Janus Henderson Overseas Fund Class S NCSRS Certified semi-annual shareholder report (management investment company)

June 5, 2018

EDGAR Operations Branch

Securities and Exchange Commission

Division of Investment Management

100 F Street, NE

Washington, DC 20549-0505

RE: JANUS INVESTMENT FUND N-CSR FILING

Janus Henderson Asia Equity Fund

Janus Henderson Balanced Fund

Janus Henderson Contrarian Fund

Janus Henderson Emerging Markets Fund

Janus Henderson Enterprise Fund

Janus Henderson Forty Fund

Janus Henderson Global Life Sciences Fund

Janus Henderson Global Real Estate Fund

Janus Henderson Global Research Fund

Janus Henderson Global Select Fund

Janus Henderson Global Technology Fund

Janus Henderson Global Value Fund

Janus Henderson Growth and Income Fund

Janus Henderson International Value Fund

Janus Henderson Overseas Fund

Janus Henderson Research Fund

Janus Henderson Triton Fund

Janus Henderson European Focus Fund

Janus Henderson Global Equity Income Fund

Janus Henderson International Opportunities Fund

Janus Henderson International Small Cap Fund

Janus Henderson U.S. Growth Opportunities Fund

Janus Henderson Venture Fund

(collectively, the "Funds")

1933 Act File No. 002-34393

1940 Act File No. 811-01879

Dear Sir or Madam:

Pursuant to Section 30(b)(2) of the Investment Company Act of 1940, as amended, and Rule 30b2-1 (a) thereunder, and Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, the Funds’ Semiannual Reports dated March 31, 2018, are hereby electronically transmitted.

If you have any questions regarding this filing, please call me at (303) 394-7624.

Sincerely,

/s/ Jesper Nergaard

Jesper Nergaard

Vice President, Chief Financial Officer, Treasurer and Principal Accounting Officer of Janus Investment Fund

(Principal Accounting Officer and Principal Financial Officer)



		SEMIANNUAL REPORT March 31, 2018

	Janus Henderson Asia Equity Fund

	Janus Investment Fund

HIGHLIGHTS

· Portfolio management perspective

· Investment strategy behind your fund

· Fund performance, characteristics
and holdings

Table of Contents

Janus Henderson Asia Equity Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	10
Statement of Assets and Liabilities	12
Statement of Operations	14
Statements of Changes in Net Assets	16
Financial Highlights	17
Notes to Financial Statements	21
Additional Information	32
Useful Information About Your Fund Report	46

Janus Henderson Asia Equity Fund (unaudited)

FUND SNAPSHOT

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

Andrew Gillan

co-portfolio manager

Mervyn Koh

co-portfolio manager

PERFORMANCE OVERVIEW

The Janus Henderson Asia Equity Fund’s Class I Shares returned 7.95% over the six-month period ended March 31, 2018. The Fund’s primary benchmark, the MSCI All Country Asia ex-Japan Index^SM, returned 8.95%. The Fund's secondary benchmark, the MSCI AC Asia-Pacific ex-Japan Index^SM, returned 7.30%.

INVESTMENT ENVIRONMENT

Asian equity markets posted healthy gains of 9% during the six-months under review. Markets climbed steadily from October but then corrected in the first quarter of 2018 as a result of the sell-off in U.S. technology shares and concerns surrounding U.S. and China trade relations given the proposals for tariffs from both parties. Investor flows toward Asia and global emerging markets more broadly have remained positive. In politics, President Xi Jinping continued to consolidate his power in China at the party congress with the removal of any term limits on his presidency, which should result in a continuation of his current reform and deleveraging policies. Macroeconomic data across the region has remained firm both in terms of economic growth and Purchasing Managers’ Index (PMI) numbers. In India, the government announced plans to help recapitalize the public sector banks which have been burdened by legacy nonperforming loans and should help to support long-term growth. Less encouraging news was the plan to introduce a long-term capital gains tax at the country’s Union Budget. In Australia, the Royal Commission began its enquiry into the banking sector which does bring with it a threat of increased regulation and lower returns.

PERFORMANCE DISCUSSION

The Fund underperformed its primary benchmark, the MSCI All Country Asia ex-Japan Index, but still rose nearly 8% over the period. Asset allocation was mixed with a positive contribution from our underweight to Hong Kong, however this was offset by negative contributions from our overweight to India and the Philippines. Stock selection was positive in India where our overweight to the IT services sector contributed. At a stock level, our position in Tencent Holdings contributed positively thanks to strong results and solid execution by its highly regarded management.

Within the smartphone supply chain, share price performance was mixed. Our exposure to a mobile casing company outperformed given their exposure to older models, which have continued to sell well, while lens maker Largan underperformed given their exposure to the more expensive, newer models which have sold less well than expected. Elsewhere, Taiwan Semiconductor performed well due to strong results and upbeat guidance, which implies new avenues of growth outside of the smartphone sector where it has been a significant driver in recent years. LG Household & Healthcare also outperformed as a result of improved sentiments between China and Korea.

Underperformers over the period included Delta Electronics in Taiwan, which reported disappointing results and a muted growth outlook; and Baidu where the slower than expected recovery in its core search business weighed on the share price.

In portfolio activity, the key changes during the six months were to narrow our underweight to the Financials sector and to increase our exposure to Southeast Asia. We purchased Malaysia’s Public Bank in January and DBS Bank in Singapore in February. Malaysia as a market has been out of favor and we feel that Public Bank offers a good proxy to the improving economy, which should be reflected in better loan growth and improving net interest margins. DBS, in contrast, performed well last year but we feel that the company can still improve its return on equity further and it too should benefit from better margins and loan growth than the company has endured in recent years.

Another new purchase was Hangzhou Hikvision, a China A share holding, which is a leading supplier of video


Janus Investment Fund	1

Janus Henderson Asia Equity Fund (unaudited)

surveillance products and solutions and diversifies our technology exposure further within the Fund given we exited the position in AAC Technologies within the smartphone supply chain. Within India, we exited the position in Power Grid and Aurobindo on concerns over longer-term growth prospects and initiated a position in Bajaj Holdings, which we believe offers us good exposure to underlying consumer and finance businesses which should offer more compelling growth prospects. We exited the positions in packaging company Amcor in Australia and Astra International in Indonesia, given the headwinds their respective industries are currently facing, which are likely to challenge future growth. We also exited President Chain Store in Taiwan which sold its Starbucks China stake, weakening its long term growth prospects.

OUTLOOK

Clearly market volatility has increased and it is understandable that sentiment has been impacted both by these trade tariff concerns and the tech sell-off in the U.S. However, we do not believe that these concerns threaten the long-term structural story in Asia. We find many companies that do not simply compete on low labor costs but on genuine innovation, and Asia as a region is far less dependent on exports than it used to be. But weaker global growth will impact Asia and corporate earnings if these trade tariffs escalate to a level that impacts the global economy. Domestic demand growth remains healthy in Asia and the region will continue to consume more and we should see a structural rebalancing in Asian economies but this will take time as we have seen with China. Asian technology shares have also outperformed like their U.S. peers over the past year so it is reasonable to expect some profit taking in the short term, but we still believe that the technology sector offers continued growth prospects in Asia. Valuations of Asian equities remain reasonable both relative to their own history and at a discount to developed markets while earnings growth expectations remain healthy.

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


2	MARCH 31, 2018

Janus Henderson Asia Equity Fund (unaudited)

Fund At A Glance

March 31, 2018





	5 Top Performers - Holdings		5 Bottom Performers - Holdings
		Contribution		Contribution
	Tencent Holdings Ltd	1.32%	Largan Precision Co Ltd	-1.03%
	Taiwan Semiconductor Manufacturing Co Ltd	1.10%	Delta Electronics Inc	-0.24%
	Vietnam Dairy Products JSC	0.73%	Hon Hai Precision Industry Co Ltd	-0.23%
	Midea Group Co Ltd	0.72%	Baidu Inc (ADR)	-0.16%
	Infosys Ltd	0.54%	DBS Group Holdings Ltd	-0.12%

	5 Top Performers - Sectors*
		Fund	Fund Weighting	MSCI All Country Asia ex-Japan Index
		Contribution	(Average % of Equity)	Weighting
	Consumer Staples	0.98%	11.20%	4.46%
	Telecommunication Services	0.58%	0.00%	4.10%
	Real Estate	0.44%	3.32%	5.77%
	Industrials	0.30%	1.67%	6.81%
	Other**	0.13%	6.23%	0.08%

	5 Bottom Performers - Sectors*
		Fund	Fund Weighting	MSCI All Country Asia ex-Japan Index
		Contribution	(Average % of Equity)	Weighting
	Financials	-0.96%	16.95%	23.38%
	Information Technology	-0.65%	43.79%	32.20%
	Health Care	-0.42%	2.58%	2.45%
	Materials	-0.26%	1.36%	4.53%
	Energy	-0.17%	0.00%	4.25%

	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

March 31, 2018


5 Largest Equity Holdings - (% of Net Assets)
Taiwan Semiconductor Manufacturing Co Ltd
Semiconductor & Semiconductor Equipment	6.2%
Tencent Holdings Ltd
Internet Software & Services	5.7%
Alibaba Group Holding Ltd (ADR)
Internet Software & Services	5.5%
Housing Development Finance Corp Ltd
Thrifts & Mortgage Finance	4.5%
HDFC Bank Ltd
Banks	4.3%
	26.2%


Asset Allocation - (% of Net Assets)
Common Stocks	90.6%
Warrants	4.6%
Preferred Stocks	3.3%
Investment Companies	1.3%
Other		0.2%
		100.0%

Emerging markets comprised 82.0% of total net assets.

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

As of March 31, 2018

As of September 30, 2017


4	MARCH 31, 2018

Janus Henderson Asia Equity Fund (unaudited)

Performance

See important disclosures on the next page.



					Expense Ratios -
Average Annual Total Return - for the periods ended March 31, 2018					per the January 26, 2018 prospectuses
	Fiscal Year-to-Date	One Year	Five Year	Since Inception*	Total Annual Fund Operating Expenses	Net Annual Fund Operating Expenses
Class A Shares at NAV	7.77%	22.66%	8.20%	5.92%	2.49%	1.54%
Class A Shares at MOP	1.56%	15.65%	6.93%	4.99%
Class C Shares at NAV	7.48%	21.85%	7.44%	5.20%	3.09%	2.23%
Class C Shares at CDSC	6.48%	20.85%	7.44%	5.20%
Class D Shares⁽¹⁾	7.90%	23.01%	8.39%	6.10%	2.19%	1.34%
Class I Shares	7.95%	23.07%	8.55%	6.24%	2.00%	1.21%
Class N Shares	7.95%	22.56%	7.85%	5.54%	1.98%	1.19%
Class S Shares	7.73%	22.70%	8.18%	5.88%	2.64%	1.70%
Class T Shares	7.84%	22.79%	8.37%	6.06%	2.14%	1.44%
MSCI All Country Asia ex-Japan Index	8.95%	25.82%	8.20%	5.83%
MSCI AC Asia-Pacific ex-Japan Index	7.30%	20.71%	6.56%	5.33%
Morningstar Quartile - Class I Shares	-	2nd	2nd	2nd
Morningstar Ranking - based on total returns for Pacific/Asia ex-Japan Stock Funds	-	43/87	22/57	21/56

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.


Janus Investment Fund	5

Janus Henderson Asia Equity Fund (unaudited)

Performance

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

The expense ratios for Class N Shares are estimated.

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

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

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

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

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

Class N Shares commenced operations on January 26, 2018. Performance shown for periods prior to January 26, 2018, reflects the historical performance of the Fund's Class I Shares, calculated using the fees and expenses of Class N Shares, without the effect of any fee and expense limitations or waivers.

If Class N Shares of the Fund had been available during periods prior to January 26, 2018, the performance shown may have been different. The performance shown for periods following the Fund's commencement of Class N Shares reflects the fees and expenses of Class N Shares, net of any applicable fee and expense limitations or waivers. Please refer to the Fund's prospectuses for further details concerning historical performance.

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

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

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

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

See “Useful Information About Your Fund Report.”

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

(1) Closed to certain new investors.


6	MARCH 31, 2018

Janus Henderson Asia Equity Fund (unaudited)

Expense Examples

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (10/1/17)	Ending Account Value (3/31/18)	Expenses Paid During Period (10/1/17 - 3/31/18)*	Beginning Account Value (10/1/17)	Ending Account Value (3/31/18)	Expenses Paid During Period (10/1/17 - 3/31/18)†	Net Annualized Expense Ratio (10/1/17 - 3/31/18)
Class A Shares		$1,000.00	$1,077.70	$8.39	$1,000.00	$1,016.85	$8.15	1.62%
Class C Shares		$1,000.00	$1,074.80	$11.85	$1,000.00	$1,013.51	$11.50	2.29%
Class D Shares		$1,000.00	$1,079.00	$7.15	$1,000.00	$1,018.05	$6.94	1.38%
Class I Shares		$1,000.00	$1,079.50	$6.58	$1,000.00	$1,018.60	$6.39	1.27%
Class N Shares		$1,000.00	$1,079.50	$2.09	$1,000.00	$1,019.30	$5.69	1.13%
Class S Shares		$1,000.00	$1,077.30	$8.65	$1,000.00	$1,016.60	$8.40	1.67%
Class T Shares		$1,000.00	$1,078.40	$7.67	$1,000.00	$1,017.55	$7.44	1.48%
*	Actual Expenses Paid During Period for Class N Shares reflect only the inception period for the Fund (January 26, 2018 to March 31, 2018) and are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 65/365 (to reflect the period). Therefore, actual expenses shown are lower than would be expected for a six-month period. For all other share classes, the Actual Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
†	Hypothetical Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 182/365 (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 (unaudited)

March 31, 2018


Shares			Value
Common Stocks– 90.6%
Banks – 10.5%
	BOC Hong Kong Holdings Ltd	168,000	$823,869
	DBS Group Holdings Ltd	40,000	844,023
	HDFC Bank Ltd	60,023	1,748,169
	Public Bank Bhd	130,800	816,111
			4,232,172
Beverages – 2.6%
	Treasury Wine Estates Ltd	80,018	1,044,802
Biotechnology – 2.0%
	CSL Ltd	6,697	805,136
Diversified Financial Services – 3.8%
	Ayala Corp	49,940	913,079
	Bajaj Holdings & Investment Ltd	15,000	615,971
			1,529,050
Electronic Equipment, Instruments & Components – 6.2%
	Delta Electronics Inc	158,577	713,543
	Hon Hai Precision Industry Co Ltd	277,534	867,311
	Largan Precision Co Ltd	8,000	925,685
			2,506,539
Food Products – 5.3%
	Uni-President Enterprises Corp	553,000	1,305,148
	Vietnam Dairy Products JSC	89,830	819,545
			2,124,693
Gas Utilities – 1.5%
	ENN Energy Holdings Ltd	67,000	600,934
Hotels, Restaurants & Leisure – 2.0%
	Yum China Holdings Inc	19,300	800,950
Household Durables – 6.0%
	Coway Co Ltd	7,100	587,866
	Hanssem Co Ltd	4,249	601,030
	Nien Made Enterprise Co Ltd	58,000	561,059
	Techtronic Industries Co Ltd	114,500	676,372
			2,426,327
Industrial Conglomerates – 1.7%
	John Keells Holdings PLC	682,287	699,736
Information Technology Services – 5.4%
	Infosys Ltd	61,690	1,076,662
	Tata Consultancy Services Ltd	25,393	1,113,320
			2,189,982
Insurance – 2.5%
	AIA Group Ltd	115,800	988,601
Internet Software & Services – 14.5%
	Alibaba Group Holding Ltd (ADR)*	12,064	2,214,227
	Baidu Inc (ADR)*	2,909	649,260
	NetEase Inc (ADR)	2,382	667,889
	Tencent Holdings Ltd	43,200	2,299,662
			5,831,038
Personal Products – 1.9%
	LG Household & Health Care Ltd	677	760,398
Real Estate Management & Development – 3.5%
	City Developments Ltd	61,800	616,252
	Land & Houses PCL	446,900	152,349
	Land & Houses PCL (REG)	1,937,900	660,636
			1,429,237
Semiconductor & Semiconductor Equipment – 6.2%
	Taiwan Semiconductor Manufacturing Co Ltd	295,000	2,507,383
Technology Hardware, Storage & Peripherals – 6.4%
	Advantech Co Ltd	108,797	786,372
	Catcher Technology Co Ltd	60,000	752,024


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

8	MARCH 31, 2018

Janus Henderson Asia Equity Fund

Schedule of Investments (unaudited)

March 31, 2018


Shares			Value
Common Stocks– (continued)
Technology Hardware, Storage & Peripherals – (continued)
	Samsung Electronics Co Ltd	438	$1,020,792
			2,559,188
Textiles, Apparel & Luxury Goods – 2.2%
	Samsonite International SA	192,900	882,095
Thrifts & Mortgage Finance – 4.5%
	Housing Development Finance Corp Ltd	64,628	1,817,883
Tobacco – 1.9%
	ITC Ltd	194,659	768,641
Total Common Stocks (cost $32,443,342)			36,504,785
Preferred Stocks– 3.3%
Technology Hardware, Storage & Peripherals – 3.3%
	Samsung Electronics Co Ltd(cost $1,036,093)	691	1,333,256
Warrants– 4.6%
Electronic Equipment, Instruments & Components – 1.6%
	Hangzhou Hikvision Digital Technology Co Ltd, expires , 1/22/19*	97,000	647,201
Household Durables – 1.5%
	Midea Group Co Ltd, expires , 6/29/18*	69,414	617,636
Machinery – 1.5%
	Zhengzhou Yutong Bus Co Ltd, expires , 6/29/18*	164,752	591,548
Total Warrants (cost $1,582,113)			1,856,385
Investment Companies– 1.3%
Money Markets – 1.3%
	Fidelity Investments Money Market Treasury Portfolio, 1.4900%^ºº(cost $490,677)	490,677	490,677
Total Investments (total cost $35,552,225) – 99.8%			40,185,103
Cash, Receivables and Other Assets, net of Liabilities – 0.2%			99,271
Net Assets – 100%			$40,284,374


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

		% of
		Investment
Country	Value	Securities
China	$9,089,307	22.6	%
Taiwan	8,418,525	21.0
India	7,140,646	17.8
South Korea	4,303,342	10.7
Hong Kong	3,370,937	8.4
Australia	1,849,938	4.6
Singapore	1,460,275	3.6
Philippines	913,079	2.3
Vietnam	819,545	2.0
Malaysia	816,111	2.0
Thailand	812,985	2.0
Sri Lanka	699,736	1.8
United States	490,677	1.2



Total	$40,185,103	100.0	%


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

Janus Investment Fund	9

Janus Henderson Asia Equity Fund

Notes to Schedule of Investments and Other Information (unaudited)

MSCI All Country Asia

ex-Japan Index^SM

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

MSCI AC Asia-Pacific

ex-Japan Index^SM

The MSCI AC Asia-Pacific ex-Japan Index^SM reflects the performance of large and mid-cap companies in developed and emerging markets in the Asia Pacific region, excluding Japan. The index includes reinvestment of dividends, net of foreign withholding taxes.


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


*	Non-income producing security.


ºº	Rate shown is the 7-day yield as of March 31, 2018.


10	MARCH 31, 2018

Janus Henderson Asia Equity Fund

Notes to Schedule of Investments and Other Information (unaudited)


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 March 31, 2018. 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
Banks	$	-	$	4,232,172	$	-
Beverages		-		1,044,802		-
Biotechnology		-		805,136		-
Diversified Financial Services		-		1,529,050		-
Electronic Equipment, Instruments & Components		-		2,506,539		-
Food Products		-		2,124,693		-
Gas Utilities		-		600,934		-
Household Durables		-		2,426,327		-
Industrial Conglomerates		-		699,736		-
Information Technology Services		-		2,189,982		-
Insurance		-		988,601		-
Internet Software & Services		3,531,376		2,299,662		-
Personal Products		-		760,398		-
Real Estate Management & Development		-		1,429,237		-
Semiconductor & Semiconductor Equipment		-		2,507,383		-
Technology Hardware, Storage & Peripherals		-		2,559,188		-
Textiles, Apparel & Luxury Goods		-		882,095		-
Thrifts & Mortgage Finance		-		1,817,883		-
Tobacco		-		768,641		-
All Other		800,950		-		-
Preferred Stocks		-		1,333,256		-
Warrants		-		1,856,385		-
Investment Companies		490,677		-		-
Total Assets	$	4,823,003	$	35,362,100	$	-


Janus Investment Fund	11

Janus Henderson Asia Equity Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2018



Assets:
	Investments, at value⁽¹⁾		$	40,185,103
	Cash			155,917
	Cash denominated in foreign currency⁽²⁾			180,819
	Non-interested Trustees' deferred compensation			808
	Receivables:
		Dividends		68,508
		Fund shares sold		14,633
	Other assets			356
Total Assets				40,606,144
Liabilities:
	Payables:			—
		Compliance Office fees		155,917
		Foreign tax liability		61,560
		Advisory fees		29,582
		Fund shares repurchased		23,980
		Professional fees		21,736
		Registration fees		9,336
		Transfer agent fees and expenses		6,008
		Printing fees		3,978
		Accounting systems fees		3,523
		Custodian fees		2,015
		12b-1 Distribution and shareholder servicing fees		1,516
		Postage fees		887
		Non-interested Trustees' deferred compensation fees		808
		Non-interested Trustees' fees and expenses		326
		Fund administration fees		284
		Accrued expenses and other payables		314
Total Liabilities				321,770
Net Assets			$	40,284,374


See Notes to Financial Statements.

12	MARCH 31, 2018

Janus Henderson Asia Equity Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2018




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	34,363,910
	Undistributed net investment income/(loss)		(189,157)
	Undistributed net realized gain/(loss) from investments and foreign currency transactions		1,538,248
	Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation⁽³⁾		4,571,373
Total Net Assets		$	40,284,374
Net Assets - Class A Shares		$	1,303,535
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		108,525
Net Asset Value Per Share⁽⁴⁾		$	12.01
Maximum Offering Price Per Share⁽⁵⁾		$	12.74
Net Assets - Class C Shares		$	1,296,661
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		108,707
Net Asset Value Per Share⁽⁴⁾		$	11.93
Net Assets - Class D Shares		$	22,940,184
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,889,815
Net Asset Value Per Share		$	12.14
Net Assets - Class I Shares		$	1,587,105
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		130,809
Net Asset Value Per Share		$	12.13
Net Assets - Class N Shares		$	9,435,919
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		777,834
Net Asset Value Per Share		$	12.13
Net Assets - Class S Shares		$	509,031
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		42,250
Net Asset Value Per Share		$	12.05
Net Assets - Class T Shares		$	3,211,939
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		267,836
Net Asset Value Per Share		$	11.99

(1) Includes cost of $35,552,225.

(2) Includes cost of $180,819.

(3) Includes $61,560 of foreign capital gains tax on investments.

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

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


See Notes to Financial Statements.

Janus Investment Fund	13

Janus Henderson Asia Equity Fund

Statement of Operations (unaudited)

For the prior ended March 31, 2018⁽¹⁾



Investment Income:
	Dividends		$	184,890
	Other income			9,112
	Foreign tax withheld			(19,611)
Total Investment Income				174,391
Expenses:
	Advisory fees			198,248
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		1,110
		Class C Shares		5,828
		Class S Shares		631
	Transfer agent administrative fees and expenses:
		Class D Shares		14,628
		Class S Shares		631
		Class T Shares		3,882
	Transfer agent networking and omnibus fees:
		Class A Shares		644
		Class C Shares		315
		Class I Shares		964
	Other transfer agent fees and expenses:
		Class A Shares		57
		Class C Shares		71
		Class D Shares		3,781
		Class I Shares		358
		Class N Shares		17
		Class S Shares		5
		Class T Shares		63
	Registration fees			40,545
	Professional fees			28,184
	Shareholder reports expense			4,255
	Fund administration fees			1,645
	Custodian fees			1,441
	Non-interested Trustees’ fees and expenses			758
	Other expenses			4,909
Total Expenses				312,970
Less: Excess Expense Reimbursement and Waivers				(22,094)
Net Expenses				290,876
Net Investment Income/(Loss)				(116,485)


See Notes to Financial Statements.

14	MARCH 31, 2018

Janus Henderson Asia Equity Fund

Statement of Operations (unaudited)

For the prior ended March 31, 2018(1)



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions⁽²⁾	$	1,754,977
Total Net Realized Gain/(Loss) on Investments			1,754,977
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation⁽³⁾		1,483,835
Total Change in Unrealized Net Appreciation/Depreciation			1,483,835
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	3,122,327

(1) Period from January 26, 2018 (inception date) through March 31, 2018 for Class N Shares.

(2) Includes realized foreign capital gains tax on investments of $(15,234).

(3) Includes change in unrealized appreciation/depreciation of $(61,433) due to foreign capital gains tax on investments.


See Notes to Financial Statements.

Janus Investment Fund	15

Janus Henderson Asia Equity Fund

Statements of Changes in Net Assets



			Period ended March 31, 2018 (unaudited)⁽¹⁾		Year ended September 30, 2017

Operations:
	Net investment income/(loss)		$	(116,485)	$	155,692
	Net realized gain/(loss) on investments			1,754,977		1,899,278
	Change in unrealized net appreciation/depreciation			1,483,835		2,464,588
Net Increase/(Decrease) in Net Assets Resulting from Operations				3,122,327		4,519,558
Dividends and Distributions to Shareholders:
	Dividends from Net Investment Income
		Class A Shares		(4,171)		(3,240)
		Class C Shares		—		(1,728)
		Class D Shares		(104,082)		(71,030)
		Class I Shares		(66,389)		(36,957)
		Class S Shares		(1,534)		(3,863)
		Class T Shares		(11,238)		(4,515)
	Total Dividends from Net Investment Income			(187,414)		(121,333)
	Distributions from Net Realized Gain from Investment Transactions
		Class A Shares		(23,329)		—
		Class C Shares		(26,838)		—
		Class D Shares		(549,538)		—
		Class I Shares		(270,817)		—
		Class S Shares		(11,314)		—
		Class T Shares		(69,055)		—
	Total Distributions from Net Realized Gain from Investment Transactions			(950,891)		—
Net Decrease from Dividends and Distributions to Shareholders				(1,138,305)		(121,333)
Capital Share Transactions:
		Class A Shares		925,647		53,541
		Class C Shares		296,772		451,931
		Class D Shares		278,965		13,909,129
		Class I Shares		(11,865,440)		8,332,413
		Class N Shares		9,535,494		N/A
		Class S Shares		12,848		20,368
		Class T Shares		131,459		2,575,879
Net Increase/(Decrease) from Capital Share Transactions				(684,255)		25,343,261
Net Increase/(Decrease) in Net Assets				1,299,767		29,741,486
Net Assets:
	Beginning of period			38,984,607		9,243,121
	End of period		$	40,284,374	$	38,984,607

Undistributed Net Investment Income/(Loss)			$	(189,157)	$	114,742

(1) Period from January 26, 2018 (inception date) through March 31, 2018 for Class N Shares.


See Notes to Financial Statements.

16	MARCH 31, 2018

Janus Henderson Asia Equity Fund

Financial Highlights


Class A Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and each year ended September 30			2018	2017	2016		2015	2014	2013
	Net Asset Value, Beginning of Period		$11.45	$9.42	$8.31		$9.79	$9.44	$9.25
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	(0.04)⁽¹⁾	0.02⁽¹⁾	0.05⁽¹⁾		0.01⁽¹⁾	0.23⁽¹⁾⁽²⁾	0.07
		Net realized and unrealized gain/(loss)	0.92	2.12	1.44		(0.95)	0.59	0.20
	Total from Investment Operations		0.88	2.14	1.49		(0.94)	0.82	0.27
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.05)	(0.11)	—		(0.17)	(0.14)	(0.08)
		Distributions (from capital gains)	(0.27)	—	(0.38)		(0.37)	(0.33)	—
	Total Dividends and Distributions		(0.32)	(0.11)	(0.38)		(0.54)	(0.47)	(0.08)
	Net Asset Value, End of Period		$12.01	$11.45	$9.42		$8.31	$9.79	$9.44
	Total Return*		7.77%	23.10%	18.58%		(10.07)%	9.06%	2.88%
	Net Assets, End of Period (in thousands)		$1,304	$366	$253		$348	$456	$973
	Average Net Assets for the Period (in thousands)		$885	$293	$333		$400	$1,053	$1,063
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.71%	2.49%	3.51%		2.87%	2.49%	2.03%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.62%	1.63%	1.56%		1.61%	1.38%	1.52%
		Ratio of Net Investment Income/(Loss)	(0.68)%	0.17%	0.64%		0.07%	2.35%⁽²⁾	0.51%
	Portfolio Turnover Rate		22%	120%	59%		152%	72%	104%
						1


Class C Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and each year ended September 30			2018	2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$11.36	$9.34	$8.29	$9.72	$9.38	$9.18
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	(0.09)⁽¹⁾	(0.04)⁽¹⁾	0.01⁽¹⁾	(0.03)⁽¹⁾	0.16⁽¹⁾⁽²⁾	—⁽³⁾
		Net realized and unrealized gain/(loss)	0.93	2.10	1.42	(0.98)	0.59	0.21
	Total from Investment Operations		0.84	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)	(0.27)	—	(0.38)	(0.37)	(0.33)	—
	Total Dividends and Distributions		(0.27)	(0.04)	(0.38)	(0.42)	(0.41)	(0.01)
	Net Asset Value, End of Period		$11.93	$11.36	$9.34	$8.29	$9.72	$9.38
	Total Return*		7.48%	22.17%	17.87%	(10.81)%	8.22%	2.24%
	Net Assets, End of Period (in thousands)		$1,297	$957	$413	$360	$332	$804
	Average Net Assets for the Period (in thousands)		$1,167	$519	$381	$373	$802	$815
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.38%	3.09%	4.23%	3.59%	3.24%	2.77%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.29%	2.33%	2.25%	2.30%	2.12%	2.23%
		Ratio of Net Investment Income/(Loss)	(1.43)%	(0.42)%	0.10%	(0.31)%	1.68%⁽²⁾	(0.20)%
	Portfolio Turnover Rate		22%	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.

