Untitled Document

N-CSR 1 930NCSR.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: 9/30

Date of reporting period: 9/30/18

Item 1 - Reports to Shareholders



		ANNUAL REPORT September 30, 2018

	Janus Henderson Asia Equity Fund

	Janus Investment Fund

HIGHLIGHTS

· Portfolio management perspective

· Investment strategy behind your fund

· Fund performance, characteristics
and holdings

Table of Contents

Janus Henderson Asia Equity Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	10
Statement of Assets and Liabilities	11
Statement of Operations	13
Statements of Changes in Net Assets	14
Financial Highlights	15
Notes to Financial Statements	19
Report of Independent Registered Public Accounting Firm	30
Additional Information	31
Useful Information About Your Fund Report	45
Designation Requirements	48
Trustees and Officers	49

Janus Henderson Asia Equity Fund (unaudited)

FUND SNAPSHOT

This all-cap, Asia Pacific ex Japan fund aims to provide investors with a high-conviction portfolio focused on companies that enjoy strong franchise positions and a proven track record of both execution and high return on equity. We firmly believe that this approach combined with valuation discipline can generate competitive returns relative to our benchmark.

Andrew Gillan

co-portfolio manager

Mervyn Koh

co-portfolio manager

PERFORMANCE

The Janus Henderson Asia Equity Fund’s Class I Shares returned 3.05% over the one-year period ended September 30, 2018. The Fund’s primary benchmark, the MSCI All Country Asia ex-Japan Index^SM, returned 1.45%. The Fund's secondary benchmark, the MSCI All Country Asia-Pacific ex-Japan Index^SM, returned 1.95%.

INVESTMENT ENVIRONMENT

Asian equities posted a positive return for the period, having started strongly, then weakening largely as a result of trade war concerns, a stronger U.S. dollar and higher oil prices. Corporate earnings recovered strongly in 2017, posting double-digit gains while earnings growth expectations also remain healthy for 2018 in local currency terms. Concerns over trade tariffs have dominated news flow and are a major reason Asian equities have traded lower since January. It is also true that the region has been impacted by a broader rotation away from emerging markets, given macroeconomic concerns in countries such as Turkey and Argentina, while U.S. equities maintained strong performance buoyed by tax cuts and a continued recovery in the economy, which is also leading to a normalization of U.S. interest rates from abnormally low levels. The Chinese economy started to slow after the impact of the government’s deleveraging campaign and as the effects of the 2015 stimulus began to wear off. This slowdown has also impacted market sentiment.

PERFORMANCE DISCUSSION

The Fund outperformed its primary and secondary benchmarks over the period. At the sector level, we benefited from our overweight position to the technology sector early in the financial year while the decision to reduce the level of this overweight through 2018 was also positive. Within the technology sector, semiconductor-related shares performed well in the first half of the period on continued strong demand, but these companies underperformed later in the period. Strong performers for the Fund in the technology sector included a leading Taiwanese semiconductor manufacturer and exposure to two Indian IT services companies that benefited from an increase in revenue growth, buoyed by their digital offering and the weaker Indian rupee, which boosted their earnings. Strategically, we also increased our exposure to the financials sector over the period. This was, in part, a decision to rotate the Fund more toward value, given the outperformance of growth companies, but also due to the positive impact on net interest margins from higher interest rates. This led us to add banks in Singapore and Malaysia, and we also added a new bank in Taiwan to the Fund, closing the period with an overweight position to financials. Exposure to private sector Indian financials detracted from relative performance, given some asset-quality issues from weaker competitors, but we are confident in the asset quality and operating performance of the companies we own. Elsewhere, our exposure to insurance companies contributed positively as a regional life insurance company continued to deliver strong new business growth. We also added a Chinese insurer to the Fund during the period and believe the industry offers attractive structural growth. From an allocation perspective, our underweight to China was positive as was the overweight to the Indian stock market, although the latter was offset by the weaker currency.

OUTLOOK

We remain cautious in the short term, but are of the view that markets will eventually come to terms with the reality of trade wars, after which underlying fundamentals like earnings growth will take center stage once again. We continue to believe that investor concerns here are overstated given the healthy domestic demand growth across much of Asia while exports to the U.S. are less significant than in the past. We would expect the introduction of tariffs to impact global growth and that Asia ex Japan should not be disproportionately impacted relative to other regions. The Chinese economy remains crucial to how investors will view the region as a whole,


Janus Investment Fund	1

Janus Henderson Asia Equity Fund (unaudited)

and the government’s ongoing balancing act between gradual deleveraging and maintaining growth is what we are monitoring closely. We still have close to 20% of the Fund allocated to Chinese equities, but that is a significant underweight relative to our primary benchmark, which we are comfortable with at the current juncture. Our key overweights remain to India and Taiwan.

Thank you for your continued investment in Janus Henderson Asia Equity Fund.


2	SEPTEMBER 30, 2018

Janus Henderson Asia Equity Fund (unaudited)

Fund At A Glance

September 30, 2018





	5 Top Performers - Holdings		5 Bottom Performers - Holdings
		Contribution		Contribution
	Taiwan Semiconductor Manufacturing Co Ltd	1.55%	Hangzhou Hikvision Digital Technology Co Ltd	-0.76%
	Tata Consultancy Services Ltd	1.44%	Largan Precision Co Ltd	-0.66%
	Infosys Ltd	1.17%	Delta Electronics Inc	-0.65%
	Uni-President Enterprises Corp	1.01%	UBS AG London	-0.61%
	CSL Ltd	0.99%	John Keells Holdings PLC	-0.50%

	5 Top Performers - Sectors*
		Fund	Fund Weighting	MSCI All Country Asia ex-Japan Index
		Contribution	(Average % of Equity)	Weighting
	Consumer Staples	1.94%	11.25%	4.62%
	Information Technology	1.14%	44.27%	31.84%
	Consumer Discretionary	0.84%	10.73%	8.97%
	Health Care	0.56%	2.14%	2.72%
	Real Estate	0.53%	3.50%	5.89%

	5 Bottom Performers - Sectors*
		Fund	Fund Weighting	MSCI All Country Asia ex-Japan Index
		Contribution	(Average % of Equity)	Weighting
	Energy	-1.07%	0.01%	4.44%
	Industrials	-0.53%	2.73%	6.71%
	Materials	-0.35%	0.68%	4.63%
	Financials	-0.28%	21.47%	23.29%
	Other**	-0.13%	1.78%	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 Asia Equity Fund (unaudited)

Fund At A Glance

September 30, 2018


5 Largest Equity Holdings - (% of Net Assets)
Taiwan Semiconductor Manufacturing Co Ltd
Semiconductor & Semiconductor Equipment	6.5%
Alibaba Group Holding Ltd (ADR)
Internet Software & Services	4.6%
HDFC Bank Ltd
Banks	4.3%
Housing Development Finance Corp Ltd
Thrifts & Mortgage Finance	4.2%
AIA Group Ltd
Insurance	3.9%
	23.5%


Asset Allocation - (% of Net Assets)
Common Stocks	92.3%
Warrants	4.0%
Investment Companies	3.1%
Preferred Stocks	2.4%
Other		(1.8)%
		100.0%

Emerging markets comprised 76.6% of total net assets.

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

As of September 30, 2018

As of September 30, 2017


4	SEPTEMBER 30, 2018

Janus Henderson Asia Equity Fund (unaudited)

Performance

See important disclosures on the next page.



				Expense Ratios -
Average Annual Total Return - for the periods ended September 30, 2018				per the January 26, 2018 prospectuses
	One Year	Five Year	Since Inception*	Total Annual Fund Operating Expenses	Net Annual Fund Operating Expenses
Class A Shares at NAV	2.75%	8.02%	4.80%	2.49%	1.54%
Class A Shares at MOP	-3.17%	6.74%	3.94%
Class C Shares at NAV	1.98%	7.23%	4.06%	3.09%	2.23%
Class C Shares at CDSC	0.99%	7.23%	4.06%
Class D Shares⁽¹⁾	2.92%	8.22%	4.97%	2.19%	1.34%
Class I Shares	3.05%	8.37%	5.11%	2.00%	1.21%
Class N Shares	3.05%	7.72%	4.47%	1.98%	1.19%
Class S Shares	2.64%	8.01%	4.75%	2.64%	1.70%
Class T Shares	2.81%	8.19%	4.93%	2.14%	1.44%
MSCI All Country Asia ex-Japan Index	1.45%	6.64%	4.37%
MSCI All Country Asia-Pacific ex-Japan Index	1.95%	5.66%	4.21%
Morningstar Quartile - Class I Shares	2nd	1st	1st
Morningstar Ranking - based on total returns for Pacific/Asia ex-Japan Stock Funds	15/88	3/67	10/62

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.

Net expense ratios reflect the expense waiver, if any, contractually agreed to through February 1, 2019.

The expense ratios for Class N Shares are estimated.


Janus Investment Fund	5

Janus Henderson Asia Equity Fund (unaudited)

Performance

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

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.

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

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

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

Class N Shares commenced operations on January 26, 2018. Performance shown for periods prior to January 26, 2018, reflects the historical 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 January 26, 2018, the performance shown may have been different. The performance shown for periods following the Fund's commencement of 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.

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 – July 29, 2011

(1) Closed to certain new investors.


6	SEPTEMBER 30, 2018

Janus Henderson Asia Equity Fund (unaudited)

Expense Examples

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (4/1/18)	Ending Account Value (9/30/18)	Expenses Paid During Period (4/1/18 - 9/30/18)†	Beginning Account Value (4/1/18)	Ending Account Value (9/30/18)	Expenses Paid During Period (4/1/18 - 9/30/18)†	Net Annualized Expense Ratio (4/1/18 - 9/30/18)
Class A Shares		$1,000.00	$953.40	$7.15	$1,000.00	$1,017.75	$7.39	1.46%
Class C Shares		$1,000.00	$948.90	$10.80	$1,000.00	$1,013.99	$11.16	2.21%
Class D Shares		$1,000.00	$953.90	$6.27	$1,000.00	$1,018.65	$6.48	1.28%
Class I Shares		$1,000.00	$954.70	$5.64	$1,000.00	$1,019.30	$5.82	1.15%
Class N Shares		$1,000.00	$954.70	$5.49	$1,000.00	$1,019.45	$5.67	1.12%
Class S Shares		$1,000.00	$952.70	$7.34	$1,000.00	$1,017.55	$7.59	1.50%
Class T Shares		$1,000.00	$953.30	$6.46	$1,000.00	$1,018.45	$6.68	1.32%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/365 (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 Asia Equity Fund

Schedule of Investments

September 30, 2018


Shares			Value
Common Stocks– 92.3%
Automobiles – 2.1%
	Brilliance China Automotive Holdings Ltd	334,000	$540,176
Banks – 15.8%
	BOC Hong Kong Holdings Ltd	138,500	658,184
	DBS Group Holdings Ltd	20,400	389,432
	E.Sun Financial Holding Co Ltd	657,000	485,256
	HDFC Bank Ltd	41,021	1,135,311
	Oversea-Chinese Banking Corp Ltd	100,200	838,727
	Public Bank Bhd	104,600	632,101
			4,139,011
Beverages – 2.4%
	Treasury Wine Estates Ltd	50,672	640,495
Diversified Financial Services – 5.4%
	Ayala Corp	45,500	781,636
	Bajaj Holdings & Investment Ltd	15,000	640,199
			1,421,835
Electronic Equipment, Instruments & Components – 2.7%
	Largan Precision Co Ltd	3,000	357,178
	Venture Corp Ltd	27,300	352,161
			709,339
Food Products – 4.3%
	Uni-President Enterprises Corp	330,000	861,452
	Vietnam Dairy Products JSC	44,184	260,084
			1,121,536
Household Durables – 6.9%
	Coway Co Ltd	7,542	590,249
	Nien Made Enterprise Co Ltd	55,000	430,546
	Techtronic Industries Co Ltd	124,500	795,232
			1,816,027
Industrial Conglomerates – 1.0%
	John Keells Holdings PLC	334,883	260,837
Information Technology Services – 6.4%
	Infosys Ltd	78,939	795,080
	Tata Consultancy Services Ltd	28,910	870,979
			1,666,059
Insurance – 6.6%
	AIA Group Ltd	112,800	1,007,259
	Ping An Insurance Group Co of China Ltd	70,000	710,919
			1,718,178
Internet Software & Services – 9.6%
	Alibaba Group Holding Ltd (ADR)*	7,308	1,204,066
	Baidu Inc (ADR)*	2,388	546,088
	Tencent Holdings Ltd	18,600	767,961
			2,518,115
Oil, Gas & Consumable Fuels – 1.6%
	CNOOC Ltd	212,000	419,781
Personal Products – 1.9%
	LG Household & Health Care Ltd	428	492,407
Real Estate Management & Development – 4.6%
	City Developments Ltd	78,200	521,257
	Land & Houses PCL (REG)	1,937,900	689,324
			1,210,581
Semiconductor & Semiconductor Equipment – 6.5%
	Taiwan Semiconductor Manufacturing Co Ltd	197,000	1,693,770
Technology Hardware, Storage & Peripherals – 5.7%
	Advantech Co Ltd	90,797	676,569
	Catcher Technology Co Ltd	44,000	484,229
	Samsung Electronics Co Ltd	7,781	325,875
			1,486,673


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

8	SEPTEMBER 30, 2018

Janus Henderson Asia Equity Fund

Schedule of Investments

September 30, 2018


Shares			Value
Common Stocks– (continued)
Textiles, Apparel & Luxury Goods – 2.2%
	Samsonite International SA*	157,800	$584,601
Thrifts & Mortgage Finance – 4.2%
	Housing Development Finance Corp Ltd	45,954	1,112,355
Tobacco – 2.4%
	ITC Ltd	153,621	631,058
Total Common Stocks (cost $21,827,353)			24,182,834
Preferred Stocks– 2.4%
Technology Hardware, Storage & Peripherals – 2.4%
	Samsung Electronics Co Ltd(cost $470,949)	17,988	613,872
Warrants– 4.0%
Beverages – 1.5%
	Jiangsu Yanghe Brewery, expires, 9/27/19*	21,400	395,445
Electronic Equipment, Instruments & Components – 1.0%
	Hangzhou Hikvision Digital Technology Co Ltd, expires, 1/22/19*	61,300	256,048
Household Durables – 1.5%
	Midea Group Co Ltd, expires, 6/25/19*	68,014	398,361
Total Warrants (cost $1,314,401)			1,049,854
Investment Companies– 3.1%
Money Markets – 3.1%
	Fidelity Investments Money Market Treasury Portfolio, 1.9300%^ºº(cost $814,883)	814,883	814,883
Total Investments (total cost $24,427,586) – 101.8%			26,661,443
Liabilities, net of Cash, Receivables and Other Assets – (1.8)%			(466,514)
Net Assets – 100%			$26,194,929


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

		% of
		Investment
Country	Value	Securities
China	$5,238,845	19.6	%
India	5,184,982	19.4
Taiwan	4,989,000	18.7
Hong Kong	3,045,276	11.4
Singapore	2,101,577	7.9
South Korea	2,022,403	7.6
United States	814,883	3.1
Philippines	781,636	2.9
Thailand	689,324	2.6
Australia	640,495	2.4
Malaysia	632,101	2.4
Sri Lanka	260,837	1.0
Vietnam	260,084	1.0



Total	$26,661,443	100.0	%


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

Janus Investment Fund	9

Janus Henderson Asia Equity Fund

Notes to Schedule of Investments and Other Information

MSCI All Country Asia

ex-Japan Index^SM

MSCI All Country Asia ex-Japan Index^SM reflects the equity market performance of Asia, excluding Japan.

MSCI All Country Asia-Pacific

ex-Japan Index^SM

The MSCI All Country Asia-Pacific ex-Japan Index^SM reflects the performance of large and mid-cap companies in developed and emerging markets in the Asia Pacific region, excluding Japan.


ADR	American Depositary Receipt
PCL	Public Company Limited
PLC	Public Limited Company
REG	Registered


*	Non-income producing security.


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


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 September 30, 2018. See Notes to Financial Statements for more information.

Valuation Inputs Summary

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

Assets
Investments in Securities:
Common Stocks	$	24,182,834	$	-	$	-
Preferred Stocks		-		613,872		-
Warrants		651,493		398,361		-
Investment Companies		814,883		-		-
Total Assets	$	25,649,210	$	1,012,233	$	-


10	SEPTEMBER 30, 2018

Janus Henderson Asia Equity Fund

Statement of Assets and Liabilities

September 30, 2018

See footnotes at the end of the Statement.



Assets:
	Investments, at value⁽¹⁾		$	26,661,443
	Cash denominated in foreign currency⁽²⁾			4,208
	Non-interested Trustees' deferred compensation			566
	Receivables:
		Investments sold		862,707
		Dividends		48,763
		Due from adviser		34,238
		Fund shares sold		4,330
	Other assets			864
Total Assets				27,617,119
Liabilities:
	Payables:			—
		Investments purchased		1,167,409
		Foreign tax liability		95,690
		Fund shares repurchased		49,575
		Professional fees		37,899
		Advisory fees		22,028
		Transfer agent fees and expenses		3,946
		12b-1 Distribution and shareholder servicing fees		1,283
		Non-interested Trustees' deferred compensation fees		566
		Custodian fees		407
		Non-interested Trustees' fees and expenses		216
		Affiliated fund administration fees payable		55
		Accrued expenses and other payables		43,116
Total Liabilities				1,422,190
Net Assets			$	26,194,929


See Notes to Financial Statements.

Janus Investment Fund	11

Janus Henderson Asia Equity Fund

Statement of Assets and Liabilities

September 30, 2018




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	22,202,381
	Total distributable earnings (loss)⁽³⁾		3,992,548
Total Net Assets		$	26,194,929
Net Assets - Class A Shares		$	816,175
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		71,467
Net Asset Value Per Share⁽⁴⁾		$	11.42
Maximum Offering Price Per Share⁽⁵⁾		$	12.12
Net Assets - Class C Shares		$	1,243,882
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		110,078
Net Asset Value Per Share⁽⁴⁾		$	11.30
Net Assets - Class D Shares		$	13,089,357
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,134,454
Net Asset Value Per Share		$	11.54
Net Assets - Class I Shares		$	1,028,731
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		89,864
Net Asset Value Per Share		$	11.45
Net Assets - Class N Shares		$	8,500,749
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		735,606
Net Asset Value Per Share		$	11.56
Net Assets - Class S Shares		$	483,919
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		42,250
Net Asset Value Per Share		$	11.45
Net Assets - Class T Shares		$	1,032,116
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		90,773
Net Asset Value Per Share		$	11.37

(1) Includes cost of $24,427,586.

(2) Includes cost of $4,208.

(3) Includes $95,691 of foreign capital gains tax on investments.

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

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


See Notes to Financial Statements.

12	SEPTEMBER 30, 2018

Janus Henderson Asia Equity Fund

Statement of Operations

For the year ended September 30, 2018(1)



Investment Income:
	Dividends		$	794,493
	Other income			29,950
	Foreign tax withheld			(85,604)
Total Investment Income				738,839
Expenses:
	Advisory fees			354,962
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		2,382
		Class C Shares		12,255
		Class S Shares		1,247
	Transfer agent administrative fees and expenses:
		Class D Shares		25,395
		Class S Shares		1,250
		Class T Shares		6,979
	Transfer agent networking and omnibus fees:
		Class A Shares		1,060
		Class C Shares		936
		Class I Shares		1,235
	Other transfer agent fees and expenses:
		Class A Shares		146
		Class C Shares		146
		Class D Shares		7,671
		Class I Shares		367
		Class N Shares		251
		Class S Shares		16
		Class T Shares		137
	Registration fees			112,850
	Professional fees			67,399
	Shareholder reports expense			16,781
	Custodian fees			11,465
	Affiliated fund administration fees			1,939
	Non-interested Trustees’ fees and expenses			1,094
	Other expenses			32,725
Total Expenses				660,688
Less: Excess Expense Reimbursement and Waivers				(153,499)
Net Expenses				507,189
Net Investment Income/(Loss)				231,650
Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions⁽²⁾			2,156,515
Total Net Realized Gain/(Loss) on Investments				2,156,515
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation⁽³⁾			(949,637)
Total Change in Unrealized Net Appreciation/Depreciation				(949,637)
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	1,438,528

(1) Period from January 26, 2018 (inception date) through September 30, 2018 for Class N Shares.

(2) Includes realized foreign capital gains tax on investments of $(37,432).

(3) Includes change in unrealized appreciation/depreciation of $(95,564) due to foreign capital gains tax on investments.


See Notes to Financial Statements.

Janus Investment Fund	13

Janus Henderson Asia Equity Fund

Statements of Changes in Net Assets



			Year ended September 30, 2018⁽¹⁾		Year ended September 30, 2017

Operations:
	Net investment income/(loss)		$	231,650	$	155,692
	Net realized gain/(loss) on investments			2,156,515		1,899,278
	Change in unrealized net appreciation/depreciation			(949,637)		2,464,588
Net Increase/(Decrease) in Net Assets Resulting from Operations				1,438,528		4,519,558
Dividends and Distributions to Shareholders⁽²⁾
		Class A Shares		(27,500)		N/A
		Class C Shares		(26,838)		N/A
		Class D Shares		(653,620)		N/A
		Class I Shares		(337,205)		N/A
		Class S Shares		(12,848)		N/A
		Class T Shares		(80,293)		N/A
	Total Dividends and Distributions to Shareholders			(1,138,304)		N/A
	Dividends from Net Investment Income⁽²⁾
		Class A Shares		N/A		(3,240)
		Class C Shares		N/A		(1,728)
		Class D Shares		N/A		(71,030)
		Class I Shares		N/A		(36,957)
		Class S Shares		N/A		(3,863)
		Class T Shares		N/A		(4,515)
	Total Dividends from Net Investment Income			N/A		(121,333)
Net Decrease from Dividends and Distributions to Shareholders				(1,138,304)		(121,333)
Capital Share Transactions:
		Class A Shares		484,453		53,541
		Class C Shares		315,110		451,931
		Class D Shares		(8,674,983)		13,909,129
		Class I Shares		(12,337,210)		8,332,413
		Class N Shares		9,035,795		N/A
		Class S Shares		12,848		20,368
		Class T Shares		(1,925,915)		2,575,879
Net Increase/(Decrease) from Capital Share Transactions				(13,089,902)		25,343,261
Net Increase/(Decrease) in Net Assets				(12,789,678)		29,741,486
Net Assets:
	Beginning of period			38,984,607		9,243,121
	End of period⁽³⁾		$	26,194,929	$	38,984,607

(1) Period from January 26, 2018 (inception date) through September 30, 2018 for Class N Shares.

(2) The requirement to disclose dividends and distributions paid to shareholders from net investment income and/or net realized gain from investment transactions was eliminated by the SEC (Securities Exchange Commission) in 2018.

(3) Net assets - End of period includes undistributed (overdistributed) net investment income of $114,742 as of September 30, 2017. The requirement to disclose undistributed (overdistributed) net investment income was eliminated by the SEC in 2018.


See Notes to Financial Statements.

14	SEPTEMBER 30, 2018

Janus Henderson Asia Equity Fund

Financial Highlights


Class A Shares
For a share outstanding during the year ended September 30			2018	2017	2016		2015	2014
	Net Asset Value, Beginning of Period		$11.45	$9.42	$8.31		$9.79	$9.44
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.07	0.02	0.05		0.01	0.23⁽²⁾
		Net realized and unrealized gain/(loss)	0.22	2.12	1.44		(0.95)	0.59
	Total from Investment Operations		0.29	2.14	1.49		(0.94)	0.82
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.05)	(0.11)	—		(0.17)	(0.14)
		Distributions (from capital gains)	(0.27)	—	(0.38)		(0.37)	(0.33)
	Total Dividends and Distributions		(0.32)	(0.11)	(0.38)		(0.54)	(0.47)
	Net Asset Value, End of Period		$11.42	$11.45	$9.42		$8.31	$9.79
	Total Return*		2.48%⁽³⁾	23.10%	18.58%		(10.07)%	9.06%
	Net Assets, End of Period (in thousands)		$816	$366	$253		$348	$456
	Average Net Assets for the Period (in thousands)		$954	$293	$333		$400	$1,053
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.08%	2.49%	3.51%		2.87%	2.49%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.53%	1.63%	1.56%		1.61%	1.38%
		Ratio of Net Investment Income/(Loss)	0.60%	0.17%	0.64%		0.07%	2.35%⁽²⁾
	Portfolio Turnover Rate		41%	120%	59%		152%	72%
						1


Class C Shares
For a share outstanding during the year ended September 30			2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$11.36	$9.34	$8.29	$9.72	$9.38
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.01)	(0.04)	0.01	(0.03)	0.16⁽²⁾
		Net realized and unrealized gain/(loss)	0.22	2.10	1.42	(0.98)	0.59
	Total from Investment Operations		0.21	2.06	1.43	(1.01)	0.75
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	(0.04)	—	(0.05)	(0.08)
		Distributions (from capital gains)	(0.27)	—	(0.38)	(0.37)	(0.33)
	Total Dividends and Distributions		(0.27)	(0.04)	(0.38)	(0.42)	(0.41)
	Net Asset Value, End of Period		$11.30	$11.36	$9.34	$8.29	$9.72
	Total Return*		1.80%⁽³⁾	22.17%	17.87%	(10.81)%	8.22%
	Net Assets, End of Period (in thousands)		$1,244	$957	$413	$360	$332
	Average Net Assets for the Period (in thousands)		$1,233	$519	$381	$373	$802
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.78%	3.09%	4.23%	3.59%	3.24%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.25%	2.33%	2.25%	2.30%	2.12%
		Ratio of Net Investment Income/(Loss)	(0.04)%	(0.42)%	0.10%	(0.31)%	1.68%⁽²⁾
	Portfolio Turnover Rate		41%	120%	59%	152%	72%

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

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


See Notes to Financial Statements.

Janus Investment Fund	15

Janus Henderson Asia Equity Fund

Financial Highlights


Class D Shares
For a share outstanding during the year ended September 30			2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$11.56	$9.49	$8.35	$9.84	$9.48
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.07	0.07	0.08	0.07	0.24⁽²⁾
		Net realized and unrealized gain/(loss)	0.23	2.11	1.45	(1.00)	0.61
	Total from Investment Operations		0.30	2.18	1.53	(0.93)	0.85
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.05)	(0.11)	(0.01)	(0.19)	(0.16)
		Distributions (from capital gains)	(0.27)	—	(0.38)	(0.37)	(0.33)
	Total Dividends and Distributions		(0.32)	(0.11)	(0.39)	(0.56)	(0.49)
	Net Asset Value, End of Period		$11.54	$11.56	$9.49	$8.35	$9.84
	Total Return*		2.57%⁽³⁾	23.30%	18.95%	(9.99)%	9.26%
	Net Assets, End of Period (in thousands)		$13,089	$21,577	$5,314	$5,640	$9,084
	Average Net Assets for the Period (in thousands)		$21,221	$11,542	$5,013	$6,632	$8,635
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.72%	2.19%	3.38%	2.75%	2.31%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.33%	1.44%	1.36%	1.42%	1.25%
		Ratio of Net Investment Income/(Loss)	0.55%	0.67%	0.89%	0.67%	2.52%⁽²⁾
	Portfolio Turnover Rate		41%	120%	59%	152%	72%


Class I Shares
For a share outstanding during the year ended September 30			2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$11.56	$9.51	$8.37	$9.85	$9.49
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.03)	0.11	0.10	0.06	0.26⁽²⁾
		Net realized and unrealized gain/(loss)	0.26	2.07	1.44	(0.98)	0.60
	Total from Investment Operations		0.23	2.18	1.54	(0.92)	0.86
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.07)	(0.13)	(0.02)	(0.19)	(0.17)
		Distributions (from capital gains)	(0.27)	—	(0.38)	(0.37)	(0.33)
	Total Dividends and Distributions		(0.34)	(0.13)	(0.40)	(0.56)	(0.50)
	Net Asset Value, End of Period		$11.45	$11.56	$9.51	$8.37	$9.85
	Total Return*		1.90%⁽³⁾	23.39%	19.09%	(9.79)%	9.43%
	Net Assets, End of Period (in thousands)		$1,029	$12,675	$2,665	$2,470	$2,899
	Average Net Assets for the Period (in thousands)		$5,848	$7,408	$2,528	$3,017	$2,751
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.44%	2.00%	3.19%	2.56%	2.15%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.26%	1.32%	1.21%	1.27%	1.07%
		Ratio of Net Investment Income/(Loss)	(0.25)%	1.01%	1.14%	0.57%	2.75%⁽²⁾
	Portfolio Turnover Rate		41%	120%	59%	152%	72%

* 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.

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


See Notes to Financial Statements.

16	SEPTEMBER 30, 2018

Janus Henderson Asia Equity Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended September 30			2018⁽¹⁾
	Net Asset Value, Beginning of Period		$12.73
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.16
		Net realized and unrealized gain/(loss)	(1.33)⁽³⁾
	Total from Investment Operations		(1.17)
	Less Dividends and Distributions:
		Dividends (from net investment income)	—
	Total Dividends and Distributions		—
	Net Asset Value, End of Period		$11.56
	Total Return*		(9.19)%⁽⁴⁾
	Net Assets, End of Period (in thousands)		$8,501
	Average Net Assets for the Period (in thousands)		$7,978
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.75%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.13%
		Ratio of Net Investment Income/(Loss)	1.96%
	Portfolio Turnover Rate		41%


Class S Shares
For a share outstanding during the year ended September 30			2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$11.48	$9.43	$8.32	$9.79	$9.43
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.06	0.01	0.07	0.07	0.23⁽⁵⁾
		Net realized and unrealized gain/(loss)	0.22	2.14	1.42	(1.00)	0.59
	Total from Investment Operations		0.28	2.15	1.49	(0.93)	0.82
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.04)	(0.10)	—	(0.17)	(0.13)
		Distributions (from capital gains)	(0.27)	—	(0.38)	(0.37)	(0.33)
	Total Dividends and Distributions		(0.31)	(0.10)	(0.38)	(0.54)	(0.46)
	Net Asset Value, End of Period		$11.45	$11.48	$9.43	$8.32	$9.79
	Total Return*		2.37%⁽⁴⁾	23.07%	18.56%	(9.97)%	9.02%
	Net Assets, End of Period (in thousands)		$484	$472	$368	$310	$345
	Average Net Assets for the Period (in thousands)		$501	$413	$329	$390	$752
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.36%	2.64%	3.67%	3.06%	2.58%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.58%	1.66%	1.56%	1.48%	1.46%
		Ratio of Net Investment Income/(Loss)	0.52%	0.15%	0.83%	0.71%	2.42%⁽⁵⁾
	Portfolio Turnover Rate		41%	120%	59%	152%	72%

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

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

(1) Period from January 26, 2018 (inception date) through September 30, 2018.

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


See Notes to Financial Statements.

Janus Investment Fund	17

Janus Henderson Asia Equity Fund

Financial Highlights


Class T Shares
For a share outstanding during the year ended September 30			2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$11.42	$9.36	$8.25	$9.81	$9.45
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.06	0.06	0.04	0.04	0.24⁽²⁾
		Net realized and unrealized gain/(loss)	0.20	2.08	1.46	(0.96)	0.61
	Total from Investment Operations		0.26	2.14	1.50	(0.92)	0.85
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.04)	(0.08)	(0.01)	(0.27)	(0.16)
		Distributions (from capital gains)	(0.27)	—	(0.38)	(0.37)	(0.33)
	Total Dividends and Distributions		(0.31)	(0.08)	(0.39)	(0.64)	(0.49)
	Net Asset Value, End of Period		$11.37	$11.42	$9.36	$8.25	$9.81
	Total Return*		2.27%⁽³⁾	23.18%	18.88%	(9.98)%	9.37%
	Net Assets, End of Period (in thousands)		$1,032	$2,937	$230	$306	$712
	Average Net Assets for the Period (in thousands)		$2,799	$756	$332	$566	$1,357
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.81%	2.14%	3.41%	2.73%	2.44%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.41%	1.55%	1.44%	1.39%	1.26%
		Ratio of Net Investment Income/(Loss)	0.54%	0.55%	0.47%	0.46%	2.49%⁽²⁾
	Portfolio Turnover Rate		41%	120%	59%	152%	72%

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

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


See Notes to Financial Statements.

18	SEPTEMBER 30, 2018

Janus Henderson Asia Equity Fund

Notes to Financial Statements

1. Organization and Significant Accounting Policies

Janus Henderson Asia Equity 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 48 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 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


Janus Investment Fund	19

Janus Henderson Asia Equity 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.


20	SEPTEMBER 30, 2018

Janus Henderson Asia Equity Fund

Notes to Financial Statements

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

Expenses

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

Estimates

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

Indemnifications

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

Foreign Currency Translations

The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

Currency gains and losses are also calculated on payables and receivables that are denominated in foreign currencies. The payables and receivables are generally related to foreign security transactions and income translations.

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

Dividends and Distributions

The Fund generally declares and distributes dividends of net investment income and realized capital gains (if any) annually. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as “equalization,” has no effect on the redeeming shareholder or 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.


Janus Investment Fund	21

Janus Henderson Asia Equity Fund

Notes to Financial Statements

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. 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.

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


22	SEPTEMBER 30, 2018

Janus Henderson Asia Equity Fund

Notes to Financial Statements

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.

Emerging Market Investing

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

3. Investment Advisory Agreements and Other Transactions with Affiliates

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

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

The calculation of the performance adjustment applies as follows:

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

The investment advisory fee rate paid to Janus Capital by the Fund consists of two components: (1) a base fee calculated by applying the contractual fixed rate of the advisory fee to the Fund’s average daily net assets during the previous month (“Base Fee Rate”), plus or minus (2) a performance-fee adjustment (“Performance Adjustment”) calculated by applying a variable rate of up to 0.15% (positive or negative) to the Fund’s average daily net assets based on the Fund’s relative performance compared to the cumulative investment record of its benchmark index over a 36-month performance measurement period or shorter time period, as applicable.

The Fund’s prospectuses and statement(s) of additional information contain additional information about performance-based fees. The amount shown as advisory fees on the Statement of Operations reflects the Base Fee Rate plus/minus any Performance Adjustment. For the year ended September 30, 2018, the performance adjusted investment advisory fee rate before any waivers and/or reimbursements of expenses is 0.94%.


Janus Investment Fund	23

Janus Henderson Asia Equity Fund

Notes to Financial Statements

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 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 any performance adjustments to management fees (if applicable), 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 1.11% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waiver until at least February 1, 2019. The previous expense limit (until February 1, 2018) was 1.24%. 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 transfer agent. In addition, Janus Services provides or arranges for the provision of certain other administrative services including, but not limited to, recordkeeping, accounting, order processing, and other shareholder services for the Fund. Janus Services is not compensated for its services related to the shares, except for out-of-pocket costs. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.

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

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

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


24	SEPTEMBER 30, 2018

Janus Henderson Asia Equity Fund

Notes to Financial Statements

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, 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. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.

Under a distribution and shareholder servicing plan (the “Plan”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, Janus Distributors LLC dba Janus Henderson Distributors (“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 Capital serves as administrator to the Fund pursuant to an administration agreement between Janus Capital and the Trust. Under the administration agreement, Janus Capital is obligated to provide or arrange for the provision of certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, 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 $504,989 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended September 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. Janus Capital, as administrator, oversees the provision of these services by BPFS. 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 part of "Other expenses" on the Statement of Operations.


Janus Investment Fund	25

Janus Henderson Asia Equity Fund

Notes to Financial Statements

September 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 September 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 $496,288 were paid by the Trust to the Trustees under the Deferred Plan during the year ended September 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 September 30, 2018, Janus Henderson Distributors retained upfront sales charges of $1,942.

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 September 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 September 30, 2018.

As of September 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		14	%	-	%^*
Class C Shares		33		2
Class D Shares		-		-
Class I Shares		-		-
Class N Shares		-		-
Class S Shares		96		2
Class T Shares		-		-

*	Less than 0.50%

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

4. Federal Income Tax

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 (reduced by foreign tax liability).

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.


26	SEPTEMBER 30, 2018

Janus Henderson Asia Equity Fund

Notes to Financial Statements


			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)
$ 475,657	$ 1,424,254	$ -	$ -	$ -	$ (831)	$ 2,093,468

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


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 24,472,284	$ 3,322,622	$ (1,133,463)	$ 2,189,159

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 September 30, 2018
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 614,580	$ 523,724	$ -	$ -


For the year ended September 30, 2017
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 121,333	$ -	$ -	$ -

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
$ 244,118	$ (92,180)	$ (151,938)

Capital has been adjusted by $244,118, including $162,932 of long-term capital gain, for distributions in connection with Fund share redemptions (tax equalization).


Janus Investment Fund	27

Janus Henderson Asia Equity Fund

Notes to Financial Statements

5. Capital Share Transactions



		Year ended September 30, 2018⁽¹⁾		Year ended September 30, 2017
		Shares	Amount	Shares	Amount

Class A Shares:
Shares sold		88,209	$ 1,064,767	14,701	$ 150,224
Reinvested dividends and distributions		2,333	27,500	348	3,069
Shares repurchased		(51,015)	(607,814)	(9,956)	(99,752)
Net Increase/(Decrease)		39,527	$ 484,453	5,093	$ 53,541
Class C Shares:
Shares sold		29,714	$ 358,544	46,337	$ 514,784
Reinvested dividends and distributions		2,288	26,838	197	1,728
Shares repurchased		(6,159)	(70,272)	(6,458)	(64,581)
Net Increase/(Decrease)		25,843	$ 315,110	40,076	$ 451,931
Class D Shares:
Shares sold		824,634	$ 10,061,423	1,726,435	$18,209,178
Reinvested dividends and distributions		54,013	643,296	7,791	69,185
Shares repurchased		(1,611,063)	(19,379,702)	(427,285)	(4,369,234)
Net Increase/(Decrease)		(732,416)	$ (8,674,983)	1,306,941	$13,909,129
Class I Shares:
Shares sold		103,861	$ 1,247,856	922,141	$ 9,455,893
Reinvested dividends and distributions		28,337	337,205	4,167	36,957
Shares repurchased		(1,138,895)	(13,922,271)	(110,013)	(1,160,437)
Net Increase/(Decrease)		(1,006,697)	$(12,337,210)	816,295	$ 8,332,413
Class N Shares:
Shares sold		802,257	$ 9,826,191	-	$ -
Reinvested dividends and distributions		-	-	-	-
Shares repurchased		(66,651)	(790,396)	-	-
Net Increase/(Decrease)		735,606	$ 9,035,795	-	$ -
Class S Shares:
Shares sold		-	$ -	1,702	$ 16,505
Reinvested dividends and distributions		1,086	12,848	438	3,863
Shares repurchased		-	-	-	-
Net Increase/(Decrease)		1,086	$ 12,848	2,140	$ 20,368
Class T Shares:
Shares sold		109,999	$ 1,329,447	313,106	$ 3,375,908
Reinvested dividends and distributions		6,689	78,728	507	4,453
Shares repurchased		(283,108)	(3,334,090)	(81,037)	(804,482)
Net Increase/(Decrease)		(166,420)	$ (1,925,915)	232,576	$ 2,575,879
(1)	Period from January 26, 2018 (inception date) through September 30, 2018 for Class N Shares.

6. Purchases and Sales of Investment Securities

For the year ended September 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
$15,175,660	$ 27,920,525	$ -	$ -


28	SEPTEMBER 30, 2018

Janus Henderson Asia Equity Fund

Notes to Financial Statements

7. Recent Accounting Pronouncements

The Securities and Exchange Commission adopted amendments to Regulation S-X, for the presentation of distributable earnings and distributions to align with US Generally Accepted Accounting Principles (GAAP). The compliance date of the amendments to Regulation S-X is November 5, 2018. 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.

The FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820) in August 2018. The new guidance removes, modifies and enhances the disclosures to Topic 820. For public entities, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Management is currently evaluating the impact of this new guidance on the financial statements.

8. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to September 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 other than the following:

Effective November 1, 2018, the Fund has adopted an auto-conversion policy pursuant to which Class C Shares that are known by Janus Capital or its affiliates to have been held for ten years will be automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the tenth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the Class C Shares with respect to which they were purchased.


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Janus Henderson Asia Equity Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Asia Equity Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Asia Equity Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of September 30, 2018, the related statement of operations for the year ended September 30, 2018, the statements of changes in net assets for each of the two years in the period ended September 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 September 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 September 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

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 September 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

November 16, 2018

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


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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


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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


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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.


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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


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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.


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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.


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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


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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


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Janus Henderson Asia Equity 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.


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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.


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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.


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Janus Henderson Asia Equity 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.


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Janus Henderson Asia Equity 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.


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Janus Henderson Asia Equity 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.


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Janus Henderson Asia Equity Fund

Useful Information About Your Fund Report (unaudited)

Management Commentary

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

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

Please keep in mind that the opinions expressed in the Management Commentary are just that: opinions. They are a reflection based on best judgment at the time this report was compiled, which was September 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.


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Janus Henderson Asia Equity Fund

Useful Information About Your Fund Report (unaudited)

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

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

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

Statement of Operations

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

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

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

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

Statements of Changes in Net Assets

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

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

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

Financial Highlights

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

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


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Janus Henderson Asia Equity Fund

Useful Information About Your Fund Report (unaudited)

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

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

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

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


Janus Investment Fund	47

Janus Henderson Asia Equity Fund

Designation Requirements (unaudited)

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



Capital Gain Distributions	$686,656
Foreign Taxes Paid	$85,590
Foreign Source Income	$794,494
Dividends Received Deduction Percentage	0%
Qualified Dividend Income Percentage	71%


48	SEPTEMBER 30, 2018

Janus Henderson Asia Equity 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 60 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.


Janus Investment Fund	49

Janus Henderson Asia Equity 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).		60	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).


50	SEPTEMBER 30, 2018

Janus Henderson Asia Equity 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).		60	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	51

Janus Henderson Asia Equity 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).		60	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).


52	SEPTEMBER 30, 2018

Janus Henderson Asia Equity 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).		60	Director of Brightwood Capital Advisors, LLC (since 2014).


Janus Investment Fund	53

Janus Henderson Asia Equity 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
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.		60	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).


54	SEPTEMBER 30, 2018

Janus Henderson Asia Equity 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.		60	Formerly, Director of Red Robin Gourmet Burgers, Inc. (RRGB) (2004-2014).


Janus Investment Fund	55

Janus Henderson Asia Equity 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. 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).		60	None
Diane L. Wallace 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	6/17-Present	Retired.		60	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 for Driehaus Mutual Funds (1996-2002).


56	SEPTEMBER 30, 2018

Janus Henderson Asia Equity 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).		60	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	57

Janus Henderson Asia Equity 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
Andrew Gillan 151 Detroit Street Denver, CO 80206 DOB: 1977	Executive Vice President and Co-Portfolio Manager Janus Henderson Asia Equity Fund	6/17-Present	Head of Asia (ex-Japan) Equities of Janus Henderson Investors and Portfolio Manager for other Janus Henderson accounts. Formerly, Senior Investment Manager at Aberdeen Asset Management (2001-2013).
Mervyn Koh 151 Detroit Street Denver, CO 80206 DOB: 1979	Executive Vice President and Co-Portfolio Manager Janus Henderson Asia Equity Fund	6/17-Present	Portfolio Manager on the Asia Equity strategy of Janus Henderson Investors. Formerly, Vice President of Emerging Markets Group of Franklin Templeton Investments (2010-2015).


58	SEPTEMBER 30, 2018

Janus Henderson Asia Equity 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); and Vice President, Compliance at Janus Capital Group Inc. and Janus Capital Management LLC (2005-2017).


Janus Investment Fund	59

Janus Henderson Asia Equity 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.


60	SEPTEMBER 30, 2018

Janus Henderson Asia Equity Fund

Notes

NotesPage1


Janus Investment Fund	61

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 Knowledge. Shared are trademarks of Janus Henderson Group plc or one of its subsidiary entities. © Janus Henderson Group plc. Funds distributed by Janus Henderson Distributors
							125-02-93036 11-18



	ANNUAL REPORT September 30, 2018

Janus Henderson Balanced Fund

Janus Investment Fund

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

Table of Contents

Janus Henderson Balanced Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	24
Statement of Assets and Liabilities	26
Statement of Operations	28
Statements of Changes in Net Assets	30
Financial Highlights	32
Notes to Financial Statements	36
Report of Independent Registered Public Accounting Firm	50
Additional Information	51
Useful Information About Your Fund Report	65
Designation Requirements	68
Trustees and Officers	69

Janus Henderson Balanced Fund (unaudited)

FUND SNAPSHOT

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

Jeremiah Buckley

co-portfolio manager

Marc Pinto

co-portfolio manager

Mayur Saigal

co-portfolio manager

Darrell Watters

co-portfolio manager

PERFORMANCE

Janus Henderson Balanced Fund’s Class I Shares returned 14.18% for the 12-month period ended September 30, 2018. That compares with 17.91% for the Fund’s primary benchmark, the S&P 500^{^®} Index, and -1.22% for the Fund’s secondary benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. The Balanced Index, an internally calculated benchmark composed of a 55% weighting in the S&P 500 Index and a 45% weighting in the Bloomberg Barclays U.S. Aggregate Bond Index, returned 9.02%.

INVESTMENT ENVIRONMENT

Equities were boosted early in the period as U.S. tax reform was signed into law. Optimism about strong economic growth and U.S. tax reform then pushed equity markets to new heights early in 2018. Subsequently, volatility returned, 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 throughout the period, including the formation of a populist government in Italy and escalating trade tensions between the U.S. and China. Ultimately, positive corporate earnings and healthy economic data led the major equity indices to end the period near new all-time highs. Within the S&P 500 Index, consumer discretionary and information technology had the strongest returns. Telecommunications and utilities were among the worst performers.

After reaching the tightest levels of this credit cycle in February, investment-grade corporate credit spreads widened. This was due, in part, to concerns around substantial debt-funded consolidation activity and commensurate supply. A number of large mergers and acquisitions (M&A) met with challenges late in the period, and as supply moderated, spreads tightened and finished near where they began. High yield outperformed investment grade, as the asset class was supported by limited new issuance amid investors’ continued reach for yield. While high-yield spreads were more volatile, they ultimately tightened and were once again encroaching on cycle tights by period end.

The Fed raised its benchmark rate four times in the past 12 months, reflecting confidence in the U.S. economy. As investors digested the Fed’s trajectory but questioned the sustainability of growth long term, the Treasury curve flattened. Rates rose across the curve, with the yield on the 10-year Treasury note ending September at 3.06%, up from 2.33% one year ago.

