/1/18)	Ending Account Value (6/30/18)	Expenses Paid During Period (1/1/18 - 6/30/18)†	Beginning Account Value (1/1/18)	Ending Account Value (6/30/18)	Expenses Paid During Period (1/1/18 - 6/30/18)†	Net Annualized Expense Ratio (1/1/18 - 6/30/18)
Class A Shares		$1,000.00	$981.70	$4.42	$1,000.00	$1,020.33	$4.51	0.90%
Class C Shares		$1,000.00	$978.80	$7.41	$1,000.00	$1,017.31	$7.55	1.51%
Class D Shares		$1,000.00	$983.20	$2.90	$1,000.00	$1,021.87	$2.96	0.59%
Class I Shares		$1,000.00	$983.70	$2.41	$1,000.00	$1,022.36	$2.46	0.49%
Class N Shares		$1,000.00	$983.00	$2.16	$1,000.00	$1,022.61	$2.21	0.44%
Class R Shares		$1,000.00	$980.30	$5.84	$1,000.00	$1,018.89	$5.96	1.19%
Class S Shares		$1,000.00	$981.50	$4.62	$1,000.00	$1,020.13	$4.71	0.94%
Class T Shares		$1,000.00	$982.80	$3.34	$1,000.00	$1,021.42	$3.41	0.68%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 181/365 (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	JUNE 30, 2018

Janus Henderson Flexible Bond Fund

Schedule of Investments

June 30, 2018


Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– 15.4%
	AmeriCredit Automobile Receivables 2016-1, 3.5900%, 2/8/22	$15,290,000	$15,373,514
	AmeriCredit Automobile Receivables Trust 2015-2, 3.0000%, 6/8/21	10,514,000	10,507,841
	AmeriCredit Automobile Receivables Trust 2016-2, 3.6500%, 5/9/22	10,278,000	10,358,930
	Angel Oak Mortgage Trust I LLC 2018-2, 3.6740%, 7/27/48 (144A)^‡	4,415,000	4,414,959
	Applebee's Funding LLC / IHOP Funding LLC, 4.2770%, 9/5/44 (144A)	36,844,578	36,544,066
	Arroyo Mortgage Trust 2018-1, 3.7630%, 4/25/48 (144A)^‡	7,629,248	7,643,530
	Atrium IX, ICE LIBOR USD 3 Month + 1.2400%, 3.5594%, 5/28/30 (144A)^‡	10,480,600	10,509,893
	Bain Capital Credit CLO 2018-1,
	ICE LIBOR USD 3 Month + 0.9600%, 3.3216%, 4/23/31 (144A)^‡	23,973,000	23,880,177
	BAMLL Commercial Mortgage Securities Trust 2013-WBRK,
	3.6521%, 3/10/37 (144A)^‡	14,418,000	14,219,492
	BAMLL Commercial Mortgage Securities Trust 2014-FL1,
	ICE LIBOR USD 1 Month + 5.5000%, 5.5310%, 12/15/31 (144A)^‡	6,509,780	6,276,973
	BAMLL Commercial Mortgage Securities Trust 2014-FL1,
	ICE LIBOR USD 1 Month + 4.0000%, 6.5341%, 12/15/31 (144A)^‡	1,638,000	1,616,005
	BBCMS 2018-TALL Mortgage Trust,
	ICE LIBOR USD 1 Month + 0.7220%, 2.7953%, 3/15/37 (144A)^‡	59,194,000	59,100,864
	BBCMS Trust 2015-SRCH, 4.1970%, 8/10/35 (144A)	16,847,000	17,344,790
	Bean Creek CLO Ltd,
	ICE LIBOR USD 3 Month + 1.0200%, 3.3787%, 4/20/31 (144A)^‡	15,126,000	15,092,239
	BXP Trust 2017-GM, 3.3790%, 6/13/39 (144A)	8,105,000	7,870,111
	Caesars Palace Las Vegas Trust 2017-VICI, 4.1384%, 10/15/34 (144A)	9,999,000	10,077,434
	Caesars Palace Las Vegas Trust 2017-VICI, 4.4991%, 10/15/34 (144A)^‡	15,536,000	15,249,589
	Caesars Palace Las Vegas Trust 2017-VICI, 4.4991%, 10/15/34 (144A)^‡	11,412,000	11,480,103
	Carlyle Global Market Strategies CLO 2014-2R Ltd,
	ICE LIBOR USD 3 Month + 1.0500%, 3.0300%, 5/15/31 (144A)^‡	22,443,000	22,392,167
	Carlyle US CLO 2018-1 Ltd,
	ICE LIBOR USD 3 Month + 1.0200%, 3.0752%, 4/20/31 (144A)^‡	28,970,328	28,863,051
	CGMS Commercial Mortgage Trust 2017-MDDR,
	ICE LIBOR USD 1 Month + 1.7500%, 3.8233%, 7/15/30 (144A)^‡	6,931,000	6,925,794
	CGMS Commercial Mortgage Trust 2017-MDDR,
	ICE LIBOR USD 1 Month + 2.5000%, 4.5733%, 7/15/30 (144A)^‡	4,772,000	4,766,706
	CIFC Funding 2013-IV Ltd,
	ICE LIBOR USD 3 Month + 1.0600%, 3.1463%, 4/27/31 (144A)^‡	8,579,296	8,579,013
	CIFC Funding 2018-I Ltd,
	ICE LIBOR USD 3 Month + 1.0000%, 3.1572%, 4/18/31 (144A)^‡	10,431,000	10,366,192
	CIFC Funding 2018-II Ltd,
	ICE LIBOR USD 3 Month + 1.0400%, 3.0929%, 4/20/31 (144A)^‡	17,423,000	17,373,885
	Credit Acceptance Auto Loan Trust 2018-2, 3.4700%, 5/17/27 (144A)	9,414,000	9,434,627
	Credit Acceptance Auto Loan Trust 2018-2, 3.9400%, 7/15/27 (144A)	6,241,000	6,258,090
	Credit Acceptance Auto Loan Trust 2018-2, 4.1600%, 9/15/27 (144A)	3,090,000	3,107,298
	CSMLT 2015-2 Trust, 3.5000%, 8/25/45 (144A)^‡	8,880,099	8,829,456
	Drive Auto Receivables Trust 2017-1, 3.8400%, 3/15/23	1,571,000	1,584,319
	Drive Auto Receivables Trust 2017-A, 4.1600%, 5/15/24 (144A)	9,168,000	9,281,193
	Dryden 41 Senior Loan Fund,
	ICE LIBOR USD 3 Month + 0.9700%, 3.3177%, 4/15/31 (144A)^‡	14,318,000	14,222,384
	Dryden 55 CLO Ltd,
	ICE LIBOR USD 3 Month + 1.0200%, 3.0613%, 4/15/31 (144A)^‡	8,547,000	8,532,812
	Dryden 64 CLO Ltd,
	ICE LIBOR USD 3 Month + 0.9700%, 3.1895%, 4/18/31 (144A)^‡	21,204,000	21,167,275
	Evergreen Credit Card Trust, 2.9500%, 3/15/23 (144A)	5,308,000	5,286,396
	Exeter Automobile Receivables Trust 2018-2, 3.6900%, 3/15/23 (144A)	7,100,000	7,089,986
	Fannie Mae Connecticut Avenue Securities,
	ICE LIBOR USD 1 Month + 2.6000%, 4.6911%, 5/25/24^‡	7,554,571	8,015,478
	Fannie Mae Connecticut Avenue Securities,
	ICE LIBOR USD 1 Month + 3.0000%, 5.0911%, 7/25/24^‡	37,942,212	40,665,355
	Fannie Mae Connecticut Avenue Securities,
	ICE LIBOR USD 1 Month + 4.0000%, 6.0911%, 5/25/25^‡	4,120,518	4,512,398
	Fannie Mae REMICS, 3.0000%, 5/25/48	23,006,273	22,313,248
	Flagship Credit Auto Trust 2016-3, 2.7200%, 7/15/22 (144A)	6,925,000	6,856,542


