Janus Henderson Overseas Fund Class S 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 811-01879

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

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

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

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

Date of fiscal year end: 9/30

Date of reporting period: 9/30/16

Item 1 - Reports to Shareholders



	ANNUAL REPORT September 30, 2016

Janus Asia Equity Fund

Janus Investment Fund

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

Table of Contents

Janus Asia Equity Fund

Janus Asia Equity Fund (unaudited)

FUND SNAPSHOT

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

Hiroshi Yoh

portfolio manager

PERFORMANCE OVERVIEW

For the 12-month period ended September 30, 2016, Janus Asia Equity Fund’s Class I Shares returned 19.09%, while the Fund’s benchmark, the MSCI All Country Asia ex-Japan Index, returned 16.84%.

INVESTMENT ENVIRONMENT

Asian equity markets recovered from a significant winter dip to post solid gains over the 12-month period. The region’s markets suffered from the expectation that the Federal Reserve’s (Fed) December 2015 rate hike would be the first of many and that growth in powerhouse China would fall short of the levels it has posted in recent years. The weight of a strengthening dollar had a particularly hard impact on countries with a large amount of U.S. dollar-denominated debt and commodities exporters, which would have likely experienced lower demand for their products in the wake of an appreciating greenback.

Markets turned, however, in late January and were propelled higher for the remainder of the period by the growing expectation that the pace of rate hikes by the Fed would be more measured than originally expected, as well as by steps taken by China to support growth. Investor flows also returned to region’s financial markets after a noticeable absence. While this was first evident in government debt, funds later found their way back into equity markets. While June’s Brexit vote caused global shares to dip, Asian stocks recovered quickly, due, in part to additional accommodative action undertaken by the Bank of Japan (BOJ) and the Bank of England (BOE).

Cyclical sectors led markets higher. Technology benefited from the performance of several world-class Asia-based companies. Energy was helped by rising oil prices in the wake of OPEC’s late-period announcement that it was set to cut crude oil production. Materials benefited from incremental supply-side reforms in China’s coal and steel sectors as the country’s marginal producers are being forced to curtail operations. Among countries Indonesia, Taiwan and South Korea led gainers. While still registering positive returns, India and the Philippines lagged their regional peers.

PERFORMANCE DISCUSSION

The Fund’s selection of technology and financial stocks contributed most to relative performance. Holdings within energy and industrials detracted from relative results.

Samsung Electronics was a contributor, in part, on the back of the strong position of its semiconductor business. Late in the period, the company released an earnings report, which showed improving sales in mobile handsets and its display business. We think Samsung’s semiconductor business, mainly DRAM and NAND, will become the more important driver of earnings going forward thanks to high demand for these products as well as limited incremental supply. Samsung’s new V-NAND 3D memory chip is, in our view, fast becoming the best choice for new high-end mobile platforms, where size is major consideration. Samsung’s OLED display is also likely to be adopted by Apple for its flagship smartphone next year. We expect these products to dominate the market until competitors are able to roll out viable substitutes.

Just as Samsung enjoys a commanding position in its semiconductor and OLED technology, Taiwan Semiconductor Manufacturing Company (TSMC), in our view, has become the near insurmountable leader in the manufacturing of mobile processors. The company is benefiting from the migration to even smaller technologies. The foundry has rolled out 16 nanometer (NM) technology and aims to unveil even smaller 10 NM technology in the near future.

Chinese e-commerce company Alibaba saw its shares surge on the back of a strong earnings report released late in the period. Revenues improved across all segments, with those of its core business accelerating. Commerce revenues attributable to China rose a particularly impressive 49% year over year. Of special note was the take-rate among mobile users having


Janus Investment Fund	1

Janus Asia Equity Fund (unaudited)

passed that of desktops. The company’s Taobao platform has succeeded in enriching social content, which has, in turn, improved user engagement, thus increasing ad inventory and monetization.

Out-of-benchmark Cognizant Technology was a leading detractor from performance. While the entire technology consulting subsector was weighed down, Cognizant suffered from company-specific issues, namely the allegations of financial impropriety within its Indian operation. The market has concerns that the company’s corporate and government customers may end their relationships with Cognizant given strict compliance requirements. Due to the potential severity of the situation, we accordingly reduced our position size toward the end of the period.

A cut in orders from Apple hurt electronic components supplier Catcher Technology early in the period. The company is an integral part of Apple’s supply chain with roughly half of its sales attributable to the phone and computer giant. While the company has gained market share across other lines of business, we chose to exit our holdings in Catcher during the period.

Being the country’s largest insurance group, China Life Insurance weighed on results, largely as a consequence of it being caught up in the region’s market volatility that marked the early part of the period. Although premium sales have experienced some near-term headwinds, the long-term growth outlook is more optimistic given the current low penetration of insurance products within the country.

DERIVATIVES USED

For the period, the Fund’s use of options on underlying securities generated positive returns. Please see the Derivative Instruments section in the “Notes to Financial Statements” for additional discussion of derivatives used by the Fund.

OUTLOOK

Our aim remains to identify the most attractive risk-adjusted stock investments within the region. We believe that the environment for Asian equities largely remains favorable. In the short run, a stabilizing Chinese economy helps, as does accommodative monetary – and corresponding low investment yields – across much of the developed world. Over the longer run, we believe our confidence in the transition to consumption-led, domestic economies will be rewarded. Risks, however, are present. The growing lurch toward populism and away from an integrated, global economy is worrisome. Rhetoric exhibited in the U.S. presidential election and across much of Europe calls into question many of the underpinnings that have propelled and broadened global growth over the past two decades.

While mindful of these developments, we will continue to focus on our core area of expertise: fundamental, bottom-up security selection. As evidenced by the performance of many technology names within the portfolio, the region is home to several innovative, world class companies. Consumers continue to spend their newfound wealth, and several industries are heeding the lessons learned from a competitive landscape by improving productivity, streamlining operations and being attentive to shareholder concerns.

Concerns about lackluster growth in China have diminished. The market has, in our view, priced in a December rate hike by the Fed, so we doubt that eventuality will result in much turbulence. The consequence of these factors has been the recent strong run of Asian stocks. Vindication for those long-favoring the region’s secular themes has been the return of institutional investors, who had lately shied away. The return of institutional funds has the possibility, in our view, to create a virtuous circle, by providing capital to companies that can effectively allocate it toward attractively high return products/services and markets.

Thank you for your investment in Janus Asia Equity Fund.


2	SEPTEMBER 30, 2016

Janus Asia Equity Fund (unaudited)

Fund At A Glance

September 30, 2016





	5 Top Performers - Holdings		5 Bottom Performers - Holdings
		Contribution		Contribution
	Samsung Electronics Co Ltd	2.54%	Catcher Technology Co Ltd	-0.36%
	Taiwan Semiconductor Manufacturing Co Ltd	2.23%	China Life Insurance Co Ltd	-0.36%
	Tencent Holdings Ltd	2.13%	Cognizant Technology Solutions Corp	-0.35%
	Alibaba Group Holding Ltd (ADR)	1.37%	Daqin Railway Co Ltd	-0.31%
	AIA Group Ltd	0.65%	Seibu Holdings Inc	-0.27%

	5 Top Performers - Sectors*
		Fund	Fund Weighting	MSCI All Country Asia ex-Japan Index
		Contribution	(Average % of Equity)	Weighting
	Information Technology	2.57%	29.90%	24.26%
	Financials	2.07%	29.02%	30.35%
	Consumer Discretionary	1.11%	13.14%	8.91%
	Consumer Staples	0.58%	1.68%	5.60%
	Utilities	0.41%	2.93%	4.12%

	5 Bottom Performers - Sectors*
		Fund	Fund Weighting	MSCI All Country Asia ex-Japan Index
		Contribution	(Average % of Equity)	Weighting
	Other**	-0.86%	5.12%	0.00%
	Energy	-0.57%	2.59%	4.17%
	Industrials	-0.31%	7.24%	8.69%
	Real Estate	-0.12%	0.45%	0.52%
	Materials	0.16%	1.83%	4.35%

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


Janus Investment Fund	3

Janus Asia Equity Fund (unaudited)

Fund At A Glance

September 30, 2016


5 Largest Equity Holdings - (% of Net Assets)
Taiwan Semiconductor Manufacturing Co Ltd
Semiconductor & Semiconductor Equipment	4.9%
Tencent Holdings Ltd
Internet Software & Services	4.6%
Samsung Electronics Co Ltd
Technology Hardware, Storage & Peripherals	4.4%
Alibaba Group Holding Ltd (ADR)
Internet Software & Services	3.0%
Chongqing Changan Automobile Co Ltd
Automobiles	2.3%
	19.2%


Asset Allocation - (% of Net Assets)
Common Stocks	90.7%
Investment Companies	4.6%
Preferred Stocks	1.4%
OTC Purchased Options – Calls	0.1%
Other		3.2%
		100.0%

Emerging markets comprised 79.0% of total net assets.

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

As of September 30, 2016

As of September 30, 2015


4	SEPTEMBER 30, 2016

Janus Asia Equity Fund (unaudited)

Performance

See important disclosures on the next page.



				Expense Ratios -
Average Annual Total Return - for the periods ended September 30, 2016				per the January 28, 2016 prospectuses
	One Year	Five Year	Since Inception*	Total Annual Fund Operating Expenses	Net Annual Fund Operating Expenses
Class A Shares at NAV	18.58%	8.29%	1.98%	2.87%	1.45%
Class A Shares at MOP	11.72%	7.03%	0.82%
Class C Shares at NAV	17.87%	7.52%	1.28%	3.59%	2.11%
Class C Shares at CDSC	16.87%	7.52%	1.28%
Class D Shares⁽¹⁾	18.95%	8.50%	2.14%	2.75%	1.24%
Class I Shares	19.09%	8.65%	2.30%	2.56%	1.09%
Class S Shares	18.56%	8.26%	1.94%	3.06%	1.59%
Class T Shares	18.88%	8.45%	2.12%	2.73%	1.35%
MSCI All Country Asia ex-Japan Index	16.84%	6.90%	1.71%
Morningstar Quartile - Class I Shares	1st	2nd	2nd
Morningstar Ranking - based on total returns for Pacific/Asia ex-Japan Stock Funds	20/81	19/64	26/64

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

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

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

Net expense ratios reflect the expense waiver, if any, Janus Capital has contractually agreed to through February 1, 2017.


Janus Investment Fund	5

Janus Asia Equity Fund (unaudited)

Performance

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

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.

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

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

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

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

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

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

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

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

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

See “Useful Information About Your Fund Report.”

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

(1) Closed to certain new investors.


6	SEPTEMBER 30, 2016

Janus Asia Equity Fund (unaudited)

Expense Examples

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (4/1/16)	Ending Account Value (9/30/16)	Expenses Paid During Period (4/1/16 - 9/30/16)†	Beginning Account Value (4/1/16)	Ending Account Value (9/30/16)	Expenses Paid During Period (4/1/16 - 9/30/16)†	Net Annualized Expense Ratio (4/1/16 - 9/30/16)
Class A Shares		$1,000.00	$1,122.80	$7.96	$1,000.00	$1,017.50	$7.57	1.50%
Class C Shares		$1,000.00	$1,119.90	$11.71	$1,000.00	$1,013.95	$11.13	2.21%
Class D Shares		$1,000.00	$1,124.40	$7.01	$1,000.00	$1,018.40	$6.66	1.32%
Class I Shares		$1,000.00	$1,125.40	$6.22	$1,000.00	$1,019.15	$5.91	1.17%
Class S Shares		$1,000.00	$1,124.00	$7.81	$1,000.00	$1,017.65	$7.41	1.47%
Class T Shares		$1,000.00	$1,125.00	$7.33	$1,000.00	$1,018.10	$6.96	1.38%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/366 (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.


Janus Investment Fund	7

Janus Asia Equity Fund

Schedule of Investments

September 30, 2016


Shares or Contract Amounts			Value
Common Stocks – 90.7%
Airlines – 0.9%
	Spring Airlines Co Ltd^ß	12,700	$86,006
Auto Components – 0.5%
	Hyundai Mobis Co Ltd	183	45,700
Automobiles – 6.7%
	Astra International Tbk PT	143,700	90,866
	Chongqing Changan Automobile Co Ltd	130,100	212,019
	Hyundai Motor Co	1,087	133,753
	Mahindra & Mahindra Ltd	3,841	81,101
	Maruti Suzuki India Ltd	636	52,325
	Yulon Motor Co Ltd	51,000	44,830
			614,894
Banks – 11.6%
	Axis Bank Ltd	5,003	40,682
	Bangkok Bank PCL (NVDR)	7,700	36,132
	Bank Mandiri Persero Tbk PT	90,500	77,688
	Bank of China Ltd	204,000	93,107
	BOC Hong Kong Holdings Ltd	16,500	55,736
	China Construction Bank Corp	279,000	206,835
	DBS Group Holdings Ltd	11,000	124,168
	Hana Financial Group Inc	4,561	115,350
	ICICI Bank Ltd	11,025	41,757
	Industrial & Commercial Bank of China Ltd	233,000	145,696
	Metropolitan Bank & Trust Co	30,354	53,397
	Shinhan Financial Group Co Ltd	2,350	85,682
			1,076,230
Capital Markets – 1.6%
	CITIC Securities Co Ltd	40,000	84,887
	Haitong International Securities Group Ltd	96,359	63,981
			148,868
Chemicals – 0.5%
	LG Chem Ltd	194	42,545
Construction & Engineering – 2.0%
	13 Holdings Ltd*	102,371	35,372
	China State Construction Engineering Corp Ltd^ß	48,500	44,864
	China State Construction International Holdings Ltd	43,703	57,473
	Voltas Ltd	8,662	49,324
			187,033
Construction Materials – 0.5%
	BBMG Corp	121,844	46,814
Diversified Telecommunication Services – 1.7%
	China Telecom Corp Ltd	81,894	41,284
	KT Corp	1,690	48,957
	Singapore Telecommunications Ltd	22,100	64,352
			154,593
Electric Utilities – 1.6%
	Power Grid Corp of India Ltd	26,772	70,997
	Tenaga Nasional Bhd	23,100	79,944
			150,941
Electrical Equipment – 0.4%
	Finolex Cables Ltd	5,767	38,288
Electronic Equipment, Instruments & Components – 5.8%
	AAC Technologies Holdings Inc	4,500	45,225
	Chroma ATE Inc	20,000	53,794
	Delta Electronics Inc	11,577	61,686
	Hangzhou Hikvision Digital Technology Co Ltd^ß	22,150	81,261
	Hon Hai Precision Industry Co Ltd	49,534	124,854
	Largan Precision Co Ltd	1,000	120,605
	WPG Holdings Ltd	41,000	48,532
			535,957


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

8	SEPTEMBER 30, 2016

Janus Asia Equity Fund

Schedule of Investments

September 30, 2016


Shares or Contract Amounts			Value
Common Stocks – (continued)
Food Products – 0.8%
	San Miguel Pure Foods Co Inc	15,435	$69,074
Health Care Providers & Services – 0.6%
	Shanghai Pharmaceuticals Holding Co Ltd	22,100	59,551
Hotels, Restaurants & Leisure – 1.0%
	Genting Malaysia Bhd	37,300	41,073
	Melco International Development Ltd	37,000	48,562
			89,635
Household Durables – 0.4%
	Midea Group Co Ltd^ß	10,150	41,102
Independent Power and Renewable Electricity Producers – 0.9%
	Beijing Jingneng Clean Energy Co Ltd	279,021	85,258
Industrial Conglomerates – 2.2%
	CK Hutchison Holdings Ltd	5,840	74,240
	Seibu Holdings Inc	5,069	83,092
	Shun Tak Holdings Ltd	133,500	43,030
			200,362
Information Technology Services – 0.2%
	Cognizant Technology Solutions Corp*	459	21,899
Insurance – 5.2%
	AIA Group Ltd^†	29,600	196,730
	Cathay Financial Holding Co Ltd	47,000	60,133
	China Life Insurance Co Ltd	19,000	48,993
	Hyundai Marine & Fire Insurance Co Ltd	2,451	80,684
	Ping An Insurance Group Co of China Ltd^ß	17,500	89,625
			476,165
Internet & Direct Marketing Retail – 1.3%
	Ctrip.com International Ltd (ADR)*^,†	1,363	63,475
	JD.com Inc (ADR)*^,†	2,279	59,459
			122,934
Internet Software & Services – 8.9%
	Alibaba Group Holding Ltd (ADR)*	2,585	273,467
	Baidu Inc (ADR)*^,†	473	86,119
	Kakao Corp	506	37,587
	Tencent Holdings Ltd	15,600	428,406
			825,579
Leisure Products – 0.4%
	Goodbaby International Holdings Ltd	62,224	32,170
Marine – 1.2%
	First Steamship Co Ltd*	141,411	35,147
	Orient Overseas International Ltd	22,500	79,485
			114,632
Metals & Mining – 1.5%
	Baoshan Iron & Steel Co Ltd^ß	48,900	35,924
	Hindustan Zinc Ltd	11,989	42,022
	Hyundai Steel Co	1,398	64,492
			142,438
Oil, Gas & Consumable Fuels – 3.1%
	China Petroleum & Chemical Corp^ß	82,200	59,894
	Coal India Ltd	12,212	59,120
	PetroChina Co Ltd	122,000	80,062
	PTT PCL	2,700	26,431
	Reliance Industries Ltd	3,768	61,335
			286,842
Pharmaceuticals – 1.9%
	Lupin Ltd	1,182	26,388
	Yunnan Baiyao Group Co Ltd^ß	14,000	145,310
			171,698
Real Estate Management & Development – 5.3%
	Belle Corp	472,121	29,015


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

Janus Investment Fund	9

Janus Asia Equity Fund

Schedule of Investments

September 30, 2016


Shares or Contract Amounts			Value
Common Stocks – (continued)
Real Estate Management & Development – (continued)
	Central China Real Estate Ltd	298,440	$70,414
	Century Properties Group Inc	1,563,102	18,697
	Cheung Kong Property Holdings Ltd	6,447	47,046
	City Developments Ltd	4,200	27,940
	CSI Properties Ltd	1,920,000	70,550
	Filinvest Land Inc	875,000	33,022
	Longfor Properties Co Ltd	41,500	63,672
	Siam Future Development PCL	284,200	49,651
	Sun Hung Kai Properties Ltd	5,000	75,488
			485,495
Semiconductor & Semiconductor Equipment – 7.9%
	Hua Hong Semiconductor Ltd	80,747	93,696
	SK Hynix Inc	4,870	177,782
	Taiwan Semiconductor Manufacturing Co Ltd	78,000	454,183
			725,661
Software – 1.1%
	Com2uSCorp*	426	38,685
	Nexon Co Ltd	3,800	59,030
			97,715
Specialty Retail – 1.4%
	L'Occitane International SA	18,956	37,784
	PC Jeweller Ltd	12,831	93,493
			131,277
Technology Hardware, Storage & Peripherals – 4.9%
	Pegatron Corp	18,000	46,289
	Samsung Electronics Co Ltd	283	410,674
			456,963
Textiles, Apparel & Luxury Goods – 0.5%
	Belle International Holdings Ltd	64,000	43,898
Thrifts & Mortgage Finance – 2.6%
	Housing Development Finance Corp Ltd	4,473	93,622
	LIC Housing Finance Ltd	16,684	145,050
			238,672
Tobacco – 0.5%
	ITC Ltd	13,152	47,679
Transportation Infrastructure – 0.9%
	Shanghai International Airport Co Ltd^ß	20,900	84,509
Wireless Telecommunication Services – 2.2%
	China Mobile Ltd	17,000	205,700
Total Common Stocks (cost $7,725,968)			8,384,777
Preferred Stocks – 1.4%
Technology Hardware, Storage & Peripherals – 1.4%
	Samsung Electronics Co Ltd(cost $105,630)	110	128,859
Investment Companies – 4.6%
Money Markets – 4.6%
	Janus Cash Liquidity Fund LLC, 0.3767%^ºº,£(cost $426,055)	426,055	426,055
OTC Purchased Options – Calls – 0.1%
Counterparty/Reference Asset
Goldman Sachs International:
	CNH Currency, exercise price 6.80 CNH, expires July 2017*(premiums paid $9,371)	273,221	5,813
Total Investments (total cost $8,267,024) – 96.8%			8,945,504
Cash, Receivables and Other Assets, net of Liabilities – 3.2%			297,617
Net Assets – 100%			$9,243,121


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

10	SEPTEMBER 30, 2016

Janus Asia Equity Fund

Schedule of Investments

September 30, 2016


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

		% of
		Investment
Country	Value	Securities
China	$3,296,175	36.8	%
South Korea	1,410,750	15.8
Taiwan	1,050,053	11.7
India	943,183	10.5
Hong Kong	790,220	8.8
United States	453,767	5.1
Singapore	216,460	2.4
Philippines	203,205	2.3
Indonesia	168,554	1.9
Japan	142,122	1.6
Malaysia	121,017	1.4
Thailand	112,214	1.3
France	37,784	0.4



Total	$8,945,504	100.0	%

Schedule of OTC Written Options

Counterparty

Reference

Asset

Number of

Contracts

Exercise

Price

Expiration

Date

Premiums

Received

Unrealized

Appreciation/

(Depreciation)

Options

Written,

at Value

Written Call Options:

Goldman Sachs International

CNH Currency

273,221

7.20

CNH

7/17

4,454

2,281

(2,173)


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

Janus Investment Fund	11

Janus Asia Equity Fund

Notes to Schedule of Investments and Other Information

MSCI All Country

Asia ex-Japan Index

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


ADR	American Depositary Receipt
LLC	Limited Liability Company
NVDR	Non-Voting Depositary Receipt
OTC	Over-the-Counter
PCL	Public Company Limited


*	Non-income producing security.


