Janus Henderson Overseas Fund Class S NCSR Certified annual shareholder report (management investment company)

OMB APPROVAL
OMB Number: 3235-0570
Expires: January 31, 2017
Estimated average burden
hours per response: 20.6

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-1879

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

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

Stephanie Grauerholz, 151 Detroit Street, Denver, Colorado 80206
(Name and address of agent for service)

Registrant's telephone number, including area code: 303-333-3863

Date of fiscal year end: 9/30

Date of reporting period: 9/30/15

Item 1 - Reports to Shareholders



	ANNUAL REPORT September 30, 2015

Janus Asia Equity Fund

Janus Investment Fund

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

Table of Contents

Janus Asia Equity Fund

Janus Asia Equity Fund (unaudited)

FUND SNAPSHOT

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

Hiroshi Yoh

portfolio manager

PERFORMANCE

For the 12-month period ended September 30, 2015, Janus Asia Equity Fund’s Class I Shares returned -9.79%, while the Fund’s benchmark, the MSCI All Country Asia ex-Japan Index, returned -12.40%.

MARKET OVERVIEW

Asian equities faced significant challenges during the period. In late 2014, the U.S. dollar surged on expectation of an eventual interest rate hike by the Federal Reserve. This put pressure on Asian currencies, especially those of commodities producers that were vulnerable to lower demand for their dollar-denominated products. However, stocks proved resilient. Chinese shares rallied in the autumn as the People’s Bank of China (PBOC) loosened monetary policy. The rally gathered intensity through the first half of 2015 before correcting in spectacular fashion during the summer. Driving investor anxiety were fears of a worse-than-expected slowdown in the world’s second largest economy, and perhaps the rest of the world. Consequently, energy and materials were among the benchmark components recording the steepest losses. Joining these laggards was the consumer discretionary sector. Health care was the lone sector to register positive returns for the period. On a country basis, Malaysia, Indonesia and Thailand were the worst performers.

PERFORMANCE OVERVIEW

The Fund’s selection of consumer discretionary and industrial stocks contributed most to relative outperformance. On a country basis, relative contribution was led by our security selection in China and India.

Our position in the Shanghai-listed A-shares of Chinese financial company CITIC Securities was among the Fund’s best performers for the period. The company has been at the forefront of financing in China as the country transitions to a reliance on capital markets. We are attracted to the company’s clean balance sheet and its room to increase leverage. While we sold our A-shares holdings in CITIC during the period, we maintain a Hong Kong-listed, H-shares position, which detracted from performance.

Staying in China, SAIC Motor Corporation contributed to results as well. The company had been among the most attractively priced auto companies globally, in our view. Its joint ventures with global industry powers Volkswagen and General Motors have gained domestic market share. While its own brand performed poorly, the stock was supported, in part, by a highly attractive dividend yield. We did, however, exit our position during the period to pursue opportunities with more attractive return profiles.

Indian jewelry store operator PC Jeweller aided performance. The company is expanding at a pace much higher than that of the broader industry; this encompasses store openings and gold sales. The company has also introduced lower-priced products and created online shopping platforms to tap into either underserved or new market segments. At the same time, PC Jeweller is selling well-known overseas luxury brands to meet demands from higher-end market segments. All of these steps have contributed to boosting top-line growth.

Consumer staples and information technology holdings weighed most on relative performance. From a country perspective, our holdings in Taiwan and the Philippines were the largest relative detractors.

The period’s leading detractor was Samsung Electronics of Korea. The company’s stock declined on disappointing Galaxy smartphone sales. The leadership transition between the chairman and his son also weighed on shares. An outbreak of the Middle East Respiratory Syndrome (MERS) at the Samsung Medical Center in Seoul added to a souring sentiment. We remain positive on the stock, as it remains one of the world’s dominant technology companies, with an extremely profitable, industry-leading global semiconductor business and a strong position in the Android market.


Janus Investment Fund	1

Janus Asia Equity Fund (unaudited)

Staying in Korea, Daewoo Shipbuilding detracted from results. Lower freight rates for oil and gas tankers have weighed on the company’s stock during this recent period of weak energy prices. While we recognize its low valuation, we exited the position during the period.

Gaming and hotel company Louis XIII Holdings detracted as well. While conspicuous consumption has diminished in the wake of the anti-corruption crackdown by China’s central government, the companies operating in Macau that concentrate on the VIP segment are the ones that appear most vulnerable, in our view. Louis XIII, however, focuses on the premium mass market segment, which should be more insulated from the government’s actions.

OUTLOOK

There is no denying the impact that a change in sentiment can have on the short-term fortunes of Asian stocks. The period’s risk off environment, in light of slowing regional – and global – growth concerns proved that. While we are mindful of forces such as investment flows and currency volatility, we also recognize that many of the secular themes that attracted us to these markets remain intact. China is a country in transition. The years-long shift from being investment-led to consumer-led is nowhere near complete. Market penetration for automobiles and other goods, such as appliances, remains low. It is likely that current government stimulus aimed at boosting consumption may not have the same impact on economic growth as did the crisis-era measures targeting infrastructure and construction. Still, that period did offer incentives for consumers, which enticed purchases. The current round likely won’t grow consumption by the same magnitude, given the low base effects from the 2008 to 2009 period, but they should provide some support.

Given this transition away from investment and toward consumption, we are underweight the energy and materials sectors in Asia, as industrial demand for raw materials grows at a slower pace. Countries like coal-producing Indonesia are in a rough spot as their exports to China taper off. The case is similar in Malaysia, and that country has the added headwind of political discontent. The pace of reform in India may not be as quick as true market liberals had desired, but it is moving.

The summer’s market correction illustrates the necessity of utilizing deep, fundamental research to identify well-managed companies, with durable growth trajectories that can withstand the market and economic noise that often occurs in emerging regions, such as Asia. We continue to seek companies whose business models are less vulnerable to these developments and can create value in many environments.

Thank you for your investment in Janus Asia Equity Fund.


2	SEPTEMBER 30, 2015

Janus Asia Equity Fund (unaudited)

Fund At A Glance

September 30, 2015





	5 Top Performers - Holdings		5 Bottom Performers - Holdings
		Contribution		Contribution
	Samsung C&T Corp.	2.30%	Samsung Electronics Co., Ltd.	-0.97%
	CITIC Securities Co., Ltd. - Class A	1.42%	San Miguel Pure Foods Co., Inc.	-0.81%
	Daqin Railway Co., Ltd. - Class A	1.23%	Daewoo Shipbuilding & Marine Engineering Co., Ltd.	-0.79%
	SAIC Motor Corp., Ltd. - Class A	1.05%	CITIC Securities Co., Ltd. - Class H	-0.78%
	PC Jeweller, Ltd.	0.85%	Louis XIII Holdings, Ltd.	-0.77%

	5 Top Performers - Sectors*
			Fund Weighting	MSCI All Country Asia ex-Japan Index
		Fund Contribution	(Average % of Equity)	Weighting
	Consumer Discretionary	1.61%	14.86%	8.36%
	Industrials	1.47%	8.17%	8.71%
	Health Care	0.95%	2.52%	2.07%
	Other**	0.63%	5.79%	0.02%
	Energy	0.48%	4.79%	4.94%

	5 Bottom Performers - Sectors*
			Fund Weighting	MSCI All Country Asia ex-Japan Index
		Fund Contribution	(Average % of Equity)	Weighting
	Consumer Staples	-0.62%	3.15%	5.32%
	Information Technology	-0.48%	24.07%	21.45%
	Utilities	-0.10%	1.38%	4.12%
	Telecommunication Services	0.12%	2.48%	6.76%
	Materials	0.27%	2.81%	4.72%
	Security contribution to performance is measured by using an algorithm that multiplies the daily performance of each security with the previous day’s ending weight in the portfolio and is gross of advisory fees. Fixed income securities and certain equity securities, such as private placements and some share classes of equity securities, are excluded.
*	Based on sector classification according to the Global Industry Classification Standard (“GICS”) codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
**	Not a GICS classified sector.


Janus Investment Fund	3

Janus Asia Equity Fund (unaudited)

Fund At A Glance

September 30, 2015


5 Largest Equity Holdings - (% of Net Assets)
Samsung Electronics Co., Ltd.
Technology Hardware, Storage & Peripherals	5.2%
Taiwan Semiconductor Manufacturing Co., Ltd.
Semiconductor & Semiconductor Equipment	3.7%
Tencent Holdings, Ltd.
Internet Software & Services	3.0%
China Mobile, Ltd.
Wireless Telecommunication Services	2.5%
Industrial & Commercial Bank of China, Ltd. - Class H
Commercial Banks	2.4%
	16.8%

Asset Allocation - (% of Net Assets)

Emerging markets comprised 78.4% of total net assets.

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

As of September 30, 2015

As of September 30, 2014


4	SEPTEMBER 30, 2015

Janus Asia Equity Fund (unaudited)

Performance

See important disclosures on the next page.



			Expense Ratios -
Average Annual Total Return - for the periods ended September 30, 2015			per the January 28, 2015 prospectuses
	One Year	Since Inception*	Total Annual Fund Operating Expenses	Net Annual Fund Operating Expenses
Class A Shares at NAV	-10.07%	-1.64%	2.49%	1.51%
Class A Shares at MOP	-15.27%	-3.03%
Class C Shares at NAV	-10.81%	-2.34%	3.24%	2.24%
Class C Shares at CDSC	-11.67%	-2.34%
Class D Shares⁽¹⁾	-9.99%	-1.52%	2.31%	1.40%
Class I Shares	-9.79%	-1.36%	2.15%	1.24%
Class S Shares	-9.97%	-1.68%	2.58%	1.74%
Class T Shares	-9.89%	-1.53%	2.44%	1.49%
MSCI All Country Asia ex-Japan Index	-12.40%	-1.61%
Morningstar Quartile - Class I Shares	2nd	3rd
Morningstar Ranking - based on total returns for Pacific/Asia ex-Japan Stock Funds	25/92	47/79

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

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

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

Net expense ratios reflect the expense waiver, if any, Janus Capital has contractually agreed to through February 1, 2016.

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

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


Janus Investment Fund	5

Janus Asia Equity Fund (unaudited)

Performance

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

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

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

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

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

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

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

See “Useful Information About Your Fund Report.”

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

(1) Closed to certain new investors.


6	SEPTEMBER 30, 2015

Janus Asia Equity Fund (unaudited)

Expense Examples

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (4/1/15)	Ending Account Value (9/30/15)	Expenses Paid During Period (4/1/15 - 9/30/15)†	Beginning Account Value (4/1/15)	Ending Account Value (9/30/15)	Expenses Paid During Period (4/1/15 - 9/30/15)†	Net Annualized Expense Ratio (4/1/15 - 9/30/15)
Class A Shares		$1,000.00	$830.20	$7.80	$1,000.00	$1,016.55	$8.59	1.70%
Class C Shares		$1,000.00	$826.50	$10.94	$1,000.00	$1,013.09	$12.06	2.39%
Class D Shares		$1,000.00	$830.00	$6.74	$1,000.00	$1,017.70	$7.44	1.47%
Class I Shares		$1,000.00	$831.20	$6.20	$1,000.00	$1,018.30	$6.83	1.35%
Class S Shares		$1,000.00	$832.00	$6.02	$1,000.00	$1,018.50	$6.63	1.31%
Class T Shares		$1,000.00	$830.80	$6.06	$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 Asia Equity Fund

Schedule of Investments

September 30, 2015


Shares			Value
Common Stocks – 93.8%
Airlines – 0.5%
	China Southern Airlines Co., Ltd. - Class H	66,000	$48,518
Auto Components – 2.1%
	Hyundai Mobis Co., Ltd.	387	75,196
	Weifu High-Technology Group Co., Ltd. - Class A^ß	36,200	122,380
			197,576
Automobiles – 4.5%
	Astra International Tbk PT	138,400	49,585
	Brilliance China Automotive Holdings, Ltd.	38,000	45,253
	Chongqing Changan Automobile Co., Ltd. - Class B	99,600	169,043
	Hyundai Motor Co.	741	103,081
	Yulon Motor Co., Ltd.	68,000	61,132
			428,094
Beverages – 0.6%
	Yantai Changyu Pioneer Wine Co., Ltd.	19,200	59,032
Capital Markets – 1.5%
	CITIC Securities Co., Ltd. - Class H	54,500	98,029
	Haitong International Securities Group, Ltd.	92,359	46,138
			144,167
Commercial Banks – 16.1%
	Bank Danamon Indonesia Tbk PT	324,800	64,355
	Bank Mandiri Persero Tbk PT	150,400	81,630
	Bank of China, Ltd. - Class H	220,000	95,228
	BOC Hong Kong Holdings, Ltd.	24,000	70,997
	China Construction Bank Corp. - Class H	323,000	216,368
	DBS Group Holdings, Ltd.	14,800	169,133
	Hana Financial Group, Inc.	6,957	155,455
	ICICI Bank, Ltd.	39,437	163,135
	Industrial & Commercial Bank of China, Ltd. - Class H	389,000	225,533
	Metropolitan Bank & Trust Co.	29,244	51,111
	Shinhan Financial Group Co., Ltd.	2,717	94,922
	State Bank of India	35,816	129,956
			1,517,823
Construction & Engineering – 2.1%
	Louis XIII Holdings, Ltd.*	402,371	112,805
	Voltas, Ltd.	20,436	83,749
			196,554
Diversified Telecommunication Services – 0.6%
	China Telecom Corp., Ltd. - Class H	111,894	54,219
Electric Utilities – 1.4%
	Power Grid Corp. of India, Ltd.	39,769	80,332
	Tenaga Nasional Bhd	17,800	48,794
			129,126
Electrical Equipment – 0.5%
	Finolex Cables, Ltd.	12,100	43,103
Electronic Equipment, Instruments & Components – 6.1%
	Chroma ATE, Inc.	23,000	39,356
	Delta Electronics, Inc.	11,000	51,874
	E Ink Holdings, Inc.*	113,000	53,288
	Hon Hai Precision Industry Co., Ltd.	47,577	124,495
	Largan Precision Co., Ltd.	1,000	78,536
	LG Display Co., Ltd.	4,178	79,623
	TPK Holding Co., Ltd.	35,000	84,007
	WPG Holdings, Ltd.	65,000	62,361
			573,540
Food Products – 2.8%
	Golden Agri-Resources, Ltd.	521,000	121,118
	San Miguel Pure Foods Co., Inc.	48,770	142,677
			263,795


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

8	SEPTEMBER 30, 2015

Janus Asia Equity Fund

Schedule of Investments

September 30, 2015


Shares			Value
Common Stocks – (continued)
Hotels, Restaurants & Leisure – 1.5%
	Genting Bhd	29,800	$49,380
	Melco International Development, Ltd.	78,000	96,163
			145,543
Household Durables – 1.0%
	Gree Electric Appliances, Inc. of Zhuhai^ß	37,000	94,620
Independent Power and Renewable Electricity Producers – 1.0%
	Beijing Jingneng Clean Energy Co., Ltd. - Class H	318,937	98,170
Industrial Conglomerates – 2.3%
	CK Hutchison Holdings, Ltd.	9,840	128,149
	LT Group, Inc.	113,800	24,621
	Shun Tak Holdings, Ltd.	161,500	61,353
			214,123
Information Technology Services – 1.6%
	Infosys, Ltd.	6,607	117,774
	Samsung SDS Co., Ltd.	130	31,712
			149,486
Insurance – 8.2%
	AIA Group, Ltd.	41,600	216,599
	Cathay Financial Holding Co., Ltd.	66,000	90,339
	China Pacific Insurance Group Co., Ltd. - Class A^ß	38,500	134,819
	Ping An Insurance Group Co. of China Ltd - Class A^ß	42,300	200,285
	Samsung Life Insurance Co., Ltd.	1,559	130,261
			772,303
Internet Software & Services – 6.2%
	Alibaba Group Holding, Ltd. (ADR)*	1,584	93,408
	Baidu, Inc. (ADR)*	978	134,387
	NAVER Corp.	158	68,638
	Tencent Holdings, Ltd.	16,900	284,242
			580,675
Marine – 0.7%
	First Steamship Co., Ltd.	202,411	66,572
Metals & Mining – 1.8%
	Hindustan Zinc, Ltd.	43,841	93,606
	POSCO	544	76,811
			170,417
Multiline Retail – 0.6%
	Lifestyle International Holdings, Ltd.	42,000	60,065
Oil, Gas & Consumable Fuels – 3.1%
	China Petroleum & Chemical Corp. - Class H	86,400	53,139
	PetroChina Co., Ltd. - Class H	126,000	87,790
	Reliance Industries, Ltd.	11,889	156,575
			297,504
Pharmaceuticals – 2.1%
	Yunnan Baiyao Group Co., Ltd. - Class A^ß	19,600	199,173
Real Estate Management & Development – 6.0%
	Belle Corp.	622,188	40,542
	Central China Real Estate, Ltd.	373,440	70,029
	Century Properties Group, Inc.	3,667,102	45,595
	Cheung Kong Property Holdings, Ltd.	14,249	104,432
	China Vanke Co., Ltd. - Class A^ß	46,800	94,002
	CSI Properties, Ltd.	2,740,000	87,295
	Siam Future Development PCL	284,200	43,198
	Sun Hung Kai Properties, Ltd.	6,000	78,207
			563,300
Road & Rail – 1.1%
	Daqin Railway Co., Ltd. - Class A^ß	75,400	105,292
Semiconductor & Semiconductor Equipment – 5.8%
	MediaTek, Inc.	5,000	37,327
	SK Hynix, Inc.	5,435	155,344


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

Janus Investment Fund	9

Janus Asia Equity Fund

Schedule of Investments

September 30, 2015


Shares			Value
Common Stocks – (continued)
Semiconductor & Semiconductor Equipment – (continued)
	Taiwan Semiconductor Manufacturing Co., Ltd.	88,000	$351,298
			543,969
Specialty Retail – 2.7%
	Chow Tai Fook Jewellery Group, Ltd.	104,400	87,881
	L'Occitane International SA	31,206	65,311
	PC Jeweller, Ltd.	18,802	101,457
			254,649
Technology Hardware, Storage & Peripherals – 5.8%
	Catcher Technology Co., Ltd.	5,000	53,449
	Samsung Electronics Co., Ltd.	513	493,434
			546,883
Textiles, Apparel & Luxury Goods – 0.6%
	Samsonite International SA	17,400	57,113
Tobacco – 0.4%
	ITC, Ltd.	8,447	42,537
Wireless Telecommunication Services – 2.5%
	China Mobile, Ltd.	19,500	232,742
Total Common Stocks (cost $10,529,048)			8,850,683
Preferred Stocks – 1.2%
Technology Hardware, Storage & Peripherals – 1.2%
	Samsung Electronics Co., Ltd.(cost $131,741)	144	112,220
Total Investments (total cost $10,660,789) – 95.0%			8,962,903
Cash, Receivables and Other Assets, net of Liabilities – 5.0%			471,364
Net Assets – 100%			$9,434,267


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

		% of
		Investment
Country	Value	Securities
China	$3,015,701	33.6	%
South Korea	1,576,697	17.6
Hong Kong	1,207,197	13.5
Taiwan	1,154,034	12.9
India	1,012,224	11.3
Philippines	304,546	3.4
Singapore	290,251	3.2
Indonesia	195,570	2.2
Malaysia	98,174	1.1
France	65,311	0.7
Thailand	43,198	0.5

Total	$8,962,903	100.0	%


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

10	SEPTEMBER 30, 2015

Janus Asia Equity Fund

Notes to Schedule of Investments and Other Information

MSCI All Country

Asia ex-Japan Index

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


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


*	Non-income producing security.
ß	Security is illiquid.

The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control. Based on the Fund’s relative ownership, the following securities were considered affiliated companies for all or some portion of the year ended September 30, 2015. Unless otherwise indicated, all information in the table is for the year ended September 30, 2015.


	Share Balance at 9/30/14	Purchases	Sales	Share Balance at 9/30/15	Dividend Income	Value at 9/30/15
Janus Cash Collateral Fund LLC	230,825	886,738	(1,117,563)	-	$ 1,856⁽¹⁾	$ -
Janus Cash Liquidity Fund LLC	487,094	20,844,343	(21,331,437)	-	380	-
Total					$ 2,236	$ -

(1) Net 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, 2015. See Notes to Financial Statements for more information.
Valuation Inputs Summary
	Level 1 - Quoted Prices	Level 2 - Other Significant Observable Inputs	Level 3 - Significant Unobservable Inputs
Assets
Investments in Securities:
Common Stocks
Internet Software & Services	$ 227,795	$ 352,880	$ -
All Other	-	8,270,008	-
Preferred Stocks	-	112,220	-

Total Assets	$ 227,795	$ 8,735,108	$ -


Janus Investment Fund	11

Janus Asia Equity Fund

Statement of Assets and Liabilities

September 30, 2015

See footnotes at the end of the Statement.


Assets:
	Investments, at cost		$	10,660,789
	Investments, at value		$	8,962,903
	Restricted cash (Note 1)			518,904
	Cash denominated in foreign currency⁽¹⁾			5,411
	Non-interested Trustees' deferred compensation			188
	Receivables:
		Investments sold		131,447
		Dividends		16,117
		Due from adviser		14,515
		Fund shares sold		4,123
	Other assets			1,264
Total Assets				9,654,872
Liabilities:
	Due to custodian			55,881
	Payables:			—
		Investments purchased		111,537
		Professional fees		27,501
		Advisory fees		8,195
		Custodian fees		5,297
		Transfer agent fees and expenses		1,822
		Fund shares repurchased		1,134
		12b-1 Distribution and shareholder servicing fees		436
		Non-interested Trustees' deferred compensation fees		188
		Fund administration fees		77
		Non-interested Trustees' fees and expenses		71
		Accrued expenses and other payables		8,466
Total Liabilities				220,605
Net Assets			$	9,434,267


See Notes to Financial Statements.

12	SEPTEMBER 30, 2015

Janus Asia Equity Fund

Statement of Assets and Liabilities

September 30, 2015


Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	10,912,374
	Undistributed net investment income/(loss)		(12,252)
	Undistributed net realized gain/(loss) from investments and foreign currency transactions		259,974
	Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees' deferred compensation		(1,725,829)
Total Net Assets		$	9,434,267
Net Assets - Class A Shares		$	347,895
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		41,868
Net Asset Value Per Share⁽²⁾		$	8.31
Maximum Offering Price Per Share⁽³⁾		$	8.82
Net Assets - Class C Shares		$	360,224
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		43,428
Net Asset Value Per Share⁽²⁾		$	8.29
Net Assets - Class D Shares		$	5,639,574
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		675,048
Net Asset Value Per Share		$	8.35
Net Assets - Class I Shares		$	2,470,062
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		295,080
Net Asset Value Per Share		$	8.37
Net Assets - Class S Shares		$	310,267
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		37,306
Net Asset Value Per Share		$	8.32
Net Assets - Class T Shares		$	306,245
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		37,121
Net Asset Value Per Share		$	8.25

(1) Includes cost of $5,411.

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

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


See Notes to Financial Statements.

Janus Investment Fund	13

Janus Asia Equity Fund

Statement of Operations

For the year ended September 30, 2015


Investment Income:
	Dividends		$	251,927
	Affiliated securities lending income, net			1,856
	Dividends from affiliates			380
	Other income			1,825
	Foreign tax withheld			(28,768)
Total Investment Income				227,220
Expenses:
	Advisory fees			109,821
	12b-1Distribution and shareholder servicing fees:
		Class A Shares		1,000
		Class C Shares		3,718
		Class S Shares		975
	Transfer agent administrative fees and expenses:
		Class D Shares		7,959
		Class S Shares		975
		Class T Shares		1,415
	Transfer agent networking and omnibus fees:
		Class A Shares		386
		Class C Shares		80
		Class I Shares		83
	Other transfer agent fees and expenses:
		Class A Shares		86
		Class C Shares		52
		Class D Shares		2,058
		Class I Shares		156
		Class S Shares		3
		Class T Shares		61
	Registration fees			64,427
	Professional fees			62,918
	Custodian fees			43,535
	Shareholder reports expense			5,335
	Fund administration fees			1,024
	Non-interested Trustees’ fees and expenses			257
	Other expenses			5,450
Total Expenses				311,774
Less: Excess Expense Reimbursement				(150,770)
Net Expenses				161,004
Net Investment Income/(Loss)				66,216
Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions			459,975
Total Net Realized Gain/(Loss) on Investments				459,975
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation			(2,045,856)
Total Change in Unrealized Net Appreciation/Depreciation				(2,045,856)
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	(1,519,665)


See Notes to Financial Statements.

14	SEPTEMBER 30, 2015

Janus Asia Equity Fund

Statements of Changes in Net Assets



			Year ended September 30, 2015		Year ended September 30, 2014
Operations:
	Net investment income/(loss)		$	66,216	$	383,251
	Net realized gain/(loss) on investments			459,975		332,406
	Change in unrealized net appreciation/depreciation			(2,045,856)		713,773
Net Increase/(Decrease) in Net Assets Resulting from Operations				(1,519,665)		1,429,430
Dividends and Distributions to Shareholders:
	Dividends from Net Investment Income
		Class A Shares		(8,039)		(15,019)
		Class C Shares		(1,661)		(6,667)
		Class D Shares		(99,803)		(137,939)
		Class I Shares		(54,233)		(22,736)
		Class S Shares		(6,040)		(10,968)
		Class T Shares		(5,135)		(17,303)
	Total Dividends from Net Investment Income			(174,911)		(210,632)
	Distributions from Net Realized Gain from Investment Transactions
		Class A Shares		(17,352)		(34,349)
		Class C Shares		(12,715)		(28,359)
		Class D Shares		(198,823)		(291,794)
		Class I Shares		(103,633)		(43,943)
		Class S Shares		(13,114)		(27,742)
		Class T Shares		(7,149)		(35,229)
	Total Distributions from Net Realized Gain from Investment Transactions			(352,786)		(461,416)
Net Decrease from Dividends and Distributions to Shareholders				(527,697)		(672,048)
Capital Share Transactions:
		Class A Shares		(53,994)		(545,467)
		Class C Shares		92,176		(533,956)
		Class D Shares		(2,141,850)		1,399,542
		Class I Shares		18,049		1,305,033
		Class S Shares		39,474		(497,508)
		Class T Shares		(299,971)		(1,041,730)
Net Increase/(Decrease) from Capital Share Transactions				(2,346,116)		85,914
Net Increase/(Decrease) in Net Assets				(4,393,478)		843,296
Net Assets:
	Beginning of period			13,827,745		12,984,449
	End of period		$	9,434,267	$	13,827,745

Undistributed Net Investment Income/(Loss)			$	(12,252)	$	163,244


See Notes to Financial Statements.

Janus Investment Fund	15

Janus Asia Equity Fund

Financial Highlights


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


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


*	Total return not annualized for periods of less than one full year.
**	Annualized for periods of less than one full year.
(1)	Period from July 29, 2011 (inception date) through September 30, 2011.
(2)	Per share amounts are calculated based on average shares outstanding during the year or period.
(3)	Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include a special dividend from Strides Arcolab, Ltd. in December 2013. The impact of the special dividend to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.09 and 0.97%, respectively.
(4)	Less than $0.005 on a per share basis.
(5)	Pursuant to a contractual agreement, Janus waived certain fees and expenses during the period. The Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets would have been 2.34% in 2011 without the waiver of these fees and expenses.


See Notes to Financial Statements.

16	SEPTEMBER 30, 2015

Janus Asia Equity Fund

Financial Highlights


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


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


*	Total return not annualized for periods of less than one full year.
**	Annualized for periods of less than one full year.
(1)	Period from July 29, 2011 (inception date) through September 30, 2011.
(2)	Per share amounts are calculated based on average shares outstanding during the year or period.
(3)	Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include a special dividend from Strides Arcolab, Ltd. in December 2013. The impact of the special dividend to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.09 and 0.97%, respectively.
(4) Re (5)	Redemption fees aggregated less than $0.005 on a per share basis. Redemption fees were eliminated effective April 2, 2012. Pursuant to a contractual agreement, Janus waived certain fees and expenses during the period. The Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets would have been 2.26% in 2011 without the waiver of these fees and expenses.


See Notes to Financial Statements.

Janus Investment Fund	17

Janus Asia Equity Fund

Financial Highlights


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


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


*	Total return not annualized for periods of less than one full year.
**	Annualized for periods of less than one full year.
(1)	Period from July 29, 2011 (inception date) through September 30, 2011.
(2)	Per share amounts are calculated based on average shares outstanding during the year or period.
(3)	Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include a special dividend from Strides Arcolab, Ltd. in December 2013. The impact of the special dividend to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.09 and 0.97%, respectively.
(4)	Pursuant to a contractual agreement, Janus waived certain fees and expenses during the period. The Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets would have been 1.84% in 2011 without the waiver of these fees and expenses.


See Notes to Financial Statements.

18	SEPTEMBER 30, 2015

Janus Asia Equity Fund

Notes to Financial Statements

1. Organization and Significant Accounting Policies

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

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

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

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

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

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

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

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

Investment Valuation

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


Janus Investment Fund	19

Janus Asia Equity Fund

Notes to Financial Statements

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

Valuation Inputs Summary

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

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

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

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

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

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

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of September 30, 2015 to fair value the Fund’s investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments and Other Information.

The Fund 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 $98,823 were transferred out of Level 1 to Level 2 since certain foreign equity prices were applied a fair valuation adjustment factor at the end of the prior fiscal year and no factor was applied at the end of the current period.


20	SEPTEMBER 30, 2015

Janus Asia Equity Fund

Notes to Financial Statements

Investment Transactions and Investment Income

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

Expenses

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

Estimates

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

Indemnifications

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

Foreign Currency Translations

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

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

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

Dividends and Distributions

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

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


Janus Investment Fund	21

Janus Asia Equity Fund

Notes to Financial Statements

Federal Income Taxes

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

Restricted Cash

As of September 30, 2015, the Fund has restricted cash in the amount of $518,904. The restricted cash represents collateral pledged in relation to investment quota for China A Shares. The carrying value of the restricted cash approximates fair value.

2. Other Investments and Strategies

Additional Investment Risk

The financial crisis in both the U.S. and global economies over the past several years has resulted, and may continue to result, in a significant decline in the value and liquidity of many securities of issuers worldwide in the equity and fixed-income/credit markets. In response to the crisis, the United States and certain foreign governments, along with the U.S. Federal Reserve and certain foreign central banks, took steps to support the financial markets. The withdrawal of this support, a failure of measures put in place to respond to the crisis, or investor perception that such efforts were not sufficient could each negatively affect financial markets generally, and the value and liquidity of specific securities. In addition, policy and legislative changes in the United States and in other countries continue to impact many aspects of financial regulation. The effect of these changes on the markets, and the practical implications for market participants, including the Fund, may not be fully known for some time. As a result, it may also be unusually difficult to identify both investment risks and opportunities, which could limit or preclude the Fund’s ability to achieve its investment objective. Therefore, it is important to understand that the value of your investment may fall, sometimes sharply, and you could lose money.

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

A number of countries in the European Union (“EU”) have experienced, and may continue to experience, severe economic and financial difficulties. 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.

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.


22	SEPTEMBER 30, 2015

Janus Asia Equity Fund

Notes to Financial Statements

China A Shares

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

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

During the year ended September 30, 2015, Janus Capital, in its capacity as a QFII, invested in China A Shares on behalf of the Fund. With respect to direct China A Shares investments, as a general matter, any capital invested and profits generated cannot be repatriated for a minimum of one year. Repatriation of any invested capital is subject to approval by the regulator. Additionally, any repatriation of profits would be subject to an audit by a registered accountant in China, and subject to regulatory approval. In light of the foregoing, the Fund’s investment in China A Shares would be subject to the Fund’s limit of investing up to 15% of its net assets in illiquid investments. Current Chinese tax law is unclear whether capital gains realized on the Fund’s investments in China A shares will be subject to tax. Because management believes it is more likely than not that Chinese capital gains tax ultimately will not be imposed, the Fund does not accrue for such taxes.

As of September 30, 2015, the Fund has available investment quota of $518,904. The Fund is subject to certain restrictions and administrative processes relating to its ability to repatriate cash balances and may incur substantial delays in gaining access to its assets.

Counterparties

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

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

Emerging Market Investing


Janus Investment Fund	23

Janus Asia Equity Fund

Notes to Financial Statements

Fund’s investments. In addition, the Fund’s investments may be denominated in foreign currencies and therefore, changes in the value of a country’s currency compared to the U.S. dollar may affect the value of the Fund’s investments. To the extent that the Fund invests a significant portion of its assets in the securities of issuers in or companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region, which could have a negative impact on the Fund’s performance. Additionally, foreign and emerging market risks, including, but not limited to, price controls, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, nationalization, and restrictions on repatriation of assets may be heightened to the extent the Fund invests in Chinese local market securities (also known as “A Shares”).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 Portfolio invests in Chinese local market securities.

Real Estate Investing

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

Securities Lending

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

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

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

The cash collateral invested by Janus Capital is disclosed in the Schedule of Investments. 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.


24	SEPTEMBER 30, 2015

Janus Asia Equity 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 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 during the applicable performance measurement period.

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, 2015, the performance adjusted investment advisory fee rate before any waivers and/or reimbursements of expenses is 0.97%.

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

Janus Capital has contractually agreed to waive the advisory fee payable by the Fund or reimburse expenses in an amount equal to the amount, if any, that the Fund’s normal operating expenses in any fiscal year, including the investment advisory fee, but excluding the 12b-1 distribution and shareholder servicing fees (applicable to Class A Shares, Class C Shares, and Class S Shares), transfer agent fees and expenses payable pursuant to the Transfer Agency Agreement, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 1.28%. Janus Capital has agreed to continue the waiver until at least February 1, 2016. The previous expense limit (until February 1, 2015) was 1.08%. If applicable, amounts reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement” on the Statement of Operations.

Janus Services LLC (“Janus Services”), a wholly-owned subsidiary of Janus Capital, is the Fund’s transfer agent. In addition, Janus Services provides or arranges for the provision of certain other administrative services including, but not limited to, recordkeeping, accounting, order processing, and other shareholder services for the Fund.

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


Janus Investment Fund	25

Janus Asia Equity Fund

Notes to Financial Statements

reports. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.

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

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

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

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

Janus Capital furnishes certain administration, compliance, and accounting services for the Fund and is reimbursed by the Fund for certain of its costs in providing those services (to the extent Janus Capital seeks reimbursement and such costs are not otherwise waived). The Fund also pays for salaries, fees, and expenses of certain Janus Capital employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by Janus Capital, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services Janus Capital provides to the Fund. These amounts are disclosed as “Fund administration fees” on the Statement of Operations. In addition, employees of Janus Capital and/or its affiliates may serve as officers of the Trust. Some expenses related to compensation payable to the Fund's Chief Compliance Officer and compliance staff are shared with the Fund. Total compensation of $600,568 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended September 30, 2015. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.


26	SEPTEMBER 30, 2015

Janus Asia Equity Fund

Notes to Financial Statements

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, 2015 on the Statement of Assets and Liabilities in the asset, “Non-interested Trustees’ deferred compensation,” and liability, “Non-interested Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation” on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended September 30, 2015 are included in “Non-interested Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $305,400 were paid by the Trust to a Trustee under the Deferred Plan during the year ended September 30, 2015.

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

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the year ended September 30, 2015 can be found in a table located in the Notes to Schedule of Investments and Other Information.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between Janus Distributors and financial intermediaries. During the year ended September 30, 2015, Janus Distributors retained upfront sales charges of $38.

A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to Janus Distributors during the year ended September 30, 2015.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class C Shares during the year ended September 30, 2015.

As of September 30, 2015, shares of the Fund were owned by Janus Capital and/or other funds advised by Janus Capital, as indicated in the table below:


Class	% of Class Owned		% of Fund Owned
Class A Shares	22	%	1	%
Class C Shares	78		3
Class D Shares	-		-
Class I Shares	77		20
Class S Shares	100		3
Class T Shares	-		-


Janus Investment Fund	27

Janus Asia Equity Fund

Notes to Financial Statements

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.

Other book to tax differences primarily consist of deferred compensation, derivatives, tax equalization, 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.

The Fund has elected to defer post-October losses and qualified late-year losses as noted in the table below. These losses will be deferred for tax purposes and recognized during the next fiscal year.



			Loss Deferrals			Net Tax
Undistributed Ordinary Income	Undistributed Long-Term Gains	Accumulated Capital Losses	Late-Year Ordinary Loss	Post-October Capital Loss	Other Book to Tax Differences	Appreciation/ (Depreciation)
$ -	$ 421,035	$ -	$ (1,300)	$ -	$ (28,130)	$ (1,869,711)

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, 2015 are noted below.

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


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 10,832,614	$ 270,091	$ (2,139,802)	$ (1,869,711)

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, 2015
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 527,697	$ -	$ -	$ -


For the year ended September 30, 2014
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 210,632	$ 461,416	$ -	$ -


28	SEPTEMBER 30, 2015

Janus Asia Equity Fund

Notes to Financial Statements

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
$ 95,725	$ (66,801)	$ (28,924)

Capital has been adjusted by $97,537, all of which is long-term capital gain, for distributions in connection with Fund share redemptions (tax equalization).

5. Capital Share Transactions



	Year ended September 30, 2015		Year ended September 30, 2014
	Shares	Amount	Shares	Amount
Class A Shares:
Shares sold	13,582	$ 129,897	25,160	$ 251,874
Reinvested dividends and distributions	2,769	25,391	5,360	49,368
Shares repurchased	(21,080)	(209,282)	(86,977)	(846,709)
Net Increase/(Decrease)	(4,729)	$ (53,994)	(56,457)	$ (545,467)
Class C Shares:
Shares sold	8,908	$ 87,852	-	$ -
Reinvested dividends and distributions	1,561	14,376	3,807	35,026
Shares repurchased	(1,186)	(10,052)	(55,423)	(568,982)
Net Increase/(Decrease)	9,283	$ 92,176	(51,616)	$ (533,956)
Class D Shares:
Shares sold	521,332	$ 5,369,396	498,409	$ 4,951,918
Reinvested dividends and distributions	31,639	291,398	45,894	424,519
Shares repurchased	(801,161)	(7,802,644)	(409,486)	(3,976,895)
Net Increase/(Decrease)	(248,190)	$(2,141,850)	134,817	$ 1,399,542
Class I Shares:
Shares sold	117,670	$ 1,172,928	269,453	$ 2,456,090
Reinvested dividends and distributions	17,141	157,866	7,216	66,679
Shares repurchased	(133,975)	(1,312,745)	(118,830)	(1,217,736)
Net Increase/(Decrease)	836	$ 18,049	157,839	$ 1,305,033
Class S Shares:
Shares sold	55,972	$ 566,788	-	$ -
Reinvested dividends and distributions	2,089	19,154	4,203	38,710
Shares repurchased	(55,972)	(546,468)	(52,881)	(536,218)
Net Increase/(Decrease)	2,089	$ 39,474	(48,678)	$ (497,508)
Class T Shares:
Shares sold	545,626	$ 5,289,384	706,412	$ 6,800,728
Reinvested dividends and distributions	1,351	12,284	5,704	52,532
Shares repurchased	(582,493)	(5,601,639)	(813,491)	(7,894,990)
Net Increase/(Decrease)	(35,516)	$ (299,971)	(101,375)	$(1,041,730)

6. Purchases and Sales of Investment Securities

For the year ended September 30, 2015, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, and in-kind transactions) was as follows:


Purchases of Securities	Proceeds from Sales of Securities	Purchases of Long- Term U.S. Government Obligations	Proceeds from Sales of Long-Term U.S. Government Obligations
$16,798,620	$ 20,517,444	$ -	$ -


Janus Investment Fund	29

Janus Asia Equity Fund

Notes to Financial Statements

7. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to September 30, 2015 and through the date of issuance of the Fund’s financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund’s financial statements.


30	SEPTEMBER 30, 2015

Janus Asia Equity Fund

Report of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Janus Asia Equity Fund (one of the funds constituting Janus Investment Fund, hereafter referred to as the “Fund”) at September 30, 2015, 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 then ended, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at September 30, 2015 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

Denver, Colorado

November 13, 2015


Janus Investment Fund	31

Janus Asia Equity Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

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

Quarterly Portfolio Holdings

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

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD

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

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

At a meeting held on December 10, 2014, based on the Trustees’ evaluation of the information provided by Janus Capital, the subadvisers, and the independent fee consultant, as well as other information, the Trustees determined that the overall arrangements between each Fund and Janus Capital and each subadviser, as applicable, were fair and reasonable in light of the nature, extent and quality of the services provided by Janus Capital, its affiliates and the subadvisers, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment. At that meeting, the Trustees unanimously approved the continuation of the investment advisory agreement for each Fund, and the subadvisory agreement for each subadvised Fund, for the period from either January 1 or February 1, 2015 through January 1 or February 1, 2016, respectively, subject to earlier termination as provided for in each agreement.

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

Nature, Extent and Quality of Services

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


32	SEPTEMBER 30, 2015

Janus Asia Equity Fund

Additional Information (unaudited)

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

In this regard, the independent fee consultant noted that Janus Capital provides a number of different services for the Funds and Fund shareholders, ranging from investment management services to various other servicing functions, and that, in its opinion, Janus Capital is a capable provider of those services. The independent fee consultant also provided its belief that Janus Capital has developed institutional competitive advantages that should be able to provide superior investment management returns 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 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 improved: for the 36 months ended September 30, 2014, approximately 64% of the Funds were in the top two Lipper quartiles of performance, and for the 12 months ended September 30, 2014, approximately 57% of the Funds were in the top two Lipper quartiles of performance.

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

Fixed-Income Funds and Money Market Funds

· For Janus Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the first Lipper quartile for the 36 months ended May 31, 2014 and the first Lipper quartile for the 12 months ended May 31, 2014.

· For Janus Global Bond Fund, the Trustees noted that the Fund’s performance was in the second Lipper quartile for the 36 months ended May 31, 2014 and the first Lipper quartile for the 12 months ended May 31, 2014.

· For Janus High-Yield Fund, the Trustees noted that the Fund’s performance was in the second Lipper quartile for the 36 months ended May 31, 2014 and the first Lipper quartile for the 12 months ended May 31, 2014.

· For Janus Real Return Fund, the Trustees noted that the Fund’s performance was in the bottom Lipper quartile for the 36 months ended May 31, 2014 and the first Lipper quartile for the 12 months ended May 31, 2014. 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 Short-Term Bond Fund, the Trustees noted that the Fund’s performance was in the second Lipper quartile for the 36 months ended May 31, 2014 and the first Lipper quartile for the 12 months ended May 31, 2014.

· For Janus Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Lipper quartile for the 36 months ended May 31, 2014 and the third Lipper quartile for the 12 months ended May 31, 2014. The Trustees noted the reasons for the Fund’s underperformance.

· For Janus Money Market Fund, the Trustees noted that the Fund’s performance was in the third Lipper quartile for the 36 months ended May 31, 2014 and the third Lipper quartile for the 12 months ended May 31, 2014. The Trustees noted the reasons for the Fund’s underperformance.


Janus Investment Fund	33

Janus Asia Equity Fund

Additional Information (unaudited)

Asset Allocation Funds

· For Janus Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the first Lipper quartile for the 36 months ended May 31, 2014 and the first Lipper quartile for the 12 months ended May 31, 2014.

· For Janus Global Allocation Fund – Growth, the Trustees noted that the Fund’s performance was in the third Lipper quartile for the 36 months ended May 31, 2014 and the second Lipper quartile for the 12 months ended May 31, 2014. 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 Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the second Lipper quartile for the 36 months ended May 31, 2014 and the second Lipper quartile for the 12 months ended May 31, 2014.

Alternative Funds

· For Janus Diversified Alternatives Fund, the Trustees noted that the Fund’s performance was in the bottom Lipper quartile for the 12 months ended May 31, 2014. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance, and its limited performance history.

Value Funds

· For Perkins International Value Fund, the Trustees noted that the Fund’s performance was in the third Lipper quartile for the 12 months ended May 31, 2014. The Trustees noted the reasons for the Fund’s underperformance, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and its limited performance history.

· For Perkins Global Value Fund, the Trustees noted that the Fund’s performance was in the second Lipper quartile for the 36 months ended May 31, 2014 and the bottom Lipper quartile for the 12 months ended May 31, 2014.

· For Perkins Large Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Lipper quartile for the 36 months ended May 31, 2014 and the bottom Lipper quartile for the 12 months ended May 31, 2014. The Trustees noted the reasons for the Fund’s underperformance, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps Janus Capital and Perkins had taken or were taking to improve performance.

· For Perkins Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Lipper quartile for the 36 months ended May 31, 2014 and the bottom Lipper quartile for the 12 months ended May 31, 2014. The Trustees noted the reasons for the Fund’s underperformance, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance and the steps Janus Capital and Perkins had taken or were taking to improve performance.

· For Perkins Select Value Fund, the Trustees noted that the Fund’s performance was in the bottom Lipper quartile for the 12 months ended May 31, 2014. The Trustees noted the reasons for the Fund’s underperformance, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and its limited performance history.

· For Perkins Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Lipper quartile for the 36 months ended May 31, 2014 and the third Lipper quartile for the 12 months ended May 31, 2014. The Trustees noted the reasons for the Fund’s underperformance, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps Janus Capital and Perkins had taken or were taking to improve performance.

· For Perkins Value Plus Income Fund, the Trustees noted that the Fund’s performance was in the first Lipper quartile for the 36 months ended May 31, 2014 and the third Lipper quartile for the 12 months ended May 31, 2014.


34	SEPTEMBER 30, 2015

Janus Asia Equity Fund

Additional Information (unaudited)

Mathematical Funds

· For INTECH Global Income Managed Volatility Fund (formerly named INTECH Global Dividend Fund), the Trustees noted that the Fund’s performance was in the second Lipper quartile for the 12 months ended May 31, 2014.

· For INTECH International Managed Volatility Fund (formerly named INTECH International Fund), the Trustees noted that the Fund’s performance was in the second Lipper quartile for the 36 months ended May 31, 2014 and the first Lipper quartile for the 12 months ended May 31, 2014.

· For INTECH U.S. Core Fund, the Trustees noted that the Fund’s performance was in the first Lipper quartile for the 36 months ended May 31, 2014 and the second Lipper quartile for the 12 months ended May 31, 2014.

· For INTECH U.S. Managed Volatility Fund (formerly named INTECH U.S. Value Fund), the Trustees noted that the Fund’s performance was in the first Lipper quartile for the 36 months ended May 31, 2014 and the second Lipper quartile for the 12 months ended May 31, 2014.

· For INTECH U.S. Managed Volatility Fund II (formerly named INTECH U.S. Growth Fund), the Trustees noted that the Fund’s performance was in the second Lipper quartile for the 36 months ended May 31, 2014 and the second Lipper quartile for the 12 months ended May 31, 2014.

Growth and Core Funds

· For Janus Balanced Fund, the Trustees noted that the Fund’s performance was in the first Lipper quartile for the 36 months ended May 31, 2014 and the first Lipper quartile for the 12 months ended May 31, 2014.

· For Janus Contrarian Fund, the Trustees noted that the Fund’s performance was in the first Lipper quartile for the 36 months ended May 31, 2014 and the first Lipper quartile for the 12 months ended May 31, 2014.

· For Janus Enterprise Fund, the Trustees noted that the Fund’s performance was in the third Lipper quartile for the 36 months ended May 31, 2014 and the third Lipper quartile for the 12 months ended May 31, 2014. 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 Forty Fund, the Trustees noted that the Fund’s performance was in the third Lipper quartile for the 36 months ended May 31, 2014 and the bottom Lipper quartile for the 12 months ended May 31, 2014. The Trustees noted the reasons for the Fund’s underperformance, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Fund, the Trustees noted that the Fund’s performance was in the bottom Lipper quartile for the 36 months ended May 31, 2014 and the third Lipper quartile for the 12 months ended May 31, 2014. The Trustees noted the reasons for the Fund’s underperformance, noting that the Fund has a performance fee structure that results in lower management fees during periods of under-performance, and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Growth and Income Fund, the Trustees noted that the Fund’s performance was in the third Lipper quartile for the 36 months ended May 31, 2014 and in the second Lipper quartile for the 12 months ended May 31, 2014. 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 Research Fund, the Trustees noted that the Fund’s performance was in the second Lipper quartile for the 36 months ended May 31, 2014 and the first Lipper quartile for the 12 months ended May 31, 2014.

· For Janus Triton Fund, the Trustees noted that the Fund’s performance was in the first Lipper quartile for the 36 months ended May 31, 2014 and the second Lipper quartile for the 12 months ended May 31, 2014.

· For Janus Twenty Fund, the Trustees noted that the Fund’s performance was in the second Lipper quartile for the 36 months ended May 31, 2014 and the second Lipper quartile for the 12 months ended May 31, 2014.

· For Janus Venture Fund, the Trustees noted that the Fund’s performance was in the first Lipper quartile for the 36 months ended May 31, 2014 and the second Lipper quartile for the 12 months ended May 31, 2014.


Janus Investment Fund	35

Janus Asia Equity Fund

Additional Information (unaudited)

Global and International Funds

· For Janus Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Lipper quartile for the 12 months ended May 31, 2014. The Trustees noted the reasons for the Fund’s underperformance, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and its limited performance history.

· For Janus Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the bottom Lipper quartile for the 36 months ended May 31, 2014 and the second Lipper quartile for the 12 months ended May 31, 2014. The Trustees noted the reasons for the Fund’s underperformance, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and that the performance trend was improving.

· For Janus Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the first Lipper quartile for the 36 months ended May 31, 2014 and the first Lipper quartile for the 12 months ended May 31, 2014.

· For Janus Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the second Lipper quartile for the 36 months ended May 31, 2014 and the first Lipper quartile for the 12 months ended May 31, 2014.

· For Janus Global Research Fund, the Trustees noted that the Fund’s performance was in the second Lipper quartile for the 36 months ended May 31, 2014 and the first Lipper quartile for the 12 months ended May 31, 2014.

· For Janus Global Select Fund, the Trustees noted that the Fund’s performance was in the bottom Lipper quartile for the 36 months ended May 31, 2014 and the second Lipper quartile for the 12 months ended May 31, 2014. 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 Global Technology Fund, the Trustees noted that the Fund’s performance was in the first Lipper quartile for the 36 months ended May 31, 2014 and the third Lipper quartile for the 12 months ended May 31, 2014.

· For Janus International Equity Fund, the Trustees noted that the Fund’s performance was in the second Lipper quartile for the 36 months ended May 31, 2014 and the third Lipper quartile for the 12 months ended May 31, 2014.

· For Janus Overseas Fund, the Trustees noted that the Fund’s performance was in the bottom Lipper quartile for the 36 months ended May 31, 2014 and the third Lipper quartile for the 12 months ended May 31, 2014. The Trustees noted the reasons for the Fund’s underperformance, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps Janus Capital had taken or was taking to improve performance.

Preservation Series

· For Janus Preservation Series – Global, the Trustees noted that the Fund’s performance was in the bottom Lipper quartile for the 12 months ended May 31, 2014. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance, and its limited performance history.

· For Janus Preservation Series – Growth, the Trustees noted that the Fund’s performance was in the bottom Lipper quartile for the 36 months ended May 31, 2014 and the bottom Lipper quartile for the 12 months ended May 31, 2014. The Trustees noted the reasons for the Fund’s underperformance, and the steps Janus Capital had taken or was taking to improve performance.

Janus Aspen Series

· For Janus Aspen Balanced Portfolio, the Trustees noted that the Fund’s performance was in the first Lipper quartile for the 36 months ended May 31, 2014 and the first Lipper quartile for the 12 months ended May 31, 2014.


36	SEPTEMBER 30, 2015

Janus Asia Equity Fund

Additional Information (unaudited)

· For Janus Aspen Enterprise Portfolio, the Trustees noted that the Fund’s performance was in the third Lipper quartile for the 36 months ended May 31, 2014 and the third Lipper quartile for the 12 months ended May 31, 2014. 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 Aspen Flexible Bond Portfolio, the Trustees noted that the Fund’s performance was in the first Lipper quartile for the 36 months ended May 31, 2014 and the first Lipper quartile for the 12 months ended May 31, 2014.

· For Janus Aspen Forty Portfolio, the Trustees noted that the Fund’s performance was in the third Lipper quartile for the 36 months ended May 31, 2014 and the bottom Lipper quartile for the 12 months ended May 31, 2014. The Trustees noted the reasons for the Fund’s underperformance, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Aspen Global Allocation Portfolio – Moderate, the Trustees noted that the Fund’s performance was in the first Lipper quartile for the 12 months ended May 31, 2014.

· For Janus Aspen Global Research Portfolio, the Trustees noted that the Fund’s performance was in the third Lipper quartile for the 36 months ended May 31, 2014 and the first Lipper quartile for the 12 months ended May 31, 2014. The Trustees noted the reasons for the Fund’s underperformance, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Aspen Global Technology Portfolio, the Trustees noted that the Fund’s performance was in the second Lipper quartile for the 36 months ended May 31, 2014 and the third Lipper quartile for the 12 months ended May 31, 2014.

· For Janus Aspen INTECH U.S. Low Volatility Portfolio, the Trustees noted that the Fund’s performance was in the first Lipper quartile for the 12 months ended May 31, 2014.

· For Janus Aspen Janus Portfolio, the Trustees noted that the Fund’s performance was in the third Lipper quartile for the 36 months ended May 31, 2014 and the third Lipper quartile for the 12 months ended May 31, 2014. The Trustees noted the reasons for the Fund’s underperformance, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Aspen Overseas Portfolio, the Trustees noted that the Fund’s performance was in the bottom Lipper quartile for the 36 months ended May 31, 2014 and the third Lipper quartile for the 12 months ended May 31, 2014. The Trustees noted the reasons for the Fund’s underperformance, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Aspen Perkins Mid Cap Value Portfolio, the Trustees noted that the Fund’s performance was in the bottom Lipper quartile for the 36 months ended May 31, 2014 and the bottom Lipper quartile for the 12 months ended May 31, 2014. The Trustees noted the reasons for the Fund’s underperformance, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps Janus Capital and Perkins had taken or were taking to improve performance.