PERFORMANCE DISCUSSION

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

Our equity-to-fixed income allocation ended the period approximately 61% equities, 39% fixed income and a small position in cash, compared with roughly 65% equities, 34% fixed income and the remainder in cash as of September 30, 2017. The equity allocation may vary based on market conditions, but our positioning reflects our belief that equities offered greater risk-adjusted opportunities versus fixed income throughout the period.

The Fund’s equity sleeve outperformed the S&P 500 Index. Outperformance was led by strong stock selection in the information technology sector. Stock selection in both consumer staples and industrials also aided relative results.

Microsoft was the leading absolute contributor to returns during the period. Microsoft has experienced steep growth across both its commercial and consumer lines of business. It continues to benefit from the secular shift to


Janus Investment Fund	1

Janus Henderson Balanced Fund (unaudited)

Software as a Service (SaaS), as evidenced by robust demand for its Azure cloud platform and the subscription-based Office 365 suite. The resulting revenue growth has driven the stock higher. Microsoft is also making progress in integrating LinkedIn into the company’s Office applications and translating this into revenue growth. Further, management continues to succeed in reallocating costs, discontinuing certain business lines and reinvesting into higher-growth segments. Microsoft raised its dividend throughout the period and has done an admirable job of returning capital to shareholders.

Mastercard was another top contributor. Mastercard is a core holding in our portfolio and we continue to see our investment thesis play out. Our long-term view is that payments companies such as Mastercard are poised to benefit as consumers and businesses switch from cash and check to plastic and electronic payments. Mastercard is particularly well positioned to benefit from this shift because a majority of its revenues are generated outside the U.S., where many markets have a lower penetration of card and electronic payments and are experiencing significantly faster electronic purchase volume growth. The stock was rewarded during the period, given Mastercard’s ability to gain market share amid general growth in card transactions and acceleration in consumer and travel spending. We appreciate the company’s ability to generate cash flow and return it to shareholders via dividends and stock buybacks.

Boeing was another leading contributor. The airline industry continues to benefit from strong global air traffic growth and increased passenger travel distance. With this backdrop, the greater fuel efficiency and longer range of Boeing’s new planes has resulted in strong demand for its aircraft and has allowed the company to expand its market. The company also accelerated production of its 737 plane during the period, which was applauded by investors. We have a favorable opinion of management’s ambitious profit margin target along with its history of returning capital to shareholders and strong dividend growth rate.

Stock selection in the consumer discretionary and real estate sectors weighed on relative results. Colony NorthStar was the leading individual detractor. The company was formed through the three-way merger of real estate investment management firm Colony Capital, and sister firms NorthStar Asset Management Group and NorthStar Realty Finance. The merger has put the combined company in some challenging industries, in our view. We exited our position during the period.

Lam Research, which manufactures and services semiconductor process equipment used in making integrated circuits, also weighed on performance. The stock struggled during the period over concern that the semiconductor industry may be at peak demand with a softer outlook. Despite some expected volatility, we believe demand for semiconductors and the equipment that produces them will continue to be driven by the proliferation of connected devices, and the resulting data that is generated and analyzed, for years to come.

General Motors was another detractor. The company has considerable exposure to the Chinese automotive market through its joint venture with SAIC Motor. Consecutive months of declining Chinese auto sales and global trade tensions, including tariffs on steel – a large input cost for the company – pressured the stock during the period. We appreciate how General Motors is on the leading edge of technological shifts within the industry, including autonomous-driving and electric vehicles. We ultimately believe the tariff headwinds and geopolitical issues will abate over time.

The Fund’s fixed income sleeve outperformed the Bloomberg Barclays U.S. Aggregate Bond Index. Mindful of the potential for equities to pull back following their strong run, we reduced risk in the fixed income sleeve. Given that valuations are full and the credit cycle is in extended innings, we also believe it is prudent to be selective in our spread product exposure. We sought to maintain a diversified portfolio by decreasing our corporate credit allocation and identifying opportunities in shorter-dated and floating rate asset-backed securities (ABS) and bank loans. We increased emphasis on issuers with higher-quality credit ratings. We also added to our U.S. Treasuries allocation, although we remain underweight the asset class. Portfolio duration finished the period at 95% of the index.

Our spread-product diversification proved beneficial, as our allocations to bank loans, ABS and commercial mortgage-backed securities (CMBS) all aided relative results. Carry, a measure of excess income generated by the Fund’s holdings, was particularly accretive in these asset classes. Strong selection in mortgage-backed securities (MBS) also contributed to outperformance. We utilize MBS as ballast for our core portfolios, to act as a diversifier when volatility rises. We emphasize securities with higher expected certainty of cash flows and seek to optimize carry per unit of convexity.


2	SEPTEMBER 30, 2018

Janus Henderson Balanced Fund (unaudited)

At the individual issuer level, a bank loan position in Hilton Hotels & Resorts was a leading contributor to relative returns. The company has benefited from continued strength in consumer spending, and capitalized 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.

While we were pleased with the performance of the aforementioned positioning, other allocations weighed on returns. Our Treasury positioning detracted from relative performance, largely due to yield curve positioning. Our bias toward the long end of the Treasury curve hindered results near period end given the late-period sell-off in long-term rates.

Our positioning in investment-grade corporate credit also detracted from results. Our holdings, which are concentrated in shorter- and intermediate-dated securities, lagged the index constituents. An overweight position in Broadcom also contributed to underperformance in the asset class. Spreads widened significantly early in the period when the semiconductor company made an unexpected bid for Qualcomm, and in effect NXP, which Qualcomm was buying at the time. The bid caught many investors off guard, particularly after Broadcom crossed into the investment-grade space earlier in 2017, and it was speculated that much of the acquisition would be financed with debt. The deal was ultimately blocked by U.S. President Trump, citing national security concerns. We continue to hold the position as we appreciate the company’s diversified business model and ability to generate consistent free cash flow.

OUTLOOK

Our outlook for the U.S. equity market remains sanguine, and we continue to believe that equities present more attractive risk-adjusted opportunities relative to fixed income. Consumer confidence is strong and business confidence is also rising. While we expect the Fed to continue hiking, the low starting point and gradual pace of tightening should present an interest rate backdrop that remains favorable for equities. Steady global economic growth and the benefits of U.S. corporate tax cuts should also provide tailwinds for the asset class. We believe that the manner in which many companies divided tax savings – among shareholders, employees and capital expenditures – could ultimately extend the market rally by boosting both consumer spending and industrial demand in coming months. We remain optimistic for economic growth, and expect secular themes such as an uptick in global travel, the conversion to cloud computing and SaaS, and the increased use of technology to generate cost-cutting efficiencies in the industrials sector to continue building momentum and prove beneficial for a number of our holdings. While trade policy is a risk we monitor, we maintain our optimistic outlook that trade disputes between the U.S. and China will be resolved with a positive outcome for U.S. equities.

In the fixed income sleeve, we are positioned for a higher but flatter Treasury curve. We anticipate market expectations will catch up to the Fed’s outlook for interest rates in coming months, while foreign buyer demand for Treasuries decreases as hedging costs rise, and supply increases to compensate for government spending and tax revenue shortfalls – all of which should push Treasury yields higher. However, we expect range-bound rates on the long end, as investors evaluate the risk of inflation and the sustainability of growth once the impact of tax reform recedes. We intend to maintain duration modestly below that of the benchmark, but will continue in our tactical approach to yield curve positioning.

We believe that the opportunity for strong excess returns in spread products will be lower going forward, and 2020 could present a higher risk environment as the tailwinds of low rates, quantitative easing and tax reform fade. Valuations remain near the tight ends of their ranges, and corporate credit risk grows more asymmetric against us each day. As such, we remain cautious and focused on out-carrying the benchmark, but we will continue to seek attractive risk-adjusted opportunities in issuers with less cyclicality in earnings, strong balance sheets and a commitment to deleveraging. This approach is consistent with our core tenets of capital preservation and strong risk-adjusted returns.

Thank you for investing in Janus Henderson Balanced Fund.


Janus Investment Fund	3

Janus Henderson Balanced Fund (unaudited)

Fund At A Glance

September 30, 2018





	5 Top Performers - Holdings		5 Bottom Performers - Holdings
		Contribution		Contribution
	Microsoft Corp	2.84%	Colony Capital Inc	-0.40%
	Mastercard Inc	2.39%	Lam Research Corp	-0.25%
	Boeing Co	1.85%	General Motors Co	-0.21%
	Adobe Systems Inc	1.84%	Comcast Corp	-0.17%
	Apple Inc	1.38%	Outfront Media Inc	-0.09%

	5 Top Performers - Sectors*
		Fund	Fund Weighting	S&P 500 Index
		Contribution	(Average % of Equity)	Weighting
	Information Technology	3.25%	26.66%	25.07%
	Consumer Staples	2.05%	10.82%	7.42%
	Industrials	1.95%	13.79%	9.98%
	Financials	0.79%	13.02%	14.47%
	Utilities	0.47%	0.00%	2.88%

	5 Bottom Performers - Sectors*
		Fund	Fund Weighting	S&P 500 Index
		Contribution	(Average % of Equity)	Weighting
	Consumer Discretionary	-2.25%	14.82%	12.57%
	Real Estate	-0.46%	3.49%	2.78%
	Other**	-0.21%	1.00%	0.00%
	Materials	0.11%	2.87%	2.82%
	Energy	0.20%	2.57%	5.98%

	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.


4	SEPTEMBER 30, 2018

Janus Henderson Balanced Fund (unaudited)

Fund At A Glance

September 30, 2018


5 Largest Equity Holdings - (% of Net Assets)
Microsoft Corp
Software	3.4%
Mastercard Inc
Information Technology Services	2.8%
Alphabet Inc - Class C
Internet Software & Services	2.4%
Boeing Co
Aerospace & Defense	2.2%
Apple Inc
Technology Hardware, Storage & Peripherals	2.1%
	12.9%


Asset Allocation - (% of Net Assets)
Common Stocks	61.1%
United States Treasury Notes/Bonds	11.8%
Corporate Bonds	11.3%
Mortgage-Backed Securities	8.7%
Asset-Backed/Commercial Mortgage-Backed Securities	4.9%
Bank Loans and Mezzanine Loans	1.5%
Investment Companies	0.8%
Preferred Stocks	0.0%
Other		(0.1)%
		100.0%

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

As of September 30, 2018

As of September 30, 2017


Janus Investment Fund	5

Janus Henderson Balanced Fund (unaudited)

Performance

See important disclosures on the next page.



					Expense Ratios -
Average Annual Total Return - for the periods ended September 30, 2018					per the January 26, 2018 prospectuses
	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses
Class A Shares at NAV	13.81%	9.06%	9.51%	9.77%	0.94%
Class A Shares at MOP	7.27%	7.78%	8.87%	9.52%
Class C Shares at NAV	13.06%	8.31%	8.79%	9.09%	1.66%
Class C Shares at CDSC	12.06%	8.31%	8.79%	9.09%
Class D Shares⁽¹⁾	14.10%	9.30%	9.72%	9.86%	0.72%
Class I Shares	14.18%	9.39%	9.63%	9.82%	0.65%
Class N Shares	14.26%	9.47%	9.63%	9.82%	0.58%
Class R Shares	13.38%	8.65%	9.11%	9.38%	1.32%
Class S Shares	13.67%	8.92%	9.37%	9.61%	1.07%
Class T Shares	13.94%	9.20%	9.63%	9.82%	0.83%
S&P 500 Index	17.91%	13.95%	11.97%	9.93%
Bloomberg Barclays U.S. Aggregate Bond Index	-1.22%	2.16%	3.77%	5.23%
Balanced Index	9.02%	8.63%	8.52%	8.07%
Morningstar Quartile - Class T Shares	1st	1st	1st	1st
Morningstar Ranking - based on total returns for Allocation - 50% to 70% Equity Funds	10/781	41/712	32/574	14/190

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.


6	SEPTEMBER 30, 2018

Janus Henderson Balanced Fund (unaudited)

Performance

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


Janus Investment Fund	7

Janus Henderson Balanced 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.

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

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

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

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

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

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

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

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 – September 1, 1992

(1) Closed to certain new investors.


8	SEPTEMBER 30, 2018

Janus Henderson Balanced Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (4/1/18)	Ending Account Value (9/30/18)	Expenses Paid During Period (4/1/18 - 9/30/18)†	Beginning Account Value (4/1/18)	Ending Account Value (9/30/18)	Expenses Paid During Period (4/1/18 - 9/30/18)†	Net Annualized Expense Ratio (4/1/18 - 9/30/18)
Class A Shares		$1,000.00	$1,076.20	$4.89	$1,000.00	$1,020.36	$4.76	0.94%
Class C Shares		$1,000.00	$1,072.40	$8.36	$1,000.00	$1,017.00	$8.14	1.61%
Class D Shares		$1,000.00	$1,077.40	$3.70	$1,000.00	$1,021.51	$3.60	0.71%
Class I Shares		$1,000.00	$1,077.80	$3.28	$1,000.00	$1,021.91	$3.19	0.63%
Class N Shares		$1,000.00	$1,078.20	$2.97	$1,000.00	$1,022.21	$2.89	0.57%
Class R Shares		$1,000.00	$1,074.10	$6.81	$1,000.00	$1,018.50	$6.63	1.31%
Class S Shares		$1,000.00	$1,075.20	$5.51	$1,000.00	$1,019.75	$5.37	1.06%
Class T Shares		$1,000.00	$1,076.70	$4.22	$1,000.00	$1,021.01	$4.10	0.81%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/365 (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	9

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2018


Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– 4.9%
	AmeriCredit Automobile Receivables 2016-1, 3.5900%, 2/8/22	$7,975,000	$8,003,749
	AmeriCredit Automobile Receivables Trust 2015-2, 3.0000%, 6/8/21	5,476,000	5,475,757
	Angel Oak Mortgage Trust I LLC 2018-2,
	ICE LIBOR USD 3 Month + 1.2400%, 3.6740%, 7/27/48 (144A)^‡	3,464,189	3,464,053
	Applebee's Funding LLC / IHOP Funding LLC, 4.2770%, 9/5/44 (144A)	34,112,430	33,610,118
	Arroyo Mortgage Trust 2018-1,
	ICE LIBOR USD 3 Month + 1.2400%, 3.7630%, 4/25/48 (144A)^‡	5,267,189	5,268,806
	Atrium IX, ICE LIBOR USD 3 Month + 1.2400%, 3.5514%, 5/28/30 (144A)^‡	7,911,900	7,924,322
	Bain Capital Credit CLO 2018-1,
	ICE LIBOR USD 3 Month + 0.9600%, 3.3216%, 4/23/31 (144A)^‡	17,402,000	17,328,738
	BAMLL Commercial Mortgage Securities Trust 2013-WBRK,
	ICE LIBOR USD 3 Month + 1.2400%, 3.6521%, 3/10/37 (144A)^‡	8,735,000	8,554,997
	BAMLL Commercial Mortgage Securities Trust 2014-FL1,
	ICE LIBOR USD 1 Month + 5.5000%, 4.3765%, 12/15/31 (144A)^‡	3,690,490	3,602,954
	BAMLL Commercial Mortgage Securities Trust 2014-FL1,
	ICE LIBOR USD 1 Month + 4.0000%, 5.0048%, 12/15/31 (144A)^‡	916,000	909,780
	BBCMS 2018-TALL Mortgage Trust,
	ICE LIBOR USD 1 Month + 0.7220%, 2.8804%, 3/15/37 (144A)^‡	42,882,000	42,855,160
	BBCMS Trust 2015-SRCH, 4.1970%, 8/10/35 (144A)	10,401,000	10,592,616
	Bean Creek CLO Ltd,
	ICE LIBOR USD 3 Month + 1.0200%, 3.3675%, 4/20/31 (144A)^‡	11,174,000	11,150,032
	BHMS 2018-ATLS, ICE LIBOR USD 1 Month + 1.2500%, 3.4084%, 7/15/35 (144A)^‡	11,750,000	11,761,801
	BXP Trust 2017-GM, 3.3790%, 6/13/39 (144A)	4,692,000	4,535,410
	Caesars Palace Las Vegas Trust 2017-VICI C, 4.1384%, 10/15/34 (144A)	6,668,000	6,685,842
	Caesars Palace Las Vegas Trust 2017-VICI D,
	ICE LIBOR USD 3 Month + 1.2400%, 4.4991%, 10/15/34 (144A)^‡	6,971,000	6,979,508
	Caesars Palace Las Vegas Trust 2017-VICI E,
	ICE LIBOR USD 3 Month + 1.2400%, 4.4991%, 10/15/34 (144A)^‡	9,456,000	9,283,560
	Carlyle Global Market Strategies CLO 2014-2R Ltd,
	ICE LIBOR USD 3 Month + 1.0500%, 3.3638%, 5/15/31 (144A)^‡	16,742,000	16,688,158
	Carlyle Global Market Strategies CLO 2016-1 Ltd,
	ICE LIBOR USD 3 Month + 1.4500%, 4.9000%, 4/20/27 (144A)^‡	7,824,000	7,823,851
	Carlyle Global Market Strategies CLO 2016-2 Ltd,
	ICE LIBOR USD 3 Month + 1.5000%, 3.8500%, 7/15/27 (144A)^‡	5,765,000	5,764,937
	Carlyle US CLO 2018-1 Ltd,
	ICE LIBOR USD 3 Month + 1.0200%, 3.0752%, 4/20/31 (144A)^‡	20,918,672	20,857,966
	CIFC Funding 2013-IV Ltd,
	ICE LIBOR USD 3 Month + 1.0600%, 3.1463%, 4/27/31 (144A)^‡	6,658,469	6,626,395
	CIFC Funding 2018-I Ltd,
	ICE LIBOR USD 3 Month + 1.0000%, 3.1572%, 4/18/31 (144A)^‡	7,487,000	7,442,774
	CIFC Funding 2018-II Ltd,
	ICE LIBOR USD 3 Month + 1.0400%, 3.0929%, 4/20/31 (144A)^‡	13,056,000	13,020,723
	Credit Acceptance Auto Loan Trust 2018-2, 3.4700%, 5/17/27 (144A)	7,222,000	7,216,516
	Credit Acceptance Auto Loan Trust 2018-2, 3.9400%, 7/15/27 (144A)	4,788,000	4,777,697
	Credit Acceptance Auto Loan Trust 2018-2, 4.1600%, 9/15/27 (144A)	2,380,000	2,380,138
	CSMLT 2015-2 Trust,
	ICE LIBOR USD 3 Month + 1.2400%, 3.5000%, 8/25/45 (144A)^‡	6,460,777	6,381,025
	Drive Auto Receivables Trust 2017-1, 3.8400%, 3/15/23	1,157,000	1,161,538
	Drive Auto Receivables Trust 2017-A, 4.1600%, 5/15/24 (144A)	6,689,000	6,755,686
	Dryden 41 Senior Loan Fund,
	ICE LIBOR USD 3 Month + 0.9700%, 3.3092%, 4/15/31 (144A)^‡	10,255,000	10,185,707
	Dryden 55 CLO Ltd,
	ICE LIBOR USD 3 Month + 1.0200%, 3.0613%, 4/15/31 (144A)^‡	6,329,000	6,314,159
	Dryden 64 CLO Ltd,
	ICE LIBOR USD 3 Month + 0.9700%, 3.1895%, 4/18/31 (144A)^‡	14,758,000	14,739,110
	Evergreen Credit Card Trust, 2.9500%, 3/15/23 (144A)	3,946,000	3,917,609
	Exeter Automobile Receivables Trust 2018-2, 3.6900%, 3/15/23 (144A)	5,225,000	5,212,408
	Fannie Mae Connecticut Avenue Securities,
	ICE LIBOR USD 1 Month + 2.6000%, 4.8158%, 5/25/24^‡	5,465,994	5,814,167


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

10	SEPTEMBER 30, 2018

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2018


Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– (continued)
	Fannie Mae Connecticut Avenue Securities,
	ICE LIBOR USD 1 Month + 3.0000%, 5.2158%, 7/25/24^‡	$23,585,771	$25,286,605
	Fannie Mae Connecticut Avenue Securities,
	ICE LIBOR USD 1 Month + 4.0000%, 6.2158%, 5/25/25^‡	3,380,008	3,717,186
	Fannie Mae REMICS, 3.0000%, 5/25/48	16,630,206	15,887,995
	Flagship Credit Auto Trust 2016-3, 2.7200%, 7/15/22 (144A)	5,105,000	5,054,664
	Flatiron CLO 18 Ltd,
	ICE LIBOR USD 3 Month + 0.9500%, 3.4174%, 4/17/31 (144A)^‡	8,055,000	7,999,412
	Freddie Mac Structured Agency Credit Risk Debt Notes,
	ICE LIBOR USD 1 Month + 4.5000%, 6.7158%, 2/25/24^‡	15,648,501	18,090,794
	Freddie Mac Structured Agency Credit Risk Debt Notes,
	ICE LIBOR USD 1 Month + 3.6000%, 5.8158%, 4/25/24^‡	10,616,987	11,797,343
	J.P. Morgan Chase Commercial Mortgage Securities Trust 2016-WIKI,
	3.5537%, 10/5/31 (144A)	1,557,000	1,534,134
	J.P. Morgan Chase Commercial Mortgage Securities Trust 2016-WIKI,
	ICE LIBOR USD 3 Month + 1.2400%, 4.1426%, 10/5/31 (144A)^‡	2,381,000	2,341,188
	JP Morgan Chase Commercial Mortgage Securities Trust 2010-C2 E,
	ICE LIBOR USD 3 Month + 1.2400%, 5.8281%, 11/15/43 (144A)^‡	4,265,000	4,226,867
	JP Morgan Chase Commercial Mortgage Securities Trust 2015-UES,
	ICE LIBOR USD 3 Month + 1.2400%, 3.7417%, 9/5/32 (144A)^‡	5,067,000	4,995,812
	JP Morgan Mortgage Trust 2018-8,
	ICE LIBOR USD 3 Month + 1.2400%, 4.0000%, 1/25/49 (144A)^‡	3,660,113	3,613,363
	LCM XIV LP, ICE LIBOR USD 3 Month + 1.0400%, 3.4398%, 7/20/31 (144A)^‡	4,733,406	4,725,033
	LCM XVIII LP, ICE LIBOR USD 3 Month + 1.0200%, 3.3675%, 4/20/31 (144A)^‡	19,680,000	19,648,886
	loanDepot Station Place Agency Securitization Trust 2017-1,
	ICE LIBOR USD 1 Month + 0.8000%, 3.0158%, 11/25/50 (144A)^‡,§	16,597,000	16,547,641
	loanDepot Station Place Agency Securitization Trust 2017-1,
	ICE LIBOR USD 1 Month + 1.0000%, 3.2158%, 11/25/50 (144A)^‡,§	3,279,000	3,271,137
	Magnetite VIII Ltd,
	ICE LIBOR USD 3 Month + 0.9800%, 3.3192%, 4/15/31 (144A)^‡	19,818,000	19,770,694
	Magnetite XV Ltd, ICE LIBOR USD 3 Month + 1.0100%, 3.3453%, 7/25/31 (144A)^‡	10,787,511	10,775,386
	New Residential Mortgage Loan Trust 2017-3,
	ICE LIBOR USD 3 Month + 1.2400%, 4.0000%, 4/25/57 (144A)^‡	6,511,654	6,540,080
	New Residential Mortgage Loan Trust 2018-2,
	ICE LIBOR USD 3 Month + 1.2400%, 4.5000%, 2/25/58 (144A)^‡	5,973,541	6,087,062
	Octagon Investment Partners 36 Ltd,
	ICE LIBOR USD 3 Month + 0.9700%, 3.3092%, 4/15/31 (144A)^‡	19,941,000	19,839,042
	OneMain Direct Auto Receivables Trust 2018-1, 3.8500%, 10/14/25 (144A)	2,260,000	2,266,152
	OneMain Direct Auto Receivables Trust 2018-1, 4.4000%, 1/14/28 (144A)	2,312,000	2,309,502
	OSCAR US Funding Trust V, 2.7300%, 12/15/20 (144A)	2,670,000	2,665,514
	OSCAR US Funding Trust V, 2.9900%, 12/15/23 (144A)	3,586,000	3,552,919
	PFS Financing Corp, 2.4000%, 10/17/22 (144A)	4,462,000	4,379,096
	Santander Drive Auto Receivables Trust 2015-1, 3.2400%, 4/15/21	5,742,000	5,748,223
	Santander Drive Auto Receivables Trust 2015-4, 3.5300%, 8/16/21	9,836,000	9,866,245
	Santander Drive Auto Receivables Trust 2016-3, 4.2900%, 2/15/24	12,409,000	12,490,275
	Santander Drive Auto Receivables Trust 2018-1, 4.3700%, 5/15/25 (144A)	16,238,000	15,935,556
	Sequoia Mortgage Trust 2018-7 A19,
	ICE LIBOR USD 3 Month + 1.2400%, 4.0000%, 9/25/48 (144A)^‡	3,821,659	3,782,762
	Sequoia Mortgage Trust 2018-7 A4,
	ICE LIBOR USD 3 Month + 1.2400%, 4.0000%, 9/25/48 (144A)^‡	4,821,210	4,831,051
	Sequoia Mortgage Trust 2018-CH2,
	ICE LIBOR USD 3 Month + 1.2400%, 4.0000%, 6/25/48 (144A)^‡	15,768,926	15,874,715
	Sequoia Mortgage Trust 2018-CH3,
	ICE LIBOR USD 3 Month + 1.2400%, 4.0000%, 8/25/48 (144A)^‡	6,951,071	6,986,236
	Sounds Point CLO IV-R LTD,
	ICE LIBOR USD 3 Month + 1.1500%, 3.6514%, 4/18/31 (144A)^‡	10,591,000	10,592,345
	Starwood Retail Property Trust 2014-STAR,
	ICE LIBOR USD 1 Month + 2.5000%, 4.6584%, 11/15/27 (144A)^‡	3,070,000	3,043,177
	Starwood Retail Property Trust 2014-STAR,


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

Janus Investment Fund	11

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2018


Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– (continued)
	ICE LIBOR USD 1 Month + 3.2500%, 5.4084%, 11/15/27 (144A)^‡	$9,426,000	$9,139,534
	Starwood Retail Property Trust 2014-STAR,
	ICE LIBOR USD 1 Month + 4.1500%, 6.3084%, 11/15/27 (144A)^‡	895,638	851,272
	Station Place Securitization Trust 2018-7,
	ICE LIBOR USD 1 Month + 0.8500%, 2.9159%, 9/24/19 (144A)^‡	25,147,000	25,147,000
	Towd Point Mortgage Trust 2015-3,
	ICE LIBOR USD 3 Month + 1.2400%, 3.5000%, 3/25/54 (144A)^‡	370,403	369,750
	Towd Point Mortgage Trust 2018-3,
	ICE LIBOR USD 3 Month + 1.2400%, 3.7500%, 5/25/58 (144A)^‡	4,773,617	4,775,358
	Towd Point Mortgage Trust 2018-4,
	ICE LIBOR USD 3 Month + 1.2400%, 3.0000%, 6/25/58 (144A)^‡	8,397,740	8,147,925
	Verizon Owner Trust 2016-2, 2.3600%, 5/20/21 (144A)	7,042,000	6,933,479
	Voya CLO 2015-2 Ltd,
	ICE LIBOR USD 3 Month + 1.5000%, 4.8300%, 7/23/27 (144A)^‡	1,834,000	1,833,963
	Voya CLO 2018-1 Ltd,
	ICE LIBOR USD 3 Month + 0.9500%, 3.2931%, 4/19/31 (144A)^‡	21,575,000	21,426,262
	Voya CLO 2018-2 Ltd,
	ICE LIBOR USD 3 Month + 1.0000%, 3.3740%, 7/15/31 (144A)^‡	18,370,541	18,299,447
	Wachovia Bank Commercial Mortgage Trust Series 2007-C30,
	ICE LIBOR USD 3 Month + 1.2400%, 5.4130%, 12/15/43^‡	2,525,600	2,537,438
	Wachovia Bank Commercial Mortgage Trust Series 2007-C34,
	ICE LIBOR USD 3 Month + 1.2400%, 6.3433%, 5/15/46^‡	1,823,167	1,853,887
	Westlake Automobile Receivables Trust 2018-1, 2.9200%, 5/15/23 (144A)	813,000	805,682
	Westlake Automobile Receivables Trust 2018-1, 3.4100%, 5/15/23 (144A)	811,000	804,630
	Westlake Automobile Receivables Trust 2018-2, 3.2000%, 1/16/24 (144A)	1,889,000	1,886,450
	Westlake Automobile Receivables Trust 2018-2, 3.5000%, 1/16/24 (144A)	3,251,000	3,247,035
	WinWater Mortgage Loan Trust 2015-5,
	ICE LIBOR USD 3 Month + 1.2400%, 3.5000%, 8/20/45 (144A)^‡	19,033,868	18,894,847
Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $796,762,480)			794,095,818
Bank Loans and Mezzanine Loans– 1.5%
Basic Industry – 0.2%
	Axalta Coating Systems US Holdings Inc,
	ICE LIBOR USD 3 Month + 1.7500%, 4.1361%, 6/1/24^‡	24,072,159	24,110,434
Capital Goods – 0.1%
	Reynolds Group Holdings Inc,
	ICE LIBOR USD 3 Month + 2.7500%, 4.9922%, 2/5/23^‡	17,680,075	17,754,332
Communications – 0.1%
	Mission Broadcasting Inc,
	ICE LIBOR USD 3 Month + 2.5000%, 4.6038%, 1/17/24^‡	1,071,976	1,076,328
	Nexstar Broadcasting Inc,
	ICE LIBOR USD 3 Month + 2.5000%, 4.6038%, 1/17/24^‡	7,641,394	7,672,418
	Zayo Group LLC, ICE LIBOR USD 3 Month + 2.0000%, 4.2422%, 1/19/21^‡	979,090	981,361
	Zayo Group LLC, ICE LIBOR USD 3 Month + 2.2500%, 4.4922%, 1/19/24^‡	9,055,830	9,093,683
			18,823,790
Consumer Cyclical – 0.4%
	Golden Nugget Inc/NV, ICE LIBOR USD 3 Month + 2.7500%, 4.8567%, 10/4/23^‡	12,866,771	12,943,888
	Hilton Worldwide Finance LLC,
	ICE LIBOR USD 3 Month + 1.7500%, 3.9658%, 10/25/23^‡	24,468,361	24,576,511
	KFC Holding Co, ICE LIBOR USD 3 Month + 1.7500%, 3.9147%, 4/3/25^‡	24,117,068	24,132,262
	Wyndham Hotels & Resorts Inc,
	ICE LIBOR USD 3 Month + 1.7500%, 3.9922%, 5/30/25^‡	4,595,000	4,607,452
			66,260,113
Consumer Non-Cyclical – 0.4%
	Aramark Services Inc, ICE LIBOR USD 3 Month + 1.7500%, 4.0844%, 3/28/24^‡	9,667,211	9,679,295
	Bausch Health Cos Inc, ICE LIBOR USD 3 Month + 1.2400%, 5.1038%, 6/2/25^‡	626,925	629,890
	Gentiva Health Services Inc,
	ICE LIBOR USD 3 Month + 3.7500%, 6.0000%, 7/2/25^‡	24,242,840	24,515,572
	IQVIA Inc, ICE LIBOR USD 3 Month + 2.0000%, 4.3861%, 3/7/24^‡	3,481,829	3,491,404
	Moffett Towers Phase II,
	ICE LIBOR USD 1 Month + 2.8000%, 4.9590%, 6/15/21^‡,§	20,227,054	20,106,913


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

12	SEPTEMBER 30, 2018

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2018


Shares or Principal Amounts			Value
Bank Loans and Mezzanine Loans– (continued)
Consumer Non-Cyclical – (continued)
	Post Holdings Inc, ICE LIBOR USD 3 Month + 2.0000%, 4.2200%, 5/24/24^‡	$2,765,988	$2,765,490
			61,188,564
Electric – 0.2%
	NRG Energy Inc, ICE LIBOR USD 3 Month + 1.7500%, 4.1361%, 6/30/23^(a),‡	15,448,291	15,461,267
	Vistra Operations Co LLC, ICE LIBOR USD 3 Month + 2.0000%, 0%, 8/4/23^(a),‡	16,452,000	16,466,971
			31,928,238
Technology – 0.1%
	CommScope Inc, ICE LIBOR USD 3 Month + 2.0000%, 4.2422%, 12/29/22^‡	6,860,944	6,886,672
	Microchip Technology Inc,
	ICE LIBOR USD 3 Month + 2.0000%, 4.2500%, 5/29/25^‡	13,536,549	13,910,945
	SS&C European Holdings Sarl,
	ICE LIBOR USD 3 Month + 2.2500%, 4.4922%, 4/16/25^(a),‡	558,443	558,794
	SS&C Technologies Inc,
	ICE LIBOR USD 3 Month + 2.2500%, 4.4922%, 4/16/25^(a),‡	1,460,887	1,461,808
			22,818,219
Total Bank Loans and Mezzanine Loans (cost $242,275,030)			242,883,690
Corporate Bonds– 11.3%
Banking – 1.4%
	Ally Financial Inc, 3.2500%, 11/5/18	5,925,000	5,922,630
	Ally Financial Inc, 8.0000%, 12/31/18	3,430,000	3,464,300
	Bank of America Corp, 2.5030%, 10/21/22	39,759,000	38,064,180
	Citibank NA, ICE LIBOR USD 3 Month + 0.3200%, 2.6631%, 5/1/20^‡	40,515,000	40,581,679
	Citizens Financial Group Inc, 3.7500%, 7/1/24	3,512,000	3,367,308
	Citizens Financial Group Inc, 4.3500%, 8/1/25	2,499,000	2,465,974
	Citizens Financial Group Inc, 4.3000%, 12/3/25	13,975,000	13,773,140
	First Republic Bank/CA, 4.6250%, 2/13/47	6,748,000	6,504,563
	Goldman Sachs Capital I, 6.3450%, 2/15/34	14,903,000	17,283,027
	JPMorgan Chase & Co, 2.2950%, 8/15/21	14,888,000	14,473,178
	JPMorgan Chase & Co, 3.6250%, 12/1/27	9,450,000	8,907,002
	JPMorgan Chase Bank NA, ICE LIBOR USD 3 Month + 0.3400%, 2.6749%, 4/26/21^‡	27,198,000	27,222,611
	JPMorgan Chase Bank NA, ICE LIBOR USD 3 Month + 0.3500%, 3.0860%, 4/26/21^‡	12,545,000	12,510,727
	Morgan Stanley, 3.9500%, 4/23/27	8,205,000	7,870,547
	Royal Bank of Canada, ICE LIBOR USD 3 Month + 0.3900%, 2.7289%, 4/30/21^‡	15,851,000	15,906,183
	SVB Financial Group, 5.3750%, 9/15/20	10,783,000	11,171,387
			229,488,436
Basic Industry – 0.8%
	Anglo American Capital PLC, 4.1250%, 9/27/22 (144A)	2,431,000	2,429,820
	CF Industries Inc, 4.5000%, 12/1/26 (144A)	6,033,000	5,989,712
	CF Industries Inc, 5.3750%, 3/15/44	10,337,000	9,587,567
	Freeport-McMoRan Inc, 3.1000%, 3/15/20	3,551,000	3,511,051
	Freeport-McMoRan Inc, 3.5500%, 3/1/22	14,747,000	14,341,457
	Freeport-McMoRan Inc, 3.8750%, 3/15/23	5,396,000	5,220,198
	Freeport-McMoRan Inc, 4.5500%, 11/14/24	7,116,000	6,902,520
	Freeport-McMoRan Inc, 5.4500%, 3/15/43	14,035,000	12,736,762
	Georgia-Pacific LLC, 3.1630%, 11/15/21 (144A)	17,879,000	17,634,265
	Georgia-Pacific LLC, 3.6000%, 3/1/25 (144A)	9,355,000	9,259,447
	Reliance Steel & Aluminum Co, 4.5000%, 4/15/23	9,155,000	9,291,795
	Steel Dynamics Inc, 4.1250%, 9/15/25	9,398,000	9,000,465
	Steel Dynamics Inc, 5.0000%, 12/15/26	4,367,000	4,345,165
	Teck Resources Ltd, 4.5000%, 1/15/21	967,000	976,670
	Teck Resources Ltd, 8.5000%, 6/1/24 (144A)	9,212,000	10,071,019
	Teck Resources Ltd, 6.2500%, 7/15/41	2,354,000	2,471,700
			123,769,613
Brokerage – 0.5%
	Cboe Global Markets Inc, 3.6500%, 1/12/27	12,181,000	11,662,044
	Charles Schwab Corp, ICE LIBOR USD 3 Month + 0.3200%, 2.6319%, 5/21/21^‡	14,435,000	14,466,559


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

Janus Investment Fund	13

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2018


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Brokerage – (continued)
	Charles Schwab Corp, 3.2500%, 5/21/21	$4,475,000	$4,475,242
	Charles Schwab Corp, 3.0000%, 3/10/25	3,910,000	3,741,640
	E*TRADE Financial Corp, 2.9500%, 8/24/22	12,161,000	11,758,762
	E*TRADE Financial Corp, 3.8000%, 8/24/27	14,478,000	13,753,969
	E*TRADE Financial Corp, 4.5000%, 6/20/28	5,560,000	5,560,553
	Raymond James Financial Inc, 5.6250%, 4/1/24	6,341,000	6,840,262
	Raymond James Financial Inc, 3.6250%, 9/15/26	6,268,000	5,991,067
	Raymond James Financial Inc, 4.9500%, 7/15/46	11,085,000	11,246,928
			89,497,026
Capital Goods – 0.8%
	Arconic Inc, 5.8700%, 2/23/22	1,969,000	2,057,605
	Ball Corp, 4.3750%, 12/15/20	8,484,000	8,590,050
	HD Supply Inc, 5.7500%, 4/15/24 (144A)^Ç	23,743,000	24,959,829
	Huntington Ingalls Industries Inc, 5.0000%, 11/15/25 (144A)	22,065,000	22,825,801
	Martin Marietta Materials Inc, 4.2500%, 7/2/24	6,155,000	6,190,141
	Masonite International Corp, 5.6250%, 3/15/23 (144A)	3,303,000	3,377,318
	Northrop Grumman Corp, 2.5500%, 10/15/22	13,938,000	13,427,416
	Owens Corning, 4.2000%, 12/1/24	5,726,000	5,669,549
	Owens Corning, 3.4000%, 8/15/26	2,760,000	2,529,899
	United Technologies Corp, 3.9500%, 8/16/25	6,809,000	6,765,787
	United Technologies Corp, 4.6250%, 11/16/48	4,884,000	4,884,310
	Vulcan Materials Co, 4.5000%, 4/1/25	11,726,000	11,750,663
	Wabtec Corp, 4.1500%, 3/15/24	4,054,000	4,017,155
	Wabtec Corp, 4.7000%, 9/15/28	9,259,000	9,083,152
			126,128,675
Communications – 1.6%
	AT&T Inc, 4.1000%, 2/15/28 (144A)	13,864,000	13,436,045
	AT&T Inc, 5.2500%, 3/1/37	3,531,000	3,514,916
	AT&T Inc, 4.7500%, 5/15/46	24,721,000	22,551,019
	AT&T Inc, 5.1500%, 11/15/46 (144A)	8,173,000	7,801,680
	AT&T Inc, 4.5000%, 3/9/48	10,459,000	9,111,348
	BellSouth LLC, 4.3330%, 4/26/19 (144A)	27,795,000	28,003,462
	CCO Holdings LLC / CCO Holdings Capital Corp, 5.2500%, 3/15/21	9,129,000	9,186,056
	Charter Communications Operating LLC / Charter Communications Operating Capital,
	4.9080%, 7/23/25	14,702,000	14,921,858
	Charter Communications Operating LLC / Charter Communications Operating Capital,
	5.3750%, 5/1/47	8,211,000	7,827,289
	Charter Communications Operating LLC / Charter Communications Operating Capital,
	5.7500%, 4/1/48	8,655,000	8,649,654
	Comcast Corp, 3.1500%, 3/1/26	14,036,000	13,246,386
	Crown Castle International Corp, 5.2500%, 1/15/23	8,030,000	8,415,428
	Crown Castle International Corp, 3.2000%, 9/1/24	8,132,000	7,733,961
	CSC Holdings LLC, 5.3750%, 2/1/28 (144A)	4,473,000	4,271,715
	T-Mobile USA Inc, 6.3750%, 3/1/25	1,175,000	1,224,115
	UBM PLC, 5.7500%, 11/3/20 (144A)	12,264,000	12,438,086
	Unitymedia GmbH, 6.1250%, 1/15/25 (144A)	12,059,000	12,661,950
	Unitymedia Hessen GmbH & Co KG / Unitymedia NRW GmbH,
	5.0000%, 1/15/25 (144A)	12,868,000	13,066,039
	Verizon Communications Inc, 2.6250%, 8/15/26	20,225,000	18,328,249
	Verizon Communications Inc, 4.3290%, 9/21/28 (144A)	21,169,000	21,289,812
	Verizon Communications Inc, 4.8620%, 8/21/46	4,836,000	4,836,811
	Viacom Inc, 5.8500%, 9/1/43	15,308,000	16,170,689
	Warner Media LLC, 3.6000%, 7/15/25	7,778,000	7,449,863
			266,136,431
Consumer Cyclical – 0.8%
	DR Horton Inc, 3.7500%, 3/1/19	8,344,000	8,354,475


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

14	SEPTEMBER 30, 2018

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2018


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Consumer Cyclical – (continued)
	Ford Motor Co, 4.3460%, 12/8/26	$9,604,000	$9,042,862
	Ford Motor Credit Co LLC, 4.6870%, 6/9/25	9,687,000	9,456,963
	Ford Motor Credit Co LLC, 4.3890%, 1/8/26	2,095,000	1,995,402
	Ford Motor Credit Co LLC, 3.8150%, 11/2/27	6,812,000	6,090,442
	General Motors Co, 5.0000%, 10/1/28	18,439,000	18,200,954
	General Motors Financial Co Inc, 4.3500%, 1/17/27	5,629,000	5,375,566
	IHS Markit Ltd, 5.0000%, 11/1/22 (144A)	6,025,000	6,203,340
	IHS Markit Ltd, 4.7500%, 2/15/25 (144A)	10,561,000	10,732,511
	MDC Holdings Inc, 5.5000%, 1/15/24	9,186,000	9,163,035
	MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer Inc,
	5.6250%, 5/1/24	5,377,000	5,511,425
	MGM Resorts International, 6.7500%, 10/1/20	15,311,000	16,095,689
	MGM Resorts International, 6.6250%, 12/15/21	6,184,000	6,551,948
	MGM Resorts International, 7.7500%, 3/15/22	2,222,000	2,435,934
	MGM Resorts International, 6.0000%, 3/15/23	1,111,000	1,149,885
	Toll Brothers Finance Corp, 4.0000%, 12/31/18	3,398,000	3,395,282
	Toll Brothers Finance Corp, 5.8750%, 2/15/22	3,113,000	3,260,868
	Toll Brothers Finance Corp, 4.3750%, 4/15/23	1,750,000	1,734,688
	Wyndham Destinations Inc, 4.1500%, 4/1/24	6,899,000	6,692,030
	Wyndham Destinations Inc, 5.1000%, 10/1/25	3,552,000	3,543,120
	Wyndham Destinations Inc, 4.5000%, 4/1/27	3,967,000	3,738,898
			138,725,317
Consumer Non-Cyclical – 1.1%
	Becton Dickinson and Co, 2.8940%, 6/6/22	6,119,000	5,948,276
	Campbell Soup Co, 3.9500%, 3/15/25	7,793,000	7,531,854
	Campbell Soup Co, 4.1500%, 3/15/28	11,606,000	11,047,884
	Campbell Soup Co, 4.8000%, 3/15/48	27,119,000	24,588,259
	CVS Health Corp, 4.7500%, 12/1/22	4,870,000	5,043,203
	CVS Health Corp, 4.1000%, 3/25/25	16,638,000	16,586,314
	CVS Health Corp, 4.3000%, 3/25/28	23,093,000	22,865,098
	CVS Health Corp, 5.0500%, 3/25/48	8,158,000	8,334,587
	Elanco Animal Health Inc, 3.9120%, 8/27/21 (144A)	2,298,000	2,300,077
	Elanco Animal Health Inc, 4.2720%, 8/28/23 (144A)	5,844,000	5,859,986
	Elanco Animal Health Inc, 4.9000%, 8/28/28 (144A)	5,450,000	5,530,438
	HCA Inc, 5.3750%, 9/1/26	9,196,000	9,306,352
	HCA Inc, 5.6250%, 9/1/28	27,440,000	27,577,200
	Sysco Corp, 2.5000%, 7/15/21	2,569,000	2,508,611
	Teva Pharmaceutical Finance Co BV, 2.9500%, 12/18/22	1,264,000	1,173,585
	Teva Pharmaceutical Finance Netherlands III BV, 2.8000%, 7/21/23	7,318,000	6,515,015
	Teva Pharmaceutical Finance Netherlands III BV, 6.0000%, 4/15/24	10,904,000	11,070,257
	Teva Pharmaceutical Finance Netherlands III BV, 3.1500%, 10/1/26	6,095,000	5,071,992
			178,858,988
Electric – 0.3%
	Duke Energy Corp, 1.8000%, 9/1/21	3,791,000	3,622,896
	Duke Energy Corp, 2.4000%, 8/15/22	5,326,000	5,094,519
	NextEra Energy Operating Partners LP, 4.2500%, 9/15/24 (144A)	1,785,000	1,749,300
	NRG Energy Inc, 7.2500%, 5/15/26	14,330,000	15,593,476
	PPL WEM Ltd / Western Power Distribution Ltd, 5.3750%, 5/1/21 (144A)	10,425,000	10,798,930
	Southern Co, 2.9500%, 7/1/23	8,055,000	7,735,981
			44,595,102
Energy – 1.5%
	Cheniere Corpus Christi Holdings LLC, 5.1250%, 6/30/27	14,954,000	15,010,077
	Cheniere Energy Partners LP, 5.6250%, 10/1/26 (144A)	15,739,000	15,852,321
	Continental Resources Inc/OK, 5.0000%, 9/15/22	18,125,000	18,387,812
	Continental Resources Inc/OK, 4.5000%, 4/15/23	14,817,000	15,074,282
	Enbridge Energy Partners LP, 5.8750%, 10/15/25	6,028,000	6,634,957
	Energy Transfer Equity LP, 4.2500%, 3/15/23	6,781,000	6,738,619
	Energy Transfer Equity LP, 5.8750%, 1/15/24	6,488,000	6,828,620
	Energy Transfer Equity LP, 5.5000%, 6/1/27	4,838,000	5,020,876