†	A portion of this security has been segregated to cover margin or segregation requirements on open futures contracts, forward currency contracts, options contracts, short sales, swap agreements, and/or securities with extended settlement dates, the value of which, as of September 30, 2016, is $349,963.


ß	Security is illiquid.


ºº	Rate shown is the 7-day yield as of September 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 September 30, 2016. Unless otherwise indicated, all information in the table is for the year ended September 30, 2016.


		Share			Share
		Balance			Balance	Realized	Dividend	Value
		at 9/30/15	Purchases	Sales	at 9/30/16	Gain/(Loss)	Income	at 9/30/16

Janus Cash Collateral Fund LLC		—	685,467	(685,467)	—	$—	$170⁽¹⁾	$—
Janus Cash Liquidity Fund LLC		—	5,315,233	(4,889,178)	426,055	—	474	426,055

Total						$—	$644	$426,055
(1)	Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties.


12	SEPTEMBER 30, 2016

Janus Asia Equity Fund

Notes to Schedule of Investments and Other Information


The following is a summary of the inputs that were used to value the Fund's investments in securities and other financial instruments as of September 30, 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
Metals & Mining	$ 106,514	$ -	$ 35,924
Pharmaceuticals	26,388	-	145,310
All Other	8,070,641	-	-
Preferred Stocks	-	128,859	-
Investment Companies	-	426,055	-
OTC Purchased Options - Calls	-	5,813	-
Total Assets	$ 8,203,543	$ 560,727	$ 181,234
Liabilities
Other Financial Instruments^(a):
Written Options, at Value	$ -	$ 2,173	$ -

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


Level 3 Valuation Reconciliation of Assets
	Level 3 Value as of 9/30/15	Realized Gain/(Loss)	Change in Unrealized Appreciation/ Depreciation^(a)(b)	Gross Purchases	Gross Sales	Transfers In and/or Out of Level 3	Level 3 Value as of 9/30/16
Investments in Securities:
Common Stocks Metals & Mining	$ -	$ -	$ (7,332)	$ 43,256	$ -	$ -	$ 35,924
Pharmaceuticals	-	(8,795)	14,079	7,475	(66,622)	199,173	145,310
Total	$ -	$ (8,795)	$ 6,747	$ 50,731	$ (66,622)	$ 199,173	$ 181,234
(a) Included in "Change in unrealized net appreciation/depreciation of investments, foreign currency translations and non-interested Trustees' deferred compensation" on the Statement of Operations. (b) Represents the change in unrealized net appreciation/depreciation related to assets categorized as Level 3 held at September 30, 2016.


Janus Investment Fund	13

Janus Asia Equity Fund

Statement of Assets and Liabilities

September 30, 2016

See footnotes at the end of the Statement.



Assets:
	Investments, at cost		$	8,267,024
	Unaffiliated investments, at value			8,519,449
	Affiliated investments, at value			426,055
	Cash			6,781
	Restricted cash (Note 1)			278,658
	Cash denominated in foreign currency⁽¹⁾			72
	Non-interested Trustees' deferred compensation			162
	Receivables:
		Investments sold		34,746
		Fund shares sold		16,804
		Dividends		13,647
		Due from adviser		12,010
		Dividends from affiliates		114
	Other assets			156
Total Assets				9,308,654
Liabilities:
	Options written, at value⁽²⁾			2,173
	Payables:			—
		Professional fees		16,962
		Foreign tax liability		15,426
		Registration fees		8,596
		Advisory fees		8,558
		Custodian fees		5,053
		Fund shares repurchased		4,141
		Transfer agent fees and expenses		1,664
		12b-1 Distribution and shareholder servicing fees		500
		Non-interested Trustees' deferred compensation fees		162
		Fund administration fees		76
		Non-interested Trustees' fees and expenses		55
		Accrued expenses and other payables		2,167
Total Liabilities				65,533
Net Assets			$	9,243,121


See Notes to Financial Statements.

14	SEPTEMBER 30, 2016

Janus Asia Equity Fund

Statement of Assets and Liabilities

September 30, 2016




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	9,661,659
	Undistributed net investment income/(loss)		41,954
	Undistributed net realized gain/(loss) from investments and foreign currency transactions		(1,083,442)
	Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation⁽³⁾		622,950
Total Net Assets		$	9,243,121
Net Assets - Class A Shares		$	253,013
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		26,847
Net Asset Value Per Share⁽⁴⁾		$	9.42
Maximum Offering Price Per Share⁽⁵⁾		$	9.99
Net Assets - Class C Shares		$	412,520
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		44,159
Net Asset Value Per Share⁽⁴⁾		$	9.34
Net Assets - Class D Shares		$	5,314,204
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		559,929
Net Asset Value Per Share		$	9.49
Net Assets - Class I Shares		$	2,664,890
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		280,266
Net Asset Value Per Share		$	9.51
Net Assets - Class S Shares		$	368,136
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		39,024
Net Asset Value Per Share		$	9.43
Net Assets - Class T Shares		$	230,358
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		24,617
Net Asset Value Per Share		$	9.36

(1) Includes cost of $72.

(2) Premiums received $4,454.

(3) Includes $15,426 of foreign capital gains tax on investments.

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

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


See Notes to Financial Statements.

Janus Investment Fund	15

Janus Asia Equity Fund

Statement of Operations

For the year ended September 30, 2016



Investment Income:
	Dividends		$	223,534
	Dividends from affiliates			474
	Affiliated securities lending income, net			170
	Other income			2,507
	Foreign tax withheld			(23,995)
Total Investment Income				202,690
Expenses:
	Advisory fees			85,962
	12b-1Distribution and shareholder servicing fees:
		Class A Shares		835
		Class C Shares		3,842
		Class S Shares		826
	Transfer agent administrative fees and expenses:
		Class D Shares		6,051
		Class S Shares		826
		Class T Shares		835
	Transfer agent networking and omnibus fees:
		Class A Shares		326
		Class C Shares		157
		Class I Shares		743
	Other transfer agent fees and expenses:
		Class A Shares		125
		Class C Shares		130
		Class D Shares		3,283
		Class I Shares		376
		Class S Shares		37
		Class T Shares		55
	Registration fees			90,963
	Professional fees			66,460
	Custodian fees			21,974
	Shareholder reports expense			5,002
	Fund administration fees			799
	Non-interested Trustees’ fees and expenses			220
	Other expenses			11,508
Total Expenses				301,335
Less: Excess Expense Reimbursement				(178,754)
Net Expenses				122,581
Net Investment Income/(Loss)				80,109
Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions			(937,952)
Total Net Realized Gain/(Loss) on Investments				(937,952)
Change in Unrealized Net Appreciation/Depreciation:⁽¹⁾
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation			2,346,498
	Written options contracts			2,281
Total Change in Unrealized Net Appreciation/Depreciation				2,348,779
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	1,490,936

(1) Includes change in unrealized appreciation/depreciation of $(15,426) due to foreign capital gains tax on investments.


See Notes to Financial Statements.

16	SEPTEMBER 30, 2016

Janus Asia Equity Fund

Statements of Changes in Net Assets



			Year ended September 30, 2016		Year ended September 30, 2015

Operations:
	Net investment income/(loss)		$	80,109	$	66,216
	Net realized gain/(loss) on investments			(937,952)		459,975
	Change in unrealized net appreciation/depreciation			2,348,779		(2,045,856)
Net Increase/(Decrease) in Net Assets Resulting from Operations				1,490,936		(1,519,665)
Dividends and Distributions to Shareholders:
	Dividends from Net Investment Income
		Class A Shares		—		(8,039)
		Class C Shares		—		(1,661)
		Class D Shares		(3,958)		(99,803)
		Class I Shares		(5,795)		(54,233)
		Class S Shares		—		(6,040)
		Class T Shares		(579)		(5,135)
	Total Dividends from Net Investment Income			(10,332)		(174,911)
	Distributions from Net Realized Gain from Investment Transactions
		Class A Shares		(17,690)		(17,352)
		Class C Shares		(17,051)		(12,715)
		Class D Shares		(239,449)		(198,823)
		Class I Shares		(112,535)		(103,633)
		Class S Shares		(14,332)		(13,114)
		Class T Shares		(19,978)		(7,149)
	Total Distributions from Net Realized Gain from Investment Transactions			(421,035)		(352,786)
Net Decrease from Dividends and Distributions to Shareholders				(431,367)		(527,697)
Capital Share Transactions:
		Class A Shares		(125,250)		(53,994)
		Class C Shares		7,051		92,176
		Class D Shares		(910,200)		(2,141,850)
		Class I Shares		(139,290)		18,049
		Class S Shares		14,332		39,474
		Class T Shares		(97,358)		(299,971)
Net Increase/(Decrease) from Capital Share Transactions				(1,250,715)		(2,346,116)
Net Increase/(Decrease) in Net Assets				(191,146)		(4,393,478)
Net Assets:
	Beginning of period			9,434,267		13,827,745
	End of period		$	9,243,121	$	9,434,267

Undistributed Net Investment Income/(Loss)			$	41,954	$	(12,252)


See Notes to Financial Statements.

Janus Investment Fund	17

Janus Asia Equity Fund

Financial Highlights


Class A Shares
For a share outstanding during each year ended September 30			2016	2015	2014		2013	2012
	Net Asset Value, Beginning of Period		$8.31	$9.79	$9.44		$9.25	$7.43
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.05⁽¹⁾	0.01⁽¹⁾	0.23⁽¹⁾⁽²⁾		0.07	0.14
		Net realized and unrealized gain/(loss)	1.44	(0.95)	0.59		0.20	1.68
	Total from Investment Operations		1.49	(0.94)	0.82		0.27	1.82
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	(0.17)	(0.14)		(0.08)	—
		Distributions (from capital gains)	(0.38)	(0.37)	(0.33)		—	—
	Total Dividends and Distributions		(0.38)	(0.54)	(0.47)		(0.08)	—
	Net Asset Value, End of Period		$9.42	$8.31	$9.79		$9.44	$9.25
	Total Return*		18.58%	(10.07)%	9.06%		2.88%	24.50%
	Net Assets, End of Period (in thousands)		$253	$348	$456		$973	$878
	Average Net Assets for the Period (in thousands)		$333	$400	$1,053		$1,063	$768
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	3.51%	2.87%	2.49%		2.03%	4.43%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.56%	1.61%	1.38%		1.52%	1.55%
		Ratio of Net Investment Income/(Loss)	0.64%	0.07%	2.35%⁽²⁾		0.51%	0.87%
	Portfolio Turnover Rate		59%	152%	72%		104%	75%
						1


Class C Shares
For a share outstanding during each year ended September 30			2016	2015	2014	2013	2012
	Net Asset Value, Beginning of Period		$8.29	$9.72	$9.38	$9.18	$7.43
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.01⁽¹⁾	(0.03)⁽¹⁾	0.16⁽¹⁾⁽²⁾	—⁽³⁾	0.06
		Net realized and unrealized gain/(loss)	1.42	(0.98)	0.59	0.21	1.69
	Total from Investment Operations		1.43	(1.01)	0.75	0.21	1.75
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	(0.05)	(0.08)	(0.01)	—
		Distributions (from capital gains)	(0.38)	(0.37)	(0.33)	—	—
	Total Dividends and Distributions		(0.38)	(0.42)	(0.41)	(0.01)	—
	Net Asset Value, End of Period		$9.34	$8.29	$9.72	$9.38	$9.18
	Total Return*		17.87%	(10.81)%	8.22%	2.24%	23.55%
	Net Assets, End of Period (in thousands)		$413	$360	$332	$804	$775
	Average Net Assets for the Period (in thousands)		$381	$373	$802	$815	$716
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	4.23%	3.59%	3.24%	2.77%	5.45%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.25%	2.30%	2.12%	2.23%	2.30%
		Ratio of Net Investment Income/(Loss)	0.10%	(0.31)%	1.68%⁽²⁾	(0.20)%	0.08%
	Portfolio Turnover Rate		59%	152%	72%	104%	75%

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

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

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

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

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


See Notes to Financial Statements.

18	SEPTEMBER 30, 2016

Janus Asia Equity Fund

Financial Highlights


Class D Shares
For a share outstanding during each year ended September 30			2016	2015	2014	2013	2012
	Net Asset Value, Beginning of Period		$8.35	$9.84	$9.48	$9.26	$7.42
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.08⁽¹⁾	0.07⁽¹⁾	0.24⁽¹⁾⁽²⁾	0.05	0.25
		Net realized and unrealized gain/(loss)	1.45	(1.00)	0.61	0.23	1.59
	Total from Investment Operations		1.53	(0.93)	0.85	0.28	1.84
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.01)	(0.19)	(0.16)	(0.06)	—
		Distributions (from capital gains)	(0.38)	(0.37)	(0.33)	—	—
		Redemption fees	N/A	N/A	N/A	N/A	—⁽³⁾
	Total Dividends and Distributions		(0.39)	(0.56)	(0.49)	(0.06)	—
	Net Asset Value, End of Period		$9.49	$8.35	$9.84	$9.48	$9.26
	Total Return*		18.95%	(9.99)%	9.26%	3.01%	24.80%
	Net Assets, End of Period (in thousands)		$5,314	$5,640	$9,084	$7,477	$3,394
	Average Net Assets for the Period (in thousands)		$5,013	$6,632	$8,635	$7,523	$2,654
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	3.38%	2.75%	2.31%	1.91%	2.77%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.36%	1.42%	1.25%	1.40%	1.53%
		Ratio of Net Investment Income/(Loss)	0.89%	0.67%	2.52%⁽²⁾	0.63%	1.33%
	Portfolio Turnover Rate		59%	152%	72%	104%	75%


Class I Shares
For a share outstanding during each year ended September 30			2016	2015	2014	2013	2012
	Net Asset Value, Beginning of Period		$8.37	$9.85	$9.49	$9.27	$7.43
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.10⁽¹⁾	0.06⁽¹⁾	0.26⁽¹⁾⁽²⁾	0.04	0.19
		Net realized and unrealized gain/(loss)	1.44	(0.98)	0.60	0.26	1.65
	Total from Investment Operations		1.54	(0.92)	0.86	0.30	1.84
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.02)	(0.19)	(0.17)	(0.08)	—
		Distributions (from capital gains)	(0.38)	(0.37)	(0.33)	—	—
	Total Dividends and Distributions		(0.40)	(0.56)	(0.50)	(0.08)	—
	Net Asset Value, End of Period		$9.51	$8.37	$9.85	$9.49	$9.27
	Total Return*		19.09%	(9.79)%	9.43%	3.21%	24.76%
	Net Assets, End of Period (in thousands)		$2,665	$2,470	$2,899	$1,295	$1,145
	Average Net Assets for the Period (in thousands)		$2,528	$3,017	$2,751	$1,549	$848
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	3.19%	2.56%	2.15%	1.70%	3.63%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.21%	1.27%	1.07%	1.26%	1.29%
		Ratio of Net Investment Income/(Loss)	1.14%	0.57%	2.75%⁽²⁾	0.55%	1.19%
	Portfolio Turnover Rate		59%	152%	72%	104%	75%

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

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

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

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


See Notes to Financial Statements.

Janus Investment Fund	19

Janus Asia Equity Fund

Financial Highlights


Class S Shares
For a share outstanding during each year ended September 30			2016	2015	2014	2013	2012
	Net Asset Value, Beginning of Period		$8.32	$9.79	$9.43	$9.23	$7.43
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.07⁽¹⁾	0.07⁽¹⁾	0.23⁽¹⁾⁽²⁾	0.05	0.10
		Net realized and unrealized gain/(loss)	1.42	(1.00)	0.59	0.22	1.70
	Total from Investment Operations		1.49	(0.93)	0.82	0.27	1.80
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	(0.17)	(0.13)	(0.07)	—
		Distributions (from capital gains)	(0.38)	(0.37)	(0.33)	—	—
	Total Dividends and Distributions		(0.38)	(0.54)	(0.46)	(0.07)	—
	Net Asset Value, End of Period		$9.43	$8.32	$9.79	$9.43	$9.23
	Total Return*		18.56%	(9.97)%	9.02%	2.86%	24.23%
	Net Assets, End of Period (in thousands)		$368	$310	$345	$791	$769
	Average Net Assets for the Period (in thousands)		$329	$390	$752	$874	$710
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	3.67%	3.06%	2.58%	2.21%	4.97%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.56%	1.48%	1.46%	1.65%	1.75%
		Ratio of Net Investment Income/(Loss)	0.83%	0.71%	2.42%⁽²⁾	0.29%	0.63%
	Portfolio Turnover Rate		59%	152%	72%	104%	75%


Class T Shares
For a share outstanding during each year ended September 30			2016	2015	2014	2013	2012
	Net Asset Value, Beginning of Period		$8.25	$9.81	$9.45	$9.25	$7.43
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.04⁽¹⁾	0.04⁽¹⁾	0.24⁽¹⁾⁽²⁾	0.13	0.15
		Net realized and unrealized gain/(loss)	1.46	(0.96)	0.61	0.15	1.67
	Total from Investment Operations		1.50	(0.92)	0.85	0.28	1.82
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.01)	(0.27)	(0.16)	(0.08)	—
		Distributions (from capital gains)	(0.38)	(0.37)	(0.33)	—	—
	Total Dividends and Distributions		(0.39)	(0.64)	(0.49)	(0.08)	—
	Net Asset Value, End of Period		$9.36	$8.25	$9.81	$9.45	$9.25
	Total Return*		18.88%	(9.98)%	9.37%	2.99%	24.50%
	Net Assets, End of Period (in thousands)		$230	$306	$712	$1,644	$861
	Average Net Assets for the Period (in thousands)		$332	$566	$1,357	$1,331	$798
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	3.41%	2.73%	2.44%	2.05%	4.33%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.44%	1.39%	1.26%	1.43%	1.54%
		Ratio of Net Investment Income/(Loss)	0.47%	0.46%	2.49%⁽²⁾	0.63%	0.89%
	Portfolio Turnover Rate		59%	152%	72%	104%	75%

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

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

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


See Notes to Financial Statements.

20	SEPTEMBER 30, 2016

Janus Asia Equity Fund

Notes to Financial Statements

1. Organization and Significant Accounting Policies

Janus Asia Equity Fund (the “Fund”) is a series fund. The Fund is part of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers forty-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


Janus Investment Fund	21

Janus Asia Equity Fund

Notes to Financial Statements

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

Valuation Inputs Summary

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

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

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

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

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

Assets categorized as Level 3 in the hierarchy have been fair valued at the last trade price prior to a trading halt.

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

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of September 30, 2016 to fair value the Fund’s investments in securities and other financial instruments is included in the “Valuation Inputs Summary” and “Level 3 Valuation Reconciliation of Assets" in the Notes to Schedule of Investments and Other Information.

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

Financial assets of $6,226,476 were transferred out of Level 2 to Level 1 since certain foreign equity prices were applied a fair valuation adjustment factor at the end of the prior fiscal year and no factor was applied at the end of the current fiscal year.


