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)

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

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

Date of fiscal year end: 9/30

Date of reporting period: 9/30/17

Item 1 - Reports to Shareholders



	ANNUAL REPORT September 30, 2017

Janus Henderson Asia Equity Fund (formerly named 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 Henderson Asia Equity Fund

Janus Henderson Asia Equity Fund (unaudited)

FUND SNAPSHOT

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

Andrew Gillan

co-portfolio manager

Mervyn Koh

co-portfolio manager

OVERVIEW

The Janus Henderson Asia Equity Fund’s Class I Shares returned 23.39% over the one-year period ended September 30, 2017. The Fund’s benchmark, the MSCI All Country Asia ex-Japan Index, returned 22.68%.

MARKET ENVIRONMENT

Asian shares posted healthy gains over the period, supported by stronger earnings growth and more positive sentiment toward emerging markets following prior underperformance. Economic growth remained buoyant whilst Purchasing Managers Index (PMI) and export numbers were also positive across much of the region. This reflected both a recovery in the global economy which benefited Asia but more importantly, a clear stabilization in the key Chinese economy after the stimulus efforts of 2016. Prior concerns on increased protectionism following Donald Trump’s U.S. presidential election win did not materialize whilst the expectations of a very measured normalisation in U.S. interest rates also supported the region’s stock markets and currencies.

Economic reforms continued, with India of particular note. The Indian government firstly introduced a controversial demonetization policy to tackle corruption which did have a short-term impact on growth and then followed this with the implementation of a nationwide goods and services tax regime. In China, the government’s efforts on supply side reform were also positively received with noticeable impact on the steel and aluminium industries. Similarly, there is a clear willingness on the part of the authorities to address the amount of leverage in the economy, a common concern of foreign investors in China. Whilst this process will not be without challenges, this is nonetheless positive.

China and South Korea were the standout markets in terms of returns. Chinese shares were led by the new economy companies in the Internet sector but returns broadened out to the older economy sector toward the end of the period on increased confidence in the state of the economy. In South Korea, the large-cap memory companies were the key drivers thanks to significant earnings upgrades as the DRAM industry benefited from stronger pricing as a result of significant industry consolidation and supply discipline. Similar trends with regard to the Chinese Internet and South Korean memory sectors also contributed to Information Technology leading gains by sector followed by Materials, boosted in part by the supply side reforms outlined above.

PORTFOLIO MANAGER CHANGE

In early June there was a change of portfolio management of the Fund due to the merger of Janus Capital Group and Henderson Group. The new portfolio management team restructured the portfolio and the Fund outperformed during the transition month. The key changes at the country level were a reduction in the allocation toward China and South Korea and an increase in the allocation toward India and Taiwan. By sector, we have increased our exposure toward Information Technology and reduced our exposure to Financials. These changes reflect where the managers see the best opportunities based upon their bottom-up stock selection. In China, we find attractive opportunities in the new economy but are more wary of the old economy and the Financials sector specifically which explains our underweight relative to the benchmark. We have also reduced the number of holdings to approximately 40 companies and aim to provide a high-conviction portfolio of Asia’s best companies.

PERFORMANCE DISCUSSION

The Fund’s overweight to Information Technology was a key contributor to relative performance whilst stock selection was strong within our Industrials exposure. The consumer discretionary sector was our biggest detractor from relative performance.

Within Information Technology, our holdings in Samsung Electronics and SK Hynix saw positive earnings revisions on firmer than expected DRAM pricing as the industry


Janus Investment Fund	1

Janus Henderson Asia Equity Fund (unaudited)

remains disciplined in terms of supply. Samsung Electronics also benefited from plans to improve shareholder returns both from increased dividends and share cancellations. The Chinese Internet sector also continued to perform well and we benefited from our positions in Tencent and Alibaba particularly. Alibaba shares rallied after the company gave revenue guidance significantly ahead of analyst expectations. Whilst the shares have rerated, we still feel that both Tencent and Alibaba offer compelling growth and have very strong franchises in the China market so we remain happy to maintain our exposure to both companies.

Consumer Discretionary was the key area of underperformance where Hanssem, Chongqing Changan Auto and PC Jeweller all performed relatively poorly. We wrote about the underperformance of the latter two companies in the semi-annual report and had exited the PC Jeweller position at that time. The Chongqing position was exited as part of the portfolio manager transition. Hanssem is a South Korean home improvements company with a strong franchise and excellent track record of both growth and high return on equity. Whilst the shares have suffered from some of the government’s property market measures, we still believe that the company can generate good growth both from its established kitchen division and new Rehaus stores.

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

OUTLOOK

Asian markets have posted healthy gains so far this year but pleasingly, this has been accompanied by significantly stronger earnings growth relative to the previous few years. We believe valuations, therefore, remain reasonable both relative to their own history for the region and relative to developed markets given the superior growth outlook for Asia. In the short-term, attention will focus on China’s Party Congress in October which will set the tone for the balance between reform and growth. On a positive note, there is a clear recognition of the need to address the high levels of debt in the economy but it is a difficult task to address this whilst maintaining growth. For that reason, we continue to favour the new economy, private sector businesses in China. Longer-term, in our opinion there is every reason to be positive on Asia with attractive demographics, increasing consumption and significant economic development potential providing what we believe is an ideal backdrop for companies to thrive.

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


2	SEPTEMBER 30, 2017

Janus Henderson Asia Equity Fund (unaudited)

Fund At A Glance

September 30, 2017





	5 Top Performers - Holdings		5 Bottom Performers - Holdings
		Contribution		Contribution
	Tencent Holdings Ltd	3.02%	Hanssem Co Ltd	-0.66%
	Alibaba Group Holding Ltd (ADR)	2.55%	Chongqing Changan Automobile Co Ltd	-0.47%
	Samsung Electronics Co Ltd	2.51%	ITC Ltd	-0.30%
	SK Hynix Inc	2.27%	PC Jeweller Ltd	-0.29%
	Taiwan Semiconductor Manufacturing Co Ltd	1.54%	Catcher Technology Co Ltd	-0.27%

	5 Top Performers - Sectors*
		Fund	Fund Weighting	MSCI All Country Asia ex-Japan Index
		Contribution	(Average % of Equity)	Weighting
	Industrials	2.37%	4.71%	7.72%
	Information Technology	1.94%	38.23%	29.00%
	Financials	1.11%	20.63%	23.58%
	Telecom Services	0.60%	2.25%	5.16%
	Health Care	0.42%	2.26%	2.25%

	5 Bottom Performers - Sectors*
		Fund	Fund Weighting	MSCI All Country Asia ex-Japan Index
		Contribution	(Average % of Equity)	Weighting
	Consumer Discretionary	-1.94%	10.24%	9.54%
	Consumer Staples	-0.76%	4.61%	4.69%
	Other**	-0.72%	4.82%	0.00%
	Energy	-0.29%	2.67%	4.26%
	Materials	-0.03%	1.96%	4.52%

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


Janus Investment Fund	3

Janus Henderson Asia Equity Fund (unaudited)

Fund At A Glance

September 30, 2017


5 Largest Equity Holdings - (% of Net Assets)
Taiwan Semiconductor Manufacturing Co Ltd
Semiconductor & Semiconductor Equipment	5.8%
Tencent Holdings Ltd
Internet Software & Services	5.4%
Alibaba Group Holding Ltd (ADR)
Internet Software & Services	4.8%
HDFC Bank Ltd
Banks	4.3%
Housing Development Finance Corp Ltd
Thrifts & Mortgage Finance	4.0%
	24.3%


Asset Allocation - (% of Net Assets)
Common Stocks	89.3%
Investment Companies	3.2%
Preferred Stocks	3.2%
Warrants	3.0%
Other		1.3%
		100.0%

Emerging markets comprised 82.1% of total net assets.

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

As of September 30, 2017

As of September 30, 2016


4	SEPTEMBER 30, 2017

Janus Henderson Asia Equity Fund (unaudited)

Performance

See important disclosures on the next page.



				Expense Ratios -
Average Annual Total Return - for the periods ended September 30, 2017				per the January 27, 2017 prospectuses
	One Year	Five Year	Since Inception*	Total Annual Fund Operating Expenses	Net Annual Fund Operating Expenses
Class A Shares at NAV	23.10%	8.05%	5.14%	3.51%	1.66%
Class A Shares at MOP	16.07%	6.79%	4.13%
Class C Shares at NAV	22.17%	7.28%	4.40%	4.23%	2.34%
Class C Shares at CDSC	21.17%	7.28%	4.40%
Class D Shares⁽¹⁾	23.30%	8.22%	5.31%	3.38%	1.46%
Class I Shares	23.39%	8.38%	5.45%	3.19%	1.32%
Class S Shares	23.07%	8.05%	5.10%	3.67%	1.79%
Class T Shares	23.18%	8.23%	5.27%	3.41%	1.55%
MSCI All Country Asia ex-Japan Index	22.68%	7.44%	4.85%
Morningstar Quartile - Class I Shares	1st	2nd	2nd
Morningstar Ranking - based on total returns for Pacific/Asia ex-Japan Stock Funds	8/92	20/59	20/58

Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold. For the most recent month-end performance call 800.668.0434 (or 800.525.3713 if you hold shares directly with Janus Henderson) or visit janushenderson.com/performance (or janushenderson.com/allfunds if you hold shares directly with Janus Henderson).

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

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

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

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


Janus Investment Fund	5

Janus Henderson Asia Equity Fund (unaudited)

Performance

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

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

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

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

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

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

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

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

See “Useful Information About Your Fund Report.”

Effective June 5, 2017 Andrew Gillan and Mervyn Koh are Co-Portfolio Managers of the Fund.

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

(1) Closed to certain new investors.


6	SEPTEMBER 30, 2017

Janus Henderson Asia Equity Fund (unaudited)

Expense Examples

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (4/1/17)	Ending Account Value (9/30/17)	Expenses Paid During Period (4/1/17 - 9/30/17)†	Beginning Account Value (4/1/17)	Ending Account Value (9/30/17)	Expenses Paid During Period (4/1/17 - 9/30/17)†	Net Annualized Expense Ratio (4/1/17 - 9/30/17)
Class A Shares		$1,000.00	$1,129.20	$8.86	$1,000.00	$1,016.75	$8.39	1.66%
Class C Shares		$1,000.00	$1,124.80	$12.52	$1,000.00	$1,013.29	$11.86	2.35%
Class D Shares		$1,000.00	$1,130.00	$7.74	$1,000.00	$1,017.80	$7.33	1.45%
Class I Shares		$1,000.00	$1,131.10	$7.05	$1,000.00	$1,018.45	$6.68	1.32%
Class S Shares		$1,000.00	$1,128.80	$8.97	$1,000.00	$1,016.65	$8.49	1.68%
Class T Shares		$1,000.00	$1,129.60	$8.33	$1,000.00	$1,017.25	$7.89	1.56%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


Janus Investment Fund	7

Janus Henderson Asia Equity Fund

Schedule of Investments

September 30, 2017


Shares			Value
Common Stocks– 89.3%
Automobiles – 2.0%
	Astra International Tbk PT	1,343,100	$788,122
Banks – 5.9%
	BOC Hong Kong Holdings Ltd	134,000	651,018
	HDFC Bank Ltd	60,023	1,659,461
			2,310,479
Beverages – 1.7%
	Treasury Wine Estates Ltd	63,314	679,723
Biotechnology – 0.7%
	CSL Ltd	2,750	288,893
Containers & Packaging – 0.7%
	Amcor Ltd/Australia	23,000	274,338
Diversified Financial Services – 3.2%
	Ayala Corp	64,260	1,227,278
Electric Utilities – 1.5%
	Power Grid Corp of India Ltd	181,311	585,747
Electronic Equipment, Instruments & Components – 8.1%
	AAC Technologies Holdings Inc	27,500	461,895
	Delta Electronics Inc	130,577	671,834
	Hon Hai Precision Industry Co Ltd	232,534	805,279
	Largan Precision Co Ltd	7,000	1,230,541
			3,169,549
Food & Staples Retailing – 1.7%
	President Chain Store Corp	80,000	674,142
Food Products – 4.8%
	Uni-President Enterprises Corp	545,000	1,141,408
	Vietnam Dairy Products JSC	111,240	730,309
			1,871,717
Gas Utilities – 1.7%
	ENN Energy Holdings Ltd	91,000	659,378
Household Durables – 4.8%
	Hanssem Co Ltd	3,815	504,735
	Nien Made Enterprise Co Ltd	58,000	594,921
	Techtronic Industries Co Ltd	140,500	750,048
			1,849,704
Industrial Conglomerates – 1.9%
	John Keells Holdings PLC	682,287	724,746
Information Technology Services – 3.9%
	Infosys Ltd	50,383	694,196
	Tata Consultancy Services Ltd	22,261	830,265
			1,524,461
Insurance – 3.0%
	AIA Group Ltd	156,000	1,150,333
Internet Software & Services – 15.0%
	Alibaba Group Holding Ltd (ADR)*	10,877	1,878,567
	Baidu Inc (ADR)*	3,650	904,068
	NetEase Inc (ADR)	3,584	945,495
	Tencent Holdings Ltd	49,200	2,117,578
			5,845,708
Personal Products – 1.8%
	LG Household & Health Care Ltd	873	713,587
Pharmaceuticals – 1.5%
	Aurobindo Pharma Ltd	53,237	563,772
Real Estate Management & Development – 3.1%
	City Developments Ltd	70,200	586,510
	Land & Houses PCL	446,900	132,703
	Land & Houses PCL (REG)	1,638,500	488,994
			1,208,207
Semiconductor & Semiconductor Equipment – 7.9%
	SK Hynix Inc	11,607	840,294


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

8	SEPTEMBER 30, 2017

Janus Henderson Asia Equity Fund

Schedule of Investments

September 30, 2017


Shares			Value
Common Stocks– (continued)
Semiconductor & Semiconductor Equipment – (continued)
	Taiwan Semiconductor Manufacturing Co Ltd	316,000	$2,256,398
			3,096,692
Technology Hardware, Storage & Peripherals – 6.8%
	Advantech Co Ltd	89,797	639,715
	Catcher Technology Co Ltd	52,000	484,499
	Samsung Electronics Co Ltd	684	1,531,548
			2,655,762
Textiles, Apparel & Luxury Goods – 2.1%
	Samsonite International SA	192,900	827,282
Thrifts & Mortgage Finance – 4.0%
	Housing Development Finance Corp Ltd	58,013	1,547,443
Tobacco – 1.5%
	ITC Ltd	143,121	566,020
Total Common Stocks (cost $32,058,450)			34,803,083
Preferred Stocks– 3.2%
Technology Hardware, Storage & Peripherals – 3.2%
	Samsung Electronics Co Ltd(cost $1,036,093)	691	1,244,295
Warrants– 3.0%
Household Durables – 1.7%
	Midea Group Co Ltd, expires , 6/29/18*	100,000	665,232
Machinery – 1.3%
	Zhengzhou Yutong Bus Co Ltd, expires , 6/29/18*	134,952	499,762
Total Warrants (cost $1,029,862)			1,164,994
Investment Companies– 3.2%
Money Markets – 3.2%
	Fidelity Investments Money Market Treasury Portfolio, 0.9069%^ºº(cost $1,247,873)	1,247,873	1,247,873
Total Investments (total cost $35,372,278) – 98.7%			38,460,245
Cash, Receivables and Other Assets, net of Liabilities – 1.3%			524,362
Net Assets – 100%			$38,984,607


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

		% of
		Investment
Country	Value	Securities
Taiwan	$8,498,737	22.1	%
China	8,131,975	21.1
India	6,446,904	16.8
South Korea	4,834,459	12.6
Hong Kong	3,378,681	8.8
United States	1,247,873	3.2
Australia	1,242,954	3.2
Philippines	1,227,278	3.2
Indonesia	788,122	2.1
Vietnam	730,309	1.9
Sri Lanka	724,746	1.9
Thailand	621,697	1.6
Singapore	586,510	1.5



Total	$38,460,245	100.0	%


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

Janus Investment Fund	9

Janus Henderson Asia Equity Fund

Schedule of Investments

September 30, 2017

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 period ended September 30, 2017. Unless otherwise indicated, all information in the table is for the period ended September 30, 2017.

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income⁽¹⁾		Realized Gain/(Loss)⁽¹⁾			Change in Unrealized Appreciation/ Depreciation⁽¹⁾		Value at 9/30/17
Investment Companies– 0%
Investments Purchased with Cash Collateral from Securities Lending – 0%
	Janus Cash Collateral Fund LLC, 0.9785%^ºº	$	—^∆		$	—	$	—	$	—
Money Markets – 0%
	Janus Cash Liquidity Fund LLC, 1.0644%^ºº		3,642			—		—		—
Total Affiliated Investments – 0.0%		$	3,642		$	—	$	—	$	—

(1) For securities that were affiliated for a portion of the year ended September 30, 2017, this column reflects amounts for the entire year ended September 30, 2017 and not just the period the security was affiliated.


		Share Balance at 9/30/16		Purchases		Sales		Share Balance at 9/30/17
Investment Companies– 0%
Investments Purchased with Cash Collateral from Securities Lending – 0%
	Janus Cash Collateral Fund LLC, 0.9785%^ºº		—		1,071,757		(1,071,757)		—
Money Markets – 0%
	Janus Cash Liquidity Fund LLC, 1.0644%^ºº		426,055		18,169,637		(18,595,692)		—


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

10	SEPTEMBER 30, 2017

Janus Henderson Asia Equity Fund

Schedule of Investments

September 30, 2017

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, 2017.


The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the year ended September 30, 2017

Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative			Currency Contracts
Forward foreign currency exchange contracts			$ (4,616)
Written options contracts			4,322

Total			$ (294)


Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative			Currency Contracts
Forward foreign currency exchange contracts			$ 3,558
Written options contracts			(2,281)

Total			$ 1,277

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


Average Ending Monthly Market Value of Derivative Instruments During the Year Ended September 30, 2017

	Market Value
Forward foreign currency exchange contracts, sold	$ 0
Purchased options contracts, call	5,254
Written options contracts, call	1,520


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

Janus Investment Fund	11

Janus Henderson Asia Equity Fund

Notes to Schedule of Investments and Other Information

MSCI All Country

Asia ex-Japan Index^SM

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


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


*	Non-income producing security.


ºº	Rate shown is the 7-day yield as of September 30, 2017.


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


The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of September 30, 2017. See Notes to Financial Statements for more information.

Valuation Inputs Summary

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

Assets
Investments in Securities:
Common Stocks	$	34,803,083	$	-	$	-
Preferred Stocks		-		1,244,295		-
Warrants		1,164,994		-		-
Investment Companies		1,247,873		-		-
Total Assets	$	37,215,950	$	1,244,295	$	-


12	SEPTEMBER 30, 2017

Janus Henderson Asia Equity Fund

Statement of Assets and Liabilities

September 30, 2017



Assets:
	Investments, at value⁽¹⁾			38,460,245
	Non-interested Trustees' deferred compensation			710
	Receivables:
		Fund shares sold		525,627
		Investments sold		97,844
		Dividends		37,769
	Other assets			1,212
Total Assets				39,123,407
Liabilities:
	Payables:			—
		Advisory fees		31,360
		Fund shares repurchased		30,785
		Professional fees		29,573
		Investments purchased		24,490
		Custodian fees		13,009
		Transfer agent fees and expenses		3,424
		12b-1 Distribution and shareholder servicing fees		970
		Non-interested Trustees' deferred compensation fees		710
		Fund administration fees		254
		Non-interested Trustees' fees and expenses		196
		Foreign tax liability		127
		Accrued expenses and other payables		3,902
Total Liabilities				138,800
Net Assets			$	38,984,607


See Notes to Financial Statements.

Janus Investment Fund	13

Janus Henderson Asia Equity Fund

Statement of Assets and Liabilities

September 30, 2017




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	35,048,165
	Undistributed net investment income/(loss)		114,742
	Undistributed net realized gain/(loss) from investments and foreign currency transactions		734,162
	Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation⁽²⁾		3,087,538
Total Net Assets		$	38,984,607
Net Assets - Class A Shares		$	365,621
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		31,940
Net Asset Value Per Share⁽³⁾		$	11.45
Maximum Offering Price Per Share⁽⁴⁾		$	12.15
Net Assets - Class C Shares		$	957,302
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		84,235
Net Asset Value Per Share⁽³⁾		$	11.36
Net Assets - Class D Shares		$	21,577,299
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,866,870
Net Asset Value Per Share		$	11.56
Net Assets - Class I Shares		$	12,674,583
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,096,561
Net Asset Value Per Share		$	11.56
Net Assets - Class S Shares		$	472,420
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		41,164
Net Asset Value Per Share		$	11.48
Net Assets - Class T Shares		$	2,937,382
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		257,193
Net Asset Value Per Share		$	11.42

(1) Includes cost of $35,372,278.

(2) Includes $127 of foreign capital gains tax on investments.

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

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


See Notes to Financial Statements.

14	SEPTEMBER 30, 2017

Janus Henderson Asia Equity Fund

Statement of Operations

For the year ended September 30, 2017



Investment Income:
	Dividends		$	512,479
	Dividends from affiliates			3,642
	Other income			3,097
	Foreign tax withheld			(63,543)
Total Investment Income				455,675
Expenses:
	Advisory fees			209,090
	12b-1Distribution and shareholder servicing fees:
		Class A Shares		731
		Class C Shares		5,197
		Class S Shares		1,029
	Transfer agent administrative fees and expenses:
		Class D Shares		13,886
		Class S Shares		1,029
		Class T Shares		1,905
	Transfer agent networking and omnibus fees:
		Class A Shares		272
		Class C Shares		173
		Class I Shares		1,583
	Other transfer agent fees and expenses:
		Class A Shares		46
		Class C Shares		83
		Class D Shares		3,887
		Class I Shares		529
		Class S Shares		28
		Class T Shares		41
	Registration fees			80,754
	Professional fees			56,976
	Custodian fees			52,045
	Shareholder reports expense			7,421
	Fund administration fees			1,865
	Non-interested Trustees’ fees and expenses			676
	Other expenses			12,728
Total Expenses				451,974
Less: Excess Expense Reimbursement and Waivers				(151,991)
Net Expenses				299,983
Net Investment Income/(Loss)				155,692


See Notes to Financial Statements.

Janus Investment Fund	15

Janus Henderson Asia Equity Fund

Statement of Operations

For the year ended September 30, 2017



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions⁽¹⁾	$	1,899,572
	Purchased options contracts		(4,239)
	Forward foreign currency exchange contracts		(377)
	Written options contracts		4,322
Total Net Realized Gain/(Loss) on Investments			1,899,278
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation⁽²⁾		2,463,311
	Purchased options contracts		3,558
	Written options contracts		(2,281)
Total Change in Unrealized Net Appreciation/Depreciation			2,464,588
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	4,519,558

(1) Includes realized foreign capital gains tax on investments of $(12,747).

(2) Includes change in unrealized appreciation/depreciation of $15,299 due to foreign capital gains tax on investments.


See Notes to Financial Statements.

16	SEPTEMBER 30, 2017

Janus Henderson Asia Equity Fund

Statements of Changes in Net Assets



			Year ended September 30, 2017		Year ended September 30, 2016

Operations:
	Net investment income/(loss)		$	155,692	$	80,109
	Net realized gain/(loss) on investments			1,899,278		(937,952)
	Change in unrealized net appreciation/depreciation			2,464,588		2,348,779
Net Increase/(Decrease) in Net Assets Resulting from Operations				4,519,558		1,490,936
Dividends and Distributions to Shareholders:
	Dividends from Net Investment Income
		Class A Shares		(3,240)		—
		Class C Shares		(1,728)		—
		Class D Shares		(71,030)		(3,958)
		Class I Shares		(36,957)		(5,795)
		Class S Shares		(3,863)		—
		Class T Shares		(4,515)		(579)
	Total Dividends from Net Investment Income			(121,333)		(10,332)
	Distributions from Net Realized Gain from Investment Transactions
		Class A Shares		—		(17,690)
		Class C Shares		—		(17,051)
		Class D Shares		—		(239,449)
		Class I Shares		—		(112,535)
		Class S Shares		—		(14,332)
		Class T Shares		—		(19,978)
	Total Distributions from Net Realized Gain from Investment Transactions			—		(421,035)
Net Decrease from Dividends and Distributions to Shareholders				(121,333)		(431,367)
Capital Share Transactions:
		Class A Shares		53,541		(125,250)
		Class C Shares		451,931		7,051
		Class D Shares		13,909,129		(910,200)
		Class I Shares		8,332,413		(139,290)
		Class S Shares		20,368		14,332
		Class T Shares		2,575,879		(97,358)
Net Increase/(Decrease) from Capital Share Transactions				25,343,261		(1,250,715)
Net Increase/(Decrease) in Net Assets				29,741,486		(191,146)
Net Assets:
	Beginning of period			9,243,121		9,434,267
	End of period		$	38,984,607	$	9,243,121

Undistributed Net Investment Income/(Loss)			$	114,742	$	41,954


See Notes to Financial Statements.

Janus Investment Fund	17

Janus Henderson Asia Equity Fund

Financial Highlights


Class A Shares
For a share outstanding during each year ended September 30			2017	2016	2015		2014	2013
	Net Asset Value, Beginning of Period		$9.42	$8.31	$9.79		$9.44	$9.25
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.02⁽¹⁾	0.05⁽¹⁾	0.01⁽¹⁾		0.23⁽¹⁾⁽²⁾	0.07
		Net realized and unrealized gain/(loss)	2.12	1.44	(0.95)		0.59	0.20
	Total from Investment Operations		2.14	1.49	(0.94)		0.82	0.27
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.11)	—	(0.17)		(0.14)	(0.08)
		Distributions (from capital gains)	—	(0.38)	(0.37)		(0.33)	—
	Total Dividends and Distributions		(0.11)	(0.38)	(0.54)		(0.47)	(0.08)
	Net Asset Value, End of Period		$11.45	$9.42	$8.31		$9.79	$9.44
	Total Return*		23.10%	18.58%	(10.07)%		9.06%	2.88%
	Net Assets, End of Period (in thousands)		$366	$253	$348		$456	$973
	Average Net Assets for the Period (in thousands)		$293	$333	$400		$1,053	$1,063
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.49%	3.51%	2.87%		2.49%	2.03%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.63%	1.56%	1.61%		1.38%	1.52%
		Ratio of Net Investment Income/(Loss)	0.17%	0.64%	0.07%		2.35%⁽²⁾	0.51%
	Portfolio Turnover Rate		120%	59%	152%		72%	104%
						1


Class C Shares
For a share outstanding during each year ended September 30			2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$9.34	$8.29	$9.72	$9.38	$9.18
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	(0.04)⁽¹⁾	0.01⁽¹⁾	(0.03)⁽¹⁾	0.16⁽¹⁾⁽²⁾	—⁽³⁾
		Net realized and unrealized gain/(loss)	2.10	1.42	(0.98)	0.59	0.21
	Total from Investment Operations		2.06	1.43	(1.01)	0.75	0.21
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.04)	—	(0.05)	(0.08)	(0.01)
		Distributions (from capital gains)	—	(0.38)	(0.37)	(0.33)	—
	Total Dividends and Distributions		(0.04)	(0.38)	(0.42)	(0.41)	(0.01)
	Net Asset Value, End of Period		$11.36	$9.34	$8.29	$9.72	$9.38
	Total Return*		22.17%	17.87%	(10.81)%	8.22%	2.24%
	Net Assets, End of Period (in thousands)		$957	$413	$360	$332	$804
	Average Net Assets for the Period (in thousands)		$519	$381	$373	$802	$815
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	3.09%	4.23%	3.59%	3.24%	2.77%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.33%	2.25%	2.30%	2.12%	2.23%
		Ratio of Net Investment Income/(Loss)	(0.42)%	0.10%	(0.31)%	1.68%⁽²⁾	(0.20)%
	Portfolio Turnover Rate		120%	59%	152%	72%	104%

* 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, 2017

Janus Henderson Asia Equity Fund

Financial Highlights


Class D Shares
For a share outstanding during each year ended September 30			2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$9.49	$8.35	$9.84	$9.48	$9.26
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.07⁽¹⁾	0.08⁽¹⁾	0.07⁽¹⁾	0.24⁽¹⁾⁽²⁾	0.05
		Net realized and unrealized gain/(loss)	2.11	1.45	(1.00)	0.61	0.23
	Total from Investment Operations		2.18	1.53	(0.93)	0.85	0.28
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.11)	(0.01)	(0.19)	(0.16)	(0.06)
		Distributions (from capital gains)	—	(0.38)	(0.37)	(0.33)	—
	Total Dividends and Distributions		(0.11)	(0.39)	(0.56)	(0.49)	(0.06)
	Net Asset Value, End of Period		$11.56	$9.49	$8.35	$9.84	$9.48
	Total Return*		23.30%	18.95%	(9.99)%	9.26%	3.01%
	Net Assets, End of Period (in thousands)		$21,577	$5,314	$5,640	$9,084	$7,477
	Average Net Assets for the Period (in thousands)		$11,542	$5,013	$6,632	$8,635	$7,523
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.19%	3.38%	2.75%	2.31%	1.91%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.44%	1.36%	1.42%	1.25%	1.40%
		Ratio of Net Investment Income/(Loss)	0.67%	0.89%	0.67%	2.52%⁽²⁾	0.63%
	Portfolio Turnover Rate		120%	59%	152%	72%	104%


Class I Shares
For a share outstanding during each year ended September 30			2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$9.51	$8.37	$9.85	$9.49	$9.27
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.11⁽¹⁾	0.10⁽¹⁾	0.06⁽¹⁾	0.26⁽¹⁾⁽²⁾	0.04
		Net realized and unrealized gain/(loss)	2.07	1.44	(0.98)	0.60	0.26
	Total from Investment Operations		2.18	1.54	(0.92)	0.86	0.30
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.13)	(0.02)	(0.19)	(0.17)	(0.08)
		Distributions (from capital gains)	—	(0.38)	(0.37)	(0.33)	—
	Total Dividends and Distributions		(0.13)	(0.40)	(0.56)	(0.50)	(0.08)
	Net Asset Value, End of Period		$11.56	$9.51	$8.37	$9.85	$9.49
	Total Return*		23.39%	19.09%	(9.79)%	9.43%	3.21%
	Net Assets, End of Period (in thousands)		$12,675	$2,665	$2,470	$2,899	$1,295
	Average Net Assets for the Period (in thousands)		$7,408	$2,528	$3,017	$2,751	$1,549
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.00%	3.19%	2.56%	2.15%	1.70%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.32%	1.21%	1.27%	1.07%	1.26%
		Ratio of Net Investment Income/(Loss)	1.01%	1.14%	0.57%	2.75%⁽²⁾	0.55%
	Portfolio Turnover Rate		120%	59%	152%	72%	104%

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

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

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


See Notes to Financial Statements.