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

Janus Investment Fund	7

Janus Henderson Flexible Bond Fund

Schedule of Investments

June 30, 2018


Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– (continued)
	Flatiron CLO 18 Ltd,
	ICE LIBOR USD 3 Month + 0.9500%, 3.4174%, 4/17/31 (144A)^‡	$11,323,000	$11,259,659
	Freddie Mac Structured Agency Credit Risk Debt Notes,
	ICE LIBOR USD 1 Month + 4.5000%, 6.5911%, 2/25/24^‡	26,584,690	30,657,882
	Freddie Mac Structured Agency Credit Risk Debt Notes,
	ICE LIBOR USD 1 Month + 3.6000%, 5.6911%, 4/25/24^‡	20,352,997	22,577,382
	GSCCRE Commercial Mortgage Trust 2015-HULA,
	ICE LIBOR USD 1 Month + 4.4000%, 6.4733%, 8/15/32 (144A)^‡	13,586,000	13,623,228
	J.P. Morgan Chase Commercial Mortgage Securities Trust 2016-WIKI,
	3.5537%, 10/5/31 (144A)	3,287,000	3,235,124
	J.P. Morgan Chase Commercial Mortgage Securities Trust 2016-WIKI,
	4.1426%, 10/5/31 (144A)^‡	5,041,000	4,950,868
	JP Morgan Chase Commercial Mortgage Securities Trust 2010-C2,
	5.8279%, 11/15/43 (144A)^‡	7,751,000	7,679,877
	JP Morgan Chase Commercial Mortgage Securities Trust 2015-UES,
	3.7417%, 9/5/32 (144A)^‡	9,882,000	9,742,039
	LCM XIV LP, ICE LIBOR USD 3 Month + 1.0400%, 3.4398%, 7/20/31 (144A)^‡	6,054,537	6,054,398
	LCM XVIII LP, ICE LIBOR USD 3 Month + 1.0200%, 3.5000%, 4/20/31 (144A)^‡	26,801,000	26,755,492
	loanDepot Station Place Agency Securitization Trust 2017-1,
	ICE LIBOR USD 1 Month + 0.8000%, 2.8911%, 11/25/50 (144A)^‡,§	25,337,000	25,256,218
	loanDepot Station Place Agency Securitization Trust 2017-1,
	ICE LIBOR USD 1 Month + 1.0000%, 3.0911%, 11/25/50 (144A)^‡,§	5,100,000	5,087,320
	Magnetite VIII Ltd,
	ICE LIBOR USD 3 Month + 0.9800%, 3.0717%, 4/15/31 (144A)^‡	26,736,000	26,694,399
	Magnetite XV Ltd, ICE LIBOR USD 3 Month + 1.0100%, 3.0921%, 7/25/31 (144A)^‡	13,976,310	13,976,310
	MSSG Trust 2017-237P, 3.3970%, 9/13/39 (144A)	8,201,000	7,951,354
	New Residential Mortgage Loan Trust 2017-3, 4.0000%, 4/25/57 (144A)^‡	8,905,119	8,990,856
	New Residential Mortgage Loan Trust 2018-2, 4.5000%, 2/25/58 (144A)^‡	8,454,297	8,667,278
	Octagon Investment Partners 36 Ltd,
	ICE LIBOR USD 3 Month + 0.9700%, 2.7264%, 4/15/31 (144A)^‡	27,731,000	27,655,461
	OSCAR US Funding Trust V, 2.7300%, 12/15/20 (144A)	5,402,000	5,385,664
	OSCAR US Funding Trust V, 2.9900%, 12/15/23 (144A)	6,744,000	6,697,230
	PFS Financing Corp, 2.4000%, 10/17/22 (144A)	5,633,000	5,529,189
	Prosper Marketplace Issuance Trust Series 2018-1, 3.1100%, 6/17/24 (144A)	12,239,209	12,238,230
	Prosper Marketplace Issuance Trust Series 2018-1, 3.9000%, 6/17/24 (144A)	9,490,000	9,484,454
	Santander Drive Auto Receivables Trust 2015-1, 3.2400%, 4/15/21	10,781,000	10,797,102
	Santander Drive Auto Receivables Trust 2015-4, 3.5300%, 8/16/21	17,839,000	17,948,080
	Santander Drive Auto Receivables Trust 2018-1, 4.3700%, 5/15/25 (144A)	21,900,000	21,632,877
	Sequoia Mortgage Trust 2018-CH2, 4.0000%, 6/25/48 (144A)^‡	19,598,202	19,828,198
	Sounds Point CLO IV-R LTD,
	ICE LIBOR USD 3 Month + 1.1500%, 3.6514%, 4/18/31 (144A)^‡	14,060,000	14,061,490
	Starwood Retail Property Trust 2014-STAR,
	ICE LIBOR USD 1 Month + 2.5000%, 4.5733%, 11/15/27 (144A)^‡	5,170,000	5,115,232
	Starwood Retail Property Trust 2014-STAR,
	ICE LIBOR USD 1 Month + 3.2500%, 5.3233%, 11/15/27 (144A)^‡	17,103,884	16,607,382
	Starwood Retail Property Trust 2014-STAR,
	ICE LIBOR USD 1 Month + 4.1500%, 6.2233%, 11/15/27 (144A)^‡	8,337,000	7,839,565
	Station Place Securitization Trust 2017-3,
	ICE LIBOR USD 1 Month + 1.0000%, 2.9613%, 7/24/18 (144A)^‡,§	22,822,000	22,822,637
	Towd Point Mortgage Trust 2015-3, 3.5000%, 3/25/54 (144A)^‡	549,611	549,199
	Towd Point Mortgage Trust 2018-2, 3.2500%, 3/25/58 (144A)^‡	10,373,163	10,266,838
	Towd Point Mortgage Trust 2018-3, 3.7500%, 5/25/58 (144A)^‡	6,116,244	6,118,468
	Verizon Owner Trust 2016-2, 2.3600%, 5/20/21 (144A)	9,600,000	9,437,670
	Voya CLO 2018-1 Ltd,
	ICE LIBOR USD 3 Month + 0.9500%, 3.2931%, 4/19/31 (144A)^‡	30,809,000	30,721,502
	Voya CLO 2018-2 Ltd,
	ICE LIBOR USD 3 Month + 1.0000%, 3.3740%, 7/15/31 (144A)^‡	23,835,218	23,835,218
	Wachovia Bank Commercial Mortgage Trust Series 2007-C30, 5.4130%, 12/15/43^‡	8,967,272	9,030,257


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

8	JUNE 30, 2018

Janus Henderson Flexible Bond Fund

Schedule of Investments

June 30, 2018


Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– (continued)
	Wachovia Bank Commercial Mortgage Trust Series 2007-C34, 6.3093%, 5/15/46^‡	$4,760,208	$4,840,418
	Westlake Automobile Receivables Trust 2018-1, 2.9200%, 5/15/23 (144A)	1,258,000	1,247,119
	Westlake Automobile Receivables Trust 2018-1, 3.4100%, 5/15/23 (144A)	1,250,000	1,242,456
	Westlake Automobile Receivables Trust 2018-2, 3.2000%, 1/16/24 (144A)	2,426,000	2,426,339
	Westlake Automobile Receivables Trust 2018-2, 3.5000%, 1/16/24 (144A)	4,147,000	4,157,719
	WinWater Mortgage Loan Trust 2015-5, 3.5000%, 8/20/45 (144A)^‡	25,979,418	25,769,655
Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $1,123,515,949)			1,120,429,508
Bank Loans and Mezzanine Loans– 6.4%
Basic Industry – 0.6%
	Axalta Coating Systems US Holdings Inc,
	ICE LIBOR USD 3 Month + 1.7500%, 4.0844%, 6/1/24^‡	40,497,011	40,243,905
Capital Goods – 0.4%
	Reynolds Group Holdings Inc,
	ICE LIBOR USD 3 Month + 2.7500%, 4.8435%, 2/5/23^‡	29,772,180	29,685,246
Communications – 1.1%
	Mission Broadcasting Inc,
	ICE LIBOR USD 3 Month + 2.5000%, 4.4825%, 1/17/24^‡	1,789,608	1,786,011
	Nexstar Broadcasting Inc,
	ICE LIBOR USD 3 Month + 2.5000%, 4.4825%, 1/17/24^‡	13,750,679	13,723,040
	Nielsen Finance LLC, ICE LIBOR USD 3 Month + 2.0000%, 4.0464%, 10/4/23^‡	30,994,849	30,948,977
	Sinclair Television Group Inc,
	ICE LIBOR USD 3 Month + 2.5000%, 0%, 12/12/24^(a),‡	17,578,000	17,501,184
	Zayo Group LLC, ICE LIBOR USD 3 Month + 2.0000%, 4.0935%, 1/19/21^‡	1,738,000	1,733,933
	Zayo Group LLC, ICE LIBOR USD 3 Month + 2.2500%, 4.3435%, 1/19/24^‡	16,045,977	16,023,192
			81,716,337
Consumer Cyclical – 2.0%
	Aramark Services Inc, ICE LIBOR USD 3 Month + 1.7500%, 3.7154%, 3/28/24^‡	17,835,943	17,813,648
	Golden Nugget Inc/NV, ICE LIBOR USD 3 Month + 3.2500%, 4.8230%, 10/4/23^‡	24,059,636	24,012,960
	Hilton Worldwide Finance LLC,
	ICE LIBOR USD 3 Month + 1.7500%, 3.8411%, 10/25/23^‡	45,816,808	45,797,565
	KFC Holding Co, ICE LIBOR USD 3 Month + 1.7500%, 3.8351%, 4/3/25^‡	49,240,783	48,717,846
	Wyndham Hotels & Resorts Inc,
	ICE LIBOR USD 3 Month + 1.7500%, 3.7256%, 5/30/25^‡	6,503,000	6,486,742
			142,828,761
Consumer Non-Cyclical – 1.1%
	Coty Inc, ICE LIBOR USD 3 Month + 2.2500%, 4.2796%, 4/7/25^‡	20,929,402	20,432,329
	Gentiva Health Services Inc,
	ICE LIBOR USD 3 Month + 3.7500%, 0%, 6/23/25^(a),‡	19,127,446	18,983,990
	Gentiva Health Services Inc,
	ICE LIBOR USD 3 Month + 3.7500%, 0%, 6/23/25^(a),‡	11,953,886	11,864,232
	IQVIA Inc, ICE LIBOR USD 3 Month + 2.0000%, 4.3344%, 3/7/24^‡	4,527,412	4,520,349
	Moffett Towers Phase II,
	ICE LIBOR USD 1 Month + 2.8000%, 4.8740%, 6/15/21^‡,§	19,614,053	19,497,553
	Post Holdings Inc, ICE LIBOR USD 3 Month + 2.0000%, 4.1000%, 5/24/24^‡	4,653,990	4,622,622
	Valeant Pharmaceuticals International Inc,
	ICE LIBOR USD 3 Month + 3.0000%, 4.9825%, 6/2/25^‡	843,000	839,577
			80,760,652
Electric – 0%
	NRG Energy Inc, ICE LIBOR USD 3 Month + 1.7500%, 4.0844%, 6/30/23^‡	1,294,423	1,285,207
Technology – 1.2%
	CommScope Inc, ICE LIBOR USD 3 Month + 2.0000%, 4.0935%, 12/29/22^‡	21,971,969	22,026,899
	Microchip Technology Inc,
	ICE LIBOR USD 3 Month + 2.0000%, 4.1000%, 5/29/25^‡	19,994,000	19,952,412
	SS&C Technologies Holdings Europe Sarl,
	ICE LIBOR USD 3 Month + 2.5000%, 4.5935%, 4/16/25^‡	12,659,297	12,652,208
	SS&C Technologies Inc, ICE LIBOR USD 3 Month + 2.5000%, 4.5935%, 4/16/25^‡	34,201,570	34,182,417
			88,813,936
Total Bank Loans and Mezzanine Loans (cost $467,253,988)			465,334,044