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

Janus Investment Fund	15

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2018


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Energy – (continued)
	Energy Transfer Partners LP, 4.9500%, 6/15/28	$7,081,000	$7,205,154
	Energy Transfer Partners LP, 6.1250%, 12/15/45	4,075,000	4,340,494
	Energy Transfer Partners LP, 6.0000%, 6/15/48	15,287,000	16,275,155
	EnLink Midstream Partners LP, 4.1500%, 6/1/25	13,725,000	13,009,723
	EnLink Midstream Partners LP, 4.8500%, 7/15/26	18,305,000	17,740,638
	EQT Midstream Partners LP, 4.7500%, 7/15/23	1,230,000	1,246,942
	EQT Midstream Partners LP, 4.0000%, 8/1/24	4,190,000	3,998,742
	EQT Midstream Partners LP, 5.5000%, 7/15/28	17,969,000	18,424,119
	Kinder Morgan Energy Partners LP, 5.0000%, 10/1/21	5,278,000	5,482,974
	Kinder Morgan Inc/DE, 6.5000%, 9/15/20	544,000	574,935
	Kinder Morgan Inc/DE, 4.3000%, 3/1/28	1,222,000	1,210,663
	Kinder Morgan Inc/DE, 5.5500%, 6/1/45	3,434,000	3,624,652
	Kinder Morgan Inc/DE, 5.2000%, 3/1/48	2,288,000	2,330,011
	Motiva Enterprises LLC, 5.7500%, 1/15/20 (144A)	2,309,000	2,362,906
	NGPL PipeCo LLC, 4.3750%, 8/15/22 (144A)	11,056,000	11,138,920
	NGPL PipeCo LLC, 4.8750%, 8/15/27 (144A)	3,970,000	3,950,150
	NuStar Logistics LP, 5.6250%, 4/28/27	7,198,000	7,117,023
	Plains All American Pipeline LP / PAA Finance Corp, 4.6500%, 10/15/25	16,402,000	16,567,432
	Plains All American Pipeline LP / PAA Finance Corp, 4.5000%, 12/15/26	4,869,000	4,861,891
	Sabine Pass Liquefaction LLC, 5.0000%, 3/15/27	5,526,000	5,673,320
	Western Gas Partners LP, 4.7500%, 8/15/28	2,437,000	2,381,818
	Western Gas Partners LP, 5.5000%, 8/15/48	2,995,000	2,818,761
			241,883,987
Financial Institutions – 0.2%
	Jones Lang LaSalle Inc, 4.4000%, 11/15/22	12,000,000	12,173,559
	Kennedy-Wilson Inc, 5.8750%, 4/1/24	14,308,000	14,093,380
			26,266,939
Insurance – 0.6%
	Aetna Inc, 2.8000%, 6/15/23	5,155,000	4,938,686
	Centene Corp, 4.7500%, 5/15/22	738,000	745,011
	Centene Corp, 6.1250%, 2/15/24	8,571,000	9,020,977
	Centene Corp, 4.7500%, 1/15/25	8,382,000	8,361,045
	Centene Corp, 5.3750%, 6/1/26 (144A)	22,210,000	22,765,250
	Halfmoon Parent Inc, 3.4000%, 9/17/21 (144A)	2,438,000	2,428,809
	Halfmoon Parent Inc, 3.7500%, 7/15/23 (144A)	9,925,000	9,887,240
	Halfmoon Parent Inc, 4.1250%, 11/15/25 (144A)	7,023,000	7,000,536
	Halfmoon Parent Inc, 4.3750%, 10/15/28 (144A)	10,740,000	10,702,699
	WellCare Health Plans Inc, 5.2500%, 4/1/25	6,871,000	6,982,654
	WellCare Health Plans Inc, 5.3750%, 8/15/26 (144A)	10,365,000	10,546,387
			93,379,294
Natural Gas – 0.1%
	Sempra Energy, ICE LIBOR USD 3 Month + 0.5000%, 2.8392%, 1/15/21^‡	10,085,000	10,087,557
Owned No Guarantee – 0.1%
	Syngenta Finance NV, 3.6980%, 4/24/20 (144A)	5,768,000	5,761,184
	Syngenta Finance NV, 3.9330%, 4/23/21 (144A)	5,300,000	5,285,094
	Syngenta Finance NV, 4.4410%, 4/24/23 (144A)	1,012,000	1,005,653
	Syngenta Finance NV, 4.8920%, 4/24/25 (144A)	2,153,000	2,112,539
			14,164,470
Real Estate Investment Trusts (REITs) – 0.3%
	Alexandria Real Estate Equities Inc, 2.7500%, 1/15/20	5,494,000	5,444,071
	Alexandria Real Estate Equities Inc, 4.6000%, 4/1/22	14,963,000	15,355,583
	Reckson Operating Partnership LP, 7.7500%, 3/15/20	15,865,000	16,754,542
	Senior Housing Properties Trust, 6.7500%, 4/15/20	3,367,000	3,462,884
	Senior Housing Properties Trust, 6.7500%, 12/15/21	3,740,000	3,980,729
			44,997,809
Technology – 1.2%
	Broadcom Corp / Broadcom Cayman Finance Ltd, 3.6250%, 1/15/24	3,009,000	2,918,111
	Broadcom Corp / Broadcom Cayman Finance Ltd, 3.1250%, 1/15/25	11,638,000	10,807,809
	Broadcom Corp / Broadcom Cayman Finance Ltd, 3.8750%, 1/15/27	17,914,000	16,894,889


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

16	SEPTEMBER 30, 2018

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2018


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Technology – (continued)
	Broadcom Corp / Broadcom Cayman Finance Ltd, 3.5000%, 1/15/28	$2,532,000	$2,299,374
	Dell International LLC / EMC Corp, 6.0200%, 6/15/26 (144A)	29,873,000	31,813,139
	First Data Corp, 7.0000%, 12/1/23 (144A)	12,086,000	12,584,547
	Marvell Technology Group Ltd, 4.2000%, 6/22/23	5,556,000	5,527,334
	Marvell Technology Group Ltd, 4.8750%, 6/22/28	6,303,000	6,332,534
	Microchip Technology Inc, 3.9220%, 6/1/21 (144A)	6,028,000	5,992,267
	Total System Services Inc, 3.8000%, 4/1/21	6,313,000	6,334,392
	Total System Services Inc, 4.8000%, 4/1/26	13,021,000	13,393,093
	Trimble Inc, 4.7500%, 12/1/24	20,920,000	21,178,456
	Trimble Inc, 4.9000%, 6/15/28	30,019,000	30,174,812
	Verisk Analytics Inc, 4.8750%, 1/15/19	7,016,000	7,052,742
	Verisk Analytics Inc, 5.8000%, 5/1/21	12,036,000	12,664,619
	Verisk Analytics Inc, 4.1250%, 9/12/22	6,825,000	6,904,969
	Verisk Analytics Inc, 5.5000%, 6/15/45	7,953,000	8,026,362
			200,899,449
Total Corporate Bonds (cost $1,835,924,291)			1,828,879,093
Mortgage-Backed Securities– 8.7%
Fannie Mae Pool:
	7.5000%, 7/1/28	131,622	142,504
	6.0000%, 2/1/37	439,712	487,893
	3.5000%, 10/1/42	5,596,518	5,550,756
	4.5000%, 11/1/42	1,823,487	1,897,620
	3.5000%, 12/1/42	13,077,864	12,906,423
	3.0000%, 2/1/43	452,340	436,397
	3.5000%, 2/1/43	13,039,395	12,868,447
	3.5000%, 2/1/43	3,200,371	3,158,415
	3.5000%, 4/1/43	28,741,220	28,364,420
	3.0000%, 5/1/43	1,677,248	1,618,064
	3.5000%, 11/1/43	17,610,728	17,379,864
	3.5000%, 4/1/44	6,320,117	6,267,432
	5.0000%, 7/1/44	419,892	450,253
	4.5000%, 10/1/44	4,176,751	4,369,360
	3.5000%, 2/1/45	13,112,232	12,940,174
	3.5000%, 2/1/45	4,695,630	4,633,994
	4.5000%, 3/1/45	6,967,455	7,287,697
	4.5000%, 6/1/45	4,139,074	4,299,397
	3.0000%, 10/1/45	3,468,661	3,322,690
	3.0000%, 10/1/45	2,187,686	2,095,625
	3.5000%, 12/1/45	4,101,801	4,062,445
	3.0000%, 1/1/46	908,758	871,283
	4.5000%, 2/1/46	10,789,179	11,224,970
	3.0000%, 3/1/46	29,915,631	28,671,907
	3.0000%, 3/1/46	20,137,182	19,299,993
	3.5000%, 5/1/46	2,702,512	2,669,722
	3.5000%, 7/1/46	13,670,601	13,504,734
	3.5000%, 7/1/46	7,578,091	7,484,584
	3.5000%, 8/1/46	4,395,524	4,340,395
	4.0000%, 10/1/46	504,270	511,021
	3.0000%, 11/1/46	6,892,694	6,602,931
	3.0000%, 11/1/46	2,147,275	2,058,874
	3.0000%, 11/1/46	2,049,476	1,965,063
	3.5000%, 12/1/46	1,391,816	1,373,923
	4.5000%, 12/1/46	4,225,518	4,381,586
	3.0000%, 2/1/47	18,957,921	18,307,935
	3.0000%, 3/1/47	14,181,776	13,597,834
	4.0000%, 5/1/47	2,866,210	2,897,377
	4.5000%, 5/1/47	1,418,123	1,478,670
	4.5000%, 5/1/47	1,167,954	1,213,842
	4.5000%, 5/1/47	1,159,827	1,205,896


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

Janus Investment Fund	17

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2018


Shares or Principal Amounts			Value
Mortgage-Backed Securities– (continued)
Fannie Mae Pool – (continued)
	4.5000%, 5/1/47	$853,647	$890,638
	4.5000%, 5/1/47	819,210	851,396
	4.5000%, 5/1/47	687,407	716,640
	4.5000%, 5/1/47	402,779	418,813
	4.5000%, 5/1/47	291,197	303,355
	4.5000%, 5/1/47	263,794	274,798
	4.0000%, 6/1/47	1,495,080	1,514,897
	4.0000%, 6/1/47	739,057	746,656
	4.0000%, 6/1/47	707,054	716,434
	4.0000%, 6/1/47	336,263	339,943
	4.5000%, 6/1/47	5,142,843	5,344,900
	4.5000%, 6/1/47	505,406	526,508
	4.0000%, 7/1/47	1,281,752	1,298,770
	4.0000%, 7/1/47	1,170,111	1,185,647
	4.0000%, 7/1/47	556,412	563,800
	4.0000%, 7/1/47	357,622	362,368
	4.5000%, 7/1/47	3,745,085	3,892,225
	4.5000%, 7/1/47	3,295,141	3,424,605
	4.5000%, 7/1/47	3,204,358	3,330,255
	3.5000%, 8/1/47	6,342,266	6,253,835
	3.5000%, 8/1/47	3,915,474	3,859,465
	4.0000%, 8/1/47	7,299,962	7,375,152
	4.0000%, 8/1/47	2,226,142	2,255,698
	4.0000%, 8/1/47	1,359,835	1,377,890
	4.0000%, 8/1/47	597,386	603,524
	4.5000%, 8/1/47	4,477,343	4,653,254
	4.5000%, 8/1/47	878,292	912,800
	4.0000%, 9/1/47	708,905	718,317
	4.5000%, 9/1/47	2,973,892	3,090,741
	4.5000%, 9/1/47	1,036,039	1,076,747
	3.5000%, 10/1/47	16,985,075	16,727,238
	4.0000%, 10/1/47	3,364,199	3,408,864
	4.0000%, 10/1/47	2,863,047	2,901,060
	4.0000%, 10/1/47	2,638,985	2,674,024
	4.0000%, 10/1/47	1,802,492	1,826,424
	4.0000%, 10/1/47	1,539,483	1,559,923
	4.5000%, 10/1/47	704,805	732,497
	4.5000%, 10/1/47	327,352	340,214
	4.0000%, 11/1/47	8,025,161	8,117,933
	4.0000%, 11/1/47	4,670,719	4,721,599
	4.0000%, 11/1/47	3,833,190	3,884,084
	4.0000%, 11/1/47	1,506,860	1,526,867
	4.5000%, 11/1/47	3,488,310	3,625,370
	3.5000%, 12/1/47	17,547,832	17,282,434
	3.5000%, 12/1/47	6,905,352	6,814,800
	3.5000%, 12/1/47	4,716,778	4,650,571
	4.0000%, 12/1/47	9,149,504	9,249,175
	3.5000%, 1/1/48	6,971,628	6,878,293
	3.5000%, 1/1/48	5,070,615	5,007,130
	4.0000%, 1/1/48	17,537,285	17,728,118
	4.0000%, 1/1/48	17,381,837	17,612,628
	4.0000%, 1/1/48	2,007,546	2,037,491
	3.5000%, 3/1/48	3,030,351	2,992,409
	4.0000%, 3/1/48	7,334,675	7,432,631
	4.0000%, 3/1/48	1,771,044	1,797,433
	4.5000%, 3/1/48	5,967,530	6,220,966
	4.0000%, 4/1/48	3,811,217	3,868,009
	4.5000%, 4/1/48	4,523,349	4,720,335
	4.0000%, 5/1/48	18,563,551	18,754,082


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

18	SEPTEMBER 30, 2018

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2018


Shares or Principal Amounts			Value
Mortgage-Backed Securities– (continued)
Fannie Mae Pool – (continued)
	4.0000%, 5/1/48	$17,722,910	$17,905,003
	4.5000%, 5/1/48	3,671,933	3,825,362
	4.5000%, 5/1/48	3,123,079	3,250,923
	4.0000%, 6/1/48	30,602,913	30,917,026
	4.0000%, 6/1/48	7,292,525	7,367,379
	4.5000%, 6/1/48	3,480,006	3,616,566
	4.0000%, 8/1/48	11,303,528	11,419,557
	4.0000%, 9/1/48	12,677,000	12,807,128
	3.5000%, 8/1/56	22,833,278	22,413,634
	3.0000%, 2/1/57	16,379,677	15,528,464
			651,226,125
Freddie Mac Gold Pool:
	6.0000%, 4/1/40	7,824,716	8,761,728
	3.5000%, 2/1/43	4,858,968	4,808,207
	3.5000%, 2/1/44	5,033,860	4,981,249
	4.5000%, 5/1/44	203,056	212,219
	3.5000%, 12/1/44	35,219,206	34,916,137
	3.0000%, 1/1/45	4,710,331	4,533,627
	4.0000%, 4/1/45	88,249	89,929
	4.0000%, 5/1/46	3,476,205	3,522,940
	3.5000%, 7/1/46	14,451,520	14,315,493
	3.5000%, 7/1/46	4,459,137	4,395,855
	3.0000%, 10/1/46	17,280,167	16,560,206
	3.5000%, 10/1/46	26,382,452	25,985,773
	3.0000%, 12/1/46	20,502,169	19,647,556
	3.5000%, 2/1/47	16,592,433	16,363,902
	3.5000%, 9/1/47	24,655,928	24,281,482
	3.5000%, 9/1/47	13,978,391	13,766,106
	3.5000%, 10/1/47	12,427,857	12,238,153
	3.5000%, 11/1/47	5,628,451	5,544,556
	3.5000%, 12/1/47	19,000,312	18,756,655
	3.5000%, 12/1/47	4,175,076	4,122,309
	3.5000%, 2/1/48	6,393,712	6,300,307
	3.5000%, 2/1/48	6,284,794	6,197,871
	3.5000%, 3/1/48	36,335,683	35,777,413
	3.5000%, 3/1/48	35,098,225	34,604,536
	3.5000%, 3/1/48	4,107,997	4,044,881
	4.0000%, 3/1/48	4,684,814	4,747,317
	4.0000%, 4/1/48	25,585,578	25,848,915
	4.0000%, 4/1/48	4,665,497	4,726,012
	4.0000%, 5/1/48	19,684,948	19,889,769
	4.0000%, 5/1/48	12,435,051	12,563,037
	4.0000%, 6/1/48	28,006,852	28,296,830
	4.0000%, 6/1/48	5,341,197	5,396,362
	4.0000%, 8/1/48	71,769,259	72,507,935
	4.0000%, 8/1/48	23,875,508	24,230,973
	4.5000%, 8/1/48	17,734,993	18,324,514
	4.5000%, 8/1/48	5,790,490	5,980,694
			547,241,448
Ginnie Mae I Pool:
	6.0000%, 1/15/34	118,421	128,594
	4.0000%, 1/15/45	15,661,131	16,038,311
	4.5000%, 8/15/46	18,391,753	19,241,137
	4.0000%, 7/15/47	9,976,386	10,148,912
	4.0000%, 8/15/47	2,107,781	2,144,193
	4.0000%, 11/15/47	4,222,896	4,308,647
	4.0000%, 12/15/47	5,353,975	5,462,722
			57,472,516


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

Janus Investment Fund	19

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2018


Shares or Principal Amounts			Value
Mortgage-Backed Securities– (continued)
Ginnie Mae II Pool:
	4.5000%, 10/20/41	$4,501,495	$4,657,736
	4.0000%, 8/20/47	1,627,334	1,666,337
	4.0000%, 8/20/47	791,715	810,690
	4.0000%, 8/20/47	391,889	401,282
	4.5000%, 5/20/48	9,996,569	10,429,565
	4.5000%, 5/20/48	2,386,376	2,489,741
	5.0000%, 7/20/48	101,292,177	106,057,944
	5.0000%, 9/20/48	20,816,000	21,766,524
			148,279,819
Total Mortgage-Backed Securities (cost $1,429,544,702)			1,404,219,908
United States Treasury Notes/Bonds– 11.8%
	2.5000%, 5/31/20	144,952,800	144,267,672
	2.5000%, 6/30/20	230,275,000	229,105,636
	2.6250%, 7/31/20	221,936,000	221,216,441
	2.6250%, 8/31/20	381,508,900	380,152,754
	2.7500%, 5/31/23	47,274,000	46,889,899
	2.2500%, 11/15/27	35,935,000	33,638,529
	2.7500%, 2/15/28	10,174,000	9,922,432
	2.8750%, 8/15/28	207,891,500	204,740,644
	2.2500%, 8/15/46	39,150,000	32,312,514
	2.7500%, 11/15/47	186,911,000	171,001,661
	3.0000%, 2/15/48	82,857,000	79,704,550
	3.1250%, 5/15/48	64,042,500	63,159,414
	3.0000%, 8/15/48	307,227,000	295,501,970
Total United States Treasury Notes/Bonds (cost $1,922,566,740)			1,911,614,116
Common Stocks– 61.1%
Aerospace & Defense – 3.3%
	Boeing Co	952,069	354,074,461
	General Dynamics Corp	898,519	183,944,810
			538,019,271
Air Freight & Logistics – 0.6%
	United Parcel Service Inc	780,421	91,114,152
Airlines – 0.3%
	Delta Air Lines Inc	975,365	56,405,358
Automobiles – 0.7%
	General Motors Co	3,564,733	120,024,560
Banks – 2.5%
	Bank of America Corp	3,551,619	104,630,696
	US Bancorp	5,714,179	301,765,793
			406,396,489
Biotechnology – 0.2%
	AbbVie Inc	338,092	31,976,741
Capital Markets – 3.6%
	Blackstone Group LP	2,742,159	104,421,415
	CME Group Inc	1,458,826	248,306,773
	Goldman Sachs Group Inc	142,081	31,860,243
	Morgan Stanley	923,448	43,004,973
	TD Ameritrade Holding Corp	2,810,087	148,456,896
			576,050,300
Chemicals – 1.5%
	LyondellBasell Industries NV	2,426,679	248,758,864
Consumer Finance – 1.4%
	American Express Co	845,469	90,033,994
	Synchrony Financial	4,581,169	142,382,733
			232,416,727
Electronic Equipment, Instruments & Components – 0.4%
	Corning Inc	1,855,270	65,491,031


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

20	SEPTEMBER 30, 2018

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2018


Shares or Principal Amounts			Value
Common Stocks– (continued)
Equity Real Estate Investment Trusts (REITs) – 1.0%
	Crown Castle International Corp	669,927	$74,582,973
	MGM Growth Properties LLC	1,441,854	42,520,274
	Outfront Media Inc	1,998,955	39,879,152
			156,982,399
Food & Staples Retailing – 3.4%
	Costco Wholesale Corp	1,162,010	272,932,909
	Kroger Co	3,279,338	95,461,529
	Sysco Corp	2,410,191	176,546,491
			544,940,929
Food Products – 0.5%
	Hershey Co	842,925	85,978,350
Health Care Equipment & Supplies – 2.5%
	Abbott Laboratories	2,430,209	178,280,132
	Medtronic PLC	2,309,431	227,178,727
			405,458,859
Health Care Providers & Services – 0.8%
	Aetna Inc	666,141	135,126,702
Hotels, Restaurants & Leisure – 2.6%
	Hilton Worldwide Holdings Inc	581,605	46,982,052
	McDonald's Corp	1,509,258	252,483,771
	Norwegian Cruise Line Holdings Ltd*	972,239	55,835,686
	Six Flags Entertainment Corp	870,314	60,765,323
			416,066,832
Household Products – 0.4%
	Clorox Co	378,553	56,938,157
Industrial Conglomerates – 1.5%
	3M Co	364,248	76,750,696
	Honeywell International Inc	991,646	165,009,894
			241,760,590
Information Technology Services – 4.3%
	Accenture PLC	1,171,090	199,319,518
	Automatic Data Processing Inc	310,034	46,709,722
	Mastercard Inc	2,023,158	450,375,202
			696,404,442
Insurance – 0.6%
	Progressive Corp	1,361,761	96,739,501
Internet & Direct Marketing Retail – 0.6%
	Booking Holdings Inc*	45,385	90,043,840
Internet Software & Services – 2.4%
	Alphabet Inc - Class C*	318,227	379,794,378
Leisure Products – 0.5%
	Hasbro Inc	842,501	88,563,705
Machinery – 1.3%
	Deere & Co	535,016	80,428,955
	Parker-Hannifin Corp	292,298	53,762,371
	Stanley Black & Decker Inc	483,828	70,851,772
			205,043,098
Media – 1.5%
	Comcast Corp	5,629,626	199,345,057
	Madison Square Garden Co*	135,219	42,637,255
			241,982,312
Oil, Gas & Consumable Fuels – 1.9%
	Anadarko Petroleum Corp	2,035,819	137,234,559
	Suncor Energy Inc	2,478,312	95,885,891
	Suncor Energy Inc^ž	2,045,212	79,148,042
			312,268,492
Personal Products – 0.6%
	Estee Lauder Cos Inc	715,670	104,001,164


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

Janus Investment Fund	21

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2018


Shares or Principal Amounts			Value
Common Stocks– (continued)
Pharmaceuticals – 3.7%
	Allergan PLC	771,173	$146,893,033
	Bristol-Myers Squibb Co	1,093,733	67,898,945
	Eli Lilly & Co	1,552,108	166,556,709
	Merck & Co Inc	3,126,348	221,783,127
			603,131,814
Real Estate Management & Development – 0.8%
	CBRE Group Inc*	2,817,806	124,265,245
Road & Rail – 1.5%
	CSX Corp	3,185,078	235,855,026
Semiconductor & Semiconductor Equipment – 1.8%
	Intel Corp	4,012,711	189,761,103
	Lam Research Corp	647,215	98,182,515
			287,943,618
Software – 5.5%
	Activision Blizzard Inc	629,922	52,403,211
	Adobe Systems Inc*	803,268	216,842,197
	Microsoft Corp	4,863,605	556,248,051
	salesforce.com Inc*	408,052	64,892,510
			890,385,969
Specialty Retail – 1.7%
	Home Depot Inc	1,347,184	279,069,166
Technology Hardware, Storage & Peripherals – 2.1%
	Apple Inc	1,537,208	347,009,334
Textiles, Apparel & Luxury Goods – 1.2%
	NIKE Inc	2,201,650	186,523,788
Tobacco – 1.9%
	Altria Group Inc	4,998,363	301,451,273
Total Common Stocks (cost $5,920,137,718)			9,880,382,476
Preferred Stocks– 0%
Real Estate Investment Trusts (REITs) – 0%
	Colony American Homes III LP*^,¢,£,§(cost $487,924)	6,162,871	454,204
Investment Companies– 0.8%
Money Markets – 0.8%
	Janus Henderson Cash Liquidity Fund LLC, 2.0479%^ºº,£(cost $121,239,500)	121,239,500	121,239,500
Total Investments (total cost $12,268,938,385) – 100.1%			16,183,768,805
Liabilities, net of Cash, Receivables and Other Assets – (0.1)%			(22,217,768)
Net Assets – 100%			$16,161,551,037


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

		% of
		Investment
Country	Value	Securities
United States	$15,605,224,205	96.4	%
Cayman Islands	280,777,342	1.7
Canada	208,377,114	1.3
Germany	25,727,989	0.2
Israel	23,830,849	0.2
United Kingdom	23,237,016	0.1
Switzerland	14,164,470	0.1
South Africa	2,429,820	0.0



Total	$16,183,768,805	100.0	%


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

22	SEPTEMBER 30, 2018

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2018

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income⁽¹⁾		Realized Gain/(Loss)⁽¹⁾		Change in Unrealized Appreciation/ Depreciation⁽¹⁾		Value at 9/30/18
Preferred Stocks - 0.0%
Real Estate Investment Trusts (REITs) - 0.0%
	Colony American Homes III LP^*,¢,§	$	-	$	-	$	58,336	$	454,204
Investment Companies - 0.8%
Investments Purchased with Cash Collateral from Securities Lending - N/A
	Janus Henderson Cash Collateral Fund LLC, 1.9772%^ºº		26,586^∆		-		-		-
Money Markets - 0.8%
	Janus Henderson Cash Liquidity Fund LLC, 2.0479%^ºº		5,859,256		-		-		121,239,500
Total Investment Companies		$	5,885,842	$	-	$	-	$	121,239,500
Total Affiliated Investments - 0.8%		$	5,885,842	$	-	$	58,336	$	121,693,704

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


		Share Balance at 9/30/17		Purchases		Sales		Share Balance at 9/30/18
Preferred Stocks - 0.0%
Real Estate Investment Trusts (REITs) - 0.0%
	Colony American Homes III LP^*,¢,§		6,162,871		-		-		6,162,871
Investment Companies - 0.8%
Investments Purchased with Cash Collateral from Securities Lending - N/A
	Janus Henderson Cash Collateral Fund LLC, 1.9772%^ºº		-		91,381,250		(91,381,250)		-
Money Markets - 0.8%
	Janus Henderson Cash Liquidity Fund LLC, 2.0479%^ºº		178,494,294		5,382,213,206		(5,439,468,000)		121,239,500


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

Janus Investment Fund	23

Janus Henderson Balanced Fund

Notes to Schedule of Investments and Other Information


Balanced Index	Balanced Index is an internally-calculated, hypothetical combination of total returns from the S&P 500^{^®} Index (55%) and the Bloomberg Barclays U.S. Aggregate Bond Index (45%).
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.
S&P 500^{^®} Index	S&P 500^{^®} Index reflects U.S. large-cap equity performance and represents broad U.S. equity market performance.


ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
LLC	Limited Liability Company
LP	Limited Partnership
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 September 30, 2018 is $1,080,244,839, which represents 6.7% of net assets.


*	Non-income producing security.


(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 September 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.


ž	Issued by the same entity and traded on separate exchanges.


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


Ç	Step bond. The coupon rate will increase or decrease periodically based upon a predetermined schedule. The rate shown reflects the current rate.


¢	Security is valued using significant unobservable inputs.


£	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.


24	SEPTEMBER 30, 2018

Janus Henderson Balanced Fund

Notes to Schedule of Investments and Other Information


§	Schedule of Restricted and Illiquid Securities (as of September 30, 2018)
							Value as a
		Acquisition					% of Net
		Date		Cost		Value	Assets
Colony American Homes III LP		1/30/13	$	487,924	$	454,204	0.0	%
loanDepot Station Place Agency Securitization Trust 2017-1, ICE LIBOR USD 1 Month + 0.8000%, 3.0158%, 11/25/50		11/29/17-3/23/18		16,599,155		16,547,641	0.1
loanDepot Station Place Agency Securitization Trust 2017-1, ICE LIBOR USD 1 Month + 1.0000%, 3.2158%, 11/25/50		11/29/17		3,279,000		3,271,137	0.0
Moffett Towers Phase II, ICE LIBOR USD 1 Month + 2.8000%, 4.9590%, 6/15/21		6/25/2018-9/7/18		20,141,829		20,106,913	0.1
Total			$	40,507,908	$	40,379,895	0.2	%

The Fund has registration rights for certain restricted securities held as of September 30, 2018. The issuer incurs all registration costs.


The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of September 30, 2018. See Notes to Financial Statements for more information.

Valuation Inputs Summary

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

Assets
Investments in Securities:
Asset-Backed/Commercial Mortgage-Backed Securities	$	-	$	794,095,818	$	-
Bank Loans and Mezzanine Loans		-		242,883,690		-
Corporate Bonds		-		1,828,879,093		-
Mortgage-Backed Securities		-		1,404,219,908		-
United States Treasury Notes/Bonds		-		1,911,614,116		-
Common Stocks		9,880,382,476		-		-
Preferred Stocks		-		-		454,204
Investment Companies		-		121,239,500		-
Total Assets	$	9,880,382,476	$	6,302,932,125	$	454,204


Janus Investment Fund	25

Janus Henderson Balanced Fund

Statement of Assets and Liabilities

September 30, 2018

See footnotes at the end of the Statement.



Assets:
	Unaffiliated investments, at value⁽¹⁾		$	16,062,075,101
	Affiliated investments, at value⁽²⁾			121,693,704
	Non-interested Trustees' deferred compensation			347,501
	Receivables:
		Investments sold		155,630,119
		Interest		40,359,038
		Fund shares sold		28,897,480
		Dividends		10,422,525
		Dividends from affiliates		227,531
	Other assets			69,841
Total Assets				16,419,722,840
Liabilities:
	Due to custodian			35,543,914
	Payables:			—
		Investments purchased		177,917,670
		Fund shares repurchased		28,725,454
		Advisory fees		7,225,467
		Dividends		3,515,202
		Transfer agent fees and expenses		2,288,738
		12b-1 Distribution and shareholder servicing fees		1,713,856
		Non-interested Trustees' deferred compensation fees		347,501
		Non-interested Trustees' fees and expenses		88,063
		Professional fees		60,125
		Affiliated fund administration fees payable		32,843
		Custodian fees		7,952
		Accrued expenses and other payables		705,018
Total Liabilities				258,171,803
Net Assets			$	16,161,551,037


See Notes to Financial Statements.

26	SEPTEMBER 30, 2018

Janus Henderson Balanced Fund

Statement of Assets and Liabilities

September 30, 2018




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	11,740,783,628
	Total distributable earnings (loss)		4,420,767,409
Total Net Assets		$	16,161,551,037
Net Assets - Class A Shares		$	768,529,470
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		21,822,057
Net Asset Value Per Share⁽³⁾		$	35.22
Maximum Offering Price Per Share⁽⁴⁾		$	37.37
Net Assets - Class C Shares		$	1,594,610,383
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		45,689,587
Net Asset Value Per Share⁽³⁾		$	34.90
Net Assets - Class D Shares		$	1,761,817,499
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		49,908,234
Net Asset Value Per Share		$	35.30
Net Assets - Class I Shares		$	3,197,893,153
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		90,560,521
Net Asset Value Per Share		$	35.31
Net Assets - Class N Shares		$	2,480,945,292
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		70,323,208
Net Asset Value Per Share		$	35.28
Net Assets - Class R Shares		$	345,666,611
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		9,869,913
Net Asset Value Per Share		$	35.02
Net Assets - Class S Shares		$	589,812,469
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		16,754,116
Net Asset Value Per Share		$	35.20
Net Assets - Class T Shares		$	5,422,276,160
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		153,798,677
Net Asset Value Per Share		$	35.26

(1) Includes cost of $12,147,210,961.

(2) Includes cost of $121,727,424.

(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	27

Janus Henderson Balanced Fund

Statement of Operations

For the year ended September 30, 2018



Investment Income:
	Dividends		$	181,290,664
	Interest			165,567,539
	Dividends from affiliates			5,859,256
	Affiliated securities lending income, net			26,586
	Other income			465,307
	Foreign tax withheld			(501,840)
Total Investment Income				352,707,512
Expenses:
	Advisory fees			79,656,640
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		1,661,460
		Class C Shares		13,690,325
		Class R Shares		1,688,060
		Class S Shares		1,521,420
	Transfer agent administrative fees and expenses:
		Class D Shares		1,995,524
		Class R Shares		846,753
		Class S Shares		1,521,420
		Class T Shares		12,713,952
	Transfer agent networking and omnibus fees:
		Class A Shares		790,938
		Class C Shares		911,610
		Class I Shares		1,582,679
	Other transfer agent fees and expenses:
		Class A Shares		66,917
		Class C Shares		123,514
		Class D Shares		233,790
		Class I Shares		91,919
		Class N Shares		59,586
		Class R Shares		4,143
		Class S Shares		6,990
		Class T Shares		59,855
	Affiliated fund administration fees			691,055
	Shareholder reports expense			666,822
	Non-interested Trustees’ fees and expenses			381,877
	Registration fees			305,895
	Professional fees			167,127
	Custodian fees			94,545
	Other expenses			1,011,195
Total Expenses				122,546,011
Less: Excess Expense Reimbursement and Waivers				(184,939)
Net Expenses				122,361,072
Net Investment Income/(Loss)				230,346,440


See Notes to Financial Statements.

28	SEPTEMBER 30, 2018

Janus Henderson Balanced Fund

Statement of Operations

For the year ended September 30, 2018



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	605,635,750
Total Net Realized Gain/(Loss) on Investments			605,635,750
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation		1,047,366,147
	Investments in affiliates		58,336
Total Change in Unrealized Net Appreciation/Depreciation			1,047,424,483
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	1,883,406,673


See Notes to Financial Statements.

Janus Investment Fund	29

Janus Henderson Balanced Fund

Statements of Changes in Net Assets

See footnotes at the end of the Statement.



			Year ended September 30, 2018		Year ended September 30, 2017

Operations:
	Net investment income/(loss)		$	230,346,440	$	230,899,526
	Net realized gain/(loss) on investments			605,635,750		431,355,435
	Change in unrealized net appreciation/depreciation			1,047,424,483		1,204,248,156
Net Increase/(Decrease) in Net Assets Resulting from Operations				1,883,406,673		1,866,503,117
Dividends and Distributions to Shareholders⁽¹⁾
		Class A Shares		(30,992,137)		N/A
		Class C Shares		(56,163,240)		N/A
		Class D Shares		(81,003,352)		N/A
		Class I Shares		(117,849,780)		N/A
		Class N Shares		(111,964,032)		N/A
		Class R Shares		(15,173,092)		N/A
		Class S Shares		(28,750,295)		N/A
		Class T Shares		(241,991,501)		N/A
	Total Dividends and Distributions to Shareholders			(683,887,429)		N/A
	Dividends from Net Investment Income⁽¹⁾
		Class A Shares		N/A		(14,776,686)
		Class C Shares		N/A		(17,227,608)
		Class D Shares		N/A		(31,704,825)
		Class I Shares		N/A		(40,126,722)
		Class N Shares		N/A		(44,255,552)
		Class R Shares		N/A		(5,485,701)
		Class S Shares		N/A		(11,523,204)
		Class T Shares		N/A		(94,843,741)
	Total Dividends from Net Investment Income			N/A		(259,944,039)
	Distributions from Net Realized Gain from Investment Transactions⁽¹⁾
		Class A Shares		N/A		(10,879,238)
		Class C Shares		N/A		(15,956,168)
		Class D Shares		N/A		(16,710,703)
		Class I Shares		N/A		(18,975,938)
		Class N Shares		N/A		(21,666,308)
		Class R Shares		N/A		(4,011,088)
		Class S Shares		N/A		(7,629,078)
		Class T Shares		N/A		(53,548,122)
	Total Distributions from Net Realized Gain from Investment Transactions			N/A		(149,376,643)
Net Decrease from Dividends and Distributions to Shareholders				(683,887,429)		(409,320,682)


See Notes to Financial Statements.

30	SEPTEMBER 30, 2018

Janus Henderson Balanced Fund

Statements of Changes in Net Assets



			Year ended September 30, 2018		Year ended September 30, 2017

Capital Share Transactions:
		Class A Shares		88,399,391		(470,623,952)
		Class C Shares		188,299,862		(265,021,176)
		Class D Shares		61,673,527		(15,229,904)
		Class I Shares		893,081,658		258,374,590
		Class N Shares		237,724,253		(1,026,029)
		Class R Shares		(23,285,543)		21,735,604
		Class S Shares		(81,834,698)		(106,679,612)
		Class T Shares		266,928,381		(452,209,506)
Net Increase/(Decrease) from Capital Share Transactions				1,630,986,831		(1,030,679,985)
Net Increase/(Decrease) in Net Assets				2,830,506,075		426,502,450
Net Assets:
	Beginning of period			13,331,044,962		12,904,542,512
	End of period⁽²⁾		$	16,161,551,037	$	13,331,044,962

(1) The requirement to disclose dividends and distributions paid to shareholders from net investment income and/or net realized gain from investment transactions was eliminated by the SEC (Securities Exchange Commission) in 2018.

(2) Net assets - End of period includes undistributed (overdistributed) net investment income of $16,297,709 as of September 30, 2017. The requirement to disclose undistributed (overdistributed) net investment income was eliminated by the SEC in 2018.


See Notes to Financial Statements.

Janus Investment Fund	31

Janus Henderson Balanced Fund

Financial Highlights


Class A Shares
For a share outstanding during the year ended September 30			2018	2017	2016		2015	2014
	Net Asset Value, Beginning of Period		$32.46	$29.00	$29.12		$31.10	$29.11
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.50	0.52	0.47		0.55	0.49
		Net realized and unrealized gain/(loss)	3.87	3.88	1.22		(0.70)	2.83
	Total from Investment Operations		4.37	4.40	1.69		(0.15)	3.32
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.50)	(0.59)	(0.48)		(0.52)	(0.47)
		Distributions (from capital gains)	(1.11)	(0.35)	(1.33)		(1.31)	(0.86)
	Total Dividends and Distributions		(1.61)	(0.94)	(1.81)		(1.83)	(1.33)
	Net Asset Value, End of Period		$35.22	$32.46	$29.00		$29.12	$31.10
	Total Return*		13.81%	15.44%	5.86%		(0.59)%	11.65%
	Net Assets, End of Period (in thousands)		$768,529	$625,454	$1,008,842		$966,624	$835,681
	Average Net Assets for the Period (in thousands)		$666,296	$781,785	$1,037,006		$941,167	$839,360
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.95%	0.94%	0.94%		0.93%	0.95%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.95%	0.94%	0.94%		0.93%	0.95%
		Ratio of Net Investment Income/(Loss)	1.48%	1.68%	1.63%		1.78%	1.61%
	Portfolio Turnover Rate		88%	60%	83%		75%	72%
						1


Class C Shares
For a share outstanding during the year ended September 30			2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$32.19	$28.78	$28.95	$30.93	$29.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.27	0.31	0.26	0.34	0.27
		Net realized and unrealized gain/(loss)	3.84	3.85	1.20	(0.69)	2.80
	Total from Investment Operations		4.11	4.16	1.46	(0.35)	3.07
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.29)	(0.40)	(0.30)	(0.32)	(0.28)
		Distributions (from capital gains)	(1.11)	(0.35)	(1.33)	(1.31)	(0.86)
	Total Dividends and Distributions		(1.40)	(0.75)	(1.63)	(1.63)	(1.14)
	Net Asset Value, End of Period		$34.90	$32.19	$28.78	$28.95	$30.93
	Total Return*		13.06%	14.67%	5.09%	(1.25)%	10.78%
	Net Assets, End of Period (in thousands)		$1,594,610	$1,290,994	$1,408,455	$1,267,034	$996,498
	Average Net Assets for the Period (in thousands)		$1,403,777	$1,322,392	$1,401,426	$1,175,456	$874,136
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.62%	1.61%	1.65%	1.61%	1.68%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.62%	1.61%	1.65%	1.61%	1.68%
		Ratio of Net Investment Income/(Loss)	0.81%	1.03%	0.92%	1.10%	0.88%
	Portfolio Turnover Rate		88%	60%	83%	75%	72%

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

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

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


See Notes to Financial Statements.

32	SEPTEMBER 30, 2018

Janus Henderson Balanced Fund

Financial Highlights


Class D Shares
For a share outstanding during the year ended September 30			2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$32.52	$29.06	$29.17	$31.14	$29.15
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.58	0.59	0.53	0.61	0.56
		Net realized and unrealized gain/(loss)	3.89	3.88	1.22	(0.69)	2.82
	Total from Investment Operations		4.47	4.47	1.75	(0.08)	3.38
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.58)	(0.66)	(0.53)	(0.58)	(0.53)
		Distributions (from capital gains)	(1.11)	(0.35)	(1.33)	(1.31)	(0.86)
	Total Dividends and Distributions		(1.69)	(1.01)	(1.86)	(1.89)	(1.39)
	Net Asset Value, End of Period		$35.30	$32.52	$29.06	$29.17	$31.14
	Total Return*		14.10%	15.68%	6.07%	(0.38)%	11.86%
	Net Assets, End of Period (in thousands)		$1,761,817	$1,562,693	$1,411,125	$1,382,693	$1,414,364
	Average Net Assets for the Period (in thousands)		$1,667,210	$1,477,105	$1,415,240	$1,453,548	$1,383,412
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.71%	0.72%	0.73%	0.73%	0.73%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.71%	0.72%	0.73%	0.73%	0.73%
		Ratio of Net Investment Income/(Loss)	1.71%	1.92%	1.83%	1.98%	1.83%
	Portfolio Turnover Rate		88%	60%	83%	75%	72%


Class I Shares
For a share outstanding during the year ended September 30			2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$32.53	$29.06	$29.18	$31.15	$29.15
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.61	0.61	0.55	0.64	0.59
		Net realized and unrealized gain/(loss)	3.88	3.89	1.21	(0.70)	2.83
	Total from Investment Operations		4.49	4.50	1.76	(0.06)	3.42
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.60)	(0.68)	(0.55)	(0.60)	(0.56)
		Distributions (from capital gains)	(1.11)	(0.35)	(1.33)	(1.31)	(0.86)
	Total Dividends and Distributions		(1.71)	(1.03)	(1.88)	(1.91)	(1.42)
	Net Asset Value, End of Period		$35.31	$32.53	$29.06	$29.18	$31.15
	Total Return*		14.18%	15.79%	6.10%	(0.30)%	11.99%
	Net Assets, End of Period (in thousands)		$3,197,893	$2,096,893	$1,636,459	$1,510,302	$1,306,391
	Average Net Assets for the Period (in thousands)		$2,460,247	$1,795,486	$1,651,399	$1,482,511	$1,167,616
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.64%	0.65%	0.67%	0.65%	0.64%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.64%	0.65%	0.67%	0.65%	0.64%
		Ratio of Net Investment Income/(Loss)	1.80%	2.00%	1.90%	2.06%	1.92%
	Portfolio Turnover Rate		88%	60%	83%	75%	72%

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

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

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


See Notes to Financial Statements.

Janus Investment Fund	33

Janus Henderson Balanced Fund

Financial Highlights


Class N Shares
For a share outstanding during the year ended September 30			2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$32.50	$29.04	$29.15	$31.11	$29.12
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.63	0.64	0.57	0.66	0.60
		Net realized and unrealized gain/(loss)	3.88	3.87	1.22	(0.69)	2.83
	Total from Investment Operations		4.51	4.51	1.79	(0.03)	3.43
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.62)	(0.70)	(0.57)	(0.62)	(0.58)
		Distributions (from capital gains)	(1.11)	(0.35)	(1.33)	(1.31)	(0.86)
	Total Dividends and Distributions		(1.73)	(1.05)	(1.90)	(1.93)	(1.44)
	Net Asset Value, End of Period		$35.28	$32.50	$29.04	$29.15	$31.11
	Total Return*		14.26%	15.84%	6.23%	(0.20)%	12.03%
	Net Assets, End of Period (in thousands)		$2,480,945	$2,054,731	$1,834,036	$1,709,643	$1,648,665
	Average Net Assets for the Period (in thousands)		$2,273,486	$1,952,775	$1,801,032	$1,751,330	$1,532,107
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.57%	0.58%	0.59%	0.58%	0.58%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.57%	0.58%	0.59%	0.58%	0.58%
		Ratio of Net Investment Income/(Loss)	1.86%	2.07%	1.98%	2.14%	1.98%
	Portfolio Turnover Rate		88%	60%	83%	75%	72%


Class R Shares
For a share outstanding during the year ended September 30			2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$32.29	$28.87	$29.02	$30.99	$29.03
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.37	0.40	0.35	0.43	0.37
		Net realized and unrealized gain/(loss)	3.85	3.87	1.21	(0.68)	2.82
	Total from Investment Operations		4.22	4.27	1.56	(0.25)	3.19
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.38)	(0.50)	(0.38)	(0.41)	(0.37)
		Distributions (from capital gains)	(1.11)	(0.35)	(1.33)	(1.31)	(0.86)
	Total Dividends and Distributions		(1.49)	(0.85)	(1.71)	(1.72)	(1.23)
	Net Asset Value, End of Period		$35.02	$32.29	$28.87	$29.02	$30.99
	Total Return*		13.38%	15.02%	5.40%	(0.94)%	11.20%
	Net Assets, End of Period (in thousands)		$345,667	$341,389	$283,729	$281,398	$309,887
	Average Net Assets for the Period (in thousands)		$339,637	$327,651	$288,241	$297,615	$296,348
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.32%	1.32%	1.34%	1.31%	1.33%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.32%	1.32%	1.34%	1.31%	1.33%
		Ratio of Net Investment Income/(Loss)	1.11%	1.33%	1.23%	1.39%	1.23%
	Portfolio Turnover Rate		88%	60%	83%	75%	72%

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

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

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


See Notes to Financial Statements.