Janus Investment Fund	19

Janus Henderson Asia Equity Fund

Financial Highlights


Class S Shares
For a share outstanding during each year ended September 30			2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$9.43	$8.32	$9.79	$9.43	$9.23
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.01⁽¹⁾	0.07⁽¹⁾	0.07⁽¹⁾	0.23⁽¹⁾⁽²⁾	0.05
		Net realized and unrealized gain/(loss)	2.14	1.42	(1.00)	0.59	0.22
	Total from Investment Operations		2.15	1.49	(0.93)	0.82	0.27
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.10)	—	(0.17)	(0.13)	(0.07)
		Distributions (from capital gains)	—	(0.38)	(0.37)	(0.33)	—
	Total Dividends and Distributions		(0.10)	(0.38)	(0.54)	(0.46)	(0.07)
	Net Asset Value, End of Period		$11.48	$9.43	$8.32	$9.79	$9.43
	Total Return*		23.07%	18.56%	(9.97)%	9.02%	2.86%
	Net Assets, End of Period (in thousands)		$472	$368	$310	$345	$791
	Average Net Assets for the Period (in thousands)		$413	$329	$390	$752	$874
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.64%	3.67%	3.06%	2.58%	2.21%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.66%	1.56%	1.48%	1.46%	1.65%
		Ratio of Net Investment Income/(Loss)	0.15%	0.83%	0.71%	2.42%⁽²⁾	0.29%
	Portfolio Turnover Rate		120%	59%	152%	72%	104%


Class T Shares
For a share outstanding during each year ended September 30			2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$9.36	$8.25	$9.81	$9.45	$9.25
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.06⁽¹⁾	0.04⁽¹⁾	0.04⁽¹⁾	0.24⁽¹⁾⁽²⁾	0.13
		Net realized and unrealized gain/(loss)	2.08	1.46	(0.96)	0.61	0.15
	Total from Investment Operations		2.14	1.50	(0.92)	0.85	0.28
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.08)	(0.01)	(0.27)	(0.16)	(0.08)
		Distributions (from capital gains)	—	(0.38)	(0.37)	(0.33)	—
	Total Dividends and Distributions		(0.08)	(0.39)	(0.64)	(0.49)	(0.08)
	Net Asset Value, End of Period		$11.42	$9.36	$8.25	$9.81	$9.45
	Total Return*		23.18%	18.88%	(9.98)%	9.37%	2.99%
	Net Assets, End of Period (in thousands)		$2,937	$230	$306	$712	$1,644
	Average Net Assets for the Period (in thousands)		$756	$332	$566	$1,357	$1,331
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.14%	3.41%	2.73%	2.44%	2.05%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.55%	1.44%	1.39%	1.26%	1.43%
		Ratio of Net Investment Income/(Loss)	0.55%	0.47%	0.46%	2.49%⁽²⁾	0.63%
	Portfolio Turnover Rate		120%	59%	152%	72%	104%

* 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, 2017

Janus Henderson Asia Equity Fund

Notes to Financial Statements

1. Organization and Significant Accounting Policies

Janus Henderson Asia Equity Fund (formerly named Janus Asia Equity Fund) (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 50 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term growth of capital. The Fund is classified as diversified, as defined in the 1940 Act.

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

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

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

Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. Class I Shares are also available to certain direct institutional investors including, but not limited to, corporations, certain retirement plans, public plans, and foundations/endowments, who established Class I Share accounts before August 4, 2017.

Class 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


Janus Investment Fund	21

Janus Henderson Asia Equity Fund

Notes to Financial Statements

consider factors such as security prices, yields, maturities and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith under the Valuation Procedures. Circumstances in which fair value pricing may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a nonvalued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to “odd-lot” fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The Fund uses systematic fair valuation models provided by independent third parties to value international equity securities in order to adjust for stale pricing, which may occur between the close of certain foreign exchanges and the close of the NYSE.

Valuation Inputs Summary

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

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

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

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

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

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

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, 2017 to fair value the Fund’s investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments and Other Information.

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

Investment Transactions and Investment Income


22	SEPTEMBER 30, 2017

Janus Henderson Asia Equity Fund

Notes to Financial Statements

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 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


Janus Investment Fund	23

Janus Henderson Asia Equity Fund

Notes to Financial Statements

positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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, 2017 is discussed in further detail below. A summary of derivative activity by the Fund is reflected in the tables at the end of the Schedule of Investments.

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

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

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

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

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

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

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

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

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

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

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


24	SEPTEMBER 30, 2017

Janus Henderson Asia Equity Fund

Notes to Financial Statements

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

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

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

Forward Foreign Currency Exchange Contracts

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

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

During the year, the Fund entered into forward currency contracts with the obligation to sell foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency denominated securities held by the Fund.There were no forward currency contracts held at September 30, 2017.

Options Contracts

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

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


Janus Investment Fund	25

Janus Henderson Asia Equity Fund

Notes to Financial Statements

counterparty risk, interest rate risk, liquidity risk, equity risk, commodity risk, and currency risk in the normal course of pursuing its investment objective through its investments in options contracts.

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

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

During the year, the Fund purchased 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.There were no purchased options held at September 30, 2017.

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.There were no written options held at September 30, 2017.

3. Other Investments and Strategies

Additional Investment Risk

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

The enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) of 2010 provided for widespread regulation of financial institutions, consumer financial products and services, broker-dealers, OTC derivatives, investment advisers, credit rating agencies, and mortgage lending, which expanded federal oversight in the financial sector, including the investment management industry. Many provisions of the Dodd-Frank Act remain pending and will be implemented through future rulemaking. Therefore, the ultimate impact of the Dodd-Frank Act and the regulations under the Dodd-Frank Act on the Fund and the investment management industry as a whole, is not yet certain.


26	SEPTEMBER 30, 2017

Janus Henderson Asia Equity Fund

Notes to Financial Statements

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

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

Counterparties

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

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

Emerging Market Investing

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


Janus Investment Fund	27

Janus Henderson Asia Equity Fund

Notes to Financial Statements

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.

Securities Lending

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

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

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

The cash collateral invested by Janus Capital is disclosed in the Schedule of Investments (if applicable). There were no securities on loan as of September 30, 2017.

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.


28	SEPTEMBER 30, 2017

Janus Henderson Asia Equity Fund

Notes to Financial Statements

The calculation of the performance adjustment applies as follows:

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

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

The Fund’s prospectuses and statement(s) of additional information contain additional information about performance-based fees. The amount shown as advisory fees on the Statement of Operations reflects the Base Fee Rate plus/minus any Performance Adjustment. For the year ended September 30, 2017, the performance adjusted investment advisory fee rate before any waivers and/or reimbursements of expenses is 1.00%.

Henderson Investment Management Limited (“HIML”) serves as subadviser to the Fund. As subadviser, HIML provides day-to-day management of the investment operations of the Fund subject to the general oversight of the Board of Trustees and Janus Capital. HIML is an affiliate of Janus Capital through a common parent company.

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

The sub-advisers provided research, advice and recommendations with respect to the purchase and sale of securities and made investment decisions regarding assets of the Predecessor Fund subject to the oversight of the Predecessor Fund’s Board of Trustees and the Predecessor Fund’s Adviser. No additional fees were charged to the Predecessor Fund for services of the sub-advisers as these fees were paid from the fees earned by HGINA.

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, including the investment advisory fee, but excluding any performance adjustments to management fees, 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 1.24% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waiver until at least February 1, 2018. The previous expense limit (until February 1, 2017) was 1.04%. If applicable, amounts waived and/or reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.

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

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

The Fund’s Class D Shares pay an administrative services fee at an annual rate of 0.12% of the average daily net assets of Class D Shares for shareholder services provided by Janus Services. Janus Services provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, accounting, answering inquiries regarding accounts, transaction processing, transaction confirmations, and the mailing of prospectuses and shareholder


Janus Investment Fund	29

Janus Henderson Asia Equity Fund

Notes to Financial Statements

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

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

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

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

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

Janus Capital 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 some or all of the 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 $287,332 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended September 30, 2017. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.


30	SEPTEMBER 30, 2017

Janus Henderson Asia Equity Fund

Notes to Financial Statements

Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of September 30, 2017 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, 2017 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 $391,913 were paid by the Trust to the Trustees under the Deferred Plan during the year ended September 30, 2017.

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, 2017 can be found in a table located in the Schedule of Investments.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between Janus Henderson Distributors and financial intermediaries. During the year ended September 30, 2017, Janus Henderson Distributors retained upfront sales charges of $778.

A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to Janus Henderson Distributors during the year ended September 30, 2017.

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, 2017, redeeming shareholders of Class C Shares paid CDSCs of $100.

As of September 30, 2017, shares of the Fund were owned by affiliates of Janus Henderson Investors, and/or other funds advised by Janus Henderson, as indicated in the table below:


Class		% of Class Owned		% of Fund Owned
Class A Shares		30	%	-	%^*
Class C Shares		42		1
Class D Shares		-		-
Class I Shares		74		24
Class S Shares		96		1
Class T Shares		-		-

*	Less than 0.50%


Janus Investment Fund	31

Janus Henderson Asia Equity Fund

Notes to Financial Statements

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

The Fund is permitted to purchase or sell securities (“cross-trade”) between itself and other funds or accounts managed by Janus Capital in accordance with Rule 17a-7 under the Investment Company Act of 1940 (“Rule 17a-7”), when the transaction is consistent with the investment objectives and policies of the Fund and in accordance with the Internal Cross Trade Procedures adopted by the Trust’s Board of Trustees. These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to another fund or account that is or could be considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser, common Officer, or common Trustee complies with Rule 17a-7. Under these procedures, each cross-trade is effected at the current market price to save costs where allowed. During the year ended September 30, 2017, the Fund engaged in cross trades amounting to $15,095 in purchases.

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)
$ 358,372	$ 500,090	$ -	$ -	$ -	$ (1,010)	$ 3,078,990

During the year ended September 30, 2017, capital loss carryovers of $976,142 were utilized by the Fund.

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of September 30, 2017 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals and investments in partnerships.


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 35,381,128	$ 4,071,530	$ (992,413)	$ 3,079,117


32	SEPTEMBER 30, 2017

Janus Henderson Asia Equity Fund

Notes to Financial Statements

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


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


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	$ -	$ -

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
$ 43,245	$ 38,429	$ (81,674)

Capital has been adjusted by $43,624, including $25,077 of long-term capital gain, for distributions in connection with Fund share redemptions (tax equalization).


Janus Investment Fund	33

Janus Henderson Asia Equity Fund

Notes to Financial Statements

6. Capital Share Transactions



	Year ended September 30, 2017		Year ended September 30, 2016
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	14,701	$ 150,224	12,417	$ 104,455
Reinvested dividends and distributions	348	3,069	1,929	16,084
Shares repurchased	(9,956)	(99,752)	(29,367)	(245,789)
Net Increase/(Decrease)	5,093	$ 53,541	(15,021)	$ (125,250)
Class C Shares:				��
Shares sold	46,337	$ 514,784	1,069	$ 9,613
Reinvested dividends and distributions	197	1,728	2,052	17,051
Shares repurchased	(6,458)	(64,581)	(2,390)	(19,613)
Net Increase/(Decrease)	40,076	$ 451,931	731	$ 7,051
Class D Shares:
Shares sold	1,726,435	$18,209,178	135,524	$1,206,585
Reinvested dividends and distributions	7,791	69,185	28,471	238,587
Shares repurchased	(427,285)	(4,369,234)	(279,114)	(2,355,372)
Net Increase/(Decrease)	1,306,941	$13,909,129	(115,119)	$ (910,200)
Class I Shares:
Shares sold	922,141	$ 9,455,893	27,435	$ 219,281
Reinvested dividends and distributions	4,167	36,957	14,104	118,330
Shares repurchased	(110,013)	(1,160,437)	(56,353)	(476,901)
Net Increase/(Decrease)	816,295	$ 8,332,413	(14,814)	$ (139,290)
Class S Shares:
Shares sold	1,702	$ 16,505	-	$ -
Reinvested dividends and distributions	438	3,863	1,718	14,332
Shares repurchased	-	-	-	-
Net Increase/(Decrease)	2,140	$ 20,368	1,718	$ 14,332
Class T Shares:
Shares sold	313,106	$ 3,375,908	238,960	$2,070,702
Reinvested dividends and distributions	507	4,453	2,486	20,557
Shares repurchased	(81,037)	(804,482)	(253,950)	(2,188,617)
Net Increase/(Decrease)	232,576	$ 2,575,879	(12,504)	$ (97,358)

7. Purchases and Sales of Investment Securities

For the year ended September 30, 2017, 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
$48,514,908	$ 24,261,640	$ -	$ -

8. Recent Accounting Pronouncements

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


34	SEPTEMBER 30, 2017

Janus Henderson Asia Equity Fund

Notes to Financial Statements

premiums on callable debt securities to be amortized to the earliest call date. The amortization period for callable debt securities purchased at a discount will not be impacted. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted, including adoption in an interim period. Management is currently evaluating the impacts of ASU 2017-08 on the financial statements.

9. Merger Related Matters

On October 3, 2016, Janus Capital Group Inc. (“JCGI”), the direct parent of Janus Capital, and Henderson Group plc (“Henderson”) announced that they had entered into an Agreement and Plan of Merger (the “Merger Agreement”) relating to the strategic combination of Henderson and JCGI (the “Merger”). Pursuant to the Merger Agreement, a newly formed, direct wholly-owned subsidiary of Henderson merged with and into JCGI, with JCGI as the surviving corporation and a direct wholly-owned subsidiary of Henderson. The Merger was effective May 30, 2017.

The consummation of the Merger may have been deemed to cause an “assignment” (as defined in the 1940 Act) of the investment advisory agreement between the Fund and Janus Capital in effect on the date of the Merger. In addition, the consummation of the Merger may have been deemed to cause an assignment of the investment sub-advisory agreement between Janus Capital and Janus Singapore Pte. Limited (“Janus Singapore”) on behalf of the Fund in effect on the date of the Merger. As a result, the consummation of the Merger may have caused such investment advisory agreement and investment sub-advisory agreement to terminate automatically in accordance with their respective terms.

On December 8, 2016, the Trustees approved, subject to shareholder approval, a new investment advisory agreement between the Fund and Janus Capital in order to permit Janus Capital to continue providing advisory services to the Fund following the closing of the Merger (the “Post-Merger Advisory Agreement”). Also on December 8, 2016, the Trustees approved, subject to shareholder approval, a new investment sub-advisory agreement between Janus Capital and Henderson Investment Management Limited (“HIML”) on behalf of the Fund (the “Post-Merger HIML Sub-Advisory Agreement”). Also on December 8, 2016, the Trustees approved, subject to shareholder approval, a new investment sub-advisory agreement between Janus Capital and Janus Singapore on behalf of the Fund (the “Post-Merger Janus Singapore Sub-Advisory Agreement”), which would take effect on the date of the Merger and remain in effect only if the Post-Merger HIML Sub-Advisory Agreement was not approved by shareholders. At the same meeting, the Trustees approved submitting the Post-Merger Advisory Agreement, the Post-Merger HIML Sub-Advisory Agreement, and the Post-Merger Janus Singapore Sub-Advisory Agreement, among other proposals, to Fund shareholders for approval.

Special meeting(s) of shareholders were held on April 6, 2017, and adjourned and reconvened on April 18, 2017, April 25, 2017, April 28, 2017, and May 17, 2017 (together, the “Meeting”).

Approval of Advisory and Sub-Advisory Agreements

At the Meeting, shareholders of the Fund approved the Post-Merger Advisory Agreement, the Post-Merger HIML Sub- Advisory Agreement, and the Post-Merger Janus Singapore Sub-Advisory Agreement. The Post-Merger Advisory

Agreement and the Post-Merger Janus Singapore Sub-Advisory Agreement each took effect upon consummation of the Merger. On June 5, 2017, the Post-Merger Janus Singapore Sub-Advisory Agreement was terminated and the

Post-Merger HIML Sub-Advisory Agreement took effect.

Election of Trustees

At the Meeting, shareholders of each series of the Trust, including the Fund, voting together as a single class, approved the election of Diane L. Wallace to the Trust’s Board of Trustees. Ms. Wallace served as a trustee of certain mutual funds advised by Henderson Global Investors (North America) Inc., a subsidiary of Henderson. Ms. Wallace joined the Trust’s Board of Trustees following consummation of the Merger.

Manager-of-Managers Structure

At the Meeting, Fund shareholders also approved a manager-of-managers structure for the Fund. The Trust and Janus Capital have received an exemptive order from the Securities and Exchange Commission that permits Janus Capital, subject to the approval of the Trustees, to appoint or replace certain subadvisers to manage all or a portion of the Fund’s assets and enter into, amend, or terminate a sub-advisory agreement with certain subadvisers without obtaining shareholder approval (a “manager-of-managers structure”). The manager-of-managers structure applies to subadvisers that are not affiliated with the Trust or Janus Capital (“non-affiliated subadvisers”), as well as any subadviser that is an indirect or direct “wholly-owned subsidiary” (as such term is defined by the 1940 Act) of Janus Capital or of another company that, indirectly or directly, wholly owns Janus Capital (collectively, “wholly-owned subadvisers”). To the extent


Janus Investment Fund	35

Janus Henderson Asia Equity Fund

Notes to Financial Statements

that the Fund’s assets are allocated to one or more subadvisers, Janus Capital, subject to oversight and supervision by the Trustees, would have the responsibility to oversee such subadviser(s) and to recommend for approval by the Trustees, the hiring, termination, and replacement of a subadviser for the Fund. In the event that Janus Capital hires a subadviser pursuant to the manager-of-managers structure, the Fund would provide shareholders with information about the subadviser and sub-advisory agreement within 90 days.

10. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to September 30, 2017 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.


36	SEPTEMBER 30, 2017

Janus Henderson Asia Equity Fund

Report of Independent Registered Public Accounting Firm

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

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 the Janus Henderson Asia Equity Fund (one of the funds constituting Janus Investment Fund, hereafter referred to as the “Fund”) as of September 30, 2017, 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 as of September 30, 2017 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

Denver, Colorado

November 16, 2017


Janus Investment Fund	37

Janus Henderson 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 1-800-525-1093; (ii) on the Fund’s website at janushenderson.com/proxyvoting; and (iii) on the SEC’s website at http://www.sec.gov. Additionally, information regarding the Fund’s proxy voting record for the most recent twelve-month period ended June 30 is also available, free of charge, through janushenderson.com/proxyvoting and from the SEC’s website at http://www.sec.gov.

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 Henderson at 1-877-335-2687 (toll free) (or 1-800-525-3713 if you hold Class D shares).

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD

What follows is a discussion of the material factors and conclusions with respect thereto that formed the basis for the Trustees of Janus Investment Fund’s approval of the investment advisory agreements for the Funds and the sub-advisory agreements for the Funds, as applicable, during the period. This discussion references a Transaction (as defined below) to combine the respective businesses of Henderson Group plc and Janus Capital Group, Inc., which resulted in the Trustees’ consideration of new investment advisory agreements for the Funds and sub-advisory agreements for the Funds, as applicable. During the period, the Trustees also approved the renewal of the existing investment advisory agreements for the Funds and the sub-advisory agreements for the Funds, as applicable, which were subsequently replaced by the new investment advisory and sub-advisory agreements at the close of the Transaction on May 30, 2017. In connection with the Transaction and certain Fund mergers, certain Funds were liquidated during the period. Such liquidated Funds do not have annual or semi-annual reporting obligations, and accordingly are not discussed below.

Approval of Advisory and Sub-Advisory Agreements with Janus and Janus Affiliates during the Period

On September 15, 2016, Janus Capital Group Inc. (“Janus”) advised the Trustees of Janus Investment Fund (the “Trust”), each of whom serves as an “independent” Trustee (the “Board” or the “Trustees”), of its intent to seek a strategic combination of its advisory business with Henderson Group plc (“Henderson”). The Board met with the

Chief Executive Officer of Janus, who outlined the proposed combination and the potential benefits to Janus Capital Management LLC (“Janus Capital”) and each Fund of the Trust (each, a “Fund” and collectively, the “Funds”).

Subsequent to the September 15, 2016 meeting, the Trustees identified a list of basic principles, which they believed should serve as the foundation for their review of the organizational, operational and strategic issues involved with any potential change in control of Janus Capital, the investment adviser to the Funds. These basic principles were communicated to Janus Capital on September 27, 2016, and were intended to be shared with Henderson. On October 3, 2016, Janus announced that it had entered into a definitive Agreement and Plan of Merger with Henderson pursuant to which Janus and Henderson agreed to effect an all-stock merger of equals strategic combination of their respective businesses, with Janus Capital surviving the merger as a direct wholly-owned subsidiary of Henderson (the “Transaction”). The Board was advised that, subject to certain conditions, the Transaction is currently expected to close during the second quarter of 2017.


38	SEPTEMBER 30, 2017

Janus Henderson Asia Equity Fund

Additional Information (unaudited)

and also met with various officers of the Funds and of Janus Capital, including various Fund portfolio managers. After its November 7-8, 2016 meeting, the Board developed a second supplemental request for additional information, which was provided to Janus Capital on November 21, 2016. On December 7-8, 2016, the Board met to consider Janus Capital’s response to the second supplemental information request and to also consider the proposed new investment advisory agreements between the Trust, on behalf of each Fund, and Janus Capital (each, a “New Advisory Agreement” and collectively, the “New Advisory Agreements”) and the new sub-advisory agreements between Janus Capital and each of the Funds that utilize INTECH Investment Management LLC (“INTECH”), Perkins Investment Management LLC (“Perkins”), or Janus Singapore Pte. Limited (“Janus Singapore,” and together with INTECH and Perkins, the “Sub-Advisers” and each, a “Sub-Adviser”) as sub- advisers (each, a “New Sub-Advisory Agreement” and collectively, the “New Sub-Advisory Agreements”) to take effect immediately after the Transaction or shareholder approval, whichever is later. During each of these meetings, the Board sought additional and clarifying information as it deemed necessary or appropriate. In addition, the Board engaged its independent fee consultant to help evaluate certain of the proposals that the Board was being asked to consider. Throughout the process, the Board had the assistance of its independent legal counsel, who advised them on, among other things, its duties and obligations.

In connection with the Board’s review, Janus Capital provided, and the Board obtained, substantial information regarding the following matters: the management, financial position and business of Henderson; the history of Henderson’s business and operations; the investment performance of the investment companies advised by Henderson; the proposed structure, operations and investment processes of the combined investment management organization after the Transaction and the strategy for operating and growing the business following the Transaction; the future plans of Janus and Henderson with respect to the Funds and any proposed changes to the operations or structure of the Funds; and the future plans of Janus and Henderson with respect to the provision of services to the Funds, and the entities providing such services, including those affiliated with Janus. The Board also received information regarding the terms of the Transaction, anticipated management of the combined organization, the resources that each of Janus and Henderson bring to the combined organization and the process being followed by Janus and Henderson to integrate their organizations. The Board also received information regarding the impact of the Transaction on each of INTECH, Perkins and Janus Singapore.

In connection with the Board’s approval of New Advisory Agreements and New Sub-Advisory Agreements at its December 8, 2016 meeting, the Board also continued its on-going annual process to determine whether to continue the existing investment advisory agreements between Janus Capital and the Trust on behalf of each Fund (each, a “Current Advisory Agreement” and collectively, the “Current Advisory Agreements”) and the existing sub-advisory agreements between Janus Capital and each of the Funds that utilize INTECH, Perkins, or Janus Singapore as sub- advisers (each, a “Current Sub-Advisory Agreement” and collectively, the “Current Sub-Advisory Agreements”). In this regard, the Board received and reviewed information provided by Janus and the respective Sub-Advisers in response to requests of the Board and its independent legal counsel. The Board also received and reviewed information and analysis provided by, and in response to requests of, its independent fee consultant. The Board noted that as part of this annual process, the Board had considered and was in the process of considering, numerous factors, including the nature and quality of services provided by Janus Capital and each Sub-Adviser, as applicable; investment performance, on an absolute basis and relative to appropriate peer groups and one or a combination of market indices; investment management fees, expense ratios and asset sizes of the Funds and peer groups; investment management fees charged to comparable investment companies, separate accounts and non-fund clients; Janus Capital’s profitability from managing the Funds; fall-out benefits to Janus Capital from its relationship to the Funds, including revenues derived from services provided to the Funds by affiliates of Janus Capital; and the potential benefits to Janus Capital, the Funds of receiving research services from broker/dealer firms in connection with the allocation of portfolio transactions to such firms.

In determining whether to approve the New Advisory Agreement for each Fund and the New Sub-Advisory Agreement for Funds managed by INTECH, Perkins or Janus Singapore in connection with the Transaction, and whether to recommend approval to Fund shareholders, the Board received information and made inquiries into all matters as it deemed appropriate. The Board reviewed and analyzed various factors it deemed relevant, including the following factors, among others, none of which by itself was considered dispositive:

· The terms of the New Advisory Agreements are substantially similar to the corresponding Current Advisory Agreements, and the contractual fee rate will not change. In this regard, see the discussion of the Board’s


Janus Investment Fund	39

Janus Henderson Asia Equity Fund

Additional Information (unaudited)

considerations with respect to its most recent approval of the Current Advisory Agreements prior to December 8, 2016, as disclosed in each Fund’s most recent prior annual or semi-annual shareholder report, as applicable.