Janus Investment Fund	17

Janus Henderson Asia Equity Fund

Financial Highlights


Class D Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and each year ended September 30			2018	2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$11.56	$9.49	$8.35	$9.84	$9.48	$9.26
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	(0.03)⁽¹⁾	0.07⁽¹⁾	0.08⁽¹⁾	0.07⁽¹⁾	0.24⁽¹⁾⁽²⁾	0.05
		Net realized and unrealized gain/(loss)	0.93	2.11	1.45	(1.00)	0.61	0.23
	Total from Investment Operations		0.90	2.18	1.53	(0.93)	0.85	0.28
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.05)	(0.11)	(0.01)	(0.19)	(0.16)	(0.06)
		Distributions (from capital gains)	(0.27)	—	(0.38)	(0.37)	(0.33)	—
	Total Dividends and Distributions		(0.32)	(0.11)	(0.39)	(0.56)	(0.49)	(0.06)
	Net Asset Value, End of Period		$12.14	$11.56	$9.49	$8.35	$9.84	$9.48
	Total Return*		7.90%	23.30%	18.95%	(9.99)%	9.26%	3.01%
	Net Assets, End of Period (in thousands)		$22,940	$21,577	$5,314	$5,640	$9,084	$7,477
	Average Net Assets for the Period (in thousands)		$24,439	$11,542	$5,013	$6,632	$8,635	$7,523
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.49%	2.19%	3.38%	2.75%	2.31%	1.91%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.38%	1.44%	1.36%	1.42%	1.25%	1.40%
		Ratio of Net Investment Income/(Loss)	(0.55)%	0.67%	0.89%	0.67%	2.52%⁽²⁾	0.63%
	Portfolio Turnover Rate		22%	120%	59%	152%	72%	104%


Class I Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and each year ended September 30			2018	2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$11.56	$9.51	$8.37	$9.85	$9.49	$9.27
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	(0.04)⁽¹⁾	0.11⁽¹⁾	0.10⁽¹⁾	0.06⁽¹⁾	0.26⁽¹⁾⁽²⁾	0.04
		Net realized and unrealized gain/(loss)	0.95	2.07	1.44	(0.98)	0.60	0.26
	Total from Investment Operations		0.91	2.18	1.54	(0.92)	0.86	0.30
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.07)	(0.13)	(0.02)	(0.19)	(0.17)	(0.08)
		Distributions (from capital gains)	(0.27)	—	(0.38)	(0.37)	(0.33)	—
	Total Dividends and Distributions		(0.34)	(0.13)	(0.40)	(0.56)	(0.50)	(0.08)
	Net Asset Value, End of Period		$12.13	$11.56	$9.51	$8.37	$9.85	$9.49
	Total Return*		7.95%	23.39%	19.09%	(9.79)%	9.43%	3.21%
	Net Assets, End of Period (in thousands)		$1,587	$12,675	$2,665	$2,470	$2,899	$1,295
	Average Net Assets for the Period (in thousands)		$10,286	$7,408	$2,528	$3,017	$2,751	$1,549
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.35%	2.00%	3.19%	2.56%	2.15%	1.70%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.27%	1.32%	1.21%	1.27%	1.07%	1.26%
		Ratio of Net Investment Income/(Loss)	(0.60)%	1.01%	1.14%	0.57%	2.75%⁽²⁾	0.55%
	Portfolio Turnover Rate		22%	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.

18	MARCH 31, 2018

Janus Henderson Asia Equity Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended March 31 (unaudited)			2018⁽¹⁾
	Net Asset Value, Beginning of Period		$12.73
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.01⁽²⁾
		Net realized and unrealized gain/(loss)	(0.61)⁽³⁾
	Total from Investment Operations		(0.60)
	Less Dividends and Distributions:
		Dividends (from net investment income)	—
		Distributions (from capital gains)	—
	Total Dividends and Distributions		—
	Net Asset Value, End of Period		$12.13
	Total Return*		(4.71)%
	Net Assets, End of Period (in thousands)		$9,436
	Average Net Assets for the Period (in thousands)		$5,246
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.25%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.13%
		Ratio of Net Investment Income/(Loss)	0.47%
	Portfolio Turnover Rate		22%


Class S Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and each year ended September 30			2018	2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$11.48	$9.43	$8.32	$9.79	$9.43	$9.23
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	(0.05)⁽²⁾	0.01⁽²⁾	0.07⁽²⁾	0.07⁽²⁾	0.23⁽²⁾⁽⁴⁾	0.05
		Net realized and unrealized gain/(loss)	0.93	2.14	1.42	(1.00)	0.59	0.22
	Total from Investment Operations		0.88	2.15	1.49	(0.93)	0.82	0.27
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.04)	(0.10)	—	(0.17)	(0.13)	(0.07)
		Distributions (from capital gains)	(0.27)	—	(0.38)	(0.37)	(0.33)	—
	Total Dividends and Distributions		(0.31)	(0.10)	(0.38)	(0.54)	(0.46)	(0.07)
	Net Asset Value, End of Period		$12.05	$11.48	$9.43	$8.32	$9.79	$9.43
	Total Return*		7.73%	23.07%	18.56%	(9.97)%	9.02%	2.86%
	Net Assets, End of Period (in thousands)		$509	$472	$368	$310	$345	$791
	Average Net Assets for the Period (in thousands)		$506	$413	$329	$390	$752	$874
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.81%	2.64%	3.67%	3.06%	2.58%	2.21%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.67%	1.66%	1.56%	1.48%	1.46%	1.65%
		Ratio of Net Investment Income/(Loss)	(0.83)%	0.15%	0.83%	0.71%	2.42%⁽⁴⁾	0.29%
	Portfolio Turnover Rate		22%	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) Period from January 26, 2018 (inception date) through March 31, 2018.

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

(3) This amount does not agree with the change in the aggregate gains and losses in the Fund’s securities for the year or period due to the timing of sales and repurchases of the Fund’s shares in relation to fluctuating market values for the Fund’s securities.

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


See Notes to Financial Statements.

Janus Investment Fund	19

Janus Henderson Asia Equity Fund

Financial Highlights


Class T Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and each year ended September 30			2018	2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$11.42	$9.36	$8.25	$9.81	$9.45	$9.25
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	(0.04)⁽¹⁾	0.06⁽¹⁾	0.04⁽¹⁾	0.04⁽¹⁾	0.24⁽¹⁾⁽²⁾	0.13
		Net realized and unrealized gain/(loss)	0.92	2.08	1.46	(0.96)	0.61	0.15
	Total from Investment Operations		0.88	2.14	1.50	(0.92)	0.85	0.28
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.04)	(0.08)	(0.01)	(0.27)	(0.16)	(0.08)
		Distributions (from capital gains)	(0.27)	—	(0.38)	(0.37)	(0.33)	—
	Total Dividends and Distributions		(0.31)	(0.08)	(0.39)	(0.64)	(0.49)	(0.08)
	Net Asset Value, End of Period		$11.99	$11.42	$9.36	$8.25	$9.81	$9.45
	Total Return*		7.84%	23.18%	18.88%	(9.98)%	9.37%	2.99%
	Net Assets, End of Period (in thousands)		$3,212	$2,937	$230	$306	$712	$1,644
	Average Net Assets for the Period (in thousands)		$3,111	$756	$332	$566	$1,357	$1,331
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.57%	2.14%	3.41%	2.73%	2.44%	2.05%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.48%	1.55%	1.44%	1.39%	1.26%	1.43%
		Ratio of Net Investment Income/(Loss)	(0.64)%	0.55%	0.47%	0.46%	2.49%⁽²⁾	0.63%
	Portfolio Turnover Rate		22%	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.


See Notes to Financial Statements.

20	MARCH 31, 2018

Janus Henderson Asia Equity Fund

Notes to Financial Statements (unaudited)

1. Organization and Significant Accounting Policies

Janus Henderson Asia Equity Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 49 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term growth of capital. The Fund is classified as diversified, as defined in the 1940 Act.

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

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

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

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

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

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

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

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

Investment Valuation


Janus Investment Fund	21

Janus Henderson Asia Equity Fund

Notes to Financial Statements (unaudited)

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

Valuation Inputs Summary

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

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

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

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

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

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


22	MARCH 31, 2018

Janus Henderson Asia Equity Fund

Notes to Financial Statements (unaudited)

securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments and Other Information.

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

Financial assets of $28,051,637 were transferred out of Level 1 to Level 2 since certain foreign equity prices were applied a fair valuation adjustment factor at the end of the prior fiscal year and no factor was applied at the end of the current period.

Investment Transactions and Investment Income

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

Expenses

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

Estimates

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

Indemnifications

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

Foreign Currency Translations

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

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

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

Dividends and Distributions

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


Janus Investment Fund	23

Janus Henderson Asia Equity Fund

Notes to Financial Statements (unaudited)

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

On December 22, 2017, the Tax Cuts and Jobs Act was signed into law. Currently, Management does not believe the bill will have a material impact on the Fund’s intention to continue to qualify as a regulated investment company, which is generally not subject to U.S. federal income tax.

2. Other Investments and Strategies

Additional Investment Risk

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

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

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


24	MARCH 31, 2018

Janus Henderson Asia Equity Fund

Notes to Financial Statements (unaudited)

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.

Emerging Market Investing

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

3. Investment Advisory Agreements and Other Transactions with Affiliates

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

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

The calculation of the performance adjustment applies as follows:

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

The 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


Janus Investment Fund	25

Janus Henderson Asia Equity Fund

Notes to Financial Statements (unaudited)

any Performance Adjustment. For the prior ended March 31, 2018, the performance adjusted investment advisory fee rate before any waivers and/or reimbursements of expenses is 0.94%.

Effective December 31, 2017, the Fund’s subadvisory agreement with Henderson Investment Management Limited (“HIML”) was terminated. HIML served as subadviser to the Fund. As subadviser, HIML provided day-to-day management of the investment operations of the Fund subject to the general oversight of the Board of Trustees and Janus Capital. HIML is an affiliate of Janus Capital through a common parent company.

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

Janus Capital has entered into a personnel-sharing arrangement with its foreign (non-U.S.) affiliates, Henderson Global Investors Limited, Henderson Global Investors (Japan) Ltd., and Henderson Global Investors (Singapore) Ltd. (collectively, “HGIL”), pursuant to which one or more employees of HGIL may also serve as “associated persons” of Janus Capital. In this capacity, such employees of HGIL are subject to the oversight and supervision of Janus Capital and may provide portfolio management, research, and related services to the Fund on behalf of Janus Capital.

Janus Capital has contractually agreed to waive the advisory fee payable by the Fund or reimburse expenses in an amount equal to the amount, if any, that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding any performance adjustments to management fees (if applicable), the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus/administrative fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 1.11% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waiver until at least February 1, 2019. The previous expense limit (until February 1, 2018) was 1.24%. If applicable, amounts waived and/or reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.

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

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

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


26	MARCH 31, 2018

Janus Henderson Asia Equity Fund

Notes to Financial Statements (unaudited)

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. For all share classes except Class D Shares, Janus Services also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Janus Services is compensated for its services related to the Fund’s Class D Shares. 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 to the Fund, including providing office space for the Fund and providing personnel to serve as officers to the Fund. The Fund reimburses Janus Capital for certain of its costs in providing these services (to the extent Janus Capital seeks reimbursement and such costs are not otherwise waived). These costs include some or all of the salaries, fees, and expenses of Janus Capital employees and Fund officers, including the Fund’s Chief Compliance Officer and compliance staff, who provide specified administration and compliance services to 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. Total compensation of $268,180 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the prior ended March 31, 2018. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of March 31, 2018 on the Statement of Assets and Liabilities in the asset, “Non-interested Trustees’ deferred compensation,” and liability, “Non-interested Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation” on the Statement of Assets and Liabilities. Deferred compensation expenses for the prior ended March 31, 2018 are included in “Non-interested Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time


Janus Investment Fund	27

Janus Henderson Asia Equity Fund

Notes to Financial Statements (unaudited)

to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $240,213 were paid by the Trust to the Trustees under the Deferred Plan during the prior ended March 31, 2018.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between Janus Henderson Distributors and financial intermediaries. During the prior ended March 31, 2018, Janus Henderson Distributors retained upfront sales charges of $1,762.

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 prior ended March 31, 2018.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class C Shares during the prior ended March 31, 2018.


28	MARCH 31, 2018

Janus Henderson Asia Equity Fund

Notes to Financial Statements (unaudited)

As of March 31, 2018, shares of the Fund were owned by affiliates of Janus Henderson Investors, and/or other funds advised by Janus Henderson, as indicated in the table below:


Class		% of Class Owned		% of Fund Owned
Class A Shares		9	%	-	%^*
Class C Shares		34		1
Class D Shares		-		-
Class I Shares		-		-
Class N Shares		93		22
Class S Shares		96		1
Class T Shares		-		-

*	Less than 0.50%

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

4. Federal Income Tax

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

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

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of March 31, 2018 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals and investments in partnerships.


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 35,556,724	$ 5,644,618	$ (1,016,239)	$ 4,628,379


Janus Investment Fund	29

Janus Henderson Asia Equity Fund

Notes to Financial Statements (unaudited)

5. Capital Share Transactions



		Period ended March 31, 2018⁽¹⁾		Year ended September 30, 2017
		Shares	Amount	Shares	Amount

Class A Shares:
Shares sold		80,199	$ 971,734	14,701	$ 150,224
Reinvested dividends and distributions		2,333	27,500	348	3,069
Shares repurchased		(5,947)	(73,587)	(9,956)	(99,752)
Net Increase/(Decrease)		76,585	$ 925,647	5,093	$ 53,541
Class C Shares:
Shares sold		24,310	$ 294,490	46,337	$ 514,784
Reinvested dividends and distributions		2,288	26,838	197	1,728
Shares repurchased		(2,126)	(24,556)	(6,458)	(64,581)
Net Increase/(Decrease)		24,472	$ 296,772	40,076	$ 451,931
Class D Shares:
Shares sold		710,170	$ 8,692,067	1,726,435	$18,209,178
Reinvested dividends and distributions		54,013	643,296	7,791	69,185
Shares repurchased		(741,238)	(9,056,398)	(427,285)	(4,369,234)
Net Increase/(Decrease)		22,945	$ 278,965	1,306,941	$13,909,129
Class I Shares:
Shares sold		89,718	$ 1,078,391	922,141	$ 9,455,893
Reinvested dividends and distributions		28,337	337,206	4,167	36,957
Shares repurchased		(1,083,807)	(13,281,037)	(110,013)	(1,160,437)
Net Increase/(Decrease)		(965,752)	$(11,865,440)	816,295	$ 8,332,413
Class N Shares:
Shares sold		783,173	$ 9,600,890	-	$ -
Reinvested dividends and distributions		-	-	-	-
Shares repurchased		(5,339)	(65,396)	-	-
Net Increase/(Decrease)		777,834	$ 9,535,494	N/A	N/A
Class S Shares:
Shares sold		-	$ -	1,702	$ 16,505
Reinvested dividends and distributions		1,086	12,848	438	3,863
Shares repurchased		-	-	-	-
Net Increase/(Decrease)		1,086	$ 12,848	2,140	$ 20,368
Class T Shares:
Shares sold		92,074	$ 1,117,841	313,106	$ 3,375,908
Reinvested dividends and distributions		6,689	78,728	507	4,453
Shares repurchased		(88,120)	(1,065,110)	(81,037)	(804,482)
Net Increase/(Decrease)		10,643	$ 131,459	232,576	$ 2,575,879
(1)	Period from January 26, 2018 (inception date) through March 31, 2018 for Class N Shares.

6. Purchases and Sales of Investment Securities

For the prior ended March 31, 2018, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as applicable) was as follows:


Purchases of Securities	Proceeds from Sales of Securities	Purchases of Long- Term U.S. Government Obligations	Proceeds from Sales of Long-Term U.S. Government Obligations
$ 8,915,383	$ 9,755,575	$ -	$ -


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Janus Henderson Asia Equity Fund

Notes to Financial Statements (unaudited)

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. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to March 31, 2018 and through the date of issuance of the Fund’s financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund’s financial statements.


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Additional Information (unaudited)

Proxy Voting Policies and Voting Record

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities is available without charge: (i) upon request, by calling 1-800-525-1093; (ii) on the Fund’s website at janushenderson.com/proxyvoting; and (iii) on the SEC’s website at http://www.sec.gov. Additionally, information regarding the Fund’s proxy voting record for the most recent twelve-month period ended June 30 is also available, free of charge, through janushenderson.com/proxyvoting and from the SEC’s website at http://www.sec.gov.

Full Holdings

The Fund is required to disclose its complete holdings on Form N-Q within 60 days of the end of the first and third fiscal quarters, and in the annual report and semiannual report to Fund shareholders. These reports (i) are available on the SEC’s website at http://www.sec.gov; (ii) may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. (information on the Public Reference Room may be obtained by calling 1-800-SEC-0330); and (iii) are available without charge, upon request, by calling a Janus Henderson representative at 1-877-335-2687 (toll free) (or 1-800-525-3713 if you hold Class D shares). Portfolio holdings consisting of at least the names of the holdings are generally available on a monthly basis with a 30-day lag. Holdings are generally posted approximately two business days thereafter under Full Holdings for the Fund at janushenderson.com/info (or janushenderson.com/reports if you hold Class D Shares).

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD

The Trustees of Janus Investment Fund and Janus Aspen Series, each of whom serves as an “independent” Trustee (the “Trustees”), oversee the management of each Fund of Janus Investment Fund and each Portfolio of Janus Aspen Series (each, a “Fund” and collectively, the “Funds”), and as required by law, determine annually whether to continue the investment advisory agreement for each Fund and the subadvisory agreements for the 14 Funds that utilize subadvisers.

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

Additionally, in connection with their consideration of whether to continue the investment advisory agreement and subadvisory agreement for each Fund, as applicable, the Trustees also received and reviewed information in connection with the transaction to combine the respective businesses of Henderson Group plc and Janus Capital Group, Inc., the parent company of Janus Capital (the “Transaction”), announced in October 2016, which closed in the second quarter of 2017. In this regard, the Trustees reviewed information regarding the impact of the Transaction on the services to be provided by Janus Capital and each subadviser, as applicable, to the Funds under such agreements prior to the close of the Transaction as well as the services provided after the Transaction closed.

At a meeting held on December 7, 2017, based on the Trustees’ evaluation of the information provided by Janus Capital, the subadvisers, and the independent fee consultant, as well as other information, the Trustees determined that the overall arrangements between each Fund and Janus Capital and each subadviser, as applicable, were fair and reasonable in light of the nature, extent and quality of the services provided by Janus Capital, its affiliates and the subadvisers, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment. At that meeting, the Trustees unanimously approved the continuation of the investment advisory agreement for each Fund, and the subadvisory agreement for each subadvised Fund, for the period from February 1, 2018 through February 1, 2019, subject to earlier termination as provided for in each agreement.

In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees’ determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant’s conclusions and opinions that arose during, and were included as part of, the Trustees’ consideration of the


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Additional Information (unaudited)

agreements. “Management fees,” as used herein, reflect actual annual advisory fees and any administration fees (excluding out of pocket costs), net of any waivers.

Nature, Extent and Quality of Services

The Trustees reviewed the nature, extent and quality of the services provided by Janus Capital and the subadvisers to the Funds, taking into account the investment objective, strategies and policies of each Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Funds. In addition, the Trustees reviewed the resources and key personnel of Janus Capital and each subadviser, particularly noting those employees who provide investment and risk management services to the Funds. The Trustees also considered other services provided to the Funds by Janus Capital or the subadvisers, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered Janus Capital’s role as administrator to the Funds, noting that Janus Capital does not receive a fee for its services but is reimbursed for its out-of-pocket costs. The Trustees considered the role of Janus Capital in monitoring adherence to the Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Funds and with applicable securities laws and regulations.

In this regard, the independent fee consultant noted that Janus Capital provides a number of different services for the Funds and Fund shareholders, ranging from investment management services to various other servicing functions, and that, in its opinion, Janus Capital is a capable provider of those services. The independent fee consultant also provided its belief that Janus Capital has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.

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

Performance of the Funds

The Trustees considered the performance results of each Fund over various time periods. They noted that they considered Fund performance data throughout the year, including periodic meetings with each Fund’s portfolio manager(s), and also reviewed information comparing each Fund’s performance with the performance of comparable funds and peer groups identified by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent data provider, and with the Fund’s benchmark index. In this regard, the independent fee consultant found that the overall Funds’ performance has been strong: for the 36 months ended September 30, 2017, approximately 70% of the Funds were in the top two quartiles of performance, as reported by Morningstar, and for the 12 months ended September 30, 2017, approximately 46% of the Funds were in the top two quartiles of performance, as reported by Morningstar.

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

Alternative Funds

· For Janus Henderson Diversified Alternatives Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge quartile for the 12 months ended May 31, 2017

· For Janus Henderson International Long/Short Equity Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance, and the Fund’s limited performance history.

Asset Allocation Funds

· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge


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Additional Information (unaudited)

quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2017 and the third Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

Fixed-Income Funds

· For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2017 and the bottom Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2017 and the bottom Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Global Unconstrained Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2017 and the bottom Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2017 and the third Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson Real Return Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2017 and the first Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson Short-Term Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2017 and the third Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Strategic Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge quartile for the 12 months ended May 31, 2017.

Global and International Equity Funds

· For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2017 and the first Broadridge quartile for the 12 months ended May 31, 2017.


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Additional Information (unaudited)

· For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2017 and the third Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson European Focus Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2017 and the bottom Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2017 and the first Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2017 and the first Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Global Technology Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2017 and the third Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Global Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2017 and the bottom Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps Janus Capital and Perkins had taken or were taking to improve performance.

· For Janus Henderson International Opportunities Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2017 and the bottom Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson International Small Cap Fund, the Trustees noted that, due to limited performance for the Fund, performance history was not a material factor.

· For Janus Henderson International Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2017 and the bottom Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital and Perkins had taken or were taking to improve performance.

· For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2017 and the first Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance, while also noting that


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Additional Information (unaudited)

the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.

Money Market Funds

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2017 and the third Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance.

· For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2017 and the third Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance.

Multi-Asset Funds

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson All Asset Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2017 and the third Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Dividend & Income Builder Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson Value Plus Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge quartile for the 12 months ended May 31, 2017.

Multi-Asset U.S. Equity Funds

· For Janus Henderson Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2017 and the first Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2017 and the first Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2017 and the third Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2017 and the first Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2017 and the third Broadridge quartile for the 12 months ended May 31, 2017.


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Additional Information (unaudited)

· For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2017 and the third Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson U.S. Growth Opportunities Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance, and the Fund’s limited performance history.

· For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2017 and the bottom Broadridge quartile for the 12 months ended May 31, 2017.

Quantitative Equity Funds

· For Janus Henderson Emerging Markets Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital and Intech had taken or were taking to improve performance, and the Fund’s limited performance history.

· For Janus Henderson Global Income Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2017 and the third Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson International Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2017 and the bottom Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital and Intech had taken or were taking to improve performance.

· For Janus Henderson U.S. Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2017 and the bottom Broadridge quartile for the 12 months ended May 31, 2017.

U.S. Equity Funds

· For Janus Henderson Large Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2017 and the bottom Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps Janus Capital and Perkins had taken or were taking to improve performance.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson Select Value Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge quartile for the 12 months ended May 31, 2017.

Janus Aspen Series

· For Janus Henderson Balanced Portfolio, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2017 and the first Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson Enterprise Portfolio, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge quartile for the 12 months ended May 31, 2017.


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Additional Information (unaudited)

· For Janus Henderson Flexible Bond Portfolio, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2017 and the bottom Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Forty Portfolio, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2017 and the third Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson Global Allocation Portfolio – Moderate, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Global Research Portfolio, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2017 and the third Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Global Technology Portfolio, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson Global Unconstrained Bond Portfolio, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance, and the Fund’s limited performance history.

· For Janus Henderson Mid Cap Value Portfolio, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2017 and the second Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps Janus Capital and Perkins had taken or were taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Overseas Portfolio, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2017 and the first Broadridge quartile for the 12 months ended May 31, 2017. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Henderson Research Portfolio, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2017 and the third Broadridge quartile for the 12 months ended May 31, 2017.

· For Janus Henderson U.S. Low Volatility Portfolio, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2017 and the bottom Broadridge quartile for the 12 months ended May 31, 2017.

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

Costs of Services Provided

The Trustees examined information regarding the fees and expenses of each Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of


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Additional Information (unaudited)

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

The independent fee consultant provided its belief that the management fees charged by Janus Capital to each of the Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by Janus Capital. The independent fee consultant found: (1) the total expenses and management fees of the Funds to be reasonable relative to other mutual funds; (2) total expenses, on average, were 10% below the average total expenses of their respective Broadridge Expense Group peers and 18% below the average total expenses for their Broadridge Expense Universes; (3) management fees for the Funds, on average, were 8% below the average management fees for their Expense Groups and 9% below the average for their Expense Universes; and (4) Fund expenses at the functional level for each asset and share class category were reasonable. The Trustees also considered the total expenses for each share class of each Fund compared to the average total expenses for its Broadridge Expense Group peers and to average total expenses for its Broadridge Expense Universe.

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

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

The Trustees also reviewed management fees charged by Janus Capital and each subadviser to comparable separate account clients and to comparable non-affiliated funds subadvised by Janus Capital or by a subadviser (for which Janus Capital or the subadviser provides only or primarily portfolio management services). Although in most instances subadvisory and separate account fee rates for various investment strategies were lower than management fee rates for Funds having a similar strategy, the Trustees considered that Janus Capital noted that, under the terms of the management agreements with the Funds, Janus Capital performs significant additional services for the Funds that it does not provide to those other clients, including administration services, oversight of the Funds’ other service providers, trustee support, regulatory compliance and numerous other services, and that, in serving the Funds, Janus Capital assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, they noted that the independent fee consultant found that: (1) the management fees Janus Capital charges to the Funds are reasonable in relation to the management fees Janus Capital charges to its institutional clients and to the fees Janus Capital charges to funds subadvised by Janus Capital; (2) these institutional and subadvised accounts have different service and infrastructure needs; (3) Janus mutual fund investors enjoy reasonable fees relative to the fees charged to Janus institutional and subadvised fund investors; (4) in three of seven product categories, the Funds receive proportionally better pricing than the industry in relation to Janus institutional clients; and (5) in seven of eight strategies, Janus Capital has lower management fees than funds subadvised by Janus Capital’s portfolio managers.

The Trustees considered the fees for each Fund for its fiscal year ended in 2016, and noted the following with regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”):

Alternative Funds

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

· For Janus Henderson International Long/Short Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were


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Additional Information (unaudited)

reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses effective June 5, 2017.

Asset Allocation Funds

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

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

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

Fixed-Income Funds

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

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

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

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

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

· For Janus Henderson Short-Term Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to waive 11 basis points of management fees effective February 1, 2018 and also has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Strategic Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses effective June 5, 2017.

Global and International Equity Funds

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


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Additional Information (unaudited)

· For Janus Henderson Emerging Markets Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses effective June 5, 2017.

· For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses effective June 5, 2017.

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

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

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

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

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

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

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

· For Janus Henderson International Opportunities Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses effective June 5, 2017.

· For Janus Henderson International Small Cap Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses effective June 5, 2017.

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

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

Money Market Funds

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

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


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Additional Information (unaudited)

Multi-Asset Funds

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

· For Janus Henderson All Asset Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s total expenses effective June 5, 2017.

· For Janus Henderson Dividend & Income Builder Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses effective June 5, 2017.

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

Multi-Asset U.S. Equity Funds

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

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

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

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

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

· For Janus Henderson Research Fund, the Trustees noted that, although the Fund’s total expenses were equal to or exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses effective February 1, 2017.

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

· For Janus Henderson U.S. Growth Opportunities Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses effective June 5, 2017.

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


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Additional Information (unaudited)

Quantitative Equity Funds

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

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

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

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

U.S. Equity Funds

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

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

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

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

Janus Aspen Series

· For Janus Henderson Balanced Portfolio, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable.

· For Janus Henderson Enterprise Portfolio, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable.

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

· For Janus Henderson Forty Portfolio, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable.

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

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

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

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


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Additional Information (unaudited)

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

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

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

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

The Trustees reviewed information on the overall profitability to Janus Capital and its affiliates of their relationship with the Funds, and considered profitability data of other fund managers. The Trustees also considered the financial information, estimated profitability and corporate structure of Janus Capital’s parent company before and after the Transaction. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses, and the fund manager’s capital structure and cost of capital. The Trustees also noted that the Trustees’ independent fee consultant reviewed the overall profitability of Janus Capital’s parent company prior to the Transaction, and the independent fee consultant found that, while assessing the reasonableness of Fund expenses in light of such profits was dependent on comparisons with other publicly-traded mutual fund advisers, and that these comparisons were limited in accuracy by differences in complex size, business mix, institutional account orientation and other factors, after accepting these limitations, the level of profit earned by Janus Capital’s parent company was reasonable. In this regard, the independent consultant concluded that the profitability of Janus Capital’s parent company did not show excess nor did it show any insufficiency that could limit the ability to invest the resources needed to drive strong future investment performance on behalf of the Funds.

Additionally, the Trustees considered the estimated profitability to Janus Capital from the investment management services it provided to each Fund. The Trustees also considered such estimated profitability taking into account the impact of the Transaction on Janus Capital’s expense structure on a pro forma basis. In their review, the Trustees considered whether Janus Capital and each subadviser receive adequate incentives and resources to manage the Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Fund is necessarily a product of the allocation methodology utilized by Janus Capital to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant concluded that (1) the expense allocation methodology utilized by Janus Capital was reasonable and (2) the estimated profitability to Janus Capital from the investment management services it provided to each Fund was reasonable, including after taking into account the impact of the Transaction on Janus Capital’s expense structure on a pro forma basis. The Trustees also considered that the estimated profitability for an individual Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Fund’s investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that Janus Capital’s estimated profitability with respect to each Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Funds was not a material factor in the Board’s approval of the reasonableness of any Fund’s investment management fees.

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


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Additional Information (unaudited)

Economies of Scale

The Trustees considered information about the potential for Janus Capital to realize economies of scale as the assets of the Funds increase. They noted their independent fee consultant’s analysis of economies of scale in prior years. They also noted that, although many Funds pay advisory fees at a base fixed rate as a percentage of net assets, without any breakpoints or performance fees, their independent fee consultant concluded that 86% of these Funds’ share classes have contractual management fees (gross of waivers) below their Broadridge expense group averages. They also noted that for those Funds whose expenses are being reduced by the contractual expense limitations of Janus Capital, Janus Capital is subsidizing certain of these Funds because they have not reached adequate scale. Moreover, as the assets of some of the Funds have declined in the past few years, certain Funds have benefited from having advisory fee rates that have remained constant rather than increasing as assets declined. In addition, performance fee structures have been implemented for various Funds that have caused the effective rate of advisory fees payable by such a Fund to vary depending on the investment performance of the Fund relative to its benchmark index over the measurement period; and a few Funds have fee schedules with breakpoints and reduced fee rates above certain asset levels. The Trustees also noted that the Funds share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of all of the Funds. Based on all of the information they reviewed, including past research and analysis conducted by the Trustees’ independent fee consultant, the Trustees concluded that the current fee structure of each Fund was reasonable and that the current rates of fees do reflect a sharing between Janus Capital and the Fund of any economies of scale that may be present at the current asset level of the Fund.

