Janus Henderson Growth And Income Fund NCSR Certified annual shareholder report (management investment company)

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)

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

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

Date of fiscal year end: 6/30

Date of reporting period: 6/30/16

Item 1 - Reports to Shareholders



	ANNUAL REPORT June 30, 2016

INTECH Emerging Markets Managed Volatility Fund

Janus Investment Fund

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

Table of Contents

INTECH Emerging Markets Managed Volatility Fund

INTECH Emerging Markets Managed Volatility Fund (unaudited)

FUND SNAPSHOT

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

Managed by

INTECH Investment

Management LLC

PERFORMANCE OVERVIEW

For the twelve-month period ended June 30, 2016, INTECH Emerging Markets Managed Volatility Fund returned -8.60% for its Class I Shares. This compares to the -12.06% return posted by the MSCI Emerging Markets Index, the Fund’s benchmark.

INVESTMENT STRATEGY

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

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

PERFORMANCE REVIEW

The MSCI Emerging Markets Index posted a return of -12.06% for the twelve-month period ending June 30, 2016. INTECH Emerging Markets Managed Volatility Fund outperformed the MSCI Emerging Markets Index over the period and generated a return of -8.60%.

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

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

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


Janus Investment Fund	1

INTECH Emerging Markets Managed Volatility Fund (unaudited)

OUTLOOK

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

Managing downside exposure potentially allows for returns to compound and improve risk-adjusted returns over time. Over the long term, we believe that by reducing risk when market volatility increases and behaving like a core equity fund when market volatility is low, the Fund will achieve its investment objective of producing an excess return over the benchmark with lower absolute risk. Going forward, we will continue building portfolios in a disciplined and deliberate manner, with risk management remaining the hallmark of our investment process. As INTECH’s ongoing research efforts yield modest improvements, we will continue implementing changes that we believe are likely to improve the long-term results for our fund shareholders.

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


2	JUNE 30, 2016

INTECH Emerging Markets Managed Volatility Fund (unaudited)

Fund At A Glance

June 30, 2016


5 Largest Equity Holdings - (% of Net Assets)
iShares India 50
Exchange-Traded Funds (ETFs)	13.9%
Chunghwa Telecom Co., Ltd.
Diversified Telecommunication Services	4.6%
Taiwan Mobile Co., Ltd.
Wireless Telecommunication Services	2.3%
KT&G Corp.
Tobacco	2.0%
Kia Motors Corp.
Automobiles	1.9%
	24.7%


Asset Allocation - (% of Net Assets)
Common Stocks	84.7%
Investment Companies	14.9%
Preferred Stocks	0.9%
Other		(0.5)%
		100.0%

Emerging markets comprised 99.5% of total net assets.

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

As of June 30, 2016

As of June 30, 2015


Janus Investment Fund	3

INTECH Emerging Markets Managed Volatility Fund (unaudited)

Performance

See important disclosures on the next page.



			Expense Ratios - per the October 28, 2015
Average Annual Total Return - for the periods ended June 30, 2016			prospectuses (estimated for the fiscal year)
	One Year	Since Inception*	Total Annual Fund Operating Expenses	Net Annual Fund Operating Expenses
Class A Shares at NAV	-8.76%	-2.33%	36.32%	1.36%
Class A Shares at MOP	-13.97%	-6.03%
Class C Shares at NAV	-9.55%	-3.12%	37.13%	2.14%
Class C Shares at CDSC	-10.44%	-3.12%
Class D Shares⁽¹⁾	-8.58%	-2.21%	27.21%	1.28%
Class I Shares	-8.60%	-2.10%	27.42%	1.10%
Class S Shares	-8.75%	-2.45%	36.59%	1.63%
Class T Shares	-8.58%	-2.21%	35.60%	1.37%
MSCI Emerging Markets Index	-12.06%	-3.64%
Morningstar Quartile - Class I Shares	2nd	2nd
Morningstar Ranking - based on total returns for Diversified Emerging Markets Funds	298/892	265/855

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

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

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

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

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


4	JUNE 30, 2016

INTECH Emerging Markets Managed Volatility Fund (unaudited)

Performance

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

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

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

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

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

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

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

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

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

The weighting of securities within the Fund's portfolio may differ significantly from the weightings within the index. The index is unmanaged and not available for direct investment; therefore its performance does not reflect the expenses associated with the active management of an actual portfolio.

See “Useful Information About Your Fund Report.”

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

(1) Closed to certain new investors.


Janus Investment Fund	5

INTECH Emerging Markets Managed Volatility Fund (unaudited)

Expense Examples

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (1/1/16)	Ending Account Value (6/30/16)	Expenses Paid During Period (1/1/16 - 6/30/16)†	Beginning Account Value (1/1/16)	Ending Account Value (6/30/16)	Expenses Paid During Period (1/1/16 - 6/30/16)†	Net Annualized Expense Ratio (1/1/16 - 6/30/16)
Class A Shares		$1,000.00	$1,054.50	$6.69	$1,000.00	$1,018.35	$6.57	1.31%
Class C Shares		$1,000.00	$1,050.10	$11.06	$1,000.00	$1,014.07	$10.87	2.17%
Class D Shares		$1,000.00	$1,055.60	$5.83	$1,000.00	$1,019.19	$5.72	1.14%
Class I Shares		$1,000.00	$1,055.60	$5.11	$1,000.00	$1,019.89	$5.02	1.00%
Class S Shares		$1,000.00	$1,054.50	$6.64	$1,000.00	$1,018.40	$6.52	1.30%
Class T Shares		$1,000.00	$1,055.60	$5.52	$1,000.00	$1,019.49	$5.42	1.08%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


6	JUNE 30, 2016

INTECH Emerging Markets Managed Volatility Fund

Schedule of Investments

June 30, 2016


Shares			Value
Common Stocks – 84.7%
Aerospace & Defense – 0.2%
	Embraer SA	900	$4,904
Auto Components – 1.9%
	Cheng Shin Rubber Industry Co., Ltd.	2,000	4,209
	Hankook Tire Co., Ltd.	55	2,448
	Hanon Systems	2,456	22,555
	Hyundai Mobis Co., Ltd.	84	18,395
			47,607
Automobiles – 3.1%
	Astra International Tbk PT	1,800	1,015
	Guangzhou Automobile Group Co., Ltd.	12,000	14,460
	Hyundai Motor Co.	127	15,047
	Kia Motors Corp.	1,271	47,880
			78,402
Beverages – 1.1%
	Arca Continental SAB de CV	200	1,434
	China Resources Beer Holdings Co., Ltd.	12,000	26,290
	Coca-Cola Femsa SAB de CV	100	830
			28,554
Biotechnology – 0.1%
	Celltrion, Inc.	47	3,958
Capital Markets – 0.7%
	CETIP SA - Mercados Organizados	1,300	17,724
Chemicals – 0.6%
	Formosa Plastics Corp.	2,000	4,832
	Indorama Ventures PCL	2,200	1,829
	Lotte Chemical Corp.	6	1,496
	Petronas Chemicals Group Bhd	1,100	1,807
	Sinopec Shanghai Petrochemical Co., Ltd.	12,000	5,501
			15,465
Commercial Banks – 10.6%
	Banco de Chile	159,720	17,118
	Banco de Credito e Inversiones	7	303
	Bangkok Bank PCL	700	3,246
	Bank Central Asia Tbk PT	3,400	3,440
	Bank Mandiri Persero Tbk PT	9,500	6,888
	Bank Negara Indonesia Persero Tbk PT	5,700	2,254
	Bank of the Philippine Islands	8,930	18,516
	Bank Rakyat Indonesia Persero Tbk PT	1,100	904
	BDO Unibank, Inc.	4,140	9,889
	Chang Hwa Commercial Bank, Ltd.	2,000	1,042
	Commercial Bank QSC	1,333	13,571
	Commercial International Bank Egypt SAE	1,870	8,388
	Doha Bank QSC	825	8,048
	First Financial Holding Co., Ltd.	18,105	9,518
	Hong Leong Bank Bhd	3,100	10,170
	Itau CorpBanca	130,031	1,104
	Kasikornbank PCL	1,300	6,394
	Komercni Banka A/S	760	28,496
	Krung Thai Bank PCL	10,000	4,657
	Malayan Banking Bhd	2,600	5,266
	National Bank of Abu Dhabi PJSC	2,339	6,158
	OTP Bank PLC	1,303	29,232
	Public Bank Bhd	5,800	27,960
	Qatar Islamic Bank SAQ	20	529
	Qatar National Bank SAQ	627	24,140
	Security Bank Corp.	440	1,797
	Taiwan Cooperative Financial Holding Co., Ltd.	50,521	22,320
	Yapi ve Kredi Bankasi A/S*	836	1,173
			272,521


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

Janus Investment Fund	7

INTECH Emerging Markets Managed Volatility Fund

Schedule of Investments

June 30, 2016


Shares			Value
Common Stocks – (continued)
Commercial Services & Supplies – 0.6%
	S-1 Corp.	161	$15,099
Construction & Engineering – 0.8%
	China State Construction International Holdings, Ltd.	2,000	2,650
	Dialog Group Bhd	12,500	4,782
	Gamuda Bhd	900	1,086
	IJM Corp. Bhd	13,100	11,351
			19,869
Construction Materials – 0.1%
	Cementos Argos SA	502	2,049
Diversified Consumer Services – 1.1%
	New Oriental Education & Technology Group, Inc. (ADR)	500	20,940
	TAL Education Group (ADR)*	100	6,206
			27,146
Diversified Financial Services – 0.6%
	BM&FBovespa SA	100	560
	GT Capital Holdings, Inc.	80	2,460
	Metro Pacific Investments Corp.	92,300	13,722
			16,742
Diversified Telecommunication Services – 7.1%
	China Telecom Corp., Ltd. - Class H	2,000	895
	Chunghwa Telecom Co., Ltd.	33,000	119,206
	Emirates Telecommunications Group Co. PJSC	7,314	37,751
	Ooredoo QSC	143	3,474
	Telekom Malaysia Bhd	2,400	4,040
	Telekomunikasi Indonesia Persero Tbk PT	57,100	17,328
			182,694
Electric Utilities – 0.7%
	CEZ A/S	469	8,016
	Equatorial Energia SA	200	3,029
	Tenaga Nasional Bhd	2,300	8,053
			19,098
Electronic Equipment, Instruments & Components – 1.6%
	AAC Technologies Holdings, Inc.	3,500	30,082
	Delta Electronics Thailand PCL	1,700	3,321
	Samsung SDI Co., Ltd.	37	3,499
	Synnex Technology International Corp.	2,000	2,169
	WPG Holdings, Ltd.	1,000	1,165
			40,236
Food & Staples Retailing – 3.3%
	BGF Retail Co., Ltd.	37	6,919
	Cencosud SA	1,436	4,098
	CP ALL PCL	19,800	28,410
	GS Retail Co., Ltd.	84	4,001
	President Chain Store Corp.	1,000	7,824
	Raia Drogasil SA	400	7,863
	Wal-Mart de Mexico SAB de CV	10,900	26,185
			85,300
Food Products – 4.7%
	Charoen Pokphand Indonesia Tbk PT	26,700	7,615
	China Huishan Dairy Holdings Co., Ltd.	55,000	22,558
	China Mengniu Dairy Co., Ltd.	2,000	3,504
	CJ CheilJedang Corp.	10	3,375
	Gruma SAB de CV - Class B	1,100	15,876
	Grupo Lala SAB de CV	200	439
	Indofood CBP Sukses Makmur TBK PT	1,700	2,223
	Indofood Sukses Makmur Tbk PT	8,400	4,623
	Kuala Lumpur Kepong Bhd	2,000	11,573
	Lotte Confectionery Co., Ltd.	45	7,645
	PPB Group Bhd	2,700	11,091