· For Janus Aspen Preservation Series – Growth, the Trustees noted that the Fund’s performance was in the bottom Lipper quartile for the 12 months ended May 31, 2014. The Trustees noted the reasons for the Fund’s underperformance and its limited performance history.

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 agreement(s).


Janus Investment Fund	37

Janus Asia Equity Fund

Additional Information (unaudited)

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

In this regard, 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 19% below the mean total expenses of their respective Lipper Expense Group peers and 29% below the mean total expenses for their Lipper Expense Universes; (3) management fees for the Funds, on average, were 15% below the mean management fees for their Expense Groups and 20% below the mean for their Expense Universes; and (4) Janus fund expenses at the functional level for each asset and share class category were reasonable. The Trustees also considered how the total expenses for each share class of each Fund compared to the mean total expenses for its Lipper Expense Group peers and to mean total expenses for its Lipper 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 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 that it does not assume in servicing its other clients. Moreover, they noted that the independent fee consultant found that: (1) the management fees Janus Capital charges to the Funds are reasonable in relation to the management fees Janus Capital charges to its institutional and subadvised accounts; (2) these institutional and subadvised accounts have different service and infrastructure needs; (3) the average spread between management fees charged to the Funds and those charged to Janus Capital’s institutional accounts is reasonable relative to the average spreads seen in the industry; and (4) the retained fee margins implied by Janus Capital’s subadvised fees when compared to its mutual fund fees are reasonable relative to retained fee margins in the industry.

The Trustees considered the fees for each Fund for its fiscal year ended in 2013, and noted the following with regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”):

Fixed-Income Funds and Money Market Funds

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


38	SEPTEMBER 30, 2015

Janus Asia Equity Fund

Additional Information (unaudited)

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

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

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

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

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

Asset Allocation Funds

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

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

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

Alternative Funds

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

Value Funds

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

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

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

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


Janus Investment Fund	39

Janus Asia Equity Fund

Additional Information (unaudited)

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

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

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

Mathematical Funds

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

· For INTECH International Managed Volatility Fund (formerly named INTECH International Fund), the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.

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

· For INTECH U.S. Managed Volatility Fund (formerly named INTECH U.S. Value Fund), the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.

· For INTECH U.S. Managed Volatility Fund II (formerly named INTECH U.S. Growth Fund), the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.

Growth and Core Funds

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

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

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

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

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

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

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


40	SEPTEMBER 30, 2015

Janus Asia Equity Fund

Additional Information (unaudited)

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

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

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

Global and International Funds

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

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

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

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

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

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

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

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

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

Preservation Series

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

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

Janus Aspen Series

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

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

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


Janus Investment Fund	41

Janus Asia Equity Fund

Additional Information (unaudited)

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

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

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

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

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

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

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

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

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

The Trustees reviewed information on the profitability to Janus Capital and its affiliates of their relationships with each Fund, as well as an explanation of the methodology utilized by Janus Capital when allocating various expenses of Janus Capital and its affiliates with respect to contractual relationships with the Funds and other clients. The Trustees also reviewed the financial statements and corporate structure of Janus Capital’s parent company. In their review, the Trustees considered whether Janus Capital and each subadviser receive adequate incentives to manage the Funds effectively. The Trustees recognized that profitability comparisons among fund managers are difficult because very little comparative information is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses, and the fund manager’s capital structure and cost of capital. However, taking into account those factors and the analysis provided by the Trustees’ independent fee consultant, and based on the information available, the Trustees concluded that Janus Capital’s profitability with respect to each Fund in relation to the services rendered was not unreasonable.

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

The Trustees concluded that the management fees and other compensation 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.


42	SEPTEMBER 30, 2015

Janus 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 that their independent fee consultant had provided analysis of economies of scale during 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, the base contractual management fee rate paid by most of the Funds, before any adjustment for performance, if applicable, was below the mean contractual management fee rate of the Fund’s peer group identified by an independent data provider. They also noted that for those Funds whose expenses are being reduced by the contractual expense limitations of Janus Capital, Janus Capital is subsidizing the Funds because they have not reached adequate scale. Moreover, as the assets of many of the Funds have declined in the past few years, certain Funds have benefited from having advisory fee rates that have remained constant rather than increasing as assets declined. In addition, performance fee structures have been implemented for various Funds that have caused the effective rate of advisory fees payable by such a Fund to vary depending on the investment performance of the Fund relative to its benchmark index over the measurement period; and a few Funds have fee schedules with breakpoints and reduced fee rates above certain asset levels. The Trustees also noted that the Funds share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of all of the Funds. Based on all of the information they reviewed, including research and analysis conducted by the Trustees’ independent fee consultant, the Trustees concluded that the current fee structure of each Fund was reasonable and that the current rates of fees do reflect a sharing between Janus Capital and the Fund of any economies of scale that may be present at the current asset level of the Fund.

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

Other Benefits to Janus Capital

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


Janus Investment Fund	43

Janus Asia Equity Fund

Useful Information About Your Fund Report (unaudited)

Management Commentary

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

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

Please keep in mind that the opinions expressed in the Management Commentary are just that: opinions. They are a reflection based on best judgment at the time this report was compiled, which was September 30, 2015. As the investing environment changes, so could opinions. These views are unique and are not necessarily shared by fellow employees or by Janus in general.

Performance Overviews

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

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

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

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

Schedule of Investments

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

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

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

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

Statement of Assets and Liabilities

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


44	SEPTEMBER 30, 2015

Janus Asia Equity Fund

Useful Information About Your Fund Report (unaudited)

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

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

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

Statement of Operations

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

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

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

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

Statements of Changes in Net Assets

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

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

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

Financial Highlights

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

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


Janus Investment Fund	45

Janus 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.


46	SEPTEMBER 30, 2015

Janus Asia Equity Fund

Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2015:



Capital Gain Distributions	$97,537
Foreign Taxes Paid	$28,438
Foreign Source Income	$251,928
Qualified Dividend Income Percentage	100%


Janus Investment Fund	47

Janus 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. Fund officers receive no compensation from the Fund, except for the Fund’s Chief Compliance Officer, as authorized by the Trustees.


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 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	Chairman of the Board and Director 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).


48	SEPTEMBER 30, 2015

Janus 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
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Trustee	1/13-Present	Managing Director, Institutional Markets, of Dividend Capital 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 MotiveQuest LLC (strategic social market research company) (since 2003), and Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of Nuveen Global Investors LLC (2007-2011); Director of Communities in Schools (2004-2010); and Director of Mutual Fund Education Alliance (until 2010).
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	49

Janus 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
James T. Rothe 151 Detroit Street Denver, CO 80206 DOB: 1943	Trustee	1/97-Present	Co-founder and Managing Director of Roaring Fork Capital SBIC, L.P. (SBA SBIC fund focusing on private investment in public equity firms), and Professor Emeritus of Business of the University of Colorado, Colorado Springs, CO (since 2004). Formerly, 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).
William D. Stewart 151 Detroit Street Denver, CO 80206 DOB: 1944	Trustee	6/84-Present	Retired. Formerly, Corporate Vice President and General Manager of MKS Instruments - HPS Products, Boulder, CO (a manufacturer of vacuum fittings and valves) and PMFC Division, Andover, MA (manufacturing pressure measurement and flow products) (1976-2012).	60	None


50	SEPTEMBER 30, 2015

Janus 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
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), Rehabilitation Institute of Chicago, Walmart, and Wrapports, LLC (digital communications company). Formerly, Director of Chicago Convention & Tourism Bureau (until 2014) and The Field Museum of Natural History (Chicago, IL) (until 2014).
Trustee Consultant
Raudline Etienne* 151 Detroit Street Denver, CO 80206 DOB: 1965	Consultant	6/14-Present	Senior Vice President, Albright Stonebridge Group LLC (global strategy firm) (since 2011). Formerly, Deputy Comptroller and Chief Investment Officer, New York State Common Retirement Fund (public pension fund) (2008-2011).	N/A	Director of Brightwood Capital Advisors, LLC (since 2014).

* Raudline Etienne was appointed consultant to the Trustees effective June 2, 2014. Shareholders of the Janus Funds are expected to be asked to elect Ms. Etienne as a Trustee at a future shareholder meeting.


Janus Investment Fund	51

Janus 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
Hiroshi Yoh #36-02 AXA Tower 8 Shenton Way Singapore 068811 DOB: 1963	Executive Vice President and Portfolio Manager Janus Asia Equity Fund	7/11-Present	Director of Janus Capital Singapore Pte. Limited and Portfolio Manager for other Janus accounts. Formerly, Chief Investment Officer and a portfolio manager with Tokio Marine Asset Management International Pte. Ltd., a Singapore-based asset management firm (1999-2011).
Stephanie Grauerholz 151 Detroit Street Denver, CO 80206 DOB: 1970	Chief Legal Counsel and Secretary Vice President	1/06-Present 3/06-Present	Senior Vice President and Chief Legal Counsel of the Funds of Janus Capital, Senior Vice President of Janus Distributors LLC, and Senior Vice President of Janus Services LLC (since 2015). Formerly, Vice President and Assistant General Counsel of Janus Capital, Vice President and Assistant Secretary of Janus Distributors LLC, and Vice President of Janus Services LLC (2007-2015).
Bruce L. Koepfgen 151 Detroit Street Denver, CO 80206 DOB: 1952	President and Chief Executive Officer	7/14-Present	President of Janus Capital Group Inc. and Janus Capital Management LLC (since 2013); Executive Vice President and Director of Janus International Holding LLC (since 2011); Executive Vice President of Janus Distributors LLC (since 2011); Executive Vice President and Working 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, 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).
David R. Kowalski 151 Detroit Street Denver, CO 80206 DOB: 1957	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	6/02-Present	Senior Vice President and Chief Compliance Officer of Janus Capital, Janus Distributors LLC, and Janus Services LLC; Vice President of INTECH Investment Management LLC and Perkins Investment Management LLC; and Director of The Janus Foundation.
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.

* 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.


52	SEPTEMBER 30, 2015

Janus Asia Equity Fund

Notes

NotesPage1


Janus Investment Fund	53

Janus provides access to a wide range of investment disciplines.

Alternative

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

Asset Allocation

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

Fixed Income

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

Global & International

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

Growth & Core

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

Mathematical

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

Value

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

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

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

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

Funds distributed by Janus Distributors LLC

Investment products offered are:

NOT FDIC-INSURED

MAY LOSE VALUE

NO BANK GUARANTEE

C-1115-102930

125-02-93036 11-15



	ANNUAL REPORT September 30, 2015

Janus Balanced Fund

Janus Investment Fund

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

Table of Contents

Janus Balanced Fund

Janus Balanced Fund (unaudited)

FUND SNAPSHOT

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

Marc Pinto

co-portfolio manager

Gibson Smith

co-portfolio manager

PERFORMANCE SUMMARY

Janus Balanced Fund’s Class T Shares returned -0.46% for the 12-month period ended September 30, 2015. That compares with -0.61% for the Fund’s primary benchmark, the S&P 500 Index, and 2.94% for the Fund’s secondary benchmark, the 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 Barclays U.S. Aggregate Bond Index, returned 1.14%.

INVESTMENT ENVIRONMENT

Volatility marked the final three months of 2014 as investors considered the possibility that a precipitous slide in crude prices was a consequence of declining global growth expectations. Indeed, growth data outside of the United States remained muted. As prices within the eurozone entered deflationary territory, the European Central Bank (ECB) announced a 1 trillion euro quantitative easing program. Partly as a result, the U.S. dollar continued to surge against the euro and most other major currencies. This caused investors to worry that global earnings of U.S. companies would suffer.

Economic data in the winter were generally choppy. Concerns that weak growth would delay the Federal Reserve (Fed) in raising interest rates sent the yield on the 10-year U.S. Treasury note down to 1.67%. Improving data in the spring, however, pushed yields back up and propelled major U.S. stock indices to record highs.

Treasury yields then slid over the summer as investors assessed the potential impact that worse-than-expected growth in China would have on the global economy. In late August, not long after China’s central bank devalued its currency, global equities sold off and the yield on the 10-year U.S. Treasury dipped to 1.9% in intraday trading.

In mid-September, the Federal Reserve (Fed) refrained from raising interest rates. Over the period, the yield curve flattened between 10-year and 30-year tenors, with the 10-year closing out the period at 2.04% and the 30-year at 2.85%. Spreads on investment-grade corporate credits widened and high-yield corporates experienced a significant sell-off late in the period.

Energy and materials stocks were hit hardest due to concerns about weaker commodity prices in a lower-growth environment. Late in the period, many health care stocks also sold off due to concerns about the potential for increased regulation of drug pricing. Consumer stocks fared best over the reporting period.

PERFORMANCE DISCUSSION

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

As of September 30, 2015, the Fund was approximately 56% weighted to equities and 43% weighted to fixed income (with the remainder in cash), compared with roughly 57% and 42% (with the remainder in cash), respectively, as of September 30, 2014. The difference in weightings between the two periods is a reflection of our belief that equities offered greater risk-adjusted opportunities versus fixed income as the period progressed.

The Fund’s equity sleeve underperformed the S&P 500 Index during the period. Weighing most on relative performance were our materials and consumer discretionary holdings. Relative returns benefited from our underweight to the energy sector and our stock selection in health care.

Union Pacific was among the largest equity performance detractors during the period. Similar to other railroad companies, Union Pacific suffered volume declines from


Janus Investment Fund	1

Janus Balanced Fund (unaudited)

the slowdown in the oil market and related lower transportation needs. We remain positive on the stock. The company continued to benefit from its large, profitable intermodal freight business. Fundamentals, in our view, remain attractive, and the company demonstrated a firm commitment to returning capital to shareholders with a healthy dividend yield and stock buybacks.

DuPont’s stock slid after the company won a proxy fight against an activist investor. Weak agricultural end markets have also been a headwind for the stock. At the period’s end, we were reviewing our position in the company. We think the company has a good set of assets that could be more profitable by rationalizing the expense structure and realizing a better return on its research and development spending.

LyondellBasell, a specialty chemicals producer, detracted as well. Falling oil prices negatively impacted the company, as lower oil prices also weighed on ethylene prices, one of the chemicals produced by the company. We continue to like LyondellBasell, and do not believe margins will be as negatively affected to the degree that much of the market does. The company is still a strong operator, in our view, with a history of selectively investing in projects that have had a high return on invested capital.

Within consumer discretionary, Nike was top contributor. The company continued to benefit from growth of its athletic apparel and footwear across the globe. Going forward we believe innovation for both its products and manufacturing processes are long-term tailwinds for Nike. We also believe that investments to create a better omnichannel sales experience position Nike well as more sales migrate online.

Aetna was another large contributor. A springtime Supreme Court ruling that keeps federally established health care exchanges intact lifted managed care stocks broadly. Acquisition rumors among managed care companies also point to an upcoming round of consolidation in the industry, and anticipation of this wave of consolidation has been favorable for managed care stocks.

Pharmaceutical giant Eli Lilly continued its recent run of operational success. After a period of having a thin product pipeline, the opposite is now true, and the market is recognizing it. The ramp up in R&D has resulted in several treatments in phase 3 of trials. In addition to a promising oral breast cancer drug, potential products include therapies addressing heart disease, migraines, diabetes and Alzheimer’s.

The Fund’s fixed income sleeve slightly underperformed the Barclays U.S. Aggregate Bond Index for the period. Underperformance was largely driven by our out-of-benchmark allocation to high-yield corporate credits. Yet aiding relative performance was our specific security selection in high-yield corporates as well as spread carry, a measure of excess income generated by holding particular securities, in both high-yield and investment-grade corporates.

Also helping to relative performance was our yield-curve positioning in Treasurys. Over the latter part of the period, we increased our Treasury contribution to duration. This positioning proved timely as Treasurys rallied on account of elevated global growth concerns.

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

OUTLOOK

Concerning equities, we are wary of multinational companies that derive a disproportionate share of revenues from emerging markets. We see more opportunity in consumer discretionary companies focused on the U.S. market. Not only are many companies within the sector undergoing value-creating innovation, but the U.S. consumer is gaining spending power as employment improves, inflation in necessities remains low and consumer balance sheets have been repaired.

We also see opportunities within the health care sector, where a wave of innovation has led to better research and development productivity and game-changing treatments for a number of diseases. While much attention has been paid of late to drug prices, we see this as more noise and political blustering than a real threat to the health care sector. Drug pricing has been an issue on and off in the U.S. for years, and the U.S. has always come out on the side of free markets. Given that many of today’s treatments are saving lives and offering functional cures for diseases, we think free markets will again win out.

Another area we see opportunity is with companies re-charting their own destiny by changing management teams, radically cutting costs, splitting up less profitable businesses, or transitioning to more efficient capital structures. A slow-growing economy forces companies to take a closer look at their business and enact these types


2	SEPTEMBER 30, 2015

Janus Balanced Fund (unaudited)

of radical changes, and these special situations can be areas of opportunity for active investors.

With regard to the fixed income investment environment, we believe it is prudent to remain defensively positioned. Uneven global growth and renewed concerns about China’s economic future drove risk-off behavior in the period. Major central banks remain on the cusp of divergent monetary policy, with those representing nearly half of global gross domestic product (GDP) firmly in the accommodative camp, while the Fed and Bank of England inch closer to the potentially more restrictive camp. Against this backdrop we anticipate elevated levels of volatility for risk assets.

From a corporate credit perspective, we are in the later stages of the credit cycle as evidenced by increasing shareholder-friendly activity and record levels of new corporate issuance. Slowing global growth could magnify the risks posed by relevered corporate balance sheets. Such financial engineering was intended to boost earnings in a low-growth environment, but the consequences of additional leverage could mean downgrades by ratings agencies.

The widening of corporate spreads during the quarter helped lend credence to our defensive positioning in fixed income. Our corporate credit allocation remains well below the Fund’s long-term average, and is tilted toward more defensive sectors including U.S.-oriented issuers less exposed to global weakness and currency fluctuations.

Active fixed income management is imperative in the current market environment, in our view. Critical to active management during the later stages of the cycle is security avoidance. By maintaining our credit allocation at levels below our historical average, we may sacrifice some additional yield in the near term with the goal of preserving capital and positioning ourselves to take advantage of better opportunity in the future. We believe our patience will be rewarded in the long run.

Thank you for your continued investment in Janus Balanced Fund.


Janus Investment Fund	3

Janus Balanced Fund (unaudited)

Fund At A Glance

September 30, 2015





	5 Top Performers - Holdings		5 Bottom Performers - Holdings
		Contribution		Contribution
	NIKE, Inc. - Class B	1.14%	Enterprise Products Partners LP	-1.00%
	Aetna, Inc.	0.79%	EI du Pont de Nemours & Co.	-0.93%
	MasterCard, Inc. - Class A	0.67%	LyondellBasell Industries NV - Class A	-0.93%
	Eli Lilly & Co.	0.39%	Chevron Corp.	-0.70%
	Home Depot, Inc.	0.37%	Union Pacific Corp.	-0.58%

	5 Top Performers - Sectors*
			Fund Weighting	S&P 500^{^®} Index
		Fund Contribution	(Average % of Equity)	Weighting
	Energy	0.81%	4.81%	8.09%
	Health Care	0.45%	19.16%	14.84%
	Financials	0.26%	13.56%	16.41%
	Information Technology	0.15%	19.21%	19.78%
	Telecommunication Services	0.15%	0.31%	2.33%

	5 Bottom Performers - Sectors*
			Fund Weighting	S&P 500^{^®} Index
		Fund Contribution	(Average % of Equity)	Weighting
	Materials	-1.32%	6.15%	3.16%
	Consumer Discretionary	-0.63%	16.32%	12.38%
	Consumer Staples	-0.52%	5.11%	9.70%
	Industrials	-0.41%	13.98%	10.25%
	Other**	-0.25%	1.39%	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.


4	SEPTEMBER 30, 2015

Janus Balanced Fund (unaudited)

Fund At A Glance

September 30, 2015


5 Largest Equity Holdings - (% of Net Assets)
MasterCard, Inc. - Class A
Information Technology Services	2.7%
Apple, Inc.
Technology Hardware, Storage & Peripherals	2.6%
NIKE, Inc. - Class B
Textiles, Apparel & Luxury Goods	2.3%
Microsoft Corp.
Software	1.9%
Google, Inc. - Class C
Internet Software & Services	1.9%
	11.4%

Asset Allocation - (% of Net Assets)

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

As of September 30, 2015

As of September 30, 2014


Janus Investment Fund	5

Janus Balanced Fund (unaudited)

Performance

See important disclosures on the next page.



					Expense Ratios -
Average Annual Total Return - for the periods ended September 30, 2015					per the January 28, 2015 prospectuses
	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses
Class A Shares at NAV	-0.59%	8.04%	7.34%	9.53%	0.95%
Class A Shares at MOP	-6.32%	6.77%	6.70%	9.25%
Class C Shares at NAV	-1.25%	7.25%	6.55%	8.86%	1.68%
Class C Shares at CDSC	-2.18%	7.25%	6.55%	8.86%
Class D Shares⁽¹⁾	-0.38%	8.28%	7.48%	9.60%	0.73%
Class I Shares	-0.30%	8.36%	7.43%	9.57%	0.64%
Class N Shares	-0.20%	8.17%	7.43%	9.57%	0.58%
Class R Shares	-0.94%	7.63%	6.88%	9.15%	1.33%
Class S Shares	-0.71%	7.90%	7.15%	9.37%	1.08%
Class T Shares	-0.46%	8.17%	7.43%	9.57%	0.83%
S&P 500^{^®} Index	-0.61%	13.34%	6.80%	9.00%
Barclays U.S. Aggregate Bond Index	2.94%	3.10%	4.64%	5.75%
Balanced Index	1.14%	8.82%	6.07%	7.83%
Morningstar Quartile - Class T Shares	1st	2nd	1st	1st
Morningstar Ranking - based on total returns for Moderate Allocation Funds	163/947	241/799	21/630	19/233

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, 2015

Janus Balanced Fund (unaudited)

Performance

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

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

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

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

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

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

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

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

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

See “Useful Information About Your Fund Report.”

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

(1) Closed to certain new investors.


Janus Investment Fund	7

Janus Balanced Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (4/1/15)	Ending Account Value (9/30/15)	Expenses Paid During Period (4/1/15 - 9/30/15)†	Beginning Account Value (4/1/15)	Ending Account Value (9/30/15)	Expenses Paid During Period (4/1/15 - 9/30/15)†	Net Annualized Expense Ratio (4/1/15 - 9/30/15)
Class A Shares		$1,000.00	$950.00	$4.55	$1,000.00	$1,020.41	$4.71	0.93%
Class C Shares		$1,000.00	$947.10	$7.66	$1,000.00	$1,017.20	$7.94	1.57%
Class D Shares		$1,000.00	$950.90	$3.62	$1,000.00	$1,021.36	$3.75	0.74%
Class I Shares		$1,000.00	$951.60	$3.18	$1,000.00	$1,021.81	$3.29	0.65%
Class N Shares		$1,000.00	$951.90	$2.84	$1,000.00	$1,022.16	$2.94	0.58%
Class R Shares		$1,000.00	$948.40	$6.35	$1,000.00	$1,018.55	$6.58	1.30%
Class S Shares		$1,000.00	$949.60	$5.28	$1,000.00	$1,019.65	$5.47	1.08%
Class T Shares		$1,000.00	$950.80	$4.01	$1,000.00	$1,020.96	$4.15	0.82%
†	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, 2015

Janus Balanced Fund

Schedule of Investments

September 30, 2015


Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities – 2.7%
	AmeriCredit Automobile Receivables Trust 2012-4, 3.8200%, 2/10/20 (144A)	$3,975,000	$4,053,276
	AmeriCredit Automobile Receivables Trust 2013-4, 3.3100%, 10/8/19	3,128,000	3,207,792
	AmeriCredit Automobile Receivables Trust 2015-2, 3.0000%, 6/8/21	5,920,000	5,956,071
	Applebee's Funding LLC / IHOP Funding LLC, 4.2770%, 9/5/44 (144A)	35,209,000	36,023,279
	Aventura Mall Trust 2013-AVM, 3.8674%, 12/5/32 (144A)^‡	7,763,000	7,671,001
	BAMLL Commercial Mortgage Securities Trust 2015-200P,
	3.7157%, 4/14/33 (144A)^‡	7,323,000	6,501,645
	Banc of America Commercial Mortgage Trust 2006-6, 5.4210%, 10/10/45	2,620,000	2,668,253
	Boca Hotel Portfolio Trust 2013-BOCA, 3.2566%, 8/15/26 (144A)^‡	5,279,000	5,265,048
	CGBAM Commercial Mortgage Trust 2014-HD, 3.2066%, 2/15/31 (144A)^‡	2,843,000	2,840,313
	CKE Restaurant Holdings, Inc., 4.4740%, 3/20/43 (144A)	16,555,963	17,146,762
	COMM 2007-C9 Mortgage Trust, 5.6500%, 12/10/49^‡	5,750,042	5,972,045
	COMM 2007-C9 Mortgage Trust, 5.9888%, 12/10/49^‡	803,362	828,841
	Commercial Mortgage Trust 2007-GG11, 5.8670%, 12/10/49^‡	3,931,436	4,152,277
	Core Industrial Trust 2015-TEXW, 3.9770%, 2/10/34 (144A)^‡	7,789,000	7,393,116
	DB Master Finance LLC 2015-1, 3.2620%, 2/20/45 (144A)	5,771,995	5,806,875
	Domino's Pizza Master Issuer LLC, 5.2160%, 1/25/42 (144A)	11,732,118	12,083,682
	Freddie Mac Structured Agency Credit Risk Debt Notes, 2.5939%, 10/25/24^‡	2,501,000	2,520,058
	Freddie Mac Structured Agency Credit Risk Debt Notes, 2.8439%, 10/25/24^‡	2,961,000	3,019,530
	Freddie Mac Structured Agency Credit Risk Debt Notes, 2.3939%, 3/25/25^‡	9,810,000	9,809,990
	FREMF 2010 K-SCT Mortgage Trust, 2.0000%, 1/25/20 (144A)^§	12,264,183	11,085,325
	GAHR Commercial Mortgage Trust 2015-NRF, 3.4949%, 12/15/19 (144A)^‡	3,875,000	3,821,730
	GS Mortgage Securities Corp. II, 3.5495%, 12/10/27 (144A)^‡	9,415,000	9,088,883
	GS Mortgage Securities Corp. Trust 2013-NYC5, 3.7706%, 1/10/30 (144A)^‡	3,856,000	3,889,297
	Hilton USA Trust 2013-HLT, 4.6017%, 11/5/30 (144A)^‡	5,177,000	5,227,155
	JP Morgan Chase Commercial Mortgage Securities Trust 2013-WT,
	2.8044%, 2/16/25 (144A)	7,391,932	7,532,031
	JP Morgan Chase Commercial Mortgage Securities Trust 2013-WT,
	4.8447%, 2/16/25 (144A)	6,350,000	6,588,570
	JP Morgan Chase Commercial Mortgage Securities Trust 2014-FBLU,
	2.8066%, 12/15/28 (144A)^‡	2,672,000	2,672,059
	JP Morgan Chase Commercial Mortgage Securities Trust 2014-FBLU,
	3.7066%, 12/15/28 (144A)^‡	2,783,000	2,781,213
	JP Morgan Chase Commercial Mortgage Securities Trust 2015-COSMO,
	2.0066%, 1/15/32 (144A)^‡	5,249,000	5,215,532
	JP Morgan Chase Commercial Mortgage Securities Trust 2015-COSMO,
	4.1566%, 1/15/32 (144A)^‡	4,577,000	4,533,537
	JP Morgan Chase Commercial Mortgage Securities Trust 2015-SGP,
	2.9440%, 7/15/36^‡	2,621,000	2,621,000
	JP Morgan Chase Commercial Mortgage Securities Trust 2015-SGP,
	4.6940%, 7/15/36^‡	6,991,000	6,991,000
	LB-UBS Commercial Mortgage Trust 2007-C2, 5.4930%, 2/15/40^‡	3,454,678	3,603,661
	Santander Drive Auto Receivables Trust, 2.5200%, 9/17/18	3,633,000	3,672,077
	Santander Drive Auto Receivables Trust 2013-4, 4.6700%, 1/15/20 (144A)	10,982,000	11,391,420
	Santander Drive Auto Receivables Trust 2013-A, 4.7100%, 1/15/21 (144A)	5,851,000	6,076,796
	Santander Drive Auto Receivables Trust 2015-1, 3.2400%, 4/15/21	6,207,000	6,273,452
	Santander Drive Auto Receivables Trust 2015-4, 3.5300%, 8/16/21	10,633,000	10,718,138
	Starwood Retail Property Trust 2014-STAR, 2.6976%, 11/15/27 (144A)^‡	3,238,000	3,221,771
	Starwood Retail Property Trust 2014-STAR, 3.4476%, 11/15/27 (144A)^‡	10,070,000	9,978,524
	Starwood Retail Property Trust 2014-STAR, 4.3476%, 11/15/27 (144A)^‡	5,338,000	5,296,129
	Wachovia Bank Commercial Mortgage Trust Series 2007-C30, 5.3830%, 12/15/43	10,073,980	10,471,036
	Wachovia Bank Commercial Mortgage Trust Series 2007-C31, 5.6600%, 4/15/47^‡	13,666,621	13,912,156
	Wachovia Bank Commercial Mortgage Trust Series 2007-C33, 6.1497%, 2/15/51^‡	4,758,526	4,897,123
	Wells Fargo Commercial Mortgage Trust 2014-TISH, 2.9566%, 1/15/27 (144A)^‡	3,115,000	3,046,965
	Wells Fargo Commercial Mortgage Trust 2014-TISH, 2.4566%, 2/15/27 (144A)^‡	4,304,000	4,206,880
	Wells Fargo Commercial Mortgage Trust 2014-TISH, 3.4566%, 2/15/27 (144A)^‡	1,557,000	1,515,181
	Wendy's Funding LLC 2015-1, 3.3710%, 6/15/45 (144A)	21,527,000	21,632,741
Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $334,643,846)			334,881,236


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

Janus Investment Fund	9

Janus Balanced Fund

Schedule of Investments

September 30, 2015


Shares or Principal Amounts			Value
Bank Loans and Mezzanine Loans – 0.6%
Communications – 0.2%
	CCO Safari III LLC, 3.5000%, 1/24/23^‡	$11,357,000	$11,288,404
	Tribune Media Co., 3.7500%, 12/28/20^‡	6,787,454	6,722,430
			18,010,834
Consumer Cyclical – 0%
	Staples, Inc., 0%, 4/23/21^(a),‡	3,959,000	3,935,761
Consumer Non-Cyclical – 0.1%
	IMS Health, Inc., 3.5000%, 3/17/21^‡	10,942,365	10,880,869
Technology – 0.3%
	Avago Technologies Cayman, Ltd., 3.7500%, 5/6/21^‡	38,607,501	38,551,134
Total Bank Loans and Mezzanine Loans (cost $71,615,610)			71,378,598
Corporate Bonds – 16.4%
Asset-Backed Securities – 0.1%
	American Tower Trust I, 1.5510%, 3/15/18 (144A)	11,547,000	11,457,384
Banking – 2.1%
	Ally Financial, Inc., 8.0000%, 12/31/18	2,155,000	2,375,888
	Ally Financial, Inc., 4.1250%, 3/30/20	12,207,000	12,069,671
	Ally Financial, Inc., 4.6250%, 5/19/22	9,220,000	9,070,175
	American Express Co., 6.8000%, 9/1/66^‡	12,979,000	13,125,014
	Bank of America Corp., 1.5000%, 10/9/15	4,959,000	4,959,397
	Bank of America Corp., 8.0000%^µ	11,017,000	11,512,765
	Discover Financial Services, 3.9500%, 11/6/24	4,346,000	4,277,164
	Discover Financial Services, 3.7500%, 3/4/25	9,129,000	8,840,962
	Goldman Sachs Capital I, 6.3450%, 2/15/34	20,507,000	23,489,497
	Goldman Sachs Group, Inc., 5.6250%, 1/15/17	4,456,000	4,679,829
	Intesa Sanpaolo SpA, 5.0170%, 6/26/24 (144A)	11,598,000	11,444,883
	Morgan Stanley, 5.5500%^µ	11,582,000	11,408,270
	Royal Bank of Scotland Group PLC, 6.1000%, 6/10/23	19,070,000	20,491,535
	Royal Bank of Scotland Group PLC, 6.0000%, 12/19/23	15,591,000	16,599,223
	Royal Bank of Scotland Group PLC, 5.1250%, 5/28/24	31,340,000	31,588,934
	Santander UK PLC, 5.0000%, 11/7/23 (144A)	28,659,000	29,792,206
	SVB Financial Group, 5.3750%, 9/15/20	12,001,000	13,377,203
	Synchrony Financial, 3.0000%, 8/15/19	13,416,000	13,522,308
	Wells Fargo & Co., 5.8750%^µ	3,039,000	3,111,176
	Zions Bancorporation, 5.8000%^µ	17,526,000	16,737,330
			262,473,430
Basic Industry – 0.9%
	Albemarle Corp., 4.1500%, 12/1/24	15,959,000	16,009,207
	Albemarle Corp., 5.4500%, 12/1/44	12,430,000	12,595,779
	Alcoa, Inc., 5.1250%, 10/1/24	667,000	628,648
	Ashland, Inc., 3.8750%, 4/15/18	6,413,000	6,461,098
	Ashland, Inc., 6.8750%, 5/15/43	8,277,000	7,697,610
	Georgia-Pacific LLC, 3.1630%, 11/15/21 (144A)	19,249,000	19,471,711
	Georgia-Pacific LLC, 3.6000%, 3/1/25 (144A)	9,700,000	9,691,493
	LyondellBasell Industries NV, 4.6250%, 2/26/55	13,848,000	11,744,309
	Reliance Steel & Aluminum Co., 4.5000%, 4/15/23	9,897,000	9,446,548
	Rockwood Specialties Group, Inc., 4.6250%, 10/15/20	19,352,000	20,030,965
			113,777,368
Brokerage – 1.7%
	Ameriprise Financial, Inc., 7.5180%, 6/1/66^‡	20,246,000	19,917,002
	Carlyle Holdings Finance LLC, 3.8750%, 2/1/23 (144A)	6,929,000	7,092,912
	Charles Schwab Corp., 3.0000%, 3/10/25	7,811,000	7,691,023
	Charles Schwab Corp., 7.0000%^µ	10,581,000	12,221,055
	E*TRADE Financial Corp., 5.3750%, 11/15/22	12,710,000	13,472,600
	E*TRADE Financial Corp., 4.6250%, 9/15/23	17,020,000	17,190,200
	Lazard Group LLC, 6.8500%, 6/15/17	584,000	631,041
	Lazard Group LLC, 4.2500%, 11/14/20	13,313,000	14,101,809
	Neuberger Berman Group LLC / Neuberger Berman Finance Corp.,
	5.8750%, 3/15/22 (144A)	12,699,000	13,445,066


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

10	SEPTEMBER 30, 2015

Janus Balanced Fund

Schedule of Investments

September 30, 2015


Shares or Principal Amounts			Value
Corporate Bonds – (continued)
Brokerage – (continued)
	Neuberger Berman Group LLC / Neuberger Berman Finance Corp.,
	4.8750%, 4/15/45 (144A)	$13,432,000	$12,305,378
	Raymond James Financial, Inc., 4.2500%, 4/15/16	15,749,000	16,007,268
	Raymond James Financial, Inc., 5.6250%, 4/1/24	29,726,000	33,609,464
	Stifel Financial Corp., 4.2500%, 7/18/24	9,001,000	8,998,390
	TD Ameritrade Holding Corp., 2.9500%, 4/1/22	10,821,000	10,897,115
	TD Ameritrade Holding Corp., 3.6250%, 4/1/25	22,577,000	23,112,594
			210,692,917
Capital Goods – 0.8%
	CNH Industrial Capital LLC, 3.6250%, 4/15/18	6,818,000	6,626,278
	Exelis, Inc., 4.2500%, 10/1/16	9,471,000	9,676,445
	Exelis, Inc., 5.5500%, 10/1/21	4,279,000	4,752,728
	FLIR Systems, Inc., 3.7500%, 9/1/16	11,790,000	12,042,518
	Hanson, Ltd., 6.1250%, 8/15/16	10,940,000	11,248,508
	Harris Corp., 3.8320%, 4/27/25	4,421,000	4,328,327
	Harris Corp., 5.0540%, 4/27/45	6,691,000	6,458,086
	Martin Marietta Materials, Inc., 4.2500%, 7/2/24	6,364,000	6,390,372
	Owens Corning, 4.2000%, 12/1/24	4,642,000	4,611,363
	Vulcan Materials Co., 7.0000%, 6/15/18	7,735,000	8,624,525
	Vulcan Materials Co., 7.5000%, 6/15/21	4,281,000	4,901,745
	Vulcan Materials Co., 4.5000%, 4/1/25	19,671,000	19,277,580
			98,938,475
Communications – 0.3%
	CCO Safari II LLC, 4.9080%, 7/23/25	10,921,000	10,868,612
	Nielsen Finance LLC / Nielsen Finance Co., 4.5000%, 10/1/20	5,155,000	5,167,888
	SBA Tower Trust, 2.9330%, 12/15/17 (144A)	6,429,000	6,527,171
	UBM PLC, 5.7500%, 11/3/20 (144A)	12,622,000	13,780,737
			36,344,408
Consumer Cyclical – 1.6%
	1011778 BC ULC / New Red Finance, Inc., 4.6250%, 1/15/22 (144A)	13,176,000	12,882,175
	Brinker International, Inc., 3.8750%, 5/15/23	18,486,000	18,086,407
	CVS Health Corp., 2.8000%, 7/20/20	19,781,000	20,097,575
	CVS Health Corp., 3.5000%, 7/20/22	11,101,000	11,465,379
	CVS Health Corp., 3.8750%, 7/20/25	16,470,000	16,977,408
	DR Horton, Inc., 4.7500%, 5/15/17	4,115,000	4,235,878
	DR Horton, Inc., 3.7500%, 3/1/19	8,899,000	8,954,619
	FCA US LLC / CG Co-Issuer, Inc., 8.2500%, 6/15/21	6,694,000	7,103,673
	General Motors Co., 3.5000%, 10/2/18	8,807,000	8,878,072
	General Motors Co., 4.8750%, 10/2/23	45,556,000	46,202,303
	Macy's Retail Holdings, Inc., 5.9000%, 12/1/16	6,057,000	6,372,455
	MDC Holdings, Inc., 5.5000%, 1/15/24	10,157,000	10,258,570
	Schaeffler Finance BV, 4.2500%, 5/15/21 (144A)	3,886,000	3,730,560
	Toll Brothers Finance Corp., 4.0000%, 12/31/18	3,692,000	3,793,530
	Toll Brothers Finance Corp., 5.8750%, 2/15/22	3,368,000	3,612,180
	Toll Brothers Finance Corp., 4.3750%, 4/15/23	1,885,000	1,852,013
	Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 4.2500%, 5/30/23 (144A)	5,131,000	4,239,489
	ZF North America Capital, Inc., 4.0000%, 4/29/20 (144A)	4,979,000	4,733,162
	ZF North America Capital, Inc., 4.5000%, 4/29/22 (144A)	2,638,000	2,492,910
	ZF North America Capital, Inc., 4.7500%, 4/29/25 (144A)	5,079,000	4,653,634
			200,621,992
Consumer Non-Cyclical – 2.0%
	Actavis Funding SCS, 3.0000%, 3/12/20	16,439,000	16,453,401
	Actavis Funding SCS, 3.8000%, 3/15/25	13,595,000	13,133,300
	Actavis Funding SCS, 4.5500%, 3/15/35	8,961,000	8,244,667
	Becton Dickinson and Co., 1.8000%, 12/15/17	10,940,000	10,987,950
	Fresenius Medical Care US Finance II, Inc., 5.8750%, 1/31/22 (144A)	15,608,000	16,739,580
	HCA, Inc., 3.7500%, 3/15/19	6,455,000	6,438,863
	Kraft Heinz Foods Co., 2.8000%, 7/2/20 (144A)	7,742,000	7,792,726
	Kraft Heinz Foods Co., 3.5000%, 7/15/22 (144A)	6,644,000	6,786,966


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

Janus Investment Fund	11

Janus Balanced Fund

Schedule of Investments

September 30, 2015


Shares or Principal Amounts			Value
Corporate Bonds – (continued)
Consumer Non-Cyclical – (continued)
	Laboratory Corp. of America Holdings, 3.2000%, 2/1/22	$12,400,000	$12,342,303
	Laboratory Corp. of America Holdings, 3.6000%, 2/1/25	12,381,000	11,985,613
	Life Technologies Corp., 6.0000%, 3/1/20	8,204,000	9,368,541
	Life Technologies Corp., 5.0000%, 1/15/21	2,859,000	3,139,142
	Omnicare, Inc., 4.7500%, 12/1/22	5,017,000	5,418,360
	Omnicare, Inc., 5.0000%, 12/1/24	6,635,000	7,198,975
	Smithfield Foods, Inc., 5.2500%, 8/1/18 (144A)	1,831,000	1,858,465
	Thermo Fisher Scientific, Inc., 3.3000%, 2/15/22	5,965,000	5,981,690
	Tyson Foods, Inc., 6.6000%, 4/1/16	8,642,000	8,879,188
	Valeant Pharmaceuticals International, Inc., 5.8750%, 5/15/23 (144A)	6,793,000	6,491,561
	Valeant Pharmaceuticals International, Inc., 6.1250%, 4/15/25 (144A)	6,793,000	6,470,333
	Wm Wrigley Jr Co., 2.4000%, 10/21/18 (144A)	19,820,000	20,168,812
	Wm Wrigley Jr Co., 3.3750%, 10/21/20 (144A)	19,803,000	20,625,617
	Zimmer Biomet Holdings, Inc., 2.7000%, 4/1/20	12,344,000	12,389,154
	Zimmer Biomet Holdings, Inc., 3.1500%, 4/1/22	14,589,000	14,444,627
	Zimmer Biomet Holdings, Inc., 3.5500%, 4/1/25	16,810,000	16,460,722
			249,800,556
Electric – 0.2%
	IPALCO Enterprises, Inc., 5.0000%, 5/1/18	5,997,000	6,281,858
	PPL WEM, Ltd. / Western Power Distribution, Ltd., 3.9000%, 5/1/16 (144A)	7,835,000	7,937,294
	PPL WEM, Ltd. / Western Power Distribution, Ltd., 5.3750%, 5/1/21 (144A)	10,571,000	11,763,028
			25,982,180
Energy – 2.0%
	Chesapeake Energy Corp., 5.3750%, 6/15/21	9,386,000	6,241,690
	Chesapeake Energy Corp., 4.8750%, 4/15/22	7,366,000	4,806,315
	Chevron Corp., 1.3450%, 11/15/17	8,716,000	8,746,201
	Cimarex Energy Co., 5.8750%, 5/1/22	25,528,000	26,809,327
	Cimarex Energy Co., 4.3750%, 6/1/24	24,305,000	23,663,980
	DCP Midstream Operating LP, 4.9500%, 4/1/22	16,509,000	14,859,520
	DCP Midstream Operating LP, 3.8750%, 3/15/23	8,671,000	7,242,401
	DCP Midstream Operating LP, 5.6000%, 4/1/44	2,722,000	2,203,094
	Devon Energy Corp., 2.2500%, 12/15/18	9,861,000	9,879,391
	Energy Transfer Partners LP, 4.1500%, 10/1/20	6,106,000	6,176,311
	EnLink Midstream Partners LP, 4.4000%, 4/1/24	8,913,000	8,485,711
	EnLink Midstream Partners LP, 5.6000%, 4/1/44	6,889,000	6,269,334
	Forum Energy Technologies, Inc., 6.2500%, 10/1/21	5,849,000	4,913,160
	Helmerich & Payne International Drilling Co., 4.6500%, 3/15/25	17,102,000	17,024,887
	Kinder Morgan Energy Partners LP, 5.0000%, 10/1/21	5,657,000	5,792,751
	Kinder Morgan Energy Partners LP, 4.3000%, 5/1/24	5,940,000	5,422,816
	Kinder Morgan, Inc., 6.5000%, 9/15/20	597,000	661,046
	Kinder Morgan, Inc., 7.7500%, 1/15/32	6,696,000	7,039,317
	Motiva Enterprises LLC, 5.7500%, 1/15/20 (144A)	8,770,000	9,643,895
	NGL Energy Partners LP / NGL Energy Finance Corp., 5.1250%, 7/15/19	12,532,000	11,404,120
	Oceaneering International, Inc., 4.6500%, 11/15/24	20,224,000	19,241,235
	Phillips 66 Partners LP, 3.6050%, 2/15/25	3,510,000	3,219,126
	Spectra Energy Partners LP, 4.7500%, 3/15/24	14,313,000	14,794,790
	Targa Resources Partners LP / Targa Resources Partners Finance Corp.,
	4.1250%, 11/15/19 (144A)	10,326,000	9,267,585
	Western Gas Partners LP, 5.3750%, 6/1/21	20,110,000	21,525,905
			255,333,908
Finance Companies – 0.8%
	AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust,
	4.6250%, 7/1/22	6,153,000	6,129,926
	CIT Group, Inc., 4.2500%, 8/15/17	25,290,000	25,606,125
	CIT Group, Inc., 5.5000%, 2/15/19 (144A)	19,971,000	20,719,912
	GE Capital Trust I, 6.3750%, 11/15/67^‡	8,581,000	9,203,122
	General Electric Capital Corp., 6.3750%, 11/15/67^‡	5,699,000	6,108,616
	General Electric Capital Corp., 6.2500%^µ	16,600,000	18,011,000
	General Electric Capital Corp., 7.1250%^µ	4,700,000	5,428,500


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

12	SEPTEMBER 30, 2015

Janus Balanced Fund

Schedule of Investments

September 30, 2015


Shares or Principal Amounts			Value
Corporate Bonds – (continued)
Finance Companies – (continued)
	International Lease Finance Corp., 6.7500%, 9/1/16	$8,720,000	$9,025,200
	International Lease Finance Corp., 8.7500%, 3/15/17	4,368,000	4,695,600
			104,928,001
Financial – 0.4%
	Jones Lang LaSalle, Inc., 4.4000%, 11/15/22	13,346,000	13,775,621
	Kennedy-Wilson, Inc., 5.8750%, 4/1/24	14,712,000	14,380,980
	LeasePlan Corp. NV, 2.5000%, 5/16/18 (144A)	23,638,000	23,695,629
			51,852,230
Industrial – 0.1%
	Cintas Corp. No 2, 2.8500%, 6/1/16	5,422,000	5,482,038
	Cintas Corp. No 2, 4.3000%, 6/1/21	5,676,000	6,190,717
			11,672,755
Insurance – 0.3%
	CNO Financial Group, Inc., 4.5000%, 5/30/20	3,005,000	3,065,100
	CNO Financial Group, Inc., 5.2500%, 5/30/25	9,746,000	9,892,190
	Primerica, Inc., 4.7500%, 7/15/22	20,170,000	21,943,830
	Voya Financial, Inc., 5.6500%, 5/15/53^‡	8,209,000	8,274,672
			43,175,792
Real Estate Investment Trusts (REITs) – 0.7%
	Alexandria Real Estate Equities, Inc., 2.7500%, 1/15/20	9,416,000	9,400,087
	Alexandria Real Estate Equities, Inc., 4.6000%, 4/1/22	16,517,000	17,357,385
	Alexandria Real Estate Equities, Inc., 4.5000%, 7/30/29	8,611,000	8,601,244
	Post Apartment Homes LP, 4.7500%, 10/15/17	7,681,000	8,139,955
	Reckson Operating Partnership LP, 6.0000%, 3/31/16	4,313,000	4,407,308
	Retail Opportunity Investments Partnership LP, 5.0000%, 12/15/23	2,472,000	2,585,294
	Retail Opportunity Investments Partnership LP, 4.0000%, 12/15/24	4,690,000	4,587,547
	Senior Housing Properties Trust, 6.7500%, 4/15/20	3,778,000	4,243,960
	Senior Housing Properties Trust, 6.7500%, 12/15/21	4,171,000	4,779,103
	SL Green Realty Corp., 5.0000%, 8/15/18	9,167,000	9,770,629
	SL Green Realty Corp., 7.7500%, 3/15/20	17,693,000	20,976,838
			94,849,350
Technology – 2.1%
	Autodesk, Inc., 3.6000%, 12/15/22	6,175,000	6,170,356
	Cadence Design Systems, Inc., 4.3750%, 10/15/24	20,209,000	20,593,274
	Fidelity National Information Services, Inc., 5.0000%, 3/15/22	2,658,000	2,777,777
	Fiserv, Inc., 3.1250%, 10/1/15	7,809,000	7,809,000
	Molex Electronic Technologies LLC, 2.8780%, 4/15/20 (144A)	5,208,000	5,151,035
	Molex Electronic Technologies LLC, 3.9000%, 4/15/25 (144A)	15,442,000	15,048,136
	Seagate HDD Cayman, 4.7500%, 6/1/23	4,335,000	4,278,407
	Seagate HDD Cayman, 4.7500%, 1/1/25	41,410,000	39,751,985
	Seagate HDD Cayman, 4.8750%, 6/1/27 (144A)	11,071,000	10,297,801
	Seagate HDD Cayman, 5.7500%, 12/1/34 (144A)	13,629,000	13,108,454
	Trimble Navigation, Ltd., 4.7500%, 12/1/24	22,274,000	22,278,722
	TSMC Global, Ltd., 1.6250%, 4/3/18 (144A)	32,015,000	31,724,752
	Verisk Analytics, Inc., 4.8750%, 1/15/19	7,602,000	8,086,757
	Verisk Analytics, Inc., 5.8000%, 5/1/21	28,106,000	31,934,318
	Verisk Analytics, Inc., 4.1250%, 9/12/22	7,358,000	7,470,673
	Verisk Analytics, Inc., 4.0000%, 6/15/25	22,623,000	22,372,767
	Verisk Analytics, Inc., 5.5000%, 6/15/45	12,226,000	12,015,517
			260,869,731
Transportation – 0.3%
	Penske Truck Leasing Co. LP / PTL Finance Corp., 2.5000%, 3/15/16 (144A)	1,491,000	1,500,104
	Penske Truck Leasing Co. LP / PTL Finance Corp., 3.3750%, 3/15/18 (144A)	12,487,000	12,838,384
	Penske Truck Leasing Co. LP / PTL Finance Corp., 2.5000%, 6/15/19 (144A)	8,346,000	8,305,856
	Penske Truck Leasing Co. LP / PTL Finance Corp., 4.8750%, 7/11/22 (144A)	1,270,000	1,349,564
	Penske Truck Leasing Co. LP / PTL Finance Corp., 4.2500%, 1/17/23 (144A)	6,846,000	6,980,853
	Southwest Airlines Co., 5.1250%, 3/1/17	8,107,000	8,526,659
			39,501,420
Total Corporate Bonds (cost $2,066,361,124)			2,072,271,897


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

Janus Investment Fund	13

Janus Balanced Fund

Schedule of Investments

September 30, 2015


Shares or Principal Amounts			Value
Mortgage-Backed Securities – 8.6%
Fannie Mae Pool:
	5.5000%, 1/1/25	$1,662,911	$1,811,771
	4.0000%, 6/1/29	2,620,908	2,812,846
	4.0000%, 9/1/29	4,956,077	5,319,151
	5.0000%, 9/1/29	4,199,480	4,624,403
	3.5000%, 10/1/29	696,364	736,703
	5.0000%, 1/1/30	1,783,999	1,964,557
	5.5000%, 1/1/33	1,068,096	1,206,586
	4.0000%, 4/1/34	5,586,047	6,068,099
	6.0000%, 10/1/35	4,810,133	5,460,516
	6.0000%, 12/1/35	5,311,641	6,029,414
	6.0000%, 2/1/37	892,414	1,024,061
	6.0000%, 9/1/37	4,060,257	4,435,099
	6.0000%, 10/1/38	4,061,226	4,591,871
	7.0000%, 2/1/39	1,405,879	1,603,158
	5.5000%, 3/1/40	5,980,862	6,816,415
	5.5000%, 4/1/40	16,478,538	18,417,253
	4.5000%, 10/1/40	1,675,967	1,825,181
	5.0000%, 10/1/40	2,325,493	2,604,529
	5.0000%, 2/1/41	12,030,057	13,343,528
	5.5000%, 2/1/41	3,188,138	3,633,574
	5.0000%, 4/1/41	3,129,101	3,477,981
	5.0000%, 5/1/41	7,048,079	7,781,707
	5.5000%, 5/1/41	5,357,688	5,982,581
	5.5000%, 6/1/41	8,842,311	9,891,958
	5.5000%, 6/1/41	7,224,353	8,165,985
	5.0000%, 7/1/41	6,454,303	7,124,805
	5.5000%, 7/1/41	929,605	1,038,184
	4.5000%, 8/1/41	5,288,344	5,749,232
	5.5000%, 12/1/41	8,147,817	9,152,180
	4.5000%, 1/1/42	1,500,124	1,633,375
	5.5000%, 2/1/42	32,566,034	36,402,266
	4.0000%, 6/1/42	9,266,660	9,989,012
	4.5000%, 6/1/42	2,156,279	2,342,120
	3.5000%, 7/1/42	6,170,733	6,492,827
	4.0000%, 7/1/42	1,861,388	2,007,599
	4.0000%, 8/1/42	4,321,459	4,661,080
	4.0000%, 9/1/42	8,555,191	9,227,798
	4.0000%, 9/1/42	5,422,437	5,851,318
	4.0000%, 11/1/42	6,446,312	6,948,995
	4.0000%, 12/1/42	5,084,222	5,516,693
	3.5000%, 1/1/43	11,347,638	11,887,638
	3.5000%, 2/1/43	25,149,340	26,347,414
	3.5000%, 2/1/43	22,672,156	23,756,367
	4.5000%, 2/1/43	27,779,706	30,324,234
	4.5000%, 3/1/43	9,151,622	10,088,412
	4.0000%, 5/1/43	14,140,889	15,250,226
	4.0000%, 7/1/43	20,093,961	21,676,719
	4.0000%, 8/1/43	16,028,679	17,287,523
	4.0000%, 9/1/43	3,980,750	4,293,233
	3.5000%, 1/1/44	19,314,177	20,415,300
	3.5000%, 1/1/44	8,694,352	9,173,099
	4.0000%, 2/1/44	10,509,628	11,332,386
	3.5000%, 4/1/44	10,284,266	10,828,143
	3.5000%, 5/1/44	29,852,742	31,495,931
	4.5000%, 5/1/44	38,838,689	43,162,599
	4.0000%, 6/1/44	13,381,193	14,434,297
	4.0000%, 7/1/44	26,028,501	28,259,390
	5.0000%, 7/1/44	15,359,768	17,301,478
	4.0000%, 8/1/44	16,557,692	17,976,912