22	SEPTEMBER 30, 2016

Janus Asia Equity Fund

Notes to Financial Statements

Financial assets of $199,173 were transferred out of Level 2 to Level 3 since certain security’s prices were determined using significant unobservable inputs at the end of the current fiscal year and other significant observable inputs at the end of the prior fiscal year.

Investment Transactions and Investment Income

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

Expenses

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

Estimates

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

Indemnifications

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

Foreign Currency Translations

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

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

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

Dividends and Distributions

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

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


Janus Investment Fund	23

Janus Asia Equity Fund

Notes to Financial Statements

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

Federal Income Taxes

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

Restricted Cash

As of September 30, 2016, the Fund has restricted cash in the amount of $278,658. The restricted cash represents collateral pledged in relation to investment quota for China A Shares. The carrying value of the restricted cash approximates fair value.

2. Derivative Instruments

The Fund may invest in various types of derivatives, which may at times result in significant derivative exposure. A derivative is a financial instrument whose performance is derived from the performance of another asset. The Fund may invest in derivative instruments including, but not limited to: futures contracts, put options, call options, options on future contracts, options on foreign currencies, options on recovery locks, options on security and commodity indices, swaps, forward contracts, structured investments, and other equity-linked derivatives. Each derivative instrument that was held by the Fund during the year ended September 30, 2016 is discussed in further detail below. A summary of derivative activity by the Fund is reflected in the tables at the end of this section.

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

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

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

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

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

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

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

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


24	SEPTEMBER 30, 2016

Janus Asia Equity Fund

Notes to Financial Statements

· Index Risk – if the derivative is linked to the performance of an index, it will be subject to the risks associated with changes in that index. If the index changes, the Fund could receive lower interest payments or experience a reduction in the value of the derivative to below what the Fund paid. Certain indexed securities, including inverse securities (which move in an opposite direction to the index), may create leverage, to the extent that they increase or decrease in value at a rate that is a multiple of the changes in the applicable index.

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

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

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

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

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

Options Contracts

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

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

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


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Janus Asia Equity Fund

Notes to Financial Statements

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

During the year, the Fund purchased call options on foreign exchange rates vs. the U.S. dollar in order to increase foreign currency exposure and reduce U.S. dollar exposure where increasing this exposure via the options market was most attractive.

During the year ended September 30, 2016, the average ending monthly market value amounts on purchased call options is $11,923.

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

During the year, the Fund wrote call options on foreign exchange rates vs. the U.S. dollar in order to reduce currency risk where reducing this exposure via the foreign exchange forward markets was less attractive.

During the year ended September 30, 2016, the average ending monthly market value amounts on written call options is $617.


Written option activity for the year ended September 30, 2016 is indicated in the table below:

	Number of	Premiums
	Contracts	Received
Options outstanding at September 30, 2015	-	$ -
Options written	273,221	4,454
Options closed	-	-
Options expired	-	-
Options exercised	-	-
Options outstanding at September 30, 2016	273,221	$ 4,454

The following table, grouped by derivative type, provides information about the fair value and location of derivatives within the Statement of Assets and Liabilities as of September 30, 2016.

Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of September 30, 2016



			Currency Contracts
Asset Derivatives:
Unaffiliated investments, at value^(a)		$	5,813


Liability Derivatives:
Options written, at value		$	2,173

(a)	Amounts relate to purchased options.


26	SEPTEMBER 30, 2016

Janus Asia Equity Fund

Notes to Financial Statements

The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the year ended September 30, 2016.


The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the year ended September 30, 2016

Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative		Currency Contracts
Investments and foreign currency transactions		$ 7,303	^(a)



Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative		Currency Contracts
Investments, foreign currency translations and non-interested Trustees' deferred compensation		$ (3,558)	^(a)
Written options contracts		2,281

Total		$ (1,277)
(a)	Amounts relate to purchased options.
(b)	Amounts relate to purchased options.

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

3. Other Investments and Strategies

Additional Investment Risk

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.


Janus Investment Fund	27

Janus Asia Equity Fund

Notes to Financial Statements

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.

China A Shares

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

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

During the year ended September 30, 2016, Janus Capital, in its capacity as a QFII, invested in China A Shares on behalf of the Fund. With respect to direct China A Shares investments, as a general matter, any capital invested and profits generated cannot be repatriated for a minimum of one year. Repatriation of any invested capital is subject to approval by the regulator. Additionally, any repatriation of profits would be subject to an audit by a registered accountant in China, and subject to regulatory approval. In light of the foregoing, the Fund’s investment in China A Shares would be subject to the Fund’s limit of investing up to 15% of its net assets in illiquid investments. Current Chinese tax law is unclear whether capital gains realized on the Fund’s investments in China A shares will be subject to tax. Because management believes it is more likely than not that Chinese capital gains tax ultimately will not be imposed, the Fund does not accrue for such taxes.

As of September 30, 2016, the Fund has available investment quota of $278,658. The Fund is subject to certain restrictions and administrative processes relating to its ability to repatriate cash balances and may incur substantial delays in gaining access to its assets.

Counterparties

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


28	SEPTEMBER 30, 2016

Janus Asia Equity Fund

Notes to Financial Statements

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

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.

Offsetting Assets and Liabilities

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

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

The following tables present gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see either the “Fair Value of Derivative Instruments as of September 30, 2016” table located in Note 2 of these Notes to Financial Statements and/or the Fund’s Schedule of Investments.


Offsetting of Financial Assets and Derivative Assets

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

Goldman Sachs International	$	5,813	$	(2,173)	$	—	$	3,640


Janus Investment Fund	29

Janus Asia Equity Fund

Notes to Financial Statements


Offsetting of Financial Liabilities and Derivative Liabilities

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

Goldman Sachs International		$	2,173	$	(2,173)	$	—	$	—

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

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

Real Estate Investing

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

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.


30	SEPTEMBER 30, 2016

Janus Asia Equity Fund

Notes to Financial Statements

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.

4. Investment Advisory Agreements and Other Transactions with Affiliates

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

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

The calculation of the performance adjustment applies as follows:

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

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

The Fund’s prospectuses and statement(s) of additional information contain additional information about performance-based fees. The amount shown as advisory fees on the Statement of Operations reflects the Base Fee Rate plus/minus any Performance Adjustment. For the year ended September 30, 2016, the performance adjusted investment advisory fee rate before any waivers and/or reimbursements of expenses is 0.96%.

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

Janus Capital has contractually agreed to waive the advisory fee payable by the Fund or reimburse expenses in an amount equal to the amount, if any, that the Fund’s normal operating expenses in any fiscal year, including the investment advisory fee, but excluding the 12b-1 distribution and shareholder servicing fees (applicable to Class A Shares, Class C Shares, and Class S Shares), transfer agent fees and expenses payable pursuant to the Transfer Agency Agreement, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 1.04% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waiver until at least February 1, 2017. The previous expense limit (until February 1, 2016) was 1.28%. 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 non-distribution related 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.


Janus Investment Fund	31

Janus Asia Equity Fund

Notes to Financial Statements

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.

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

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

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


32	SEPTEMBER 30, 2016

Janus Asia Equity Fund

Notes to Financial Statements

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 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 $698,017 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended September 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 September 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 September 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 $111,925 were paid by the Trust to a Trustee under the Deferred Plan during the year ended September 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 Fund's ability to withdraw investments from Janus Cash Liquidity Fund LLC at will, and there are no unfunded capital commitments due from the Fund to Janus Cash Liquidity Fund LLC. The units of Janus Cash Liquidity Fund LLC are not charged any management fee, sales charge or service fee.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the year ended September 30, 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. During the year ended September 30, 2016, Janus Distributors retained upfront sales charges of $578.

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


Janus Investment Fund	33

Janus Asia Equity Fund

Notes to Financial Statements

As of September 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	35	%	1	%
Class C Shares	80		4
Class D Shares	-		-
Class I Shares	77		22
Class S Shares	100		4
Class T Shares	-		-

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

5. Federal Income Tax

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

Other book to tax differences primarily consist of deferred compensation, derivatives, and foreign currency contract adjustments. The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.


			Loss Deferrals		Other Book	Net Tax
Undistributed Ordinary Income	Undistributed Long-Term Gains	Accumulated Capital Losses	Late-Year Ordinary Loss	Post-October Capital Loss	to Tax Differences	Appreciation/ (Depreciation)
$ 109,851	$ -	$ (976,142)	$ -	$ -	$ (40,268)	$ 488,021



Capital Loss Carryover Schedule
For the year ended September 30, 2016
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$ (675,588)	$ (300,554)	$ (976,142)


34	SEPTEMBER 30, 2016

Janus Asia Equity Fund

Notes to Financial Statements

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of September 30, 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 and investments in passive foreign investment companies.


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 8,442,057	$ 1,103,319	$ (599,872)	$ 503,447

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


For the year ended September 30, 2016
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 10,332	$ 421,035	$ -	$ -


For the year ended September 30, 2015
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 527,697	$ -	$ -	$ -

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
$ -	$ (15,571)	$ 15,571


Janus Investment Fund	35

Janus Asia Equity Fund

Notes to Financial Statements

6. Capital Share Transactions



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

Class A Shares:
Shares sold	12,417	$ 104,455	13,582	$ 129,897
Reinvested dividends and distributions	1,929	16,084	2,769	25,391
Shares repurchased	(29,367)	(245,789)	(21,080)	(209,282)
Net Increase/(Decrease)	(15,021)	$ (125,250)	(4,729)	$ (53,994)
Class C Shares:
Shares sold	1,069	$ 9,613	8,908	$ 87,852
Reinvested dividends and distributions	2,052	17,051	1,561	14,376
Shares repurchased	(2,390)	(19,613)	(1,186)	(10,052)
Net Increase/(Decrease)	731	$ 7,051	9,283	$ 92,176
Class D Shares:
Shares sold	135,524	$1,206,585	521,332	$ 5,369,396
Reinvested dividends and distributions	28,471	238,587	31,639	291,398
Shares repurchased	(279,114)	(2,355,372)	(801,161)	(7,802,644)
Net Increase/(Decrease)	(115,119)	$ (910,200)	(248,190)	$(2,141,850)
Class I Shares:
Shares sold	27,435	$ 219,281	117,670	$ 1,172,928
Reinvested dividends and distributions	14,104	118,330	17,141	157,866
Shares repurchased	(56,353)	(476,901)	(133,975)	(1,312,745)
Net Increase/(Decrease)	(14,814)	$ (139,290)	836	$ 18,049
Class S Shares:
Shares sold	-	$ -	55,972	$ 566,788
Reinvested dividends and distributions	1,718	14,332	2,089	19,154
Shares repurchased	-	-	(55,972)	(546,468)
Net Increase/(Decrease)	1,718	$ 14,332	2,089	$ 39,474
Class T Shares:
Shares sold	238,960	$2,070,702	545,626	$ 5,289,384
Reinvested dividends and distributions	2,486	20,557	1,351	12,284
Shares repurchased	(253,950)	(2,188,617)	(582,493)	(5,601,639)
Net Increase/(Decrease)	(12,504)	$ (97,358)	(35,516)	$ (299,971)

7. Purchases and Sales of Investment Securities

For the year ended September 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
$ 5,029,353	$ 6,935,033	$ -	$ -

8. Subsequent Event

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

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


36	SEPTEMBER 30, 2016

Janus Asia Equity Fund

Notes to Financial Statements

The consummation of the Merger will be deemed to be an “assignment” (as defined in the Investment Company Act of 1940, as amended) of the advisory agreement between the Fund and Janus Capital. In addition, the consummation of the Merger will be deemed to be an assignment of the subadvisory agreements between Janus Capital and each of Perkins Investment Management LLC (“Perkins”) and Janus Singapore Pte. Limited (“Janus Singapore”). As a result, the consummation of the Merger will cause such advisory and subadvisory agreements to terminate automatically in accordance with their respective terms. It is anticipated that the Board of Trustees of the Fund (the “Trustees”) will consider a new advisory agreement with Janus Capital and new subadvisory agreements with each of Perkins and Janus Singapore, as applicable, after taking into consideration the potential post-merger ownership structure of Janus Capital. If approved by the Trustees, the new agreements will be presented to the Fund’s shareholders for approval, and, if so approved by shareholders, will take effect upon the consummation of the Merger or such later time as shareholder approval is obtained.


Janus Investment Fund	37

Janus Asia Equity Fund

Report of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Janus Asia Equity Fund (one of the funds constituting Janus Investment Fund, hereafter referred to as the “Fund”) at September 30, 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 September 30, 2016 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.

Denver, Colorado

November 11, 2016


38	SEPTEMBER 30, 2016

Janus Asia Equity Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

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

Quarterly Portfolio Holdings

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

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD

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

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

At a meeting held on December 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


Janus Investment Fund	39

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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.


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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.


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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.


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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.


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Janus Asia Equity 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,


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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.


Janus Investment Fund	45

Janus Asia Equity 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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Janus Asia Equity 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.


Janus Investment Fund	47

Janus Asia Equity 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.


48	SEPTEMBER 30, 2016

Janus Asia Equity 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


Janus Investment Fund	49

Janus Asia Equity 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.


50	SEPTEMBER 30, 2016

Janus Asia Equity Fund

Useful Information About Your Fund Report (unaudited)

Management Commentary

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

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

Please keep in mind that the opinions expressed in the Management Commentary are just that: opinions. They are a reflection based on best judgment at the time this report was compiled, which was September 30, 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.


Janus Investment Fund	51

Janus Asia Equity Fund

Useful Information About Your Fund Report (unaudited)

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

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

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

Statement of Operations

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

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

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

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

Statements of Changes in Net Assets

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

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

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

Financial Highlights

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

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


52	SEPTEMBER 30, 2016

Janus Asia Equity 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.


Janus Investment Fund	53

Janus Asia Equity 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.”


54	SEPTEMBER 30, 2016

Janus Asia Equity Fund

Designation Requirements (unaudited)

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



Capital Gain Distributions	$421,035
Foreign Taxes Paid	$23,995
Foreign Source Income	$223,535
Qualified Dividend Income Percentage	100%


Janus Investment Fund	55

Janus Asia Equity Fund

Trustees and Officers (unaudited)

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

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

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


56	SEPTEMBER 30, 2016

Janus Asia Equity Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust		Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William F. McCalpin 151 Detroit Street Denver, CO 80206 DOB: 1957		Chairman Trustee	1/08-Present 6/02-Present	Managing Partner, Impact Investments, Athena Capital Advisors LLC (independent registered investment advisor) (since 2016) and Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations). Formerly, Chief Executive Officer, Imprint Capital (impact investment firm) (2013-2015) and Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a private family foundation) (1998-2006).	58	Director of Mutual Fund Directors Forum (a non-profit organization serving independent directors of U.S. mutual funds), 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	57

Janus Asia Equity Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust		Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
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 WTTW (PBS affiliate) (since 2003). Formerly, Director of Motive Quest LLC (strategic social market research company) (2003-2016); Director of Nuveen Global Investors LLC (2007-2011); Director of Communities in Schools (2004-2010); and Director of Mutual Fund Education Alliance (until 2010).


58	SEPTEMBER 30, 2016

Janus Asia Equity Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust		Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William D. Cvengros 151 Detroit Street Denver, CO 80206 DOB: 1948		Trustee	1/11-Present	Managing Member and Chief Executive Officer of SJC Capital, LLC (a personal investment company and consulting firm) (since 2002). Formerly, Venture Partner for The Edgewater Funds (a middle market private equity firm) (2002-2004); Chief Executive Officer and President of PIMCO Advisors Holdings L.P. (a publicly traded investment management firm) (1994-2000); and Chief Investment Officer of Pacific Life Insurance Company (a mutual life insurance and annuity company) (1987-1994).	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	59

Janus Asia Equity Fund

Trustees and Officers (unaudited)


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


60	SEPTEMBER 30, 2016

Janus Asia Equity Fund

Trustees and Officers (unaudited)


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


Janus Investment Fund	61

Janus Asia Equity Fund

Trustees and Officers (unaudited)


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


62	SEPTEMBER 30, 2016

Janus Asia Equity Fund

Trustees and Officers (unaudited)

* 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.


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Hiroshi Yoh #36-02 AXA Tower 8 Shenton Way Singapore 068811 DOB: 1963	Executive Vice President and Portfolio Manager Janus Asia Equity Fund	7/11-Present	Director of Janus Capital Singapore Pte. Limited and Portfolio Manager for other Janus accounts.
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.


Janus Investment Fund	63

Janus Asia Equity Fund

Trustees and Officers (unaudited)


OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
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 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.


64	SEPTEMBER 30, 2016

Janus Asia Equity Fund

Notes

NotesPage1


Janus Investment Fund	65

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-1116-5817

125-02-93036 11-16



	ANNUAL REPORT September 30, 2016

Janus Balanced Fund

Janus Investment Fund

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

Table of Contents

Janus Balanced Fund

Janus Balanced Fund (unaudited)

FUND SNAPSHOT

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

Jeremiah Buckley

co-portfolio manager

Marc Pinto

co-portfolio manager

Mayur Saigal

co-portfolio manager

Darrell Watters

co-portfolio manager

PERFORMANCE OVERVIEW

Janus Balanced Fund’s Class T Shares returned 5.92% for the 12-month period ended September 30, 2016. That compares with 15.43% for the Fund’s primary benchmark, the S&P 500 Index, and 5.19% for the Fund’s secondary benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. The Balanced Index, an internally calculated benchmark composed of a 55% weighting in the S&P 500 Index and a 45% weighting in the Bloomberg Barclays U.S. Aggregate Bond Index, returned 10.92%.

INVESTMENT ENVIRONMENT

A series of concerns about economic growth and geopolitics were not enough to keep risk assets from gaining during the period. Early on, stocks continued their recovery from the summer of 2015 sell-off. Later, investors largely took the Federal Reserve’s (Fed) first interest rate hike in a decade in stride. However, volatility returned early in 2016. Concerns about slow global growth and the possibility of recession crept in with worse-than-expected data out of China and a soft patch of U.S. economic data. Investors were also fearful that decade-low crude oil prices may have been indicative of slowing global demand rather than excess North American production. Improving data enabled stocks to regain their footing and corporate credit spreads to resume tightening throughout the spring. This was temporarily derailed, however, by the United Kingdom’s surprise decision to leave the European Union. Investor concerns quickly ebbed, helped by solid employment data and the expectation that the Fed would forgo a September interest rate hike. Risk assets rebounded as investors continued to reach for yield.

Global demand for U.S. corporate credit was robust for most of the period. High-yield and investment-grade spreads generally tightened, despite significant widening over recession concerns early in 2016. The rally was stronger in high yield, while investment-grade spreads were range-bound late in the period.

The U.S. Treasury curve flattened. December’s rate hike, and expectations of a 2016 tightening, pushed the yield on the 2-year note higher. Yields on longer term maturities dipped as growth and inflation expectations remained muted. The yield on the 10-year note ended September at 1.59%, down from 2.04% the year before. Rates rallied to a larger degree farther out on the curve.

PERFORMANCE DISCUSSION

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

Our equity-to-fixed income allocation ended the period approximately 63% equities, 37% fixed income and a small position in cash, compared with roughly 56% equities, 43% fixed income and the remainder in cash as of September 30, 2015. The equity allocation may vary based on market conditions, and our positioning reflects our belief that equities offered greater risk-adjusted opportunities versus fixed income throughout the period.

The Fund’s equity sleeve underperformed the S&P 500 Index. Underperformance was led by security selection in health care, a sector mired in negative sentiment for much of the period primarily due to political rhetoric about controlling drug prices. Security selection in financials and industrials also weighed on relative results.

Nike was among the largest equity detractors during the period. The stock struggled as weak mall traffic continued to challenge apparel retailers. Sports Authority’s bankruptcy and subsequent closure of its stores created additional challenges. Moreover, Nike’s competitors have taken market share, which has led to less enthusiasm around the Nike brand. We believe that management has


Janus Investment Fund	1

Janus Balanced Fund (unaudited)

addressed the competitive issues, and that the outlook is improved going forward. Norwegian Cruise Line also weighed on results. The stock traded down as geopolitical and macroeconomic concerns dampened expectations on demand for future discretionary spending, such as cruising. Strengthening oil prices later in the period also contributed to negative sentiment around future margins, although we believe the fuel environment is still favorable. We remain encouraged by Norwegian’s newer fleet and innovative portfolio of on-board offerings which we believe should increase customer spending over time. Additionally, our outlook for the cruise industry remains positive. Increasing global demand in a number of markets has improved the overall supply/demand relationship, helping to enhance the industry’s outlook for higher returns on capital.