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

8	JUNE 30, 2016

INTECH Emerging Markets Managed Volatility Fund

Schedule of Investments

June 30, 2016


Shares			Value
Common Stocks – (continued)
Food Products – (continued)
	Qinqin Foodstuffs Group Cayman Co Ltd*^,ß	100	$142
	Uni-President Enterprises Corp.	8,000	15,783
	Universal Robina Corp.	3,030	13,415
	Want Want China Holdings, Ltd.	1,000	720
			120,582
Gas Utilities – 0%
	Petronas Gas Bhd	200	1,092
Health Care Equipment & Supplies – 0.2%
	Shandong Weigao Group Medical Polymer Co., Ltd.	8,000	4,571
Health Care Providers & Services – 2.2%
	Bangkok Dusit Medical Services PCL	39,600	27,009
	Bumrungrad Hospital PCL	4,400	22,893
	IHH Healthcare Bhd	4,300	7,047
			56,949
Hotels, Restaurants & Leisure – 1.6%
	Jollibee Foods Corp.	2,010	10,350
	Kangwon Land, Inc.	390	14,154
	Minor International PCL	14,980	17,191
			41,695
Household Durables – 0.8%
	Arcelik A/S	375	2,475
	Coway Co., Ltd.	133	12,092
	Hanssem Co., Ltd.	29	4,004
	LG Electronics, Inc.	49	2,309
			20,880
Household Products – 0.8%
	Kimberly-Clark de Mexico SAB de CV - Class A	6,400	15,102
	Unilever Indonesia Tbk PT	1,300	4,441
			19,543
Independent Power and Renewable Electricity Producers – 1.2%
	Aboitiz Power Corp.	14,100	13,889
	AES Gener SA	17,443	8,532
	Colbun SA	4,530	1,098
	Glow Energy PCL	3,400	8,324
			31,843
Industrial Conglomerates – 1.6%
	Aboitiz Equity Ventures, Inc.	19,620	32,796
	CITIC, Ltd.	5,000	7,299
	Samsung C&T Corp.	11	1,177
			41,272
Insurance – 0.7%
	Dongbu Insurance Co., Ltd.	117	7,045
	Samsung Fire & Marine Insurance Co., Ltd.	44	10,072
			17,117
Internet Software & Services – 2.6%
	58.com, Inc. (ADR)*	100	4,589
	NAVER Corp.	9	5,597
	NetEase, Inc. (ADR)	100	19,322
	Qihoo 360 Technology Co., Ltd. (ADR)*	500	36,525
			66,033
Marine – 0.5%
	MISC Bhd	6,700	12,421
Media – 0.3%
	CJ E&M Corp.	49	2,965
	Surya Citra Media Tbk PT	15,100	3,788
			6,753
Metals & Mining – 4.9%
	AngloGold Ashanti, Ltd.*	2,442	44,541
	China Steel Corp.	2,000	1,303


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

Janus Investment Fund	9

INTECH Emerging Markets Managed Volatility Fund

Schedule of Investments

June 30, 2016


Shares			Value
Common Stocks – (continued)
Metals & Mining – (continued)
	Cia de Minas Buenaventura SAA (ADR)*	700	$8,365
	Eregli Demir ve Celik Fabrikalari TAS	1,979	2,812
	Gold Fields, Ltd.	5,146	25,151
	Severstal PJSC (GDR)	856	9,410
	Sibanye Gold, Ltd.	8,361	28,673
	Zijin Mining Group Co., Ltd. - Class H	18,000	6,021
			126,276
Multiline Retail – 0.3%
	Hyundai Department Store Co., Ltd.	8	896
	Matahari Department Store Tbk PT	700	1,063
	SACI Falabella	717	5,469
			7,428
Multi-Utilities – 0.5%
	Qatar Electricity & Water Co QSC	188	10,715
	YTL Corp. Bhd	4,600	1,907
			12,622
Oil, Gas & Consumable Fuels – 2.5%
	Formosa Petrochemical Corp.	1,000	2,727
	IRPC PCL	38,900	5,284
	MOL Hungarian Oil & Gas PLC	329	19,037
	Petronas Dagangan Bhd	500	2,907
	Polski Koncern Naftowy Orlen SA	1,155	20,219
	Qatar Gas Transport Co., Ltd.	944	5,990
	Thai Oil PCL	4,300	7,366
			63,530
Paper & Forest Products – 0.9%
	Fibria Celulose SA	3,200	21,451
	Sappi, Ltd.*	172	804
			22,255
Personal Products – 0.3%
	Hengan International Group Co., Ltd.	500	4,207
	Hypermarcas SA	600	4,360
			8,567
Pharmaceuticals – 2.1%
	CSPC Pharmaceutical Group, Ltd.	18,000	16,070
	Hanmi Pharm Co., Ltd.	2	1,237
	Hanmi Science Co., Ltd.	7	938
	Richter Gedeon Nyrt	1,559	30,987
	Sino Biopharmaceutical, Ltd.	5,000	3,275
	Yuhan Corp.	9	2,393
			54,900
Real Estate Management & Development – 0.7%
	Central Pattana PCL	5,700	9,725
	China Vanke Co., Ltd. - Class H	500	990
	Country Garden Holdings Co., Ltd.	5,000	2,109
	Multiplan Empreendimentos Imobiliarios SA	200	3,752
	Summarecon Agung Tbk PT	7,500	1,034
			17,610
Road & Rail – 0.8%
	BTS Group Holdings PCL	43,100	11,800
	CJ Korea Express Co., Ltd.*	46	8,672
			20,472
Semiconductor & Semiconductor Equipment – 1.8%
	Hanergy Thin Film Power Group, Ltd.*^,ß	52,000	1,408
	Inotera Memories, Inc.*	13,000	10,133
	Powertech Technology, Inc.	6,000	13,308
	Siliconware Precision Industries Co., Ltd.	14,000	21,502
			46,351


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

10	JUNE 30, 2016

INTECH Emerging Markets Managed Volatility Fund

Schedule of Investments

June 30, 2016


Shares			Value
Common Stocks – (continued)
Software – 0.7%
	NCSoft Corp.	86	$17,634
Specialty Retail – 0.2%
	JUMBO SA	492	6,533
Technology Hardware, Storage & Peripherals – 0.2%
	Inventec Corp.	3,000	2,145
	Lite-On Technology Corp.	2,000	2,749
			4,894
Textiles, Apparel & Luxury Goods – 1.7%
	ANTA Sports Products, Ltd.	9,000	18,082
	Eclat Textile Co., Ltd.	22	212
	Shenzhou International Group Holdings, Ltd.	5,000	24,181
			42,475
Tobacco – 3.1%
	Gudang Garam Tbk PT	4,800	25,104
	Hanjaya Mandala Sampoerna Tbk PT	7,500	2,158
	KT&G Corp.	436	51,692
			78,954
Transportation Infrastructure – 3.3%
	Airports of Thailand PCL	3,200	35,519
	Bangkok Expressway & Metro PCL	17,600	3,468
	Beijing Capital International Airport Co., Ltd. - Class H	16,000	17,358
	COSCO Pacific, Ltd.	14,000	14,051
	Jiangsu Expressway Co., Ltd. - Class H	10,000	13,910
	Malaysia Airports Holdings Bhd	800	1,215
			85,521
Water Utilities – 1.3%
	Aguas Andinas SA - Class A	20,465	11,740
	Cia de Saneamento Basico do Estado de Sao Paulo	300	2,716
	Guangdong Investment, Ltd.	12,000	18,331
			32,787
Wireless Telecommunication Services – 8.0%
	Advanced Info Service PCL	6,000	27,127
	Axiata Group Bhd	7,300	10,226
	China Mobile, Ltd.	2,500	28,876
	DiGi.Com Bhd	18,600	22,107
	Far EasTone Telecommunications Co., Ltd.	18,000	43,499
	Maxis Bhd	10,200	14,962
	Taiwan Mobile Co., Ltd.	17,000	59,505
			206,302
Total Common Stocks (cost $2,140,012)			2,173,230
Preferred Stocks – 0.9%
Automobiles – 0.4%
	Hyundai Motor Co.	87	7,303
	Hyundai Motor Co.	38	3,124
			10,427
Commercial Banks – 0.1%
	Bancolombia SA	165	1,440
Paper & Forest Products – 0.4%
	Suzano Papel e Celulose SA	3,100	10,936
Total Preferred Stocks (cost $28,690)			22,803
Investment Companies – 14.9%
Exchange-Traded Funds (ETFs) – 13.9%
	iShares India 50	12,600	356,580


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

Janus Investment Fund	11

INTECH Emerging Markets Managed Volatility Fund

Schedule of Investments

June 30, 2016


Shares			Value
Investment Companies – (continued)
Money Markets – 1.0%
	Janus Cash Liquidity Fund LLC, 0.4506%^ºº,£	27,081	$27,081
Total Investment Companies (cost $374,773)			383,661
Total Investments (total cost $2,543,475) – 100.5%			2,579,694
Liabilities, net of Cash, Receivables and Other Assets – (0.5)%			(13,346)
Net Assets – 100%			$2,566,348


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

		% of
		Investment
Country	Value	Securities
China	$375,123	14.5	%
India	356,580	13.8
Taiwan	345,151	13.4
South Korea	305,621	11.8
Thailand	223,563	8.7
Malaysia	171,063	6.6
Philippines	116,834	4.5
South Africa	99,169	3.8
Indonesia	83,878	3.3
Hungary	79,256	3.1
Brazil	77,295	3.0
Qatar	66,467	2.6
Mexico	59,866	2.3
Chile	49,462	1.9
United Arab Emirates	43,909	1.7
Czech Republic	36,512	1.4
United States	27,081	1.1
Poland	20,219	0.8
Russia	9,410	0.4
Egypt	8,388	0.3
Peru	8,365	0.3
Greece	6,533	0.3
Turkey	6,460	0.3
Colombia	3,489	0.1



Total	$2,579,694	100.0	%


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

12	JUNE 30, 2016

INTECH Emerging Markets Managed Volatility 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
LLC	Limited Liability Company
PCL	Public Company Limited
PJSC	Private Joint Stock Company
PLC	Public Limited Company


*	Non-income producing security.


ß	Security is illiquid.


ºº	Rate shown is the 7-day yield as of June 30, 2016.

The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control. The following securities were considered affiliated companies for all or some portion of the year ended June 30, 2016. Unless otherwise indicated, all information in the table is for the year ended June 30, 2016.


	Share			Share
	Balance			Balance	Realized	Dividend	Value
	at 6/30/15	Purchases	Sales	at 6/30/16	Gain/(Loss)	Income	at 6/30/16

Janus Cash Collateral Fund LLC	3,025	323,150	(326,175)	—	$—	$79⁽¹⁾	$—
Janus Cash Liquidity Fund LLC	35,000	1,282,091	(1,290,010)	27,081	—	108	27,081

Total					$—	$187	$27,081

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


Janus Investment Fund	13

INTECH Emerging Markets Managed Volatility Fund

Notes to Schedule of Investments and Other Information


The following is a summary of the inputs that were used to value the Fund's investments in securities and other financial instruments as of June 30, 2016. 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
Aerospace & Defense	$ 4,904	$ -	$ -
Beverages	2,264	26,290	-
Capital Markets	17,724	-	-
Commercial Banks	18,525	253,996	-
Construction Materials	2,049	-	-
Diversified Consumer Services	27,146	-	-
Diversified Financial Services	560	16182	-
Electric Utilities	3,029	16,069	-
Food & Staples Retailing	38,146	47,154	-
Food Products	16,315	104,267	-
Household Products	15,102	4,441	-
Independent Power and Renewable Electricity Producers	9,630	22,213	-
Internet Software & Services	60,436	5,597	-
Metals & Mining	8,365	117,911	-
Multiline Retail	5,469	1,959	-
Paper & Forest Products	21,451	804	-
Personal Products	4,360	4,207	-
Real Estate Management & Development	3,752	13,858	-
Semiconductor & Semiconductor Equipment	-	44,943	1,408
Water Utilities	14,456	18,331	-
All Other	-	1,199,917	-
Preferred Stocks	-	22,803	-
Investment Companies	356,580	27,081	-
Total Assets	$ 630,263	$ 1,948,023	$ 1,408


14	JUNE 30, 2016

INTECH Emerging Markets Managed Volatility Fund

Statement of Assets and Liabilities

June 30, 2016

See footnotes at the end of the Statement.



Assets:
	Investments, at cost		$	2,543,475
	Unaffiliated investments, at value			2,552,613
	Affiliated investments, at value			27,081
	Cash			877
	Cash denominated in foreign currency⁽¹⁾			26,695
	Non-interested Trustees' deferred compensation			46
	Receivables:
		Due from adviser		11,764
		Dividends		7,722
		Fund shares sold		375
		Dividends from affiliates		13
Total Assets				2,627,186
Liabilities:
	Payables:			—
		Professional fees		34,461
		Investments purchased		17,074
		Custodian fees		2,415
		Advisory fees		1,927
		Printing fees		1,666
		Transfer agent fees and expenses		492
		12b-1 Distribution and shareholder servicing fees		78
		Non-interested Trustees' deferred compensation fees		46
		Fund administration fees		19
		Non-interested Trustees' fees and expenses		13
		Accrued expenses and other payables		2,647
Total Liabilities				60,838
Net Assets			$	2,566,348


See Notes to Financial Statements.