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

14	SEPTEMBER 30, 2015

Janus Balanced Fund

Schedule of Investments

September 30, 2015


Shares or Principal Amounts			Value
Mortgage-Backed Securities – (continued)
Fannie Mae Pool – (continued)
	4.0000%, 8/1/44	$6,285,468	$6,824,192
	4.5000%, 8/1/44	17,150,732	19,041,996
	4.5000%, 10/1/44	13,035,559	14,487,070
	4.5000%, 10/1/44	7,387,119	8,189,191
	3.5000%, 2/1/45	20,107,219	21,067,189
	4.5000%, 3/1/45	13,590,998	15,066,699
	4.5000%, 5/1/45	10,528,481	11,700,904
	4.0000%, 9/1/45	37,156,824	40,096,858
			745,531,811
Freddie Mac Gold Pool:
	5.0000%, 1/1/19	1,003,946	1,043,799
	5.5000%, 8/1/19	916,527	955,418
	5.0000%, 6/1/20	1,587,942	1,687,247
	5.5000%, 12/1/28	3,800,130	4,206,096
	3.5000%, 7/1/29	6,231,138	6,580,728
	5.5000%, 10/1/36	3,285,125	3,713,112
	6.0000%, 4/1/40	15,533,569	17,981,633
	4.5000%, 1/1/41	4,049,433	4,418,395
	5.0000%, 5/1/41	8,422,089	9,348,063
	5.5000%, 5/1/41	6,617,422	7,342,190
	5.5000%, 8/1/41	14,786,285	16,835,882
	5.5000%, 9/1/41	2,440,659	2,707,372
	3.5000%, 2/1/44	7,856,724	8,230,386
	4.0000%, 8/1/44	5,337,439	5,771,915
	4.5000%, 9/1/44	25,414,001	28,198,045
	4.5000%, 6/1/45	10,854,578	12,043,761
			131,064,042
Ginnie Mae I Pool:
	5.1000%, 1/15/32	5,541,395	6,306,557
	4.9000%, 10/15/34	6,071,890	6,720,191
	5.5000%, 9/15/35	704,591	814,304
	5.5000%, 3/15/36	3,291,124	3,736,701
	5.5000%, 8/15/39	13,615,746	15,587,524
	5.5000%, 8/15/39	4,344,857	4,946,067
	5.0000%, 10/15/39	3,040,166	3,381,444
	5.5000%, 10/15/39	5,052,297	5,798,845
	5.0000%, 11/15/39	4,900,293	5,438,980
	5.0000%, 1/15/40	1,672,441	1,857,494
	5.0000%, 5/15/40	1,804,854	2,020,196
	5.0000%, 5/15/40	577,785	646,895
	5.0000%, 7/15/40	5,334,693	5,923,922
	5.0000%, 7/15/40	1,337,817	1,485,377
	5.0000%, 2/15/41	5,494,427	6,102,409
	5.0000%, 4/15/41	2,092,933	2,324,800
	5.0000%, 5/15/41	2,243,377	2,526,439
	4.5000%, 7/15/41	4,346,969	4,721,861
	4.5000%, 7/15/41	1,539,210	1,698,720
	4.5000%, 8/15/41	12,029,283	13,323,806
	5.0000%, 9/15/41	1,280,984	1,422,508
	5.0000%, 11/15/43	9,090,993	10,101,467
	4.5000%, 5/15/44	5,983,408	6,575,866
	5.0000%, 6/15/44	8,806,956	9,903,057
	5.0000%, 6/15/44	3,398,416	3,817,166
	4.0000%, 4/15/45	4,166,938	4,510,019
			131,692,615
Ginnie Mae II Pool:
	6.0000%, 11/20/34	2,961,343	3,396,282
	5.5000%, 11/20/37	3,610,365	4,027,738
	6.0000%, 1/20/39	1,196,994	1,337,870


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

Janus Investment Fund	15

Janus Balanced Fund

Schedule of Investments

September 30, 2015


Shares or Principal Amounts			Value
Mortgage-Backed Securities – (continued)
Ginnie Mae II Pool – (continued)
	7.0000%, 5/20/39	$683,369	$803,383
	4.5000%, 10/20/41	8,337,690	8,968,047
	6.0000%, 10/20/41	507,447	575,766
	6.0000%, 12/20/41	1,534,775	1,732,758
	5.5000%, 1/20/42	3,277,267	3,669,953
	6.0000%, 1/20/42	1,640,612	1,859,966
	6.0000%, 2/20/42	1,363,335	1,544,666
	6.0000%, 3/20/42	1,212,085	1,372,177
	6.0000%, 4/20/42	4,349,460	4,928,523
	3.5000%, 5/20/42	2,845,128	2,998,834
	5.5000%, 5/20/42	4,531,819	5,124,906
	6.0000%, 5/20/42	1,929,981	2,162,703
	5.5000%, 7/20/42	5,927,257	6,584,391
	6.0000%, 7/20/42	1,345,137	1,523,437
	6.0000%, 8/20/42	1,381,860	1,564,228
	6.0000%, 9/20/42	3,215,466	3,644,375
	6.0000%, 11/20/42	1,334,467	1,507,520
	6.0000%, 2/20/43	1,760,608	1,993,807
	3.5000%, 9/20/44	7,877,129	8,304,755
	5.0000%, 12/20/44	5,084,956	5,698,706
			75,324,791
Total Mortgage-Backed Securities (cost $1,075,187,648)			1,083,613,259
U.S. Treasury Notes/Bonds – 14.6%
	0.5000%, 1/31/17	124,535,000	124,583,693
	0.5000%, 4/30/17	22,646,000	22,628,902
	0.6250%, 5/31/17	13,250,000	13,259,831
	0.6250%, 6/30/17	27,686,000	27,701,864
	0.6250%, 7/31/17	91,800,000	91,834,700
	1.0000%, 12/15/17	80,694,000	81,194,141
	1.3750%, 7/31/18	71,544,000	72,502,547
	1.5000%, 8/31/18	84,828,000	86,266,089
	1.3750%, 9/30/18	283,226,000	286,891,794
	1.2500%, 10/31/18	55,868,000	56,345,224
	1.6250%, 7/31/19	48,166,000	48,992,577
	1.7500%, 9/30/19	43,085,000	43,998,316
	1.5000%, 10/31/19	64,084,000	64,790,782
	1.5000%, 11/30/19	78,327,000	79,159,224
	1.6250%, 12/31/19	65,975,000	66,964,625
	1.3750%, 3/31/20	1,853,000	1,858,598
	2.1250%, 9/30/21	34,657,000	35,658,795
	2.1250%, 12/31/21	48,384,000	49,685,578
	1.7500%, 5/15/23	14,839,000	14,712,631
	2.5000%, 8/15/23	54,623,000	57,093,817
	2.7500%, 11/15/23	76,289,000	81,221,923
	2.5000%, 5/15/24	39,540,000	41,186,485
	2.3750%, 8/15/24	10,038,000	10,338,618
	2.2500%, 11/15/24	104,030,000	105,975,153
	2.0000%, 2/15/25	6,928,000	6,900,939
	2.0000%, 8/15/25	40,105,000	39,893,005
	3.7500%, 11/15/43	40,408,000	47,575,167
	3.6250%, 2/15/44	11,346,000	13,047,605
	3.3750%, 5/15/44	9,726,000	10,674,538
	2.5000%, 2/15/45	7,549,000	6,949,602
	3.0000%, 5/15/45	78,705,000	80,543,470
	2.8750%, 8/15/45	65,760,000	65,727,449
Total U.S. Treasury Notes/Bonds (cost $1,796,639,696)			1,836,157,682
Common Stocks – 55.4%
Aerospace & Defense – 2.8%
	Boeing Co.	1,543,411	202,109,670


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

16	SEPTEMBER 30, 2015

Janus Balanced Fund

Schedule of Investments

September 30, 2015


Shares or Principal Amounts			Value
Common Stocks – (continued)
Aerospace & Defense – (continued)
	Honeywell International, Inc.	1,562,999	$148,000,375
			350,110,045
Airlines – 0.5%
	United Continental Holdings, Inc.*	1,131,910	60,047,825
Automobiles – 1.0%
	General Motors Co.	4,106,309	123,271,396
Beverages – 0.3%
	Diageo PLC	1,389,729	37,391,934
Biotechnology – 2.2%
	Amgen, Inc.	1,323,250	183,031,940
	Regeneron Pharmaceuticals, Inc.*	199,184	92,648,446
			275,680,386
Capital Markets – 2.4%
	Blackstone Group LP	7,053,810	223,394,163
	TD Ameritrade Holding Corp.	2,351,363	74,867,398
			298,261,561
Chemicals – 3.1%
	Chemours Co.	704,694	4,559,370
	EI du Pont de Nemours & Co.	3,523,475	169,831,495
	LyondellBasell Industries NV - Class A	2,555,510	213,027,314
			387,418,179
Commercial Banks – 2.3%
	JPMorgan Chase & Co.	1,891,111	115,301,038
	U.S. Bancorp	4,419,413	181,240,127
			296,541,165
Consumer Finance – 0.9%
	American Express Co.	1,515,786	112,365,216
Diversified Financial Services – 0.6%
	CME Group, Inc.	893,509	82,864,025
Diversified Telecommunication Services – 0.2%
	Verizon Communications, Inc.	485,763	21,135,548
Electronic Equipment, Instruments & Components – 1.0%
	TE Connectivity, Ltd. (U.S. Shares)	2,112,104	126,493,909
Food Products – 0.7%
	Hershey Co.	938,080	86,190,790
Health Care Providers & Services – 1.0%
	Aetna, Inc.	1,124,704	123,053,865
Hotels, Restaurants & Leisure – 1.7%
	Norwegian Cruise Line Holdings, Ltd.*	1,096,395	62,823,433
	Six Flags Entertainment Corp.	963,729	44,119,514
	Starbucks Corp.	1,187,680	67,507,731
	Starwood Hotels & Resorts Worldwide, Inc.	573,887	38,152,008
			212,602,686
Industrial Conglomerates – 0.7%
	3M Co.	590,459	83,709,372
Information Technology Services – 3.1%
	Automatic Data Processing, Inc.	678,481	54,522,733
	MasterCard, Inc. - Class A	3,713,410	334,647,541
			389,170,274
Insurance – 0.8%
	Prudential PLC	4,850,359	102,521,927
Internet & Catalog Retail – 1.2%
	Priceline Group, Inc.*	123,968	153,331,060
Internet Software & Services – 2.4%
	Google, Inc. - Class C	389,936	237,244,861
	Yahoo!, Inc.*	2,403,312	69,479,750
			306,724,611
Leisure Products – 0.4%
	Mattel, Inc.	2,316,960	48,795,178


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

Janus Investment Fund	17

Janus Balanced Fund

Schedule of Investments

September 30, 2015


Shares or Principal Amounts			Value
Common Stocks – (continued)
Machinery – 0.4%
	Dover Corp.	965,700	$55,218,726
Multiline Retail – 1.1%
	Dollar Tree, Inc.*	2,075,080	138,324,833
Oil, Gas & Consumable Fuels – 1.9%
	Chevron Corp.	1,280,440	101,001,107
	Enterprise Products Partners LP	4,674,211	116,387,854
	Marathon Oil Corp.	1,399,433	21,551,268
			238,940,229
Pharmaceuticals – 8.8%
	AbbVie, Inc.	3,863,902	210,234,908
	Allergan PLC*	710,986	193,253,105
	Bristol-Myers Squibb Co.	3,585,163	212,241,650
	Eli Lilly & Co.	1,809,997	151,478,649
	Endo International PLC*	2,038,911	141,255,754
	Merck & Co., Inc.	2,291,742	113,189,137
	Valeant Pharmaceuticals International, Inc. (U.S. Shares)*	482,259	86,025,360
			1,107,678,563
Professional Services – 0.3%
	Towers Watson & Co. - Class A	357,564	41,970,862
Real Estate Investment Trusts (REITs) – 0.2%
	Outfront Media, Inc.	1,341,716	27,907,693
Real Estate Management & Development – 0.5%
	Colony American Homes Holdings III LP^§	6,162,871	64,278,745
Road & Rail – 1.9%
	Union Pacific Corp.	2,657,184	234,921,637
Semiconductor & Semiconductor Equipment – 0.5%
	NXP Semiconductor NV*	775,154	67,492,659
Software – 1.9%
	Microsoft Corp.	5,513,124	244,010,868
Specialty Retail – 1.7%
	Home Depot, Inc.	1,882,248	217,380,822
Technology Hardware, Storage & Peripherals – 3.1%
	Apple, Inc.	2,989,869	329,782,551
	Seagate Technology PLC	1,371,160	61,427,968
			391,210,519
Textiles, Apparel & Luxury Goods – 2.3%
	NIKE, Inc. - Class B	2,319,525	285,231,989
Tobacco – 1.5%
	Altria Group, Inc.	2,415,653	131,411,523
	Philip Morris International, Inc.	797,539	63,268,769
			194,680,292
Total Common Stocks (cost $5,748,317,387)			6,986,929,389
Preferred Stocks – 0.7%
Capital Markets – 0.2%
	Morgan Stanley, 6.8750%	444,850	11,890,840
	Morgan Stanley, 7.1250%	446,510	12,256,699
	Morgan Stanley Capital Trust III, 6.2500%	70,925	1,800,786
	Morgan Stanley Capital Trust IV, 6.2500%	15,844	401,170
	Morgan Stanley Capital Trust V, 5.7500%	5,872	146,976
	Morgan Stanley Capital Trust VIII, 6.4500%	3,787	95,319
			26,591,790
Commercial Banks – 0.2%
	Citigroup Capital XIII, 7.8750%	301,150	7,736,544
	Wells Fargo & Co., 6.6250%	499,300	13,655,855
			21,392,399
Consumer Finance – 0.3%
	Ally Financial, Inc., 7.0000% (144A)	23,702	23,776,811
	Discover Financial Services, 6.5000%	572,900	14,786,549
			38,563,360


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

18	SEPTEMBER 30, 2015

Janus Balanced Fund

Schedule of Investments

September 30, 2015


Shares or Principal Amounts			Value
Preferred Stocks – (continued)
Diversified Financial Services – 0%
	General Electric Capital Corp., 4.7000%	49,704	$1,237,133
Total Preferred Stocks (cost $84,985,517)			87,784,682
Investment Companies – 0.8%
Money Markets – 0.8%
	Janus Cash Liquidity Fund LLC, 0.1535%^ºº,£(cost $101,280,473)	101,280,473	101,280,473
Total Investments (total cost $11,279,031,301) – 99.8%			12,574,297,216
Cash, Receivables and Other Assets, net of Liabilities – 0.2%			28,752,842
Net Assets – 100%			$12,603,050,058


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

		% of
		Investment
Country	Value	Securities
United States	$11,980,885,526	95.3	%
United Kingdom	271,866,818	2.2
Canada	98,907,535	0.8
Netherlands	97,318,214	0.8
Germany	43,598,354	0.3
Singapore	38,551,134	0.3
Taiwan	31,724,752	0.2
Italy	11,444,883	0.1

Total	$12,574,297,216	100.0	%


Schedule of Foreign Currency Contracts, Open
Counterparty/ Currency		Settlement Date		Currency Units Sold				Currency Value				Unrealized Appreciation/ (Depreciation)
Bank of America:
British Pound	10/29/15		13,060,000		$		19,750,281		$		154,727
Credit Suisse International:
British Pound	10/8/15		9,965,000				15,071,506				428,013
HSBC Securities (USA), Inc.:
British Pound	10/22/15		6,325,000				9,565,486				168,942
JPMorgan Chase & Co.:
British Pound	10/29/15		9,120,000				13,791,926				86,890
RBC Capital Markets Corp.:
British Pound	10/15/15		7,621,000				11,525,901				90,233
Total						$		69,705,100		$		928,805


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

Janus Investment Fund	19

Janus Balanced Fund

Notes to Schedule of Investments and Other Information


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


LLC	Limited Liability Company
LP	Limited Partnership
PLC	Public Limited Company
ULC	Unlimited Liability Company
U.S. Shares	Securities of foreign companies trading on an American stock exchange.


144A	Securities sold under Rule 144A of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total value of 144A securities as of the year ended September 30, 2015 is $701,370,760, which represents 5.6% of net assets.
*	Non-income producing security.
(a)	All or a portion of this position has not settled, or is not funded. Upon settlement or funding date, interest rates for unsettled or unfunded amounts will be determined. Interest and dividends will not be accrued until time of settlement or funding.
‡	The interest rate on floating rate notes is based on an index or market interest rates and is subject to change. Rate in the security description is as of September 30, 2015.
ºº	Rate shown is the 7-day yield as of September 30, 2015.
µ	This variable rate security is a perpetual bond. Perpetual bonds have no contractual maturity date, are not redeemable, and pay an indefinite stream of interest. The coupon rate shown represents the current interest rate.
£	The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control. Based on the Fund’s relative ownership, the following securities were considered affiliated companies for all or some portion of the year ended September 30, 2015. Unless otherwise indicated, all information in the table is for the year ended September 30, 2015.


	Share Balance at 9/30/14	Purchases	Sales	Share Balance at 9/30/15	Dividend Income	Value at 9/30/15
Janus Cash Liquidity Fund LLC	196,331,633	4,309,311,466	(4,404,362,626)	101,280,473	$ 143,256	$ 101,280,473


§	Schedule of Restricted and Illiquid Securities (as of September 30, 2015)
							Value as a
		Acquisition					% of Net
		Date		Cost		Value	Assets
Colony American Homes Holdings III LP		1/30/13	$	61,705,954	$	64,278,745	0.5	%
FREMF 2010 K-SCT Mortgage Trust, 2.0000%, 1/25/20		4/29/13		10,996,185		11,085,325	0.1
Total			$	72,702,139	$	75,364,070	0.6	%

The Fund has registration rights for certain restricted securities held as of September 30, 2015. The issuer incurs all registration costs.


20	SEPTEMBER 30, 2015

Janus Balanced Fund

Notes to Schedule of Investments and Other Information


The following is a summary of the inputs that were used to value the Fund's investments in securities and other financial instruments as of September 30, 2015. See Notes to Financial Statements for more information.
Valuation Inputs Summary
	Level 1 - Quoted Prices	Level 2 - Other Significant Observable Inputs	Level 3 - Significant Unobservable Inputs
Assets
Investments in Securities:
Asset-Backed/Commercial Mortgage-Backed Securities	$ -	$ 334,881,236	$ -
Bank Loans and Mezzanine Loans	-	71,378,598	-
Corporate Bonds	-	2,072,271,897	-
Mortgage-Backed Securities	-	1,083,613,259	-
U.S. Treasury Notes/Bonds	-	1,836,157,682	-
Common Stocks
Beverages	-	37,391,934	-
Insurance	-	102,521,927	-
Real Estate Management & Development	-	-	64,278,745
All Other	6,782,736,783	-	-
Preferred Stocks	-	87,784,682	-
Investment Companies	-	101,280,473	-
Total Investments in Securities	$ 6,782,736,783	$ 5,727,281,688	$ 64,278,745
Other Financial Instruments^(a):
Forward Currency Contracts	$ -	$ 928,805	$ -
Total Assets	$ 6,782,736,783	$ 5,728,210,493	$ 64,278,745
(a) Other financial instruments include forward currency, futures, written options, and swap contracts. Forward currency contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options and swap contracts are reported at their market value at measurement date.


Janus Investment Fund	21

Janus Balanced Fund

Statement of Assets and Liabilities

September 30, 2015

See footnotes at the end of the Statement.


Assets:
	Investments, at cost		$	11,279,031,301
	Unaffiliated investments, at value		$	12,473,016,743
	Affiliated investments, at value			101,280,473
	Cash			3,048,289
	Forward currency contracts			928,805
	Closed foreign currency contracts			992,743
	Non-interested Trustees' deferred compensation			251,682
	Receivables:
		Investments sold		71,381,337
		Interest		40,724,826
		Fund shares sold		15,769,786
		Dividends		7,838,925
		Foreign tax reclaims		318,901
		Dividends from affiliates		14,931
	Other assets			206,455
Total Assets				12,715,773,896
Liabilities:
	Payables:			—
		Investments purchased		71,050,059
		Fund shares repurchased		28,610,153
		Advisory fees		5,758,432
		Dividends		3,049,822
		Transfer agent fees and expenses		1,828,056
		12b-1 Distribution and shareholder servicing fees		1,520,563
		Non-interested Trustees' deferred compensation fees		251,682
		Fund administration fees		99,464
		Non-interested Trustees' fees and expenses		75,955
		Professional fees		56,673
		Custodian fees		192
		Accrued expenses and other payables		422,787
Total Liabilities				112,723,838
Net Assets			$	12,603,050,058


See Notes to Financial Statements.

22	SEPTEMBER 30, 2015

Janus Balanced Fund

Statement of Assets and Liabilities

September 30, 2015


Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	10,678,621,035
	Undistributed net investment income/(loss)		14,456,923
	Undistributed net realized gain/(loss) from investments and foreign currency transactions		613,757,294
	Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees' deferred compensation		1,296,214,806
Total Net Assets		$	12,603,050,058
Net Assets - Class A Shares		$	966,624,422
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		33,190,643
Net Asset Value Per Share⁽¹⁾		$	29.12
Maximum Offering Price Per Share⁽²⁾		$	30.90
Net Assets - Class C Shares		$	1,267,033,583
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		43,762,484
Net Asset Value Per Share⁽¹⁾		$	28.95
Net Assets - Class D Shares		$	1,382,693,030
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		47,394,013
Net Asset Value Per Share		$	29.17
Net Assets - Class I Shares		$	1,510,301,687
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		51,756,224
Net Asset Value Per Share		$	29.18
Net Assets - Class N Shares		$	1,709,642,737
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		58,644,843
Net Asset Value Per Share		$	29.15
Net Assets - Class R Shares		$	281,398,083
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		9,696,018
Net Asset Value Per Share		$	29.02
Net Assets - Class S Shares		$	750,460,935
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		25,769,142
Net Asset Value Per Share		$	29.12
Net Assets - Class T Shares		$	4,734,895,581
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		162,425,928
Net Asset Value Per Share		$	29.15

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

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


See Notes to Financial Statements.

Janus Investment Fund	23

Janus Balanced Fund

Statement of Operations

For the year ended September 30, 2015


Investment Income:
	Dividends		$	182,360,409
	Interest			163,597,965
	Dividends from affiliates			143,256
	Other income			1,061,505
	Foreign tax withheld			(19,995)
Total Investment Income				347,143,140
Expenses:
	Advisory fees			70,414,224
	12b-1Distribution and shareholder servicing fees:
		Class A Shares		2,352,918
		Class C Shares		11,184,755
		Class R Shares		1,451,450
		Class S Shares		2,071,257
	Transfer agent administrative fees and expenses:
		Class D Shares		1,744,258
		Class R Shares		744,038
		Class S Shares		2,071,257
		Class T Shares		12,181,140
	Transfer agent networking and omnibus fees:
		Class A Shares		874,426
		Class C Shares		884,233
		Class I Shares		1,099,358
	Other transfer agent fees and expenses:
		Class A Shares		88,398
		Class C Shares		138,217
		Class D Shares		267,122
		Class I Shares		48,955
		Class N Shares		3,341
		Class R Shares		2,879
		Class S Shares		5,436
		Class T Shares		34,041
	Fund administration fees			1,146,952
	Shareholder reports expense			788,399
	Registration fees			384,521
	Non-interested Trustees’ fees and expenses			300,481
	Professional fees			187,186
	Custodian fees			73,087
	Other expenses			667,583
Total Expenses				111,209,912
Less: Excess Expense Reimbursement				(317,367)
Net Expenses				110,892,545
Net Investment Income/(Loss)				236,250,595
Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions			698,703,845
Total Net Realized Gain/(Loss) on Investments				698,703,845
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation			(1,029,201,973)
Total Change in Unrealized Net Appreciation/Depreciation				(1,029,201,973)
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	(94,247,533)


See Notes to Financial Statements.

24	SEPTEMBER 30, 2015

Janus Balanced Fund

Statements of Changes in Net Assets



			Year ended September 30, 2015		Year ended September 30, 2014
Operations:
	Net investment income/(loss)		$	236,250,595	$	191,117,742
	Net realized gain/(loss) on investments			698,703,845		489,458,718
	Change in unrealized net appreciation/depreciation			(1,029,201,973)		538,347,032
Net Increase/(Decrease) in Net Assets Resulting from Operations				(94,247,533)		1,218,923,492
Dividends and Distributions to Shareholders:
	Dividends from Net Investment Income
		Class A Shares		(15,949,143)		(12,901,179)
		Class C Shares		(12,344,484)		(8,130,273)
		Class D Shares		(27,015,967)		(24,016,718)
		Class I Shares		(29,079,644)		(21,537,975)
		Class N Shares		(35,097,894)		(29,097,852)
		Class R Shares		(3,919,504)		(3,579,618)
		Class S Shares		(12,632,388)		(12,040,711)
		Class T Shares		(86,778,197)		(72,575,574)
	Total Dividends from Net Investment Income			(222,817,221)		(183,879,900)
	Distributions from Net Realized Gain from Investment Transactions
		Class A Shares		(36,613,767)		(22,326,273)
		Class C Shares		(44,392,134)		(22,100,124)
		Class D Shares		(59,186,126)		(37,740,218)
		Class I Shares		(58,796,781)		(30,277,961)
		Class N Shares		(69,741,720)		(42,049,258)
		Class R Shares		(12,357,019)		(8,020,188)
		Class S Shares		(34,600,124)		(23,889,686)
		Class T Shares		(194,276,900)		(117,336,667)
	Total Distributions from Net Realized Gain from Investment Transactions			(509,964,571)		(303,740,375)
Net Decrease from Dividends and Distributions to Shareholders				(732,781,792)		(487,620,275)
Capital Share Transactions:
		Class A Shares		193,038,639		14,762,391
		Class C Shares		353,469,430		234,051,402
		Class D Shares		58,964,132		34,988,670
		Class I Shares		303,840,018		267,745,077
		Class N Shares		173,300,111		116,750,936
		Class R Shares		(9,747,343)		10,776,235
		Class S Shares		(36,679,858)		(56,273,951)
		Class T Shares		503,098,909		277,816,892
Net Increase/(Decrease) from Capital Share Transactions				1,539,284,038		900,617,652
Net Increase/(Decrease) in Net Assets				712,254,713		1,631,920,869
Net Assets:
	Beginning of period			11,890,795,345		10,258,874,476
	End of period		$	12,603,050,058	$	11,890,795,345

Undistributed Net Investment Income/(Loss)			$	14,456,923	$	18,255,049


See Notes to Financial Statements.

Janus Investment Fund	25

Janus Balanced Fund

Financial Highlights


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

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


*	Total return not annualized for periods of less than one full year.
**	Annualized for periods of less than one full year.
(1)	Per share amounts are calculated based on average shares outstanding during the year or period.


See Notes to Financial Statements.

26	SEPTEMBER 30, 2015

Janus Balanced Fund

Financial Highlights


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

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


*	Total return not annualized for periods of less than one full year.
**	Annualized for periods of less than one full year.
(1)	Per share amounts are calculated based on average shares outstanding during the year or period.


See Notes to Financial Statements.

Janus Investment Fund	27

Janus Balanced Fund

Financial Highlights


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

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


*	Total return not annualized for periods of less than one full year.
**	Annualized for periods of less than one full year.
(1)	Period from May 31, 2012 (inception date) through September 30, 2012.
(2)	Per share amounts are calculated based on average shares outstanding during the year or period.


See Notes to Financial Statements.

28	SEPTEMBER 30, 2015

Janus Balanced Fund

Financial Highlights


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

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


*	Total return not annualized for periods of less than one full year.
**	Annualized for periods of less than one full year.
(1)	Per share amounts are calculated based on average shares outstanding during the year or period.


See Notes to Financial Statements.

Janus Investment Fund	29

Janus Balanced Fund

Notes to Financial Statements

1. Organization and Significant Accounting Policies

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

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

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

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

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

Investment Valuation


30	SEPTEMBER 30, 2015

Janus Balanced Fund

Notes to Financial Statements

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	31

Janus Balanced Fund

Notes to Financial Statements

The Fund did not hold a significant amount of Level 3 securities as of September 30, 2015.

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

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.


32	SEPTEMBER 30, 2015

Janus Balanced Fund

Notes to Financial Statements

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

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, 2015 is discussed in further detail below. A summary of derivative activity by the Fund is reflected in the tables at the end of this section.

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

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

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

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

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

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

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

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


Janus Investment Fund	33

Janus Balanced Fund

Notes to Financial Statements

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

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

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

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

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

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

Forward Foreign Currency Exchange Contracts

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

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

During the 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.

During the year ended September 30, 2015, the average ending monthly currency value amounts on sold forward currency contracts are $82,925,297.

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, 2015.


Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of September 30, 2015

		Currency Contracts
Asset Derivatives:
Forward currency contracts	$	928,805


34	SEPTEMBER 30, 2015

Janus Balanced Fund

Notes to Financial Statements

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, 2015.


The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the year ended September 30, 2015

Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative		Currency Contracts
Investments and foreign currency transactions	$	4,938,339


Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative		Currency Contracts
Investments, foreign currency translations and non-interested Trustees' deferred compensation	$	(126,269)

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

3. Other Investments and Strategies

Additional Investment Risk

A number of countries in the European Union (“EU”) have experienced, and may continue to experience, severe economic and financial difficulties. 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 have 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.


Janus Investment Fund	35

Janus Balanced Fund

Notes to Financial Statements

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, 2015.

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

· Floating Rate Loans - Floating rate loans are debt securities that have floating interest rates, that adjust periodically, and are tied to a benchmark lending rate, such as London Interbank Offered Rate (“LIBOR”). In other cases, the lending rate could be tied to the prime rate offered by one or more major U.S. banks or the rate paid on large certificates of deposit traded in the secondary markets. If the benchmark lending rate changes, the rate payable to lenders under the loan will change at the next scheduled adjustment date specified in the loan agreement. Floating rate loans are typically issued to companies (‘‘borrowers’’) in connection with recapitalizations, acquisitions, and refinancings. Floating rate loan investments are generally below investment grade. Senior floating rate loans are secured by specific collateral of a borrower and are senior in the borrower’s capital structure. The senior position in the borrower’s capital structure generally gives holders of senior loans a claim on certain of the borrower’s assets that is senior to subordinated debt and preferred and common stock in the case of a borrower’s default. Floating rate loan investments may involve foreign borrowers, and investments may be denominated in foreign currencies. Floating rate loans often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged. The Fund may invest in obligations of borrowers who are in bankruptcy proceedings. While the Fund generally expects to invest in fully funded term loans, certain of the loans in which the Fund may invest include revolving loans, bridge loans, and delayed draw term loans.

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


36	SEPTEMBER 30, 2015

Janus Balanced Fund

Notes to Financial Statements

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

Mortgage- and Asset-Backed Securities

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

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

Offsetting Assets and Liabilities

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

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

The following table presents gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see either the “Fair Value of Derivative Instruments as of September 30, 2015” table located in Note 2 of these Notes to Financial Statements and/or the Fund’s Schedule of Investments.


Janus Investment Fund	37

Janus Balanced Fund

Notes to Financial Statements


Offsetting of Financial Assets and Derivative Assets
Counterparty	Gross Amounts of Recognized Assets	Offsetting Asset or Liability^(a)	Collateral Pledged^(b)	Net Amount
Bank of America	$ 154,727	$ -	$ -	$ 154,727
Credit Suisse International	428,013	-	-	428,013
HSBC Securities (USA), Inc.	168,942	-	-	168,942
JPMorgan Chase & Co.	86,890	-	-	86,890
RBC Capital Markets Corp.	90,233	-	-	90,233
Total	$ 928,805	$ -	$ -	$ 928,805
(a) Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities.
(b) Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value.

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

Real Estate Investing

Restricted Security Transactions

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

Sovereign Debt

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


38	SEPTEMBER 30, 2015

Janus Balanced Fund

Notes to Financial Statements

When-Issued and Delayed Delivery Securities

The Fund may purchase or sell securities on a when-issued or delayed delivery basis. When-issued and delayed delivery securities in which the Fund may invest include U.S. Treasury Securities, municipal bonds, bank loans, and other similar instruments. The price of the underlying securities and date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Losses may arise due to changes in the market value of the securities or from the inability of counterparties to meet the terms of the contract. In connection with such purchases, the Fund may hold liquid assets as collateral with the Fund’s custodian sufficient to cover the purchase price.

4. Investment Advisory Agreements and Other Transactions with Affiliates

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

Janus Capital has contractually agreed to waive the advisory fee payable by the Fund or reimburse expenses in an amount equal to the amount, if any, that the Fund’s normal operating expenses in any fiscal year, including the investment advisory fee, but excluding the 12b-1 distribution and shareholder servicing fees (applicable to Class A Shares, Class C Shares, Class R Shares, and Class S Shares), transfer agent fees and expenses payable pursuant to the Transfer Agency Agreement, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.68%. Janus Capital has agreed to continue the waiver until at least February 1, 2016. If applicable, amounts reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement” on the Statement of Operations.

Janus Services receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class R Shares, Class S Shares, and Class T Shares for providing or procuring administrative services to investors in Class R Shares, Class S Shares, and Class T Shares of the Fund. Janus Services expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. Janus Services or its affiliates may also pay fees for services provided by intermediaries to the extent the fees charged by intermediaries exceed the 0.25% of net assets charged to Class R Shares, Class S Shares, and Class T Shares of the Fund. Janus Services may 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 Investment Fund	39

Janus Balanced Fund

Notes to Financial Statements

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.

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

The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of September 30, 2015 on the Statement of Assets and Liabilities in the asset, “Non-interested Trustees’ deferred compensation,” and liability, “Non-interested Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation” on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended September 30, 2015 are included in “Non-interested Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $305,400 were paid by the Trust to a Trustee under the Deferred Plan during the year ended September 30, 2015.


40	SEPTEMBER 30, 2015

Janus Balanced Fund

Notes to Financial Statements

conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Cash Liquidity Fund LLC is an affiliated unregistered cash management pooled investment vehicle that invests primarily in highly-rated short-term fixed-income securities. Janus Cash Liquidity Fund LLC currently maintains a NAV of $1.00 per share and distributes income daily in a manner consistent with a registered product compliant with Rule 2a-7 under the 1940 Act. There are no restrictions on the Fund's ability to withdraw investments from Janus Cash Liquidity Fund LLC at will, and there are no unfunded capital commitments due from the Fund to Janus Cash Liquidity Fund LLC. The units of Janus Cash Liquidity Fund LLC are not charged any management fee, sales charge or service fee.

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, 2015, redeeming shareholders of Class A Shares paid CDSCs of $46 to Janus Distributors.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the year ended September 30, 2015, redeeming shareholders of Class C Shares paid CDSCs of $147,799.

5. Federal Income Tax



			Loss Deferrals			Net Tax
Undistributed Ordinary Income	Undistributed Long-Term Gains	Accumulated Capital Losses	Late-Year Ordinary Loss	Post-October Capital Loss	Other Book to Tax Differences	Appreciation/ (Depreciation)
$ 14,708,605	$ 579,909,731	$ -	$ -	$ -	$ (231,596)	$1,330,042,283


Janus Investment Fund	41

Janus Balanced Fund

Notes to Financial Statements

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, 2015 are noted below.


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 11,244,254,933	$1,594,683,662	$(264,641,379)	$ 1,330,042,283


For the year ended September 30, 2015
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 242,526,665	$ 490,255,127	$ -	$ -


For the year ended September 30, 2014
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 183,879,900	$ 303,740,375	$ -	$ -


Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ 50,603,040	$ (17,231,500)	$ (33,371,540)

Capital has been adjusted by $50,603,040, all of which is long-term capital gain, for distributions in connection with Fund share redemptions (tax equalization).


42	SEPTEMBER 30, 2015

Janus Balanced Fund

Notes to Financial Statements

6. Capital Share Transactions



	Year ended September 30, 2015		Year ended September 30, 2014
	Shares	Amount	Shares	Amount
Class A Shares:
Shares sold	12,097,676	$ 372,516,617	9,469,276	$287,423,878
Reinvested dividends and distributions	1,469,070	44,120,078	992,298	29,489,372
Shares repurchased	(7,250,610)	(223,598,056)	(9,863,868)	(302,150,859)
Net Increase/(Decrease)	6,316,136	$ 193,038,639	597,706	$ 14,762,391
Class C Shares:
Shares sold	16,000,004	$ 490,276,478	10,814,005	$326,767,890
Reinvested dividends and distributions	1,502,054	44,857,576	797,863	23,545,164
Shares repurchased	(5,952,341)	(181,664,624)	(3,836,572)	(116,261,652)
Net Increase/(Decrease)	11,549,717	$ 353,469,430	7,775,296	$234,051,402
Class D Shares:
Shares sold	4,067,346	$ 125,773,675	3,815,715	$115,719,488
Reinvested dividends and distributions	2,809,173	84,527,872	2,037,292	60,650,327
Shares repurchased	(4,901,017)	(151,337,415)	(4,640,191)	(141,381,145)
Net Increase/(Decrease)	1,975,502	$ 58,964,132	1,212,816	$ 34,988,670
Class I Shares:
Shares sold	21,361,492	$ 662,059,843	18,890,033	$578,836,306
Reinvested dividends and distributions	2,256,661	67,896,243	1,336,773	39,867,474
Shares repurchased	(13,803,536)	(426,116,068)	(11,450,127)	(350,958,703)
Net Increase/(Decrease)	9,814,617	$ 303,840,018	8,776,679	$267,745,077
Class N Shares:
Shares sold	8,759,193	$ 271,098,349	9,296,224	$285,323,466
Reinvested dividends and distributions	3,487,239	104,838,341	2,390,289	71,147,110
Shares repurchased	(6,589,553)	(202,636,579)	(7,886,085)	(239,719,640)
Net Increase/(Decrease)	5,656,879	$ 173,300,111	3,800,428	$116,750,936
Class R Shares:
Shares sold	2,518,350	$ 77,276,119	2,894,763	$ 87,834,648
Reinvested dividends and distributions	499,593	14,956,932	362,365	10,716,613
Shares repurchased	(3,321,095)	(101,980,394)	(2,899,091)	(87,775,026)
Net Increase/(Decrease)	(303,152)	$ (9,747,343)	358,037	$ 10,776,235
Class S Shares:
Shares sold	4,943,832	$ 152,709,412	5,331,729	$162,185,684
Reinvested dividends and distributions	1,564,920	47,004,547	1,208,498	35,861,404
Shares repurchased	(7,677,565)	(236,393,817)	(8,370,636)	(254,321,039)
Net Increase/(Decrease)	(1,168,813)	$ (36,679,858)	(1,830,409)	$ (56,273,951)
Class T Shares:
Shares sold	41,642,121	$1,285,255,099	28,751,536	$873,364,234
Reinvested dividends and distributions	9,239,410	277,727,824	6,317,242	187,912,147
Shares repurchased	(34,421,128)	(1,059,884,014)	(25,726,991)	(783,459,489)
Net Increase/(Decrease)	16,460,403	$ 503,098,909	9,341,787	$277,816,892

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
$5,324,350,605	$5,084,674,322	$ 5,275,060,729	$ 4,415,444,296


Janus Investment Fund	43

Janus Balanced Fund

Notes to Financial Statements

8. Subsequent Event


44	SEPTEMBER 30, 2015

Janus Balanced Fund

Report of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Janus Balanced Fund (one of the funds constituting Janus Investment Fund, hereafter referred to as the “Fund”) at September 30, 2015, 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 then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at September 30, 2015 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.

Denver, Colorado

November 13, 2015


Janus Investment Fund	45

Janus Balanced Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Quarterly Portfolio Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD

Nature, Extent and Quality of Services


46	SEPTEMBER 30, 2015

Janus Balanced Fund

Additional Information (unaudited)

Performance of the Funds

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

Fixed-Income Funds and Money Market Funds


Janus Investment Fund	47

Janus Balanced Fund

Additional Information (unaudited)

Asset Allocation Funds

Alternative Funds

Value Funds


48	SEPTEMBER 30, 2015

Janus Balanced Fund

Additional Information (unaudited)

Mathematical Funds

Growth and Core Funds


Janus Investment Fund	49

Janus Balanced Fund

Additional Information (unaudited)

Global and International Funds

Preservation Series

Janus Aspen Series


50	SEPTEMBER 30, 2015

Janus Balanced Fund

Additional Information (unaudited)

· For Janus Aspen Global Allocation Portfolio – Moderate, the Trustees noted that the Fund’s performance was in the first Lipper quartile for the 12 months ended May 31, 2014.

· For Janus Aspen INTECH U.S. Low Volatility Portfolio, the Trustees noted that the Fund’s performance was in the first Lipper quartile for the 12 months ended May 31, 2014.


Janus Investment Fund	51

Janus Balanced Fund

Additional Information (unaudited)

Costs of Services Provided

Fixed-Income Funds and Money Market Funds


52	SEPTEMBER 30, 2015

Janus Balanced Fund

Additional Information (unaudited)

Asset Allocation Funds

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

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

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

Alternative Funds

Value Funds

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


Janus Investment Fund	53

Janus Balanced Fund

Additional Information (unaudited)

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

Mathematical Funds

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

· For INTECH U.S. Managed Volatility Fund (formerly named INTECH U.S. Value Fund), the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.

· For INTECH U.S. Managed Volatility Fund II (formerly named INTECH U.S. Growth Fund), the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.

Growth and Core Funds

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

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


54	SEPTEMBER 30, 2015

Janus Balanced Fund

Additional Information (unaudited)

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

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

Global and International Funds

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

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

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

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

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

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

Preservation Series

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

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

Janus Aspen Series

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

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

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


Janus Investment Fund	55

Janus Balanced Fund

Additional Information (unaudited)

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

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

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

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

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

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

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


56	SEPTEMBER 30, 2015

Janus Balanced Fund

Additional Information (unaudited)

Economies of Scale

Other Benefits to Janus Capital


Janus Investment Fund	57

Janus 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, 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.


58	SEPTEMBER 30, 2015

Janus 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


Janus Investment Fund	59

Janus Balanced 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.


60	SEPTEMBER 30, 2015

Janus Balanced Fund

Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2015:


Capital Gain Distributions	$540,858,168
Dividends Received Deduction Percentage	82%
Qualified Dividend Income Percentage	87%


Janus Investment Fund	61

Janus 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

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 Janus Investment Fund. Collectively, these two registered investment companies consist of 60 series or funds.


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 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	Chairman of the Board and Director of The Investment Fund for Foundations Investment Program (TIP) (consisting of 2 funds), and Director of the F.B. Heron Foundation (a private grantmaking foundation).


62	SEPTEMBER 30, 2015

Janus 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
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Trustee	1/13-Present	Managing Director, Institutional Markets, of Dividend Capital 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 MotiveQuest LLC (strategic social market research company) (since 2003), and Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of Nuveen Global Investors LLC (2007-2011); Director of Communities in Schools (2004-2010); and Director of Mutual Fund Education Alliance (until 2010).
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	63

Janus 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
James T. Rothe 151 Detroit Street Denver, CO 80206 DOB: 1943	Trustee	1/97-Present	Co-founder and Managing Director of Roaring Fork Capital SBIC, L.P. (SBA SBIC fund focusing on private investment in public equity firms), and Professor Emeritus of Business of the University of Colorado, Colorado Springs, CO (since 2004). Formerly, 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).
William D. Stewart 151 Detroit Street Denver, CO 80206 DOB: 1944	Trustee	6/84-Present	Retired. Formerly, Corporate Vice President and General Manager of MKS Instruments - HPS Products, Boulder, CO (a manufacturer of vacuum fittings and valves) and PMFC Division, Andover, MA (manufacturing pressure measurement and flow products) (1976-2012).	60	None


64	SEPTEMBER 30, 2015

Janus 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
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), Rehabilitation Institute of Chicago, Walmart, and Wrapports, LLC (digital communications company). Formerly, Director of Chicago Convention & Tourism Bureau (until 2014) and The Field Museum of Natural History (Chicago, IL) (until 2014).
Trustee Consultant
Raudline Etienne* 151 Detroit Street Denver, CO 80206 DOB: 1965	Consultant	6/14-Present	Senior Vice President, Albright Stonebridge Group LLC (global strategy firm) (since 2011). Formerly, Deputy Comptroller and Chief Investment Officer, New York State Common Retirement Fund (public pension fund) (2008-2011).	N/A	Director of Brightwood Capital Advisors, LLC (since 2014).


Janus Investment Fund	65

Janus 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
Marc Pinto 151 Detroit Street Denver, CO 80206 DOB: 1961	Executive Vice President and Co-Portfolio Manager Janus Balanced Fund	5/05-Present	Vice President of Janus Capital and Portfolio Manager for other Janus accounts.
Gibson Smith 151 Detroit Street Denver, CO 80206 DOB: 1968	Executive Vice President and Co-Portfolio Manager Janus Balanced Fund	5/05-Present	Chief Investment Officer Fixed Income and Executive Vice President of Janus Capital; Director of Perkins Investment Management LLC; and Portfolio Manager for other Janus accounts. Formerly, Executive Vice President of Janus Distributors LLC and Janus Services LLC (2007-2013).
Stephanie Grauerholz 151 Detroit Street Denver, CO 80206 DOB: 1970	Chief Legal Counsel and Secretary Vice President	1/06-Present 3/06-Present	Senior Vice President and Chief Legal Counsel of the Funds of Janus Capital, Senior Vice President of Janus Distributors LLC, and Senior Vice President of Janus Services LLC (since 2015). Formerly, Vice President and Assistant General Counsel of Janus Capital, Vice President and Assistant Secretary of Janus Distributors LLC, and Vice President of Janus Services LLC (2007-2015).
Bruce L. Koepfgen 151 Detroit Street Denver, CO 80206 DOB: 1952	President and Chief Executive Officer	7/14-Present	President of Janus Capital Group Inc. and Janus Capital Management LLC (since 2013); Executive Vice President and Director of Janus International Holding LLC (since 2011); Executive Vice President of Janus Distributors LLC (since 2011); Executive Vice President and Working 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, 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).
David R. Kowalski 151 Detroit Street Denver, CO 80206 DOB: 1957	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	6/02-Present	Senior Vice President and Chief Compliance Officer of Janus Capital, Janus Distributors LLC, and Janus Services LLC; Vice President of INTECH Investment Management LLC and Perkins Investment Management LLC; and Director of The Janus Foundation.

* 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, 2015

Janus 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
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.

* 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	67

Janus Balanced Fund

Notes

NotesPage1


68	SEPTEMBER 30, 2015

Janus Balanced Fund

Notes

NotesPage2


Janus Investment Fund	69

Janus provides access to a wide range of investment disciplines.

Alternative

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

Asset Allocation

Fixed Income

Global & International

Growth & Core

Mathematical

Value

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

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

Funds distributed by Janus Distributors LLC

Investment products offered are:

NOT FDIC-INSURED

MAY LOSE VALUE

NO BANK GUARANTEE

C-1115-102830

125-02-93037 11-15



	ANNUAL REPORT September 30, 2015

Janus Contrarian Fund

Janus Investment Fund

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

Table of Contents

Janus Contrarian Fund

Janus Contrarian Fund (unaudited)

FUND SNAPSHOT

We believe a bottom-up process focused on nonconsensus, contrarian investment ideas will drive strong risk adjusted returns over time. Through our deep fundamental analysis, we seek to identify high-quality businesses, regardless of market cap spectrum, and capitalize on asymmetrical risk/reward opportunities.

Dan Kozlowski

portfolio manager

OVERVIEW

Janus Contrarian Fund’s Class T Shares returned
-10.68% over the one-year period ended September 30, 2015. The Fund’s benchmark, the S&P 500 Index, returned -0.61% during the period.

INVESTMENT ENVIRONMENT

Large cap U.S. equities fell slightly during the 12-month time frame covered in this letter. The period began on a positive note, however, driven by signs of an improving domestic economy and a strong U.S. consumer. Speculation about how, or when, the Federal Reserve (Fed) would raise interest rates caused volatility, but a historically low interest rate environment in the U.S. and other major global economies was ultimately a supportive backdrop for stocks.

As uncertainty began to emerge under the surface of generally complacent markets, investor sentiment shifted to the perceived relative safety of high growth/high multiple consensus stocks in e-commerce, internet media, and biotech. This environment proved difficult for our more value-focused approach as the market narrowed and consensus focused in on these areas. Going into the weakness in the late summer, we felt the divergence between the highest and lowest multiple stocks in the S&P 500 had reached a significant level.

The latter portion of the period was marred by concerns about slowing global growth and increased market uncertainty about when, or if, the Fed would raise interest rates. Against that backdrop, low valuations offered little support for companies that reported disappointing results or had negative sentiment surrounding the company, and the market continued to favor the relative safety of stocks with higher growth rates. Late in the period, however, stocks in the health care sector, and the specialty pharmaceutical industry, specifically, were especially hard hit, trading down on concerns about the potential for increased regulation of drug pricing.

PERFORMANCE DISCUSSION

The Fund underperformed its benchmark, the S&P 500 Index, for the period. As part of our contrarian investment approach, we seek companies undergoing structural changes that have gone unrecognized by the market, but that stand to positively reshape the company’s destiny and the stock’s performance over time. Investment candidates for the Fund are generally out of favor with investors. To the extent that we are able to correctly identify the changing dynamics at work within these companies and their industries, the Fund’s investments will have the potential to move from out of favor to in favor as they execute their turnarounds. The current investment backdrop was not our ideal climate for relative outperformance, as it was not an environment conducive to the market recognizing positive changes at work for previously struggling companies, even if those companies trade at low valuations. Concerns about drug pricing were also a headwind for some of the specialty pharmaceutical companies we hold. However, as we describe below, we continue to have high conviction in the changes taking place at the companies we own, and continue to like the long-term outlook for these stocks.

Specialty pharmaceutical company Mallinckrodt PLC was our largest detractor. In addition to drug pricing concerns that weighed on most specialty pharmaceutical stocks, Mallinckrodt was also negatively impacted by news that a competitor might be planning to produce a drug similar to Acthar, a first-line therapy to treat infantile spasms and last-line therapy to treat numerous other conditions including nephritic syndrome (a kidney disorder), multiple sclerosis and rheumatoid arthritis. We remain positive on the company. Its spin-off from Covidien has given the management team flexibility to dictate the strategy and incentive structure at the company. Since that time, Mallinckrodt has trimmed costs and made strategic acquisitions that have improved the firm’s product profile. We believe the company will remain a strong consolidator within the specialty pharmaceutical industry, or could be a


Janus Investment Fund	1

Janus Contrarian Fund (unaudited)

potential acquisition target. We also don’t expect the drug competing with Acthar to be able to come to market in the near term.

Knowles Corporation was another detractor from performance. The company was spun out of a larger diversified industrial company prior to our purchase, and manufactures microphones and microspeakers for mobile phones and other devices. There was a lot of negative sentiment around the stock after some of Knowles’ microphones used in the iPhone 6 were defective, causing speculation the microphones would not be used in future Apple products. The company has since reached a new deal with Apple. We continue to like the company’s prospects, especially now that the spun off company has control over its own destiny. With Apple as a partner again, we believe there could be a significant change in sentiment around the company.

Mattel was also was another large detractor. Launches of some of its new toy products have disappointed, and competition from other companies has been fierce. However, we think new leadership at the company could help refocus Mattel on improving innovation among its core brands. The missteps of the past 12 months are a product of initiatives put in the pipeline by the previous management team that are maturing now. We are encouraged by the early signs from the new management team that the worst has passed for the company and we expect to wait for the positive results of their changes.

Though the Fund underperformed for the period, we were encouraged by the positive results for some of our holdings. United Continental was a top contributor. The stock was up during the period as tailwinds from low oil prices and industry consolidation benefited the company. Going forward, we continue to believe United Continental will be a key beneficiary of industry consolidation. In a more consolidated industry, large airlines such as United have more control over industry-wide flight capacity, giving them pricing power for the first time in decades. We also expect United to benefit from improved return on invested capital due to scale advantages from its merger with Continental. Though uncertainty remains at the helm for the company as of the writing of this letter, we believe that an improved relationship between labor and management is a positive for the company and its operating success.