Union Pacific was another detractor. Similar to other railroad companies, Union Pacific suffered volume declines from the slowdown in the oil market and related waning transportation needs. Weaker rail volumes and operating margins were disappointing, and we exited our position.

While the aforementioned stocks detracted from performance, we were pleased by the results of other companies in the portfolio. Microsoft was a leading contributor. The stock was up, due in part to continued momentum in its cloud-platform, Azure. Relative strength in personal computer sales late in the period also aided performance. We like the company’s continued efforts to return excess capital to shareholders and believe management’s focus on sound business decisions, including the decision to close down its Nokia division, will prove beneficial.

Shares of Alphabet (formerly known as Google) also performed well. The company continues to benefit from strong growth in its mobile search business and its YouTube platform. We believe there are powerful network effects around Alphabet’s advertising business and its Android operating system. As mobile users turn to their devices more frequently, it enables Alphabet to better understand users’ context and intent. This in turn improves the value proposition Alphabet offers both consumers and advertisers. We believe these advantages will make Alphabet a key beneficiary as more advertising transitions from offline channels such as print and television to mobile and online video channels, which are more measurable. We remain optimistic about Alphabet because of its dominant search position; YouTube also remains a strong source of revenue.

Biotechnology company Amgen was another contributor. A main competitor’s product was delayed due to regulatory issues during the period, which improved broader sentiment around Amgen as well as its 2017 earnings prospects. The company has also released multiple quarters of estimate-beating earnings reports. We believe that Amgen is capable of significantly expanding margins over the next several years, and the company is still in the early stages of multiple new product launches. This includes Repatha for cholesterol lowering, which should report on a large and eagerly anticipated outcomes study by early 2017.

The Fund’s fixed income sleeve underperformed the Bloomberg Barclays U.S. Aggregate Bond Index for the period. Underperformance was largely driven by our positioning in investment-grade corporate credit. Our out-of-index allocation to high yield also weighed on relative results. Our bias toward shorter and intermediate dated corporate credit hampered performance, as long-term bonds generally performed better with the decline in long-term rates. Although, this was partially offset by spread carry, a measure of excess income generated by the Fund’s corporate credit holdings.

At the sector level, our holdings in midstream energy led relative detractors. Underperformance in the sector was largely due to security selection, including exposure to EnLink Midstream Partners LP. EnLink struggled as its sponsor, exploration and production company Devon Energy, faced ratings downgrades early in the period, driven largely by lower commodity prices and elevated leverage. Moody’s subsequently downgraded EnLink. We exited our position.

Our underweight allocations in two sectors that performed well, wireline communications and electric utilities, also detracted on a relative basis. Investor demand for U.S.-based defensive business models supported the sectors during the period. The longer term nature of their debt also benefited from the decline in rates.

Contributing sectors included banking, building materials and brokerage, asset managers and exchanges. Security selection was the lead contributor to our outperformance in building materials, while an overweight allocation combined with spread carry led to outperformance in brokerage, asset managers and exchanges. Our out-of-index exposure to preferreds, including bank hybrids, aided relative results in the banking sector.

Individual issuer Fidelity National Information Services was a top contributor on a relative basis. After completing


2	SEPTEMBER 30, 2016

Janus Balanced Fund (unaudited)

extensive research with our equity team, we are constructive on the company’s market-leading position within the financial technology industry. We like its defensive business model, recurring earnings and strong free cash flow. Management’s intent to pay down debt following the 2015 acquisition of SunGard resulted in positive sentiment toward the issuer.

On an asset class basis, a modest cash balance weighed on results. Cash is not used as a strategy within the Fund but is a residual of the fundamental, bottom-up investment process. The short-term nature of our commercial mortgage-backed securities (CMBS) was also a relative detractor. We allocate to higher quality, shorter duration positions with what we consider to be strong risk-adjusted return opportunities. In our view, single-asset, single-borrower deals offer better relative value than conduit, or multi-loan, deals. Our Treasurys positioning, which is generally longer-dated than the index to hedge our credit exposure, was a strong contributor to relative performance. The pre-payment resistant nature of our mortgage-backed securities (MBS) also proved beneficial relative to the index as long-term rates declined.

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

OUTLOOK

Heading into the last few months of the year, market participants are deliberating the hawkish tone of the Fed’s September meeting announcement and what that means for a potential interest rate hike in 2016. However, downward revisions to both gross domestic product (GDP) and inflation forecasts seem to contrast with the Fed’s own comments that the “case for an increase in the federal funds rate has strengthened.” The Fed has lowered their expected rate hike trajectory as well as the rate they view as normal over the longer term, leading us to expect a very moderate pace for this Fed tightening cycle.

We continue to believe equity valuations present more attractive risk-adjusted opportunities relative to fixed income. However, we have begun reducing our equity exposure on the margin to reflect our more cautious outlook. Despite investors’ recent “risk-on” mindset, we remain cognizant that markets aren’t out of the woods yet. Looking to the end of 2016 and beyond, the U.S. could potentially lead an economic recovery, in our view, and, thereby, a normalization in interest rates over time. Alternatively, there are concerns that deflationary forces are picking up, which could put further downward pressure on interest rates and weigh on the global economy. The upcoming U.S. election and unknown outcome is also creating the potential for market volatility. Given the uncertainties in the economic outlook, our equity positioning is modestly more defensive. We have reduced our exposure to cyclical names where we have less conviction, particularly in the industrials sector. Increased chatter surrounding regulatory caps on drug pricing has led us to trim lower conviction names in health care. We are emphasizing names that have less volatility in their earnings results.

Within the fixed income sleeve, we anticipate a range-bound environment for the foreseeable future and low volatility on the long end of the curve. We intend to keep duration in a tight band as we move toward year end. As it pertains to corporate credit, we believe overall valuations remain full while the outlook for earnings remains stagnant in the face of stalled GDP growth. However, the environment has stabilized considerably from the first quarter. In the wake of regulator opposition to a number of mergers and acquisitions (M&A), executives have become more cautious on large transactions and our concerns over excessive issuance as a result of M&A have subsided. Additionally, negative interest rates in many developed countries continue to drive investors’ search for yield. Global demand for U.S. corporate credit is robust as a result, and this dynamic has modestly improved our outlook for the asset class. We are incrementally adding to credit, but our composition of credit remains defensive and focused on higher quality issuers with strong balance sheets. We will continue to err on the side of caution where credit is concerned, with emphasis on the importance of security avoidance. Our fixed income positioning reflects our client focus and emphasis on capital preservation and strong risk-adjusted returns.

Thank you for investing in Janus Balanced Fund.


Janus Investment Fund	3

Janus Balanced Fund (unaudited)

Fund At A Glance

September 30, 2016





	5 Top Performers - Holdings		5 Bottom Performers - Holdings
		Contribution		Contribution
	Microsoft Corp	1.34%	Blackstone Group LP	-0.37%
	Alphabet Inc - Class C	0.93%	Allergan plc	-0.40%
	Amgen Inc	0.89%	Union Pacific Corp	-0.42%
	AbbVie Inc	0.78%	Norwegian Cruise Line Holdings Ltd	-0.53%
	E I du Pont de Nemours and Co	0.76%	NIKE Inc	-0.55%

	5 Top Performers - Sectors*
			Fund Weighting	S&P 500 Index
		Fund Contribution	(Average % of Equity)	Weighting
	Other**	0.10%	1.71%	0.00%
	Real Estate	0.00%	0.22%	0.26%
	Materials	-0.06%	4.58%	2.86%
	Utilities	-0.08%	0.00%	3.26%
	Energy	-0.16%	0.43%	6.95%

	5 Bottom Performers - Sectors*
			Fund Weighting	S&P 500 Index
		Fund Contribution	(Average % of Equity)	Weighting
	Health Care	-2.30%	19.11%	14.75%
	Financials	-1.12%	15.91%	15.77%
	Industrials	-0.91%	10.93%	10.05%
	Information Technology	-0.77%	20.17%	20.53%
	Consumer Discretionary	-0.75%	19.82%	12.74%

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


4	SEPTEMBER 30, 2016

Janus Balanced Fund (unaudited)

Fund At A Glance

September 30, 2016


5 Largest Equity Holdings - (% of Net Assets)
Microsoft Corp
Software	3.1%
MasterCard Inc
Information Technology Services	2.7%
Amgen Inc
Biotechnology	2.6%
Boeing Co
Aerospace & Defense	2.5%
Altria Group Inc
Tobacco	2.4%
	13.3%


Asset Allocation - (% of Net Assets)
Common Stocks	62.6%
Corporate Bonds	17.3%
Mortgage-Backed Securities	10.4%
United States Treasury Notes/Bonds	4.5%
Asset-Backed/Commercial Mortgage-Backed Securities	2.9%
Bank Loans and Mezzanine Loans	1.6%
Preferred Stocks	0.4%
Investment Companies	0.3%
Other		0.0%
		100.0%

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

As of September 30, 2016

As of September 30, 2015


Janus Investment Fund	5

Janus Balanced Fund (unaudited)

Performance

See important disclosures on the next page.



					Expense Ratios -
Average Annual Total Return - for the periods ended September 30, 2016					per the January 28, 2016 prospectuses
	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses
Class A Shares at NAV	5.86%	9.91%	6.95%	9.37%	0.93%
Class A Shares at MOP	-0.24%	8.62%	6.32%	9.10%
Class C Shares at NAV	5.09%	9.12%	6.17%	8.70%	1.66%
Class C Shares at CDSC	4.09%	9.12%	6.17%	8.70%
Class D Shares⁽¹⁾	6.07%	10.15%	7.12%	9.45%	0.73%
Class I Shares	6.10%	10.22%	7.04%	9.42%	0.65%
Class N Shares	6.23%	10.04%	7.04%	9.42%	0.58%
Class R Shares	5.40%	9.50%	6.51%	8.99%	1.32%
Class S Shares	5.68%	9.77%	6.77%	9.21%	1.08%
Class T Shares	5.92%	10.04%	7.04%	9.42%	0.83%
S&P 500 Index	15.43%	16.37%	7.24%	9.26%
Bloomberg Barclays U.S. Aggregate Bond Index	5.19%	3.08%	4.79%	5.73%
Balanced Index	10.92%	10.39%	6.41%	7.96%
Morningstar Quartile - Class T Shares	4th	2nd	1st	1st
Morningstar Ranking - based on total returns for Allocation - 50% to 70% Equity Funds	884/951	263/807	47/640	26/221

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

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


6	SEPTEMBER 30, 2016

Janus Balanced Fund (unaudited)

Performance

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

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

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

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

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

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

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

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

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

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

See “Useful Information About Your Fund Report.”

Effective December 31, 2015, Jeremiah Buckley, Marc Pinto, Mayur Saigal, Gibson Smith and Darrell Watters are Co-Portfolio Managers of the Fund. Effective April 1, 2016, Gibson Smith is removed as Co-Portfolio Manager of the Fund.

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

(1) Closed to certain new investors.


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Janus Balanced Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (4/1/16)	Ending Account Value (9/30/16)	Expenses Paid During Period (4/1/16 - 9/30/16)†	Beginning Account Value (4/1/16)	Ending Account Value (9/30/16)	Expenses Paid During Period (4/1/16 - 9/30/16)†	Net Annualized Expense Ratio (4/1/16 - 9/30/16)
Class A Shares		$1,000.00	$1,025.70	$4.81	$1,000.00	$1,020.25	$4.80	0.95%
Class C Shares		$1,000.00	$1,022.00	$8.29	$1,000.00	$1,016.80	$8.27	1.64%
Class D Shares		$1,000.00	$1,026.60	$3.75	$1,000.00	$1,021.30	$3.74	0.74%
Class I Shares		$1,000.00	$1,026.90	$3.40	$1,000.00	$1,021.65	$3.39	0.67%
Class N Shares		$1,000.00	$1,027.60	$2.99	$1,000.00	$1,022.05	$2.98	0.59%
Class R Shares		$1,000.00	$1,023.50	$6.83	$1,000.00	$1,018.25	$6.81	1.35%
Class S Shares		$1,000.00	$1,024.80	$5.52	$1,000.00	$1,019.55	$5.50	1.09%
Class T Shares		$1,000.00	$1,025.80	$4.20	$1,000.00	$1,020.85	$4.19	0.83%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/366 (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.


8	SEPTEMBER 30, 2016

Janus Balanced Fund

Schedule of Investments

September 30, 2016


Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities – 2.9%
	AmeriCredit Automobile Receivables 2016-1, 3.5900%, 2/8/22	$8,596,000	$8,898,026
	AmeriCredit Automobile Receivables Trust 2012-4, 3.8200%, 2/10/20 (144A)	3,975,000	4,008,625
	AmeriCredit Automobile Receivables Trust 2015-2, 3.0000%, 6/8/21	5,920,000	6,025,069
	AmeriCredit Automobile Receivables Trust 2016-2, 3.6500%, 5/9/22	5,826,000	6,046,084
	Applebee's Funding LLC / IHOP Funding LLC, 4.2770%, 9/5/44 (144A)	35,209,000	35,783,787
	Aventura Mall Trust 2013-AVM, 3.7427%, 12/5/32 (144A)^‡	7,763,000	7,866,933
	Banc of America Commercial Mortgage Trust 2006-6, 5.4210%, 10/10/45	7,147,117	7,138,267
	Banc of America Commercial Mortgage Trust 2007-3, 5.7233%, 6/10/49^‡	5,089,271	5,103,635
	CGBAM Commercial Mortgage Trust 2014-HD, 3.5243%, 2/15/31 (144A)^‡	2,843,000	2,694,836
	CKE Restaurant Holdings Inc, 4.4740%, 3/20/43 (144A)	16,297,948	16,341,815
	COBALT CMBS Commercial Mortgage Trust 2007-C2, 5.5680%, 4/15/47^‡	2,242,083	2,241,972
	COMM 2007-C9 Mortgage Trust, 5.6500%, 12/10/49^‡	5,750,042	5,902,481
	Commercial Mortgage Trust 2007-GG11, 5.8670%, 12/10/49^‡	3,931,436	4,057,818
	Core Industrial Trust 2015-TEXW, 3.9770%, 2/10/34 (144A)^‡	7,789,000	7,563,811
	Domino's Pizza Master Issuer LLC, 5.2160%, 1/25/42 (144A)	7,115,916	7,317,852
	Domino's Pizza Master Issuer LLC, 3.4840%, 10/25/45 (144A)	15,610,040	15,756,384
	FREMF 2010 K-SCT Mortgage Trust, 2.0000%, 1/25/20 (144A)^§	11,634,461	10,853,267
	GAHR Commercial Mortgage Trust 2015-NRF, 3.4949%, 12/15/34 (144A)^‡	3,875,000	3,895,798
	GS Mortgage Securities Corp II, 3.5495%, 12/10/27 (144A)^‡	9,415,000	8,997,028
	GS Mortgage Securities Corp Trust 2013-NYC5, 3.7706%, 1/10/30 (144A)^‡	3,856,000	3,831,059
	Hilton USA Trust 2013-HLT, 5.6086%, 11/5/30 (144A)^‡	5,177,000	5,184,991
	JP Morgan Chase Commercial Mortgage Securities Trust 2013-WT,
	2.8044%, 2/16/25 (144A)	7,230,082	7,251,200
	JP Morgan Chase Commercial Mortgage Securities Trust 2013-WT,
	4.8447%, 2/16/25 (144A)	6,350,000	6,356,479
	JP Morgan Chase Commercial Mortgage Securities Trust 2015-COSMO,
	2.3243%, 1/15/32 (144A)^‡	5,249,000	5,237,978
	JP Morgan Chase Commercial Mortgage Securities Trust 2015-COSMO,
	4.4743%, 1/15/32 (144A)^‡	4,577,000	4,563,401
	JP Morgan Chase Commercial Mortgage Securities Trust 2015-SGP,
	3.2743%, 7/15/36 (144A)^‡	2,621,000	2,625,591
	JP Morgan Chase Commercial Mortgage Securities Trust 2015-SGP,
	5.0243%, 7/15/36 (144A)^‡	8,195,000	8,153,933
	JP Morgan Chase Commercial Mortgage Securities Trust 2015-UES,
	3.7417%, 9/5/32 (144A)^‡	5,438,000	5,314,663
	LB-UBS Commercial Mortgage Trust 2006-C1, 5.2760%, 2/15/41^‡	1,939,259	1,938,162
	LB-UBS Commercial Mortgage Trust 2007-C1, 5.4840%, 2/15/40	5,909,763	5,923,135
	LB-UBS Commercial Mortgage Trust 2007-C2, 5.4930%, 2/15/40^‡	3,454,678	3,510,015
	LB-UBS Commercial Mortgage Trust 2007-C7, 6.4538%, 9/15/45^‡	4,661,755	4,688,586
	OSCAR US Funding Trust V, 2.7300%, 12/15/20 (144A)	2,830,000	2,828,302
	OSCAR US Funding Trust V, 2.9900%, 12/15/23 (144A)	2,410,000	2,408,072
	Santander Drive Auto Receivables Trust 2012-6, 2.5200%, 9/17/18	3,633,000	3,650,220
	Santander Drive Auto Receivables Trust 2013-4, 4.6700%, 1/15/20 (144A)	10,982,000	11,236,102
	Santander Drive Auto Receivables Trust 2013-A, 4.7100%, 1/15/21 (144A)	5,851,000	6,037,887
	Santander Drive Auto Receivables Trust 2015-1, 3.2400%, 4/15/21	6,207,000	6,347,647
	Santander Drive Auto Receivables Trust 2015-4, 3.5300%, 8/16/21	10,633,000	10,921,126
	Starwood Retail Property Trust 2014-STAR, 3.0243%, 11/15/27 (144A)^‡	3,238,000	3,181,832
	Starwood Retail Property Trust 2014-STAR, 3.7743%, 11/15/27 (144A)^‡	10,070,000	9,626,143
	Starwood Retail Property Trust 2014-STAR, 4.6743%, 11/15/27 (144A)^‡	5,338,000	5,010,897
	Taco Bell Funding LLC, 3.8320%, 5/25/46 (144A)	11,437,000	11,597,621
	Wachovia Bank Commercial Mortgage Trust Series 2007-C30, 5.3830%, 12/15/43	10,073,980	10,164,056
	Wachovia Bank Commercial Mortgage Trust Series 2007-C31, 5.6600%, 4/15/47^‡	14,972,961	14,988,415
	Wachovia Bank Commercial Mortgage Trust Series 2007-C33, 6.1580%, 2/15/51^‡	10,258,119	10,275,297
	Wachovia Bank Commercial Mortgage Trust Series 2007-C34, 6.1387%, 5/15/46^‡	3,609,121	3,617,302
	Wells Fargo Commercial Mortgage Trust 2014-TISH, 3.2743%, 1/15/27 (144A)^‡	3,115,000	3,012,751
	Wells Fargo Commercial Mortgage Trust 2014-TISH, 2.7743%, 2/15/27 (144A)^‡	4,304,000	4,174,308
	Wells Fargo Commercial Mortgage Trust 2014-TISH, 3.7743%, 2/15/27 (144A)^‡	1,557,000	1,513,593
	Wendys Funding LLC 2015-1, 3.3710%, 6/15/45 (144A)	18,737,730	18,820,438
Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $371,482,606)			370,484,690