34	SEPTEMBER 30, 2018

Janus Henderson Balanced Fund

Financial Highlights


Class S Shares
For a share outstanding during the year ended September 30			2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$32.44	$28.99	$29.12	$31.09	$29.11
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.46	0.48	0.43	0.50	0.45
		Net realized and unrealized gain/(loss)	3.87	3.88	1.21	(0.68)	2.83
	Total from Investment Operations		4.33	4.36	1.64	(0.18)	3.28
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.46)	(0.56)	(0.44)	(0.48)	(0.44)
		Distributions (from capital gains)	(1.11)	(0.35)	(1.33)	(1.31)	(0.86)
	Total Dividends and Distributions		(1.57)	(0.91)	(1.77)	(1.79)	(1.30)
	Net Asset Value, End of Period		$35.20	$32.44	$28.99	$29.12	$31.09
	Total Return*		13.67%	15.30%	5.68%	(0.71)%	11.49%
	Net Assets, End of Period (in thousands)		$589,812	$622,279	$657,563	$750,461	$837,505
	Average Net Assets for the Period (in thousands)		$610,278	$637,727	$706,818	$828,503	$844,760
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.07%	1.07%	1.09%	1.08%	1.08%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.07%	1.07%	1.08%	1.07%	1.08%
		Ratio of Net Investment Income/(Loss)	1.36%	1.57%	1.48%	1.63%	1.47%
	Portfolio Turnover Rate		88%	60%	83%	75%	72%


Class T Shares
For a share outstanding during the year ended September 30			2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$32.49	$29.02	$29.15	$31.12	$29.13
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.54	0.56	0.50	0.58	0.53
		Net realized and unrealized gain/(loss)	3.88	3.89	1.20	(0.69)	2.83
	Total from Investment Operations		4.42	4.45	1.70	(0.11)	3.36
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.54)	(0.63)	(0.50)	(0.55)	(0.51)
		Distributions (from capital gains)	(1.11)	(0.35)	(1.33)	(1.31)	(0.86)
	Total Dividends and Distributions		(1.65)	(0.98)	(1.83)	(1.86)	(1.37)
	Net Asset Value, End of Period		$35.26	$32.49	$29.02	$29.15	$31.12
	Total Return*		13.97%⁽²⁾	15.62%	5.92%	(0.46)%	11.77%
	Net Assets, End of Period (in thousands)		$5,422,276	$4,736,612	$4,664,334	$4,734,896	$4,541,805
	Average Net Assets for the Period (in thousands)		$5,098,558	$4,654,904	$4,856,359	$4,872,456	$4,375,206
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.82%	0.83%	0.84%	0.83%	0.83%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.82%	0.82%	0.83%	0.82%	0.82%
		Ratio of Net Investment Income/(Loss)	1.61%	1.83%	1.74%	1.89%	1.73%
	Portfolio Turnover Rate		88%	60%	83%	75%	72%

* 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 Financial Statements.

Janus Investment Fund	35

Janus Henderson Balanced Fund

Notes to Financial Statements

1. Organization and Significant Accounting Policies

Janus Henderson Balanced 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 48 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term capital growth, consistent with preservation of capital and balanced by current income. The Fund is classified as diversified, as defined in the 1940 Act.

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

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


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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.


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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 September 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.

The Fund did not hold a significant amount of Level 3 securities as of September 30, 2018.

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

Expenses

Estimates

Indemnifications

Foreign Currency Translations


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Dividends and Distributions

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

Additional Investment Risk


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Notes to Financial Statements

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.

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.

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.

Loans

The Fund may invest in various commercial loans, including bank loans, bridge loans, debtor-in-possession (“DIP”) loans, mezzanine loans, and other fixed and floating rate loans. These loans may be acquired through loan participations and assignments or on a when-issued basis. Commercial loans will comprise no more than 20% of the Fund’s total assets. Below are descriptions of the types of loans held by the Fund as of September 30, 2018.

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

· Floating Rate Loans – Floating rate loans are debt securities that have floating interest rates, that adjust periodically, and are tied to a benchmark lending rate, such as London Interbank Offered Rate (“LIBOR”). In other cases, the lending rate could be tied to the prime rate offered by one or more major U.S. banks or the rate paid on large certificates of deposit traded in the secondary markets. If the benchmark lending rate changes, the rate payable to lenders under the loan will change at the next scheduled adjustment date specified in the loan agreement. Floating rate loans are typically issued to companies (‘‘borrowers’’) in connection with recapitalizations, acquisitions, and refinancings. Floating rate loan investments are generally below investment grade. Senior floating rate loans are secured by specific collateral of a borrower and are


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Notes to Financial Statements

senior in the borrower’s capital structure. The senior position in the borrower’s capital structure generally gives holders of senior loans a claim on certain of the borrower’s assets that is senior to subordinated debt and preferred and common stock in the case of a borrower’s default. Floating rate loan investments may involve foreign borrowers, and investments may be denominated in foreign currencies. Floating rate loans often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged. The Fund may invest in obligations of borrowers who are in bankruptcy proceedings. While the Fund generally expects to invest in fully funded term loans, certain of the loans in which the Fund may invest include revolving loans, bridge loans, and delayed draw term loans.

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

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

Mortgage- and Asset-Backed Securities

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

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

Real Estate Investing

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.


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Notes to Financial Statements

Restricted Security Transactions

Restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933, as amended. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. Lack of a secondary market and resale restrictions may result in the inability of the Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, these securities may exhibit greater price volatility than securities for which secondary markets exist.

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.

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


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Notes to Financial Statements

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.

When-Issued, Delayed Delivery and Forward Commitment Transactions

The Fund may purchase or sell securities on a when-issued, delayed delivery, or forward commitment basis. When purchasing a security on a when-issued, delayed delivery, or forward commitment basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. Typically, no income accrues on securities the Fund has committed to purchase prior to the time delivery of the securities is made. Because the Fund is not required to pay for the security until the delivery date, these risks are in addition to the risks associated with the Fund’s other investments. If the other party to a transaction fails to deliver the securities, the Fund could miss a favorable price or yield opportunity. If the Fund remains substantially fully invested at a time when when-issued, delayed delivery, or forward commitment purchases are outstanding, the purchases may result in a form of leverage.

When the Fund has sold a security on a when-issued, delayed delivery, or forward commitment basis, the Fund does not participate in future gains or losses with respect to the security. If the other party to a transaction fails to pay for the securities, the Fund could suffer a loss. Additionally, when selling a security on a when-issued, delayed delivery, or forward commitment basis without owning the security, the Fund will incur a loss if the security’s price appreciates in value such that the security’s price is above the agreed upon price on the settlement date. The Fund may dispose of or renegotiate a transaction after it is entered into, and may purchase or sell when-issued, delayed delivery or forward commitment securities before the settlement date, which may result in a gain or loss.

3. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pay Janus Capital an investment advisory fee which is calculated daily and paid monthly. The Fund’s contractual investment advisory fee rate (expressed as an annual rate) is 0.55% of its average daily net assets.

Janus 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 0.68% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waivers until at least February 1, 2019. 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.


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Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.

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

Janus Services is compensated for its services related to the Fund’s Class D Shares. 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, of up to 0.50% of the Class R Shares' average daily net assets, and of up to 0.25% of the Class S Shares’ average daily net assets. Under the terms of the Plan, the Trust is authorized to make payments to Janus 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.


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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 $504,989 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended September 30, 2018. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus 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 September 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 September 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 $496,288 were paid by the Trust to the Trustees under the Deferred Plan during the year ended September 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 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 September 30, 2018 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.

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 September 30, 2018, redeeming shareholders of Class A Shares paid CDSCs of $30 to Janus Henderson Distributors.


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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 September 30, 2018, redeeming shareholders of Class C Shares paid CDSCs of $105,722.

The Fund is permitted to purchase or sell securities (“cross-trade”) between itself and other funds or accounts managed by Janus Capital in accordance with Rule 17a-7 under the Investment Company Act of 1940 (“Rule 17a-7”), when the transaction is consistent with the investment objectives and policies of the Fund and in accordance with the Internal Cross Trade Procedures adopted by the Trust’s Board of Trustees. These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to another fund or account that is or could be considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser, common Officer, or common Trustee complies with Rule 17a-7. Under these procedures, each cross-trade is effected at the current market price to save costs where allowed. During the year ended September 30, 2018, the Fund engaged in cross trades amounting to $267,735,193 in purchases and $72,848,132 in sales, resulting in a net realized gain of $1,482,876. The net realized gain is included within the “Net Realized Gain/(Loss) on Investments” section of the Fund’s Statement of Operations.

4. Federal Income Tax


			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)
$ 17,833,481	$ 507,497,580	$ -	$ -	$ -	$ (303,898)	$3,895,740,246


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 12,288,028,559	$4,012,037,376	$(116,297,130)	$ 3,895,740,246


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Notes to Financial Statements


For the year ended September 30, 2018
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 232,344,680	$ 451,542,749	$ -	$ -


For the year ended September 30, 2017
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 259,944,039	$ 149,376,643	$ -	$ -



Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ 35,551,734	$ 1,209,293	$ (36,761,027)

Capital has been adjusted by $35,551,734, all of which is long-term capital gain, for distributions in connection with Fund share redemptions (tax equalization).


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5. Capital Share Transactions



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

Class A Shares:
Shares sold	7,711,873	$ 262,344,651	4,892,032	$ 149,292,367
Reinvested dividends and distributions	685,030	22,698,836	686,042	20,573,575
Shares repurchased	(5,846,216)	(196,644,096)	(21,099,933)	(640,489,894)
Net Increase/(Decrease)	2,550,687	$ 88,399,391	(15,521,859)	$ (470,623,952)
Class C Shares:
Shares sold	11,914,884	$ 400,945,569	4,820,698	$ 146,784,395
Reinvested dividends and distributions	1,463,080	47,959,330	912,472	27,191,116
Shares repurchased	(7,792,574)	(260,605,037)	(14,566,623)	(438,996,687)
Net Increase/(Decrease)	5,585,390	$ 188,299,862	(8,833,453)	$ (265,021,176)
Class D Shares:
Shares sold	4,027,607	$ 136,140,889	3,521,432	$ 108,112,668
Reinvested dividends and distributions	2,380,330	79,049,288	1,557,916	47,244,151
Shares repurchased	(4,547,747)	(153,516,650)	(5,595,939)	(170,586,723)
Net Increase/(Decrease)	1,860,190	$ 61,673,527	(516,591)	$ (15,229,904)
Class I Shares:
Shares sold	42,715,098	$1,457,353,192	28,860,088	$ 890,078,436
Reinvested dividends and distributions	2,828,037	94,126,294	1,564,288	47,582,450
Shares repurchased	(19,436,315)	(658,397,828)	(22,275,217)	(679,286,296)
Net Increase/(Decrease)	26,106,820	$ 893,081,658	8,149,159	$ 258,374,590
Class N Shares:
Shares sold	12,069,205	$ 408,403,498	9,756,479	$ 297,337,988
Reinvested dividends and distributions	3,367,860	111,853,805	2,173,373	65,921,800
Shares repurchased	(8,331,331)	(282,533,050)	(11,877,539)	(364,285,817)
Net Increase/(Decrease)	7,105,734	$ 237,724,253	52,313	$ (1,026,029)
Class R Shares:
Shares sold	1,805,672	$ 60,736,128	3,890,500	$ 117,381,225
Reinvested dividends and distributions	426,954	14,042,797	290,029	8,686,978
Shares repurchased	(2,935,300)	(98,064,468)	(3,435,822)	(104,332,599)
Net Increase/(Decrease)	(702,674)	$ (23,285,543)	744,707	$ 21,735,604
Class S Shares:
Shares sold	3,061,183	$ 103,174,114	3,169,757	$ 96,748,173
Reinvested dividends and distributions	864,701	28,595,766	632,904	19,069,362
Shares repurchased	(6,353,867)	(213,604,578)	(7,302,690)	(222,497,147)
Net Increase/(Decrease)	(2,427,983)	$ (81,834,698)	(3,500,029)	$ (106,679,612)
Class T Shares:
Shares sold	30,485,638	$1,030,049,011	20,318,231	$ 618,839,684
Reinvested dividends and distributions	7,228,929	239,724,774	4,860,745	147,060,598
Shares repurchased	(29,722,726)	(1,002,845,404)	(40,073,621)	(1,218,109,788)
Net Increase/(Decrease)	7,991,841	$ 266,928,381	(14,894,645)	$ (452,209,506)

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
$5,668,464,143	$5,821,870,027	$ 7,801,246,198	$ 6,146,293,355


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Janus Henderson Balanced Fund

Notes to Financial Statements

7. Recent Accounting Pronouncements

8. Subsequent Event


Janus Investment Fund	49

Janus Henderson Balanced Fund

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Balanced Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of September 30, 2018, the related statement of operations for the year ended September 30, 2018, the statements of changes in net assets for each of the two years in the period ended September 30, 2018, including the related notes, and the financial highlights for each of the five years in the period ended September 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 September 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 September 30, 2018 and the financial highlights for each of the five years in the period ended September 30, 2018 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 September 30, 2018 by correspondence with the custodian, transfer agent, investee companies 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

November 16, 2018

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


50	SEPTEMBER 30, 2018

Janus Henderson Balanced Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD


Janus Investment Fund	51

Janus Henderson Balanced 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


52	SEPTEMBER 30, 2018

Janus Henderson Balanced Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


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Janus Henderson Balanced 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.


54	SEPTEMBER 30, 2018

Janus Henderson Balanced 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


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Janus Henderson Balanced Fund

Additional Information (unaudited)

Quantitative Equity Funds

U.S. Equity Funds

Janus Aspen Series


56	SEPTEMBER 30, 2018

Janus Henderson Balanced Fund

Additional Information (unaudited)

Costs of Services Provided


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Janus Henderson Balanced Fund

Additional Information (unaudited)

Alternative Funds


58	SEPTEMBER 30, 2018

Janus Henderson Balanced 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


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Janus Henderson Balanced 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


60	SEPTEMBER 30, 2018

Janus Henderson Balanced 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.


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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.


62	SEPTEMBER 30, 2018

Janus Henderson Balanced 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.


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Additional Information (unaudited)

Economies of Scale

Other Benefits to Janus Capital


64	SEPTEMBER 30, 2018

Janus Henderson Balanced 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	65

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


66	SEPTEMBER 30, 2018

Janus Henderson Balanced 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.


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Designation Requirements (unaudited)

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



Capital Gain Distributions	$487,094,483
Dividends Received Deduction Percentage	100%
Qualified Dividend Income Percentage	100%


68	SEPTEMBER 30, 2018

Janus Henderson Balanced 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.


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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).		60	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).


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Janus Henderson Balanced 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).		60	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).


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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).		60	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).


72	SEPTEMBER 30, 2018

Janus Henderson Balanced 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).		60	Director of Brightwood Capital Advisors, LLC (since 2014).


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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
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.		60	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).


74	SEPTEMBER 30, 2018

Janus Henderson Balanced 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.		60	Formerly, Director of Red Robin Gourmet Burgers, Inc. (RRGB) (2004-2014).


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Janus Henderson Balanced 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. 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).		60	None
Diane L. Wallace 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	6/17-Present	Retired.		60	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 for Driehaus Mutual Funds (1996-2002).


76	SEPTEMBER 30, 2018

Janus Henderson Balanced 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).		60	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).


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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
Jeremiah Buckley 151 Detroit Street Denver, CO 80206 DOB: 1976	Executive Vice President and Co-Portfolio Manager Janus Henderson Balanced Fund	12/15-Present	Portfolio Manager for other Janus Henderson accounts.
Marc Pinto 151 Detroit Street Denver, CO 80206 DOB: 1961	Executive Vice President and Co-Portfolio Manager Janus Henderson Balanced Fund	5/05-Present	Portfolio Manager for other Janus Henderson accounts.
Mayur Saigal 151 Detroit Street Denver, CO 80206 DOB: 1975	Executive Vice President and Co-Portfolio Manager Janus Henderson Balanced Fund	12/15-Present	Portfolio Manager for other Janus Henderson accounts.
Darrell Watters 151 Detroit Street Denver, CO 80206 DOB: 1963	Executive Vice President and Co-Portfolio Manager Janus Henderson Balanced Fund	12/15-Present	Head of U.S. Fundamental Fixed Income of Janus Henderson Investors and Portfolio Manager for other Janus Henderson accounts.


78	SEPTEMBER 30, 2018

Janus Henderson Balanced 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); and 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.


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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.


80	SEPTEMBER 30, 2018

Janus Henderson Balanced Fund

Notes

NotesPage1


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Notes

NotesPage2


82	SEPTEMBER 30, 2018

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 Knowledge. Shared are trademarks of Janus Henderson Group plc or one of its subsidiary entities. © Janus Henderson Group plc. Funds distributed by Janus Henderson Distributors
							125-02-93037 11-18



	ANNUAL REPORT September 30, 2018

Janus Henderson Contrarian Fund

Janus Investment Fund

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

Table of Contents

Janus Henderson Contrarian Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	12
Statement of Assets and Liabilities	13
Statement of Operations	15
Statements of Changes in Net Assets	17
Financial Highlights	18
Notes to Financial Statements	22
Report of Independent Registered Public Accounting Firm	37
Additional Information	38
Useful Information About Your Fund Report	52
Designation Requirements	55
Trustees and Officers	56

Janus Henderson Contrarian Fund (unaudited)

FUND SNAPSHOT

We believe that constructing a high-conviction portfolio of companies where the market doesn’t properly recognize the intrinsic value of a business can outperform over time. We think of ourselves as business model investors. We look to invest in undervalued companies with durable business models, whose intrinsic value grows over time, and whose management teams’ interests are aligned with shareholders.

Nick Schommer

portfolio manager

PERFORMANCE

The Janus Henderson Contrarian Fund’s Class I Shares returned 17.35% over the one-year period ended September 30, 2018. The Fund’s benchmark, the S&P 500^{^®} Index, returned 17.91%.

INVESTMENT ENVIRONMENT

U.S. large-cap stocks enjoyed sharp gains during the 12-month period, as an improving U.S. economy and renewed corporate earnings strength drove stocks higher. The anticipated benefits of lower tax rates and deregulation also helped boost U.S. stocks. The consumer discretionary and information technology sectors experienced the largest gains within the S&P 500 Index.

PERFORMANCE DISCUSSION

The Fund underperformed its benchmark, the S&P 500 Index, for the period. As part of our contrarian investment approach, we seek stocks that trade at a significant discount to our estimate of fair value, whose intrinsic value we believe will grow over time, and whose management teams are aligned with shareholders. For most stocks in our portfolio, we believe the market misunderstands the business model, undervalues the company’s assets, or underappreciates the company’s long-term growth potential. We believe a concentrated, high-conviction portfolio of such companies can drive outperformance over time as the intrinsic value of these businesses gains greater appreciation by the market. This period, we were pleased to see many holdings begin to show confirmation of their true earnings potential. However, we also held a few stocks that produced disappointing results and detracted from our performance. Some of those positions were sold as part of the portfolio manager transition.

General Electric was our largest detractor. The stock was down after the company announced it would take a $6.2 billion write-off after reviewing its insurance portfolio, which is a part of the company’s finance arm, GE Capital. While the news was disappointing, we see upside for the stock. GE holds dominant share in most markets it serves and much of its revenue from those markets is derived from aftermarket parts or services, creating recurring revenue for the business. In our view, the leadership position and stability of its businesses are not reflected in the stock’s current valuation.

Summit Materials also detracted from Fund performance this period. Disappointing earnings affected the stock in the third quarter. Heightened price competition in its cement business was a headwind to revenues during the third quarter as well, but we continue to like the stock. We believe Summit operates in a favorable industry structure, in which a limited number of competitors in any single market give it a high degree of pricing power. We also think the company will continue to benefit from U.S. construction demand.

Envision Healthcare was another large detractor. The company provides physician outsourcing services to hospitals and health systems and also owns ambulatory surgery centers. Managed care companies have pressured consumers to limit utilization of hospital services, and that has hurt volumes for Envision. We sold the stock due to volume concerns and what we viewed as executional missteps from the management team.

While a few stocks were large detractors from our results, we were pleased by the results of many other companies in our portfolio. Ultimate Software was our largest contributor. Delays in implementing a few large customers onto its payroll and HR systems weighed on the stock during the previous year. The stock has re-rated as the implementation issues get further in the rearview mirror and the market has received more confirmation of robust demand for its cloud-based payroll solutions. We continue to see upside for the stock and believe growth for Ultimate Software is underappreciated, as its cloud-based subscription software for payroll and HR departments takes share from legacy, on-premises solutions.


Janus Investment Fund	1

Janus Henderson Contrarian Fund (unaudited)

Axon Enterprise was another large contributor. The company makes Taser brand weapons and body cameras for polices officers. We think societal trends favoring the use of nonlethal weapons and police activity surveillance favor the company. The stock had been out of favor because near-term profitability had disappointed, but the company has brought in a new CFO who has since focused the company on growth and profitability, which helped lift the stock this year.

The Trade Desk also added meaningfully to results. The stock was up significantly after its quarterly earnings handily beat market expectations over the last two consecutive quarters. We believe The Trade Desk is still in the early days of growing its business. The programmatic advertising specialist works with large companies and advertising agencies to help them deploy digital advertising spending across channels in a more cost-effective way. We also believe it is one of few companies that can buy and coordinate advertising across channels and measure the return from those investments. Its services should continue to enjoy rapid uptake as advertising spreads across different digital and offline channels.

DERIVATIVES USAGE

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

OUTLOOK

We remain constructive on the economic backdrop and earnings environment. Deregulation and corporate taxes are spurring business confidence and we believe it should add legs to the economic cycle. Low unemployment is also buttressing consumer confidence and encouraging increased spending.

One market dynamic we are keeping an eye on is a valuation divergence between two different market segments. As of the end of the third quarter, the market has assigned low multiples to companies that are cyclical or whose cost base and/or end markets face pressure from tariffs. Meanwhile, multiples continue to expand for companies tied to strong secular growth trends.

We believe we have balanced exposure to both camps within our portfolio and, at present, we have maintained our traditional weighting to the three types of companies we invest in: those we believe have misunderstood business models, undervalued assets, or underestimated long-term growth potential. At the margin, we added to position sizes of a few cyclical businesses whose revenues are not tied to global trade, but we have not made big changes to the portfolio.

We remain overweight the financial sector, and believe the market still fails to fully appreciate the benefit of deregulation and for some banks to finally leverage excess capital that has built up in a stringent regulatory environment since the financial crisis. We also believe U.S. tax reform and rising rates will benefit the sector.

We also see opportunity for companies within a few industries where we believe consolidation will lead to greater levels of profitability than the market appreciates. We wouldn’t be surprised to see further consolidation in some industries due to increasing business confidence, tax reform that allows companies to access cash overseas, and as disruption within the economy forces companies to make acquisitions to adapt their business models. We look forward to seeing how companies tied to these themes perform in the coming quarters.

Thank you for your investment in the Janus Henderson Contrarian Fund.


2	SEPTEMBER 30, 2018

Janus Henderson Contrarian Fund (unaudited)

Fund At A Glance

September 30, 2018





	5 Top Performers - Holdings		5 Bottom Performers - Holdings
		Contribution		Contribution
	Ultimate Software Group Inc	2.24%	General Electric Co	-1.15%
	Axon Enterprise Inc	2.04%	Summit Materials Inc	-0.97%
	Trade Desk Inc	2.02%	Envision Healthcare Corp	-0.70%
	Abbott Laboratories	1.71%	Allergan PLC	-0.56%
	DexCom Inc	1.34%	Flex Ltd	-0.46%

	5 Top Performers - Sectors*
		Fund	Fund Weighting	S&P 500 Index
		Contribution	(Average % of Equity)	Weighting
	Utilities	1.17%	2.39%	2.88%
	Consumer Staples	1.06%	0.45%	7.42%
	Industrials	0.86%	10.31%	9.98%
	Energy	0.45%	1.49%	5.98%
	Real Estate	0.37%	0.00%	2.78%

	5 Bottom Performers - Sectors*
		Fund	Fund Weighting	S&P 500 Index
		Contribution	(Average % of Equity)	Weighting
	Materials	-1.64%	12.18%	2.82%
	Consumer Discretionary	-0.93%	11.07%	12.57%
	Financials	-0.88%	22.33%	14.47%
	Information Technology	-0.61%	22.13%	25.07%
	Other**	-0.17%	1.05%	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 Contrarian Fund (unaudited)

Fund At A Glance

September 30, 2018


5 Largest Equity Holdings - (% of Net Assets)
Ball Corp
Containers & Packaging	6.1%
Abbott Laboratories
Health Care Equipment & Supplies	5.5%
Citigroup Inc
Banks	5.4%
TD Ameritrade Holding Corp
Capital Markets	4.8%
Ultimate Software Group Inc
Software	3.8%
	25.6%


Asset Allocation - (% of Net Assets)
Common Stocks	97.7%
Investment Companies	2.3%
Preferred Stocks	0.0%
Other		(0.0)%
		100.0%

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

As of September 30, 2018

As of September 30, 2017


4	SEPTEMBER 30, 2018

Janus Henderson Contrarian Fund (unaudited)

Performance

See important disclosures on the next page.



					Expense Ratios -
Average Annual Total Return - for the periods ended September 30, 2018					per the January 26, 2018 prospectuses
	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses
Class A Shares at NAV	17.01%	8.31%	7.65%	7.02%	0.82%
Class A Shares at MOP	10.30%	7.03%	7.02%	6.68%
Class C Shares at NAV	16.16%	7.52%	6.94%	6.22%	1.61%
Class C Shares at CDSC	15.16%	7.52%	6.94%	6.22%
Class D Shares⁽¹⁾	17.26%	8.53%	7.85%	7.20%	0.64%
Class I Shares	17.35%	8.61%	7.77%	7.16%	0.56%
Class N Shares	17.37%	8.44%	7.77%	7.16%	0.51%
Class R Shares	16.32%	7.86%	7.27%	6.56%	1.24%
Class S Shares	16.71%	8.14%	7.52%	6.83%	0.98%
Class T Shares	17.11%	8.44%	7.77%	7.16%	0.73%
S&P 500 Index	17.91%	13.95%	11.97%	6.20%
Morningstar Quartile - Class T Shares	32/472	287/387	301/327	112/164
Morningstar Ranking - based on total returns for Mid-Cap Blend Funds	1st	4th	4th	3rd

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

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

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


Janus Investment Fund	5

Janus Henderson Contrarian Fund (unaudited)

Performance

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.

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 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 – February 29, 2000

(1) Closed to certain new investors.


6	SEPTEMBER 30, 2018

Janus Henderson Contrarian Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (4/1/18)	Ending Account Value (9/30/18)	Expenses Paid During Period (4/1/18 - 9/30/18)†	Beginning Account Value (4/1/18)	Ending Account Value (9/30/18)	Expenses Paid During Period (4/1/18 - 9/30/18)†	Net Annualized Expense Ratio (4/1/18 - 9/30/18)
Class A Shares		$1,000.00	$1,108.20	$4.65	$1,000.00	$1,020.66	$4.46	0.88%
Class C Shares		$1,000.00	$1,104.10	$8.12	$1,000.00	$1,017.35	$7.79	1.54%
Class D Shares		$1,000.00	$1,109.10	$3.49	$1,000.00	$1,021.76	$3.35	0.66%
Class I Shares		$1,000.00	$1,109.50	$3.07	$1,000.00	$1,022.16	$2.94	0.58%
Class N Shares		$1,000.00	$1,109.80	$2.70	$1,000.00	$1,022.51	$2.59	0.51%
Class R Shares		$1,000.00	$1,103.70	$8.33	$1,000.00	$1,017.15	$7.99	1.58%
Class S Shares		$1,000.00	$1,105.80	$5.75	$1,000.00	$1,019.60	$5.52	1.09%
Class T Shares		$1,000.00	$1,108.70	$3.86	$1,000.00	$1,021.41	$3.70	0.73%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/365 (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 Contrarian Fund

Schedule of Investments

September 30, 2018


Shares			Value
Common Stocks– 97.7%
Aerospace & Defense – 4.1%
	Axon Enterprise Inc*	395,171	$27,041,551
	Harris Corp	495,622	83,864,199
			110,905,750
Banks – 13.0%
	Bank of America Corp	2,275,755	67,043,742
	Citigroup Inc	2,036,089	146,069,025
	PacWest Bancorp	1,891,875	90,147,844
	Webster Financial Corp	829,417	48,902,426
			352,163,037
Biotechnology – 2.0%
	BioCryst Pharmaceuticals Inc*	1,424,806	10,871,270
	HLS Therapeutics Inc*^,£,§	1,935,741	20,758,818
	Insmed Inc*	1,171,245	23,682,574
			55,312,662
Capital Markets – 7.9%
	Intercontinental Exchange Inc	1,134,864	84,989,965
	TD Ameritrade Holding Corp	2,449,700	129,417,651
			214,407,616
Chemicals – 2.6%
	Air Products & Chemicals Inc	418,718	69,946,842
Construction Materials – 2.4%
	Summit Materials Inc	3,645,375	66,272,917
Containers & Packaging – 6.1%
	Ball Corp	3,798,997	167,117,878
Electronic Equipment, Instruments & Components – 1.8%
	Flex Ltd*	3,676,835	48,240,075
Health Care Equipment & Supplies – 8.6%
	Abbott Laboratories	2,025,828	148,614,742
	DexCom Inc*	143,598	20,540,258
	Glaukos Corp*	488,117	31,678,793
	ICU Medical Inc*	115,232	32,581,848
			233,415,641
Hotels, Restaurants & Leisure – 1.0%
	Norwegian Cruise Line Holdings Ltd*	481,010	27,624,404
Independent Power and Renewable Electricity Producers – 3.7%
	NRG Energy Inc	2,709,582	101,338,367
Industrial Conglomerates – 1.5%
	General Electric Co	3,642,065	41,118,914
Information Technology Services – 2.5%
	Pagseguro Digital Ltd*	1,577,759	43,656,591
	WEX Inc*	122,826	24,658,548
			68,315,139
Internet Software & Services – 8.0%
	Alphabet Inc - Class C*	80,740	96,360,768
	Altaba Inc*	677,559	46,155,319
	Tencent Holdings Ltd	918,600	37,927,352
	Trade Desk Inc*	242,816	36,643,363
			217,086,802
Leisure Products – 2.1%
	Hasbro Inc	532,449	55,971,039
Machinery – 4.1%
	Stanley Black & Decker Inc	503,900	73,791,116
	Wabtec Corp	368,797	38,679,429
			112,470,545
Media – 6.0%
	Liberty Media Corp-Liberty Formula One*	1,787,601	66,480,881
	Vivendi SA	3,729,485	95,986,397
			162,467,278


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

8	SEPTEMBER 30, 2018

Janus Henderson Contrarian Fund

Schedule of Investments

September 30, 2018


Shares			Value
Common Stocks– (continued)
Metals & Mining – 1.8%
	Constellium NV*	3,866,361	$47,749,558
Oil, Gas & Consumable Fuels – 1.3%
	Anadarko Petroleum Corp	542,095	36,542,624
Pharmaceuticals – 5.4%
	Allergan PLC	530,275	101,006,782
	Amneal Pharmaceuticals Inc*	1,242,141	27,563,109
	Collegium Pharmaceutical Inc*^,#	1,171,914	17,274,012
			145,843,903
Semiconductor & Semiconductor Equipment – 2.0%
	Microchip Technology Inc	691,613	54,575,182
Software – 5.2%
	Dell Technologies Inc - Class V*	397,365	38,592,089
	Ultimate Software Group Inc*	318,609	102,652,634
			141,244,723
Specialty Retail – 2.0%
	Tractor Supply Co	610,076	55,443,707
Technology Hardware, Storage & Peripherals – 1.8%
	NCR Corp*	1,691,731	48,062,078
Textiles, Apparel & Luxury Goods – 0.8%
	Under Armour Inc - Class C*	1,180,087	22,964,493
Total Common Stocks (cost $2,267,485,261)			2,656,601,174
Preferred Stocks– 0%
Real Estate Investment Trusts (REITs) – 0%
	Colony American Homes III LP*^,¢,§(cost $109,351)	1,377,158	101,497
Investment Companies– 2.3%
Investments Purchased with Cash Collateral from Securities Lending – 0.1%
	Janus Henderson Cash Collateral Fund LLC, 1.9772%^ºº,£	3,301,625	3,301,625
Money Markets – 2.2%
	Janus Henderson Cash Liquidity Fund LLC, 2.0479%^ºº,£	59,674,290	59,674,290
Total Investment Companies (cost $62,975,915)			62,975,915
Total Investments (total cost $2,330,570,527) – 100.0%			2,719,678,586
Liabilities, net of Cash, Receivables and Other Assets – (0)%			(547,120)
Net Assets – 100%			$2,719,131,466


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

		% of
		Investment
Country	Value	Securities
United States	$2,494,358,688	91.7	%
France	95,986,397	3.5
Netherlands	47,749,558	1.8
Brazil	43,656,591	1.6
China	37,927,352	1.4



Total	$2,719,678,586	100.0	%


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

Janus Investment Fund	9

Janus Henderson Contrarian Fund

Schedule of Investments

September 30, 2018

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income⁽¹⁾		Realized Gain/(Loss)⁽¹⁾		Change in Unrealized Appreciation/ Depreciation⁽¹⁾		Value at 9/30/18
Common Stocks - 0.8%
Biotechnology - 0.8%
	HLS Therapeutics Inc^*,§	$	-	$	-	$	4,750,240	$	20,758,818
Investment Companies - 2.3%
Investments Purchased with Cash Collateral from Securities Lending - 0.1%
	Janus Henderson Cash Collateral Fund LLC, 1.9772%^ºº		363,287^∆		-		-		3,301,625
Money Markets - 2.2%
	Janus Henderson Cash Liquidity Fund LLC, 2.0479%^ºº		457,611		-		-		59,674,290
Total Investment Companies		$	820,898	$	-	$	-	$	62,975,915
Total Affiliated Investments - 3.1%		$	820,898	$	-	$	4,750,240	$	83,734,733


		Share Balance at 9/30/17		Purchases		Sales		Share Balance at 9/30/18
Common Stocks - 0.8%
Biotechnology - 0.8%
	HLS Therapeutics Inc^*,§		1,935,741		-		-		1,935,741
Investment Companies - 2.3%
Investments Purchased with Cash Collateral from Securities Lending - 0.1%
	Janus Henderson Cash Collateral Fund LLC, 1.9772%^ºº		-		612,052,910		(608,751,285)		3,301,625
Money Markets - 2.2%
	Janus Henderson Cash Liquidity Fund LLC, 2.0479%^ºº		118,010,490		687,160,800		(745,497,000)		59,674,290


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

10	SEPTEMBER 30, 2018

Janus Henderson Contrarian Fund

Schedule of Investments

September 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 September 30, 2018.


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

Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative				Currency Contracts
Forward foreign currency exchange contracts				$(445,886)



Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative				Currency Contracts
Forward foreign currency exchange contracts				$(344,249)

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 September 30, 2018

	Market Value^(a)
Forward foreign currency exchange contracts, sold	$ 27,578,972

(a) Forward foreign currency exchange contracts are reported as the average ending monthly currency amount sold.


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

Janus Investment Fund	11

Janus Henderson Contrarian Fund

Notes to Schedule of Investments and Other Information


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
PLC	Public Limited Company


*	Non-income producing security.


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


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


¢	Security is valued using significant unobservable inputs.


£	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.


§	Schedule of Restricted and Illiquid Securities (as of September 30, 2018)
							Value as a
		Acquisition					% of Net
		Date		Cost		Value	Assets
Colony American Homes III LP		1/30/13	$	109,351	$	101,497	0.0	%
HLS Therapeutics Inc		7/2/15		17,597,650		20,758,818	0.8
Total			$	17,707,001	$	20,860,315	0.8	%

The Fund has registration rights for certain restricted securities held as of September 30, 2018. The issuer incurs all registration costs.


The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of September 30, 2018. See Notes to Financial Statements for more information.

Valuation Inputs Summary

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

Assets
Investments in Securities:
Common Stocks
Biotechnology	$	34,553,844	$	20,758,818	$	-
All Other		2,601,288,512		-		-
Preferred Stocks		-		-		101,497
Investment Companies		-		62,975,915		-
Total Assets	$	2,635,842,356	$	83,734,733	$	101,497


12	SEPTEMBER 30, 2018

Janus Henderson Contrarian Fund

Statement of Assets and Liabilities

September 30, 2018



Assets:
	Unaffiliated investments, at value⁽¹⁾⁽²⁾		$	2,635,943,853
	Affiliated investments, at value⁽³⁾			83,734,733
	Non-interested Trustees' deferred compensation			58,476
	Receivables:
		Investments sold		18,749,653
		Dividends		903,698
		Fund shares sold		255,867
		Foreign tax reclaims		224,131
		Dividends from affiliates		58,222
	Other assets			3,532
Total Assets				2,739,932,165
Liabilities:
	Due to custodian			3,757
	Collateral for securities loaned (Note 3)			3,301,625
	Payables:			—
		Investments purchased		14,232,201
		Fund shares repurchased		1,154,668
		Advisory fees		1,078,815
		Transfer agent fees and expenses		492,710
		Non-interested Trustees' deferred compensation fees		58,476
		Professional fees		46,164
		12b-1 Distribution and shareholder servicing fees		19,567
		Non-interested Trustees' fees and expenses		15,514
		Affiliated fund administration fees payable		5,590
		Custodian fees		1,212
		Accrued expenses and other payables		390,400
Total Liabilities				20,800,699
Net Assets			$	2,719,131,466


See Notes to Financial Statements.

Janus Investment Fund	13

Janus Henderson Contrarian Fund

Statement of Assets and Liabilities

September 30, 2018




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	2,147,335,073
	Total distributable earnings (loss)		571,796,393
Total Net Assets		$	2,719,131,466
Net Assets - Class A Shares		$	14,939,917
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		691,405
Net Asset Value Per Share⁽⁴⁾		$	21.61
Maximum Offering Price Per Share⁽⁵⁾		$	22.93
Net Assets - Class C Shares		$	19,126,356
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		948,735
Net Asset Value Per Share⁽⁴⁾		$	20.16
Net Assets - Class D Shares		$	1,925,748,742
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		88,965,514
Net Asset Value Per Share		$	21.65
Net Assets - Class I Shares		$	54,347,819
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,507,348
Net Asset Value Per Share		$	21.68
Net Assets - Class N Shares		$	26,807,606
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,239,326
Net Asset Value Per Share		$	21.63
Net Assets - Class R Shares		$	675,876
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		32,227
Net Asset Value Per Share		$	20.97
Net Assets - Class S Shares		$	1,033,069
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		47,979
Net Asset Value Per Share		$	21.53
Net Assets - Class T Shares		$	676,452,081
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		31,273,938
Net Asset Value Per Share		$	21.63

(1) Includes cost of $2,249,996,962.

(2) Includes $3,208,530 of securities on loan. See Note 3 in Notes to Financial Statements.

(3) Includes cost of $80,573,565.

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

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


See Notes to Financial Statements.

14	SEPTEMBER 30, 2018

Janus Henderson Contrarian Fund

Statement of Operations

For the year ended September 30, 2018



Investment Income:
	Dividends		$	30,193,667
	Dividends from affiliates			457,611
	Affiliated securities lending income, net			363,287
	Other income			30
	Foreign tax withheld			(160,118)
Total Investment Income				30,854,477
Expenses:
	Advisory fees			12,147,088
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		34,882
		Class C Shares		210,772
		Class R Shares		3,324
		Class S Shares		7,645
	Transfer agent administrative fees and expenses:
		Class D Shares		2,204,146
		Class R Shares		1,662
		Class S Shares		7,645
		Class T Shares		1,637,096
	Transfer agent networking and omnibus fees:
		Class A Shares		14,044
		Class C Shares		20,392
		Class I Shares		44,236
	Other transfer agent fees and expenses:
		Class A Shares		1,646
		Class C Shares		2,300
		Class D Shares		410,504
		Class I Shares		2,790
		Class N Shares		776
		Class R Shares		67
		Class S Shares		80
		Class T Shares		16,839
	Shareholder reports expense			461,150
	Registration fees			130,799
	Affiliated fund administration fees			126,161
	Professional fees			79,747
	Non-interested Trustees’ fees and expenses			66,112
	Custodian fees			29,286
	Other expenses			180,855
Total Expenses				17,842,044
Less: Excess Expense Reimbursement and Waivers				(65,212)
Net Expenses				17,776,832
Net Investment Income/(Loss)				13,077,645


See Notes to Financial Statements.

Janus Investment Fund	15

Janus Henderson Contrarian Fund

Statement of Operations

For the year ended September 30, 2018



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	200,426,695
	Forward foreign currency exchange contracts		(445,886)
Total Net Realized Gain/(Loss) on Investments			199,980,809
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation		197,890,844
	Investments in affiliates		4,750,240
	Forward foreign currency exchange contracts		(344,249)
Total Change in Unrealized Net Appreciation/Depreciation			202,296,835
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	415,355,289


See Notes to Financial Statements.

16	SEPTEMBER 30, 2018

Janus Henderson Contrarian Fund

Statements of Changes in Net Assets



			Year ended September 30, 2018		Year ended September 30, 2017⁽¹⁾

Operations:
	Net investment income/(loss)		$	13,077,645	$	8,351,853
	Net realized gain/(loss) on investments			199,980,809		205,216,561
	Change in unrealized net appreciation/depreciation			202,296,835		90,734,041
Net Increase/(Decrease) in Net Assets Resulting from Operations				415,355,289		304,302,455
Dividends and Distributions to Shareholders⁽²⁾
		Class A Shares		(988,770)		N/A
		Class C Shares		(1,846,338)		N/A
		Class D Shares		(136,146,535)		N/A
		Class I Shares		(4,829,794)		N/A
		Class N Shares		(1,833,679)		N/A
		Class R Shares		(50,300)		N/A
		Class S Shares		(245,468)		N/A
		Class T Shares		(48,816,373)		N/A
	Total Dividends and Distributions to Shareholders			(194,757,257)		N/A
	Dividends from Net Investment Income⁽²⁾
		Class A Shares		N/A		(9,471)
		Class D Shares		N/A		(6,330,300)
		Class I Shares		N/A		(370,633)
		Class T Shares		N/A		(1,938,754)
	Total Dividends from Net Investment Income			N/A		(8,649,158)
	Distributions from Net Realized Gain from Investment Transactions⁽²⁾
		Class A Shares		N/A		(1,591,772)
		Class C Shares		N/A		(1,431,912)
		Class D Shares		N/A		(65,676,530)
		Class I Shares		N/A		(3,259,157)
		Class R Shares		N/A		(37,789)
		Class S Shares		N/A		(134,790)
		Class T Shares		N/A		(26,523,128)
	Total Distributions from Net Realized Gain from Investment Transactions			N/A		(98,655,078)
Net Decrease from Dividends and Distributions to Shareholders				(194,757,257)		(107,304,236)
Capital Share Transactions:
		Class A Shares		(773,296)		(42,552,373)
		Class C Shares		(9,770,402)		(22,038,781)
		Class D Shares		(55,211,917)		(137,692,200)
		Class I Shares		(25,520,409)		(23,862,766)
		Class N Shares		5,120,393		18,733,894
		Class R Shares		(115,254)		(387,918)
		Class S Shares		(3,080,689)		(470,683)
		Class T Shares		(51,022,860)		(134,486,934)
Net Increase/(Decrease) from Capital Share Transactions				(140,374,434)		(342,757,761)
Net Increase/(Decrease) in Net Assets				80,223,598		(145,759,542)
Net Assets:
	Beginning of period			2,638,907,868		2,784,667,410
	End of period⁽³⁾		$	2,719,131,466	$	2,638,907,868

(1) Period from August 4, 2017 (inception date) through September 30, 2017 for Class N Shares.

(3) Net assets - End of period includes undistributed (overdistributed) net investment income of $(48,620) as of September 30, 2017. The requirement to disclose undistributed (overdistributed) net investment income was eliminated by the SEC in 2018.


See Notes to Financial Statements.

Janus Investment Fund	17

Janus Henderson Contrarian Fund

Financial Highlights


Class A Shares
For a share outstanding during the year ended September 30			2018	2017	2016		2015	2014
	Net Asset Value, Beginning of Period		$19.92	$18.53	$18.56		$23.11	$18.48
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.06	0.05	0.07		0.05	0.02
		Net realized and unrealized gain/(loss)	3.10	2.02	0.43		(2.26)	4.61
	Total from Investment Operations		3.16	2.07	0.50		(2.21)	4.63
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—⁽²⁾	(0.03)		(0.06)	—⁽²⁾
		Distributions (from capital gains)	(1.47)	(0.68)	(0.50)		(2.28)	—
	Total Dividends and Distributions		(1.47)	(0.68)	(0.53)		(2.34)	—
	Net Asset Value, End of Period		$21.61	$19.92	$18.53		$18.56	$23.11
	Total Return*		16.89%⁽³⁾	11.24%	2.77%		(10.76)%	25.08%
	Net Assets, End of Period (in thousands)		$14,940	$14,557	$53,928		$102,425	$75,649
	Average Net Assets for the Period (in thousands)		$13,854	$30,749	$73,939		$114,845	$46,300
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.87%	0.82%	0.90%		1.13%	1.02%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.87%	0.82%	0.90%		1.13%	1.02%
		Ratio of Net Investment Income/(Loss)	0.31%	0.25%	0.37%		0.21%	0.10%
	Portfolio Turnover Rate		59%	116%	51%		70%	61%
						1


Class C Shares
For a share outstanding during the year ended September 30			2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$18.80	$17.64	$17.79	$22.34	$18.01
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.07)	(0.10)	(0.06)	(0.11)	(0.15)
		Net realized and unrealized gain/(loss)	2.90	1.94	0.41	(2.16)	4.48
	Total from Investment Operations		2.83	1.84	0.35	(2.27)	4.33
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—
		Distributions (from capital gains)	(1.47)	(0.68)	(0.50)	(2.28)	—
	Total Dividends and Distributions		(1.47)	(0.68)	(0.50)	(2.28)	—
	Net Asset Value, End of Period		$20.16	$18.80	$17.64	$17.79	$22.34
	Total Return*		16.10%⁽³⁾	10.46%	2.02%	(11.44)%	24.04%
	Net Assets, End of Period (in thousands)		$19,126	$27,507	$47,112	$77,497	$56,098
	Average Net Assets for the Period (in thousands)		$21,999	$35,731	$58,609	$86,160	$34,189
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.56%	1.53%	1.62%	1.89%	1.80%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.56%	1.53%	1.62%	1.89%	1.80%
		Ratio of Net Investment Income/(Loss)	(0.38)%	(0.54)%	(0.36)%	(0.54)%	(0.69)%
	Portfolio Turnover Rate		59%	116%	51%	70%	61%

* 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 Financial Statements.