· The terms of the New Sub-Advisory Agreements are substantially similar to the corresponding Current Sub- Advisory Agreements, and the contractual fee rate will not change. In this regard, see the discussion of the Board’s considerations with respect to its most recent approval of the Current Sub-Advisory Agreements prior to December 8, 2016, as disclosed in each Fund’s most recent prior annual or semi-annual shareholder report, as applicable.

· Janus Capital’s plans for the operation of the Funds, including its plans for the continued provision of all services currently provided to the Funds by Janus Capital and its affiliates, including, among others, investment advisory services, portfolio trading services, and Fund administrative and accounting services, and the personnel and resources proposed to support the provision of such services.

· The estimated profitability to Janus Capital from managing the Funds after the Transaction, including potential economies of scale and fall-out benefits to Janus Capital from its relationship to the Funds, including revenues derived from services provided to the Funds by affiliates of Janus Capital, and the potential benefits to Janus Capital, and the Funds of receiving research services from broker/dealer firms in connection with the allocation of portfolio transactions to such firms.

In connection with its deliberations, the Board received assurances from Janus, on behalf of itself and its affiliates (collectively, “Janus”) including the following:

· Janus has provided to the Board such information as it believes is reasonably necessary to evaluate the New Advisory Agreements and New Sub-Advisory Agreements.

· Janus is committed to the continuance, without interruption, of services to the Funds of at least the type and quality currently provided by Janus Capital and its affiliates, or superior thereto.

· The Transaction is not expected to affect negatively the nature, extent or quality of the investment advisory services provided by Janus Capital to the Funds following the Transaction, and the investment advisory services are expected to be at least comparable to the services being provided under the Current Advisory Agreements and Current Sub-Advisory Agreements. In this regard, the Board noted specific representations that Janus does not intend for the nature, extent or quality of investment advisory and other services to be provided to the Funds following the Transaction to change, and the extent of such services were expected to increase based on the combined resources of the combined investment management organization after the Transaction, and should the nature, extent or quality of such services decline, Janus would commit the resources needed to return such services to pre-Transaction levels.

· The Funds’ current operations were expected to remain largely unchanged, except for certain fund reorganizations which will be separately considered by the Board, and such other changes as were or will be presented to the Board.

· Janus does not intend to make changes to the portfolio managers providing services to the Funds, other than proposed changes in the management of certain Funds as discussed with the Board, including those related to proposals to merge certain Funds with Funds managed by Henderson Global Investors (North America) Inc., an indirect, wholly-owned subsidiary of Henderson, and subject to such changes as may arise at any time as a result of the ongoing process of portfolio manager evaluation.

· After the Transaction, the extent of distribution and marketing services provided to the Janus Funds were expected to increase based on the combined resources of Janus and Henderson. In this regard, Janus Capital advised the Board that after the Transaction, the extent of distribution and marketing services provided to the Janus Funds are expected to increase based on the combined resources of Janus and Henderson. This is due primarily to the anticipated increase of sales related resources and expanded global presence of the combined Janus Henderson organization, which is expected to enhance visibility and brand recognition of the Janus Henderson Funds.

· The intent of Janus Capital to take the necessary and appropriate steps to retain and attract its key investment advisory personnel.


40	SEPTEMBER 30, 2017

Janus Henderson Asia Equity Fund

Additional Information (unaudited)

· The intent of Janus to take the necessary and appropriate steps to retain and attract its key compliance, financial, fund accounting and administrative personnel supporting the management and oversight of the Funds.

· Janus is not aware of any express or implied term, condition, arrangement or understanding that would impose in its best judgement an “unfair burden” on any Fund as a result of the Transaction, as defined in Section 15(f) of the 1940 Act, and that Janus will take no action that would have the effect of imposing such an “unfair burden” on any Fund in connection with the Transaction.

Janus assured the Board that it intended to comply with Section 15(f) of the Investment Company Act of 1940, as amended (the “1940 Act”). Section 15(f) provides a non-exclusive safe harbor for an investment adviser to an investment company or any of its affiliated persons to receive any amount or benefit in connection with a change in control of the investment adviser so long as two conditions are met. First, for a period of three years after the transaction, at least 75% of the board members of the investment company must not be interested persons of such investment adviser (as defined under the 1940 Act). The composition of the Board is in compliance with this provision of Section 15(f). In addition, after careful review and consideration, the Board determined that it would be in the best interests of the Funds to add to the Board an individual who currently acts as a non-interested board member of the Henderson Trust. The Board believes that this change in the Board composition will provide perspective and insight relating to experience working with the Henderson organization. The Board’s Nominating and Governance Committee considered a number of candidates and recommended that the Board nominate one proposed new trustee from those candidates who currently act as non-interested board members of the Henderson Trust. The Board approved that trustee nominee to serve on the Board, subject to election by the shareholders of the Funds and contingent on the closing of the Transaction. If the new trustee is elected and serves on the Board, the Board composition would continue to satisfy the provisions of Section 15(f).

To meet the second condition of Section 15(f), an “unfair burden” must not be imposed upon the investment company as a result of such transaction or any express or implied terms, conditions or understandings applicable thereto. The term “unfair burden” is defined in Section 15(f) to include any arrangement during the two-year period after the transaction, whereby the investment adviser, or any interested person of such adviser, receives or is entitled to receive any compensation, directly or indirectly, from the investment company or its shareholders (other than fees for bona fide investment advisory or other services) or from any person in connection with the purchase or sale of securities or other property to, from or on behalf of the investment company (other than bona fide ordinary compensation as principal underwriter for such investment company).

Janus represented that it does not believe that an “unfair burden” will be placed on the Funds as a result of the Transaction. In furtherance thereof, Janus has undertaken to pay the costs of preparing and distributing proxy materials to, and of holding the meetings of, the Funds’ shareholders (the “Meetings”), as well as other fees and expenses in connection with the Transaction, including the reasonable fees and expenses of legal counsel and consultants to the Funds and the Trustees. In addition, Janus has agreed, for a period of two years following the closing of the Transaction, (i) not to request any increases to advisory fees for the Funds, other than those proposed to and approved by the Board prior to the close of the Transaction, and (ii) to continue to use the current process by which expense caps are set annually for the Funds.

As a result of its review and consideration of the New Investment Advisory Agreements and New Sub-Advisory Agreements in connection with the Transaction, at a meeting on December 8, 2016, the Board voted unanimously to approve a New Investment Advisory Agreement for each Fund and a New Sub-Advisory Agreement for each Fund managed by INTECH, Perkins or Janus Singapore, and to recommend such agreements to the Funds’ shareholders for their approval.

Approval of Interim Advisory and Sub-Advisory Agreements with Janus and Janus Affiliates during the Period

In the event shareholders of a Fund do not approve such Fund’s New Advisory Agreement and/or New Sub- Advisory Agreement at the Meetings prior to the closing of the Transaction, Janus Capital proposed that an interim investment advisory agreement between Janus Capital and such Fund (each, an “Interim Advisory Agreement” and collectively, the “Interim Advisory Agreements”) and an interim sub-advisory agreement between Janus Capital and the applicable Sub-Adviser (each, an “Interim Sub-Advisory Agreement” and collectively, the “Interim Sub- Advisory Agreements”) take effect upon the closing of the Transaction. At the December 8, 2016 meeting, the Board, all of whom are Independent Trustees, unanimously approved an Interim Advisory Agreement for each Fund and an Interim Sub-Advisory Agreement


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Additional Information (unaudited)

for each applicable Fund in order to assure continuity of investment advisory services to the Funds and sub-advisory services to the sub-advised Funds after the Transaction. The terms of each Interim Advisory Agreement are substantially identical to those of the applicable Current Advisory Agreement and New Advisory Agreement, except for the term and escrow provisions described below. Similarly, the terms of each Interim Sub-Advisory Agreement are substantially identical to those of the Current Sub-Advisory Agreements and New Sub-Advisory Agreements, except for the term and escrow provisions described below. The Interim Advisory Agreement and Interim Sub-Advisory Agreement will continue in effect for a term ending on the earlier of 150 days from the closing of the Transaction (the “150-day period”) or when shareholders of the Fund approve the New Advisory Agreement and/or New Sub-Advisory Agreement. Pursuant to Rule 15a-4 under the 1940 Act, compensation earned by Janus Capital under an Interim Advisory Agreement and compensation earned by a Sub-Adviser under an Interim Sub-Advisory Agreement will be held in an interest- bearing escrow account. If shareholders of a Fund approve the New Advisory Agreement prior to the end of the 150-day period, the amount held in the escrow account under the Interim Advisory Agreement will be paid to Janus Capital. If shareholders of a Fund approve the New Advisory Agreement and New Sub-Advisory Agreement prior to the end of the 150-day period, the amount held in the escrow account under the Interim Sub-Advisory Agreement will be paid to the Sub-Adviser. If shareholders of a Fund do not approve the New Advisory Agreement prior to the end of the 150-day period, the Board will take such action as it deems to be in the best interests of the Fund, and Janus Capital will be paid the lesser of its costs incurred in performing its services under the Interim Advisory Agreement or the total amount in the escrow account, plus interest earned. If shareholders of a Fund do not approve the New Advisory Agreement and/or New Sub-Advisory Agreement prior to the end of the 150-day period, the Board will take such action as it deems to be in the best interests of the Fund, and the Sub-Adviser will be paid the lesser of its costs incurred in performing its services under the Interim Sub-Advisory Agreement or the total amount in the escrow account, plus interest earned.

Approval of Sub-Advisory Agreements with Henderson Investment Management Limited during the Period

Janus Capital met with the Trustees on November 7-8, 2016, and December 7-8, 2016, to discuss the approval of a new sub-advisory agreement between Janus Capital and Henderson Investment Management Limited (“HIML”) (each, a “HIML Sub-Advisory Agreement” and collectively, the “HIML Sub-Advisory Agreements”) on behalf of each of Janus Henderson Asia Equity Fund (formerly, Janus Asia Equity Fund), and Janus Henderson Global Real Estate Fund (formerly, Janus Global Real Estate Fund) (each, an “HIML Fund” and together, the “HIML Funds”) to take effect immediately after the closing of the Transaction or shareholder approval, whichever is later. At the meetings, the Trustees also discussed the HIML Sub-Advisory Agreements with their independent counsel in executive session. During the course of these meetings, the Trustees requested and considered such information as they deemed relevant to their deliberations. In addition, at prior meetings and during the course of these meetings the Board also undertook a comprehensive process to evaluate the impact of the Transaction on the nature, quality and extent of services expected to be provided by Janus Capital and HIML to each HIML Fund, including after the completion of the Transaction. For a fuller discussion of the Board’s consideration of the approval of a new investment advisory agreement for the HIML Funds in connection with the Transaction, see “Approval of Advisory and Sub-Advisory Agreements with Janus and its Affiliates During the Period” above.

At a meeting of the Board of Trustees held on December 8, 2016, the Trustees considered the HIML Sub-Advisory Agreements. In determining whether to approve the HIML Sub-Advisory Agreements, and whether to recommend approval to the shareholders of each HIML Fund, the Board received information and made inquiries into all matters as it deemed appropriate. The Board reviewed and analyzed various factors it deemed relevant, including the following factors, among others, none of which by itself was considered dispositive:

· the terms of each HIML Sub-Advisory Agreement;

· the nature, quality and extent of services expected to be provided under the HIML Sub-Advisory Agreements, including the reputation, qualifications and background of HIML and its operational and compliance infrastructures;

· the investment approach, the experience and skills of senior management and investment personnel of HIML, including the portfolio managers who would be responsible for managing all or part of the portfolio of each HIML Fund, noting the resources made available to such personnel;

· the ability of HIML to attract and retain high-quality personnel and the organizational depth of HIML;


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Additional Information (unaudited)

· the sub-advisory fee rate under each HIML Sub-Advisory Agreement, as well as the overall management fee structure of each HIML Fund, noting that the sub-advisory fee rate is consistent with the approach utilized in the Janus Funds complex for other sub-advisory relationships, taking into account the allocation of managed assets between Janus Capital and HIML for the Global Real Estate Fund;

· under each HIML Sub-Advisory Agreement, Janus Capital would be responsible for paying HIML out of its fees;

· the fall out benefits to HIML and its affiliates from its relationship with each HIML Fund, including the potential benefits to HIML and its affiliates and each HIML Fund of receiving research services from broker/dealer firms in connection with the allocation of portfolio transactions to such firms;

· the potential for economies of scale with respect to the overall fee structure of each HIML Fund and whether either Fund will benefit from any economies of scale; and

· the costs of seeking approval of the HIML Sub-Advisory Agreements will not be borne by the HIML Funds.

As a result of its review and consideration of each HIML Sub-Advisory Agreement and related matters, on December 8, 2016, the Board voted unanimously to approve each HIML Sub-Advisory Agreement and to recommend such agreement to each HIML Fund’s shareholders for their approval.

Approval of New Shell Advisory Agreements and New Shell Sub-Advisory Agreements

On September 15, 2016, Janus Capital Group, Inc. (“Janus”) advised the Board of its intent to seek a strategic combination of its advisory business with Henderson Group PLC (“Henderson”). The Board met with the Chief Executive Officer of Janus, who outlined the proposed combination and the potential benefits to Janus Capital and the Janus funds overseen by the Board. Subsequent to the September 15, 2016 meeting, the Trustees identified a list of basic principles, which they believed should serve as the foundation for their review of the organizational, operational and strategic issues involved with any potential change in control of Janus Capital, the investment adviser to the funds overseen by the Board. These basic principles were communicated to Janus Capital on September 27, 2016, and were intended to be shared with Henderson. On October 3, 2016, Janus announced that it had entered into a definitive Agreement and Plan of Merger with Henderson pursuant to which Janus and Henderson agreed to effect an all-stock merger of equals strategic combination of their respective businesses, with Janus Capital surviving the merger as a direct wholly-owned subsidiary of Henderson. The Board was advised that, subject to certain conditions, the Transaction is currently expected to close during the second quarter of 2017.

As part of its due diligence, the Board developed an initial list of questions related to the proposed transaction, which was provided to Janus Capital on October 6, 2016. At a special Board meeting held on October 19, 2016, the Board considered Janus Capital’s response to the initial information request and met with the management of Janus to discuss the impact of the Transaction on the nature, extent and quality of services Janus Capital is expected to provide to the Janus Funds following the Transaction, including those created by merger of certain Henderson Global Funds into new “shell” series of JIF (each, a “Henderson Shell Fund” and together, the “Henderson Shell Funds,” and collectively with the Janus funds overseen by the Board, the “Funds”), addressing, among other matters, the personnel expected to provide such services, and the resources available to do so. After its October 19, 2016 meeting, the Board developed a supplemental request for additional information, which was provided to Janus Capital on October 26, 2016. At another special Board meeting held on November 7-8, 2016, the Board considered Janus Capital’s response to the supplemental information request and again met with the management of Janus and Henderson to discuss the impact of the Transaction on the nature, extent and quality of services Janus Capital is expected to provide to the Funds following the Transaction, and also met with various officers of the Funds and of Janus Capital, including various Fund portfolio managers. After its November 7-8, 2016 meeting, the Board developed a second supplemental request for additional information, which was provided to Janus Capital on November 21, 2016. On December 7-8, 2016, the Board met to consider Janus Capital’s response to the second supplemental information request and also to consider the proposed new advisory agreement and sub-advisory agreement for each Henderson Shell Fund (a “New Shell Advisory Agreement” and “New Shell Sub-Advisory Agreement.”) In this regard, the Board noted that each Henderson Shell Fund was proposed to be sub-advised and managed by Henderson Investment Management Limited (“HIML”), a wholly-owned subsidiary of Henderson. During each of these meetings, the Board sought additional and clarifying information as it deemed necessary or appropriate. In addition, the Board engaged its independent fee consultant to help evaluate certain of the proposals that the Board was being asked to consider. Throughout the process, the Board


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had the assistance of its independent legal counsel, who advised them on, among other things, its duties and obligations.

In connection with the Board’s approval of the New Shell Advisory Agreements and New Shell Sub-Advisory Agreements, at its December 8, 2016 meeting, the Board also continued its on-going annual process to determine whether to continue the Current Advisory Agreements and the Current Sub-Advisory Agreements for the Janus Funds. In this regard, the Board received and reviewed information provided by Janus and the respective Sub-Advisers in response to requests of the Board and its independent legal counsel. The Board also received and reviewed information and analysis provided by, and in response to requests of, its independent fee consultant. The Board noted that as part of this annual process, the Board had considered and was in the process of considering, numerous factors, including the nature and quality of services provided by Janus Capital and each Sub-Adviser, as applicable; investment performance, on an absolute basis and relative to appropriate peer groups and one or a combination of market indices; investment management fees, expense ratios and asset sizes of the Funds and peer groups; investment management fees charged to comparable investment companies, separate accounts and non-fund clients; Janus Capital’s profitability from managing the Funds; fall-out benefits to Janus Capital from its relationship to the Funds, including revenues derived from services provided to the Funds by affiliates of Janus Capital; and the potential benefits to Janus Capital, the Funds of receiving research services from broker/dealer firms in connection with the allocation of portfolio transactions to such firms.

In determining whether to approve the New Shell Advisory Agreement and the New Shell Sub-Advisory Agreement in connection with the Transaction, the Board received information and made inquiries into all matters as it deemed appropriate. The Board reviewed and analyzed various factors it deemed relevant, including the following factors, among others, none of which by itself was considered dispositive:

· The terms of the New Shell Advisory Agreements are substantially similar to the Current Advisory Agreements, other than with respect to the applicable contractual fee rates.

· Information regarding the fees and expenses of each applicable Henderson Global Fund merging into a Henderson Shell Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider; and analysis of that information provided by their independent fee consultant, who believed such fee and expense levels to be reasonable.

· Information regarding the pro forma fees and expenses of the Henderson Shell Funds provided by Janus Capital, including proposed fee waivers.

· the terms of each New Shell Sub-Advisory Agreement;


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Additional Information (unaudited)

· the nature, quality and extent of services expected to be provided under the New Shell Sub-Advisory Agreements, including the reputation, qualifications and background of HIML and its operational and compliance infrastructures;

· the investment approach, the experience and skills of senior management and investment personnel of HIML, including the portfolio managers who would be responsible for managing all or part of the portfolio of each Henderson Shell Fund, noting the resources made available to such personnel;

· the ability of HIML to attract and retain high-quality personnel and the organizational depth of HIML;

· the sub-advisory fee rate under each New Shell Sub-Advisory Agreement, as well as the overall management fee structure of each Henderson Shell Fund, noting that the sub-advisory fee rate is consistent with the approach utilized in the Janus Funds complex for other sub-advisory relationships;

· under each New Shell Sub-Advisory Agreement, Janus Capital would be responsible for paying HIML out of its fees;

· the fall out benefits to HIML and its affiliates from its relationship with each Henderson Shell Fund, including the potential benefits to HIML and its affiliates and each Henderson Shell Fund of receiving research services from broker/dealer firms in connection with the allocation of portfolio transactions to such firms; and

· the potential for economies of scale with respect to the overall fee structure of each Henderson Shell Fund and whether any Fund will benefit from any economies of scale.

In connection with its deliberations, the Board received assurances from Janus, on behalf of itself and its affiliates (collectively, “Janus”) including the following:

· Janus has provided to the Board such information as it believes is reasonably necessary to evaluate the New Shell Advisory Agreements and New Shell Sub-Advisory Agreements.

· Janus is committed to the continuance, without interruption, of services to the Funds of at least the type and quality currently provided by Janus Capital and its affiliates, or superior thereto.

· Janus does not intend to make changes to the portfolio managers providing services to the Funds, other than proposed changes in the management of certain Funds as discussed with the Board, including those related to proposals to merge certain Funds with Henderson Funds, and subject to such changes as may arise at any time as a result of the ongoing process of portfolio manager evaluation.

· After the Transaction, the extent of distribution and marketing services provided to the Funds were expected to increase based on the combined resources of Janus and Henderson. In this regard, Janus Capital advised the Board that after the Transaction, the extent of distribution and marketing services provided to the Funds are expected to increase based on the combined resources of Janus and Henderson. This is due primarily to the anticipated increase of sales related resources and expanded global presence of the combined Janus Henderson organization, which is expected to enhance visibility and brand recognition of the Janus Henderson Funds.


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Additional Information (unaudited)

· The intent of Janus Capital to take the necessary and appropriate steps to retain and attract its key investment advisory personnel.

Janus assured the Board that it intended to comply with Section 15(f) of the 1940 Act. Section 15(f) provides a non-exclusive safe harbor for an investment adviser to an investment company or any of its affiliated persons to receive any amount or benefit in connection with a change in control of the investment adviser so long as two conditions are met. First, for a period of three years after the transaction, at least 75% of the board members of the investment company must not be Interested Persons of such investment adviser. The composition of the Board is in compliance with this provision of Section 15(f). In addition, after careful review and consideration, the Board determined that it would be in the best interests of the Funds to add to the Board an individual who currently acts as a non-interested board member of the Henderson Trust. The Board believes that this change in the Board composition will provide perspective and insight relating to experience working with the Henderson organization. The Board’s Nominating and Governance Committee considered a number of candidates and recommended that the Board nominate one proposed new trustee from those candidates who currently act as non-interested board members of the Henderson Trust. The Board approved that trustee nominee to serve on the Board, subject to election by the shareholders of the Funds and contingent on the closing of the Transaction. If the new trustee is elected and serves on the Board, the Board composition would continue to satisfy the provisions of Section 15(f).

Janus represented that it does not believe that an “unfair burden” will be placed on the Funds as a result of the Transaction. In furtherance thereof, Janus has undertaken to pay the costs of preparing and distributing proxy materials to, and of holding the Meetings of, the Funds’ shareholders, as well as other fees and expenses in connection with the Transaction, including the reasonable fees and expenses of legal counsel and consultants to the Funds and the Trustees. In addition, Janus has agreed, for a period of two years following the closing of the Transaction, (i) not to request any increases to advisory fees for the Funds, other than those proposed to and approved by the Board prior to the close of the Transaction, and (ii) to continue to use the current process by which expense caps are set annually for the Funds.

As a result of its review and consideration of the New Shell Investment Advisory Agreements and New Shell Sub-Advisory Agreements in connection with the Transaction, at a meeting on December 8, 2016, the Board voted unanimously to approve a New Investment Advisory Agreement and New Sub-Advisory Agreement for each Henderson Shell Fund.

Approval of New Advisory Agreement and New Sub-Advisory Agreement for Janus Henderson U.S. Growth Opportunities Fund


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Additional Information (unaudited)

and strategic issues involved with any potential change in control of Janus Capital, the investment adviser to the funds overseen by the Board. These basic principles were communicated to Janus Capital on September 27, 2016, and were intended to be shared with Henderson. On October 3, 2016, Janus announced that it had entered into a definitive Agreement and Plan of Merger with Henderson pursuant to which Janus and Henderson agreed to effect an all-stock merger of equals strategic combination of their respective businesses, with Janus Capital surviving the merger as a direct wholly-owned subsidiary of Henderson. The Board was advised that, subject to certain conditions, the Transaction is currently expected to close during the second quarter of 2017.

As part of its due diligence, the Board developed an initial list of questions related to the proposed transaction, which was provided to Janus Capital on October 6, 2016. At a special Board meeting held on October 19, 2016, the Board considered Janus Capital’s response to the initial information request and met with the management of Janus to discuss the impact of the Transaction on the nature, extent and quality of services Janus Capital is expected to provide to the Janus Funds following the Transaction, including those created by merger of certain Henderson Global Funds into new “shell” series of JIF (each, a “Henderson Shell Fund” and together, the “Henderson Shell Funds,” and collectively with the Janus funds overseen by the Board, the “Funds”), addressing, among other matters, the personnel expected to provide such services, and the resources available to do so. After its October 19, 2016 meeting, the Board developed a supplemental request for additional information, which was provided to Janus Capital on October 26, 2016. At another special Board meeting held on November 7-8, 2016, the Board considered Janus Capital’s response to the supplemental information request and again met with the management of Janus and Henderson to discuss the impact of the Transaction on the nature, extent and quality of services Janus Capital is expected to provide to the Funds following the Transaction, and also met with various officers of the Funds and of Janus Capital, including various Fund portfolio managers. After its November 7-8, 2016 meeting, the Board developed a second supplemental request for additional information, which was provided to Janus Capital on November 21, 2016. On December 7-8, 2016, the Board met to consider Janus Capital’s response to the second supplemental information request and also to consider the proposed new advisory agreement and sub-advisory agreement for each Henderson Shell Fund. In this regard, the Board noted that each Henderson Shell Fund was proposed to be sub-advised and managed by Henderson Investment Management Limited, a wholly-owned subsidiary of Henderson. The Board noted that another Henderson Global Fund, U.S. Growth Opportunities Fund, was proposed to be sub-advised and managed by Geneva Capital Management LLC (“Geneva”), an indirect wholly-owned subsidiary of Henderson. On December 19, 2016, the Board issued an additional supplemental information request to Geneva. On January 26, 2017, the Board met to consider Geneva’s response to this additional supplemental information request and also to consider the proposed new advisory agreement and sub-advisory agreement for U.S. Growth Opportunities Fund (the “New Advisory Agreement” and “New Sub-Advisory Agreement,” respectively.) During each of these meetings, the Board sought additional and clarifying information as it deemed necessary or appropriate. In addition, the Board engaged its independent fee consultant to help evaluate certain of the proposals that the Board was being asked to consider. Throughout the process, the Board had the assistance of its independent legal counsel, who advised them on, among other things, its duties and obligations.

In connection with the Board approval of the New Advisory Agreement and New Sub-Advisory Agreements, at its December 8, 2016 meeting, the Board also continued its on-going annual process to determine whether to continue the Current Advisory Agreements and the Current Sub-Advisory Agreements for the Janus Funds. In this regard, the Board received and reviewed information provided by Janus and the respective Sub-Advisers in response to requests of the Board and its independent legal counsel. The Board also received and reviewed information and analysis provided by, and in response to requests of, its independent fee consultant. The Board noted that as part of this annual process, the Board had considered and was in the process of considering, numerous factors, including the nature and quality of


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Additional Information (unaudited)

services provided by Janus Capital and each Sub-Adviser, as applicable; investment performance, on an absolute basis and relative to appropriate peer groups and one or a combination of market indices; investment management fees, expense ratios and asset sizes of the Funds and peer groups; investment management fees charged to comparable investment companies, separate accounts and non-fund clients; Janus Capital’s profitability from managing the Funds; fall-out benefits to Janus Capital from its relationship to the Funds, including revenues derived from services provided to the Funds by affiliates of Janus Capital; and the potential benefits to Janus Capital, the Funds of receiving research services from broker/dealer firms in connection with the allocation of portfolio transactions to such firms.

In determining whether to approve the New Advisory Agreement and the New Sub-Advisory Agreement in connection with the Transaction, the Board received information and made inquiries into all matters as it deemed appropriate. The Board reviewed and analyzed various factors it deemed relevant, including the following factors, among others, none of which by itself was considered dispositive:

· The terms of the New Advisory Agreement is substantially similar to the Current Advisory Agreement, other than with respect to the applicable contractual fee rates.

· Information regarding the fees and expenses of U.S. Growth Opportunities Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider; and analysis of that information provided by their independent fee consultant, who believed such fee and expense levels to be reasonable.

· Information regarding the pro forma fees and expenses of U.S. Growth Opportunities Fund provided by Janus Capital, including proposed fee waivers.

· the terms of each New Sub-Advisory Agreement;

· the nature, quality and extent of services expected to be provided under the New Shell Sub-Advisory Agreement, including the reputation, qualifications and background of Geneva and its operational and compliance infrastructures;

· the investment approach, the experience and skills of senior management and investment personnel of Geneva, including the portfolio managers who would be responsible for managing all or part of the portfolio of U.S. Growth Opportunities Fund noting the resources made available to such personnel;

· the ability of Geneva to attract and retain high-quality personnel and the organizational depth of Geneva;

· the sub-advisory fee rate under the New Sub-Advisory Agreement, as well as the overall management fee structure of U.S. Growth Opportunities Fund noting that the sub-advisory fee rate is consistent with the approach utilized in the Janus Funds complex for other sub-advisory relationships;

· under the New Sub-Advisory Agreement, Janus Capital would be responsible for paying Geneva out of its fees;

· the fall out benefits to Geneva and its affiliates from its relationship with U.S. Growth Opportunities Fund, including the potential benefits to Geneva and its affiliates and U.S. Growth Opportunities Fund of receiving research services from broker/dealer firms in connection with the allocation of portfolio transactions to such firms; and

· the potential for economies of scale with respect to the overall fee structure of U.S. Growth Opportunities Fund and the Fund will benefit from any economies of scale.