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

Janus Investment Fund	9

Janus Balanced Fund

Schedule of Investments

September 30, 2016


Shares or Principal Amounts			Value
Bank Loans and Mezzanine Loans – 1.6%
Basic Industry – 0%
	Axalta Coating Systems US Holdings Inc, 0%, 2/1/20^(a),‡	$8,390,000	$8,446,213
Communications – 0.6%
	Charter Communications Operating LLC, 3.0000%, 7/1/20^‡	5,302,596	5,316,542
	Charter Communications Operating LLC, 3.0000%, 1/3/21^‡	6,617,799	6,635,403
	Charter Communications Operating LLC, 3.5000%, 1/24/23^‡	14,221,535	14,306,438
	Level 3 Financing Inc, 3.5000%, 5/31/22^(a),‡	21,464,000	21,571,320
	Nexstar Broadcasting Inc, 0%, 9/26/23^(a),‡	6,159,000	6,187,208
	Nielsen Finance LLC, 3.5132%, 4/15/21^‡	3,272,939	3,277,717
	Nielsen Finance LLC, 0%, 10/4/23^(a),‡	9,240,000	9,278,993
	T-Mobile USA Inc, 3.5000%, 11/9/22^‡	10,632,436	10,713,668
			77,287,289
Consumer Cyclical – 0.5%
	Aramark Services Inc, 3.3377%, 9/7/19^‡	9,331,384	9,383,920
	Aramark Services Inc, 3.3377%, 2/24/21^‡	12,203,708	12,272,415
	Hilton Worldwide Finance LLC, 3.5000%, 10/26/20^‡	954,095	958,865
	Hilton Worldwide Finance LLC, 3.0967%, 10/25/23^‡	9,755,568	9,808,931
	KFC Holding Co, 3.2809%, 6/16/23^‡	15,406,388	15,503,104
	Landry's Inc, 0%, 10/4/23^(a),‡	13,390,000	13,451,326
			61,378,561
Consumer Non-Cyclical – 0.3%
	DaVita Inc, 3.5000%, 6/24/21^‡	4,248,270	4,267,387
	HCA Inc, 3.5877%, 2/15/24^(a),‡	15,208,000	15,341,070
	IMS Health Inc, 3.5000%, 3/17/21^‡	10,831,275	10,854,454
	Tumi Holdings Inc, 3.2732%, 5/13/21^‡	5,334,000	5,280,660
			35,743,571
Technology – 0.2%
	Avago Technologies Cayman Finance Ltd, 3.5243%, 2/1/23^(a),‡	26,048,521	26,345,213
	CommScope Inc, 0%, 12/29/22^(a),‡	1,270,000	1,280,719
			27,625,932
Total Bank Loans and Mezzanine Loans (cost $210,166,955)			210,481,566
Corporate Bonds – 17.3%
Asset-Backed Securities – 0.1%
	American Tower Trust I, 1.5510%, 3/15/18 (144A)	10,868,000	10,843,919
Banking – 2.8%
	Ally Financial Inc, 3.2500%, 11/5/18	6,140,000	6,170,700
	Ally Financial Inc, 8.0000%, 12/31/18	2,501,000	2,757,353
	Bank of America Corp, 5.4200%, 3/15/17	3,100,000	3,153,491
	Bank of America Corp, 5.7000%, 5/2/17	7,575,000	7,752,520
	Bank of America Corp, 4.4500%, 3/3/26	18,205,000	19,537,733
	Bank of America Corp, 6.3000%^µ	7,497,000	8,143,616
	Bank of America NA, 5.3000%, 3/15/17	12,452,000	12,669,673
	Citigroup Inc, 2.2554%, 9/1/23^‡	13,189,000	13,252,123
	Citigroup Inc, 4.4500%, 9/29/27	10,065,000	10,532,751
	Citizens Financial Group Inc, 3.7500%, 7/1/24	3,775,000	3,775,608
	Citizens Financial Group Inc, 4.3500%, 8/1/25	2,601,000	2,705,154
	Citizens Financial Group Inc, 4.3000%, 12/3/25	14,487,000	15,200,818
	Discover Financial Services, 3.9500%, 11/6/24	10,939,000	11,197,893
	Discover Financial Services, 3.7500%, 3/4/25	9,435,000	9,547,937
	Goldman Sachs Capital I, 6.3450%, 2/15/34	20,618,000	25,126,641
	Goldman Sachs Group Inc, 5.6250%, 1/15/17	4,337,000	4,388,320
	Goldman Sachs Group Inc, 3.7500%, 2/25/26	13,062,000	13,715,466
	JPMorgan Chase & Co, 2.2950%, 8/15/21	17,427,000	17,464,904
	JPMorgan Chase & Co, 3.3750%, 5/1/23	16,950,000	17,415,040
	JPMorgan Chase & Co, 4.2500%, 10/1/27	15,434,000	16,559,756
	JPMorgan Chase Capital XXI, 1.7091%, 2/2/37^‡	1,205,000	964,000
	JPMorgan Chase Capital XXIII, 1.8170%, 5/15/47^‡	775,000	587,063
	Morgan Stanley, 5.5500%, 4/27/17	4,318,000	4,417,672
	Morgan Stanley, 2.4500%, 2/1/19	6,430,000	6,545,862
	Morgan Stanley, 2.8000%, 6/16/20	7,089,000	7,272,378


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

10	SEPTEMBER 30, 2016

Janus Balanced Fund

Schedule of Investments

September 30, 2016


Shares or Principal Amounts			Value
Corporate Bonds – (continued)
Banking – (continued)
	Morgan Stanley, 4.8750%, 11/1/22	$4,524,000	$4,989,805
	Morgan Stanley, 3.9500%, 4/23/27	9,579,000	9,949,219
	Morgan Stanley, 5.5500%^µ	11,909,000	12,162,066
	Murray Street Investment Trust I, 4.6470%, 3/9/17^Ç	7,034,000	7,105,114
	Royal Bank of Scotland Group PLC, 6.1000%, 6/10/23	10,413,000	10,914,105
	Santander UK PLC, 5.0000%, 11/7/23 (144A)	16,204,000	16,887,096
	SVB Financial Group, 5.3750%, 9/15/20	11,677,000	12,978,530
	Synchrony Financial, 2.6000%, 1/15/19	479,000	484,642
	Synchrony Financial, 3.0000%, 8/15/19	13,940,000	14,269,332
	Synchrony Financial, 4.5000%, 7/23/25	13,271,000	14,024,156
	UBS AG, 4.7500%, 5/22/23^‡	5,796,000	5,903,516
	Wells Fargo & Co, 3.0000%, 4/22/26	4,282,000	4,322,264
	Wells Fargo & Co, 5.8750%^µ	7,787,000	8,448,895
			363,293,212
Basic Industry – 0.5%
	Air Liquide Finance SA, 1.7500%, 9/27/21 (144A)	4,620,000	4,602,934
	Air Liquide Finance SA, 2.2500%, 9/27/23 (144A)	4,456,000	4,464,524
	Air Liquide Finance SA, 2.5000%, 9/27/26 (144A)	4,298,000	4,321,093
	Albemarle Corp, 4.1500%, 12/1/24	2,563,000	2,762,935
	Alcoa Inc, 5.1250%, 10/1/24	1,183,000	1,258,416
	ArcelorMittal, 7.2500%, 2/25/22^‡	854,000	969,290
	Ashland LLC, 3.8750%, 4/15/18	6,285,000	6,473,550
	Georgia-Pacific LLC, 3.1630%, 11/15/21 (144A)	19,366,000	20,238,690
	Georgia-Pacific LLC, 3.6000%, 3/1/25 (144A)	9,840,000	10,481,607
	Reliance Steel & Aluminum Co, 4.5000%, 4/15/23	9,805,000	10,248,000
			65,821,039
Brokerage – 1.5%
	Carlyle Holdings Finance LLC, 3.8750%, 2/1/23 (144A)	5,043,000	5,270,505
	Charles Schwab Corp, 3.0000%, 3/10/25	7,984,000	8,303,623
	Charles Schwab Corp, 7.0000%^µ	10,852,000	12,588,320
	E*TRADE Financial Corp, 5.3750%, 11/15/22	12,993,000	13,849,979
	E*TRADE Financial Corp, 4.6250%, 9/15/23	17,366,000	18,048,744
	Intercontinental Exchange Inc, 3.7500%, 12/1/25	11,312,000	12,247,514
	Lazard Group LLC, 6.8500%, 6/15/17	561,000	578,815
	Lazard Group LLC, 4.2500%, 11/14/20	13,010,000	13,949,205
	Lazard Group LLC, 3.7500%, 2/13/25	2,877,000	2,896,152
	Neuberger Berman Group LLC / Neuberger Berman Finance Corp,
	5.8750%, 3/15/22 (144A)	14,795,000	15,442,281
	Neuberger Berman Group LLC / Neuberger Berman Finance Corp,
	4.8750%, 4/15/45 (144A)	13,653,000	11,673,097
	Raymond James Financial Inc, 5.6250%, 4/1/24	29,585,000	34,207,508
	Raymond James Financial Inc, 3.6250%, 9/15/26	2,930,000	2,977,528
	Scottrade Financial Services Inc, 6.1250%, 7/11/21 (144A)^§	3,846,000	4,133,942
	TD Ameritrade Holding Corp, 2.9500%, 4/1/22	11,131,000	11,598,613
	TD Ameritrade Holding Corp, 3.6250%, 4/1/25	20,568,000	22,080,365
			189,846,191
Capital Goods – 0.7%
	Ball Corp, 4.3750%, 12/15/20	6,620,000	7,066,850
	CNH Industrial Capital LLC, 3.6250%, 4/15/18	7,160,000	7,249,500
	General Electric Co, 5.0000%^µ	12,362,000	13,146,369
	Harris Corp, 4.2500%, 10/1/16	9,121,000	9,121,000
	Martin Marietta Materials Inc, 4.2500%, 7/2/24	6,474,000	6,897,302
	Masco Corp, 3.5000%, 4/1/21	6,379,000	6,602,265
	Masco Corp, 4.3750%, 4/1/26	1,068,000	1,124,070
	Owens Corning, 4.2000%, 12/1/24	5,962,000	6,325,104
	Owens Corning, 3.4000%, 8/15/26	2,047,000	2,056,496
	Vulcan Materials Co, 7.0000%, 6/15/18	7,704,000	8,301,060
	Vulcan Materials Co, 7.5000%, 6/15/21	4,359,000	5,285,287


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

Janus Investment Fund	11

Janus Balanced Fund

Schedule of Investments

September 30, 2016


Shares or Principal Amounts			Value
Corporate Bonds – (continued)
Capital Goods – (continued)
	Vulcan Materials Co, 4.5000%, 4/1/25	$12,489,000	$13,488,120
			86,663,423
Communications – 1.7%
	American Tower Corp, 3.3000%, 2/15/21	12,200,000	12,753,685
	American Tower Corp, 3.4500%, 9/15/21	1,056,000	1,111,395
	American Tower Corp, 3.5000%, 1/31/23	1,872,000	1,952,621
	American Tower Corp, 4.4000%, 2/15/26	6,684,000	7,320,831
	American Tower Corp, 3.3750%, 10/15/26	15,541,000	15,752,622
	AT&T Inc, 3.4000%, 5/15/25	5,462,000	5,611,702
	AT&T Inc, 4.1250%, 2/17/26	3,897,000	4,211,102
	BellSouth LLC, 4.4000%, 4/26/17 (144A)	50,047,000	50,962,860
	CCO Holdings LLC / CCO Holdings Capital Corp, 5.2500%, 3/15/21	9,520,000	9,900,800
	Charter Communications Operating LLC / Charter Communications Operating,
	Capital, 4.4640%, 7/23/22 (144A)	2,295,000	2,476,447
	Charter Communications Operating LLC / Charter Communications Operating,
	Capital, 4.9080%, 7/23/25 (144A)	15,305,000	16,882,257
	Comcast Corp, 2.3500%, 1/15/27	6,147,000	6,065,183
	Cox Communications Inc, 3.3500%, 9/15/26 (144A)	12,840,000	12,943,401
	Crown Castle International Corp, 4.8750%, 4/15/22	15,935,000	17,775,492
	Crown Castle International Corp, 5.2500%, 1/15/23	8,324,000	9,425,598
	SBA Tower Trust, 2.9330%, 12/15/17 (144A)	6,192,000	6,226,387
	Time Warner Cable LLC, 5.8500%, 5/1/17	9,112,000	9,339,527
	UBM PLC, 5.7500%, 11/3/20 (144A)	12,750,000	13,817,162
	Verizon Communications Inc, 1.7500%, 8/15/21	4,071,000	4,026,484
	Verizon Communications Inc, 2.6250%, 8/15/26	10,374,000	10,181,770
	Verizon Communications Inc, 4.1250%, 8/15/46	5,168,000	5,169,426
			223,906,752
Consumer Cyclical – 1.2%
	1011778 BC ULC / New Red Finance Inc, 4.6250%, 1/15/22 (144A)	13,589,000	14,132,560
	Brinker International Inc, 3.8750%, 5/15/23	13,422,000	12,711,050
	CVS Health Corp, 2.8000%, 7/20/20	20,293,000	21,024,644
	CVS Health Corp, 4.7500%, 12/1/22	5,067,000	5,746,860
	CVS Health Corp, 5.0000%, 12/1/24	6,773,000	7,844,638
	DR Horton Inc, 4.7500%, 5/15/17	4,018,000	4,093,337
	DR Horton Inc, 3.7500%, 3/1/19	8,925,000	9,293,156
	DR Horton Inc, 4.0000%, 2/15/20	1,712,000	1,804,020
	General Motors Co, 4.8750%, 10/2/23	4,076,000	4,416,032
	General Motors Financial Co Inc, 3.7000%, 5/9/23	4,330,000	4,403,861
	Hanesbrands Inc, 4.6250%, 5/15/24 (144A)	16,760,000	17,199,950
	IHO Verwaltungs GmbH, 4.1250%, 9/15/21 (144A)	2,565,000	2,590,650
	IHO Verwaltungs GmbH, 4.5000%, 9/15/23 (144A)	1,880,000	1,897,616
	MDC Holdings Inc, 5.5000%, 1/15/24	10,007,000	10,457,315
	Schaeffler Finance BV, 4.2500%, 5/15/21 (144A)	3,986,000	4,085,650
	Toll Brothers Finance Corp, 4.0000%, 12/31/18	3,539,000	3,667,289
	Toll Brothers Finance Corp, 5.8750%, 2/15/22	3,228,000	3,550,800
	Toll Brothers Finance Corp, 4.3750%, 4/15/23	1,849,000	1,895,225
	Walgreens Boots Alliance Inc, 2.6000%, 6/1/21	3,254,000	3,330,043
	Walgreens Boots Alliance Inc, 3.1000%, 6/1/23	2,063,000	2,127,875
	Walgreens Boots Alliance Inc, 3.4500%, 6/1/26	8,395,000	8,715,001
	Walgreens Boots Alliance Inc, 4.6500%, 6/1/46	1,442,000	1,563,333
	ZF North America Capital Inc, 4.5000%, 4/29/22 (144A)	2,692,000	2,854,543
			149,405,448
Consumer Non-Cyclical – 2.7%
	AbbVie Inc, 3.2000%, 5/14/26	16,809,000	17,016,658
	Actavis Funding SCS, 3.0000%, 3/12/20	16,883,000	17,431,951
	Anheuser-Busch InBev Finance Inc, 2.6500%, 2/1/21	3,511,000	3,622,987
	Anheuser-Busch InBev Finance Inc, 3.3000%, 2/1/23	20,009,000	21,119,680
	Anheuser-Busch InBev Finance Inc, 3.6500%, 2/1/26	29,335,000	31,505,790
	Anheuser-Busch InBev Finance Inc, 4.9000%, 2/1/46	13,751,000	16,360,679


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

12	SEPTEMBER 30, 2016

Janus Balanced Fund

Schedule of Investments

September 30, 2016


Shares or Principal Amounts			Value
Corporate Bonds – (continued)
Consumer Non-Cyclical – (continued)
	Becton Dickinson and Co, 1.8000%, 12/15/17	$11,164,000	$11,214,819
	Express Scripts Holding Co, 4.5000%, 2/25/26	17,344,000	19,023,489
	Express Scripts Holding Co, 4.8000%, 7/15/46	6,073,000	6,308,456
	HCA Inc, 3.7500%, 3/15/19	6,523,000	6,743,151
	Kraft Heinz Foods Co, 2.8000%, 7/2/20	7,989,000	8,279,208
	Kraft Heinz Foods Co, 3.5000%, 7/15/22	6,822,000	7,249,610
	Kraft Heinz Foods Co, 3.0000%, 6/1/26	8,402,000	8,469,031
	Life Technologies Corp, 6.0000%, 3/1/20	7,859,000	8,788,083
	Molson Coors Brewing Co, 3.0000%, 7/15/26	9,927,000	9,995,754
	Molson Coors Brewing Co, 4.2000%, 7/15/46	3,952,000	4,117,751
	Newell Brands Inc, 3.1500%, 4/1/21	3,482,000	3,627,767
	Newell Brands Inc, 3.8500%, 4/1/23	3,298,000	3,510,609
	Newell Brands Inc, 5.0000%, 11/15/23 (144A)	6,606,000	7,033,177
	Newell Brands Inc, 4.2000%, 4/1/26	19,344,000	21,067,705
	Perrigo Finance Unlimited Co, 3.9000%, 12/15/24	8,814,000	8,943,469
	Perrigo Finance Unlimited Co, 4.3750%, 3/15/26	3,682,000	3,842,491
	Shire Acquisitions Investments Ireland DAC, 2.4000%, 9/23/21	7,765,000	7,774,776
	Shire Acquisitions Investments Ireland DAC, 2.8750%, 9/23/23	10,500,000	10,550,851
	Shire Acquisitions Investments Ireland DAC, 3.2000%, 9/23/26	10,572,000	10,628,867
	Smithfield Foods Inc, 5.2500%, 8/1/18 (144A)	1,785,000	1,796,156
	Sysco Corp, 2.5000%, 7/15/21	2,661,000	2,718,028
	Sysco Corp, 3.3000%, 7/15/26	6,682,000	6,926,802
	Teva Pharmaceutical Finance Netherlands III BV, 2.2000%, 7/21/21	6,999,000	6,972,607
	Teva Pharmaceutical Finance Netherlands III BV, 2.8000%, 7/21/23	5,148,000	5,161,210
	Teva Pharmaceutical Finance Netherlands III BV, 3.1500%, 10/1/26	7,871,000	7,907,411
	Universal Health Services Inc, 4.7500%, 8/1/22 (144A)	6,272,000	6,475,840
	Universal Health Services Inc, 5.0000%, 6/1/26 (144A)	6,085,000	6,336,006
	Wm Wrigley Jr Co, 2.4000%, 10/21/18 (144A)	18,883,000	19,189,735
	Wm Wrigley Jr Co, 3.3750%, 10/21/20 (144A)	6,120,000	6,478,044
			344,188,648
Electric – 0.6%
	Dominion Resources Inc/VA, 2.0000%, 8/15/21	1,473,000	1,469,485
	Dominion Resources Inc/VA, 2.8500%, 8/15/26	2,037,000	2,026,082
	Duke Energy Corp, 1.8000%, 9/1/21	3,948,000	3,926,902
	Duke Energy Corp, 2.6500%, 9/1/26	6,169,000	6,053,436
	IPALCO Enterprises Inc, 5.0000%, 5/1/18	5,674,000	5,915,145
	PPL WEM Ltd / Western Power Distribution Ltd, 5.3750%, 5/1/21 (144A)	10,464,000	11,656,341
	Southern Co, 2.3500%, 7/1/21	16,087,000	16,394,246
	Southern Co, 2.9500%, 7/1/23	8,580,000	8,864,916
	Southern Co, 3.2500%, 7/1/26	16,100,000	16,675,494
			72,982,047
Energy – 1.8%
	Anadarko Petroleum Corp, 6.3750%, 9/15/17	401,000	418,059
	Anadarko Petroleum Corp, 4.8500%, 3/15/21	1,752,000	1,880,804
	Anadarko Petroleum Corp, 5.5500%, 3/15/26	10,944,000	12,367,147
	Canadian Natural Resources Ltd, 5.7000%, 5/15/17	2,363,000	2,418,233
	Canadian Natural Resources Ltd, 5.9000%, 2/1/18	4,203,000	4,410,582
	Cenovus Energy Inc, 5.7000%, 10/15/19	265,000	284,457
	Cimarex Energy Co, 5.8750%, 5/1/22	8,662,000	9,070,699
	Cimarex Energy Co, 4.3750%, 6/1/24	2,926,000	3,056,043
	ConocoPhillips Co, 4.2000%, 3/15/21	8,064,000	8,728,087
	ConocoPhillips Co, 4.9500%, 3/15/26	10,124,000	11,411,439
	Diamond Offshore Drilling Inc, 5.8750%, 5/1/19	1,997,000	2,071,995
	Energy Transfer Partners LP, 4.1500%, 10/1/20	5,967,000	6,241,034
	Energy Transfer Partners LP, 4.7500%, 1/15/26	5,228,000	5,401,313
	Helmerich & Payne International Drilling Co, 4.6500%, 3/15/25	20,638,000	21,778,992
	Hess Corp, 4.3000%, 4/1/27	8,747,000	8,815,104
	Hiland Partners Holdings LLC / Hiland Partners Finance Corp,
	7.2500%, 10/1/20 (144A)	6,725,000	6,968,781