Janus Investment Fund	15

INTECH Emerging Markets Managed Volatility Fund

Statement of Assets and Liabilities

June 30, 2016




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	2,697,235
	Undistributed net investment income/(loss)		31,090
	Undistributed net realized gain/(loss) from investments and foreign currency transactions		(198,145)
	Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation		36,168
Total Net Assets		$	2,566,348
Net Assets - Class A Shares		$	144,634
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		15,260
Net Asset Value Per Share⁽²⁾		$	9.48
Maximum Offering Price Per Share⁽³⁾		$	10.06
Net Assets - Class C Shares		$	47,635
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		5,045
Net Asset Value Per Share⁽²⁾		$	9.44
Net Assets - Class D Shares		$	1,487,718
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		156,844
Net Asset Value Per Share		$	9.49
Net Assets - Class I Shares		$	663,632
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		69,910
Net Asset Value Per Share		$	9.49
Net Assets - Class S Shares		$	48,129
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		5,077
Net Asset Value Per Share		$	9.48
Net Assets - Class T Shares		$	174,600
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		18,401
Net Asset Value Per Share		$	9.49

(1) Includes cost of $26,695.

(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.

16	JUNE 30, 2016

INTECH Emerging Markets Managed Volatility Fund

Statement of Operations

For the year ended June 30, 2016



Investment Income:
	Dividends		$	71,610
	Dividends from affiliates			108
	Affiliated securities lending income, net			79
	Other income			103
	Foreign tax withheld			(7,441)
Total Investment Income				64,459
Expenses:
	Advisory fees			18,747
	12b-1Distribution and shareholder servicing fees:
		Class A Shares		335
		Class C Shares		443
		Class S Shares		112
	Transfer agent administrative fees and expenses:
		Class D Shares		1,433
		Class S Shares		117
		Class T Shares		386
	Transfer agent networking and omnibus fees:
		Class I Shares		21
	Other transfer agent fees and expenses:
		Class A Shares		106
		Class C Shares		62
		Class D Shares		923
		Class I Shares		167
		Class S Shares		19
		Class T Shares		58
	Registration fees			78,738
	Professional fees			42,094
	Custodian fees			31,155
	Accounting systems fee			14,093
	Shareholder reports expense			10,022
	Fund administration fees			178
	Non-interested Trustees’ fees and expenses			54
	Other expenses			91
Total Expenses				199,354
Less: Excess Expense Reimbursement				(176,006)
Net Expenses				23,348
Net Investment Income/(Loss)				41,111
Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions			(204,117)
Total Net Realized Gain/(Loss) on Investments				(204,117)
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation			50,026
Total Change in Unrealized Net Appreciation/Depreciation				50,026
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	(112,980)


See Notes to Financial Statements.

Janus Investment Fund	17

INTECH Emerging Markets Managed Volatility Fund

Statements of Changes in Net Assets



			Year ended June 30, 2016		Period ended June 30, 2015⁽¹⁾

Operations:
	Net investment income/(loss)		$	41,111	$	11,591
	Net realized gain/(loss) on investments			(204,117)		14,600
	Change in unrealized net appreciation/depreciation			50,026		(13,858)
Net Increase/(Decrease) in Net Assets Resulting from Operations				(112,980)		12,333
Dividends and Distributions to Shareholders:
	Dividends from Net Investment Income
		Class A Shares		(1,177)		—
		Class C Shares		(20)		—
		Class D Shares		(9,709)		—
		Class I Shares		(3,366)		—
		Class S Shares		(309)		—
		Class T Shares		(1,423)		—
	Total Dividends from Net Investment Income			(16,004)		—
	Distributions from Net Realized Gain from Investment Transactions
		Class A Shares		(1,145)		—
		Class C Shares		(382)		—
		Class D Shares		(8,595)		—
		Class I Shares		(2,530)		—
		Class S Shares		(382)		—
		Class T Shares		(1,258)		—
	Total Distributions from Net Realized Gain from Investment Transactions			(14,292)		—
Net Decrease from Dividends and Distributions to Shareholders				(30,296)		—
Capital Share Transactions:
		Class A Shares		2,323		150,000
		Class C Shares		402		50,000
		Class D Shares		252,056		1,339,896
		Class I Shares		361,614		306,508
		Class S Shares		690		50,000
		Class T Shares		21,169		162,633
Net Increase/(Decrease) from Capital Share Transactions				638,254		2,059,037
Net Increase/(Decrease) in Net Assets				494,978		2,071,370
Net Assets:
	Beginning of period			2,071,370		—
	End of period		$	2,566,348	$	2,071,370

Undistributed Net Investment Income/(Loss)			$	31,090	$	12,566

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


See Notes to Financial Statements.

18	JUNE 30, 2016

INTECH Emerging Markets Managed Volatility Fund

Financial Highlights


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


Class C Shares
For a share outstanding during the year or period ended June 30			2016	2015⁽¹⁾
	Net Asset Value, Beginning of Period		$10.44	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.10	0.02
		Net realized and unrealized gain/(loss)	(1.02)	0.42
	Total from Investment Operations		(0.92)	0.44
	Less Dividends and Distributions:
		Dividends (from net investment income)	—⁽³⁾	—
		Distributions (from capital gains)	(0.08)	—
	Total Dividends and Distributions		(0.08)	—
	Net Asset Value, End of Period		$9.44	$10.44
	Total Return*		(8.77)%	4.40%
	Net Assets, End of Period (in thousands)		$48	$52
	Average Net Assets for the Period (in thousands)		$46	$53
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	11.11%	37.08%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.08%	2.09%
		Ratio of Net Investment Income/(Loss)	1.11%	0.27%
	Portfolio Turnover Rate		84%	43%

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

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

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

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

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


See Notes to Financial Statements.

Janus Investment Fund	19

INTECH Emerging Markets Managed Volatility Fund

Financial Highlights


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


Class I Shares
For a share outstanding during the year or period ended June 30			2016	2015⁽¹⁾
	Net Asset Value, Beginning of Period		$10.50	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.21	0.10
		Net realized and unrealized gain/(loss)	(1.04)	0.40
	Total from Investment Operations		(0.83)	0.50
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.10)	—
		Distributions (from capital gains)	(0.08)	—
	Total Dividends and Distributions		(0.18)	—
	Net Asset Value, End of Period		$9.49	$10.50
	Total Return*		(7.82)%	5.00%
	Net Assets, End of Period (in thousands)		$664	$305
	Average Net Assets for the Period (in thousands)		$391	$181
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	9.29%	27.37%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.04%	1.05%
		Ratio of Net Investment Income/(Loss)	2.30%	1.79%
	Portfolio Turnover Rate		84%	43%

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

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

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

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


See Notes to Financial Statements.

20	JUNE 30, 2016

INTECH Emerging Markets Managed Volatility Fund

Financial Highlights


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


Class T Shares
For a share outstanding during the year or period ended June 30			2016	2015⁽¹⁾
	Net Asset Value, Beginning of Period		$10.49	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.19	0.06
		Net realized and unrealized gain/(loss)	(1.02)	0.43
	Total from Investment Operations		(0.83)	0.49
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.09)	—
		Distributions (from capital gains)	(0.08)	—
	Total Dividends and Distributions		(0.17)	—
	Net Asset Value, End of Period		$9.49	$10.49
	Total Return*		(7.89)%	4.90%
	Net Assets, End of Period (in thousands)		$175	$169
	Average Net Assets for the Period (in thousands)		$155	$165
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	10.26%	35.55%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.11%	1.32%
		Ratio of Net Investment Income/(Loss)	2.10%	1.07%
	Portfolio Turnover Rate		84%	43%

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

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

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

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


See Notes to Financial Statements.

Janus Investment Fund	21

INTECH Emerging Markets Managed Volatility Fund

Notes to Financial Statements

1. Organization and Significant Accounting Policies

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

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

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

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

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

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

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

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

Investment Valuation

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


22	JUNE 30, 2016

INTECH Emerging Markets Managed Volatility 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 June 30, 2016 to fair value the Fund’s investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments and Other Information.

The Fund did not hold a significant amount of Level 3 securities as of June 30, 2016.

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

Financial assets of $1,083,280 were transferred out of Level 1 to Level 2 since certain foreign equity prices were applied a fair valuation adjustment factor at the end of the current period and no factor was applied at the end of the prior fiscal year.


Janus Investment Fund	23

INTECH Emerging Markets Managed Volatility 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. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.

Estimates

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

Indemnifications

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

Foreign Currency Translations

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

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

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

Dividends and Distributions

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

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


24	JUNE 30, 2016

INTECH Emerging Markets Managed Volatility 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.

2. Other Investments and Strategies

Additional Investment Risk

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

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

A number of countries in the European Union (“EU”) have experienced, and may continue to experience, severe economic and financial difficulties. In particular, many EU nations are susceptible to economic risks associated with high levels of debt, notably due to investments in sovereign debt of countries such as Greece, Italy, Spain, Portugal, and Ireland. Many non-governmental issuers, and even certain governments, have defaulted on, or been forced to restructure, their debts. Many other issuers have faced difficulties obtaining credit or refinancing existing obligations. Financial institutions have in many cases required government or central bank support, have needed to raise capital, and/or have been impaired in their ability to extend credit. As a result, financial markets in the EU experienced extreme volatility and declines in asset values and liquidity. Responses to these financial problems by European governments, central banks, and others, including austerity measures and reforms, may not work, may result in social unrest, and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets, and asset valuations around the world. Greece, Ireland, and Portugal have already received one or more "bailouts" from other Eurozone member states, and it is unclear how much additional funding they will require or if additional Eurozone member states will require bailouts in the future. The risk of investing in securities in the European markets may also be heightened due to the referendum in which the United Kingdom voted to exit the EU (known as “Brexit”). One or more other countries may also abandon the euro and/or withdraw from the EU, placing its currency and banking system in jeopardy.

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.


Janus Investment Fund	25

INTECH Emerging Markets Managed Volatility Fund

Notes to Financial Statements

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

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

Exchange-Traded Funds

The Fund may invest in exchange-traded funds (“ETFs”) to gain exposure to a particular portion of the market. ETFs are typically open-end investment companies, which may be actively managed or passively managed, that generally seek to track the performance of a specific index. ETFs are traded on a national securities exchange at market prices that may vary from the net asset value of their underlying investments. Accordingly, there may be times when an ETF trades at a premium or discount. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. As a result, the cost of investing in the 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. The


26	JUNE 30, 2016

INTECH Emerging Markets Managed Volatility Fund

Notes to Financial Statements

Fund is also subject to substantially the same risks as those associated with direct exposure to the securities held by the ETF.

Real Estate Investing

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

Securities Lending

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

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

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

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

3. Investment Advisory Agreements and Other Transactions with Affiliates

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


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


Janus Investment Fund	27

INTECH Emerging Markets Managed Volatility Fund

Notes to Financial Statements

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

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

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

Janus Services LLC (“Janus Services”), a wholly-owned subsidiary of Janus Capital, is the Fund’s transfer agent. In addition, Janus Services provides or arranges for the provision of certain other administrative services including, but not limited to, recordkeeping, accounting, order processing, and other shareholder services for the Fund. Janus Services is not compensated for its services related to the shares, except for out-of-pocket costs. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.

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

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

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

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


28	JUNE 30, 2016

INTECH Emerging Markets Managed Volatility Fund

Notes to Financial Statements

agent and providing, or arranging for, servicing to shareholders. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.

Under a distribution and shareholder servicing plan (the “Plan”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, Janus 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). In addition, employees of Janus Capital and/or its affiliates may serve as officers of the Trust. The Fund also pays for salaries, fees, and expenses of certain Janus Capital employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by Janus Capital, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services Janus Capital (or the subadviser) provides to the Fund. These amounts are disclosed as “Fund administration fees” on the Statement of Operations. Some expenses related to compensation payable to the Fund's Chief Compliance Officer and compliance staff are shared with the Fund. Total compensation of $655,788 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended June 30, 2016. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of June 30, 2016 on the Statement of Assets and Liabilities in the asset, “Non-interested Trustees’ deferred compensation,” and liability, “Non-interested Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation” on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended June 30, 2016 are included in “Non-interested Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $171,550 were paid by the Trust to a Trustee under the Deferred Plan during the year ended June 30, 2016.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or nonaffiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or nonaffiliated money market funds or cash management pooled investment vehicles. The Fund is eligible to participate in the cash sweep program (the “Investing Funds”). As adviser, Janus Capital has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Cash Liquidity Fund LLC is an affiliated unregistered cash management pooled investment vehicle that invests primarily in highly-rated short-term fixed-income securities. Janus Cash Liquidity Fund LLC currently maintains a NAV of $1.00 per share and distributes income daily in a manner consistent with a registered product compliant with Rule 2a-7 under the 1940 Act. There are no restrictions on the


Janus Investment Fund	29

INTECH Emerging Markets Managed Volatility Fund

Notes to Financial Statements

Fund's ability to withdraw investments from Janus Cash Liquidity Fund LLC at will, and there are no unfunded capital commitments due from the Fund to Janus Cash Liquidity Fund LLC. The units of Janus Cash Liquidity Fund LLC are not charged any management fee, sales charge or service fee.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the year ended June 30, 2016 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. There were no upfront sales charges retained by Janus Distributors during the year ended June 30, 2016.