Herbalife was also a top contributor. The stock was up after the company reported strong earnings during the period. The company sells its weight management and nutritional supplements through a network of independent resellers. The stock has drawn considerable interest from short sellers, who have tried to illegitimize the business, pointing to the failure rate of many of these independent resellers and claiming the company is making more money by recruiting new distributors than it does from product sales. Our thesis has been that the failure rate of these independent sellers is not that different from most small businesses, and that the company sells a viable product with a legitimate path to earnings growth. The stock has risen as the company has put up better results and the short case for the company has weakened considerably.

Motorola Solutions was another top contributor. The stock rose after a major, tech-focused, private equity firm took a $1 billion stake in the company. The private equity firm’s move was perceived as a vote of confidence in Motorola’s technology. Motorola has spun off businesses over the past few years, restructuring itself to focus on providing mission-critical communications equipment for local governments and municipal entities such as police and fire departments. We believe the communications equipment business is underappreciated by the market, and believe Motorola is in a unique position to benefit from the trend of “intelligent policing,” which involves better surveillance of police activity through cameras and video equipment that monitor police. Part of the company’s attractiveness stems from its ability to provide a network solution that can connect local police, state police, neighboring county police, firefighters, and emergency medical technicians using the same radio frequency — an important advantage in crisis situations.

DERIVATIVES

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

OUTLOOK

The difference between the earnings yield of the S&P 500 Index and the yield on the 10-year Treasury note sits at a wide level. The fact that investors have been able to get greater yields from investing in many underappreciated stocks than they can from owning a 10-year Treasury note speaks to the low valuations of select stocks in today’s market. In short, the market and the valuation of these select companies has reached extremes that we believe are unsustainable over the long run.


2	SEPTEMBER 30, 2015

Janus Contrarian Fund (unaudited)

While low valuations have not provided as much pricing support to our investments as we had hoped, we are confident that when markets return to a more normalized environment and investors lengthen their time horizon again, our stocks will come into favor. At many of our companies, insiders have been buying shares, which is typically a sign that they believe their companies are undervalued, relative to the opportunities that lie ahead. We expect a reversion to the mean at some point — a return to a more moderate investment climate in which the Fund’s holdings, which are attractively valued and undergoing positive change, will be well positioned to outperform.

Thank you for your investment in Janus Contrarian Fund.


Janus Investment Fund	3

Janus Contrarian Fund (unaudited)

Fund At A Glance

September 30, 2015





	5 Top Performers - Holdings		5 Bottom Performers - Holdings
		Contribution		Contribution
	United Continental Holdings, Inc. - Call expired March 2015 exercise price $55.00	1.33%	Mallinckrodt PLC	-2.16%
	Herbalife, Ltd.	0.74%	Knowles Corp.	-1.34%
	United Continental Holdings, Inc.	0.62%	Mattel, Inc.	-1.31%
	Motorola Solutions, Inc.	0.59%	MarkWest Energy Partners LP	-1.29%
	iShares Russell 2000^{^®} Index Fund	0.54%	Colfax Corp.	-1.17%

	5 Top Performers - Sectors*
			Fund Weighting	S&P 500^{^®} Index
		Fund Contribution	(Average % of Equity)	Weighting
	Financials	0.89%	13.52%	16.41%
	Energy	0.48%	5.63%	8.09%
	Telecommunication Services	0.17%	-0.13%	2.33%
	Consumer Staples	-0.11%	3.98%	9.70%
	Other**	-0.16%	1.83%	0.00%

	5 Bottom Performers - Sectors*
			Fund Weighting	S&P 500^{^®} Index
		Fund Contribution	(Average % of Equity)	Weighting
	Consumer Discretionary	-3.05%	14.89%	12.38%
	Health Care	-2.79%	17.05%	14.84%
	Materials	-1.89%	9.85%	3.16%
	Industrials	-1.60%	19.42%	10.25%
	Information Technology	-1.40%	14.13%	19.78%
	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, 2015

Janus Contrarian Fund (unaudited)

Fund At A Glance

September 30, 2015


5 Largest Equity Holdings - (% of Net Assets)
United Continental Holdings, Inc.
Airlines	11.2%
Endo International PLC
Pharmaceuticals	8.7%
Motorola Solutions, Inc.
Communications Equipment	6.1%
St Joe Co.
Real Estate Management & Development	6.0%
Knowles Corp.
Electronic Equipment, Instruments & Components	5.5%
	37.5%

Asset Allocation - (% of Net Assets)

*Includes Securities Sold Short of (2.0)% and Other of (9.4)%.

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

As of September 30, 2015

As of September 30, 2014


Janus Investment Fund	5

Janus Contrarian Fund (unaudited)

Performance

See important disclosures on the next page.



					Expense Ratios -
Average Annual Total Return - for the periods ended September 30, 2015					per the January 28, 2015 prospectuses
	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses
Class A Shares at NAV	-10.76%	8.26%	5.57%	6.43%	1.02%
Class A Shares at MOP	-15.89%	6.99%	4.95%	6.03%
Class C Shares at NAV	-11.48%	7.41%	4.73%	5.62%	1.80%
Class C Shares at CDSC	-12.27%	7.41%	4.73%	5.62%
Class D Shares⁽¹⁾	-10.63%	8.46%	5.77%	6.60%	0.80%
Class I Shares	-10.60%	8.55%	5.72%	6.57%	0.74%
Class R Shares	-11.13%	7.83%	5.11%	5.97%	1.39%
Class S Shares	-10.92%	8.10%	5.39%	6.24%	1.16%
Class T Shares	-10.68%	8.38%	5.72%	6.57%	0.89%
S&P 500^{^®} Index	-0.61%	13.34%	6.80%	4.19%
Morningstar Quartile - Class T Shares	4th	4th	3rd	1st
Morningstar Ranking - based on total returns for Large Blend Funds	1,630/1,665	1,346/1,424	760/1,206	92/879

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.

Investments in derivatives can be highly volatile and involve additional risks than if the underlying securities were held directly. Such risks include gains or losses which, as a result of leverage, can be substantially greater than the derivatives' original cost. There is also a possibility that derivatives may not


6	SEPTEMBER 30, 2015

Janus Contrarian Fund (unaudited)

Performance

perform as intended which can reduce opportunity for gain or result in losses by offsetting positive returns in other securities.

There are special risks associated with selling securities short. Stocks sold short have the potential risk of unlimited losses.

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

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

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

See “Useful Information About Your Fund Report.”

*The Fund’s inception date – February 29, 2000

(1) Closed to certain new investors.


Janus Investment Fund	7

Janus Contrarian Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (4/1/15)	Ending Account Value (9/30/15)	Expenses Paid During Period (4/1/15 - 9/30/15)†	Beginning Account Value (4/1/15)	Ending Account Value (9/30/15)	Expenses Paid During Period (4/1/15 - 9/30/15)†	Net Annualized Expense Ratio (4/1/15 - 9/30/15)
Class A Shares		$1,000.00	$833.80	$5.29	$1,000.00	$1,019.30	$5.82	1.15%
Class C Shares		$1,000.00	$830.50	$8.72	$1,000.00	$1,015.54	$9.60	1.90%
Class D Shares		$1,000.00	$834.40	$4.46	$1,000.00	$1,020.21	$4.91	0.97%
Class I Shares		$1,000.00	$834.80	$4.09	$1,000.00	$1,020.61	$4.51	0.89%
Class R Shares		$1,000.00	$832.00	$7.12	$1,000.00	$1,017.30	$7.84	1.55%
Class S Shares		$1,000.00	$833.00	$5.88	$1,000.00	$1,018.65	$6.48	1.28%
Class T Shares		$1,000.00	$834.20	$4.64	$1,000.00	$1,020.00	$5.11	1.01%
†	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, 2015

Janus Contrarian Fund

Schedule of Investments

September 30, 2015


Shares or Contract Amounts			Value
Common Stocks – 97.2%
Airlines – 11.2%
	United Continental Holdings, Inc.*^,†	7,083,347	$375,771,558
Biotechnology – 0.5%
	HLS Therapeutics, Inc.*^,ß,£	1,759,765	17,597,650
Capital Markets – 3.3%
	ETRADE Financial Corp.	4,254,697	112,026,172
Chemicals – 4.8%
	Air Products & Chemicals, Inc.	893,097	113,941,315
	Platform Specialty Products Corp.*	3,593,518	45,458,003
			159,399,318
Commercial Banks – 3.3%
	Citizens Financial Group, Inc.	1,667,657	39,790,296
	JPMorgan Chase & Co.	1,168,656	71,252,956
			111,043,252
Communications Equipment – 6.1%
	Motorola Solutions, Inc.^†,#	3,005,584	205,521,834
Construction Materials – 0.7%
	Vulcan Materials Co.	273,828	24,425,458
Consumer Finance – 0.3%
	Synchrony Financial*^,#	345,216	10,805,261
Containers & Packaging – 4.1%
	Ball Corp.^†	1,102,700	68,587,940
	Crown Holdings, Inc.*	1,464,579	67,004,489
			135,592,429
Diversified Financial Services – 4.1%
	CME Group, Inc.	1,093,076	101,371,868
	Moody's Corp.	355,676	34,927,383
			136,299,251
Electronic Equipment, Instruments & Components – 8.8%
	Knowles Corp.*^,#,£	10,018,595	184,642,706
	Trimble Navigation, Ltd.*	2,022,531	33,209,959
	Zebra Technologies Corp. - Class A*	984,404	75,356,126
			293,208,791
Hotels, Restaurants & Leisure – 2.9%
	Norwegian Cruise Line Holdings, Ltd.*	126,226	7,232,750
	Wendy's Co.	10,443,542	90,336,638
			97,569,388
Household Products – 0.6%
	Energizer Holdings, Inc.	514,614	19,920,708
Information Technology Services – 0.5%
	Amdocs, Ltd. (U.S. Shares)	295,605	16,814,012
Internet & Catalog Retail – 3.0%
	Lands' End, Inc.*^,#,£	3,686,652	99,576,471
Leisure Products – 4.9%
	Mattel, Inc.^#	7,864,707	165,630,730
Machinery – 1.0%
	Colfax Corp.*^,#	1,097,162	32,816,115
Media – 2.0%
	News Corp. - Class A	5,384,928	67,957,791
Multiline Retail – 4.0%
	Dollar Tree, Inc.*	1,987,518	132,487,950
Oil, Gas & Consumable Fuels – 3.1%
	MarkWest Energy Partners LP^#	2,417,372	103,729,433
Personal Products – 1.9%
	Edgewell Personal Care Co.	142,860	11,657,376
	Herbalife, Ltd.*^,#	946,997	51,611,337
			63,268,713
Pharmaceuticals – 16.3%
	Endo International PLC*^,†	4,203,059	291,187,928
	Indivior PLC	25,155,856	86,512,716


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

Janus Investment Fund	9

Janus Contrarian Fund

Schedule of Investments

September 30, 2015


Shares or Contract Amounts			Value
Common Stocks – (continued)
Pharmaceuticals – (continued)
	Mallinckrodt PLC*	2,642,891	$168,986,451
			546,687,095
Real Estate Investment Trusts (REITs) – 0.5%
	Gramercy Property Trust, Inc.	855,294	17,764,456
Real Estate Management & Development – 6.4%
	Colony American Homes Holdings III LP^§	1,377,158	14,363,758
	St Joe Co.*^,†,#,£	10,451,593	199,938,974
			214,302,732
Specialty Retail – 2.9%
	Advance Auto Parts, Inc.	504,997	95,712,081
Total Common Stocks (cost $3,131,097,106)			3,255,928,649
Investment Companies – 14.2%
Investments Purchased with Cash Collateral from Securities Lending – 12.4%
	Janus Cash Collateral Fund LLC, 0.1615%^ºº,£	415,772,916	415,772,916
Money Markets – 1.8%
	Janus Cash Liquidity Fund LLC, 0.1535%^ºº,£	60,690,937	60,690,937
Total Investment Companies (cost $476,463,853)			476,463,853
OTC Purchased Options – Calls – 0%
Counterparty/Reference Asset
Credit Suisse International:
	United Continental Holdings, Inc.,
	exercise price $65.00, expires December 2015*	5,700	337,736
Goldman Sachs International:
	United Continental Holdings, Inc.,
	exercise price $65.00, expires December 2015*	10,633	630,027
UBS AG:
	United Continental Holdings, Inc.,
	exercise price $65.00, expires December 2015*	1,940	114,949
Total OTC Purchased Options – Calls (premiums paid $4,488,600)			1,082,712
Total Investments (total cost $3,612,049,559) – 111.4%			3,733,475,214
Securities Sold Short – (2.0)%
Investment Companies Sold Short – (2.0)%
Exchange-Traded Funds (ETFs) – (2.0)%
	First Trust Dorsey Wright Focus 5(cost $65,108,285)	2,996,805	(65,719,934)
Liabilities, net of Cash, Receivables and Other Assets – (9.4)%			(315,748,587)
Net Assets – 100%			$3,352,006,693


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

		% of
		Investment
Country	Value	Securities
United States	$3,646,962,498	97.7	%
United Kingdom	86,512,716	2.3

Total	$3,733,475,214	100.0	%


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

		% of
		Securities
Country	Value	Sold Short
United States	$(65,719,934)	100.0	%


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

10	SEPTEMBER 30, 2015

Janus Contrarian Fund

Schedule of Investments

September 30, 2015


Schedule of Foreign Currency Contracts, Open
Counterparty/ Currency		Settlement Date		Currency Units Sold				Currency Value				Unrealized Appreciation/ (Depreciation)
Citibank NA:
British Pound	10/22/15		5,722,000		$		8,653,551		$		154,884
Credit Suisse International:
British Pound	10/8/15		2,493,000				3,770,523				109,083
HSBC Securities (USA), Inc.:
British Pound	10/22/15		5,050,000				7,637,266				134,887
JPMorgan Chase & Co.:
British Pound	10/29/15		3,212,000				4,857,420				30,602
Total						$		24,918,760		$		429,456


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

Janus Investment Fund	11

Janus Contrarian Fund

Notes to Schedule of Investments and Other Information


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


LLC	Limited Liability Company
LP	Limited Partnership
OTC	Over-the-Counter
PLC	Public Limited Company
U.S. Shares	Securities of foreign companies trading on an American stock exchange.


*	Non-income producing security.


†	A portion of this security has been segregated to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales, swap agreements, and/or securities with extended settlement dates, the value of which, as of September 30, 2015, is $526,400,477.


ß	Security is illiquid.


ºº	Rate shown is the 7-day yield as of September 30, 2015.


#	Loaned security; a portion of the security is on loan at September 30, 2015.


	Share Balance at 9/30/14	Purchases		Sales	Share Balance at 9/30/15	Realized Gain/(Loss)	Dividend Income	Value at 9/30/15
Blackhawk Network Holdings, Inc.:
	167,970	907,646		(1,075,616)	-	$ 10,071,590	$ -	$ -
Blackhawk Network Holdings, Inc. – Class B:
	2,015,852	422,264		(2,438,116)	-	8,285,015	-	-
HLS Therapeutics, Inc.:
	-	1,759,765		-	1,759,765	-	-	17,597,650
Janus Cash Collateral Fund LLC:
	335,527,059	1,420,678,094		(1,340,432,237)	415,772,916	-	6,794,152⁽¹⁾	415,772,916
Janus Cash Liquidity Fund LLC:
	54,149,470		2,019,710,157	(2,013,168,690)	60,690,937	-	126,817	60,690,937
Knowles Corp.:
	4,595,571	5,423,024		-	10,018,595	-	-	184,642,706
Lands’ End, Inc.:
	3,012,307	674,345		-	3,686,652	-	-	99,576,471
Rayonier Advanced Materials, Inc.:
	2,513,326	906,832		(3,420,158)	-	(63,668,809)	445,243	-
St Joe Co.:
	10,027,714	423,879		-	10,451,593	-	-	199,938,974
Total						$ (45,312,204)	$ 7,366,212	$ 978,219,654
(1) 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, 2015)
							Value as a
		Acquisition					% of Net
		Date		Cost		Value	Assets
Colony American Homes Holdings III LP		1/30/13	$	13,788,831	$	14,363,758	0.4	%


12	SEPTEMBER 30, 2015

Janus Contrarian Fund

Notes to Schedule of Investments and Other Information


The Fund has registration rights for certain restricted securities held as of September 30, 2015. 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, 2015. See Notes to Financial Statements for more information.
Valuation Inputs Summary
	Level 1 - Quoted Prices	Level 2 - Other Significant Observable Inputs	Level 3 - Significant Unobservable Inputs
Assets
Investments in Securities:
Common Stocks
Biotechnology	$ -	$ -	$ 17,597,650
Pharmaceuticals	460,174,379	86,512,716	-
Real Estate Management & Development	199,938,974	-	14,363,758
All Other	2,477,341,172	-	-

Investment Companies	-	476,463,853	-

OTC Purchased Options – Calls	-	1,082,712	-
Total Investments in Securities	$ 3,137,454,525	$ 564,059,281	$ 31,961,408

Other Financial Instruments^(a):
Forward Currency Contracts	$ -	$ 429,456	$ -
Total Assets	$ 3,137,454,525	$ 564,488,737	$ 31,961,408

Liabilities
Investments in Securities
Investment Companies	$ 65,719,934	$ -	$ -
(a) Other financial instruments include forward currency, futures, written options, and swap contracts. Forward currency contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options and swap contracts are reported at their market value at measurement date.


Janus Investment Fund	13

Janus Contrarian Fund

Statement of Assets and Liabilities

September 30, 2015

See footnotes at the end of the Statement.


Assets:
	Investments, at cost		$	3,612,049,559
	Unaffiliated investments, at value⁽¹⁾		$	2,755,255,560
	Affiliated investments, at value⁽²⁾			978,219,654
	Deposits with brokers for short sales			65,108,285
	Forward currency contracts			429,456
	Closed foreign currency contracts			147,501
	Non-interested Trustees' deferred compensation			66,907
	Receivables:
		Investments sold		86,903,241
		Dividends		3,530,827
		Fund shares sold		935,453
		Foreign tax reclaims		547,925
		Dividends from affiliates		9,782
	Other assets			61,378
Total Assets				3,891,215,969
Liabilities:
	Due to custodian			2,127
	Collateral for securities loaned (Note 3)			415,772,916
	Short sales, at value⁽³⁾			65,719,934
	Payables:			—
		Investments purchased		50,803,513
		Fund shares repurchased		3,557,738
		Advisory fees		2,294,991
		Transfer agent fees and expenses		593,181
		12b-1 Distribution and shareholder servicing fees		91,326
		Non-interested Trustees' deferred compensation fees		66,907
		Fund administration fees		27,450
		Professional fees		24,973
		Non-interested Trustees' fees and expenses		24,916
		Custodian fees		1,029
		Accrued expenses and other payables		228,275
Total Liabilities				539,209,276
Net Assets			$	3,352,006,693


See Notes to Financial Statements.

14	SEPTEMBER 30, 2015

Janus Contrarian Fund

Statement of Assets and Liabilities

September 30, 2015


Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	3,172,769,888
	Undistributed net investment income/(loss)		(66,908)
	Undistributed net realized gain/(loss) from investments and foreign currency transactions		58,064,088
	Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees' deferred compensation		121,239,625
Total Net Assets		$	3,352,006,693
Net Assets - Class A Shares		$	102,424,780
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		5,519,621
Net Asset Value Per Share⁽⁴⁾		$	18.56
Maximum Offering Price Per Share⁽⁵⁾		$	19.69
Net Assets - Class C Shares		$	77,497,497
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		4,357,175
Net Asset Value Per Share⁽⁴⁾		$	17.79
Net Assets - Class D Shares		$	1,976,590,011
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		106,034,389
Net Asset Value Per Share		$	18.64
Net Assets - Class I Shares		$	248,586,181
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		13,336,553
Net Asset Value Per Share		$	18.64
Net Assets - Class R Shares		$	1,591,950
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		87,145
Net Asset Value Per Share		$	18.27
Net Assets - Class S Shares		$	4,578,149
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		246,784
Net Asset Value Per Share		$	18.55
Net Assets - Class T Shares		$	940,738,125
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		50,522,964
Net Asset Value Per Share		$	18.62

(1) Includes $186,350,681 of securities on loan. See Note 3 in Notes to Financial Statements.

(2) Includes $219,250,636 of securities on loan. See Note 3 in Notes to Financial Statements.

(3) Proceeds $65,108,285.

(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.

Janus Investment Fund	15

Janus Contrarian Fund

Statement of Operations

For the year ended September 30, 2015


Investment Income:
	Dividends		$	47,242,990
	Affiliated securities lending income, net			6,794,152
	Dividends from affiliates			572,060
	Other income			197
Total Investment Income				54,609,399
Expenses:
	Advisory fees			31,816,608
	12b-1Distribution and shareholder servicing fees:
		Class A Shares		287,112
		Class C Shares		857,745
		Class R Shares		10,095
		Class S Shares		17,262
	Transfer agent administrative fees and expenses:
		Class D Shares		2,825,475
		Class R Shares		5,077
		Class S Shares		17,262
		Class T Shares		3,130,595
	Transfer agent networking and omnibus fees:
		Class A Shares		94,336
		Class C Shares		78,895
		Class I Shares		279,564
	Other transfer agent fees and expenses:
		Class A Shares		10,766
		Class C Shares		10,338
		Class D Shares		577,034
		Class I Shares		14,561
		Class R Shares		93
		Class S Shares		107
		Class T Shares		19,096
	Shareholder reports expense			656,417
	Fund administration fees			374,636
	Registration fees			177,369
	Professional fees			128,735
	Non-interested Trustees’ fees and expenses			101,139
	Short sale fees and expenses			77,377
	Custodian fees			41,258
	Other expenses			218,176
Total Expenses				41,827,128
Less: Excess Expense Reimbursement				(216,694)
Net Expenses				41,610,434
Net Investment Income/(Loss)				12,998,965
Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions			198,580,563
	Investments in affiliates			(45,312,204)
	Futures contracts			(5,455,711)
	Short sales			12,302,956
Total Net Realized Gain/(Loss) on Investments				160,115,604
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation			(564,913,437)
	Futures contracts			(3,703,504)
	Short sales			(2,568,090)
Total Change in Unrealized Net Appreciation/Depreciation				(571,185,031)
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	(398,070,462)


See Notes to Financial Statements.

16	SEPTEMBER 30, 2015

Janus Contrarian Fund

Statements of Changes in Net Assets



			Year ended September 30, 2015		Year ended September 30, 2014
Operations:				��
	Net investment income/(loss)		$	12,998,965	$	7,906,050
	Net realized gain/(loss) on investments			160,115,604		643,091,680
	Change in unrealized net appreciation/depreciation			(571,185,031)		145,615,137
Net Increase/(Decrease) in Net Assets Resulting from Operations				(398,070,462)		796,612,867
Dividends and Distributions to Shareholders:
	Dividends from Net Investment Income
		Class A Shares		(278,953)		(4,939)
		Class D Shares		(7,604,912)		(4,076,137)
		Class I Shares		(1,718,839)		(312,235)
		Class S Shares		(4,683)		—
		Class T Shares		(3,095,172)		(1,515,990)
	Total Dividends from Net Investment Income			(12,702,559)		(5,909,301)
	Distributions from Net Realized Gain from Investment Transactions
		Class A Shares		(10,141,868)		—
		Class C Shares		(7,191,085)		—
		Class D Shares		(232,877,664)		—
		Class I Shares		(38,595,332)		—
		Class R Shares		(189,010)		—
		Class S Shares		(757,586)		—
		Class T Shares		(130,435,409)		—
	Total Distributions from Net Realized Gain from Investment Transactions			(420,187,954)		—
Net Decrease from Dividends and Distributions to Shareholders				(432,890,513)		(5,909,301)
Capital Share Transactions:
		Class A Shares		51,320,559		42,443,517
		Class C Shares		40,234,115		28,878,256
		Class D Shares		67,875,084		(82,909,552)
		Class I Shares		(7,300,712)		213,322,272
		Class R Shares		199		(45,056)
		Class S Shares		(426,557)		3,356,548
		Class T Shares		(128,766,262)		65,660,297
Net Increase/(Decrease) from Capital Share Transactions				22,936,426		270,706,282
Net Increase/(Decrease) in Net Assets				(808,024,549)		1,061,409,848
Net Assets:
	Beginning of period			4,160,031,242		3,098,621,394
	End of period		$	3,352,006,693	$	4,160,031,242

Undistributed Net Investment Income/(Loss)			$	(66,908)	$	2,654,949


See Notes to Financial Statements.

Janus Investment Fund	17

Janus Contrarian Fund

Financial Highlights


Class A Shares
For a share outstanding during each year ended September 30			2015	2014		2013	2012	2011
	Net Asset Value, Beginning of Period		$23.11	$18.48		$13.91	$11.29	$13.97
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.05⁽¹⁾	0.02⁽¹⁾		0.01	0.04	(0.06)
		Net realized and unrealized gain/(loss)	(2.26)	4.61		4.65	2.58	(2.60)
	Total from Investment Operations		(2.21)	4.63		4.66	2.62	(2.66)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.06)	—	⁽²⁾	(0.09)	—	(0.02)
		Distributions (from capital gains)	(2.28)	—		—	—	—
	Total Dividends and Distributions		(2.34)	—		(0.09)	—	(0.02)
	Net Asset Value, End of Period		$18.56	$23.11		$18.48	$13.91	$11.29
	Total Return*		(10.76)%	25.08%		33.67%	23.21%	(19.09)%
	Net Assets, End of Period (in thousands)		$102,425	$75,649		$25,397	$23,930	$33,491
	Average Net Assets for the Period (in thousands)		$114,845	$46,300		$24,023	$28,841	$64,181
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.13%	1.02%		0.85%	0.91%	0.90%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.13%	1.02%		0.85%	0.91%	0.90%
		Ratio of Net Investment Income/(Loss)	0.21%	0.10%		0.22%	0.50%	0.30%
	Portfolio Turnover Rate		70%	61%		66%	53%	130%


Class C Shares
For a share outstanding during each year ended September 30			2015	2014	2013	2012	2011
	Net Asset Value, Beginning of Period		$22.34	$18.01	$13.59	$11.12	$13.84
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	(0.11)⁽¹⁾	(0.15)⁽¹⁾	(0.28)	(0.36)	(0.34)
		Net realized and unrealized gain/(loss)	(2.16)	4.48	4.70	2.83	(2.38)
	Total from Investment Operations		(2.27)	4.33	4.42	2.47	(2.72)
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—
		Distributions (from capital gains)	(2.28)	—	—	—	—
	Total Dividends and Distributions		(2.28)	—	—	—	—
	Net Asset Value, End of Period		$17.79	$22.34	$18.01	$13.59	$11.12
	Total Return*		(11.44)%	24.04%	32.52%	22.21%	(19.65)%
	Net Assets, End of Period (in thousands)		$77,497	$56,098	$21,162	$19,148	$26,153
	Average Net Assets for the Period (in thousands)		$86,160	$34,189	$20,204	$22,509	$52,601
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.89%	1.80%	1.70%	1.75%	1.62%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.89%	1.80%	1.70%	1.70%	1.62%
		Ratio of Net Investment Income/(Loss)	(0.54)%	(0.69)%	(0.62)%	(0.29)%	(0.43)%
	Portfolio Turnover Rate		70%	61%	66%	53%	130%


*	Total return not annualized for periods of less than one full year.
**	Annualized for periods of less than one full year.
(1)	Per share amounts are calculated based on average shares outstanding during the year or period.
(2)	Less than $0.005 on a per share basis.


See Notes to Financial Statements.

18	SEPTEMBER 30, 2015

Janus Contrarian Fund

Financial Highlights


Class D Shares
For a share outstanding during each year ended September 30			2015	2014	2013	2012	2011
	Net Asset Value, Beginning of Period		$23.18	$18.53	$13.98	$11.32	$14.01
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.08⁽¹⁾	0.05⁽¹⁾	0.07	0.12	0.01
		Net realized and unrealized gain/(loss)	(2.27)	4.64	4.63	2.54	(2.66)
	Total from Investment Operations		(2.19)	4.69	4.70	2.66	(2.65)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.07)	(0.04)	(0.15)	—⁽²⁾	(0.04)
		Distributions (from capital gains)	(2.28)	—	—	—	—
	Total Dividends and Distributions		(2.35)	(0.04)	(0.15)	—	(0.04)
	Net Asset Value, End of Period		$18.64	$23.18	$18.53	$13.98	$11.32
	Total Return*		(10.63)%	25.33%	33.88%	23.51%	(18.96)%
	Net Assets, End of Period (in thousands)		$1,976,590	$2,382,592	$1,977,490	$1,599,671	$1,476,010
	Average Net Assets for the Period (in thousands)		$2,354,562	$2,258,453	$1,813,911	$1,613,932	$2,012,506
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.95%	0.80%	0.68%	0.66%	0.69%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.95%	0.80%	0.68%	0.66%	0.69%
		Ratio of Net Investment Income/(Loss)	0.35%	0.24%	0.41%	0.75%	0.55%
	Portfolio Turnover Rate		70%	61%	66%	53%	130%


Class I Shares
For a share outstanding during each year ended September 30			2015	2014	2013	2012	2011
	Net Asset Value, Beginning of Period		$23.20	$18.55	$13.98	$11.33	$14.01
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.10⁽¹⁾	0.09⁽¹⁾	0.11	0.12	(0.01)
		Net realized and unrealized gain/(loss)	(2.28)	4.63	4.62	2.53	(2.61)
	Total from Investment Operations		(2.18)	4.72	4.73	2.65	(2.62)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.10)	(0.07)	(0.16)	—⁽²⁾	(0.06)
		Distributions (from capital gains)	(2.28)	—	—	—	—
	Total Dividends and Distributions		(2.38)	(0.07)	(0.16)	—	(0.06)
	Net Asset Value, End of Period		$18.64	$23.20	$18.55	$13.98	$11.33
	Total Return*		(10.60)%	25.47%	34.09%	23.39%	(18.80)%
	Net Assets, End of Period (in thousands)		$248,586	$329,245	$85,000	$44,907	$58,036
	Average Net Assets for the Period (in thousands)		$382,723	$184,931	$69,116	$51,304	$115,103
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.86%	0.74%	0.52%	0.62%	0.65%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.86%	0.74%	0.52%	0.62%	0.65%
		Ratio of Net Investment Income/(Loss)	0.44%	0.40%	0.59%	0.80%	0.54%
	Portfolio Turnover Rate		70%	61%	66%	53%	130%


*	Total return not annualized for periods of less than one full year.
**	Annualized for periods of less than one full year.
(1)	Per share amounts are calculated based on average shares outstanding during the year or period.
(2)	Less than $0.005 on a per share basis.


See Notes to Financial Statements.

Janus Investment Fund	19

Janus Contrarian Fund

Financial Highlights


Class R Shares
For a share outstanding during each year ended September 30			2015	2014	2013	2012	2011
	Net Asset Value, Beginning of Period		$22.81	$18.31	$13.76	$11.21	$13.91
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	(0.05)⁽¹⁾	(0.07)⁽¹⁾	(0.16)	(0.07)	(0.11)
		Net realized and unrealized gain/(loss)	(2.21)	4.57	4.72	2.62	(2.59)
	Total from Investment Operations		(2.26)	4.50	4.56	2.55	(2.70)
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	(0.01)	—	—
		Distributions (from capital gains)	(2.28)	—	—	—	—
	Total Dividends and Distributions		(2.28)	—	(0.01)	—	—
	Net Asset Value, End of Period		$18.27	$22.81	$18.31	$13.76	$11.21
	Total Return*		(11.13)%	24.58%	33.12%	22.75%	(19.41)%
	Net Assets, End of Period (in thousands)		$1,592	$1,994	$1,634	$1,877	$2,506
	Average Net Assets for the Period (in thousands)		$2,031	$1,910	$1,715	$2,053	$3,679
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.54%	1.38%	1.25%	1.24%	1.30%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.54%	1.38%	1.25%	1.24%	1.30%
		Ratio of Net Investment Income/(Loss)	(0.23)%	(0.35)%	(0.18)%	0.15%	(0.07)%
	Portfolio Turnover Rate		70%	61%	66%	53%	130%


Class S Shares
For a share outstanding during each year ended September 30			2015	2014	2013	2012	2011
	Net Asset Value, Beginning of Period		$23.09	$18.48	$13.87	$11.27	$13.96
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	—⁽¹⁾⁽²⁾	(0.01)⁽¹⁾	(0.05)	0.04	(0.11)
		Net realized and unrealized gain/(loss)	(2.25)	4.62	4.69	2.56	(2.58)
	Total from Investment Operations		(2.25)	4.61	4.64	2.60	(2.69)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.01)	—	(0.03)	—	—
		Distributions (from capital gains)	(2.28)	—	—	—	—
	Total Dividends and Distributions		(2.29)	—	(0.03)	—	—
	Net Asset Value, End of Period		$18.55	$23.09	$18.48	$13.87	$11.27
	Total Return*		(10.92)%	24.95%	33.50%	23.07%	(19.27)%
	Net Assets, End of Period (in thousands)		$4,578	$6,346	$2,022	$2,598	$2,662
	Average Net Assets for the Period (in thousands)		$6,905	$5,130	$1,850	$2,688	$5,556
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.29%	1.16%	1.00%	1.00%	1.06%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.28%	1.15%	0.99%	0.99%	1.06%
		Ratio of Net Investment Income/(Loss)	0.01%	(0.05)%	0.07%	0.42%	0.11%
	Portfolio Turnover Rate		70%	61%	66%	53%	130%


*	Total return not annualized for periods of less than one full year.
**	Annualized for periods of less than one full year.
(1)	Per share amounts are calculated based on average shares outstanding during the year or period.
(2)	Less than $0.005 on a per share basis.


See Notes to Financial Statements.

20	SEPTEMBER 30, 2015

Janus Contrarian Fund

Financial Highlights


Class T Shares
For a share outstanding during each year ended September 30			2015	2014	2013	2012	2011
	Net Asset Value, Beginning of Period		$23.15	$18.51	$13.96	$11.31	$14.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.06⁽¹⁾	0.03⁽¹⁾	0.05	0.09	(0.04)
		Net realized and unrealized gain/(loss)	(2.26)	4.64	4.63	2.56	(2.62)
	Total from Investment Operations		(2.20)	4.67	4.68	2.65	(2.66)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.05)	(0.03)	(0.13)	—	(0.03)
		Distributions (from capital gains)	(2.28)	—	—	—	—
	Total Dividends and Distributions		(2.33)	(0.03)	(0.13)	—	(0.03)
	Net Asset Value, End of Period		$18.62	$23.15	$18.51	$13.96	$11.31
	Total Return*		(10.68)%	25.24%	33.76%	23.43%	(19.04)%
	Net Assets, End of Period (in thousands)		$940,738	$1,308,109	$985,916	$769,713	$849,035
	Average Net Assets for the Period (in thousands)		$1,252,238	$1,238,665	$894,444	$838,592	$1,474,114
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.04%	0.89%	0.76%	0.75%	0.81%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.02%	0.89%	0.75%	0.74%	0.81%
		Ratio of Net Investment Income/(Loss)	0.27%	0.16%	0.34%	0.67%	0.40%
	Portfolio Turnover Rate		70%	61%	66%	53%	130%


*	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 Contrarian Fund

Notes to Financial Statements

1. Organization and Significant Accounting Policies

Janus Contrarian Fund (the “Fund”) is a series fund. The Fund is part of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers forty-seven Funds which include multiple series of shares, with differing investment objectives and policies. The Fund invests primarily in equity securities. The Fund is classified as 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, 2015

Janus Contrarian Fund

Notes to Financial Statements

(“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.

The Fund did not hold a significant amount of Level 3 securities as of September 30, 2015.


Janus Investment Fund	23

Janus Contrarian Fund

Notes to Financial Statements

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


24	SEPTEMBER 30, 2015

Janus Contrarian Fund

Notes to Financial Statements

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

Federal Income Taxes

2. Derivative Instruments

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

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

· 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.


Janus Investment Fund	25

Janus Contrarian Fund

Notes to Financial Statements

· 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

During the year ended September 30, 2015, the average ending monthly currency value amounts on sold forward currency contracts is $17,480,619.

Futures Contracts

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

Futures contracts on commodities are valued at the settlement price on valuation date on the commodities exchange as reported by an approved vendor. Mini contracts, as defined in the description of the contract, shall be valued using the


26	SEPTEMBER 30, 2015

Janus Contrarian Fund

Notes to Financial Statements

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

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

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

During the year ended September 30, 2015, the average ending monthly market value amounts on sold futures contracts is $204,477,235.

Options Contracts

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

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

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

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


Janus Investment Fund	27

Janus Contrarian Fund

Notes to Financial Statements

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

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

During the year ended September 30, 2015, the average ending monthly market value amounts on purchased call and put options are $41,358,954 and $2,919,789, respectively.

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, 2015.


Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of September 30, 2015

			Currency Contracts		Equity Contracts		Total
Asset Derivatives:
Forward currency contracts		$	429,456	$	-	$	429,456
Unaffiliated investments, at value^*			-		1,082,712		1,082,712
Total Asset Derivatives		$	429,456	$	1,082,712	$	1,512,168

*	Amounts relate to purchased options.

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, 2015.


The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the year ended September 30, 2015

Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative			Currency Contracts		Equity Contracts		Total
Futures contracts		$	-	$	(5,455,711)	$	(5,455,711)
Investments and foreign currency transactions			160,782		(6,099,076)*		(5,938,294)
Total		$	160,782	$	(11,554,787)	$	(11,394,005)


Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative			Currency Contracts		Equity Contracts		Total
Futures contracts		$	-	$	(3,703,504)	$	(3,703,504)
Investments, foreign currency translations and non-interested Trustees' deferred compensation			344,266		(17,894,870)*		(17,550,604)
Total		$	344,266	$	(21,598,374)	$	(21,254,108)

*	Amounts relate to purchased options.

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

3. Other Investments and Strategies

Additional Investment Risk


28	SEPTEMBER 30, 2015

Janus Contrarian Fund

Notes to Financial Statements

support, a failure of measures put in place to respond to the crisis, or investor perception that such efforts were not sufficient could each negatively affect financial markets generally, and the value and liquidity of specific securities. In addition, policy and legislative changes in the United States and in other countries continue to impact many aspects of financial regulation. The effect of these changes on the markets, and the practical implications for market participants, including the Fund, may not be fully known for some time. As a result, it may also be unusually difficult to identify both investment risks and opportunities, which could limit or preclude the Fund’s ability to achieve its investment objective. Therefore, it is important to understand that the value of your investment may fall, sometimes sharply, and you could lose money.

Counterparties

Exchange-Traded Funds

The Fund may invest in exchange-traded funds (“ETFs”) to gain exposure to a particular portion of the market. ETFs are typically open-end investment companies, which may be actively managed or passively managed, that generally seek to


Janus Investment Fund	29

Janus Contrarian Fund

Notes to Financial Statements

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

Offsetting Assets and Liabilities

The following tables present gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see either the “Fair Value of Derivative Instruments as of September 30, 2015” table located in Note 2 of these Notes to Financial Statements and/or the Fund’s Schedule of Investments.


Offsetting of Financial Assets and Derivative Assets
Counterparty		Gross Amounts of Recognized Assets	Offsetting Asset or Liability^(a)	Collateral Pledged^(b)	Net Amount
Citibank NA		$ 154,884	$ -	$ -	$ 154,884
Credit Suisse International		446,819	-	(446,819)	-
Deutsche Bank AG		405,601,317	-	(405,601,317)	-
Goldman Sachs International		630,027	(630,027)	-	-
HSBC Securities (USA), Inc.		134,887	-	-	134,887
JPMorgan Chase & Co.		30,602	-	-	30,602
UBS AG		114,949	-	(114,949)	-
Total		$ 407,113,485	$ (630,027)	$ (406,163,085)	$ 320,373
Offsetting of Financial Liabilities and Derivative Liabilities
Counterparty	Gross Amounts of Recognized Liabilities		Offsetting Asset or Liability^(a)	Collateral Pledged^(b)	Net Amount
Goldman Sachs International	$ 65,719,934		$ (630,027)	$ (65,089,907)	$ -
(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.


30	SEPTEMBER 30, 2015

Janus Contrarian Fund

Notes to Financial Statements

Deutsche Bank AG acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodian functions. Securities on loan will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the SEC. The value of the collateral must be at least 102% of the market value of the loaned securities that are denominated in U.S. dollars and 105% of the market value of the loaned securities that are not denominated in U.S. dollars. Upon receipt of cash collateral, Janus Capital intends to invest the cash collateral in a cash management vehicle for which Janus Capital serves as investment adviser, Janus Cash Collateral Fund LLC. Loaned securities and related collateral are marked-to-market each business day based upon the market value of the loaned securities at the close of business, employing the most recent available pricing information. Collateral levels are then adjusted based on this mark-to-market evaluation.

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

Real Estate Investing

Restricted Security Transactions

Securities Lending


Janus Investment Fund	31

Janus Contrarian Fund

Notes to Financial Statements

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.

Short Sales

The Fund may engage in “short sales against the box.” Short sales against the box involve either selling short a security that the Fund owns or selling short a security that the Fund has the right to obtain, for delivery at a specified date in the future. The Fund may enter into short sales against the box to hedge against anticipated declines in the market price of portfolio securities. The Fund does not deliver from its portfolio the securities sold short and does not immediately receive the proceeds of the short sale. The Fund borrows the securities sold short and receives proceeds from the short sale only when it delivers the securities to the lender. If the value of the securities sold short increases prior to the scheduled delivery date, the Fund loses the opportunity to participate in the gain.

The Fund may also engage in other short sales. The Fund may engage in short sales when the portfolio manager(s) and/or investment personnel anticipate that a security’s market purchase price will be less than its borrowing price. To complete the transaction, the Fund must borrow the security to deliver it to the purchaser and buy that same security in the market to return it to the lender. Although the potential for gain as a result of a short sale is limited to the price at which the Fund sold the security short less the cost of borrowing the security, the potential for loss is theoretically unlimited because there is no limit to the cost of replacing the borrowed security. There is no assurance the Fund will be able to close out a short position at a particular time or at an acceptable price. A gain or a loss will be recognized upon termination of a short sale. Short sales held by the Fund are fully collateralized by restricted cash or other securities, which are denoted on the accompanying Schedule of Investments. The Fund is also required to pay the lender of the security any dividends or interest that accrue on a borrowed security during the period of the loan. Depending on the arrangements made with the broker or custodian, the Fund may or may not receive any payments (including interest) on collateral it has deposited with the broker. The Fund pays stock loan fees, disclosed on the Consolidated Statement of Operations,/disclosed on the Statement of Operations, on assets borrowed from the security broker.

The Fund may also enter into short positions through derivative instruments, such as options contracts, futures contracts, and swap agreements, which may expose the Fund to similar risks. To the extent that the Fund enters into short derivative positions, the Fund may be exposed to risks similar to those associated with short sales, including the risk that the Fund’s losses are theoretically unlimited.


32	SEPTEMBER 30, 2015

Janus 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 normal operating expenses in any fiscal year, including the investment advisory fee, but excluding the 12b-1 distribution and shareholder servicing fees (applicable to Class A Shares, Class C Shares, Class R Shares, and Class S Shares), transfer agent fees and expenses payable pursuant to the Transfer Agency Agreement, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.77%. Janus Capital has agreed to continue the waiver until at least February 1, 2016. If applicable, amounts reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement” on the Statement of Operations.


Janus Investment Fund	33

Janus Contrarian Fund

Notes to Financial Statements

financial advisors, and other financial intermediaries for providing these services. Janus Services or its affiliates may also pay fees for services provided by intermediaries to the extent the fees charged by intermediaries exceed the 0.25% of net assets charged to Class R Shares, Class S Shares, and Class T Shares of the Fund. Janus Services may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class R Shares, Class S Shares, and Class T Shares. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.

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


34	SEPTEMBER 30, 2015

Janus Contrarian Fund

Notes to Financial Statements

translations and non-interested Trustees’ deferred compensation” on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended September 30, 2015 are included in “Non-interested Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $305,400 were paid by the Trust to a Trustee under the Deferred Plan during the year ended September 30, 2015.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the year ended September 30, 2015, redeeming shareholders of Class C Shares paid CDSCs of $22,196.

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			Net Tax
Undistributed Ordinary Income	Undistributed Long-Term Gains	Accumulated Capital Losses	Late-Year Ordinary Loss	Post-October Capital Loss	Other Book to Tax Differences	Appreciation/ (Depreciation)
$ -	$ 85,296,692	$ (19,766,036)	$ -	$ -	$ (70,745)	$113,776,894


Janus Investment Fund	35

Janus Contrarian Fund

Notes to Financial Statements

incurred in taxable years beginning after December 22, 2010 for an unlimited period. Losses incurred during those years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may more likely expire unused. Also, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. The following table shows these capital loss carryovers.


Capital Loss Carryover Schedule
For the year ended September 30, 2015

	September 30, 2016	September 30, 2017	September 30, 2018	September 30, 2019	Accumulated Capital Losses
	$ (7,198,961)	$ (8,936,372)	$ (2,708,558)	$ (922,145)	$ (19,766,036)⁽¹⁾
	(1) Capital loss carryovers subject to annual limitations, $(7,198,961) should be available in the next fiscal year.

During the year ended September 30, 2015, capital loss carryovers of $7,198,961 were utilized by the Fund.

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, 2015 are noted below.


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 3,619,086,671	$510,726,590	$(396,338,047)	$ 114,388,543

Information on the tax components of securities sold short as of September 30, 2015 is as follows:


Federal Tax Cost	Unrealized (Appreciation)	Unrealized Depreciation	Net Tax (Appreciation)/ Depreciation
$ (65,108,285)	$ (611,649)	$ -	$ (611,649)


For the year ended September 30, 2015
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 11,379,855	$ 421,510,658	$ -	$ -


For the year ended September 30, 2014
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 5,909,301	$ -	$ -	$ -


36	SEPTEMBER 30, 2015

Janus Contrarian 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
$ (2,799,765)	$ (3,018,263)	$ 5,818,028

6. Capital Share Transactions



	Year ended September 30, 2015		Year ended September 30, 2014
	Shares	Amount	Shares	Amount
Class A Shares:
Shares sold	4,328,532	$ 95,310,349	2,566,477	$ 57,257,857
Reinvested dividends and distributions	454,763	9,572,764	238	4,784
Shares repurchased	(2,537,098)	(53,562,554)	(667,313)	(14,819,124)
Net Increase/(Decrease)	2,246,197	$ 51,320,559	1,899,402	$ 42,443,517
Class C Shares:
Shares sold	2,955,952	$ 62,518,718	1,549,523	$ 33,365,683
Reinvested dividends and distributions	255,222	5,181,008	-	-
Shares repurchased	(1,364,615)	(27,465,611)	(214,002)	(4,487,427)
Net Increase/(Decrease)	1,846,559	$ 40,234,115	1,335,521	$ 28,878,256
Class D Shares:
Shares sold	4,541,384	$ 101,236,729	5,363,281	$116,394,836
Reinvested dividends and distributions	11,167,167	235,738,914	198,431	4,000,437
Shares repurchased	(12,474,525)	(269,100,559)	(9,466,560)	(203,304,825)
Net Increase/(Decrease)	3,234,026	$ 67,875,084	(3,904,848)	$ (82,909,552)
Class I Shares:
Shares sold	11,409,254	$ 251,348,489	11,926,608	$265,244,632
Reinvested dividends and distributions	1,232,358	26,015,077	14,442	291,293
Shares repurchased	(13,498,641)	(284,664,278)	(2,328,628)	(52,213,653)
Net Increase/(Decrease)	(857,029)	$ (7,300,712)	9,612,422	$213,322,272
Class R Shares:
Shares sold	39,351	$ 849,778	44,408	$ 955,570
Reinvested dividends and distributions	9,096	189,010	-	-
Shares repurchased	(48,708)	(1,038,589)	(46,243)	(1,000,626)
Net Increase/(Decrease)	(261)	$ 199	(1,835)	$ (45,056)
Class S Shares:
Shares sold	92,915	$ 2,090,669	206,407	$ 4,268,514
Reinvested dividends and distributions	36,195	762,269	-	-
Shares repurchased	(157,193)	(3,279,495)	(40,944)	(911,966)
Net Increase/(Decrease)	(28,083)	$ (426,557)	165,463	$ 3,356,548
Class T Shares:
Shares sold	12,140,037	$ 268,934,176	18,599,427	$403,549,761
Reinvested dividends and distributions	6,219,280	131,226,809	73,809	1,487,245
Shares repurchased	(24,349,648)	(528,927,247)	(15,413,393)	(339,376,709)
Net Increase/(Decrease)	(5,990,331)	$(128,766,262)	3,259,843	$ 65,660,297


Janus Investment Fund	37

Janus Contrarian Fund

Notes to Financial Statements

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
$2,797,759,354	$3,136,079,619	$ -	$ -

8. Subsequent Event


38	SEPTEMBER 30, 2015

Janus Contrarian Fund

Report of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Janus Contrarian Fund (one of the funds constituting Janus Investment Fund, hereafter referred to as the “Fund”) at September 30, 2015, 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 then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at September 30, 2015 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.

Denver, Colorado

November 13, 2015


Janus Investment Fund	39

Janus Contrarian Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Quarterly Portfolio Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD

Nature, Extent and Quality of Services


40	SEPTEMBER 30, 2015

Janus Contrarian Fund

Additional Information (unaudited)

Performance of the Funds

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

Fixed-Income Funds and Money Market Funds


Janus Investment Fund	41

Janus Contrarian Fund

Additional Information (unaudited)

Asset Allocation Funds

Alternative Funds

Value Funds


42	SEPTEMBER 30, 2015

Janus Contrarian Fund

Additional Information (unaudited)

Mathematical Funds

Growth and Core Funds


Janus Investment Fund	43

Janus Contrarian Fund

Additional Information (unaudited)

Global and International Funds

Preservation Series

Janus Aspen Series


44	SEPTEMBER 30, 2015

Janus Contrarian Fund

Additional Information (unaudited)

· For Janus Aspen Global Allocation Portfolio – Moderate, the Trustees noted that the Fund’s performance was in the first Lipper quartile for the 12 months ended May 31, 2014.

· For Janus Aspen INTECH U.S. Low Volatility Portfolio, the Trustees noted that the Fund’s performance was in the first Lipper quartile for the 12 months ended May 31, 2014.


Janus Investment Fund	45

Janus Contrarian Fund

Additional Information (unaudited)

Costs of Services Provided

Fixed-Income Funds and Money Market Funds


46	SEPTEMBER 30, 2015

Janus Contrarian Fund

Additional Information (unaudited)

Asset Allocation Funds

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

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

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

Alternative Funds

Value Funds

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


Janus Investment Fund	47

Janus Contrarian Fund

Additional Information (unaudited)

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

Mathematical Funds

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

· For INTECH U.S. Managed Volatility Fund (formerly named INTECH U.S. Value Fund), the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.

· For INTECH U.S. Managed Volatility Fund II (formerly named INTECH U.S. Growth Fund), the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.

Growth and Core Funds

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

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


48	SEPTEMBER 30, 2015

Janus Contrarian Fund

Additional Information (unaudited)

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

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

Global and International Funds

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

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

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

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

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

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

Preservation Series

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

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

Janus Aspen Series

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

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

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


Janus Investment Fund	49

Janus Contrarian Fund

Additional Information (unaudited)

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

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

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

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

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

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

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


50	SEPTEMBER 30, 2015

Janus Contrarian Fund

Additional Information (unaudited)

Economies of Scale

Other Benefits to Janus Capital


Janus Investment Fund	51

Janus 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, 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, 2015

Janus 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 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, 2015

Janus Contrarian Fund

Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2015:



Capital Gain Distributions	$421,510,658
Dividends Received Deduction Percentage	100%
Qualified Dividend Income Percentage	100%


Janus Investment Fund	55

Janus 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


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 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	Chairman of the Board and Director 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, 2015

Janus 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
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Trustee	1/13-Present	Managing Director, Institutional Markets, of Dividend Capital 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 MotiveQuest LLC (strategic social market research company) (since 2003), and Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of Nuveen Global Investors LLC (2007-2011); Director of Communities in Schools (2004-2010); and Director of Mutual Fund Education Alliance (until 2010).
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	57

Janus 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
James T. Rothe 151 Detroit Street Denver, CO 80206 DOB: 1943	Trustee	1/97-Present	Co-founder and Managing Director of Roaring Fork Capital SBIC, L.P. (SBA SBIC fund focusing on private investment in public equity firms), and Professor Emeritus of Business of the University of Colorado, Colorado Springs, CO (since 2004). Formerly, 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).
William D. Stewart 151 Detroit Street Denver, CO 80206 DOB: 1944	Trustee	6/84-Present	Retired. Formerly, Corporate Vice President and General Manager of MKS Instruments - HPS Products, Boulder, CO (a manufacturer of vacuum fittings and valves) and PMFC Division, Andover, MA (manufacturing pressure measurement and flow products) (1976-2012).	60	None


58	SEPTEMBER 30, 2015

Janus 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
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), Rehabilitation Institute of Chicago, Walmart, and Wrapports, LLC (digital communications company). Formerly, Director of Chicago Convention & Tourism Bureau (until 2014) and The Field Museum of Natural History (Chicago, IL) (until 2014).
Trustee Consultant
Raudline Etienne* 151 Detroit Street Denver, CO 80206 DOB: 1965	Consultant	6/14-Present	Senior Vice President, Albright Stonebridge Group LLC (global strategy firm) (since 2011). Formerly, Deputy Comptroller and Chief Investment Officer, New York State Common Retirement Fund (public pension fund) (2008-2011).	N/A	Director of Brightwood Capital Advisors, LLC (since 2014).