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

Janus Investment Fund	13

Janus Balanced Fund

Schedule of Investments

September 30, 2016


Shares or Principal Amounts			Value
Corporate Bonds – (continued)
Energy – (continued)
	Hiland Partners Holdings LLC / Hiland Partners Finance Corp,
	5.5000%, 5/15/22 (144A)	$5,738,000	$5,966,476
	Kinder Morgan Energy Partners LP, 5.0000%, 10/1/21	5,470,000	5,968,487
	Kinder Morgan Energy Partners LP, 3.9500%, 9/1/22	5,848,000	6,109,201
	Kinder Morgan Inc/DE, 6.5000%, 9/15/20	569,000	636,528
	Motiva Enterprises LLC, 5.7500%, 1/15/20 (144A)	8,085,000	8,929,583
	Oceaneering International Inc, 4.6500%, 11/15/24	12,710,000	12,794,954
	Phillips 66 Partners LP, 3.6050%, 2/15/25	6,543,000	6,580,478
	Plains All American Pipeline LP / PAA Finance Corp, 4.6500%, 10/15/25	12,867,000	13,328,449
	Regency Energy Partners LP / Regency Energy Finance Corp, 5.8750%, 3/1/22	7,559,000	8,335,128
	Sabine Pass Liquefaction LLC, 5.0000%, 3/15/27 (144A)	12,909,000	13,231,725
	Spectra Energy Partners LP, 4.7500%, 3/15/24	14,063,000	15,438,150
	Western Gas Partners LP, 5.3750%, 6/1/21	12,414,000	13,516,040
	Williams Cos Inc, 3.7000%, 1/15/23	3,601,000	3,492,970
	Williams Partners LP / ACMP Finance Corp, 4.8750%, 5/15/23	9,784,000	9,898,933
	Williams Partners LP / ACMP Finance Corp, 4.8750%, 3/15/24	902,000	911,662
			230,461,533
Finance Companies – 0.3%
	CIT Group Inc, 4.2500%, 8/15/17	24,227,000	24,681,256
	CIT Group Inc, 5.5000%, 2/15/19 (144A)	7,132,000	7,551,005
	International Lease Finance Corp, 8.7500%, 3/15/17	5,340,000	5,493,525
			37,725,786
Financial Institutions – 0.4%
	Jones Lang LaSalle Inc, 4.4000%, 11/15/22	12,916,000	13,826,268
	Kennedy-Wilson Inc, 5.8750%, 4/1/24	21,964,000	22,128,730
	LeasePlan Corp NV, 2.5000%, 5/16/18 (144A)	22,878,000	22,912,134
			58,867,132
Industrial – 0%
	Cintas Corp No 2, 4.3000%, 6/1/21	5,494,000	6,050,756
Insurance – 0.5%
	Aetna Inc, 2.4000%, 6/15/21	7,387,000	7,472,534
	Aetna Inc, 2.8000%, 6/15/23	5,344,000	5,456,967
	Aetna Inc, 3.2000%, 6/15/26	12,739,000	12,952,060
	Berkshire Hathaway Inc, 3.1250%, 3/15/26	1,982,000	2,083,201
	CNO Financial Group Inc, 4.5000%, 5/30/20	3,099,000	3,172,601
	CNO Financial Group Inc, 5.2500%, 5/30/25	9,815,000	9,741,387
	Primerica Inc, 4.7500%, 7/15/22	16,199,000	17,726,728
	Voya Financial Inc, 5.6500%, 5/15/53^‡	8,034,000	8,034,000
			66,639,478
Natural Gas – 0%
	MPLX LP, 4.5000%, 7/15/23	2,539,000	2,589,452
Real Estate Investment Trusts (REITs) – 0.6%
	Alexandria Real Estate Equities Inc, 2.7500%, 1/15/20	9,521,000	9,665,005
	Alexandria Real Estate Equities Inc, 4.6000%, 4/1/22	16,052,000	17,462,537
	Alexandria Real Estate Equities Inc, 4.5000%, 7/30/29	8,697,000	9,339,595
	Post Apartment Homes LP, 4.7500%, 10/15/17	7,434,000	7,669,948
	Senior Housing Properties Trust, 6.7500%, 4/15/20	3,638,000	4,008,236
	Senior Housing Properties Trust, 6.7500%, 12/15/21	4,038,000	4,633,851
	SL Green Realty Corp, 5.0000%, 8/15/18	8,675,000	9,058,548
	SL Green Realty Corp, 7.7500%, 3/15/20	17,038,000	19,834,277
			81,671,997
Technology – 1.6%
	Cadence Design Systems Inc, 4.3750%, 10/15/24	20,283,000	20,848,774
	Fidelity National Information Services Inc, 3.6250%, 10/15/20	6,063,000	6,430,848
	Fidelity National Information Services Inc, 5.0000%, 3/15/22	2,669,000	2,764,401
	Fidelity National Information Services Inc, 4.5000%, 10/15/22	7,891,000	8,698,533
	Fidelity National Information Services Inc, 3.0000%, 8/15/26	10,157,000	10,057,238
	Seagate HDD Cayman, 4.7500%, 1/1/25	15,136,000	14,303,520
	Seagate HDD Cayman, 4.8750%, 6/1/27	3,309,000	2,927,452


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

14	SEPTEMBER 30, 2016

Janus Balanced Fund

Schedule of Investments

September 30, 2016


Shares or Principal Amounts			Value
Corporate Bonds – (continued)
Technology – (continued)
	Seagate HDD Cayman, 5.7500%, 12/1/34	$3,130,000	$2,608,354
	Total System Services Inc, 3.8000%, 4/1/21	6,485,000	6,881,610
	Total System Services Inc, 4.8000%, 4/1/26	18,100,000	20,042,709
	Trimble Navigation Ltd, 4.7500%, 12/1/24	22,435,000	23,595,226
	TSMC Global Ltd, 1.6250%, 4/3/18 (144A)	30,997,000	31,045,231
	Verisk Analytics Inc, 4.8750%, 1/15/19	7,398,000	7,877,930
	Verisk Analytics Inc, 5.8000%, 5/1/21	21,349,000	24,365,037
	Verisk Analytics Inc, 4.1250%, 9/12/22	7,209,000	7,749,033
	Verisk Analytics Inc, 5.5000%, 6/15/45	12,497,000	13,405,419
			203,601,315
Transportation – 0.3%
	Penske Truck Leasing Co Lp / PTL Finance Corp, 3.3750%, 3/15/18 (144A)	12,116,000	12,419,336
	Penske Truck Leasing Co Lp / PTL Finance Corp, 2.5000%, 6/15/19 (144A)	7,896,000	8,011,653
	Penske Truck Leasing Co Lp / PTL Finance Corp, 4.8750%, 7/11/22 (144A)	1,218,000	1,359,161
	Penske Truck Leasing Co Lp / PTL Finance Corp, 4.2500%, 1/17/23 (144A)	6,704,000	7,071,453
	Southwest Airlines Co, 5.1250%, 3/1/17	7,850,000	7,972,876
			36,834,479
Total Corporate Bonds (cost $2,152,436,376)			2,231,392,607
Mortgage-Backed Securities – 10.4%
Fannie Mae Pool:
	6.0000%, 8/1/22	2,646,450	2,856,854
	5.5000%, 1/1/25	1,152,737	1,235,778
	4.0000%, 3/1/29	4,626,253	4,938,140
	4.0000%, 6/1/29	2,173,865	2,312,239
	4.0000%, 7/1/29	4,618,702	4,927,152
	4.0000%, 9/1/29	4,425,215	4,684,033
	5.0000%, 9/1/29	3,371,226	3,748,775
	3.5000%, 10/1/29	609,729	648,314
	5.0000%, 1/1/30	1,327,308	1,475,973
	4.0000%, 4/1/34	5,202,051	5,664,274
	6.0000%, 10/1/35	3,815,132	4,402,400
	6.0000%, 12/1/35	4,233,194	4,878,873
	6.0000%, 2/1/37	719,891	849,356
	6.0000%, 9/1/37	2,588,801	2,790,950
	6.0000%, 10/1/38	2,737,960	3,137,474
	7.0000%, 2/1/39	1,143,431	1,432,120
	5.5000%, 12/1/39	6,041,205	6,845,349
	5.5000%, 3/1/40	4,823,672	5,566,460
	5.5000%, 4/1/40	13,495,094	15,291,697
	4.5000%, 10/1/40	1,091,042	1,195,142
	5.0000%, 10/1/40	2,110,118	2,383,993
	5.5000%, 2/1/41	2,741,219	3,163,386
	5.0000%, 5/1/41	5,931,542	6,602,950
	5.5000%, 5/1/41	4,134,152	4,681,658
	5.5000%, 6/1/41	6,927,969	7,843,546
	5.5000%, 6/1/41	6,064,692	6,967,290
	5.5000%, 7/1/41	730,977	828,324
	4.5000%, 8/1/41	4,428,778	4,870,141
	5.5000%, 12/1/41	6,049,662	6,862,487
	4.5000%, 1/1/42	1,301,633	1,427,972
	5.5000%, 2/1/42	25,126,764	28,424,511
	4.0000%, 6/1/42	8,437,039	9,190,416
	4.5000%, 6/1/42	1,746,074	1,925,870
	3.5000%, 7/1/42	5,320,217	5,718,491
	4.0000%, 7/1/42	1,610,776	1,753,781
	4.0000%, 8/1/42	3,797,245	4,134,507
	4.0000%, 9/1/42	7,498,453	8,164,089
	4.0000%, 9/1/42	4,836,058	5,263,237
	4.0000%, 11/1/42	5,713,247	6,221,812


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

Janus Investment Fund	15

Janus Balanced Fund

Schedule of Investments

September 30, 2016


Shares or Principal Amounts			Value
Mortgage-Backed Securities – (continued)
Fannie Mae Pool – (continued)
	4.5000%, 11/1/42	$2,849,818	$3,159,184
	4.0000%, 12/1/42	4,226,667	4,643,382
	3.5000%, 1/1/43	10,389,425	11,082,740
	3.5000%, 2/1/43	22,281,736	23,769,181
	3.5000%, 2/1/43	20,636,582	22,016,290
	4.5000%, 2/1/43	21,950,226	24,137,796
	4.5000%, 3/1/43	8,269,833	9,293,753
	4.0000%, 5/1/43	12,666,788	13,795,698
	4.0000%, 7/1/43	18,283,667	19,913,927
	4.0000%, 8/1/43	14,778,299	16,099,093
	4.0000%, 9/1/43	3,644,784	3,968,386
	3.5000%, 1/1/44	17,617,194	18,965,556
	3.5000%, 1/1/44	7,919,422	8,524,634
	4.0000%, 2/1/44	9,768,798	10,644,191
	3.5000%, 4/1/44	9,164,289	9,835,134
	3.5000%, 5/1/44	26,292,282	28,301,518
	4.5000%, 5/1/44	34,059,999	38,341,615
	5.5000%, 5/1/44	5,598,618	6,343,091
	4.0000%, 6/1/44	12,099,166	13,176,905
	4.0000%, 7/1/44	22,968,506	25,332,822
	5.0000%, 7/1/44	13,354,295	15,158,801
	4.0000%, 8/1/44	14,459,094	15,949,952
	4.0000%, 8/1/44	5,559,137	6,133,224
	4.5000%, 8/1/44	15,212,196	17,118,716
	4.5000%, 10/1/44	11,599,167	13,056,236
	4.5000%, 10/1/44	6,460,278	7,248,840
	3.5000%, 2/1/45	18,251,342	19,478,877
	4.5000%, 3/1/45	11,515,253	12,925,740
	4.0000%, 5/1/45	5,664,906	6,254,064
	4.5000%, 5/1/45	9,694,948	10,917,982
	4.5000%, 5/1/45	6,267,830	7,083,537
	4.5000%, 6/1/45	5,807,153	6,497,302
	4.0000%, 9/1/45	35,474,415	38,802,752
	4.5000%, 9/1/45	24,249,389	27,159,461
	4.0000%, 10/1/45	19,260,649	21,023,787
	4.5000%, 10/1/45	22,432,628	25,262,594
	4.5000%, 10/1/45	12,506,728	14,024,708
	3.5000%, 12/1/45	5,674,117	6,094,913
	4.0000%, 12/1/45	7,946,771	8,773,475
	3.5000%, 1/1/46	15,122,326	16,241,750
	3.5000%, 1/1/46	12,729,498	13,672,367
	4.0000%, 1/1/46	3,625,317	3,985,122
	4.5000%, 2/1/46	17,483,422	19,689,104
	4.5000%, 2/1/46	7,316,473	8,222,969
	4.0000%, 4/1/46	9,614,186	10,613,356
	4.5000%, 4/1/46	9,203,152	10,440,785
	4.0000%, 5/1/46	11,741,746	12,928,483
	4.0000%, 6/1/46	3,940,287	4,337,576
	3.5000%, 7/1/46	10,053,708	10,731,131
	3.5000%, 7/1/46	9,998,302	10,753,133
	4.5000%, 7/1/46	7,271,513	8,046,163
			915,281,610
Freddie Mac Gold Pool:
	5.0000%, 6/1/20	1,046,445	1,099,939
	5.5000%, 12/1/28	2,881,571	3,231,538
	3.5000%, 7/1/29	5,556,627	5,879,797
	5.5000%, 10/1/36	2,444,916	2,798,589
	6.0000%, 4/1/40	12,653,077	14,928,074
	5.5000%, 5/1/41	5,802,207	6,516,568


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

16	SEPTEMBER 30, 2016

Janus Balanced Fund

Schedule of Investments

September 30, 2016


Shares or Principal Amounts			Value
Mortgage-Backed Securities – (continued)
Freddie Mac Gold Pool – (continued)
	5.5000%, 8/1/41	$12,148,028	$14,116,042
	5.5000%, 8/1/41	8,256,966	9,519,780
	5.5000%, 9/1/41	1,932,798	2,168,764
	5.0000%, 3/1/42	5,956,323	6,732,571
	3.5000%, 2/1/44	7,137,495	7,616,871
	4.5000%, 5/1/44	6,956,356	7,754,833
	4.0000%, 8/1/44	4,651,495	5,114,904
	4.5000%, 9/1/44	22,041,040	24,806,223
	4.5000%, 6/1/45	9,824,842	11,079,001
	4.5000%, 2/1/46	10,882,690	12,271,961
	4.5000%, 2/1/46	6,673,256	7,501,564
	3.5000%, 7/1/46	20,229,558	21,749,194
			164,886,213
Ginnie Mae I Pool:
	5.1000%, 1/15/32	5,155,612	5,985,378
	7.5000%, 8/15/33	5,170,939	6,199,742
	4.9000%, 10/15/34	5,556,066	6,452,773
	5.5000%, 9/15/35	642,057	750,850
	5.5000%, 3/15/36	2,637,016	3,017,265
	5.5000%, 2/15/39	3,855,498	4,411,580
	5.5000%, 8/15/39	11,178,914	13,149,219
	5.5000%, 8/15/39	3,641,800	4,284,581
	5.0000%, 10/15/39	2,388,386	2,691,012
	5.5000%, 10/15/39	4,322,853	5,019,112
	5.0000%, 11/15/39	3,973,725	4,453,747
	5.0000%, 1/15/40	1,312,615	1,470,772
	5.0000%, 5/15/40	1,387,235	1,571,489
	5.0000%, 5/15/40	543,981	617,072
	5.0000%, 7/15/40	4,175,737	4,668,113
	5.0000%, 7/15/40	1,159,675	1,299,155
	5.0000%, 2/15/41	4,363,349	4,904,221
	5.0000%, 4/15/41	1,650,319	1,849,186
	4.5000%, 5/15/41	7,985,418	9,189,945
	5.0000%, 5/15/41	1,705,601	1,937,379
	4.5000%, 7/15/41	3,880,274	4,503,988
	4.5000%, 7/15/41	1,246,647	1,400,613
	4.5000%, 8/15/41	10,842,985	12,226,191
	5.0000%, 9/15/41	1,082,496	1,248,729
	5.0000%, 11/15/43	7,742,782	8,860,405
	4.5000%, 5/15/44	5,204,742	5,830,287
	5.0000%, 6/15/44	7,644,979	8,694,459
	5.0000%, 6/15/44	2,785,335	3,162,743
	5.0000%, 7/15/44	3,161,213	3,591,885
	4.0000%, 1/15/45	24,861,146	26,993,301
	4.0000%, 4/15/45	3,987,180	4,383,821
	4.5000%, 8/15/46	22,505,552	25,166,878
			189,985,891
Ginnie Mae II Pool:
	6.0000%, 11/20/34	2,402,716	2,827,095
	5.5000%, 11/20/37	2,874,253	3,276,491
	6.0000%, 1/20/39	1,056,906	1,210,804
	7.0000%, 5/20/39	549,401	641,520
	4.5000%, 10/20/41	7,240,991	7,822,755
	6.0000%, 12/20/41	1,135,465	1,307,572
	5.5000%, 1/20/42	2,604,588	2,923,659
	6.0000%, 1/20/42	1,182,820	1,335,119
	6.0000%, 2/20/42	1,021,726	1,179,734
	6.0000%, 3/20/42	860,140	1,001,278
	6.0000%, 4/20/42	3,359,283	3,891,938


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

Janus Investment Fund	17

Janus Balanced Fund

Schedule of Investments

September 30, 2016


Shares or Principal Amounts			Value
Mortgage-Backed Securities – (continued)
Ginnie Mae II Pool – (continued)
	3.5000%, 5/20/42	$2,722,462	$2,927,875
	5.5000%, 5/20/42	3,603,107	4,045,062
	6.0000%, 5/20/42	1,397,014	1,605,905
	5.5000%, 7/20/42	4,498,653	4,982,212
	6.0000%, 7/20/42	935,473	1,065,386
	6.0000%, 8/20/42	1,005,218	1,164,676
	6.0000%, 9/20/42	2,195,698	2,542,677
	6.0000%, 11/20/42	955,129	1,103,611
	6.0000%, 2/20/43	1,289,278	1,489,412
	3.5000%, 9/20/44	7,546,820	8,116,738
	5.0000%, 12/20/44	4,461,559	5,067,021
	5.0000%, 9/20/45	1,989,541	2,258,776
	4.0000%, 10/20/45	9,506,459	10,340,865
			74,128,181
Total Mortgage-Backed Securities (cost $1,318,194,054)			1,344,281,895
United States Treasury Notes/Bonds – 4.5%
	2.0000%, 8/15/25	11,132,000	11,519,883
	2.2500%, 11/15/25	89,122,000	94,079,411
	1.6250%, 2/15/26	13,605,000	13,628,387
	1.6250%, 5/15/26	37,385,000	37,434,647
	1.5000%, 8/15/26	131,733,000	130,574,964
	3.6250%, 2/15/44	515,000	655,760
	2.5000%, 2/15/45	7,695,000	7,952,305
	2.8750%, 8/15/45	19,966,000	22,238,690
	3.0000%, 11/15/45	58,503,000	66,752,859
	2.5000%, 5/15/46	64,218,000	66,465,630
	2.2500%, 8/15/46	131,851,000	129,461,201
Total United States Treasury Notes/Bonds (cost $566,741,544)			580,763,737
Common Stocks – 62.6%
Aerospace & Defense – 4.1%
	Boeing Co	2,399,465	316,105,519
	General Dynamics Corp	470,287	72,969,731
	Northrop Grumman Corp	640,488	137,032,408
			526,107,658
Air Freight & Logistics – 0.5%
	United Parcel Service Inc	652,396	71,346,027
Automobiles – 1.6%
	General Motors Co	6,337,942	201,356,417
Banks – 1.1%
	US Bancorp	3,342,407	143,355,836
Biotechnology – 4.0%
	AbbVie Inc	2,694,623	169,949,873
	Amgen Inc	2,043,863	340,936,787
			510,886,660
Capital Markets – 5.2%
	Blackstone Group LP	5,356,000	136,738,680
	CME Group Inc	2,373,022	248,028,259
	Morgan Stanley	4,264,853	136,731,187
	TD Ameritrade Holding Corp	4,262,938	150,225,935
			671,724,061
Chemicals – 2.1%
	LyondellBasell Industries NV	3,330,500	268,638,130
Consumer Finance – 1.8%
	American Express Co	909,704	58,257,444
	Synchrony Financial	6,335,965	177,407,020
			235,664,464
Equity Real Estate Investment Trusts (REITs) – 1.3%
	Colony Starwood Homes Direct Shares^ß	598,678	16,322,956
	Crown Castle International Corp	475,356	44,783,289