A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to Janus Distributors during the year ended June 30, 2016.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class C Shares during the year ended June 30, 2016.

As of June 30, 2016, shares of the Fund were owned by Janus Capital and/or other funds advised by Janus Capital, as indicated in the table below:


Class	% of Class Owned		% of Fund Owned
Class A Shares	100	%	6	%
Class C Shares	100		2
Class D Shares	32		19
Class I Shares	15		4
Class S Shares	100		2
Class T Shares	83		6

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 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.


30	JUNE 30, 2016

INTECH Emerging Markets Managed Volatility Fund

Notes to Financial Statements



			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)
$ 32,442		$ (196,427)	$ -	$ -	$ (92)	$ 33,190


Capital Loss Carryover Schedule
For the year ended June 30, 2016
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses

	$ (174,392)	$ (22,035)	$ (196,427)⁽¹⁾

(1) Capital loss carryovers subject to annual limitations, $(57,743) should be available in the next fiscal year.

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of June 30, 2016 are noted below.

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


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 2,546,504	$ 176,879	$ (143,689)	$ 33,190

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from accounting principles generally accepted in the United States of America. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.


For the year ended June 30, 2016
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 30,296	$ -	$ -	$ -

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
$ -	$ (6,583)	$ 6,583


Janus Investment Fund	31

INTECH Emerging Markets Managed Volatility Fund

Notes to Financial Statements

5. Capital Share Transactions



		Year ended June 30, 2016		Period ended June 30, 2015⁽¹⁾
		Shares	Amount	Shares	Amount

Class A Shares:
Shares sold		-	$ -	15,000	$ 150,000
Reinvested dividends and distributions		260	2,323	-	-
Shares repurchased		-	-	-	-
Net Increase/(Decrease)		260	$ 2,323	15,000	$ 150,000
Class C Shares:
Shares sold		-	$ -	5,000	$ 50,000
Reinvested dividends and distributions		45	402	-	-
Shares repurchased		-	-	-	-
Net Increase/(Decrease)		45	$ 402	5,000	$ 50,000
Class D Shares:
Shares sold		71,593	$654,959	165,011	$1,742,920
Reinvested dividends and distributions		2,040	18,218	-	-
Shares repurchased		(44,043)	(421,121)	(37,757)	(403,024)
Net Increase/(Decrease)		29,590	$252,056	127,254	$1,339,896
Class I Shares:
Shares sold		43,496	$386,213	29,081	$ 307,051
Reinvested dividends and distributions		660	5,896	-	-
Shares repurchased		(3,278)	(30,495)	(49)	(543)
Net Increase/(Decrease)		40,878	$361,614	29,032	$ 306,508
Class S Shares:
Shares sold		-	$ -	5,000	$ 50,000
Reinvested dividends and distributions		77	690	-	-
Shares repurchased		-	-	-	-
Net Increase/(Decrease)		77	$ 690	5,000	$ 50,000
Class T Shares:
Shares sold		3,095	$ 28,726	16,514	$ 166,569
Reinvested dividends and distributions		300	2,681	-	-
Shares repurchased		(1,139)	(10,238)	(369)	(3,936)
Net Increase/(Decrease)		2,256	$ 21,169	16,145	$ 162,633
(1)	Period from December 17, 2014 (inception date) through June 30, 2015.

6. Purchases and Sales of Investment Securities

For the year ended June 30, 2016, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, and in-kind transactions) was as follows:


Purchases of Securities	Proceeds from Sales of Securities	Purchases of Long- Term U.S. Government Obligations	Proceeds from Sales of Long-Term U.S. Government Obligations
$ 2,303,883	$ 1,682,508	$ -	$ -

7. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to June 30, 2016 and through the date of issuance of the Fund’s financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund’s financial statements.


32	JUNE 30, 2016

INTECH Emerging Markets Managed Volatility Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Janus Investment Fund and Shareholders of
INTECH Emerging Markets Managed Volatility 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 INTECH Emerging Markets Managed Volatility Fund (one of the funds constituting Janus Investment Fund, hereafter referred to as the “Fund”) at June 30, 2016, the results of its operations for the year then ended and the changes in its net assets and the financial highlights for the year then ended and for the period December 17, 2014 (commencement of operations) through June 30, 2015, 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 June 30, 2016 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.

Denver, Colorado

August 11, 2016


Janus Investment Fund	33

INTECH Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

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

Quarterly Portfolio Holdings

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

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD

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

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

At a meeting held on December 9, 2015, based on the Trustees’ evaluation of the information provided by Janus Capital, the subadvisers, and the independent fee consultant, as well as other information, the Trustees determined that the overall arrangements between each Fund and Janus Capital and each subadviser, as applicable, were fair and reasonable in light of the nature, extent and quality of the services provided by Janus Capital, its affiliates and the subadvisers, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment. At that meeting, the Trustees unanimously approved the continuation of the investment advisory agreement for each Fund, and the subadvisory agreement for each subadvised Fund, for the period from either January 1 or February 1, 2016 through January 1 or February 1, 2017, respectively, subject to earlier termination as provided for in each agreement.

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

Nature, Extent and Quality of Services

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


34	JUNE 30, 2016

INTECH Emerging Markets Managed Volatility 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 a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.

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

Performance of the Funds

The Trustees considered the performance results of each Fund over various time periods. They noted that they considered Fund performance data throughout the year, including periodic meetings with each Fund’s portfolio manager(s), and also reviewed information comparing each Fund’s performance with the performance of comparable funds and peer groups identified by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent data provider, and with the Fund’s benchmark index. In this regard, the independent fee consultant found that the overall Funds’ performance has been strong: for the 36 months ended September 30, 2015, approximately 70% of the Funds were in the top two Broadridge quartiles of performance, and for the 12 months ended September 30, 2015, approximately 61% of the Funds were in the top two Broadridge quartiles of performance.

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

Fixed-Income Funds and Money Market Funds

· For Janus Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2015 and the third Broadridge quartile for the 12 months ended May 31, 2015. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Global Bond Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2015 and the second Broadridge quartile for the 12 months ended May 31, 2015.

· For Janus Global Unconstrained Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 12 months ended May 31, 2015. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance, and its limited performance history.

· For Janus High-Yield Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2015 and the third Broadridge quartile for the 12 months ended May 31, 2015. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 12 months ended May 31, 2015.

· For Janus Real Return Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2015 and the first Broadridge quartile for the 12 months ended May 31, 2015.


Janus Investment Fund	35

INTECH Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

· For Janus Short-Term Bond Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2015 and the third Broadridge quartile for the 12 months ended May 31, 2015.

· For Janus Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2015 and the third Broadridge quartile for the 12 months ended May 31, 2015. The Trustees noted the reasons for the Fund’s underperformance.

· For Janus Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2015 and the bottom Broadridge quartile for the 12 months ended May 31, 2015. The Trustees noted the reasons for the Fund’s underperformance.

Asset Allocation Funds

· For Janus Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2015 and the third Broadridge quartile for the 12 months ended May 31, 2015.

· For Janus Global Allocation Fund – Growth, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2015 and the bottom Broadridge quartile for the 12 months ended May 31, 2015. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2015 and the third Broadridge quartile for the 12 months ended May 31, 2015.

Alternative Fund

· For Janus Diversified Alternatives Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 12 months ended May 31, 2015.

Value Funds

· For Perkins International Value Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 12 months ended May 31, 2015.

· For Perkins Global Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2015 and the third Broadridge quartile for the 12 months ended May 31, 2015. The Trustees noted the reasons for the Fund’s underperformance, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps Janus Capital and Perkins had taken or were taking to improve performance.

· For Perkins Large Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2015 and the bottom Broadridge quartile for the 12 months ended May 31, 2015. The Trustees noted the reasons for the Fund’s underperformance, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps Janus Capital and Perkins had taken or were taking to improve performance.

· For Perkins Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2015 and the bottom Broadridge quartile for the 12 months ended May 31, 2015. The Trustees noted the reasons for the Fund’s underperformance, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps Janus Capital and Perkins had taken or were taking to improve performance.

· For Perkins Select Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2015 and the second Broadridge quartile for the 12 months ended May 31, 2015. The Trustees noted the reasons for the Fund’s underperformance, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps Janus Capital and Perkins had taken or were taking to improve performance, and that the performance trend was improving.


36	JUNE 30, 2016

INTECH Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

· For Perkins Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2015 and the second Broadridge quartile for the 12 months ended May 31, 2015. The Trustees noted the reasons for the Fund’s underperformance, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps Janus Capital and Perkins had taken or were taking to improve performance, and that the performance trend was improving.

· For Perkins Value Plus Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2015 and the second Broadridge quartile for the 12 months ended May 31, 2015.

Mathematical Funds

· For INTECH Emerging Markets Managed Volatility Fund, the Trustees noted that, due to limited performance for the Fund, performance history was not a material factor.

· For INTECH Global Income Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2015 and the third Broadridge quartile for the 12 months ended May 31, 2015.

· For INTECH International Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2015 and the bottom Broadridge quartile for the 12 months ended May 31, 2015. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital and INTECH had taken or were taking to improve performance.

· For INTECH U.S. Core Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2015 and the second Broadridge quartile for the 12 months ended May 31, 2015.

· For INTECH U.S. Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2015 and the third Broadridge quartile for the 12 months ended May 31, 2015.

Growth and Core Funds

· For Janus Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2015 and the first Broadridge quartile for the 12 months ended May 31, 2015.

· For Janus Contrarian Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2015 and the bottom Broadridge quartile for the 12 months ended May 31, 2015.

· For Janus Enterprise Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2015 and the first Broadridge quartile for the 12 months ended May 31, 2015.

· For Janus Forty Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2015 and the first Broadridge quartile for the 12 months ended May 31, 2015.

· For Janus Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2015 and the first Broadridge quartile for the 12 months ended May 31, 2015.

· For Janus Growth and Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2015 and in the third Broadridge quartile for the 12 months ended May 31, 2015. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Research Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2015 and the first Broadridge quartile for the 12 months ended May 31, 2015.


Janus Investment Fund	37

INTECH Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

· For Janus Triton Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2015 and the first Broadridge quartile for the 12 months ended May 31, 2015.

· For Janus Twenty Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2015 and the bottom Broadridge quartile for the 12 months ended May 31, 2015. The Trustees noted the reasons for the Fund’s underperformance, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Venture Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2015 and the first Broadridge quartile for the 12 months ended May 31, 2015.

Global and International Funds

· For Janus Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2015 and the first Broadridge quartile for the 12 months ended May 31, 2015. The Trustees noted the reasons for the Fund’s underperformance, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2015 and the first Broadridge quartile for the 12 months ended May 31, 2015.

· For Janus Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2015 and the first Broadridge quartile for the 12 months ended May 31, 2015.

· For Janus Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2015 and the first Broadridge quartile for the 12 months ended May 31, 2015.

· For Janus Global Research Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2015 and the first Broadridge quartile for the 12 months ended May 31, 2015.

· For Janus Global Select Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2015 and the first Broadridge quartile for the 12 months ended May 31, 2015.

· For Janus Global Technology Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2015 and the third Broadridge quartile for the 12 months ended May 31, 2015. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus International Equity Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2015 and the second Broadridge quartile for the 12 months ended May 31, 2015.

· For Janus Overseas Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2015 and the bottom Broadridge quartile for the 12 months ended May 31, 2015. The Trustees noted the reasons for the Fund’s underperformance, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps Janus Capital had taken or was taking to improve performance.


38	JUNE 30, 2016

INTECH Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

Janus Aspen Series

· For Janus Aspen Balanced Portfolio, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2015 and the first Broadridge quartile for the 12 months ended May 31, 2015.

· For Janus Aspen Enterprise Portfolio, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2015 and the first Broadridge quartile for the 12 months ended May 31, 2015.

· For Janus Aspen Flexible Bond Portfolio, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2015 and the second Broadridge quartile for the 12 months ended May 31, 2015.

· For Janus Aspen Forty Portfolio, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2015 and the first Broadridge quartile for the 12 months ended May 31, 2015.

· For Janus Aspen Global Allocation Portfolio – Moderate, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2015 and the bottom Broadridge quartile for the 12 months ended May 31, 2015.

· For Janus Aspen Global Research Portfolio, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2015 and the second Broadridge quartile for the 12 months ended May 31, 2015.

· For Janus Aspen Global Technology Portfolio, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2015 and the third Broadridge quartile for the 12 months ended May 31, 2015.

· For Janus Aspen Global Unconstrained Bond Portfolio, the Trustees noted that, due to limited performance for the Fund, performance history was not a material factor.

· For Janus Aspen INTECH U.S. Low Volatility Portfolio, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 12 months ended May 31, 2015.