18	SEPTEMBER 30, 2018

Janus Henderson Contrarian Fund

Financial Highlights


Class D Shares
For a share outstanding during the year ended September 30			2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$19.97	$18.60	$18.64	$23.18	$18.53
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.11	0.06	0.10	0.08	0.05
		Net realized and unrealized gain/(loss)	3.11	2.06	0.44	(2.27)	4.64
	Total from Investment Operations		3.22	2.12	0.54	(2.19)	4.69
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.07)	(0.07)	(0.08)	(0.07)	(0.04)
		Distributions (from capital gains)	(1.47)	(0.68)	(0.50)	(2.28)	—
	Total Dividends and Distributions		(1.54)	(0.75)	(0.58)	(2.35)	(0.04)
	Net Asset Value, End of Period		$21.65	$19.97	$18.60	$18.64	$23.18
	Total Return*		17.20%⁽²⁾	11.43%	2.98%	(10.63)%	25.33%
	Net Assets, End of Period (in thousands)		$1,925,749	$1,824,343	$1,830,310	$1,976,590	$2,382,592
	Average Net Assets for the Period (in thousands)		$1,841,765	$1,882,932	$1,856,945	$2,354,562	$2,258,453
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.65%	0.64%	0.70%	0.95%	0.80%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.65%	0.64%	0.70%	0.95%	0.80%
		Ratio of Net Investment Income/(Loss)	0.53%	0.33%	0.56%	0.35%	0.24%
	Portfolio Turnover Rate		59%	116%	51%	70%	61%


Class I Shares
For a share outstanding during the year ended September 30			2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$19.99	$18.61	$18.64	$23.20	$18.55
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.12	0.07	0.11	0.10	0.09
		Net realized and unrealized gain/(loss)	3.12	2.07	0.44	(2.28)	4.63
	Total from Investment Operations		3.24	2.14	0.55	(2.18)	4.72
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.08)	(0.08)	(0.08)	(0.10)	(0.07)
		Distributions (from capital gains)	(1.47)	(0.68)	(0.50)	(2.28)	—
	Total Dividends and Distributions		(1.55)	(0.76)	(0.58)	(2.38)	(0.07)
	Net Asset Value, End of Period		$21.68	$19.99	$18.61	$18.64	$23.20
	Total Return*		17.29%⁽²⁾	11.54%	3.05%	(10.60)%	25.47%
	Net Assets, End of Period (in thousands)		$54,348	$75,603	$93,875	$248,586	$329,245
	Average Net Assets for the Period (in thousands)		$58,166	$104,290	$144,380	$382,723	$184,931
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.57%	0.56%	0.63%	0.86%	0.74%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.57%	0.56%	0.63%	0.86%	0.74%
		Ratio of Net Investment Income/(Loss)	0.60%	0.37%	0.61%	0.44%	0.40%
	Portfolio Turnover Rate		59%	116%	51%	70%	61%

* 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 Financial Statements.

Janus Investment Fund	19

Janus Henderson Contrarian Fund

Financial Highlights


Class N Shares
For a share outstanding during the year or period ended September 30			2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$19.96	$19.49
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.14	0.01
		Net realized and unrealized gain/(loss)	3.10	0.46
	Total from Investment Operations		3.24	0.47
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.10)	—
		Distributions (from capital gains)	(1.47)	—
	Total Dividends and Distributions		(1.57)	—
	Net Asset Value, End of Period		$21.63	$19.96
	Total Return*		17.37%	2.41%
	Net Assets, End of Period (in thousands)		$26,808	$19,528
	Average Net Assets for the Period (in thousands)		$24,664	$12,254
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.50%	0.51%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.50%	0.51%
		Ratio of Net Investment Income/(Loss)	0.69%	0.44%
	Portfolio Turnover Rate		59%	116%


Class R Shares
For a share outstanding during the year ended September 30			2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$19.47	$18.19	$18.27	$22.81	$18.31
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	(0.05)	(0.04)	—⁽³⁾	(0.05)	(0.07)
		Net realized and unrealized gain/(loss)	3.02	2.00	0.42	(2.21)	4.57
	Total from Investment Operations		2.97	1.96	0.42	(2.26)	4.50
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—
		Distributions (from capital gains)	(1.47)	(0.68)	(0.50)	(2.28)	—
	Total Dividends and Distributions		(1.47)	(0.68)	(0.50)	(2.28)	—
	Net Asset Value, End of Period		$20.97	$19.47	$18.19	$18.27	$22.81
	Total Return*		16.26%⁽⁴⁾	10.81%	2.36%	(11.13)%	24.58%
	Net Assets, End of Period (in thousands)		$676	$740	$1,058	$1,592	$1,994
	Average Net Assets for the Period (in thousands)		$667	$974	$1,191	$2,031	$1,910
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.47%	1.23%	1.27%	1.54%	1.38%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.41%	1.23%	1.27%	1.54%	1.38%
		Ratio of Net Investment Income/(Loss)	(0.24)%	(0.21)%	0.00%⁽⁵⁾	(0.23)%	(0.35)%
	Portfolio Turnover Rate		59%	116%	51%	70%	61%

* 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 September 30, 2017.

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

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

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

(5) Less than 0.005%.


See Notes to Financial Statements.

20	SEPTEMBER 30, 2018

Janus Henderson Contrarian Fund

Financial Highlights


Class S Shares
For a share outstanding during the year ended September 30			2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$19.89	$18.53	$18.55	$23.09	$18.48
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.02	—⁽²⁾	0.04	—⁽²⁾	(0.01)
		Net realized and unrealized gain/(loss)	3.09	2.04	0.44	(2.25)	4.62
	Total from Investment Operations		3.11	2.04	0.48	(2.25)	4.61
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	(0.01)	—
		Distributions (from capital gains)	(1.47)	(0.68)	(0.50)	(2.28)	—
	Total Dividends and Distributions		(1.47)	(0.68)	(0.50)	(2.29)	—
	Net Asset Value, End of Period		$21.53	$19.89	$18.53	$18.55	$23.09
	Total Return*		16.65%⁽³⁾	11.05%	2.65%	(10.92)%	24.95%
	Net Assets, End of Period (in thousands)		$1,033	$3,842	$4,052	$4,578	$6,346
	Average Net Assets for the Period (in thousands)		$3,068	$3,920	$4,208	$6,905	$5,130
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.04%	0.98%	1.04%	1.29%	1.16%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.03%	0.97%	1.03%	1.28%	1.15%
		Ratio of Net Investment Income/(Loss)	0.10%	0.00%⁽⁴⁾	0.22%	0.01%	(0.05)%
	Portfolio Turnover Rate		59%	116%	51%	70%	61%


Class T Shares
For a share outstanding during the year ended September 30			2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$19.95	$18.58	$18.62	$23.15	$18.51
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.09	0.05	0.09	0.06	0.03
		Net realized and unrealized gain/(loss)	3.11	2.05	0.43	(2.26)	4.64
	Total from Investment Operations		3.20	2.10	0.52	(2.20)	4.67
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.05)	(0.05)	(0.06)	(0.05)	(0.03)
		Distributions (from capital gains)	(1.47)	(0.68)	(0.50)	(2.28)	—
	Total Dividends and Distributions		(1.52)	(0.73)	(0.56)	(2.33)	(0.03)
	Net Asset Value, End of Period		$21.63	$19.95	$18.58	$18.62	$23.15
	Total Return*		17.11%	11.35%	2.87%	(10.68)%	25.24%
	Net Assets, End of Period (in thousands)		$676,452	$672,788	$754,333	$940,738	$1,308,109
	Average Net Assets for the Period (in thousands)		$656,674	$741,874	$814,169	$1,252,238	$1,238,665
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.74%	0.73%	0.79%	1.04%	0.89%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.73%	0.72%	0.77%	1.02%	0.89%
		Ratio of Net Investment Income/(Loss)	0.44%	0.26%	0.48%	0.27%	0.16%
	Portfolio Turnover Rate		59%	116%	51%	70%	61%

* 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.

(4) Less than 0.005%.


See Notes to Financial Statements.

Janus Investment Fund	21

Janus Henderson Contrarian Fund

Notes to Financial Statements

1. Organization and Significant Accounting Policies

Janus Henderson Contrarian 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 48 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 nondiversified, as defined in the 1940 Act.

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

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

Investment Valuation


22	SEPTEMBER 30, 2018

Janus Henderson Contrarian Fund

Notes to Financial Statements

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.

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	23

Janus Henderson Contrarian Fund

Notes to Financial Statements

The Fund did not hold a significant amount of Level 3 securities as of September 30, 2018.

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 $16,008,578 were transferred out of Level 3 to Level 2 since certain security’s prices were determined using other significant observable inputs at the end of the current fiscal year and significant unobservable inputs at the end of the prior fiscal year.

Investment Transactions and Investment Income

Expenses

Estimates

Indemnifications

Foreign Currency Translations

Dividends and Distributions


24	SEPTEMBER 30, 2018

Janus Henderson Contrarian 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 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

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 September 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 or 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.


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Janus Henderson Contrarian 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.

· 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).


26	SEPTEMBER 30, 2018

Janus Henderson Contrarian 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 decrease exposure to currency risk associated with foreign currency denominated securities held by the Fund.

There were no forward currency contracts held at September 30, 2018.

3. Other Investments and Strategies

Additional Investment Risk


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Janus Henderson Contrarian Fund

Notes to Financial Statements

Counterparties

Offsetting Assets and Liabilities

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

The following table presents gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the Fund's Schedule of Investments.


Offsetting of Financial Assets and Derivative Assets

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

Deutsche Bank AG		$	3,208,530	$	—	$	(3,208,530)	$	—

(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.

Real Estate Investing


28	SEPTEMBER 30, 2018

Janus Henderson Contrarian Fund

Notes to Financial Statements

related projects, such as properties, mortgage loans, and construction loans. REITs are generally categorized as equity, mortgage, or hybrid REITs. A REIT may be listed on an exchange or traded OTC.

Restricted Security Transactions

Securities Lending

The cash collateral invested by Janus Capital is disclosed in the Schedule of Investments (if applicable). Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations. As of September 30, 2018, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $3,208,530 for equity securities. Gross amounts of recognized liabilities for securities lending (collateral received) as of September 30, 2018 is $3,301,625, resulting in the net amount due to the counterparty of $93,095.


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Janus Henderson Contrarian Fund

Notes to Financial Statements

4. Investment Advisory Agreements and Other Transactions with Affiliates

The calculation of the performance adjustment applies as follows:

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

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 any performance adjustments to management fees (if applicable), 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 0.83% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waivers until at least February 1, 2019. 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.


30	SEPTEMBER 30, 2018

Janus Henderson Contrarian Fund

Notes to Financial Statements

Janus Services is compensated for its services related to the Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.


Janus Investment Fund	31

Janus Henderson Contrarian Fund

Notes to Financial Statements

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 part of "Other expenses" on the Statement of Operations.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the year ended September 30, 2018, redeeming shareholders of Class C Shares paid CDSCs of $514.

As of September 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	-		-


32	SEPTEMBER 30, 2018

Janus Henderson Contrarian Fund

Notes to Financial Statements


Class D Shares	-	-
Class I Shares	-	-
Class N Shares	67	1
Class R Shares	-	-
Class S Shares	-	-
Class T Shares	-	-

The Fund is permitted to purchase or sell securities (“cross-trade”) between itself and other funds or accounts managed by Janus Capital in accordance with Rule 17a-7 under the Investment Company Act of 1940 (“Rule 17a-7”), when the transaction is consistent with the investment objectives and policies of the Fund and in accordance with the Internal Cross Trade Procedures adopted by the Trust’s Board of Trustees. These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to another fund or account that is or could be considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser, common Officer, or common Trustee complies with Rule 17a-7. Under these procedures, each cross-trade is effected at the current market price to save costs where allowed. During the year ended September 30, 2018, the Fund engaged in cross trades amounting to $3,008,835 in purchases and $4,751,563 in sales, resulting in a net realized gain of $346,678. The net realized gain is included within the “Net Realized Gain/(Loss) on Investments” section of the Fund’s Statement of Operations.

5. Federal Income Tax

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)
$ 89,769,868	$ 92,961,834	$ -	$ -	$ -	$ (43,761)	$389,108,452

During the year ended September 30, 2018, capital loss carryovers of $3,630,703 were utilized by the Fund.


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 2,330,570,134	$473,179,818	$(84,071,366)	$ 389,108,452


Janus Investment Fund	33

Janus Henderson Contrarian Fund

Notes to Financial Statements

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 September 30, 2018
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 27,021,173	$ 167,736,084	$ -	$ -


For the year ended September 30, 2017
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 8,649,158	$ 98,655,078	$ -	$ -



Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ 547,257	$ 1,761,546	$ (2,308,803)

Capital has been adjusted by $547,262, including $284,732 of long-term capital gain, for distributions in connection with Fund share redemptions (tax equalization).


34	SEPTEMBER 30, 2018

Janus Henderson Contrarian Fund

Notes to Financial Statements

6. Capital Share Transactions



		Year ended September 30, 2018		Year ended September 30, 2017⁽¹⁾
		Shares	Amount	Shares	Amount

Class A Shares:
Shares sold		163,878	$ 3,339,177	266,100	$ 5,230,826
Reinvested dividends and distributions		43,596	825,705	72,537	1,431,885
Shares repurchased		(246,836)	(4,938,178)	(2,518,531)	(49,215,084)
Net Increase/(Decrease)		(39,362)	$ (773,296)	(2,179,894)	$ (42,552,373)
Class C Shares:
Shares sold		43,992	$ 818,406	76,862	$ 1,440,246
Reinvested dividends and distributions		86,158	1,530,158	57,617	1,079,157
Shares repurchased		(644,770)	(12,118,966)	(1,342,255)	(24,558,184)
Net Increase/(Decrease)		(514,620)	$ (9,770,402)	(1,207,776)	$ (22,038,781)
Class D Shares:
Shares sold		1,863,725	$ 37,760,019	1,995,023	$ 39,320,595
Reinvested dividends and distributions		6,992,332	132,434,739	3,548,990	70,163,548
Shares repurchased		(11,244,335)	(225,406,675)	(12,602,849)	(247,176,343)
Net Increase/(Decrease)		(2,388,278)	$(55,211,917)	(7,058,836)	$(137,692,200)
Class I Shares:
Shares sold		775,122	$ 15,663,396	3,360,618	$ 66,133,878
Reinvested dividends and distributions		211,245	4,003,084	149,795	2,962,946
Shares repurchased		(2,260,733)	(45,186,889)	(4,772,468)	(92,959,590)
Net Increase/(Decrease)		(1,274,366)	$(25,520,409)	(1,262,055)	$ (23,862,766)
Class N Shares:
Shares sold		468,821	$ 9,399,345	985,246	$ 18,869,039
Reinvested dividends and distributions		97,020	1,833,679	-	-
Shares repurchased		(304,865)	(6,112,631)	(6,896)	(135,145)
Net Increase/(Decrease)		260,976	$ 5,120,393	978,350	$ 18,733,894
Class R Shares:
Shares sold		4,582	$ 88,787	10,734	$ 207,603
Reinvested dividends and distributions		2,658	49,098	1,855	35,915
Shares repurchased		(13,008)	(253,139)	(32,733)	(631,436)
Net Increase/(Decrease)		(5,768)	$ (115,254)	(20,144)	$ (387,918)
Class S Shares:
Shares sold		13,013	$ 266,206	14,331	$ 280,026
Reinvested dividends and distributions		12,981	245,468	6,828	134,790
Shares repurchased		(171,192)	(3,592,363)	(46,672)	(885,499)
Net Increase/(Decrease)		(145,198)	$ (3,080,689)	(25,513)	$ (470,683)
Class T Shares:
Shares sold		2,400,717	$ 48,704,842	2,495,432	$ 49,053,633
Reinvested dividends and distributions		2,517,400	47,679,561	1,407,698	27,816,109
Shares repurchased		(7,361,090)	(147,407,263)	(10,778,428)	(211,356,676)
Net Increase/(Decrease)		(2,442,973)	$(51,022,860)	(6,875,298)	$(134,486,934)
(1)	Period from August 4, 2017 (inception date) through September 30, 2017 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
$1,536,843,015	$1,812,665,837	$ -	$ -


Janus Investment Fund	35

Janus Henderson Contrarian Fund

Notes to Financial Statements

8. Recent Accounting Pronouncements

9. Subsequent Event


36	SEPTEMBER 30, 2018

Janus Henderson Contrarian Fund

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Contrarian Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of September 30, 2018, the related statement of operations for the year ended September 30, 2018, the statements of changes in net assets for each of the two years in the period ended September 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 September 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 September 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 September 30, 2018 by correspondence with the custodian, transfer agent, investee companies 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

November 16, 2018

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


Janus Investment Fund	37

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD


38	SEPTEMBER 30, 2018

Janus Henderson Contrarian 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	39

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


40	SEPTEMBER 30, 2018

Janus Henderson Contrarian 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	41

Janus Henderson Contrarian 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


42	SEPTEMBER 30, 2018

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Quantitative Equity Funds

U.S. Equity Funds

Janus Aspen Series


Janus Investment Fund	43

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Costs of Services Provided


44	SEPTEMBER 30, 2018

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Alternative Funds


Janus Investment Fund	45

Janus Henderson Contrarian 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


46	SEPTEMBER 30, 2018

Janus Henderson Contrarian 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	47

Janus Henderson Contrarian 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.


48	SEPTEMBER 30, 2018

Janus Henderson Contrarian 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	49

Janus Henderson Contrarian 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.


50	SEPTEMBER 30, 2018

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Economies of Scale

Other Benefits to Janus Capital


Janus Investment Fund	51

Janus Henderson Contrarian 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.


52	SEPTEMBER 30, 2018

Janus Henderson Contrarian 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	53

Janus Henderson Contrarian 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.


54	SEPTEMBER 30, 2018

Janus Henderson Contrarian Fund

Designation Requirements (unaudited)

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



Capital Gain Distributions	$168,020,816
Dividends Received Deduction Percentage	31%
Qualified Dividend Income Percentage	32%


Janus Investment Fund	55

Janus Henderson Contrarian 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.


56	SEPTEMBER 30, 2018

Janus Henderson Contrarian 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).		60	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	57

Janus Henderson Contrarian 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).		60	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).


58	SEPTEMBER 30, 2018

Janus Henderson Contrarian 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).		60	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	59

Janus Henderson Contrarian 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).		60	Director of Brightwood Capital Advisors, LLC (since 2014).


60	SEPTEMBER 30, 2018

Janus Henderson Contrarian 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
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.		60	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 Contrarian 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.		60	Formerly, Director of Red Robin Gourmet Burgers, Inc. (RRGB) (2004-2014).


62	SEPTEMBER 30, 2018

Janus Henderson Contrarian 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. 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).		60	None
Diane L. Wallace 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	6/17-Present	Retired.		60	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 for Driehaus Mutual Funds (1996-2002).


Janus Investment Fund	63

Janus Henderson Contrarian 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).		60	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	SEPTEMBER 30, 2018

Janus Henderson Contrarian 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
Nick Schommer 151 Detroit Street Denver, CO 80206 DOB: 1978	Executive Vice President and Portfolio Manager Janus Henderson Contrarian Fund	7/17-Present	Portfolio Manager for other Janus Henderson accounts. Formerly, associate portfolio manager at Thornburg Investment Management (2012-2013).
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).


Janus Investment Fund	65

Janus Henderson Contrarian 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); and 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.


66	SEPTEMBER 30, 2018

Janus Henderson Contrarian Fund

Notes

NotesPage1


Janus Investment Fund	67

Janus Henderson Contrarian Fund

Notes

NotesPage2


68	SEPTEMBER 30, 2018

Janus Henderson Contrarian 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 Knowledge. Shared are trademarks of Janus Henderson Group plc or one of its subsidiary entities. © Janus Henderson Group plc. Funds distributed by Janus Henderson Distributors
							125-02-93038 11-18



	ANNUAL REPORT September 30, 2018

Janus Henderson Emerging Markets 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 Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	10
Statement of Assets and Liabilities	11
Statement of Operations	13
Statements of Changes in Net Assets	15
Financial Highlights	16
Notes to Financial Statements	24
Report of Independent Registered Public Accounting Firm	36
Additional Information	37
Useful Information About Your Fund Report	51
Designation Requirements	54
Trustees and Officers	55

Janus Henderson Emerging Markets Fund (unaudited)

FUND SNAPSHOT

The Janus Henderson Emerging Markets Fund aims to achieve a long-term return in excess of the return that is typically achieved from emerging equity markets. The investment team is comprised of bottom-up investors seeking to create high-conviction portfolios of reasonably valued, high-quality companies.

Michael Cahoon

co-portfolio manager

Glen Finegan

co-portfolio manager

PERFORMANCE

The Janus Henderson Emerging Markets Fund underperformed its benchmark, the MSCI Emerging Markets Index SM for the 12-month period ended September 30, 2018. The Fund’s I shares returned -5.62% while the MSCI Emerging Markets Index returned -0.81%.

INVESTMENT ENVIRONMENT

Emerging markets produced a slight negative return over the period after a sharp turn in sentiment in 2018. The markets of Qatar, Russia and Thailand were among the strongest performers while Greek and Filipino equities were among the weaker performers.

PERFORMANCE DISCUSSION

Tiger Brands, the South African-listed food manufacturing and consumer goods company, was the largest negative contributor to returns during the period. In addition to an adverse food safety issue affecting its meat processing business during the early part of this year, the company traded down due to lower margin products in its milling and baking division. We believe the franchise is still fundamentally strong, and that the management team has the skills to improve returns. To that end, we believe the long-term risk/reward is attractive and the stock is worthy of a significant holding.

Grasim Industries and its parent, the family-owned Aditya Birla Group, both detracted from performance. Grasim is a diversified Indian conglomerate, with cement operations through its majority ownership of India's leading producer, Ultratech Cement, as well as businesses in textiles and chemicals production. The Birlas are a respected family who have built strong brands, and have an impressive track record of corporate governance and creating value for shareholders.

Tata Consulting Services, the Indian information technology giant, was the largest positive contributor to relative returns. Demand for digital services from enterprise customers has been driving revenues and its experienced management team continues to demonstrate strong execution. We are mindful of the valuation at current levels and have started to slightly reduce the position to fund other high- conviction ideas.

Uni-President Enterprises, the Taiwanese holding company that owns Uni-President China, among other subsidiaries, was a large positive contributor to relative returns. The business continues to demonstrate strong profit and cash flow growth as a result of its strong consumer food brands.

OUTLOOK

Following a period of optimism and rising valuations at the start of the year, appetite for the emerging market asset class has waned over the period. It does appear there are a number of fault lines opening up across the region, which we believe will remind investors of the value of those businesses that have allocated capital and managed their balance sheets sensibly. We are mindful of the need to stick to our belief not to compromise on quality, to maintain a long-term approach and to apply a strict valuation discipline. With a long-term perspective, we remain positive about the opportunities for equity investors created by the structural trend of rising living standards in some parts of the developing world.

Thank you for your investment in the Janus Henderson Emerging Markets Fund.


Janus Investment Fund	1

Janus Henderson Emerging Markets Fund (unaudited)

Fund At A Glance

September 30, 2018





	5 Top Performers - Holdings		5 Bottom Performers - Holdings
		Contribution		Contribution
	Uni-President Enterprises Corp	1.28%	Tiger Brands Ltd	-1.61%
	Tata Consultancy Services Ltd	1.27%	Banco Bradesco SA	-0.82%
	Standard Bank Group Ltd	0.70%	Vodafone Idea Ltd	-0.78%
	LG Household & Health Care Ltd	0.61%	Aditya Birla Capital Ltd	-0.68%
	Infosys Ltd	0.51%	Grasim Industries Ltd	-0.64%

	5 Top Performers - Sectors*
		Fund	Fund Weighting	MSCI Emerging Markets Index
		Contribution	(Average % of Equity)	Weighting
	Information Technology	1.81%	8.40%	27.84%
	Consumer Discretionary	0.94%	5.49%	9.79%
	Real Estate	0.45%	0.00%	2.86%
	Industrials	-0.13%	6.15%	5.24%
	Health Care	-0.34%	1.63%	2.78%

	5 Bottom Performers - Sectors*
		Fund	Fund Weighting	MSCI Emerging Markets Index
		Contribution	(Average % of Equity)	Weighting
	Materials	-1.84%	12.46%	7.46%
	Energy	-1.56%	1.03%	7.15%
	Financials	-1.34%	16.47%	23.43%
	Telecom Services	-0.67%	2.33%	4.57%
	Consumer Staples	-0.50%	34.39%	6.46%

	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.


2	SEPTEMBER 30, 2018

Janus Henderson Emerging Markets Fund (unaudited)

Fund At A Glance

September 30, 2018


5 Largest Equity Holdings - (% of Net Assets)
Uni-President Enterprises Corp
Food Products	5.1%
Tiger Brands Ltd
Food Products	4.0%
Tata Consultancy Services Ltd
Information Technology Services	3.5%
Fomento Economico Mexicano SAB de CV (ADR)
Beverages	3.1%
Newcrest Mining Ltd
Metals & Mining	3.1%
	18.8%


Asset Allocation - (% of Net Assets)
Common Stocks	92.5%
Investment Companies	5.7%
Preferred Stocks	1.2%
Other		0.6%
		100.0%

Emerging markets comprised 78.9% of total net assets.

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

As of September 30, 2018

As of September 30, 2017


Janus Investment Fund	3

Janus Henderson Emerging Markets Fund (unaudited)

Performance

See important disclosures on the next page.



				Expense Ratios -
Average Annual Total Return - for the periods ended September 30, 2018				per the January 26, 2018 prospectuses
	One Year	Five Year	Since Inception*	Total Annual Fund Operating Expenses	Net Annual Fund Operating Expenses
Class A Shares at NAV	-5.80%	2.38%	0.12%	1.48%	1.33%
Class A Shares at MOP	-11.20%	1.19%	-0.64%
Class C Shares at NAV	-6.48%	1.61%	-0.62%	2.33%	2.10%
Class C Shares at CDSC	-7.40%	1.61%	-0.62%
Class D Shares⁽¹⁾	-5.64%	2.37%	0.11%	1.38%	1.19%
Class I Shares	-5.62%	2.65%	0.37%	1.26%	1.11%
Class N Shares	-5.53%	2.53%	0.21%	1.16%	1.03%
Class S Shares	-5.98%	2.06%	-0.20%	1.66%	1.54%
Class T Shares	-5.76%	2.31%	0.04%	1.44%	1.29%
MSCI Emerging Markets Index	-0.81%	3.61%	1.26%
Morningstar Quartile - Class I Shares	3rd	3rd	3rd
Morningstar Ranking - based on total returns for Diversified Emerging Markets Funds	567/860	371/616	286/416

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 February 1, 2019.

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	SEPTEMBER 30, 2018

Janus Henderson Emerging Markets 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.

Returns of the Fund shown prior to June 5, 2017 are those for Henderson Emerging Markets 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 December 31, 2010. 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 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.

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 Predecessor Fund’s inception date – December 31, 2010

(1) Closed to certain new investors.


Janus Investment Fund	5

Janus Henderson Emerging Markets Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (4/1/18)	Ending Account Value (9/30/18)	Expenses Paid During Period (4/1/18 - 9/30/18)†	Beginning Account Value (4/1/18)	Ending Account Value (9/30/18)	Expenses Paid During Period (4/1/18 - 9/30/18)†	Net Annualized Expense Ratio (4/1/18 - 9/30/18)
Class A Shares		$1,000.00	$880.20	$6.27	$1,000.00	$1,018.40	$6.73	1.33%
Class C Shares		$1,000.00	$877.90	$9.74	$1,000.00	$1,014.69	$10.45	2.07%
Class D Shares		$1,000.00	$880.80	$5.56	$1,000.00	$1,019.15	$5.97	1.18%
Class I Shares		$1,000.00	$881.60	$5.14	$1,000.00	$1,019.60	$5.52	1.09%
Class N Shares		$1,000.00	$881.70	$4.86	$1,000.00	$1,019.90	$5.22	1.03%
Class S Shares		$1,000.00	$879.70	$6.88	$1,000.00	$1,017.75	$7.39	1.46%
Class T Shares		$1,000.00	$880.80	$5.89	$1,000.00	$1,018.80	$6.33	1.25%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/365 (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	SEPTEMBER 30, 2018

Janus Henderson Emerging Markets Fund

Schedule of Investments

September 30, 2018


Shares			Value
Common Stocks– 92.5%
Auto Components – 1.0%
	Fuyao Glass Industry Group Co Ltd (144A)	200,000	$726,887
	Mahle-Metal Leve SA	182,766	1,097,565
			1,824,452
Banks – 8.3%
	Banco Bradesco SA	409,283	2,609,900
	City Union Bank Ltd	394,358	967,090
	Commercial International Bank Egypt SAE (GDR)	608,958	2,776,849
	Guaranty Trust Bank PLC	2,986,163	299,641
	Guaranty Trust Bank PLC (GDR)	297,309	1,560,872
	Kasikornbank PCL	264,800	1,785,537
	Komercni banka as	34,709	1,425,630
	Standard Bank Group Ltd	244,952	3,032,935
			14,458,454
Beverages – 10.9%
	China Resources Beer Holdings Co Ltd	422,000	1,695,461
	Cia Cervecerias Unidas SA (ADR)	185,962	5,188,340
	Fomento Economico Mexicano SAB de CV	42,126	416,915
	Fomento Economico Mexicano SAB de CV (ADR)	54,165	5,360,710
	Guinness Nigeria PLC	2,794,559	613,767
	Heineken Holding NV	54,955	4,976,190
	Nigerian Breweries PLC	2,949,693	740,966
			18,992,349
Capital Markets – 1.1%
	Aditya Birla Capital Ltd*	1,163,693	1,840,684
Chemicals – 1.6%
	African Oxygen Ltd	1,329,798	2,822,611
Communications Equipment – 0.3%
	VTech Holdings Ltd	42,400	489,654
Construction Materials – 2.8%
	Grasim Industries Ltd	343,800	4,845,193
Containers & Packaging – 1.6%
	Greatview Aseptic Packaging Co Ltd	3,094,000	1,972,312
	Nampak Ltd*	821,339	891,440
			2,863,752
Diversified Financial Services – 1.9%
	Remgro Ltd	240,207	3,352,330
Electric Utilities – 0.8%
	Tata Power Co Ltd	1,492,636	1,356,053
Electronic Equipment, Instruments & Components – 0.8%
	Delta Electronics Inc	196,465	842,977
	Delta Electronics Thailand PCL	233,300	503,331
			1,346,308
Food & Staples Retailing – 0.9%
	Shoprite Holdings Ltd	116,424	1,578,685
Food Products – 18.7%
	Century Pacific Food Inc	4,344,900	1,142,125
	China Mengniu Dairy Co Ltd*	538,800	1,793,040
	Grupo Herdez SAB de CV	1,441,695	3,261,555
	Nestle Nigeria PLC	405,792	1,559,667
	Standard Foods Corp	1,305,041	2,171,435
	Tiger Brands Ltd	371,271	6,961,676
	Uni-President China Holdings Ltd	4,336,000	4,625,200
	Uni-President Enterprises Corp	3,434,280	8,965,056
	Universal Robina Corp	769,220	2,057,614
			32,537,368
Gas Utilities – 0.4%
	China Resources Gas Group Ltd	168,000	683,555
Hotels, Restaurants & Leisure – 0.5%
	City Lodge Hotels Ltd	85,914	849,189


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

Janus Investment Fund	7

Janus Henderson Emerging Markets Fund

Schedule of Investments

September 30, 2018


Shares			Value
Common Stocks– (continued)
Household Durables – 0.6%
	Pepkor Holdings Ltd*	866,604	$976,131
Household Products – 2.6%
	PZ Cussons PLC	791,620	2,411,978
	Vinda International Holdings Ltd	1,270,000	2,180,508
			4,592,486
Independent Power and Renewable Electricity Producers – 0.8%
	Engie Brasil Energia SA	154,112	1,354,076
Industrial Conglomerates – 5.1%
	LG Corp	72,425	4,740,830
	Quinenco SA	1,353,054	4,115,610
			8,856,440
Information Technology Services – 7.4%
	Cognizant Technology Solutions Corp	49,725	3,836,284
	Infosys Ltd	297,561	2,997,060
	Tata Consultancy Services Ltd	202,258	6,093,482
			12,926,826
Insurance – 0.8%
	Samsung Fire & Marine Insurance Co Ltd	5,548	1,420,640
Leisure Products – 2.0%
	Merida Industry Co Ltd	733,000	3,433,199
Machinery – 0.4%
	WEG SA	129,153	631,676
Metals & Mining – 3.1%
	Newcrest Mining Ltd	381,456	5,350,915
Oil, Gas & Consumable Fuels – 1.1%
	Cairn Energy PLC*	644,298	1,953,029
Paper & Forest Products – 1.7%
	Duratex SA	1,351,270	3,021,710
Personal Products – 3.8%
	LG Household & Health Care Ltd	1,456	1,675,102
	Unilever PLC	89,746	4,930,919
			6,606,021
Pharmaceuticals – 3.0%
	Cipla Ltd/India	339,530	3,063,768
	Mega Lifesciences PCL	1,811,400	2,087,060
			5,150,828
Technology Hardware, Storage & Peripherals – 2.1%
	Asustek Computer Inc	423,000	3,657,659
Textiles, Apparel & Luxury Goods – 1.3%
	Stella International Holdings Ltd	596,500	532,651
	Yue Yuen Industrial Holdings Ltd	654,300	1,817,988
			2,350,639
Thrifts & Mortgage Finance – 1.8%
	Housing Development Finance Corp Ltd	127,794	3,093,361
Water Utilities – 2.6%
	Inversiones Aguas Metropolitanas SA	2,462,604	3,664,972
	Manila Water Co Inc	1,880,000	852,647
			4,517,619
Wireless Telecommunication Services – 0.7%
	Vodafone Idea Ltd*	2,185,834	1,162,541
Total Common Stocks (cost $160,684,265)			160,896,433
Preferred Stocks– 1.2%
Beverages – 1.2%
	Embotelladora Andina SA	621,236	2,088,141
Oil, Gas & Consumable Fuels – 0%
	International Petroleum Ltd*^,¢	955,965	0
Total Preferred Stocks (cost $2,469,279)			2,088,141


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

8	SEPTEMBER 30, 2018

Janus Henderson Emerging Markets Fund

Schedule of Investments

September 30, 2018


Shares			Value
Investment Companies– 5.7%
Money Markets – 5.7%
	Fidelity Investments Money Market Treasury Portfolio, 1.9300%^ºº(cost $9,859,355)	9,859,355	$9,859,355
Total Investments (total cost $173,012,899) – 99.4%			172,843,929
Cash, Receivables and Other Assets, net of Liabilities – 0.6%			1,040,794
Net Assets – 100%			$173,884,723


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

		% of
		Investment
Country	Value	Securities
India	$25,419,232	14.7	%
South Africa	20,464,997	11.9
Taiwan	19,070,326	11.0
Chile	15,057,063	8.7
China	14,209,614	8.2
United States	13,695,639	7.9
United Kingdom	9,295,926	5.4
Mexico	9,039,180	5.2
Brazil	8,714,927	5.1
South Korea	7,836,572	4.5
Australia	5,350,915	3.1
Netherlands	4,976,190	2.9
Nigeria	4,774,913	2.8
Thailand	4,375,928	2.5
Philippines	4,052,386	2.4
Egypt	2,776,849	1.6
Hong Kong	2,307,642	1.3
Czech Republic	1,425,630	0.8



Total	$172,843,929	100.0	%


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

Janus Investment Fund	9

Janus Henderson Emerging Markets 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
PCL	Public Company Limited
PLC	Public Limited Company

144A


*	Non-income producing security.


ºº	Rate shown is the 7-day yield as of September 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 September 30, 2018. See Notes to Financial Statements for more information.

Valuation Inputs Summary

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

Assets
Investments in Securities:
Common Stocks	$	160,896,433	$	-	$	-
Preferred Stocks
Beverages		-		2,088,141		-
Oil, Gas & Consumable Fuels		-		-		0
Investment Companies		9,859,355		-		-
Total Assets	$	170,755,788	$	2,088,141	$	0


10	SEPTEMBER 30, 2018

Janus Henderson Emerging Markets Fund

Statement of Assets and Liabilities

September 30, 2018

See footnotes at the end of the Statement.



Assets:
	Investments, at value⁽¹⁾		$	172,843,929
	Non-interested Trustees' deferred compensation			3,728
	Receivables:
		Investments sold		925,070
		Fund shares sold		685,984
		Dividends		310,686
		Foreign tax reclaims		1,043
	Other assets			18,190
Total Assets				174,788,630
Liabilities:
	Payables:			—
		Investments purchased		474,568
		Foreign tax liability		116,468
		Fund shares repurchased		93,939
		Advisory fees		68,708
		Audit fee payable		40,427
		Transfer agent fees and expenses		22,140
		Registration fees		13,380
		Custodian fees		13,135
		12b-1 Distribution and shareholder servicing fees		8,601
		Printing fees		7,382
		Non-interested Trustees' deferred compensation fees		3,728
		Professional fees		2,544
		Non-interested Trustees' fees and expenses		1,188
		Affiliated fund administration fees payable		355
		Accrued expenses and other payables		37,344
Total Liabilities				903,907
Net Assets			$	173,884,723


See Notes to Financial Statements.

Janus Investment Fund	11

Janus Henderson Emerging Markets Fund

Statement of Assets and Liabilities

September 30, 2018




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	171,575,444
	Total distributable earnings (loss)⁽²⁾		2,309,279
Total Net Assets		$	173,884,723
Net Assets - Class A Shares		$	15,770,542
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,664,300
Net Asset Value Per Share⁽³⁾		$	9.48
Maximum Offering Price Per Share⁽⁴⁾		$	10.06
Net Assets - Class C Shares		$	5,984,748
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		656,304
Net Asset Value Per Share⁽³⁾		$	9.12
Net Assets - Class D Shares		$	13,104,255
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,375,593
Net Asset Value Per Share		$	9.53
Net Assets - Class I Shares		$	107,276,493
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		11,263,701
Net Asset Value Per Share		$	9.52
Net Assets - Class N Shares		$	25,133,731
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,637,018
Net Asset Value Per Share		$	9.53
Net Assets - Class S Shares		$	1,753,005
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		184,357
Net Asset Value Per Share		$	9.51
Net Assets - Class T Shares		$	4,861,949
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		510,864
Net Asset Value Per Share		$	9.52

(1) Includes cost of $173,012,899.

(2) Includes $116,469 of foreign capital gains tax on investments.

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

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


See Notes to Financial Statements.

12	SEPTEMBER 30, 2018

Janus Henderson Emerging Markets Fund

Statement of Operations

For the year ended September 30, 2018

See footnotes at the end of the Statement.



Investment Income:
	Dividends		$	4,894,710
	Other income			159,726
	Foreign tax withheld			(620,488)
Total Investment Income				4,433,948
Expenses:
	Advisory fees			1,969,333
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		40,152
		Class C Shares		82,851
		Class S Shares		2,970
	Transfer agent administrative fees and expenses:
		Class D Shares		18,676
		Class S Shares		2,970
		Class T Shares		18,134
	Transfer agent networking and omnibus fees:
		Class A Shares		5,471
		Class C Shares		5,088
		Class I Shares		70,268
	Other transfer agent fees and expenses:
		Class A Shares		1,810
		Class C Shares		904
		Class D Shares		1,121
		Class I Shares		3,905
		Class N Shares		898
		Class S Shares		10
		Class T Shares		59
	Registration fees			128,497
	Professional fees			97,664
	Custodian fees			92,807
	Shareholder reports expense			32,913
	Affiliated fund administration fees			9,746
	Non-interested Trustees’ fees and expenses			5,119
	Other expenses			42,823
Total Expenses				2,634,189
Less: Excess Expense Reimbursement and Waivers				(346,874)
Net Expenses				2,287,315
Net Investment Income/(Loss)				2,146,633


See Notes to Financial Statements.

Janus Investment Fund	13

Janus Henderson Emerging Markets Fund

Statement of Operations

For the year ended September 30, 2018



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions⁽¹⁾	$	4,021,591
Total Net Realized Gain/(Loss) on Investments			4,021,591
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation⁽²⁾		(17,308,273)
Total Change in Unrealized Net Appreciation/Depreciation			(17,308,273)
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	(11,140,049)

(1) Includes realized foreign capital gains tax on investments of $(16,075).

(2) Includes change in unrealized appreciation/depreciation of $(88,690) due to foreign capital gains tax on investments.


See Notes to Financial Statements.

14	SEPTEMBER 30, 2018

Janus Henderson Emerging Markets Fund

Statements of Changes in Net Assets



			Year ended September 30, 2018		Period ended September 30, 2017⁽¹⁾		Year ended July 31, 2017⁽²⁾

Operations:
	Net investment income/(loss)		$	2,146,633	$	795,495	$	1,596,268
	Net realized gain/(loss) on investments			4,021,591		980,181		6,353,838
	Change in unrealized net appreciation/depreciation			(17,308,273)		1,609,480		5,444,904
Net Increase/(Decrease) in Net Assets Resulting from Operations				(11,140,049)		3,385,156		13,395,010
Dividends and Distributions to Shareholders⁽³⁾
		Class A Shares		(459,832)		N/A		N/A
		Class C Shares		(200,053)		N/A		N/A
		Class D Shares		(475,263)		N/A		N/A
		Class I Shares		(3,741,499)		N/A		N/A
		Class N Shares		(902,442)		N/A		N/A
		Class S Shares		(9,313)		N/A		N/A
		Class T Shares		(237,676)		N/A		N/A
	Total Dividends and Distributions to Shareholders			(6,026,078)		N/A		N/A
	Dividends from Net Investment Income⁽³⁾
		Class A Shares		N/A		—		(84,478)
		Class C Shares		N/A		—		(10,078)
		Class I Shares		N/A		—		(467,218)
		Class N Shares		N/A		—		(18,614)
	Total Dividends from Net Investment Income			N/A		—		(580,388)
Net Decrease from Dividends and Distributions to Shareholders				(6,026,078)		—		(580,388)
Capital Share Transactions: (Note 5)
		Class A Shares		1,667,423		180,695		6,952,439
		Class C Shares		(2,358,097)		350,563		4,245,080
		Class D Shares		(1,628,266)		(761,157)		16,083,829
		Class I Shares		5,040,165		3,603,991		62,540,753
		Class N Shares		(13,936,642)		(307,870)		38,887,654
		Class S Shares		1,685,020		7,058		296,026
		Class T Shares		(2,295,108)		6,742		7,394,663
Net Increase/(Decrease) from Capital Share Transactions				(11,825,505)		3,080,022		136,400,444
Net Increase/(Decrease) in Net Assets				(28,991,632)		6,465,178		149,215,066
Net Assets:
	Beginning of period			202,876,355		196,411,177		47,196,111
	End of period⁽⁴⁾		$	173,884,723	$	202,876,355	$	196,411,177

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

(2) Period from June 5, 2017 (inception date) through July 31, 2017 for Class D Shares, Class S Shares and Class T Shares.

(3) The requirement to disclose distributions paid to shareholders net investments income; and/or net realized gain from investment transactions was eliminated by the SEC (Securities Exchange Commission) for 2018.

(4) Net assets - End of period includes undistributed (overdistributed) net investment income of $1,657,803 as of September 30, 2017 and $912,164 as of July 31, 2017. The requirement to parenthetically disclose undistributed net investment income was eliminated by the SEC for 2018.


See Notes to Financial Statements.

Janus Investment Fund	15

Janus Henderson Emerging Markets Fund

Financial Highlights


Class A Shares
For a share outstanding during the year or period ended September 30			2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$10.36	$10.19
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.10	0.04
		Net realized and unrealized gain/(loss)	(0.67)	0.13
	Total from Investment Operations		(0.57)	0.17
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.10)	—
		Distributions (from capital gains)	(0.21)	—
	Total Dividends and Distributions		(0.31)	—
	Net Asset Value, End of Period		$9.48	$10.36
	Total Return*		(5.80)%	1.67%
	Net Assets, End of Period (in thousands)		$15,771	$15,562
	Average Net Assets for the Period (in thousands)		$16,103	$15,471
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.51%	1.75%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.33%	1.46%
		Ratio of Net Investment Income/(Loss)	0.93%	2.18%
	Portfolio Turnover Rate		26%	2%


Class C Shares
For a share outstanding during the year ended September 30			2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$9.98	$9.83
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.01	0.02
		Net realized and unrealized gain/(loss)	(0.65)	0.13
	Total from Investment Operations		(0.64)	0.15
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.01)	—
		Distributions (from capital gains)	(0.21)	—
	Total Dividends and Distributions		(0.22)	—
	Net Asset Value, End of Period		$9.12	$9.98
	Total Return*		(6.59)%⁽³⁾	1.53%
	Net Assets, End of Period (in thousands)		$5,985	$9,017
	Average Net Assets for the Period (in thousands)		$8,442	$8,877
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.26%	2.65%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.07%	2.35%
		Ratio of Net Investment Income/(Loss)	0.11%	1.29%
	Portfolio Turnover Rate		26%	2%

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

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

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


See Notes to Financial Statements.

16	SEPTEMBER 30, 2018

Janus Henderson Emerging Markets Fund

Financial Highlights


Class A Shares
For a share outstanding during the year ended July 31			2017	2016	2015		2014
	Net Asset Value, Beginning of Period		$9.10	$8.60	$9.82		$8.49
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.10	0.13	0.02		0.02
		Net realized and unrealized gain/(loss)	1.05	0.39	(1.24)		1.31
	Total from Investment Operations		1.15	0.52	(1.22)		1.33
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.06)	(0.02)	—		—
	Total Dividends and Distributions		(0.06)	(0.02)	—		—
	Net Asset Value, End of Period		$10.19	$9.10	$8.60		$9.82
	Total Return*		12.80%	6.07%	(12.42)%		15.67%
	Net Assets, End of Period (in thousands)		$15,124	$6,510	$8,272		$8,656
	Average Net Assets for the Period (in thousands)		$12,523	$5,958	$8,108		$10,236
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.76%	2.36%⁽²⁾	2.13%		1.97%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.54%	1.79%	1.79%		1.79%
		Ratio of Net Investment Income/(Loss)	1.05%	1.64%	0.21%		0.26%
	Portfolio Turnover Rate		32%	86%	148%		97%
						1


Class C Shares
For a share outstanding during the year ended July 31			2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$8.79	$8.35	$9.61	$8.37
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.03	0.06	(0.06)	(0.04)
		Net realized and unrealized gain/(loss)	1.02	0.38	(1.20)	1.28
	Total from Investment Operations		1.05	0.44	(1.26)	1.24
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.01)	—	—	—
	Total Dividends and Distributions		(0.01)	—	—	—
	Net Asset Value, End of Period		$9.83	$8.79	$8.35	$9.61
	Total Return*		12.03%	5.27%	(13.11)%	14.81%
	Net Assets, End of Period (in thousands)		$8,530	$3,553	$3,049	$4,036
	Average Net Assets for the Period (in thousands)		$6,219	$3,028	$3,471	$3,584
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.53%	3.16%⁽²⁾	2.90%	2.74%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.29%	2.54%	2.54%	2.54%
		Ratio of Net Investment Income/(Loss)	0.37%	0.70%	(0.62)%	(0.42)%
	Portfolio Turnover Rate		32%	86%	148%	97%

* 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 Ratio of Gross Expenses include a reimbursement of prior period custodian out-of-pocket expenses. The Ratio of Gross Expenses would have been 0.07% higher had the custodian not reimbursed the Fund.