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

Janus Investment Fund	9

Janus Henderson Flexible Bond Fund

Schedule of Investments

June 30, 2018


Shares or Principal Amounts			Value
Corporate Bonds– 36.9%
Banking – 6.4%
	Ally Financial Inc, 3.2500%, 11/5/18	$10,297,000	$10,297,000
	Ally Financial Inc, 8.0000%, 12/31/18	5,442,000	5,544,037
	Bank of America Corp, 2.5030%, 10/21/22	59,791,000	57,227,058
	Capital One Financial Corp, 3.3000%, 10/30/24	16,095,000	15,280,779
	Citibank NA, ICE LIBOR USD 3 Month + 0.3200%, 2.6781%, 5/1/20^‡	53,078,000	53,116,004
	Citigroup Inc, 4.6000%, 3/9/26	8,447,000	8,432,152
	Citigroup Inc, 3.2000%, 10/21/26	12,466,000	11,599,086
	Citizens Bank NA/Providence RI, 2.6500%, 5/26/22	8,761,000	8,469,621
	Citizens Financial Group Inc, 3.7500%, 7/1/24	6,800,000	6,562,335
	Citizens Financial Group Inc, 4.3500%, 8/1/25	4,727,000	4,673,987
	Citizens Financial Group Inc, 4.3000%, 12/3/25	24,715,000	24,548,384
	First Republic Bank/CA, 4.6250%, 2/13/47	11,231,000	11,078,690
	Goldman Sachs Capital I, 6.3450%, 2/15/34	26,275,000	29,955,842
	HSBC Holdings PLC, ICE LIBOR USD 3 Month + 0.6000%, 2.9256%, 5/18/21^‡	29,238,000	29,280,600
	JPMorgan Chase & Co, 2.2950%, 8/15/21	23,810,000	23,001,220
	JPMorgan Chase & Co, 4.1250%, 12/15/26	13,189,000	13,017,799
	JPMorgan Chase Bank NA, ICE LIBOR USD 3 Month + 0.3400%, 2.7017%, 4/26/21^‡	35,797,000	35,805,627
	JPMorgan Chase Bank NA, ICE LIBOR USD 3 Month + 0.3500%, 3.0860%, 4/26/21^‡	33,127,000	33,048,140
	Morgan Stanley, 3.9500%, 4/23/27	12,176,000	11,603,012
	Royal Bank of Canada, ICE LIBOR USD 3 Month + 0.3900%, 2.7488%, 4/30/21^‡	37,406,000	37,393,351
	SVB Financial Group, 5.3750%, 9/15/20	15,122,000	15,763,255
	US Bancorp, 2.3750%, 7/22/26	22,319,000	20,300,051
			465,998,030
Basic Industry – 2.9%
	Allegheny Technologies Inc, 5.9500%, 1/15/21	22,853,000	22,967,265
	Anglo American Capital PLC, 4.1250%, 9/27/22 (144A)	3,458,000	3,475,865
	CF Industries Inc, 4.5000%, 12/1/26 (144A)	18,528,000	18,390,273
	CF Industries Inc, 5.3750%, 3/15/44	13,851,000	12,223,507
	Freeport-McMoRan Inc, 3.1000%, 3/15/20	6,545,000	6,414,100
	Freeport-McMoRan Inc, 3.5500%, 3/1/22	12,310,000	11,694,500
	Freeport-McMoRan Inc, 4.5500%, 11/14/24^#	7,922,000	7,525,900
	Freeport-McMoRan Inc, 5.4500%, 3/15/43	7,900,000	6,929,880
	Georgia-Pacific LLC, 3.1630%, 11/15/21 (144A)	31,854,000	31,648,138
	Georgia-Pacific LLC, 3.6000%, 3/1/25 (144A)	12,301,000	12,241,848
	Reliance Steel & Aluminum Co, 4.5000%, 4/15/23	17,330,000	17,715,168
	Sherwin-Williams Co, 2.7500%, 6/1/22	6,052,000	5,857,475
	Steel Dynamics Inc, 4.1250%, 9/15/25	16,597,000	15,912,374
	Steel Dynamics Inc, 5.0000%, 12/15/26	7,728,000	7,728,000
	Teck Resources Ltd, 4.5000%, 1/15/21	6,832,000	6,832,000
	Teck Resources Ltd, 4.7500%, 1/15/22	9,869,000	9,889,626
	Teck Resources Ltd, 8.5000%, 6/1/24 (144A)	15,560,000	17,057,650
			214,503,569
Brokerage – 2.1%
	Cboe Global Markets Inc, 3.6500%, 1/12/27	20,049,000	19,339,488
	Charles Schwab Corp, ICE LIBOR USD 3 Month + 0.3200%, 2.6494%, 5/21/21^‡	17,933,000	18,005,789
	Charles Schwab Corp, 3.2500%, 5/21/21	5,796,000	5,818,736
	Charles Schwab Corp, 3.0000%, 3/10/25	11,059,000	10,629,894
	E*TRADE Financial Corp, 2.9500%, 8/24/22	20,012,000	19,379,474
	E*TRADE Financial Corp, 3.8000%, 8/24/27	25,153,000	24,069,047
	E*TRADE Financial Corp, 4.5000%, 6/20/28	6,942,000	6,944,546
	Raymond James Financial Inc, 5.6250%, 4/1/24	9,363,000	10,047,891
	Raymond James Financial Inc, 3.6250%, 9/15/26	11,052,000	10,609,673
	Raymond James Financial Inc, 4.9500%, 7/15/46	18,607,000	18,907,425
	TD Ameritrade Holding Corp, 3.6250%, 4/1/25	11,049,000	10,929,430
			154,681,393
Capital Goods – 2.7%
	Arconic Inc, 5.8700%, 2/23/22	2,933,000	3,060,585