The independent fee consultant concluded that, given the limitations of various analytical approaches to economies of scale it had considered in prior years, and their conflicting results, it is difficult to analytically confirm or deny the existence of economies of scale in the Janus complex. The independent consultant concluded that (1) to the extent there were economies of scale at Janus Capital, Janus Capital’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Funds which have not yet achieved those economies and (2) by setting lower fixed fees from the start on these Funds, Janus Capital appeared to be investing to increase the likelihood that these Funds will grow to a level to achieve any scale economies that may exist. Further, the independent fee consultant provided its belief that Fund investors are well-served by the fee levels and performance fee structures in place on the Funds in light of any economies of scale that may be present at Janus Capital.

Other Benefits to Janus Capital

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


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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 March 31, 2018. As the investing environment changes, so could opinions. These views are unique and are not necessarily shared by fellow employees or by Janus Henderson in general.

Performance Overviews

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

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

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

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

Schedule of Investments

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

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

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

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

Statement of Assets and Liabilities

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


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Useful Information About Your Fund Report (unaudited)

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

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

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

Statement of Operations

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

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

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

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

Statements of Changes in Net Assets

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

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

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

Financial Highlights

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

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


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Useful Information About Your Fund Report (unaudited)

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

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

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

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


48	MARCH 31, 2018

Janus Henderson Asia Equity Fund

Notes

NotesPage1


Janus Investment Fund	49

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
							125-24-93036 05-18



	SEMIANNUAL REPORT March 31, 2018

Janus Henderson Balanced Fund

Janus Investment Fund

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

Table of Contents

Janus Henderson Balanced Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	24
Statement of Assets and Liabilities	26
Statement of Operations	28
Statements of Changes in Net Assets	29
Financial Highlights	30
Notes to Financial Statements	34
Additional Information	46
Useful Information About Your Fund Report	60

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 5.94% for the six-month period ended March 31, 2018, compared with a 2.77% return by the Balanced Index, an internally calculated blended benchmark. The Balanced Index is composed of a 55% weighting in the S&P 500^{^®} Index, the Fund’s primary benchmark, and a 45% weighting in the Bloomberg Barclays U.S. Aggregate Bond Index, the Fund’s secondary benchmark. During the period, the S&P 500 Index returned 5.84%, while the Bloomberg Barclays U.S. Aggregate Bond Index returned -1.08%.

INVESTMENT ENVIRONMENT

During the fourth quarter, U.S. stocks pushed higher and corporate credit spreads ground tighter, fueled by strong earnings and supportive economic data. Equities were also boosted at the end of 2017 as markets priced in the likelihood that tax reform would be signed into law. The nomination of Jerome Powell as the next chair of the Federal Reserve (Fed) signaled to investors that the Fed would likely continue its slow and measured normalization of monetary policy. At its December meeting, the Fed took a widely anticipated step along that path by raising interest rates for the third time in 2017.

These positive trends continued to support investors’ appetite for risk assets until volatility returned In February. Equities experienced the first price decline of greater than 10% in roughly two years, and credit spreads widened as rates rose across the yield curve. Weighing on investor confidence was speculation around a potential trade war between the U.S. and China. While the actual size of the tariffs as a percentage of trade was small, the market decline reflected investors’ fear of escalating global trade restrictions. Coupled with these fears around global trade were concerns that the Federal Reserve (Fed) may increase interest rates at a faster pace than currently projected. This amplified interest rate volatility and further pressured stocks and corporate credit. Late in the period, the Fed raised its benchmark rate again, citing a strengthening economy and low unemployment as drivers that should eventually contribute to higher inflation. More Fed officials also indicated that a total of four hikes could be warranted this year. The Treasury curve flattened, as the Fed’s well-telegraphed rate hikes put upward pressure on front-end yields. The yield on the 10-year note ended March at 2.74%, up from 2.33% in September.

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 outperformed its primary benchmark, the S&P 500 Index, and its secondary benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index.

The equity-to-fixed-income allocation ended the period with an equity weighting of approximately 64%, a fixed income weighting of approximately 36% and a small portion in cash. Our equity allocation may vary based on market conditions, and the current level reflects our view that on a risk-adjusted basis, equities present greater opportunity for returns in the present environment.
The Fund’s equity sleeve outperformed its benchmark, the S&P 500 Index. Stock selection in the information technology, consumer staples and industrials sectors aided relative returns during the period.

Microsoft was the largest contributor. Encouraging growth in its cloud business has driven the stock in recent quarters, as has anticipation that Microsoft will repatriate offshore cash. The company has also benefited from transitioning its legacy software business from perpetual licenses that consumers must purchase to subscription-based licenses. While the stock has risen considerably, we still see upside for Microsoft’s cloud business as only an


Janus Investment Fund	1

Janus Henderson Balanced Fund (unaudited)

estimated 10% of business workloads currently operate in the cloud.

Boeing was another contributor. Global air traffic growth, strong order growth for some of its airplanes and better-than-expected cash flow growth all played a role in driving the stock during the period. We continue to like Boeing’s growth potential as commercial airlines seek increasingly efficient and reliable planes from the manufacturer. We also appreciate that much of Boeing’s free-cash-flow growth has accrued to investors by way of dividend increases; the company raised its dividend another 20% during the first quarter and has doubled its dividend over the past four years.

Adobe Systems also made meaningful contributions to performance. The stock was driven by strong growth in Digital Media’s annualized recurring revenue and better-than-expected margin improvement. We continue to see upside for the stock as more advertisers turn to its software to create digital content, and the subscription-based model increases Adobe’s Digital Media total assessable market.

While pleased with the performance of our equity sleeve during the period, some holdings disappointed. Stock selection in the consumer discretionary sector and our real estate holdings weighed on relative returns.

Colony NorthStar was the largest detractor from absolute returns. The company was formed through the three-way merger of real estate investment management firm Colony Capital, and sister firms NorthStar Asset Management Group and NorthStar Realty Finance. The merger has put the combined company in some challenging industries, in our view. We are reviewing the stock to see whether it can exit some of these businesses, and repair other damage from the acquisition. In the meantime, Colony’s plan to increase its share repurchase should provide some additional support for the shares as the company completes its post-acquisition divestments.

Pharmaceutical company Allergan also detracted. Patent disputes – which ultimately resulted in the invalidation of Allergan’s patent – concerning Restasis, the firm’s blockbuster medicine for dry eye, weighed on the stock. The arrival of a new competitor for the company’s popular wrinkle treatment Botox further weighed on the stock during the period. Given our concerns around these issues, we are reviewing our position.

Comcast was another detractor. The stock was down due to concern and confusion over the company’s bid for Sky TV, a European pay-TV provider. We continue to see upside for the stock, and like its position as a cable distribution platform and owner of strong content assets.

The Fund’s fixed income sleeve underperformed its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. Strong earnings and healthy company fundamentals led us to maintain our cautiously optimistic view on corporate credit during the period. Conscious of being in the late innings of the credit cycle with interest rates rising, we used market volatility to trim our corporate credit allocation and transition out of some medium- and longer-term credits during the period, redeploying the capital further in on the yield curve. We also increased our allocation to bank loans, which benefit from a senior position within a company’s capital structure, and the floating rate nature of the securities can offer protection against rising rates. Duration of the fixed income sleeve ended March at 90% of the benchmark.

Our significant underweight allocation to Treasurys weighed on relative returns, as did our overweight positioning in corporate credit. Yields rose across the Treasury yield curve and spreads widened amid increasing volatility during the period. We continue to emphasize shorter- and intermediate-dated securities in which we believe we have insight into the issuer’s ability to pay down debt.

On a credit sector basis, banking led relative detractors. The sector had benefited considerably in 2017 on improving fundamentals and tighter spreads, but the recent flattening of the yield curve caused concerns around potential compression of banks’ net interest margins. Our overweight position in JPMorgan was among the leading credit detractors, largely due to these broader industry concerns.

Rising rates also pressured the midstream energy sector. These companies tend to distribute the majority of their cash flow to investors and thus are heavily reliant on capital markets. Although higher rates result in higher borrowing costs, we have a positive view around the deleveraging initiatives undertaken by our holdings in the space. We also appreciate their utility-type cash flow models which provide consistency in recessionary or expansionary economic environments.

Our overweight position in Teva Pharmaceutical Industries was a leading credit detractor. Spreads were volatile as investors digested the company’s new debt issue of over


2	MARCH 31, 2018

Janus Henderson Balanced Fund (unaudited)

$4 billion, during a market where high-yield spreads widened. Teva remains a top provider of generic drugs in the world and has a solid pipeline of generic and specialty drugs. In addition, we have a high opinion of the management team which is committed to deleveraging the company over the next few years.

Contributing to relative results were our holdings in the lodging sector. This included our position in Hilton Hotels & Resorts. As the consumer has continued to strengthen, hotel operators have been able to capitalize on low vacancy rates by increasing nightly room rates. We have a favorable opinion of Hilton’s fundamentals as the company has successfully spun-off less-profitable business lines and is focused on growing earnings.

On an asset class basis, our out-of-index allocation to bank loans contributed to relative returns. We continue to like the stable carry (a measure of excess income) and short-term nature of the securities. Our positioning in asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS) also aided relative results. Security selection in ABS proved beneficial, as did spread carry in both asset classes.

OUTLOOK

We believe equities will continue to present more attractive risk-adjusted opportunities relative to fixed income. We expect interest rates to increase gradually this year, but believe rising rates present a modest headwind for stocks that is more than offset by stronger global economic growth and the benefits of corporate tax cuts. We are encouraged by the way many companies are utilizing tax savings, returning some of those savings to investors, while also investing in employees or large projects to grow their businesses. While we have a sanguine outlook for stocks and the broader economy, we believe the biggest threat to our outlook is the potential for tariffs to materialize into a full-blown trade war. If protectionist trade policies ramp up significantly, it could spark inflation while slowing economic growth at the same time. While trade policy is a risk we monitor, we do not believe a trade war is the most likely scenario.

We expect a flatter Treasury yield curve over the next few months. Within the fixed income sleeve, we intend to maintain duration below that of the benchmark, but will continue in our tactical approach to yield curve positioning with a focus on capital preservation. The front end should offer more attractive risk-adjusted carry opportunities with less exposure to rising rates than longer duration credit. Looking ahead, we expect that the market will continue to face bouts of heightened volatility amid continued uncertainty around the pace of rate hikes and the administration’s trade protectionism. Although credit spreads widened over the period, they remain at the tighter end of historic late-cycle valuations. It would take a further widening in spreads to become more constructive on overall valuations. In this environment, we believe security avoidance is of the utmost importance as we strive to deliver on our core tenets of capital preservation and strong risk-adjusted returns.

Thank you for investing in the Janus Henderson Balanced Fund.


Janus Investment Fund	3

Janus Henderson Balanced Fund (unaudited)

Fund At A Glance

March 31, 2018





	5 Top Performers - Holdings		5 Bottom Performers - Holdings
		Contribution		Contribution
	Microsoft Corp	1.26%	Colony NorthStar Inc	-0.42%
	Boeing Co	1.19%	Allergan PLC	-0.30%
	Adobe Systems Inc	1.11%	Comcast Corp	-0.28%
	Mastercard Inc	1.07%	US Bancorp	-0.16%
	CME Group Inc	0.72%	Outfront Media Inc	-0.14%

	5 Top Performers - Sectors*
		Fund	Fund Weighting	S&P 500 Index
		Contribution	(Average % of Equity)	Weighting
	Information Technology	2.12%	26.09%	24.29%
	Consumer Staple	1.24%	11.17%	7.94%
	Industrials	1.18%	13.91%	10.16%
	Financials	0.37%	12.56%	14.78%
	Energy	0.34%	1.94%	5.88%

	5 Bottom Performers - Sectors*
		Fund	Fund Weighting	S&P 500 Index
		Contribution	(Average % of Equity)	Weighting
	Consumer Discretionary	-1.10%	15.22%	12.29%
	Real Estate	-0.20%	3.83%	2.82%
	Other**	-0.12%	1.07%	0.00%
	Health Care	0.14%	11.23%	14.01%
	Telecommunications Services	0.21%	0.00%	1.95%

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


4	MARCH 31, 2018

Janus Henderson Balanced Fund (unaudited)

Fund At A Glance

March 31, 2018


5 Largest Equity Holdings - (% of Net Assets)
Microsoft Corp
Software	3.8%
Mastercard Inc
Information Technology Services	3.1%
Boeing Co
Aerospace & Defense	2.9%
Alphabet Inc - Class C
Internet Software & Services	2.3%
CME Group Inc
Capital Markets	2.0%
	14.1%


Asset Allocation - (% of Net Assets)
Common Stocks	63.6%
Corporate Bonds	13.7%
United States Treasury Notes/Bonds	9.2%
Mortgage-Backed Securities	8.0%
Investment Companies	4.3%
Asset-Backed/Commercial Mortgage-Backed Securities	3.3%
Bank Loans and Mezzanine Loans	1.8%
Other		(3.9)%
		100.0%

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

As of March 31, 2018

As of September 30, 2017


Janus Investment Fund	5

Janus Henderson Balanced Fund (unaudited)

Performance

See important disclosures on the next page.



						Expense Ratios -
Average Annual Total Return - for the periods ended March 31, 2018						per the January 26, 2018 prospectuses
	Fiscal Year-to-Date	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses
Class A Shares at NAV	5.75%	13.37%	8.62%	7.71%	9.65%	0.94%
Class A Shares at MOP	-0.33%	6.86%	7.34%	7.07%	9.40%
Class C Shares at NAV	5.43%	12.64%	7.86%	6.93%	8.97%	1.66%
Class C Shares at CDSC	4.43%	11.64%	7.86%	6.93%	8.97%
Class D Shares⁽¹⁾	5.90%	13.64%	8.85%	7.91%	9.74%	0.72%
Class I Shares	5.94%	13.71%	8.93%	7.82%	9.70%	0.65%
Class N Shares	5.97%	13.80%	9.01%	7.82%	9.70%	0.58%
Class R Shares	5.56%	12.97%	8.20%	7.27%	9.27%	1.32%
Class S Shares	5.72%	13.28%	8.47%	7.55%	9.50%	1.07%
Class T Shares	5.82%	13.54%	8.74%	7.82%	9.70%	0.83%
S&P 500 Index	5.84%	13.99%	13.31%	9.49%	9.67%
Bloomberg Barclays U.S. Aggregate Bond Index	-1.08%	1.20%	1.82%	3.63%	5.34%
Balanced Index	2.77%	8.17%	8.14%	7.07%	7.99%
Morningstar Quartile - Class T Shares	-	1st	1st	1st	1st
Morningstar Ranking - based on total returns for Allocation - 50% to 70% Equity Funds	-	10/798	63/729	50/584	17/190

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

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


6	MARCH 31, 2018

Janus Henderson Balanced Fund (unaudited)

Performance

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

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.


Janus Investment Fund	7

Janus Henderson Balanced Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (10/1/17)	Ending Account Value (3/31/18)	Expenses Paid During Period (10/1/17 - 3/31/18)†	Beginning Account Value (10/1/17)	Ending Account Value (3/31/18)	Expenses Paid During Period (10/1/17 - 3/31/18)†	Net Annualized Expense Ratio (10/1/17 - 3/31/18)
Class A Shares		$1,000.00	$1,057.50	$4.92	$1,000.00	$1,020.14	$4.84	0.96%
Class C Shares		$1,000.00	$1,054.30	$8.35	$1,000.00	$1,016.80	$8.20	1.63%
Class D Shares		$1,000.00	$1,059.00	$3.70	$1,000.00	$1,021.34	$3.63	0.72%
Class I Shares		$1,000.00	$1,059.40	$3.29	$1,000.00	$1,021.74	$3.23	0.64%
Class N Shares		$1,000.00	$1,059.70	$2.98	$1,000.00	$1,022.04	$2.92	0.58%
Class R Shares		$1,000.00	$1,055.60	$6.76	$1,000.00	$1,018.35	$6.64	1.32%
Class S Shares		$1,000.00	$1,057.20	$5.49	$1,000.00	$1,019.60	$5.39	1.07%
Class T Shares		$1,000.00	$1,058.20	$4.21	$1,000.00	$1,020.84	$4.13	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 182/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


8	MARCH 31, 2018

Janus Henderson Balanced Fund

Schedule of Investments (unaudited)

March 31, 2018


Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– 3.2%
	AmeriCredit Automobile Receivables 2016-1, 3.5900%, 2/8/22	$8,345,000	$8,422,540
	AmeriCredit Automobile Receivables Trust 2015-2, 3.0000%, 6/8/21	5,730,000	5,729,569
	AmeriCredit Automobile Receivables Trust 2016-2, 3.6500%, 5/9/22	5,659,000	5,721,868
	Applebee's Funding LLC / IHOP Funding LLC, 4.2770%, 9/5/44 (144A)	25,562,545	25,093,973
	Bain Capital Credit CLO 2017-2,
	ICE LIBOR USD 3 Month + 0.9600%, 2.5000%, 4/23/31 (144A)	15,065,000	15,065,000
	BAMLL Commercial Mortgage Securities Trust 2013-WBRK,
	3.5343%, 3/10/37 (144A)^‡	9,021,000	8,970,548
	BAMLL Commercial Mortgage Securities Trust 2014-FL1,
	ICE LIBOR USD 1 Month + 5.5000%, 3.5713%, 12/15/31 (144A)	3,816,490	3,663,960
	BAMLL Commercial Mortgage Securities Trust 2014-FL1,
	ICE LIBOR USD 1 Month + 4.0000%, 4.5744%, 12/15/31 (144A)	916,000	901,677
	BBCMS 2018-TALL Mortgage Trust,
	ICE LIBOR USD 1 Month + 0.7220%, 2.5000%, 3/15/37 (144A)	43,100,000	42,860,610
	BBCMS Trust 2015-SRCH, 4.1970%, 8/10/35 (144A)	10,610,000	11,176,797
	BXP Trust 2017-GM, 3.3790%, 6/13/39 (144A)	4,808,000	4,757,406
	Caesars Palace Las Vegas Trust 2017-VICI, 4.1384%, 10/15/34 (144A)	6,800,000	6,922,866
	Caesars Palace Las Vegas Trust 2017-VICI, 4.3540%, 10/15/34 (144A)^‡	7,064,000	7,168,068
	Caesars Palace Las Vegas Trust 2017-VICI - Class E,
	4.3540%, 10/15/34 (144A)^‡	9,642,000	9,434,593
	CGMS Commercial Mortgage Trust 2017-MDDR,
	ICE LIBOR USD 1 Month + 1.7500%, 3.5266%, 7/15/30 (144A)	4,089,000	4,088,991
	CGMS Commercial Mortgage Trust 2017-MDDR,
	ICE LIBOR USD 1 Month + 2.5000%, 4.2766%, 7/15/30 (144A)	2,579,000	2,578,991
	CKE Restaurant Holdings Inc, 4.4740%, 3/20/43 (144A)	4,323,961	4,339,908
	Domino's Pizza Master Issuer LLC, 3.4840%, 10/25/45 (144A)	14,970,353	14,944,304
	Domino's Pizza Master Issuer LLC, 4.1180%, 7/25/47 (144A)	6,005,820	6,070,323
	Dryden 41 Senior Loan Fund,
	ICE LIBOR USD 3 Month + 0.9700%, 2.9000%, 4/15/31 (144A)	10,417,000	10,417,000
	Dryden 64 CLO Ltd, ICE LIBOR USD 3 Month + 0.9700%, 0%, 4/18/31 (144A)^(a)	10,955,000	10,955,000
	Fannie Mae Connecticut Avenue Securities,
	ICE LIBOR USD 1 Month + 2.6000%, 4.4715%, 5/25/24	5,495,994	5,856,702
	Fannie Mae Connecticut Avenue Securities,
	ICE LIBOR USD 1 Month + 3.0000%, 4.8715%, 7/25/24	17,335,144	18,534,464
	Fannie Mae Connecticut Avenue Securities,
	ICE LIBOR USD 1 Month + 4.0000%, 5.8715%, 5/25/25	2,385,894	2,618,365
	Flatiron CLO 18 Ltd, ICE LIBOR USD 3 Month + 0.9500%, 0%, 4/17/31 (144A)^(a)	8,179,000	8,179,000
	Freddie Mac Structured Agency Credit Risk Debt Notes,
	ICE LIBOR USD 1 Month + 4.5000%, 6.3715%, 2/25/24	16,000,501	18,594,278
	Freddie Mac Structured Agency Credit Risk Debt Notes,
	ICE LIBOR USD 1 Month + 3.6000%, 5.4715%, 4/25/24	11,842,224	13,269,677
	FREMF 2010 K-SCT Mortgage Trust, 2.0000%, 1/25/20 (144A)^§	10,619,234	9,971,750
	GS Mortgage Securities Trust 2014-GSFL,
	ICE LIBOR USD 1 Month + 5.9500%, 5.0108%, 7/15/31 (144A)	4,833,000	4,844,567
	GSCCRE Commercial Mortgage Trust 2015-HULA,
	ICE LIBOR USD 1 Month + 4.4000%, 6.1766%, 8/15/32 (144A)	7,508,000	7,536,286
	J.P. Morgan Chase Commercial Mortgage Securities Trust 2016-WIKI,
	3.5537%, 10/5/31 (144A)	1,629,000	1,614,907
	J.P. Morgan Chase Commercial Mortgage Securities Trust 2016-WIKI,
	4.0090%, 10/5/31 (144A)^‡	2,491,000	2,462,731
	JP Morgan Chase Commercial Mortgage Securities Trust 2010-C2,
	5.6615%, 11/15/43 (144A)^‡	4,424,000	4,395,052
	JP Morgan Chase Commercial Mortgage Securities Trust 2015-UES,
	3.6210%, 9/5/32 (144A)^‡	5,266,000	5,199,817
	loanDepot Station Place Agency Securitization Trust 2017-1,
	ICE LIBOR USD 1 Month + 0.8000%, 2.6715%, 11/25/50 (144A)^§	16,597,000	16,580,677
	loanDepot Station Place Agency Securitization Trust 2017-1,
	ICE LIBOR USD 1 Month + 1.0000%, 2.8715%, 11/25/50 (144A)^§	3,279,000	3,274,610
	MSSG Trust 2017-237P, 3.3970%, 9/13/39 (144A)	5,928,000	5,839,694
	Octagon Investment Partners 36 Ltd,


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

Janus Investment Fund	9

Janus Henderson Balanced Fund

Schedule of Investments (unaudited)

March 31, 2018


Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– (continued)
	ICE LIBOR USD 3 Month + 0.9700%, , 0%, 4/15/31 (144A)^(a)	$20,226,000	$20,226,000
	OSCAR US Funding Trust V, 2.7300%, 12/15/20 (144A)	2,790,000	2,777,202
	OSCAR US Funding Trust V, 2.9900%, 12/15/23 (144A)	3,716,000	3,667,083
	Santander Drive Auto Receivables Trust 2015-1, 3.2400%, 4/15/21	6,009,000	6,037,683
	Santander Drive Auto Receivables Trust 2015-4, 3.5300%, 8/16/21	10,292,000	10,417,572
	Starwood Retail Property Trust 2014-STAR,
	ICE LIBOR USD 1 Month + 2.5000%, 4.2766%, 11/15/27 (144A)	3,173,000	3,134,981
	Starwood Retail Property Trust 2014-STAR,
	ICE LIBOR USD 1 Month + 3.2500%, 5.0266%, 11/15/27 (144A)	9,697,000	9,371,413
	Starwood Retail Property Trust 2014-STAR,
	ICE LIBOR USD 1 Month + 4.1500%, 5.9266%, 11/15/27 (144A)	5,140,000	4,784,131
	Station Place Securitization Trust 2017-3,
	ICE LIBOR USD 1 Month + 1.0000%, 2.6025%, 7/24/18 (144A)^§	14,196,000	14,197,299
	Taco Bell Funding LLC, 3.8320%, 5/25/46 (144A)	5,017,488	5,045,435
	Voya CLO 2018-1 Ltd, ICE LIBOR USD 3 Month + 0.9500%, 0%, 4/19/31 (144A)^(a)	21,979,000	21,979,000
	Wachovia Bank Commercial Mortgage Trust Series 2007-C30, 5.4130%, 12/15/43^‡	5,330,567	5,385,173
	Wachovia Bank Commercial Mortgage Trust Series 2007-C34, 6.1325%, 5/15/46^‡	2,569,616	2,601,736
	Westlake Automobile Receivables Trust 2018-1, 2.9200%, 5/15/23 (144A)	830,000	825,633
	Westlake Automobile Receivables Trust 2018-1, 3.4100%, 5/15/23 (144A)	828,000	826,677
Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $450,640,366)			449,333,587
Bank Loans and Mezzanine Loans– 1.8%
Banking – 0%
	Vantiv LLC, ICE LIBOR USD 3 Month + 2.0000%, 3.7766%, 8/9/24	610,000	612,940
Basic Industry – 0.2%
	Axalta Coating Systems US Holdings Inc,
	ICE LIBOR USD 3 Month + 2.0000%, 4.3020%, 6/1/24	24,193,125	24,226,511
Capital Goods – 0.1%
	Reynolds Group Holdings Inc,
	ICE LIBOR USD 3 Month + 2.7500%, 4.6269%, 2/5/23	17,770,050	17,852,503
Communications – 0.3%
	Mission Broadcasting Inc, ICE LIBOR USD 3 Month + 2.5000%, 4.1642%, 1/17/24	1,077,390	1,080,083
	Nexstar Broadcasting Inc, ICE LIBOR USD 3 Month + 2.5000%, 4.1642%, 1/17/24	8,366,438	8,387,354
	Nielsen Finance LLC, ICE LIBOR USD 3 Month + 2.0000%, 3.7179%, 10/4/23	12,356,996	12,384,058
	Sinclair Television Group Inc,
	ICE LIBOR USD 3 Month + 2.5000%, , 0%, 12/12/24^(a)	11,287,000	11,329,326
	Zayo Group LLC, ICE LIBOR USD 3 Month + 2.0000%, 3.8769%, 1/19/21	984,060	986,678
	Zayo Group LLC, ICE LIBOR USD 3 Month + 2.2500%, 4.1269%, 1/19/24	9,055,830	9,095,947
			43,263,446
Consumer Cyclical – 0.6%
	Aramark Services Inc, ICE LIBOR USD 3 Month + 2.0000%, 3.8769%, 3/28/24	10,229,853	10,290,618
	Golden Nugget Inc/NV, ICE LIBOR USD 3 Month + 3.2500%, 4.9786%, 10/4/23	13,091,968	13,204,952
	Hilton Worldwide Finance LLC,
	ICE LIBOR USD 3 Month + 2.0000%, 3.8715%, 10/25/23	28,046,353	28,181,256
	KFC Holding Co, ICE LIBOR USD 3 Month + 2.0000%, 3.8082%, 6/16/23	27,662,324	27,644,916
	Wyndham Hotels & Resorts Inc, 0%, 3/28/25^(a),‡	4,595,000	4,595,000
			83,916,742
Consumer Non-Cyclical – 0.2%
	Coty Inc, ICE LIBOR USD 3 Month + 2.2500%, 0%, 3/28/25^(a)	22,777,000	22,720,057
	Post Holdings Inc, ICE LIBOR USD 3 Month + 2.2500%, 3.6500%, 5/24/24	2,786,995	2,784,189
	Quintiles IMS Inc, ICE LIBOR USD 3 Month + 2.0000%, 4.3020%, 3/7/24	7,712,088	7,754,504
			33,258,750
Electric – 0%
	NRG Energy Inc, ICE LIBOR USD 3 Month + 2.2500%, 0%, 6/30/23^(a)	947,000	948,080
Technology – 0.4%
	CommScope Inc, ICE LIBOR USD 3 Month + 2.5000%, 3.8769%, 12/29/22	12,504,908	12,559,679
	SS&C Technologies Holdings Europe Sarl,
	ICE LIBOR USD 3 Month + 2.5000%, , 0%, 2/28/25^(a)	9,347,240	9,389,116


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

10	MARCH 31, 2018

Janus Henderson Balanced Fund

Schedule of Investments (unaudited)