· For Janus Aspen Janus Portfolio, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2015 and the first Broadridge quartile for the 12 months ended May 31, 2015.

· For Janus Aspen Overseas Portfolio, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2015 and the bottom Broadridge quartile for the 12 months ended May 31, 2015. The Trustees noted the reasons for the Fund’s underperformance, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Aspen Perkins Mid Cap Value Portfolio, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2015 and the bottom Broadridge quartile for the 12 months ended May 31, 2015. The Trustees noted the reasons for the Fund’s underperformance, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps Janus Capital and Perkins had taken or were taking to improve performance.

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

Costs of Services Provided

The Trustees examined information regarding the fees and expenses of each Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant and noted that the rate of management (investment advisory and any administration, but excluding out-of-pocket costs) fees for many of the Funds, after applicable waivers,


Janus Investment Fund	39

INTECH Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

was below the mean management fee rate of the respective peer group of funds selected by an independent data provider. The Trustees also examined information regarding the subadvisory fees charged for subadvisory services, as applicable, noting that all such fees were paid by Janus Capital out of its management fees collected from such Fund.

The independent fee consultant provided its belief that the management fees charged by Janus Capital to each of the Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by Janus Capital. The independent fee consultant found: (1) the total expenses and management fees of the Funds to be reasonable relative to other mutual funds; (2) total expenses, on average, were 14% below the mean total expenses of their respective Broadridge Expense Group peers and 24% below the mean total expenses for their Broadridge Expense Universes; (3) management fees for the Funds, on average, were 15% below the mean management fees for their Expense Groups and 19% below the mean for their Expense Universes; and (4) Fund expenses at the functional level for each asset and share class category were reasonable. The Trustees also considered the total expenses for each share class of each Fund compared to the mean total expenses for its Broadridge Expense Group peers and to mean total expenses for its Broadridge Expense Universe.

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

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

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

The Trustees considered the fees for each Fund for its fiscal year ended in 2014, and noted the following with regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”):

Fixed-Income Funds and Money Market Funds

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


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INTECH Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

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

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

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

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

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

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

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

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

Asset Allocation Funds

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

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

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

Alternative Fund

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

Value Funds

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

· For Perkins Global Value Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean for one share class, overall the Fund’s total expenses were reasonable.


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INTECH Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

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

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

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

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

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

Mathematical Funds

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

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

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

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

· For INTECH U.S. Managed Volatility Fund, the Trustees noted that the Fund’s total expenses exceeded the peer group mean for one share class. The Trustees also noted that Janus Capital had contractually agreed to limit the Fund’s expenses.

Growth and Core Funds

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

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

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

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


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INTECH Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

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

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

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

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

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

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

Global and International Funds

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

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

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

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

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

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

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

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

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

Janus Aspen Series

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


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INTECH Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

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

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

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

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

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

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

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

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

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

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

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

The Trustees reviewed information on the profitability to Janus Capital and its affiliates of their relationships with each Fund, as well as an explanation of the methodology utilized by Janus Capital when allocating various expenses of Janus Capital and its affiliates with respect to contractual relationships with the Funds and other clients. The Trustees also reviewed the financial statements and corporate structure of Janus Capital’s parent company. In their review, the Trustees considered whether Janus Capital and each subadviser receive adequate incentives and resources to manage the Funds effectively. The Trustees recognized that profitability comparisons among fund managers are difficult because very little comparative information is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses, and the fund manager’s capital structure and cost of capital. However, taking into account those factors and the analysis provided by the Trustees’ independent fee consultant, and based on the information available, the Trustees concluded that Janus Capital’s profitability with respect to each Fund in relation to the services rendered was reasonable.

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

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


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INTECH Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

provided by Janus Capital and any subadviser, the investment performance of the Fund, and any expense limitations agreed to or provided by Janus Capital.

Economies of Scale

The Trustees considered information about the potential for Janus Capital to realize economies of scale as the assets of the Funds increase. They noted that their independent fee consultant provided an analysis of economies of scale, which included discussion of analysis from prior years. They also noted that, although many Funds pay advisory fees at a base fixed rate as a percentage of net assets, without any breakpoints, their independent fee consultant concluded that 85% of these Funds have contractual management fees (gross of waivers) below their Broadridge expense group averages and, overall, 80% of the Funds are below their respective expense group averages for contractual management fees. They also noted that for those Funds whose expenses are being reduced by the contractual expense limitations of Janus Capital, Janus Capital is subsidizing the Funds because they have not reached adequate scale. Moreover, as the assets of some of the Funds have declined in the past few years, certain Funds have benefited from having advisory fee rates that have remained constant rather than increasing as assets declined. In addition, performance fee structures have been implemented for various Funds that have caused the effective rate of advisory fees payable by such a Fund to vary depending on the investment performance of the Fund relative to its benchmark index over the measurement period; and a few Funds have fee schedules with breakpoints and reduced fee rates above certain asset levels. The Trustees also noted that the Funds share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of all of the Funds. Based on all of the information they reviewed, including research and analysis conducted by the Trustees’ independent fee consultant, the Trustees concluded that the current fee structure of each Fund was reasonable and that the current rates of fees do reflect a sharing between Janus Capital and the Fund of any economies of scale that may be present at the current asset level of the Fund.

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

Other Benefits to Janus Capital

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


Janus Investment Fund	45

INTECH Emerging Markets Managed Volatility Fund

Useful Information About Your Fund Report (unaudited)

Management Commentary

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

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

Please keep in mind that the opinions expressed in the Management Commentary are just that: opinions. They are a reflection based on best judgment at the time this report was compiled, which was June 30, 2016. As the investing environment changes, so could opinions. These views are unique and are not necessarily shared by fellow employees or by Janus in general.

Performance Overviews

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

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

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

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

Schedule of Investments

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

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

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

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

Statement of Assets and Liabilities

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


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INTECH Emerging Markets Managed Volatility Fund

Useful Information About Your Fund Report (unaudited)

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

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

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

Statement of Operations

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

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

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

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

Statements of Changes in Net Assets

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

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

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

Financial Highlights

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

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


Janus Investment Fund	47

INTECH Emerging Markets Managed Volatility Fund

Useful Information About Your Fund Report (unaudited)

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

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

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


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INTECH Emerging Markets Managed Volatility Fund

Shareholder Meeting (unaudited)

A Special Meeting of Shareholders of the Fund was held on June 14, 2016. At the meeting, the following matter was voted on and approved by the Shareholders. Each whole or fractional vote reported represents one whole or fractional dollar of net asset value held on the record date for the meeting. The results of the Special Meeting of Shareholders are noted below.

Proposal

To elect eight Trustees, each of whom is considered “independent.”


Janus Investment Fund	49

INTECH Emerging Markets Managed Volatility Fund

Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended June 30, 2016:



Foreign Taxes Paid	$7,401
Foreign Source Income	$69,989
Qualified Dividend Income Percentage	71%


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INTECH Emerging Markets Managed Volatility Fund

Trustees and Officers (unaudited)

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

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 58 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).	58	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	51

INTECH Emerging Markets Managed Volatility Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Trustee	1/13-Present	Executive Vice President, 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).	58	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).


52	JUNE 30, 2016

INTECH Emerging Markets Managed Volatility Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
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).	58	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	53

INTECH Emerging Markets Managed Volatility Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Raudline Etienne 151 Detroit Street Denver, CO 80206 DOB: 1965	Trustee	6/16-Present	Senior Advisor, Albright Stonebridge Group LLC (global strategy firm) (since 2016). Formerly, Senior Vice President (2011-2015), Albright Stonebridge Group LLC; and Deputy Comptroller and Chief Investment Officer, New York State Common Retirement Fund (public pension fund) (2008-2011).	58	Director of Brightwood Capital Advisors, LLC (since 2014).
Gary A. Poliner 151 Detroit Street Denver, CO 80206 DOB: 1953	Trustee	6/16-Present	Retired. Formerly, President (2010-2013) and Executive Vice President and Chief Risk Officer (2009-2012) of Northwestern Mutual Life Insurance Company.	58	Director of MGIC Investment Corporation (private mortgage insurance) (since 2013) and West Bend Mutual Insurance Company (property/casualty insurance) (since 2013). Formerly, Trustee of Northwestern Mutual Life Insurance Company (2010-2013); Chairman and Director of Northwestern Mutual Series Fund, Inc. (2010-2012); and Director of Frank Russell Company (global asset management firm) (2008-2013).


54	JUNE 30, 2016

INTECH Emerging Markets Managed Volatility Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
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.	58	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).	58	None


Janus Investment Fund	55

INTECH Emerging Markets Managed Volatility Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
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).	58	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).


56	JUNE 30, 2016

INTECH Emerging Markets Managed Volatility Fund

Trustees and Officers (unaudited)


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Bruce L. Koepfgen 151 Detroit Street Denver, CO 80206 DOB: 1952	President and Chief Executive Officer	7/14-Present	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.
Michelle Rosenberg 151 Detroit Street Denver, CO 80206 DOB: 1973	Vice President, Chief Legal Counsel, and Secretary	6/16-Present	Senior Vice President, Deputy General Counsel, and Secretary of Janus Capital, Janus Distributors LLC, 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	57

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-0816-3639

125-02-93012 08-16



	ANNUAL REPORT June 30, 2016

INTECH Global Income Managed Volatility Fund

Janus Investment Fund

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

Table of Contents

INTECH Global Income Managed Volatility Fund

INTECH Global Income Managed Volatility Fund (unaudited)

FUND SNAPSHOT

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

Managed by

INTECH Investment

Management LLC

PERFORMANCE OVERVIEW

For the twelve-month period ended June 30, 2016, INTECH Global Income Managed Volatility Fund’s Class I Shares returned 16.61%. This compares to the -2.78% return posted by the MSCI World Index, the Fund’s primary benchmark, and a 4.10% return for its secondary benchmark, the MSCI World High Dividend Yield Index.

INVESTMENT STRATEGY

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

PERFORMANCE REVIEW

Global developed equity markets as measured by the MSCI World Index posted a return of -2.78% for the twelve-month period ended June 30, 2016. The MSCI World High Dividend Yield Index recorded a positive return of 4.10% over the period. INTECH Global Income Managed Volatility Fund strongly outperformed the MSCI World Index and the MSCI World High Dividend Yield Index over the period and generated a return of 16.61%.

The Fund’s defensive positioning acted as tailwind to relative performance as volatility picked up in the global equity markets. On average, the Fund was overweight lower volatility stocks, or stocks with a lower total risk (standard deviation of returns). During the period lower volatility stocks outperformed higher volatility stocks as well as the overall market, on average. Consequently, the Fund’s overweight to lower volatility stocks contributed to the Fund’s relative return for the period.

From a sector perspective, the Fund benefited from an average overweight allocation to the defensive utilities sector, which was the strongest performing sector during the period, as well as an average underweight allocation to the materials sector, during the period. Favorable security selection, especially within the consumer staples and financials sectors, also contributed to the Fund’s relative performance during the period.

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

OUTLOOK

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


Janus Investment Fund	1

INTECH Global Income Managed Volatility Fund (unaudited)

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


2	JUNE 30, 2016

INTECH Global Income Managed Volatility Fund (unaudited)

Fund At A Glance

June 30, 2016


5 Largest Equity Holdings - (% of Net Assets)
Southern Co.
Electric Utilities	4.6%
Kimberly-Clark Corp.
Household Products	4.6%
Reynolds American, Inc.
Tobacco	4.6%
PG&E Corp.
Electric Utilities	4.3%
Consolidated Edison, Inc.
Multi-Utilities	4.3%
	22.4%


Asset Allocation - (% of Net Assets)
Common Stocks	95.6%
Investment Companies	3.0%
Preferred Stocks	0.1%
Other		1.3%
		100.0%

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

As of June 30, 2016

As of June 30, 2015


Janus Investment Fund	3

INTECH Global Income Managed Volatility Fund (unaudited)

Performance

See important disclosures on the next page.



			Expense Ratios -
Average Annual Total Return - for the periods ended June 30, 2016			per the October 28, 2015 prospectuses
	One Year	Since Inception*	Total Annual Fund Operating Expenses	Net Annual Fund Operating Expenses
Class A Shares at NAV	16.28%	11.32%	1.90%	0.82%
Class A Shares at MOP	9.58%	9.88%
Class C Shares at NAV	15.33%	10.47%	2.72%	1.60%
Class C Shares at CDSC	14.33%	10.47%
Class D Shares⁽¹⁾	16.43%	11.41%	1.89%	0.66%
Class I Shares	16.61%	11.63%	1.65%	0.53%
Class S Shares	16.32%	11.31%	2.10%	1.00%
Class T Shares	16.33%	11.39%	1.87%	0.76%
MSCI World Index	-2.78%	10.76%
MSCI World High Dividend Yield Index	4.10%	9.44%
Morningstar Quartile - Class I Shares	1st	1st
Morningstar Ranking - based on total returns for World Stock Funds	1/1,163	158/869

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

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

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


4	JUNE 30, 2016

INTECH Global Income Managed Volatility Fund (unaudited)

Performance

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

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

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

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

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

See “Useful Information About Your Fund Report.”