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

10	JUNE 30, 2018

Janus Henderson Flexible Bond Fund

Schedule of Investments

June 30, 2018


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Capital Goods – (continued)
	Arconic Inc, 5.1250%, 10/1/24	$26,398,000	$26,217,702
	Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc,
	4.2500%, 9/15/22 (144A)	2,974,000	2,918,238
	Ball Corp, 4.3750%, 12/15/20	10,584,000	10,663,380
	Eagle Materials Inc, 4.5000%, 8/1/26	1,459,000	1,465,386
	General Dynamics Corp, ICE LIBOR USD 3 Month + 0.2900%, 2.6458%, 5/11/20^‡	4,973,000	4,985,266
	General Dynamics Corp, ICE LIBOR USD 3 Month + 0.3800%, 2.7358%, 5/11/21^‡	4,973,000	4,990,320
	HD Supply Inc, 5.7500%, 4/15/24 (144A)^Ç	31,752,000	33,220,530
	Huntington Ingalls Industries Inc, 5.0000%, 11/15/25 (144A)	30,588,000	31,636,863
	Martin Marietta Materials Inc, 4.2500%, 7/2/24	8,988,000	9,065,933
	Masonite International Corp, 5.6250%, 3/15/23 (144A)	6,555,000	6,700,521
	Northrop Grumman Corp, 2.5500%, 10/15/22	21,327,000	20,536,321
	Owens Corning, 4.2000%, 12/1/24	9,555,000	9,422,685
	Owens Corning, 3.4000%, 8/15/26	4,860,000	4,429,810
	Rockwell Collins Inc, 3.2000%, 3/15/24	9,130,000	8,792,154
	Vulcan Materials Co, 4.5000%, 4/1/25	18,271,000	18,356,060
			196,461,754
Communications – 3.7%
	American Tower Corp, 3.3000%, 2/15/21	15,997,000	15,978,572
	American Tower Corp, 4.4000%, 2/15/26	10,257,000	10,180,263
	AT&T Inc, 4.2500%, 3/1/27	18,290,000	17,902,142
	AT&T Inc, 4.1000%, 2/15/28 (144A)	11,296,000	10,789,914
	AT&T Inc, 5.2500%, 3/1/37	5,904,000	5,816,490
	BellSouth LLC, 4.3330%, 4/26/19 (144A)	37,606,000	37,998,341
	CCO Holdings LLC / CCO Holdings Capital Corp, 5.2500%, 3/15/21	14,655,000	14,755,753
	Charter Communications Operating LLC / Charter Communications Operating Capital,
	4.9080%, 7/23/25	19,411,000	19,597,218
	Crown Castle International Corp, 5.2500%, 1/15/23	13,090,000	13,711,951
	Crown Castle International Corp, 3.2000%, 9/1/24	12,189,000	11,498,731
	Crown Castle Towers LLC, 3.7200%, 7/15/23 (144A)	8,818,000	8,818,000
	Crown Castle Towers LLC, 4.2410%, 7/15/28 (144A)	14,739,000	14,752,029
	UBM PLC, 5.7500%, 11/3/20 (144A)	19,128,000	19,505,045
	Unitymedia GmbH, 6.1250%, 1/15/25 (144A)	15,241,000	15,698,230
	Unitymedia Hessen GmbH & Co KG / Unitymedia NRW GmbH,
	5.0000%, 1/15/25 (144A)	16,542,000	16,748,775
	Verizon Communications Inc, 2.6250%, 8/15/26	16,200,000	14,372,994
	Verizon Communications Inc, 4.8620%, 8/21/46	7,386,000	7,052,397
	Warner Media LLC, 3.6000%, 7/15/25	11,736,000	11,155,372
			266,332,217
Consumer Cyclical – 3.7%
	1011778 BC ULC / New Red Finance Inc, 4.6250%, 1/15/22 (144A)	14,082,000	14,082,000
	Amazon.com Inc, 2.8000%, 8/22/24	9,562,000	9,116,409
	DR Horton Inc, 3.7500%, 3/1/19	11,646,000	11,682,407
	DR Horton Inc, 4.0000%, 2/15/20	2,787,000	2,814,023
	Ford Motor Credit Co LLC, 2.4250%, 6/12/20	6,589,000	6,460,541
	General Motors Financial Co Inc, 3.1000%, 1/15/19	1,790,000	1,791,695
	General Motors Financial Co Inc, 3.1500%, 1/15/20	8,713,000	8,697,878
	General Motors Financial Co Inc, 3.2000%, 7/13/20	36,262,000	36,091,959
	General Motors Financial Co Inc, 3.5500%, 4/9/21	14,530,000	14,485,054
	IHO Verwaltungs GmbH, 4.1250%, 9/15/21 (144A)	4,407,000	4,340,895
	IHO Verwaltungs GmbH, 4.5000%, 9/15/23 (144A)	2,838,000	2,717,385
	IHS Markit Ltd, 5.0000%, 11/1/22 (144A)	11,495,000	11,595,581
	IHS Markit Ltd, 4.7500%, 2/15/25 (144A)	16,754,000	16,586,460
	IHS Markit Ltd, 4.0000%, 3/1/26 (144A)	24,963,000	23,808,461
	MDC Holdings Inc, 5.5000%, 1/15/24	12,248,000	12,370,480
	MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer Inc,
	5.6250%, 5/1/24	10,096,000	10,222,200
	MGM Resorts International, 6.7500%, 10/1/20	20,717,000	21,701,057


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

Janus Investment Fund	11

Janus Henderson Flexible Bond Fund

Schedule of Investments

June 30, 2018


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Consumer Cyclical – (continued)
	MGM Resorts International, 6.6250%, 12/15/21	$8,675,000	$9,130,437
	MGM Resorts International, 7.7500%, 3/15/22	3,115,000	3,395,350
	MGM Resorts International, 6.0000%, 3/15/23	1,557,000	1,603,710
	Service Corp International/US, 5.3750%, 5/15/24	9,777,000	9,996,982
	Toll Brothers Finance Corp, 4.0000%, 12/31/18	5,695,000	5,694,288
	Toll Brothers Finance Corp, 5.8750%, 2/15/22	4,630,000	4,803,625
	Toll Brothers Finance Corp, 4.3750%, 4/15/23	3,170,000	3,106,600
	Wyndham Destinations Inc, 4.1500%, 4/1/24	9,294,000	9,142,972
	Wyndham Destinations Inc, 5.1000%, 10/1/25^#	4,785,000	4,898,644
	Wyndham Destinations Inc, 4.5000%, 4/1/27	5,344,000	5,210,400
	ZF North America Capital Inc, 4.5000%, 4/29/22 (144A)	3,193,000	3,249,975
			268,797,468
Consumer Non-Cyclical – 3.3%
	Allergan Funding SCS, 3.0000%, 3/12/20	10,732,000	10,678,294
	Becton Dickinson and Co, 2.8940%, 6/6/22	10,065,000	9,732,462
	Constellation Brands, Inc., 4.2500%, 5/1/23	20,778,000	21,176,491
	CVS Health Corp, 4.7500%, 12/1/22	8,410,000	8,721,507
	CVS Health Corp, 4.1000%, 3/25/25	22,434,000	22,311,069
	CVS Health Corp, 4.3000%, 3/25/28	31,410,000	30,970,878
	CVS Health Corp, 5.0500%, 3/25/48	10,603,000	10,708,995
	HCA Inc, 3.7500%, 3/15/19	8,928,000	8,961,480
	HCA Inc, 5.0000%, 3/15/24	13,085,000	13,085,000
	HCA Inc, 5.2500%, 6/15/26	10,659,000	10,586,519
	Life Technologies Corp, 6.0000%, 3/1/20	13,292,000	13,854,399
	Newell Brands Inc, 5.0000%, 11/15/23	10,394,000	10,620,621
	Sysco Corp, 2.5000%, 7/15/21	4,389,000	4,285,514
	Teva Pharmaceutical Finance Co BV, 2.9500%, 12/18/22	1,948,000	1,772,432
	Teva Pharmaceutical Finance Netherlands III BV, 2.8000%, 7/21/23	10,472,000	9,042,006
	Teva Pharmaceutical Finance Netherlands III BV, 6.0000%, 4/15/24	15,491,000	15,469,721
	Wm Wrigley Jr Co, 2.4000%, 10/21/18 (144A)	23,656,000	23,639,386
	Wm Wrigley Jr Co, 3.3750%, 10/21/20 (144A)	13,595,000	13,631,771
			239,248,545
Electric – 0.6%
	Duke Energy Corp, 1.8000%, 9/1/21	7,287,000	6,971,473
	Duke Energy Corp, 2.4000%, 8/15/22	9,006,000	8,659,208
	NextEra Energy Operating Partners LP, 4.2500%, 9/15/24 (144A)	2,893,000	2,784,513
	PPL WEM Ltd / Western Power Distribution Ltd, 5.3750%, 5/1/21 (144A)	14,848,000	15,444,191
	Southern Co, 2.9500%, 7/1/23	13,584,000	13,098,622
			46,958,007
Energy – 4.2%
	Andeavor Logistics LP / Tesoro Logistics Finance Corp, 3.5000%, 12/1/22	4,385,000	4,283,152
	Andeavor Logistics LP / Tesoro Logistics Finance Corp, 5.2500%, 1/15/25	6,052,000	6,202,574
	Canadian Natural Resources Ltd, 2.9500%, 1/15/23	6,712,000	6,473,677
	Cenovus Energy Inc, 5.7000%, 10/15/19	437,000	448,187
	Cheniere Corpus Christi Holdings LLC, 5.1250%, 6/30/27	15,130,000	14,997,612
	Columbia Pipeline Group Inc, 4.5000%, 6/1/25	7,423,000	7,429,094
	Continental Resources Inc/OK, 5.0000%, 9/15/22	29,014,000	29,450,951
	Continental Resources Inc/OK, 4.5000%, 4/15/23	19,487,000	19,788,127
	DCP Midstream Operating LP, 4.7500%, 9/30/21 (144A)	2,959,000	2,988,590
	Enbridge Energy Partners LP, 5.8750%, 10/15/25	9,721,000	10,576,149
	Energy Transfer Equity LP, 4.2500%, 3/15/23	10,496,000	10,128,745
	Energy Transfer Equity LP, 5.8750%, 1/15/24	11,292,000	11,574,300
	Energy Transfer Equity LP, 5.5000%, 6/1/27	1,174,000	1,174,000
	Energy Transfer Partners LP, 4.1500%, 10/1/20	8,652,000	8,756,776
	Energy Transfer Partners LP, 4.9500%, 6/15/28	8,932,000	8,900,786
	Energy Transfer Partners LP, 6.0000%, 6/15/48	10,135,000	10,102,667
	Energy Transfer Partners LP / Regency Energy Finance Corp, 5.7500%, 9/1/20	5,672,000	5,894,910
	EnLink Midstream Partners LP, 4.1500%, 6/1/25	5,168,000	4,774,920
	EnLink Midstream Partners LP, 4.8500%, 7/15/26^#	14,156,000	13,409,263