March 31, 2018


Shares or Principal Amounts			Value
Bank Loans and Mezzanine Loans– (continued)
Technology – (continued)
	SS&C Technologies Inc, ICE LIBOR USD 3 Month + 2.5000%, 0%, 2/28/25^(a)	$26,202,362	$26,319,749
			48,268,544
Total Bank Loans and Mezzanine Loans (cost $252,126,508)			252,347,516
Corporate Bonds– 13.6%
Banking – 2.2%
	Ally Financial Inc, 3.2500%, 11/5/18	5,936,000	5,943,420
	Ally Financial Inc, 8.0000%, 12/31/18	3,447,000	3,554,719
	Bank of America Corp, 2.5030%, 10/21/22	40,184,000	38,594,111
	Bank of America Corp, ICE LIBOR USD 3 Month + 1.0900%, 3.0930%, 10/1/25	6,210,000	5,967,100
	Bank of America Corp, 4.1830%, 11/25/27	6,289,000	6,230,280
	Bank of New York Mellon Corp, 2.4500%, 8/17/26	2,042,000	1,858,758
	Bank of New York Mellon Corp, 3.2500%, 5/16/27	16,234,000	15,665,755
	Capital One Financial Corp, 3.3000%, 10/30/24	9,467,000	9,140,694
	Citigroup Inc, 4.6000%, 3/9/26	5,475,000	5,612,718
	Citigroup Inc, 3.2000%, 10/21/26	8,226,000	7,825,138
	Citigroup Inc, 4.3000%, 11/20/26	6,509,000	6,508,480
	Citigroup Inc, ICE LIBOR USD 3 Month + 1.5630%, 3.8870%, 1/10/28	22,253,000	22,118,257
	Citizens Bank NA/Providence RI, 2.6500%, 5/26/22	5,260,000	5,095,392
	Citizens Financial Group Inc, 3.7500%, 7/1/24	3,650,000	3,606,600
	Citizens Financial Group Inc, 4.3500%, 8/1/25	2,506,000	2,529,001
	Citizens Financial Group Inc, 4.3000%, 12/3/25	14,006,000	14,157,072
	First Republic Bank/CA, 4.6250%, 2/13/47	6,841,000	7,017,240
	Goldman Sachs Capital I, 6.3450%, 2/15/34	14,964,000	17,814,068
	Goldman Sachs Group Inc, ICE LIBOR USD 3 Month + 1.2010%, 3.2720%, 9/29/25	13,677,000	13,159,325
	Goldman Sachs Group Inc, 3.5000%, 11/16/26	15,073,000	14,512,556
	JPMorgan Chase & Co, 2.2950%, 8/15/21	15,412,000	14,981,888
	JPMorgan Chase & Co, 4.1250%, 12/15/26	9,635,000	9,676,725
	JPMorgan Chase & Co, ICE LIBOR USD 3 Month + 1.3370%, 3.7820%, 2/1/28	13,830,000	13,713,928
	JPMorgan Chase & Co, ICE LIBOR USD 3 Month + 1.3600%, 3.8820%, 7/24/38	13,613,000	13,207,393
	Morgan Stanley, 3.9500%, 4/23/27	8,364,000	8,138,467
	Morgan Stanley, ICE LIBOR USD 3 Month + 1.3400%, 3.5910%, 7/22/28	8,372,000	8,092,371
	Santander UK PLC, 5.0000%, 11/7/23 (144A)	15,666,000	16,204,237
	SVB Financial Group, 5.3750%, 9/15/20	11,289,000	11,898,233
	Synchrony Financial, 4.5000%, 7/23/25	12,622,000	12,616,134
			315,440,060
Basic Industry – 1.0%
	Anglo American Capital PLC, 4.4500%, 9/27/20	2,900,000	2,964,844
	Anglo American Capital PLC, 4.1250%, 9/27/22 (144A)	2,431,000	2,460,014
	CF Industries Inc, 4.5000%, 12/1/26 (144A)	11,022,000	11,177,326
	CF Industries Inc, 5.3750%, 3/15/44	11,793,000	10,690,944
	Freeport-McMoRan Inc, 3.1000%, 3/15/20	3,616,000	3,575,501
	Freeport-McMoRan Inc, 3.5500%, 3/1/22	14,980,000	14,493,150
	Freeport-McMoRan Inc, 4.5500%, 11/14/24	5,925,000	5,821,312
	Freeport-McMoRan Inc, 5.4500%, 3/15/43	5,945,000	5,467,616
	Georgia-Pacific LLC, 3.1630%, 11/15/21 (144A)	18,723,000	18,714,196
	Georgia-Pacific LLC, 3.6000%, 3/1/25 (144A)	9,595,000	9,647,682
	Reliance Steel & Aluminum Co, 4.5000%, 4/15/23	9,479,000	9,766,793
	Sherwin-Williams Co, 2.7500%, 6/1/22	3,731,000	3,632,811
	Sherwin-Williams Co, 3.1250%, 6/1/24	4,306,000	4,161,571
	Sherwin-Williams Co, 3.4500%, 6/1/27	12,578,000	12,021,993
	Steel Dynamics Inc, 4.1250%, 9/15/25	9,690,000	9,229,725
	Steel Dynamics Inc, 5.0000%, 12/15/26	4,497,000	4,497,000
	Teck Resources Ltd, 4.5000%, 1/15/21	4,145,000	4,170,906
	Teck Resources Ltd, 4.7500%, 1/15/22	5,989,000	6,063,862
	Teck Resources Ltd, 8.5000%, 6/1/24 (144A)	8,927,000	9,919,682
			148,476,928


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 (unaudited)

March 31, 2018


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Brokerage – 0.6%
	Cboe Global Markets Inc, 3.6500%, 1/12/27	$12,328,000	$12,008,165
	Charles Schwab Corp, 3.0000%, 3/10/25	3,800,000	3,683,228
	Charles Schwab Corp, 3.2000%, 1/25/28	7,976,000	7,648,248
	E*TRADE Financial Corp, 2.9500%, 8/24/22	12,218,000	11,889,976
	E*TRADE Financial Corp, 3.8000%, 8/24/27	14,662,000	14,226,631
	Lazard Group LLC, 4.2500%, 11/14/20	4,241,000	4,358,339
	Raymond James Financial Inc, 5.6250%, 4/1/24	6,315,000	6,975,464
	Raymond James Financial Inc, 3.6250%, 9/15/26	6,566,000	6,431,110
	Raymond James Financial Inc, 4.9500%, 7/15/46	11,232,000	12,124,606
	TD Ameritrade Holding Corp, 2.9500%, 4/1/22	1,743,000	1,726,828
	TD Ameritrade Holding Corp, 3.6250%, 4/1/25	7,161,000	7,213,440
			88,286,035
Capital Goods – 1.1%
	Arconic Inc, 5.8700%, 2/23/22	1,970,000	2,068,500
	Arconic Inc, 5.1250%, 10/1/24	14,988,000	15,250,290
	Arconic Inc, 5.9000%, 2/1/27	1,071,000	1,120,534
	Ball Corp, 4.3750%, 12/15/20	6,400,000	6,504,000
	CNH Industrial Capital LLC, 3.6250%, 4/15/18	12,333,000	12,336,083
	HD Supply Inc, 5.7500%, 4/15/24 (144A)	13,441,000	14,159,421
	Huntington Ingalls Industries Inc, 5.0000%, 11/15/25 (144A)	22,388,000	23,584,862
	Martin Marietta Materials Inc, 4.2500%, 7/2/24	6,259,000	6,403,327
	Masonite International Corp, 5.6250%, 3/15/23 (144A)	4,180,000	4,300,175
	Northrop Grumman Corp, 2.5500%, 10/15/22	14,358,000	13,909,800
	Northrop Grumman Corp, 2.9300%, 1/15/25	12,360,000	11,844,649
	Northrop Grumman Corp, 4.0300%, 10/15/47	5,924,000	5,676,398
	Owens Corning, 4.2000%, 12/1/24	5,764,000	5,879,418
	Owens Corning, 3.4000%, 8/15/26	2,772,000	2,668,058
	Rockwell Collins Inc, 3.2000%, 3/15/24	5,546,000	5,388,457
	Rockwell Collins Inc, 3.5000%, 3/15/27	9,482,000	9,142,121
	Vulcan Materials Co, 4.5000%, 4/1/25	12,074,000	12,532,245
			152,768,338
Communications – 1.4%
	American Tower Corp, 3.3000%, 2/15/21	9,861,000	9,857,032
	American Tower Corp, 4.4000%, 2/15/26	6,462,000	6,526,404
	American Tower Corp, 3.3750%, 10/15/26	11,933,000	11,217,399
	AT&T Inc, 4.2500%, 3/1/27	12,471,000	12,598,779
	AT&T Inc, 4.1000%, 2/15/28 (144A)	14,133,000	14,023,170
	AT&T Inc, 5.2500%, 3/1/37	3,579,000	3,781,130
	AT&T Inc, 5.1500%, 11/15/46 (144A)	8,331,000	8,500,365
	CCO Holdings LLC / CCO Holdings Capital Corp, 5.2500%, 3/15/21	9,203,000	9,272,022
	CCO Holdings LLC / CCO Holdings Capital Corp, 5.0000%, 2/1/28 (144A)	17,735,000	16,626,562
	Charter Communications Operating LLC / Charter Communications Operating Capital,
	4.9080%, 7/23/25	14,625,000	14,937,624
	Charter Communications Operating LLC / Charter Communications Operating Capital,
	4.2000%, 3/15/28	4,797,000	4,588,622
	Cox Communications Inc, 3.1500%, 8/15/24 (144A)	5,817,000	5,576,156
	Crown Castle International Corp, 5.2500%, 1/15/23	8,048,000	8,549,431
	Crown Castle International Corp, 3.2000%, 9/1/24	8,196,000	7,854,806
	Crown Castle International Corp, 3.6500%, 9/1/27	11,565,000	11,011,902
	Time Warner Inc, 3.6000%, 7/15/25	7,886,000	7,669,464
	UBM PLC, 5.7500%, 11/3/20 (144A)	12,326,000	12,646,559
	Verizon Communications Inc, 2.6250%, 8/15/26	24,780,000	22,615,432
	Verizon Communications Inc, 4.8620%, 8/21/46	4,874,000	4,910,357
			192,763,216
Consumer Cyclical – 1.2%
	1011778 BC ULC / New Red Finance Inc, 4.6250%, 1/15/22 (144A)	13,138,000	13,170,845
	1011778 BC ULC / New Red Finance Inc, 4.2500%, 5/15/24 (144A)	12,232,000	11,681,560


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

12	MARCH 31, 2018

Janus Henderson Balanced Fund

Schedule of Investments (unaudited)

March 31, 2018


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Consumer Cyclical – (continued)
	Amazon.com Inc, 2.8000%, 8/22/24 (144A)	$6,030,000	$5,828,899
	Amazon.com Inc, 3.1500%, 8/22/27 (144A)	19,195,000	18,507,179
	DR Horton Inc, 3.7500%, 3/1/19	8,628,000	8,667,620
	General Motors Co, 4.8750%, 10/2/23	9,355,000	9,758,641
	General Motors Financial Co Inc, 3.2000%, 7/13/20	15,250,000	15,217,203
	IHO Verwaltungs GmbH, 4.1250%, 9/15/21 (144A)	2,393,000	2,345,140
	IHO Verwaltungs GmbH, 4.5000%, 9/15/23 (144A)	1,747,000	1,694,590
	IHS Markit Ltd, 5.0000%, 11/1/22 (144A)	6,113,000	6,342,237
	IHS Markit Ltd, 4.7500%, 2/15/25 (144A)	10,625,000	10,784,375
	IHS Markit Ltd, 4.0000%, 3/1/26 (144A)	17,244,000	16,554,240
	McDonald's Corp, 3.5000%, 3/1/27	8,760,000	8,656,556
	MDC Holdings Inc, 5.5000%, 1/15/24	9,466,000	9,607,990
	MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer Inc,
	5.6250%, 5/1/24	5,515,000	5,680,450
	MGM Resorts International, 6.6250%, 12/15/21	6,260,000	6,752,975
	MGM Resorts International, 7.7500%, 3/15/22	2,248,000	2,503,710
	MGM Resorts International, 6.0000%, 3/15/23	1,124,000	1,180,200
	Tapestry Inc, 3.0000%, 7/15/22	2,591,000	2,503,009
	Tapestry Inc, 4.1250%, 7/15/27	3,439,000	3,364,452
	Toll Brothers Finance Corp, 4.0000%, 12/31/18	3,421,000	3,442,210
	Toll Brothers Finance Corp, 5.8750%, 2/15/22	3,120,000	3,307,200
	Toll Brothers Finance Corp, 4.3750%, 4/15/23	1,787,000	1,771,364
			169,322,645
Consumer Non-Cyclical – 1.6%
	Abbott Laboratories, 3.8750%, 9/15/25	1,938,000	1,956,524
	Abbott Laboratories, 3.7500%, 11/30/26	3,130,000	3,111,249
	Allergan Funding SCS, 3.0000%, 3/12/20	7,806,000	7,764,879
	Aramark Services Inc, 5.0000%, 2/1/28 (144A)	10,631,000	10,405,091
	Becton Dickinson and Co, 2.8940%, 6/6/22	6,201,000	6,014,788
	Becton Dickinson and Co, 3.3630%, 6/6/24	13,786,000	13,263,393
	Celgene Corp, 2.7500%, 2/15/23	3,844,000	3,688,544
	Constellation Brands Inc, 4.7500%, 12/1/25	1,362,000	1,433,657
	Constellation Brands, Inc., 4.2500%, 5/1/23	11,794,000	12,076,843
	CVS Health Corp, 4.7500%, 12/1/22	4,899,000	5,129,746
	CVS Health Corp, 4.1000%, 3/25/25	16,882,000	16,986,983
	CVS Health Corp, 4.3000%, 3/25/28	23,431,000	23,575,679
	CVS Health Corp, 5.0500%, 3/25/48	8,277,000	8,688,024
	HCA Inc, 3.7500%, 3/15/19	6,307,000	6,330,967
	HCA Inc, 5.0000%, 3/15/24	7,678,000	7,754,780
	HCA Inc, 5.2500%, 6/15/26	7,109,000	7,201,417
	HCA Inc, 4.5000%, 2/15/27	8,403,000	8,108,895
	McCormick & Co Inc/MD, 3.1500%, 8/15/24	3,436,000	3,332,875
	Molson Coors Brewing Co, 3.0000%, 7/15/26	15,938,000	14,723,261
	Post Holdings Inc, 5.0000%, 8/15/26 (144A)	2,942,000	2,794,900
	Post Holdings Inc, 5.7500%, 3/1/27 (144A)	14,465,000	14,284,187
	Post Holdings Inc, 5.6250%, 1/15/28 (144A)	8,325,000	7,950,375
	Sysco Corp, 2.5000%, 7/15/21	2,573,000	2,524,766
	Sysco Corp, 3.3000%, 7/15/26	6,460,000	6,230,487
	Sysco Corp, 3.2500%, 7/15/27	4,583,000	4,378,784
	Teva Pharmaceutical Finance Co BV, 2.9500%, 12/18/22	1,291,000	1,143,075
	Teva Pharmaceutical Finance Netherlands III BV, 2.8000%, 7/21/23	7,419,000	6,283,678
	Teva Pharmaceutical Finance Netherlands III BV, 6.0000%, 4/15/24 (144A)	20,000,000	19,414,896
	Teva Pharmaceutical Finance Netherlands III BV, 6.7500%, 3/1/28 (144A)	7,100,000	7,005,298
			233,558,041
Electric – 0.5%
	Berkshire Hathaway Energy Co, 2.8000%, 1/15/23 (144A)	6,510,000	6,374,627
	Duke Energy Corp, 1.8000%, 9/1/21	3,817,000	3,632,473
	Duke Energy Corp, 2.4000%, 8/15/22	5,355,000	5,140,593
	Duke Energy Corp, 2.6500%, 9/1/26	10,747,000	9,801,856


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 (unaudited)

March 31, 2018


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Electric – (continued)
	NextEra Energy Operating Partners LP, 4.2500%, 9/15/24 (144A)	$1,841,000	$1,785,770
	NextEra Energy Operating Partners LP, 4.5000%, 9/15/27 (144A)	3,394,000	3,198,845
	PPL Capital Funding Inc, 3.1000%, 5/15/26	13,279,000	12,544,062
	PPL WEM Ltd / Western Power Distribution Ltd, 5.3750%, 5/1/21 (144A)	10,116,000	10,603,295
	Southern Co, 2.9500%, 7/1/23	8,295,000	8,055,192
	Southern Co, 3.2500%, 7/1/26	11,649,000	11,062,306
			72,199,019
Energy – 1.2%
	Andeavor Logistics LP / Tesoro Logistics Finance Corp, 3.5000%, 12/1/22	3,179,000	3,123,030
	Andeavor Logistics LP / Tesoro Logistics Finance Corp, 5.2500%, 1/15/25	3,314,000	3,369,178
	Columbia Pipeline Group Inc, 4.5000%, 6/1/25	4,642,000	4,682,718
	Continental Resources Inc/OK, 5.0000%, 9/15/22	9,997,000	10,134,459
	Continental Resources Inc/OK, 4.5000%, 4/15/23	15,022,000	15,190,997
	Enbridge Energy Partners LP, 5.8750%, 10/15/25	5,995,000	6,571,433
	Energy Transfer Equity LP, 4.2500%, 3/15/23	6,796,000	6,609,110
	Energy Transfer Equity LP, 5.8750%, 1/15/24	6,557,000	6,770,102
	Energy Transfer Equity LP, 5.5000%, 6/1/27	4,916,000	4,928,290
	Energy Transfer Partners LP, 4.1500%, 10/1/20	5,769,000	5,848,371
	Energy Transfer Partners LP / Regency Energy Finance Corp, 5.7500%, 9/1/20	4,114,000	4,302,465
	Kinder Morgan Energy Partners LP, 3.5000%, 3/1/21	1,135,000	1,135,518
	Kinder Morgan Energy Partners LP, 5.0000%, 10/1/21	5,289,000	5,516,927
	Kinder Morgan Energy Partners LP, 3.9500%, 9/1/22	5,654,000	5,696,946
	Kinder Morgan Inc/DE, 6.5000%, 9/15/20	550,000	589,210
	Motiva Enterprises LLC, 5.7500%, 1/15/20 (144A)	2,328,000	2,421,473
	MPLX LP, 4.0000%, 3/15/28	6,818,000	6,717,973
	NGPL PipeCo LLC, 4.3750%, 8/15/22 (144A)	1,567,000	1,557,206
	NGPL PipeCo LLC, 4.8750%, 8/15/27 (144A)	4,019,000	3,958,715
	NuStar Logistics LP, 5.6250%, 4/28/27	10,038,000	9,736,860
	Phillips 66 Partners LP, 3.6050%, 2/15/25	6,325,000	6,184,240
	Phillips 66 Partners LP, 3.7500%, 3/1/28	2,791,000	2,691,921
	Phillips 66 Partners LP, 4.6800%, 2/15/45	2,480,000	2,414,880
	Plains All American Pipeline LP / PAA Finance Corp, 4.6500%, 10/15/25	2,971,000	2,987,219
	Plains All American Pipeline LP / PAA Finance Corp, 4.5000%, 12/15/26	2,876,000	2,850,905
	Regency Energy Partners LP / Regency Energy Finance Corp, 5.8750%, 3/1/22	7,308,000	7,797,190
	Sabine Pass Liquefaction LLC, 5.0000%, 3/15/27	11,316,000	11,749,238
	TC PipeLines LP, 3.9000%, 5/25/27	8,610,000	8,230,407
	Williams Cos Inc, 3.7000%, 1/15/23	3,482,000	3,386,245
	Williams Partners LP, 3.6000%, 3/15/22	4,648,000	4,628,827
	Williams Partners LP, 3.7500%, 6/15/27	14,490,000	13,843,688
			175,625,741
Finance Companies – 0.3%
	AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.5000%, 1/15/25	9,248,000	8,911,981
	AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.6500%, 7/21/27	4,820,000	4,510,636
	Air Lease Corp, 3.2500%, 3/1/25	13,177,000	12,564,342
	Quicken Loans Inc, 5.2500%, 1/15/28 (144A)	10,971,000	10,257,885
			36,244,844
Financial Institutions – 0.2%
	Jones Lang LaSalle Inc, 4.4000%, 11/15/22	12,487,000	12,932,654
	Kennedy-Wilson Inc, 5.8750%, 4/1/24	21,234,000	21,048,202
			33,980,856
Insurance – 0.3%
	Aetna Inc, 2.8000%, 6/15/23	5,166,000	4,961,907
	Centene Corp, 4.7500%, 5/15/22	751,000	760,387
	Centene Corp, 6.1250%, 2/15/24	2,302,000	2,395,691
	Centene Corp, 4.7500%, 1/15/25	7,418,000	7,232,550
	UnitedHealth Group Inc, 2.3750%, 10/15/22	5,122,000	4,926,925
	UnitedHealth Group Inc, 3.4500%, 1/15/27	2,032,000	2,010,708
	UnitedHealth Group Inc, 3.3750%, 4/15/27	1,037,000	1,019,711
	UnitedHealth Group Inc, 2.9500%, 10/15/27	8,598,000	8,167,530


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

14	MARCH 31, 2018

Janus Henderson Balanced Fund

Schedule of Investments (unaudited)

March 31, 2018


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Insurance – (continued)
	WellCare Health Plans Inc, 5.2500%, 4/1/25	$8,924,000	$8,957,465
			40,432,874
Natural Gas – 0.2%
	Sempra Energy, ICE LIBOR USD 3 Month + 0.5000%, 2.2091%, 1/15/21	10,258,000	10,262,589
	Sempra Energy, 3.4000%, 2/1/28	10,755,000	10,285,100
	Sempra Energy, 3.8000%, 2/1/38	4,220,000	3,969,761
	Sempra Energy, 4.0000%, 2/1/48	3,165,000	2,942,846
			27,460,296
Real Estate Investment Trusts (REITs) – 0.5%
	Alexandria Real Estate Equities Inc, 2.7500%, 1/15/20	5,427,000	5,400,552
	Alexandria Real Estate Equities Inc, 4.6000%, 4/1/22	15,518,000	16,161,777
	Alexandria Real Estate Equities Inc, 4.5000%, 7/30/29	8,408,000	8,515,818
	Digital Realty Trust LP, 3.7000%, 8/15/27	2,856,000	2,750,259
	Senior Housing Properties Trust, 6.7500%, 4/15/20	3,517,000	3,665,011
	Senior Housing Properties Trust, 6.7500%, 12/15/21	3,904,000	4,188,449
	SL Green Realty Corp, 5.0000%, 8/15/18	8,387,000	8,422,304
	SL Green Realty Corp, 7.7500%, 3/15/20	16,472,000	17,881,915
			66,986,085
Technology – 1.2%
	Broadcom Corp / Broadcom Cayman Finance Ltd, 3.6250%, 1/15/24	2,974,000	2,924,450
	Broadcom Corp / Broadcom Cayman Finance Ltd, 3.1250%, 1/15/25	5,655,000	5,342,821
	Broadcom Corp / Broadcom Cayman Finance Ltd, 3.8750%, 1/15/27	29,337,000	28,505,791
	Cadence Design Systems Inc, 4.3750%, 10/15/24	18,522,000	19,148,444
	First Data Corp, 7.0000%, 12/1/23 (144A)	12,202,000	12,827,352
	NXP BV / NXP Funding LLC, 4.1250%, 6/15/20 (144A)	3,689,000	3,744,335
	NXP BV / NXP Funding LLC, 4.1250%, 6/1/21 (144A)	2,809,000	2,837,090
	NXP BV / NXP Funding LLC, 3.8750%, 9/1/22 (144A)	10,682,000	10,601,885
	NXP BV / NXP Funding LLC, 4.6250%, 6/1/23 (144A)	6,135,000	6,244,203
	Total System Services Inc, 3.8000%, 4/1/21	6,270,000	6,334,274
	Total System Services Inc, 4.8000%, 4/1/26	13,400,000	14,030,335
	Trimble Inc, 4.7500%, 12/1/24	21,690,000	22,581,915
	Verisk Analytics Inc, 4.8750%, 1/15/19	7,152,000	7,264,859
	Verisk Analytics Inc, 5.8000%, 5/1/21	12,091,000	12,951,655
	Verisk Analytics Inc, 4.1250%, 9/12/22	6,970,000	7,182,230
	Verisk Analytics Inc, 5.5000%, 6/15/45	8,208,000	9,120,645
			171,642,284
Transportation – 0.1%
	FedEx Corp, 4.0500%, 2/15/48	12,388,000	11,609,454
Total Corporate Bonds (cost $1,963,231,604)			1,936,796,716
Mortgage-Backed Securities– 8.2%
Fannie Mae Pool:
	6.0000%, 2/1/37	515,402	589,206
	5.0000%, 6/30/37	29,229,000	31,158,456
	5.0000%, 6/30/37	13,422,000	14,333,175
	5.5000%, 3/1/40	3,590,477	3,979,617
	5.5000%, 2/1/41	2,189,459	2,427,143
	5.0000%, 5/1/41	4,091,669	4,402,582
	5.5000%, 6/1/41	3,976,107	4,399,967
	4.5000%, 6/1/42	1,263,781	1,330,571
	3.5000%, 10/1/42	6,239,064	6,283,891
	4.5000%, 11/1/42	2,053,997	2,174,157
	3.0000%, 2/1/43	496,491	487,656
	3.5000%, 2/1/43	14,801,617	14,902,880
	3.5000%, 2/1/43	3,602,653	3,627,455
	3.0000%, 5/1/43	1,783,604	1,751,794
	3.5000%, 4/1/44	6,977,368	7,029,724
	5.0000%, 7/1/44	476,887	520,332
	4.5000%, 10/1/44	4,712,105	5,002,567


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 (unaudited)

March 31, 2018


Shares or Principal Amounts			Value
Mortgage-Backed Securities– (continued)
Fannie Mae Pool – (continued)
	3.5000%, 2/1/45	$14,678,025	$14,779,049
	4.5000%, 3/1/45	7,944,276	8,434,820
	4.5000%, 6/1/45	4,674,589	4,925,482
	4.5000%, 9/1/45	2,824,106	2,998,470
	3.0000%, 10/1/45	3,834,264	3,739,179
	3.0000%, 10/1/45	2,474,478	2,413,066
	3.5000%, 12/1/45	4,571,536	4,602,921
	3.0000%, 1/1/46	498,418	486,139
	3.5000%, 1/1/46	12,870,025	12,957,910
	3.5000%, 1/1/46	11,207,769	11,284,305
	4.5000%, 2/1/46	11,614,857	12,280,844
	3.0000%, 3/1/46	16,317,937	15,916,149
	3.0000%, 3/1/46	11,109,174	10,835,695
	3.5000%, 7/1/46	8,285,844	8,328,294
	3.5000%, 7/1/46	8,099,071	8,143,905
	3.5000%, 8/1/46	4,867,554	4,884,271
	4.0000%, 8/1/46	637,574	659,606
	4.0000%, 8/1/46	543,990	562,766
	4.0000%, 8/1/46	413,045	427,376
	3.0000%, 11/1/46	2,363,958	2,309,967
	3.0000%, 11/1/46	2,217,300	2,166,665
	3.5000%, 12/1/46	802,047	804,760
	3.5000%, 12/1/46	186,381	187,011
	4.5000%, 12/1/46	4,806,269	5,076,006
	3.5000%, 1/1/47	2,993,786	3,003,920
	3.5000%, 1/1/47	543,291	545,130
	3.5000%, 1/1/47	366,581	367,822
	3.0000%, 2/1/47	21,063,070	20,724,678
	4.0000%, 3/1/47	826,767	855,332
	4.0000%, 3/1/47	223,644	231,306
	4.0000%, 3/1/47	221,239	228,861
	4.0000%, 4/1/47	1,080,015	1,114,980
	4.0000%, 4/1/47	837,458	866,311
	4.0000%, 4/1/47	767,484	792,332
	4.0000%, 4/30/47	126,983,000	130,027,403
	4.0000%, 5/1/47	2,983,424	3,063,376
	4.0000%, 5/1/47	903,911	935,054
	4.0000%, 5/1/47	709,559	734,006
	4.0000%, 5/1/47	295,593	305,641
	4.5000%, 5/1/47	1,511,009	1,603,372
	4.5000%, 5/1/47	1,243,978	1,316,163
	4.5000%, 5/1/47	1,220,972	1,291,536
	4.5000%, 5/1/47	918,487	975,305
	4.5000%, 5/1/47	855,457	905,085
	4.5000%, 5/1/47	748,768	794,297
	4.5000%, 5/1/47	419,942	444,563
	4.5000%, 5/1/47	304,486	322,877
	4.5000%, 5/1/47	275,797	292,375
	4.5000%, 5/31/47	69,932,000	73,199,370
	3.5000%, 6/1/47	593,094	595,179
	4.0000%, 6/1/47	1,836,176	1,886,608
	4.0000%, 6/1/47	1,695,713	1,753,354
	4.0000%, 6/1/47	1,647,980	1,704,759
	4.0000%, 6/1/47	1,562,005	1,612,115
	4.0000%, 6/1/47	1,261,437	1,311,076
	4.0000%, 6/1/47	771,815	793,348
	4.0000%, 6/1/47	738,462	762,152
	4.0000%, 6/1/47	586,031	606,037
	4.0000%, 6/1/47	482,536	498,158


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

16	MARCH 31, 2018

Janus Henderson Balanced Fund

Schedule of Investments (unaudited)

March 31, 2018


Shares or Principal Amounts			Value
Mortgage-Backed Securities– (continued)
Fannie Mae Pool – (continued)
	4.0000%, 6/1/47	$351,046	$360,751
	4.0000%, 6/1/47	210,330	217,851
	4.5000%, 6/1/47	5,446,028	5,761,922
	4.5000%, 6/1/47	529,230	561,043
	3.5000%, 7/1/47	1,150,013	1,154,056
	3.5000%, 7/1/47	692,361	694,795
	3.5000%, 7/1/47	518,538	521,247
	3.5000%, 7/1/47	313,319	314,677
	3.5000%, 7/1/47	313,152	315,103
	4.0000%, 7/1/47	2,592,854	2,676,799
	4.0000%, 7/1/47	2,371,388	2,451,996
	4.0000%, 7/1/47	1,334,063	1,376,861
	4.0000%, 7/1/47	1,311,273	1,353,341
	4.0000%, 7/1/47	995,279	1,029,257
	4.0000%, 7/1/47	717,607	740,839
	4.0000%, 7/1/47	630,013	650,225
	4.0000%, 7/1/47	625,877	647,152
	4.0000%, 7/1/47	401,714	414,602
	4.0000%, 7/1/47	355,332	366,313
	4.5000%, 7/1/47	3,930,537	4,158,558
	4.5000%, 7/1/47	3,508,462	3,712,000
	4.5000%, 7/1/47	3,391,777	3,590,640
	3.5000%, 8/1/47	4,213,667	4,224,508
	3.5000%, 8/1/47	2,702,513	2,711,912
	3.5000%, 8/1/47	2,472,426	2,481,117
	3.5000%, 8/1/47	597,487	599,588
	3.5000%, 8/1/47	221,326	222,104
	4.0000%, 8/1/47	7,068,767	7,260,161
	4.0000%, 8/1/47	3,408,505	3,518,857
	4.0000%, 8/1/47	2,564,335	2,651,501
	4.0000%, 8/1/47	2,419,974	2,497,608
	4.0000%, 8/1/47	1,492,230	1,540,103
	4.0000%, 8/1/47	1,059,605	1,095,778
	4.0000%, 8/1/47	633,083	650,258
	4.5000%, 8/1/47	4,730,673	5,008,037
	4.5000%, 8/1/47	912,188	965,108
	3.5000%, 9/1/47	2,490,086	2,503,099
	4.0000%, 9/1/47	650,349	671,214
	4.0000%, 9/1/47	183,707	189,982
	4.5000%, 9/1/47	21,202,916	22,239,849
	4.5000%, 9/1/47	3,082,105	3,260,920
	3.5000%, 10/1/47	16,698,627	16,743,371
	3.5000%, 10/1/47	435,822	437,354
	3.5000%, 10/1/47	384,941	386,993
	3.5000%, 10/1/47	310,731	311,823
	3.5000%, 10/1/47	180,664	181,966
	4.0000%, 10/1/47	2,959,006	3,053,932
	4.0000%, 10/1/47	2,735,634	2,823,398
	4.0000%, 10/1/47	2,629,557	2,713,918
	4.0000%, 10/1/47	1,762,183	1,818,717
	4.0000%, 10/1/47	1,353,577	1,397,003
	4.0000%, 10/1/47	701,174	725,123
	4.5000%, 10/1/47	730,159	772,970
	4.5000%, 10/1/47	338,199	358,029
	3.0000%, 11/1/47	6,481,722	6,321,563
	3.5000%, 11/1/47	1,651,798	1,661,694
	3.5000%, 11/1/47	1,033,726	1,040,236
	4.0000%, 11/1/47	4,688,188	4,818,272
	4.0000%, 11/1/47	3,974,205	4,101,702