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

(1) Closed to certain new investors.


Janus Investment Fund	5

INTECH Global Income Managed Volatility Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (1/1/16)	Ending Account Value (6/30/16)	Expenses Paid During Period (1/1/16 - 6/30/16)†	Beginning Account Value (1/1/16)	Ending Account Value (6/30/16)	Expenses Paid During Period (1/1/16 - 6/30/16)†	Net Annualized Expense Ratio (1/1/16 - 6/30/16)
Class A Shares		$1,000.00	$1,098.90	$4.33	$1,000.00	$1,020.74	$4.17	0.83%
Class C Shares		$1,000.00	$1,094.30	$8.18	$1,000.00	$1,017.06	$7.87	1.57%
Class D Shares		$1,000.00	$1,099.20	$3.34	$1,000.00	$1,021.68	$3.22	0.64%
Class I Shares		$1,000.00	$1,099.90	$3.03	$1,000.00	$1,021.98	$2.92	0.58%
Class S Shares		$1,000.00	$1,098.00	$4.43	$1,000.00	$1,020.64	$4.27	0.85%
Class T Shares		$1,000.00	$1,099.60	$3.92	$1,000.00	$1,021.13	$3.77	0.75%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


6	JUNE 30, 2016

INTECH Global Income Managed Volatility Fund

Schedule of Investments

June 30, 2016


Shares			Value
Common Stocks – 95.6%
Aerospace & Defense – 2.8%
	Lockheed Martin Corp.	18,300	$4,541,511
	Singapore Technologies Engineering, Ltd.	77,200	182,283
			4,723,794
Airlines – 0%
	easyJet PLC	2,814	40,869
Auto Components – 0.2%
	Cie Generale des Etablissements Michelin	1,375	130,242
	Nokian Renkaat Oyj	2,883	102,967
	Sumitomo Rubber Industries, Ltd.	1,100	14,651
			247,860
Automobiles – 0%
	General Motors Co.	400	11,320
	Nissan Motor Co., Ltd.	2,600	23,432
			34,752
Beverages – 0%
	Coca-Cola Co.	400	18,132
Biotechnology – 0.2%
	AbbVie, Inc.	5,700	352,887
Capital Markets – 0.1%
	CI Financial Corp.	10,600	221,141
Chemicals – 0.3%
	Agrium, Inc.	600	54,292
	Incitec Pivot, Ltd.	1,199	2,688
	LyondellBasell Industries NV - Class A	2,700	200,934
	Syngenta AG	385	148,030
	Yara International ASA	4,879	154,990
			560,934
Commercial Banks – 3.8%
	Bank of Montreal	4,500	285,474
	BOC Hong Kong Holdings, Ltd.	206,000	621,405
	Canadian Imperial Bank of Commerce	10,000	751,200
	DBS Group Holdings, Ltd.	68,900	811,966
	Hang Seng Bank, Ltd.	178,300	3,060,698
	Oversea-Chinese Banking Corp., Ltd.	40,000	260,749
	Royal Bank of Canada	2,800	165,468
	United Overseas Bank, Ltd.	40,400	557,999
			6,514,959
Commercial Services & Supplies – 0.2%
	G4S PLC	88,439	218,884
	Waste Management, Inc.	1,300	86,151
			305,035
Communications Equipment – 0.1%
	Telefonaktiebolaget LM Ericsson - Class B	17,065	130,488
Construction Materials – 0%
	Fletcher Building, Ltd.	7,853	48,268
Containers & Packaging – 1.4%
	Amcor, Ltd.	178,439	1,995,079
	Rexam PLC^ß	54,019	468,592
			2,463,671
Diversified Consumer Services – 0%
	H&R Block, Inc.	900	20,700
Diversified Financial Services – 0.3%
	Singapore Exchange, Ltd.	76,700	437,033
Diversified Telecommunication Services – 3.7%
	AT&T, Inc.	21,800	941,978
	BCE, Inc.	24,777	1,172,678
	Elisa Oyj	19,628	754,003
	HKT Trust & HKT, Ltd.	673,000	971,102
	Inmarsat PLC	64,820	695,619


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

Janus Investment Fund	7

INTECH Global Income Managed Volatility Fund

Schedule of Investments

June 30, 2016


Shares			Value
Common Stocks – (continued)
Diversified Telecommunication Services – (continued)
	Singapore Telecommunications, Ltd.	153,900	$476,031
	Swisscom AG	2,170	1,078,287
	Telstra Corp., Ltd.	69,680	289,906
			6,379,604
Electric Utilities – 22.7%
	Cheung Kong Infrastructure Holdings, Ltd.	381,000	3,280,606
	CLP Holdings, Ltd.	703,000	7,187,516
	Contact Energy, Ltd.	208,877	773,838
	Duke Energy Corp.	11,066	949,352
	Endesa SA	3,977	79,976
	Entergy Corp.	7,800	634,530
	Eversource Energy	2,862	171,434
	NextEra Energy, Inc.	2,600	339,040
	PG&E Corp.	115,800	7,401,936
	Power Assets Holdings, Ltd.	755,500	6,936,342
	PPL Corp.	48,700	1,838,425
	Red Electrica Corp. SA*	4,967	442,768
	Southern Co.	148,100	7,942,603
	SSE PLC	8,112	169,590
	Terna Rete Elettrica Nazionale SpA	69,130	385,141
	Xcel Energy, Inc.	10,800	483,624
			39,016,721
Energy Equipment & Services – 0.3%
	Helmerich & Payne, Inc.^#	3,000	201,390
	National Oilwell Varco, Inc.	9,700	326,405
			527,795
Food & Staples Retailing – 2.7%
	ICA Gruppen AB	14,521	485,391
	Lawson, Inc.	48,000	3,805,916
	Woolworths, Ltd.	23,069	362,089
			4,653,396
Food Products – 1.6%
	General Mills, Inc.	35,600	2,538,992
	Tate & Lyle PLC	14,061	125,354
			2,664,346
Gas Utilities – 0.5%
	Snam SpA	148,712	889,568
Health Care Providers & Services – 2.4%
	Sonic Healthcare, Ltd.	259,484	4,193,439
Hotels, Restaurants & Leisure – 4.1%
	Darden Restaurants, Inc.	5,400	342,036
	Flight Centre Travel Group, Ltd.^#	2,358	55,923
	McDonald's Corp.	51,300	6,173,442
	Sands China, Ltd.	2,000	6,771
	TUI AG	1,492	16,936
	William Hill PLC	119,032	412,213
			7,007,321
Household Durables – 1.0%
	Berkeley Group Holdings PLC	614	20,898
	Electrolux AB - Series B	3,488	94,770
	Garmin, Ltd.	23,000	975,660
	Persimmon PLC	13,068	254,966
	Sekisui House, Ltd.	24,400	424,659
			1,770,953
Household Products – 4.8%
	Kimberly-Clark Corp.	57,700	7,932,596
	Procter & Gamble Co.	2,500	211,675
			8,144,271


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

8	JUNE 30, 2016

INTECH Global Income Managed Volatility Fund

Schedule of Investments

June 30, 2016


Shares			Value
Common Stocks – (continued)
Industrial Conglomerates – 1.1%
	NWS Holdings, Ltd.	1,130,000	$1,795,159
Insurance – 2.7%
	Admiral Group PLC	37,427	1,021,362
	Arthur J Gallagher & Co.	3,900	185,640
	Direct Line Insurance Group PLC	404,865	1,871,945
	Gjensidige Forsikring ASA	5,868	97,475
	Great-West Lifeco, Inc.	16,300	430,023
	Muenchener Rueckversicherungs AG	83	13,870
	SCOR SE	10,364	312,174
	Sony Financial Holdings, Inc.	5,400	60,621
	Swiss Re AG	3,060	267,607
	Tryg A/S	24,633	439,722
			4,700,439
Internet Software & Services – 0%
	Mixi, Inc.	1,500	61,438
Leisure Products – 0.6%
	Mattel, Inc.^#	34,800	1,088,892
Machinery – 0.5%
	FANUC Corp.	3,800	615,182
	IMI PLC	203	2,623
	SKF AB - Class B	17,041	272,206
			890,011
Marine – 0.7%
	Kuehne + Nagel International AG	8,433	1,179,369
Media – 6.2%
	Axel Springer SE	3,131	164,056
	Eutelsat Communications SA	40,287	767,716
	ITV PLC	73,726	178,063
	SES SA (FDR)^#	134,734	2,909,972
	Shaw Communications, Inc. - Class B	144,400	2,772,194
	Singapore Press Holdings, Ltd.^#	305,700	902,771
	Sky PLC	255,153	2,895,535
			10,590,307
Multiline Retail – 0.6%
	Kohl's Corp.	11,700	443,664
	Macy's, Inc.	12,400	416,764
	Marks & Spencer Group PLC	18,179	77,280
	Nordstrom, Inc.^#	700	26,635
			964,343
Multi-Utilities – 7.4%
	CMS Energy Corp.	4,300	197,198
	Consolidated Edison, Inc.	91,100	7,328,084
	DTE Energy Co.	5,100	505,512
	National Grid PLC	27,682	407,004
	Public Service Enterprise Group, Inc.	18,600	866,946
	SCANA Corp.	3,600	272,376
	Sempra Energy	15,800	1,801,516
	WEC Energy Group, Inc.	19,351	1,263,620
			12,642,256
Oil, Gas & Consumable Fuels – 1.5%
	Exxon Mobil Corp.	17,400	1,631,076
	HollyFrontier Corp.	1,300	30,901
	Peyto Exploration & Development Corp.	19,400	520,817
	PrairieSky Royalty, Ltd.	16,300	309,395
	Valero Energy Corp.	200	10,200
			2,502,389
Pharmaceuticals – 2.4%
	Merck & Co., Inc.	41,100	2,367,771
	Novartis AG	7,131	586,803


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

Janus Investment Fund	9

INTECH Global Income Managed Volatility Fund

Schedule of Investments

June 30, 2016


Shares			Value
Common Stocks – (continued)
Pharmaceuticals – (continued)
	Orion Oyj - Class B	6,706	$260,467
	Pfizer, Inc.	13,200	464,772
	Roche Holding AG	1,926	508,679
			4,188,492
Professional Services – 0%
	SGS SA	4	9,175
Real Estate Management & Development – 5.2%
	Daito Trust Construction Co., Ltd.	27,000	4,377,227
	Hang Lung Properties, Ltd.	67,000	136,033
	Hysan Development Co., Ltd.	94,000	419,182
	Sino Land Co., Ltd.	42,000	69,279
	Sun Hung Kai Properties, Ltd.	68,000	819,297
	Swire Pacific, Ltd. - Class A	125,000	1,420,911
	Swire Properties, Ltd.	18,000	47,906
	Swiss Prime Site AG*	18,697	1,691,515
	Wharf Holdings, Ltd.	3,000	18,354
			8,999,704
Road & Rail – 1.1%
	Aurizon Holdings, Ltd.	20,217	73,214
	ComfortDelGro Corp., Ltd.	883,000	1,810,197
			1,883,411
Semiconductor & Semiconductor Equipment – 0.4%
	Maxim Integrated Products, Inc.	17,300	617,437
Specialty Retail – 1.1%
	Best Buy Co., Inc.	2,100	64,260
	Gap, Inc.^#	18,700	396,814
	Kingfisher PLC	72,692	313,719
	L Brands, Inc.	900	60,417
	Staples, Inc.	118,100	1,018,022
			1,853,232
Technology Hardware, Storage & Peripherals – 0.4%
	Canon, Inc.	22,800	650,684
Textiles, Apparel & Luxury Goods – 1.7%
	Coach, Inc.	26,400	1,075,536
	Yue Yuen Industrial Holdings, Ltd.	482,500	1,912,324
			2,987,860
Tobacco – 4.6%
	Altria Group, Inc.	200	13,792
	Reynolds American, Inc.	146,562	7,904,089
	Swedish Match AB	315	10,951
			7,928,832
Trading Companies & Distributors – 0.8%
	ITOCHU Corp.	38,300	465,430
	Marubeni Corp.	80,200	360,072
	Mitsui & Co., Ltd.	40,500	479,616
	Rexel SA	6,079	76,737
			1,381,855
Wireless Telecommunication Services – 3.4%
	NTT DOCOMO, Inc.	86,000	2,314,416
	Rogers Communications, Inc. - Class B	56,300	2,279,370
	StarHub, Ltd.	417,600	1,176,502
			5,770,288
Total Common Stocks (cost $158,106,214)			164,053,510
Preferred Stocks – 0.1%
Media – 0.1%
	ProSiebenSat.1 Media SE(cost $199,583)	4,024	175,686
Investment Companies – 3.0%
Investments Purchased with Cash Collateral from Securities Lending – 0.5%
	Janus Cash Collateral Fund LLC, 0.4719%^ºº,£	865,710	865,710