See Notes to Financial Statements.

Janus Investment Fund	17

Janus Henderson Emerging Markets Fund

Financial Highlights


Class D Shares
For a share outstanding during the year or period ended September 30			2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$10.41	$10.24
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.11	0.04
		Net realized and unrealized gain/(loss)	(0.67)	0.13
	Total from Investment Operations		(0.56)	0.17
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.11)	—
		Distributions (from capital gains)	(0.21)	—
	Total Dividends and Distributions		(0.32)	—
	Net Asset Value, End of Period		$9.53	$10.41
	Total Return*		(5.64)%	1.66%
	Net Assets, End of Period (in thousands)		$13,104	$16,053
	Average Net Assets for the Period (in thousands)		$15,607	$16,501
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.38%	1.80%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.15%	1.46%
		Ratio of Net Investment Income/(Loss)	1.08%	2.18%
	Portfolio Turnover Rate		26%	2%


Class I Shares
For a share outstanding during the year ended September 30			2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$10.42	$10.24
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.12	0.04
		Net realized and unrealized gain/(loss)	(0.69)	0.14
	Total from Investment Operations		(0.57)	0.18
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.12)	—
		Distributions (from capital gains)	(0.21)	—
	Total Dividends and Distributions		(0.33)	—
	Net Asset Value, End of Period		$9.52	$10.42
	Total Return*		(5.72)%⁽³⁾	1.76%
	Net Assets, End of Period (in thousands)		$107,276	$112,952
	Average Net Assets for the Period (in thousands)		$119,036	$110,859
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.26%	1.49%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.09%	1.20%
		Ratio of Net Investment Income/(Loss)	1.17%	2.42%
	Portfolio Turnover Rate		26%	2%

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

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

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


See Notes to Financial Statements.

18	SEPTEMBER 30, 2018

Janus Henderson Emerging Markets Fund

Financial Highlights


Class D Shares
For a share outstanding during the period ended July 31			2017⁽¹⁾
	Net Asset Value, Beginning of Period		$10.05
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.07
		Net realized and unrealized gain/(loss)	0.12
	Total from Investment Operations		0.19
	Less Dividends and Distributions:
		Dividends (from net investment income)	—
	Total Dividends and Distributions		—
	Net Asset Value, End of Period		$10.24
	Total Return*		1.89%
	Net Assets, End of Period (in thousands)		$16,527
	Average Net Assets for the Period (in thousands)		$14,711
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.35%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.32%
		Ratio of Net Investment Income/(Loss)	4.63%
	Portfolio Turnover Rate		32%


Class I Shares
For a share outstanding during the year ended July 31			2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$9.13	$8.63	$9.86	$8.49
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.15	0.13	0.03	0.05
		Net realized and unrealized gain/(loss)	1.03	0.42	(1.25)	1.32
	Total from Investment Operations		1.18	0.55	(1.22)	1.37
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.07)	(0.05)	(0.01)	—
	Total Dividends and Distributions		(0.07)	(0.05)	(0.01)	—
	Net Asset Value, End of Period		$10.24	$9.13	$8.63	$9.86
	Total Return*		13.15%	6.41%	(12.34)%	16.14%
	Net Assets, End of Period (in thousands)		$107,513	$36,815	$12,652	$16,057
	Average Net Assets for the Period (in thousands)		$62,396	$21,242	$15,071	$13,724
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.46%	2.09%⁽³⁾	1.85%	1.66%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.27%	1.54%	1.54%	1.54%
		Ratio of Net Investment Income/(Loss)	1.63%	1.52%	0.37%	0.56%
	Portfolio Turnover Rate		32%	86%	148%	97%

* 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 July 31, 2017.

(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 0.07% higher had the custodian not reimbursed the Fund.


See Notes to Financial Statements.

Janus Investment Fund	19

Janus Henderson Emerging Markets Fund

Financial Highlights


Class N Shares
For a share outstanding during the year or period ended September 30			2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$10.42	$10.24
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.12	0.05
		Net realized and unrealized gain/(loss)	(0.68)	0.13
	Total from Investment Operations		(0.56)	0.18
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.12)	—
		Distributions (from capital gains)	(0.21)	—
	Total Dividends and Distributions		(0.33)	—
	Net Asset Value, End of Period		$9.53	$10.42
	Total Return*		(5.63)%⁽³⁾	1.76%
	Net Assets, End of Period (in thousands)		$25,134	$41,206
	Average Net Assets for the Period (in thousands)		$29,832	$41,394
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.20%	1.35%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.03%	1.05%
		Ratio of Net Investment Income/(Loss)	1.15%	2.59%
	Portfolio Turnover Rate		26%	2%


Class S Shares
For a share outstanding during the year or period ended September 30			2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$10.41	$10.23
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.13	0.04
		Net realized and unrealized gain/(loss)	(0.73)	0.14
	Total from Investment Operations		(0.60)	0.18
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.09)	—
		Distributions (from capital gains)	(0.21)	—
	Total Dividends and Distributions		(0.30)	—
	Net Asset Value, End of Period		$9.51	$10.41
	Total Return*		(5.98)%	1.76%
	Net Assets, End of Period (in thousands)		$1,753	$316
	Average Net Assets for the Period (in thousands)		$1,189	$311
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.85%	1.91%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.47%	1.51%
		Ratio of Net Investment Income/(Loss)	1.28%	2.11%
	Portfolio Turnover Rate		26%	2%

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

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

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


See Notes to Financial Statements.

20	SEPTEMBER 30, 2018

Janus Henderson Emerging Markets Fund

Financial Highlights


Class N Shares
For a share outstanding during the year or period ended July 31			2017	2016⁽¹⁾
	Net Asset Value, Beginning of Period		$9.13	$8.06
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.40	0.06
		Net realized and unrealized gain/(loss)	0.79	1.06
	Total from Investment Operations		1.19	1.12
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.08)	(0.05)
	Total Dividends and Distributions		(0.08)	(0.05)
	Net Asset Value, End of Period		$10.24	$9.13
	Total Return*		13.17%	13.92%
	Net Assets, End of Period (in thousands)		$40,785	$318
	Average Net Assets for the Period (in thousands)		$6,417	$282
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.32%	2.17%⁽³⁾
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.24%	1.54%
		Ratio of Net Investment Income/(Loss)	4.20%	1.07%
	Portfolio Turnover Rate		32%	86%


Class S Shares
For a share outstanding during the period ended July 31			2017⁽⁴⁾
	Net Asset Value, Beginning of Period		$10.05
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.07
		Net realized and unrealized gain/(loss)	0.11
	Total from Investment Operations		0.18
	Less Dividends and Distributions:
		Dividends (from net investment income)	—
	Total Dividends and Distributions		—
	Net Asset Value, End of Period		$10.23
	Total Return*		1.79%
	Net Assets, End of Period (in thousands)		$304
	Average Net Assets for the Period (in thousands)		$266
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.69%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.59%
		Ratio of Net Investment Income/(Loss)	4.51%
	Portfolio Turnover Rate		32%

* 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) Period from June 5, 2017 (inception date) through July 31, 2017.


See Notes to Financial Statements.

Janus Investment Fund	21

Janus Henderson Emerging Markets Fund

Financial Highlights


Class T Shares
For a share outstanding during the year or period ended September 30			2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$10.42	$10.24
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.10	0.04
		Net realized and unrealized gain/(loss)	(0.68)	0.14
	Total from Investment Operations		(0.58)	0.18
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.11)	—
		Distributions (from capital gains)	(0.21)	—
	Total Dividends and Distributions		(0.32)	—
	Net Asset Value, End of Period		$9.52	$10.42
	Total Return*		(5.86)%⁽³⁾	1.76%
	Net Assets, End of Period (in thousands)		$4,862	$7,770
	Average Net Assets for the Period (in thousands)		$7,275	$7,786
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.45%	1.62%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.26%	1.30%
		Ratio of Net Investment Income/(Loss)	0.93%	2.34%
	Portfolio Turnover Rate		26%	2%

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

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

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


See Notes to Financial Statements.

22	SEPTEMBER 30, 2018

Janus Henderson Emerging Markets Fund

Financial Highlights


Class T Shares
For a share outstanding during the period ended July 31			2017⁽¹⁾
	Net Asset Value, Beginning of Period		$10.05
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.08
		Net realized and unrealized gain/(loss)	0.11
	Total from Investment Operations		0.19
	Less Dividends and Distributions:
		Dividends (from net investment income)	—
	Total Dividends and Distributions		—
	Net Asset Value, End of Period		$10.24
	Total Return*		1.89%
	Net Assets, End of Period (in thousands)		$7,629
	Average Net Assets for the Period (in thousands)		$6,024
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.42%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.38%
		Ratio of Net Investment Income/(Loss)	5.01%
	Portfolio Turnover Rate		32%

* 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 July 31, 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	23

Janus Henderson Emerging Markets Fund

Notes to Financial Statements

1. Organization and Significant Accounting Policies

Janus Henderson Emerging Markets 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 48 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.

Pursuant to the Agreement and Plan of Reorganization, the Fund acquired all the assets and liabilities of the Henderson Emerging Markets 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. The Fund's last fiscal year end was July 31, 2017. Subsequent to July 31, 2017, the Fund changed its fiscal year end to September 30, 2017, to reflect the fiscal year end of certain funds of the Trust.


24	SEPTEMBER 30, 2018

Janus Henderson Emerging Markets Fund

Notes to Financial Statements

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

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	25

Janus Henderson Emerging Markets Fund

Notes to Financial Statements

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.

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 Fund did not hold a significant amount of Level 3 securities as of September 30, 2018.

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

Expenses

Estimates

Indemnifications

Foreign Currency Translations


26	SEPTEMBER 30, 2018

Janus Henderson Emerging Markets 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

Federal Income Taxes

2. Other Investments and Strategies

Additional Investment Risk


Janus Investment Fund	27

Janus Henderson Emerging Markets Fund

Notes to Financial Statements

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.

Emerging Market Investing

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


28	SEPTEMBER 30, 2018

Janus Henderson Emerging Markets Fund

Notes to Financial Statements

3. Investment Advisory Agreements and Other Transactions with Affiliates

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


Average Daily Net Assets of the Fund	Contractual Investment Advisory Fee (%)
First $1 Billion	1.00
Next $1 Billion	0.90
Over $2 Billion	0.85

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 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 1.03% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waivers until at least February 1, 2019. 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 Investment Fund	29

Janus Henderson Emerging Markets Fund

Notes to Financial Statements

Janus Services is compensated for its services related to the Fund’s Class D Shares. 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.


30	SEPTEMBER 30, 2018

Janus Henderson Emerging Markets Fund

Notes to Financial Statements

amounts paid to BPFS (to the extent Janus Capital seeks reimbursement and such costs are not otherwise waived). These amounts are disclosed as part of "Other expenses" on the Statement of Operations.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the year ended September 30, 2018, redeeming shareholders of Class C Shares paid CDSCs of $1,491.

As of September 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	-		-
Class I Shares	-		-
Class N Shares	93		14
Class S Shares	-		-
Class T Shares	-		-


Janus Investment Fund	31

Janus Henderson Emerging Markets Fund

Notes to Financial Statements

4. 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)
$ 2,008,614	$ 2,891,347	$ -	$ -	$ -	$ (5,050)	$ (2,585,632)


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 175,313,092	$14,642,044	$(17,111,207)	$ (2,469,163)


For the year ended September 30, 2018
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 2,216,228	$ 3,809,850	$ -	$ -


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


For the year ended July 31, 2017
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 580,388	$ -	$ -	$ -


32	SEPTEMBER 30, 2018

Janus Henderson Emerging Markets 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
$ 524,767	$ (294,617)	$ (230,150)

Capital has been adjusted by $524,790, including $312,217 of long-term capital gain, for distributions in connection with Fund share redemptions (tax equalization).

5. Capital Share Transactions



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

Class A Shares:
Shares sold		383,787	$ 3,936,588	50,143	$ 520,399
Reinvested dividends and distributions		43,786	459,318	-	-
Shares repurchased		(264,893)	(2,728,483)	(32,976)	(339,704)
Net Increase/(Decrease)		162,680	$ 1,667,423	17,167	$ 180,695
Class C Shares:
Shares sold		101,326	$ 1,045,988	58,101	$ 578,660
Reinvested dividends and distributions		19,689	200,042	-	-
Shares repurchased		(368,078)	(3,604,127)	(22,799)	(228,097)
Net Increase/(Decrease)		(247,063)	$ (2,358,097)	35,302	$ 350,563
Class D Shares:
Shares sold		442,991	$ 4,710,846	54,740	$ 572,945
Reinvested dividends and distributions		44,501	468,597	-	-
Shares repurchased		(653,294)	(6,807,709)	(127,531)	(1,334,102)
Net Increase/(Decrease)		(165,802)	$ (1,628,266)	(72,791)	$ (761,157)
Class I Shares:
Shares sold		3,088,473	$ 32,124,711	658,430	$6,922,737
Reinvested dividends and distributions		355,623	3,741,158	-	-
Shares repurchased		(3,022,589)	(30,825,704)	(319,002)	(3,318,746)
Net Increase/(Decrease)		421,507	$ 5,040,165	339,428	$3,603,991
Class N Shares:
Shares sold		173,321	$ 1,842,762	23,022	$ 240,164
Reinvested dividends and distributions		85,702	902,442	-	-
Shares repurchased		(1,576,603)	(16,681,846)	(52,798)	(548,034)
Net Increase/(Decrease)		(1,317,580)	$(13,936,642)	(29,776)	$ (307,870)
Class S Shares:
Shares sold		177,508	$ 1,919,126	721	$ 7,660
Reinvested dividends and distributions		884	9,313	-	-
Shares repurchased		(24,410)	(243,419)	(59)	(602)
Net Increase/(Decrease)		153,982	$ 1,685,020	662	$ 7,058
Class T Shares:
Shares sold		220,044	$ 2,320,877	36,727	$ 380,026
Reinvested dividends and distributions		22,535	237,294	-	-
Shares repurchased		(477,618)	(4,853,279)	(36,037)	(373,284)
Net Increase/(Decrease)		(235,039)	$ (2,295,108)	690	$ 6,742
(1)	Period from August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.


Janus Investment Fund	33

Janus Henderson Emerging Markets Fund

Notes to Financial Statements




Year ended July 31, 2017⁽¹⁾		Shares	Amount

Class A Shares:
Shares sold		1,349,928	$12,375,842
Shares from the Acquisition (See Note 8)		22,865	226,503
Reinvested dividends and distributions		9,892	83,492
Shares repurchased		(613,754)	(5,733,398)
Net Increase/(Decrease)		768,931	$ 6,952,439
Class C Shares:
Shares sold		564,103	$ 5,046,774
Shares from the Acquisition (See Note 8)		77,696	743,077
Reinvested dividends and distributions		1,220	9,982
Shares repurchased		(179,049)	(1,554,753)
Net Increase/(Decrease)		463,970	$ 4,245,080
Class D Shares:
Shares sold		110,645	$ 1,108,790
Shares from the Acquisition (See Note 8)		1,700,070	16,920,629
Reinvested dividends and distributions		-	-
Shares repurchased		(196,529)	(1,945,590)
Net Increase/(Decrease)		1,614,186	$16,083,829
Class I Shares:
Shares sold		5,506,010	$51,403,368
Shares from the Acquisition (See Note 8)		6,679,880	66,459,467
Reinvested dividends and distributions		55,118	466,847
Shares repurchased		(5,770,345)	(55,788,929)
Net Increase/(Decrease)		6,470,663	$62,540,753
Class N Shares:
Shares sold		4,092,279	$40,314,636
Reinvested dividends and distributions		2,194	18,584
Shares repurchased		(144,953)	(1,445,566)
Net Increase/(Decrease)		3,949,520	$38,887,654
Class S Shares:
Shares sold		5,106	$ 51,160
Shares from the Acquisition (See Note 8)		24,693	245,748
Reinvested dividends and distributions		-	-
Shares repurchased		(86)	(882)
Net Increase/(Decrease)		29,713	$ 296,026
Class T Shares:
Shares sold		235,648	$ 2,323,881
Shares from the Acquisition (See Note 8)		532,647	5,301,013
Reinvested dividends and distributions		-	-
Shares repurchased		(23,082)	(230,231)
Net Increase/(Decrease)		745,213	$ 7,394,663
(1)	Period from June 5, 2017 (inception date) through July 31, 2017 for Class D Shares, Class S Shares and Class T Shares.


34	SEPTEMBER 30, 2018

Janus Henderson Emerging Markets 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
$48,787,092	$ 61,156,923	$ -	$ -

7. Recent Accounting Pronouncements

8. Fund Acquisition

The Board of Trustees of Janus Investment Fund approved an Agreement and Plan of Reorganization that provided for the merger of Janus Emerging Markets Fund (“Target Fund”) with and into Janus Henderson Emerging Markets Fund (the “Merger”), effective at the close of business on June 9, 2017. The Merger was based in part on Janus Capital’s belief that shareholders of Janus Henderson Emerging Markets Fund and Janus Emerging Markets Fund may benefit from being shareholders of a combined fund with greater asset size, creating the potential for broader asset growth and a more stable asset base.


Target Fund’s Shares Outstanding Prior to Merger	Target Fund’s Net Assets Prior to Merger	Acquiring Fund’s Shares Issued in Merger	Acquiring Fund’s Net Assets Prior to Merger	Combined Net Assets after Merger	Target Fund’s Unrealized Appreciation/(Depreciation) Prior to Merger
9,701,649	$89,896,437	9,037,851	$98,049,769	$187,946,206	$5,790,132

9. Subsequent Event


Janus Investment Fund	35

Janus Henderson Emerging Markets Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Emerging Markets 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 Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of September 30, 2018, the related statement of operations for the year ended September 30, 2018, the statements of changes in net assets for the year ended September 30, 2018, for the period from August 1, 2017 through September 30, 2017, and for the year ended July 31, 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 September 30, 2018, the results of its operations for the year then ended, the changes in its net assets for the year ended September 30, 2018, for the period from August 1, 2017 through September 30, 2017, and for the year ended July 31, 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 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

Denver, Colorado

November 16, 2018

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


36	SEPTEMBER 30, 2018

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD


Janus Investment Fund	37

Janus Henderson Emerging Markets 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


38	SEPTEMBER 30, 2018

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


Janus Investment Fund	39

Janus Henderson Emerging Markets 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.


40	SEPTEMBER 30, 2018

Janus Henderson Emerging Markets 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	41

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Quantitative Equity Funds

U.S. Equity Funds

Janus Aspen Series


42	SEPTEMBER 30, 2018

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Costs of Services Provided


Janus Investment Fund	43

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Alternative Funds


44	SEPTEMBER 30, 2018

Janus Henderson Emerging Markets 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	45

Janus Henderson Emerging Markets 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


46	SEPTEMBER 30, 2018

Janus Henderson Emerging Markets 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	47

Janus Henderson Emerging Markets 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.


48	SEPTEMBER 30, 2018

Janus Henderson Emerging Markets 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	49

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Economies of Scale

Other Benefits to Janus Capital


50	SEPTEMBER 30, 2018

Janus Henderson Emerging Markets 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	51

Janus Henderson Emerging Markets 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


52	SEPTEMBER 30, 2018

Janus Henderson Emerging Markets 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	53

Janus Henderson Emerging Markets Fund

Designation Requirements (unaudited)

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



Capital Gain Distributions	$4,122,067
Foreign Taxes Paid	$614,723
Foreign Source Income	$4,869,634
Dividends Received Deduction Percentage	1%
Qualified Dividend Income Percentage	100%


54	SEPTEMBER 30, 2018

Janus Henderson Emerging Markets 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	55

Janus Henderson Emerging Markets 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).		60	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).


56	SEPTEMBER 30, 2018

Janus Henderson Emerging Markets 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).		60	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	57

Janus Henderson Emerging Markets 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).		60	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).


58	SEPTEMBER 30, 2018

Janus Henderson Emerging Markets 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).		60	Director of Brightwood Capital Advisors, LLC (since 2014).


Janus Investment Fund	59

Janus Henderson Emerging Markets 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
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.		60	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).


60	SEPTEMBER 30, 2018

Janus Henderson Emerging Markets 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.		60	Formerly, Director of Red Robin Gourmet Burgers, Inc. (RRGB) (2004-2014).


Janus Investment Fund	61

Janus Henderson Emerging Markets 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. 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).		60	None
Diane L. Wallace 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	6/17-Present	Retired.		60	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 for Driehaus Mutual Funds (1996-2002).


62	SEPTEMBER 30, 2018

Janus Henderson Emerging Markets 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).		60	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	63

Janus Henderson Emerging Markets 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
Michael Cahoon 151 Detroit Street Denver, CO 80206 DOB: 1988	Executive Vice President and Co-Portfolio Manager Janus Henderson Emerging Markets Fund	6/17-Present (predecessor fund since 2/16)	Portfolio Manager, Global Emerging Markets of Janus Henderson Investors. Formerly, Analyst (2013-2015) at Ashmore Group.
Glen Finegan 151 Detroit Street Denver, CO 80206 DOB: 1974	Executive Vice President and Co-Portfolio Manager Janus Henderson Emerging Markets Fund	6/17-Present (predecessor fund since 3/15)	Head of Global Emerging Markets Equities of Janus Henderson Investors and Portfolio Manager of other Janus Henderson accounts. Formerly, Investment Manager (2009-2014) at First State Stewart (formerly First State Investments).
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).


64	SEPTEMBER 30, 2018

Janus Henderson Emerging Markets 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); and 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	65

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 Knowledge. Shared are trademarks of Janus Henderson Group plc or one of its subsidiary entities. © Janus Henderson Group plc. Funds distributed by Janus Henderson Distributors
							125-02-93079 11-18



	ANNUAL REPORT September 30, 2018

Janus Henderson Enterprise Fund

Janus Investment Fund

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

Table of Contents

Janus Henderson Enterprise Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	14
Statement of Assets and Liabilities	15
Statement of Operations	17
Statements of Changes in Net Assets	19
Financial Highlights	20
Notes to Financial Statements	24
Report of Independent Registered Public Accounting Firm	39
Additional Information	40
Useful Information About Your Fund Report	54
Designation Requirements	57
Trustees and Officers	58

Janus Henderson Enterprise Fund (unaudited)(closed to certain new investors)

FUND SNAPSHOT

We believe that investing in companies with sustainable growth and high return on invested capital can drive consistent returns and allow us to outperform our benchmark and peers over time with moderate risk. We seek to identify mid-cap companies with high-quality management teams that wisely allocate capital to fund and drive growth over time.

Brian Demain

co-portfolio manager

Cody Wheaton

co-portfolio manager

PERFORMANCE

The Janus Henderson Enterprise Fund’s Class I Shares returned 21.07% over the one-year period ended September 30, 2018. The Fund’s benchmark, the Russell Midcap^{^®} Growth Index, returned 21.10%.

INVESTMENT ENVIRONMENT

Mid-cap stocks enjoyed sharp gains during the 12-month period, as an improving U.S. economy and renewed corporate earnings strength drove stocks higher. The anticipated benefits of lower tax rates and deregulation also helped boost U.S. stocks. The technology and health care sectors experienced the largest gains within the Russell Midcap Growth Index.

PERFORMANCE DISCUSSION

Our Fund’s performance was in line with the benchmark this year. Our portfolio tends to emphasize “durable growth” companies that we believe have more predictable business models, recurring revenue streams, strong free-cash-flow growth and strong competitive positioning that should allow them to take market share and experience sustainable long-term growth across a variety of economic environments. We believe a collection of these higher-quality growth companies can drive relative outperformance over full market cycles. This year, we were pleased to see many of the companies in our portfolio continue to put up impressive results, validating the durability of their business models.

Atlassian was our largest contributor to relative performance. The company has strung together consecutive quarters of strong revenue growth, validating the value of the business and driving the stock higher. We believe Atlassian’s software tools play a valuable role allowing business teams to collaborate with each other more effectively. We like the recurring revenue streams its subscription-based services provide, its potential long-term pricing power due to low-cost offerings and that many of Atlassian’s services have gained traction virally, allowing the company to grow without a large sales force. However, we trimmed the position in recent months after significant gains brought the stock closer to our valuation target.

WEX Inc. was another stock that contributed meaningfully to performance. The company provides fuel payment cards for trucking fleets and also provides several other unique payment services. The company won some large contracts during the year, which helped lift the stock. Rising oil prices, which ultimately boost revenues for the company, were also beneficial for the stock price. We continue to like the company, and believe it has earned its leading market share position through differentiated back-end reporting, bill pay consolidation features and complex analytics.

CoStar Group was another large contributor. The real estate data company has produced several quarters of strong earnings growth and raised annual earnings guidance, which helped lift the stock. We’ve been impressed by margin expansion taking place at the company, and also by CoStar’s ability to cross-sell some of its data services to clients. We continue to like the recurring revenue streams from its commercial real estate data services, and like the potential for CoStar to grow its addressable market for commercial real estate data as it expands the offering to property owners and managers.

While generally pleased with our relative performance, our stock selection in the health care sector detracted from relative results. Celgene was our largest detractor within the sector. The biotechnology company faced a few headwinds this year including management turnover, and news that the FDA issued a Refusal to File letter for Celgene’s multiple sclerosis (MS) drug, ozanimod. Although the news was an unwelcome setback, phase 3 data for the drug were promising, and the company reports that another pivotal trial will not be needed. We still think ozanimod will get FDA approval and that the delay should only moderately impact the drug’s sales


Janus Investment Fund	1

Janus Henderson Enterprise Fund (unaudited)(closed to certain new investors)

potential. Meanwhile, we think the stock’s current valuation overlooks Celgene’s promising pipeline. In the next two years, the company could launch several new treatments addressing multiple sclerosis, myeloma, lymphoma, beta thalassemia and myeloproliferative disorders.

Puma Biotechnology was another health care stock that detracted. The stock declined after the company announced it was unlikely to get approval from the European Medicines Agency (EMA) for its lead drug, Nerlynx and has continued to trend down as the U.S. launch has ramped slower than expected. We sold the stock due to disappointing feedback from physicians on their willingness to try the drug on their patients.

Outside the health care sector, Flextronics (Flex) was our largest detractor. Flex provides supply chain solutions to businesses around the world. It is working on a solution to near-source manufacturing for Nike, and delays on the project caused Flex to miss earnings estimates, and ultimately led the stock down. We continue to like the stock and believe it provides great value to its customers. Further, we like that Flex s diversifying its business by expanding to serve industrial, medical and consumer discretionary end markets.

DERIVATIVES USAGE

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

OUTLOOK

We are constructive on the U.S. economy and corporate earnings environment, but have growing concerns about a dangerous market dynamic: the abandonment of valuation discipline. As of the end of the third quarter, investors have continued to bid up stocks in select pockets of the mid-cap market, sending valuations from excessive levels to simply irrational.

Extreme valuations lie in two categories: stocks tied to secular growth themes and stocks of companies with steady, economically resilient business models. There’s a strong case for interest in both categories, as they are well insulated from the concerns du jour of the market: tariffs, rising rates, geopolitical uncertainty or questions about where we are in the economic cycle.

While the investment story is compelling, we believe overexposure to these stocks in such a frothy backdrop carries extreme valuation risk. For the secular growth camp, many highly valued stocks are yet to produce earnings and instead trade at high multiples of revenue. A lot can go wrong in these companies’ nascent development that could cause the market to question the aggressive earnings assumptions implied in such lofty valuations. Similarly, many established companies with economically resilient businesses would have to see their earnings growth break out to a wholly new pace to justify current valuations.

We won’t try to predict when the tide will turn around these elevated valuations. Exuberance and momentum outpace rationality and discipline in every market cycle, and such periods can last for a while. But we believe a day of reckoning will come.

In the meantime, we’ll position our portfolios sensibly. We continue to own some stocks tied to secular growth themes, but have taken a selective approach, closely analyzing the competitive advantages of these companies relative to their valuations. We’re assessing the strength of the management team, the size and duration of a company’s growth potential and the size of their addressable market.

Our investment focus on high-quality, durable-growth companies also lends itself to identifying stable and economically resilient companies. This remains a hallmark of our investment process, but we are also conscious of valuations and have sold or trimmed some positions after significant market gains.

We still find opportunities in the mid-cap market, but we’ve had to dig a little deeper to find companies where the profitability model is still emerging, or where the competitive advantages supporting stable earnings growth may be less appreciated by the market. Select companies with near-term headwinds or perceived cyclicality in their business also trade at depressed valuations relative to their long-term potential, in our view. We’ll continue to do our homework on these companies and remain mindful of valuations.

Thank you for your continued investment in the Janus Henderson Enterprise Fund.


2	SEPTEMBER 30, 2018

Janus Henderson Enterprise Fund (unaudited)(closed to certain new investors)

Fund At A Glance

September 30, 2018





	5 Top Performers - Holdings		5 Bottom Performers - Holdings
		Contribution		Contribution
	Atlassian Corp PLC	1.89%	Celgene Corp	-0.52%
	WEX Inc	1.10%	Puma Biotechnology Inc	-0.31%
	CoStar Group Inc	0.76%	Flex Ltd	-0.30%
	Neurocrine Biosciences Inc	0.73%	ACADIA Pharmaceuticals Inc	-0.24%
	SS&C Technologies Holdings Inc	0.71%	Lam Research Corp	-0.23%

	5 Top Performers - Sectors*
		Fund	Fund Weighting	Russell Midcap Growth Index
		Contribution	(Average % of Equity)	Weighting
	Materials	1.23%	1.38%	5.46%
	Consumer Discretionary	1.14%	9.23%	17.39%
	Financials	0.40%	8.94%	7.25%
	Real Estate	0.32%	3.41%	2.87%
	Industrials	0.30%	18.07%	16.94%

	5 Bottom Performers - Sectors*
		Fund	Fund Weighting	Russell Midcap Growth Index
		Contribution	(Average % of Equity)	Weighting
	Other**	-1.54%	7.53%	0.00%
	Health Care	-1.28%	17.21%	13.93%
	Utilities	0.00%	0.00%	0.04%
	Energy	0.01%	0.33%	2.24%
	Consumer Staples	0.02%	0.00%	3.76%

	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 Enterprise Fund (unaudited)(closed to certain new investors)

Fund At A Glance

September 30, 2018


5 Largest Equity Holdings - (% of Net Assets)
Boston Scientific Corp
Health Care Equipment & Supplies	2.1%
TE Connectivity Ltd
Electronic Equipment, Instruments & Components	2.0%
WEX Inc
Information Technology Services	2.0%
TD Ameritrade Holding Corp
Capital Markets	2.0%
Atlassian Corp PLC
Software	2.0%
	10.1%


Asset Allocation - (% of Net Assets)
Common Stocks	92.2%
Investment Companies	8.2%
Preferred Stocks	0.3%
Other		(0.7)%
		100.0%

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

As of September 30, 2018

As of September 30, 2017


4	SEPTEMBER 30, 2018

Janus Henderson Enterprise Fund (unaudited)(closed to certain new investors)

Performance

See important disclosures on the next page.



					Expense Ratios -
Average Annual Total Return - for the periods ended September 30, 2018					per the January 26, 2018 prospectuses
	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses
Class A Shares at NAV⁽¹⁾	20.64%	14.91%	13.52%	11.27%	1.18%
Class A Shares at MOP⁽¹⁾	13.71%	13.56%	12.85%	11.02%
Class C Shares at NAV⁽¹⁾	19.93%	14.19%	12.95%	10.49%	1.78%
Class C Shares at CDSC⁽¹⁾	18.93%	14.19%	12.95%	10.49%
Class D Shares⁽¹⁾	20.99%	15.26%	13.80%	11.41%	0.82%
Class I Shares⁽¹⁾	21.07%	15.32%	13.72%	11.38%	0.77%
Class N Shares⁽¹⁾	21.18%	15.44%	13.72%	11.38%	0.67%
Class R Shares⁽¹⁾	20.27%	14.58%	13.27%	10.88%	1.42%
Class S Shares⁽¹⁾	20.57%	14.87%	13.48%	11.15%	1.17%
Class T Shares⁽¹⁾	20.88%	15.16%	13.72%	11.38%	0.92%
Russell Midcap Growth Index	21.10%	13.00%	13.46%	10.49%
Morningstar Quartile - Class T Shares	2nd	1st	1st	2nd
Morningstar Ranking - based on total returns for Mid-Cap Growth Funds	287/616	27/555	58/498	39/127

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

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


Janus Investment Fund	5

Janus Henderson Enterprise Fund (unaudited)(closed to certain new investors)

Performance

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

Class N Shares commenced operations on July 12, 2012. Performance shown for periods prior to July 12, 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 – September 1, 1992

(1) Closed to certain new investors.


6	SEPTEMBER 30, 2018

Janus Henderson Enterprise Fund (unaudited)(closed to certain new investors)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (4/1/18)	Ending Account Value (9/30/18)	Expenses Paid During Period (4/1/18 - 9/30/18)†	Beginning Account Value (4/1/18)	Ending Account Value (9/30/18)	Expenses Paid During Period (4/1/18 - 9/30/18)†	Net Annualized Expense Ratio (4/1/18 - 9/30/18)
Class A Shares		$1,000.00	$1,091.70	$5.77	$1,000.00	$1,019.55	$5.57	1.10%
Class C Shares		$1,000.00	$1,088.40	$8.85	$1,000.00	$1,016.60	$8.54	1.69%
Class D Shares		$1,000.00	$1,093.30	$4.20	$1,000.00	$1,021.06	$4.05	0.80%
Class I Shares		$1,000.00	$1,093.70	$3.88	$1,000.00	$1,021.36	$3.75	0.74%
Class N Shares		$1,000.00	$1,094.10	$3.46	$1,000.00	$1,021.76	$3.35	0.66%
Class R Shares		$1,000.00	$1,090.00	$7.34	$1,000.00	$1,018.05	$7.08	1.40%
Class S Shares		$1,000.00	$1,091.30	$6.03	$1,000.00	$1,019.30	$5.82	1.15%
Class T Shares		$1,000.00	$1,092.70	$4.72	$1,000.00	$1,020.56	$4.56	0.90%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/365 (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 Enterprise Fund

Schedule of Investments

September 30, 2018


Shares			Value
Common Stocks– 92.2%
Aerospace & Defense – 2.9%
	Harris Corp	903,845	$152,939,612
	HEICO Corp	1,764,672	133,232,736
	Teledyne Technologies Inc*	1,116,692	275,465,583
			561,637,931
Airlines – 0.8%
	Ryanair Holdings PLC (ADR)*	1,571,858	150,961,242
Auto Components – 0.4%
	Visteon Corp*	871,662	80,977,400
Banks – 0.6%
	SVB Financial Group*	397,504	123,556,168
Biotechnology – 2.8%
	ACADIA Pharmaceuticals Inc*^,#	2,499,401	51,887,565
	Alkermes PLC*	1,590,706	67,509,563
	Celgene Corp*	2,214,117	198,141,330
	Neurocrine Biosciences Inc*	1,825,633	224,461,577
			542,000,035
Building Products – 0.7%
	AO Smith Corp	2,430,905	129,737,400
Capital Markets – 4.1%
	LPL Financial Holdings Inc	4,353,951	280,873,379
	MSCI Inc	776,563	137,770,042
	TD Ameritrade Holding Corp	7,331,965	387,347,711
			805,991,132
Commercial Services & Supplies – 3.2%
	Cimpress NV*^,£	2,076,494	283,669,845
	Edenred	4,222,090	160,913,878
	Ritchie Bros Auctioneers Inc^#	4,865,733	175,798,933
			620,382,656
Consumer Finance – 0.6%
	Synchrony Financial	3,750,332	116,560,319
Containers & Packaging – 1.4%
	Sealed Air Corp	6,795,534	272,840,690
Diversified Consumer Services – 1.6%
	ServiceMaster Global Holdings Inc*	5,104,737	316,646,836
Electrical Equipment – 2.4%
	AMETEK Inc	1,147,491	90,789,488
	Sensata Technologies Holding PLC*	7,495,188	371,386,565
			462,176,053
Electronic Equipment, Instruments & Components – 6.2%
	Belden Inc	1,685,721	120,377,337
	Dolby Laboratories Inc	2,563,784	179,387,966
	Flex Ltd*	16,341,181	214,396,295
	National Instruments Corp	5,905,893	285,431,809
	TE Connectivity Ltd	4,500,043	395,688,781
			1,195,282,188
Equity Real Estate Investment Trusts (REITs) – 3.2%
	Crown Castle International Corp	2,656,463	295,744,026
	Lamar Advertising Co^£	4,249,302	330,595,696
			626,339,722
Health Care Equipment & Supplies – 7.9%
	Boston Scientific Corp*	10,353,164	398,596,814
	Cooper Cos Inc	1,373,315	380,614,252
	DexCom Inc*	46,011	6,581,413
	ICU Medical Inc*	371,062	104,917,781
	STERIS PLC	2,788,434	318,996,850
	Teleflex Inc	526,147	140,002,455
	Varian Medical Systems Inc*	1,707,537	191,124,616
			1,540,834,181


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

8	SEPTEMBER 30, 2018

Janus Henderson Enterprise Fund

Schedule of Investments

September 30, 2018


Shares			Value
Common Stocks– (continued)
Health Care Technology – 1.2%
	athenahealth Inc*	1,720,917	$229,914,511
Hotels, Restaurants & Leisure – 3.5%
	Aramark	4,520,174	194,457,886
	Dunkin' Brands Group Inc	3,416,831	251,888,781
	Norwegian Cruise Line Holdings Ltd*	4,217,964	242,237,673
			688,584,340
Industrial Conglomerates – 1.2%
	Carlisle Cos Inc	1,921,031	233,981,576
Information Technology Services – 9.2%
	Amdocs Ltd	4,581,821	302,308,550
	Broadridge Financial Solutions Inc	1,312,612	173,199,153
	Euronet Worldwide Inc*	604,708	60,603,836
	Fidelity National Information Services Inc	2,357,718	257,156,302
	Gartner Inc*	1,425,668	225,968,378
	Global Payments Inc	2,845,499	362,516,573
	Jack Henry & Associates Inc	61,584	9,858,367
	WEX Inc*	1,932,238	387,916,101
			1,779,527,260
Insurance – 4.2%
	Aon PLC	2,182,303	335,594,555
	Intact Financial Corp	3,075,226	255,733,080
	WR Berkley Corp	2,920,543	233,439,002
			824,766,637
Internet & Direct Marketing Retail – 0.5%
	Wayfair Inc*	624,002	92,146,375
Internet Software & Services – 0.7%
	GoDaddy Inc*	1,576,529	131,466,753
Life Sciences Tools & Services – 4.8%
	IQVIA Holdings Inc*	2,099,966	272,449,589
	PerkinElmer Inc	3,907,304	380,063,460
	Waters Corp*	1,481,662	288,449,958
			940,963,007
Machinery – 2.4%
	Middleby Corp*	1,239,190	160,289,227
	Rexnord Corp*^,£	6,070,353	186,966,872
	Wabtec Corp	1,056,554	110,811,384
			458,067,483
Media – 1.2%
	Liberty Media Corp-Liberty Formula One*	2,639,595	98,166,538
	Omnicom Group Inc	1,867,816	127,048,844
			225,215,382
Oil, Gas & Consumable Fuels – 0.3%
	World Fuel Services Corp	2,143,690	59,337,339
Pharmaceuticals – 0.1%
	Elanco Animal Health Inc*^,#	782,587	27,304,460
Professional Services – 4.0%
	CoStar Group Inc*	770,767	324,369,584
	IHS Markit Ltd*	2,694,075	145,372,287
	Verisk Analytics Inc*	2,516,642	303,381,193
			773,123,064
Road & Rail – 0.9%
	Old Dominion Freight Line Inc	1,057,628	170,553,091
Semiconductor & Semiconductor Equipment – 6.3%
	KLA-Tencor Corp	1,971,653	200,536,827
	Lam Research Corp	1,288,578	195,477,283
	Microchip Technology Inc^#	4,446,134	350,844,434
	ON Semiconductor Corp*	13,147,310	242,304,923


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

Janus Investment Fund	9

Janus Henderson Enterprise Fund

Schedule of Investments

September 30, 2018


Shares			Value
Common Stocks– (continued)
Semiconductor & Semiconductor Equipment – (continued)
	Xilinx Inc	2,819,395	$226,030,897
			1,215,194,364
Software – 9.5%
	Atlassian Corp PLC*	3,985,203	383,137,416
	Constellation Software Inc/Canada	498,709	366,789,561
	Intuit Inc	623,802	141,852,575
	Nice Ltd (ADR)*^,£	3,075,085	352,004,980
	SS&C Technologies Holdings Inc	6,486,004	368,599,607
	Ultimate Software Group Inc*	725,397	233,715,659
			1,846,099,798
Specialty Retail – 0.7%
	Tractor Supply Co	255,154	23,188,396
	Williams-Sonoma Inc^#	1,584,626	104,141,621
			127,330,017
Textiles, Apparel & Luxury Goods – 2.1%
	Carter's Inc	1,142,303	112,631,076
	Gildan Activewear Inc	6,524,025	198,526,081
	Lululemon Athletica Inc*	654,286	106,314,932
			417,472,089
Trading Companies & Distributors – 0.6%
	Ferguson PLC	1,407,816	119,528,778
Total Common Stocks (cost $11,380,651,836)			17,906,500,277
Preferred Stocks– 0.3%
Electronic Equipment, Instruments & Components – 0.1%
	Belden Inc, 6.7500%, 7/15/19^‡	124,900	11,949,433
Machinery – 0.2%
	Rexnord Corp, 5.7500%, 11/15/19^‡	600,000	38,606,100
Total Preferred Stocks (cost $42,490,000)			50,555,533
Investment Companies– 8.2%
Investments Purchased with Cash Collateral from Securities Lending – 0.3%
	Janus Henderson Cash Collateral Fund LLC, 1.9772%^ºº,£	52,982,934	52,982,934
Money Markets – 7.9%
	Janus Henderson Cash Liquidity Fund LLC, 2.0479%^ºº,£	1,538,660,985	1,538,660,985
Total Investment Companies (cost $1,591,643,919)			1,591,643,919
Total Investments (total cost $13,014,785,755) – 100.7%			19,548,699,729
Liabilities, net of Cash, Receivables and Other Assets – (0.7)%			(130,166,252)
Net Assets – 100%			$19,418,533,477


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

		% of
		Investment
Country	Value	Securities
United States	$17,385,305,780	88.9	%
Canada	996,847,655	5.1
Australia	383,137,416	2.0
Israel	352,004,980	1.8
France	160,913,878	0.8
Ireland	150,961,242	0.8
United Kingdom	119,528,778	0.6



Total	$19,548,699,729	100.0	%


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

10	SEPTEMBER 30, 2018

Janus Henderson Enterprise Fund

Schedule of Investments

September 30, 2018

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income⁽¹⁾		Realized Gain/(Loss)⁽¹⁾		Change in Unrealized Appreciation/ Depreciation⁽¹⁾		Value at 9/30/18
Common Stocks - 5.9%
Commercial Services & Supplies - 1.5%
	Cimpress NV^*	$	-	$	19,161,288	$	75,321,660	$	283,669,845
Equity Real Estate Investment Trusts (REITs) - 1.7%
	Lamar Advertising Co		15,127,515		-		39,538,056		330,595,696
Machinery - 1.0%
	Rexnord Corp^*		-		-		32,777,644		186,966,872
Software - 1.8%
	Atlassian Corp PLC^*,š		-		57,971,307		236,365,247		N/A
	Nice Ltd (ADR)^*		-		-		98,016,499		352,004,980
Total Software		$	-	$	57,971,307	$	334,381,746	$	352,004,980
Total Common Stocks		$	15,127,515	$	77,132,595	$	482,019,106	$	1,153,237,393
Investment Companies - 8.2%
Investments Purchased with Cash Collateral from Securities Lending - 0.3%
	Janus Henderson Cash Collateral Fund LLC, 1.9772%^ºº		905,858^∆		-		-		52,982,934
Money Markets - 7.9%
	Janus Henderson Cash Liquidity Fund LLC, 2.0479%^ºº		20,664,716		-		-		1,538,660,985
Total Investment Companies		$	21,570,574	$	-	$	-	$	1,591,643,919
Total Affiliated Investments - 14.1%		$	36,698,089	$	77,132,595	$	482,019,106	$	2,744,881,312


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

Janus Investment Fund	11

Janus Henderson Enterprise Fund

Schedule of Investments

September 30, 2018


		Share Balance at 9/30/17		Purchases		Sales		Share Balance at 9/30/18
Common Stocks - 5.9%
Commercial Services & Supplies - 1.5%
	Cimpress NV^*		2,256,039		131,952		(311,497)		2,076,494
Equity Real Estate Investment Trusts (REITs) - 1.7%
	Lamar Advertising Co		4,249,302		-		-		4,249,302
Machinery - 1.0%
	Rexnord Corp^*		5,457,087		613,266		-		6,070,353
Software - 1.8%
	Atlassian Corp PLC^*,š		5,128,645		-		(1,143,442)		3,985,203
	Nice Ltd (ADR)^*		2,775,085		300,000		-		3,075,085
Investment Companies - 8.2%
Investments Purchased with Cash Collateral from Securities Lending - 0.3%
	Janus Henderson Cash Collateral Fund LLC, 1.9772%^ºº		192,732,234		2,479,064,317		(2,618,813,617)		52,982,934
Money Markets - 7.9%
	Janus Henderson Cash Liquidity Fund LLC, 2.0479%^ºº		1,100,519,740		1,777,128,245		(1,338,987,000)		1,538,660,985


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)
Barclays Capital, Inc.:
Canadian Dollar	10/11/18	(58,117,000)	$	44,745,656	$	(264,529)
Euro	10/11/18	(67,610,000)		79,034,739		483,614

						219,085
Citibank NA:
Canadian Dollar	10/11/18	(64,315,000)		49,530,402		(279,980)
Euro	10/11/18	(60,173,000)		70,326,893		416,277

						136,297
Credit Suisse International:
Canadian Dollar	10/18/18	(104,224,000)		78,993,300		(1,740,372)
HSBC Securities (USA), Inc.:
Canadian Dollar	11/14/18	(77,173,000)		59,127,609		(686,870)
Euro	11/14/18	(36,228,000)		42,468,780		255,828

						(431,042)
JPMorgan Chase & Co.:
Euro	10/11/18	(94,063,000)		109,947,513		662,579
Total					$	(1,153,453)


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

12	SEPTEMBER 30, 2018

Janus Henderson Enterprise Fund

Schedule of Investments

September 30, 2018

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 September 30, 2018.