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 (unaudited)

March 31, 2018


Shares or Principal Amounts			Value
Mortgage-Backed Securities– (continued)
Fannie Mae Pool – (continued)
	4.0000%, 11/1/47	$2,117,119	$2,179,325
	4.0000%, 11/1/47	1,232,063	1,271,590
	4.0000%, 11/1/47	643,544	665,660
	4.5000%, 11/1/47	3,613,905	3,823,571
	3.5000%, 12/1/47	7,262,794	7,299,639
	3.5000%, 12/1/47	4,690,273	4,707,573
	3.5000%, 12/1/47	3,357,007	3,371,404
	3.5000%, 12/1/47	708,751	711,983
	4.0000%, 12/1/47	16,420,295	16,903,837
	4.0000%, 12/1/47	9,142,924	9,396,617
	3.5000%, 1/1/48	6,864,364	6,895,656
	3.5000%, 1/1/48	5,449,773	5,480,678
	4.0000%, 1/1/48	24,639,492	25,366,086
	4.0000%, 1/1/48	18,278,691	18,830,562
	4.0000%, 1/1/48	17,520,840	18,007,136
	4.0000%, 2/1/48	7,005,991	7,212,583
	3.5000%, 3/1/48	3,067,477	3,084,873
	4.0000%, 3/1/48	7,466,000	7,691,716
	3.5000%, 8/1/56	23,911,778	23,917,535
	3.0000%, 2/1/57	16,511,162	15,957,801
			829,875,331
Freddie Mac Gold Pool:
	5.5000%, 10/1/36	1,673,881	1,858,118
	6.0000%, 4/1/40	8,809,289	10,081,619
	5.5000%, 8/1/41	8,773,637	9,863,764
	5.5000%, 8/1/41	5,594,846	6,217,703
	5.5000%, 9/1/41	1,178,756	1,279,862
	5.0000%, 3/1/42	4,339,354	4,717,831
	3.5000%, 2/1/43	5,469,629	5,508,831
	3.5000%, 2/1/44	5,667,555	5,708,243
	4.5000%, 5/1/44	227,721	241,348
	3.0000%, 1/1/45	5,173,770	5,065,566
	3.5000%, 7/1/46	16,015,414	16,136,069
	3.5000%, 7/1/46	4,911,873	4,930,285
	3.0000%, 10/1/46	18,746,719	18,298,659
	3.0000%, 12/1/46	19,259,261	18,798,685
	4.0000%, 8/1/47	12,031,338	12,366,589
	3.5000%, 9/1/47	11,048,558	11,075,944
	3.5000%, 9/1/47	6,294,938	6,311,110
	3.5000%, 9/1/47	4,875,226	4,901,903
	3.5000%, 10/1/47	13,280,533	13,312,252
	3.5000%, 11/1/47	5,798,839	5,819,755
	3.5000%, 12/1/47	20,623,996	20,736,843
	3.5000%, 12/1/47	4,230,108	4,255,270
	3.5000%, 1/1/48	29,996,192	30,214,498
	3.5000%, 2/1/48	6,287,946	6,306,403
	3.5000%, 2/1/48	6,192,433	6,217,159
	4.0000%, 2/1/48	2,734,768	2,816,276
	4.0000%, 3/1/48	8,258,000	8,504,118
	4.0000%, 3/1/48	4,804,000	4,950,745
	4.0000%, 3/1/48	3,726,000	3,837,047
			250,332,495
Ginnie Mae I Pool:
	4.0000%, 1/15/45	17,370,784	17,986,456
	4.5000%, 8/15/46	20,413,487	21,706,402
	4.0000%, 7/15/47	9,277,474	9,572,139
	4.0000%, 8/15/47	1,886,257	1,946,271
	4.0000%, 11/15/47	3,553,008	3,681,823


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

18	MARCH 31, 2018

Janus Henderson Balanced Fund

Schedule of Investments (unaudited)

March 31, 2018


Shares or Principal Amounts			Value
Mortgage-Backed Securities– (continued)
Ginnie Mae I Pool – (continued)
	4.0000%, 12/15/47	$4,724,055	$4,895,637
			59,788,728
Ginnie Mae II Pool:
	4.5000%, 10/20/41	5,125,228	5,334,275
	4.0000%, 8/20/47	1,693,708	1,752,415
	4.0000%, 8/20/47	885,346	916,033
	4.0000%, 8/20/47	405,116	419,158
	3.0000%, 10/20/47	14,720,316	14,481,593
			22,903,474
Total Mortgage-Backed Securities (cost $1,180,859,346)			1,162,900,028
United States Treasury Notes/Bonds– 9.2%
	1.3750%, 9/30/19	22,579,000	22,287,742
	1.5000%, 10/31/19	68,562,000	67,752,983
	1.7500%, 11/30/19	279,794,000	277,492,917
	1.8750%, 12/31/19	16,496,000	16,384,428
	2.0000%, 1/31/20	52,464,000	52,208,844
	2.2500%, 2/29/20	166,037,000	165,940,611
	1.6250%, 10/15/20	18,028,000	17,700,579
	1.7500%, 11/15/20	112,544,000	110,772,049
	2.0000%, 1/15/21	28,094,000	27,801,759
	2.2500%, 2/15/21	12,268,000	12,218,915
	1.8750%, 9/30/22	12,771,000	12,406,574
	2.0000%, 11/30/22	7,270,000	7,093,898
	2.3750%, 1/31/23	5,958,000	5,907,097
	2.6250%, 2/28/23	18,723,000	18,773,431
	2.0000%, 5/31/24	11,287,000	10,861,326
	2.1250%, 9/30/24	10,165,000	9,830,564
	2.2500%, 12/31/24	1,473,000	1,433,017
	2.7500%, 2/28/25	1,031,000	1,034,725
	2.0000%, 11/15/26	14,710,000	13,863,669
	2.2500%, 11/15/27	100,497,000	96,192,728
	2.7500%, 2/15/28	23,633,000	23,627,216
	2.2500%, 8/15/46	39,150,000	33,646,235
	2.7500%, 8/15/47	14,000	13,351
	2.7500%, 11/15/47	159,357,000	152,005,650
	3.0000%, 2/15/48	143,941,000	144,447,466
Total United States Treasury Notes/Bonds (cost $1,301,726,543)			1,301,697,774
Common Stocks– 63.6%
Aerospace & Defense – 4.9%
	Boeing Co	1,242,794	407,487,297
	General Dynamics Corp	606,032	133,872,469
	Northrop Grumman Corp	425,758	148,640,633
			690,000,399
Air Freight & Logistics – 0.6%
	United Parcel Service Inc	780,421	81,678,862
Airlines – 0.2%
	Delta Air Lines Inc	513,610	28,150,964
Automobiles – 0.9%
	General Motors Co	3,564,733	129,542,397
Banks – 2.3%
	Bank of America Corp	2,660,331	79,783,327
	US Bancorp	4,823,023	243,562,661
			323,345,988
Biotechnology – 0.2%
	AbbVie Inc	338,092	32,000,408
Capital Markets – 4.2%
	Blackstone Group LP	2,742,159	87,611,980
	CME Group Inc	1,782,132	288,242,030


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 (unaudited)

March 31, 2018


Shares or Principal Amounts			Value
Common Stocks– (continued)
Capital Markets – (continued)
	Morgan Stanley	923,448	$49,829,254
	TD Ameritrade Holding Corp	2,810,087	166,441,453
			592,124,717
Chemicals – 1.8%
	LyondellBasell Industries NV	2,426,679	256,451,437
Consumer Finance – 1.5%
	American Express Co	845,469	78,865,348
	Synchrony Financial	4,111,661	137,863,993
			216,729,341
Equity Real Estate Investment Trusts (REITs) – 1.4%
	Colony NorthStar Inc	5,293,661	29,750,375
	Crown Castle International Corp	669,927	73,430,698
	Invitation Homes Inc	660,082	15,069,672
	MGM Growth Properties LLC	1,441,854	38,266,805
	Outfront Media Inc	1,998,955	37,460,417
			193,977,967
Food & Staples Retailing – 3.1%
	Costco Wholesale Corp	1,162,010	218,957,544
	Kroger Co	3,279,338	78,507,352
	Sysco Corp	2,410,191	144,515,052
			441,979,948
Food Products – 0.6%
	Hershey Co	842,925	83,415,858
Health Care Equipment & Supplies – 2.3%
	Abbott Laboratories	2,430,209	145,618,123
	Medtronic PLC	2,309,431	185,262,555
			330,880,678
Health Care Providers & Services – 0.8%
	Aetna Inc	666,141	112,577,829
Hotels, Restaurants & Leisure – 2.6%
	McDonald's Corp	1,160,342	181,454,282
	Norwegian Cruise Line Holdings Ltd*	819,390	43,403,088
	Six Flags Entertainment Corp	870,314	54,185,750
	Starbucks Corp	1,528,159	88,465,124
			367,508,244
Household Products – 0.3%
	Clorox Co	378,553	50,389,190
Industrial Conglomerates – 1.9%
	3M Co	227,799	50,006,436
	Honeywell International Inc	1,520,384	219,710,692
			269,717,128
Information Technology Services – 4.6%
	Accenture PLC	1,171,090	179,762,315
	Automatic Data Processing Inc	310,034	35,182,658
	Mastercard Inc	2,512,667	440,118,752
			655,063,725
Insurance – 0.6%
	Progressive Corp	1,361,761	82,972,098
Internet & Direct Marketing Retail – 1.1%
	Booking Holdings Inc*	77,451	161,128,286
Internet Software & Services – 2.3%
	Alphabet Inc - Class C*	318,227	328,343,436
Leisure Products – 0.5%
	Hasbro Inc	842,501	71,022,834
Machinery – 0.4%
	Deere & Co	386,539	60,037,237
Media – 1.6%
	Comcast Corp	5,629,626	192,364,320


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

20	MARCH 31, 2018

Janus Henderson Balanced Fund

Schedule of Investments (unaudited)

March 31, 2018


Shares or Principal Amounts			Value
Common Stocks– (continued)
Media – (continued)
	Madison Square Garden Co*	135,219	$33,236,830
			225,601,150
Oil, Gas & Consumable Fuels – 1.7%
	Anadarko Petroleum Corp	1,340,008	80,949,883
	Suncor Energy Inc	2,478,312	85,600,896
	Suncor Energy Inc^¤	2,045,212	70,634,592
			237,185,371
Personal Products – 0.9%
	Estee Lauder Cos Inc	854,352	127,913,581
Pharmaceuticals – 2.7%
	Allergan PLC	716,207	120,530,476
	Bristol-Myers Squibb Co	1,093,733	69,178,612
	Eli Lilly & Co	959,820	74,261,273
	Merck & Co Inc	2,091,891	113,945,303
			377,915,664
Real Estate Investment Trusts (REITs) – 0%
	Colony American Homes III^¢,£,§	6,162,871	395,868
Real Estate Management & Development – 0.9%
	CBRE Group Inc*	2,817,806	133,056,799
Road & Rail – 1.4%
	CSX Corp	3,572,005	198,996,399
Semiconductor & Semiconductor Equipment – 2.4%
	Intel Corp	4,012,711	208,981,989
	Lam Research Corp	647,215	131,488,199
			340,470,188
Software – 6.4%
	Activision Blizzard Inc	629,922	42,494,538
	Adobe Systems Inc*	1,290,658	278,885,381
	Microsoft Corp	5,925,086	540,782,599
	salesforce.com Inc*	408,052	47,456,448
			909,618,966
Specialty Retail – 1.8%
	Home Depot Inc	1,421,418	253,353,544
Technology Hardware, Storage & Peripherals – 1.8%
	Apple Inc	1,537,208	257,912,758
Textiles, Apparel & Luxury Goods – 1.0%
	NIKE Inc	2,201,650	146,277,626
Tobacco – 1.9%
	Altria Group Inc	4,256,436	265,261,092
Total Common Stocks (cost $5,747,246,451)			9,032,997,977
Investment Companies– 4.3%
Money Markets – 4.3%
	Janus Henderson Cash Liquidity Fund LLC, 1.6505%^ºº,£(cost $611,005,358)	611,005,358	611,005,358
Total Investments (total cost $11,506,836,176) – 103.9%			14,747,078,956
Liabilities, net of Cash, Receivables and Other Assets – (3.9)%			(552,134,636)
Net Assets – 100%			$14,194,944,320


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 (unaudited)

March 31, 2018


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

		% of
		Investment
Country	Value	Securities
United States	$14,339,399,857	97.2	%
Canada	201,242,343	1.4
Cayman Islands	86,821,000	0.6
United Kingdom	44,878,949	0.3
Netherlands	36,850,130	0.3
Israel	33,846,947	0.2
Germany	4,039,730	0.0



Total	$14,747,078,956	100.0	%

Schedules of Affiliated Investments – (% of Net Assets)


			Dividend Income⁽¹⁾		Realized Gain/(Loss)⁽¹⁾		Change in Unrealized Appreciation/ Depreciation⁽¹⁾		Value at 3/31/18
Common Stocks– 0%
Real Estate Investment Trusts (REITs) – 0%
	Colony American Homes III^¢,§		$	—	$	—	$	—	$	395,868
Investment Companies– 4.3%
Investments Purchased with Cash Collateral from Securities Lending – 0%
		Janus Henderson Cash Collateral Fund LLC, 1.5300%^ºº		26,586^∆		—		—		—
Money Markets – 4.3%
	Janus Henderson Cash Liquidity Fund LLC, 1.6505%^ºº			2,503,401		—		—		611,005,358
Total Investment Companies			$	2,529,987	$	—	$	—	$	611,005,358
Total Affiliated Investments – 4.3%			$	2,529,987	$	—	$	—	$	611,401,226

(1) For securities that were affiliated for a portion of the period ended March 31, 2018, this column reflects amounts for the entire period ended March 31, 2018 and not just the period in which the security was affiliated.


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

22	MARCH 31, 2018

Janus Henderson Balanced Fund

Schedule of Investments (unaudited)

March 31, 2018


			Share Balance at 9/30/17		Purchases		Sales		Share Balance at 3/31/18
Common Stocks– 0%
Real Estate Investment Trusts (REITs) – 0%
	Colony American Homes III^¢,§			6,162,871		—		—		6,162,871


Investment Companies– 4.3%
Investments Purchased with Cash Collateral from Securities Lending – 0%
		Janus Henderson Cash Collateral Fund LLC, 1.5300%^ºº		—		91,381,250		(91,381,250)		—
Money Markets – 4.3%
	Janus Henderson Cash Liquidity Fund LLC, 1.6505%^ºº			178,494,294		2,610,885,064		(2,178,374,000)		611,005,358


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

Janus Investment Fund	23

Janus Henderson Balanced Fund

Notes to Schedule of Investments and Other Information (unaudited)


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


ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
LLC	Limited Liability Company
LP	Limited Partnership
PLC	Public Limited Company
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 period ended March 31, 2018 is $738,860,860, which represents 5.2% of net assets.


*	Non-income producing security.


(a)	All or a portion of this position is not funded, or has been purchased on a delayed delivery or when-issued basis. If applicable, interest rates will be determined and interest will begin to accrued at a future date. See Notes to Financial Statements.


‡	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of March 31, 2018.


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


ºº	Rate shown is the 7-day yield as of March 31, 2018.


¢	Security is valued using significant unobservable inputs.


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


§	Schedule of Restricted and Illiquid Securities (as of March 31, 2018)
							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		10,128,183		9,971,750	0.1
loanDepot Station Place Agency Securitization Trust 2017-1, 2.6715%, 11/25/50		11/29/17 - 3/23/18		16,599,174		16,580,677	0.1
loanDepot Station Place Agency Securitization Trust 2017-1, 2.8715%, 11/25/50		11/29/17		3,279,000		3,274,610	0.0
Station Place Securitization Trust 2017-3, 2.6025%, 7/24/18		8/11/2017 - 1/26/18		14,196,000		14,197,299	0.1
Total			$	44,690,281	$	44,420,204	0.3	%

The Fund has registration rights for certain restricted securities held as of March 31, 2018. The issuer incurs all registration costs.


24	MARCH 31, 2018

Janus Henderson Balanced Fund

Notes to Schedule of Investments and Other Information (unaudited)


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 March 31, 2018. 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	$	-	$	449,333,587	$	-
Bank Loans and Mezzanine Loans		-		252,347,516		-
Corporate Bonds		-		1,936,796,716		-
Mortgage-Backed Securities		-		1,162,900,028		-
United States Treasury Notes/Bonds		-		1,301,697,774		-
Common Stocks
Real Estate Investment Trusts (REITs)		-		-		395,868
All Other		9,032,602,109		-		-
Investment Companies		-		611,005,358		-
Total Assets	$	9,032,602,109	$	5,714,080,979	$	395,868


Janus Investment Fund	25

Janus Henderson Balanced Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2018

See footnotes at the end of the Statement.



Assets:
	Unaffiliated investments, at value⁽¹⁾		$	14,135,677,730
	Affiliated investments, at value⁽²⁾			611,401,226
	Cash			7,510,668
	Non-interested Trustees' deferred compensation			284,797
	Receivables:
		Investments sold		158,220,879
		Interest		33,055,233
		Fund shares sold		26,398,406
		Dividends		8,398,471
		Dividends from affiliates		826,816
	Other assets			80,688
Total Assets				14,981,854,914
Liabilities:
	Payables:			—
		Investments purchased		745,761,793
		Fund shares repurchased		25,931,591
		Advisory fees		6,877,549
		Dividends		3,208,401
		Transfer agent fees and expenses		2,319,407
		12b-1 Distribution and shareholder servicing fees		1,623,006
		Non-interested Trustees' deferred compensation fees		284,797
		Non-interested Trustees' fees and expenses		103,986
		Fund administration fees		97,536
		Professional fees		63,163
		Custodian fees		11,976
		Accrued expenses and other payables		627,389
Total Liabilities				786,910,594
Net Assets			$	14,194,944,320


See Notes to Financial Statements.

26	MARCH 31, 2018

Janus Henderson Balanced Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2018




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	10,744,202,275
	Undistributed net investment income/(loss)		2,981,070
	Undistributed net realized gain/(loss) from investments and foreign currency transactions		207,474,592
	Unrealized net appreciation/(depreciation) of investments and non-interested Trustees’ deferred compensation		3,240,286,383
Total Net Assets		$	14,194,944,320
Net Assets - Class A Shares		$	648,341,078
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		19,687,686
Net Asset Value Per Share⁽³⁾		$	32.93
Maximum Offering Price Per Share⁽⁴⁾		$	34.94
Net Assets - Class C Shares		$	1,361,807,376
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		41,714,767
Net Asset Value Per Share⁽³⁾		$	32.65
Net Assets - Class D Shares		$	1,643,395,192
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		49,794,078
Net Asset Value Per Share		$	33.00
Net Assets - Class I Shares		$	2,312,861,057
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		70,055,804
Net Asset Value Per Share		$	33.01
Net Assets - Class N Shares		$	2,242,887,308
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		68,003,234
Net Asset Value Per Share		$	32.98
Net Assets - Class R Shares		$	331,555,786
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		10,123,586
Net Asset Value Per Share		$	32.75
Net Assets - Class S Shares		$	601,950,057
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		18,287,423
Net Asset Value Per Share		$	32.92
Net Assets - Class T Shares		$	5,052,146,466
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		153,268,437
Net Asset Value Per Share		$	32.96

(1) Includes cost of $10,895,342,894.

(2) Includes cost of $611,493,282.

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

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


See Notes to Financial Statements.

Janus Investment Fund	27

Janus Henderson Balanced Fund

Statement of Operations (unaudited)

For the period ended March 31, 2018



Investment Income:
	Dividends		$	95,142,004
	Interest			76,028,916
	Dividends from affiliates			2,503,401
	Affiliated securities lending income, net			26,586
	Other income			84,675
	Foreign tax withheld			(351,270)
Total Investment Income				173,434,312
Expenses:
	Advisory fees			38,395,557
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		806,008
		Class C Shares		6,608,434
		Class R Shares		856,119
		Class S Shares		779,933
	Transfer agent administrative fees and expenses:
		Class D Shares		977,291
		Class R Shares		429,147
		Class S Shares		779,933
		Class T Shares		6,210,702
	Transfer agent networking and omnibus fees:
		Class A Shares		395,652
		Class C Shares		426,474
		Class I Shares		728,218
	Other transfer agent fees and expenses:
		Class A Shares		37,798
		Class C Shares		68,052
		Class D Shares		125,398
		Class I Shares		45,379
		Class N Shares		33,127
		Class R Shares		2,089
		Class S Shares		3,540
		Class T Shares		29,352
	Fund administration fees			544,519
	Shareholder reports expense			330,167
	Non-interested Trustees’ fees and expenses			221,531
	Registration fees			159,324
	Professional fees			72,727
	Custodian fees			48,267
	Other expenses			387,124
Total Expenses				59,501,862
Less: Excess Expense Reimbursement and Waivers				(59,940)
Net Expenses				59,441,922
Net Investment Income/(Loss)				113,992,390
Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions			287,941,909
Total Net Realized Gain/(Loss) on Investments				287,941,909
Change in Unrealized Net Appreciation/Depreciation:
	Investments and non-interested Trustees’ deferred compensation			372,836,842
Total Change in Unrealized Net Appreciation/Depreciation				372,836,842
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	774,771,141


See Notes to Financial Statements.

28	MARCH 31, 2018

Janus Henderson Balanced Fund

Statements of Changes in Net Assets



			Period ended March 31, 2018 (unaudited)		Year ended September 30, 2017

Operations:
	Net investment income/(loss)		$	113,992,390	$	230,899,526
	Net realized gain/(loss) on investments			287,941,909		431,355,435
	Change in unrealized net appreciation/depreciation			372,836,842		1,204,248,156
Net Increase/(Decrease) in Net Assets Resulting from Operations				774,771,141		1,866,503,117
Dividends and Distributions to Shareholders:
	Dividends from Net Investment Income
		Class A Shares		(5,518,925)		(14,776,686)
		Class C Shares		(7,281,523)		(17,227,608)
		Class D Shares		(15,812,933)		(31,704,825)
		Class I Shares		(22,846,760)		(40,126,722)
		Class N Shares		(22,737,809)		(44,255,552)
		Class R Shares		(2,310,150)		(5,485,701)
		Class S Shares		(4,928,761)		(11,523,204)
		Class T Shares		(45,872,168)		(94,843,741)
	Total Dividends from Net Investment Income			(127,309,029)		(259,944,039)
	Distributions from Net Realized Gain from Investment Transactions
		Class A Shares		(21,010,570)		(10,879,238)
		Class C Shares		(44,000,295)		(15,956,168)
		Class D Shares		(52,807,840)		(16,710,703)
		Class I Shares		(72,906,990)		(18,975,938)
		Class N Shares		(70,323,268)		(21,666,308)
		Class R Shares		(11,370,627)		(4,011,088)
		Class S Shares		(20,545,851)		(7,629,078)
		Class T Shares		(160,554,525)		(53,548,122)
	Total Distributions from Net Realized Gain from Investment Transactions			(453,519,966)		(149,376,643)
Net Decrease from Dividends and Distributions to Shareholders				(580,828,995)		(409,320,682)
Capital Share Transactions:
		Class A Shares		13,581,467		(470,623,952)
		Class C Shares		52,811,624		(265,021,176)
		Class D Shares		57,548,570		(15,229,904)
		Class I Shares		185,081,911		258,374,590
		Class N Shares		158,473,704		(1,026,029)
		Class R Shares		(15,074,781)		21,735,604
		Class S Shares		(29,842,353)		(106,679,612)
		Class T Shares		247,377,070		(452,209,506)
Net Increase/(Decrease) from Capital Share Transactions				669,957,212		(1,030,679,985)
Net Increase/(Decrease) in Net Assets				863,899,358		426,502,450
Net Assets:
	Beginning of period			13,331,044,962		12,904,542,512
	End of period		$	14,194,944,320	$	13,331,044,962

Undistributed Net Investment Income/(Loss)			$	2,981,070	$	16,297,709


See Notes to Financial Statements.

Janus Investment Fund	29

Janus Henderson Balanced Fund

Financial Highlights


Class A Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and each year ended September 30			2018	2017	2016		2015	2014	2013
	Net Asset Value, Beginning of Period		$32.46	$29.00	$29.12		$31.10	$29.11	$27.01
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.25⁽¹⁾	0.52⁽¹⁾	0.47⁽¹⁾		0.55⁽¹⁾	0.49⁽¹⁾	0.51
		Net realized and unrealized gain/(loss)	1.62	3.88	1.22		(0.70)	2.83	2.90
	Total from Investment Operations		1.87	4.40	1.69		(0.15)	3.32	3.41
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.29)	(0.59)	(0.48)		(0.52)	(0.47)	(0.50)
		Distributions (from capital gains)	(1.11)	(0.35)	(1.33)		(1.31)	(0.86)	(0.81)
	Total Dividends and Distributions		(1.40)	(0.94)	(1.81)		(1.83)	(1.33)	(1.31)
	Net Asset Value, End of Period		$32.93	$32.46	$29.00		$29.12	$31.10	$29.11
	Total Return*		5.75%	15.44%	5.86%		(0.59)%	11.65%	13.12%
	Net Assets, End of Period (in thousands)		$648,341	$625,454	$1,008,842		$966,624	$835,681	$765,049
	Average Net Assets for the Period (in thousands)		$646,482	$781,785	$1,037,006		$941,167	$839,360	$690,266
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.96%	0.94%	0.94%		0.93%	0.95%	0.94%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.96%	0.94%	0.94%		0.93%	0.95%	0.94%
		Ratio of Net Investment Income/(Loss)	1.53%	1.68%	1.63%		1.78%	1.61%	1.66%
	Portfolio Turnover Rate		37%	60%	83%		75%	72%	78%
						1


Class C Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and each year ended September 30			2018	2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$32.19	$28.78	$28.95	$30.93	$29.00	$26.93
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.14⁽¹⁾	0.31⁽¹⁾	0.26⁽¹⁾	0.34⁽¹⁾	0.27⁽¹⁾	0.32
		Net realized and unrealized gain/(loss)	1.61	3.85	1.20	(0.69)	2.80	2.88
	Total from Investment Operations		1.75	4.16	1.46	(0.35)	3.07	3.20
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.18)	(0.40)	(0.30)	(0.32)	(0.28)	(0.32)
		Distributions (from capital gains)	(1.11)	(0.35)	(1.33)	(1.31)	(0.86)	(0.81)
	Total Dividends and Distributions		(1.29)	(0.75)	(1.63)	(1.63)	(1.14)	(1.13)
	Net Asset Value, End of Period		$32.65	$32.19	$28.78	$28.95	$30.93	$29.00
	Total Return*		5.43%	14.67%	5.09%	(1.25)%	10.78%	12.30%
	Net Assets, End of Period (in thousands)		$1,361,807	$1,290,994	$1,408,455	$1,267,034	$996,498	$708,673
	Average Net Assets for the Period (in thousands)		$1,343,583	$1,322,392	$1,401,426	$1,175,456	$874,136	$597,677
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.63%	1.61%	1.65%	1.61%	1.68%	1.70%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.63%	1.61%	1.65%	1.61%	1.68%	1.70%
		Ratio of Net Investment Income/(Loss)	0.85%	1.03%	0.92%	1.10%	0.88%	0.90%
	Portfolio Turnover Rate		37%	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.