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Additional Information (unaudited)

In connection with its deliberations, the Board received assurances from Janus, on behalf of itself and its affiliates (collectively, “Janus”) including the following:

· Janus has provided to the Board such information as it believes is reasonably necessary to evaluate the New Advisory Agreement and New Sub-Advisory Agreement.

· Janus is committed to the continuance, without interruption, of services to the Funds of at least the type and quality currently provided by Janus Capital and its affiliates, or superior thereto.

· Janus does not intend to make changes to the portfolio managers providing services to the Funds, other than proposed changes in the management of certain Funds as discussed with the Board, including those related to proposals to merge certain Funds with Henderson Funds, and subject to such changes as may arise at any time as a result of the ongoing process of portfolio manager evaluation.

· The intent of Janus Capital to take the necessary and appropriate steps to retain and attract its key investment advisory personnel.


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Additional Information (unaudited)

approved that trustee nominee to serve on the Board, subject to election by the shareholders of the Funds and contingent on the closing of the Transaction. If the new trustee is elected and serves on the Board, the Board composition would continue to satisfy the provisions of Section 15(f).

Janus represented that it does not believe that an “unfair burden” will be placed on the Funds as a result of the Transaction. In furtherance thereof, Janus has undertaken to pay the costs of preparing and distributing proxy materials to, and of holding the Meetings of, the Funds’ shareholders, as well as other fees and expenses in connection with the Transaction, including the reasonable fees and expenses of legal counsel and consultants to the Funds and the Trustees. In addition, Janus has agreed, for a period of two years following the closing of the Transaction, (i) not to request any increases to advisory fees for the Funds, other than those proposed to and approved by the Board prior to the close of the Transaction, and (ii) to continue to use the current process by which expense caps are set annually for the Funds.

As a result of its review and consideration of the New Investment Advisory Agreement and New Sub-Advisory Agreement in connection with the Transaction, at a meeting on January 26, 2017, the Board voted unanimously to approve a New Investment Advisory Agreement and New Sub-Advisory Agreement for the U.S. Growth Opportunities Fund.

Renewal of Advisory and Sub-Advisory Agreements with Janus Capital and Janus Capital Affiliates 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.

Additionally, in connection with their consideration of whether to continue the investment advisory agreement and subadvisory agreement for each Fund, as applicable, the Trustees also received and reviewed information in connection with the proposed transaction to combine the respective businesses of Henderson Group plc and Janus Capital Group, Inc., the parent company of Janus Capital (the “Transaction”), announced in October 2016, which Janus Capital advised the Trustees was expected to close in the second quarter of 2017. In this regard, the Trustees reviewed information regarding the impact of the Transaction on the services to be provided by Janus Capital and each subadviser, as applicable, to the Funds under such agreements both prior to the close of the Transaction, and afterwards, if the Transaction were not to close. If the Transaction closes, all such agreements would be replaced by new investment advisory agreements and subadvisory agreements, as applicable, for each Fund, assuming requisite Fund shareholder approvals have been obtained.

At a meeting held on January 26, 2017, based on the Trustees’ evaluation of the information provided by Janus Capital, the subadvisers, and the independent fee consultant, as well as other information, the Trustees determined that the overall arrangements between each Fund and Janus Capital and each subadviser, as applicable, were fair and


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reasonable in light of the nature, extent and quality of the services provided by Janus Capital, its affiliates and the subadvisers, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment. At that meeting, the Trustees unanimously approved the continuation of the investment advisory agreement for each Fund, and the subadvisory agreement for each subadvised Fund, for the period from February 1, 2017 through February 1, 2018, 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 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, 2016, approximately 76% of the Funds were in the top two Broadridge quartiles of performance, and for the 12 months ended September 30, 2016, approximately 47% 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:


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Additional Information (unaudited)

Fixed-Income Funds and Money Market Funds

· For Janus Henderson Flexible Bond Fund (formerly, Janus Flexible Bond Fund), the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2016 and the third Broadridge quartile for the 12 months ended May 31, 2016.

· For Janus Henderson Global Bond Fund (formerly, 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, 2016 and the third Broadridge quartile for the 12 months ended May 31, 2016.

· For Janus Henderson Global Unconstrained Bond Fund (formerly, Janus Global Unconstrained Bond Fund), the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 12 months ended May 31, 2016.

· For Janus Henderson High-Yield Fund (formerly, Janus High-Yield Fund), the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2016 and the second Broadridge quartile for the 12 months ended May 31, 2016.

· For Janus Henderson Multi-Sector Income Fund (formerly, 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, 2016.

· For Janus Henderson Real Return Fund (formerly, 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, 2016 and the first Broadridge quartile for the 12 months ended May 31, 2016.

· For Janus Henderson Short-Term Bond Fund (formerly, 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, 2016 and the third Broadridge quartile for the 12 months ended May 31, 2016.

· For Janus Henderson Government Money Market Fund (formerly, 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, 2016 and the third Broadridge quartile for the 12 months ended May 31, 2016. The Trustees noted the reasons for the Fund’s underperformance.

· For Janus Henderson Money Market Fund (formerly, Janus Money Market Fund), the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2016 and the bottom Broadridge quartile for the 12 months ended May 31, 2016. The Trustees noted the reasons for the Fund’s underperformance.

Asset Allocation Funds

· For Janus Henderson Global Allocation Fund – Conservative (formerly, Janus Global Allocation Fund – Conservative), the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2016 and the bottom Broadridge quartile for the 12 months ended May 31, 2016.

· For Janus Henderson Global Allocation Fund – Growth (formerly, Janus Global Allocation Fund – Growth), the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2016 and the bottom Broadridge quartile for the 12 months ended May 31, 2016. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Global Allocation Fund – Moderate (formerly, Janus Global Allocation Fund – Moderate), the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2016 and the bottom Broadridge quartile for the 12 months ended May 31, 2016. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

Alternative Fund

· For Janus Henderson Diversified Alternatives Fund (formerly, Janus Diversified Alternatives Fund), the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2016 and the third Broadridge quartile for the 12 months ended May 31, 2016. The Trustees noted the


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Additional Information (unaudited)

reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

Value Funds

· For Janus Henderson International Value Fund (formerly, Perkins International Value Fund), the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2016 and the first Broadridge quartile for the 12 months ended May 31, 2016.

· For Janus Henderson Global Value Fund (formerly, Perkins Global Value Fund), the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2016 and the first Broadridge quartile for the 12 months ended May 31, 2016.

· For Janus Henderson Large Cap Value Fund (formerly, Perkins Large Cap Value Fund), the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2016 and the first Broadridge quartile for the 12 months ended May 31, 2016. 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 Janus Henderson Mid Cap Value Fund (formerly, 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, 2016 and the first Broadridge quartile for the 12 months ended May 31, 2016. 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 Janus Henderson Select Value Fund (formerly, Perkins Select Value Fund), the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2016 and the first Broadridge quartile for the 12 months ended May 31, 2016.

· For Janus Henderson Small Cap Value Fund (formerly, Perkins Small Cap Value Fund), the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2016 and the first Broadridge quartile for the 12 months ended May 31, 2016.

· For Janus Henderson Value Plus Income Fund (formerly, 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, 2016 and the second Broadridge quartile for the 12 months ended May 31, 2016.

Mathematical Funds

· For Janus Henderson Emerging Markets Managed Volatility Fund (formerly, INTECH Emerging Markets Managed Volatility Fund), the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 12 months ended May 31, 2016.

· For Janus Henderson Global Income Managed Volatility Fund (formerly, 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, 2016 and the first Broadridge quartile for the 12 months ended May 31, 2016.

· For Janus Henderson International Managed Volatility Fund (formerly, INTECH International Managed Volatility Fund), the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2016 and the first Broadridge quartile for the 12 months ended May 31, 2016.

· For Janus Henderson U.S. Managed Volatility Fund (formerly, INTECH U.S. Managed Volatility Fund), the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2016 and the first Broadridge quartile for the 12 months ended May 31, 2016.

Growth and Core Funds

· For Janus Henderson Balanced Fund (formerly, Janus Balanced Fund), the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2016 and the third Broadridge quartile for the 12 months ended May 31, 2016.


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Additional Information (unaudited)

· For Janus Henderson Contrarian Fund (formerly, Janus Contrarian Fund), the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2016 and the bottom Broadridge quartile for the 12 months ended May 31, 2016. 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 Henderson Enterprise Fund (formerly, Janus Enterprise Fund), the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2016 and the first Broadridge quartile for the 12 months ended May 31, 2016.

· For Janus Henderson Forty Fund (formerly, Janus Forty Fund), the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2016 and the first Broadridge quartile for the 12 months ended May 31, 2016.

· For Janus Henderson Growth and Income Fund (formerly, Janus Growth and Income Fund), the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2016 and in the second Broadridge quartile for the 12 months ended May 31, 2016.

· For Janus Henderson Research Fund (formerly, Janus Research Fund), the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2016 and the second Broadridge quartile for the 12 months ended May 31, 2016.

· For Janus Henderson Triton Fund (formerly, Janus Triton Fund), the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2016 and the first Broadridge quartile for the 12 months ended May 31, 2016.

· For Janus Henderson Venture Fund (formerly, Janus Venture Fund), the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2016 and the second Broadridge quartile for the 12 months ended May 31, 2016.

Global and International Funds

· For Janus Henderson Adaptive Global Allocation Fund (formerly, Janus Adaptive Global Allocation Fund), the Trustees noted that, due to limited performance for the Fund, performance history was not a material factor.

· For Janus Henderson Asia Equity Fund (formerly, 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, 2016 and the bottom Broadridge quartile for the 12 months ended May 31, 2016. 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 Henderson Global Life Sciences Fund (formerly, 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, 2016 and the bottom Broadridge quartile for the 12 months ended May 31, 2016.

· For Janus Henderson Global Real Estate Fund (formerly, Janus Global Real Estate Fund), the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2016 and the bottom Broadridge quartile for the 12 months ended May 31, 2016. 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 Henderson Global Research Fund (formerly, Janus Global Research Fund), the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2016 and the bottom Broadridge quartile for the 12 months ended May 31, 2016. 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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Additional Information (unaudited)

· For Janus Henderson Global Select Fund (formerly, Janus Global Select Fund), the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2016 and the bottom Broadridge quartile for the 12 months ended May 31, 2016. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Global Technology Fund (formerly, 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, 2016 and the first Broadridge quartile for the 12 months ended May 31, 2016. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Overseas Fund (formerly, Janus Overseas Fund), the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2016 and the bottom Broadridge quartile for the 12 months ended May 31, 2016. 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.

Janus Aspen Series

· For Janus Henderson Balanced Portfolio (formerly, 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, 2016 and the third Broadridge quartile for the 12 months ended May 31, 2016.

· For Janus Henderson Enterprise Portfolio (formerly, Janus Aspen Enterprise Portfolio), the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2016 and the first Broadridge quartile for the 12 months ended May 31, 2016.

· For Janus Henderson Flexible Bond Portfolio (formerly, 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, 2016 and the bottom Broadridge quartile for the 12 months ended May 31, 2016.

· For Janus Henderson Forty Portfolio (formerly, Janus Aspen Forty Portfolio), the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2016 and the first Broadridge quartile for the 12 months ended May 31, 2016.

· For Janus Henderson Global Allocation Portfolio – Moderate (formerly, Janus Aspen Global Allocation Portfolio – Moderate), the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2016 and the bottom Broadridge quartile for the 12 months ended May 31, 2016. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Global Research Portfolio (formerly, Janus Aspen Global Research Portfolio), the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2016 and the bottom Broadridge quartile for the 12 months ended May 31, 2016. 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 Henderson Global Technology Portfolio (formerly, Janus Aspen Global Technology Portfolio), the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2016 and the second Broadridge quartile for the 12 months ended May 31, 2016. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Global Unconstrained Bond Portfolio (formerly, Janus Aspen Global Unconstrained Bond Portfolio), the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 12 months ended May 31, 2016.


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Additional Information (unaudited)

· For Janus Henderson U.S. Low Volatility Portfolio (formerly, Janus Aspen INTECH U.S. Low Volatility Portfolio), the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2016 and the first Broadridge quartile for the 12 months ended May 31, 2016.

· For Janus Henderson Research Portfolio (formerly, Janus Aspen Janus Portfolio), the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2016 and the second Broadridge quartile for the 12 months ended May 31, 2016.

· For Janus Henderson Overseas Portfolio (formerly, 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, 2016 and the bottom Broadridge quartile for the 12 months ended May 31, 2016. 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 Henderson Mid Cap Value Portfolio (formerly, 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, 2016 and the first Broadridge quartile for the 12 months ended May 31, 2016. 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.

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

The independent fee consultant provided its belief that the management fees charged by Janus Capital to each of the Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by Janus Capital. The independent fee consultant found: (1) the total expenses and management fees of the Funds to be reasonable relative to other mutual funds; (2) total expenses, on average, were 12% below the average total expenses of their respective Broadridge Expense Group peers and 20% below the average total expenses for their Broadridge Expense Universes; (3) management fees for the Funds, on average, were 11% below the average management fees for their Expense Groups and 13% below the average for their Expense Universes; and (4) Fund expenses at the functional level for each asset and share class category were reasonable. The Trustees also considered the total expenses for each share class of each Fund compared to the average total expenses for its Broadridge Expense Group peers and to average total expenses for its Broadridge Expense Universe.

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

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


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Additional Information (unaudited)

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) Janus mutual fund investors enjoy reasonable fees relative to the fees charged to Janus institutional and subadvised fund investors; and (4) in the majority of cases, the Funds receive proportionally better pricing than the industry in relation to Janus institutional and subadvised accounts.

The Trustees considered the fees for each Fund for its fiscal year ended in 2015, 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 Henderson Flexible Bond Fund (formerly, Janus Flexible Bond Fund), the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

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

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

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

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

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


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Additional Information (unaudited)

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

Asset Allocation Funds

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

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

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

Alternative Fund

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

Value Funds

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

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

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

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

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


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Additional Information (unaudited)

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

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

Mathematical Funds

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

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

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

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

Growth and Core Funds

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

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

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

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

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


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Additional Information (unaudited)

· For Janus Henderson Research Fund (formerly, Janus Research Fund), the Trustees noted that although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable.

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

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

Global and International Funds

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

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

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

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

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

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

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

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

Janus Aspen Series

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

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

· For Janus Henderson Flexible Bond Portfolio (formerly, Janus Aspen Flexible Bond Portfolio), the Trustees noted that, although the Fund’s total expenses exceeded the peer group average 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.


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Additional Information (unaudited)

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

· For Janus Henderson Global Allocation Portfolio – Moderate (formerly, Janus Aspen Global Allocation Portfolio – Moderate), the Trustees noted that, although the Fund’s total expenses exceeded the peer group average 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 Henderson Global Research Portfolio (formerly, Janus Aspen Global Research Portfolio), the Trustees noted that the Fund’s total expenses were below the peer group average for both share classes.

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

· For Janus Henderson Global Unconstrained Bond Portfolio (formerly, Janus Aspen Global Unconstrained Bond Portfolio), the Trustees noted that, although the Fund’s total expenses exceeded the peer group average 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 Henderson U.S. Low Volatility Portfolio (formerly, Janus Aspen INTECH U.S. Low Volatility Portfolio), the Trustees noted that the Fund’s total expenses were below the peer group average for its sole share class.

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

· For Janus Henderson Mid Cap Value Portfolio (formerly, Janus Aspen Perkins Mid Cap Value Portfolio), the Trustees noted that the Fund’s total expenses were below the peer group average 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 provided by Janus Capital and any subadviser, the investment performance of the Fund, and any expense limitations agreed to or provided by Janus Capital.


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Additional Information (unaudited)

Economies of Scale

The Trustees considered information about the potential for Janus Capital to realize economies of scale as the assets of the Funds increase. They noted their independent fee consultant’s analysis of economies of scale in prior years. They also noted that, although many Funds pay advisory fees at a base fixed rate as a percentage of net assets, without any breakpoints, their independent fee consultant concluded that 91% of these Funds have contractual management fees (gross of waivers) below their Broadridge expense group averages and, overall, 83% 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 past research and analysis conducted by the Trustees’ independent fee consultant, the Trustees concluded that the current fee structure of each Fund was reasonable and that the current rates of fees do reflect a sharing between Janus Capital and the Fund of any economies of scale that may be present at the current asset level of the Fund.

The independent fee consultant concluded that, given the limitations of various analytical approaches to economies of scale 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.


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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, 2017. As the investing environment changes, so could opinions. These views are unique and are not necessarily shared by fellow employees or by Janus Henderson in general.

Performance Overviews

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

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

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

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

Schedule of Investments

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

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

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

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

Statement of Assets and Liabilities

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

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


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Useful Information About Your Fund Report (unaudited)

shares sold to investors but not yet settled. The Fund’s liabilities include payables for securities purchased but not yet settled, Fund shares redeemed but not yet paid, and expenses owed but not yet paid. Additionally, there may be other assets and liabilities such as unrealized gain or loss on forward currency contracts.

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

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

Statement of Operations

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

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

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

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

Statements of Changes in Net Assets

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

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

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

Financial Highlights

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

The first line in the table reflects the NAV per share at the beginning of the reporting period. The next line reports the net investment income/(loss) per share. Following is the per share total of net gains/(losses), realized and unrealized. Per share dividends and distributions to investors are then subtracted to arrive at the NAV per share at the end of the period. The next line reflects the total return for the period. The total return may include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. As a result, the total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.


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Useful Information About Your Fund Report (unaudited)

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

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

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


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Shareholder Meeting (unaudited)


Special meetings of shareholders were held on April 6, 2017 and adjourned and reconvened on April 18, 2017, April 25, 2017, April 28, 2017 and May 17, 2017 (together, the "meeting"). At the meeting, the following matters were voted on and approved by shareholders. Each vote reported represents one dollar of net asset value held on the record date for the meeting. The results of the meeting are noted below.

Proposals
1. To approve a new investment advisory agreement between the Trust, on behalf of the Fund, and Janus Capital Management LLC.

	Number of Votes ($)
Record Date Votes ($)	Affirmative	Against	Abstain	BVN	Total
9,626,789.302	5,190,573.401	330,363.451	438,388.527	300,874.110	6,260,199.489

Percentage of Total Outstanding Votes (%)					Percentage Voted (%)
Affirmative	Against	Abstain	BVN	Total	Affirmative	Against	Abstain	BVN	Total
53.918	3.432	4.554	3.125	65.029	82.914	5.277	7.003	4.806	100.000


2C. To approve a new sub-advisory agreement between the Adviser and Janus Capital Singapore Pte. Limited.

	Number of Votes ($)
Record Date Votes ($)	Affirmative	Against	Abstain	BVN	Total
9,626,789.302	5,150,871.612	342,168.549	466,285.218	300,874.110	6,260,199.489

Percentage of Total Outstanding Votes (%)					Percentage Voted (%)
Affirmative	Against	Abstain	BVN	Total	Affirmative	Against	Abstain	BVN	Total
53.506	3.554	4.844	3.125	65.029	82.280	5.466	7.448	4.806	100.000


3. To approve a new sub-advisory agreement between the Adviser and Henderson Investment Management Limited.

	Number of Votes ($)
Record Date Votes ($)	Affirmative	Against	Abstain	BVN	Total
9,626,789.302	5,125,821.026	369,814.840	463,689.513	300,874.110	6,260,199.489

Percentage of Total Outstanding Votes (%)					Percentage Voted (%)
Affirmative	Against	Abstain	BVN	Total	Affirmative	Against	Abstain	BVN	Total
53.245	3.842	4.817	3.125	65.029	81.880	5.907	7.407	4.806	100.000


4. To elect an additional Trustee to the Board of Trustees of the Trust - Diane L. Wallace.

	Number of Votes ($)
Record Date Votes ($)	Affirmative	Against	Abstain	BVN	Total
58,288,530,068.106	53,979,078,381.569	4,309,451,686.537	0.000	0.000	58,288,530,068.106

Percentage of Total Outstanding Votes (%)					Percentage Voted (%)
Affirmative	Against	Abstain	BVN	Total	Affirmative	Against	Abstain	BVN	Total
54.258	4.332	0.000	0.000	58.590	92.607	7.393	0.000	0.000	100.000

Alan A. Brown, William D. Cvengros, Raudline Etienne, William F. McCalpin, Gary A. Poliner, James T. Rothe, William D. Stewart and Linda S. Wolf continue to serve as Trustees following the meeting.


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Shareholder Meeting (unaudited)



5. To approve a proposal that would authorize the Adviser to enter into and materially amend sub-advisory agreements in the future with wholly-owned sub-advisers and unaffiliated sub-advisers, with the approval of the Board of Trustees of the Trust, but without obtaining additional shareholder approval.

	Number of Votes ($)
Record Date Votes ($)	Affirmative	Against	Abstain	BVN	Total
9,626,789.302	4,921,349.165	581,817.126	456,150.349	300,882.850	6,260,199.489

Percentage of Total Outstanding Votes (%)					Percentage Voted (%)
Affirmative	Against	Abstain	BVN	Total	Affirmative	Against	Abstain	BVN	Total
51.121	6.044	4.738	3.125	65.029	78.613	9.294	7.287	4.806	100.000


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Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2017:



Capital Gain Distributions	$25,077
Foreign Taxes Paid	$63,535
Foreign Source Income	$512,478
Qualified Dividend Income Percentage	39%


68	SEPTEMBER 30, 2017

Janus Henderson Asia Equity Fund

Trustees and Officers (unaudited)

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

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

Each Trustee has served in that capacity since he or she was originally elected or appointed. The Trustees do not serve a specified term of office. Each Trustee will hold office until the termination of the Trust or his or her earlier death, resignation, retirement, incapacity, or removal. Under the Fund’s Governance Procedures and Guidelines, the policy is for Trustees to retire no later than the end of the calendar year in which the Trustee turns 75. The Trustees review the Fund’s Governance Procedures and Guidelines from time to time and may make changes they deem appropriate. The Fund’s Nominating and Governance Committee will consider nominees for the position of Trustee recommended by shareholders. Shareholders may submit the name of a candidate for consideration by the Committee by submitting their recommendations to the Trust’s Secretary. Each Trustee is currently a Trustee of one other registered investment company advised by Janus Capital: Janus Aspen Series. Collectively, these two registered investment companies consist of 63 series or funds.

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


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Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William F. McCalpin 151 Detroit Street Denver, CO 80206 DOB: 1957	Chairman Trustee	1/08-Present 6/02-Present	Managing Partner, Impact Investments, Athena Capital Advisors LLC (independent registered investment advisor) (since 2016) and Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations). Formerly, Chief Executive Officer, Imprint Capital (impact investment firm) (2013-2015) and Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a private family foundation) (1998-2006).	63	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).


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Trustees and Officers (unaudited)


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


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Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
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).	63	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).


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Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
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).	63	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.	63	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).


Janus Investment Fund	73

Janus Henderson Asia Equity Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
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.	63	Formerly, Director of Red Robin Gourmet Burgers, Inc. (RRGB) (2004- 2014).
William D. Stewart 151 Detroit Street Denver, CO 80206 DOB: 1944	Trustee	6/84-Present	Retired. Formerly, President and founder of HPS Products and Corporate Vice President of MKS Instruments, Boulder, CO (a provider of advanced process control systems for the semiconductor industry) (1976-2012).	63	None


74	SEPTEMBER 30, 2017

Janus Henderson Asia Equity Fund

Trustees and Officers (unaudited)


TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Diane L. Wallace 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	6/17-Present	Retired.	63	Independent Trustee, Henderson Global Funds (13 portfolios) (2015 – 2017); Independent Trustee, State Farm Associates’ Funds Trust, State Farm Mutual Fund Trust, and State Farm Variable Product Trust (28 portfolios) (since 2013).
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).	63	Director of Chicago Community Trust (Regional Community Foundation), Chicago Council on Global Affairs, InnerWorkings (U.S. provider of print procurement solutions to corporate clients), Lurie Children’s Hospital (Chicago, IL), Rehabilitation Institute of Chicago, Walmart, and Wrapports, LLC (digital communications company). Formerly, Director of Chicago Convention & Tourism Bureau (until 2014) and The Field Museum of Natural History (Chicago, IL) (until 2014).


Janus Investment Fund	75

Janus Henderson Asia Equity Fund

Trustees and Officers (unaudited)


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


76	SEPTEMBER 30, 2017

Janus Henderson Asia Equity Fund

Trustees and Officers (unaudited)


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


Janus Investment Fund	77

Knowledge. Shared

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

Learn more by visiting janushenderson.com.




This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson, Janus, Henderson, Perkins, Intech and Henderson Geneva are trademarks or registered trademarks of Janus Henderson Investors. © Janus Henderson Investors. The name Janus Henderson Investors includes HGI Group Limited, Henderson Global Investors (Brand Management) Sarl and Janus International Holding LLC. Funds distributed by Janus Henderson Distributors
							125-02-93036 11-17



	ANNUAL REPORT September 30, 2017

Janus Henderson Balanced Fund (formerly named Janus Balanced Fund)

Janus Investment Fund

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

Table of Contents

Janus Henderson Balanced Fund

Janus Henderson Balanced Fund (unaudited)

FUND SNAPSHOT

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

Jeremiah Buckley

co-portfolio manager

Marc Pinto

co-portfolio manager

Mayur Saigal

co-portfolio manager

Darrell Watters

co-portfolio manager

PERFORMANCE OVERVIEW

Janus Henderson Balanced Fund’s Class I Shares returned 15.79% for the 12-month period ended September 30, 2017. That compares with 18.61% for the Fund’s primary benchmark, the S&P 500 Index, and 0.07% for the Fund’s secondary benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. The Balanced Index, an internally calculated benchmark composed of a 55% weighting in the S&P 500 Index and a 45% weighting in the Bloomberg Barclays U.S. Aggregate Bond Index, returned 9.96%.

INVESTMENT ENVIRONMENT

U.S. stocks began the period cautiously as investors waited for the outcome of the U.S. presidential election and Federal Reserve (Fed) policy decisions. Following the election of Donald Trump, risk assets – including equities and corporate credit – rallied for much of the remaining period. The rally originally ran on optimism that the new administration’s pro-growth fiscal platform would spur economic expansion. Washington’s general lack of reform progress and escalating tensions between the U.S. and North Korea brought on brief hesitation, but positive earnings data, strengthening fundamentals and an upward trajectory in global growth ultimately helped risk assets continue gaining ground. Stocks and corporate credit received a late-period boost when the market welcomed the Trump administration’s tax-reform proposal. Several equity benchmarks achieved record highs over the period and corporate credit spreads plunged to near post-crisis tights. Within the S&P 500 Index, financials and information technology enjoyed the strongest returns. Telecommunications and energy were among the worst performers.

The Fed raised its benchmark rate three times over the period, and indicated it is prepared to hike again in 2017. The central bank also announced it would begin normalizing its balance sheet in October. Yields climbed across the U.S. Treasury curve. The yield on the 10-year note finished September at 2.33%, up from 1.59% one year ago. Treasury securities were the worst-performing asset class in the Bloomberg Barclays U.S. Aggregate Bond Index, while investment-grade corporate credit was the strongest.

PERFORMANCE DISCUSSION

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

Our equity-to-fixed income allocation ended the period approximately 65% equities, 34% fixed income and a small position in cash, compared with roughly 63% equities, 37% fixed income and the remainder in cash as of September 30, 2016. 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 outperformed the S&P 500 Index. Outperformance was led by security selection in industrials. This was due in large part to our position in Boeing. Our underweight to the weak-performing energy sector and security selection in information technology also aided relative results. Our holdings in health care and financials detracted on a relative basis.