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

10	JUNE 30, 2016

INTECH Global Income Managed Volatility Fund

Schedule of Investments

June 30, 2016


Shares			Value
Investment Companies – (continued)
Money Markets – 2.5%
	Janus Cash Liquidity Fund LLC, 0.4506%^ºº,£	4,326,909	$4,326,909
Total Investment Companies (cost $5,192,619)			5,192,619
Total Investments (total cost $163,498,416) – 98.7%			169,421,815
Cash, Receivables and Other Assets, net of Liabilities – 1.3%			2,208,647
Net Assets – 100%			$171,630,462


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

		% of
		Investment
Country	Value	Securities
United States	$79,881,306	47.1	%
Hong Kong	28,702,885	16.9
Japan	13,653,344	8.1
United Kingdom	9,191,452	5.4
Canada	8,962,052	5.3
Australia	6,972,338	4.1
Singapore	6,615,531	3.9
Switzerland	5,469,465	3.2
France	4,196,841	2.5
Italy	1,274,709	0.8
Finland	1,117,437	0.7
Sweden	993,806	0.6
New Zealand	822,106	0.5
Spain	522,744	0.3
Denmark	439,722	0.3
Germany	353,612	0.2
Norway	252,465	0.1



Total	$169,421,815	100.0	%


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

Janus Investment Fund	11

INTECH Global Income Managed Volatility Fund

Notes to Schedule of Investments and Other Information

MSCI World High Dividend Yield

Index

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

MSCI World Index^SM

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


FDR	Fixed Depositary Receipt
LLC	Limited Liability Company
PLC	Public Limited Company


*	Non-income producing security.


ß	Security is illiquid.


ºº	Rate shown is the 7-day yield as of June 30, 2016.


#	Loaned security; a portion of the security is on loan at June 30, 2016.


	Share			Share
	Balance			Balance	Realized	Dividend	Value
	at 6/30/15	Purchases	Sales	at 6/30/16	Gain/(Loss)	Income	at 6/30/16

Janus Cash Collateral Fund LLC	3,063	9,278,271	(8,415,624)	865,710	$—	$4,838⁽¹⁾	$865,710
Janus Cash Liquidity Fund LLC	235,033	71,524,164	(67,432,288)	4,326,909	—	10,297	4,326,909

Total					$—	$15,135	$5,192,619
(1) Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties.


12	JUNE 30, 2016

INTECH Global Income Managed Volatility Fund

Notes to Schedule of Investments and Other Information


The following is a summary of the inputs that were used to value the Fund's investments in securities and other financial instruments as of June 30, 2016. 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
Aerospace & Defense	$ 4,541,511	$ 182,283	$ -
Airlines	-	40,869	-
Auto Components	-	247,860	-
Automobiles	11,320	23,432	-
Chemicals	255,226	305,708	-
Commercial Banks	1,202,142	5,312,817	-
Commercial Services & Supplies	86,151	218,884	-
Communications Equipment	-	130,488	-
Construction Materials	-	48,268	-
Containers & Packaging	-	2,463,671	-
Diversified Financial Services	-	437,033	-
Diversified Telecommunication Services	2,114,656	4,264,948	-
Electric Utilities	19,760,944	19,255,777	-
Food & Staples Retailing	-	4,653,396	-
Food Products	2,538,992	125,354	-
Gas Utilities	-	889,568	-
Health Care Providers & Services	-	4,193,439	-
Hotels, Restaurants & Leisure	6,515,478	491,843	-
Household Durables	975,660	795,293	-
Industrial Conglomerates	-	1,795,159	-
Insurance	615,663	4,084,776	-
Internet Software & Services	-	61,438	-
Machinery	-	890,011	-
Marine	-	1,179,369	-
Media	2,772,194	7,818,113	-
Multiline Retail	887,063	77,280	-
Multi-Utilities	12,235,252	407,004	-
Pharmaceuticals	2,832,543	1,355,949	-
Professional Services	-	9,175	-
Real Estate Management & Development	-	8,999,704	-
Road & Rail	-	1,883,411	-
Specialty Retail	1,539,513	313,719	-
Technology Hardware, Storage & Peripherals	-	650,684	-
Textiles, Apparel & Luxury Goods	1,075,536	1,912,324	-
Tobacco	7,917,881	10,951	-
Trading Companies & Distributors	-	1,381,855	-
Wireless Telecommunication Services	2,279,370	3,490,918	-
All Other	13,493,644	-	-
Preferred Stocks	-	175,686	-
Investment Companies	-	5,192,619	-
Total Assets	$ 83,650,739	$ 85,771,076	$ -


Janus Investment Fund	13

INTECH Global Income Managed Volatility Fund

Statement of Assets and Liabilities

June 30, 2016

See footnotes at the end of the Statement.



Assets:
	Investments, at cost		$	163,498,416
	Unaffiliated investments, at value⁽¹⁾			164,229,196
	Affiliated investments, at value			5,192,619
	Cash			2,062
	Cash denominated in foreign currency⁽²⁾			5,022
	Non-interested Trustees' deferred compensation			3,075
	Receivables:
		Fund shares sold		3,121,809
		Dividends		330,799
		Due from adviser		74,947
		Foreign tax reclaims		28,787
		Dividends from affiliates		2,056
	Other assets			25
Total Assets				172,990,397
Liabilities:
	Collateral for securities loaned (Note 2)			865,710
	Payables:			—
		Fund shares repurchased		306,059
		Advisory fees		70,710
		Professional fees		35,407
		Transfer agent fees and expenses		17,477
		Custodian fees		14,582
		12b-1 Distribution and shareholder servicing fees		13,730
		Dividends		10,236
		Non-interested Trustees' deferred compensation fees		3,075
		Fund administration fees		1,221
		Non-interested Trustees' fees and expenses		333
		Accrued expenses and other payables		21,395
Total Liabilities				1,359,935
Net Assets			$	171,630,462


See Notes to Financial Statements.

14	JUNE 30, 2016

INTECH Global Income Managed Volatility Fund

Statement of Assets and Liabilities

June 30, 2016




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	165,477,327
	Undistributed net investment income/(loss)		374,404
	Undistributed net realized gain/(loss) from investments and foreign currency transactions		(142,409)
	Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation		5,921,140
Total Net Assets		$	171,630,462
Net Assets - Class A Shares		$	27,380,129
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,133,083
Net Asset Value Per Share⁽³⁾		$	12.84
Maximum Offering Price Per Share⁽⁴⁾		$	13.62
Net Assets - Class C Shares		$	11,528,586
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		903,939
Net Asset Value Per Share⁽³⁾		$	12.75
Net Assets - Class D Shares		$	55,105,283
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		4,303,651
Net Asset Value Per Share		$	12.80
Net Assets - Class I Shares		$	29,591,862
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,299,774
Net Asset Value Per Share		$	12.87
Net Assets - Class S Shares		$	316,208
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		24,683
Net Asset Value Per Share		$	12.81
Net Assets - Class T Shares		$	47,708,394
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,721,951
Net Asset Value Per Share		$	12.82

(1) Includes $834,997 of securities on loan. See Note 2 in Notes to Financial Statements.

(2) Includes cost of $5,022.

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

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


See Notes to Financial Statements.

Janus Investment Fund	15

INTECH Global Income Managed Volatility Fund

Statement of Operations

For the year ended June 30, 2016



Investment Income:
	Dividends		$	2,308,557
	Dividends from affiliates			10,297
	Affiliated securities lending income, net			4,838
	Other income			19
	Foreign tax withheld			(79,388)
Total Investment Income				2,244,323
Expenses:
	Advisory fees			286,468
	12b-1Distribution and shareholder servicing fees:
		Class A Shares		21,281
		Class C Shares		37,463
		Class S Shares		510
	Transfer agent administrative fees and expenses:
		Class D Shares		23,685
		Class S Shares		510
		Class T Shares		27,800
	Transfer agent networking and omnibus fees:
		Class A Shares		6,139
		Class C Shares		2,360
		Class I Shares		6,658
	Other transfer agent fees and expenses:
		Class A Shares		863
		Class C Shares		549
		Class D Shares		4,846
		Class I Shares		440
		Class S Shares		11
		Class T Shares		192
	Registration fees			105,122
	Custodian fees			96,024
	Professional fees			46,130
	Shareholder reports expense			31,052
	Fund administration fees			4,839
	Non-interested Trustees’ fees and expenses			1,109
	Other expenses			19,668
Total Expenses				723,719
Less: Excess Expense Reimbursement				(330,735)
Net Expenses				392,984
Net Investment Income/(Loss)				1,851,339
Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions			(143,710)
Total Net Realized Gain/(Loss) on Investments				(143,710)
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation			6,102,470
Total Change in Unrealized Net Appreciation/Depreciation				6,102,470
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	7,810,099


See Notes to Financial Statements.

16	JUNE 30, 2016

INTECH Global Income Managed Volatility Fund

Statements of Changes in Net Assets



			Year ended June 30, 2016		Year ended June 30, 2015

Operations:
	Net investment income/(loss)		$	1,851,339	$	525,964
	Net realized gain/(loss) on investments			(143,710)		379,893
	Change in unrealized net appreciation/depreciation			6,102,470		(2,126,913)
Net Increase/(Decrease) in Net Assets Resulting from Operations				7,810,099		(1,221,056)
Dividends and Distributions to Shareholders:
	Dividends from Net Investment Income
		Class A Shares		(240,755)		(140,804)
		Class C Shares		(76,970)		(33,845)
		Class D Shares		(574,558)		(300,902)
		Class I Shares		(266,119)		(94,121)
		Class S Shares		(5,398)		(5,904)
		Class T Shares		(346,275)		(119,202)
	Total Dividends from Net Investment Income			(1,510,075)		(694,778)
	Distributions from Net Realized Gain from Investment Transactions
		Class A Shares		(35,986)		(87,688)
		Class C Shares		(20,542)		(30,899)
		Class D Shares		(121,140)		(198,183)
		Class I Shares		(38,577)		(59,895)
		Class S Shares		(1,913)		(4,215)
		Class T Shares		(47,481)		(79,471)
	Total Distributions from Net Realized Gain from Investment Transactions			(265,639)		(460,351)
Net Decrease from Dividends and Distributions to Shareholders				(1,775,714)		(1,155,129)
Capital Share Transactions:
		Class A Shares		23,605,557		(2,920,812)
		Class C Shares		9,846,313		297,198
		Class D Shares		45,554,636		(433,017)
		Class I Shares		25,750,043		880,667
		Class S Shares		130,212		10,156
		Class T Shares		43,105,645		1,789,842
Net Increase/(Decrease) from Capital Share Transactions				147,992,406		(375,966)
Net Increase/(Decrease) in Net Assets				154,026,791		(2,752,151)
Net Assets:
	Beginning of period			17,603,671		20,355,822
	End of period		$	171,630,462	$	17,603,671

Undistributed Net Investment Income/(Loss)			$	374,404	$	40,886


See Notes to Financial Statements.

Janus Investment Fund	17

INTECH Global Income Managed Volatility Fund

Financial Highlights


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


Class C Shares
For a share outstanding during each year or period ended June 30			2016	2015	2014	2013	2012⁽¹⁾
	Net Asset Value, Beginning of Period		$11.39	$12.89	$11.56	$10.37	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.33⁽²⁾	0.24⁽²⁾	0.45⁽²⁾	0.27	0.19
		Net realized and unrealized gain/(loss)	1.38	(1.07)	1.87	1.22	0.35
	Total from Investment Operations		1.71	(0.83)	2.32	1.49	0.54
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.22)	(0.36)	(0.34)	(0.30)	(0.17)
		Distributions (from capital gains)	(0.13)	(0.31)	(0.65)	—	—
	Total Dividends and Distributions		(0.35)	(0.67)	(0.99)	(0.30)	(0.17)
	Net Asset Value, End of Period		$12.75	$11.39	$12.89	$11.56	$10.37
	Total Return*		15.33%	(6.51)%	20.83%	14.50%	5.36%
	Net Assets, End of Period (in thousands)		$11,529	$1,161	$999	$489	$940
	Average Net Assets for the Period (in thousands)		$3,746	$1,136	$613	$793	$900
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.17%	2.72%	2.70%	3.50%	6.25%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.58%	1.61%	1.57%	1.51%	1.70%
		Ratio of Net Investment Income/(Loss)	2.74%	2.03%	3.63%	2.26%	3.37%
	Portfolio Turnover Rate		41%	125%	51%	116%	24%

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

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

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

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


See Notes to Financial Statements.