30	MARCH 31, 2018

Janus Henderson Balanced Fund

Financial Highlights


Class D Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and each year ended September 30			2018	2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$32.52	$29.06	$29.17	$31.14	$29.15	$27.03
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.29⁽¹⁾	0.59⁽¹⁾	0.53⁽¹⁾	0.61⁽¹⁾	0.56⁽¹⁾	0.56
		Net realized and unrealized gain/(loss)	1.63	3.88	1.22	(0.69)	2.82	2.92
	Total from Investment Operations		1.92	4.47	1.75	(0.08)	3.38	3.48
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.33)	(0.66)	(0.53)	(0.58)	(0.53)	(0.55)
		Distributions (from capital gains)	(1.11)	(0.35)	(1.33)	(1.31)	(0.86)	(0.81)
	Total Dividends and Distributions		(1.44)	(1.01)	(1.86)	(1.89)	(1.39)	(1.36)
	Net Asset Value, End of Period		$33.00	$32.52	$29.06	$29.17	$31.14	$29.15
	Total Return*		5.90%	15.68%	6.07%	(0.38)%	11.86%	13.40%
	Net Assets, End of Period (in thousands)		$1,643,395	$1,562,693	$1,411,125	$1,382,693	$1,414,364	$1,288,565
	Average Net Assets for the Period (in thousands)		$1,632,935	$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%	0.72%	0.73%	0.73%	0.73%	0.73%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.72%	0.72%	0.73%	0.73%	0.73%	0.73%
		Ratio of Net Investment Income/(Loss)	1.77%	1.92%	1.83%	1.98%	1.83%	1.87%
	Portfolio Turnover Rate		37%	60%	83%	75%	72%	78%


Class I Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and each year ended September 30			2018	2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$32.53	$29.06	$29.18	$31.15	$29.15	$27.02
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.31⁽¹⁾	0.61⁽¹⁾	0.55⁽¹⁾	0.64⁽¹⁾	0.59⁽¹⁾	0.45
		Net realized and unrealized gain/(loss)	1.62	3.89	1.21	(0.70)	2.83	3.05
	Total from Investment Operations		1.93	4.50	1.76	(0.06)	3.42	3.50
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.34)	(0.68)	(0.55)	(0.60)	(0.56)	(0.56)
		Distributions (from capital gains)	(1.11)	(0.35)	(1.33)	(1.31)	(0.86)	(0.81)
	Total Dividends and Distributions		(1.45)	(1.03)	(1.88)	(1.91)	(1.42)	(1.37)
	Net Asset Value, End of Period		$33.01	$32.53	$29.06	$29.18	$31.15	$29.15
	Total Return*		5.94%	15.79%	6.10%	(0.30)%	11.99%	13.47%
	Net Assets, End of Period (in thousands)		$2,312,861	$2,096,893	$1,636,459	$1,510,302	$1,306,391	$966,885
	Average Net Assets for the Period (in thousands)		$2,239,483	$1,795,486	$1,651,399	$1,482,511	$1,167,616	$1,148,507
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.64%	0.65%	0.67%	0.65%	0.64%	0.69%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.64%	0.65%	0.67%	0.65%	0.64%	0.69%
		Ratio of Net Investment Income/(Loss)	1.84%	2.00%	1.90%	2.06%	1.92%	2.02%
	Portfolio Turnover Rate		37%	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	31

Janus Henderson Balanced Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and each year ended September 30			2018	2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$32.50	$29.04	$29.15	$31.11	$29.12	$27.01
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.32⁽¹⁾	0.64⁽¹⁾	0.57⁽¹⁾	0.66⁽¹⁾	0.60⁽¹⁾	0.77
		Net realized and unrealized gain/(loss)	1.62	3.87	1.22	(0.69)	2.83	2.74
	Total from Investment Operations		1.94	4.51	1.79	(0.03)	3.43	3.51
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.35)	(0.70)	(0.57)	(0.62)	(0.58)	(0.59)
		Distributions (from capital gains)	(1.11)	(0.35)	(1.33)	(1.31)	(0.86)	(0.81)
	Total Dividends and Distributions		(1.46)	(1.05)	(1.90)	(1.93)	(1.44)	(1.40)
	Net Asset Value, End of Period		$32.98	$32.50	$29.04	$29.15	$31.11	$29.12
	Total Return*		5.97%	15.84%	6.23%	(0.20)%	12.03%	13.52%
	Net Assets, End of Period (in thousands)		$2,242,887	$2,054,731	$1,834,036	$1,709,643	$1,648,665	$1,432,413
	Average Net Assets for the Period (in thousands)		$2,183,036	$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%	0.58%	0.59%	0.58%	0.58%	0.58%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.58%	0.58%	0.59%	0.58%	0.58%	0.58%
		Ratio of Net Investment Income/(Loss)	1.91%	2.07%	1.98%	2.14%	1.98%	1.89%
	Portfolio Turnover Rate		37%	60%	83%	75%	72%	78%


Class R Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and each year ended September 30			2018	2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$32.29	$28.87	$29.02	$30.99	$29.03	$26.95
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.19⁽¹⁾	0.40⁽¹⁾	0.35⁽¹⁾	0.43⁽¹⁾	0.37⁽¹⁾	0.40
		Net realized and unrealized gain/(loss)	1.61	3.87	1.21	(0.68)	2.82	2.89
	Total from Investment Operations		1.80	4.27	1.56	(0.25)	3.19	3.29
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.23)	(0.50)	(0.38)	(0.41)	(0.37)	(0.40)
		Distributions (from capital gains)	(1.11)	(0.35)	(1.33)	(1.31)	(0.86)	(0.81)
	Total Dividends and Distributions		(1.34)	(0.85)	(1.71)	(1.72)	(1.23)	(1.21)
	Net Asset Value, End of Period		$32.75	$32.29	$28.87	$29.02	$30.99	$29.03
	Total Return*		5.56%	15.02%	5.40%	(0.94)%	11.20%	12.68%
	Net Assets, End of Period (in thousands)		$331,556	$341,389	$283,729	$281,398	$309,887	$279,905
	Average Net Assets for the Period (in thousands)		$344,328	$327,651	$288,241	$297,615	$296,348	$258,708
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.32%	1.32%	1.34%	1.31%	1.33%	1.33%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.32%	1.32%	1.34%	1.31%	1.33%	1.33%
		Ratio of Net Investment Income/(Loss)	1.16%	1.33%	1.23%	1.39%	1.23%	1.27%
	Portfolio Turnover Rate		37%	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	MARCH 31, 2018

Janus Henderson Balanced Fund

Financial Highlights


Class S Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and each year ended September 30			2018	2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$32.44	$28.99	$29.12	$31.09	$29.11	$27.01
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.23⁽¹⁾	0.48⁽¹⁾	0.43⁽¹⁾	0.50⁽¹⁾	0.45⁽¹⁾	0.47
		Net realized and unrealized gain/(loss)	1.63	3.88	1.21	(0.68)	2.83	2.90
	Total from Investment Operations		1.86	4.36	1.64	(0.18)	3.28	3.37
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.27)	(0.56)	(0.44)	(0.48)	(0.44)	(0.46)
		Distributions (from capital gains)	(1.11)	(0.35)	(1.33)	(1.31)	(0.86)	(0.81)
	Total Dividends and Distributions		(1.38)	(0.91)	(1.77)	(1.79)	(1.30)	(1.27)
	Net Asset Value, End of Period		$32.92	$32.44	$28.99	$29.12	$31.09	$29.11
	Total Return*		5.72%	15.30%	5.68%	(0.71)%	11.49%	12.97%
	Net Assets, End of Period (in thousands)		$601,950	$622,279	$657,563	$750,461	$837,505	$837,535
	Average Net Assets for the Period (in thousands)		$625,799	$637,727	$706,818	$828,503	$844,760	$811,115
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.07%	1.07%	1.09%	1.08%	1.08%	1.08%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.07%	1.07%	1.08%	1.07%	1.08%	1.08%
		Ratio of Net Investment Income/(Loss)	1.41%	1.57%	1.48%	1.63%	1.47%	1.52%
	Portfolio Turnover Rate		37%	60%	83%	75%	72%	78%


Class T Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and each year ended September 30			2018	2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$32.49	$29.02	$29.15	$31.12	$29.13	$27.02
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.28⁽¹⁾	0.56⁽¹⁾	0.50⁽¹⁾	0.58⁽¹⁾	0.53⁽¹⁾	0.53
		Net realized and unrealized gain/(loss)	1.61	3.89	1.20	(0.69)	2.83	2.92
	Total from Investment Operations		1.89	4.45	1.70	(0.11)	3.36	3.45
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.31)	(0.63)	(0.50)	(0.55)	(0.51)	(0.53)
		Distributions (from capital gains)	(1.11)	(0.35)	(1.33)	(1.31)	(0.86)	(0.81)
	Total Dividends and Distributions		(1.42)	(0.98)	(1.83)	(1.86)	(1.37)	(1.34)
	Net Asset Value, End of Period		$32.96	$32.49	$29.02	$29.15	$31.12	$29.13
	Total Return*		5.82%	15.62%	5.92%	(0.46)%	11.77%	13.27%
	Net Assets, End of Period (in thousands)		$5,052,146	$4,736,612	$4,664,334	$4,734,896	$4,541,805	$3,979,849
	Average Net Assets for the Period (in thousands)		$4,980,711	$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%	0.83%	0.84%	0.83%	0.83%	0.83%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.82%	0.82%	0.83%	0.82%	0.82%	0.83%
		Ratio of Net Investment Income/(Loss)	1.66%	1.83%	1.74%	1.89%	1.73%	1.77%
	Portfolio Turnover Rate		37%	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

Notes to Financial Statements (unaudited)

1. Organization and Significant Accounting Policies

Janus Henderson Balanced Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 49 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term capital growth, consistent with preservation of capital and balanced by current income. The Fund is classified as diversified, as defined in the 1940 Act.

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

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


34	MARCH 31, 2018

Janus Henderson Balanced Fund

Notes to Financial Statements (unaudited)

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.


Janus Investment Fund	35

Janus Henderson Balanced Fund

Notes to Financial Statements (unaudited)

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 March 31, 2018 to fair value the Fund’s investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments and Other Information.

The Fund did not hold a significant amount of Level 3 securities as of March 31, 2018.

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

Investment Transactions and Investment Income

Expenses

Estimates

Indemnifications

Foreign Currency Translations


36	MARCH 31, 2018

Janus Henderson Balanced Fund

Notes to Financial Statements (unaudited)

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


Janus Investment Fund	37

Janus Henderson Balanced Fund

Notes to Financial Statements (unaudited)

volatility and declines in asset values and liquidity. Responses to these financial problems by European governments, central banks, and others, including austerity measures and reforms, may not work, may result in social unrest, and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets, and asset valuations around the world. Greece, Ireland, and Portugal have already received one or more "bailouts" from other Eurozone member states, and it is unclear how much additional funding they will require or if additional Eurozone member states will require bailouts in the future. The risk of investing in securities in the European markets may also be heightened due to the referendum in which the United Kingdom voted to exit the EU (known as “Brexit”). There is considerable uncertainty about how Brexit will be conducted, how negotiations of necessary treaties and trade agreements will proceed, or how financial markets will react. In addition, one or more other countries may also abandon the euro and/or withdraw from the EU, placing its currency and banking system in jeopardy.

Counterparties

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

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, repurchase agreements and debt securities. The Fund intends to enter into financial transactions with counterparties that Janus Capital believes to be creditworthy at the time of the transaction. There is always the risk that Janus Capital’s analysis of a counterparty’s creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.

Loans

The Fund may invest in various commercial loans, including bank loans, bridge loans, debtor-in-possession (“DIP”) loans, mezzanine loans, and other fixed and floating rate loans. These loans may be acquired through loan participations and assignments or on a when-issued basis. Commercial loans will comprise no more than 20% of the Fund’s total assets. Below are descriptions of the types of loans held by the Fund as of March 31, 2018.

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

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


38	MARCH 31, 2018

Janus Henderson Balanced Fund

Notes to Financial Statements (unaudited)

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

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

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

Mortgage- and Asset-Backed Securities

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

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

Real Estate Investing

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

Restricted Security Transactions


Janus Investment Fund	39

Janus Henderson Balanced Fund

Notes to Financial Statements (unaudited)

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, the sovereign debtor’s policy toward international lenders, and local political constraints to which the governmental entity may be subject. Sovereign debtors may also be dependent on expected disbursements from foreign governments, multilateral agencies, and other entities. The failure of a sovereign debtor to implement economic reforms, achieve specified levels of economic performance, or repay principal or interest when due may result in the cancellation of third party commitments to lend funds to the sovereign debtor, which may further impair such debtor’s ability or willingness to timely service its debts. The Fund may be requested to participate in the rescheduling of such sovereign debt and to extend further loans to governmental entities, which may adversely affect the Fund’s holdings. In the event of default, there may be limited or no legal remedies for collecting sovereign debt and there may be no bankruptcy proceedings through which the Fund may collect all or part of the sovereign debt that a governmental entity has not repaid. In addition, to the extent the Fund invests in non-U.S. sovereign debt, it may be subject to currency risk.

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

Janus Capital has contractually agreed to waive the advisory fee payable by the Fund or reimburse expenses in an amount equal to the amount, if any, that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus/administrative fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.68% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waivers until at least February 1, 2019. If applicable, amounts waived and/or reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.


40	MARCH 31, 2018

Janus Henderson Balanced Fund

Notes to Financial Statements (unaudited)

assets that may result from such relationships. The Funds’ Trustees have set limits on fees that the Funds may incur with respect to administrative fees paid for omnibus or networked accounts. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.

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

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.


Janus Investment Fund	41

Janus Henderson Balanced Fund

Notes to Financial Statements (unaudited)

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. Total compensation of $268,180 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended March 31, 2018. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of March 31, 2018 on the Statement of Assets and Liabilities in the asset, “Non-interested Trustees’ deferred compensation,” and liability, “Non-interested Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation” on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended March 31, 2018 are included in “Non-interested Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $240,213 were paid by the Trust to the Trustees under the Deferred Plan during the period ended March 31, 2018.

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

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended March 31, 2018 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 period ended March 31, 2018, Janus Henderson Distributors retained upfront sales charges of $182,247.

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 period ended March 31, 2018, redeeming shareholders of Class C Shares paid CDSCs of $41,218.


42	MARCH 31, 2018

Janus Henderson Balanced Fund

Notes to Financial Statements (unaudited)

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 period ended March 31, 2018, the Fund engaged in cross trades amounting to $7,428,196 in purchases and $11,560,328 in sales, resulting in a net realized gain of $2,369,358. The net realized gain is included within the “Net Realized Gain/(Loss) on Investments” section of the Fund’s Statement of Operations.

4. Federal Income Tax

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of March 31, 2018 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)
$ 11,526,962,891	$3,445,308,188	$(225,192,123)	$ 3,220,116,065


Janus Investment Fund	43

Janus Henderson Balanced Fund

Notes to Financial Statements (unaudited)

5. Capital Share Transactions



	Period ended March 31, 2018		Year ended September 30, 2017
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	2,684,949	$ 89,507,129	4,892,032	$ 149,292,367
Reinvested dividends and distributions	589,021	19,391,035	686,042	20,573,575
Shares repurchased	(2,857,654)	(95,316,697)	(21,099,933)	(640,489,894)
Net Increase/(Decrease)	416,316	$ 13,581,467	(15,521,859)	$ (470,623,952)
Class C Shares:
Shares sold	4,086,458	$135,058,356	4,820,698	$ 146,784,395
Reinvested dividends and distributions	1,338,699	43,708,530	912,472	27,191,116
Shares repurchased	(3,814,587)	(125,955,262)	(14,566,623)	(438,996,687)
Net Increase/(Decrease)	1,610,570	$ 52,811,624	(8,833,453)	$ (265,021,176)
Class D Shares:
Shares sold	2,234,842	$ 74,748,843	3,521,432	$ 108,112,668
Reinvested dividends and distributions	2,030,824	66,998,683	1,557,916	47,244,151
Shares repurchased	(2,519,632)	(84,198,956)	(5,595,939)	(170,586,723)
Net Increase/(Decrease)	1,746,034	$ 57,548,570	(516,591)	$ (15,229,904)
Class I Shares:
Shares sold	14,038,532	$469,167,347	28,860,088	$ 890,078,436
Reinvested dividends and distributions	2,312,726	76,322,117	1,564,288	47,582,450
Shares repurchased	(10,749,155)	(360,407,553)	(22,275,217)	(679,286,296)
Net Increase/(Decrease)	5,602,103	$185,081,911	8,149,159	$ 258,374,590
Class N Shares:
Shares sold	5,556,720	$185,538,377	9,756,479	$ 297,337,988
Reinvested dividends and distributions	2,822,318	93,054,581	2,173,373	65,921,800
Shares repurchased	(3,593,278)	(120,119,254)	(11,877,539)	(364,285,817)
Net Increase/(Decrease)	4,785,760	$158,473,704	52,313	$ (1,026,029)
Class R Shares:
Shares sold	877,049	$ 29,114,216	3,890,500	$ 117,381,225
Reinvested dividends and distributions	386,290	12,650,984	290,029	8,686,978
Shares repurchased	(1,712,340)	(56,839,981)	(3,435,822)	(104,332,599)
Net Increase/(Decrease)	(449,001)	$ (15,074,781)	744,707	$ 21,735,604
Class S Shares:
Shares sold	1,592,095	$ 53,069,370	3,169,757	$ 96,748,173
Reinvested dividends and distributions	770,004	25,341,376	632,904	19,069,362
Shares repurchased	(3,256,775)	(108,253,099)	(7,302,690)	(222,497,147)
Net Increase/(Decrease)	(894,676)	$ (29,842,353)	(3,500,029)	$ (106,679,612)
Class T Shares:
Shares sold	16,100,306	$537,151,220	20,318,231	$ 618,839,684
Reinvested dividends and distributions	6,205,083	204,462,805	4,860,745	147,060,598
Shares repurchased	(14,843,788)	(494,236,955)	(40,073,621)	(1,218,109,788)
Net Increase/(Decrease)	7,461,601	$247,377,070	(14,894,645)	$ (452,209,506)

6. Purchases and Sales of Investment Securities

For the period ended March 31, 2018, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as applicable) was as follows:


Purchases of Securities	Proceeds from Sales of Securities	Purchases of Long- Term U.S. Government Obligations	Proceeds from Sales of Long-Term U.S. Government Obligations
$2,531,229,986	$3,316,334,915	$ 2,536,424,114	$ 1,666,745,172


44	MARCH 31, 2018

Janus Henderson Balanced Fund

Notes to Financial Statements (unaudited)

7. Recent Accounting Pronouncements

8. Subsequent Event


Janus Investment Fund	45

Janus Henderson Balanced Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD


46	MARCH 31, 2018

Janus Henderson Balanced Fund

Additional Information (unaudited)

agreements. “Management fees,” as used herein, reflect actual annual advisory fees and any administration fees (excluding out of pocket costs), net of any waivers.

Nature, Extent and Quality of Services

Performance of the Funds

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

Alternative Funds

Asset Allocation Funds


Janus Investment Fund	47

Janus Henderson Balanced Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


48	MARCH 31, 2018

Janus Henderson Balanced Fund

Additional Information (unaudited)

· For Janus Henderson International Small Cap Fund, the Trustees noted that, due to limited performance for the Fund, performance history was not a material factor.


Janus Investment Fund	49

Janus Henderson Balanced Fund

Additional Information (unaudited)

Money Market Funds

Multi-Asset Funds

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 12 months ended May 31, 2017.

Multi-Asset U.S. Equity Funds


50	MARCH 31, 2018

Janus Henderson Balanced Fund

Additional Information (unaudited)

Quantitative Equity Funds

U.S. Equity Funds

Janus Aspen Series


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Janus Henderson Balanced Fund

Additional Information (unaudited)

Costs of Services Provided


52	MARCH 31, 2018

Janus Henderson Balanced Fund

Additional Information (unaudited)

Alternative Funds


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Janus Henderson Balanced Fund

Additional Information (unaudited)

reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses effective June 5, 2017.

Asset Allocation Funds

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

Fixed-Income Funds

Global and International Equity Funds


54	MARCH 31, 2018

Janus Henderson Balanced Fund

Additional Information (unaudited)

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

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

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

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

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

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

Money Market Funds


Janus Investment Fund	55

Janus Henderson Balanced Fund

Additional Information (unaudited)

Multi-Asset Funds

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

Multi-Asset U.S. Equity Funds

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

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


56	MARCH 31, 2018

Janus Henderson Balanced Fund

Additional Information (unaudited)

Quantitative Equity Funds

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

U.S. Equity Funds

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

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

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

Janus Aspen Series

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

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


Janus Investment Fund	57

Janus Henderson Balanced Fund

Additional Information (unaudited)

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

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

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

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


58	MARCH 31, 2018

Janus Henderson Balanced Fund

Additional Information (unaudited)

Economies of Scale

Other Benefits to Janus Capital


Janus Investment Fund	59

Janus Henderson Balanced Fund

Useful Information About Your Fund Report (unaudited)

Management Commentary

Performance Overviews

Schedule of Investments

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

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

Statement of Assets and Liabilities

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


60	MARCH 31, 2018

Janus Henderson Balanced Fund

Useful Information About Your Fund Report (unaudited)

Statement of Operations

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

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

Statements of Changes in Net Assets

Financial Highlights

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


Janus Investment Fund	61

Janus Henderson Balanced Fund

Useful Information About Your Fund Report (unaudited)

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


62	MARCH 31, 2018

Janus Henderson Balanced Fund

Notes

NotesPage1


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Janus Henderson Balanced Fund

Notes

NotesPage2


64	MARCH 31, 2018

Janus Henderson Balanced Fund

Notes

NotesPage3


Janus Investment Fund	65

Knowledge. Shared

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

Learn more by visiting janushenderson.com.




This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson, Janus, Henderson, Perkins, Intech and 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
							125-24-93037 05-18



	SEMIANNUAL REPORT March 31, 2018

Janus Henderson Contrarian Fund

Janus Investment Fund

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

Table of Contents

Janus Henderson Contrarian Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	12
Statement of Assets and Liabilities	14
Statement of Operations	16
Statements of Changes in Net Assets	18
Financial Highlights	19
Notes to Financial Statements	23
Additional Information	38
Useful Information About Your Fund Report	52

Janus Henderson Contrarian Fund (unaudited)

FUND SNAPSHOT

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

Nick Schommer

portfolio manager

PERFORMANCE OVERVIEW

For the six-month period ending March 31, 2018, the Fund’s Class I Shares generated a return of 5.76% versus a return of 5.84% for the S&P 500^{^®} Index, the Fund's benchmark.

INVESTMENT ENVIRONMENT

U.S. equities were up for the six-month period, but were volatile. Stocks ended 2017 with another quarter of strong gains, buttressed by synchronous growth across major economies and anticipation that corporate tax reform will boost future U.S. corporate earnings. In the first quarter of 2018, concerns over inflation and faster-than-expected interest rate hikes were a source of volatility, as were fears about protectionist trade policies. The consumer discretionary and technology sectors were the top performing sectors within the S&P 500 Index.

PERFORMANCE DISCUSSION

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

Allergan was our largest detractor. Patent disputes concerning Restasis, the firm’s blockbuster medicine for dry eye, weighed on the stock. A federal judge invalidated Allergan’s patent. After several generic drug makers had also been challenging Allergan’s patent through inter partes review (IPR). Despite the Restasis patent issue, we are constructive on the stock. In our view, the current stock price considerably undervalues Allergan’s medical aesthetics franchise, which includes Botox and Juvéderm. We believe the duration of growth for those franchises will exceed current market expectations.

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

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

While a few stocks were large detractors from our results, we were pleased by the results of many other companies in our portfolio. Ultimate Software was our largest contributor. Delays in implementing a few large customers onto its payroll and HR systems weighed on the stock several months ago. The stock has risen as the


Janus Investment Fund	1

Janus Henderson Contrarian Fund (unaudited)

implementation issue gets further behind the company and the market has received more confirmation of robust demand for its cloud-based payroll solutions. We continue to believe growth for Ultimate Software is underappreciated, as its cloud-based subscription software for payroll and HR departments takes share from legacy, on-premises solutions.

Harris Corp. was another large contributor and is a good example of the type of stocks we look for in our strategy. Harris is a market leader in communications systems, which it sells to the U.S. military and its allies. Defense spending sequestration has been a cyclical headwind for Harris for several years, which has contributed to a low valuation for the stock. Going forward, budgets should be more supportive of defense spending, returning revenue to a more normalized growth rate. After a long period of languishing defense budgets, we believe the market has failed to recognize this potential tailwind. We also don’t think Harris gets credit for divesting some of its less attractive businesses, which should ultimately improve its growth and margin profile. Increased guidance, improved visibility on rising U.S. defense budgets and some large contract wins overseas have given the market more confidence in the trajectory of the business and helped drive the stock.

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

DERIVATIVES USE

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

OUTLOOK

We would expect market volatility to continue as the Federal Reserve tightens monetary policy and interest rates increase. However, we believe stronger global GDP growth, corporate tax reform, deregulation and continued consumer and business confidence are all supportive of rising equity markets.

Perhaps most important for our portfolio, a better economic backdrop could encourage a broader set of market leaders. As economic growth remained slow for much of 2017, the market assigned higher multiples to companies with secular growth drivers that could grow in excess of GDP. Companies with less-visible growth generally didn’t participate in the rally. With the economic backdrop improving, other competitively advantaged companies may begin to get more credit for their earnings potential. We believe this would be beneficial for our strategy.

Looking ahead, we continue to see opportunity for the financial sector, which represents a fairly large overweight in our portfolio. We believe the market has failed to fully appreciate the prospects for deregulation and for some banks to finally leverage excess capital that has built up in a stringent regulatory environment since the financial crisis. We also believe U.S. tax reform and the wind down of quantitative easing will benefit the sector.

We also see opportunity with companies in a few industries where we believe consolidation will lead to greater levels of profitability than the market appreciates. In fact, some industries may be in the early innings of consolidation. We expect higher merger and acquisition activity this year due to increasing business confidence, tax reform that allows companies to access cash overseas and as disruption within the economy forces companies to make acquisitions to adapt their business models.

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


2	MARCH 31, 2018

Janus Henderson Contrarian Fund (unaudited)

Fund At A Glance

March 31, 2018





	5 Top Performers - Holdings		5 Bottom Performers - Holdings
		Contribution		Contribution
	Ultimate Software Group Inc	0.84%	Allergan PLC	-1.11%
	Harris Corp	0.76%	General Electric Co	-0.77%
	Axon Enterprise Inc	0.74%	Envision Healthcare Corp	-0.70%
	Microsemi Corp	0.67%	Citigroup Inc	-0.41%
	E*TRADE Financial Corp	0.66%	Liberty Media Corp-Liberty Formula One	-0.29%

	5 Top Performers - Sectors*
		Fund	Fund Weighting	S&P 500 Index
		Contribution	(Average % of Equity)	Weighting
	Information Technology	0.64%	21.99%	24.29%
	Utilities	0.54%	1.98%	2.92%
	Energy	0.48%	1.42%	5.88%
	Consumer Staples	0.45%	0.91%	7.94%
	Real Estate	0.22%	0.00%	2.82%

	5 Bottom Performers - Sectors*
		Fund	Fund Weighting	S&P 500 Index
		Contribution	(Average % of Equity)	Weighting
	Consumer Discretionary	-1.23%	11.65%	12.29%
	Materials	-0.90%	12.20%	2.96%
	Health Care	-0.29%	16.48%	14.01%
	Other**	-0.06%	1.23%	0.00%
	Financials	0.05%	22.48%	14.78%

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


Janus Investment Fund	3

Janus Henderson Contrarian Fund (unaudited)

Fund At A Glance

March 31, 2018


5 Largest Equity Holdings - (% of Net Assets)
Citigroup Inc
Banks	5.4%
Ball Corp
Containers & Packaging	5.4%
Abbott Laboratories
Health Care Equipment & Supplies	4.9%
Ultimate Software Group Inc
Software	4.5%
TD Ameritrade Holding Corp
Capital Markets	4.1%
	24.3%


Asset Allocation - (% of Net Assets)
Common Stocks	99.8%
Investment Companies	3.0%
Other		(2.8)%
		100.0%

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

As of March 31, 2018

As of September 30, 2017


4	MARCH 31, 2018

Janus Henderson Contrarian Fund (unaudited)

Performance

See important disclosures on the next page.



						Expense Ratios -
Average Annual Total Return - for the periods ended March 31, 2018						per the January 26, 2018 prospectuses
	Fiscal Year-to-Date	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses
Class A Shares at NAV	5.58%	5.74%	8.03%	3.81%	6.62%	0.82%
Class A Shares at MOP	-0.47%	-0.33%	6.76%	3.20%	6.27%
Class C Shares at NAV	5.21%	5.04%	7.24%	3.05%	5.81%	1.61%
Class C Shares at CDSC	4.24%	4.07%	7.24%	3.05%	5.81%
Class D Shares⁽¹⁾	5.73%	6.04%	8.25%	4.02%	6.80%	0.64%
Class I Shares	5.76%	6.08%	8.35%	3.95%	6.76%	0.56%
Class N Shares	5.75%	5.95%	8.17%	3.95%	6.76%	0.51%
Class R Shares	5.40%	5.40%	7.63%	3.42%	6.16%	1.24%
Class S Shares	5.54%	5.65%	7.90%	3.68%	6.43%	0.98%
Class T Shares	5.63%	5.95%	8.17%	3.95%	6.76%	0.73%
S&P 500 Index	5.84%	13.99%	13.31%	9.49%	5.75%
Morningstar Quartile - Class T Shares	-	4th	4th	4th	3rd
Morningstar Ranking - based on total returns for Mid-Cap Blend Funds	-	404/469	331/383	312/321	118/168

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

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

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

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


Janus Investment Fund	5

Janus Henderson Contrarian Fund (unaudited)

Performance

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

Class N Shares commenced operations on August 4, 2017. Performance shown for periods prior to August 4, 2017, reflects the performance of the Fund’s Class T Shares, calculated using the fees and expenses of Class T Shares, net of any applicable fee and expense limitations or waivers.

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

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

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

See “Useful Information About Your Fund Report.”

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

(1) Closed to certain new investors.