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

18	SEPTEMBER 30, 2016

Janus Balanced Fund

Schedule of Investments

September 30, 2016


Shares or Principal Amounts			Value
Common Stocks – (continued)
Equity Real Estate Investment Trusts (REITs) – (continued)
	MGM Growth Properties LLC	1,625,800	$42,384,606
	Outfront Media Inc	2,588,824	61,225,688
			164,716,539
Food & Staples Retailing – 3.0%
	Costco Wholesale Corp	1,604,768	244,743,168
	Kroger Co	2,791,938	82,864,720
	Sysco Corp	1,289,956	63,220,744
			390,828,632
Food Products – 0.9%
	Hershey Co	1,215,744	116,225,126
Health Care Equipment & Supplies – 1.2%
	Medtronic PLC	1,860,697	160,764,221
Health Care Providers & Services – 0.6%
	Aetna Inc	706,879	81,609,181
Hotels, Restaurants & Leisure – 2.0%
	Norwegian Cruise Line Holdings Ltd*	2,204,347	83,103,882
	Six Flags Entertainment Corp	1,019,647	54,663,276
	Starbucks Corp	2,115,119	114,512,543
			252,279,701
Household Products – 1.0%
	Kimberly-Clark Corp	988,255	124,658,486
Industrial Conglomerates – 2.2%
	General Electric Co	2,130,401	63,102,478
	Honeywell International Inc	1,850,652	215,767,517
			278,869,995
Information Technology Services – 3.9%
	Accenture PLC	765,916	93,571,958
	Automatic Data Processing Inc	750,917	66,230,879
	MasterCard Inc	3,382,412	344,228,069
			504,030,906
Internet & Direct Marketing Retail – 1.7%
	Priceline Group Inc*	147,085	216,434,107
Internet Software & Services – 2.2%
	Alphabet Inc - Class C*	358,823	278,909,530
Leisure Products – 0.8%
	Hasbro Inc	345,057	27,373,372
	Mattel Inc	2,564,321	77,647,640
			105,021,012
Media – 2.8%
	Comcast Corp	3,173,913	210,557,388
	Time Warner Inc	1,820,070	144,895,773
			355,453,161
Mortgage Real Estate Investment Trusts (REITs) – 0.6%
	Colony Capital Inc	4,401,278	80,235,298
Multiline Retail – 1.0%
	Dollar Tree Inc*	1,702,424	134,372,326
Pharmaceuticals – 2.8%
	Allergan plc*	326,270	75,143,244
	Bristol-Myers Squibb Co	4,467,209	240,871,909
	Eli Lilly & Co	539,076	43,266,240
			359,281,393
Real Estate Management & Development – 1.1%
	CBRE Group Inc*	3,848,095	107,669,698
	Colony American Homes III^£,§	6,162,871	36,601,291
			144,270,989
Road & Rail – 1.0%
	CSX Corp	4,422,543	134,887,561
Software – 4.8%
	Adobe Systems Inc*	2,035,785	220,964,104


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

Janus Investment Fund	19

Janus Balanced Fund

Schedule of Investments

September 30, 2016


Shares or Principal Amounts			Value
Common Stocks – (continued)
Software – (continued)
	Microsoft Corp	6,958,732	$400,822,963
			621,787,067
Specialty Retail – 1.4%
	Home Depot Inc	1,363,939	175,511,671
Technology Hardware, Storage & Peripherals – 1.5%
	Apple Inc	1,733,319	195,951,713
Textiles, Apparel & Luxury Goods – 2.1%
	NIKE Inc	5,134,320	270,321,948
Tobacco – 2.3%
	Altria Group Inc	4,799,451	303,469,287
Total Common Stocks (cost $6,536,351,043)			8,078,969,103
Preferred Stocks – 0.4%
Banks – 0.2%
	Citigroup Capital XIII, 7.1215%	799,775	21,066,073
Capital Markets – 0.1%
	Morgan Stanley, 6.8750%	166,551	4,901,596
	Morgan Stanley, 7.1250%	158,796	4,686,070
			9,587,666
Consumer Finance – 0.1%
	Discover Financial Services, 6.5000%	547,725	14,284,668
Industrial Conglomerates – 0%
	General Electric Co, 4.7000%	51,485	1,325,224
Total Preferred Stocks (cost $44,106,871)			46,263,631
Investment Companies – 0.3%
Money Markets – 0.3%
	Janus Cash Liquidity Fund LLC, 0.3767%^ºº,£(cost $39,813,742)	39,813,742	39,813,742
Total Investments (total cost $11,239,293,191) – 100.0%			12,902,450,971
Cash, Receivables and Other Assets, net of Liabilities – 0%			2,091,541
Net Assets – 100%			$12,904,542,512


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

		% of
		Investment
Country	Value	Securities
United States	$12,623,287,677	97.8	%
Belgium	72,609,136	0.6
United Kingdom	53,274,704	0.4
Taiwan	31,045,231	0.2
Singapore	26,345,213	0.2
Netherlands	22,912,134	0.2
Canada	21,245,832	0.2
Israel	20,041,228	0.2
France	13,388,551	0.1
Germany	11,428,459	0.1
Switzerland	5,903,516	0.0
Luxembourg	969,290	0.0



Total	$12,902,450,971	100.0	%


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

20	SEPTEMBER 30, 2016

Janus Balanced Fund

Notes to Schedule of Investments and Other Information


Balanced Index	Balanced Index is an internally calculated, hypothetical monthly rebalanced blend of 55% S&P 500 Index and 45% Bloomberg Barclays US Aggregate Bond Index (Bloomberg Barclays U.S. Government/Credit Index prior to 07/2009).
Bloomberg Barclays U.S. Aggregate Bond Index	A broad-based measure of the investment grade, US dollar-denominated, fixed-rate taxable bond market.
S&P 500^{^®} Index	Measures broad U.S. equity performance..


LLC	Limited Liability Company
LP	Limited Partnership
PLC	Public Limited Company
ULC	Unlimited Liability Company

144A

Securities sold under Rule 144A of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total value of 144A securities as of the year ended September 30, 2016 is $687,908,385, which represents 5.3% of net assets.


*	Non-income producing security.


(a)	All or a portion of this position has not settled, or is not funded. Upon settlement or funding date, interest rates for unsettled or unfunded amounts will be determined. Interest and dividends will not be accrued until time of settlement or funding.


‡	The interest rate on floating rate notes is based on an index or market interest rates and is subject to change. Rate in the security description is as of September 30, 2016.


ß	Security is illiquid.


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


µ	This variable rate security is a perpetual bond. Perpetual bonds have no contractual maturity date, are not redeemable, and pay an indefinite stream of interest. The coupon rate shown represents the current interest rate.


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


	Share						Share
	Balance						Balance	Realized	Dividend	Value
	at 9/30/15		Purchases		Sales		at 9/30/16	Gain/(Loss)	Income	at 9/30/16

Colony American Homes III
	6,162,871	—		—		6,162,871		$—	$1,053,982	$36,601,291
Janus Cash Liquidity Fund LLC
	101,280,473	4,442,359,269		(4,503,826,000)		39,813,742		—	496,570	39,813,742

Total								$—	$1,550,552	$76,415,033


Janus Investment Fund	21

Janus Balanced Fund

Notes to Schedule of Investments and Other Information


§	Schedule of Restricted and Illiquid Securities (as of September 30, 2016)
							Value as a
		Acquisition					% of Net
		Date		Cost		Value	Assets
Colony American Homes III		1/30/13	$	42,613,147	$	36,601,291	0.3	%
FREMF 2010 K-SCT Mortgage Trust, 2.0000%, 1/25/20		4/29/13		10,689,485		10,853,267	0.1
Scottrade Financial Services Inc, 6.1250%, 7/11/21		5/3/16		4,081,104		4,133,942	0.0
Total			$	57,383,736	$	51,588,500	0.4	%

The Fund has registration rights for certain restricted securities held as of September 30, 2016. The issuer incurs all registration costs.


The following is a summary of the inputs that were used to value the Fund's investments in securities and other financial instruments as of September 30, 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:
Asset-Backed/Commercial Mortgage-Backed Securities	$ -	$ 370,484,690	$ -
Bank Loans and Mezzanine Loans	-	210,481,566	-
Corporate Bonds	-	2,231,392,607	-
Mortgage-Backed Securities	-	1,344,281,895	-
U.S. Treasury Notes/Bonds	-	580,763,737	-
Common Stocks
Equity Real Estate Investment Trusts (REITs)	148,393,583	16,322,956	-
Real Estate Management & Development	107,669,698	-	36,601,291
All Other	7,769,981,575	-	-
Preferred Stocks	-	46,263,631	-
Investment Companies	-	39,813,742	-
Total Assets	$ 8,026,044,856	$ 4,839,804,824	$ 36,601,291


22	SEPTEMBER 30, 2016

Janus Balanced Fund

Statement of Assets and Liabilities

September 30, 2016

See footnotes at the end of the Statement.



Assets:
	Investments, at cost		$	11,239,293,191
	Unaffiliated investments, at value			12,826,035,938
	Affiliated investments, at value			76,415,033
	Cash			1,902,021
	Non-interested Trustees' deferred compensation			226,321
	Receivables:
		Investments sold		370,757,949
		Interest		34,483,425
		Fund shares sold		10,855,225
		Dividends		10,397,831
		Foreign tax reclaims		178,980
		Dividends from affiliates		30,232
	Other assets			51,593
Total Assets				13,331,334,548
Liabilities:
��	Payables:			—
		Investments purchased		384,504,466
		Fund shares repurchased		27,929,592
		Advisory fees		6,253,264
		Dividends		3,773,861
		Transfer agent fees and expenses		1,857,889
		12b-1 Distribution and shareholder servicing fees		1,737,005
		Non-interested Trustees' deferred compensation fees		226,321
		Fund administration fees		108,011
		Non-interested Trustees' fees and expenses		87,033
		Professional fees		33,915
		Custodian fees		6,767
		Accrued expenses and other payables		273,912
Total Liabilities				426,792,036
Net Assets			$	12,904,542,512


See Notes to Financial Statements.

Janus Investment Fund	23

Janus Balanced Fund

Statement of Assets and Liabilities

September 30, 2016




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	11,061,032,317
	Undistributed net investment income/(loss)		33,483,477
	Undistributed net realized gain/(loss) from investments and foreign currency transactions		146,825,333
	Unrealized net appreciation/(depreciation) of investments and non-interested Trustees’ deferred compensation		1,663,201,385
Total Net Assets		$	12,904,542,512
Net Assets - Class A Shares		$	1,008,841,634
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		34,793,229
Net Asset Value Per Share⁽¹⁾		$	29.00
Maximum Offering Price Per Share⁽²⁾		$	30.77
Net Assets - Class C Shares		$	1,408,454,761
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		48,937,650
Net Asset Value Per Share⁽¹⁾		$	28.78
Net Assets - Class D Shares		$	1,411,125,479
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		48,564,635
Net Asset Value Per Share		$	29.06
Net Assets - Class I Shares		$	1,636,458,644
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		56,304,542
Net Asset Value Per Share		$	29.06
Net Assets - Class N Shares		$	1,834,036,111
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		63,165,161
Net Asset Value Per Share		$	29.04
Net Assets - Class R Shares		$	283,729,463
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		9,827,880
Net Asset Value Per Share		$	28.87
Net Assets - Class S Shares		$	657,562,877
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		22,682,128
Net Asset Value Per Share		$	28.99
Net Assets - Class T Shares		$	4,664,333,543
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		160,701,481
Net Asset Value Per Share		$	29.02

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

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


See Notes to Financial Statements.

24	SEPTEMBER 30, 2016

Janus Balanced Fund

Statement of Operations

For the year ended September 30, 2016



Investment Income:
	Dividends		$	174,124,056
	Interest			160,787,931
	Dividends from affiliates			1,550,552
	Other income			1,500,981
Total Investment Income				337,963,520
Expenses:
	Advisory fees			72,754,631
	12b-1Distribution and shareholder servicing fees:
		Class A Shares		2,606,302
		Class C Shares		13,678,784
		Class R Shares		1,448,972
		Class S Shares		1,776,128
	Transfer agent administrative fees and expenses:
		Class D Shares		1,707,531
		Class R Shares		724,486
		Class S Shares		1,776,128
		Class T Shares		12,204,726
	Transfer agent networking and omnibus fees:
		Class A Shares		987,301
		Class C Shares		1,089,674
		Class I Shares		1,286,253
	Other transfer agent fees and expenses:
		Class A Shares		98,720
		Class C Shares		162,930
		Class D Shares		224,672
		Class I Shares		66,407
		Class N Shares		27,736
		Class R Shares		2,636
		Class S Shares		4,554
		Class T Shares		27,602
	Fund administration fees			1,186,684
	Shareholder reports expense			905,681
	Non-interested Trustees’ fees and expenses			356,412
	Registration fees			302,279
	Professional fees			163,723
	Custodian fees			66,655
	Other expenses			1,304,654
Total Expenses				116,942,261
Less: Excess Expense Reimbursement				(199,930)
Net Expenses				116,742,331
Net Investment Income/(Loss)				221,221,189
Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions			159,099,737
Total Net Realized Gain/(Loss) on Investments				159,099,737
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation			366,986,579
Total Change in Unrealized Net Appreciation/Depreciation				366,986,579
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	747,307,505


See Notes to Financial Statements.

Janus Investment Fund	25

Janus Balanced Fund

Statements of Changes in Net Assets



			Year ended September 30, 2016		Year ended September 30, 2015

Operations:
	Net investment income/(loss)		$	221,221,189	$	236,250,595
	Net realized gain/(loss) on investments			159,099,737		698,703,845
	Change in unrealized net appreciation/depreciation			366,986,579		(1,029,201,973)
Net Increase/(Decrease) in Net Assets Resulting from Operations				747,307,505		(94,247,533)
Dividends and Distributions to Shareholders:
	Dividends from Net Investment Income
		Class A Shares		(16,944,726)		(15,949,143)
		Class C Shares		(14,938,138)		(12,344,484)
		Class D Shares		(25,627,380)		(27,015,967)
		Class I Shares		(30,967,472)		(29,079,644)
		Class N Shares		(35,354,476)		(35,097,894)
		Class R Shares		(3,742,042)		(3,919,504)
		Class S Shares		(10,384,292)		(12,632,388)
		Class T Shares		(83,564,162)		(86,778,197)
	Total Dividends from Net Investment Income			(221,522,688)		(222,817,221)
	Distributions from Net Realized Gain from Investment Transactions
		Class A Shares		(45,340,413)		(36,613,767)
		Class C Shares		(60,624,654)		(44,392,134)
		Class D Shares		(62,550,462)		(59,186,126)
		Class I Shares		(70,501,358)		(58,796,781)
		Class N Shares		(77,682,726)		(69,741,720)
		Class R Shares		(12,754,560)		(12,357,019)
		Class S Shares		(32,384,158)		(34,600,124)
		Class T Shares		(218,072,346)		(194,276,900)
	Total Distributions from Net Realized Gain from Investment Transactions			(579,910,677)		(509,964,571)
Net Decrease from Dividends and Distributions to Shareholders				(801,433,365)		(732,781,792)
Capital Share Transactions:
		Class A Shares		46,762,809		193,038,639
		Class C Shares		148,921,384		353,469,430
		Class D Shares		33,812,313		58,964,132
		Class I Shares		130,777,401		303,840,018
		Class N Shares		128,628,757		173,300,111
		Class R Shares		3,466,223		(9,747,343)
		Class S Shares		(91,107,218)		(36,679,858)
		Class T Shares		(45,643,355)		503,098,909
Net Increase/(Decrease) from Capital Share Transactions				355,618,314		1,539,284,038
Net Increase/(Decrease) in Net Assets				301,492,454		712,254,713
Net Assets:
	Beginning of period			12,603,050,058		11,890,795,345
	End of period		$	12,904,542,512	$	12,603,050,058

Undistributed Net Investment Income/(Loss)			$	33,483,477	$	14,456,923


See Notes to Financial Statements.

26	SEPTEMBER 30, 2016

Janus Balanced Fund

Financial Highlights


Class A Shares
For a share outstanding during each year ended September 30			2016	2015	2014		2013	2012
	Net Asset Value, Beginning of Period		$29.12	$31.10	$29.11		$27.01	$23.19
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.47⁽¹⁾	0.55⁽¹⁾	0.49⁽¹⁾		0.51	0.50
		Net realized and unrealized gain/(loss)	1.22	(0.70)	2.83		2.90	4.22
	Total from Investment Operations		1.69	(0.15)	3.32		3.41	4.72
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.48)	(0.52)	(0.47)		(0.50)	(0.49)
		Distributions (from capital gains)	(1.33)	(1.31)	(0.86)		(0.81)	(0.41)
	Total Dividends and Distributions		(1.81)	(1.83)	(1.33)		(1.31)	(0.90)
	Net Asset Value, End of Period		$29.00	$29.12	$31.10		$29.11	$27.01
	Total Return*		5.86%	(0.59)%	11.65%		13.12%	20.70%
	Net Assets, End of Period (in thousands)		$1,008,842	$966,624	$835,681		$765,049	$656,171
	Average Net Assets for the Period (in thousands)		$1,037,006	$941,167	$839,360		$690,266	$610,115
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.94%	0.93%	0.95%		0.94%	0.98%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.94%	0.93%	0.95%		0.94%	0.98%
		Ratio of Net Investment Income/(Loss)	1.63%	1.78%	1.61%		1.66%	1.87%
	Portfolio Turnover Rate		83%	75%	72%		78%	84%
						1


Class C Shares
For a share outstanding during each year ended September 30			2016	2015	2014	2013	2012
	Net Asset Value, Beginning of Period		$28.95	$30.93	$29.00	$26.93	$23.15
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.26⁽¹⁾	0.34⁽¹⁾	0.27⁽¹⁾	0.32	0.31
		Net realized and unrealized gain/(loss)	1.20	(0.69)	2.80	2.88	4.22
	Total from Investment Operations		1.46	(0.35)	3.07	3.20	4.53
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.30)	(0.32)	(0.28)	(0.32)	(0.34)
		Distributions (from capital gains)	(1.33)	(1.31)	(0.86)	(0.81)	(0.41)
	Total Dividends and Distributions		(1.63)	(1.63)	(1.14)	(1.13)	(0.75)
	Net Asset Value, End of Period		$28.78	$28.95	$30.93	$29.00	$26.93
	Total Return*		5.09%	(1.25)%	10.78%	12.30%	19.84%
	Net Assets, End of Period (in thousands)		$1,408,455	$1,267,034	$996,498	$708,673	$538,591
	Average Net Assets for the Period (in thousands)		$1,401,426	$1,175,456	$874,136	$597,677	$491,552
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.65%	1.61%	1.68%	1.70%	1.72%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.65%	1.61%	1.68%	1.70%	1.72%
		Ratio of Net Investment Income/(Loss)	0.92%	1.10%	0.88%	0.90%	1.13%
	Portfolio Turnover Rate		83%	75%	72%	78%	84%

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

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

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


See Notes to Financial Statements.