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

					Currency Contracts
Asset Derivatives:
Forward foreign currency exchange contracts					$1,818,298


Liability Derivatives:
Forward foreign currency exchange contracts					$2,971,751

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


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

Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative				Currency Contracts
Forward foreign currency exchange contracts				$25,183,771



Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative				Currency Contracts
Forward foreign currency exchange contracts				$ (5,001,280)

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 September 30, 2018

	Market Value^(a)
Forward foreign currency exchange contracts, sold	$ 526,599,238

(a) Forward foreign currency exchange contracts are reported as the average ending monthly currency amount sold.


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

Janus Investment Fund	13

Janus Henderson Enterprise Fund

Notes to Schedule of Investments and Other Information


Russell Midcap^{^®}Growth Index	Russell Midcap^{^®} Growth Index reflects the performance of U.S. mid-cap equities with higher price-to-book ratios and higher forecasted growth values.


ADR	American Depositary Receipt
LLC	Limited Liability Company
PLC	Public Limited Company


*	Non-income producing security.


‡	Variable or floating rate security. Rate shown is the current rate as of September 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.


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


#	Loaned security; a portion of the security is on loan at September 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.


š	Company was no longer an affiliate as of September 30, 2018.


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


The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of September 30, 2018. See Notes to Financial Statements for more information.

Valuation Inputs Summary

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

Assets
Investments in Securities:
Common Stocks		$	17,906,500,277	$	-	$	-
Preferred Stocks			-		50,555,533		-
Investment Companies			-		1,591,643,919		-
Total Investments in Securities		$	17,906,500,277	$	1,642,199,452	$	-
Other Financial Instruments^(a):
Forward Foreign Currency Exchange Contracts			-		1,818,298		-
Total Assets		$	17,906,500,277	$	1,644,017,750	$	-
Liabilities
Other Financial Instruments^(a):
Forward Foreign Currency Exchange Contracts		$	-	$	2,971,751	$	-

(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	SEPTEMBER 30, 2018

Janus Henderson Enterprise Fund

Statement of Assets and Liabilities

September 30, 2018

See footnotes at the end of the Statement.



Assets:
	Unaffiliated investments, at value⁽¹⁾⁽²⁾		$	16,803,818,417
	Affiliated investments, at value⁽³⁾			2,744,881,312
	Cash			1,200,557
	Forward foreign currency exchange contracts			1,818,298
	Cash denominated in foreign currency⁽⁴⁾			931,675
	Closed foreign currency contracts			111,528
	Non-interested Trustees' deferred compensation			417,497
	Receivables:
		Investments sold		27,526,403
		Fund shares sold		15,743,894
		Dividends		5,985,001
		Dividends from affiliates		2,218,506
	Other assets			16,509
Total Assets				19,604,669,597
Liabilities:
	Collateral for securities loaned (Note 3)			52,982,934
	Forward foreign currency exchange contracts			2,971,751
	Closed foreign currency contracts			1,373,369
	Payables:			—
		Investments purchased		96,949,429
		Fund shares repurchased		16,802,436
		Advisory fees		10,193,025
		Transfer agent fees and expenses		2,837,765
		12b-1 Distribution and shareholder servicing fees		544,502
		Non-interested Trustees' deferred compensation fees		417,497
		Non-interested Trustees' fees and expenses		106,117
		Professional fees		58,417
		Affiliated fund administration fees payable		39,816
		Custodian fees		5,815
		Accrued expenses and other payables		853,247
Total Liabilities				186,136,120
Net Assets			$	19,418,533,477


See Notes to Financial Statements.

Janus Investment Fund	15

Janus Henderson Enterprise Fund

Statement of Assets and Liabilities

September 30, 2018




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	11,950,799,625
	Total distributable earnings (loss)		7,467,733,852
Total Net Assets		$	19,418,533,477
Net Assets - Class A Shares		$	666,848,272
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		5,063,209
Net Asset Value Per Share⁽⁵⁾		$	131.70
Maximum Offering Price Per Share⁽⁶⁾		$	139.73
Net Assets - Class C Shares		$	254,495,557
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,074,633
Net Asset Value Per Share⁽⁵⁾		$	122.67
Net Assets - Class D Shares		$	1,973,860,914
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		14,622,290
Net Asset Value Per Share		$	134.99
Net Assets - Class I Shares		$	6,443,068,352
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		47,483,340
Net Asset Value Per Share		$	135.69
Net Assets - Class N Shares		$	3,947,225,005
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		28,985,394
Net Asset Value Per Share		$	136.18
Net Assets - Class R Shares		$	162,271,022
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,270,111
Net Asset Value Per Share		$	127.76
Net Assets - Class S Shares		$	626,457,903
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		4,778,790
Net Asset Value Per Share		$	131.09
Net Assets - Class T Shares		$	5,344,306,452
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		39,852,330
Net Asset Value Per Share		$	134.10

(1) Includes cost of $10,694,938,740.

(2) Includes $51,844,706 of securities on loan. See Note 3 in Notes to Financial Statements.

(3) Includes cost of $2,319,847,015.

(4) Includes cost of $931,675.

(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.

16	SEPTEMBER 30, 2018

Janus Henderson Enterprise Fund

Statement of Operations

For the year ended September 30, 2018



Investment Income:
	Dividends		$	138,555,447
	Dividends from affiliates			35,792,231
	Affiliated securities lending income, net			905,858
	Interest			544
	Other income			83
	Foreign tax withheld			(2,667,274)
Total Investment Income				172,586,889
Expenses:
	Advisory fees			110,523,064
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		1,615,421
		Class C Shares		2,451,573
		Class R Shares		831,161
		Class S Shares		1,480,928
	Transfer agent administrative fees and expenses:
		Class D Shares		2,218,598
		Class R Shares		416,633
		Class S Shares		1,480,928
		Class T Shares		12,272,325
	Transfer agent networking and omnibus fees:
		Class A Shares		1,581,080
		Class C Shares		183,707
		Class I Shares		4,702,519
	Other transfer agent fees and expenses:
		Class A Shares		65,748
		Class C Shares		23,234
		Class D Shares		333,918
		Class I Shares		209,478
		Class N Shares		96,197
		Class R Shares		3,187
		Class S Shares		10,643
		Class T Shares		68,095
	Shareholder reports expense			939,690
	Affiliated fund administration fees			816,234
	Non-interested Trustees’ fees and expenses			461,326
	Registration fees			306,085
	Custodian fees			238,895
	Professional fees			208,863
	Other expenses			877,796
Total Expenses				144,417,326
Less: Excess Expense Reimbursement and Waivers				(496,343)
Net Expenses				143,920,983
Net Investment Income/(Loss)				28,665,906


See Notes to Financial Statements.

Janus Investment Fund	17

Janus Henderson Enterprise Fund

Statement of Operations

For the year ended September 30, 2018



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	819,236,293
	Investments in affiliates		77,132,595
	Forward foreign currency exchange contracts		25,183,771
Total Net Realized Gain/(Loss) on Investments			921,552,659
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation		1,828,037,442
	Investments in affiliates		482,019,106
	Forward foreign currency exchange contracts		(5,001,280)
Total Change in Unrealized Net Appreciation/Depreciation			2,305,055,268
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	3,255,273,833


See Notes to Financial Statements.

18	SEPTEMBER 30, 2018

Janus Henderson Enterprise Fund

Statements of Changes in Net Assets



			Year ended September 30, 2018		Year ended September 30, 2017

Operations:
	Net investment income/(loss)		$	28,665,906	$	16,352,670
	Net realized gain/(loss) on investments			921,552,659		267,154,414
	Change in unrealized net appreciation/depreciation			2,305,055,268		2,163,952,524
Net Increase/(Decrease) in Net Assets Resulting from Operations				3,255,273,833		2,447,459,608
Dividends and Distributions to Shareholders⁽¹⁾
		Class A Shares		(11,348,176)		N/A
		Class C Shares		(4,848,931)		N/A
		Class D Shares		(32,577,655)		N/A
		Class I Shares		(92,206,062)		N/A
		Class N Shares		(60,508,696)		N/A
		Class R Shares		(3,163,481)		N/A
		Class S Shares		(10,496,024)		N/A
		Class T Shares		(83,341,925)		N/A
	Total Dividends and Distributions to Shareholders			(298,490,950)		N/A
	Dividends from Net Investment Income⁽¹⁾
		Class D Shares		N/A		(1,299,025)
		Class I Shares		N/A		(4,675,427)
		Class N Shares		N/A		(4,077,477)
		Class T Shares		N/A		(2,240,391)
	Total Dividends from Net Investment Income			N/A		(12,292,320)
	Distributions from Net Realized Gain from Investment Transactions⁽¹⁾
		Class A Shares		N/A		(10,475,875)
		Class C Shares		N/A		(3,754,688)
		Class D Shares		N/A		(23,314,536)
		Class I Shares		N/A		(45,129,032)
		Class N Shares		N/A		(29,769,271)
		Class R Shares		N/A		(2,515,194)
		Class S Shares		N/A		(8,229,225)
		Class T Shares		N/A		(53,447,457)
	Total Distributions from Net Realized Gain from Investment Transactions			N/A		(176,635,278)
Net Decrease from Dividends and Distributions to Shareholders				(298,490,950)		(188,927,598)
Capital Share Transactions:
		Class A Shares		(60,273,902)		(42,777,439)
		Class C Shares		(37,451,296)		25,837,420
		Class D Shares		(39,951,660)		9,992,642
		Class I Shares		967,595,842		1,385,247,127
		Class N Shares		413,303,241		1,095,715,309
		Class R Shares		(36,661,889)		9,912,310
		Class S Shares		(54,295,287)		19,375,079
		Class T Shares		128,131,557		664,764,644
Net Increase/(Decrease) from Capital Share Transactions				1,280,396,606		3,168,067,092
Net Increase/(Decrease) in Net Assets				4,237,179,489		5,426,599,102
Net Assets:
	Beginning of period			15,181,353,988		9,754,754,886
	End of period⁽²⁾		$	19,418,533,477	$	15,181,353,988

(2) Net assets - End of period includes undistributed (overdistributed) net investment income of $15,767,116 as of September 30, 2017. The requirement to disclose undistributed (overdistributed) net investment income was eliminated by the SEC in 2018.


See Notes to Financial Statements.

Janus Investment Fund	19

Janus Henderson Enterprise Fund

Financial Highlights


Class A Shares
For a share outstanding during the year ended September 30			2018	2017	2016		2015	2014
	Net Asset Value, Beginning of Period		$111.15	$94.24	$83.92		$83.97	$79.08
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.15)	(0.14)	(0.04)		0.14	(0.21)
		Net realized and unrealized gain/(loss)	22.79	18.61	13.68		4.78	9.44
	Total from Investment Operations		22.64	18.47	13.64		4.92	9.23
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	(0.18)		—	—
		Distributions (from capital gains)	(2.09)	(1.56)	(3.14)		(4.97)	(4.34)
	Total Dividends and Distributions		(2.09)	(1.56)	(3.32)		(4.97)	(4.34)
	Net Asset Value, End of Period		$131.70	$111.15	$94.24		$83.92	$83.97
	Total Return*		20.63%⁽²⁾	19.89%	16.72%		5.88%	12.07%
	Net Assets, End of Period (in thousands)		$666,848	$617,749	$552,545		$282,626	$104,169
	Average Net Assets for the Period (in thousands)		$647,856	$632,639	$385,855		$180,646	$101,667
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.16%	1.18%	1.18%		1.14%	1.16%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.12%	1.13%	1.15%		1.13%	1.16%
		Ratio of Net Investment Income/(Loss)	(0.13)%	(0.14)%	(0.05)%		0.16%	(0.25)%
	Portfolio Turnover Rate		13%	10%	8%		17%	17%
						1


Class C Shares
For a share outstanding during the year ended September 30			2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$104.26	$89.01	$79.78	$80.56	$76.52
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.81)	(0.70)	(0.58)	(0.39)	(0.71)
		Net realized and unrealized gain/(loss)	21.31	17.51	12.95	4.58	9.09
	Total from Investment Operations		20.50	16.81	12.37	4.19	8.38
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—
		Distributions (from capital gains)	(2.09)	(1.56)	(3.14)	(4.97)	(4.34)
	Total Dividends and Distributions		(2.09)	(1.56)	(3.14)	(4.97)	(4.34)
	Net Asset Value, End of Period		$122.67	$104.26	$89.01	$79.78	$80.56
	Total Return*		19.93%	19.19%	15.95%	5.19%	11.34%
	Net Assets, End of Period (in thousands)		$254,496	$250,285	$185,629	$77,748	$47,481
	Average Net Assets for the Period (in thousands)		$255,949	$233,290	$118,888	$63,110	$40,463
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.70%	1.73%	1.81%	1.78%	1.82%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.70%	1.73%	1.81%	1.78%	1.82%
		Ratio of Net Investment Income/(Loss)	(0.71)%	(0.74)%	(0.71)%	(0.46)%	(0.90)%
	Portfolio Turnover Rate		13%	10%	8%	17%	17%

* 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 Financial Statements.

20	SEPTEMBER 30, 2018

Janus Henderson Enterprise Fund

Financial Highlights


Class D Shares
For a share outstanding during the year ended September 30			2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$113.64	$96.10	$85.33	$85.09	$79.95
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.23	0.17	0.23	0.48	0.05
		Net realized and unrealized gain/(loss)	23.31	19.02	13.92	4.76	9.55
	Total from Investment Operations		23.54	19.19	14.15	5.24	9.60
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.10)	(0.09)	(0.24)	(0.03)	(0.12)
		Distributions (from capital gains)	(2.09)	(1.56)	(3.14)	(4.97)	(4.34)
	Total Dividends and Distributions		(2.19)	(1.65)	(3.38)	(5.00)	(4.46)
	Net Asset Value, End of Period		$134.99	$113.64	$96.10	$85.33	$85.09
	Total Return*		20.99%	20.27%	17.06%	6.19%	12.43%
	Net Assets, End of Period (in thousands)		$1,973,861	$1,696,184	$1,420,155	$1,214,008	$1,178,379
	Average Net Assets for the Period (in thousands)		$1,853,456	$1,547,274	$1,301,480	$1,278,374	$1,175,886
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.81%	0.82%	0.84%	0.84%	0.84%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.81%	0.82%	0.84%	0.84%	0.84%
		Ratio of Net Investment Income/(Loss)	0.18%	0.17%	0.26%	0.54%	0.06%
	Portfolio Turnover Rate		13%	10%	8%	17%	17%


Class I Shares
For a share outstanding during the year ended September 30			2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$114.20	$96.60	$85.81	$85.51	$80.37
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.32	0.23	0.29	0.50	0.13
		Net realized and unrealized gain/(loss)	23.42	19.09	14.00	4.83	9.55
	Total from Investment Operations		23.74	19.32	14.29	5.33	9.68
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.16)	(0.16)	(0.36)	(0.06)	(0.20)
		Distributions (from capital gains)	(2.09)	(1.56)	(3.14)	(4.97)	(4.34)
	Total Dividends and Distributions		(2.25)	(1.72)	(3.50)	(5.03)	(4.54)
	Net Asset Value, End of Period		$135.69	$114.20	$96.60	$85.81	$85.51
	Total Return*		21.07%	20.32%	17.15%	6.28%	12.47%
	Net Assets, End of Period (in thousands)		$6,443,068	$4,550,263	$2,524,615	$1,229,458	$547,204
	Average Net Assets for the Period (in thousands)		$5,408,221	$3,535,026	$1,776,987	$861,229	$545,347
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.75%	0.77%	0.78%	0.74%	0.75%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.75%	0.77%	0.78%	0.74%	0.75%
		Ratio of Net Investment Income/(Loss)	0.25%	0.22%	0.32%	0.55%	0.16%
	Portfolio Turnover Rate		13%	10%	8%	17%	17%

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

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

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


See Notes to Financial Statements.

Janus Investment Fund	21

Janus Henderson Enterprise Fund

Financial Highlights


Class N Shares
For a share outstanding during the year ended September 30			2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$114.57	$96.86	$86.00	$85.63	$80.41
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.42	0.33	0.37	0.55	0.30
		Net realized and unrealized gain/(loss)	23.51	19.15	14.03	4.88	9.49
	Total from Investment Operations		23.93	19.48	14.40	5.43	9.79
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.23)	(0.21)	(0.40)	(0.09)	(0.23)
		Distributions (from capital gains)	(2.09)	(1.56)	(3.14)	(4.97)	(4.34)
	Total Dividends and Distributions		(2.32)	(1.77)	(3.54)	(5.06)	(4.57)
	Net Asset Value, End of Period		$136.18	$114.57	$96.86	$86.00	$85.63
	Total Return*		21.18%	20.45%	17.25%	6.39%	12.62%
	Net Assets, End of Period (in thousands)		$3,947,225	$2,940,422	$1,416,813	$555,661	$81,346
	Average Net Assets for the Period (in thousands)		$3,463,197	$2,309,608	$935,924	$253,371	$30,878
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.66%	0.67%	0.68%	0.67%	0.68%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.66%	0.67%	0.68%	0.67%	0.68%
		Ratio of Net Investment Income/(Loss)	0.34%	0.31%	0.41%	0.61%	0.36%
	Portfolio Turnover Rate		13%	10%	8%	17%	17%


Class R Shares
For a share outstanding during the year ended September 30			2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$108.20	$92.03	$82.09	$82.46	$77.93
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.50)	(0.41)	(0.28)	(0.06)	(0.42)
		Net realized and unrealized gain/(loss)	22.15	18.14	13.36	4.66	9.29
	Total from Investment Operations		21.65	17.73	13.08	4.60	8.87
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—
		Distributions (from capital gains)	(2.09)	(1.56)	(3.14)	(4.97)	(4.34)
	Total Dividends and Distributions		(2.09)	(1.56)	(3.14)	(4.97)	(4.34)
	Net Asset Value, End of Period		$127.76	$108.20	$92.03	$82.09	$82.46
	Total Return*		20.27%	19.56%	16.38%	5.59%	11.78%
	Net Assets, End of Period (in thousands)		$162,271	$171,439	$134,396	$98,430	$70,573
	Average Net Assets for the Period (in thousands)		$167,123	$160,164	$115,477	$88,440	$66,768
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.41%	1.42%	1.43%	1.41%	1.42%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.41%	1.42%	1.43%	1.41%	1.42%
		Ratio of Net Investment Income/(Loss)	(0.43)%	(0.42)%	(0.33)%	(0.07)%	(0.51)%
	Portfolio Turnover Rate		13%	10%	8%	17%	17%

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

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

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


See Notes to Financial Statements.

22	SEPTEMBER 30, 2018

Janus Henderson Enterprise Fund

Financial Highlights


Class S Shares
For a share outstanding during the year ended September 30			2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$110.70	$93.89	$83.56	$83.65	$78.80
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.21)	(0.17)	(0.07)	0.14	(0.23)
		Net realized and unrealized gain/(loss)	22.69	18.54	13.62	4.74	9.42
	Total from Investment Operations		22.48	18.37	13.55	4.88	9.19
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	(0.08)	—	—
		Distributions (from capital gains)	(2.09)	(1.56)	(3.14)	(4.97)	(4.34)
	Total Dividends and Distributions		(2.09)	(1.56)	(3.22)	(4.97)	(4.34)
	Net Asset Value, End of Period		$131.09	$110.70	$93.89	$83.56	$83.65
	Total Return*		20.57%	19.86%	16.67%	5.86%	12.07%
	Net Assets, End of Period (in thousands)		$626,458	$580,629	$470,126	$327,972	$199,831
	Average Net Assets for the Period (in thousands)		$593,963	$536,354	$391,803	$267,883	$228,373
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.16%	1.17%	1.18%	1.17%	1.17%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.16%	1.17%	1.18%	1.17%	1.16%
		Ratio of Net Investment Income/(Loss)	(0.17)%	(0.17)%	(0.08)%	0.16%	(0.29)%
	Portfolio Turnover Rate		13%	10%	8%	17%	17%


Class T Shares
For a share outstanding during the year ended September 30			2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$112.96	$95.60	$84.97	$84.78	$79.71
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.11	0.08	0.15	0.39	(0.01)
		Net realized and unrealized gain/(loss)	23.17	18.91	13.85	4.78	9.50
	Total from Investment Operations		23.28	18.99	14.00	5.17	9.49
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.05)	(0.07)	(0.23)	(0.01)	(0.08)
		Distributions (from capital gains)	(2.09)	(1.56)	(3.14)	(4.97)	(4.34)
	Total Dividends and Distributions		(2.14)	(1.63)	(3.37)	(4.98)	(4.42)
	Net Asset Value, End of Period		$134.10	$112.96	$95.60	$84.97	$84.78
	Total Return*		20.88%	20.16%	16.96%	6.13%	12.33%
	Net Assets, End of Period (in thousands)		$5,344,306	$4,374,383	$3,050,476	$1,799,869	$1,248,431
	Average Net Assets for the Period (in thousands)		$4,920,845	$3,748,225	$2,355,843	$1,579,228	$1,179,729
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.91%	0.92%	0.93%	0.92%	0.92%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.91%	0.91%	0.93%	0.91%	0.92%
		Ratio of Net Investment Income/(Loss)	0.09%	0.08%	0.17%	0.44%	(0.01)%
	Portfolio Turnover Rate		13%	10%	8%	17%	17%

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

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

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


See Notes to Financial Statements.

Janus Investment Fund	23

Janus Henderson Enterprise Fund

Notes to Financial Statements

1. Organization and Significant Accounting Policies

Janus Henderson Enterprise 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 48 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.

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

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


24	SEPTEMBER 30, 2018

Janus Henderson Enterprise Fund

Notes to Financial Statements

Investment Valuation

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	25

Janus Henderson Enterprise Fund

Notes to Financial Statements

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

Expenses

Estimates

Indemnifications

Foreign Currency Translations

Dividends and Distributions


26	SEPTEMBER 30, 2018

Janus Henderson Enterprise Fund

Notes to Financial Statements

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

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.


Janus Investment Fund	27

Janus Henderson Enterprise 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.

· 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


28	SEPTEMBER 30, 2018

Janus Henderson Enterprise Fund

Notes to Financial Statements

3. Other Investments and Strategies

Additional Investment Risk


Janus Investment Fund	29

Janus Henderson Enterprise Fund

Notes to Financial Statements

Counterparties

Offsetting Assets and Liabilities

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs OTC derivatives and forward foreign currency exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, in the event of a default and/or termination event, the Fund may offset with each counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment.

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 September 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

Barclays Capital, Inc.	$	483,614	$	(264,529)	$	—	$	219,085
Citibank NA		416,277		(279,980)		—		136,297
Deutsche Bank AG		51,844,706		—		(51,844,706)		—
HSBC Securities (USA), Inc.		255,828		(255,828)		—		—
JPMorgan Chase & Co.		662,579		—		—		662,579

Total	$	53,663,004	$	(800,337)	$	(51,844,706)	$	1,017,961


30	SEPTEMBER 30, 2018

Janus Henderson Enterprise Fund

Notes to Financial Statements


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.		$	264,529	$	(264,529)	$	—	$	—
Citibank NA			279,980		(279,980)		—		—
Credit Suisse International			1,740,372		—		—		1,740,372
HSBC Securities (USA), Inc.			686,870		(255,828)		—		431,042

Total		$	2,971,751	$	(800,337)	$	—	$	2,171,414
(a)	Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities.
(b)	Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value.

The Fund 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

Securities Lending


Janus Investment Fund	31

Janus Henderson Enterprise Fund

Notes to Financial Statements

SEC. If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund.

The cash collateral invested by Janus Capital is disclosed in the Schedule of Investments (if applicable). Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations. As of September 30, 2018, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $51,844,706 for equity securities. Gross amounts of recognized liabilities for securities lending (collateral received) as of September 30, 2018 is $52,982,934, resulting in the net amount due to the counterparty of $1,138,228.

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 0.64% of its average daily net assets.

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 0.87% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waivers until at least February 1, 2019. 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	SEPTEMBER 30, 2018

Janus Henderson Enterprise Fund

Notes to Financial Statements

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 Services is compensated for its services related to the Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.


Janus Investment Fund	33

Janus Henderson Enterprise Fund

Notes to Financial Statements

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 $504,989 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended September 30, 2018. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.


34	SEPTEMBER 30, 2018

Janus Henderson Enterprise Fund

Notes to Financial Statements

no CDSCs paid by redeeming shareholders of Class A Shares to Janus Henderson Distributors during the year ended September 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. During the year ended September 30, 2018, redeeming shareholders of Class C Shares paid CDSCs of $13,053.

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)
$ 38,532,938	$ 895,966,699	$ -	$ -	$ -	$ (425,544)	$6,533,659,760


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 13,015,039,969	$6,687,371,843	$(153,712,083)	$ 6,533,659,760

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


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ (1,153,453)	$ -	$ -	$ -

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


Janus Investment Fund	35

Janus Henderson Enterprise Fund

Notes to Financial Statements

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 September 30, 2018
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 16,031,687	$ 282,459,263	$ -	$ -


For the year ended September 30, 2017
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 12,292,320	$ 176,635,278	$ -	$ -



Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ -	$ (129,074)	$ 129,074


36	SEPTEMBER 30, 2018

Janus Henderson Enterprise Fund

Notes to Financial Statements

6. Capital Share Transactions



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

Class A Shares:
Shares sold	1,296,427	$ 157,464,679	3,835,792	$ 371,583,694
Reinvested dividends and distributions	67,240	7,778,327	86,318	8,145,824
Shares repurchased	(1,858,006)	(225,516,908)	(4,227,887)	(422,506,957)
Net Increase/(Decrease)	(494,339)	$ (60,273,902)	(305,777)	$ (42,777,439)
Class C Shares:
Shares sold	113,459	$ 12,804,618	918,985	$ 82,607,348
Reinvested dividends and distributions	41,231	4,461,996	37,125	3,301,111
Shares repurchased	(480,534)	(54,717,910)	(641,022)	(60,071,039)
Net Increase/(Decrease)	(325,844)	$ (37,451,296)	315,088	$ 25,837,420
Class D Shares:
Shares sold	656,967	$ 81,178,745	1,306,820	$ 129,263,111
Reinvested dividends and distributions	270,032	31,939,342	250,887	24,145,367
Shares repurchased	(1,231,016)	(153,069,747)	(1,409,072)	(143,415,836)
Net Increase/(Decrease)	(304,017)	$ (39,951,660)	148,635	$ 9,992,642
Class I Shares:
Shares sold	17,216,812	$2,166,385,521	19,886,756	$2,029,408,725
Reinvested dividends and distributions	612,884	72,835,110	395,041	38,192,591
Shares repurchased	(10,189,438)	(1,271,624,789)	(6,574,655)	(682,354,189)
Net Increase/(Decrease)	7,640,258	$ 967,595,842	13,707,142	$1,385,247,127
Class N Shares:
Shares sold	6,905,136	$ 863,500,854	13,756,222	$1,384,535,741
Reinvested dividends and distributions	506,110	60,318,238	349,221	33,846,513
Shares repurchased	(4,090,669)	(510,515,851)	(3,068,727)	(322,666,945)
Net Increase/(Decrease)	3,320,577	$ 413,303,241	11,036,716	$1,095,715,309
Class R Shares:
Shares sold	269,194	$ 31,787,109	642,157	$ 60,802,833
Reinvested dividends and distributions	24,919	2,802,672	24,339	2,240,880
Shares repurchased	(608,453)	(71,251,670)	(542,372)	(53,131,403)
Net Increase/(Decrease)	(314,340)	$ (36,661,889)	124,124	$ 9,912,310
Class S Shares:
Shares sold	1,191,364	$ 145,538,971	1,937,307	$ 189,833,002
Reinvested dividends and distributions	91,051	10,487,274	87,440	8,220,247
Shares repurchased	(1,748,844)	(210,321,532)	(1,786,802)	(178,678,170)
Net Increase/(Decrease)	(466,429)	$ (54,295,287)	237,945	$ 19,375,079
Class T Shares:
Shares sold	9,667,226	$1,190,543,133	14,331,112	$1,428,413,148
Reinvested dividends and distributions	698,980	82,193,001	573,617	54,918,078
Shares repurchased	(9,239,644)	(1,144,604,577)	(8,087,412)	(818,566,582)
Net Increase/(Decrease)	1,126,562	$ 128,131,557	6,817,317	$ 664,764,644

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
$2,075,611,362	$2,048,873,106	$ -	$ -


Janus Investment Fund	37

Janus Henderson Enterprise Fund

Notes to Financial Statements

8. Recent Accounting Pronouncements

9. Subsequent Event


38	SEPTEMBER 30, 2018

Janus Henderson Enterprise Fund

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Enterprise Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of September 30, 2018, the related statement of operations for the year ended September 30, 2018, the statements of changes in net assets for each of the two years in the period ended September 30, 2018, including the related notes, and the financial highlights for each of the five years in the period ended September 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 September 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 September 30, 2018 and the financial highlights for each of the five years in the period ended September 30, 2018 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 September 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

November 16, 2018

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


Janus Investment Fund	39

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD


40	SEPTEMBER 30, 2018

Janus Henderson Enterprise 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	41

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


42	SEPTEMBER 30, 2018

Janus Henderson Enterprise 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	43

Janus Henderson Enterprise 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


44	SEPTEMBER 30, 2018

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Quantitative Equity Funds

U.S. Equity Funds

Janus Aspen Series


Janus Investment Fund	45

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Costs of Services Provided


46	SEPTEMBER 30, 2018

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Alternative Funds


Janus Investment Fund	47

Janus Henderson Enterprise 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


48	SEPTEMBER 30, 2018

Janus Henderson Enterprise 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	49

Janus Henderson Enterprise 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.


50	SEPTEMBER 30, 2018

Janus Henderson Enterprise 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	51

Janus Henderson Enterprise 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.


52	SEPTEMBER 30, 2018

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Economies of Scale

Other Benefits to Janus Capital


Janus Investment Fund	53

Janus Henderson Enterprise 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.


54	SEPTEMBER 30, 2018

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


Janus Investment Fund	55

Janus Henderson Enterprise 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.


56	SEPTEMBER 30, 2018

Janus Henderson Enterprise Fund

Designation Requirements (unaudited)

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



Capital Gain Distributions	$282,459,263
Dividends Received Deduction Percentage	100%
Qualified Dividend Income Percentage	100%


Janus Investment Fund	57

Janus Henderson Enterprise 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.


58	SEPTEMBER 30, 2018

Janus Henderson Enterprise 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).		60	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	59

Janus Henderson Enterprise 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).		60	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).


60	SEPTEMBER 30, 2018

Janus Henderson Enterprise 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).		60	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	61

Janus Henderson Enterprise 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).		60	Director of Brightwood Capital Advisors, LLC (since 2014).


62	SEPTEMBER 30, 2018

Janus Henderson Enterprise 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
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.		60	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 Enterprise 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.		60	Formerly, Director of Red Robin Gourmet Burgers, Inc. (RRGB) (2004-2014).


64	SEPTEMBER 30, 2018

Janus Henderson Enterprise 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. 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).		60	None
Diane L. Wallace 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	6/17-Present	Retired.		60	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 for Driehaus Mutual Funds (1996-2002).


Janus Investment Fund	65

Janus Henderson Enterprise 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).		60	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	SEPTEMBER 30, 2018

Janus Henderson Enterprise 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
Brian Demain 151 Detroit Street Denver, CO 80206 DOB: 1977	Executive Vice President and Co-Portfolio Manager Janus Henderson Enterprise Fund	11/07-Present	Portfolio Manager for other Janus Henderson accounts.
Cody Wheaton 151 Detroit Street Denver, CO 80206 DOB: 1978	Executive Vice President and Co-Portfolio Manager Janus Henderson Enterprise Fund	7/16-Present	Portfolio Manager and Analyst for other Janus Henderson accounts.
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 Enterprise 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); and 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	SEPTEMBER 30, 2018

Janus Henderson Enterprise 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 Knowledge. Shared are trademarks of Janus Henderson Group plc or one of its subsidiary entities. © Janus Henderson Group plc. Funds distributed by Janus Henderson Distributors
							125-02-93040 11-18



	ANNUAL REPORT September 30, 2018

Janus Henderson European Focus Fund

Janus Investment Fund

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

Table of Contents

Janus Henderson European Focus Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	13
Statement of Assets and Liabilities	14
Statement of Operations	16
Statements of Changes in Net Assets	17
Financial Highlights	18
Notes to Financial Statements	26
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 European Focus Fund (unaudited)

FUND SNAPSHOT

The diverse nature of Europe makes it an attractive area for investors looking for differentiated sources of return. The Janus Henderson European Focus Fund is a regional equity fund that seeks to achieve long-term capital appreciation primarily through investment in European companies. The Fund’s managers follow a “growth at a reasonable price” philosophy, with a focus on opportunities that seek to maximize absolute returns irrespective of style.

Lars Dollmann

co-portfolio manager

Stephen Peak

co-portfolio manager

PERFORMANCE

The Janus Henderson European Focus Fund underperformed its benchmark, the MSCI Europe Index^SM, over the period. The Fund’s Class I shares returned -7.60%, while the MSCI Europe Index returned -0.30%.

INVESTMENT ENVIRONMENT

European equities posted a slight negative in the 12 months to September 30, 2018. The period began strongly for European equities but saw a sharp reversal in the first half of 2018.

PERFORMANCE DISCUSSION

Bayer, the German pharmaceutical and agriculture firm, detracted after Monsanto, acquired by Bayer recently, was ordered to pay damages related to alleged side effects from the use of a weed control product. Monsanto has appealed the decision and, in our view, the level of damage is likely to be less severe than initially forecast. Regardless of this one-off issue, we do not think the market is accurately reflecting the enhanced value of the stock post the acquisition. Bayer had previously been among our largest positions, but we reduced the position size in the third quarter.

Micro Focus, a company that purchases legacy software assets, was among the Fund’s most significant detractors over the year. The company revised down guidance early in 2018, causing the share price to fall very sharply, something we view as indicative of how unforgiving the market has been on negative news flow. After the stock recovered some of the ground lost, we decided to exit our position.

After the recent news that the Italian budget included greater spending plans than the market had expected, we saw some volatility in Italian financials. Our position in Intesa Sanpaolo, an Italian banking and financial services group, detracted from performance as a result. We retain conviction in the position. Intesa, in our view, offers us materially greater upside potential than the majority of their European peers. While all banks should benefit from a rise in bond yields, Intesa also brings sensitivity to incrementally more positive news from Italy.

The Fund had strong performance from energy names after we increased our exposure to the sector toward the end of 2017. TransGlobe Energy was among the Fund’s best performers and has been one of our strongest contributors on a year-to-date basis. TransGlobe is an exploration and production company focused primarily on Egypt where they have high-quality, low-cost assets. With the potential for further drilling and merger and acquisition activity, we continue to think the outlook for the company looks attractive, regardless of oil prices.

Schibsted contributed positively after announcing they would spin off their international online classifieds business. Schibsted is a media and classifieds business, operating sites and apps like “Shpock,” a boot sale app available across Europe. Online classifieds has been a key growth driver for the company in recent years and we think the spin-off will generate shareholder value.

DERIVATIVES USAGE

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

OUTLOOK

Recently, we have reassessed the Fund’s construction, introducing more balance. This has resulted in greater portfolio turnover than average, as we have introduced new ideas to the Fund while resizing and closing incumbent positions. We believe the Fund is well positioned as we move through the balance of the year, and we are excited about the upside potential in many of our holdings.


Janus Investment Fund	1

Janus Henderson European Focus Fund (unaudited)

As the valuation and performance gap between U.S. and European equities has widened further, we think European markets have suffered some overselling. The result is that at the headline level we believe valuations are attractive, and drilling down further we are finding individual opportunities with potential upside.

While the value style has performed poorly in most markets for the majority of the year and remains unloved, we are starting to see some flickers of hope in the broadening global recovery and the upswing in global bond yields. This should aid the Fund’s performance given our overall value bias at present. We are conscious that we have been early, hence the underperformance. However, we have always pivoted the Fund to where we believe money-making potential lies. We believe we have a number of positions with material upside and have confidence that we can make up for recent underperformance.

Thank you for your investment in the Janus Henderson European Focus Fund.


2	SEPTEMBER 30, 2018

Janus Henderson European Focus Fund (unaudited)

Fund At A Glance

September 30, 2018





	5 Top Performers - Holdings		5 Bottom Performers - Holdings
		Contribution		Contribution
	Kosmos Energy Ltd	1.06%	Bayer AG	-2.36%
	Royal Mail PLC	0.89%	Micro Focus International PLC	-1.54%
	International Petroleum Corp/Sweden	0.82%	Pandora A/S	-1.28%
	Schibsted ASA	0.79%	Saga PLC	-1.11%
	TransGlobe Energy Corp	0.79%	Intesa Sanpaolo SpA	-1.02%

	5 Top Performers - Sectors*
		Fund	Fund Weighting	MSCI Europe Index
		Contribution	(Average % of Equity)	Weighting
	Energy	1.69%	12.24%	7.71%
	Utilities	0.29%	1.84%	3.62%
	Other**	0.03%	1.65%	0.00%
	Consumer Staples	-0.01%	1.40%	13.40%
	Financials	-0.22%	11.72%	20.52%

	5 Bottom Performers - Sectors*
		Fund	Fund Weighting	MSCI Europe Index
		Contribution	(Average % of Equity)	Weighting
	Information Technology	-3.11%	6.70%	5.24%
	Health Care	-1.87%	14.15%	12.35%
	Consumer Discretionary	-1.32%	33.99%	10.73%
	Industrials	-0.92%	10.35%	13.15%
	Real Estate	-0.38%	0.99%	1.36%

	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 European Focus Fund (unaudited)

Fund At A Glance

September 30, 2018


5 Largest Equity Holdings - (% of Net Assets)
Renault SA
Automobiles	5.9%
Intesa Sanpaolo SpA
Banks	4.9%
Kosmos Energy Ltd
Oil, Gas & Consumable Fuels	4.5%
Sanofi
Pharmaceuticals	4.0%
Schibsted ASA
Media	3.8%
	23.1%


Asset Allocation - (% of Net Assets)
Common Stocks	98.8%
Investment Companies	3.2%
Preferred Stocks	0.1%
Warrants	0.1%
Other		(2.2)%
		100.0%

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

As of September 30, 2018

As of September 30, 2017


4	SEPTEMBER 30, 2018

Janus Henderson European Focus Fund (unaudited)

Performance

See important disclosures on the next page.



					Expense Ratios -
Average Annual Total Return - for the periods ended September 30, 2018					per the January 26, 2018 prospectuses
	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses	Net Annual Fund Operating Expenses
Class A Shares at NAV	-7.84%	1.38%	8.24%	12.14%	1.35%	1.34%
Class A Shares at MOP	-13.15%	0.19%	7.60%	11.75%
Class C Shares at NAV	-8.51%	0.60%	7.41%	11.30%	2.22%	2.16%
Class C Shares at CDSC	-9.42%	0.60%	7.41%	11.30%
Class D Shares⁽¹⁾	-7.67%	1.38%	8.24%	12.14%	1.11%	1.11%
Class I Shares	-7.60%	1.64%	8.24%	12.14%	1.06%	1.06%
Class N Shares	-7.54%	1.38%	8.24%	12.14%	0.99%	0.99%
Class S Shares	-7.90%	1.27%	8.18%	12.10%	1.48%	1.47%
Class T Shares	-7.79%	1.38%	8.24%	12.14%	1.22%	1.21%
MSCI Europe Index	-0.30%	3.70%	4.85%	5.55%
Morningstar Quartile - Class A Shares	4th	4th	1st	1st
Morningstar Ranking - based on total returns for Europe Stock Funds	128/131	85/93	10/78	7/72

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 February 1, 2019.

The expense ratios for Class N Shares are estimated.

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


Janus Investment Fund	5

Janus Henderson European Focus 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.

Returns of the Fund shown prior to June 5, 2017, are those for Henderson European Focus 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 and Class C Shares of the Predecessor Fund commenced operations with the Predecessor Fund’s inception on August 31, 2001. Class I Shares and Class R6 Shares of the Predecessor Fund commenced operations on March 31, 2009 and November 30, 2015, respectively. Class D Shares, Class S Shares, and Class T Shares commenced operations on June 5, 2017.

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, except that for periods prior to March 31, 2009, performance for Class I Shares 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 (without sales charges), 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 A Shares of the Predecessor Fund, calculated using the fees and expenses of Class A Shares of the Predecessor Fund (without sales charges), 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 A Shares of the Predecessor Fund, calculated using the fees and expenses of Class A Shares of the Predecessor Fund (without sales charges), 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 A Shares of the Predecessor Fund, calculated using the fees and expenses of Class A Shares of the Predecessor Fund (without sales charges), 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 A Shares of the Predecessor Fund, calculated using the fees and expenses of Class A Shares of the Predecessor Fund (without sales charges), 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.”


6	SEPTEMBER 30, 2018

Janus Henderson European Focus Fund (unaudited)

Performance

Effective July 1, 2018, Lars Dollmann and Stephen Peak are Co-Portfolio Managers of the Fund.

*The Predecessor Fund’s inception date – August 31, 2001

(1) Closed to certain new investors.


Janus Investment Fund	7

Janus Henderson European Focus Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (4/1/18)	Ending Account Value (9/30/18)	Expenses Paid During Period (4/1/18 - 9/30/18)†	Beginning Account Value (4/1/18)	Ending Account Value (9/30/18)	Expenses Paid During Period (4/1/18 - 9/30/18)†	Net Annualized Expense Ratio (4/1/18 - 9/30/18)
Class A Shares		$1,000.00	$958.30	$6.48	$1,000.00	$1,018.45	$6.68	1.32%
Class C Shares		$1,000.00	$954.90	$10.10	$1,000.00	$1,014.74	$10.40	2.06%
Class D Shares		$1,000.00	$959.00	$5.50	$1,000.00	$1,019.45	$5.67	1.12%
Class I Shares		$1,000.00	$959.30	$5.11	$1,000.00	$1,019.85	$5.27	1.04%
Class N Shares		$1,000.00	$959.70	$4.77	$1,000.00	$1,020.21	$4.91	0.97%
Class S Shares		$1,000.00	$958.40	$6.38	$1,000.00	$1,018.55	$6.58	1.30%
Class T Shares		$1,000.00	$958.40	$5.84	$1,000.00	$1,019.10	$6.02	1.19%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/365 (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	SEPTEMBER 30, 2018

Janus Henderson European Focus Fund

Schedule of Investments

September 30, 2018


Shares			Value
Common Stocks– 98.8%
Aerospace & Defense – 3.2%
	Rolls-Royce Holdings PLC*	2,500,000	$32,169,573
Air Freight & Logistics – 2.0%
	Deutsche Post AG	550,000	19,608,196
Auto Components – 2.6%
	TI Fluid Systems PLC	8,000,000	25,855,553
Automobiles – 5.9%
	Renault SA	675,000	58,378,802
Banks – 10.7%
	Erste Group Bank AG*	850,000	35,306,478
	ING Groep NV	1,750,000	22,721,152
	Intesa Sanpaolo SpA	19,000,000	48,547,713
			106,575,343
Biotechnology – 2.1%
	Shire PLC	350,000	21,088,761
Commercial Services & Supplies – 4.0%
	Babcock International Group PLC	1,500,000	14,133,239
	Intrum AB^#	1,000,000	26,013,350
			40,146,589
Construction & Engineering – 0.4%
	RA International Group PLC*	4,000,000	3,544,713
Diversified Telecommunication Services – 2.1%
	BT Group PLC	7,000,000	20,552,819
Equity Real Estate Investment Trusts (REITs) – 1.1%
	Hammerson PLC	1,750,000	10,415,526
Food & Staples Retailing – 1.0%
	Jeronimo Martins SGPS SA	700,000	10,308,219
Health Care Providers & Services – 0.7%
	NMC Health PLC	150,000	6,634,608
Industrial Conglomerates – 1.3%
	Rheinmetall AG	125,000	13,068,841
Insurance – 1.6%
	UNIQA Insurance Group AG	1,600,000	15,983,283
Internet Software & Services – 1.8%
	Argo Blockchain PLC*	11,000,000	1,075,143
	XLMedia PLC^£	14,000,000	17,058,931
			18,134,074
Machinery – 4.8%
	ANDRITZ AG	350,000	20,417,344
	CNH Industrial NV	2,250,000	27,034,479
			47,451,823
Media – 10.8%
	Central European Media Enterprises Ltd*	6,900,000	25,875,000
	Informa PLC	2,750,000	27,315,792
	Liberty Media Corp-Liberty Formula One*	450,000	16,735,500
	Schibsted ASA	1,000,000	37,562,379
			107,488,671
Metals & Mining – 6.0%
	Anglo American PLC	1,500,000	33,681,289
	Centamin PLC	15,000,000	20,760,028
	Duke Royalty Ltd	9,000,000	5,360,075
			59,801,392
Oil, Gas & Consumable Fuels – 12.9%
	Africa Energy Corp*	12,000,000	1,765,389
	Africa Energy Corp*^,ž	10,000,000	1,519,603
	Africa Oil Corp*^,ž	12,800,000	14,926,778
	Africa Oil Corp*	4,810,500	5,438,118
	Cairn Energy PLC*	11,000,000	33,343,759
	Diversified Gas & Oil PLC	2,000,000	3,218,912
	International Petroleum Corp/Sweden*	526,678	3,450,361


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

Janus Investment Fund	9

Janus Henderson European Focus Fund

Schedule of Investments

September 30, 2018


Shares			Value
Common Stocks– (continued)
Oil, Gas & Consumable Fuels – (continued)
	Kosmos Energy Ltd*	4,750,000	$44,412,500
	TransGlobe Energy Corp^£	6,000,000	20,023,229
			128,098,649
Paper & Forest Products – 4.7%
	Mondi PLC	1,000,000	27,419,397
	UPM-Kymmene OYJ	500,000	19,619,224
			47,038,621
Pharmaceuticals – 9.7%
	Bayer AG	400,000	35,528,210
	Merck KGaA	200,000	20,664,035
	Sanofi	450,000	39,995,356
			96,187,601
Semiconductor & Semiconductor Equipment – 1.0%
	ASML Holding NV	55,000	10,273,392
Textiles, Apparel & Luxury Goods – 5.6%
	Coats Group PLC	24,500,000	26,309,068
	Pandora A/S	475,000	29,667,622
			55,976,690
Tobacco – 2.8%
	British American Tobacco PLC	600,000	28,027,993
Total Common Stocks (cost $1,039,824,422)			982,809,732
Preferred Stocks– 0.1%
Hotels, Restaurants & Leisure – 0.1%
	BNN Technology PLC*^,¢(cost $14,372,557)	11,756,231	1,164,378
Warrants– 0.1%
Oil, Gas & Consumable Fuels – 0.1%
	Savannah Petroleum PLC, expires, 2/9/19*(cost $0)	14,631,000	394,690
Investment Companies– 3.2%
Investments Purchased with Cash Collateral from Securities Lending – 2.1%
	Janus Henderson Cash Collateral Fund LLC, 1.9772%^ºº,£	21,075,000	21,075,000
Money Markets – 1.1%
	Fidelity Investments Money Market Treasury Portfolio, 1.9300%^ºº	10,778,888	10,778,888
Total Investment Companies (cost $31,853,888)			31,853,888
Total Investments (total cost $1,086,050,867) – 102.2%			1,016,222,688
Liabilities, net of Cash, Receivables and Other Assets – (2.2)%			(21,687,088)
Net Assets – 100%			$994,535,600


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

10	SEPTEMBER 30, 2018

Janus Henderson European Focus Fund

Schedule of Investments

September 30, 2018


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

		% of
		Investment
Country	Value	Securities
United Kingdom	$359,524,247	35.4	%
France	98,374,158	9.7
United States	93,001,888	9.2
Germany	88,869,282	8.7
Italy	75,582,192	7.4
Austria	71,707,105	7.1
Canada	47,123,478	4.6
Norway	37,562,379	3.7
Netherlands	32,994,544	3.3
Denmark	29,667,622	2.9
Sweden	26,013,350	2.6
Czech Republic	25,875,000	2.5
Finland	19,619,224	1.9
Portugal	10,308,219	1.0



Total	$1,016,222,688	100.0	%

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income⁽¹⁾		Realized Gain/(Loss)⁽¹⁾		Change in Unrealized Appreciation/ Depreciation⁽¹⁾		Value at 9/30/18
Common Stocks - 3.7%
Internet Software & Services - 1.7%
	XLMedia PLC	$	417,418	$	-	$	(9,719,857)	$	17,058,931
Oil, Gas & Consumable Fuels - 2.0%
	International Petroleum Corp/Sweden^*,š		-		13,104,706		(1,957,276)		N/A
	Savannah Petroleum PLC		-		(7,934,378)		3,544,019		-
	TransGlobe Energy Corp		178,500		-		9,968,478		20,023,229
Total Oil, Gas & Consumable Fuels		$	178,500	$	5,170,328	$	11,555,221	$	20,023,229
Total Common Stocks		$	595,918	$	5,170,328	$	1,835,364	$	37,082,160
Investment Companies - 2.1%
Investments Purchased with Cash Collateral from Securities Lending - 2.1%
	Janus Henderson Cash Collateral Fund LLC, 1.9772%^ºº		791,592^∆		-		-		21,075,000
Total Affiliated Investments - 5.8%		$	1,387,510	$	5,170,328	$	1,835,364	$	58,157,160


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

Janus Investment Fund	11

Janus Henderson European Focus Fund

Schedule of Investments

September 30, 2018


		Share Balance at 9/30/17		Purchases		Sales		Share Balance at 9/30/18
Common Stocks - 3.7%
Internet Software & Services - 1.7%
	XLMedia PLC		10,000,000		4,000,000		-		14,000,000
Oil, Gas & Consumable Fuels - 2.0%
	International Petroleum Corp/Sweden^*,š		5,500,000		-		(4,973,322)		526,678
	Savannah Petroleum PLC		12,515,000		29,262,000		(41,777,000)		-
	TransGlobe Energy Corp		2,031,300		3,968,700		-		6,000,000
Investment Companies - 2.1%
Investments Purchased with Cash Collateral from Securities Lending - 2.1%
	Janus Henderson Cash Collateral Fund LLC, 1.9772%^ºº		-		157,168,650		(136,093,650)		21,075,000

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


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

Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative				Currency Contracts
Forward foreign currency exchange contracts				$ (2,128)

Please see the "Net Realized Gain/(Loss) on Investments" section of the Fund’s Statement of Operations.