6	MARCH 31, 2018

Janus Henderson Contrarian Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (10/1/17)	Ending Account Value (3/31/18)	Expenses Paid During Period (10/1/17 - 3/31/18)†	Beginning Account Value (10/1/17)	Ending Account Value (3/31/18)	Expenses Paid During Period (10/1/17 - 3/31/18)†	Net Annualized Expense Ratio (10/1/17 - 3/31/18)
Class A Shares		$1,000.00	$1,055.80	$4.41	$1,000.00	$1,020.64	$4.33	0.86%
Class C Shares		$1,000.00	$1,052.10	$8.03	$1,000.00	$1,017.10	$7.90	1.57%
Class D Shares		$1,000.00	$1,057.30	$3.33	$1,000.00	$1,021.69	$3.28	0.65%
Class I Shares		$1,000.00	$1,057.60	$2.92	$1,000.00	$1,022.09	$2.87	0.57%
Class N Shares		$1,000.00	$1,057.50	$2.51	$1,000.00	$1,022.49	$2.47	0.49%
Class R Shares		$1,000.00	$1,054.00	$6.40	$1,000.00	$1,018.70	$6.29	1.25%
Class S Shares		$1,000.00	$1,055.40	$5.07	$1,000.00	$1,020.00	$4.99	0.99%
Class T Shares		$1,000.00	$1,056.30	$3.74	$1,000.00	$1,021.29	$3.68	0.73%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


Janus Investment Fund	7

Janus Henderson Contrarian Fund

Schedule of Investments (unaudited)

March 31, 2018


Shares			Value
Common Stocks– 99.8%
Aerospace & Defense – 5.0%
	Axon Enterprise Inc*^,#	1,162,943	$45,715,289
	Harris Corp	506,155	81,632,678
			127,347,967
Banks – 13.5%
	Bank of America Corp	1,644,938	49,331,691
	BB&T Corp	701,627	36,512,669
	Citigroup Inc	2,036,089	137,436,007
	PacWest Bancorp	1,369,498	67,831,236
	Webster Financial Corp	907,364	50,267,965
			341,379,568
Biotechnology – 2.7%
	HLS Therapeutics Inc^£,§	1,935,741	17,280,718
	Shire PLC (ADR)	344,069	51,400,468
			68,681,186
Capital Markets – 9.4%
	ETRADE Financial Corp	927,033	51,366,898
	Intercontinental Exchange Inc	1,134,864	82,300,337
	TD Ameritrade Holding Corp	1,750,128	103,660,081
			237,327,316
Chemicals – 4.3%
	Air Products & Chemicals Inc	465,998	74,107,662
	Platform Specialty Products Corp*	3,749,289	36,105,653
			110,213,315
Construction Materials – 1.2%
	Summit Materials Inc	997,640	30,208,539
Containers & Packaging – 5.4%
	Ball Corp	3,426,334	136,059,723
Electronic Equipment, Instruments & Components – 1.5%
	Flex Ltd*	2,253,231	36,795,262
Health Care Equipment & Supplies – 8.5%
	Abbott Laboratories	2,090,286	125,249,937
	DexCom Inc*	523,524	38,824,540
	Glaukos Corp*	728,690	22,465,513
	ICU Medical Inc*	115,232	29,084,557
			215,624,547
Hotels, Restaurants & Leisure – 1.0%
	Norwegian Cruise Line Holdings Ltd*	481,010	25,479,100
Independent Power and Renewable Electricity Producers – 2.4%
	NRG Energy Inc	2,030,690	61,996,966
Industrial Conglomerates – 1.4%
	General Electric Co	2,605,045	35,116,007
Information Technology Services – 2.8%
	Pagseguro Digital Ltd*	813,614	31,177,688
	WEX Inc*	260,114	40,739,055
			71,916,743
Internet Software & Services – 6.9%
	Alphabet Inc - Class C*	93,442	96,412,521
	Altaba Inc*	678,655	50,247,616
	Trade Desk Inc*^,#	560,480	27,811,018
			174,471,155
Machinery – 4.7%
	Stanley Black & Decker Inc	562,109	86,115,099
	Wabtec Corp/DE	405,164	32,980,350
			119,095,449
Media – 5.0%
	Cable One Inc	55,629	38,223,242
	Liberty Media Corp-Liberty Formula One*^,#	1,178,419	36,354,226


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

8	MARCH 31, 2018

Janus Henderson Contrarian Fund

Schedule of Investments (unaudited)

March 31, 2018


Shares			Value
Common Stocks– (continued)
Media – (continued)
	Vivendi SA	2,016,184	$52,177,614
			126,755,082
Metals & Mining – 1.4%
	Constellium NV*	3,344,342	36,286,111
Oil, Gas & Consumable Fuels – 1.8%
	Anadarko Petroleum Corp	749,860	45,299,043
Pharmaceuticals – 6.0%
	Allergan PLC	512,865	86,310,051
	ATLAS HOLDINGS INC^¢,§	714,568	13,040,866
	Collegium Pharmaceutical Inc*^,#	957,067	24,453,062
	Impax Laboratories Inc*	385,312	7,494,318
	Indivior PLC*	3,490,674	19,976,285
			151,274,582
Real Estate Investment Trusts (REITs) – 0%
	Colony American Homes III^¢,§	1,377,158	88,461
Semiconductor & Semiconductor Equipment – 5.4%
	Microchip Technology Inc	826,880	75,543,757
	Microsemi Corp*	961,258	62,212,618
			137,756,375
Software – 4.5%
	Ultimate Software Group Inc*	471,861	114,992,526
Specialty Retail – 2.6%
	Tractor Supply Co	1,035,384	65,249,900
Technology Hardware, Storage & Peripherals – 1.5%
	NCR Corp*	1,229,235	38,745,487
Textiles, Apparel & Luxury Goods – 0.9%
	Under Armour Inc*^,#	1,603,062	23,003,940
Total Common Stocks (cost $2,252,417,257)			2,531,164,350
Investment Companies– 3.0%
Investments Purchased with Cash Collateral from Securities Lending – 2.0%
	Janus Henderson Cash Collateral Fund LLC, 1.5300%^ºº,£	50,003,460	50,003,460
Money Markets – 1.0%
	Janus Henderson Cash Liquidity Fund LLC, 1.6505%^ºº,£	26,543,821	26,543,821
Total Investment Companies (cost $76,547,281)			76,547,281
Total Investments (total cost $2,328,964,538) – 102.8%			2,607,711,631
Liabilities, net of Cash, Receivables and Other Assets – (2.8)%			(70,414,167)
Net Assets – 100%			$2,537,297,464


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

		% of
		Investment
Country	Value	Securities
United States	$2,416,693,465	92.7	%
France	88,463,725	3.4
United Kingdom	71,376,753	2.7
Brazil	31,177,688	1.2



Total	$2,607,711,631	100.0	%


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

Janus Investment Fund	9

Janus Henderson Contrarian Fund

Schedule of Investments (unaudited)

March 31, 2018

Schedules of Affiliated Investments – (% of Net Assets)


			Dividend Income⁽¹⁾		Realized Gain/(Loss)⁽¹⁾		Change in Unrealized Appreciation/ Depreciation⁽¹⁾		Value at 3/31/18
Common Stocks– 0.7%
Biotechnology – 0.7%
	HLS Therapeutics Inc^§		$	—	$	—	$	1,272,140	$	17,280,718
Investment Companies– 3.0%
Investments Purchased with Cash Collateral from Securities Lending – 2.0%
		Janus Henderson Cash Collateral Fund LLC, 1.5300%^ºº		207,224^∆		—		—		50,003,460
Money Markets – 1.0%
		Janus Henderson Cash Liquidity Fund LLC, 1.6505%^ºº		239,663		—		—		26,543,821
Total Investment Companies			$	446,887	$	—	$	—	$	76,547,281
Total Affiliated Investments – 3.7%			$	446,887	$	—	$	1,272,140	$	93,827,999


			Share Balance at 9/30/17		Purchases		Sales		Share Balance at 3/31/18
Common Stocks– 0.7%
Biotechnology – 0.7%
	HLS Therapeutics Inc^§			1,935,741		—		—		1,935,741


Investment Companies– 3.0%
Investments Purchased with Cash Collateral from Securities Lending – 2.0%
		Janus Henderson Cash Collateral Fund LLC, 1.5300%^ºº		—		347,273,833		(297,270,373)		50,003,460
Money Markets – 1.0%
		Janus Henderson Cash Liquidity Fund LLC, 1.6505%^ºº		118,010,490		353,146,331		(444,613,000)		26,543,821


Schedule of Forward Foreign Currency Exchange Contracts, Open


Counterparty/ Foreign Currency	Settlement Date	Foreign Currency Amount (Sold)/ Purchased		USD Currency Amount (Sold)/ Purchased		Market Value and Unrealized Appreciation/ (Depreciation)
HSBC Securities (USA), Inc.:
Euro	5/2/18	(18,550,000)	$	22,950,171	$	76,494
Euro	5/2/18	(2,600,000)		3,203,151		(2,866)
Total					$	73,628


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

10	MARCH 31, 2018

Janus Henderson Contrarian Fund

Schedule of Investments (unaudited)

March 31, 2018

The following table, grouped by derivative type, provides information about the fair value and location of derivatives within the Statement of Assets and Liabilities as of March 31, 2018.


Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of March 31, 2018

					Currency Contracts
Asset Derivatives:
Forward foreign currency exchange contracts					$ 76,494


Liability Derivatives:
Forward foreign currency exchange contracts					$ 2,866

The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the period ended March 31, 2018.


The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended March 31, 2018

Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative				Currency Contracts
Forward foreign currency exchange contracts				$(1,764,869)



Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative				Currency Contracts
Forward foreign currency exchange contracts				$ (270,621)

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 Period Ended March 31, 2018

	Market Value
Forward foreign currency exchange contracts, sold	$47,667,023


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

Janus Investment Fund	11

Janus Henderson Contrarian Fund

Notes to Schedule of Investments and Other Information (unaudited)


S&P 500^{^®} Index	S&P 500^{^®} Index reflects U.S. large-cap equity performance and represents broad U.S. equity market performance.


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


*	Non-income producing security.


ºº	Rate shown is the 7-day yield as of March 31, 2018.


#	Loaned security; a portion of the security is on loan at March 31, 2018.


¢	Security is valued using significant unobservable inputs.


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


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


§	Schedule of Restricted and Illiquid Securities (as of March 31, 2018)
							Value as a
		Acquisition					% of Net
		Date		Cost		Value	Assets
ATLAS HOLDINGS INC		10/17/17	$	13,040,866	$	13,040,866	0.5	%
Colony American Homes III		1/30/13		109,351		88,461	0.0
HLS Therapeutics Inc		7/2/15		17,597,650		17,280,718	0.7
Total			$	30,747,867	$	30,410,045	1.2	%

The Fund has registration rights for certain restricted securities held as of March 31, 2018. The issuer incurs all registration costs.


12	MARCH 31, 2018

Janus Henderson Contrarian Fund

Notes to Schedule of Investments and Other Information (unaudited)


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 March 31, 2018. 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
Biotechnology		$	51,400,468	$	17,280,718	$	-
Media			74,577,468		52,177,614		-
Pharmaceuticals			118,257,431		19,976,285		13,040,866
Real Estate Investment Trusts (REITs)			-		-		88,461
All Other			2,184,365,039		-		-
Investment Companies			-		76,547,281		-
Total Investments in Securities		$	2,428,600,406	$	165,981,898	$	13,129,327
Other Financial Instruments^(a):
Forward Foreign Currency Exchange Contracts			-		76,494		-
Total Assets		$	2,428,600,406	$	166,058,392	$	13,129,327
Liabilities
Other Financial Instruments^(a):
Forward Foreign Currency Exchange Contracts		$	-	$	2,866	$	-

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


Janus Investment Fund	13

Janus Henderson Contrarian Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2018



Assets:
	Unaffiliated investments, at value⁽¹⁾⁽²⁾		$	2,513,883,632
	Affiliated investments, at value⁽³⁾			93,827,999
	Cash			204,661
	Forward foreign currency exchange contracts			76,494
	Closed foreign currency contracts			4,159
	Non-interested Trustees' deferred compensation			50,922
	Receivables:
		Dividends		1,079,174
		Fund shares sold		255,627
		Foreign tax reclaims		224,131
		Dividends from affiliates		43,743
	Other assets			21,919
Total Assets				2,609,672,461
Liabilities:
	Collateral for securities loaned (Note 3)			50,003,460
	Forward foreign currency exchange contracts			2,866
	Payables:			—
		Investments purchased		19,175,388
		Fund shares repurchased		1,150,888
		Advisory fees		1,063,818
		Transfer agent fees and expenses		519,800
		Non-interested Trustees' deferred compensation fees		50,922
		Professional fees		31,989
		12b-1 Distribution and shareholder servicing fees		22,730
		Non-interested Trustees' fees and expenses		19,574
		Fund administration fees		17,650
		Custodian fees		6,315
		Accrued expenses and other payables		309,597
Total Liabilities				72,374,997
Net Assets			$	2,537,297,464


See Notes to Financial Statements.

14	MARCH 31, 2018

Janus Henderson Contrarian Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2018




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	2,236,925,796
	Undistributed net investment income/(loss)		(1,250,869)
	Undistributed net realized gain/(loss) from investments and foreign currency transactions		22,781,180
	Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation		278,841,357
Total Net Assets		$	2,537,297,464
Net Assets - Class A Shares		$	13,056,888
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		669,434
Net Asset Value Per Share⁽⁴⁾		$	19.50
Maximum Offering Price Per Share⁽⁵⁾		$	20.69
Net Assets - Class C Shares		$	20,721,938
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,134,984
Net Asset Value Per Share⁽⁴⁾		$	18.26
Net Assets - Class D Shares		$	1,788,638,763
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		91,644,631
Net Asset Value Per Share		$	19.52
Net Assets - Class I Shares		$	52,891,896
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,707,409
Net Asset Value Per Share		$	19.54
Net Assets - Class N Shares		$	24,374,409
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,250,655
Net Asset Value Per Share		$	19.49
Net Assets - Class R Shares		$	643,903
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		33,894
Net Asset Value Per Share		$	19.00
Net Assets - Class S Shares		$	3,359,202
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		172,549
Net Asset Value Per Share		$	19.47
Net Assets - Class T Shares		$	633,610,465
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		32,475,699
Net Asset Value Per Share		$	19.51

(1) Includes cost of $2,234,819,607.

(2) Includes $48,942,263 of securities on loan. See Note 3 in Notes to Financial Statements.

(3) Includes cost of $94,144,931.

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

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


See Notes to Financial Statements.

Janus Investment Fund	15

Janus Henderson Contrarian Fund

Statement of Operations (unaudited)

For the period ended March 31, 2018



Investment Income:
	Dividends		$	15,067,240
	Dividends from affiliates			239,663
	Affiliated securities lending income, net			207,224
	Other income			30
Total Investment Income				15,514,157
Expenses:
	Advisory fees			5,881,802
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		17,263
		Class C Shares		116,493
		Class R Shares		1,651
		Class S Shares		4,351
	Transfer agent administrative fees and expenses:
		Class D Shares		1,084,696
		Class R Shares		826
		Class S Shares		4,351
		Class T Shares		816,291
	Transfer agent networking and omnibus fees:
		Class A Shares		7,179
		Class C Shares		11,395
		Class I Shares		24,330
	Other transfer agent fees and expenses:
		Class A Shares		952
		Class C Shares		1,402
		Class D Shares		220,328
		Class I Shares		1,651
		Class N Shares		426
		Class R Shares		36
		Class S Shares		44
		Class T Shares		8,755
	Shareholder reports expense			210,484
	Fund administration fees			100,938
	Registration fees			81,071
	Non-interested Trustees’ fees and expenses			39,116
	Professional fees			38,883
	Custodian fees			23,542
	Other expenses			73,319
Total Expenses				8,771,575
Less: Excess Expense Reimbursement and Waivers				(22,259)
Net Expenses				8,749,316
Net Investment Income/(Loss)				6,764,841


See Notes to Financial Statements.

16	MARCH 31, 2018

Janus Henderson Contrarian Fund

Statement of Operations (unaudited)

For the period ended March 31, 2018



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	46,367,916
	Forward foreign currency exchange contracts		(1,764,869)
Total Net Realized Gain/(Loss) on Investments			44,603,047
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation		91,013,900
	Investments in affiliates		1,272,140
	Forward foreign currency exchange contracts		(270,621)
Total Change in Unrealized Net Appreciation/Depreciation			92,015,419
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	143,383,307


See Notes to Financial Statements.

Janus Investment Fund	17

Janus Henderson Contrarian Fund

Statements of Changes in Net Assets



			Period ended March 31, 2018 (unaudited)		Year ended September 30, 2017⁽¹⁾

Operations:
	Net investment income/(loss)		$	6,764,841	$	8,351,853
	Net realized gain/(loss) on investments			44,603,047		205,216,561
	Change in unrealized net appreciation/depreciation			92,015,419		90,734,041
Net Increase/(Decrease) in Net Assets Resulting from Operations				143,383,307		304,302,455
Dividends and Distributions to Shareholders:
	Dividends from Net Investment Income
		Class A Shares		—		(9,471)
		Class D Shares		(6,024,709)		(6,330,300)
		Class I Shares		(236,784)		(370,633)
		Class N Shares		(118,882)		—
		Class T Shares		(1,586,715)		(1,938,754)
	Total Dividends from Net Investment Income			(7,967,090)		(8,649,158)
	Distributions from Net Realized Gain from Investment Transactions
		Class A Shares		(988,770)		(1,591,772)
		Class C Shares		(1,846,338)		(1,431,912)
		Class D Shares		(130,121,826)		(65,676,530)
		Class I Shares		(4,593,010)		(3,259,157)
		Class N Shares		(1,714,797)		—
		Class R Shares		(50,300)		(37,789)
		Class S Shares		(245,468)		(134,790)
		Class T Shares		(47,229,658)		(26,523,128)
	Total Distributions from Net Realized Gain from Investment Transactions			(186,790,167)		(98,655,078)
Net Decrease from Dividends and Distributions to Shareholders				(194,757,257)		(107,304,236)
Capital Share Transactions:
		Class A Shares		(1,246,465)		(42,552,373)
		Class C Shares		(6,144,800)		(22,038,781)
		Class D Shares		115,996		(137,692,200)
		Class I Shares		(21,429,028)		(23,862,766)
		Class N Shares		5,322,814		18,733,894
		Class R Shares		(80,786)		(387,918)
		Class S Shares		(422,367)		(470,683)
		Class T Shares		(26,351,818)		(134,486,934)
Net Increase/(Decrease) from Capital Share Transactions				(50,236,454)		(342,757,761)
Net Increase/(Decrease) in Net Assets				(101,610,404)		(145,759,542)
Net Assets:
	Beginning of period			2,638,907,868		2,784,667,410
	End of period		$	2,537,297,464	$	2,638,907,868

Undistributed Net Investment Income/(Loss)			$	(1,250,869)	$	(48,620)

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


See Notes to Financial Statements.

18	MARCH 31, 2018

Janus Henderson Contrarian Fund

Financial Highlights


Class A Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and each year ended September 30			2018	2017	2016		2015	2014	2013
	Net Asset Value, Beginning of Period		$19.92	$18.53	$18.56		$23.11	$18.48	$13.91
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.03⁽¹⁾	0.05⁽¹⁾	0.07⁽¹⁾		0.05⁽¹⁾	0.02⁽¹⁾	0.01
		Net realized and unrealized gain/(loss)	1.02	2.02	0.43		(2.26)	4.61	4.65
	Total from Investment Operations		1.05	2.07	0.50		(2.21)	4.63	4.66
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—⁽²⁾	(0.03)		(0.06)	—⁽²⁾	(0.09)
		Distributions (from capital gains)	(1.47)	(0.68)	(0.50)		(2.28)	—	—
	Total Dividends and Distributions		(1.47)	(0.68)	(0.53)		(2.34)	—	(0.09)
	Net Asset Value, End of Period		$19.50	$19.92	$18.53		$18.56	$23.11	$18.48
	Total Return*		5.48%	11.24%	2.77%		(10.76)%	25.08%	33.67%
	Net Assets, End of Period (in thousands)		$13,057	$14,557	$53,928		$102,425	$75,649	$25,397
	Average Net Assets for the Period (in thousands)		$13,679	$30,749	$73,939		$114,845	$46,300	$24,023
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.86%	0.82%	0.90%		1.13%	1.02%	0.85%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.86%	0.82%	0.90%		1.13%	1.02%	0.85%
		Ratio of Net Investment Income/(Loss)	0.34%	0.25%	0.37%		0.21%	0.10%	0.22%
	Portfolio Turnover Rate		37%	116%	51%		70%	61%	66%
						1


Class C Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and each year ended September 30			2018	2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$18.80	$17.64	$17.79	$22.34	$18.01	$13.59
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	(0.03)⁽¹⁾	(0.10)⁽¹⁾	(0.06)⁽¹⁾	(0.11)⁽¹⁾	(0.15)⁽¹⁾	(0.28)
		Net realized and unrealized gain/(loss)	0.96	1.94	0.41	(2.16)	4.48	4.70
	Total from Investment Operations		0.93	1.84	0.35	(2.27)	4.33	4.42
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—	—
		Distributions (from capital gains)	(1.47)	(0.68)	(0.50)	(2.28)	—	—
	Total Dividends and Distributions		(1.47)	(0.68)	(0.50)	(2.28)	—	—
	Net Asset Value, End of Period		$18.26	$18.80	$17.64	$17.79	$22.34	$18.01
	Total Return*		5.16%	10.46%	2.02%	(11.44)%	24.04%	32.52%
	Net Assets, End of Period (in thousands)		$20,722	$27,507	$47,112	$77,497	$56,098	$21,162
	Average Net Assets for the Period (in thousands)		$23,854	$35,731	$58,609	$86,160	$34,189	$20,204
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.57%	1.53%	1.62%	1.89%	1.80%	1.70%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.57%	1.53%	1.62%	1.89%	1.80%	1.70%
		Ratio of Net Investment Income/(Loss)	(0.37)%	(0.54)%	(0.36)%	(0.54)%	(0.69)%	(0.62)%
	Portfolio Turnover Rate		37%	116%	51%	70%	61%	66%

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

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

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

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


See Notes to Financial Statements.

Janus Investment Fund	19

Janus Henderson Contrarian Fund

Financial Highlights


Class D Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and each year ended September 30			2018	2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$19.97	$18.60	$18.64	$23.18	$18.53	$13.98
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.05⁽¹⁾	0.06⁽¹⁾	0.10⁽¹⁾	0.08⁽¹⁾	0.05⁽¹⁾	0.07
		Net realized and unrealized gain/(loss)	1.04	2.06	0.44	(2.27)	4.64	4.63
	Total from Investment Operations		1.09	2.12	0.54	(2.19)	4.69	4.70
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.07)	(0.07)	(0.08)	(0.07)	(0.04)	(0.15)
		Distributions (from capital gains)	(1.47)	(0.68)	(0.50)	(2.28)	—	—
	Total Dividends and Distributions		(1.54)	(0.75)	(0.58)	(2.35)	(0.04)	(0.15)
	Net Asset Value, End of Period		$19.52	$19.97	$18.60	$18.64	$23.18	$18.53
	Total Return*		5.67%	11.43%	2.98%	(10.63)%	25.33%	33.88%
	Net Assets, End of Period (in thousands)		$1,788,639	$1,824,343	$1,830,310	$1,976,590	$2,382,592	$1,977,490
	Average Net Assets for the Period (in thousands)		$1,813,087	$1,882,932	$1,856,945	$2,354,562	$2,258,453	$1,813,911
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.65%	0.64%	0.70%	0.95%	0.80%	0.68%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.65%	0.64%	0.70%	0.95%	0.80%	0.68%
		Ratio of Net Investment Income/(Loss)	0.55%	0.33%	0.56%	0.35%	0.24%	0.41%
	Portfolio Turnover Rate		37%	116%	51%	70%	61%	66%


Class I Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and each year ended September 30			2018	2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$19.99	$18.61	$18.64	$23.20	$18.55	$13.98
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.06⁽¹⁾	0.07⁽¹⁾	0.11⁽¹⁾	0.10⁽¹⁾	0.09⁽¹⁾	0.11
		Net realized and unrealized gain/(loss)	1.04	2.07	0.44	(2.28)	4.63	4.62
	Total from Investment Operations		1.10	2.14	0.55	(2.18)	4.72	4.73
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.08)	(0.08)	(0.08)	(0.10)	(0.07)	(0.16)
		Distributions (from capital gains)	(1.47)	(0.68)	(0.50)	(2.28)	—	—
	Total Dividends and Distributions		(1.55)	(0.76)	(0.58)	(2.38)	(0.07)	(0.16)
	Net Asset Value, End of Period		$19.54	$19.99	$18.61	$18.64	$23.20	$18.55
	Total Return*		5.71%	11.54%	3.05%	(10.60)%	25.47%	34.09%
	Net Assets, End of Period (in thousands)		$52,892	$75,603	$93,875	$248,586	$329,245	$85,000
	Average Net Assets for the Period (in thousands)		$62,319	$104,290	$144,380	$382,723	$184,931	$69,116
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.57%	0.56%	0.63%	0.86%	0.74%	0.52%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.57%	0.56%	0.63%	0.86%	0.74%	0.52%
		Ratio of Net Investment Income/(Loss)	0.62%	0.37%	0.61%	0.44%	0.40%	0.59%
	Portfolio Turnover Rate		37%	116%	51%	70%	61%	66%

* 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	MARCH 31, 2018

Janus Henderson Contrarian Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and the period ended September 30			2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$19.96	$19.49
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.07	0.01
		Net realized and unrealized gain/(loss)	1.03	0.46
	Total from Investment Operations		1.10	0.47
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.10)	—
		Distributions (from capital gains)	(1.47)	—
	Total Dividends and Distributions		(1.57)	—
	Net Asset Value, End of Period		$19.49	$19.96
	Total Return*		5.75%	2.41%
	Net Assets, End of Period (in thousands)		$24,374	$19,528
	Average Net Assets for the Period (in thousands)		$23,790	$12,254
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.49%	0.51%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.49%	0.51%
		Ratio of Net Investment Income/(Loss)	0.73%	0.44%
	Portfolio Turnover Rate		37%	116%


Class R Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and each year ended September 30			2018	2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$19.47	$18.19	$18.27	$22.81	$18.31	$13.76
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	—⁽²⁾⁽³⁾	(0.04)⁽²⁾	—⁽²⁾⁽³⁾	(0.05)⁽²⁾	(0.07)⁽²⁾	(0.16)
		Net realized and unrealized gain/(loss)	1.00	2.00	0.42	(2.21)	4.57	4.72
	Total from Investment Operations		1.00	1.96	0.42	(2.26)	4.50	4.56
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—	(0.01)
		Distributions (from capital gains)	(1.47)	(0.68)	(0.50)	(2.28)	—	—
	Total Dividends and Distributions		(1.47)	(0.68)	(0.50)	(2.28)	—	(0.01)
	Net Asset Value, End of Period		$19.00	$19.47	$18.19	$18.27	$22.81	$18.31
	Total Return*		5.34%	10.81%	2.36%	(11.13)%	24.58%	33.12%
	Net Assets, End of Period (in thousands)		$644	$740	$1,058	$1,592	$1,994	$1,634
	Average Net Assets for the Period (in thousands)		$663	$974	$1,191	$2,031	$1,910	$1,715
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.25%	1.23%	1.27%	1.54%	1.38%	1.25%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.25%	1.23%	1.27%	1.54%	1.38%	1.25%
		Ratio of Net Investment Income/(Loss)	(0.05)%	(0.21)%	0.00%⁽⁴⁾	(0.23)%	(0.35)%	(0.18)%
	Portfolio Turnover Rate		37%	116%	51%	70%	61%	66%

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

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

(1) Period from August 4, 2017 (inception date) through September 30, 2017.

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

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

(4) Less than $0.005%.


See Notes to Financial Statements.

Janus Investment Fund	21

Janus Henderson Contrarian Fund

Financial Highlights


Class S Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and each year ended September 30			2018	2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$19.89	$18.53	$18.55	$23.09	$18.48	$13.87
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.02⁽¹⁾	—⁽¹⁾⁽²⁾	0.04⁽¹⁾	—⁽¹⁾⁽²⁾	(0.01)⁽¹⁾	(0.05)
		Net realized and unrealized gain/(loss)	1.03	2.04	0.44	(2.25)	4.62	4.69
	Total from Investment Operations		1.05	2.04	0.48	(2.25)	4.61	4.64
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	(0.01)	—	(0.03)
		Distributions (from capital gains)	(1.47)	(0.68)	(0.50)	(2.28)	—	—
	Total Dividends and Distributions		(1.47)	(0.68)	(0.50)	(2.29)	—	(0.03)
	Net Asset Value, End of Period		$19.47	$19.89	$18.53	$18.55	$23.09	$18.48
	Total Return*		5.49%	11.05%	2.65%	(10.92)%	24.95%	33.50%
	Net Assets, End of Period (in thousands)		$3,359	$3,842	$4,052	$4,578	$6,346	$2,022
	Average Net Assets for the Period (in thousands)		$3,493	$3,920	$4,208	$6,905	$5,130	$1,850
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.99%	0.98%	1.04%	1.29%	1.16%	1.00%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.99%	0.97%	1.03%	1.28%	1.15%	0.99%
		Ratio of Net Investment Income/(Loss)	0.21%	0.00%⁽³⁾	0.22%	0.01%	(0.05)%	0.07%
	Portfolio Turnover Rate		37%	116%	51%	70%	61%	66%


Class T Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and each year ended September 30			2018	2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$19.95	$18.58	$18.62	$23.15	$18.51	$13.96
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.05⁽¹⁾	0.05⁽¹⁾	0.09⁽¹⁾	0.06⁽¹⁾	0.03⁽¹⁾	0.05
		Net realized and unrealized gain/(loss)	1.03	2.05	0.43	(2.26)	4.64	4.63
	Total from Investment Operations		1.08	2.10	0.52	(2.20)	4.67	4.68
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.05)	(0.05)	(0.06)	(0.05)	(0.03)	(0.13)
		Distributions (from capital gains)	(1.47)	(0.68)	(0.50)	(2.28)	—	—
	Total Dividends and Distributions		(1.52)	(0.73)	(0.56)	(2.33)	(0.03)	(0.13)
	Net Asset Value, End of Period		$19.51	$19.95	$18.58	$18.62	$23.15	$18.51
	Total Return*		5.63%	11.35%	2.87%	(10.68)%	25.24%	33.76%
	Net Assets, End of Period (in thousands)		$633,610	$672,788	$754,333	$940,738	$1,308,109	$985,916
	Average Net Assets for the Period (in thousands)		$655,076	$741,874	$814,169	$1,252,238	$1,238,665	$894,444
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.74%	0.73%	0.79%	1.04%	0.89%	0.76%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.73%	0.72%	0.77%	1.02%	0.89%	0.75%
		Ratio of Net Investment Income/(Loss)	0.47%	0.26%	0.48%	0.27%	0.16%	0.34%
	Portfolio Turnover Rate		37%	116%	51%	70%	61%	66%

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

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

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

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

(3) Less than 0.005%.


See Notes to Financial Statements.

22	MARCH 31, 2018

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)

1. Organization and Significant Accounting Policies

Janus Henderson Contrarian Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 49 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term growth of capital. The Fund is classified as nondiversified, as defined in the 1940 Act.

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

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

Investment Valuation


Janus Investment Fund	23

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)

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

Valuation Inputs Summary

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

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


24	MARCH 31, 2018

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)

The Fund did not hold a significant amount of Level 3 securities as of March 31, 2018.

Financial assets of $98,447,984 were transferred out of Level 1 to Level 2 since certain foreign equity prices were applied a fair valuation adjustment factor at the end of the current period and no factor was applied at the end of the prior fiscal year.

Financial assets of $14,905,206 were transferred out of Level 3 to Level 2 since certain security’s prices were determined using other significant observable inputs at the end of the current fiscal year and significant unobservable inputs at the end of the prior fiscal year.

Investment Transactions and Investment Income

Expenses

Estimates

Indemnifications

Foreign Currency Translations


Janus Investment Fund	25

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)

Dividends and Distributions

Federal Income Taxes

2. Derivative Instruments

The Fund may invest in various types of derivatives, which may at times result in significant derivative exposure. A derivative is a financial instrument whose performance is derived from the performance of another asset. The Fund may invest in derivative instruments including, but not limited to: futures contracts, put options, call options, options on future contracts, options on foreign currencies, options on recovery locks, options on security and commodity indices, swaps, forward contracts, structured investments, and other equity-linked derivatives. Each derivative instrument that was held by the Fund during the period ended March 31, 2018 is discussed in further detail below. A summary of derivative activity by the Fund is reflected in the tables at the end of the Schedule of Investments.

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

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

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

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


26	MARCH 31, 2018

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)

· 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.