Aerospace company Boeing was the Fund’s top individual contributor, benefiting from robust global air traffic and better-than-expected demand for its wide-body 777 and 787 planes. The company has decreased production costs for its 787 and increased the plane’s production rate, initiatives that were welcomed by investors. Boeing’s defense business, which accounts for approximately 30% to 40% of the overall business, also performed well.


Janus Investment Fund	1

Janus Henderson Balanced Fund (unaudited)

Additionally, confidence has increased around the company’s growing services business after Boeing announced the integration of its defense and commercial airplane servicing facilities and defined the new areas of the services market it intends to target. Boeing continues to exceed expectations on free cash flow, and as a result was able to increase its dividend and stock buyback program during the period.

Mastercard also performed well. Our investment theme for Mastercard continues to play out, as the company has benefited from consumers and businesses switching from cash and check to plastic and electronic payments. The company continues to take market share, particularly outside of the U.S. where many markets have a lower penetration of electronic payments and are experiencing significantly faster growth in electronic purchase volume. We like Mastercard for its high return on invested capital business and growth potential as well as its strong balance sheet and quality management team.

Microsoft was another large contributor to performance. The tech giant performed well due, in part, to continued strength in its cloud computing business, Azure. As the second-largest provider of cloud-based IT services, we believe that Microsoft’s emphasis on building partnerships with its customers places it in a strong competitive position. Moreover, Microsoft’s new CEO has done an admirable job of discontinuing business lines that do not carry their cost of capital, and we appreciate the company’s focus on share repurchases and dividend.

While the aforementioned stocks contributed to performance, the following companies detracted. Mattel was the largest individual detractor. The toy manufacturer continues to work through excess inventory issues which resulted from a slowdown in toy sales during the 2016 holiday season. The company also cut its dividend over the period, which was negatively received by investors. More bad news impacted the stock when Toys “R” Us, a major customer, filed for bankruptcy late in the period. We continue to like the toy industry as a whole, and believe that Mattel’s placement with online vendors will help them as consumers transition to buying toys online. Increased focus on innovation in products and marketing should also lead to improving market share, and we believe that Mattel’s lineup of brands still has many opportunities in international markets. Additionally, the company appointed a new CEO, formerly an executive at Google, in early 2017 which we believe bodes well for Mattel.

Kroger also detracted, primarily due to increased competition within the grocery store industry. While we do not anticipate Amazon’s acquisition of Whole Foods and the subsequent reduction of in-store prices to have a material impact on Kroger, the move created noise for all grocers over the period. A more prominent concern relates to German grocer Lidl’s expansion into the U.S. Kroger reduced prices to compete with this threat and its gross margins suffered as a result. The company also removed long-term guidance, as it has opted to accelerate capital investment to improve its stores and its “ClickList” technology, which allows customers to order online and pick up in the store. This was negatively received by investors, but in our view, Kroger is investing appropriately for the long term and the company remains on the leading edge of any potential online grocery transition. Further, we expect the recent uptick in food price inflation to be beneficial for Kroger. We are closely monitoring the stock.

Allergan also weighed on performance. The stock declined late in the period as a result of a complicated patent dispute concerning Restasis, the firm’s blockbuster medicine for dry eye. Several generic drug makers are challenging Allergan’s patent in federal courts, as well as through inter partes review (IPR). Native American tribes are protected from the IPR process, so when Allergan transferred its patent to the Saint Regis Mohawk Tribe, the move was criticized by lawmakers. The decision may have cast a negative light on Allergan, but we believe the company is pursuing a valid line of defense, just as the generic drug makers are using legal tactics to try to invalidate Allergan’s intellectual property. We will monitor the situation, but continue to like Allergan for its popular products, such as wrinkle treatments Botox and Juvéderm. Additionally, we think the company gets little credit for its pipeline, though that could change over the next 12 to 24 months, with several meaningful data results expected in that time frame.

The Fund’s fixed income sleeve outperformed the Bloomberg Barclays U.S. Aggregate Bond Index for the period. Outperformance was driven by our corporate credit allocation. As spreads tightened, our overweight in investment-grade corporates contributed positively to performance. Our emphasis on owning securities in the lowest tier of investment-grade ratings was particularly beneficial, as “riskier” assets generally performed well during the period. For similar reasons, our out-of-index allocation to high yield was a leading contributor. Our focus on securities that can provide greater spread carry than the index was a large contributor to outperformance.


2	SEPTEMBER 30, 2017

Janus Henderson Balanced Fund (unaudited)

Carry is a measure of excess income generated by the Fund’s holdings.

At the credit sector level, banking and brokerage, asset managers and exchanges were among the largest contributors. Financials generally performed well throughout the period, benefiting from the prospect of a more relaxed regulatory environment under the Trump administration and rising interest rates, which help pad net interest income. Our overweight allocations in both sectors benefited relative results.

Security selection also helped in brokerage, asset managers and exchanges. Asset manager Neuberger Berman was a leading relative corporate credit contributor. The company benefited from increased liquidity in the name after the company issued a bond early in 2017. Although we continue to like the company’s conservative management team and its commitment to reducing leverage, our target valuation was realized and we trimmed our position.

Our overweight to the technology sector also aided performance. Global growth and the anticipation of greater capital investment lifted the sector for much of the period. Additionally, spread compression across a number of our overweight positions supported relative results.

We added to our position in AT&T and the multinational telecommunications conglomerate proved to be our leading individual contributor to relative performance. We participated in the company’s $23 billion new issue, proceeds from which will be used to fund its acquisition of Time Warner. AT&T appeared undervalued versus its peers for much of the period, and the new issue gave us an opportunity to build our position at a reasonable valuation in a company with defensive characteristics and stable fundamentals.

No credit sector or individual corporate issuer meaningfully weighed on relative performance.

At the asset class level, our commercial mortgage-backed securities (CMBS) boosted relative results, primarily due to spread carry and the shorter-dated nature of our holdings. Security selection in asset-backed securities (ABS) also proved beneficial. Our CMBS and ABS exposure is concentrated in securities in which our analysts can form a constructive fundamental view on the underlying assets. We allocate to higher-quality, shorter-duration positions that we believe can offer cash flow stability.

Our allocation to U.S. Treasurys was the leading asset class detractor, on a relative basis. While our underweight helped results in a rising-rate environment, it was more than offset by our yield curve positioning. Mortgage-backed securities (MBS) further detracted from relative performance. Our MBS holdings, which emphasize specified pools with lower prepayment risk and higher coupons, lagged the positions in the index. Government-related securities also detracted. Government-related securities include government agency debt as well as debt issued by state-owned firms, including a number of emerging market issuers. The weaker dollar, stronger global growth and generally limited market volatility supported strength in emerging markets over the period and our zero weight to government-related debt weighed on results.

OUTLOOK

Barring a shock to the market such as a rapid rise in interest rates or a geopolitical event, we expect the equity market to continue grinding higher in the months ahead. While we anticipate the Fed will raise rates in December, the gradual pace of tightening should continue to foster a benign rate environment, and that bodes well for stocks. Modest economic growth in the U.S. and improvement in the global growth picture adds to the favorable environment for equities. Additionally, should personal tax cuts and corporate tax reform come to pass in the U.S., stocks should continue to capture investors’ interest, particularly versus fixed income.

There is no question that equities are trading at historically high multiples. However, unlike other market peaks, we are not concerned about bubble-like symptoms. We continue to believe that stocks are reasonably valued, and we are still identifying attractive investment opportunities, particularly in health care and financials. We remain focused on companies with strong growth prospects and those that are innovating through the use of technology to improve the efficiency and quality of product offerings.

Within the fixed income sleeve, we see potential tailwinds for inflation and a higher Fed funds rate. While the inflation pickup is unlikely to be sustainable, we believe these pops could jolt the bond market. We agree that the Fed’s tightening cycle will remain gradual, but we expect the number of forthcoming hikes to fall between Fed and market expectations. In the months ahead, we expect range-bound Treasury yields, although they will likely bump up against the higher end of that range. We are


Janus Investment Fund	3

Janus Henderson Balanced Fund (unaudited)

actively managing yield curve positioning with a focus on capital preservation.

We are cautiously optimistic for corporate credit, as both fundamentals and technicals remain supportive of the asset class. Earnings have been decent, companies are adequately covering their interest expense and investors continue to reach for yield. Still, valuations are stretched and we remain in the later stages of the credit cycle. We expect a continued sideways grind, or modest spread tightening, in credit. We see few catalysts outside of tax reform that will drive spreads significantly tighter. As such, we remain focused on higher quality credit, companies with less cyclicality and issuers with cash flow stability. We are actively seeking strong risk-adjusted opportunities in sectors that may benefit from U.S. tax reform. We are avoiding those issuers we expect to engage in merger and acquisition activity. Our goal is to participate in spread tightening, but our priority is to provide capital preservation and strong risk-adjusted returns for our clients.

Thank you for investing in the Janus Henderson Balanced Fund.


4	SEPTEMBER 30, 2017

Janus Henderson Balanced Fund (unaudited)

Fund At A Glance

September 30, 2017





	5 Top Performers - Holdings		5 Bottom Performers - Holdings
		Contribution		Contribution
	Boeing Co	3.57%	Mattel Inc	-0.45%
	Mastercard Inc	1.69%	Kroger Co	-0.43%
	Microsoft Corp	1.60%	Allergan PLC	-0.24%
	CSX Corp	1.33%	Medtronic PLC	-0.18%
	CME Group Inc	1.13%	Colony NorthStar Inc	-0.07%

	5 Top Performers - Sectors*
		Fund	Fund Weighting	S&P 500 Index
		Contribution	(Average % of Equity)	Weighting
	Industrials	4.20%	13.49%	10.16%
	Energy	1.55%	0.66%	6.62%
	Information Technology	0.64%	21.40%	22.06%
	Telecom Services	0.50%	0.00%	2.35%
	Real Estate	0.46%	4.56%	2.90%

	5 Bottom Performers - Sectors*
		Fund	Fund Weighting	S&P 500 Index
		Contribution	(Average % of Equity)	Weighting
	Health Care	-0.34%	12.00%	14.09%
	Financials	-0.31%	12.84%	14.31%
	Other**	-0.11%	0.75%	0.00%
	Consumer Staples	0.01%	11.53%	9.22%
	Materials	0.04%	3.41%	2.86%

	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	5

Janus Henderson Balanced Fund (unaudited)

Fund At A Glance

September 30, 2017


5 Largest Equity Holdings - (% of Net Assets)
Microsoft Corp
Software	3.5%
Mastercard Inc
Information Technology Services	3.1%
Boeing Co
Aerospace & Defense	2.7%
Alphabet Inc - Class C
Internet Software & Services	2.3%
Altria Group Inc
Tobacco	2.1%
	13.7%


Asset Allocation - (% of Net Assets)
Common Stocks	65.0%
Corporate Bonds	17.0%
Mortgage-Backed Securities	8.2%
United States Treasury Notes/Bonds	3.4%
Asset-Backed/Commercial Mortgage-Backed Securities	3.3%
Bank Loans and Mezzanine Loans	1.6%
Investment Companies	1.3%
U.S. Government Agency Notes	0.7%
Preferred Stocks	0.1%
Other		(0.6)%
		100.0%

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

As of September 30, 2017

As of September 30, 2016


6	SEPTEMBER 30, 2017

Janus Henderson Balanced Fund (unaudited)

Performance

See important disclosures on the next page.



					Expense Ratios -
Average Annual Total Return - for the periods ended September 30, 2017					per the January 27, 2017 prospectuses
	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses
Class A Shares at NAV	15.44%	8.94%	7.05%	9.61%	0.94%
Class A Shares at MOP	8.80%	7.65%	6.42%	9.35%
Class C Shares at NAV	14.67%	8.16%	6.28%	8.93%	1.67%
Class C Shares at CDSC	13.67%	8.16%	6.28%	8.93%
Class D Shares⁽¹⁾	15.68%	9.17%	7.24%	9.69%	0.73%
Class I Shares	15.79%	9.25%	7.16%	9.66%	0.67%
Class N Shares	15.84%	9.33%	7.16%	9.66%	0.59%
Class R Shares	15.02%	8.52%	6.62%	9.22%	1.34%
Class S Shares	15.30%	8.79%	6.88%	9.45%	1.09%
Class T Shares	15.62%	9.07%	7.16%	9.66%	0.84%
S&P 500 Index	18.61%	14.22%	7.44%	9.62%
Bloomberg Barclays U.S. Aggregate Bond Index	0.07%	2.06%	4.27%	5.49%
Balanced Index	9.96%	8.73%	6.28%	8.04%
Morningstar Quartile - Class T Shares	1st	1st	1st	1st
Morningstar Ranking - based on total returns for Allocation - 50% to 70% Equity Funds	19/849	157/772	26/605	18/194

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

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


Janus Investment Fund	7

Janus Henderson Balanced Fund (unaudited)

Performance

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

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

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

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

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

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

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

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

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

See “Useful Information About Your Fund Report.”

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

(1) Closed to certain new investors.


8	SEPTEMBER 30, 2017

Janus Henderson Balanced Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (4/1/17)	Ending Account Value (9/30/17)	Expenses Paid During Period (4/1/17 - 9/30/17)†	Beginning Account Value (4/1/17)	Ending Account Value (9/30/17)	Expenses Paid During Period (4/1/17 - 9/30/17)†	Net Annualized Expense Ratio (4/1/17 - 9/30/17)
Class A Shares		$1,000.00	$1,071.90	$4.88	$1,000.00	$1,020.36	$4.76	0.94%
Class C Shares		$1,000.00	$1,068.30	$8.35	$1,000.00	$1,017.00	$8.14	1.61%
Class D Shares		$1,000.00	$1,072.90	$3.74	$1,000.00	$1,021.46	$3.65	0.72%
Class I Shares		$1,000.00	$1,073.40	$3.38	$1,000.00	$1,021.81	$3.29	0.65%
Class N Shares		$1,000.00	$1,074.00	$2.96	$1,000.00	$1,022.21	$2.89	0.57%
Class R Shares		$1,000.00	$1,070.20	$6.85	$1,000.00	$1,018.45	$6.68	1.32%
Class S Shares		$1,000.00	$1,071.20	$5.56	$1,000.00	$1,019.70	$5.42	1.07%
Class T Shares		$1,000.00	$1,072.60	$4.26	$1,000.00	$1,020.96	$4.15	0.82%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


Janus Investment Fund	9

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2017


Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– 3.3%
	AmeriCredit Automobile Receivables 2016-1, 3.5900%, 2/8/22	$8,345,000	$8,527,327
	AmeriCredit Automobile Receivables Trust 2015-2, 3.0000%, 6/8/21	5,730,000	5,784,526
	AmeriCredit Automobile Receivables Trust 2016-2, 3.6500%, 5/9/22	5,659,000	5,784,630
	Applebee's Funding LLC / IHOP Funding LLC, 4.2770%, 9/5/44 (144A)	34,080,000	33,354,130
	BAMLL Commercial Mortgage Securities Trust 2014-FL1,
	ICE LIBOR USD 1 Month + 4.0000%, 5.2344%, 12/15/31 (144A)	916,000	887,561
	BAMLL Commercial Mortgage Securities Trust 2014-FL1,
	ICE LIBOR USD 1 Month + 5.5000%, 6.7344%, 12/15/31 (144A)	3,816,490	3,593,432
	BXP Trust 2017-GM, 3.3790%, 6/13/39 (144A)	4,808,000	4,891,839
	CGMS Commercial Mortgage Trust 2017-MDDR,
	ICE LIBOR USD 1 Month + 1.7500%, 2.9844%, 7/15/30 (144A)	4,089,000	4,088,994
	CGMS Commercial Mortgage Trust 2017-MDDR,
	ICE LIBOR USD 1 Month + 2.5000%, 3.7344%, 7/15/30 (144A)	2,579,000	2,578,994
	CKE Restaurant Holdings Inc, 4.4740%, 3/20/43 (144A)	14,841,317	14,952,650
	Coinstar Funding LLC Series 2017-1, 5.2160%, 4/25/47 (144A)	10,343,078	10,748,455
	Cosmopolitan Hotel Trust 2016-COSMO,
	ICE LIBOR USD 1 Month + 2.1000%, 3.3340%, 11/15/33 (144A)	2,581,000	2,589,055
	Cosmopolitan Hotel Trust 2016-COSMO,
	ICE LIBOR USD 1 Month + 3.5000%, 4.7340%, 11/15/33 (144A)	3,369,000	3,387,923
	Cosmopolitan Hotel Trust 2016-COSMO,
	ICE LIBOR USD 1 Month + 4.6500%, 5.8840%, 11/15/33 (144A)	7,706,000	7,763,736
	DB Master Finance LLC, 3.6290%, 11/20/47 (144A)	3,899,000	3,898,610
	DB Master Finance LLC, 4.0300%, 11/20/47 (144A)	4,600,000	4,599,540
	Domino's Pizza Master Issuer LLC, 3.4840%, 10/25/45 (144A)	15,046,538	15,203,924
	Domino's Pizza Master Issuer LLC, 3.0820%, 7/25/47 (144A)	2,070,000	2,060,250
	Domino's Pizza Master Issuer LLC, 4.1180%, 7/25/47 (144A)	10,600,000	10,729,956
	Fannie Mae Connecticut Avenue Securities,
	ICE LIBOR USD 1 Month + 3.0000%, 4.2372%, 7/25/24	8,366,136	8,808,175
	Fannie Mae Connecticut Avenue Securities,
	ICE LIBOR USD 1 Month + 4.9000%, 6.1372%, 11/25/24	10,237,568	11,595,927
	Fannie Mae Connecticut Avenue Securities,
	ICE LIBOR USD 1 Month + 4.0000%, 5.2372%, 5/25/25	2,658,791	2,833,575
	Freddie Mac Structured Agency Credit Risk Debt Notes,
	ICE LIBOR USD 1 Month + 4.5000%, 5.7372%, 2/25/24	16,000,501	18,378,646
	Freddie Mac Structured Agency Credit Risk Debt Notes,
	ICE LIBOR USD 1 Month + 3.6000%, 4.8372%, 4/25/24	11,842,224	12,940,042
	FREMF 2010 K-SCT Mortgage Trust, 2.0000%, 1/25/20 (144A)^§	10,967,428	10,300,610
	GS Mortgage Securities Corp II, 3.5495%, 12/10/27 (144A)^‡	9,067,000	9,014,891
	GS Mortgage Securities Corp II, 3.4750%, 9/10/37 (144A)	6,200,000	6,336,518
	GS Mortgage Securities Corp Trust 2013-NYC5, 3.7706%, 1/10/30 (144A)^‡	3,713,000	3,726,147
	GS Mortgage Securities Trust 2014-GSFL,
	ICE LIBOR USD 1 Month + 5.9500%, 7.1844%, 7/15/31 (144A)	4,833,000	4,840,575
	GSCCRE Commercial Mortgage Trust 2015-HULA,
	ICE LIBOR USD 1 Month + 4.4000%, 5.6344%, 8/15/32 (144A)	7,508,000	7,531,375
	Houston Galleria Mall Trust 2015-HGLR, 3.0866%, 3/5/37 (144A)	3,414,000	3,383,362
	Jimmy Johns Funding LLC, 4.8460%, 7/30/47 (144A)	7,805,000	7,865,723
	JP Morgan Chase Commercial Mortgage Securities Trust 2010-C2,
	5.8502%, 11/15/43 (144A)^‡	4,424,000	4,524,730
	JP Morgan Chase Commercial Mortgage Securities Trust 2015-SGP,
	ICE LIBOR USD 1 Month + 2.7500%, 3.9767%, 7/15/36 (144A)	2,493,000	2,511,667
	JP Morgan Chase Commercial Mortgage Securities Trust 2015-SGP,
	ICE LIBOR USD 1 Month + 4.5000%, 5.7361%, 7/15/36 (144A)	7,936,000	8,025,145
	JP Morgan Chase Commercial Mortgage Securities Trust 2015-UES,
	3.7417%, 9/5/32 (144A)^‡	5,266,000	5,279,568
	JP Morgan Chase Commercial Mortgage Securities Trust 2016-WIKI,
	3.5537%, 10/5/31 (144A)	1,629,000	1,656,263
	JP Morgan Chase Commercial Mortgage Securities Trust 2016-WIKI,
	4.1426%, 10/5/31 (144A)^‡	2,491,000	2,527,564
	LB-UBS Commercial Mortgage Trust 2006-C1, 5.2760%, 2/15/41^‡	1,403,743	1,404,103
	LB-UBS Commercial Mortgage Trust 2007-C7, 6.3892%, 9/15/45^‡	4,526,755	4,593,368


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

10	SEPTEMBER 30, 2017

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2017


Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– (continued)
	LB-UBS Commercial Mortgage Trust 2008-C1, 6.3193%, 4/15/41^‡	$5,449,000	$5,408,592
	MAD Mortgage Trust 2017-330M, 3.2944%, 8/15/34 (144A)^‡	3,576,000	3,614,939
	MSSG Trust 2017-237P, 3.3970%, 9/13/39 (144A)	8,151,000	8,295,895
	MSSG Trust 2017-237P, 3.6900%, 9/13/39 (144A)	1,427,000	1,452,699
	OSCAR US Funding Trust V, 2.7300%, 12/15/20 (144A)	2,790,000	2,788,781
	OSCAR US Funding Trust V, 2.9900%, 12/15/23 (144A)	2,370,000	2,355,955
	Palisades Center Trust 2016-PLSD, 4.7370%, 4/13/33 (144A)	1,918,000	1,935,146
	Santander Drive Auto Receivables Trust 2013-4, 4.6700%, 1/15/20 (144A)	10,630,000	10,661,826
	Santander Drive Auto Receivables Trust 2013-A, 4.7100%, 1/15/21 (144A)	5,664,000	5,742,265
	Santander Drive Auto Receivables Trust 2015-1, 3.2400%, 4/15/21	6,009,000	6,093,834
	Santander Drive Auto Receivables Trust 2015-4, 3.5300%, 8/16/21	10,292,000	10,544,146
	Shops at Crystals Trust 2016-CSTL, 3.1255%, 7/5/36 (144A)	6,049,000	6,001,383
	Starwood Retail Property Trust 2014-STAR,
	ICE LIBOR USD 1 Month + 2.5000%, 3.7344%, 11/15/27 (144A)	3,173,000	3,147,906
	Starwood Retail Property Trust 2014-STAR,
	ICE LIBOR USD 1 Month + 3.2500%, 4.4844%, 11/15/27 (144A)	9,697,000	9,379,846
	Starwood Retail Property Trust 2014-STAR,
	ICE LIBOR USD 1 Month + 4.1500%, 5.3844%, 11/15/27 (144A)	5,140,000	4,940,367
	Station Place Securitization Trust 2017-3,
	ICE LIBOR USD 1 Month + 1.0000%, 2.2356%, 7/24/18 (144A)^§	13,685,000	13,682,806
	Taco Bell Funding LLC, 3.8320%, 5/25/46 (144A)	11,019,690	11,234,574
	Wachovia Bank Commercial Mortgage Trust Series 2007-C30, 5.4130%, 12/15/43^‡	6,138,019	6,237,770
	Wachovia Bank Commercial Mortgage Trust Series 2007-C31, 5.6600%, 4/15/47^‡	9,267,450	9,407,481
	Wachovia Bank Commercial Mortgage Trust Series 2007-C34, 6.2736%, 5/15/46^‡	3,503,121	3,557,877
	Wells Fargo Commercial Mortgage Trust 2014-TISH,
	ICE LIBOR USD 1 Month + 2.7500%, 3.9767%, 1/15/27 (144A)	2,999,000	3,000,318
	Wells Fargo Commercial Mortgage Trust 2014-TISH,
	ICE LIBOR USD 1 Month + 2.2500%, 3.4767%, 2/15/27 (144A)	5,786,000	5,781,994
	Wells Fargo Commercial Mortgage Trust 2014-TISH,
	ICE LIBOR USD 1 Month + 3.2500%, 4.4767%, 2/15/27 (144A)	1,499,000	1,497,973
	Wendys Funding LLC 2015-1, 3.3710%, 6/15/45 (144A)	18,070,220	18,232,310
Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $438,390,397)			438,500,189
Bank Loans and Mezzanine Loans– 1.6%
Banking – 0%
	Vantiv LLC - Term Loan B, ICE LIBOR USD + 2.0000%, 0%, 8/7/24^(a)	2,174,000	2,174,000
	Vantiv LLC - Term Loan B1, ICE LIBOR USD + 2.0000%, 0%, 8/7/24^(a)	610,000	609,543
			2,783,543
Basic Industry – 0.2%
	Axalta Coating Systems US Holdings Inc,
	ICE LIBOR USD + 2.0000%, 3.3328%, 6/1/24	24,688,125	24,798,728
Capital Goods – 0.1%
	Reynolds Group Holdings Inc, ICE LIBOR USD + 3.0000%, 4.2350%, 2/5/23	17,860,025	17,924,321
Communications – 0.5%
	Level 3 Financing Inc, ICE LIBOR USD + 2.2500%, 3.4856%, 2/22/24	34,025,000	33,998,460
	Mission Broadcasting Inc, ICE LIBOR USD + 2.5000%, 3.7372%, 1/17/24	1,082,804	1,085,316
	Nexstar Broadcasting Inc, ICE LIBOR USD + 2.5000%, 3.7372%, 1/17/24	8,647,100	8,667,161
	Nielsen Finance LLC, ICE LIBOR USD + 2.0000%, 3.2350%, 10/4/23	12,419,248	12,430,922
	Zayo Group LLC, ICE LIBOR USD + 2.0000%, 3.2372%, 1/19/21	989,030	988,872
	Zayo Group LLC, ICE LIBOR USD + 2.2500%, 3.4872%, 1/19/24	9,055,830	9,063,075
			66,233,806
Consumer Cyclical – 0.6%
	Aramark Services Inc, ICE LIBOR USD + 2.0000%, 3.2350%, 3/28/24	10,229,853	10,259,724
	Hilton Worldwide Finance LLC, ICE LIBOR USD + 2.0000%, 3.2372%, 10/25/23	28,188,001	28,299,062
	KFC Holding Co, ICE LIBOR USD + 2.0000%, 3.2344%, 6/16/23	27,732,002	27,835,997
	Landry's Inc, ICE LIBOR USD + 3.2500%, 4.4883%, 10/4/23	13,158,618	13,187,481
			79,582,264
Consumer Non-Cyclical – 0.1%
	Post Holdings Inc, ICE LIBOR USD + 2.2500%, 3.4900%, 5/24/24	2,794,014	2,799,448