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

	Market Value^(a)
Forward foreign currency exchange contracts, purchased	$ 177,673

(a) Forward foreign currency exchange contracts are reported as the average ending monthly currency amount purchased.


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

12	SEPTEMBER 30, 2018

Janus Henderson European Focus Fund

Notes to Schedule of Investments and Other Information


MSCI Europe Index^SM	MSCI Europe Index^SM reflects the equity market performance of developed markets in Europe.


LLC	Limited Liability Company
PLC	Public Limited Company


*	Non-income producing security.


ž	Issued by the same entity and traded on separate exchanges.


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


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


¢	Security is valued using significant unobservable inputs.


£	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.


š	Company was no longer an affiliate as of September 30, 2018.


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


The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of September 30, 2018. See Notes to Financial Statements for more information.

Valuation Inputs Summary

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

Assets
Investments in Securities:
Common Stocks	$	982,809,732	$	-	$	-
Preferred Stocks		-		-		1,164,378
Warrants		-		394,690		-
Investment Companies		10,778,888		21,075,000		-
Total Assets	$	993,588,620	$	21,469,690	$	1,164,378


Janus Investment Fund	13

Janus Henderson European Focus Fund

Statement of Assets and Liabilities

September 30, 2018

See footnotes at the end of the Statement.



Assets:
	Unaffiliated investments, at value⁽¹⁾⁽²⁾		$	958,065,528
	Affiliated investments, at value⁽³⁾			58,157,160
	Cash denominated in foreign currency⁽⁴⁾			282,486
	Non-interested Trustees' deferred compensation			21,394
	Receivables:
		Foreign tax reclaims		3,167,514
		Fund shares sold		1,232,267
		Dividends		690,612
		Investments sold		138,534
	Other assets			14,185
Total Assets				1,021,769,680
Liabilities:
	Collateral for securities loaned (Note 2)			21,075,000
	Payables:			—
		Investments purchased		3,400,083
		Fund shares repurchased		1,464,691
		Advisory fees		730,504
		Transfer agent fees and expenses		188,924
		12b-1 Distribution and shareholder servicing fees		136,308
		Professional fees		39,678
		Non-interested Trustees' deferred compensation fees		21,394
		Custodian fees		9,902
		Non-interested Trustees' fees and expenses		7,939
		Affiliated fund administration fees payable		2,083
		Accrued expenses and other payables		157,574
Total Liabilities				27,234,080
Net Assets			$	994,535,600


See Notes to Financial Statements.

14	SEPTEMBER 30, 2018

Janus Henderson European Focus Fund

Statement of Assets and Liabilities

September 30, 2018




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	1,389,880,412
	Total distributable earnings (loss)		(395,344,812)
Total Net Assets		$	994,535,600
Net Assets - Class A Shares		$	176,689,587
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		5,569,363
Net Asset Value Per Share⁽⁵⁾		$	31.73
Maximum Offering Price Per Share⁽⁶⁾		$	33.67
Net Assets - Class C Shares		$	118,407,906
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,992,820
Net Asset Value Per Share⁽⁵⁾		$	29.66
Net Assets - Class D Shares		$	2,875,075
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		90,952
Net Asset Value Per Share		$	31.61
Net Assets - Class I Shares		$	695,302,217
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		22,007,348
Net Asset Value Per Share		$	31.59
Net Assets - Class N Shares		$	283,509
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		8,961
Net Asset Value Per Share		$	31.64
Net Assets - Class S Shares		$	47,864
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,518
Net Asset Value Per Share		$	31.53
Net Assets - Class T Shares		$	929,442
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		29,438
Net Asset Value Per Share		$	31.57

(1) Includes cost of $1,034,985,686.

(2) Includes $20,065,842 of securities on loan. See Note 2 in Notes to Financial Statements.

(3) Includes cost of $51,065,181.

(4) Includes cost of $282,486.

(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	15

Janus Henderson European Focus Fund

Statement of Operations

For the year ended September 30, 2018



Investment Income:
	Dividends		$	38,434,784
	Affiliated securities lending income, net			791,592
	Dividends from affiliates			595,918
	Other income			299,824
	Foreign tax withheld			(2,846,879)
Total Investment Income				37,275,239
Expenses:
	Advisory fees			13,151,727
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		567,919
		Class C Shares		1,537,200
		Class S Shares		115
	Transfer agent administrative fees and expenses:
		Class D Shares		3,676
		Class S Shares		126
		Class T Shares		3,986
	Transfer agent networking and omnibus fees:
		Class A Shares		174,961
		Class C Shares		99,678
		Class I Shares		614,800
	Other transfer agent fees and expenses:
		Class A Shares		26,226
		Class C Shares		15,720
		Class D Shares		946
		Class I Shares		45,072
		Class N Shares		25
		Class T Shares		48
	Registration fees			127,024
	Custodian fees			120,055
	Affiliated fund administration fees			72,836
	Professional fees			52,691
	Shareholder reports expense			38,828
	Non-interested Trustees’ fees and expenses			34,927
	Other expenses			74,897
Total Expenses				16,763,483
Less: Excess Expense Reimbursement and Waivers				(108,650)
Net Expenses				16,654,833
Net Investment Income/(Loss)				20,620,406
Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions			35,759,910
	Investments in affiliates			5,170,328
	Forward foreign currency exchange contracts			(2,128)
Total Net Realized Gain/(Loss) on Investments				40,928,110
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation			(170,516,343)
	Investments in affiliates			1,835,364
Total Change in Unrealized Net Appreciation/Depreciation				(168,680,979)
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	(107,132,463)


See Notes to Financial Statements.

16	SEPTEMBER 30, 2018

Janus Henderson European Focus Fund

Statements of Changes in Net Assets



			Year ended September 30, 2018		Period ended September 30, 2017⁽¹⁾		Year ended July 31, 2017⁽²⁾

Operations:
	Net investment income/(loss)		$	20,620,406	$	6,822,325	$	24,371,774
	Net realized gain/(loss) on investments			40,928,110		34,758,970		(183,898,128)
	Change in unrealized net appreciation/depreciation			(168,680,979)		(3,782,959)		276,271,924
Net Increase/(Decrease) in Net Assets Resulting from Operations				(107,132,463)		37,798,336		116,745,570
Dividends and Distributions to Shareholders⁽³⁾
		Class A Shares		(4,317,905)		N/A		N/A
		Class C Shares		(1,391,083)		N/A		N/A
		Class D Shares		(64,816)		N/A		N/A
		Class I Shares		(25,516,238)		N/A		N/A
		Class N Shares		(6,895)		N/A		N/A
		Class S Shares		(1,110)		N/A		N/A
		Class T Shares		(47,776)		N/A		N/A
	Total Dividends and Distributions to Shareholders			(31,345,823)		N/A		N/A
	Dividends from Net Investment Income⁽³⁾
		Class A Shares		N/A		—		(9,900,205)
		Class C Shares		N/A		—		(3,893,328)
		Class I Shares		N/A		—		(41,518,851)
		Class N Shares		N/A		—		(40,779)
	Total Dividends from Net Investment Income			N/A		—		(55,353,163)
Net Decrease from Dividends and Distributions to Shareholders				(31,345,823)		—		(55,353,163)
Capital Share Transactions:
		Class A Shares		(74,651,805)		(7,581,430)		(296,792,133)
		Class C Shares		(51,573,291)		(7,652,324)		(107,599,355)
		Class D Shares		407,736		124,269		2,533,122
		Class I Shares		(437,685,060)		(69,941,711)		(639,332,130)
		Class N Shares		(4,692)		100,131		(1,245,160)
		Class S Shares		1,111		—		50,010
		Class T Shares		(146,651)		260,212		977,983
Net Increase/(Decrease) from Capital Share Transactions				(563,652,652)		(84,690,853)		(1,041,407,663)
Net Increase/(Decrease) in Net Assets				(702,130,938)		(46,892,517)		(980,015,256)
Net Assets:
	Beginning of period			1,696,666,538		1,743,559,055		2,723,574,311
	End of period⁽⁴⁾		$	994,535,600	$	1,696,666,538	$	1,743,559,055

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

(2) Period from June 5, 2017 (inception date) through July 31, 2017 for Class D Shares, Class S Shares and Class T Shares.

(4) Net assets - End of period includes undistributed (overdistributed) net investment income of $29,836,827 as of September 30, 2017 and $22,940,348 as of July 31, 2017. The requirement to parenthetically disclose undistributed net investment income was eliminated by the SEC for 2018.


See Notes to Financial Statements.

Janus Investment Fund	17

Janus Henderson European Focus Fund

Financial Highlights


Class A Shares
For a share outstanding during the year or period ended September 30			2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$35.02	$34.22
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.46	0.13
		Net realized and unrealized gain/(loss)	(3.16)	0.67
	Total from Investment Operations		(2.70)	0.80
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.59)	—
	Total Dividends and Distributions		(0.59)	—
	Net Asset Value, End of Period		$31.73	$35.02
	Total Return*		(7.84)%	2.34%
	Net Assets, End of Period (in thousands)		$176,690	$273,184
	Average Net Assets for the Period (in thousands)		$227,911	$268,061
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.31%	1.35%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.30%	1.35%
		Ratio of Net Investment Income/(Loss)	1.37%	2.29%
	Portfolio Turnover Rate		82%	6%


Class C Shares
For a share outstanding during the year or period ended September 30			2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$32.68	$31.98
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.21	0.08
		Net realized and unrealized gain/(loss)	(2.97)	0.62
	Total from Investment Operations		(2.76)	0.70
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.26)	—
	Total Dividends and Distributions		(0.26)	—
	Net Asset Value, End of Period		$29.66	$32.68
	Total Return*		(8.51)%	2.19%
	Net Assets, End of Period (in thousands)		$118,408	$184,366
	Average Net Assets for the Period (in thousands)		$154,929	$183,018
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.04%	2.22%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.02%	2.22%
		Ratio of Net Investment Income/(Loss)	0.65%	1.44%
	Portfolio Turnover Rate		82%	6%

* 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, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.

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


See Notes to Financial Statements.

18	SEPTEMBER 30, 2018

Janus Henderson European Focus Fund

Financial Highlights


Class A Shares
For a share outstanding during the year ended July 31			2017	2016	2015		2014
	Net Asset Value, Beginning of Period		$32.17	$36.91	$35.42		$29.23
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.34	0.44	0.35		0.66
		Net realized and unrealized gain/(loss)	2.50	(4.94)	1.67		5.60
	Total from Investment Operations		2.84	(4.50)	2.02		6.26
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.79)	(0.24)	(0.53)		(0.07)
	Total Dividends and Distributions		(0.79)	(0.24)	(0.53)		(0.07)
	Net Asset Value, End of Period		$34.22	$32.17	$36.91		$35.42
	Total Return*		9.15%	(12.22)%	5.86%		21.43%
	Net Assets, End of Period (in thousands)		$274,588	$560,452	$905,598		$750,572
	Average Net Assets for the Period (in thousands)		$381,753	$810,537	$669,133		$686,867
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.33%	1.28%	1.30%		1.37%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.33%	1.28%	1.30%		1.37%
		Ratio of Net Investment Income/(Loss)	1.06%	1.35%	0.99%		1.88%
	Portfolio Turnover Rate		57%	62%	75%		90%
						1


Class C Shares
For a share outstanding during the year ended July 31			2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$30.06	$34.57	$33.35	$27.67
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.11	0.22	0.04	0.32
		Net realized and unrealized gain/(loss)	2.32	(4.69)	1.59	5.36
	Total from Investment Operations		2.43	(4.47)	1.63	5.68
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.51)	(0.04)	(0.41)	—
	Total Dividends and Distributions		(0.51)	(0.04)	(0.41)	—
	Net Asset Value, End of Period		$31.98	$30.06	$34.57	$33.35
	Total Return*		8.32%	(12.94)%	5.02%	20.53%
	Net Assets, End of Period (in thousands)		$188,120	$287,339	$365,135	$266,900
	Average Net Assets for the Period (in thousands)		$219,705	$328,767	$287,767	$197,376
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.11%	2.07%	2.09%	2.14%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.11%	2.07%	2.09%	2.14%
		Ratio of Net Investment Income/(Loss)	0.36%	0.71%	0.12%	0.98%
	Portfolio Turnover Rate		57%	62%	75%	90%

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

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

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


See Notes to Financial Statements.

Janus Investment Fund	19

Janus Henderson European Focus Fund

Financial Highlights


Class D Shares
For a share outstanding during the year or period ended September 30			2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$35.02	$34.21
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.57	0.14
		Net realized and unrealized gain/(loss)	(3.20)	0.67
	Total from Investment Operations		(2.63)	0.81
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.78)	—
	Total Dividends and Distributions		(0.78)	—
	Net Asset Value, End of Period		$31.61	$35.02
	Total Return*		(7.67)%	2.37%
	Net Assets, End of Period (in thousands)		$2,875	$2,776
	Average Net Assets for the Period (in thousands)		$3,071	$2,683
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.19%	1.11%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.11%	1.11%
		Ratio of Net Investment Income/(Loss)	1.71%	2.52%
	Portfolio Turnover Rate		82%	6%


Class I Shares
For a share outstanding during the year or period ended September 30			2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$34.94	$34.13
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.54	0.15
		Net realized and unrealized gain/(loss)	(3.14)	0.66
	Total from Investment Operations		(2.60)	0.81
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.75)	—
	Total Dividends and Distributions		(0.75)	—
	Net Asset Value, End of Period		$31.59	$34.94
	Total Return*		(7.60)%	2.37%
	Net Assets, End of Period (in thousands)		$695,302	$1,234,695
	Average Net Assets for the Period (in thousands)		$1,025,799	$1,231,744
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.03%	1.06%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.02%	1.06%
		Ratio of Net Investment Income/(Loss)	1.60%	2.59%
	Portfolio Turnover Rate		82%	6%

* 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, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.

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


See Notes to Financial Statements.

20	SEPTEMBER 30, 2018

Janus Henderson European Focus Fund

Financial Highlights


Class D Shares
For a share outstanding during the period ended July 31			2017⁽¹⁾
	Net Asset Value, Beginning of Period		$33.53
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.11
		Net realized and unrealized gain/(loss)	0.57
	Total from Investment Operations		0.68
	Less Dividends and Distributions:
		Dividends (from net investment income)	—
	Total Dividends and Distributions		—
	Net Asset Value, End of Period		$34.21
	Total Return*		2.03%
	Net Assets, End of Period (in thousands)		$2,585
	Average Net Assets for the Period (in thousands)		$2,342
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.25%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.08%
		Ratio of Net Investment Income/(Loss)	2.11%
	Portfolio Turnover Rate		57%


Class I Shares
For a share outstanding during the year ended July 31			2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$32.18	$36.90	$35.48	$29.25
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.44	0.60	0.42	0.74
		Net realized and unrealized gain/(loss)	2.47	(5.02)	1.67	5.61
	Total from Investment Operations		2.91	(4.42)	2.09	6.35
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.96)	(0.30)	(0.67)	(0.12)
	Total Dividends and Distributions		(0.96)	(0.30)	(0.67)	(0.12)
	Net Asset Value, End of Period		$34.13	$32.18	$36.90	$35.48
	Total Return*		9.44%	(12.01)%	6.10%	21.73%
	Net Assets, End of Period (in thousands)		$1,277,021	$1,874,371	$2,357,546	$1,400,298
	Average Net Assets for the Period (in thousands)		$1,414,519	$2,276,749	$1,653,249	$804,994
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.07%	1.04%	1.07%	1.11%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.07%	1.04%	1.07%	1.11%
		Ratio of Net Investment Income/(Loss)	1.38%	1.83%	1.19%	2.09%
	Portfolio Turnover Rate		57%	62%	75%	90%

* 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 July 31, 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	21

Janus Henderson European Focus Fund

Financial Highlights


Class N Shares
For a share outstanding during the year or period ended September 30			2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$34.89	$34.10
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.56	0.13
		Net realized and unrealized gain/(loss)	(3.14)	0.66
	Total from Investment Operations		(2.58)	0.79
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.67)	—
	Total Dividends and Distributions		(0.67)	—
	Net Asset Value, End of Period		$31.64	$34.89
	Total Return*		(7.54)%	2.32%
	Net Assets, End of Period (in thousands)		$284	$318
	Average Net Assets for the Period (in thousands)		$332	$245
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.43%	1.19%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.97%	1.19%
		Ratio of Net Investment Income/(Loss)	1.68%	2.29%
	Portfolio Turnover Rate		82%	6%


Class S Shares
For a share outstanding during the year or period ended September 30			2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$35.01	$34.20
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.47	0.13
		Net realized and unrealized gain/(loss)	(3.20)	0.68
	Total from Investment Operations		(2.73)	0.81
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.75)	—
	Total Dividends and Distributions		(0.75)	—
	Net Asset Value, End of Period		$31.53	$35.01
	Total Return*		(7.96)%⁽³⁾	2.37%
	Net Assets, End of Period (in thousands)		$48	$52
	Average Net Assets for the Period (in thousands)		$50	$50
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	4.42%	1.48%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.35%	1.30%
		Ratio of Net Investment Income/(Loss)	1.42%	2.34%
	Portfolio Turnover Rate		82%	6%

* 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, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 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.


See Notes to Financial Statements.

22	SEPTEMBER 30, 2018

Janus Henderson European Focus Fund

Financial Highlights


Class N Shares
For a share outstanding during the year or period ended July 31			2017	2016⁽¹⁾
	Net Asset Value, Beginning of Period		$32.18	$34.37
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.42	0.57
		Net realized and unrealized gain/(loss)	2.47	(2.46)
	Total from Investment Operations		2.89	(1.89)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.97)	(0.30)
	Total Dividends and Distributions		(0.97)	(0.30)
	Net Asset Value, End of Period		$34.10	$32.18
	Total Return*		9.36%	(5.54)%
	Net Assets, End of Period (in thousands)		$210	$1,413
	Average Net Assets for the Period (in thousands)		$1,074	$1,393
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.10%	1.05%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.10%	1.05%
		Ratio of Net Investment Income/(Loss)	1.34%	2.68%
	Portfolio Turnover Rate		57%	62%


Class S Shares
For a share outstanding during the period ended July 31			2017⁽³⁾
	Net Asset Value, Beginning of Period		$33.53
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.09
		Net realized and unrealized gain/(loss)	0.58
	Total from Investment Operations		0.67
	Less Dividends and Distributions:
		Dividends (from net investment income)	—
	Total Dividends and Distributions		—
	Net Asset Value, End of Period		$34.20
	Total Return*		2.00%
	Net Assets, End of Period (in thousands)		$51
	Average Net Assets for the Period (in thousands)		$49
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.45%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.45%
		Ratio of Net Investment Income/(Loss)	1.67%
	Portfolio Turnover Rate		57%

* 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) Period from June 5, 2017 (inception date) through July 31, 2017.


See Notes to Financial Statements.

Janus Investment Fund	23

Janus Henderson European Focus Fund

Financial Highlights


Class T Shares
For a share outstanding during the year or period ended September 30			2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$35.03	$34.22
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.54	0.13
		Net realized and unrealized gain/(loss)	(3.21)	0.68
	Total from Investment Operations		(2.67)	0.81
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.79)	—
	Total Dividends and Distributions		(0.79)	—
	Net Asset Value, End of Period		$31.57	$35.03
	Total Return*		(7.79)%	2.37%
	Net Assets, End of Period (in thousands)		$929	$1,275
	Average Net Assets for the Period (in thousands)		$1,598	$1,077
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.31%	1.22%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.20%	1.18%
		Ratio of Net Investment Income/(Loss)	1.59%	2.26%
	Portfolio Turnover Rate		82%	6%

* 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, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.

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


See Notes to Financial Statements.

24	SEPTEMBER 30, 2018

Janus Henderson European Focus Fund

Financial Highlights


Class T Shares
For a share outstanding during the period ended July 31			2017⁽¹⁾
	Net Asset Value, Beginning of Period		$33.53
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.05
		Net realized and unrealized gain/(loss)	0.64
	Total from Investment Operations		0.69
	Less Dividends and Distributions:
		Dividends (from net investment income)	—
	Total Dividends and Distributions		—
	Net Asset Value, End of Period		$34.22
	Total Return*		2.06%
	Net Assets, End of Period (in thousands)		$983
	Average Net Assets for the Period (in thousands)		$63
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.51%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.21%
		Ratio of Net Investment Income/(Loss)	1.60%
	Portfolio Turnover Rate		57%

* 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 July 31, 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	25

Janus Henderson European Focus Fund

Notes to Financial Statements

1. Organization and Significant Accounting Policies

Janus Henderson European Focus 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 48 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term capital appreciation primarily through investment in equities of European companies. 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 European Focus 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.


26	SEPTEMBER 30, 2018

Janus Henderson European Focus Fund

Notes to Financial Statements

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

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	27

Janus Henderson European Focus Fund

Notes to Financial Statements

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.

The Fund did not hold a significant amount of Level 3 securities as of September 30, 2018.

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

Expenses

Estimates

Indemnifications

Foreign Currency Translations


28	SEPTEMBER 30, 2018

Janus Henderson European Focus Fund

Notes to Financial Statements

Dividends and Distributions

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:


Janus Investment Fund	29

Janus Henderson European Focus Fund

Notes to Financial Statements

· 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


30	SEPTEMBER 30, 2018

Janus Henderson European Focus 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.

There were no forward currency contracts held at September 30, 2018.

3. Other Investments and Strategies

Additional Investment Risk


Janus Investment Fund	31

Janus Henderson European Focus Fund

Notes to Financial Statements

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


Offsetting of Financial Assets and Derivative Assets

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

Deutsche Bank AG		$	20,065,842	$	—	$	(20,065,842)	$	—

(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	SEPTEMBER 30, 2018


Average Daily Net Assets of the Fund	Contractual Investment Advisory Fee (%)
First $500 Million	1.00
Next $1 Billion	0.90
Next $1 Billion	0.85
Over $2.5 Billion	0.80



Capital Loss Carryover Schedule
For the year ended September 30, 2018
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$(201,920,147)	$(135,034,119)	$ (336,954,266)



Foreign Taxes Paid	$2,778,007
Foreign Source Income	$39,030,703
Dividends Received Deduction Percentage	1%
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 Knowledge. Shared are trademarks of Janus Henderson Group plc or one of its subsidiary entities. © Janus Henderson Group plc. Funds distributed by Janus Henderson Distributors
							125-02-93080 11-18



	ANNUAL REPORT September 30, 2018

Janus Henderson Forty Fund

Janus Investment Fund

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


5 Largest Equity Holdings - (% of Net Assets)
Amazon.com Inc
Internet & Direct Marketing Retail	6.7%
Mastercard Inc
Information Technology Services	6.4%
Microsoft Corp
Software	6.3%
Alphabet Inc
Internet Software & Services	5.9%
salesforce.com Inc
Software	5.0%
	30.3%


Asset Allocation - (% of Net Assets)
Common Stocks	98.4%
Investment Companies	2.4%
Other		(0.8)%
		100.0%


Shares			Value
Common Stocks– 98.4%
Aerospace & Defense – 2.3%
	Boeing Co	831,712	$309,313,693
Automobiles – 0.4%
	Tesla Inc*	178,707	47,316,252
Banks – 3.1%
	Bank of America Corp	8,287,209	244,141,177
	Citigroup Inc	2,389,812	171,445,113
			415,586,290
Biotechnology – 3.6%
	Celgene Corp*	2,751,802	246,258,761
	Regeneron Pharmaceuticals Inc*	566,850	229,030,074
			475,288,835
Capital Markets – 4.9%
	Charles Schwab Corp	5,316,207	261,291,574
	Intercontinental Exchange Inc	5,210,169	390,189,556
			651,481,130
Chemicals – 4.0%
	Air Products & Chemicals Inc	1,318,035	220,177,747
	Sherwin-Williams Co	668,387	304,256,446
			524,434,193
Construction Materials – 0.8%
	Vulcan Materials Co	919,935	102,296,772
Electronic Equipment, Instruments & Components – 1.1%
	TE Connectivity Ltd	1,721,530	151,374,133
Equity Real Estate Investment Trusts (REITs) – 3.4%
	American Tower Corp	3,068,146	445,801,614
Health Care Equipment & Supplies – 6.7%
	Boston Scientific Corp*	9,700,893	373,484,381
	Edwards Lifesciences Corp*	934,596	162,713,164
	Intuitive Surgical Inc*	615,579	353,342,346
			889,539,891
Health Care Providers & Services – 2.1%
	Humana Inc	812,813	275,153,457
Hotels, Restaurants & Leisure – 2.2%
	Starbucks Corp	5,058,057	287,499,960
Information Technology Services – 8.1%
	Mastercard Inc	3,827,238	851,981,451
	Pagseguro Digital Ltd*	2,532,719	70,080,335
	PayPal Holdings Inc*	1,618,041	142,128,721
			1,064,190,507
Internet & Direct Marketing Retail – 8.1%
	Amazon.com Inc*	441,760	884,845,280
	Netflix Inc*	491,412	183,851,972
			1,068,697,252
Internet Software & Services – 9.9%
	Alphabet Inc*	650,112	775,889,169
	Facebook Inc*	1,443,943	237,470,866
	Tencent Holdings Ltd	7,238,700	298,872,985
			1,312,233,020
Pharmaceuticals – 5.7%
	Allergan PLC	1,506,871	287,028,788
	Merck & Co Inc	2,897,101	205,520,345
	Nektar Therapeutics*	946,982	57,728,023
	Zoetis Inc	2,287,377	209,432,238
			759,709,394
Professional Services – 1.2%
	CoStar Group Inc*	382,075	160,792,443
Road & Rail – 2.5%
	Union Pacific Corp	2,041,365	332,395,463


		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 9/30/18
Investment Companies - 2.4%
Investments Purchased with Cash Collateral from Securities Lending - N/A
	Janus Henderson Cash Collateral Fund LLC, 1.9772%^ºº	$	34,675^∆	$	-	$	-	$	-
Money Markets - 2.4%
	Janus Henderson Cash Liquidity Fund LLC, 2.0479%^ºº		6,066,969		-		-		319,371,513
Total Affiliated Investments - 2.4%		$	6,101,644	$	-	$	-	$	319,371,513


Russell 1000^{^®} Growth Index	Russell 1000^{^®} Growth Index reflects the performance of U.S. large-cap equities with higher price-to-book ratios and higher forecasted growth values.
S&P 500^{^®} Index	S&P 500^{^®} Index reflects U.S. large-cap equity performance and represents broad U.S. equity market performance.



Assets:
	Unaffiliated investments, at value⁽¹⁾		$	13,004,857,578
	Affiliated investments, at value⁽²⁾			319,371,513
	Cash			1,222
	Non-interested Trustees' deferred compensation			284,192
	Receivables:
		Investments sold		41,267,720
		Dividends		6,497,493
		Fund shares sold		2,507,940
		Dividends from affiliates		416,351
	Other assets			12,204
Total Assets				13,375,216,213
Liabilities:
	Payables:			—
		Investments purchased		143,456,429
		Fund shares repurchased		9,669,582
		Advisory fees		6,156,365
		Transfer agent fees and expenses		1,984,054
		12b-1 Distribution and shareholder servicing fees		395,946
		Non-interested Trustees' deferred compensation fees		284,192
		Non-interested Trustees' fees and expenses		74,326
		Professional fees		54,702
		Affiliated fund administration fees payable		26,928
		Custodian fees		8,421
		Accrued expenses and other payables		717,468
Total Liabilities				162,828,413
Net Assets			$	13,212,387,800




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	7,746,512,788
	Total distributable earnings (loss)		5,465,875,012
Total Net Assets		$	13,212,387,800
Net Assets - Class A Shares		$	237,546,855
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		6,347,465
Net Asset Value Per Share⁽³⁾		$	37.42
Maximum Offering Price Per Share⁽⁴⁾		$	39.70
Net Assets - Class C Shares		$	227,488,406
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		7,312,672
Net Asset Value Per Share⁽³⁾		$	31.11
Net Assets - Class D Shares		$	7,842,180,097
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		216,307,749
Net Asset Value Per Share		$	36.25
Net Assets - Class I Shares		$	1,125,445,301
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		29,053,472
Net Asset Value Per Share		$	38.74
Net Assets - Class N Shares		$	199,929,272
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		5,144,801
Net Asset Value Per Share		$	38.86
Net Assets - Class R Shares		$	127,953,940
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,802,601
Net Asset Value Per Share		$	33.65
Net Assets - Class S Shares		$	516,748,199
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		14,345,552
Net Asset Value Per Share		$	36.02
Net Assets - Class T Shares		$	2,935,095,730
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		79,967,494
Net Asset Value Per Share		$	36.70



Investment Income:
	Dividends		$	99,091,036
	Dividends from affiliates			6,066,969
	Affiliated securities lending income, net			34,675
	Foreign tax withheld			(455,375)
Total Investment Income				104,737,305
Expenses:
	Advisory fees			78,076,359
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		550,998
		Class C Shares		2,163,641
		Class R Shares		615,235
		Class S Shares		1,310,742
	Transfer agent administrative fees and expenses:
		Class D Shares		8,667,850
		Class R Shares		308,005
		Class S Shares		1,310,742
		Class T Shares		6,801,665
	Transfer agent networking and omnibus fees:
		Class A Shares		283,842
		Class C Shares		180,721
		Class I Shares		645,143
	Other transfer agent fees and expenses:
		Class A Shares		22,892
		Class C Shares		21,548
		Class D Shares		772,755
		Class I Shares		41,727
		Class N Shares		4,500
		Class R Shares		1,631
		Class S Shares		6,427
		Class T Shares		34,251
	Shareholder reports expense			736,018
	Affiliated fund administration fees			585,871
	Non-interested Trustees’ fees and expenses			321,339
	Registration fees			198,963
	Professional fees			149,594
	Custodian fees			139,754
	Other expenses			626,339
Total Expenses				104,578,552
Less: Excess Expense Reimbursement and Waivers				(8,166,319)
Net Expenses				96,412,233
Net Investment Income/(Loss)				8,325,072
Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions			877,375,058
Total Net Realized Gain/(Loss) on Investments				877,375,058
Change in Unrealized Net Appreciation/Depreciation:
	Investments and non-interested Trustees’ deferred compensation			1,749,329,444
Total Change in Unrealized Net Appreciation/Depreciation				1,749,329,444
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	2,635,029,574



Capital Gain Distributions	$960,948,644
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 Knowledge. Shared are trademarks of Janus Henderson Group plc or one of its subsidiary entities. © Janus Henderson Group plc. Funds distributed by Janus Henderson Distributors
							125-02-93041 11-18



	ANNUAL REPORT September 30, 2018

Janus Henderson Global Equity Income Fund

Janus Investment Fund

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


5 Largest Equity Holdings - (% of Net Assets)
BHP Billiton PLC
Metals & Mining	3.7%
Pfizer Inc
Pharmaceuticals	3.5%
TOTAL SA
Oil, Gas & Consumable Fuels	3.4%
Eni SpA
Oil, Gas & Consumable Fuels	3.0%
Imperial Brands PLC
Tobacco	2.9%
	16.5%


Asset Allocation - (% of Net Assets)
Common Stocks	99.1%
Investment Companies	1.0%
Other		(0.1)%
		100.0%


Shares			Value
Common Stocks– 99.1%
Aerospace & Defense – 1.0%
	BAE Systems PLC	6,956,369	$57,094,915
Air Freight & Logistics – 2.0%
	Deutsche Post AG	3,001,018	106,990,089
Automobiles – 0.8%
	General Motors Co	1,352,889	45,551,773
Banks – 11.1%
	DBS Group Holdings Ltd	2,895,400	55,272,544
	ING Groep NV	11,001,036	142,832,118
	Lloyds Banking Group PLC	140,927,404	108,853,536
	Malayan Banking Bhd	28,974,700	68,567,153
	Mitsubishi UFJ Financial Group Inc	19,538,300	121,959,582
	Societe Generale SA	2,437,262	104,603,641
			602,088,574
Beverages – 2.8%
	Coca-Cola Amatil Ltd	6,141,598	43,320,081
	Diageo PLC	3,079,367	109,114,589
			152,434,670
Chemicals – 2.4%
	BASF SE	834,832	74,188,983
	DowDuPont Inc	840,247	54,036,285
			128,225,268
Communications Equipment – 1.8%
	Cisco Systems Inc	2,013,538	97,958,624
Containers & Packaging – 2.5%
	Amcor Ltd/Australia	10,816,938	106,942,048
	DS Smith PLC	4,322,372	26,942,301
			133,884,349
Distributors – 0.1%
	Connect Group PLC	10,645,272	4,501,773
Diversified Telecommunication Services – 7.3%
	BT Group PLC	28,941,643	84,976,049
	Orange SA	3,815,480	60,837,727
	Telenor ASA	2,570,021	50,258,160
	TELUS Corp	2,241,860	82,644,177
	Verizon Communications Inc	2,223,368	118,705,617
			397,421,730
Electric Utilities – 5.6%
	Duke Energy Corp	666,616	53,342,612
	Enel SpA	9,237,494	47,313,471
	PPL Corp	3,686,371	107,863,215
	SSE PLC	6,452,032	96,359,224
			304,878,522
Electrical Equipment – 1.0%
	ABB Ltd	2,284,499	54,003,600
Electronic Equipment, Instruments & Components – 1.3%
	Hon Hai Precision Industry Co Ltd	27,099,000	70,297,101
Equity Real Estate Investment Trusts (REITs) – 4.8%
	Crown Castle International Corp	502,176	55,907,254
	CyrusOne Inc	586,325	37,173,005
	Dexus	5,643,541	43,069,880
	Eurocommercial Properties NV	1,329,620	48,683,788
	Hammerson PLC	6,388,652	38,023,528
	Scentre Group	13,501,805	38,738,286
			261,595,741
Food Products – 1.5%
	Marine Harvest ASA	3,428,772	79,462,986
Health Care Providers & Services – 0.6%
	CVS Health Corp	421,036	33,143,954



Assets:
	Investments, at value⁽¹⁾		$	5,442,717,572
	Forward foreign currency exchange contracts			5,010,692
	Cash denominated in foreign currency⁽²⁾			1,657,253
	Non-interested Trustees' deferred compensation			117,361
	Receivables:
		Dividends		22,513,241
		Foreign tax reclaims		14,612,067
		Fund shares sold		9,907,044
		Investments sold		4,448,208
	Other assets			90,422
Total Assets				5,501,073,860
Liabilities:
	Payables:			—
		Fund shares repurchased		36,454,613
		Investments purchased		14,280,851
		Dividends		9,958,528
		Advisory fees		2,962,916
		12b-1 Distribution and shareholder servicing fees		1,038,800
		Transfer agent fees and expenses		887,672
		Non-interested Trustees' deferred compensation fees		117,361
		Professional fees		40,636
		Non-interested Trustees' fees and expenses		34,468
		Affiliated fund administration fees payable		11,319
		Accrued expenses and other payables		553,125
Total Liabilities				66,340,289
Net Assets			$	5,434,733,571




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	6,008,716,943
	Total distributable earnings (loss)		(573,983,372)
Total Net Assets		$	5,434,733,571
Net Assets - Class A Shares		$	818,548,022
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		114,327,401
Net Asset Value Per Share⁽³⁾		$	7.16
Maximum Offering Price Per Share⁽⁴⁾		$	7.60
Net Assets - Class C Shares		$	1,037,470,592
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		145,988,324
Net Asset Value Per Share⁽³⁾		$	7.11
Net Assets - Class D Shares		$	8,359,067
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,169,184
Net Asset Value Per Share		$	7.15
Net Assets - Class I Shares		$	3,509,734,945
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		489,132,735
Net Asset Value Per Share		$	7.18
Net Assets - Class N Shares		$	6,840,631
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		953,264
Net Asset Value Per Share		$	7.18
Net Assets - Class S Shares		$	232,379
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		32,515
Net Asset Value Per Share		$	7.15
Net Assets - Class T Shares		$	53,547,935
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		7,493,204
Net Asset Value Per Share		$	7.15



Investment Income:
	Dividends		$	464,012,062
	Interest			158,959
	Other income			1,705,591
	Foreign tax withheld			(39,275,387)
Total Investment Income				426,601,225
Expenses:
	Advisory fees			36,561,962
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		2,190,564
		Class C Shares		11,137,862
		Class S Shares		307
	Transfer agent administrative fees and expenses:
		Class D Shares		9,308
		Class S Shares		317
		Class T Shares		137,397
	Transfer agent networking and omnibus fees:
		Class A Shares		1,231,965
		Class C Shares		710,923
		Class I Shares		2,340,852
	Other transfer agent fees and expenses:
		Class A Shares		91,257
		Class C Shares		101,891
		Class D Shares		2,885
		Class I Shares		137,619
		Class N Shares		183
		Class S Shares		10
		Class T Shares		988
	Shareholder reports expense			434,882
	Registration fees			285,395
	Custodian fees			276,193
	Affiliated fund administration fees			269,737
	Non-interested Trustees’ fees and expenses			147,523
	Professional fees			101,142
	Other expenses			465,015
Total Expenses				56,636,177
Less: Excess Expense Reimbursement and Waivers				(6,778)
Net Expenses				56,629,399
Net Investment Income/(Loss)				369,971,826



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	(98,157,370)
	Forward foreign currency exchange contracts		66,052,777
Total Net Realized Gain/(Loss) on Investments			(32,104,593)
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation		(473,332,317)
	Forward foreign currency exchange contracts		(1,911,140)
Total Change in Unrealized Net Appreciation/Depreciation			(475,243,457)
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	(137,376,224)



Foreign Taxes Paid	$38,911,192
Foreign Source Income	$434,612,696
Dividends Received Deduction Percentage	9%
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 Knowledge. Shared are trademarks of Janus Henderson Group plc or one of its subsidiary entities. © Janus Henderson Group plc. Funds distributed by Janus Henderson Distributors
							125-02-93081 11-18



	ANNUAL REPORT September 30, 2018

Janus Henderson Global Life Sciences Fund

Janus Investment Fund

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


Asset Allocation - (% of Net Assets)
Common Stocks	95.1%
Investment Companies	4.6%
Preferred Stocks	1.7%
Limited Partnership Interests	0.5%
Corporate Bonds	0.3%
Other		(2.2)%
		100.0%


Shares or Principal Amounts			Value
Corporate Bonds– 0.3%
Consumer Non-Cyclical – 0.3%
	PTC Therapeutics Inc, 3.0000%, 8/15/22(cost $9,779,000)	$9,779,000	$11,202,206
Common Stocks– 95.1%
Biotechnology – 30.8%
	AbbVie Inc	606,552	57,367,688
	AC Immune SA*	766,004	6,128,032
	Acceleron Pharma Inc*	465,689	26,651,381
	Adamas Pharmaceuticals Inc*^,#	409,480	8,197,790
	Alexion Pharmaceuticals Inc*	380,659	52,915,408
	Amicus Therapeutics Inc*	2,288,860	27,672,317
	AnaptysBio Inc*	626,326	62,488,545
	Argenx SE (ADR)*	196,745	14,921,141
	BeiGene Ltd (ADR)*	121,587	20,939,713
	BioCryst Pharmaceuticals Inc*	4,142,826	31,609,762
	Biogen Inc*	157,128	55,514,894
	Biohaven Pharmaceutical Holding Co Ltd*	1,154,650	43,357,107
	Celgene Corp*	903,189	80,826,384
	DBV Technologies SA (ADR)*	900,496	20,225,140
	Eidos Therapeutics Inc - Series B (144A)*^,§	711,694	6,747,571
	FibroGen Inc*	363,554	22,085,906
	Galapagos NV*	200,978	22,729,599
	Gilead Sciences Inc	928,717	71,706,240
	Global Blood Therapeutics Inc*	724,908	27,546,504
	Heron Therapeutics Inc*	809,357	25,616,149
	Immunomedics Inc*	1,232,922	25,681,765
	Insmed Inc*	2,060,390	41,661,086
	Ironwood Pharmaceuticals Inc*	1,321,783	24,400,114
	Mirati Therapeutics Inc*^,#	398,893	18,787,860
	Momenta Pharmaceuticals Inc*	655,941	17,251,248
	Myovant Sciences Ltd*^,#	916,909	24,343,934
	Neurocrine Biosciences Inc*	699,193	85,965,779
	Odonate Therapeutics Inc*	573,540	11,132,411
	Puma Biotechnology Inc*	266,562	12,221,868
	Regeneron Pharmaceuticals Inc*	168,506	68,083,164
	Rhythm Pharmaceuticals Inc*	979,132	28,561,280
	Rubius Therapeutics Inc - Series C*^,§	508,126	10,975,522
	Sage Therapeutics Inc*	116,123	16,402,374
	Sarepta Therapeutics Inc*	134,523	21,726,810
	Shire PLC (ADR)	596,168	108,067,373
	Solid Biosciences Inc*^,#	324,867	15,327,225
	Vertex Pharmaceuticals Inc*	173,965	33,530,014
	Viking Therapeutics Inc*^,#	891,442	15,528,920
			1,264,896,018
Health Care Equipment & Supplies – 14.9%
	Abbott Laboratories	1,418,248	104,042,673
	Baxter International Inc	582,766	44,925,431
	Boston Scientific Corp*	2,456,651	94,581,063
	Cooper Cos Inc	212,765	58,967,820
	DexCom Inc*	235,483	33,683,488
	Edwards Lifesciences Corp*	344,670	60,007,047
	Glaukos Corp*	423,688	27,497,351
	ICU Medical Inc*	105,442	29,813,726
	Nevro Corp*	224,108	12,774,156
	NuVasive Inc*	428,066	30,384,125
	STERIS PLC	375,763	42,987,287
	Varian Medical Systems Inc*	292,500	32,739,525
	Wright Medical Group NV*	1,349,982	39,176,478
			611,580,170
Health Care Providers & Services – 10.9%
	Acadia Healthcare Co Inc*	605,200	21,303,040


Shares or Principal Amounts			Value
Preferred Stocks– (continued)
Health Care Providers & Services – 0.2%
	Bigfoot Biomedical Inc - Series B*^,¢,£,§	1,035,873	$9,808,940
Life Sciences Tools & Services – 0.3%
	BridgeBio Pharma LLC - Series C*^,¢,§	7,920,010	10,771,214
Total Preferred Stocks (cost $55,849,565)			70,882,339
Limited Partnership Interests– 0.5%
Biotechnology – 0.5%
	RPI International Holdings LP*^,¢,§(cost $14,999,945)	127,226	19,092,806
Investment Companies– 4.6%
Investments Purchased with Cash Collateral from Securities Lending – 2.5%
	Janus Henderson Cash Collateral Fund LLC, 1.9772%^ºº,£	104,201,101	104,201,101
Money Markets – 2.1%
	Janus Henderson Cash Liquidity Fund LLC, 2.0479%^ºº,£	85,933,761	85,933,761
Total Investment Companies (cost $190,134,862)			190,134,862
Total Investments (total cost $3,128,205,765) – 102.2%			4,198,126,804
Liabilities, net of Cash, Receivables and Other Assets – (2.2)%			(88,863,556)
Net Assets – 100%			$4,109,263,248


MSCI World Health Care Index^SM	MSCI World Health Care Index^SM reflects the performance of health care stocks from 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.