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

12	JUNE 30, 2018

Janus Henderson Flexible Bond Fund

Schedule of Investments

June 30, 2018


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Energy – (continued)
	EQT Midstream Partners LP, 5.5000%, 7/15/28	$14,384,000	$14,376,028
	Kinder Morgan Energy Partners LP, 3.5000%, 3/1/21	3,516,000	3,509,588
	Kinder Morgan Energy Partners LP, 5.0000%, 10/1/21	8,073,000	8,382,841
	Kinder Morgan Energy Partners LP, 3.9500%, 9/1/22	9,325,000	9,321,046
	Kinder Morgan Inc/DE, 6.5000%, 9/15/20	931,000	989,606
	Motiva Enterprises LLC, 5.7500%, 1/15/20 (144A)	2,368,000	2,442,169
	NGPL PipeCo LLC, 4.3750%, 8/15/22 (144A)	2,639,000	2,612,610
	NGPL PipeCo LLC, 4.8750%, 8/15/27 (144A)	6,744,000	6,659,700
	NuStar Logistics LP, 5.6250%, 4/28/27^#	15,292,000	14,795,010
	Phillips 66 Partners LP, 3.6050%, 2/15/25	11,358,000	10,827,455
	Phillips 66 Partners LP, 3.7500%, 3/1/28	4,582,000	4,280,603
	Plains All American Pipeline LP / PAA Finance Corp, 4.6500%, 10/15/25	5,062,000	5,042,884
	Regency Energy Partners LP / Regency Energy Finance Corp, 5.8750%, 3/1/22	11,843,000	12,525,157
	Sabine Pass Liquefaction LLC, 5.0000%, 3/15/27	21,306,000	21,643,626
	Williams Cos Inc, 3.7000%, 1/15/23	5,651,000	5,467,342
	Williams Partners LP, 3.6000%, 3/15/22	6,336,000	6,303,367
			306,533,512
Financial Institutions – 0.7%
	Jones Lang LaSalle Inc, 4.4000%, 11/15/22	23,559,000	24,084,812
	Kennedy-Wilson Inc, 5.8750%, 4/1/24	27,594,000	26,766,180
			50,850,992
Insurance – 0.9%
	Aetna Inc, 2.8000%, 6/15/23	8,907,000	8,491,234
	Centene Corp, 4.7500%, 5/15/22	1,373,000	1,381,581
	Centene Corp, 6.1250%, 2/15/24	11,872,000	12,510,120
	Centene Corp, 4.7500%, 1/15/25	13,588,000	13,520,060
	Centene Escrow I Corp, 5.3750%, 6/1/26 (144A)	9,498,000	9,622,709
	UnitedHealth Group Inc, 2.3750%, 10/15/22	7,856,000	7,551,245
	WellCare Health Plans Inc, 5.2500%, 4/1/25	14,347,000	14,275,265
			67,352,214
Natural Gas – 0.2%
	Sempra Energy, ICE LIBOR USD 3 Month + 0.5000%, 2.8477%, 1/15/21^‡	14,837,000	14,844,462
Owned No Guarantee – 0.3%
	Syngenta Finance NV, 3.6980%, 4/24/20 (144A)	7,041,000	7,015,179
	Syngenta Finance NV, 3.9330%, 4/23/21 (144A)	6,670,000	6,652,608
	Syngenta Finance NV, 4.4410%, 4/24/23 (144A)	1,947,000	1,935,463
	Syngenta Finance NV, 4.8920%, 4/24/25 (144A)	3,063,000	3,002,342
			18,605,592
Real Estate Investment Trusts (REITs) – 1.1%
	Alexandria Real Estate Equities Inc, 2.7500%, 1/15/20	4,870,000	4,830,075
	Alexandria Real Estate Equities Inc, 4.6000%, 4/1/22	24,006,000	24,769,515
	Alexandria Real Estate Equities Inc, 4.5000%, 7/30/29	6,531,000	6,504,597
	Reckson Operating Partnership LP, 7.7500%, 3/15/20	18,676,000	19,952,128
	Senior Housing Properties Trust, 6.7500%, 4/15/20	5,054,000	5,236,274
	Senior Housing Properties Trust, 6.7500%, 12/15/21	5,909,000	6,329,021
	SL Green Realty Corp, 5.0000%, 8/15/18	10,908,000	10,924,238
			78,545,848
Technology – 4.1%
	Broadcom Corp / Broadcom Cayman Finance Ltd, 3.6250%, 1/15/24	7,003,000	6,776,383
	Broadcom Corp / Broadcom Cayman Finance Ltd, 3.1250%, 1/15/25	7,844,000	7,275,261
	Cadence Design Systems Inc, 4.3750%, 10/15/24	32,042,000	32,440,961
	Equinix Inc, 5.8750%, 1/15/26	631,000	639,203
	Equinix Inc, 5.3750%, 5/15/27	2,839,000	2,831,903
	Fidelity National Information Services Inc, 3.6250%, 10/15/20	5,626,000	5,662,369
	Fidelity National Information Services Inc, 4.5000%, 10/15/22	6,665,000	6,874,471
	First Data Corp, 7.0000%, 12/1/23 (144A)	20,825,000	21,690,903
	Marvell Technology Group Ltd, 4.2000%, 6/22/23	6,817,000	6,807,828
	Marvell Technology Group Ltd, 4.8750%, 6/22/28	7,710,000	7,650,990
	Microchip Technology Inc, 3.9220%, 6/1/21 (144A)	7,790,000	7,802,348