Janus Investment Fund	59

Janus 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
Daniel Kozlowski 151 Detroit Street Denver, CO 80206 DOB: 1971	Executive Vice President and Portfolio Manager Janus Contrarian Fund	7/11-Present	Portfolio Manager for other Janus accounts. Formerly, Portfolio Manager of Plaisance Capital LLC (2008-2011).
Stephanie Grauerholz 151 Detroit Street Denver, CO 80206 DOB: 1970	Chief Legal Counsel and Secretary Vice President	1/06-Present 3/06-Present	Senior Vice President and Chief Legal Counsel of the Funds of Janus Capital, Senior Vice President of Janus Distributors LLC, and Senior Vice President of Janus Services LLC (since 2015). Formerly, Vice President and Assistant General Counsel of Janus Capital, Vice President and Assistant Secretary of Janus Distributors LLC, and Vice President of Janus Services LLC (2007-2015).
Bruce L. Koepfgen 151 Detroit Street Denver, CO 80206 DOB: 1952	President and Chief Executive Officer	7/14-Present	President of Janus Capital Group Inc. and Janus Capital Management LLC (since 2013); Executive Vice President and Director of Janus International Holding LLC (since 2011); Executive Vice President of Janus Distributors LLC (since 2011); Executive Vice President and Working 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, 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).
David R. Kowalski 151 Detroit Street Denver, CO 80206 DOB: 1957	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	6/02-Present	Senior Vice President and Chief Compliance Officer of Janus Capital, Janus Distributors LLC, and Janus Services LLC; Vice President of INTECH Investment Management LLC and Perkins Investment Management LLC; and Director of The Janus Foundation.
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.

* 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, 2015

Janus Contrarian Fund

Notes

NotesPage1


Janus Investment Fund	61

Janus provides access to a wide range of investment disciplines.

Alternative

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

Asset Allocation

Fixed Income

Global & International

Growth & Core

Mathematical

Value

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

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

Funds distributed by Janus Distributors LLC

Investment products offered are:

NOT FDIC-INSURED

MAY LOSE VALUE

NO BANK GUARANTEE

C-1115-102733

125-02-93038 11-15



	ANNUAL REPORT September 30, 2015

Janus Emerging Markets Fund

Janus Investment Fund

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

Table of Contents

Janus Emerging Markets Fund

Janus Emerging Markets Fund (unaudited)

FUND SNAPSHOT

We seek to generate strong risk-adjusted returns by investing in stocks with high or expanding profitability, at attractive valuations. We believe emerging economies and related equity markets are poised for secular growth. Given the world nature of these markets, equity prices may not at all times fully reflect business fundamentals. As such, fundamental research is the foundation of our investment strategy in emerging markets.

Hiroshi Yoh

lead co-portfolio manager

Wahid Chammas

co-portfolio manager

PERFORMANCE

Janus Emerging Markets Fund’s Class I Shares returned
-15.22% for the 12-month period ended September 30, 2015. The Fund’s benchmark, the MSCI Emerging Markets Index, returned -19.28%.

MARKET OVERVIEW

Emerging market equities faced significant challenges during the period. In late 2014, the U.S. dollar surged on expectation of an eventual interest rate hike by the Federal Reserve. This put pressure on the currencies of emerging markets, especially those of commodities producers that were vulnerable to lower demand for their dollar-denominated products. However, stocks – especially those in Asia – proved resilient. Chinese shares rallied in the autumn as the People’s bank of China (PBOC) loosened monetary policy. The rally gathered intensity through the first half of 2015 before correcting in spectacular fashion during the summer. Driving investor anxiety were fears of a worse-than-expected slowdown in the world’s second-largest economy, and perhaps the rest of the world. Consequently, commodities and materials were the benchmark components recording the steepest losses. On a country basis, Indonesia, Malaysia and Russia were among the worst performers, joined by Latin American constituents Colombia, Peru and Brazil, the latter of which was also affected by a scandal reaching the upper echolons of government and that nation’s flagship oil company, Petrobras. Among sectors, health care and information technology incurred the smallest losses within the benchmark.

PERFORMANCE OVERVIEW

The Fund’s selection of consumer discretionary and health care stocks contributed most to relative performance. On a country basis, stock selection within China and South Korea were the largest relative contributors. Three of our top contributors were China-based firms, CITIC Securities A-shares, SAIC Motor Corporation and Qingdao Haier, all of which we exited during the period in order to pursue investments with a more attractive return profile.

Chinese financial company CITIC Securities A-Shares was among the Fund’s best performers for the period. The company has been at the forefront of financing in China transitioning to a reliance on capital markets. We were attracted to the company’s clean balance sheet and its room to increase leverage. While we sold our A-shares holdings in CITIC during the period, we maintain a Hong Kong-listed, H-shares position.

Staying in China, SAIC Motor Corporation contributed to results as well. The company had been among the cheapest auto companies globally. Its joint ventures with global industry powers Volkswagen and General Motors continue to gain domestic market share. While its own brand continues to register losses, that reality is offset by a highly attractive dividend yield, which played a role in supporting the stock.

Home appliance manufacturer and distributor Qingdao Haier aided annual performance. The company reaped the benefits of its strategy of focusing on China’s rural population, which still accounts for roughly half the country. Demand for home appliances has been especially high in this segment. The market also recognized Qingdao Haier’s efforts to expand operating margins by generating a greater portion of its sales online.

Consumer staples and financial holdings weighed most on relative performance. From a country perspective, our holdings in Taiwan and Russia were the largest detractors.

Turkey’s Ulusoy Elektrik weighed on performance. The switch maker was adversely impacted by the macroeconomic environment within its country of domicile. Market disappointments with recent political developments, such as pressure exerted on the central bank by government officials, outweighed what should


Janus Investment Fund	1

Janus Emerging Markets Fund (unaudited)

have been the positive benefits of cheap oil. Issues in the country’s near-abroad, such as Syria’s civil war, also added to bearishness. These factors overshadowed the favorable profile of Ulusoy: the company has no debt, has a strong net cash position, has generated a robust 20% return on invested capital, and has a sizable payout ratio.

Chinese gaming and hotel company Louis XIII Holding detracted as well. While conspicuous consumption has diminished in the wake of the anti-corruption crackdown by China’s central government, the companies operating in Macau that concentrate on the VIP segment are the ones that appear most vulnerable, in our view. Louis XIII, however, focuses on the premium mass market segment, which should be more insulated from the government’s actions.

Within Korea was detractor Samsung Electronics. The company’s stock declined on disappointing Galaxy smartphone sales. The leadership transition between the chairman and his son also weighed on shares. An outbreak of the Middle East Respiratory Syndrome (MERS) at the Samsung Medical Center in Seoul added to a souring sentiment. We remain positive on the stock, as it remains one of the world’s dominant technology companies, with an extremely profitable, industry-leading global semiconductor business and a strong position in the Android market.

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

OUTLOOK

There is no denying the impact that a change in sentiment can have on the short-term fortunes of emerging market stocks. The period’s risk off trade, in light of slowing regional – and global – growth concerns proved that. While we are mindful of forces such as investment flows and currency volatility, we also recognize that many of the secular themes that attracted us to these markets remain intact. China is a country in transition. The years-long shift from being investment-led to consumer-led is nowhere near complete. Automobile and some white goods penetration remains low. It is likely that current government stimulus aimed at boosting consumption will not have the same impact on economic growth as did the crisis-era measures targeting infrastructure and construction. Still, that period did offer incentives for consumers, which enticed purchases. The current round may not grow consumption by the same magnitude, given the low base effects from the 2008 to 2009 period, but they will provide some support.

Given this transition away from investment and toward consumption, we are underweight the commodities sector in emerging markets as industrial demand for raw materials grows at a slower pace. Countries like coal-producing Indonesia are in a rough spot as their exports to China taper off. The case is similar in Malaysia, and that country has the added headwind of political discontent. The pace of reform in India may not be as quick as true market liberals had desired, but it is moving.

Outside of Asia, we see acute stress in South Africa, Russia and Turkey. In the first two, fiscal positions and current accounts are under pressure due to slowing demand for materials and energy products. Russia is further inhibited by continued sanctions. Turkey is stricken at present with political upheaval and civil unrest. We also maintain our underweight to Brazil. We see little action on behalf of authorities to address structural barriers to increasing productivity and growth. We, however, maintain exposure to these countries, yet approach them with a cautious view, and have carefully and selectively included stocks that we believe can navigate the stress points effectively and can come out of the crisis stronger, as well as stocks that are much less affected by the crisis but which saw their valuations unduly punished.

Thank you for your investment in Janus Emerging Markets Fund.


2	SEPTEMBER 30, 2015

Janus Emerging Markets Fund (unaudited)

Fund At A Glance

September 30, 2015





	5 Top Performers - Holdings		5 Bottom Performers - Holdings
		Contribution		Contribution
	Samsung C&T Corp.	2.26%	Atlas Mara, Ltd.	-0.83%
	CITIC Securities Co., Ltd. - Class A	1.01%	Ulusoy Elektrik Imalat Taahhut Ve Ticaret AS	-0.83%
	SAIC Motor Corp., Ltd. - Class A	0.91%	Louis XIII Holdings, Ltd.	-0.67%
	Daqin Railway Co., Ltd. - Class A	0.80%	Itau Unibanco Holding SA (ADR)	-0.63%
	Qingdao Haier Co., Ltd. - Class A	0.78%	Samsung Electronics Co., Ltd.	-0.62%

	5 Top Performers - Sectors*
			Fund Weighting	MSCI Emerging Markets Index℠
		Fund Contribution	(Average % of Equity)	Weighting
	Other**	1.61%	6.16%	0.01%
	Consumer Discretionary	1.55%	16.73%	9.09%
	Health Care	1.18%	2.32%	2.38%
	Energy	0.62%	4.61%	8.44%
	Materials	0.37%	3.87%	7.23%

	5 Bottom Performers - Sectors*
			Fund Weighting	MSCI Emerging Markets Index℠
		Fund Contribution	(Average % of Equity)	Weighting
	Financials	-0.70%	26.66%	28.88%
	Consumer Staples	-0.20%	7.42%	8.23%
	Information Technology	-0.18%	21.34%	17.98%
	Industrials	0.21%	8.08%	6.86%
	Utilities	0.32%	1.16%	3.38%
	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 Emerging Markets Fund (unaudited)

Fund At A Glance

September 30, 2015


5 Largest Equity Holdings - (% of Net Assets)
Samsung Electronics Co., Ltd.
Technology Hardware, Storage & Peripherals	4.4%
Taiwan Semiconductor Manufacturing Co., Ltd.
Semiconductor & Semiconductor Equipment	3.7%
China Construction Bank Corp. - Class H
Commercial Banks	2.6%
China Mobile, Ltd.
Wireless Telecommunication Services	2.2%
Tencent Holdings, Ltd.
Internet Software & Services	2.2%
	15.1%

Asset Allocation - (% of Net Assets)

Emerging markets comprised 82.5% of total net assets.

*Includes Other of (1.5)%.

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

As of September 30, 2015

As of September 30, 2014


4	SEPTEMBER 30, 2015

Janus Emerging Markets Fund (unaudited)

Performance

See important disclosures on the next page.



			Expense Ratios -
Average Annual Total Return - for the periods ended September 30, 2015			per the January 28, 2015 prospectuses
	One Year	Since Inception*	Total Annual Fund Operating Expenses	Net Annual Fund Operating Expenses
Class A Shares at NAV	-15.61%	-5.87%	1.97%	1.47%
Class A Shares at MOP	-20.51%	-7.03%
Class C Shares at NAV	-16.36%	-6.53%	2.68%	2.13%
Class C Shares at CDSC	-17.20%	-6.53%
Class D Shares⁽¹⁾	-15.38%	-5.69%	1.67%	1.17%
Class I Shares	-15.22%	-5.55%	1.52%	1.01%
Class S Shares	-15.32%	-5.82%	2.05%	1.52%
Class T Shares	-15.52%	-5.73%	1.77%	1.27%
MSCI Emerging Markets Index℠	-19.28%	-4.73%
Morningstar Quartile - Class I Shares	1st	3rd
Morningstar Ranking - based on total returns for Diversified Emerging Markets Funds	191/843	317/476

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

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

Net expense ratios reflect the expense waiver, if any, Janus Capital has contractually agreed to through February 1, 2016.

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 Emerging Markets Fund (unaudited)

Performance

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

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

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

See “Useful Information About Your Fund Report.”

*The Fund’s inception date – December 28, 2010

(1) Closed to certain new investors.


6	SEPTEMBER 30, 2015

Janus Emerging Markets Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (4/1/15)	Ending Account Value (9/30/15)	Expenses Paid During Period (4/1/15 - 9/30/15)†	Beginning Account Value (4/1/15)	Ending Account Value (9/30/15)	Expenses Paid During Period (4/1/15 - 9/30/15)†	Net Annualized Expense Ratio (4/1/15 - 9/30/15)
Class A Shares		$1,000.00	$848.20	$7.46	$1,000.00	$1,017.00	$8.14	1.61%
Class C Shares		$1,000.00	$844.00	$11.05	$1,000.00	$1,013.09	$12.06	2.39%
Class D Shares		$1,000.00	$848.80	$5.89	$1,000.00	$1,018.70	$6.43	1.27%
Class I Shares		$1,000.00	$850.40	$5.47	$1,000.00	$1,019.15	$5.97	1.18%
Class S Shares		$1,000.00	$852.00	$5.71	$1,000.00	$1,018.90	$6.23	1.23%
Class T Shares		$1,000.00	$849.00	$6.72	$1,000.00	$1,017.80	$7.33	1.45%
†	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 Emerging Markets Fund

Schedule of Investments

September 30, 2015


Shares			Value
Common Stocks
Airlines – 0.5%
	China Southern Airlines Co., Ltd. - Class H	262,000	$192,602
Auto Components – 1.8%
	Hyundai Mobis Co., Ltd.	1,380	268,139
	Weifu High-Technology Group Co., Ltd. - Class A^ß	129,429	437,557
			705,696
Automobiles – 4.8%
	Astra International Tbk PT	700,700	251,040
	Brilliance China Automotive Holdings, Ltd.	148,000	176,249
	Chongqing Changan Automobile Co., Ltd. - Class B	355,700	603,701
	Hyundai Motor Co.	4,473	622,241
	Yulon Motor Co., Ltd.	300,157	269,843
			1,923,074
Beverages – 2.5%
	Fomento Economico Mexicano SAB de CV	63,900	571,887
	SABMiller PLC	3,895	219,746
	Yantai Changyu Pioneer Wine Co., Ltd.	70,600	217,065
			1,008,698
Capital Markets – 1.9%
	Atlas Mara, Ltd.*	68,375	309,397
	CITIC Securities Co., Ltd. - Class H	155,500	279,696
	Haitong International Securities Group, Ltd.^#	319,609	159,660
			748,753
Commercial Banks – 17.0%
	Banco Santander Chile	7,641,157	346,382
	Bank Danamon Indonesia Tbk PT	556,000	110,164
	Bank Mandiri Persero Tbk PT	632,200	343,130
	Bank of China, Ltd. - Class H	909,000	393,464
	China Construction Bank Corp. - Class H	1,564,000	1,047,675
	Credicorp, Ltd.	2,426	258,029
	Grupo Financiero Banorte SAB de CV	82,200	402,679
	Hana Financial Group, Inc.	13,615	304,229
	ICICI Bank, Ltd.	138,639	573,493
	Industrial & Commercial Bank of China, Ltd. - Class H	1,448,000	839,518
	Itau Unibanco Holding SA (ADR)	57,335	379,558
	Metropolitan Bank & Trust Co.	110,451	193,039
	Sberbank of Russia (ADR)	82,697	409,223
	Shinhan Financial Group Co., Ltd.	17,126	598,319
	State Bank of India	91,364	331,510
	TCS Group Holding PLC (GDR)	43,426	76,180
	Turkiye Halk Bankasi A/S	47,097	157,361
			6,763,953
Construction & Engineering – 0.9%
	Louis XIII Holdings, Ltd.*	1,287,186	360,865
Construction Materials – 0.5%
	China Resources Cement Holdings, Ltd.	456,000	208,814
Diversified Telecommunication Services – 0.8%
	China Telecom Corp., Ltd. - Class H	405,693	196,580
	KT Corp.*	5,230	135,686
			332,266
Electric Utilities – 1.2%
	Power Grid Corp. of India, Ltd.	134,378	271,440
	Tenaga Nasional Bhd	73,600	201,756
			473,196
Electrical Equipment – 1.7%
	Finolex Cables, Ltd.	72,067	256,717
	Ulusoy Elektrik Imalat Taahhut Ve Ticaret AS	140,941	412,528
			669,245
Electronic Equipment, Instruments & Components – 5.6%
	Chroma ATE, Inc.	93,000	159,134


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

8	SEPTEMBER 30, 2015

Janus Emerging Markets Fund

Schedule of Investments

September 30, 2015


Shares			Value
Common Stocks – (continued)
Electronic Equipment, Instruments & Components – (continued)
	Delta Electronics, Inc.	70,000	$330,104
	E Ink Holdings, Inc.*	452,000	213,154
	Hon Hai Precision Industry Co., Ltd.	133,454	349,210
	Japan Display, Inc.*	79,700	229,803
	Largan Precision Co., Ltd.	2,000	157,072
	LG Display Co., Ltd.	9,908	188,823
	TPK Holding Co., Ltd.	140,000	336,030
	WPG Holdings, Ltd.	261,000	250,403
			2,213,733
Energy Equipment & Services – 0.3%
	Ocean Rig UDW, Inc.	54,742	116,600
Food & Staples Retailing – 2.0%
	PriceSmart, Inc.^†	3,340	258,316
	Shoprite Holdings, Ltd.	34,200	388,722
	X5 Retail Group NV (GDR)*	8,688	151,668
			798,706
Food Products – 2.6%
	AMATHEON AGRI*	134,695	332,637
	BRF SA (ADR)	12,786	227,463
	Marfrig Global Foods SA*	128,900	233,158
	San Miguel Pure Foods Co., Inc.	76,090	222,602
			1,015,860
Hotels, Restaurants & Leisure – 1.4%
	Genting Bhd	104,000	172,331
	Melco International Development, Ltd.	219,000	269,995
	Orascom Development Holding AG*	10,948	132,674
			575,000
Household Durables – 0.8%
	Gree Electric Appliances, Inc. of Zhuhai^ß	129,600	331,426
Independent Power and Renewable Electricity Producers – 1.0%
	Beijing Jingneng Clean Energy Co., Ltd. - Class H	1,234,189	379,888
Industrial Conglomerates – 0.7%
	LT Group, Inc.	479,821	103,809
	Shun Tak Holdings, Ltd.	458,000	173,991
			277,800
Information Technology Services – 2.4%
	Infosys, Ltd.	33,172	591,311
	QIWI PLC (ADR)	15,151	244,234
	Samsung SDS Co., Ltd.	492	120,019
			955,564
Insurance – 3.9%
	China Pacific Insurance Group Co., Ltd. - Class A^ß	99,200	347,378
	Ping An Insurance Group Co. of China Ltd - Class A^ß	150,200	711,177
	Samsung Life Insurance Co., Ltd.	6,070	507,173
			1,565,728
Internet & Catalog Retail – 0.8%
	MySale Group PLC*	374,574	306,400
Internet Software & Services – 5.5%
	Alibaba Group Holding, Ltd. (ADR)*	5,161	304,344
	Baidu, Inc. (ADR)*	3,033	416,765
	NAVER Corp.	616	267,603
	Rocket Internet SE (144A)*	10,214	328,153
	Tencent Holdings, Ltd.	51,700	869,546
			2,186,411
Machinery – 0.5%
	Iochpe-Maxion SA	51,300	196,068
Marine – 0.3%
	First Steamship Co., Ltd.	314,000	103,273


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

Janus Investment Fund	9

Janus Emerging Markets Fund

Schedule of Investments

September 30, 2015


Shares			Value
Common Stocks – (continued)
Metals & Mining – 1.7%
	Hindustan Zinc, Ltd.	157,139	$335,511
	POSCO	1,448	204,454
	Vale SA (ADR)^†,#	29,025	121,905
			661,870
Multiline Retail – 2.6%
	El Puerto de Liverpool SAB de CV	52,700	684,481
	SACI Falabella	57,517	356,541
			1,041,022
Oil, Gas & Consumable Fuels – 4.0%
	China Petroleum & Chemical Corp. - Class H	318,600	195,949
	Cobalt International Energy, Inc.*	17,876	126,562
	Ophir Energy PLC*	275,084	374,585
	PetroChina Co., Ltd. - Class H	472,000	328,866
	Petroleo Brasileiro SA (ADR)*^,†,#	35,747	155,499
	Reliance Industries, Ltd.	31,283	411,989
			1,593,450
Pharmaceuticals – 1.6%
	Yunnan Baiyao Group Co., Ltd. - Class A^ß	63,273	642,974
Real Estate Investment Trusts (REITs) – 0.4%
	Emlak Konut Gayrimenkul Yatirim Ortakligi A/S	214,299	177,908
Real Estate Management & Development – 2.2%
	Belle Corp.	2,065,600	134,596
	Central China Real Estate, Ltd.	783,794	146,980
	China Vanke Co., Ltd. - Class A^ß	91,200	183,183
	CSI Properties, Ltd.	8,790,000	280,046
	Siam Future Development PCL	994,140	151,108
			895,913
Road & Rail – 1.3%
	Daqin Railway Co., Ltd. - Class A^ß	256,100	357,629
	Globaltrans Investment PLC (GDR)*	38,706	155,916
			513,545
Semiconductor & Semiconductor Equipment – 5.3%
	MediaTek, Inc.	11,000	82,120
	SK Hynix, Inc.	19,685	562,640
	Taiwan Semiconductor Manufacturing Co., Ltd.	364,000	1,453,096
			2,097,856
Specialty Retail – 2.5%
	Chow Tai Fook Jewellery Group, Ltd.^#	288,600	242,935
	L'Occitane International SA	118,998	249,052
	PC Jeweller, Ltd.	92,297	498,040
			990,027
Technology Hardware, Storage & Peripherals – 4.9%
	Catcher Technology Co., Ltd.	19,000	203,105
	Samsung Electronics Co., Ltd.	1,797	1,728,460
			1,931,565
Textiles, Apparel & Luxury Goods – 1.5%
	Cie Financiere Richemont SA	20,897	162,674
	Samsonite International SA	129,000	423,427
			586,101
Tobacco – 1.3%
	ITC, Ltd.	50,556	254,585
	Souza Cruz SA	37,800	255,567
			510,152
Wireless Telecommunication Services – 2.2%
	China Mobile, Ltd.	73,000	871,290
Total Common Stocks (cost $45,680,189)			36,923,292


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

10	SEPTEMBER 30, 2015

Janus Emerging Markets Fund

Schedule of Investments

September 30, 2015


Shares			Value
Preferred Stocks
Paper & Forest Products – 1.3%
	Suzano Papel e Celulose SA	102,900	$500,755
Technology Hardware, Storage & Peripherals – 0.8%
	Samsung Electronics Co., Ltd.	407	317,178
Total Preferred Stocks (cost $854,750)			817,933
Warrants
Capital Markets – 0%
	Atlas Mara, Ltd., expires 12/17/17 (144A)*(cost $21,536)	69,975	6,998
Investment Companies
Investments Purchased with Cash Collateral from Securities Lending – 1.7%
	Janus Cash Collateral Fund LLC, 0.1615%^ºº,£	672,700	672,700
Money Markets – 4.8%
	Janus Cash Liquidity Fund LLC, 0.1535%^ºº,£	1,908,334	1,908,334
Total Investment Companies (cost $2,581,034)			2,581,034
Total Investments (total cost $49,137,509) – 101.5%			40,329,257
Liabilities, net of Cash, Receivables and Other Assets – (1.5)%			(592,300)
Net Assets – 100%			$39,736,957


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

		% of
		Investment
Country	Value	Securities
China	$10,680,316	26.5	%
South Korea	5,824,964	14.5
Taiwan	3,906,544	9.7
India	3,524,596	8.7
United States	2,965,912	7.4
Brazil	2,069,973	5.1
Hong Kong	1,910,919	4.7
Mexico	1,659,047	4.1
United Kingdom	1,217,126	3.0
Russia	1,037,221	2.6
Turkey	747,797	1.9
Indonesia	704,334	1.8
Chile	702,923	1.7
Germany	660,790	1.6
Philippines	654,046	1.6
South Africa	388,722	1.0
Malaysia	374,087	0.9
Switzerland	295,348	0.7
Peru	258,029	0.6
France	249,052	0.6
Japan	229,803	0.6
Thailand	151,108	0.4
Greece	116,600	0.3

Total	$40,329,257	100.0	%


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

Janus Investment Fund	11

Janus Emerging Markets Fund

Schedule of Investments

September 30, 2015


Schedule of Foreign Currency Contracts, Open
Counterparty/ Currency		Settlement Date		Currency Units Sold				Currency Value				Unrealized Appreciation/ (Depreciation)
Credit Suisse International:
Japanese Yen	10/8/15		15,677,000		$		130,707		$		580
Japanese Yen	10/8/15		10,267,000				85,601				(326)
Total						$		216,308		$		254


Schedule of Total Return Swaps
					Unrealized
	Return Paid	Return Received	Termination	Notional	Appreciation/
Counterparty	by the Fund	by the Fund	Date	Amount	(Depreciation)

Credit Suisse International	1 month USD LIBOR plus 100 basis points	Saudi International Petrochemical Co.	2/8/16	$96,776	$(5,200)


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

12	SEPTEMBER 30, 2015

Janus Emerging Markets Fund

Notes to Schedule of Investments and Other Information


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


ADR	American Depositary Receipt
GDR	Global Depositary Receipt
LIBOR	London Interbank Offered Rate
LLC	Limited Liability Company
PCL	Public Company Limited
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. 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, 2015 is $335,151, which represents 0.8% of net assets.


*	Non-income producing security.


†	A portion of this security has been segregated to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales, swap agreements, and/or securities with extended settlement dates, the value of which, as of September 30, 2015, is $316,284.


ß	Security is illiquid.


ºº	Rate shown is the 7-day yield as of September 30, 2015.


#	Loaned security; a portion of the security is on loan at September 30, 2015.


	Share Balance at 9/30/14	Purchases	Sales	Share Balance at 9/30/15	Dividend Income	Value at 9/30/15
Janus Cash Collateral Fund LLC	630,400	7,026,471	(6,984,171)	672,700	$10,053⁽¹⁾	$ 672,700
Janus Cash Liquidity Fund LLC	1,938,259	27,997,069	(28,026,994)	1,908,334	1,488	1,908,334
Total					$ 11,541	$ 2,581,034
(1) Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties.


Janus Investment Fund	13

Janus Emerging Markets Fund

Notes to Schedule of Investments and Other Information


The following is a summary of the inputs that were used to value the Fund's investments in securities and other financial instruments as of September 30, 2015. See Notes to Financial Statements for more information.
Valuation Inputs Summary
	Level 1 - Quoted Prices	Level 2 - Other Significant Observable Inputs	Level 3 - Significant Unobservable Inputs
Assets
Investments in Securities:
Common Stocks
Airlines	$ -	$ 192,602	$ -
Auto Components	-	705,696	-
Automobiles	-	1,923,074	-
Beverages	571,887	436,811	-
Capital Markets	-	748,753	-
Commercial Banks	1,386,648	5,377,305	-
Construction & Engineering	-	360,865	-
Construction Materials	-	208,814	-
Diversified Telecommunication Services	-	332,266	-
Electric Utilities	-	473,196	-
Electrical Equipment	-	669,245	-
Electronic Equipment, Instruments & Components	-	2,213,733	-
Food & Staples Retailing	258,316	540,390	-
Food Products	460,621	555,239	-
Hotels, Restaurants & Leisure	-	575,000	-
Household Durables	-	331,426	-
Independent Power and Renewable Electricity Producers	-	379,888	-
Industrial Conglomerates	-	277,800	-
Information Technology Services	244,234	711,330	-
Insurance	-	1,565,728	-
Internet & Catalog Retail	-	306,400	-
Internet Software & Services	721,109	1,465,302	-
Marine	-	103,273	-
Metals & Mining	121,905	539,965	-
Oil, Gas & Consumable Fuels	282,061	1,311,389	-
Pharmaceuticals	-	642,974	-
Real Estate Investment Trusts (REITs)	-	177,908	-
Real Estate Management & Development	-	895,913	-
Road & Rail	-	513,545	-
Semiconductor & Semiconductor Equipment	-	2,097,856	-
Specialty Retail	-	990,027	-
Technology Hardware, Storage & Peripherals	-	1,931,565	-
Textiles, Apparel & Luxury Goods	-	586,101	-
Tobacco	255,567	254,585	-
Wireless Telecommunication Services	-	871,290	-
All Other	1,353,690	-	-

Preferred Stocks	-	817,933	-

Warrants	6,998	-	-

Investment Companies	-	2,581,034	-
Total Investments in Securities	$ 5,663,036	$ 34,666,221	$ -

Other Financial Instruments^(a):
Forward Currency Contracts	$ -	$ 580	$ -
Total Assets	$ 5,663,036	$ 34,666,801	$ -


14	SEPTEMBER 30, 2015

Janus Emerging Markets Fund

Notes to Schedule of Investments and Other Information



	Level 1 - Quoted Prices	Level 2 - Other Significant Observable Inputs	Level 3 - Significant Unobservable Inputs
Liabilities
Other Financial Instruments^(a):
Forward Currency Contracts	$ -	$ 326	$ -

Outstanding Swap Contracts, at Value	-	5,200	-
Total Liabilities	$ -	$ 5,526	$ -
(a) Other financial instruments include forward currency, futures, written options, and swap contracts. Forward currency contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options and swap contracts are reported at their market value at measurement date.


Janus Investment Fund	15

Janus Emerging Markets Fund

Statement of Assets and Liabilities

September 30, 2015

See footnotes at the end of the Statement.


Assets:
	Investments, at cost		$	49,137,509
	Unaffiliated investments, at value⁽¹⁾		$	37,748,223
	Affiliated investments, at value			2,581,034
	Cash			438,553
	Restricted cash (Note 1)			1,536,643
	Forward currency contracts			580
	Cash denominated in foreign currency⁽²⁾			16,313
	Closed foreign currency contracts			109
	Non-interested Trustees' deferred compensation			791
	Receivables:
		Investments sold		809,911
		Fund shares sold		68,521
		Dividends		46,649
		Foreign tax reclaims		1,461
		Dividends from affiliates		300
	Other assets			378
Total Assets				43,249,466
Liabilities:
	Collateral for securities loaned (Note 3)			672,700
	Closed foreign currency contracts			59
	Forward currency contracts			326
	Outstanding swap contracts, at value			5,200
	Payables:			—
		Investments purchased		2,731,762
		Professional fees		35,459
		Advisory fees		20,825
		Fund shares repurchased		18,873
		Transfer agent fees and expenses		3,579
		Custodian fees		2,182
		Non-interested Trustees' deferred compensation fees		791
		Fund administration fees		304
		12b-1 Distribution and shareholder servicing fees		271
		Non-interested Trustees' fees and expenses		209
		Accrued expenses and other payables		19,969
Total Liabilities				3,512,509
Net Assets			$	39,736,957


See Notes to Financial Statements.

16	SEPTEMBER 30, 2015

Janus Emerging Markets Fund

Statement of Assets and Liabilities

September 30, 2015


Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	49,848,230
	Undistributed net investment income/(loss)		176,738
	Undistributed net realized gain/(loss) from investments and foreign currency transactions		(1,425,833)
	Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees' deferred compensation		(8,862,178)
Total Net Assets		$	39,736,957
Net Assets - Class A Shares		$	277,993
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		38,872
Net Asset Value Per Share⁽³⁾		$	7.15
Maximum Offering Price Per Share⁽⁴⁾		$	7.59
Net Assets - Class C Shares		$	224,541
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		31,649
Net Asset Value Per Share⁽³⁾		$	7.09
Net Assets - Class D Shares		$	7,582,570
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,062,980
Net Asset Value Per Share		$	7.13
Net Assets - Class I Shares		$	27,417,010
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,829,238
Net Asset Value Per Share		$	7.16
Net Assets - Class S Shares		$	124,081
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		17,368
Net Asset Value Per Share		$	7.14
Net Assets - Class T Shares		$	4,110,762
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		575,378
Net Asset Value Per Share		$	7.14

(1) Includes $378,141 of securities on loan. See Note 3 in Notes to Financial Statements.

(2) Includes cost of $16,313.

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

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


See Notes to Financial Statements.

Janus Investment Fund	17

Janus Emerging Markets Fund

Statement of Operations

For the year ended September 30, 2015


Investment Income:
	Dividends		$	726,760
	Affiliated securities lending income, net			10,053
	Dividends from affiliates			1,488
	Other income			2,578
	Foreign tax withheld			(85,552)
Total Investment Income				655,327
Expenses:
	Advisory fees			357,884
	12b-1Distribution and shareholder servicing fees:
		Class A Shares		926
		Class C Shares		1,215
		Class S Shares		415
	Transfer agent administrative fees and expenses:
		Class D Shares		12,079
		Class S Shares		415
		Class T Shares		6,445
	Transfer agent networking and omnibus fees:
		Class A Shares		648
		Class C Shares		224
		Class I Shares		414
	Other transfer agent fees and expenses:
		Class A Shares		80
		Class C Shares		27
		Class D Shares		1,337
		Class I Shares		865
		Class T Shares		160
	Professional fees			66,243
	Registration fees			60,576
	Custodian fees			45,151
	Shareholder reports expense			3,891
	Fund administration fees			3,177
	Non-interested Trustees’ fees and expenses			821
	Other expenses			11,489
Total Expenses				574,482
Less: Excess Expense Reimbursement				(135,726)
Net Expenses				438,756
Net Investment Income/(Loss)				216,571
Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions			1,207,691
	Swap contracts			(130,280)
Total Net Realized Gain/(Loss) on Investments				1,077,411
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation			(8,208,300)
	Swap contracts			(5,095)
Total Change in Unrealized Net Appreciation/Depreciation				(8,213,395)
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	(6,919,413)


See Notes to Financial Statements.

18	SEPTEMBER 30, 2015

Janus Emerging Markets Fund

Statements of Changes in Net Assets



			Year ended September 30, 2015		Year ended September 30, 2014
Operations:
	Net investment income/(loss)		$	216,571	$	699,115
	Net realized gain/(loss) on investments			1,077,411		974,377
	Change in unrealized net appreciation/depreciation			(8,213,395)		353,360
Net Increase/(Decrease) in Net Assets Resulting from Operations				(6,919,413)		2,026,852
Dividends and Distributions to Shareholders:
	Dividends from Net Investment Income
		Class A Shares		(5,186)		(4,884)
		Class C Shares		(235)		(2,193)
		Class D Shares		(170,413)		(258,184)
		Class I Shares		(384,278)		(480,741)
		Class S Shares		(2,086)		(9,049)
		Class T Shares		(18,448)		(23,419)
Net Decrease from Dividends and Distributions to Shareholders				(580,646)		(778,470)
Capital Share Transactions:
		Class A Shares		(31,768)		92,136
		Class C Shares		167,355		(114,840)
		Class D Shares		(1,374,947)		1,459,048
		Class I Shares		9,891,943		5,049,556
		Class S Shares		11,146		(214,469)
		Class T Shares		3,961,843		328,632
Net Increase/(Decrease) from Capital Share Transactions				12,625,572		6,600,063
Net Increase/(Decrease) in Net Assets				5,125,513		7,848,445
Net Assets:
	Beginning of period			34,611,444		26,762,999
	End of period		$	39,736,957	$	34,611,444

Undistributed Net Investment Income/(Loss)			$	176,738	$	522,082


See Notes to Financial Statements.

Janus Investment Fund	19

Janus Emerging Markets Fund

Financial Highlights


Class A Shares
For a share outstanding during each year or period ended September 30			2015	2014	2013	2012	2011⁽¹⁾
	Net Asset Value, Beginning of Period		$8.61	$8.23	$7.99	$7.41	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.02⁽²⁾	0.15⁽²⁾⁽³⁾	0.28	0.03	(0.01)
		Net realized and unrealized gain/(loss)	(1.35)	0.39	(0.01)	0.62	(2.58)
	Total from Investment Operations		(1.33)	0.54	0.27	0.65	(2.59)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.13)	(0.16)	(0.03)	(0.04)	—
		Distributions (from capital gains)	—	—	—	(0.03)	—
	Total Dividends and Distributions		(0.13)	(0.16)	(0.03)	(0.07)	—
	Net Asset Value, End of Period		$7.15	$8.61	$8.23	$7.99	$7.41
	Total Return*		(15.61)%	6.71%	3.34%	8.78%	(25.90)%
	Net Assets, End of Period (in thousands)		$278	$378	$275	$992	$971
	Average Net Assets for the Period (in thousands)		$371	$307	$759	$1,028	$1,107
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.98%	1.97%	1.81%	2.37%	4.16%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.61%	1.65%	1.48%	1.46%	1.34%
		Ratio of Net Investment Income/(Loss)	0.23%	1.73%⁽³⁾	0.06%	0.47%	0.81%
	Portfolio Turnover Rate		131%	59%	138%	136%	160%


Class C Shares
For a share outstanding during each year or period ended September 30			2015	2014	2013	2012	2011⁽¹⁾
	Net Asset Value, Beginning of Period		$8.50	$8.12	$7.91	$7.39	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	(0.04)⁽²⁾	0.11⁽²⁾⁽³⁾	(0.20)	(0.03)	(0.05)
		Net realized and unrealized gain/(loss)	(1.35)	0.36	0.41	0.62	(2.56)
	Total from Investment Operations		(1.39)	0.47	0.21	0.59	(2.61)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.02)	(0.09)	—	(0.04)	—
		Distributions (from capital gains)	—	—	—	(0.03)	—
	Total Dividends and Distributions		(0.02)	(0.09)	—	(0.07)	—
	Net Asset Value, End of Period		$7.09	$8.50	$8.12	$7.91	$7.39
	Total Return*		(16.36)%	5.85%	2.65%	7.98%	(26.10)%
	Net Assets, End of Period (in thousands)		$225	$94	$194	$771	$677
	Average Net Assets for the Period (in thousands)		$121	$185	$428	$788	$838
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.77%	2.68%	2.54%	3.04%	5.09%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.39%	2.32%	2.16%	2.21%	1.71%⁽⁴⁾
		Ratio of Net Investment Income/(Loss)	(0.47)%	1.32%⁽³⁾	(0.97)%	(0.27)%	0.33%
	Portfolio Turnover Rate		131%	59%	138%	136%	160%


*	Total return not annualized for periods of less than one full year.
**	Annualized for periods of less than one full year.
(1)	Period from December 28, 2010 (inception date) through September 30, 2011.
(2)	Per share amounts are calculated based on average shares outstanding during the year or period.
(3)	Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include a special dividend from Strides Arcolab, Ltd. in December 2013. The impact of the special dividend to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.08 and 0.94%, respectively.
(4)	Pursuant to a contractual agreement, Janus waived certain fees and expenses during the period. The Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets would have been 2.32% in 2011 without the waiver of these fees and expenses.


See Notes to Financial Statements.

20	SEPTEMBER 30, 2015

Janus Emerging Markets Fund

Financial Highlights


Class D Shares
For a share outstanding during each year or period ended September 30			2015	2014	2013	2012	2011⁽¹⁾
	Net Asset Value, Beginning of Period		$8.58	$8.24	$8.00	$7.42	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.04⁽²⁾	0.19⁽²⁾⁽³⁾	0.20	0.05	(0.01)
		Net realized and unrealized gain/(loss)	(1.35)	0.37	0.09	0.60	(2.59)
	Total from Investment Operations		(1.31)	0.56	0.29	0.65	(2.60)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.14)	(0.22)	(0.05)	(0.04)	—
		Distributions (from capital gains)	—	—	—	(0.03)	—
		Redemption fees	N/A	N/A	N/A	—⁽⁴⁾	0.02
	Total Dividends and Distributions		(0.14)	(0.22)	(0.05)	(0.07)	0.02
	Net Asset Value, End of Period		$7.13	$8.58	$8.24	$8.00	$7.42
	Total Return*		(15.38)%	6.98%	3.56%	8.76%	(25.80)%
	Net Assets, End of Period (in thousands)		$7,583	$10,889	$9,136	$9,359	$6,699
	Average Net Assets for the Period (in thousands)		$10,066	$9,995	$9,679	$8,963	$6,847
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.68%	1.67%	1.64%	2.15%	4.38%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.30%	1.34%	1.30%	1.35%	1.32%⁽⁵⁾
		Ratio of Net Investment Income/(Loss)	0.51%	2.18%⁽³⁾	0.61%	0.66%	0.91%
	Portfolio Turnover Rate		131%	59%	138%	136%	160%


Class I Shares
For a share outstanding during each year or period ended September 30			2015	2014	2013	2012	2011⁽¹⁾
	Net Asset Value, Beginning of Period		$8.61	$8.27	$8.01	$7.41	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.05⁽²⁾	0.20⁽²⁾⁽³⁾	0.19	0.07	(0.01)
		Net realized and unrealized gain/(loss)	(1.35)	0.38	0.11	0.60	(2.58)
	Total from Investment Operations		(1.30)	0.58	0.30	0.67	(2.59)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.15)	(0.24)	(0.04)	(0.04)	—
		Distributions (from capital gains)	—	—	—	(0.03)	—
		Redemption fees	N/A	N/A	N/A	—⁽⁴⁾	—⁽⁴⁾
	Total Dividends and Distributions		(0.15)	(0.24)	(0.04)	(0.07)	—
	Net Asset Value, End of Period		$7.16	$8.61	$8.27	$8.01	$7.41
	Total Return*		(15.22)%	7.19%	3.78%	9.05%	(25.90)%
	Net Assets, End of Period (in thousands)		$27,417	$21,896	$15,996	$8,392	$3,347
	Average Net Assets for the Period (in thousands)		$22,174	$19,341	$12,309	$5,502	$3,574
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.56%	1.52%	1.50%	1.81%	3.87%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.17%	1.18%	1.14%	1.19%	1.33%
		Ratio of Net Investment Income/(Loss)	0.61%	2.29%⁽³⁾	1.16%	0.90%	0.87%
	Portfolio Turnover Rate		131%	59%	138%	136%	160%


*	Total return not annualized for periods of less than one full year.
**	Annualized for periods of less than one full year.
(1)	Period from December 28, 2010 (inception date) through September 30, 2011.
(2)	Per share amounts are calculated based on average shares outstanding during the year or period.
(3)	Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include a special dividend from Strides Arcolab, Ltd. in December 2013. The impact of the special dividend to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.08 and 0.94%, respectively.
(4)	Redemption fees aggregated less than $0.005 on a per share basis. Redemption fees were eliminated effective April 2, 2012.
(5)	Pursuant to a contractual agreement, Janus waived certain fees and expenses during the period. The Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets would have been 1.59% in 2011 without the waiver of these fees and expenses.


See Notes to Financial Statements.

Janus Investment Fund	21

Janus Emerging Markets Fund

Financial Highlights


Class S Shares
For a share outstanding during each year or period ended September 30			2015	2014	2013	2012	2011⁽¹⁾
	Net Asset Value, Beginning of Period		$8.56	$8.24	$7.97	$7.41	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.03⁽²⁾	0.18⁽²⁾⁽³⁾	0.14	0.02	(0.03)
		Net realized and unrealized gain/(loss)	(1.33)	0.36	0.14	0.61	(2.56)
	Total from Investment Operations		(1.30)	0.54	0.28	0.63	(2.59)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.12)	(0.22)	(0.01)	(0.04)	—
		Distributions (from capital gains)	—	—	—	(0.03)	—
	Total Dividends and Distributions		(0.12)	(0.22)	(0.01)	(0.07)	—
	Net Asset Value, End of Period		$7.14	$8.56	$8.24	$7.97	$7.41
	Total Return*		(15.32)%	6.67%	3.55%	8.50%	(25.90)%
	Net Assets, End of Period (in thousands)		$124	$147	$337	$676	$617
	Average Net Assets for the Period (in thousands)		$166	$326	$481	$676	$800
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.01%	2.05%	1.97%	2.50%	4.61%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.43%	1.54%	1.48%	1.64%	1.39%⁽⁴⁾
		Ratio of Net Investment Income/(Loss)	0.33%	2.10%⁽³⁾	0.05%	0.29%	0.62%
	Portfolio Turnover Rate		131%	59%	138%	136%	160%


Class T Shares
For a share outstanding during each year or period ended September 30			2015	2014	2013	2012	2011⁽¹⁾
	Net Asset Value, Beginning of Period		$8.60	$8.26	$7.99	$7.41	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.09⁽²⁾	0.19⁽²⁾⁽³⁾	0.29	0.05	(0.01)
		Net realized and unrealized gain/(loss)	(1.41)	0.37	0.01	0.60	(2.59)
	Total from Investment Operations		(1.32)	0.56	0.30	0.65	(2.60)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.14)	(0.22)	(0.03)	(0.04)	—
		Distributions (from capital gains)	—	—	—	(0.03)	—
		Redemption fees	N/A	N/A	N/A	—⁽⁵⁾	0.01
	Total Dividends and Distributions		(0.14)	(0.22)	(0.03)	(0.07)	0.01
	Net Asset Value, End of Period		$7.14	$8.60	$8.26	$7.99	$7.41
	Total Return*		(15.52)%	6.92%	3.73%	8.78%	(25.90)%
	Net Assets, End of Period (in thousands)		$4,111	$1,207	$825	$2,141	$1,301
	Average Net Assets for the Period (in thousands)		$2,578	$1,121	$2,105	$2,004	$1,320
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.79%	1.77%	1.70%	2.13%	4.08%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.44%	1.41%	1.37%	1.42%	1.34%
		Ratio of Net Investment Income/(Loss)	1.09%	2.19%⁽³⁾	(0.19)%	0.58%	0.85%
	Portfolio Turnover Rate		131%	59%	138%	136%	160%


*	Total return not annualized for periods of less than one full year.
**	Annualized for periods of less than one full year.
(1)	Period from December 28, 2010 (inception date) through September 30, 2011.
(2)	Per share amounts are calculated based on average shares outstanding during the year or period.
(3)	Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include a special dividend from Strides Arcolab, Ltd. in December 2013. The impact of the special dividend to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.08 and 0.94%, respectively.
(4)	Pursuant to a contractual agreement, Janus waived certain fees and expenses during the period. The Ratio of Net Expenses (After Waivers and Expense Offsets) to Average Net Assets would have been 1.82% in 2011 without the waiver of these fees and expenses.
(5)	Redemption fees aggregated less than $0.005 on a per share basis. Redemption fees were eliminated effective April 2, 2012.


See Notes to Financial Statements.

22	SEPTEMBER 30, 2015

Janus Emerging Markets Fund

Notes to Financial Statements

1. Organization and Significant Accounting Policies

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

The 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	23

Janus Emerging Markets Fund

Notes to Financial Statements

Valuation Inputs Summary

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

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

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


24	SEPTEMBER 30, 2015

Janus Emerging Markets Fund

Notes to Financial Statements

which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

Expenses

Estimates

Indemnifications

Foreign Currency Translations

Dividends and Distributions

Federal Income Taxes


Janus Investment Fund	25

Janus Emerging Markets Fund

Notes to Financial Statements

Restricted Cash

As of September 30, 2015, the Fund has restricted cash in the amount of $1,536,643. The restricted cash represents collateral pledged in relation to derivatives and/or securities with extended settlement dates, as well as investment quota for China A Shares. The carrying value of the restricted cash approximates fair value.

2. Derivative Instruments

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

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

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

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

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

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


26	SEPTEMBER 30, 2015

Janus Emerging Markets Fund

Notes to Financial Statements

original amount invested. Certain investments or trading strategies, such as short sales, that involve leverage can result in losses that greatly exceed the amount originally invested.

Forward Foreign Currency Exchange Contracts

During the year ended September 30, 2015, the average ending monthly currency value amounts on sold forward currency contracts is $251,332.

Swaps

Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a day to more than one year to exchange one set of cash flows for another. The most significant factor in the performance of swap agreements is the change in value of the specific index, security, or currency, or other factors that determine the amounts of payments due to and from the Fund. The use of swaps is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Swap transactions may in some instances involve the delivery of securities or other underlying assets by the Fund or its counterparty to collateralize obligations under the swap. If the other party to a swap that is not collateralized defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. Swap agreements entail the risk that a party will default on its payment obligations to the Fund. If the other party to a swap defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. If the Fund utilizes a swap at the wrong time or judges market conditions incorrectly, the swap may result in a loss to the Fund and reduce the Fund’s total return.

Swap agreements also bear the risk that the Fund will not be able to meet its obligation to the counterparty. Swap agreements are typically privately negotiated and entered into in the OTC market. However, certain swap agreements are required to be cleared through a clearinghouse and traded on an exchange or swap execution facility. Swaps that are required to be cleared are required to post initial and variation margins in accordance with the exchange


Janus Investment Fund	27

Janus Emerging Markets Fund

Notes to Financial Statements

requirements. Regulations enacted require the Fund to centrally clear certain interest rate and credit default index swaps through a clearinghouse or central counterparty (“CCP”). To clear a swap with a CCP, the Fund will submit the swap to, and post collateral with, a futures clearing merchant (“FCM”) that is a clearinghouse member. Alternatively, the Fund may enter into a swap with a financial institution other than the FCM (the “Executing Dealer”) and arrange for the swap to be transferred to the FCM for clearing. The Fund may also enter into a swap with the FCM itself. The CCP, the FCM, and the Executing Dealer are all subject to regulatory oversight by the CFTC. A default or failure by a CCP or an FCM, or the failure of a swap to be transferred from an Executing Dealer to the FCM for clearing, may expose the Fund to losses, increase its costs, or prevent the Fund from entering or exiting swap positions, accessing collateral, or fully implementing its investment strategies. The regulatory requirement to clear certain swaps could, either temporarily or permanently, reduce the liquidity of cleared swaps or increase the costs of entering into those swaps.

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

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

Total return swaps involve an exchange by two parties in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset, which includes both the income it generates and any capital gains over the payment period. A fixed-income total return swap may be written on many different kinds of underlying reference assets, and may include different indices for various kinds of debt securities (e.g., U.S. investment grade bonds, high-yield bonds, or emerging market bonds).

During the year, the Fund entered into total return swaps on equity securities or indices to increase exposure to equity risk. These total return swaps require the Fund to pay a floating reference interest rate, and an amount equal to the negative price movement of securities or an index multiplied by the notional amount of the contract. The Fund will receive payments equal to the positive price movement of the same securities or index multiplied by the notional amount of the contract and, in some cases, dividends paid on the securities.

During the year ended September 30, 2015, the average ending monthly market value amounts on total return swaps which are long the reference asset is $(734).

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, 2015.


Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of September 30, 2015

		Currency Contracts		Equity Contracts		Total
Asset Derivatives:
Forward currency contracts	$	580	$	-	$	580

Liability Derivatives:
Forward currency contracts	$	326	$	-	$	326
Outstanding swap contracts, at value		-		5,200		5,200
Total Liability Derivatives	$	326	$	5,200	$	5,526


28	SEPTEMBER 30, 2015

Janus Emerging Markets Fund

Notes to Financial Statements

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, 2015.


The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the year ended September 30, 2015

Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative		Currency Contracts		Equity Contracts		Total
Investments and foreign currency transactions	$	43,761	$	-	$	43,761
Swap contracts		-		(130,280)		(130,280)
Total	$	43,761	$	(130,280)	$	(86,519)


Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative		Currency Contracts		Equity Contracts		Total
Investments, foreign currency translations and non-interested Trustees' deferred compensation	$	(6,578)	$	-	$	(6,578)
Swap contracts		-		(5,095)		(5,095)
Total	$	(6,578)	$	(5,095)	$	(11,673)

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

3. Other Investments and Strategies

Additional Investment Risk


Janus Investment Fund	29

Janus Emerging Markets Fund

Notes to Financial Statements

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.

China A Shares

As of September 30, 2015, the Fund has available investment quota of $1,428,643. The Fund is subject to certain restrictions and administrative processes relating to its ability to repatriate cash balances and may incur substantial delays in gaining access to its assets.

Counterparties


30	SEPTEMBER 30, 2015

Janus Emerging Markets Fund

Notes to Financial Statements

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 (also known as “A Shares”).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 Portfolio invests in Chinese local market securities.

Offsetting Assets and Liabilities


Offsetting of Financial Assets and Derivative Assets
Counterparty	Gross Amounts of Recognized Assets	Offsetting Asset or Liability^(a)	Collateral Pledged^(b)	Net Amount
Credit Suisse International	$ 580	$ (580)	$ -	$ -
Deutsche Bank AG	378,141	-	(378,141)	-
Total	$ 378,721	$ (580)	$ (378,141)	$ -


Janus Investment Fund	31

Janus Emerging Markets Fund

Notes to Financial Statements


Offsetting of Financial Liabilities and Derivative Liabilities
Counterparty	Gross Amounts of Recognize Liabilities	Offsetting Asset or Liability^(a)	Collateral Pledged^(b)	Net Amount
Credit Suisse International	$ 5,526	$ (580)	$ -	$ 4,946
(a) Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities.
(b) Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value.

Real Estate Investing

Securities Lending


32	SEPTEMBER 30, 2015

Janus Emerging Markets Fund

Notes to Financial Statements

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.

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 Singapore Pte. Limited (“Janus Singapore”) serves as subadviser and is responsible for a portion of the Fund subject to the general oversight of Janus Capital. Janus Singapore is an indirect wholly-owned subsidiary of Janus Capital. Janus Singapore a fee equal to one-third of the advisory fee paid by the Fund to Janus Capital (calculated after any applicable performance fee adjustment, fee waivers, and expense reimbursements). The subadvisory fee paid by


Janus Investment Fund	33

Janus Emerging Markets Fund

Notes to Financial Statements

Janus Capital to Janus Singapore adjusts up or down based on the Fund’s performance relative to the Fund’s benchmark index over the performance measurement period.