Janus Investment Fund	27

Janus Balanced Fund

Financial Highlights


Class D Shares
For a share outstanding during each year ended September 30			2016	2015	2014	2013	2012
	Net Asset Value, Beginning of Period		$29.17	$31.14	$29.15	$27.03	$23.19
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.53⁽¹⁾	0.61⁽¹⁾	0.56⁽¹⁾	0.56	0.56
		Net realized and unrealized gain/(loss)	1.22	(0.69)	2.82	2.92	4.23
	Total from Investment Operations		1.75	(0.08)	3.38	3.48	4.79
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.53)	(0.58)	(0.53)	(0.55)	(0.54)
		Distributions (from capital gains)	(1.33)	(1.31)	(0.86)	(0.81)	(0.41)
	Total Dividends and Distributions		(1.86)	(1.89)	(1.39)	(1.36)	(0.95)
	Net Asset Value, End of Period		$29.06	$29.17	$31.14	$29.15	$27.03
	Total Return*		6.07%	(0.38)%	11.86%	13.40%	21.03%
	Net Assets, End of Period (in thousands)		$1,411,125	$1,382,693	$1,414,364	$1,288,565	$1,157,251
	Average Net Assets for the Period (in thousands)		$1,415,240	$1,453,548	$1,383,412	$1,212,029	$1,089,153
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.73%	0.73%	0.73%	0.73%	0.72%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.73%	0.73%	0.73%	0.73%	0.72%
		Ratio of Net Investment Income/(Loss)	1.83%	1.98%	1.83%	1.87%	2.13%
	Portfolio Turnover Rate		83%	75%	72%	78%	84%


Class I Shares
For a share outstanding during each year ended September 30			2016	2015	2014	2013	2012
	Net Asset Value, Beginning of Period		$29.18	$31.15	$29.15	$27.02	$23.19
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.55⁽¹⁾	0.64⁽¹⁾	0.59⁽¹⁾	0.45	0.57
		Net realized and unrealized gain/(loss)	1.21	(0.70)	2.83	3.05	4.22
	Total from Investment Operations		1.76	(0.06)	3.42	3.50	4.79
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.55)	(0.60)	(0.56)	(0.56)	(0.55)
		Distributions (from capital gains)	(1.33)	(1.31)	(0.86)	(0.81)	(0.41)
	Total Dividends and Distributions		(1.88)	(1.91)	(1.42)	(1.37)	(0.96)
	Net Asset Value, End of Period		$29.06	$29.18	$31.15	$29.15	$27.02
	Total Return*		6.10%	(0.30)%	11.99%	13.47%	21.02%
	Net Assets, End of Period (in thousands)		$1,636,459	$1,510,302	$1,306,391	$966,885	$1,990,129
	Average Net Assets for the Period (in thousands)		$1,651,399	$1,482,511	$1,167,616	$1,148,507	$1,846,745
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.67%	0.65%	0.64%	0.69%	0.69%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.67%	0.65%	0.64%	0.69%	0.69%
		Ratio of Net Investment Income/(Loss)	1.90%	2.06%	1.92%	2.02%	2.16%
	Portfolio Turnover Rate		83%	75%	72%	78%	84%

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

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

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


See Notes to Financial Statements.

28	SEPTEMBER 30, 2016

Janus Balanced Fund

Financial Highlights


Class N Shares
For a share outstanding during each year or period ended September 30			2016	2015	2014	2013	2012⁽¹⁾
	Net Asset Value, Beginning of Period		$29.15	$31.11	$29.12	$27.01	$25.46
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.57⁽²⁾	0.66⁽²⁾	0.60⁽²⁾	0.77	0.17
		Net realized and unrealized gain/(loss)	1.22	(0.69)	2.83	2.74	1.67
	Total from Investment Operations		1.79	(0.03)	3.43	3.51	1.84
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.57)	(0.62)	(0.58)	(0.59)	(0.29)
		Distributions (from capital gains)	(1.33)	(1.31)	(0.86)	(0.81)	—
	Total Dividends and Distributions		(1.90)	(1.93)	(1.44)	(1.40)	(0.29)
	Net Asset Value, End of Period		$29.04	$29.15	$31.11	$29.12	$27.01
	Total Return*		6.23%	(0.20)%	12.03%	13.52%	7.25%
	Net Assets, End of Period (in thousands)		$1,834,036	$1,709,643	$1,648,665	$1,432,413	$7,610
	Average Net Assets for the Period (in thousands)		$1,801,032	$1,751,330	$1,532,107	$1,029,152	$483
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.59%	0.58%	0.58%	0.58%	0.82%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.59%	0.58%	0.58%	0.58%	0.77%
		Ratio of Net Investment Income/(Loss)	1.98%	2.14%	1.98%	1.89%	2.98%
	Portfolio Turnover Rate		83%	75%	72%	78%	84%


Class R Shares
For a share outstanding during each year ended September 30			2016	2015	2014	2013	2012
	Net Asset Value, Beginning of Period		$29.02	$30.99	$29.03	$26.95	$23.15
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.35⁽²⁾	0.43⁽²⁾	0.37⁽²⁾	0.40	0.41
		Net realized and unrealized gain/(loss)	1.21	(0.68)	2.82	2.89	4.22
	Total from Investment Operations		1.56	(0.25)	3.19	3.29	4.63
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.38)	(0.41)	(0.37)	(0.40)	(0.42)
		Distributions (from capital gains)	(1.33)	(1.31)	(0.86)	(0.81)	(0.41)
	Total Dividends and Distributions		(1.71)	(1.72)	(1.23)	(1.21)	(0.83)
	Net Asset Value, End of Period		$28.87	$29.02	$30.99	$29.03	$26.95
	Total Return*		5.40%	(0.94)%	11.20%	12.68%	20.32%
	Net Assets, End of Period (in thousands)		$283,729	$281,398	$309,887	$279,905	$235,356
	Average Net Assets for the Period (in thousands)		$288,241	$297,615	$296,348	$258,708	$202,808
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.34%	1.31%	1.33%	1.33%	1.33%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.34%	1.31%	1.33%	1.33%	1.33%
		Ratio of Net Investment Income/(Loss)	1.23%	1.39%	1.23%	1.27%	1.51%
	Portfolio Turnover Rate		83%	75%	72%	78%	84%

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

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

(1) Period from May 31, 2012 (inception date) through September 30, 2012.

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


See Notes to Financial Statements.

Janus Investment Fund	29

Janus Balanced Fund

Financial Highlights


Class S Shares
For a share outstanding during each year ended September 30			2016	2015	2014	2013	2012
	Net Asset Value, Beginning of Period		$29.12	$31.09	$29.11	$27.01	$23.19
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.43⁽¹⁾	0.50⁽¹⁾	0.45⁽¹⁾	0.47	0.47
		Net realized and unrealized gain/(loss)	1.21	(0.68)	2.83	2.90	4.23
	Total from Investment Operations		1.64	(0.18)	3.28	3.37	4.70
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.44)	(0.48)	(0.44)	(0.46)	(0.47)
		Distributions (from capital gains)	(1.33)	(1.31)	(0.86)	(0.81)	(0.41)
	Total Dividends and Distributions		(1.77)	(1.79)	(1.30)	(1.27)	(0.88)
	Net Asset Value, End of Period		$28.99	$29.12	$31.09	$29.11	$27.01
	Total Return*		5.68%	(0.71)%	11.49%	12.97%	20.60%
	Net Assets, End of Period (in thousands)		$657,563	$750,461	$837,505	$837,535	$789,572
	Average Net Assets for the Period (in thousands)		$706,818	$828,503	$844,760	$811,115	$722,713
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.09%	1.08%	1.08%	1.08%	1.08%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.08%	1.07%	1.08%	1.08%	1.08%
		Ratio of Net Investment Income/(Loss)	1.48%	1.63%	1.47%	1.52%	1.77%
	Portfolio Turnover Rate		83%	75%	72%	78%	84%


Class T Shares
For a share outstanding during each year ended September 30			2016	2015	2014	2013	2012
	Net Asset Value, Beginning of Period		$29.15	$31.12	$29.13	$27.02	$23.19
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.50⁽¹⁾	0.58⁽¹⁾	0.53⁽¹⁾	0.53	0.54
		Net realized and unrealized gain/(loss)	1.20	(0.69)	2.83	2.92	4.22
	Total from Investment Operations		1.70	(0.11)	3.36	3.45	4.76
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.50)	(0.55)	(0.51)	(0.53)	(0.52)
		Distributions (from capital gains)	(1.33)	(1.31)	(0.86)	(0.81)	(0.41)
	Total Dividends and Distributions		(1.83)	(1.86)	(1.37)	(1.34)	(0.93)
	Net Asset Value, End of Period		$29.02	$29.15	$31.12	$29.13	$27.02
	Total Return*		5.92%	(0.46)%	11.77%	13.27%	20.88%
	Net Assets, End of Period (in thousands)		$4,664,334	$4,734,896	$4,541,805	$3,979,849	$3,548,410
	Average Net Assets for the Period (in thousands)		$4,856,359	$4,872,456	$4,375,206	$3,721,640	$3,387,942
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.84%	0.83%	0.83%	0.83%	0.83%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.83%	0.82%	0.82%	0.83%	0.83%
		Ratio of Net Investment Income/(Loss)	1.74%	1.89%	1.73%	1.77%	2.02%
	Portfolio Turnover Rate		83%	75%	72%	78%	84%

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

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

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


See Notes to Financial Statements.

30	SEPTEMBER 30, 2016

Janus Balanced Fund

Notes to Financial Statements

1. Organization and Significant Accounting Policies

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

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

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

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

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

Investment Valuation


Janus Investment Fund	31

Janus Balanced Fund

Notes to Financial Statements

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

Valuation Inputs Summary

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

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

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of September 30, 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.


32	SEPTEMBER 30, 2016

Janus Balanced Fund

Notes to Financial Statements

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

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

Investment Transactions and Investment Income

Expenses

Estimates

Indemnifications

Foreign Currency Translations

Dividends and Distributions

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


Janus Investment Fund	33

Janus Balanced Fund

Notes to Financial Statements

taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal income tax purposes.

Federal Income Taxes

2. Derivative Instruments

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

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

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

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

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


34	SEPTEMBER 30, 2016

Janus Balanced Fund

Notes to Financial Statements

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

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

Forward Foreign Currency Exchange Contracts

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

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

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

During the year ended September 30, 2016, the average ending monthly currency value amounts on sold forward currency contracts is $44,600,252. There were no foreign currency contracts held at September 30, 2016.


Janus Investment Fund	35

Janus Balanced Fund

Notes to Financial Statements

The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the year ended September 30, 2016.


The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the year ended September 30, 2016

Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative		Currency Contracts
Investments and foreign currency transactions		$4,339,382	^(a)



Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative		Currency Contracts
Investments, foreign currency translations and non-interested Trustees' deferred compensation		$ (928,805)	^(a)

(a)	Amounts relate to forward currency contracts.
(b)	Amounts relate to purchased options.

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

3. Other Investments and Strategies

Additional Investment Risk


36	SEPTEMBER 30, 2016

Janus Balanced Fund

Notes to Financial Statements

by governments and others of their debt could have additional adverse effects on economies, financial markets, and asset valuations around the world. Greece, Ireland, and Portugal have already received one or more "bailouts" from other Eurozone member states, and it is unclear how much additional funding they will require or if additional Eurozone member states will require bailouts in the future. The risk of investing in securities in the European markets may also be heightened due to the referendum in which the United Kingdom voted to exit the EU (known as "Brexit"). One or more other countries may also abandon the euro and/or withdraw from the EU, placing its currency and banking system in jeopardy.

Loans

The Fund may invest in various commercial loans, including bank loans, bridge loans, debtor-in-possession (“DIP”) loans, mezzanine loans, and other fixed and floating rate loans. These loans may be acquired through loan participations and assignments or on a when-issued basis. Commercial loans will comprise no more than 20% of the Fund’s total assets. Below are descriptions of the types of loans held by the Fund as of September 30, 2016.

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

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

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

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

Mortgage- and Asset-Backed Securities

Mortgage- and asset-backed securities represent interests in “pools” of commercial or residential mortgages or other assets, including consumer loans or receivables. The Fund may purchase fixed or variable rate commercial or residential mortgage-backed securities issued by the Government National Mortgage Association (“Ginnie Mae”), the Federal


Janus Investment Fund	37

Janus Balanced Fund

Notes to Financial Statements

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

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

Real Estate Investing

Restricted Security Transactions

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

Sovereign Debt

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


38	SEPTEMBER 30, 2016

Janus Balanced Fund

Notes to Financial Statements

debt and there may be no bankruptcy proceedings through which the Fund may collect all or part of the sovereign debt that a governmental entity has not repaid.

When-Issued and Delayed Delivery Securities

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

4. Investment Advisory Agreements and Other Transactions with Affiliates

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

Janus Capital has contractually agreed to waive the advisory fee payable by the Fund or reimburse expenses in an amount equal to the amount, if any, that the Fund’s normal operating expenses in any fiscal year, including the investment advisory fee, but excluding the 12b-1 distribution and shareholder servicing fees (applicable to Class A Shares, Class C Shares, Class R Shares, and Class S Shares), transfer agent fees and expenses payable pursuant to the Transfer Agency Agreement, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.68% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waiver until at least February 1, 2017. If applicable, amounts reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement” on the Statement of Operations.

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


Janus Investment Fund	39

Janus Balanced Fund

Notes to Financial Statements

Shares, Class S Shares, and Class T Shares. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.

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

Janus Capital furnishes certain administration, compliance, and accounting services for the Fund and is reimbursed by the Fund for certain of its costs in providing those services (to the extent Janus Capital seeks reimbursement and such costs are not otherwise waived). In addition, employees of Janus Capital and/or its affiliates may serve as officers of the Trust. The Fund also pays for salaries, fees, and expenses of certain Janus Capital employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by Janus Capital, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services Janus Capital provides to the Fund. These amounts are disclosed as “Fund administration fees” on the Statement of Operations. Some expenses related to compensation payable to the Fund's Chief Compliance Officer and compliance staff are shared with the Fund. Total compensation of $698,017 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended September 30, 2016. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.


40	SEPTEMBER 30, 2016

Janus Balanced Fund

Notes to Financial Statements

to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $111,925 were paid by the Trust to a Trustee under the Deferred Plan during the year ended September 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. During the year ended September 30, 2016, redeeming shareholders of Class A Shares paid CDSCs of $3,373 to Janus Distributors.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the year ended September 30, 2016, redeeming shareholders of Class C Shares paid CDSCs of $247,940.

The Fund is permitted to purchase or sell securities (“cross-trade”) between itself and other funds or accounts managed by Janus Capital Management LLC in accordance with Rule 17a-7 under the Investment Company Act of 1940 (“Rule 17a-7”), when the transaction is consistent with the investment objectives and policies of the Fund and in accordance with the Internal Cross Trade Procedures adopted by the Trust’s Board of Trustees. These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to another fund or account that is or could be considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser, common Officer, or common Trustee complies with Rule 17a-7. Under these procedures, each cross-trade is effected at the current market price to save costs where allowed. During the year ended September 30, 2016, the Fund engaged in cross trades amounting to $91,388,309 in purchases and $66,066,647 in sales, resulting in a net realized gain of $2,178,711. The net realized gain is included in “Investments and foreign currency transactions” within the “Net Realized and Unrealized Gain/(Loss) on Investments” section of the Fund’s Statement of Operations.

5. Federal Income Tax

Other book to tax differences primarily consist of deferred compensation, derivatives, tax equalization and foreign currency contract adjustments. The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.


			Loss Deferrals	Other Book	Net Tax


Janus Investment Fund	41

Janus Balanced Fund

Notes to Financial Statements


Undistributed Ordinary Income	Undistributed Long-Term Gains	Accumulated Capital Losses	Late-Year Ordinary Loss	Post-October Capital Loss	to Tax Differences	Appreciation/ (Depreciation)
$ 33,709,797	$ 137,360,162	$ -	$ -	$ -	$ (182,716)	$1,672,622,951

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

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


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 11,229,828,020	$1,827,705,488	$(155,082,537)	$ 1,672,622,951


For the year ended September 30, 2016
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 221,522,688	$ 579,910,677	$ -	$ -


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


Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ 26,792,968	$ 19,328,053	$ (46,121,021)

Capital has been adjusted by $26,792,968, all of which is long-term capital gain, for distributions in connection with Fund share redemptions (tax equalization).


42	SEPTEMBER 30, 2016

Janus Balanced Fund

Notes to Financial Statements

6. Capital Share Transactions



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

Class A Shares:
Shares sold	12,430,088	$ 359,179,714	12,097,676	$ 372,516,617
Reinvested dividends and distributions	1,845,576	53,383,993	1,469,070	44,120,078
Shares repurchased	(12,673,078)	(365,800,898)	(7,250,610)	(223,598,056)
Net Increase/(Decrease)	1,602,586	$ 46,762,809	6,316,136	$ 193,038,639
Class C Shares:
Shares sold	13,769,462	$ 394,868,680	16,000,004	$ 490,276,478
Reinvested dividends and distributions	2,134,949	61,396,327	1,502,054	44,857,576
Shares repurchased	(10,729,245)	(307,343,623)	(5,952,341)	(181,664,624)
Net Increase/(Decrease)	5,175,166	$ 148,921,384	11,549,717	$ 353,469,430
Class D Shares:
Shares sold	3,575,182	$ 103,349,776	4,067,346	$ 125,773,675
Reinvested dividends and distributions	2,980,651	86,363,553	2,809,173	84,527,872
Shares repurchased	(5,385,211)	(155,901,016)	(4,901,017)	(151,337,415)
Net Increase/(Decrease)	1,170,622	$ 33,812,313	1,975,502	$ 58,964,132
Class I Shares:
Shares sold	23,304,245	$ 673,515,022	21,361,492	$ 662,059,843
Reinvested dividends and distributions	2,803,885	81,230,149	2,256,661	67,896,243
Shares repurchased	(21,559,812)	(623,967,770)	(13,803,536)	(426,116,068)
Net Increase/(Decrease)	4,548,318	$ 130,777,401	9,814,617	$ 303,840,018
Class N Shares:
Shares sold	9,510,095	$ 273,463,981	8,759,193	$ 271,098,349
Reinvested dividends and distributions	3,905,539	113,031,263	3,487,239	104,838,341
Shares repurchased	(8,895,316)	(257,866,487)	(6,589,553)	(202,636,579)
Net Increase/(Decrease)	4,520,318	$ 128,628,757	5,656,879	$ 173,300,111
Class R Shares:
Shares sold	2,490,192	$ 71,507,026	2,518,350	$ 77,276,119
Reinvested dividends and distributions	516,703	14,897,713	499,593	14,956,932
Shares repurchased	(2,875,033)	(82,938,516)	(3,321,095)	(101,980,394)
Net Increase/(Decrease)	131,862	$ 3,466,223	(303,152)	$ (9,747,343)
Class S Shares:
Shares sold	4,054,498	$ 116,842,330	4,943,832	$ 152,709,412
Reinvested dividends and distributions	1,472,525	42,602,373	1,564,920	47,004,547
Shares repurchased	(8,614,037)	(250,551,921)	(7,677,565)	(236,393,817)
Net Increase/(Decrease)	(3,087,014)	$ (91,107,218)	(1,168,813)	$ (36,679,858)
Class T Shares:
Shares sold	30,537,017	$ 884,608,153	41,642,121	$1,285,255,099
Reinvested dividends and distributions	10,321,526	298,766,458	9,239,410	277,727,824
Shares repurchased	(42,582,990)	(1,229,017,966)	(34,421,128)	(1,059,884,014)
Net Increase/(Decrease)	(1,724,447)	$ (45,643,355)	16,460,403	$ 503,098,909

7. Purchases and Sales of Investment Securities


Purchases of Securities	Proceeds from Sales of Securities	Purchases of Long- Term U.S. Government Obligations	Proceeds from Sales of Long-Term U.S. Government Obligations
$7,201,467,981	$6,070,258,479	$ 3,533,309,748	$ 4,823,104,220


Janus Investment Fund	43

Janus Balanced Fund

Notes to Financial Statements

8. Subsequent Event


44	SEPTEMBER 30, 2016

Janus Balanced Fund

Report of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Janus Balanced Fund (one of the funds constituting Janus Investment Fund, hereafter referred to as the “Fund”) at September 30, 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 September 30, 2016 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.

Denver, Colorado

November 11, 2016


Janus Investment Fund	45

Janus Balanced Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Quarterly Portfolio Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD

Nature, Extent and Quality of Services


46	SEPTEMBER 30, 2016

Janus Balanced Fund

Additional Information (unaudited)

Performance of the Funds

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

Fixed-Income Funds and Money Market Funds

· 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.


Janus Investment Fund	47

Janus Balanced 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.


48	SEPTEMBER 30, 2016

Janus Balanced 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


Janus Investment Fund	49

Janus Balanced Fund

Additional Information (unaudited)

Global and International Funds


50	SEPTEMBER 30, 2016

Janus Balanced 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


Janus Investment Fund	51

Janus Balanced Fund

Additional Information (unaudited)

Fixed-Income Funds and Money Market Funds


52	SEPTEMBER 30, 2016

Janus Balanced Fund

Additional Information (unaudited)

Asset Allocation Funds

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

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

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.


Janus Investment Fund	53

Janus Balanced 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.


54	SEPTEMBER 30, 2016

Janus Balanced 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.


Janus Investment Fund	55