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

Janus Investment Fund	13


Shares or Principal Amounts			Value
Mortgage-Backed Securities– (continued)
Fannie Mae Pool – (continued)
	4.0000%, 6/1/47	$594,820	$607,508
	4.5000%, 6/1/47	9,078,206	9,521,488
	4.5000%, 6/1/47	898,440	945,275
	4.0000%, 7/1/47	2,234,980	2,286,347
	4.0000%, 7/1/47	2,167,812	2,217,434
	4.0000%, 7/1/47	986,701	1,009,288
	4.0000%, 7/1/47	683,465	699,110
	4.5000%, 7/1/47	6,484,467	6,801,099
	4.5000%, 7/1/47	5,848,207	6,133,774
	4.5000%, 7/1/47	5,686,615	5,964,291
	3.5000%, 8/1/47	7,040,246	7,021,728
	3.5000%, 8/1/47	4,455,008	4,442,946
	4.0000%, 8/1/47	11,832,121	12,077,781
	4.0000%, 8/1/47	4,050,778	4,143,499
	4.0000%, 8/1/47	2,370,528	2,424,790
	4.0000%, 8/1/47	1,032,487	1,053,978
	4.5000%, 8/1/47	7,946,756	8,334,793
	4.5000%, 8/1/47	1,993,579	2,091,223
	3.5000%, 9/1/47	87,183,509	86,790,342
	4.0000%, 9/1/47	1,044,238	1,068,239
	4.5000%, 9/1/47	6,824,704	7,158,977
	4.5000%, 9/1/47	5,101,601	5,351,483
	4.5000%, 9/1/47	4,633,970	4,860,948
	3.5000%, 10/1/47	30,113,933	30,030,057
	4.0000%, 10/1/47	5,069,132	5,185,632
	4.0000%, 10/1/47	4,388,811	4,489,681
	4.0000%, 10/1/47	4,218,504	4,315,460
	4.0000%, 10/1/47	2,752,448	2,815,709
	4.0000%, 10/1/47	2,319,334	2,372,641
	4.5000%, 10/1/47	1,179,397	1,237,163
	4.5000%, 10/1/47	540,563	566,959
	4.0000%, 11/1/47	10,684,137	10,910,488
	4.0000%, 11/1/47	6,402,585	6,539,814
	4.0000%, 11/1/47	6,357,989	6,504,114
	4.0000%, 11/1/47	1,971,760	2,017,078
	4.5000%, 11/1/47	5,782,702	6,065,944
	3.5000%, 12/1/47	10,758,914	10,710,395
	3.5000%, 12/1/47	9,848,080	9,835,395
	3.5000%, 12/1/47	2,056,067	2,050,627
	4.0000%, 12/1/47	12,631,141	12,901,873
	3.5000%, 1/1/48	7,290,247	7,285,196
	3.5000%, 1/1/48	3,025,073	3,019,366
	4.0000%, 1/1/48	25,159,793	25,747,299
	4.0000%, 1/1/48	24,104,916	24,621,511
	4.0000%, 1/1/48	23,900,932	24,444,244
	3.5000%, 3/1/48	4,173,649	4,170,757
	4.0000%, 3/1/48	10,357,202	10,599,055
	4.5000%, 3/1/48	7,580,114	7,974,291
	4.5000%, 4/1/48	5,742,258	6,047,068
	4.0000%, 5/1/48	24,153,013	24,636,568
	4.0000%, 5/1/48	20,315,256	20,719,940
	4.5000%, 5/1/48	4,662,329	4,927,844
	4.5000%, 5/1/48	3,965,882	4,166,024
	4.0000%, 6/1/48	57,398,145	58,552,837
	4.0000%, 6/1/48	9,751,103	9,945,347
	4.5000%, 6/1/48	4,417,215	4,657,872
	3.5000%, 8/1/56	37,735,952	37,473,408
	3.0000%, 2/1/57	23,578,506	22,644,245
			1,374,405,615


Shares or Principal Amounts			Value
United States Treasury Notes/Bonds– (continued)
	3.0000%, 5/15/47	$29,845,000	$29,899,794
	2.7500%, 8/15/47	59,256,000	56,485,319
	2.7500%, 11/15/47	153,920,000	146,711,012
	3.0000%, 2/15/48	87,086,000	87,290,108
	3.1250%, 5/15/48	301,580,500	309,704,243
Total United States Treasury Notes/Bonds (cost $897,893,662)			914,042,705
Investment Companies– 6.7%
Investments Purchased with Cash Collateral from Securities Lending – 0.1%
	Janus Henderson Cash Collateral Fund LLC, 1.8237%^ºº,£	5,926,508	5,926,508
Money Markets – 6.6%
	Janus Henderson Cash Liquidity Fund LLC, 1.8501%^ºº,£	479,228,454	479,228,454
Total Investment Companies (cost $485,154,962)			485,154,962
Total Investments (total cost $7,739,273,115) – 105.8%			7,692,876,060
Liabilities, net of Cash, Receivables and Other Assets – (5.8)%			(419,119,070)
Net Assets – 100%			$7,273,756,990


(a)	All or a portion of this position is not funded, or has been purchased on a delayed delivery or when-issued basis. If applicable, interest rates will be determined and interest will begin to accrue at a future date. See Notes to Financial Statements.


‡	Variable or floating rate security. Rate shown is the current rate as of June 30, 2018. Certain variable rate securities are not based on a published reference rate and spread; they are determined by the issuer or agent and current market conditions. Reference rate is as of reset date and may vary by security, which may not indicate a reference rate and/or spread in their description.


Ç	Step bond. The coupon rate will increase or decrease periodically based upon a predetermined schedule. The rate shown reflects the current rate.


§	Schedule of Restricted and Illiquid Securities (as of June 30, 2018)
							Value as a
		Acquisition					% of Net
		Date		Cost		Value	Assets
loanDepot Station Place Agency Securitization Trust 2017-1, ICE LIBOR USD 1 Month + 1.0000%, 3.0911%, 11/25/50		11/29/17	$	5,100,000	$	5,087,320	0.1	%
loanDepot Station Place Agency Securitization Trust 2017-1, ICE LIBOR USD 1 Month + 0.8000%, 2.8911%, 11/25/50		11/29/17		25,339,992		25,256,218	0.3
Moffett Towers Phase II, ICE LIBOR USD 1 Month + 2.8000%, 4.8740%, 6/15/21		6/25/18		19,497,951		19,497,553	0.3
Station Place Securitization Trust 2017-3, ICE LIBOR USD 1 Month + 1.0000%, 2.9613%, 7/24/18		8/11/17		22,822,000		22,822,637	0.3
Total			$	72,759,943	$	72,663,728	1.0	%

The Fund has registration rights for certain restricted securities held as of June 30, 2018. The issuer incurs all registration costs.



Assets:
	Unaffiliated investments, at value⁽¹⁾⁽²⁾		$	7,207,721,098
	Affiliated investments, at value⁽³⁾			485,154,962
	Cash			2,094,737
	Non-interested Trustees' deferred compensation			152,051
	Receivables:
		Investments sold		140,125,696
		Interest		45,217,152
		Fund shares sold		39,431,000
		Dividends from affiliates		764,119
	Other assets			817,579
Total Assets				7,921,478,394
Liabilities:
	Collateral for securities loaned (Note 2)			5,926,508
	Payables:			—
		Investments purchased		585,213,104
		Fund shares repurchased		49,611,629
		Advisory fees		2,524,108
		Dividends		2,041,703
		Transfer agent fees and expenses		1,061,185
		12b-1 Distribution and shareholder servicing fees		229,168
		Non-interested Trustees' deferred compensation fees		152,051
		Non-affiliated fund administration fees payable		97,640
		Non-interested Trustees' fees and expenses		86,159
		Professional fees		58,481
		Affiliated fund administration fees payable		15,632
		Custodian fees		2,617
		Accrued expenses and other payables		701,419
Total Liabilities				647,721,404
Net Assets			$	7,273,756,990




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	7,675,272,322
	Undistributed net investment income/(loss)		(2,193,752)
	Undistributed net realized gain/(loss) from investments		(352,949,528)
	Unrealized net appreciation/(depreciation) of investments and non-interested Trustees’ deferred compensation		(46,372,052)
Total Net Assets		$	7,273,756,990
Net Assets - Class A Shares		$	164,452,938
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		16,397,973
Net Asset Value Per Share⁽⁴⁾		$	10.03
Maximum Offering Price Per Share⁽⁵⁾		$	10.53
Net Assets - Class C Shares		$	194,727,376
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		19,411,118
Net Asset Value Per Share⁽⁴⁾		$	10.03
Net Assets - Class D Shares		$	562,065,424
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		56,034,688
Net Asset Value Per Share		$	10.03
Net Assets - Class I Shares		$	4,027,111,992
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		401,470,869
Net Asset Value Per Share		$	10.03
Net Assets - Class N Shares		$	1,354,610,036
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		135,140,768
Net Asset Value Per Share		$	10.02
Net Assets - Class R Shares		$	36,235,242
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,612,056
Net Asset Value Per Share		$	10.03
Net Assets - Class S Shares		$	36,397,949
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,628,173
Net Asset Value Per Share		$	10.03
Net Assets - Class T Shares		$	898,156,033
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		89,554,398
Net Asset Value Per Share		$	10.03



Investment Income:
	Interest		$	258,909,133
	Dividends from affiliates			6,681,651
	Dividends			815,733
	Affiliated securities lending income, net			90,596
	Other income			1,457,306
Total Investment Income				267,954,419
Expenses:
	Advisory fees			33,208,676
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		563,061
		Class C Shares		2,382,811
		Class R Shares		193,436
		Class S Shares		101,950
	Transfer agent administrative fees and expenses:
		Class D Shares		716,605
		Class R Shares		96,937
		Class S Shares		102,012
		Class T Shares		2,785,525
	Transfer agent networking and omnibus fees:
		Class A Shares		589,978
		Class C Shares		181,091
		Class I Shares		3,074,452
	Other transfer agent fees and expenses:
		Class A Shares		25,135
		Class C Shares		26,143
		Class D Shares		124,592
		Class I Shares		236,400
		Class N Shares		28,218
		Class R Shares		1,553
		Class S Shares		1,091
		Class T Shares		21,990
	Shareholder reports expense			767,560
	Affiliated fund administration fees			527,809
	Non-interested Trustees’ fees and expenses			288,491
	Registration fees			261,122
	Professional fees			141,562
	Non-affiliated fund administration fees			97,639
	Custodian fees			63,626
	Other expenses			471,572
Total Expenses				47,081,037
Less: Excess Expense Reimbursement and Waivers				(233,332)
Net Expenses				46,847,705
Net Investment Income/(Loss)				221,106,714
Net Realized Gain/(Loss) on Investments:
	Investments			(115,173,193)
Total Net Realized Gain/(Loss) on Investments				(115,173,193)
Change in Unrealized Net Appreciation/Depreciation:
	Investments and non-interested Trustees’ deferred compensation			(154,636,037)
Total Change in Unrealized Net Appreciation/Depreciation				(154,636,037)
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	(48,702,516)