Janus Capital has contractually agreed to waive the advisory fee payable by the Fund or reimburse expenses in an amount equal to the amount, if any, that the Fund’s normal operating expenses in any fiscal year, including the investment advisory fee, but excluding the 12b-1 distribution and shareholder servicing fees (applicable to Class A Shares, Class C Shares, and Class S Shares), transfer agent fees and expenses payable pursuant to the Transfer Agency Agreement, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 1.11%. Janus Capital has agreed to continue the waiver until at least February 1, 2016. The previous expense limit (until February 1, 2015) was 1.25%. If applicable, amounts reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement” on the Statement of Operations.


34	SEPTEMBER 30, 2015

Janus Emerging Markets Fund

Notes to Financial Statements

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


Janus Investment Fund	35

Janus Emerging Markets Fund

Notes to Financial Statements

As of September 30, 2015, shares of the Fund were owned by Janus Capital and/or other funds advised by Janus Capital, as indicated in the table below:


Class	% of Class Owned		% of Fund Owned
Class A Shares	-	%	-	%
Class C Shares	-		-
Class D Shares	-		-
Class I Shares	52		36
Class S Shares	73		0
Class T Shares	-		-

5. Federal Income Tax


			Loss Deferrals			Net Tax
Undistributed Ordinary Income	Undistributed Long-Term Gains	Accumulated Capital Losses	Late-Year Ordinary Loss	Post-October Capital Loss	Other Book to Tax Differences	Appreciation/ (Depreciation)
$ 187,872	$ -	$ (821,381)	$ -	$ -	$ (51,954)	$ (9,425,810)


36	SEPTEMBER 30, 2015

Janus Emerging Markets Fund

Notes to Financial Statements


Capital Loss Carryover Schedule
For the year ended September 30, 2015
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$ (408,028)	$ (413,353)	$ (821,381)

During the year ended September 30, 2015, capital loss carryovers of $1,326,275 were utilized by the Fund.

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, 2015 are noted below.


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 49,755,067	$ 519,328	$ (9,945,138)	$ (9,425,810)


For the year ended September 30, 2015
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 580,646	$ -	$ -	$ -


For the year ended September 30, 2014
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 778,470	$ -	$ -	$ -


Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ -	$ 18,731	$ (18,731)


Janus Investment Fund	37

Janus Emerging Markets Fund

Notes to Financial Statements

6. Capital Share Transactions



	Year ended September 30, 2015		Year ended September 30, 2014
	Shares	Amount	Shares	Amount
Class A Shares:
Shares sold	14,306	$ 124,001	19,210	$ 165,868
Reinvested dividends and distributions	653	5,155	588	4,844
Shares repurchased	(19,951)	(160,924)	(9,343)	(78,576)
Net Increase/(Decrease)	(4,992)	$ (31,768)	10,455	$ 92,136
Class C Shares:
Shares sold	21,154	$ 172,296	1,171	$ 10,255
Reinvested dividends and distributions	30	235	268	2,193
Shares repurchased	(651)	(5,176)	(14,256)	(127,288)
Net Increase/(Decrease)	20,533	$ 167,355	(12,817)	$ (114,840)
Class D Shares:
Shares sold	407,217	$ 3,489,359	623,093	$5,366,291
Reinvested dividends and distributions	21,264	166,920	30,849	252,962
Shares repurchased	(634,045)	(5,031,226)	(493,770)	(4,160,205)
Net Increase/(Decrease)	(205,564)	$ (1,374,947)	160,172	$1,459,048
Class I Shares:
Shares sold	1,622,753	$12,639,705	754,772	$6,318,528
Reinvested dividends and distributions	48,828	384,278	58,484	480,741
Shares repurchased	(385,879)	(3,132,040)	(203,597)	(1,749,713)
Net Increase/(Decrease)	1,285,702	$ 9,891,943	609,659	$5,049,556
Class S Shares:
Shares sold	165,627	$ 1,446,731	1,628	$ 13,922
Reinvested dividends and distributions	266	2,086	1,103	9,049
Shares repurchased	(165,750)	(1,437,671)	(26,382)	(237,440)
Net Increase/(Decrease)	143	$ 11,146	(23,651)	$ (214,469)
Class T Shares:
Shares sold	1,133,561	$ 9,505,174	259,841	$2,164,453
Reinvested dividends and distributions	2,322	18,271	2,841	23,354
Shares repurchased	(700,815)	(5,561,602)	(222,192)	(1,859,175)
Net Increase/(Decrease)	435,068	$ 3,961,843	40,490	$ 328,632

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
$55,333,732	$ 43,443,418	$ -	$ -

8. Subsequent Event


38	SEPTEMBER 30, 2015

Janus Emerging Markets Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Emerging Markets Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Janus Emerging Markets Fund (one of the funds constituting Janus Investment Fund, hereafter referred to as the “Fund”) at September 30, 2015, 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 then ended, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at September 30, 2015 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.

Denver, Colorado

November 13, 2015


Janus Investment Fund	39

Janus Emerging Markets Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Quarterly Portfolio Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD

Nature, Extent and Quality of Services


40	SEPTEMBER 30, 2015

Janus Emerging Markets Fund

Additional Information (unaudited)

Performance of the Funds

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

Fixed-Income Funds and Money Market Funds


Janus Investment Fund	41

Janus Emerging Markets Fund

Additional Information (unaudited)

Asset Allocation Funds

Alternative Funds

Value Funds


42	SEPTEMBER 30, 2015

Janus Emerging Markets Fund

Additional Information (unaudited)

Mathematical Funds

Growth and Core Funds


Janus Investment Fund	43

Janus Emerging Markets Fund

Additional Information (unaudited)

Global and International Funds

Preservation Series

Janus Aspen Series


44	SEPTEMBER 30, 2015

Janus Emerging Markets Fund

Additional Information (unaudited)

· For Janus Aspen Global Allocation Portfolio – Moderate, the Trustees noted that the Fund’s performance was in the first Lipper quartile for the 12 months ended May 31, 2014.

· For Janus Aspen INTECH U.S. Low Volatility Portfolio, the Trustees noted that the Fund’s performance was in the first Lipper quartile for the 12 months ended May 31, 2014.


Janus Investment Fund	45

Janus Emerging Markets Fund

Additional Information (unaudited)

Costs of Services Provided

Fixed-Income Funds and Money Market Funds


46	SEPTEMBER 30, 2015

Janus Emerging Markets Fund

Additional Information (unaudited)

Asset Allocation Funds

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

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

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

Alternative Funds

Value Funds

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


Janus Investment Fund	47

Janus Emerging Markets Fund

Additional Information (unaudited)

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

Mathematical Funds

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

· For INTECH U.S. Managed Volatility Fund (formerly named INTECH U.S. Value Fund), the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.

· For INTECH U.S. Managed Volatility Fund II (formerly named INTECH U.S. Growth Fund), the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.

Growth and Core Funds

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

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


48	SEPTEMBER 30, 2015

Janus Emerging Markets Fund

Additional Information (unaudited)

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

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

Global and International Funds

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

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

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

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

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

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

Preservation Series

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

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

Janus Aspen Series

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

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

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


Janus Investment Fund	49

Janus Emerging Markets Fund

Additional Information (unaudited)

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

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

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

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

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

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

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


50	SEPTEMBER 30, 2015

Janus Emerging Markets Fund

Additional Information (unaudited)

Economies of Scale

Other Benefits to Janus Capital


Janus Investment Fund	51

Janus 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, 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, 2015

Janus 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


Janus Investment Fund	53

Janus 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.


54	SEPTEMBER 30, 2015

Janus Emerging Markets Fund

Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2015:


Foreign Taxes Paid	$83,272
Foreign Source Income	$724,766
Dividends Received Deduction Percentage	1%
Qualified Dividend Income Percentage	100%


Janus Investment Fund	55

Janus 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


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 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	Chairman of the Board and Director 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, 2015

Janus 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
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Trustee	1/13-Present	Managing Director, Institutional Markets, of Dividend Capital 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 MotiveQuest LLC (strategic social market research company) (since 2003), and Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of Nuveen Global Investors LLC (2007-2011); Director of Communities in Schools (2004-2010); and Director of Mutual Fund Education Alliance (until 2010).
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	57

Janus 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
James T. Rothe 151 Detroit Street Denver, CO 80206 DOB: 1943	Trustee	1/97-Present	Co-founder and Managing Director of Roaring Fork Capital SBIC, L.P. (SBA SBIC fund focusing on private investment in public equity firms), and Professor Emeritus of Business of the University of Colorado, Colorado Springs, CO (since 2004). Formerly, 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).
William D. Stewart 151 Detroit Street Denver, CO 80206 DOB: 1944	Trustee	6/84-Present	Retired. Formerly, Corporate Vice President and General Manager of MKS Instruments - HPS Products, Boulder, CO (a manufacturer of vacuum fittings and valves) and PMFC Division, Andover, MA (manufacturing pressure measurement and flow products) (1976-2012).	60	None


58	SEPTEMBER 30, 2015

Janus 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
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), Rehabilitation Institute of Chicago, Walmart, and Wrapports, LLC (digital communications company). Formerly, Director of Chicago Convention & Tourism Bureau (until 2014) and The Field Museum of Natural History (Chicago, IL) (until 2014).
Trustee Consultant
Raudline Etienne* 151 Detroit Street Denver, CO 80206 DOB: 1965	Consultant	6/14-Present	Senior Vice President, Albright Stonebridge Group LLC (global strategy firm) (since 2011). Formerly, Deputy Comptroller and Chief Investment Officer, New York State Common Retirement Fund (public pension fund) (2008-2011).	N/A	Director of Brightwood Capital Advisors, LLC (since 2014).


Janus Investment Fund	59

Janus 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
Wahid Chammas 151 Detroit Street Denver, CO 80206 DOB: 1975	Executive Vice President and Co-Portfolio Manager Janus Emerging Markets Fund	12/10-Present	Portfolio Manager for other Janus accounts. Formerly, Research Analyst for Janus Capital (2005-2014).
Hiroshi Yoh #36-02 AXA Tower 8 Shenton Way Singapore 068811 DOB: 1963	Executive Vice President and Co-Portfolio Manager Janus Emerging Markets Fund	8/12-Present	Director of Janus Capital Singapore Pte. Limited and Portfolio Manager for other Janus accounts. Formerly, Chief Investment Officer and a portfolio manager with Tokio Marine Asset Management International Pte. Ltd., a Singapore-based asset management firm (1999-2011).
Stephanie Grauerholz 151 Detroit Street Denver, CO 80206 DOB: 1970	Chief Legal Counsel and Secretary Vice President	1/06-Present 3/06-Present	Senior Vice President and Chief Legal Counsel of the Funds of Janus Capital, Senior Vice President of Janus Distributors LLC, and Senior Vice President of Janus Services LLC (since 2015). Formerly, Vice President and Assistant General Counsel of Janus Capital, Vice President and Assistant Secretary of Janus Distributors LLC, and Vice President of Janus Services LLC (2007-2015).
Bruce L. Koepfgen 151 Detroit Street Denver, CO 80206 DOB: 1952	President and Chief Executive Officer	7/14-Present	President of Janus Capital Group Inc. and Janus Capital Management LLC (since 2013); Executive Vice President and Director of Janus International Holding LLC (since 2011); Executive Vice President of Janus Distributors LLC (since 2011); Executive Vice President and Working 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, 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).

* 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, 2015

Janus 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
David R. Kowalski 151 Detroit Street Denver, CO 80206 DOB: 1957	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	6/02-Present	Senior Vice President and Chief Compliance Officer of Janus Capital, Janus Distributors LLC, and Janus Services LLC; Vice President of INTECH Investment Management LLC and Perkins Investment Management LLC; and Director of The Janus Foundation.
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.

* 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	61

Janus provides access to a wide range of investment disciplines.

Alternative

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

Asset Allocation

Fixed Income

Global & International

Growth & Core

Mathematical

Value

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

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

Funds distributed by Janus Distributors LLC

Investment products offered are:

NOT FDIC-INSURED

MAY LOSE VALUE

NO BANK GUARANTEE

C-1115-102932

125-02-93039 11-15



	ANNUAL REPORT September 30, 2015

Janus Enterprise Fund

Janus Investment Fund

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

Table of Contents

Janus Enterprise Fund

Janus Enterprise Fund (unaudited)

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

portfolio manager

PERFORMANCE OVERVIEW

Janus Enterprise Fund’s Class T Shares returned 6.13% over the one-year period ended September 30, 2015. The Fund’s primary benchmark, the Russell Midcap Growth Index, returned 1.45%.

INVESTMENT ENVIRONMENT

Mid-cap stocks achieved modest gains during the 12-month period, and the march forward was not without volatility. Mid-cap stocks sold off early in the period as several data points showed the economy outside the U.S. was weakening. Stocks then climbed sharply in the beginning of 2015, driven by an improving U.S. economy and the perception that the Federal Reserve (Fed) will likely be slower to raise interest rates than many expected heading into the year. Fears of a potential Greek exit from the eurozone created volatility in late June. Concerns about slowing global growth and uncertainty over when the Fed would raise interest rates led markets down late in the third quarter.

PERFORMANCE DISCUSSION

Our investment process focuses on finding companies we believe have more predictable business models, recurring revenue streams and strong competitive positioning that can allow the companies to take market share and experience sustainable, long-term growth. We believe this focus should help us outperform our benchmark over full market cycles, but we would expect much of that relative outperformance to come when the economy is weak and macroeconomic sentiment is more negative, as the durable growth characteristics we seek in companies are more appreciated in such markets. Some of our top contributors to the Fund’s performance over the past year exemplify many of the durable growth characteristics we tend to seek in companies.

Our stock selection in the technology sector was a particularly large driver of relative outperformance. Within the sector, Cimpress was a top contributor. The company uses its scale and high-volume printing presses to manage and produce small-volume printing orders of marketing collateral and business cards for a wide range of small businesses and consumers. Heading into the 12-month period, the company had been navigating an important transition as it created more uniform pricing for the products it offers across different marketing channels. We are in favor of the transition, as it should ultimately result in better pricing, higher margins and more customer value created by Cimpress, but the move away from discounting select items had alienated some customers in 2014. The stock was up sharply toward the end of 2014 after an improved earnings report gave the market more confidence the transition will bear fruit.

SS&C Technologies was another large contributor within the technology sector. The company provides a number of investment and financial software-enabled services to companies in the financial services industry. Most of its revenue comes from subscription services or software maintenance, which helps create a steadier and recurring revenue source for the company. Strategic acquisitions made by the company in recent years have also broadened its array of service offerings to financial firms and should create better cross-selling opportunities to its clients. The stock was up in response to the closing of SS&C’s acquisition of Advent software, and announcements of smaller deals that offer SS&C more opportunities to deepen customer engagement.

Outside the technology sector, Pharmacyclics was a top contributor. The stock was up significantly this quarter after it was announced that AbbVie had won a bidding war to acquire the company. The high interest Pharmacyclics received from other companies bidding for it validated our view that its blood cancer treatments are truly innovative and offer significant growth potential.

While pleased with the results of the companies mentioned above, we did hold some stocks that detracted from performance during the period. Rexnord was a top


Janus Investment Fund	1

Janus Enterprise Fund (unaudited)

detractor. Rexnord produces parts involved in process and motion control for manufacturers, mines and aerospace clients. The stock was down after the company lowered guidance, due in large part to weakness in some of its end markets. Despite near-term weakness in some of its end markets, we continue to like the company. The company’s management team has a long track record of making acquisitions, then cutting costs and expanding operating margins for the newly acquired companies. We expect Rexnord to continue executing on this strategy.

Potash Corporation of Saskatchewan was another detractor. The potash market remains oversupplied, and the pricing environment has been a headwind for the company. However, the stock is a small position in the portfolio and we continue to hold the company because we think it has the balance sheet strength to withstand a lower pricing environment. We also like its competitive position as a low-cost producer of potash.

Belden was also a detractor. The company produces connectivity and networking products for industrial, corporate and broadcasting companies. Belden’s stock fell following management’s announcement of weaker than expected earnings due in part to a decline in demand from its industrial customers, and also due to weaker demand for high-end video equipment the company sells to the broadcasting industry. We view the softness as temporary. We like connector and component suppliers such as Belden. These are attractive end markets that are growing content in a number of industrial products. We continue to be strong supporters of the firm’s management team, which has proven to be a strong capital allocator.

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

OUTLOOK

We expect fears of weak global economic growth and uncertainty about when the Fed will raise interest rates to create increased volatility for the foreseeable future. While such fears could lead to a lower aggregate return environment for equities, we believe a more uncertain investment environment is a reminder of the importance of focusing on durable growth companies.

As we noted earlier, we tend to focus on companies we believe have more predictable business models, recurring revenue streams or a strong competitive position within a particular industry. As part of our higher quality approach to mid-cap investing, we focus on companies that have demonstrated steady earnings growth, and seek to avoid companies where the path to future earnings growth is more speculative. We believe those companies with a more established track record of earnings growth will be more appreciated in an environment where broad economic growth looks harder to come by. A rising interest rate environment should also favor companies with more established growth profiles because they can rely on free cash flow, rather than access to cheap debt markets, to fund future growth initiatives.

Thank you for your continued investment in Janus Enterprise Fund.


2	SEPTEMBER 30, 2015

Janus Enterprise Fund (unaudited)

Fund At A Glance

September 30, 2015





	5 Top Performers - Holdings		5 Bottom Performers - Holdings
		Contribution		Contribution
	Cimpress NV	0.79%	Rexnord Corp.	-0.77%
	Pharmacyclics, Inc.	0.77%	Potash Corp. of Saskatchewan, Inc. (U.S. Shares)	-0.46%
	SS&C Technologies Holdings, Inc.	0.69%	Belden, Inc.	-0.41%
	Verisk Analytics, Inc. - Class A	0.65%	Mead Johnson Nutrition Co.	-0.39%
	Masimo Corp.	0.60%	MarkWest Energy Partners LP	-0.38%

	5 Top Performers - Sectors*
			Fund Weighting	Russell Midcap^{^®} Growth Index
		Fund Contribution	(Average % of Equity)	Weighting
	Information Technology	3.39%	31.04%	18.60%
	Energy	1.79%	2.03%	4.09%
	Health Care	1.18%	17.53%	14.03%
	Industrials	0.19%	21.51%	15.81%
	Financials	0.17%	11.12%	9.94%

	5 Bottom Performers - Sectors*
			Fund Weighting	Russell Midcap^{^®} Growth Index
		Fund Contribution	(Average % of Equity)	Weighting
	Consumer Staples	-1.01%	1.01%	7.88%
	Consumer Discretionary	-0.79%	9.71%	23.71%
	Materials	0.02%	1.64%	4.93%
	Utilities	0.04%	0.00%	0.17%
	Telecommunication Services	0.09%	0.00%	0.83%
	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 codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.


Janus Investment Fund	3

Janus Enterprise Fund (unaudited)

Fund At A Glance

September 30, 2015


5 Largest Equity Holdings - (% of Net Assets)
Crown Castle International Corp.
Real Estate Investment Trusts (REITs)	3.7%
Verisk Analytics, Inc. - Class A
Professional Services	3.0%
Sensata Technologies Holding NV
Electrical Equipment	2.9%
Lamar Advertising Co. - Class A
Real Estate Investment Trusts (REITs)	2.3%
Boston Scientific Corp.
Health Care Equipment & Supplies	2.3%
	14.2%

Asset Allocation - (% of Net Assets)

*Includes Other of (4.6)%.

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

As of September 30, 2015

As of September 30, 2014


4	SEPTEMBER 30, 2015

Janus Enterprise Fund (unaudited)

Performance

See important disclosures on the next page.



					Expense Ratios -
Average Annual Total Return - for the periods ended September 30, 2015					per the January 28, 2015 prospectuses
	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses
Class A Shares at NAV	5.88%	13.24%	9.13%	10.30%	1.16%
Class A Shares at MOP	-0.20%	11.91%	8.48%	10.01%
Class C Shares at NAV	5.19%	12.43%	8.30%	9.51%	1.82%
Class C Shares at CDSC	4.20%	12.43%	8.30%	9.51%
Class D Shares⁽¹⁾	6.19%	13.55%	9.32%	10.41%	0.84%
Class I Shares	6.28%	13.65%	9.28%	10.39%	0.75%
Class N Shares	6.39%	13.46%	9.28%	10.39%	0.68%
Class R Shares	5.59%	12.89%	8.72%	9.90%	1.42%
Class S Shares	5.86%	13.18%	9.00%	10.16%	1.17%
Class T Shares	6.13%	13.46%	9.28%	10.39%	0.92%
Russell Midcap^{^®} Growth Index	1.45%	13.58%	8.09%	9.71%
Morningstar Quartile - Class T Shares	1st	1st	1st	2nd
Morningstar Ranking - based on total returns for Mid-Cap Growth Funds	75/770	150/690	73/625	66/196

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 Enterprise Fund (unaudited)

Performance

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.

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

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

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

See “Useful Information About Your Fund Report.”

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

(1) Closed to certain new investors.


6	SEPTEMBER 30, 2015

Janus Enterprise Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (4/1/15)	Ending Account Value (9/30/15)	Expenses Paid During Period (4/1/15 - 9/30/15)†	Beginning Account Value (4/1/15)	Ending Account Value (9/30/15)	Expenses Paid During Period (4/1/15 - 9/30/15)†	Net Annualized Expense Ratio (4/1/15 - 9/30/15)
Class A Shares		$1,000.00	$920.00	$5.44	$1,000.00	$1,019.40	$5.72	1.13%
Class C Shares		$1,000.00	$916.90	$8.55	$1,000.00	$1,016.14	$9.00	1.78%
Class D Shares		$1,000.00	$921.20	$4.05	$1,000.00	$1,020.86	$4.26	0.84%
Class I Shares		$1,000.00	$921.70	$3.61	$1,000.00	$1,021.31	$3.80	0.75%
Class N Shares		$1,000.00	$922.10	$3.28	$1,000.00	$1,021.66	$3.45	0.68%
Class R Shares		$1,000.00	$918.50	$6.78	$1,000.00	$1,018.00	$7.13	1.41%
Class S Shares		$1,000.00	$919.70	$5.63	$1,000.00	$1,019.20	$5.92	1.17%
Class T Shares		$1,000.00	$920.90	$4.38	$1,000.00	$1,020.51	$4.61	0.91%
†	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 Enterprise Fund

Schedule of Investments

September 30, 2015


Shares			Value
Common Stocks – 93.8%
Aerospace & Defense – 2.7%
	HEICO Corp. - Class A	903,513	$41,028,525
	Precision Castparts Corp.	218,645	50,224,943
	Teledyne Technologies, Inc.*	286,104	25,835,191
	TransDigm Group, Inc.*	161,765	34,360,504
			151,449,163
Air Freight & Logistics – 1.6%
	Expeditors International of Washington, Inc.	1,913,582	90,034,033
Airlines – 1.3%
	Ryanair Holdings PLC (ADR)	940,721	73,658,454
Biotechnology – 2.0%
	Celgene Corp.*^,†	713,293	77,156,904
	Medivation, Inc.*	765,488	32,533,240
			109,690,144
Building Products – 0.7%
	AO Smith Corp.	622,356	40,571,388
Capital Markets – 3.2%
	LPL Financial Holdings, Inc.^#	2,293,262	91,203,030
	TD Ameritrade Holding Corp.	2,670,394	85,025,345
			176,228,375
Chemicals – 1.2%
	Air Products & Chemicals, Inc.	226,570	28,905,801
	Potash Corp. of Saskatchewan, Inc. (U.S. Shares)^#	1,920,011	39,456,226
			68,362,027
Commercial Services & Supplies – 2.3%
	Edenred	2,164,709	35,405,560
	Ritchie Bros Auctioneers, Inc. (U.S. Shares)^†,#	3,489,901	90,318,638
			125,724,198
Diversified Consumer Services – 0.8%
	ServiceMaster Global Holdings, Inc.*	1,394,687	46,791,749
Diversified Financial Services – 1.4%
	MSCI, Inc.	1,272,909	75,687,169
Electrical Equipment – 3.8%
	AMETEK, Inc.	1,049,200	54,894,144
	Sensata Technologies Holding NV*	3,603,596	159,783,447
			214,677,591
Electronic Equipment, Instruments & Components – 5.6%
	Amphenol Corp. - Class A	1,334,772	68,019,981
	Belden, Inc.	864,489	40,362,991
	Flextronics International, Ltd.*	4,434,414	46,738,724
	National Instruments Corp.	2,464,462	68,487,399
	TE Connectivity, Ltd. (U.S. Shares)	1,503,736	90,058,749
			313,667,844
Food Products – 1.0%
	Mead Johnson Nutrition Co.	825,531	58,117,382
Health Care Equipment & Supplies – 6.0%
	Boston Scientific Corp.*	7,671,600	125,890,956
	IDEXX Laboratories, Inc.*^,†	299,364	22,227,777
	Masimo Corp.*	870,802	33,578,125
	Teleflex, Inc.	450,113	55,908,536
	Varian Medical Systems, Inc.*	1,332,783	98,332,730
			335,938,124
Health Care Providers & Services – 1.5%
	Henry Schein, Inc.*^,†	625,724	83,046,089
Health Care Technology – 1.7%
	athenahealth, Inc.*^,#	696,508	92,879,342
Hotels, Restaurants & Leisure – 1.5%
	Dunkin' Brands Group, Inc.^#	1,682,690	82,451,810
Industrial Conglomerates – 1.0%
	Roper Industries, Inc.	344,960	54,055,232


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

8	SEPTEMBER 30, 2015

Janus Enterprise Fund

Schedule of Investments

September 30, 2015


Shares			Value
Common Stocks – (continued)
Information Technology Services – 10.0%
	Amdocs, Ltd. (U.S. Shares)	1,975,388	$112,360,069
	Broadridge Financial Solutions, Inc.	1,601,315	88,632,785
	Fidelity National Information Services, Inc.	924,900	62,042,292
	Gartner, Inc.*	744,155	62,456,929
	Global Payments, Inc.	360,062	41,309,913
	Jack Henry & Associates, Inc.	1,544,084	107,483,687
	WEX, Inc.*	995,438	86,443,836
			560,729,511
Insurance – 1.7%
	Aon PLC	1,093,721	96,914,618
Internet Software & Services – 2.2%
	Cimpress NV*^,#	1,017,783	77,463,464
	CoStar Group, Inc.*	255,808	44,255,905
			121,719,369
Leisure Products – 0.8%
	Polaris Industries, Inc.	388,517	46,571,533
Life Sciences Tools & Services – 3.3%
	Bio-Techne Corp.	408,753	37,793,302
	Mettler-Toledo International, Inc.*	102,643	29,226,568
	PerkinElmer, Inc.	1,484,703	68,236,950
	Waters Corp.*	415,825	49,154,673
			184,411,493
Machinery – 2.4%
	Middleby Corp.*	354,383	37,277,548
	Rexnord Corp.*^,†	3,430,932	58,257,225
	Wabtec Corp.	420,064	36,986,635
			132,521,408
Media – 2.4%
	Markit, Ltd.*	2,215,298	64,243,642
	Omnicom Group, Inc.	1,095,555	72,197,075
			136,440,717
Multiline Retail – 0.5%
	Dollar Tree, Inc.*	376,418	25,092,024
Oil, Gas & Consumable Fuels – 1.2%
	MarkWest Energy Partners LP	765,275	32,837,950
	World Fuel Services Corp.	894,025	32,006,095
			64,844,045
Pharmaceuticals – 1.7%
	AbbVie, Inc.	497,534	27,070,825
	Endo International PLC*	982,146	68,043,075
			95,113,900
Professional Services – 3.0%
	Verisk Analytics, Inc. - Class A*	2,280,877	168,579,619
Real Estate Investment Trusts (REITs) – 6.0%
	Crown Castle International Corp.	2,612,278	206,030,367
	Lamar Advertising Co. - Class A	2,518,486	131,414,600
			337,444,967
Road & Rail – 0.6%
	Canadian Pacific Railway, Ltd. (U.S. Shares)	221,004	31,729,544
Semiconductor & Semiconductor Equipment – 4.8%
	Atmel Corp.	6,301,764	50,855,235
	KLA-Tencor Corp.	1,243,170	62,158,500
	ON Semiconductor Corp.*	7,326,543	68,869,504
	Xilinx, Inc.	2,071,340	87,824,816
			269,708,055
Software – 8.6%
	Apptio, Inc.*^,§	181,903	4,128,216
	Cadence Design Systems, Inc.*	5,185,404	107,234,155
	Constellation Software, Inc.	221,606	92,899,135


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

Janus Investment Fund	9

Janus Enterprise Fund

Schedule of Investments

September 30, 2015


Shares			Value
Common Stocks – (continued)
Software – (continued)
	FactSet Research Systems, Inc.	172,635	$27,588,799
	Intuit, Inc.	627,738	55,711,748
	NICE Systems, Ltd. (ADR)	1,932,968	108,884,087
	SS&C Technologies Holdings, Inc.	1,218,451	85,340,308
			481,786,448
Specialty Retail – 0.3%
	Monro Muffler Brake, Inc.	239,701	16,191,803
Textiles, Apparel & Luxury Goods – 4.5%
	Carter's, Inc.	609,600	55,254,144
	Gildan Activewear, Inc.^#	3,347,804	100,969,769
	Li & Fung, Ltd.	31,869,390	24,485,617
	Wolverine World Wide, Inc.	3,224,442	69,776,925
			250,486,455
Trading Companies & Distributors – 0.5%
	Fastenal Co.^#	735,087	26,911,535
Total Common Stocks (cost $4,190,118,392)			5,240,227,158
Investment Companies – 10.8%
Investments Purchased with Cash Collateral from Securities Lending – 4.8%
	Janus Cash Collateral Fund LLC, 0.1615%^ºº,£	264,914,184	264,914,184
Money Markets – 6.0%
	Janus Cash Liquidity Fund LLC, 0.1535%^ºº,£	336,826,661	336,826,661
Total Investment Companies (cost $601,740,845)			601,740,845
Total Investments (total cost $4,791,859,237) – 104.6%			5,841,968,003
Liabilities, net of Cash, Receivables and Other Assets – (4.6)%			(256,196,145)
Net Assets – 100%			$5,585,771,858


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

		% of Investment
Country	Value	Securities
United States	$5,179,917,331	88.7	%
Canada	355,373,312	6.1
Israel	108,884,087	1.9
Ireland	73,658,454	1.2
United Kingdom	64,243,642	1.1
France	35,405,560	0.6
Hong Kong	24,485,617	0.4

Total	$5,841,968,003	100.0	%


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

10	SEPTEMBER 30, 2015

Janus Enterprise Fund

Schedule of Investments

September 30, 2015


Schedule of Foreign Currency Contracts, Open
Counterparty/ Currency		Settlement Date		Currency Units Sold				Currency Value				Unrealized Appreciation/ (Depreciation)
Bank of America:
Canadian Dollar	10/29/15		8,408,000		$		6,300,566		$		23,673
Euro	10/29/15		14,600,000				16,319,700				6,151
								22,620,266				29,824
Citibank NA:
Canadian Dollar	10/22/15		10,092,000				7,562,747				59,442
Euro	10/22/15		22,448,000				25,089,294				73,926
								32,652,041				133,368
Credit Suisse International:
Canadian Dollar	10/8/15		10,317,000				7,731,908				18,899
Euro	10/8/15		14,400,000				16,090,747				266,139
								23,822,655				285,038
HSBC Securities (USA), Inc.:
Canadian Dollar	10/22/15		10,016,000				7,505,795				48,947
Euro	10/22/15		21,800,000				24,365,049				31,767
								31,870,844				80,714
JPMorgan Chase & Co.:
Euro	10/29/15		10,840,000				12,116,819				96,761
RBC Capital Markets Corp.:
Euro	10/15/15		9,200,000				10,281,349				(54,564)
Total						$		133,363,974		$		571,141


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

Janus Investment Fund	11

Janus Enterprise Fund

Notes to Schedule of Investments and Other Information


Russell Midcap^{^®}Growth Index	Measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values.


ADR	American Depositary Receipt
LLC	Limited Liability Company
LP	Limited Partnership
PLC	Public Limited Company
U.S. Shares	Securities of foreign companies trading on an American stock exchange.


*	Non-income producing security.
†	A portion of this security has been segregated to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales, swap agreements, and/or securities with extended settlement dates, the value of which, as of September 30, 2015, is $133,551,850.
ºº	Rate shown is the 7-day yield as of September 30, 2015.
#	Loaned security; a portion of the security is on loan at September 30, 2015.
£	The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control. Based on the Fund’s relative ownership, the following securities were considered affiliated companies for all or some portion of the year ended September 30, 2015. Unless otherwise indicated, all information in the table is for the year ended September 30, 2015.


	Share Balance at 9/30/14	Purchases	Sales	Share Balance at 9/30/15	Dividend Income	Value at 9/30/15
Janus Cash Collateral Fund LLC	190,422,903	1,283,862,948	(1,209,371,667)	264,914,184	$ 882,805⁽¹⁾	$ 264,914,184
Janus Cash Liquidity Fund LLC	116,738,743	1,631,624,918	(1,411,537,000)	336,826,661	276,641	336,826,661
Total					$ 1,159,446	$ 601,740,845

(1) 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, 2015)
							Value as a
		Acquisition					% of Net
		Date		Cost		Value	Assets
Apptio, Inc.		5/2/13	$	4,128,216	$	4,128,216	0.1	%


The Fund has registration rights for certain restricted securities held as of September 30, 2015. The issuer incurs all registration costs.


12	SEPTEMBER 30, 2015

Janus Enterprise Fund

Notes to Schedule of Investments and Other Information


The following is a summary of the inputs that were used to value the Fund's investments in securities and other financial instruments as of September 30, 2015. See Notes to Financial Statements for more information.
Valuation Inputs Summary
	Level 1 - Quoted Prices	Level 2 - Other Significant Observable Inputs	Level 3 - Significant Unobservable Inputs
Assets
Investments in Securities:
Common Stocks
Commercial Services & Supplies	$ 90,318,638	$ 35,405,560	$ -
Software	477,658,232	-	4,128,216
Textiles, Apparel & Luxury Goods	226,000,838	24,485,617	-
All Other	4,382,230,057	-	-
Investment Companies	-	601,740,845	-
Total Investments in Securities	$ 5,176,207,765	$ 661,632,022	$ 4,128,216
Other Financial Instruments^(a):
Forward Currency Contracts	$ -	$ 625,705	$ -
Total Assets	$ 5,176,207,765	$ 662,257,727	$ 4,128,216
Liabilities
Other Financial Instruments^(a):
Forward Currency Contracts	$ -	$ 54,564	$ -
(a) Other financial instruments include forward currency, futures, written options, and swap contracts. Forward currency contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options and swap contracts are reported at their market value at measurement date.


Janus Investment Fund	13

Janus Enterprise Fund

Statement of Assets and Liabilities

September 30, 2015

See footnotes at the end of the Statement.


Assets:
	Investments, at cost		$	4,791,859,237
	Unaffiliated investments, at value⁽¹⁾		$	5,240,227,158
	Affiliated investments, at value			601,740,845
	Cash			6,255,011
	Forward currency contracts			625,705
	Closed foreign currency contracts			248,689
	Non-interested Trustees' deferred compensation			110,787
	Receivables:
		Fund shares sold		42,535,970
		Dividends		2,559,791
		Dividends from affiliates		40,119
	Other assets			83,032
Total Assets				5,894,427,107
Liabilities:
	Collateral for securities loaned (Note 3)			264,914,184
	Closed foreign currency contracts			96,943
	Forward currency contracts			54,564
	Payables:			—
		Investments purchased		28,436,125
		Fund shares repurchased		10,771,033
		Advisory fees		2,934,572
		Transfer agent fees and expenses		817,635
		12b-1 Distribution and shareholder servicing fees		224,925
		Non-interested Trustees' deferred compensation fees		110,787
		Fund administration fees		43,560
		Professional fees		41,893
		Non-interested Trustees' fees and expenses		28,153
		Custodian fees		31
		Accrued expenses and other payables		180,844
Total Liabilities				308,655,249
Net Assets			$	5,585,771,858


See Notes to Financial Statements.

14	SEPTEMBER 30, 2015

Janus Enterprise Fund

Statement of Assets and Liabilities

September 30, 2015


Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	4,298,239,078
	Undistributed net investment income/(loss)		18,515,351
	Undistributed net realized gain/(loss) from investments and foreign currency transactions		218,326,028
	Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees' deferred compensation		1,050,691,401
Total Net Assets		$	5,585,771,858
Net Assets - Class A Shares		$	282,626,152
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,367,915
Net Asset Value Per Share⁽²⁾		$	83.92
Maximum Offering Price Per Share⁽³⁾		$	89.04
Net Assets - Class C Shares		$	77,748,049
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		974,502
Net Asset Value Per Share⁽²⁾		$	79.78
Net Assets - Class D Shares		$	1,214,008,141
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		14,226,438
Net Asset Value Per Share		$	85.33
Net Assets - Class I Shares		$	1,229,457,526
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		14,328,118
Net Asset Value Per Share		$	85.81
Net Assets - Class N Shares		$	555,661,134
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		6,461,288
Net Asset Value Per Share		$	86.00
Net Assets - Class R Shares		$	98,429,772
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,199,023
Net Asset Value Per Share		$	82.09
Net Assets - Class S Shares		$	327,971,672
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,924,772
Net Asset Value Per Share		$	83.56
Net Assets - Class T Shares		$	1,799,869,412
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		21,182,291
Net Asset Value Per Share		$	84.97

(1) Includes $259,356,232 of securities on loan. See Note 3 in Notes to Financial Statements.

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

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


See Notes to Financial Statements.

Janus Investment Fund	15

Janus Enterprise Fund

Statement of Operations

For the year ended September 30, 2015


Investment Income:
	Dividends		$	61,179,895
	Affiliated securities lending income, net			882,805
	Dividends from affiliates			276,641
	Other income			27
	Foreign tax withheld			(1,104,472)
Total Investment Income				61,234,896
Expenses:
	Advisory fees			29,262,604
	12b-1Distribution and shareholder servicing fees:
		Class A Shares		451,615
		Class C Shares		628,706
		Class R Shares		437,454
		Class S Shares		669,707
	Transfer agent administrative fees and expenses:
		Class D Shares		1,534,049
		Class R Shares		221,101
		Class S Shares		669,707
		Class T Shares		3,948,070
	Transfer agent networking and omnibus fees:
		Class A Shares		373,549
		Class C Shares		67,750
		Class I Shares		593,131
	Other transfer agent fees and expenses:
		Class A Shares		15,550
		Class C Shares		7,384
		Class D Shares		374,388
		Class I Shares		27,893
		Class N Shares		2,301
		Class R Shares		1,631
		Class S Shares		3,418
		Class T Shares		18,247
	Shareholder reports expense			528,628
	Fund administration fees			414,281
	Registration fees			267,676
	Non-interested Trustees’ fees and expenses			107,086
	Professional fees			90,565
	Custodian fees			50,200
	Other expenses			197,313
Total Expenses				40,964,004
Less: Excess Expense Reimbursement				(147,897)
Net Expenses				40,816,107
Net Investment Income/(Loss)				20,418,789
Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions			254,215,794
Total Net Realized Gain/(Loss) on Investments				254,215,794
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation			(177,717,380)
Total Change in Unrealized Net Appreciation/Depreciation				(177,717,380)
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	96,917,203


See Notes to Financial Statements.

16	SEPTEMBER 30, 2015

Janus Enterprise Fund

Statements of Changes in Net Assets



			Year ended September 30, 2015		Year ended September 30, 2014
Operations:
	Net investment income/(loss)		$	20,418,789	$	24,696
	Net realized gain/(loss) on investments			254,215,794		235,047,187
	Change in unrealized net appreciation/depreciation			(177,717,380)		145,606,344
Net Increase/(Decrease) in Net Assets Resulting from Operations				96,917,203		380,678,227
Dividends and Distributions to Shareholders:
	Dividends from Net Investment Income
		Class D Shares		(371,719)		(1,574,457)
		Class I Shares		(406,935)		(1,226,479)
		Class N Shares		(131,019)		(38,396)
		Class T Shares		(145,469)		(1,154,367)
	Total Dividends from Net Investment Income			(1,055,142)		(3,993,699)
	Distributions from Net Realized Gain from Investment Transactions
		Class A Shares		(6,818,340)		(5,187,737)
		Class C Shares		(2,966,579)		(2,057,270)
		Class D Shares		(68,060,181)		(59,385,708)
		Class I Shares		(32,562,629)		(27,253,992)
		Class N Shares		(7,074,679)		(717,033)
		Class R Shares		(4,272,568)		(3,334,026)
		Class S Shares		(12,134,743)		(13,940,884)
		Class T Shares		(76,075,337)		(59,092,470)
	Total Distributions from Net Realized Gain from Investment Transactions			(209,965,056)		(170,969,120)
Net Decrease from Dividends and Distributions to Shareholders				(211,020,198)		(174,962,819)
Capital Share Transactions:
		Class A Shares		187,544,638		4,030,841
		Class C Shares		32,954,340		9,760,663
		Class D Shares		31,044,933		(2,027,161)
		Class I Shares		724,972,889		22,352,814
		Class N Shares		504,272,847		67,657,680
		Class R Shares		29,813,760		6,579,085
		Class S Shares		134,677,550		(64,723,971)
		Class T Shares		577,178,440		108,864,723
Net Increase/(Decrease) from Capital Share Transactions				2,222,459,397		152,494,674
Net Increase/(Decrease) in Net Assets				2,108,356,402		358,210,082
Net Assets:
	Beginning of period			3,477,415,456		3,119,205,374
	End of period		$	5,585,771,858	$	3,477,415,456

Undistributed Net Investment Income/(Loss)			$	18,515,351	$	981,974


See Notes to Financial Statements.

Janus Investment Fund	17

Janus Enterprise Fund

Financial Highlights


Class A Shares
For a share outstanding during each year ended September 30			2015	2014	2013	2012	2011
	Net Asset Value, Beginning of Period		$83.97	$79.08	$64.53	$52.43	$52.14
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.14⁽¹⁾	(0.21)⁽¹⁾	0.12	(0.27)	(0.12)
		Net realized and unrealized gain/(loss)	4.78	9.44	16.70	12.37	0.41
	Total from Investment Operations		4.92	9.23	16.82	12.10	0.29
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—
		Distributions (from capital gains)	(4.97)	(4.34)	(2.27)	—	—
	Total Dividends and Distributions		(4.97)	(4.34)	(2.27)	—	—
	Net Asset Value, End of Period		$83.92	$83.97	$79.08	$64.53	$52.43
	Total Return*		5.88%	12.07%	26.78%	23.08%	0.56%
	Net Assets, End of Period (in thousands)		$282,626	$104,169	$93,983	$70,811	$61,773
	Average Net Assets for the Period (in thousands)		$180,646	$101,667	$80,016	$69,350	$77,990
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.14%	1.16%	1.12%	1.23%	1.05%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.13%	1.16%	1.09%	1.17%	1.04%
		Ratio of Net Investment Income/(Loss)	0.16%	(0.25)%	0.18%	(0.39)%	(0.45)%
	Portfolio Turnover Rate		17%	17%	17%	14%	19%


Class C Shares
For a share outstanding during each year ended September 30			2015	2014	2013	2012		2011
	Net Asset Value, Beginning of Period		$80.56	$76.52	$62.98	$51.56		$51.65
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	(0.39)⁽¹⁾	(0.71)⁽¹⁾	(0.14)	(0.73)		(0.61)
		Net realized and unrealized gain/(loss)	4.58	9.09	15.95	12.15		0.52
	Total from Investment Operations		4.19	8.38	15.81	11.42		(0.09)
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—		—
		Distributions (from capital gains)	(4.97)	(4.34)	(2.27)	—	��	—
	Total Dividends and Distributions		(4.97)	(4.34)	(2.27)	—		—
	Net Asset Value, End of Period		$79.78	$80.56	$76.52	$62.98		$51.56
	Total Return*		5.19%	11.34%	25.81%	22.15%		(0.17)%
	Net Assets, End of Period (in thousands)		$77,748	$47,481	$35,702	$25,271		$21,194
	Average Net Assets for the Period (in thousands)		$63,110	$40,463	$29,470	$24,529		$25,691
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.78%	1.82%	1.86%	1.96%		1.77%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.78%	1.82%	1.85%	1.92%		1.77%
		Ratio of Net Investment Income/(Loss)	(0.46)%	(0.90)%	(0.59)%	(1.13)%		(1.18)%
	Portfolio Turnover Rate		17%	17%	17%	14%		19%


*	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.

18	SEPTEMBER 30, 2015

Janus Enterprise Fund

Financial Highlights


Class D Shares
For a share outstanding during each year ended September 30			2015	2014	2013	2012	2011
	Net Asset Value, Beginning of Period		$85.09	$79.95	$65.07	$52.71	$52.30
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.48⁽¹⁾	0.05⁽¹⁾	0.25	(0.05)	0.05
		Net realized and unrealized gain/(loss)	4.76	9.55	16.90	12.41	0.36
	Total from Investment Operations		5.24	9.60	17.15	12.36	0.41
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.03)	(0.12)	—	—	—
		Distributions (from capital gains)	(4.97)	(4.34)	(2.27)	—	—
	Total Dividends and Distributions		(5.00)	(4.46)	(2.27)	—	—
	Net Asset Value, End of Period		$85.33	$85.09	$79.95	$65.07	$52.71
	Total Return*		6.19%	12.43%	27.07%	23.45%	0.78%
	Net Assets, End of Period (in thousands)		$1,214,008	$1,178,379	$1,105,852	$914,181	$788,063
	Average Net Assets for the Period (in thousands)		$1,278,374	$1,175,886	$1,005,221	$897,574	$910,089
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.84%	0.84%	0.86%	0.86%	0.83%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.84%	0.84%	0.86%	0.86%	0.83%
		Ratio of Net Investment Income/(Loss)	0.54%	0.06%	0.41%	(0.08)%	(0.23)%
	Portfolio Turnover Rate		17%	17%	17%	14%	19%


Class I Shares
For a share outstanding during each year ended September 30			2015	2014	2013	2012	2011
	Net Asset Value, Beginning of Period		$85.51	$80.37	$65.32	$52.86	$52.39
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.50⁽¹⁾	0.13⁽¹⁾	0.29	0.05	0.16
		Net realized and unrealized gain/(loss)	4.83	9.55	17.03	12.41	0.31
	Total from Investment Operations		5.33	9.68	17.32	12.46	0.47
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.06)	(0.20)	—	—	—
		Distributions (from capital gains)	(4.97)	(4.34)	(2.27)	—	—
	Total Dividends and Distributions		(5.03)	(4.54)	(2.27)	—	—
	Net Asset Value, End of Period		$85.81	$85.51	$80.37	$65.32	$52.86
	Total Return*		6.28%	12.47%	27.23%	23.57%	0.90%
	Net Assets, End of Period (in thousands)		$1,229,458	$547,204	$490,913	$367,419	$344,500
	Average Net Assets for the Period (in thousands)		$861,229	$545,347	$415,493	$373,454	$464,985
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.74%	0.75%	0.74%	0.75%	0.72%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.74%	0.75%	0.74%	0.75%	0.72%
		Ratio of Net Investment Income/(Loss)	0.55%	0.16%	0.53%	0.01%	(0.13)%
	Portfolio Turnover Rate		17%	17%	17%	14%	19%


*	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 Enterprise Fund

Financial Highlights


Class N Shares
For a share outstanding during each year or period ended September 30			2015	2014	2013	2012⁽¹⁾
	Net Asset Value, Beginning of Period		$85.63	$80.41	$65.32	$61.87
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.55⁽²⁾	0.30⁽²⁾	0.29	0.01
		Net realized and unrealized gain/(loss)	4.88	9.49	17.07	3.44
	Total from Investment Operations		5.43	9.79	17.36	3.45
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.09)	(0.23)	—	—
		Distributions (from capital gains)	(4.97)	(4.34)	(2.27)	—
	Total Dividends and Distributions		(5.06)	(4.57)	(2.27)	—
	Net Asset Value, End of Period		$86.00	$85.63	$80.41	$65.32
	Total Return*		6.39%	12.62%	27.30%	5.58%
	Net Assets, End of Period (in thousands)		$555,661	$81,346	$12,196	$2,354
	Average Net Assets for the Period (in thousands)		$253,371	$30,878	$8,864	$254
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.67%	0.68%	0.68%	0.95%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.67%	0.68%	0.68%	0.92%
		Ratio of Net Investment Income/(Loss)	0.61%	0.36%	0.57%	0.37%
	Portfolio Turnover Rate		17%	17%	17%	14%


Class R Shares
For a share outstanding during each year ended September 30			2015	2014	2013	2012	2011
	Net Asset Value, Beginning of Period		$82.46	$77.93	$63.83	$52.01	$51.93
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	(0.06)⁽²⁾	(0.42)⁽²⁾	(0.12)	(0.65)	(0.34)
		Net realized and unrealized gain/(loss)	4.66	9.29	16.49	12.47	0.42
	Total from Investment Operations		4.60	8.87	16.37	11.82	0.08
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—
		Distributions (from capital gains)	(4.97)	(4.34)	(2.27)	—	—
	Total Dividends and Distributions		(4.97)	(4.34)	(2.27)	—	—
	Net Asset Value, End of Period		$82.09	$82.46	$77.93	$63.83	$52.01
	Total Return*		5.59%	11.78%	26.36%	22.73%	0.15%
	Net Assets, End of Period (in thousands)		$98,430	$70,573	$60,299	$48,109	$49,505
	Average Net Assets for the Period (in thousands)		$88,440	$66,768	$53,140	$53,330	$59,371
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.41%	1.42%	1.43%	1.44%	1.43%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.41%	1.42%	1.43%	1.44%	1.43%
		Ratio of Net Investment Income/(Loss)	(0.07)%	(0.51)%	(0.16)%	(0.67)%	(0.83)%
	Portfolio Turnover Rate		17%	17%	17%	14%	19%


*	Total return not annualized for periods of less than one full year.
**	Annualized for periods of less than one full year.
(1)	Period from July 12, 2012 (inception date) through September 30, 2012.
(2)	Per share amounts are calculated based on average shares outstanding during the year or period.


See Notes to Financial Statements.

20	SEPTEMBER 30, 2015

Janus Enterprise Fund

Financial Highlights


Class S Shares
For a share outstanding during each year ended September 30			2015	2014	2013	2012	2011
	Net Asset Value, Beginning of Period		$83.65	$78.80	$64.36	$52.31	$52.09
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.14⁽¹⁾	(0.23)⁽¹⁾	0.06	(0.33)	(0.20)
		Net realized and unrealized gain/(loss)	4.74	9.42	16.65	12.38	0.42
	Total from Investment Operations		4.88	9.19	16.71	12.05	0.22
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—
		Distributions (from capital gains)	(4.97)	(4.34)	(2.27)	—	—
	Total Dividends and Distributions		(4.97)	(4.34)	(2.27)	—	—
	Net Asset Value, End of Period		$83.56	$83.65	$78.80	$64.36	$52.31
	Total Return*		5.86%	12.07%	26.68%	23.04%	0.42%
	Net Assets, End of Period (in thousands)		$327,972	$199,831	$252,212	$196,402	$186,891
	Average Net Assets for the Period (in thousands)		$267,883	$228,373	$216,096	$192,030	$226,170
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.17%	1.17%	1.18%	1.19%	1.18%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.17%	1.16%	1.17%	1.19%	1.18%
		Ratio of Net Investment Income/(Loss)	0.16%	(0.29)%	0.09%	(0.41)%	(0.58)%
	Portfolio Turnover Rate		17%	17%	17%	14%	19%


Class T Shares
For a share outstanding during each year ended September 30			2015	2014	2013	2012	2011
	Net Asset Value, Beginning of Period		$84.78	$79.71	$64.92	$52.63	$52.27
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.39⁽¹⁾	(0.01)⁽¹⁾	0.21	(0.12)	(0.03)
		Net realized and unrealized gain/(loss)	4.78	9.50	16.85	12.41	0.39
	Total from Investment Operations		5.17	9.49	17.06	12.29	0.36
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.01)	(0.08)	—	—	—
		Distributions (from capital gains)	(4.97)	(4.34)	(2.27)	—	—
	Total Dividends and Distributions		(4.98)	(4.42)	(2.27)	—	—
	Net Asset Value, End of Period		$84.97	$84.78	$79.71	$64.92	$52.63
	Total Return*		6.13%	12.33%	27.00%	23.35%	0.69%
	Net Assets, End of Period (in thousands)		$1,799,869	$1,248,431	$1,068,048	$826,846	$723,261
	Average Net Assets for the Period (in thousands)		$1,579,228	$1,179,729	$938,951	$814,223	$900,476
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.92%	0.92%	0.93%	0.94%	0.93%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.91%	0.92%	0.92%	0.94%	0.93%
		Ratio of Net Investment Income/(Loss)	0.44%	(0.01)%	0.34%	(0.16)%	(0.34)%
	Portfolio Turnover Rate		17%	17%	17%	14%	19%


*	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 Enterprise Fund

Notes to Financial Statements

1. Organization and Significant Accounting Policies

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

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, 2015

Janus Enterprise Fund

Notes to Financial Statements

Valuation Inputs Summary

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

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


Janus Investment Fund	23

Janus Enterprise Fund

Notes to Financial Statements

The Fund did not hold a significant amount of Level 3 securities as of September 30, 2015.