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

Janus Investment Fund	11

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2017


Shares or Principal Amounts			Value
Bank Loans and Mezzanine Loans– (continued)
Consumer Non-Cyclical – (continued)
	Quintiles IMS Inc, ICE LIBOR USD + 2.0000%, 3.3328%, 3/7/24	$7,751,136	$7,787,102
			10,586,550
Technology – 0.1%
	CommScope Inc, ICE LIBOR USD + 2.5000%, 3.2350%, 12/29/22	15,115,241	15,145,472
Total Bank Loans and Mezzanine Loans (cost $217,290,459)			217,054,684
Corporate Bonds– 17.0%
Asset-Backed Securities – 0.1%
	American Tower Trust #1, 1.5510%, 3/15/18 (144A)	11,769,000	11,747,545
Banking – 3.2%
	Ally Financial Inc, 3.2500%, 11/5/18	5,936,000	5,980,520
	Ally Financial Inc, 8.0000%, 12/31/18	3,447,000	3,687,256
	Bank of America Corp, 2.5030%, 10/21/22	26,016,000	25,762,773
	Bank of America Corp, ICE LIBOR USD 3 Month + 1.0900%, 3.0930%, 10/1/25	6,210,000	6,202,719
	Bank of America Corp, 4.1830%, 11/25/27	12,569,000	13,022,170
	Bank of America Corp, ICE LIBOR USD 3 Month + 1.8140%, 4.2440%, 4/24/38	12,793,000	13,525,636
	Bank of New York Mellon Corp, 2.4500%, 8/17/26	2,042,000	1,942,967
	Bank of New York Mellon Corp, 3.2500%, 5/16/27	16,234,000	16,461,949
	Citigroup Inc, ICE LIBOR USD 3 Month + 1.4300%, 2.7461%, 9/1/23	12,751,000	13,077,076
	Citigroup Inc, 3.2000%, 10/21/26	8,226,000	8,104,464
	Citigroup Inc, ICE LIBOR USD 3 Month + 1.5630%, 3.8870%, 1/10/28	22,253,000	22,835,224
	Citizens Bank NA/Providence RI, 2.6500%, 5/26/22	5,260,000	5,259,705
	Citizens Financial Group Inc, 3.7500%, 7/1/24	3,650,000	3,651,417
	Citizens Financial Group Inc, 4.3500%, 8/1/25	2,506,000	2,598,958
	Citizens Financial Group Inc, 4.3000%, 12/3/25	14,006,000	14,656,024
	Discover Financial Services, 3.9500%, 11/6/24	6,693,000	6,849,219
	Discover Financial Services, 3.7500%, 3/4/25	9,121,000	9,153,748
	First Republic Bank/CA, 4.6250%, 2/13/47	4,732,000	4,877,949
	Goldman Sachs Capital I, 6.3450%, 2/15/34	14,964,000	18,651,709
	Goldman Sachs Group Inc, ICE LIBOR USD 3 Month + 1.2010%, 3.2720%, 9/29/25	16,044,000	16,052,422
	Goldman Sachs Group Inc, 3.7500%, 2/25/26	5,052,000	5,169,935
	Goldman Sachs Group Inc, 3.5000%, 11/16/26	11,356,000	11,385,824
	Goldman Sachs Group Inc, ICE LIBOR USD 3 Month + 1.5100%, 3.6910%, 6/5/28	5,636,000	5,683,014
	JPMorgan Chase & Co, 2.2950%, 8/15/21	15,412,000	15,396,501
	JPMorgan Chase & Co, 3.3750%, 5/1/23	17,379,000	17,735,289
	JPMorgan Chase & Co, 3.8750%, 9/10/24	4,032,000	4,195,469
	JPMorgan Chase & Co, ICE LIBOR USD 3 Month + 1.3370%, 3.7820%, 2/1/28	17,779,000	18,243,891
	Morgan Stanley, ICE LIBOR USD 3 Month + 1.3400%, 3.5910%, 7/22/28	23,279,000	23,310,242
	Santander UK PLC, 5.0000%, 11/7/23 (144A)	15,666,000	16,935,432
	SVB Financial Group, 5.3750%, 9/15/20	11,289,000	12,254,908
	Synchrony Financial, 4.5000%, 7/23/25	12,622,000	13,160,670
	Synchrony Financial, 3.7000%, 8/4/26	14,044,000	13,749,040
	UBS AG, USD SWAP SEMI 30/360 5YR + 3.7650%, 4.7500%, 5/22/23	8,163,000	8,275,486
	US Bancorp, 2.3750%, 7/22/26	13,897,000	13,201,913
	Wells Fargo & Co, 3.0000%, 4/22/26	4,140,000	4,064,858
	Wells Fargo & Co, 4.1000%, 6/3/26	13,248,000	13,765,030
	Wells Fargo & Co, 4.3000%, 7/22/27	11,604,000	12,270,112
			421,151,519
Basic Industry – 0.7%
	CF Industries Inc, 6.8750%, 5/1/18	1,530,000	1,572,075
	CF Industries Inc, 4.5000%, 12/1/26 (144A)	12,712,000	13,295,286
	FMG Resources August 2006 Pty Ltd, 4.7500%, 5/15/22 (144A)	7,349,000	7,440,862
	Freeport-McMoRan Inc, 3.1000%, 3/15/20	3,616,000	3,623,232
	Georgia-Pacific LLC, 3.1630%, 11/15/21 (144A)	18,723,000	19,135,084
	Georgia-Pacific LLC, 3.6000%, 3/1/25 (144A)	9,595,000	9,911,840
	Reliance Steel & Aluminum Co, 4.5000%, 4/15/23	9,479,000	10,054,673
	Sherwin-Williams Co, 2.7500%, 6/1/22	3,731,000	3,755,408
	Sherwin-Williams Co, 3.1250%, 6/1/24	4,306,000	4,325,922
	Sherwin-Williams Co, 3.4500%, 6/1/27	7,339,000	7,370,054


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

12	SEPTEMBER 30, 2017

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2017


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Basic Industry – (continued)
	Sherwin-Williams Co, 4.5000%, 6/1/47	$3,134,000	$3,278,030
	Steel Dynamics Inc, 4.1250%, 9/15/25 (144A)	1,785,000	1,799,494
	Steel Dynamics Inc, 5.0000%, 12/15/26	1,087,000	1,160,373
	Teck Resources Ltd, 8.5000%, 6/1/24 (144A)	8,927,000	10,243,732
			96,966,065
Brokerage – 0.8%
	Carlyle Holdings Finance LLC, 3.8750%, 2/1/23 (144A)	4,876,000	5,041,604
	CBOE Holdings Inc, 3.6500%, 1/12/27	12,328,000	12,618,452
	Charles Schwab Corp, 3.0000%, 3/10/25	3,800,000	3,798,242
	E*TRADE Financial Corp, 2.9500%, 8/24/22	12,218,000	12,241,434
	E*TRADE Financial Corp, 3.8000%, 8/24/27	9,424,000	9,532,513
	E*TRADE Financial Corp, ICE LIBOR USD 3 Month + 4.4350%, 5.8750%^µ	1,928,000	2,053,320
	Lazard Group LLC, 4.2500%, 11/14/20	10,844,000	11,453,824
	Neuberger Berman Group LLC / Neuberger Berman Finance Corp,
	4.8750%, 4/15/45 (144A)	11,157,000	10,774,897
	Raymond James Financial Inc, 5.6250%, 4/1/24	6,315,000	7,157,178
	Raymond James Financial Inc, 3.6250%, 9/15/26	6,566,000	6,573,345
	Raymond James Financial Inc, 4.9500%, 7/15/46	11,232,000	12,072,224
	Scottrade Financial Services Inc, 6.1250%, 7/11/21 (144A)	4,041,000	4,598,860
	TD Ameritrade Holding Corp, 2.9500%, 4/1/22	6,300,000	6,427,823
	TD Ameritrade Holding Corp, 3.6250%, 4/1/25	7,161,000	7,402,190
			111,745,906
Capital Goods – 0.6%
	Arconic Inc, 5.1250%, 10/1/24	1,144,000	1,217,330
	Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc,
	4.2500%, 9/15/22 (144A)	1,778,000	1,823,784
	Ball Corp, 4.3750%, 12/15/20	6,400,000	6,720,000
	CNH Industrial Capital LLC, 3.6250%, 4/15/18	6,923,000	6,968,346
	CRH America Finance Inc, 3.4000%, 5/9/27 (144A)	2,451,000	2,461,088
	Eagle Materials Inc, 4.5000%, 8/1/26	901,000	939,293
	General Electric Co, ICE LIBOR USD 3 Month + 3.3300%, 5.0000%^µ	11,951,000	12,640,573
	Martin Marietta Materials Inc, 4.2500%, 7/2/24	6,259,000	6,639,208
	Masco Corp, 4.3750%, 4/1/26	1,033,000	1,097,046
	Owens Corning, 4.2000%, 12/1/24	5,764,000	6,068,953
	Owens Corning, 3.4000%, 8/15/26	2,772,000	2,732,310
	Rockwell Collins Inc, 3.2000%, 3/15/24	5,546,000	5,642,823
	Rockwell Collins Inc, 3.5000%, 3/15/27	9,482,000	9,663,458
	Vulcan Materials Co, 7.5000%, 6/15/21	4,214,000	4,925,081
	Vulcan Materials Co, 4.5000%, 4/1/25	12,074,000	12,878,818
			82,418,111
Communications – 2.3%
	American Tower Corp, 3.3000%, 2/15/21	9,861,000	10,102,185
	American Tower Corp, 3.4500%, 9/15/21	1,021,000	1,056,315
	American Tower Corp, 3.5000%, 1/31/23	1,809,000	1,870,696
	American Tower Corp, 4.4000%, 2/15/26	6,462,000	6,831,350
	American Tower Corp, 3.3750%, 10/15/26	11,933,000	11,790,549
	AT&T Inc, 3.4000%, 8/14/24	8,630,000	8,639,949
	AT&T Inc, 3.4000%, 5/15/25	1,941,000	1,909,944
	AT&T Inc, 4.2500%, 3/1/27	9,159,000	9,409,589
	AT&T Inc, 3.9000%, 8/14/27	7,155,000	7,163,078
	AT&T Inc, 5.2500%, 3/1/37	12,451,000	13,051,584
	AT&T Inc, 5.1500%, 2/14/50	19,090,000	19,236,091
	AT&T Inc, 5.3000%, 8/14/58	13,300,000	13,402,302
	CCO Holdings LLC / CCO Holdings Capital Corp, 5.2500%, 3/15/21	9,203,000	9,479,090
	CCO Holdings LLC / CCO Holdings Capital Corp, 5.1250%, 5/1/27 (144A)	11,531,000	11,689,551
	Charter Communications Operating LLC / Charter Communications Operating
	Capital, 4.9080%, 7/23/25	19,081,000	20,390,967
	Charter Communications Operating LLC / Charter Communications Operating
	Capital, 3.7500%, 2/15/28 (144A)	3,777,000	3,681,433


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

Janus Investment Fund	13

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2017


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Communications – (continued)
	Charter Communications Operating LLC / Charter Communications Operating
	Capital, 4.2000%, 3/15/28 (144A)	$10,011,000	$10,123,113
	Charter Communications Operating LLC / Charter Communications Operating
	Capital, 6.4840%, 10/23/45	1,646,000	1,934,379
	Charter Communications Operating LLC / Charter Communications Operating
	Capital, 5.3750%, 5/1/47 (144A)	4,108,000	4,250,719
	Comcast Corp, 2.3500%, 1/15/27	7,839,000	7,313,483
	Comcast Corp, 3.3000%, 2/1/27	5,603,000	5,678,065
	Comcast Corp, 3.4000%, 7/15/46	1,361,000	1,253,609
	Cox Communications Inc, 3.1500%, 8/15/24 (144A)	9,097,000	9,036,157
	Cox Communications Inc, 3.3500%, 9/15/26 (144A)	12,415,000	12,143,977
	Cox Communications Inc, 3.5000%, 8/15/27 (144A)	8,251,000	8,116,733
	Cox Communications Inc, 4.6000%, 8/15/47 (144A)	2,108,000	2,095,440
	Crown Castle International Corp, 5.2500%, 1/15/23	8,048,000	8,906,372
	Crown Castle International Corp, 3.2000%, 9/1/24	8,196,000	8,153,687
	Crown Castle International Corp, 3.6500%, 9/1/27	14,871,000	14,856,248
	NBCUniversal Media LLC, 4.4500%, 1/15/43	2,469,000	2,649,398
	Time Warner Inc, 3.6000%, 7/15/25	7,886,000	7,911,385
	UBM PLC, 5.7500%, 11/3/20 (144A)	12,326,000	12,937,224
	Verizon Communications Inc, 2.6250%, 8/15/26	24,780,000	23,206,222
	Verizon Communications Inc, 4.1250%, 3/16/27	6,545,000	6,830,290
	Verizon Communications Inc, 4.1250%, 8/15/46	9,119,000	8,284,871
	Verizon Communications Inc, 4.8620%, 8/21/46	4,874,000	4,960,039
			310,346,084
Consumer Cyclical – 1.8%
	1011778 BC ULC / New Red Finance Inc, 4.6250%, 1/15/22 (144A)	13,138,000	13,482,872
	1011778 BC ULC / New Red Finance Inc, 4.2500%, 5/15/24 (144A)	12,232,000	12,277,870
	Amazon.com Inc, 2.8000%, 8/22/24 (144A)	6,030,000	6,039,095
	Amazon.com Inc, 3.1500%, 8/22/27 (144A)	19,195,000	19,268,826
	Amazon.com Inc, 4.0500%, 8/22/47 (144A)	7,147,000	7,226,430
	Coach Inc, 3.0000%, 7/15/22	4,032,000	4,026,061
	Coach Inc, 4.1250%, 7/15/27	4,032,000	4,051,597
	CVS Health Corp, 2.8000%, 7/20/20	19,618,000	19,958,156
	CVS Health Corp, 4.7500%, 12/1/22	4,899,000	5,356,450
	CVS Health Corp, 5.0000%, 12/1/24	6,548,000	7,247,654
	DR Horton Inc, 3.7500%, 3/1/19	8,628,000	8,789,265
	DR Horton Inc, 4.0000%, 2/15/20	1,655,000	1,713,685
	Ford Motor Co, 4.3460%, 12/8/26	12,533,000	13,023,844
	General Motors Co, 4.8750%, 10/2/23	9,355,000	10,114,302
	General Motors Financial Co Inc, 3.9500%, 4/13/24	25,413,000	26,018,196
	IHO Verwaltungs GmbH, 4.1250%, 9/15/21 (144A)	2,393,000	2,434,878
	IHO Verwaltungs GmbH, 4.5000%, 9/15/23 (144A)	1,747,000	1,777,573
	IHS Markit Ltd, 5.0000%, 11/1/22 (144A)	6,113,000	6,586,757
	IHS Markit Ltd, 4.7500%, 2/15/25 (144A)	7,749,000	8,291,430
	McDonald's Corp, 3.5000%, 3/1/27	20,325,000	20,883,364
	McDonald's Corp, 4.8750%, 12/9/45	6,951,000	7,817,130
	MDC Holdings Inc, 5.5000%, 1/15/24	9,466,000	10,196,775
	MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer Inc,
	5.6250%, 5/1/24	5,515,000	5,975,944
	Toll Brothers Finance Corp, 4.0000%, 12/31/18	3,421,000	3,476,591
	Toll Brothers Finance Corp, 5.8750%, 2/15/22	3,120,000	3,439,800
	Toll Brothers Finance Corp, 4.3750%, 4/15/23	1,787,000	1,867,415
	Walgreens Boots Alliance Inc, 3.4500%, 6/1/26	8,116,000	8,085,626
	Walgreens Boots Alliance Inc, 4.6500%, 6/1/46	1,394,000	1,454,968
	ZF North America Capital Inc, 4.5000%, 4/29/22 (144A)	2,602,000	2,735,352
			243,617,906
Consumer Non-Cyclical – 2.5%
	Abbott Laboratories, 3.8750%, 9/15/25	1,938,000	2,002,234
	Abbott Laboratories, 3.7500%, 11/30/26	3,130,000	3,210,396


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

14	SEPTEMBER 30, 2017

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2017


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Consumer Non-Cyclical – (continued)
	Allergan Funding SCS, 3.8000%, 3/15/25	$17,299,000	$17,959,118
	Anheuser-Busch InBev Finance Inc, 2.6500%, 2/1/21	3,394,000	3,448,285
	Anheuser-Busch InBev Finance Inc, 3.3000%, 2/1/23	15,562,000	16,129,124
	Anheuser-Busch InBev Finance Inc, 3.6500%, 2/1/26	28,360,000	29,327,789
	Becton Dickinson and Co, 2.8940%, 6/6/22	6,201,000	6,214,358
	Becton Dickinson and Co, 3.3630%, 6/6/24	13,786,000	13,909,127
	Becton Dickinson and Co, 3.7000%, 6/6/27	9,781,000	9,857,701
	Cardinal Health Inc, 2.6160%, 6/15/22	6,327,000	6,319,970
	Cardinal Health Inc, 3.0790%, 6/15/24	4,091,000	4,117,861
	Cardinal Health Inc, 3.4100%, 6/15/27	8,125,000	8,149,268
	Constellation Brands Inc, 4.7500%, 12/1/25	1,362,000	1,486,490
	Constellation Brands Inc, 3.7000%, 12/6/26	9,126,000	9,330,360
	Constellation Brands, Inc., 4.2500%, 5/1/23	11,794,000	12,637,654
	Danone SA, 2.0770%, 11/2/21 (144A)	12,817,000	12,588,297
	Danone SA, 2.5890%, 11/2/23 (144A)	7,729,000	7,590,068
	Express Scripts Holding Co, 3.5000%, 6/15/24	4,761,000	4,829,332
	Express Scripts Holding Co, 3.4000%, 3/1/27	5,449,000	5,369,519
	HCA Inc, 3.7500%, 3/15/19	6,307,000	6,441,024
	HCA Inc, 5.8750%, 5/1/23	2,205,000	2,397,938
	HCA Inc, 5.0000%, 3/15/24	7,678,000	8,177,070
	HCA Inc, 5.3750%, 2/1/25	5,444,000	5,736,615
	HCA Inc, 5.2500%, 6/15/26	3,800,000	4,094,500
	HCA Inc, 4.5000%, 2/15/27	3,736,000	3,820,060
	HCA Inc, 5.5000%, 6/15/47	3,922,000	4,064,172
	Life Technologies Corp, 6.0000%, 3/1/20	7,598,000	8,253,719
	McCormick & Co Inc/MD, 3.1500%, 8/15/24	5,812,000	5,858,065
	McCormick & Co Inc/MD, 3.4000%, 8/15/27	5,841,000	5,859,144
	Molson Coors Brewing Co, 3.0000%, 7/15/26	15,938,000	15,494,065
	Molson Coors Brewing Co, 4.2000%, 7/15/46	3,821,000	3,804,179
	Newell Brands Inc, 5.0000%, 11/15/23	6,387,000	6,809,954
	Reckitt Benckiser Treasury Services PLC, 2.3750%, 6/24/22 (144A)	8,117,000	8,094,394
	Reckitt Benckiser Treasury Services PLC, 2.7500%, 6/26/24 (144A)	7,728,000	7,669,015
	Reckitt Benckiser Treasury Services PLC, 3.0000%, 6/26/27 (144A)	11,684,000	11,551,646
	Shire Acquisitions Investments Ireland DAC, 2.4000%, 9/23/21	7,511,000	7,482,837
	Shire Acquisitions Investments Ireland DAC, 3.2000%, 9/23/26	10,189,000	10,040,331
	Sysco Corp, 2.5000%, 7/15/21	2,573,000	2,588,782
	Sysco Corp, 3.3000%, 7/15/26	6,460,000	6,512,735
	Sysco Corp, 3.2500%, 7/15/27	4,583,000	4,566,699
	Teva Pharmaceutical Finance Netherlands III BV, 3.1500%, 10/1/26	8,507,000	7,893,004
	Universal Health Services Inc, 4.7500%, 8/1/22 (144A)	8,803,000	9,111,105
	Wm Wrigley Jr Co, 3.3750%, 10/21/20 (144A)	5,917,000	6,100,284
			336,898,288
Electric – 0.7%
	Dominion Energy Inc, 2.0000%, 8/15/21	1,424,000	1,400,070
	Dominion Energy Inc, 2.8500%, 8/15/26	1,969,000	1,894,636
	Duke Energy Corp, 1.8000%, 9/1/21	3,817,000	3,738,995
	Duke Energy Corp, 2.4000%, 8/15/22	5,355,000	5,315,314
	Duke Energy Corp, 2.6500%, 9/1/26	10,747,000	10,273,159
	Duke Energy Corp, 3.1500%, 8/15/27	8,215,000	8,140,309
	NextEra Energy Operating Partners LP, 4.2500%, 9/15/24 (144A)	1,841,000	1,880,121
	NextEra Energy Operating Partners LP, 4.5000%, 9/15/27 (144A)	3,394,000	3,457,637
	PPL Capital Funding Inc, 3.1000%, 5/15/26	13,279,000	13,054,492
	PPL WEM Ltd / Western Power Distribution Ltd, 5.3750%, 5/1/21 (144A)	10,116,000	10,947,663
	Southern Co, 2.3500%, 7/1/21	11,589,000	11,521,769
	Southern Co, 2.9500%, 7/1/23	8,295,000	8,334,408
	Southern Co, 3.2500%, 7/1/26	11,649,000	11,510,794
			91,469,367
Energy – 1.2%
	Andeavor Logistics LP / Tesoro Logistics Finance Corp, 5.2500%, 1/15/25	3,314,000	3,550,122


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

Janus Investment Fund	15

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2017


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Energy – (continued)
	Canadian Natural Resources Ltd, 5.9000%, 2/1/18	$4,063,000	$4,121,208
	Canadian Natural Resources Ltd, 2.9500%, 1/15/23	4,157,000	4,131,326
	Cenovus Energy Inc, 5.7000%, 10/15/19	256,000	271,283
	Columbia Pipeline Group Inc, 4.5000%, 6/1/25	4,642,000	4,957,487
	ConocoPhillips Co, 4.9500%, 3/15/26	9,788,000	11,029,213
	Enbridge Energy Partners LP, 5.8750%, 10/15/25	5,995,000	6,834,099
	Energy Transfer Equity LP, 5.8750%, 1/15/24	6,557,000	7,040,579
	Energy Transfer LP, 4.1500%, 10/1/20	5,769,000	6,023,976
	Energy Transfer LP, 4.7500%, 1/15/26	2,638,000	2,775,757
	Kinder Morgan Energy Partners LP, 5.0000%, 10/1/21	5,289,000	5,695,125
	Kinder Morgan Energy Partners LP, 3.9500%, 9/1/22	5,654,000	5,868,295
	Kinder Morgan Inc/DE, 6.5000%, 9/15/20	550,000	607,689
	Motiva Enterprises LLC, 5.7500%, 1/15/20 (144A)	7,817,000	8,344,766
	NGPL PipeCo LLC, 4.3750%, 8/15/22 (144A)	1,567,000	1,625,763
	NGPL PipeCo LLC, 4.8750%, 8/15/27 (144A)	4,019,000	4,211,309
	NuStar Logistics LP, 5.6250%, 4/28/27	7,871,000	8,303,905
	Oceaneering International Inc, 4.6500%, 11/15/24	9,297,000	9,243,206
	Phillips 66 Partners LP, 3.6050%, 2/15/25	6,325,000	6,309,514
	Plains All American Pipeline LP / PAA Finance Corp, 4.6500%, 10/15/25	2,971,000	3,058,532
	Plains All American Pipeline LP / PAA Finance Corp, 4.5000%, 12/15/26	2,876,000	2,917,735
	Regency Energy Partners LP / Regency Energy Finance Corp, 5.8750%, 3/1/22	7,308,000	8,086,980
	Sabine Pass Liquefaction LLC, 5.0000%, 3/15/27	11,316,000	12,064,732
	TC PipeLines LP, 3.9000%, 5/25/27	8,610,000	8,620,461
	Williams Cos Inc, 3.7000%, 1/15/23	3,482,000	3,464,590
	Williams Partners LP, 3.7500%, 6/15/27	14,490,000	14,462,767
	Williams Partners LP / ACMP Finance Corp, 4.8750%, 3/15/24	5,106,000	5,343,786
			158,964,205
Finance Companies – 0.2%
	Park Aerospace Holdings Ltd, 3.6250%, 3/15/21 (144A)	6,261,000	6,276,652
	Park Aerospace Holdings Ltd, 5.2500%, 8/15/22 (144A)	3,837,000	3,986,163
	Park Aerospace Holdings Ltd, 5.5000%, 2/15/24 (144A)	10,445,000	10,967,250
			21,230,065
Financial Institutions – 0.3%
	Jones Lang LaSalle Inc, 4.4000%, 11/15/22	12,487,000	13,089,357
	Kennedy-Wilson Inc, 5.8750%, 4/1/24	21,234,000	21,871,020
			34,960,377
Industrial – 0.1%
	Cintas Corp No 2, 4.3000%, 6/1/21	5,311,000	5,666,733
Insurance – 0.2%
	Aetna Inc, 2.8000%, 6/15/23	5,166,000	5,191,958
	Centene Corp, 4.7500%, 5/15/22	751,000	783,856
	Centene Corp, 6.1250%, 2/15/24	1,840,000	1,989,500
	Centene Corp, 4.7500%, 1/15/25	2,205,000	2,287,688
	UnitedHealth Group Inc, 3.7500%, 7/15/25	3,128,000	3,318,263
	UnitedHealth Group Inc, 3.1000%, 3/15/26	2,074,000	2,097,423
	UnitedHealth Group Inc, 3.4500%, 1/15/27	2,032,000	2,102,286
	UnitedHealth Group Inc, 3.3750%, 4/15/27	1,037,000	1,066,186
	WellCare Health Plans Inc, 5.2500%, 4/1/25	8,924,000	9,392,510
			28,229,670
Real Estate Investment Trusts (REITs) – 0.5%
	Alexandria Real Estate Equities Inc, 2.7500%, 1/15/20	5,427,000	5,480,027
	Alexandria Real Estate Equities Inc, 4.6000%, 4/1/22	15,518,000	16,554,534
	Alexandria Real Estate Equities Inc, 4.5000%, 7/30/29	8,408,000	8,849,912
	Digital Realty Trust LP, 3.7000%, 8/15/27	4,805,000	4,852,029
	Senior Housing Properties Trust, 6.7500%, 4/15/20	3,517,000	3,790,227
	Senior Housing Properties Trust, 6.7500%, 12/15/21	3,904,000	4,361,136
	SL Green Realty Corp, 5.0000%, 8/15/18	8,387,000	8,556,679
	SL Green Realty Corp, 7.7500%, 3/15/20	16,472,000	18,346,848
			70,791,392


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

16	SEPTEMBER 30, 2017

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2017


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Technology – 1.8%
	Broadcom Corp / Broadcom Cayman Finance Ltd, 3.6250%, 1/15/24 (144A)	$8,629,000	$8,861,945
	Broadcom Corp / Broadcom Cayman Finance Ltd, 3.8750%, 1/15/27 (144A)	34,814,000	35,841,022
	Cadence Design Systems Inc, 4.3750%, 10/15/24	19,609,000	20,334,366
	Equifax Inc, 2.3000%, 6/1/21	3,302,000	3,225,223
	Equifax Inc, 3.3000%, 12/15/22	10,138,000	10,083,907
	Fidelity National Information Services Inc, 3.6250%, 10/15/20	3,269,000	3,403,419
	Fidelity National Information Services Inc, 4.5000%, 10/15/22	3,762,000	4,063,362
	First Data Corp, 7.0000%, 12/1/23 (144A)	12,202,000	13,029,296
	Iron Mountain Inc, 4.8750%, 9/15/27 (144A)	14,295,000	14,563,031
	NXP BV / NXP Funding LLC, 4.1250%, 6/15/20 (144A)	3,689,000	3,859,616
	NXP BV / NXP Funding LLC, 4.1250%, 6/1/21 (144A)	2,809,000	2,938,916
	NXP BV / NXP Funding LLC, 3.8750%, 9/1/22 (144A)	10,682,000	11,135,985
	NXP BV / NXP Funding LLC, 4.6250%, 6/1/23 (144A)	6,135,000	6,595,125
	Seagate HDD Cayman, 4.7500%, 1/1/25	8,971,000	8,730,187
	Seagate HDD Cayman, 4.8750%, 6/1/27	906,000	853,938
	Total System Services Inc, 3.8000%, 4/1/21	6,270,000	6,517,513
	Total System Services Inc, 4.8000%, 4/1/26	13,400,000	14,638,594
	Trimble Inc, 4.7500%, 12/1/24	21,690,000	23,299,016
	Verisk Analytics Inc, 4.8750%, 1/15/19	7,152,000	7,398,713
	Verisk Analytics Inc, 5.8000%, 5/1/21	12,091,000	13,348,216
	Verisk Analytics Inc, 4.1250%, 9/12/22	6,970,000	7,358,279
	Verisk Analytics Inc, 5.5000%, 6/15/45	8,208,000	9,308,470
	VMware Inc, 2.9500%, 8/21/22	6,682,000	6,704,439
	VMware Inc, 3.9000%, 8/21/27	1,936,000	1,956,242
			238,048,820
Transportation – 0%
	FedEx Corp, 3.9000%, 2/1/35	1,081,000	1,095,234
	FedEx Corp, 4.4000%, 1/15/47	471,000	489,321
			1,584,555
Total Corporate Bonds (cost $2,218,123,671)			2,265,836,608
Mortgage-Backed Securities– 8.2%
Fannie Mae Pool:
	4.0000%, 9/1/29	3,699,151	3,933,306
	6.0000%, 10/1/35	2,857,320	3,259,152
	6.0000%, 12/1/35	3,271,609	3,740,793
	6.0000%, 2/1/37	579,065	670,522
	6.0000%, 10/1/38	2,138,143	2,431,772
	7.0000%, 2/1/39	744,369	863,022
	5.5000%, 12/1/39	4,631,747	5,158,104
	5.5000%, 3/1/40	3,930,804	4,434,298
	5.5000%, 4/1/40	9,221,225	10,254,325
	5.0000%, 10/1/40	1,834,233	2,036,894
	5.5000%, 2/1/41	2,275,062	2,566,507
	5.0000%, 5/1/41	4,750,465	5,189,594
	5.5000%, 5/1/41	3,068,602	3,412,404
	5.5000%, 6/1/41	5,201,764	5,782,511
	5.5000%, 6/1/41	4,480,816	5,036,170
	5.5000%, 7/1/41	517,577	575,359
	4.5000%, 8/1/41	3,350,090	3,613,935
	5.5000%, 12/1/41	4,217,785	4,693,412
	5.5000%, 2/1/42	18,128,033	20,150,552
	4.5000%, 6/1/42	1,312,178	1,418,002
	4.5000%, 11/1/42	2,233,891	2,431,801
	3.5000%, 1/1/43	8,077,526	8,364,364
	3.5000%, 2/1/43	16,283,788	16,861,780
	3.5000%, 2/1/43	3,841,164	3,977,506
	4.5000%, 3/1/43	6,899,373	7,510,045
	3.5000%, 1/1/44	14,893,039	15,473,339
	3.5000%, 1/1/44	6,614,758	6,872,506