Average Daily Net Assets of the Fund	Contractual Investment Advisory Fee (%)
First $300 Million	0.50
Over $300 Million	0.40




This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson, Janus, Henderson, Perkins, Intech and Henderson Geneva are trademarks or registered trademarks of Janus Henderson Investors. © Janus Henderson Investors. The name Janus Henderson Investors includes HGI Group Limited, Henderson Global Investors (Brand Management) Sarl and Janus International Holding LLC. Funds distributed by Janus Henderson Distributors
							125-02-93019 08-18



		ANNUAL REPORT June 30, 2018

	Janus Henderson Global Allocation Fund – Conservative

	Janus Investment Fund


Holdings - (% of Net Assets)
Janus Henderson Global Bond Fund - Class N Shares	36.4	%
Janus Henderson Diversified Alternatives Fund - Class N Shares	9.8
Janus Henderson Flexible Bond Fund - Class N Shares	8.1
Janus Henderson Short-Term Bond Fund - Class N Shares	5.7
Janus Henderson Adaptive Global Allocation Fund - Class N Shares	5.4
Janus Henderson Overseas Fund - Class N Shares	5.2
Janus Henderson Large Cap Value Fund - Class N Shares	3.1
Janus Henderson International Value Fund - Class N Shares	2.8
Janus Henderson International Managed Volatility Fund - Class N Shares	2.8
Janus Henderson U.S. Managed Volatility Fund - Class N Shares	2.5
Janus Henderson Global Select Fund - Class N Shares	2.3
Janus Henderson Global Research Fund - Class N Shares	2.3
Janus Henderson Enterprise Fund - Class N Shares	2.1
Janus Henderson Global Real Estate Fund - Class N Shares	1.9
Janus Henderson Emerging Markets Fund - Class N Shares	1.9
Janus Henderson Small Cap Value Fund - Class N Shares	1.8
Janus Henderson Triton Fund - Class N Shares	1.8
Janus Henderson Contrarian Fund - Class N Shares	1.4
Janus Henderson Mid Cap Value Fund - Class N Shares	1.1
Janus Henderson Forty Fund - Class N Shares	1.0
Janus Henderson Asia Equity Fund - Class N Shares	0.7


Asset Allocation - (% of Net Assets)
Fixed Income Funds	50.2%
Equity Funds	40.1%
Alternative Funds	9.8%
Other		(0.1)%
		100.0%


Shares			Value
Investment Companies^£– 100.1%
Alternative Funds – 9.8%
	Janus Henderson Diversified Alternatives Fund - Class N Shares	2,207,822	$22,409,396
Equity Funds – 40.1%
	Janus Henderson Adaptive Global Allocation Fund - Class N Shares	1,171,236	12,251,130
	Janus Henderson Asia Equity Fund - Class N Shares	132,459	1,551,096
	Janus Henderson Contrarian Fund - Class N Shares	159,653	3,228,185
	Janus Henderson Emerging Markets Fund - Class N Shares	436,697	4,279,628
	Janus Henderson Enterprise Fund - Class N Shares	37,127	4,721,089
	Janus Henderson Forty Fund - Class N Shares	63,181	2,288,407
	Janus Henderson Global Real Estate Fund - Class N Shares	367,139	4,324,897
	Janus Henderson Global Research Fund - Class N Shares	64,922	5,237,296
	Janus Henderson Global Select Fund - Class N Shares	313,136	5,276,343
	Janus Henderson International Managed Volatility Fund - Class N Shares	694,990	6,393,912
	Janus Henderson International Value Fund - Class N Shares	580,143	6,451,190
	Janus Henderson Large Cap Value Fund - Class N Shares	451,091	6,969,350
	Janus Henderson Mid Cap Value Fund - Class N Shares	151,758	2,528,288
	Janus Henderson Overseas Fund - Class N Shares	364,827	11,732,831
	Janus Henderson Small Cap Value Fund - Class N Shares	182,687	4,216,409
	Janus Henderson Triton Fund - Class N Shares	129,474	4,126,328
	Janus Henderson U.S. Managed Volatility Fund - Class N Shares	482,800	5,610,139
			91,186,518
Fixed Income Funds – 50.2%
	Janus Henderson Flexible Bond Fund - Class N Shares	1,832,867	18,365,322
	Janus Henderson Global Bond Fund - Class N Shares	8,826,050	82,895,108
	Janus Henderson Short-Term Bond Fund - Class N Shares	4,382,622	13,016,387
			114,276,817
Total Investments (total cost $214,696,631) – 100.1%			227,872,731
Liabilities, net of Cash, Receivables and Other Assets – (0.1)%			(179,967)
Net Assets – 100%			$227,692,764


Bloomberg Barclays Global Aggregate Bond Index	Bloomberg Barclays Global Aggregate Bond Index is a broad-based measure of the global investment grade fixed-rate debt markets.
Global Conservative Allocation Index	Global Conservative Allocation Index is 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	MSCI All Country World Index^SMreflects the equity market performance of global developed and emerging markets.



Assets:
	Affiliated investments, at value⁽¹⁾		$	227,872,731
	Non-interested Trustees' deferred compensation			4,770
	Receivables:
		Dividends from affiliates		230,057
		Investments sold		196,323
		Fund shares sold		3,472
Total Assets				228,307,353
Liabilities:
	Payables:			—
		Investments purchased		230,057
		Fund shares repurchased		202,795
		Transfer agent fees and expenses		43,128
		Registration fees		33,595
		Professional fees		30,915
		12b-1 Distribution and shareholder servicing fees		14,703
		Non-affiliated fund administration fees payable		12,700
		Printing fees		9,661
		Advisory fees		9,518
		Non-interested Trustees' deferred compensation fees		4,770
		Non-interested Trustees' fees and expenses		2,230
		Accrued expenses and other payables		20,517
Total Liabilities				614,589
Net Assets			$	227,692,764
Net Assets Consist of:
	Capital (par value and paid-in surplus)		$	207,969,904
	Undistributed net investment income/(loss)			2,987,786
	Undistributed net realized gain/(loss) from investments			3,557,817
	Unrealized net appreciation/(depreciation) of investments and non-interested Trustees’ deferred compensation			13,177,257
Total Net Assets			$	227,692,764
Net Assets - Class A Shares			$	4,406,793
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			350,367
Net Asset Value Per Share⁽²⁾			$	12.58
Maximum Offering Price Per Share⁽³⁾			$	13.35
Net Assets - Class C Shares			$	15,664,852
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			1,273,244
Net Asset Value Per Share⁽²⁾			$	12.30
Net Assets - Class D Shares			$	177,717,390
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			14,070,515
Net Asset Value Per Share			$	12.63
Net Assets - Class I Shares			$	5,601,495
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			443,567
Net Asset Value Per Share			$	12.63
Net Assets - Class S Shares			$	960,297
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			76,779
Net Asset Value Per Share			$	12.51
Net Assets - Class T Shares			$	23,341,937
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			1,850,462
Net Asset Value Per Share			$	12.61



Investment Income:
	Dividends from affiliates		$	6,016,244
Total Investment Income				6,016,244
Expenses:
	Advisory fees			116,803
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		11,181
		Class C Shares		156,340
		Class S Shares		3,141
	Transfer agent administrative fees and expenses:
		Class D Shares		218,856
		Class S Shares		3,151
		Class T Shares		58,986
	Transfer agent networking and omnibus fees:
		Class A Shares		3,143
		Class C Shares		10,260
		Class I Shares		4,112
	Other transfer agent fees and expenses:
		Class A Shares		553
		Class C Shares		1,673
		Class D Shares		24,483
		Class I Shares		317
		Class S Shares		52
		Class T Shares		579
	Registration fees			90,761
	Professional fees			45,366
	Shareholder reports expense			41,132
	Non-affiliated fund administration fees			12,699
	Non-interested Trustees’ fees and expenses			7,868
	Other expenses			3,966
Total Expenses				815,422
Less: Excess Expense Reimbursement and Waivers				(6,778)
Net Expenses				808,644
Net Investment Income/(Loss)				5,207,600
Net Realized Gain/(Loss) on Investments:
	Investments in affiliates			3,673,007
	Capital gain distributions from underlying funds			2,323,902
Total Net Realized Gain/(Loss) on Investments				5,996,909
Change in Unrealized Net Appreciation/Depreciation:
	Investments in affiliates			(403,613)
Total Change in Unrealized Net Appreciation/Depreciation				(403,613)
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	10,800,896