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


24	SEPTEMBER 30, 2015

Janus Enterprise Fund

Notes to Financial Statements

Federal Income Taxes

2. Derivative Instruments

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

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

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

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

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


Janus Investment Fund	25

Janus Enterprise Fund

Notes to Financial Statements

· 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

During the year ended September 30, 2015, the average ending monthly currency value amounts on sold forward currency contracts is $141,550,097.


26	SEPTEMBER 30, 2015

Janus Enterprise Fund

Notes to Financial Statements

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, 2015.


Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of September 30, 2015

		Currency Contracts
Asset Derivatives:
Forward currency contracts	$	625,705

Liability Derivatives:
Forward currency contracts	$	54,564

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, 2015.


The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the year ended September 30, 2015

Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative		Currency Contracts
Investments and foreign currency transactions	$	19,749,875


Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative		Currency Contracts
Investments, foreign currency translations and non-interested Trustees' deferred compensation	$	(3,300,784)

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

3. Other Investments and Strategies

Additional Investment Risk


Janus Investment Fund	27

Janus Enterprise Fund

Notes to Financial Statements

regulations under the Dodd-Frank Act on the Fund and the investment management industry as a whole, is not yet certain.

Counterparties

Offsetting Assets and Liabilities


28	SEPTEMBER 30, 2015

Janus Enterprise Fund

Notes to Financial Statements


Offsetting of Financial Assets and Derivative Assets
Counterparty	Gross Amounts of Recognized Assets	Offsetting Asset or Liability^(a)	Collateral Pledged^(b)	Net Amount
Bank of America	$ 29,824	$ -	$ -	$ 29,824
Citibank NA	133,368	-	-	133,368
Credit Suisse International	285,038	-	-	285,038
Deutsche Bank AG	259,356,232	-	(259,356,232)	-
HSBC Securities (USA), Inc.	80,714	-	-	80,714
JPMorgan Chase & Co.	96,761	-	-	96,761
Total	$ 259,981,937	$ -	$ (259,356,232)	$ 625,705
Offsetting of Financial Liabilities and Derivative Liabilities
Counterparty	Gross Amounts of Recognized Liabilities	Offsetting Asset or Liability^(a)	Collateral Pledged^(b)	Net Amount
RBC Capital Markets Corp.	$ 54,564	$ -	$ -	$ 54,564
(a) Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities.
(b) Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value.

Real Estate Investing


Janus Investment Fund	29

Janus Enterprise 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

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%.


30	SEPTEMBER 30, 2015

Janus Enterprise Fund

Notes to Financial Statements

the Transfer Agency Agreement, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.87%. Janus Capital has agreed to continue the waiver until at least February 1, 2016. If applicable, amounts reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement” on the Statement of Operations.


Janus Investment Fund	31

Janus Enterprise Fund

Notes to Financial Statements

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.


32	SEPTEMBER 30, 2015

Janus Enterprise Fund

Notes to Financial Statements

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the year ended September 30, 2015, redeeming shareholders of Class C Shares paid CDSCs of $3,202.

5. Federal Income Tax



			Loss Deferrals			Net Tax
Undistributed Ordinary Income	Undistributed Long-Term Gains	Accumulated Capital Losses	Late-Year Ordinary Loss	Post-October Capital Loss	Other Book to Tax Differences	Appreciation/ (Depreciation)
$ 41,122,700	$ 200,418,299	$ (4,535,958)	$ -	$ -	$ (99,293)	$1,050,627,032

Accumulated capital losses noted below represent net capital loss carryovers, as of September 30, 2015, that may be available to offset future realized capital gains and thereby reduce future taxable gains distributions. Under the Regulated Investment Company Modernization Act of 2010, the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Losses incurred during those years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may more likely expire unused. Also, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. The following table shows these capital loss carryovers.


Capital Loss Carryover Schedule
For the year ended September 30, 2015

	September 30, 2016	Accumulated Capital Losses
	$ (4,535,958)	$ (4,535,958)

During the year ended September 30, 2015, capital loss carryovers of $29,275,428 were utilized by the Fund.

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, 2015 are noted below.


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 4,791,340,971	$1,252,123,006	$(201,495,974)	$ 1,050,627,032


Janus Investment Fund	33

Janus Enterprise Fund

Notes to Financial Statements


For the year ended September 30, 2015
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 1,055,142	$ 209,965,056	$ -	$ -


For the year ended September 30, 2014
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 3,993,699	$ 170,969,120	$ -	$ -


Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ -	$ (1,830,270)	$ 1,830,270


34	SEPTEMBER 30, 2015

Janus Enterprise Fund

Notes to Financial Statements

6. Capital Share Transactions



	Year ended September 30, 2015		Year ended September 30, 2014
	Shares	Amount	Shares	Amount
Class A Shares:
Shares sold	2,562,279	$226,236,838	479,488	$ 39,659,375
Reinvested dividends and distributions	60,715	5,078,224	50,514	3,951,671
Shares repurchased	(495,655)	(43,770,424)	(477,857)	(39,580,205)
Net Increase/(Decrease)	2,127,339	$187,544,638	52,145	$ 4,030,841
Class C Shares:
Shares sold	549,313	$ 46,931,032	194,342	$ 15,508,422
Reinvested dividends and distributions	31,883	2,547,736	21,513	1,622,727
Shares repurchased	(196,105)	(16,524,428)	(93,019)	(7,370,486)
Net Increase/(Decrease)	385,091	$ 32,954,340	122,836	$ 9,760,663
Class D Shares:
Shares sold	819,369	$ 73,974,440	638,795	$ 52,943,933
Reinvested dividends and distributions	792,885	67,268,390	758,822	59,992,505
Shares repurchased	(1,234,554)	(110,197,897)	(1,380,377)	(114,963,599)
Net Increase/(Decrease)	377,700	$ 31,044,933	17,240	$ (2,027,161)
Class I Shares:
Shares sold	9,150,667	$836,323,601	1,897,940	$158,713,996
Reinvested dividends and distributions	216,606	18,470,007	198,411	15,761,735
Shares repurchased	(1,438,493)	(129,820,719)	(1,805,281)	(152,122,917)
Net Increase/(Decrease)	7,928,780	$724,972,889	291,070	$ 22,352,814
Class N Shares:
Shares sold	5,774,371	$528,613,034	845,728	$ 71,727,680
Reinvested dividends and distributions	84,396	7,205,698	9,507	755,429
Shares repurchased	(347,454)	(31,545,885)	(56,927)	(4,825,429)
Net Increase/(Decrease)	5,511,313	$504,272,847	798,308	$ 67,657,680
Class R Shares:
Shares sold	602,662	$ 52,465,615	304,814	$ 24,688,812
Reinvested dividends and distributions	47,469	3,891,955	38,948	2,997,804
Shares repurchased	(306,965)	(26,543,810)	(261,636)	(21,107,531)
Net Increase/(Decrease)	343,166	$ 29,813,760	82,126	$ 6,579,085
Class S Shares:
Shares sold	2,500,751	$220,235,632	666,791	$ 54,616,007
Reinvested dividends and distributions	145,204	12,094,020	178,391	13,900,200
Shares repurchased	(1,110,091)	(97,652,102)	(1,656,907)	(133,240,178)
Net Increase/(Decrease)	1,535,864	$134,677,550	(811,725)	$ (64,723,971)
Class T Shares:
Shares sold	9,816,733	$879,316,470	3,169,012	$264,734,719
Reinvested dividends and distributions	886,435	74,921,491	751,898	59,272,086
Shares repurchased	(4,245,912)	(377,059,521)	(2,595,651)	(215,142,082)
Net Increase/(Decrease)	6,457,256	$577,178,440	1,325,259	$108,864,723

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
$2,569,763,775	$ 740,109,646	$ -	$ -


Janus Investment Fund	35

Janus Enterprise Fund

Notes to Financial Statements

8. Subsequent Event


36	SEPTEMBER 30, 2015

Janus Enterprise Fund

Report of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Janus Enterprise Fund (one of the funds constituting Janus Investment Fund, hereafter referred to as the “Fund”) at September 30, 2015, 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 then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at September 30, 2015 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.

Denver, Colorado

November 13, 2015


Janus Investment Fund	37

Janus Enterprise Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Quarterly Portfolio Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD

Nature, Extent and Quality of Services


38	SEPTEMBER 30, 2015

Janus Enterprise Fund

Additional Information (unaudited)

Performance of the Funds

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

Fixed-Income Funds and Money Market Funds


Janus Investment Fund	39

Janus Enterprise Fund

Additional Information (unaudited)

Asset Allocation Funds

Alternative Funds

Value Funds


40	SEPTEMBER 30, 2015

Janus Enterprise Fund

Additional Information (unaudited)

Mathematical Funds

Growth and Core Funds


Janus Investment Fund	41

Janus Enterprise Fund

Additional Information (unaudited)

Global and International Funds

Preservation Series

Janus Aspen Series


42	SEPTEMBER 30, 2015

Janus Enterprise Fund

Additional Information (unaudited)

· For Janus Aspen Global Allocation Portfolio – Moderate, the Trustees noted that the Fund’s performance was in the first Lipper quartile for the 12 months ended May 31, 2014.

· For Janus Aspen INTECH U.S. Low Volatility Portfolio, the Trustees noted that the Fund’s performance was in the first Lipper quartile for the 12 months ended May 31, 2014.


Janus Investment Fund	43

Janus Enterprise Fund

Additional Information (unaudited)

Costs of Services Provided

Fixed-Income Funds and Money Market Funds


44	SEPTEMBER 30, 2015

Janus Enterprise Fund

Additional Information (unaudited)

Asset Allocation Funds

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

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

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

Alternative Funds

Value Funds

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


Janus Investment Fund	45

Janus Enterprise Fund

Additional Information (unaudited)

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

Mathematical Funds

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

· For INTECH U.S. Managed Volatility Fund (formerly named INTECH U.S. Value Fund), the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.

· For INTECH U.S. Managed Volatility Fund II (formerly named INTECH U.S. Growth Fund), the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.

Growth and Core Funds

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

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


46	SEPTEMBER 30, 2015

Janus Enterprise Fund

Additional Information (unaudited)

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

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

Global and International Funds

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

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

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

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

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

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

Preservation Series

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

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

Janus Aspen Series

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

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

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


Janus Investment Fund	47

Janus Enterprise Fund

Additional Information (unaudited)

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

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

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

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

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

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

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


48	SEPTEMBER 30, 2015

Janus Enterprise Fund

Additional Information (unaudited)

Economies of Scale

Other Benefits to Janus Capital


Janus Investment Fund	49

Janus 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, 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.


50	SEPTEMBER 30, 2015

Janus 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


Janus Investment Fund	51

Janus Enterprise 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.


52	SEPTEMBER 30, 2015

Janus Enterprise Fund

Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2015:



Capital Gain Distributions	$209,965,056
Dividends Received Deduction Percentage	78%
Qualified Dividend Income Percentage	100%


Janus Investment Fund	53

Janus 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


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 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	Chairman of the Board and Director 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).


54	SEPTEMBER 30, 2015

Janus 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
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Trustee	1/13-Present	Managing Director, Institutional Markets, of Dividend Capital 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 MotiveQuest LLC (strategic social market research company) (since 2003), and Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of Nuveen Global Investors LLC (2007-2011); Director of Communities in Schools (2004-2010); and Director of Mutual Fund Education Alliance (until 2010).
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	55

Janus 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
James T. Rothe 151 Detroit Street Denver, CO 80206 DOB: 1943	Trustee	1/97-Present	Co-founder and Managing Director of Roaring Fork Capital SBIC, L.P. (SBA SBIC fund focusing on private investment in public equity firms), and Professor Emeritus of Business of the University of Colorado, Colorado Springs, CO (since 2004). Formerly, 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).
William D. Stewart 151 Detroit Street Denver, CO 80206 DOB: 1944	Trustee	6/84-Present	Retired. Formerly, Corporate Vice President and General Manager of MKS Instruments - HPS Products, Boulder, CO (a manufacturer of vacuum fittings and valves) and PMFC Division, Andover, MA (manufacturing pressure measurement and flow products) (1976-2012).	60	None


56	SEPTEMBER 30, 2015

Janus 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
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), Rehabilitation Institute of Chicago, Walmart, and Wrapports, LLC (digital communications company). Formerly, Director of Chicago Convention & Tourism Bureau (until 2014) and The Field Museum of Natural History (Chicago, IL) (until 2014).
Trustee Consultant
Raudline Etienne* 151 Detroit Street Denver, CO 80206 DOB: 1965	Consultant	6/14-Present	Senior Vice President, Albright Stonebridge Group LLC (global strategy firm) (since 2011). Formerly, Deputy Comptroller and Chief Investment Officer, New York State Common Retirement Fund (public pension fund) (2008-2011).	N/A	Director of Brightwood Capital Advisors, LLC (since 2014).


Janus Investment Fund	57

Janus 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 Portfolio Manager Janus Enterprise Fund	11/07-Present	Vice President of Janus Capital and Portfolio Manager for other Janus accounts.
Stephanie Grauerholz 151 Detroit Street Denver, CO 80206 DOB: 1970	Chief Legal Counsel and Secretary Vice President	1/06-Present 3/06-Present	Senior Vice President and Chief Legal Counsel of the Funds of Janus Capital, Senior Vice President of Janus Distributors LLC, and Senior Vice President of Janus Services LLC (since 2015). Formerly, Vice President and Assistant General Counsel of Janus Capital, Vice President and Assistant Secretary of Janus Distributors LLC, and Vice President of Janus Services LLC (2007-2015).
Bruce L. Koepfgen 151 Detroit Street Denver, CO 80206 DOB: 1952	President and Chief Executive Officer	7/14-Present	President of Janus Capital Group Inc. and Janus Capital Management LLC (since 2013); Executive Vice President and Director of Janus International Holding LLC (since 2011); Executive Vice President of Janus Distributors LLC (since 2011); Executive Vice President and Working 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, 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).
David R. Kowalski 151 Detroit Street Denver, CO 80206 DOB: 1957	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	6/02-Present	Senior Vice President and Chief Compliance Officer of Janus Capital, Janus Distributors LLC, and Janus Services LLC; Vice President of INTECH Investment Management LLC and Perkins Investment Management LLC; and Director of The Janus Foundation.
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.

* 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.


58	SEPTEMBER 30, 2015

Janus Enterprise Fund

Notes

NotesPage1


Janus Investment Fund	59

Janus Enterprise Fund

Notes

NotesPage2


60	SEPTEMBER 30, 2015

Janus Enterprise Fund

Notes

NotesPage3


Janus Investment Fund	61

Janus provides access to a wide range of investment disciplines.

Alternative

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

Asset Allocation

Fixed Income

Global & International

Growth & Core

Mathematical

Value

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

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

Funds distributed by Janus Distributors LLC

Investment products offered are:

NOT FDIC-INSURED

MAY LOSE VALUE

NO BANK GUARANTEE

C-1115-102734

125-02-93040 11-15



	ANNUAL REPORT September 30, 2015

Janus Forty Fund

Janus Investment Fund

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

Table of Contents

Janus Forty Fund

Janus Forty Fund (unaudited)

FUND SNAPSHOT

We believe that constructing a concentrated portfolio of quality growth companies will allow us to outperform our benchmark over time. We define quality as companies that enjoy sustainable “moats” around their businesses, potentially allowing companies to grow faster, with higher returns, than their competitors. We believe the market often underestimates these companies’ sustainable competitive advantage periods.

Doug Rao

portfolio manager

PERFORMANCE OVERVIEW

For the one-year period ended September 30, 2015, Janus Forty Fund’s Class S Shares returned 10.86% versus a return of 3.17% for the Fund’s primary benchmark, the Russell 1000 Growth Index. The Fund’s secondary benchmark, the S&P 500 Index, returned -0.61% for the period.

INVESTMENT ENVIRONMENT

U.S. growth equities notched modest gains during the period. The 12-month period began on a positive note, driven by signs of an improving domestic economy and a strong U.S. consumer. Speculation about how, or when, the Federal Reserve (Fed) would raise interest rates caused volatility, but a historically low interest rate environment in the U.S. and other major global economies was ultimately a supportive backdrop for stocks. Falling oil prices negatively impacted stocks tied to the energy sector, but other pockets of the market fared well in anticipation that lower oil prices would translate into stronger consumer spending. U.S. equity markets lost ground toward the end of the period, in part related to slowing growth expectations in China and the subsequent strong sell off of the country’s stock markets. Late in the period, the Fed’s decision to delay its initial post-crisis interest rate hike was interpreted by some that officials were acutely mindful of slowing global growth prospects, which, in turn, could weigh on future corporate earnings prospects.

PERFORMANCE DISCUSSION

The Fund is a concentrated portfolio that focuses on companies we believe are poised to grow market share within their respective industries and that have built clear, sustainable competitive moats around their businesses, which should help them grow market share within their respective industries over time. Important competitive advantages could include a strong brand, network effects from a product or service that would be hard for a competitor to replicate, a lower cost structure than competitors in the industry, a distribution advantage or patent protection over valuable intellectual property. We think emphasizing these sustainable competitive advantages can be a meaningful driver of outperformance over longer time horizons because the market often underestimates the duration of growth for these companies and the long-term potential return to shareholders. The performance of many companies in our portfolio this period further validated our belief that they are well positioned to grow in excess of the market.

Amazon was the top contributor to performance. The stock has been up as the company has improved operating leverage in its core retail business and reported impressive results for its Amazon Web Services business. We believe the company is a good example of the types of competitively advantaged companies we tend to seek in our portfolio. Amazon has already rewritten the rules for retail shopping and we believe it will continue to gain consumers’ wallet share as more shopping moves from physical stores to online and mobile purchases. Meanwhile, the company’s cloud business, Amazon Web Services, has come to market with scale and a disruptive pricing model for businesses seeking cloud-based services.

Pharmacyclics was another top contributor to performance during the period. The stock was up significantly in the first quarter of 2015 after it was announced that AbbVie had won a bidding war to acquire the company. The high interest Pharmacyclics received from other companies bidding for it validated our view that its blood cancer treatments are truly innovative and offer significant growth potential. We sold the stock after the announcement.

Starbucks was also a top contributor. Strong same-store sales growth comparisons drove the stock during the period. The frequent interactions between Starbucks and its customers are what we believe set the company apart


Janus Investment Fund	1

Janus Forty Fund (unaudited)

from most other food and beverage retailers. Starbucks is a daily habit for the vast majority of its customers. Due to the habitualistic nature of coffee drinking, consumers are more willing to download Starbucks apps to their mobile phones. With more consumers using the app, Starbucks has created a more successful mobile strategy, which has allowed it to create a successful rewards program and soon, a mobile ordering system that should improve throughput and improve customer satisfaction even further.

While pleased with our performance this year, we did hold companies that detracted from performance during the period. Alibaba was the largest individual detractor. The Chinese e-commerce company provides consumer-to-consumer, business-to-consumer and business-to-business sales services via Web and mobile platforms. The weakness of the Chinese economy weighed on the stock’s performance. The quick migration of more sales on Alibaba’s mobile platforms has also been a headwind, as Alibaba’s take rate (the proportion of each e-commerce transaction that the company keeps for itself) on mobile devices is lower than on desktops. We were encouraged, however, that the take rate on mobile devices is already increasing, and we believe will continue to improve. We believe Alibaba is leveraged to some of the strongest secular growth trends around the world. The company benefits not only from increasing consumer spending power in China, but also from the rapid growth in online and mobile shopping in a market where e-commerce has leapfrogged traditional brick and mortar retail.

Canadian Pacific Railway was also a top detractor. Softer rail volumes due to a weaker commodity market have impacted rail companies in general, and Canadian Pacific was not immune to the slowdown. However, we continue to have a high level of conviction in the long-term potential of the company. We believe Canadian Pacific’s railroad network across Canada and the U.S. is a valuable asset that would be nearly impossible for other transportation and logistics companies to replicate. The company also has a significant cost advantage over the trucking industry. Going forward, we believe Canadian Pacific can continue to grow revenues and railroad volumes as it improves execution around its railroad network. The company has made substantial investments to improve its service and reliability to customers, which should drive more shippers to use Canadian Pacific instead of trucking services.

Precision Castparts was also a large detractor. The company makes a number of parts for the aerospace industry and other end markets. We sold the stock after some disappointing results from the company.

OUTLOOK

We believe the U.S. economy is generally improving, and would expect modest economic growth in the coming months. However, we expect uncertainty about global economic growth and questions over when the Fed will raise interest rates to continue to create volatility in the coming months.

While there are legitimate concerns about the global economy, we think it underscores the importance of finding those select companies with truly sustainable competitive advantages who can take market share and continue to grow earnings, even without the backdrop of a strong global economy. Such companies are more appreciated in a world where growth is harder to come by, as they can create their own path to creating value.

Thank you for your investment in Janus Forty Fund.


2	SEPTEMBER 30, 2015

Janus Forty Fund (unaudited)

Fund At A Glance

September 30, 2015





	5 Top Performers - Holdings		5 Bottom Performers - Holdings
		Contribution		Contribution
	Amazon.com, Inc.	1.51%	Alibaba Group Holding, Ltd. (ADR)	-1.20%
	Pharmacyclics, Inc.	1.50%	Canadian Pacific Railway, Ltd. (U.S. Shares)	-1.17%
	Starbucks Corp.	1.39%	Precision Castparts Corp.	-0.60%
	Valeant Pharmaceuticals International, Inc. (U.S. Shares)	1.34%	MGM Resorts International	-0.40%
	Lowe's Cos., Inc.	1.22%	Biogen Inc.	-0.34%

	5 Top Performers - Sectors*
			Fund Weighting	Russell 1000^{^®} Growth Index
		Fund Contribution	(Average % of Equity)	Weighting
	Consumer Discretionary	4.09%	25.28%	19.25%
	Health Care	3.46%	19.01%	15.25%
	Energy	1.49%	0.66%	3.66%
	Materials	1.34%	2.69%	3.92%
	Financials	0.77%	12.54%	5.29%

	5 Bottom Performers - Sectors*
			Fund Weighting	Russell 1000^{^®} Growth Index
		Fund Contribution	(Average % of Equity)	Weighting
	Industrials	-2.09%	10.41%	11.64%
	Consumer Staples	-0.84%	0.00%	10.61%
	Utilities	0.01%	0.00%	0.08%
	Other**	0.10%	2.31%	0.00%
	Information Technology	0.20%	26.47%	28.18%
	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 Forty Fund (unaudited)

Fund At A Glance

September 30, 2015


5 Largest Equity Holdings - (% of Net Assets)
Google, Inc. - Class C
Internet Software & Services	5.3%
Lowe's Cos., Inc.
Specialty Retail	5.0%
Valeant Pharmaceuticals International, Inc. (U.S. Shares)
Pharmaceuticals	3.6%
MasterCard, Inc. - Class A
Information Technology Services	3.5%
Adobe Systems, Inc.
Software	3.5%
	20.9%

Asset Allocation - (% of Net Assets)

*Includes Other of (0.1)%.

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

As of September 30, 2015

As of September 30, 2014


4	SEPTEMBER 30, 2015

Janus Forty Fund (unaudited)

Performance

See important disclosures on the next page.



					Expense Ratios -
Average Annual Total Return - for the periods ended September 30, 2015					per the January 28, 2015 prospectus
	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses
Class A Shares at NAV	10.79%	13.22%	8.35%	10.50%	0.92%
Class A Shares at MOP	4.41%	11.89%	7.71%	10.25%
Class C Shares at NAV	10.26%	12.41%	7.56%	9.92%	1.67%
Class C Shares at CDSC	9.55%	12.41%	7.56%	9.92%
Class I Shares	11.17%	13.55%	8.19%	10.50%	0.60%
Class N Shares	11.34%	13.13%	8.19%	10.50%	0.52%
Class R Shares	10.47%	12.80%	7.89%	10.24%	1.27%
Class S Shares	10.86%	13.13%	8.19%	10.50%	1.02%
Class T Shares	11.10%	13.38%	8.19%	10.50%	0.77%
Russell 1000^{^®} Growth Index	3.17%	14.47%	8.09%	6.29%
S&P 500^{^®} Index	-0.61%	13.34%	6.80%	6.84%
Morningstar Quartile - Class S Shares	1st	2nd	1st	1st
Morningstar Ranking - based on total returns for Large Growth Funds	11/1,735	653/1,552	273/1,326	28/759

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.

Class A Shares, Class C Shares, Class I Shares, Class R Shares, and Class S Shares commenced operations on July 6, 2009 after the reorganization of each class of Janus Adviser Forty Fund (the “JAD predecessor fund”) into corresponding shares of the Fund.


Janus Investment Fund	5

Janus Forty Fund (unaudited)

Performance

Performance shown for Class S Shares reflects the historical performance of the JAD predecessor fund’s Class S Shares (formerly named Class I Shares) from August 1, 2000 to July 6, 2009, calculated using the fees and expenses of the JAD predecessor fund’s Class S Shares, net of any applicable fee and expense limitations or waivers. For the periods prior to August 1, 2000, the performance shown for Class S Shares reflects the historical performance of the Retirement Shares of Janus Aspen Series – Forty Portfolio (as a result of a separate prior reorganization of the Retirement Shares into the JAD predecessor fund). Performance shown for certain periods prior to August 1, 2000 was calculated using the fees and expenses of Class S Shares of the JAD predecessor fund, without the effect of any fee and expense limitations or waivers.

Performance shown for Class C Shares reflects the historical performance of the JAD predecessor fund’s Class C Shares from September 30, 2002 to July 6, 2009, calculated using the fees and expenses of the JAD predecessor fund’s Class C Shares, net of any applicable fee and expense limitations or waivers. For the periods August 1, 2000 to September 30, 2002, the performance shown for Class C Shares reflects the historical performance of the JAD predecessor fund’s Class S Shares (formerly named Class I Shares). For the periods prior to August 1, 2000, the performance shown for Class C Shares reflects the historical performance of the Retirement Shares of Janus Aspen Series – Forty Portfolio (as a result of a separate prior reorganization). Performance shown for certain periods prior to September 30, 2002 was calculated using the fees and expenses of Class S Shares of the JAD predecessor fund, without the effect of any fee and expense limitation or waivers.

Performance shown for Class A Shares and Class R Shares reflects the historical performance of each corresponding class of the JAD predecessor fund from September 30, 2004 to July 6, 2009, calculated using the fees and expenses of the corresponding class of the JAD predecessor fund respectively, net of any applicable fee and expense limitations or waivers. Performance shown for each class for the periods August 1, 2000 to September 30, 2004 reflects the historical performance of the JAD predecessor fund’s Class S Shares (formerly named Class I Shares). Performance shown for each class for the periods prior to August 1, 2000 reflects the historical performance of the Retirement Shares of Janus Aspen Series – Forty Portfolio (as a result of a separate prior reorganization). Performance shown for Class A Shares for certain periods prior to September 30, 2004 was calculated using the fees and expenses of Class S Shares of the JAD predecessor fund, without the effect of any fee and expense limitations or waivers. Performance shown for Class R Shares for certain periods prior to September 30, 2004 was calculated using the fees and expenses of Class R Shares of the JAD predecessor fund, without the effect of any fee and expense limitations or waivers.

Performance shown for Class I Shares reflects the historical performance of the JAD predecessor fund’s Class I Shares from November 28, 2005 to July 6, 2009, calculated using the fees and expenses of the JAD predecessor fund’s Class I Shares, net of any applicable fee and expense limitations or waivers. For the periods August 1, 2000 to November 28, 2005, the performance shown for Class I Shares reflects the historical performance of the JAD predecessor fund’s Class S Shares (formerly named Class I Shares). For the periods prior to August 1, 2000, the performance shown for Class I Shares reflects the historical performance of the Retirement Shares of Janus Aspen Series – Forty Portfolio (as a result of a separate prior reorganization). Performance shown for certain periods prior to November 28, 2005 was calculated using the fees and expenses of Class S Shares of the JAD predecessor fund, without the effect of any fee and expense limitations or waivers.

Class T Shares commenced operations on July 6, 2009. Performance shown for Class T Shares reflects the historical performance of the JAD predecessor fund’s Class S Shares (formerly named Class I Shares) from August 1, 2000 to July 6, 2009, calculated using the fees and expenses of the JAD predecessor fund’s Class S Shares, net of any applicable fee and expense limitations or waivers. For the periods prior to August 1, 2000, the performance shown for Class T Shares reflects the historical performance of the Retirement Shares of Janus Aspen Series – Forty Portfolio (as a result of a separate prior reorganization). Performance shown for certain periods prior to August 1, 2000 was calculated using the fees and expenses of Class S Shares of the JAD predecessor fund, without the effect of any fee and expense limitations or waivers.

Class N Shares commenced operations on May 31, 2012. Performance shown for Class N Shares reflects the performance of the Fund’s Class S Shares from July 6, 2009 to May 31, 2012, calculated using the fees and expenses of Class S Shares, net of any applicable fee and expense limitations or waivers. For the periods August 1, 2000 to July 6, 2009, the performance shown for Class N Shares reflects the performance of Class S Shares (formerly named Class I Shares) of the JAD predecessor fund (prior to the reorganization), calculated using the fees and expenses of the JAD predecessor fund’s Class S Shares, net of any applicable fee and expense limitations or waivers. For the periods prior to August 1, 2000, the performance shown for Class N Shares reflects the historical performance of the Retirement Shares of Janus Aspen Series – Forty Portfolio (as a result of a separate prior reorganization). Performance shown for certain periods prior to August 1, 2000 was calculated using the fees and expenses of Class S Shares of the JAD predecessor fund, without the effect of any 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 prospectus for further details concerning historical performance.

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

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

See “Useful Information About Your Fund Report.”

*The predecessor Fund’s inception date - May 1, 1997


6	SEPTEMBER 30, 2015

Janus Forty Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (4/1/15)	Ending Account Value (9/30/15)	Expenses Paid During Period (4/1/15 - 9/30/15)†	Beginning Account Value (4/1/15)	Ending Account Value (9/30/15)	Expenses Paid During Period (4/1/15 - 9/30/15)†	Net Annualized Expense Ratio (4/1/15 - 9/30/15)
Class A Shares		$1,000.00	$965.10	$5.37	$1,000.00	$1,019.60	$5.52	1.09%
Class C Shares		$1,000.00	$964.80	$5.52	$1,000.00	$1,019.45	$5.67	1.12%
Class I Shares		$1,000.00	$966.60	$3.85	$1,000.00	$1,021.16	$3.95	0.78%
Class N Shares		$1,000.00	$966.90	$3.55	$1,000.00	$1,021.46	$3.65	0.72%
Class R Shares		$1,000.00	$963.50	$7.04	$1,000.00	$1,017.90	$7.23	1.43%
Class S Shares		$1,000.00	$965.20	$5.37	$1,000.00	$1,019.60	$5.52	1.09%
Class T Shares		$1,000.00	$965.80	$4.68	$1,000.00	$1,020.31	$4.81	0.95%
†	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 Forty Fund

Schedule of Investments

September 30, 2015


Shares			Value
Common Stocks – 96.2%
Auto Components – 1.6%
	Delphi Automotive PLC	463,751	$35,263,626
Automobiles – 0.8%
	Tesla Motors, Inc.*	67,000	16,642,800
Biotechnology – 5.1%
	Amgen, Inc.	269,749	37,311,682
	Celgene Corp.*	314,304	33,998,264
	Regeneron Pharmaceuticals, Inc.*	85,065	39,567,134
			110,877,080
Capital Markets – 3.5%
	Charles Schwab Corp.	790,820	22,585,819
	ETRADE Financial Corp.	2,049,790	53,970,971
			76,556,790
Commercial Banks – 1.9%
	U.S. Bancorp	1,027,730	42,147,207
Construction Materials – 2.9%
	Vulcan Materials Co.	703,345	62,738,374
Diversified Financial Services – 2.3%
	Intercontinental Exchange, Inc.	211,626	49,729,994
Health Care Equipment & Supplies – 2.3%
	Boston Scientific Corp.*	3,013,351	49,449,090
Hotels, Restaurants & Leisure – 8.9%
	Chipotle Mexican Grill, Inc.*	97,105	69,939,876
	Norwegian Cruise Line Holdings, Ltd.*	1,124,349	64,425,198
	Starbucks Corp.	1,043,100	59,289,804
			193,654,878
Industrial Conglomerates – 3.3%
	General Electric Co.	2,851,406	71,912,459
Information Technology Services – 3.5%
	MasterCard, Inc. - Class A	861,549	77,642,796
Internet & Catalog Retail – 7.2%
	Amazon.com, Inc.*	134,964	69,086,722
	Ctrip.com International, Ltd. (ADR)*	345,615	21,835,956
	Priceline Group, Inc.*	53,254	65,867,742
			156,790,420
Internet Software & Services – 11.7%
	Alibaba Group Holding, Ltd. (ADR)*	704,001	41,514,939
	CoStar Group, Inc.*	268,408	46,450,688
	Facebook, Inc. - Class A*	572,395	51,458,311
	Google, Inc. - Class C	190,649	115,994,664
			255,418,602
Pharmaceuticals – 9.9%
	Bristol-Myers Squibb Co.	830,296	49,153,523
	Endo International PLC*	347,236	24,056,510
	Valeant Pharmaceuticals International, Inc. (U.S. Shares)*	442,546	78,941,355
	Zoetis, Inc.	1,551,556	63,893,076
			216,044,464
Professional Services – 3.1%
	Nielsen Holdings PLC	1,535,896	68,301,295
Real Estate Investment Trusts (REITs) – 3.0%
	Crown Castle International Corp.	833,177	65,712,670
Road & Rail – 2.4%
	Canadian Pacific Railway, Ltd. (U.S. Shares)	359,691	51,640,837
Semiconductor & Semiconductor Equipment – 1.8%
	NXP Semiconductor NV*	441,551	38,445,846
Software – 7.5%
	Adobe Systems, Inc.*	941,847	77,438,660
	NetSuite, Inc.*	274,395	23,021,741
	Salesforce.com, Inc.*	908,951	63,108,468
			163,568,869


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

8	SEPTEMBER 30, 2015

Janus Forty Fund

Schedule of Investments

September 30, 2015


Shares			Value
Common Stocks – (continued)
Specialty Retail – 10.7%
	Advance Auto Parts, Inc.	348,728	$66,094,418
	Lowe's Cos., Inc.	1,582,913	109,094,364
	TJX Cos., Inc.	810,155	57,861,270
			233,050,052
Technology Hardware, Storage & Peripherals – 2.8%
	Apple, Inc.	565,371	62,360,421
Total Common Stocks (cost $1,721,157,266)			2,097,948,570
Investment Companies – 3.9%
Money Markets – 3.9%
	Janus Cash Liquidity Fund LLC, 0.1535%^ºº,£(cost $85,185,340)	85,185,340	85,185,340
Total Investments (total cost $1,806,342,606) – 100.1%			2,183,133,910
Liabilities, net of Cash, Receivables and Other Assets – (0.1)%			(2,442,342)
Net Assets – 100%			$2,180,691,568


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

		% of
		Investment
Country	Value	Securities
United States	$1,950,754,977	89.3	%
Canada	130,582,192	6.0
China	63,350,895	2.9
Netherlands	38,445,846	1.8

Total	$2,183,133,910	100.0	%


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

Janus Investment Fund	9

Janus Forty Fund

Notes to Schedule of Investments and Other Information


Russell 1000^{^®} Growth Index	Measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.
S&P 500^{^®} Index	Measures broad U.S. equity performance.


ADR	American Depositary Receipt
LLC	Limited Liability Company
PLC	Public Limited Company
U.S. Shares	Securities of foreign companies trading on an American stock exchange.


*	Non-income producing security.
ºº	Rate shown is the 7-day yield as of September 30, 2015.
£	The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control. Based on the Fund’s relative ownership, the following securities were considered affiliated companies for all or some portion of the year ended September 30, 2015. Unless otherwise indicated, all information in the table is for the year ended September 30, 2015.


	Share Balance at 9/30/14	Purchases	Sales	Share Balance at 9/30/15	Dividend Income	Value at 9/30/15
Janus Cash Liquidity Fund LLC	29,639,000	1,026,955,107	(971,408,767)	85,185,340	$ 59,635	$ 85,185,340


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, 2015. See Notes to Financial Statements for more information.
Valuation Inputs Summary
	Level 1 - Quoted Prices	Level 2 - Other Significant Observable Inputs	Level 3 - Significant Unobservable Inputs
Assets
Investments in Securities:
Common Stocks	$ 2,097,948,570	$ -	$ -
Investment Companies	-	85,185,340	-
Total Assets	$ 2,097,948,570	$ 85,185,340	$ -


10	SEPTEMBER 30, 2015

Janus Forty Fund

Statement of Assets and Liabilities

September 30, 2015

See footnotes at the end of the Statement.


Assets:
	Investments, at cost		$	1,806,342,606
	Unaffiliated investments, at value		$	2,097,948,570
	Affiliated investments, at value			85,185,340
	Non-interested Trustees' deferred compensation			43,527
	Receivables:
		Investments sold		13,927,129
		Fund shares sold		2,475,460
		Dividends		1,339,040
		Foreign tax reclaims		238,386
		Dividends from affiliates		9,658
	Other assets			38,490
Total Assets				2,201,205,600
Liabilities:
	Due to custodian			2,701
	Payables:			—
		Investments purchased		15,021,318
		Fund shares repurchased		3,210,781
		Advisory fees		1,266,628
		12b-1 Distribution and shareholder servicing fees		438,314
		Transfer agent fees and expenses		361,132
		Non-interested Trustees' deferred compensation fees		43,527
		Professional fees		33,596
		Fund administration fees		17,501
		Non-interested Trustees' fees and expenses		13,707
		Custodian fees		241
		Accrued expenses and other payables		104,586
Total Liabilities				20,514,032
Net Assets			$	2,180,691,568


See Notes to Financial Statements.

Janus Investment Fund	11

Janus Forty Fund

Statement of Assets and Liabilities

September 30, 2015


Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	1,486,598,093
	Undistributed net investment income/(loss)		(43,527)
	Undistributed net realized gain/(loss) from investments and foreign currency transactions		317,347,116
	Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees' deferred compensation		376,789,886
Total Net Assets		$	2,180,691,568
Net Assets - Class A Shares		$	220,006,867
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		7,033,252
Net Asset Value Per Share⁽¹⁾		$	31.28
Maximum Offering Price Per Share⁽²⁾		$	33.19
Net Assets - Class C Shares		$	258,106,709
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		9,244,657
Net Asset Value Per Share⁽¹⁾		$	27.92
Net Assets - Class I Shares		$	834,918,506
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		26,233,570
Net Asset Value Per Share		$	31.83
Net Assets - Class N Shares		$	110,956,042
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,482,855
Net Asset Value Per Share		$	31.86
Net Assets - Class R Shares		$	119,501,045
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		4,078,884
Net Asset Value Per Share		$	29.30
Net Assets - Class S Shares		$	582,208,111
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		19,065,764
Net Asset Value Per Share		$	30.54
Net Assets - Class T Shares		$	54,994,288
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,788,091
Net Asset Value Per Share		$	30.76

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

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


See Notes to Financial Statements.

12	SEPTEMBER 30, 2015

Janus Forty Fund

Statement of Operations

For the year ended September 30, 2015


Investment Income:
	Dividends		$	17,425,906
	Dividends from affiliates			59,635
	Foreign tax withheld			(288,145)
Total Investment Income				17,197,396
Expenses:
	Advisory fees			15,573,303
	12b-1Distribution and shareholder servicing fees:
		Class A Shares		573,157
		Class C Shares		1,833,618
		Class R Shares		633,146
		Class S Shares		1,607,172
	Transfer agent administrative fees and expenses:
		Class R Shares		329,129
		Class S Shares		1,646,147
		Class T Shares		92,114
	Transfer agent networking and omnibus fees:
		Class A Shares		269,731
		Class C Shares		296,174
		Class I Shares		683,286
	Other transfer agent fees and expenses:
		Class A Shares		23,247
		Class C Shares		35,086
		Class I Shares		35,510
		Class N Shares		172
		Class R Shares		1,450
		Class S Shares		7,488
		Class T Shares		437
	Fund administration fees			212,638
	Registration fees			141,181
	Shareholder reports expense			73,133
	Professional fees			66,232
	Non-interested Trustees’ fees and expenses			52,326
	Custodian fees			28,219
	Other expenses			122,165
Total Expenses				24,336,261
Less: Excess Expense Reimbursement				(391,062)
Net Expenses				23,945,199
Net Investment Income/(Loss)				(6,747,803)
Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions			403,234,781
Total Net Realized Gain/(Loss) on Investments				403,234,781
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation			(136,853,074)
Total Change in Unrealized Net Appreciation/Depreciation				(136,853,074)
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	259,633,904


See Notes to Financial Statements.

Janus Investment Fund	13

Janus Forty Fund

Statement of Changes in Net Assets



			Year ended September 30, 2015		Year ended September 30, 2014
Operations:
	Net investment income/(loss)		$	(6,747,803)	$	(9,212,076)
	Net realized gain/(loss) on investments			403,234,781		782,228,804
	Change in unrealized net appreciation/depreciation			(136,853,074)		(413,512,874)
Net Increase/(Decrease) in Net Assets Resulting from Operations				259,633,904		359,503,854
Dividends and Distributions to Shareholders:
	Dividends from Net Investment Income
		Class A Shares		—		(3,139,527)
		Class C Shares		—		(474,345)
		Class I Shares		—		(8,593,212)
		Class N Shares		—		(509,610)
		Class R Shares		—		(753,082)
		Class S Shares		—		(10,406,759)
		Class T Shares		—		(330,275)
	Total Dividends from Net Investment Income			—		(24,206,810)
	Distributions from Net Realized Gain from Investment Transactions
		Class A Shares		(76,599,108)		(70,676,995)
		Class C Shares		(100,957,668)		(64,091,310)
		Class I Shares		(330,717,742)		(140,020,751)
		Class N Shares		(23,301,135)		(7,536,473)
		Class R Shares		(44,670,002)		(29,361,579)
		Class S Shares		(219,832,348)		(260,008,601)
		Class T Shares		(9,432,102)		(6,842,546)
	Total Distributions from Net Realized Gain from Investment Transactions			(805,510,105)		(578,538,255)
Net Decrease from Dividends and Distributions to Shareholders				(805,510,105)		(602,745,065)
Capital Share Transactions:
		Class A Shares		21,826,485		(110,464,973)
		Class C Shares		32,620,800		(1,366,703)
		Class I Shares		(43,807,056)		328,768,153
		Class N Shares		59,624,146		49,637,104
		Class R Shares		13,675,699		(12,753,708)
		Class S Shares		42,339,824		(614,334,063)
		Class T Shares		37,566,953		(8,279,445)
Net Increase/(Decrease) from Capital Share Transactions				163,846,851		(368,793,635)
Net Increase/(Decrease) in Net Assets				(382,029,350)		(612,034,846)
Net Assets:
	Beginning of period			2,562,720,918		3,174,755,764
	End of period		$	2,180,691,568	$	2,562,720,918

Undistributed Net Investment Income/(Loss)			$	(43,527)	$	(53,478)


See Notes to Financial Statements.

14	SEPTEMBER 30, 2015

Janus Forty Fund

Financial Highlights


Class A Shares
For a share outstanding during each year ended September 30			2015	2014	2013	2012	2011
	Net Asset Value, Beginning of Period		$41.89	$45.79	$38.43	$29.11	$31.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	(0.11)⁽¹⁾	(0.13)⁽¹⁾	0.53	0.35	0.34
		Net realized and unrealized gain/(loss)	3.70	5.38	6.98	9.12	(2.23)
	Total from Investment Operations		3.59	5.25	7.51	9.47	(1.89)
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	(0.39)	(0.15)	(0.15)	—
		Distributions (from capital gains)	(14.20)	(8.76)	—	—	—
	Total Dividends and Distributions		(14.20)	(9.15)	(0.15)	(0.15)	—
	Net Asset Value, End of Period		$31.28	$41.89	$45.79	$38.43	$29.11
	Total Return*		10.79%	12.72%	19.61%	32.66%	(6.10)%
	Net Assets, End of Period (in thousands)		$220,007	$251,009	$390,945	$425,598	$452,606
	Average Net Assets for the Period (in thousands)		$232,651	$353,889	$409,492	$437,738	$741,870
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.05%	0.92%	0.86%	1.00%	0.97%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.05%	0.92%	0.84%	0.88%	0.97%
		Ratio of Net Investment Income/(Loss)	(0.33)%	(0.30)%	0.71%	0.41%	0.35%
	Portfolio Turnover Rate		49%	51%	43%	9%	51%


Class C Shares
For a share outstanding during each year ended September 30			2015	2014	2013	2012	2011
	Net Asset Value, Beginning of Period		$39.00	$43.19	$36.40	$27.65	$29.69
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	(0.22)⁽¹⁾	(0.41)⁽¹⁾	(0.36)	(0.46)	(0.46)
		Net realized and unrealized gain/(loss)	3.34	5.04	7.15	9.21	(1.58)
	Total from Investment Operations		3.12	4.63	6.79	8.75	(2.04)
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	(0.06)	—	—	—
		Distributions (from capital gains)	(14.20)	(8.76)	—	—	—
	Total Dividends and Distributions		(14.20)	(8.82)	—	—	—
	Net Asset Value, End of Period		$27.92	$39.00	$43.19	$36.40	$27.65
	Total Return*		10.26%	11.89%	18.65%	31.65%	(6.87)%
	Net Assets, End of Period (in thousands)		$258,107	$297,564	$327,004	$341,806	$354,291
	Average Net Assets for the Period (in thousands)		$281,771	$320,463	$324,884	$354,737	$548,885
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.45%	1.67%	1.65%	1.71%	1.77%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.45%	1.67%	1.63%	1.62%	1.77%
		Ratio of Net Investment Income/(Loss)	(0.73)%	(1.04)%	(0.07)%	(0.34)%	(0.44)%
	Portfolio Turnover Rate		49%	51%	43%	9%	51%


*	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	15

Janus Forty Fund

Financial Highlights


Class I Shares
For a share outstanding during each year ended September 30			2015	2014	2013	2012	2011
	Net Asset Value, Beginning of Period		$42.28	$46.14	$38.72	$29.35	$31.19
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	(0.01)⁽¹⁾	0.02⁽¹⁾	0.79	0.36	0.41
		Net realized and unrealized gain/(loss)	3.76	5.42	6.88	9.26	(2.25)
	Total from Investment Operations		3.75	5.44	7.67	9.62	(1.84)
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	(0.54)	(0.25)	(0.25)	—
		Distributions (from capital gains)	(14.20)	(8.76)	—	—	—
	Total Dividends and Distributions		(14.20)	(9.30)	(0.25)	(0.25)	—
	Net Asset Value, End of Period		$31.83	$42.28	$46.14	$38.72	$29.35
	Total Return*		11.17%	13.11%	19.94%	33.00%	(5.90)%
	Net Assets, End of Period (in thousands)		$834,919	$1,095,564	$811,918	$1,033,018	$951,430
	Average Net Assets for the Period (in thousands)		$964,589	$773,534	$984,309	$989,708	$1,591,680
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.75%	0.60%	0.55%	0.60%	0.74%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.75%	0.60%	0.55%	0.60%	0.74%
		Ratio of Net Investment Income/(Loss)	(0.04)%	0.05%	1.02%	0.70%	0.57%
	Portfolio Turnover Rate		49%	51%	43%	9%	51%


Class N Shares
For a share outstanding during each year or period ended September 30			2015	2014	2013	2012⁽²⁾
	Net Asset Value, Beginning of Period		$42.26	$46.15	$38.73	$35.26
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.02⁽¹⁾	0.06⁽¹⁾	0.28	0.02
		Net realized and unrealized gain/(loss)	3.78	5.40	7.43	3.45
	Total from Investment Operations		3.80	5.46	7.71	3.47
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	(0.59)	(0.29)	—
		Distributions (from capital gains)	(14.20)	(8.76)	—	—
	Total Dividends and Distributions		(14.20)	(9.35)	(0.29)	—
	Net Asset Value, End of Period		$31.86	$42.26	$46.15	$38.73
	Total Return*		11.34%	13.17%	20.03%	9.84%
	Net Assets, End of Period (in thousands)		$110,956	$68,810	$23,029	$1,347
	Average Net Assets for the Period (in thousands)		$87,250	$54,492	$23,323	$176
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.69%	0.52%	0.47%	0.52%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.69%	0.52%	0.47%	0.52%
		Ratio of Net Investment Income/(Loss)	0.06%	0.15%	0.89%	1.43%
	Portfolio Turnover Rate		49%	51%	43%	9%


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


See Notes to Financial Statements.

16	SEPTEMBER 30, 2015

Janus Forty Fund

Financial Highlights


Class R Shares
For a share outstanding during each year ended September 30			2015	2014	2013	2012	2011
	Net Asset Value, Beginning of Period		$40.19	$44.25	$37.14	$28.14	$30.11
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	(0.22)⁽¹⁾	(0.26)⁽¹⁾	0.05	(0.08)	(0.06)
		Net realized and unrealized gain/(loss)	3.53	5.18	7.06	9.11	(1.91)
	Total from Investment Operations		3.31	4.92	7.11	9.03	(1.97)
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	(0.22)	—	(0.03)	—
		Distributions (from capital gains)	(14.20)	(8.76)	—	—	—
	Total Dividends and Distributions		(14.20)	(8.98)	—	(0.03)	—
	Net Asset Value, End of Period		$29.30	$40.19	$44.25	$37.14	$28.14
	Total Return*		10.47%	12.35%	19.14%	32.12%	(6.54)%
	Net Assets, End of Period (in thousands)		$119,501	$136,575	$161,383	$181,124	$188,830
	Average Net Assets for the Period (in thousands)		$131,651	$150,821	$164,019	$189,329	$247,138
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.41%	1.27%	1.21%	1.27%	1.42%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.41%	1.27%	1.21%	1.27%	1.42%
		Ratio of Net Investment Income/(Loss)	(0.69)%	(0.64)%	0.35%	0.01%	(0.09)%
	Portfolio Turnover Rate		49%	51%	43%	9%	51%


Class S Shares
For a share outstanding during each year ended September 30			2015	2014	2013	2012	2011
	Net Asset Value, Beginning of Period		$41.21	$45.16	$37.89	$28.68	$30.60
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	(0.13)⁽¹⁾	(0.15)⁽¹⁾	0.30	0.09	0.06
		Net realized and unrealized gain/(loss)	3.66	5.31	7.07	9.20	(1.98)
	Total from Investment Operations		3.53	5.16	7.37	9.29	(1.92)
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	(0.35)	(0.10)	(0.08)	—
		Distributions (from capital gains)	(14.20)	(8.76)	—	—	—
	Total Dividends and Distributions		(14.20)	(9.11)	(0.10)	(0.08)	—
	Net Asset Value, End of Period		$30.54	$41.21	$45.16	$37.89	$28.68
	Total Return*		10.86%	12.69%	19.49%	32.47%	(6.27)%
	Net Assets, End of Period (in thousands)		$582,208	$687,469	$1,423,516	$1,692,436	$1,904,767
	Average Net Assets for the Period (in thousands)		$658,459	$1,215,799	$1,581,421	$1,831,407	$2,870,863
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.18%	1.02%	0.96%	1.02%	1.17%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.12%	0.97%	0.91%	1.00%	1.17%
		Ratio of Net Investment Income/(Loss)	(0.40)%	(0.35)%	0.66%	0.28%	0.16%
	Portfolio Turnover Rate		49%	51%	43%	9%	51%


*	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	17

Janus Forty Fund

Financial Highlights


Class T Shares
For a share outstanding during each year ended September 30			2015	2014	2013	2012	2011
	Net Asset Value, Beginning of Period		$41.34	$45.27	$38.02	$28.83	$30.69
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	(0.06)⁽¹⁾	(0.06)⁽¹⁾	0.48	0.17	0.15
		Net realized and unrealized gain/(loss)	3.68	5.31	6.99	9.23	(2.01)
	Total from Investment Operations		3.62	5.25	7.47	9.40	(1.86)
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	(0.42)	(0.22)	(0.21)	—
		Distributions (from capital gains)	(14.20)	(8.76)	—	—	—
	Total Dividends and Distributions		(14.20)	(9.18)	(0.22)	(0.21)	—
	Net Asset Value, End of Period		$30.76	$41.34	$45.27	$38.02	$28.83
	Total Return*		11.10%	12.90%	19.74%	32.79%	(6.06)%
	Net Assets, End of Period (in thousands)		$54,994	$25,731	$36,961	$53,755	$31,178
	Average Net Assets for the Period (in thousands)		$36,846	$30,580	$52,021	$41,299	$38,574
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.95%	0.77%	0.71%	0.76%	0.92%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.94%	0.76%	0.71%	0.75%	0.92%
		Ratio of Net Investment Income/(Loss)	(0.17)%	(0.13)%	0.84%	0.54%	0.40%
	Portfolio Turnover Rate		49%	51%	43%	9%	51%


*	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.

18	SEPTEMBER 30, 2015

Janus Forty Fund

Notes to Financial Statements

1. Organization and Significant Accounting Policies

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


Janus Investment Fund	19

Janus Forty Fund

Notes to Financial Statements

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.

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.


20	SEPTEMBER 30, 2015

Janus Forty Fund

Notes to Financial Statements

Investment Transactions and Investment Income

Expenses

Estimates

Indemnifications

Foreign Currency Translations

Dividends and Distributions


Janus Investment Fund	21

Janus Forty Fund

Notes to Financial Statements

Federal Income Taxes

2. Other Investments and Strategies

Additional Investment Risk

Real Estate Investing


22	SEPTEMBER 30, 2015

Janus Forty 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.

3. 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 normal operating expenses in any fiscal year, including the investment advisory fee, but excluding the 12b-1 distribution and shareholder servicing fees (applicable to Class A Shares, Class C Shares, Class R Shares, and Class S Shares), transfer agent fees and expenses payable pursuant to the Transfer Agency Agreement, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.83%. Janus Capital has agreed to continue the waiver until at least February 1, 2016. If applicable, amounts reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement” on the Statement of Operations.