18	JUNE 30, 2016

INTECH Global Income Managed Volatility Fund

Financial Highlights


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


Class I Shares
For a share outstanding during each year or period ended June 30			2016	2015	2014	2013	2012⁽¹⁾
	Net Asset Value, Beginning of Period		$11.47	$12.97	$11.62	$10.42	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.45⁽²⁾	0.37⁽²⁾	0.56⁽²⁾	0.46	0.23
		Net realized and unrealized gain/(loss)	1.41	(1.08)	1.90	1.15	0.36
	Total from Investment Operations		1.86	(0.71)	2.46	1.61	0.59
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.33)	(0.48)	(0.46)	(0.41)	(0.17)
		Distributions (from capital gains)	(0.13)	(0.31)	(0.65)	—	—
	Total Dividends and Distributions		(0.46)	(0.79)	(1.11)	(0.41)	(0.17)
	Net Asset Value, End of Period		$12.87	$11.47	$12.97	$11.62	$10.42
	Total Return*		16.61%	(5.49)%	22.09%	15.66%	5.90%
	Net Assets, End of Period (in thousands)		$29,592	$2,596	$1,995	$1,571	$1,897
	Average Net Assets for the Period (in thousands)		$8,765	$2,369	$1,855	$1,927	$1,542
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.18%	1.65%	1.67%	2.45%	5.07%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.58%	0.54%	0.52%	0.51%	0.75%
		Ratio of Net Investment Income/(Loss)	3.72%	3.12%	4.54%	3.63%	4.64%
	Portfolio Turnover Rate		41%	125%	51%	116%	24%

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

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

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

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


See Notes to Financial Statements.

Janus Investment Fund	19

INTECH Global Income Managed Volatility Fund

Financial Highlights


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


Class T Shares
For a share outstanding during each year or period ended June 30			2016	2015	2014	2013	2012⁽¹⁾
	Net Asset Value, Beginning of Period		$11.44	$12.94	$11.60	$10.40	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.45⁽²⁾	0.35⁽²⁾	0.55⁽²⁾	0.46	0.22
		Net realized and unrealized gain/(loss)	1.38	(1.08)	1.88	1.14	0.35
	Total from Investment Operations		1.83	(0.73)	2.43	1.60	0.57
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.32)	(0.46)	(0.44)	(0.40)	(0.17)
		Distributions (from capital gains)	(0.13)	(0.31)	(0.65)	—	—
	Total Dividends and Distributions		(0.45)	(0.77)	(1.09)	(0.40)	(0.17)
	Net Asset Value, End of Period		$12.82	$11.44	$12.94	$11.60	$10.40
	Total Return*		16.33%	(5.70)%	21.84%	15.55%	5.70%
	Net Assets, End of Period (in thousands)		$47,708	$3,603	$2,200	$615	$1,233
	Average Net Assets for the Period (in thousands)		$11,120	$3,147	$855	$1,249	$1,093
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.31%	1.87%	1.83%	2.69%	5.53%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.75%	0.76%	0.71%	0.69%	1.03%
		Ratio of Net Investment Income/(Loss)	3.68%	2.96%	4.49%	3.27%	4.09%
	Portfolio Turnover Rate		41%	125%	51%	116%	24%

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

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

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

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


See Notes to Financial Statements.

20	JUNE 30, 2016

INTECH Global Income Managed Volatility Fund

Notes to Financial Statements

1. Organization and Significant Accounting Policies

INTECH Global Income Managed Volatility Fund (the “Fund”) is a series fund. The Fund is part of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers forty-five funds which include multiple series of shares, with differing investment objectives and policies. The Fund seeks long-term growth of capital and income. The Fund is classified as diversified, as defined in the 1940 Act.

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

Investment Valuation


Janus Investment Fund	21

INTECH Global Income Managed Volatility Fund

Notes to Financial Statements

Valuation Inputs Summary

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

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

Financial assets of $6,729,899 were transferred out of Level 1 to Level 2 since certain foreign equity prices were applied a fair valuation adjustment factor at the end of the current fiscal year and no factor was applied at the end of the prior fiscal year.


22	JUNE 30, 2016

INTECH Global Income Managed Volatility Fund

Notes to Financial Statements

Investment Transactions and Investment Income

Expenses

Estimates

Indemnifications

Foreign Currency Translations

Dividends and Distributions

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


Janus Investment Fund	23

INTECH Global Income Managed Volatility Fund

Notes to Financial Statements

Federal Income Taxes

2. Other Investments and Strategies

Additional Investment Risk


24	JUNE 30, 2016

INTECH Global Income Managed Volatility Fund

Notes to Financial Statements

Counterparties

Offsetting Assets and Liabilities

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

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

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


Offsetting of Financial Assets and Derivative Assets

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

Deutsche Bank AG		$	834,997	$	—	$	(834,997)	$	—

(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.


Janus Investment Fund	25

INTECH Global Income Managed Volatility Fund

Notes to Financial Statements

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.

Real Estate Investing

Securities Lending

The cash collateral invested by Janus Capital is disclosed in the Schedule of Investments. Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations. As of June 30, 2016, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $834,997 for equity securities. Gross amounts of recognized liabilities for securities lending (collateral received) as of June 30, 2016 is $865,710, resulting in the net amount due to the counterparty of $30,713.


26	JUNE 30, 2016

INTECH Global Income Managed Volatility 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 contractual investment advisory fee rate (expressed as an annual rate) is 0.55% of its average daily net assets.

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

Janus Capital has contractually agreed to waive the advisory fee payable by the Fund or reimburse expenses in an amount equal to the amount, if any, that the Fund’s normal operating expenses in any fiscal year, including the investment advisory fee, but excluding the 12b-1 distribution and shareholder servicing fees (applicable to Class A Shares, Class C Shares, and Class S Shares), transfer agent fees and expenses payable pursuant to the Transfer Agency Agreement, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.50% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waiver until at least November 1, 2016. If applicable, amounts reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement” on the Statement of Operations.


Janus Investment Fund	27

INTECH Global Income Managed Volatility 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.

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.


28	JUNE 30, 2016

INTECH Global Income Managed Volatility Fund

Notes to Financial Statements

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.

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 June 30, 2016, Janus Distributors retained upfront sales charges of $15,037.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the year ended June 30, 2016, redeeming shareholders of Class C Shares paid CDSCs of $854.

As of June 30, 2016, shares of the Fund were owned by Janus Capital and/or other funds advised by Janus Capital, as indicated in the table below:


Class	% of Class Owned		% of Fund Owned
Class A Shares	-	%	-	%
Class C Shares	-		-
Class D Shares	-		-
Class I Shares	-		-
Class S Shares	51		-	*
Class T Shares	-		-
*Less than 0.50%.

4. Federal Income Tax


Janus Investment Fund	29

INTECH Global Income Managed Volatility Fund

Notes to Financial Statements



			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)
$ 518,568	$ 11,385	$ -	$ -	$ -	$ (5,335)	$ 5,628,517

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of June 30, 2016 are noted below.


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 163,793,298	$ 9,410,404	$ (3,781,887)	$ 5,628,517

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from accounting principles generally accepted in the United States of America. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, passive foreign investment companies, net investment losses, and capital loss carryovers. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.


For the year ended June 30, 2016
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 1,510,075	$ 265,639	$ -	$ -


For the year ended June 30, 2015
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 817,106	$ 338,023	$ -	$ -


Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ -	$ (7,746)	$ 7,746


30	JUNE 30, 2016

INTECH Global Income Managed Volatility Fund

Notes to Financial Statements

5. Capital Share Transactions



	Year ended June 30, 2016		Year ended June 30, 2015
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	2,158,209	$26,893,110	83,406	$ 999,502
Reinvested dividends and distributions	22,508	276,634	18,749	222,211
Shares repurchased	(293,569)	(3,564,187)	(342,712)	(4,142,525)
Net Increase/(Decrease)	1,887,148	$23,605,557	(240,557)	$(2,920,812)
Class C Shares:
Shares sold	1,028,622	$12,683,048	49,451	$ 590,406
Reinvested dividends and distributions	7,052	85,609	5,481	63,956
Shares repurchased	(233,632)	(2,922,344)	(30,496)	(357,164)
Net Increase/(Decrease)	802,042	$ 9,846,313	24,436	$ 297,198
Class D Shares:
Shares sold	4,575,397	$56,832,685	277,204	$ 3,340,857
Reinvested dividends and distributions	54,399	665,204	40,592	477,286
Shares repurchased	(962,183)	(11,943,253)	(354,189)	(4,251,160)
Net Increase/(Decrease)	3,667,613	$45,554,636	(36,393)	$ (433,017)
Class I Shares:
Shares sold	2,291,111	$28,481,961	85,522	$ 1,038,425
Reinvested dividends and distributions	23,575	291,154	13,067	154,016
Shares repurchased	(241,156)	(3,023,072)	(26,142)	(311,774)
Net Increase/(Decrease)	2,073,530	$25,750,043	72,447	$ 880,667
Class S Shares:
Shares sold	13,428	$ 168,151	-	$ 37
Reinvested dividends and distributions	610	7,311	861	10,119
Shares repurchased	(3,636)	(45,250)	-	-
Net Increase/(Decrease)	10,402	$ 130,212	861	$ 10,156
Class T Shares:
Shares sold	4,226,424	$52,898,744	210,567	$ 2,573,000
Reinvested dividends and distributions	31,787	393,645	16,892	198,465
Shares repurchased	(851,173)	(10,186,744)	(82,534)	(981,623)
Net Increase/(Decrease)	3,407,038	$43,105,645	144,925	$ 1,789,842

6. Purchases and Sales of Investment Securities


Purchases of Securities	Proceeds from Sales of Securities	Purchases of Long- Term U.S. Government Obligations	Proceeds from Sales of Long-Term U.S. Government Obligations
$162,811,872	$ 21,947,762	$ -	$ -

7. Subsequent Event


Janus Investment Fund	31

INTECH Global Income Managed Volatility Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Janus Investment Fund and Shareholders of
INTECH Global Income Managed Volatility 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 INTECH Global Income Managed Volatility Fund (one of the funds constituting Janus Investment Fund, hereafter referred to as the “Fund”) at June 30, 2016, 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 June 30, 2016 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.

Denver, Colorado

August 11, 2016


32	JUNE 30, 2016

INTECH Global Income Managed Volatility Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Quarterly Portfolio Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD

Nature, Extent and Quality of Services


Janus Investment Fund	33

INTECH Global Income Managed Volatility Fund

Additional Information (unaudited)

Performance of the Funds

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

Fixed-Income Funds and Money Market Funds

· For Janus Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 12 months ended May 31, 2015.


34	JUNE 30, 2016

INTECH Global Income Managed Volatility Fund

Additional Information (unaudited)

Asset Allocation Funds

Alternative Fund

· For Janus Diversified Alternatives Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 12 months ended May 31, 2015.

Value Funds

· For Perkins International Value Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 12 months ended May 31, 2015.


Janus Investment Fund	35

INTECH Global Income Managed Volatility Fund

Additional Information (unaudited)

Mathematical Funds

· For INTECH Emerging Markets Managed Volatility Fund, the Trustees noted that, due to limited performance for the Fund, performance history was not a material factor.

Growth and Core Funds


36	JUNE 30, 2016

INTECH Global Income Managed Volatility Fund

Additional Information (unaudited)

Global and International Funds


Janus Investment Fund	37

INTECH Global Income Managed Volatility Fund

Additional Information (unaudited)

Janus Aspen Series

· For Janus Aspen Global Unconstrained Bond Portfolio, the Trustees noted that, due to limited performance for the Fund, performance history was not a material factor.

· For Janus Aspen INTECH U.S. Low Volatility Portfolio, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 12 months ended May 31, 2015.

Costs of Services Provided


38	JUNE 30, 2016

INTECH Global Income Managed Volatility Fund

Additional Information (unaudited)

Fixed-Income Funds and Money Market Funds


Janus Investment Fund	39

INTECH Global Income Managed Volatility Fund

Additional Information (unaudited)

Asset Allocation Funds

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

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

Alternative Fund

Value Funds

· For Perkins Global Value Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group mean for one share class, overall the Fund’s total expenses were reasonable.


40	JUNE 30, 2016

INTECH Global Income Managed Volatility Fund

Additional Information (unaudited)

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

Mathematical Funds

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

Growth and Core Funds

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


Janus Investment Fund	41

INTECH Global Income Managed Volatility Fund

Additional Information (unaudited)

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

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

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

Global and International Funds

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

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

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

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

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

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

Janus Aspen Series

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


42	JUNE 30, 2016