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

Janus Investment Fund	17

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2017


Shares or Principal Amounts			Value
Mortgage-Backed Securities– (continued)
Fannie Mae Pool – (continued)
	3.5000%, 4/1/44	$7,467,681	$7,755,430
	5.5000%, 5/1/44	4,067,890	4,522,019
	4.0000%, 7/1/44	3,117,141	3,338,021
	5.0000%, 7/1/44	499,840	557,353
	4.0000%, 8/1/44	12,255,024	13,126,526
	4.0000%, 8/1/44	4,574,281	4,899,559
	4.5000%, 10/1/44	54,372,614	59,777,241
	4.5000%, 10/1/44	5,277,396	5,777,860
	3.5000%, 2/1/45	15,584,687	16,139,205
	4.5000%, 3/1/45	8,950,616	9,799,884
	4.0000%, 5/1/45	7,563,339	8,104,631
	4.5000%, 5/1/45	8,049,819	8,847,523
	4.5000%, 5/1/45	5,101,077	5,606,515
	4.5000%, 6/1/45	5,031,404	5,434,597
	4.5000%, 9/1/45	3,076,141	3,368,500
	4.0000%, 10/1/45	15,407,784	16,425,450
	4.5000%, 10/1/45	11,848,217	12,938,724
	3.5000%, 12/1/45	4,840,869	5,026,933
	4.0000%, 12/1/45	6,767,380	7,252,129
	3.5000%, 1/1/46	13,541,262	14,061,738
	3.5000%, 1/1/46	11,755,478	12,208,241
	4.0000%, 1/1/46	2,972,388	3,178,873
	4.5000%, 2/1/46	6,162,005	6,746,849
	4.0000%, 5/1/46	10,089,448	10,786,804
	4.0000%, 6/1/46	3,251,803	3,476,570
	3.5000%, 7/1/46	8,620,149	8,938,023
	3.5000%, 7/1/46	8,515,746	8,834,180
	4.5000%, 7/1/46	12,232,600	13,393,621
	4.5000%, 7/1/46	5,974,766	6,493,626
	3.5000%, 8/1/46	5,219,181	5,399,372
	4.0000%, 8/1/46	643,810	686,002
	4.0000%, 8/1/46	622,302	663,889
	4.0000%, 8/1/46	549,240	585,235
	4.0000%, 8/1/46	416,730	444,041
	4.0000%, 10/1/46	5,909,869	6,292,144
	4.0000%, 11/1/46	3,106,170	3,327,488
	4.5000%, 11/1/46	5,317,563	5,824,945
	4.5000%, 11/1/46	2,402,739	2,622,847
	3.5000%, 12/1/46	824,792	852,688
	3.5000%, 12/1/46	188,294	194,658
	4.5000%, 12/1/46	5,068,368	5,473,973
	3.5000%, 1/1/47	3,063,521	3,167,850
	3.5000%, 1/1/47	599,317	619,571
	3.5000%, 1/1/47	369,804	382,397
	4.0000%, 1/1/47	3,824,205	4,082,102
	4.0000%, 2/1/47	8,127,108	8,687,785
	4.5000%, 2/1/47	9,466,088	10,288,672
	4.0000%, 3/1/47	834,151	888,474
	4.0000%, 3/1/47	477,223	509,011
	4.0000%, 3/1/47	225,570	240,194
	4.0000%, 3/1/47	223,130	237,712
	4.0000%, 4/1/47	8,631,967	9,243,158
	4.0000%, 4/1/47	1,089,154	1,160,922
	4.0000%, 4/1/47	873,016	930,068
	4.0000%, 4/1/47	862,345	919,788
	4.0000%, 4/1/47	815,742	869,629
	4.0000%, 4/1/47	774,122	825,131
	4.5000%, 4/1/47	9,724,120	10,651,955
	4.0000%, 5/1/47	50,040,128	53,312,773


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

18	SEPTEMBER 30, 2017

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2017


Shares or Principal Amounts			Value
Mortgage-Backed Securities– (continued)
Fannie Mae Pool – (continued)
	4.0000%, 5/1/47	$3,072,462	$3,235,318
	4.0000%, 5/1/47	1,161,803	1,238,551
	4.0000%, 5/1/47	912,737	972,385
	4.0000%, 5/1/47	715,479	762,605
	4.0000%, 5/1/47	298,641	318,335
	4.5000%, 5/1/47	1,523,130	1,665,930
	4.5000%, 5/1/47	1,270,520	1,374,288
	4.5000%, 5/1/47	1,254,315	1,368,725
	4.5000%, 5/1/47	1,230,678	1,343,310
	4.5000%, 5/1/47	929,423	1,015,020
	4.5000%, 5/1/47	862,476	941,411
	4.5000%, 5/1/47	823,496	896,075
	4.5000%, 5/1/47	794,664	864,702
	4.5000%, 5/1/47	754,792	823,639
	4.5000%, 5/1/47	423,277	460,319
	4.5000%, 5/1/47	306,880	335,652
	4.5000%, 5/1/47	277,941	303,999
	3.5000%, 6/1/47	598,411	619,152
	4.0000%, 6/1/47	3,480,185	3,710,082
	4.0000%, 6/1/47	3,265,551	3,438,648
	4.0000%, 6/1/47	1,882,295	1,998,889
	4.0000%, 6/1/47	1,710,149	1,821,673
	4.0000%, 6/1/47	1,662,102	1,771,258
	4.0000%, 6/1/47	1,574,686	1,695,033
	4.0000%, 6/1/47	1,299,979	1,385,506
	4.0000%, 6/1/47	778,213	839,843
	4.0000%, 6/1/47	744,274	790,376
	4.0000%, 6/1/47	590,833	630,285
	4.0000%, 6/1/47	486,566	516,705
	4.0000%, 6/1/47	354,180	373,064
	4.0000%, 6/1/47	212,003	226,931
	4.5000%, 6/1/47	5,699,168	6,164,628
	4.5000%, 6/1/47	1,003,804	1,085,787
	4.5000%, 6/1/47	808,219	871,242
	4.5000%, 6/1/47	533,555	583,578
	3.5000%, 7/1/47	1,160,215	1,207,223
	3.5000%, 7/1/47	698,633	723,272
	3.5000%, 7/1/47	523,175	545,343
	3.5000%, 7/1/47	316,361	327,714
	3.5000%, 7/1/47	316,191	329,198
	4.0000%, 7/1/47	13,838,343	14,746,069
	4.0000%, 7/1/47	3,396,573	3,620,948
	4.0000%, 7/1/47	2,613,904	2,785,770
	4.0000%, 7/1/47	2,442,821	2,602,599
	4.0000%, 7/1/47	1,344,794	1,443,941
	4.0000%, 7/1/47	1,322,597	1,423,678
	4.0000%, 7/1/47	1,006,303	1,083,325
	4.0000%, 7/1/47	723,868	771,605
	4.0000%, 7/1/47	693,088	747,978
	4.0000%, 7/1/47	631,350	679,602
	4.0000%, 7/1/47	404,891	436,710
	4.0000%, 7/1/47	358,374	379,468
	4.5000%, 7/1/47	3,960,290	4,361,763
	4.5000%, 7/1/47	3,534,854	3,919,322
	4.5000%, 7/1/47	3,468,092	3,810,074
	3.5000%, 8/1/47	4,441,968	4,580,829
	3.5000%, 8/1/47	2,731,428	2,826,063
	3.5000%, 8/1/47	2,495,383	2,583,387
	3.5000%, 8/1/47	603,166	627,981


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

Janus Investment Fund	19

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2017


Shares or Principal Amounts			Value
Mortgage-Backed Securities– (continued)
Fannie Mae Pool – (continued)
	4.0000%, 8/1/47	$7,239,646	$7,623,377
	4.0000%, 8/1/47	6,090,287	6,413,100
	4.0000%, 8/1/47	5,694,952	6,109,626
	4.0000%, 8/1/47	3,468,184	3,720,700
	4.0000%, 8/1/47	2,589,002	2,758,842
	4.0000%, 8/1/47	2,442,240	2,603,297
	4.0000%, 8/1/47	1,504,493	1,603,710
	4.0000%, 8/1/47	1,069,130	1,152,375
	4.5000%, 8/1/47	4,827,525	5,221,799
	4.5000%, 8/1/47	919,274	1,012,468
	3.5000%, 9/1/47	16,416,013	16,929,194
	3.5000%, 9/1/47	2,531,753	2,625,736
	4.5000%, 9/1/47	22,320,396	23,992,153
	3.5000%, 5/1/56	20,553,943	21,212,929
			782,899,186
Freddie Mac Gold Pool:
	3.5000%, 7/1/29	4,476,377	4,684,100
	8.0000%, 4/1/32	1,200,683	1,467,346
	5.5000%, 10/1/36	1,831,344	2,059,099
	6.0000%, 4/1/40	9,832,610	11,392,769
	5.5000%, 5/1/41	4,034,685	4,445,549
	5.5000%, 8/1/41	9,546,654	10,890,909
	5.5000%, 8/1/41	6,068,012	6,844,301
	5.5000%, 9/1/41	1,469,819	1,620,876
	5.0000%, 3/1/42	4,651,697	5,166,290
	3.5000%, 2/1/44	6,053,810	6,263,309
	4.5000%, 5/1/44	237,028	257,008
	5.0000%, 7/1/44	3,972,263	4,380,844
	4.0000%, 8/1/44	3,808,086	4,074,417
	4.5000%, 6/1/45	8,215,455	9,027,070
	4.5000%, 2/1/46	9,165,956	10,071,039
	4.5000%, 2/1/46	5,734,266	6,276,608
	4.5000%, 6/1/46	12,898,453	13,997,030
	3.5000%, 7/1/46	16,964,400	17,648,078
	4.0000%, 6/1/47	13,776,938	14,682,323
	3.5000%, 9/1/47	11,422,294	11,787,297
	3.5000%, 9/1/47	6,489,166	6,696,529
	3.5000%, 9/1/47	5,065,862	5,259,999
	4.0000%, 9/1/47	5,859,387	6,169,561
			165,162,351
Ginnie Mae I Pool:
	4.9000%, 10/15/34	4,892,145	5,561,319
	5.5000%, 9/15/35	471,467	542,969
	5.5000%, 8/15/39	8,688,658	10,071,294
	5.5000%, 8/15/39	2,912,467	3,375,967
	5.5000%, 10/15/39	3,326,395	3,789,026
	5.0000%, 5/15/40	494,761	550,254
	4.5000%, 7/15/41	3,212,989	3,611,373
	4.5000%, 7/15/41	1,076,278	1,175,239
	4.5000%, 8/15/41	9,205,236	10,089,408
	5.0000%, 9/15/41	884,162	987,672
	4.5000%, 5/15/44	4,178,616	4,572,848
	4.0000%, 1/15/45	18,908,409	20,075,795
	4.0000%, 4/15/45	3,424,962	3,676,398
	4.0000%, 7/15/46	12,555,050	13,448,023
	4.5000%, 8/15/46	22,001,003	24,073,390
	4.5000%, 5/15/47	938,833	1,005,393
	4.5000%, 6/15/47	391,483	423,694
	4.5000%, 7/15/47	815,110	873,173


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

20	SEPTEMBER 30, 2017

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2017


Shares or Principal Amounts			Value
Mortgage-Backed Securities– (continued)
Ginnie Mae I Pool – (continued)
	4.5000%, 9/15/47	$1,065,230	$1,167,192
			109,070,427
Ginnie Mae II Pool:
	4.5000%, 10/20/41	5,556,433	5,929,681
	3.5000%, 5/20/42	2,362,792	2,469,749
	3.5000%, 9/20/44	6,998,325	7,315,838
	5.0000%, 12/20/44	3,359,365	3,767,690
	5.0000%, 9/20/45	2,314,719	2,601,495
	4.0000%, 10/20/45	8,575,035	9,168,446
	4.0000%, 8/20/47	1,708,242	1,821,967
	4.0000%, 8/20/47	893,182	952,644
	4.0000%, 8/20/47	408,458	435,651
			34,463,161
Total Mortgage-Backed Securities (cost $1,093,468,276)			1,091,595,125
United States Treasury Notes/Bonds– 3.4%
	1.2500%, 8/31/19	26,581,000	26,464,708
	1.3750%, 9/30/19	109,528,000	109,367,490
	1.3750%, 9/15/20	1,182,000	1,173,597
	1.6250%, 8/31/22	14,992,000	14,781,175
	1.8750%, 9/30/22	1,047,000	1,044,055
	2.0000%, 5/31/24	51,185,000	50,743,130
	2.2500%, 2/15/27	24,917,000	24,755,429
	2.2500%, 8/15/27	10,724,000	10,646,083
	2.2500%, 8/15/46	120,657,000	106,017,913
	2.8750%, 11/15/46	82,321,000	82,539,665
	3.0000%, 2/15/47	5,309,000	5,457,279
	3.0000%, 5/15/47	6,555,000	6,740,128
	2.7500%, 8/15/47	15,722,000	15,369,483
Total United States Treasury Notes/Bonds (cost $446,417,327)			455,100,135
Common Stocks– 65.0%
Aerospace & Defense – 4.9%
	Boeing Co	1,420,629	361,138,098
	General Dynamics Corp	644,765	132,550,789
	Northrop Grumman Corp	578,138	166,341,865
			660,030,752
Air Freight & Logistics – 0.7%
	United Parcel Service Inc	794,316	95,389,408
Automobiles – 1.2%
	General Motors Co	4,073,297	164,479,733
Banks – 1.8%
	US Bancorp	4,429,092	237,355,040
Beverages – 0.3%
	Dr Pepper Snapple Group Inc	433,357	38,339,094
Biotechnology – 2.4%
	AbbVie Inc	562,591	49,991,836
	Amgen Inc^†	1,429,486	266,527,665
			316,519,501
Capital Markets – 3.9%
	Blackstone Group LP	2,790,985	93,135,169
	CME Group Inc	1,988,347	269,778,921
	Morgan Stanley	517,152	24,911,212
	TD Ameritrade Holding Corp	2,860,122	139,573,954
			527,399,256
Chemicals – 1.8%
	LyondellBasell Industries NV	2,390,638	236,792,694
Construction Materials – 0.3%
	Vulcan Materials Co	317,651	37,991,060


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

Janus Investment Fund	21

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2017


Shares or Principal Amounts			Value
Common Stocks– (continued)
Consumer Finance – 1.5%
	American Express Co	759,186	$68,675,966
	Synchrony Financial	4,184,872	129,940,276
			198,616,242
Equity Real Estate Investment Trusts (REITs) – 1.8%
	Colony NorthStar Inc	5,387,919	67,672,263
	Crown Castle International Corp	623,474	62,334,931
	MGM Growth Properties LLC	1,467,527	44,333,991
	Outfront Media Inc	2,034,547	51,229,893
	Starwood Waypoint Homes	416,256	15,139,231
			240,710,309
Food & Staples Retailing – 2.9%
	Costco Wholesale Corp	1,182,700	194,305,783
	Kroger Co	3,337,728	66,954,824
	Sysco Corp	2,305,030	124,356,368
			385,616,975
Food Products – 0.7%
	Hershey Co	857,933	93,660,546
Health Care Equipment & Supplies – 2.4%
	Abbott Laboratories	2,473,480	131,984,893
	Medtronic PLC	2,350,552	182,802,429
			314,787,322
Health Care Providers & Services – 1.0%
	Aetna Inc	836,496	133,011,229
Hotels, Restaurants & Leisure – 2.1%
	McDonald's Corp	542,645	85,021,619
	Norwegian Cruise Line Holdings Ltd*	833,980	45,076,619
	Six Flags Entertainment Corp	885,811	53,981,322
	Starbucks Corp	1,909,211	102,543,723
			286,623,283
Household Products – 0.3%
	Kimberly-Clark Corp	323,493	38,068,656
Industrial Conglomerates – 1.8%
	Honeywell International Inc	1,670,488	236,774,969
Information Technology Services – 4.4%
	Accenture PLC	905,589	122,317,906
	Automatic Data Processing Inc	409,848	44,804,583
	Mastercard Inc	2,946,218	416,005,982
			583,128,471
Insurance – 0.4%
	Progressive Corp	1,153,998	55,876,583
Internet & Direct Marketing Retail – 1.5%
	Priceline Group Inc*	109,355	200,209,321
Internet Software & Services – 2.3%
	Alphabet Inc - Class C*	323,893	310,649,015
Leisure Products – 0.8%
	Hasbro Inc	749,648	73,218,120
	Mattel Inc	2,264,339	35,051,968
			108,270,088
Machinery – 0.4%
	Deere & Co	393,421	49,409,743
Media – 2.0%
	Comcast Corp	5,729,864	220,485,167
	Madison Square Garden Co*	197,258	42,232,938
			262,718,105
Oil, Gas & Consumable Fuels – 1.1%
	Suncor Energy Inc	2,317,315	81,175,544
	Suncor Energy Inc^¤	2,081,628	72,963,764
			154,139,308


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

22	SEPTEMBER 30, 2017

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2017


Shares or Principal Amounts			Value
Common Stocks– (continued)
Personal Products – 0.7%
	Estee Lauder Cos Inc	869,564	$93,773,782
Pharmaceuticals – 2.5%
	Allergan PLC	728,960	149,400,352
	Bristol-Myers Squibb Co	1,574,091	100,332,560
	Eli Lilly & Co	976,911	83,564,967
			333,297,879
Real Estate Investment Trusts (REITs) – 0%
	Colony American Homes III^¢,£,§	6,162,871	395,868
Real Estate Management & Development – 0.8%
	CBRE Group Inc*	2,867,977	108,638,969
Road & Rail – 1.5%
	CSX Corp	3,635,605	197,267,927
Semiconductor & Semiconductor Equipment – 2.1%
	Intel Corp	4,084,160	155,524,813
	Lam Research Corp	658,738	121,892,880
			277,417,693
Software – 5.8%
	Activision Blizzard Inc	519,911	33,539,459
	Adobe Systems Inc*	1,550,811	231,349,985
	Microsoft Corp	6,281,297	467,893,814
	salesforce.com Inc*	415,318	38,799,008
			771,582,266
Specialty Retail – 1.8%
	Home Depot Inc	1,446,726	236,626,505
Technology Hardware, Storage & Peripherals – 1.8%
	Apple Inc	1,564,579	241,132,915
Textiles, Apparel & Luxury Goods – 1.2%
	NIKE Inc	3,115,596	161,543,653
Tobacco – 2.1%
	Altria Group Inc	4,332,223	274,749,583
Total Common Stocks (cost $5,850,198,205)			8,662,993,743
Preferred Stocks– 0.1%
Consumer Finance – 0.1%
	Discover Financial Services, 6.5000%	452,705	11,521,342
Industrial Conglomerates – 0%
	General Electric Co, 4.7000%	49,485	1,265,331
Total Preferred Stocks (cost $12,576,379)			12,786,673
Investment Companies– 1.3%
Money Markets – 1.3%
	Janus Cash Liquidity Fund LLC, 1.0644%^ºº,£(cost $178,494,294)	178,494,294	178,494,294
U.S. Government Agency Notes– 0.7%
United States Treasury Bill:
	0%, 2/22/18^◊	$40,927,000	40,747,227
	0%, 9/13/18^◊	53,134,000	52,484,802
Total U.S. Government Agency Notes (cost $93,228,533)			93,232,029
Total Investments (total cost $10,548,187,541) – 100.6%			13,415,593,480
Liabilities, net of Cash, Receivables and Other Assets – (0.6)%			(84,548,518)
Net Assets – 100%			$13,331,044,962


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

Janus Investment Fund	23

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2017


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

		% of Investment Securities

Country	Value
United States	$12,999,105,210	96.9	%
Canada	198,667,599	1.5
United Kingdom	68,135,374	0.5
Belgium	48,905,198	0.4
Ireland	25,514,937	0.2
Netherlands	24,529,642	0.2
France	20,178,365	0.1
Switzerland	8,275,486	0.1
Israel	7,893,004	0.1
Australia	7,440,862	0.0
Germany	6,947,803	0.0



Total	$13,415,593,480	100.0	%

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income⁽¹⁾		Realized Gain/(Loss)⁽¹⁾			Change in Unrealized Appreciation/ Depreciation⁽¹⁾		Value at 9/30/17
Common Stocks– 0%
Real Estate Investment Trusts (REITs) – 0%
	Colony American Homes III^¢,§	$	344,978		$	(1,369,840)	$	5,919,800	$	395,868
Investment Companies– 1.3%
Money Markets – 1.3%
	Janus Cash Liquidity Fund LLC, 1.0644%^ºº		672,166			—		—		178,494,294
Total Affiliated Investments – 1.3%		$	1,017,144		$	(1,369,840)	$	5,919,800	$	178,890,162


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

24	SEPTEMBER 30, 2017

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2017


		Share Balance at 9/30/16		Purchases		Sales		Share Balance at 9/30/17
Common Stocks– 0%
Real Estate Investment Trusts (REITs) – 0%
	Colony American Homes III^¢,§		6,162,871		—		—		6,162,871


Investment Companies– 1.3%
Money Markets – 1.3%
	Janus Cash Liquidity Fund LLC, 1.0644%^ºº		39,813,742		4,024,140,536		(3,885,459,984)		178,494,294


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

Janus Investment Fund	25

Janus Henderson Balanced Fund

Notes to Schedule of Investments and Other Information


Balanced Index	Balanced Index is an internally-calculated, hypothetical combination of total returns from the S&P 500^{^®} Index (55%) and the Bloomberg Barclays U.S. Aggregate Bond Index (45%).
Bloomberg Barclays U.S. Aggregate Bond Index	Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based measure of the investment grade, US dollar-denominated, fixed-rate taxable bond market.
S&P 500^{^®} Index	S&P 500^{^®} Index reflects U.S. large-cap equity performance and represents broad U.S. equity market performance.


LIBOR	London Interbank Offered Rate
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. Unless otherwise noted, these securities have been determined to be liquid under guidelines established by the Board of Trustees. The total value of 144A securities as of the year ended September 30, 2017 is $797,232,177, which represents 6.0% 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.


†	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, 2017, is $79,241,250.


‡	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, 2017.


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


ºº	Rate shown is the 7-day yield as of September 30, 2017.


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.


◊	Zero coupon bond.


¢	Security is valued using significant unobservable inputs.


£	The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control.


26	SEPTEMBER 30, 2017

Janus Henderson Balanced Fund

Notes to Schedule of Investments and Other Information


§	Schedule of Restricted and Illiquid Securities (as of September 30, 2017)
							Value as a
		Acquisition					% of Net
		Date		Cost		Value	Assets
Colony American Homes III		1/30/13	$	487,924	$	395,868	0.0	%
FREMF 2010 K-SCT Mortgage Trust, 2.0000%, 1/25/20		4/29/13		10,329,906		10,300,610	0.1
Station Place Securitization Trust 2017-3, 2.2356%, 7/24/18		8/11/17		13,685,000		13,682,806	0.1
Total			$	24,502,830	$	24,379,284	0.2	%

The Fund has registration rights for certain restricted securities held as of September 30, 2017. 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, 2017. See Notes to Financial Statements for more information.

Valuation Inputs Summary

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

Assets
Investments in Securities:
Asset-Backed/Commercial Mortgage-Backed Securities	$	-	$	438,500,189	$	-
Bank Loans and Mezzanine Loans		-		217,054,684		-
Corporate Bonds		-		2,265,836,608		-
Mortgage-Backed Securities		-		1,091,595,125		-
United States Treasury Notes/Bonds		-		455,100,135		-
Common Stocks
Real Estate Investment Trusts (REITs)		-		-		395,868
All Other		8,662,597,875		-		-
Preferred Stocks		-		12,786,673		-
Investment Companies		-		178,494,294		-
U.S. Government Agency Notes		-		93,232,029		-
Total Assets	$	8,662,597,875	$	4,752,599,737	$	395,868


Janus Investment Fund	27

Janus Henderson Balanced Fund

Statement of Assets and Liabilities

September 30, 2017

See footnotes at the end of the Statement.



Assets:
	Unaffiliated investments, at value⁽¹⁾			13,236,703,318
	Affiliated investments, at value⁽²⁾			178,890,162
	Cash			2,164,025
	Non-interested Trustees' deferred compensation			245,862
	Receivables:
		Investments sold		51,357,371
		Interest		30,118,090
		Fund shares sold		10,745,856
		Dividends		9,401,701
		Dividends from affiliates		108,480
	Other assets			184,736
Total Assets				13,519,919,601
Liabilities:
	Payables:			—
		Investments purchased		151,584,786
		Fund shares repurchased		23,418,671
		Advisory fees		6,182,972
		Dividends		3,526,783
		Transfer agent fees and expenses		1,832,804
		12b-1 Distribution and shareholder servicing fees		1,499,616
		Non-interested Trustees' deferred compensation fees		245,862
		Non-interested Trustees' fees and expenses		92,392
		Fund administration fees		87,686
		Professional fees		66,267
		Custodian fees		9,646
		Accrued expenses and other payables		327,154
Total Liabilities				188,874,639
Net Assets			$	13,331,044,962


See Notes to Financial Statements.

28	SEPTEMBER 30, 2017

Janus Henderson Balanced Fund

Statement of Assets and Liabilities

September 30, 2017




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	10,074,245,063
	Undistributed net investment income/(loss)		16,297,709
	Undistributed net realized gain/(loss) from investments and foreign currency transactions		373,052,649
	Unrealized net appreciation/(depreciation) of investments and non-interested Trustees’ deferred compensation		2,867,449,541
Total Net Assets		$	13,331,044,962
Net Assets - Class A Shares		$	625,453,949
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		19,271,370
Net Asset Value Per Share⁽³⁾		$	32.46
Maximum Offering Price Per Share⁽⁴⁾		$	34.44
Net Assets - Class C Shares		$	1,290,993,947
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		40,104,197
Net Asset Value Per Share⁽³⁾		$	32.19
Net Assets - Class D Shares		$	1,562,693,467
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		48,048,044
Net Asset Value Per Share		$	32.52
Net Assets - Class I Shares		$	2,096,893,207
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		64,453,701
Net Asset Value Per Share		$	32.53
Net Assets - Class N Shares		$	2,054,730,745
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		63,217,474
Net Asset Value Per Share		$	32.50
Net Assets - Class R Shares		$	341,388,842
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		10,572,587
Net Asset Value Per Share		$	32.29
Net Assets - Class S Shares		$	622,278,717
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		19,182,099
Net Asset Value Per Share		$	32.44
Net Assets - Class T Shares		$	4,736,612,088
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		145,806,836
Net Asset Value Per Share		$	32.49

(1) Includes cost of $10,369,205,323.

(2) Includes cost of $178,982,218.

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

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


See Notes to Financial Statements.