Janus Services 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


Janus Investment Fund	23

Janus Forty Fund

Notes to Financial Statements

Shares, 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, 2015

Janus Forty Fund

Notes to Financial Statements

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the year ended September 30, 2015, redeeming shareholders of Class C Shares paid CDSCs of $12,183.

4. Federal Income Tax



			Loss Deferrals			Net Tax
Undistributed Ordinary Income	Undistributed Long-Term Gains	Accumulated Capital Losses	Late-Year Ordinary Loss	Post-October Capital Loss	Other Book to Tax Differences	Appreciation/ (Depreciation)
$ 10,444,285	$ 308,734,731	-	-	-	$ (44,947)	$374,959,404

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, 2015 are noted below.


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 1,808,174,506	$421,428,472	$(46,469,068)	$ 374,959,404


Janus Investment Fund	25

Janus Forty 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, 2015
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 43,294,604	$ 762,215,501	$ -	$ -


For the year ended September 30, 2014
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 24,206,810	$ 578,538,255	$ -	$ -


Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ 35,356,563	$ 6,757,754	$ (42,114,317)

Capital has been adjusted by $35,356,563, including $34,196,092 of long-term capital gain, for distributions in connection with Fund share redemptions (tax equalization).


26	SEPTEMBER 30, 2015

Janus Forty Fund

Notes to Financial Statements

5. Capital Share Transactions



	Year ended September 30, 2015		Year ended September 30, 2014
	Shares	Amount	Shares	Amount
Class A Shares:
Shares sold	2,284,379	$ 74,032,747	1,620,422	$ 67,703,786
Reinvested dividends and distributions	2,007,568	58,942,182	1,545,154	60,863,618
Shares repurchased	(3,250,389)	(111,148,444)	(5,712,330)	(239,032,377)
Net Increase/(Decrease)	1,041,558	$ 21,826,485	(2,546,754)	$(110,464,973)
Class C Shares:
Shares sold	2,199,613	$ 60,507,503	1,169,574	$ 44,493,349
Reinvested dividends and distributions	2,305,852	60,620,850	1,029,465	37,966,676
Shares repurchased	(2,891,264)	(88,507,553)	(2,140,502)	(83,826,728)
Net Increase/(Decrease)	1,614,201	$ 32,620,800	58,537	$ (1,366,703)
Class I Shares:
Shares sold	5,498,532	$178,620,068	16,433,819	$ 679,790,681
Reinvested dividends and distributions	9,587,904	285,623,669	2,745,909	108,875,283
Shares repurchased	(14,766,423)	(508,050,793)	(10,861,577)	(459,897,811)
Net Increase/(Decrease)	320,013	$ (43,807,056)	8,318,151	$ 328,768,153
Class N Shares:
Shares sold	1,577,508	$ 53,401,121	1,341,574	$ 58,465,490
Reinvested dividends and distributions	782,442	23,301,135	203,081	8,046,083
Shares repurchased	(505,224)	(17,078,110)	(415,536)	(16,874,469)
Net Increase/(Decrease)	1,854,726	$ 59,624,146	1,129,119	$ 49,637,104
Class R Shares:
Shares sold	961,982	$ 29,427,212	615,949	$ 24,717,937
Reinvested dividends and distributions	1,402,844	38,662,376	692,342	26,232,840
Shares repurchased	(1,684,307)	(54,413,889)	(1,556,879)	(63,704,485)
Net Increase/(Decrease)	680,519	$ 13,675,699	(248,588)	$ (12,753,708)
Class S Shares:
Shares sold	3,151,562	$103,167,165	2,303,411	$ 98,214,598
Reinvested dividends and distributions	7,616,389	218,133,378	6,933,659	268,748,610
Shares repurchased	(8,384,947)	(278,960,719)	(24,074,974)	(981,297,271)
Net Increase/(Decrease)	2,383,004	$ 42,339,824	(14,837,904)	$(614,334,063)
Class T Shares:
Shares sold	1,581,074	$ 51,943,574	299,782	$ 12,469,867
Reinvested dividends and distributions	326,974	9,416,855	184,515	7,164,719
Shares repurchased	(742,327)	(23,793,476)	(678,385)	(27,914,031)
Net Increase/(Decrease)	1,165,721	$ 37,566,953	(194,088)	$ (8,279,445)

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
$ 1,140,542,512	$ 1,858,546,310	$ -	$ -

7. Subsequent Event

Management has evaluated whether any other events or transactions occurred subsequent to September 30, 2015 and through the date of issuance of the Fund’s financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund’s financial statements.


Janus Investment Fund	27

Janus Forty Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Forty Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Janus Forty Fund (one of the funds constituting Janus Investment Fund, hereafter referred to as the “Fund”) at September 30, 2015, 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 then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at September 30, 2015 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.

Denver, Colorado

November 13, 2015


28	SEPTEMBER 30, 2015

Janus Forty Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Quarterly Portfolio Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD

Nature, Extent and Quality of Services


Janus Investment Fund	29

Janus Forty Fund

Additional Information (unaudited)

Performance of the Funds

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

Fixed-Income Funds and Money Market Funds


30	SEPTEMBER 30, 2015

Janus Forty Fund

Additional Information (unaudited)

Asset Allocation Funds

Alternative Funds

Value Funds


Janus Investment Fund	31

Janus Forty Fund

Additional Information (unaudited)

Mathematical Funds

Growth and Core Funds


32	SEPTEMBER 30, 2015

Janus Forty Fund

Additional Information (unaudited)

Global and International Funds

Preservation Series

Janus Aspen Series


Janus Investment Fund	33

Janus Forty Fund

Additional Information (unaudited)

· For Janus Aspen Global Allocation Portfolio – Moderate, the Trustees noted that the Fund’s performance was in the first Lipper quartile for the 12 months ended May 31, 2014.

· For Janus Aspen INTECH U.S. Low Volatility Portfolio, the Trustees noted that the Fund’s performance was in the first Lipper quartile for the 12 months ended May 31, 2014.


34	SEPTEMBER 30, 2015

Janus Forty Fund

Additional Information (unaudited)

Costs of Services Provided

Fixed-Income Funds and Money Market Funds


Janus Investment Fund	35

Janus Forty Fund

Additional Information (unaudited)

Asset Allocation Funds

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

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

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

Alternative Funds

Value Funds

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


36	SEPTEMBER 30, 2015

Janus Forty Fund

Additional Information (unaudited)

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

Mathematical Funds

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

· For INTECH U.S. Managed Volatility Fund (formerly named INTECH U.S. Value Fund), the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.

· For INTECH U.S. Managed Volatility Fund II (formerly named INTECH U.S. Growth Fund), the Trustees noted that the Fund’s total expenses were below the peer group mean for all share classes.

Growth and Core Funds

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

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


Janus Investment Fund	37

Janus Forty Fund

Additional Information (unaudited)

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

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

Global and International Funds

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

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

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

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

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

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

Preservation Series

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

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

Janus Aspen Series

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

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

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


38	SEPTEMBER 30, 2015

Janus Forty Fund

Additional Information (unaudited)

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

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

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

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

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

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

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


Janus Investment Fund	39

Janus Forty Fund

Additional Information (unaudited)

Economies of Scale

Other Benefits to Janus Capital


40	SEPTEMBER 30, 2015

Janus Forty 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, 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	41

Janus Forty 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


42	SEPTEMBER 30, 2015

Janus Forty 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	43

Janus Forty Fund

Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2015:


Capital Gain Distributions	$796,411,593
Dividends Received Deduction Percentage	100%
Qualified Dividend Income Percentage	100%


44	SEPTEMBER 30, 2015

Janus Forty 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


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 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	Chairman of the Board and Director 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	45

Janus Forty 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
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Trustee	1/13-Present	Managing Director, Institutional Markets, of Dividend Capital 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 MotiveQuest LLC (strategic social market research company) (since 2003), and Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of Nuveen Global Investors LLC (2007-2011); Director of Communities in Schools (2004-2010); and Director of Mutual Fund Education Alliance (until 2010).
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).


46	SEPTEMBER 30, 2015

Janus Forty 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
James T. Rothe 151 Detroit Street Denver, CO 80206 DOB: 1943	Trustee	1/97-Present	Co-founder and Managing Director of Roaring Fork Capital SBIC, L.P. (SBA SBIC fund focusing on private investment in public equity firms), and Professor Emeritus of Business of the University of Colorado, Colorado Springs, CO (since 2004). Formerly, 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).
William D. Stewart 151 Detroit Street Denver, CO 80206 DOB: 1944	Trustee	6/84-Present	Retired. Formerly, Corporate Vice President and General Manager of MKS Instruments - HPS Products, Boulder, CO (a manufacturer of vacuum fittings and valves) and PMFC Division, Andover, MA (manufacturing pressure measurement and flow products) (1976-2012).	60	None


Janus Investment Fund	47

Janus Forty 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
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), Rehabilitation Institute of Chicago, Walmart, and Wrapports, LLC (digital communications company). Formerly, Director of Chicago Convention & Tourism Bureau (until 2014) and The Field Museum of Natural History (Chicago, IL) (until 2014).
Trustee Consultant
Raudline Etienne* 151 Detroit Street Denver, CO 80206 DOB: 1965	Consultant	6/14-Present	Senior Vice President, Albright Stonebridge Group LLC (global strategy firm) (since 2011). Formerly, Deputy Comptroller and Chief Investment Officer, New York State Common Retirement Fund (public pension fund) (2008-2011).	N/A	Director of Brightwood Capital Advisors, LLC (since 2014).


48	SEPTEMBER 30, 2015

Janus Forty 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
A. Douglas Rao 151 Detroit Street Denver, CO 80206 DOB: 1974	Executive Vice President and Portfolio Manager Janus Forty Fund	6/13-Present	Portfolio Manager for other Janus accounts. Formerly, Partner and Portfolio Manager for Chautauqua Capital Management (2012-2013) and Portfolio Manager for Marsico Capital Management, LLC (2007-2012).
Stephanie Grauerholz 151 Detroit Street Denver, CO 80206 DOB: 1970	Chief Legal Counsel and Secretary Vice President	1/06-Present 3/06-Present	Senior Vice President and Chief Legal Counsel of the Funds of Janus Capital, Senior Vice President of Janus Distributors LLC, and Senior Vice President of Janus Services LLC (since 2015). Formerly, Vice President and Assistant General Counsel of Janus Capital, Vice President and Assistant Secretary of Janus Distributors LLC, and Vice President of Janus Services LLC (2007-2015).
Bruce L. Koepfgen 151 Detroit Street Denver, CO 80206 DOB: 1952	President and Chief Executive Officer	7/14-Present	President of Janus Capital Group Inc. and Janus Capital Management LLC (since 2013); Executive Vice President and Director of Janus International Holding LLC (since 2011); Executive Vice President of Janus Distributors LLC (since 2011); Executive Vice President and Working 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, 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).
David R. Kowalski 151 Detroit Street Denver, CO 80206 DOB: 1957	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	6/02-Present	Senior Vice President and Chief Compliance Officer of Janus Capital, Janus Distributors LLC, and Janus Services LLC; Vice President of INTECH Investment Management LLC and Perkins Investment Management LLC; and Director of The Janus Foundation.
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.

* 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	49

Janus provides access to a wide range of investment disciplines.

Alternative

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

Asset Allocation

Fixed Income

Global & International

Growth & Core

Mathematical

Value

For more information about our funds, contact your investment professional or go to janus.com/advisor/mutual-funds.

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

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

Funds distributed by Janus Distributors LLC

Investment products offered are:

NOT FDIC-INSURED

MAY LOSE VALUE

NO BANK GUARANTEE

C-1115-102831

125-02-93041 11-15



	ANNUAL REPORT September 30, 2015

Janus Fund

Janus Investment Fund

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

Table of Contents

Janus Fund

Janus Fund (unaudited)

FUND SNAPSHOT

We believe that buying high quality growth franchises with sustainable, projected above-average earnings growth outlooks should allow us to outperform the benchmark and peers over the long-term. We perform in-depth, fundamental research to build a diversified, moderately positioned portfolio aiming to deliver peer and index-beating returns while managing for risk and volatility.

Barney Wilson

portfolio manager

PERFORMANCE REVIEW

Janus Fund’s Class T Shares returned 5.15% over the one-year period ended September 30, 2015. The Fund’s primary benchmark, the Russell 1000 Growth Index, returned 3.17% during the period, and its secondary benchmark, the S&P 500 Index, returned -0.61%. The Core Growth Index returned 1.27% during the period.

INVESTMENT ENVIRONMENT

U.S. growth equities notched modest gains during the period. The period began on a positive note, driven by signs of an improving domestic economy and a strong U.S. consumer. Speculation about how, or when, the Federal Reserve (Fed) would raise interest rates caused volatility, but a historically low interest rate environment in the U.S. and other major global economies was ultimately a supportive backdrop for stocks. Falling oil prices negatively impacted stocks tied to the energy sector, but other pockets of the market fared well in anticipation that lower oil prices would translate into stronger consumer spending. U.S. equity markets lost ground toward the end of the period, in part related to slowing growth expectations in China and the subsequent strong sell off of the country’s stock markets. The losses, which started in late June after a dramatic early-year rally, continued throughout the end of the period. Late in the period, the Fed’s decision to delay its initial post-crisis interest rate hike was interpreted by some that officials were acutely mindful of slowing growth prospects, which, in turn, could weigh on future corporate earnings prospects.

PERFORMANCE DISCUSSION

We seek to identify companies with clearly definable and sustainable long-term growth drivers. These companies often have a high barrier to entry, a notable edge in an attractive industry with high growth potential or a strong management team that has a clear vision for the future course of their company. We believe that over a long time horizon, a collection of companies with these competitive advantages should lead to compounded growth in excess of the market. This year we were pleased to see a number of companies in our portfolio put up impressive results and further demonstrate their competitive advantages.

Our holdings in the technology and health care sectors were large contributors to relative performance during the period. Within the technology sector, Freescale Semiconductor was a top contributor. The stock benefited from a consensus-beating earnings report in the first quarter of 2015, and was also lifted by an announcement it would merge with NXP Semiconductor, creating a powerhouse in the automotive segment. Even before the transaction’s announcement, we believed that Freescale was well positioned in attractive end markets such as automotive, communications infrastructure and industrials.

Apple was another top contributor within the technology sector. The electronic-device company benefited from strong sales of some of its new products during the year. The company’s decision to return more capital to shareholders during the year has also been favorable for the stock. Our basic view is that Apple is a strong brand and that as consumers get more familiar with Apple products, they get more deeply entrenched in the Apple ecosystem, branching out to buy new Apple products and returning to the brand when it is time to update existing ones. Recent innovations by the company, such as its mobile pay service, further entrench customers into Apple’s ecosystem. We see evidence of this trend by the fact that household spending on Apple products continues to increase. While we still like the company, we feel the value of Apple’s ecosystem is better understood by the marketplace today.

Within the health care sector, Pharmacyclics was a top contributor. The stock was up significantly this quarter after it was announced that AbbVie had won a bidding war to acquire the company. The high interest Pharmacyclics received from other companies bidding for it validated our view that its blood cancer treatments are truly innovative and offer significant growth potential.


Janus Investment Fund	1

Janus Fund (unaudited)

While generally pleased with our performance relative to the benchmark, we did hold stocks during the period that detracted from our absolute performance. Colfax Corporation was our largest detractor. Weak demand from emerging markets and also for end markets tied to the company’s welding business have been a headwind for the company. We have trimmed the position due to concerns those headwinds will last longer than expected.

Mallinckrodt PLC was also a detractor. A number of specialty pharmaceutical companies such as Mallinckrodt suffered from concerns surrounding the potential for regulatory oversight of drug pricing. The company also announced disappointing sales results for a key product, Acthar. We remain positive on Mallinckrodt in light of those recent issues but appreciate the volatility associated with some increased uncertainty around the business’s path to success.

Canadian Pacific was another detractor. The stock declined due to expectations of less demand to transport crude oil by rail. We are looking past this near-term headwind and continue to like the company. We believe Canadian Pacific’s railroad network across Canada and the U.S. is a valuable asset that would be nearly impossible for other transportation and logistics companies to replicate. The company also has a significant cost advantage over the trucking industry. Going forward, we believe the company can continue to grow revenues and railroad volumes as it improves execution around its railroad network. Canadian Pacific has made substantial investments to improve its service and reliability to customers. As service and reliability improves, it will likely drive more shippers to use Canadian Pacific instead of trucking services.

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

OUTLOOK

Uncertainty surrounding slowing global growth will likely dominate the equity markets in the near future. A slowdown in China has had a contagion effect, with other Asian and non-Asian emerging markets bearing the brunt of the effect, followed to a lesser extent by Europe. The U.S. has been only minimally affected at this point. U.S. consumers have continued to spend, as evidenced by strong financial results at better U.S. consumer companies. We think our portfolio is well positioned for the divergent global economic backdrop, however, as many of the multinational companies we hold tend to derive more of their revenues from the U.S. and Europe.

Within health care, concerns about the potential for increased regulatory oversight of drug prices have hurt some of our holdings recently, but we don’t see anything that is likely to materially affect the financial performance of the Fund’s health care holdings going forward. The chances are low, in our opinion, of there being legislation that prevents companies from raising drug prices. The U.S. is the most innovative country in the world when it comes to creating new drugs that save lives. Price control would put a damper on innovation going forward, in our view.

Our investment philosophy focuses on companies that are winning in the product marketplace, and that are well positioned to deliver better than average growth and stable or increasing returns on capital. Looking ahead, we continue to expect better, stronger companies to outperform over multi-year periods.

Thank you for your investment in Janus Fund.


2	SEPTEMBER 30, 2015

Janus Fund (unaudited)

Fund At A Glance

September 30, 2015





	5 Top Performers - Holdings		5 Bottom Performers - Holdings
		Contribution		Contribution
	Pharmacyclics, Inc.	1.12%	Colfax Corp.	-0.74%
	Freescale Semiconductor, Ltd.	0.96%	Mallinckrodt PLC	-0.52%
	Apple, Inc.	0.95%	Canadian Pacific Railway, Ltd. (U.S. Shares)	-0.49%
	Amazon.com, Inc.	0.60%	Antero Resources Corp.	-0.39%
	Home Depot, Inc.	0.58%	Dollar Tree, Inc.	-0.34%

	5 Top Performers - Sectors*
			Fund Weighting	Russell 1000^{^®} Growth Index
		Fund Contribution	(Average % of Equity)	Weighting
	Information Technology	2.28%	32.07%	28.18%
	Health Care	1.52%	19.98%	15.25%
	Materials	0.53%	3.66%	3.92%
	Telecommunication Services	0.47%	0.61%	2.14%
	Consumer Discretionary	0.31%	18.26%	19.25%

	5 Bottom Performers - Sectors*
			Fund Weighting	Russell 1000^{^®} Growth Index
		Fund Contribution	(Average % of Equity)	Weighting
	Industrials	-1.54%	10.09%	11.64%
	Consumer Staples	-0.48%	5.32%	10.61%
	Energy	-0.19%	2.98%	3.66%
	Other**	-0.19%	1.25%	0.00%
	Utilities	0.00%	0.91%	0.08%
	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 Fund (unaudited)

Fund At A Glance

September 30, 2015


5 Largest Equity Holdings - (% of Net Assets)
Google, Inc. - Class C
Internet Software & Services	4.2%
Apple, Inc.
Technology Hardware, Storage & Peripherals	3.8%
Allergan PLC
Pharmaceuticals	3.2%
Home Depot, Inc.
Specialty Retail	3.0%
Facebook, Inc. - Class A
Internet Software & Services	2.7%
	16.9%

Asset Allocation - (% of Net Assets)

*Includes Other of (0.7)%.

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

As of September 30, 2015

As of September 30, 2014


4	SEPTEMBER 30, 2015

Janus Fund (unaudited)

Performance

See important disclosures on the next page.



					Expense Ratios -
Average Annual Total Return - for the periods ended September 30, 2015					per the January 28, 2015 prospectuses
	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses
Class A Shares at NAV	4.97%	11.54%	6.55%	12.20%	0.90%
Class A Shares at MOP	-1.06%	10.23%	5.92%	12.05%
Class C Shares at NAV	4.19%	10.75%	5.72%	11.57%	1.65%
Class C Shares at CDSC	3.36%	10.75%	5.72%	11.57%
Class D Shares⁽¹⁾	5.20%	11.83%	6.71%	12.26%	0.66%
Class I Shares	5.30%	11.90%	6.65%	12.25%	0.61%
Class N Shares	5.39%	11.72%	6.65%	12.25%	0.51%
Class R Shares	4.62%	11.16%	6.08%	11.85%	1.26%
Class S Shares	4.88%	11.45%	6.37%	12.05%	1.01%
Class T Shares	5.15%	11.72%	6.65%	12.25%	0.76%
Russell 1000^{^®} Growth Index	3.17%	14.47%	8.09%	NA^**
S&P 500^{^®} Index	-0.61%	13.34%	6.80%	10.35%
Core Growth Index	1.27%	13.91%	7.46%	NA^**
Morningstar Quartile - Class T Shares	1st	3rd	3rd	1st
Morningstar Ranking - based on total returns for Large Growth Funds	237/1,735	1,103/1,552	783/1,326	8/152

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 Fund (unaudited)

Performance

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

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

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

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

See “Useful Information About Your Fund Report.”

*The Fund’s inception date – February 5, 1970

**Since inception index return is not available for indices created subsequent to fund inception.

(1) Closed to certain new investors.


6	SEPTEMBER 30, 2015

Janus Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (4/1/15)	Ending Account Value (9/30/15)	Expenses Paid During Period (4/1/15 - 9/30/15)†	Beginning Account Value (4/1/15)	Ending Account Value (9/30/15)	Expenses Paid During Period (4/1/15 - 9/30/15)†	Net Annualized Expense Ratio (4/1/15 - 9/30/15)
Class A Shares		$1,000.00	$928.20	$4.98	$1,000.00	$1,019.90	$5.22	1.03%
Class C Shares		$1,000.00	$925.80	$7.53	$1,000.00	$1,017.25	$7.89	1.56%
Class D Shares		$1,000.00	$929.20	$3.97	$1,000.00	$1,020.96	$4.15	0.82%
Class I Shares		$1,000.00	$929.50	$3.72	$1,000.00	$1,021.21	$3.90	0.77%
Class N Shares		$1,000.00	$929.90	$3.34	$1,000.00	$1,021.61	$3.50	0.69%
Class R Shares		$1,000.00	$926.50	$6.91	$1,000.00	$1,017.90	$7.23	1.43%
Class S Shares		$1,000.00	$927.70	$5.46	$1,000.00	$1,019.40	$5.72	1.13%
Class T Shares		$1,000.00	$928.90	$4.26	$1,000.00	$1,020.66	$4.46	0.88%
†	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 Fund

Schedule of Investments

September 30, 2015


Shares or Contract Amounts			Value
Common Stocks – 100.7%
Aerospace & Defense – 1.4%
	Honeywell International, Inc.	1,177,599	$111,506,849
Airlines – 0.7%
	Southwest Airlines Co.	1,535,569	58,413,045
Auto Components – 0.8%
	Delphi Automotive PLC	868,301	66,025,608
Automobiles – 0.4%
	Tesla Motors, Inc.*	115,989	28,811,668
Biotechnology – 5.7%
	Amgen, Inc.	1,257,187	173,894,106
	Biogen, Inc.*	358,046	104,481,403
	Celgene Corp.*	764,073	82,649,776
	Regeneron Pharmaceuticals, Inc.*	202,953	94,401,558
			455,426,843
Capital Markets – 1.4%
	Blackstone Group LP	1,883,545	59,651,870
	Charles Schwab Corp.	1,734,160	49,527,610
			109,179,480
Chemicals – 2.2%
	Air Products & Chemicals, Inc.	706,746	90,166,655
	PPG Industries, Inc.	977,418	85,709,784
			175,876,439
Communications Equipment – 0.9%
	Motorola Solutions, Inc.	1,023,312	69,974,075
Electric Utilities – 0.9%
	Brookfield Infrastructure Partners LP	1,880,068	69,130,100
Electrical Equipment – 2.1%
	Sensata Technologies Holding NV*	3,231,568	143,287,725
	SolarCity Corp.*	587,707	25,100,966
			168,388,691
Electronic Equipment, Instruments & Components – 1.0%
	Amphenol Corp. - Class A	785,278	40,017,767
	TE Connectivity, Ltd. (U.S. Shares)	657,879	39,400,373
			79,418,140
Energy Equipment & Services – 0.3%
	Baker Hughes, Inc.	421,095	21,913,784
Food & Staples Retailing – 1.5%
	Kroger Co.	3,340,221	120,481,771
Food Products – 1.2%
	Hershey Co.	1,032,532	94,869,040
Health Care Equipment & Supplies – 1.9%
	Boston Scientific Corp.*	6,788,154	111,393,607
	Teleflex, Inc.	314,863	39,109,133
			150,502,740
Health Care Providers & Services – 0.3%
	Aetna, Inc.	214,154	23,430,589
Health Care Technology – 1.1%
	athenahealth, Inc.*	665,623	88,760,827
Hotels, Restaurants & Leisure – 6.0%
	Chipotle Mexican Grill, Inc.*^,†	244,639	176,201,240
	Dunkin' Brands Group, Inc.	1,638,950	80,308,550
	Norwegian Cruise Line Holdings, Ltd.*	1,834,320	105,106,536
	Starbucks Corp.^†	2,103,038	119,536,680
			481,153,006
Household Products – 2.0%
	Colgate-Palmolive Co.	666,224	42,278,575
	Kimberly-Clark Corp.	1,101,110	120,065,034
			162,343,609
Industrial Conglomerates – 0.5%
	General Electric Co.	1,684,001	42,470,505


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

8	SEPTEMBER 30, 2015

Janus Fund

Schedule of Investments

September 30, 2015


Shares or Contract Amounts			Value
Common Stocks – (continued)
Information Technology Services – 3.3%
	MasterCard, Inc. - Class A^†	1,253,924	$113,003,631
	Visa, Inc. - Class A	2,149,569	149,738,977
			262,742,608
Internet & Catalog Retail – 2.6%
	Amazon.com, Inc.*	250,216	128,083,068
	Ctrip.com International, Ltd. (ADR)*	400,986	25,334,295
	Priceline Group, Inc.*	46,404	57,395,251
			210,812,614
Internet Software & Services – 9.6%
	Alibaba Group Holding, Ltd. (ADR)*	745,924	43,987,138
	CoStar Group, Inc.*	384,546	66,549,531
	Facebook, Inc. - Class A*	2,418,722	217,443,108
	Google, Inc. - Class A*^,†	131,494	83,941,825
	Google, Inc. - Class C^†	548,969	334,003,719
	LinkedIn Corp. - Class A*	111,404	21,181,243
			767,106,564
Leisure Products – 0.8%
	Polaris Industries, Inc.	540,531	64,793,451
Machinery – 0.2%
	Colfax Corp.*	448,428	13,412,481
Media – 3.9%
	Comcast Corp. - Class A^†	2,649,772	150,719,031
	Liberty Global PLC - Class C*	1,410,795	57,870,811
	Walt Disney Co.	979,847	100,140,363
			308,730,205
Multiline Retail – 2.0%
	Dollar General Corp.	435,883	31,575,365
	Dollar Tree, Inc.*	1,909,919	127,315,201
			158,890,566
Oil, Gas & Consumable Fuels – 1.1%
	Anadarko Petroleum Corp.	377,278	22,783,818
	Antero Resources Corp.*	782,068	16,548,559
	MarkWest Energy Partners LP	765,911	32,865,241
	Southwestern Energy Co.*	932,919	11,838,742
			84,036,360
Personal Products – 0.7%
	Estee Lauder Cos., Inc. - Class A	735,761	59,361,197
Pharmaceuticals – 12.4%
	AbbVie, Inc.	1,391,868	75,731,538
	Allergan PLC*	944,489	256,721,555
	Bristol-Myers Squibb Co.	3,233,911	191,447,531
	Eli Lilly & Co.	1,317,223	110,238,393
	Endo International PLC*	2,386,473	165,334,849
	Jazz Pharmaceuticals PLC*	464,371	61,673,113
	Mallinckrodt PLC*	906,137	57,938,400
	Valeant Pharmaceuticals International, Inc. (U.S. Shares)*	374,472	66,798,315
			985,883,694
Professional Services – 1.1%
	Verisk Analytics, Inc. - Class A*	1,132,126	83,675,433
Real Estate Investment Trusts (REITs) – 1.4%
	American Tower Corp.	1,267,183	111,486,760
Real Estate Management & Development – 2.2%
	CBRE Group, Inc. - Class A*	3,408,336	109,066,752
	Colony American Homes Holdings III LP^§	6,344,053	66,168,473
			175,235,225
Road & Rail – 2.1%
	Canadian Pacific Railway, Ltd. (U.S. Shares)	759,164	108,993,176
	Union Pacific Corp.	641,320	56,699,101
			165,692,277


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

Janus Investment Fund	9

Janus Fund

Schedule of Investments

September 30, 2015


Shares or Contract Amounts			Value
Common Stocks – (continued)
Semiconductor & Semiconductor Equipment – 5.3%
	ARM Holdings PLC	7,340,943	$105,774,001
	Avago Technologies, Ltd.	861,128	107,649,611
	Freescale Semiconductor, Ltd.*	2,174,294	79,535,675
	NXP Semiconductor NV*	1,105,750	96,277,653
	Taiwan Semiconductor Manufacturing Co., Ltd.	7,776,814	31,045,205
			420,282,145
Software – 8.0%
	Adobe Systems, Inc.*	682,936	56,150,998
	ANSYS, Inc.*	598,667	52,766,509
	Cadence Design Systems, Inc.*	5,973,171	123,525,176
	NetSuite, Inc.*^,†	1,390,551	116,667,229
	Oracle Corp.	1,184,487	42,783,670
	Salesforce.com, Inc.*	1,326,105	92,071,470
	ServiceNow, Inc.*	523,851	36,381,452
	Ultimate Software Group, Inc.*	486,382	87,067,242
	Workday, Inc. - Class A*	438,239	30,177,138
			637,590,884
Specialty Retail – 6.6%
	AutoZone, Inc.*	109,920	79,563,394
	Home Depot, Inc.	2,057,837	237,659,595
	Sally Beauty Holdings, Inc.*	2,077,275	49,335,281
	TJX Cos., Inc.	2,194,688	156,744,617
			523,302,887
Technology Hardware, Storage & Peripherals – 3.8%
	Apple, Inc.^†	2,718,362	299,835,329
Textiles, Apparel & Luxury Goods – 0.6%
	Gildan Activewear, Inc.	1,461,262	44,071,662
Wireless Telecommunication Services – 0.7%
	T-Mobile US, Inc.*	1,384,332	55,110,257
Total Common Stocks (cost $6,928,549,009)			8,010,129,408
OTC Purchased Options – Puts – 0%
Counterparty/Reference Asset
Morgan Stanley & Co. International PLC:
	MasterCard, Inc. - Class A, exercise price $90.00, expires October 2015*	4,780	916,480
	SPDR S&P 500^{^®} Trust (ETF), exercise price $198.00, expires October 2015*	5,003	3,645,940
	Starbucks Corp., exercise price $50.00, expires October 2015*	8,605	135,878
Total OTC Purchased Options – Puts (premiums paid $4,889,704)			4,698,298
Total Investments (total cost $6,933,438,713) – 100.7%			8,014,827,706
Liabilities, net of Cash, Receivables and Other Assets – (0.7)%			(59,526,565)
Net Assets – 100%			$7,955,301,141


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

		% of Investment
Country	Value	Securities
United States	$7,492,546,261	93.5	%
Canada	219,863,153	2.7
United Kingdom	105,774,001	1.3
Netherlands	96,277,653	1.2
China	69,321,433	0.9
Taiwan	31,045,205	0.4

Total	$8,014,827,706	100.0	%


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

10	SEPTEMBER 30, 2015

Janus Fund

Schedule of Investments

September 30, 2015


Schedule of Foreign Currency Contracts, Open
Counterparty/ Currency		Settlement Date		Currency Units Sold				Currency Value				Unrealized Appreciation/ (Depreciation)
Bank of America:
British Pound	10/29/15		13,815,000		$		20,892,046		$		163,672
Citibank NA:
British Pound	10/22/15		1,600,000				2,419,728				43,309
Credit Suisse International:
British Pound	10/8/15		12,905,000				19,518,092				516,908
HSBC Securities (USA), Inc.:
British Pound	10/22/15		12,149,000				18,373,295				324,502
RBC Capital Markets Corp.:
British Pound	10/15/15		4,472,000				6,763,395				52,949
Total						$		67,966,556		$		1,101,340


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

Janus Investment Fund	11

Janus Fund

Notes to Schedule of Investments and Other Information


Core Growth Index	An internally-calculated, hypothetical combination of total returns from the Russell 1000^{^®} Growth Index (50%) and the S&P 500^{^®} Index (50%).
Russell 1000^{^®} Growth Index	Measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.
S&P 500^{^®} Index	Measures broad U.S. equity performance.


ADR	American Depositary Receipt
ETF	Exchange-Traded Fund
LP	Limited Partnership
OTC	Over-the-Counter
PLC	Public Limited Company
SPDR	Standard & Poor's Depositary Receipt
U.S. Shares	Securities of foreign companies trading on an American stock exchange.


*	Non-income producing security.
†	A portion of this security has been segregated to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales, swap agreements, and/or securities with extended settlement dates, the value of which, as of September 30, 2015, is $421,142,350.


	Share Balance at 9/30/14	Purchases	Sales	Share Balance at 9/30/15	Dividend Income	Value at 9/30/15
Janus Cash Liquidity Fund LLC	97,632,403	1,983,058,481	(2,080,690,884)	-	$ 203,959	$ -


§	Schedule of Restricted and Illiquid Securities (as of September 30, 2015)
							Value as a
		Acquisition					% of Net
		Date		Cost		Value	Assets
Colony American Homes Holdings III LP		1/30/13	$	63,520,047	$	66,168,473	0.8	%


The Fund has registration rights for certain restricted securities held as of September 30, 2015. The issuer incurs all registration costs.


12	SEPTEMBER 30, 2015

Janus Fund

Notes to Schedule of Investments and Other Information


The following is a summary of the inputs that were used to value the Fund's investments in securities and other financial instruments as of September 30, 2015. See Notes to Financial Statements for more information.
Valuation Inputs Summary
	Level 1 - Quoted Prices	Level 2 - Other Significant Observable Inputs	Level 3 - Significant Unobservable Inputs
Assets
Investments in Securities:
Common Stocks
Real Estate Management & Development	$ 109,066,752	$ -	$ 66,168,473
Semiconductor & Semiconductor Equipment	283,462,939	136,819,206	-
All Other	7,414,612,038	-	-
OTC Purchased Options – Puts	-	4,698,298	-
Total Investments in Securities	$ 7,807,141,729	$ 141,517,504	$ 66,168,473
Other Financial Instruments^(a):
Forward Currency Contracts	$ -	$ 1,101,340	$ -
Total Assets	$ 7,807,141,729	$ 142,618,844	$ 66,168,473
(a) Other financial instruments include forward currency, futures, written options, and swap contracts. Forward currency contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options and swap contracts are reported at their market value at measurement date.


Janus Investment Fund	13

Janus Fund

Statement of Assets and Liabilities

September 30, 2015

See footnotes at the end of the Statement.


Assets:
	Investments, at cost		$	6,933,438,713
	Investments, at value		$	8,014,827,706
	Forward currency contracts			1,101,340
	Closed foreign currency contracts			606,672
	Non-interested Trustees' deferred compensation			158,927
	Receivables:
		Investments sold		46,934,256
		Dividends		4,410,803
		Fund shares sold		866,540
		Foreign tax reclaims		131,903
		Dividends from affiliates		808
	Other assets			140,168
Total Assets				8,069,179,123
Liabilities:
	Due to custodian			17,816,989
	Payables:			—
		Investments purchased		76,531,390
		Fund shares repurchased		13,264,022
		Advisory fees		4,345,474
		Transfer agent fees and expenses		1,245,579
		Non-interested Trustees' deferred compensation fees		158,927
		Fund administration fees		64,503
		Non-interested Trustees' fees and expenses		50,671
		Professional fees		43,450
		12b-1 Distribution and shareholder servicing fees		16,352
		Custodian fees		1,255
		Accrued expenses and other payables		339,370
Total Liabilities				113,877,982
Net Assets			$	7,955,301,141


See Notes to Financial Statements.

14	SEPTEMBER 30, 2015

Janus Fund

Statement of Assets and Liabilities

September 30, 2015


Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	6,055,120,165
	Undistributed net investment income/(loss)		50,087,067
	Undistributed net realized gain/(loss) from investments and foreign currency transactions		767,604,802
	Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees' deferred compensation		1,082,489,107
Total Net Assets		$	7,955,301,141
Net Assets - Class A Shares		$	16,208,317
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		447,446
Net Asset Value Per Share⁽¹⁾		$	36.22
Maximum Offering Price Per Share⁽²⁾		$	38.43
Net Assets - Class C Shares		$	6,464,964
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		184,482
Net Asset Value Per Share⁽¹⁾		$	35.04
Net Assets - Class D Shares		$	5,683,312,329
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		155,646,385
Net Asset Value Per Share		$	36.51
Net Assets - Class I Shares		$	456,606,210
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		12,502,440
Net Asset Value Per Share		$	36.52
Net Assets - Class N Shares		$	52,299,803
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,429,219
Net Asset Value Per Share		$	36.59
Net Assets - Class R Shares		$	4,687,712
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		130,969
Net Asset Value Per Share		$	35.79
Net Assets - Class S Shares		$	26,529,060
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		727,960
Net Asset Value Per Share		$	36.44
Net Assets - Class T Shares		$	1,709,192,746
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		46,697,628
Net Asset Value Per Share		$	36.60

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

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


See Notes to Financial Statements.

Janus Investment Fund	15

Janus Fund

Statement of Operations

For the year ended September 30, 2015


Investment Income:
	Dividends		$	100,954,811
	Dividends from affiliates			203,959
	Other income			2,089
	Foreign tax withheld			(425,870)
Total Investment Income				100,734,989
Expenses:
	Advisory fees			50,279,962
	12b-1Distribution and shareholder servicing fees:
		Class A Shares		39,436
		Class C Shares		52,735
		Class R Shares		19,918
		Class S Shares		76,851
	Transfer agent administrative fees and expenses:
		Class D Shares		7,311,502
		Class R Shares		9,959
		Class S Shares		77,731
		Class T Shares		4,441,443
	Transfer agent networking and omnibus fees:
		Class A Shares		17,032
		Class C Shares		5,687
		Class I Shares		477,079
	Other transfer agent fees and expenses:
		Class A Shares		1,421
		Class C Shares		732
		Class D Shares		1,071,756
		Class I Shares		15,755
		Class N Shares		172
		Class R Shares		77
		Class S Shares		454
		Class T Shares		18,879
	Shareholder reports expense			1,001,748
	Fund administration fees			759,106
	Non-interested Trustees’ fees and expenses			198,102
	Professional fees			145,260
	Registration fees			139,421
	Custodian fees			75,474
	Other expenses			334,080
Total Expenses				66,571,772
Less: Excess Expense Reimbursement				(442,223)
Net Expenses				66,129,549
Net Investment Income/(Loss)				34,605,440
Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions			789,677,086
	Written options contracts			647,362
Total Net Realized Gain/(Loss) on Investments				790,324,448
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation			(426,255,716)
	Written options contracts			3,041,786
Total Change in Unrealized Net Appreciation/Depreciation				(423,213,930)
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	401,715,958


See Notes to Financial Statements.

16	SEPTEMBER 30, 2015

Janus Fund

Statements of Changes in Net Assets



			Year ended September 30, 2015		Year ended September 30, 2014
Operations:
	Net investment income/(loss)		$	34,605,440	$	25,785,388
	Net realized gain/(loss) on investments			790,324,448		1,596,532,305
	Change in unrealized net appreciation/depreciation			(423,213,930)		(485,206,038)
Net Increase/(Decrease) in Net Assets Resulting from Operations				401,715,958		1,137,111,655
Dividends and Distributions to Shareholders:
	Dividends from Net Investment Income
		Class D Shares		(7,400,533)		(19,624,172)
		Class I Shares		(1,022,659)		(593,856)
		Class N Shares		(51,550)		(66,656)
		Class R Shares		—		(2,106)
		Class S Shares		—		(64,152)
		Class T Shares		(450,536)		(5,280,453)
	Total Dividends from Net Investment Income			(8,925,278)		(25,631,395)
	Distributions from Net Realized Gain from Investment Transactions
		Class A Shares		(2,992,735)		(88,185)
		Class C Shares		(1,080,157)		(25,299)
		Class D Shares		(1,178,745,976)		(26,654,269)
		Class I Shares		(88,223,078)		(715,340)
		Class N Shares		(3,898,330)		(92,497)
		Class R Shares		(575,708)		(17,718)
		Class S Shares		(5,993,183)		(200,134)
		Class T Shares		(332,194,832)		(8,242,065)
	Total Distributions from Net Realized Gain from Investment Transactions			(1,613,703,999)		(36,035,507)
Net Decrease from Dividends and Distributions to Shareholders				(1,622,629,277)		(61,666,902)
Capital Share Transactions:
		Class A Shares		3,932,497		(5,388,530)
		Class C Shares		2,052,745		(365,084)
		Class D Shares		820,919,346		(324,316,033)
		Class I Shares		267,421,244		105,586,686
		Class N Shares		39,382,921		(10,475,299)
		Class R Shares		2,458,027		(924,265)
		Class S Shares		202,246		(15,780,295)
		Class T Shares		347,811,284		(264,501,104)
Net Increase/(Decrease) from Capital Share Transactions				1,484,180,310		(516,163,924)
Net Increase/(Decrease) in Net Assets				263,266,991		559,280,829
Net Assets:
	Beginning of period			7,692,034,150		7,132,753,321
	End of period		$	7,955,301,141	$	7,692,034,150

Undistributed Net Investment Income/(Loss)			$	50,087,067	$	8,764,696


See Notes to Financial Statements.

Janus Investment Fund	17

Janus Fund

Financial Highlights


Class A Shares
For a share outstanding during each year ended September 30			2015	2014	2013	2012	2011
	Net Asset Value, Beginning of Period		$43.19	$37.33	$31.74	$25.33	$26.81
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.09⁽¹⁾	0.06⁽¹⁾	(7.61)	0.11	0.11
		Net realized and unrealized gain/(loss)	1.98	5.99	13.41	6.44	(1.45)
	Total from Investment Operations		2.07	6.05	5.80	6.55	(1.34)
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	(0.21)	(0.14)	(0.14)
		Distributions (from capital gains)	(9.04)	(0.19)	—	—	—
	Total Dividends and Distributions		(9.04)	(0.19)	(0.21)	(0.14)	(0.14)
	Net Asset Value, End of Period		$36.22	$43.19	$37.33	$31.74	$25.33
	Total Return*		4.97%	16.27%	18.39%	25.96%	(5.08)%
	Net Assets, End of Period (in thousands)		$16,208	$14,675	$17,579	$1,117,172	$851,546
	Average Net Assets for the Period (in thousands)		$15,975	$16,911	$982,481	$986,388	$640,709
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.98%	0.86%	0.99%	1.02%	1.07%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.98%	0.86%	0.95%	0.89%	0.98%
		Ratio of Net Investment Income/(Loss)	0.22%	0.16%	0.65%	0.48%	0.41%
	Portfolio Turnover Rate		53%	62%	46%	46%	90%


Class C Shares
For a share outstanding during each year ended September 30			2015	2014	2013	2012	2011
	Net Asset Value, Beginning of Period		$42.33	$36.88	$31.32	$25.06	$26.59
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	(0.15)⁽¹⁾	(0.25)⁽¹⁾	(0.24)	(0.14)	(0.14)
		Net realized and unrealized gain/(loss)	1.90	5.89	5.80	6.40	(1.39)
	Total from Investment Operations		1.75	5.64	5.56	6.26	(1.53)
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—
		Distributions (from capital gains)	(9.04)	(0.19)	—	—	—
	Total Dividends and Distributions		(9.04)	(0.19)	—	—	—
	Net Asset Value, End of Period		$35.04	$42.33	$36.88	$31.32	$25.06
	Total Return*		4.19%	15.35%	17.75%	24.98%	(5.75)%
	Net Assets, End of Period (in thousands)		$6,465	$5,349	$4,998	$5,498	$4,599
	Average Net Assets for the Period (in thousands)		$5,955	$5,245	$4,814	$5,620	$5,722
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.61%	1.65%	1.67%	1.69%	1.70%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.61%	1.65%	1.63%	1.64%	1.70%
		Ratio of Net Investment Income/(Loss)	(0.40)%	(0.63)%	(0.09)%	(0.29)%	(0.32)%
	Portfolio Turnover Rate		53%	62%	46%	46%	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.

18	SEPTEMBER 30, 2015

Janus Fund

Financial Highlights


Class D Shares
For a share outstanding during each year ended September 30			2015	2014	2013	2012	2011
	Net Asset Value, Beginning of Period		$43.44	$37.60	$31.89	$25.43	$26.83
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.17⁽¹⁾	0.15⁽¹⁾	0.22	0.18	0.17
		Net realized and unrealized gain/(loss)	2.00	6.02	5.76	6.45	(1.46)
	Total from Investment Operations		2.17	6.17	5.98	6.63	(1.29)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.06)	(0.14)	(0.27)	(0.17)	(0.11)
		Distributions (from capital gains)	(9.04)	(0.19)	—	—	—
	Total Dividends and Distributions		(9.10)	(0.33)	(0.27)	(0.17)	(0.11)
	Net Asset Value, End of Period		$36.51	$43.44	$37.60	$31.89	$25.43
	Total Return*		5.20%	16.52%	18.92%	26.18%	(4.86)%
	Net Assets, End of Period (in thousands)		$5,683,312	$5,736,396	$5,260,579	$4,785,902	$4,119,798
	Average Net Assets for the Period (in thousands)		$6,092,918	$5,607,909	$4,928,021	$4,622,266	$4,895,030
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.77%	0.66%	0.68%	0.68%	0.77%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.77%	0.66%	0.68%	0.68%	0.77%
		Ratio of Net Investment Income/(Loss)	0.42%	0.36%	0.85%	0.69%	0.60%
	Portfolio Turnover Rate		53%	62%	46%	46%	90%


Class I Shares
For a share outstanding during each year ended September 30			2015	2014	2013	2012	2011
	Net Asset Value, Beginning of Period		$43.46	$37.63	$31.91	$25.44	$26.87
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.20⁽¹⁾	0.17⁽¹⁾	0.25	0.21	0.17
		Net realized and unrealized gain/(loss)	2.00	6.01	5.76	6.45	(1.45)
	Total from Investment Operations		2.20	6.18	6.01	6.66	(1.28)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.10)	(0.16)	(0.29)	(0.19)	(0.15)
		Distributions (from capital gains)	(9.04)	(0.19)	—	—	—
	Total Dividends and Distributions		(9.14)	(0.35)	(0.29)	(0.19)	(0.15)
	Net Asset Value, End of Period		$36.52	$43.46	$37.63	$31.91	$25.44
	Total Return*		5.30%	16.53%	18.98%	26.30%	(4.83)%
	Net Assets, End of Period (in thousands)		$456,606	$265,667	$140,367	$143,353	$147,597
	Average Net Assets for the Period (in thousands)		$504,848	$158,634	$135,903	$156,600	$159,134
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.72%	0.61%	0.61%	0.63%	0.72%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.72%	0.61%	0.61%	0.63%	0.72%
		Ratio of Net Investment Income/(Loss)	0.49%	0.41%	0.94%	0.73%	0.67%
	Portfolio Turnover Rate		53%	62%	46%	46%	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 Fund

Financial Highlights


Class N Shares
For a share outstanding during each year or period ended September 30			2015	2014	2013	2012⁽¹⁾
	Net Asset Value, Beginning of Period		$43.51	$37.61	$31.92	$29.54
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.27⁽²⁾	0.21⁽²⁾	(1.56)	0.04
		Net realized and unrealized gain/(loss)	1.97	6.02	7.59	2.34
	Total from Investment Operations		2.24	6.23	6.03	2.38
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.12)	(0.14)	(0.34)	—
		Distributions (from capital gains)	(9.04)	(0.19)	—	—
	Total Dividends and Distributions		(9.16)	(0.33)	(0.34)	—
	Net Asset Value, End of Period		$36.59	$43.51	$37.61	$31.92
	Total Return*		5.39%	16.66%	19.08%	8.06%
	Net Assets, End of Period (in thousands)		$52,300	$18,843	$26,202	$24,587
	Average Net Assets for the Period (in thousands)		$32,464	$20,018	$202,860	$17,258
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.64%	0.51%	0.52%	0.55%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.64%	0.51%	0.52%	0.55%
		Ratio of Net Investment Income/(Loss)	0.69%	0.51%	1.33%	0.91%
	Portfolio Turnover Rate		53%	62%	46%	46%


Class R Shares
For a share outstanding during each year ended September 30			2015	2014	2013	2012	2011
	Net Asset Value, Beginning of Period		$42.90	$37.26	$31.54	$25.22	$26.68
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	(0.07)⁽²⁾	(0.10)⁽²⁾	0.03	(0.04)	0.01
		Net realized and unrealized gain/(loss)	2.00	5.95	5.71	6.44	(1.47)
	Total from Investment Operations		1.93	5.85	5.74	6.40	(1.46)
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	(0.02)	(0.02)	(0.08)	—
		Distributions (from capital gains)	(9.04)	(0.19)	—	—	—
	Total Dividends and Distributions		(9.04)	(0.21)	(0.02)	(0.08)	—
	Net Asset Value, End of Period		$35.79	$42.90	$37.26	$31.54	$25.22
	Total Return*		4.62%	15.77%	18.21%	25.44%	(5.47)%
	Net Assets, End of Period (in thousands)		$4,688	$2,787	$3,259	$2,427	$2,175
	Average Net Assets for the Period (in thousands)		$3,984	$3,267	$2,801	$2,600	$1,644
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.38%	1.26%	1.28%	1.29%	1.37%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.38%	1.26%	1.28%	1.29%	1.37%
		Ratio of Net Investment Income/(Loss)	(0.17)%	(0.24)%	0.23%	0.07%	0.00%⁽³⁾
	Portfolio Turnover Rate		53%	62%	46%	46%	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 May 31, 2012 (inception date) through September 30, 2012.
(2)	Per share amounts are calculated based on average shares outstanding during the year or period.
(3)	Less than 0.005%.


See Notes to Financial Statements.

20	SEPTEMBER 30, 2015

Janus Fund

Financial Highlights


Class S Shares
For a share outstanding during each year ended September 30			2015	2014	2013	2012	2011
	Net Asset Value, Beginning of Period		$43.43	$37.65	$31.84	$25.35	$26.77
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.03⁽¹⁾	0.01⁽¹⁾	0.14	0.09	0.06
		Net realized and unrealized gain/(loss)	2.02	6.02	5.75	6.44	(1.46)
	Total from Investment Operations		2.05	6.03	5.89	6.53	(1.40)
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	(0.06)	(0.08)	(0.04)	(0.02)
		Distributions (from capital gains)	(9.04)	(0.19)	—	—	—
	Total Dividends and Distributions		(9.04)	(0.25)	(0.08)	(0.04)	(0.02)
	Net Asset Value, End of Period		$36.44	$43.43	$37.65	$31.84	$25.35
	Total Return*		4.88%	16.10%	18.55%	25.79%	(5.25)%
	Net Assets, End of Period (in thousands)		$26,529	$30,752	$41,000	$43,993	$60,817
	Average Net Assets for the Period (in thousands)		$31,092	$37,988	$41,378	$54,961	$76,115
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.11%	1.01%	1.02%	1.03%	1.14%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.09%	0.98%	0.99%	1.02%	1.14%
		Ratio of Net Investment Income/(Loss)	0.08%	0.04%	0.55%	0.32%	0.23%
	Portfolio Turnover Rate		53%	62%	46%	46%	90%


Class T Shares
For a share outstanding during each year ended September 30			2015	2014	2013	2012	2011
	Net Asset Value, Beginning of Period		$43.50	$37.68	$31.90	$25.42	$26.82
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.14⁽¹⁾	0.11⁽¹⁾	0.28	0.18	0.16
		Net realized and unrealized gain/(loss)	2.01	6.02	5.69	6.43	(1.50)
	Total from Investment Operations		2.15	6.13	5.97	6.61	(1.34)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.01)	(0.12)	(0.19)	(0.13)	(0.06)
		Distributions (from capital gains)	(9.04)	(0.19)	—	—	—
	Total Dividends and Distributions		(9.05)	(0.31)	(0.19)	(0.13)	(0.06)
	Net Asset Value, End of Period		$36.60	$43.50	$37.68	$31.90	$25.42
	Total Return*		5.15%	16.37%	18.83%	26.07%	(5.01)%
	Net Assets, End of Period (in thousands)		$1,709,193	$1,617,564	$1,638,769	$1,987,992	$2,032,008
	Average Net Assets for the Period (in thousands)		$1,776,577	$1,689,483	$1,591,600	$2,149,222	$2,583,683
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.87%	0.76%	0.78%	0.78%	0.89%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.84%	0.75%	0.76%	0.78%	0.89%
		Ratio of Net Investment Income/(Loss)	0.35%	0.27%	0.75%	0.58%	0.48%
	Portfolio Turnover Rate		53%	62%	46%	46%	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	21

Janus Henderson Overseas Fund Class S (JIGRX) N-CSRCertified annual shareholder report (management investment company)