Capital Gain Distributions	$9,603,800
Foreign Taxes Paid	$58,210
Foreign Source Income	$478,907
Dividends Received Deduction Percentage	34%
Qualified Dividend Income Percentage	70%




This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson, Janus, Henderson, Perkins, Intech and Henderson Geneva are trademarks or registered trademarks of Janus Henderson Investors. © Janus Henderson Investors. The name Janus Henderson Investors includes HGI Group Limited, Henderson Global Investors (Brand Management) Sarl and Janus International Holding LLC. Funds distributed by Janus Henderson Distributors
							125-02-93020 08-18



		ANNUAL REPORT June 30, 2018

	Janus Henderson Global Allocation Fund - Growth

	Janus Investment Fund


Holdings - (% of Net Assets)
Janus Henderson Overseas Fund - Class N Shares	11.2	%
Janus Henderson Global Bond Fund - Class N Shares	10.7
Janus Henderson Diversified Alternatives Fund - Class N Shares	8.6
Janus Henderson Large Cap Value Fund - Class N Shares	6.6
Janus Henderson International Value Fund - Class N Shares	6.3
Janus Henderson International Managed Volatility Fund - Class N Shares	6.1
Janus Henderson U.S. Managed Volatility Fund - Class N Shares	5.4
Janus Henderson Adaptive Global Allocation Fund - Class N Shares	5.3
Janus Henderson Global Select Fund - Class N Shares	5.1
Janus Henderson Global Research Fund - Class N Shares	5.0
Janus Henderson Enterprise Fund - Class N Shares	4.4
Janus Henderson Emerging Markets Fund - Class N Shares	4.2
Janus Henderson Global Real Estate Fund - Class N Shares	4.2
Janus Henderson Small Cap Value Fund - Class N Shares	3.9
Janus Henderson Triton Fund - Class N Shares	3.9
Janus Henderson Contrarian Fund - Class N Shares	3.1
Janus Henderson Mid Cap Value Fund - Class N Shares	2.5
Janus Henderson Forty Fund - Class N Shares	2.1
Janus Henderson Asia Equity Fund - Class N Shares	1.5


Asset Allocation - (% of Net Assets)
Equity Funds	80.8%
Fixed Income Funds	10.7%
Alternative Funds	8.6%
Other		(0.1)%
		100.0%


Bloomberg Barclays Global Aggregate Bond Index	Bloomberg Barclays Global Aggregate Bond Index is a broad-based measure of the global investment grade fixed-rate debt markets.
Global Growth Allocation Index	Global Growth Allocation Index is 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	MSCI All Country World Index^SM reflects the equity market performance of global developed and emerging markets.



Assets:
	Affiliated investments, at value⁽¹⁾		$	267,199,813
	Non-interested Trustees' deferred compensation			5,591
	Receivables:
		Dividends from affiliates		85,478
		Investments sold		45,587
		Fund shares sold		43,096
Total Assets				267,379,565
Liabilities:
	Payables:			—
		Investments purchased		85,149
		Fund shares repurchased		71,523
		Transfer agent fees and expenses		56,548
		Registration fees		33,663
		Professional fees		30,782
		Printing fees		23,807
		Non-affiliated fund administration fees payable		13,041
		Advisory fees		11,299
		12b-1 Distribution and shareholder servicing fees		7,359
		Postage fees		6,728
		Non-interested Trustees' deferred compensation fees		5,591
		Non-interested Trustees' fees and expenses		2,419
		Accrued expenses and other payables		14,476
Total Liabilities				362,385
Net Assets			$	267,017,180
Net Assets Consist of:
	Capital (par value and paid-in surplus)		$	217,919,810
	Undistributed net investment income/(loss)			516,183
	Undistributed net realized gain/(loss) from investments			5,809,109
	Unrealized net appreciation/(depreciation) of investments and non-interested Trustees’ deferred compensation			42,772,078
Total Net Assets			$	267,017,180
Net Assets - Class A Shares			$	4,636,764
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			324,719
Net Asset Value Per Share⁽²⁾			$	14.28
Maximum Offering Price Per Share⁽³⁾			$	15.15
Net Assets - Class C Shares			$	7,165,641
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			511,828
Net Asset Value Per Share⁽²⁾			$	14.00
Net Assets - Class D Shares			$	219,870,146
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			15,281,441
Net Asset Value Per Share			$	14.39
Net Assets - Class I Shares			$	14,180,259
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			985,546
Net Asset Value Per Share			$	14.39
Net Assets - Class S Shares			$	2,033,690
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			143,255
Net Asset Value Per Share			$	14.20
Net Assets - Class T Shares			$	19,130,680
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			1,331,540
Net Asset Value Per Share			$	14.37



Investment Income:
	Dividends from affiliates		$	5,768,655
Total Investment Income				5,768,655
Expenses:
	Advisory fees			131,178
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		11,101
		Class C Shares		50,085
		Class S Shares		5,966
	Transfer agent administrative fees and expenses:
		Class D Shares		266,568
		Class S Shares		5,974
		Class T Shares		46,330
	Transfer agent networking and omnibus fees:
		Class A Shares		2,891
		Class C Shares		4,847
		Class I Shares		6,949
	Other transfer agent fees and expenses:
		Class A Shares		537
		Class C Shares		565
		Class D Shares		42,779
		Class I Shares		486
		Class S Shares		78
		Class T Shares		583
	Registration fees			88,561
	Shareholder reports expense			61,799
	Professional fees			45,577
	Non-affiliated fund administration fees			13,042
	Non-interested Trustees’ fees and expenses			8,756
	Other expenses			4,236
Total Expenses				798,888
Less: Excess Expense Reimbursement and Waivers				(5,415)
Net Expenses				793,473
Net Investment Income/(Loss)				4,975,182
Net Realized Gain/(Loss) on Investments:
	Investments in affiliates			3,542,891
	Capital gain distributions from underlying funds			5,366,820
Total Net Realized Gain/(Loss) on Investments				8,909,711
Change in Unrealized Net Appreciation/Depreciation:
	Investments in affiliates			7,582,530
Total Change in Unrealized Net Appreciation/Depreciation				7,582,530
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	21,467,423



Capital Gain Distributions	$11,048,619
Foreign Taxes Paid	$142,710
Foreign Source Income	$1,173,556
Dividends Received Deduction Percentage	100%
Qualified Dividend Income Percentage	100%




This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson, Janus, Henderson, Perkins, Intech and Henderson Geneva are trademarks or registered trademarks of Janus Henderson Investors. © Janus Henderson Investors. The name Janus Henderson Investors includes HGI Group Limited, Henderson Global Investors (Brand Management) Sarl and Janus International Holding LLC. Funds distributed by Janus Henderson Distributors
							125-02-93021 08-18


Holdings - (% of Net Assets)
Janus Henderson Global Bond Fund - Class N Shares	27.5	%
Janus Henderson Diversified Alternatives Fund - Class N Shares	11.1
Janus Henderson Overseas Fund - Class N Shares	7.9
Janus Henderson Adaptive Global Allocation Fund - Class N Shares	5.3
Janus Henderson Large Cap Value Fund - Class N Shares	4.8
Janus Henderson International Value Fund - Class N Shares	4.5
Janus Henderson International Managed Volatility Fund - Class N Shares	4.4
Janus Henderson U.S. Managed Volatility Fund - Class N Shares	3.8
Janus Henderson Global Select Fund - Class N Shares	3.6
Janus Henderson Global Research Fund - Class N Shares	3.5
Janus Henderson Enterprise Fund - Class N Shares	3.1
Janus Henderson Global Real Estate Fund - Class N Shares	2.9
Janus Henderson Emerging Markets Fund - Class N Shares	2.9
Janus Henderson Short-Term Bond Fund - Class N Shares	2.8
Janus Henderson Triton Fund - Class N Shares	2.8
Janus Henderson Small Cap Value Fund - Class N Shares	2.8
Janus Henderson Contrarian Fund - Class N Shares	2.2
Janus Henderson Mid Cap Value Fund - Class N Shares	1.7
Janus Henderson Forty Fund - Class N Shares	1.4
Janus Henderson Asia Equity Fund - Class N Shares	1.1


Asset Allocation - (% of Net Assets)
Equity Funds	58.7%
Fixed Income Funds	30.3%
Alternative Funds	11.1%
Other		(0.1)%
		100.0%