Janus Investment Fund	29

Janus Henderson Balanced Fund

Statement of Operations

For the year ended September 30, 2017



Investment Income:
	Dividends		$	195,800,763
	Interest			145,013,468
	Dividends from affiliates			1,017,144
	Other income			1,067,412
	Foreign tax withheld			(255,028)
Total Investment Income				342,643,759
Expenses:
	Advisory fees			71,036,320
	12b-1Distribution and shareholder servicing fees:
		Class A Shares		1,944,956
		Class C Shares		12,586,454
		Class R Shares		1,630,133
		Class S Shares		1,589,508
	Transfer agent administrative fees and expenses:
		Class D Shares		1,768,411
		Class R Shares		817,584
		Class S Shares		1,589,508
		Class T Shares		11,605,873
	Transfer agent networking and omnibus fees:
		Class A Shares		845,255
		Class C Shares		957,508
		Class I Shares		1,321,060
	Other transfer agent fees and expenses:
		Class A Shares		90,714
		Class C Shares		158,362
		Class D Shares		225,674
		Class I Shares		72,174
		Class N Shares		54,076
		Class R Shares		3,475
		Class S Shares		5,867
		Class T Shares		38,480
	Fund administration fees			1,160,798
	Shareholder reports expense			664,487
	Non-interested Trustees’ fees and expenses			391,381
	Registration fees			225,192
	Professional fees			185,684
	Custodian fees			84,719
	Other expenses			910,127
Total Expenses				111,963,780
Less: Excess Expense Reimbursement and Waivers				(219,547)
Net Expenses				111,744,233
Net Investment Income/(Loss)				230,899,526
Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions			432,725,275
	Investments in affiliates			(1,369,840)
Total Net Realized Gain/(Loss) on Investments				431,355,435
Change in Unrealized Net Appreciation/Depreciation:
	Investments and non-interested Trustees’ deferred compensation			1,198,328,356
	Investments in affiliates			5,919,800
Total Change in Unrealized Net Appreciation/Depreciation				1,204,248,156
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	1,866,503,117


See Notes to Financial Statements.

30	SEPTEMBER 30, 2017

Janus Henderson Balanced Fund

Statements of Changes in Net Assets



			Year ended September 30, 2017		Year ended September 30, 2016

Operations:
	Net investment income/(loss)		$	230,899,526	$	221,221,189
	Net realized gain/(loss) on investments			431,355,435		159,099,737
	Change in unrealized net appreciation/depreciation			1,204,248,156		366,986,579
Net Increase/(Decrease) in Net Assets Resulting from Operations				1,866,503,117		747,307,505
Dividends and Distributions to Shareholders:
	Dividends from Net Investment Income
		Class A Shares		(14,776,686)		(16,944,726)
		Class C Shares		(17,227,608)		(14,938,138)
		Class D Shares		(31,704,825)		(25,627,380)
		Class I Shares		(40,126,722)		(30,967,472)
		Class N Shares		(44,255,552)		(35,354,476)
		Class R Shares		(5,485,701)		(3,742,042)
		Class S Shares		(11,523,204)		(10,384,292)
		Class T Shares		(94,843,741)		(83,564,162)
	Total Dividends from Net Investment Income			(259,944,039)		(221,522,688)
	Distributions from Net Realized Gain from Investment Transactions
		Class A Shares		(10,879,238)		(45,340,413)
		Class C Shares		(15,956,168)		(60,624,654)
		Class D Shares		(16,710,703)		(62,550,462)
		Class I Shares		(18,975,938)		(70,501,358)
		Class N Shares		(21,666,308)		(77,682,726)
		Class R Shares		(4,011,088)		(12,754,560)
		Class S Shares		(7,629,078)		(32,384,158)
		Class T Shares		(53,548,122)		(218,072,346)
	Total Distributions from Net Realized Gain from Investment Transactions			(149,376,643)		(579,910,677)
Net Decrease from Dividends and Distributions to Shareholders				(409,320,682)		(801,433,365)
Capital Share Transactions:
		Class A Shares		(470,623,952)		46,762,809
		Class C Shares		(265,021,176)		148,921,384
		Class D Shares		(15,229,904)		33,812,313
		Class I Shares		258,374,590		130,777,401
		Class N Shares		(1,026,029)		128,628,757
		Class R Shares		21,735,604		3,466,223
		Class S Shares		(106,679,612)		(91,107,218)
		Class T Shares		(452,209,506)		(45,643,355)
Net Increase/(Decrease) from Capital Share Transactions				(1,030,679,985)		355,618,314
Net Increase/(Decrease) in Net Assets				426,502,450		301,492,454
Net Assets:
	Beginning of period			12,904,542,512		12,603,050,058
	End of period		$	13,331,044,962	$	12,904,542,512

Undistributed Net Investment Income/(Loss)			$	16,297,709	$	33,483,477


See Notes to Financial Statements.

Janus Investment Fund	31

Janus Henderson Balanced Fund

Financial Highlights


Class A Shares
For a share outstanding during each year ended September 30			2017	2016	2015		2014	2013
	Net Asset Value, Beginning of Period		$29.00	$29.12	$31.10		$29.11	$27.01
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.52⁽¹⁾	0.47⁽¹⁾	0.55⁽¹⁾		0.49⁽¹⁾	0.51
		Net realized and unrealized gain/(loss)	3.88	1.22	(0.70)		2.83	2.90
	Total from Investment Operations		4.40	1.69	(0.15)		3.32	3.41
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.59)	(0.48)	(0.52)		(0.47)	(0.50)
		Distributions (from capital gains)	(0.35)	(1.33)	(1.31)		(0.86)	(0.81)
	Total Dividends and Distributions		(0.94)	(1.81)	(1.83)		(1.33)	(1.31)
	Net Asset Value, End of Period		$32.46	$29.00	$29.12		$31.10	$29.11
	Total Return*		15.44%	5.86%	(0.59)%		11.65%	13.12%
	Net Assets, End of Period (in thousands)		$625,454	$1,008,842	$966,624		$835,681	$765,049
	Average Net Assets for the Period (in thousands)		$781,785	$1,037,006	$941,167		$839,360	$690,266
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.94%	0.94%	0.93%		0.95%	0.94%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.94%	0.94%	0.93%		0.95%	0.94%
		Ratio of Net Investment Income/(Loss)	1.68%	1.63%	1.78%		1.61%	1.66%
	Portfolio Turnover Rate		60%	83%	75%		72%	78%
						1


Class C Shares
For a share outstanding during each year ended September 30			2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$28.78	$28.95	$30.93	$29.00	$26.93
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.31⁽¹⁾	0.26⁽¹⁾	0.34⁽¹⁾	0.27⁽¹⁾	0.32
		Net realized and unrealized gain/(loss)	3.85	1.20	(0.69)	2.80	2.88
	Total from Investment Operations		4.16	1.46	(0.35)	3.07	3.20
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.40)	(0.30)	(0.32)	(0.28)	(0.32)
		Distributions (from capital gains)	(0.35)	(1.33)	(1.31)	(0.86)	(0.81)
	Total Dividends and Distributions		(0.75)	(1.63)	(1.63)	(1.14)	(1.13)
	Net Asset Value, End of Period		$32.19	$28.78	$28.95	$30.93	$29.00
	Total Return*		14.67%	5.09%	(1.25)%	10.78%	12.30%
	Net Assets, End of Period (in thousands)		$1,290,994	$1,408,455	$1,267,034	$996,498	$708,673
	Average Net Assets for the Period (in thousands)		$1,322,392	$1,401,426	$1,175,456	$874,136	$597,677
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.61%	1.65%	1.61%	1.68%	1.70%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.61%	1.65%	1.61%	1.68%	1.70%
		Ratio of Net Investment Income/(Loss)	1.03%	0.92%	1.10%	0.88%	0.90%
	Portfolio Turnover Rate		60%	83%	75%	72%	78%

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

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

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


See Notes to Financial Statements.

32	SEPTEMBER 30, 2017

Janus Henderson Balanced Fund

Financial Highlights


Class D Shares
For a share outstanding during each year ended September 30			2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$29.06	$29.17	$31.14	$29.15	$27.03
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.59⁽¹⁾	0.53⁽¹⁾	0.61⁽¹⁾	0.56⁽¹⁾	0.56
		Net realized and unrealized gain/(loss)	3.88	1.22	(0.69)	2.82	2.92
	Total from Investment Operations		4.47	1.75	(0.08)	3.38	3.48
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.66)	(0.53)	(0.58)	(0.53)	(0.55)
		Distributions (from capital gains)	(0.35)	(1.33)	(1.31)	(0.86)	(0.81)
	Total Dividends and Distributions		(1.01)	(1.86)	(1.89)	(1.39)	(1.36)
	Net Asset Value, End of Period		$32.52	$29.06	$29.17	$31.14	$29.15
	Total Return*		15.68%	6.07%	(0.38)%	11.86%	13.40%
	Net Assets, End of Period (in thousands)		$1,562,693	$1,411,125	$1,382,693	$1,414,364	$1,288,565
	Average Net Assets for the Period (in thousands)		$1,477,105	$1,415,240	$1,453,548	$1,383,412	$1,212,029
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.72%	0.73%	0.73%	0.73%	0.73%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.72%	0.73%	0.73%	0.73%	0.73%
		Ratio of Net Investment Income/(Loss)	1.92%	1.83%	1.98%	1.83%	1.87%
	Portfolio Turnover Rate		60%	83%	75%	72%	78%


Class I Shares
For a share outstanding during each year ended September 30			2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$29.06	$29.18	$31.15	$29.15	$27.02
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.61⁽¹⁾	0.55⁽¹⁾	0.64⁽¹⁾	0.59⁽¹⁾	0.45
		Net realized and unrealized gain/(loss)	3.89	1.21	(0.70)	2.83	3.05
	Total from Investment Operations		4.50	1.76	(0.06)	3.42	3.50
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.68)	(0.55)	(0.60)	(0.56)	(0.56)
		Distributions (from capital gains)	(0.35)	(1.33)	(1.31)	(0.86)	(0.81)
	Total Dividends and Distributions		(1.03)	(1.88)	(1.91)	(1.42)	(1.37)
	Net Asset Value, End of Period		$32.53	$29.06	$29.18	$31.15	$29.15
	Total Return*		15.79%	6.10%	(0.30)%	11.99%	13.47%
	Net Assets, End of Period (in thousands)		$2,096,893	$1,636,459	$1,510,302	$1,306,391	$966,885
	Average Net Assets for the Period (in thousands)		$1,795,486	$1,651,399	$1,482,511	$1,167,616	$1,148,507
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.65%	0.67%	0.65%	0.64%	0.69%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.65%	0.67%	0.65%	0.64%	0.69%
		Ratio of Net Investment Income/(Loss)	2.00%	1.90%	2.06%	1.92%	2.02%
	Portfolio Turnover Rate		60%	83%	75%	72%	78%

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

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

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


See Notes to Financial Statements.

Janus Investment Fund	33

Janus Henderson Balanced Fund

Financial Highlights


Class N Shares
For a share outstanding during each year ended September 30			2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$29.04	$29.15	$31.11	$29.12	$27.01
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.64⁽¹⁾	0.57⁽¹⁾	0.66⁽¹⁾	0.60⁽¹⁾	0.77
		Net realized and unrealized gain/(loss)	3.87	1.22	(0.69)	2.83	2.74
	Total from Investment Operations		4.51	1.79	(0.03)	3.43	3.51
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.70)	(0.57)	(0.62)	(0.58)	(0.59)
		Distributions (from capital gains)	(0.35)	(1.33)	(1.31)	(0.86)	(0.81)
	Total Dividends and Distributions		(1.05)	(1.90)	(1.93)	(1.44)	(1.40)
	Net Asset Value, End of Period		$32.50	$29.04	$29.15	$31.11	$29.12
	Total Return*		15.84%	6.23%	(0.20)%	12.03%	13.52%
	Net Assets, End of Period (in thousands)		$2,054,731	$1,834,036	$1,709,643	$1,648,665	$1,432,413
	Average Net Assets for the Period (in thousands)		$1,952,775	$1,801,032	$1,751,330	$1,532,107	$1,029,152
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.58%	0.59%	0.58%	0.58%	0.58%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.58%	0.59%	0.58%	0.58%	0.58%
		Ratio of Net Investment Income/(Loss)	2.07%	1.98%	2.14%	1.98%	1.89%
	Portfolio Turnover Rate		60%	83%	75%	72%	78%


Class R Shares
For a share outstanding during each year ended September 30			2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$28.87	$29.02	$30.99	$29.03	$26.95
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.40⁽¹⁾	0.35⁽¹⁾	0.43⁽¹⁾	0.37⁽¹⁾	0.40
		Net realized and unrealized gain/(loss)	3.87	1.21	(0.68)	2.82	2.89
	Total from Investment Operations		4.27	1.56	(0.25)	3.19	3.29
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.50)	(0.38)	(0.41)	(0.37)	(0.40)
		Distributions (from capital gains)	(0.35)	(1.33)	(1.31)	(0.86)	(0.81)
	Total Dividends and Distributions		(0.85)	(1.71)	(1.72)	(1.23)	(1.21)
	Net Asset Value, End of Period		$32.29	$28.87	$29.02	$30.99	$29.03
	Total Return*		15.02%	5.40%	(0.94)%	11.20%	12.68%
	Net Assets, End of Period (in thousands)		$341,389	$283,729	$281,398	$309,887	$279,905
	Average Net Assets for the Period (in thousands)		$327,651	$288,241	$297,615	$296,348	$258,708
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.32%	1.34%	1.31%	1.33%	1.33%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.32%	1.34%	1.31%	1.33%	1.33%
		Ratio of Net Investment Income/(Loss)	1.33%	1.23%	1.39%	1.23%	1.27%
	Portfolio Turnover Rate		60%	83%	75%	72%	78%

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

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

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


See Notes to Financial Statements.

34	SEPTEMBER 30, 2017

Janus Henderson Balanced Fund

Financial Highlights


Class S Shares
For a share outstanding during each year ended September 30			2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$28.99	$29.12	$31.09	$29.11	$27.01
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.48⁽¹⁾	0.43⁽¹⁾	0.50⁽¹⁾	0.45⁽¹⁾	0.47
		Net realized and unrealized gain/(loss)	3.88	1.21	(0.68)	2.83	2.90
	Total from Investment Operations		4.36	1.64	(0.18)	3.28	3.37
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.56)	(0.44)	(0.48)	(0.44)	(0.46)
		Distributions (from capital gains)	(0.35)	(1.33)	(1.31)	(0.86)	(0.81)
	Total Dividends and Distributions		(0.91)	(1.77)	(1.79)	(1.30)	(1.27)
	Net Asset Value, End of Period		$32.44	$28.99	$29.12	$31.09	$29.11
	Total Return*		15.30%	5.68%	(0.71)%	11.49%	12.97%
	Net Assets, End of Period (in thousands)		$622,279	$657,563	$750,461	$837,505	$837,535
	Average Net Assets for the Period (in thousands)		$637,727	$706,818	$828,503	$844,760	$811,115
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.07%	1.09%	1.08%	1.08%	1.08%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.07%	1.08%	1.07%	1.08%	1.08%
		Ratio of Net Investment Income/(Loss)	1.57%	1.48%	1.63%	1.47%	1.52%
	Portfolio Turnover Rate		60%	83%	75%	72%	78%


Class T Shares
For a share outstanding during each year ended September 30			2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$29.02	$29.15	$31.12	$29.13	$27.02
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.56⁽¹⁾	0.50⁽¹⁾	0.58⁽¹⁾	0.53⁽¹⁾	0.53
		Net realized and unrealized gain/(loss)	3.89	1.20	(0.69)	2.83	2.92
	Total from Investment Operations		4.45	1.70	(0.11)	3.36	3.45
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.63)	(0.50)	(0.55)	(0.51)	(0.53)
		Distributions (from capital gains)	(0.35)	(1.33)	(1.31)	(0.86)	(0.81)
	Total Dividends and Distributions		(0.98)	(1.83)	(1.86)	(1.37)	(1.34)
	Net Asset Value, End of Period		$32.49	$29.02	$29.15	$31.12	$29.13
	Total Return*		15.62%	5.92%	(0.46)%	11.77%	13.27%
	Net Assets, End of Period (in thousands)		$4,736,612	$4,664,334	$4,734,896	$4,541,805	$3,979,849
	Average Net Assets for the Period (in thousands)		$4,654,904	$4,856,359	$4,872,456	$4,375,206	$3,721,640
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.83%	0.84%	0.83%	0.83%	0.83%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.82%	0.83%	0.82%	0.82%	0.83%
		Ratio of Net Investment Income/(Loss)	1.83%	1.74%	1.89%	1.73%	1.77%
	Portfolio Turnover Rate		60%	83%	75%	72%	78%

* 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	35

Janus Henderson Balanced Fund

Notes to Financial Statements

1. Organization and Significant Accounting Policies

Janus Henderson Balanced Fund (formerly named Janus Balanced Fund) (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 50 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term capital growth, consistent with preservation of capital and balanced by current income. The Fund is classified as diversified, as defined in the 1940 Act.

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

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

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

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


36	SEPTEMBER 30, 2017

Janus Henderson Balanced Fund

Notes to Financial Statements

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

Investment Valuation

Securities held by the Fund are valued in accordance with policies and procedures established by and under the supervision of the Trustees (the “Valuation Procedures”). Equity securities traded on a domestic securities exchange are generally valued at the closing prices on the primary market or exchange on which they trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Securities that are traded on the over-the-counter (“OTC”) markets are generally valued at their closing or latest bid prices as available. Foreign securities and currencies are converted to U.S. dollars using the applicable exchange rate in effect at the close of the New York Stock Exchange (“NYSE”). The Fund will determine the market value of individual securities held by it by using prices provided by one or more approved professional pricing services or, as needed, by obtaining market quotations from independent broker-dealers. Most debt securities are valued in accordance with the evaluated bid price supplied by the pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith under the Valuation Procedures. Circumstances in which fair value pricing may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a nonvalued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to “odd-lot” fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The Fund uses systematic fair valuation models provided by independent third parties to value international equity securities in order to adjust for stale pricing, which may occur between the close of certain foreign exchanges and the close of the NYSE.

Valuation Inputs Summary

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


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Janus Henderson Balanced Fund

Notes to Financial Statements

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

The Fund did not hold a significant amount of Level 3 securities as of September 30, 2017.

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

Investment Transactions and Investment Income

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

Expenses

Estimates

Indemnifications

Foreign Currency Translations


38	SEPTEMBER 30, 2017

Janus Henderson Balanced Fund

Notes to Financial Statements

Dividends and Distributions

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

Federal Income Taxes

2. Other Investments and Strategies

Additional Investment Risk


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Notes to Financial Statements

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

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, 2017.

· 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


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Notes to Financial Statements

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

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

Real Estate Investing

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

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 non-U.S. government debt securities (“sovereign debt”). Some investments in sovereign debt, such as U.S. sovereign debt, are considered low risk. However, investments in sovereign debt, especially the debt of less developed countries, can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner. A sovereign debtor’s willingness or ability to satisfy its debt obligation may be affected by various factors including, but not limited to, its cash flow situation, the extent of its foreign currency reserves, the availability of foreign exchange when a payment is due, the relative size of its debt position in relation to its economy as a whole. 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,


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Notes to Financial Statements

there may be limited or no legal remedies for collecting sovereign debt and there may be no bankruptcy proceedings through which the Fund may collect all or part of the sovereign debt that a governmental entity has not repaid. In addition, to the extent the Fund invests in non-U.S. sovereign debt, it may be subject to currency risk.

When-Issued 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.

3. Investment Advisory Agreements and Other Transactions with Affiliates

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

Janus Capital 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, 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 waivers until at least February 1, 2018. If applicable, amounts waived and/or reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.

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


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

The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of September 30, 2017 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, 2017 are included in “Non-interested Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds


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Notes to Financial Statements

from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $391,913 were paid by the Trust to the Trustees under the Deferred Plan during the year ended September 30, 2017.

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, 2017, redeeming shareholders of Class A Shares paid CDSCs of $3,544 to Janus Henderson Distributors.


44	SEPTEMBER 30, 2017

Janus Henderson Balanced Fund

Notes to Financial Statements

4. 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
Undistributed Ordinary Income	Undistributed Long-Term Gains	Accumulated Capital Losses	Late-Year Ordinary Loss	Post-October Capital Loss	to Tax Differences	Appreciation/ (Depreciation)
$ 16,543,571	$ 383,840,257	$ -	$ -	$ -	$ (202,260)	$2,856,618,331

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, 2017 are noted below. 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)
$ 10,558,975,149	$2,983,310,063	$(126,691,732)	$ 2,856,618,331


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


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	$ -	$ -



Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ 43,892,731	$ 11,858,745	$ (55,751,476)

Capital has been adjusted by $43,892,731, all of which is long-term capital gain, for distributions in connection with Fund share redemptions (tax equalization).


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Janus Henderson Balanced Fund

Notes to Financial Statements

5. Capital Share Transactions



	Year ended September 30, 2017		Year ended September 30, 2016
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	4,892,032	$ 149,292,367	12,430,088	$ 359,179,714
Reinvested dividends and distributions	686,042	20,573,575	1,845,576	53,383,993
Shares repurchased	(21,099,933)	(640,489,894)	(12,673,078)	(365,800,898)
Net Increase/(Decrease)	(15,521,859)	$ (470,623,952)	1,602,586	$ 46,762,809
Class C Shares:
Shares sold	4,820,698	$ 146,784,395	13,769,462	$ 394,868,680
Reinvested dividends and distributions	912,472	27,191,116	2,134,949	61,396,327
Shares repurchased	(14,566,623)	(438,996,687)	(10,729,245)	(307,343,623)
Net Increase/(Decrease)	(8,833,453)	$ (265,021,176)	5,175,166	$ 148,921,384
Class D Shares:
Shares sold	3,521,432	$ 108,112,668	3,575,182	$ 103,349,776
Reinvested dividends and distributions	1,557,916	47,244,151	2,980,651	86,363,553
Shares repurchased	(5,595,939)	(170,586,723)	(5,385,211)	(155,901,016)
Net Increase/(Decrease)	(516,591)	$ (15,229,904)	1,170,622	$ 33,812,313
Class I Shares:
Shares sold	28,860,088	$ 890,078,436	23,304,245	$ 673,515,022
Reinvested dividends and distributions	1,564,288	47,582,450	2,803,885	81,230,149
Shares repurchased	(22,275,217)	(679,286,296)	(21,559,812)	(623,967,770)
Net Increase/(Decrease)	8,149,159	$ 258,374,590	4,548,318	$ 130,777,401
Class N Shares:
Shares sold	9,756,479	$ 297,337,988	9,510,095	$ 273,463,981
Reinvested dividends and distributions	2,173,373	65,921,800	3,905,539	113,031,263
Shares repurchased	(11,877,539)	(364,285,817)	(8,895,316)	(257,866,487)
Net Increase/(Decrease)	52,313	$ (1,026,029)	4,520,318	$ 128,628,757
Class R Shares:
Shares sold	3,890,500	$ 117,381,225	2,490,192	$ 71,507,026
Reinvested dividends and distributions	290,029	8,686,978	516,703	14,897,713
Shares repurchased	(3,435,822)	(104,332,599)	(2,875,033)	(82,938,516)
Net Increase/(Decrease)	744,707	$ 21,735,604	131,862	$ 3,466,223
Class S Shares:
Shares sold	3,169,757	$ 96,748,173	4,054,498	$ 116,842,330
Reinvested dividends and distributions	632,904	19,069,362	1,472,525	42,602,373
Shares repurchased	(7,302,690)	(222,497,147)	(8,614,037)	(250,551,921)
Net Increase/(Decrease)	(3,500,029)	$ (106,679,612)	(3,087,014)	$ (91,107,218)
Class T Shares:
Shares sold	20,318,231	$ 618,839,684	30,537,017	$ 884,608,153
Reinvested dividends and distributions	4,860,745	147,060,598	10,321,526	298,766,458
Shares repurchased	(40,073,621)	(1,218,109,788)	(42,582,990)	(1,229,017,966)
Net Increase/(Decrease)	(14,894,645)	$ (452,209,506)	(1,724,447)	$ (45,643,355)

6. Purchases and Sales of Investment Securities


Purchases of Securities	Proceeds from Sales of Securities	Purchases of Long- Term U.S. Government Obligations	Proceeds from Sales of Long-Term U.S. Government Obligations
$4,626,907,332	$5,809,222,272	$ 3,040,755,251	$ 3,124,754,305


46	SEPTEMBER 30, 2017

Janus Henderson Balanced Fund

Notes to Financial Statements

7. Recent Accounting Pronouncements

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

8. Merger Related Matters

The consummation of the Merger may have been deemed to cause an “assignment” (as defined in the 1940 Act) of the advisory agreement between the Fund and Janus Capital in effect on the date of the Merger. As a result, the consummation of the Merger may have caused the investment advisory agreement to terminate automatically in accordance with its terms.

Special meeting(s) of shareholders were held on April 6, 2017, and adjourned and reconvened on April 18, 2017, April 25, 2017, April 28, 2017, and May 17, 2017 (together, the “Meeting”).

Approval of Advisory Agreement

At the Meeting, shareholders of the Fund approved the Post-Merger Advisory Agreement, which took effect upon the consummation of the Merger.

Election of Trustees

9. Subsequent Event


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Janus Henderson Balanced Fund

Report of Independent Registered Public Accounting Firm

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

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 the Janus Henderson Balanced Fund (one of the funds constituting Janus Investment Fund, hereafter referred to as the “Fund”) as of September 30, 2017, 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 as of September 30, 2017 by correspondence with the custodian, brokers, and transfer agent, provide a reasonable basis for our opinion.

Denver, Colorado

November 16, 2017


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Janus Henderson Balanced Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Quarterly Portfolio Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD

Approval of Advisory and Sub-Advisory Agreements with Janus and Janus Affiliates during the Period


Janus Investment Fund	49

Janus Henderson Balanced Fund

Additional Information (unaudited)


50	SEPTEMBER 30, 2017

Janus Henderson Balanced Fund

Additional Information (unaudited)

In connection with its deliberations, the Board received assurances from Janus, on behalf of itself and its affiliates (collectively, “Janus”) including the following:

· Janus has provided to the Board such information as it believes is reasonably necessary to evaluate the New Advisory Agreements and New Sub-Advisory Agreements.

· Janus is committed to the continuance, without interruption, of services to the Funds of at least the type and quality currently provided by Janus Capital and its affiliates, or superior thereto.

· The intent of Janus Capital to take the necessary and appropriate steps to retain and attract its key investment advisory personnel.


Janus Investment Fund	51

Janus Henderson Balanced Fund

Additional Information (unaudited)

Approval of Interim Advisory and Sub-Advisory Agreements with Janus and Janus Affiliates during the Period


52	SEPTEMBER 30, 2017

Janus Henderson Balanced Fund

Additional Information (unaudited)

Approval of Sub-Advisory Agreements with Henderson Investment Management Limited during the Period

· the terms of each HIML Sub-Advisory Agreement;

· the ability of HIML to attract and retain high-quality personnel and the organizational depth of HIML;


Janus Investment Fund	53

Janus Henderson Balanced Fund

Additional Information (unaudited)

· under each HIML Sub-Advisory Agreement, Janus Capital would be responsible for paying HIML out of its fees;

· the potential for economies of scale with respect to the overall fee structure of each HIML Fund and whether either Fund will benefit from any economies of scale; and

· the costs of seeking approval of the HIML Sub-Advisory Agreements will not be borne by the HIML Funds.

Approval of New Shell Advisory Agreements and New Shell Sub-Advisory Agreements


54	SEPTEMBER 30, 2017

Janus Henderson Balanced Fund

Additional Information (unaudited)

had the assistance of its independent legal counsel, who advised them on, among other things, its duties and obligations.

· The terms of the New Shell Advisory Agreements are substantially similar to the Current Advisory Agreements, other than with respect to the applicable contractual fee rates.

· Information regarding the pro forma fees and expenses of the Henderson Shell Funds provided by Janus Capital, including proposed fee waivers.

· the terms of each New Shell Sub-Advisory Agreement;


Janus Investment Fund	55