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

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

In an effort to mitigate credit risk associated with derivatives traded OTC, the Fund may enter into collateral agreements with certain counterparties whereby, subject to certain minimum exposure requirements, the Fund may require the counterparty to post collateral if the Fund has a net aggregate unrealized gain on all OTC derivative contracts with a particular counterparty. Additionally, the Fund may deposit cash and/or treasuries as collateral with the counterparty and/or custodian daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized loss on OTC derivative contracts with a particular counterparty. All liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund’s commitment with respect to certain exchange-traded derivatives, centrally cleared derivatives, forward foreign currency exchange contracts, short sales, and/or securities with extended settlement dates. There is no guarantee that counterparty exposure is reduced and these arrangements are dependent on Janus Capital’s ability to establish and maintain appropriate systems and trading.

Forward Foreign Currency Exchange Contracts

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

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


Janus Investment Fund	27

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)

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 period, 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.

3. Other Investments and Strategies

Additional Investment Risk


28	MARCH 31, 2018

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)

Counterparties

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.

Offsetting Assets and Liabilities

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

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

The following tables present gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the “Fair Value of Derivative Instruments as of March 31, 2018” table located in the Fund’s Schedule of Investments.


Offsetting of Financial Assets and Derivative Assets

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

Deutsche Bank AG		$	48,942,263	$	—	$	(48,942,263)	$	—
HSBC Securities (USA), Inc.			76,494		(2,866)		—		73,628

Total		$	49,018,757	$	(2,866)	$	(48,942,263)	$	73,628
Offsetting of Financial Liabilities and Derivative Liabilities

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

HSBC Securities (USA), Inc.		$	2,866	$	(2,866)	$	—	$	—

(a)	Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities.


Janus Investment Fund	29

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)


(b)	Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value.

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

The Fund generally does not exchange collateral on its forward currency contracts with its counterparties; however, all liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund’s commitment with respect to these contracts. Certain securities may be segregated at the Fund’s custodian. These segregated securities are denoted on the accompanying Schedule of Investments and are evaluated daily to ensure their cover and/or market value equals or exceeds the Fund’s corresponding forward foreign currency exchange contract's obligation value.

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

Real Estate Investing

Restricted Security Transactions

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

Securities Lending


30	MARCH 31, 2018

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)

Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the SEC. If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund.

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

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

The cash collateral invested by Janus Capital is disclosed in the Schedule of Investments (if applicable). Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations. As of March 31, 2018, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $48,942,263 for equity securities. Gross amounts of recognized liabilities for securities lending (collateral received) as of March 31, 2018 is $50,003,460, resulting in the net amount due to the counterparty of $1,061,196.

4. Investment Advisory Agreements and Other Transactions with Affiliates

The calculation of the performance adjustment applies as follows:

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


Janus Investment Fund	31

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)

any Performance Adjustment. For the period ended March 31, 2018, the performance adjusted investment advisory fee rate before any waivers and/or reimbursements of expenses is 0.45%.

Janus Capital has contractually agreed to waive the advisory fee payable by the Fund or reimburse expenses in an amount equal to the amount, if any, that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding any performance adjustments to management fees (if applicable), the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus/administrative fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.83% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waivers until at least February 1, 2019. If applicable, amounts waived and/or reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.


32	MARCH 31, 2018

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)

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.

Janus Capital furnishes certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund and providing personnel to serve as officers to the Fund. The Fund reimburses Janus Capital for certain of its costs in providing these services (to the extent Janus Capital seeks reimbursement and such costs are not otherwise waived). These costs include some or all of the salaries, fees, and expenses of Janus Capital employees and Fund officers, including the Fund’s Chief Compliance Officer and compliance staff, who provide specified administration and compliance services to 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. Total compensation of $268,180 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended March 31, 2018. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of March 31, 2018 on the Statement of Assets and Liabilities in the asset, “Non-interested Trustees’ deferred compensation,” and liability, “Non-interested Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation” on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended March 31, 2018 are included in “Non-interested Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $240,213 were paid by the Trust to the Trustees under the Deferred Plan during the period ended March 31, 2018.


Janus Investment Fund	33

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)

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

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 period ended March 31, 2018, Janus Henderson Distributors retained upfront sales charges of $1,417.

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 period ended March 31, 2018, redeeming shareholders of Class C Shares paid CDSCs of $255.

As of March 31, 2018, shares of the Fund were owned by affiliates of Janus Henderson Investors, and/or other funds advised by Janus Henderson, as indicated in the table below:


Class	% of Class Owned		% of Fund Owned
Class A Shares	-	%	-	%
Class C Shares	-		-
Class D Shares	-		-
Class I Shares	-		-
Class N Shares	69		1
Class R Shares	-		-
Class S Shares	-		-
Class T Shares	-		-

The Fund is permitted to purchase or sell securities (“cross-trade”) between itself and other funds or accounts managed by Janus Capital in accordance with Rule 17a-7 under the Investment Company Act of 1940 (“Rule 17a-7”), when the transaction is consistent with the investment objectives and policies of the Fund and in accordance with the Internal Cross Trade Procedures adopted by the Trust’s Board of Trustees. These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to another fund or account that is or could be considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser, common Officer, or common Trustee complies with Rule 17a-7. Under these procedures, each cross-trade is effected at the current market price to save costs where allowed. During the period ended March 31, 2018, the Fund engaged in cross trades amounting to $3,008,835 in purchases and $4,751,563 in sales, resulting in a net realized gain of $346,678. The net realized gain is included within the “Net Realized Gain/(Loss) on Investments” section of the Fund’s Statement of Operations.

5. Federal Income Tax


34	MARCH 31, 2018

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)

treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.

Accumulated capital losses noted below represent net capital loss carryovers, as of September 30, 2017, that may be available to offset future realized capital gains and thereby reduce future taxable gains distributions. The following table shows these capital loss carryovers.



Capital Loss Carryover Schedule
For the year ended September 30, 2017
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$(2,708,558)	$ (922,145)	$ (3,630,703)

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of March 31, 2018 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)
$ 2,340,097,753	$330,593,893	$(62,980,015)	$ 267,613,878

Information on the tax components of derivatives as of March 31, 2018 is as follows:


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ -	$ 76,494	$ (2,866)	$ 73,628

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


Janus Investment Fund	35

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)

6. Capital Share Transactions



		Period ended March 31, 2018		Year ended September 30, 2017⁽¹⁾
		Shares	Amount	Shares	Amount

Class A Shares:
Shares sold		56,103	$ 1,094,833	266,100	$ 5,230,826
Reinvested dividends and distributions		43,596	825,705	72,537	1,431,885
Shares repurchased		(161,032)	(3,167,003)	(2,518,531)	(49,215,084)
Net Increase/(Decrease)		(61,333)	$ (1,246,465)	(2,179,894)	$ (42,552,373)
Class C Shares:
Shares sold		25,089	$ 451,658	76,862	$ 1,440,246
Reinvested dividends and distributions		86,158	1,530,158	57,617	1,079,157
Shares repurchased		(439,618)	(8,126,616)	(1,342,255)	(24,558,184)
Net Increase/(Decrease)		(328,371)	$ (6,144,800)	(1,207,776)	$ (22,038,781)
Class D Shares:
Shares sold		818,688	$ 16,114,398	1,995,023	$ 39,320,595
Reinvested dividends and distributions		6,992,332	132,434,739	3,548,990	70,163,548
Shares repurchased		(7,520,181)	(148,433,141)	(12,602,849)	(247,176,343)
Net Increase/(Decrease)		290,839	$ 115,996	(7,058,836)	$(137,692,200)
Class I Shares:
Shares sold		506,812	$ 10,071,910	3,360,618	$ 66,133,878
Reinvested dividends and distributions		211,245	4,003,084	149,795	2,962,946
Shares repurchased		(1,792,362)	(35,504,022)	(4,772,468)	(92,959,590)
Net Increase/(Decrease)		(1,074,305)	$(21,429,028)	(1,262,055)	$ (23,862,766)
Class N Shares:
Shares sold		408,807	$ 8,126,518	985,246	$ 18,869,039
Reinvested dividends and distributions		97,020	1,833,679	-	-
Shares repurchased		(233,522)	(4,637,383)	(6,896)	(135,145)
Net Increase/(Decrease)		272,305	$ 5,322,814	978,350	$ 18,733,894
Class R Shares:
Shares sold		3,297	$ 62,996	10,734	$ 207,603
Reinvested dividends and distributions		2,658	49,098	1,855	35,915
Shares repurchased		(10,056)	(192,880)	(32,733)	(631,436)
Net Increase/(Decrease)		(4,101)	$ (80,786)	(20,144)	$ (387,918)
Class S Shares:
Shares sold		6,106	$ 122,252	14,331	$ 280,026
Reinvested dividends and distributions		12,981	245,468	6,828	134,790
Shares repurchased		(39,715)	(790,087)	(46,672)	(885,499)
Net Increase/(Decrease)		(20,628)	$ (422,367)	(25,513)	$ (470,683)
Class T Shares:
Shares sold		1,202,492	$ 23,735,724	2,495,432	$ 49,053,633
Reinvested dividends and distributions		2,517,400	47,679,561	1,407,698	27,816,109
Shares repurchased		(4,961,104)	(97,767,103)	(10,778,428)	(211,356,676)
Net Increase/(Decrease)		(1,241,212)	$(26,351,818)	(6,875,298)	$(134,486,934)
(1)	Period from August 4, 2017 (inception date) through September 30, 2017 for Class N Shares.

7. Purchases and Sales of Investment Securities


Purchases of Securities	Proceeds from Sales of Securities	Purchases of Long- Term U.S. Government Obligations	Proceeds from Sales of Long-Term U.S. Government Obligations
$948,759,084	$1,085,714,083	$ -	$ -


36	MARCH 31, 2018

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)

8. Recent Accounting Pronouncements

9. Subsequent Event


Janus Investment Fund	37

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD


38	MARCH 31, 2018

Janus Henderson Contrarian Fund

Additional Information (unaudited)

agreements. “Management fees,” as used herein, reflect actual annual advisory fees and any administration fees (excluding out of pocket costs), net of any waivers.

Nature, Extent and Quality of Services

Performance of the Funds

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

Alternative Funds

Asset Allocation Funds


Janus Investment Fund	39

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


40	MARCH 31, 2018

Janus Henderson Contrarian Fund

Additional Information (unaudited)

· For Janus Henderson International Small Cap Fund, the Trustees noted that, due to limited performance for the Fund, performance history was not a material factor.


Janus Investment Fund	41

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Money Market Funds

Multi-Asset Funds

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 12 months ended May 31, 2017.

Multi-Asset U.S. Equity Funds


42	MARCH 31, 2018

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Quantitative Equity Funds

U.S. Equity Funds

Janus Aspen Series


Janus Investment Fund	43

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Costs of Services Provided


44	MARCH 31, 2018

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Alternative Funds


Janus Investment Fund	45

Janus Henderson Contrarian Fund

Additional Information (unaudited)

reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses effective June 5, 2017.

Asset Allocation Funds

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

Fixed-Income Funds

Global and International Equity Funds


46	MARCH 31, 2018

Janus Henderson Contrarian Fund

Additional Information (unaudited)

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

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

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

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

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

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

Money Market Funds


Janus Investment Fund	47

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Multi-Asset Funds

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

Multi-Asset U.S. Equity Funds

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

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


48	MARCH 31, 2018

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Quantitative Equity Funds

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

U.S. Equity Funds

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

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

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

Janus Aspen Series

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

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


Janus Investment Fund	49

Janus Henderson Contrarian Fund

Additional Information (unaudited)

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

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

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

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


50	MARCH 31, 2018

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Economies of Scale

Other Benefits to Janus Capital


Janus Investment Fund	51

Janus Henderson Contrarian Fund

Useful Information About Your Fund Report (unaudited)

Management Commentary

Performance Overviews

Schedule of Investments

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

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

Statement of Assets and Liabilities

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


52	MARCH 31, 2018

Janus Henderson Contrarian Fund

Useful Information About Your Fund Report (unaudited)

Statement of Operations

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

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

Statements of Changes in Net Assets

Financial Highlights


Janus Investment Fund	53

Janus Henderson Contrarian Fund

Useful Information About Your Fund Report (unaudited)

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

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


54	MARCH 31, 2018

Janus Henderson Contrarian Fund

Notes

NotesPage1


Janus Investment Fund	55

Janus Henderson Contrarian Fund

Notes

NotesPage2


56	MARCH 31, 2018

Janus Henderson Contrarian Fund

Notes

NotesPage3


Janus Investment Fund	57

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
							125-24-93038 05-18



	SEMIANNUAL REPORT March 31, 2018

Janus Henderson Emerging Markets Fund

Janus Investment Fund

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

Table of Contents

Janus Henderson Emerging Markets Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	11
Statement of Assets and Liabilities	13
Statement of Operations	15
Statements of Changes in Net Assets	17
Financial Highlights	18
Notes to Financial Statements	26
Additional Information	37
Useful Information About Your Fund Report	51

Janus Henderson Emerging Markets Fund (unaudited)

FUND SNAPSHOT

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

Michael Cahoon

co-portfolio manager

Glen Finegan

co-portfolio manager

PERFORMANCE

The Janus Henderson Emerging Markets Fund produced a positive absolute return over the six-month period ended March 31, 2018, but underperformed its benchmark, the MSCI Emerging Markets Index^SM. The Fund’s I shares returned 7.05% while the MSCI Emerging Markets Index returned 8.96%.

INVESTMENT ENVIRONMENT

Emerging market equities rose strongly in U.S. dollar terms over the period. This was despite a choppier market in the first quarter of 2018 as concerns relating to high stock market valuations and U.S. central bank policy, a potential trade war between the U.S. and China, and increasing geopolitical tensions in the Middle East led to increased volatility.

PERFORMANCE DISCUSSION

South African bank Standard Bank was the Fund’s most significant positive contributor over the period. Standard Bank is a well-managed bank that has been expanding across the African continent. The group is targeting a 20% contribution to group earnings from Africa ex South Africa, operating in markets we believe have significant potential such as Nigeria. As emerging economies develop, incomes rise and a middle class emerges, the demand for banking services is expected to increase and we believe Standard Bank is well positioned to benefit from this demographically driven opportunity.

Duratex also contributed to positive to performance. Duratex manufactures and sells reconstituted wood panels and laminated floors through its wood products division, and bathroom fixtures and fittings through its Deca arm. The company’s two controlling shareholder groups are owned by the Setubal, Villela and Seibel families who have focused on maintaining a conservative balance sheet so that the business can ride out any economically induced storms. This conservatism allowed them to allocate capital and make acquisitions at attractive prices through the economic downturn in 2014 and 2015.

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

OUTLOOK

We believe that it is important to stick to our belief of not compromising on quality, maintaining a long-term investment approach and applying a strict valuation discipline. While we are concerned by currently high levels of appetite for risk within emerging markets, with a long-term perspective we remain positive about the opportunities for equity investors within the asset class created by supportive demographic trends, such as population and middle-income consumer growth, within some parts of the developing world.

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


Janus Investment Fund	1

Janus Henderson Emerging Markets Fund (unaudited)

Fund At A Glance

March 31, 2018





	5 Top Performers - Holdings		5 Bottom Performers - Holdings
		Contribution		Contribution
	Standard Bank Group Ltd	1.51%	PZ Cussons PLC	-0.52%
	African Oxygen Ltd	0.68%	Newcrest Mining Ltd	-0.27%
	Tiger Brands Ltd	0.63%	Uni-President China Holdings Ltd	-0.27%
	Duratex SA	0.61%	Grasim Industries Ltd	-0.26%
	LG Household & Health Care Ltd	0.57%	Aditya Birla Capital Ltd	-0.24%

	5 Top Performers - Sectors*
		Fund	Fund Weighting	MSCI Emerging Markets Index (Net)
		Contribution	(Average % of Equity)	Weighting
	Consumer Discretionary	0.53%	5.34%	10.08%
	Industrials	0.29%	6.49%	5.26%
	Real Estate	0.23%	0.00%	2.79%
	Telecom Services	0.05%	3.05%	4.74%
	Information Technology	-0.01%	7.67%	27.99%

	5 Bottom Performers - Sectors*
		Fund	Fund Weighting	MSCI Emerging Markets Index (Net)
		Contribution	(Average % of Equity)	Weighting
	Consumer Staples	-0.77%	32.77%	6.35%
	Other**	-0.60%	6.55%	0.00%
	Energy	-0.43%	0.94%	6.92%
	Health Care	-0.40%	1.58%	2.57%
	Materials	-0.37%	13.09%	7.28%

	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.


2	MARCH 31, 2018

Janus Henderson Emerging Markets Fund (unaudited)

Fund At A Glance

March 31, 2018


5 Largest Equity Holdings - (% of Net Assets)
Tiger Brands Ltd
Food Products	5.0%
Uni-President Enterprises Corp
Food Products	4.0%
Banco Bradesco SA
Banks	3.1%
Duratex SA
Paper & Forest Products	3.0%
Grasim Industries Ltd
Construction Materials	2.9%
	18.0%


Asset Allocation - (% of Net Assets)
Common Stocks	92.4%
Investment Companies	6.3%
Preferred Stocks	1.1%
Other		0.2%
		100.0%

Emerging markets comprised 80.8% of total net assets.

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

As of March 31, 2018

As of September 30, 2017


Janus Investment Fund	3

Janus Henderson Emerging Markets Fund (unaudited)

Performance

See important disclosures on the next page.



					Expense Ratios -
Average Annual Total Return - for the periods ended March 31, 2018					per the January 26, 2018 prospectuses
	Fiscal Year-to-Date	One Year	Five Year	Since Inception*	Total Annual Fund Operating Expenses	Net Annual Fund Operating Expenses
Class A Shares at NAV	7.02%	15.25%	4.70%	1.91%	1.48%	1.33%
Class A Shares at MOP	0.89%	8.59%	3.47%	1.08%
Class C Shares at NAV	6.53%	14.31%	3.89%	1.14%	2.33%	2.10%
Class C Shares at CDSC	5.53%	13.31%	3.89%	1.14%
Class D Shares⁽¹⁾	7.13%	15.39%	4.68%	1.88%	1.38%	1.19%
Class I Shares	7.05%	15.59%	4.96%	2.16%	1.26%	1.11%
Class N Shares	7.14%	15.69%	4.82%	1.98%	1.16%	1.03%
Class S Shares	6.87%	15.01%	4.36%	1.56%	1.66%	1.54%
Class T Shares	6.99%	15.33%	4.61%	1.81%	1.44%	1.29%
MSCI Emerging Markets Index (Net)	8.96%	24.93%	4.99%	2.67%
MSCI Emerging Markets Index (Gross)	9.08%	25.37%	5.37%	3.02%
Morningstar Quartile - Class I Shares	-	4th	2nd	3rd
Morningstar Ranking - based on total returns for Diversified Emerging Markets Funds	-	758/849	273/586	280/413

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.


4	MARCH 31, 2018

Janus Henderson Emerging Markets Fund (unaudited)

Performance

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

The expense ratios shown are estimated.

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

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

Returns of the Fund shown prior to June 5, 2017 are those for Henderson Emerging Markets Fund (the “Predecessor Fund”), which merged into the Fund after the close of business on June 2, 2017. The Predecessor Fund was advised by Henderson Global Investors (North America) Inc. and subadvised by Henderson Investment Management Limited. Class A Shares, Class C Shares, Class I Shares, and Class R6 Shares of the Predecessor Fund were reorganized into Class A Shares, Class C Shares, Class I Shares, and Class N Shares, respectively, of the Fund. In connection with this reorganization, certain shareholders of the Predecessor Fund who held shares directly with the Predecessor Fund and not through an intermediary had the Class A Shares, Class C Shares, Class I Shares, and Class N Shares of the Fund received in the reorganization automatically exchanged for Class D Shares of the Fund following the reorganization. Class A Shares, Class C Shares and Class I Shares of the Predecessor Fund commenced operations with the Predecessor Fund’s inception on December 31, 2010. Class R6 Shares of the Predecessor Fund commenced operations on November 30, 2015. Class D Shares, Class S Shares, and Class T Shares commenced operations on June 5, 2017.

Performance of Class A Shares shown for periods prior to June 5, 2017, reflects the performance of Class A Shares of the Predecessor Fund, calculated using the fees and expenses of Class A Shares of the Predecessor Fund, in effect during the periods shown, net of any fee and expense limitations or waivers.

Performance of Class C Shares shown for periods prior to June 5, 2017, reflects the performance of Class C Shares of the Predecessor Fund, calculated using the fees and expenses of Class C Shares of the Predecessor Fund, in effect during the periods shown, net of any fee and expense limitations or waivers.

Performance of Class N Shares shown for periods prior to June 5, 2017, reflects the performance of Class R6 Shares of the Predecessor Fund, calculated using the fees and expenses of Class R6 Shares of the Predecessor Fund, in effect during the periods shown, net of any applicable fee and expense limitations or waivers, except that for periods prior to November 30, 2015, performance for Class N Shares reflects the performance of Class I Shares of the Predecessor Fund, calculated using the estimated fees and expenses of Class N Shares, net of any applicable fee and expense limitations or waivers.

Performance of Class S Shares shown for periods prior to June 5, 2017, reflects the performance of Class I Shares of the Predecessor Fund, calculated using the estimated fees and expenses of Class S Shares, net of any applicable fee and expense limitations or waivers.

Performance of Class T Shares shown for periods prior to June 5, 2017, reflects the performance of Class I Shares of the Predecessor Fund, calculated using the estimated fees and expenses of Class T Shares, net of any applicable fee and expense limitations or waivers.

Performance of Class D Shares shown for periods prior to June 5, 2017, reflects the performance of Class I Shares of the Predecessor Fund, calculated using the estimated fees and expenses of Class D Shares, net of any applicable fee and expense limitations or waivers.

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

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

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

See “Useful Information About Your Fund Report.”


Janus Investment Fund	5

Janus Henderson Emerging Markets Fund (unaudited)

Performance

Effective 6/5/17, the Fund’s performance is compared to the MSCI Emerging Markets Index net of foreign withholding taxes. Previously, the Predecessor Fund used the MSCI Emerging Markets Index gross of foreign withholding taxes. The net version of the benchmark is believed to more closely reflect the Fund’s investment universe.

*The Predecessor Fund’s inception date – December 31, 2010

(1) Closed to certain new investors.


6	MARCH 31, 2018

Janus Henderson Emerging Markets Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (10/1/17)	Ending Account Value (3/31/18)	Expenses Paid During Period (10/1/17 - 3/31/18)†	Beginning Account Value (10/1/17)	Ending Account Value (3/31/18)	Expenses Paid During Period (10/1/17 - 3/31/18)†	Net Annualized Expense Ratio (10/1/17 - 3/31/18)
Class A Shares		$1,000.00	$1,070.20	$6.81	$1,000.00	$1,018.35	$6.64	1.32%
Class C Shares		$1,000.00	$1,065.30	$10.71	$1,000.00	$1,014.56	$10.45	2.08%
Class D Shares		$1,000.00	$1,071.30	$5.78	$1,000.00	$1,019.35	$5.64	1.12%
Class I Shares		$1,000.00	$1,070.50	$5.68	$1,000.00	$1,019.45	$5.54	1.10%
Class N Shares		$1,000.00	$1,071.40	$5.37	$1,000.00	$1,019.75	$5.24	1.04%
Class S Shares		$1,000.00	$1,068.70	$7.79	$1,000.00	$1,017.40	$7.59	1.51%
Class T Shares		$1,000.00	$1,069.90	$6.55	$1,000.00	$1,018.60	$6.39	1.27%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 182/365 (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 Emerging Markets Fund

Schedule of Investments (unaudited)

March 31, 2018


Shares			Value
Common Stocks– 92.4%
Auto Components – 1.4%
	Fuyao Glass Industry Group Co Ltd (144A)	260,800	$1,012,917
	Mahle-Metal Leve SA	254,632	1,897,591
			2,910,508
Banks – 12.3%
	Banco Bradesco SA	566,276	6,599,406
	City Union Bank Ltd	378,578	1,008,271
	Commercial International Bank Egypt SAE (GDR)	608,958	3,095,542
	Guaranty Trust Bank PLC	2,986,163	371,133
	Guaranty Trust Bank PLC (GDR)	297,309	1,768,989
	IDFC Bank Ltd	1,038,289	757,773
	Itau Unibanco Holding SA (ADR)	52,751	822,916
	Kasikornbank PCL	377,600	2,577,728
	Komercni banka as	58,544	2,673,358
	Standard Bank Group Ltd	328,238	6,075,759
			25,750,875
Beverages – 8.0%
	Cia Cervecerias Unidas SA (ADR)	203,104	5,973,289
	Fomento Economico Mexicano SAB de CV	42,126	385,687
	Fomento Economico Mexicano SAB de CV (ADR)	30,353	2,775,175
	Guinness Nigeria PLC	2,794,559	809,450
	Heineken Holding NV	56,360	5,810,790
	Nigerian Breweries PLC	2,791,539	1,010,881
			16,765,272
Capital Markets – 1.0%
	Aditya Birla Capital Ltd*	935,017	2,110,250
Chemicals – 1.7%
	African Oxygen Ltd	1,381,868	3,633,590
Construction Materials – 2.9%
	Grasim Industries Ltd	377,661	6,116,870
Containers & Packaging – 1.9%
	Greatview Aseptic Packaging Co Ltd	2,872,000	1,931,596
	Nampak Ltd*	1,515,266	1,945,941
			3,877,537
Diversified Financial Services – 1.1%
	Remgro Ltd	123,708	2,324,683
Electric Utilities – 1.0%
	Tata Power Co Ltd	1,796,477	2,184,654
Electronic Equipment, Instruments & Components – 2.1%
	Chroma ATE Inc	115,000	716,883
	Delta Electronics Inc	418,465	1,882,952
	Delta Electronics Thailand PCL	873,700	1,856,223
			4,456,058
Food & Staples Retailing – 0.8%
	Shoprite Holdings Ltd	81,117	1,733,912
Food Products – 17.5%
	Century Pacific Food Inc	4,178,800	1,371,968
	China Mengniu Dairy Co Ltd	672,800	2,329,116
	Grupo Herdez SAB de CV	1,534,097	3,914,023
	Nestle Nigeria PLC	405,792	1,562,312
	Standard Foods Corp	1,337,041	3,153,880
	Tiger Brands Ltd	333,064	10,471,998
	Uni-President China Holdings Ltd	4,477,000	3,893,776
	Uni-President Enterprises Corp	3,512,280	8,289,413
	Universal Robina Corp	582,820	1,701,667
			36,688,153
Gas Utilities – 0.6%
	China Resources Gas Group Ltd	368,000	1,285,316
Hotels, Restaurants & Leisure – 0.6%
	City Lodge Hotels Ltd	85,914	1,201,858


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

8	MARCH 31, 2018

Janus Henderson Emerging Markets Fund

Schedule of Investments (unaudited)

March 31, 2018


Shares			Value
Common Stocks– (continued)
Household Durables – 0.5%
	Steinhoff Africa Retail Ltd*	635,516	$1,130,728
Household Products – 2.2%
	PZ Cussons PLC	950,273	3,048,125
	Vinda International Holdings Ltd	872,000	1,537,467
			4,585,592
Independent Power and Renewable Electricity Producers – 0.9%
	Engie Brasil Energia SA	158,619	1,881,709
Industrial Conglomerates – 4.7%
	LG Corp	63,356	5,196,297
	Quinenco SA	1,387,821	4,666,703
			9,863,000
Information Technology Services – 4.1%
	Cognizant Technology Solutions Corp	24,178	1,946,329
	Infosys Ltd	126,071	2,200,290
	Tata Consultancy Services Ltd	99,155	4,347,310
			8,493,929
Insurance – 0.7%
	Samsung Fire & Marine Insurance Co Ltd	6,129	1,545,069
Leisure Products – 1.6%
	Merida Industry Co Ltd	715,000	3,379,439
Machinery – 0.9%
	WEG SA	262,403	1,797,313
Marine – 0.6%
	Cia Sud Americana de Vapores SA*	27,063,672	1,176,467
Metals & Mining – 3.4%
	Antofagasta PLC	94,101	1,218,014
	Newcrest Mining Ltd	389,403	5,853,047
			7,071,061
Oil, Gas & Consumable Fuels – 1.0%
	Cairn Energy PLC*	709,487	2,053,254
	International Petroleum Ltd*^,¢	955,965	0
Paper & Forest Products – 3.0%
	Duratex SA	1,738,661	6,241,482
Personal Products – 4.0%
	LG Household & Health Care Ltd	1,722	1,934,129
	Natura Cosmeticos SA	217,414	2,107,618
	Unilever PLC	77,682	4,315,917
			8,357,664
Pharmaceuticals – 1.5%
	Genomma Lab Internacional SAB de CV*	590,373	641,877
	Mega Lifesciences PCL	1,716,700	2,439,948
			3,081,825
Technology Hardware, Storage & Peripherals – 1.1%
	Asustek Computer Inc	245,000	2,302,336
Textiles, Apparel & Luxury Goods – 1.6%
	Stella International Holdings Ltd	713,000	950,743
	Yue Yuen Industrial Holdings Ltd	600,800	2,399,618
			3,350,361
Thrifts & Mortgage Finance – 2.4%
	Housing Development Finance Corp Ltd	175,665	4,941,177
Water Utilities – 2.7%
	Inversiones Aguas Metropolitanas SA	2,548,292	4,691,577
	Manila Water Co Inc	1,880,000	1,002,193
			5,693,770
Wireless Telecommunication Services – 2.6%
	Empresa Nacional de Telecomunicaciones SA	175,718	2,017,554
	Idea Cellular Ltd*	2,185,834	2,556,415


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

Janus Investment Fund	9

Janus Henderson Emerging Markets Fund

Schedule of Investments (unaudited)

March 31, 2018


Shares			Value
Common Stocks– (continued)
Wireless Telecommunication Services – (continued)
	XL Axiata Tbk PT*	4,596,775	$844,321
			5,418,290
Total Common Stocks (cost $168,261,373)			193,404,002
Preferred Stocks– 1.1%
Beverages – 1.1%
	Embotelladora Andina SA(cost $1,935,916)	544,004	2,344,068
Investment Companies– 6.3%
Money Markets – 6.3%
	Fidelity Investments Money Market Treasury Portfolio, 1.4900%^ºº(cost $13,197,324)	13,197,324	13,197,324
Total Investments (total cost $183,394,613) – 99.8%			208,945,394
Cash, Receivables and Other Assets, net of Liabilities – 0.2%			356,822
Net Assets – 100%			$209,302,216


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

		% of
		Investment
Country	Value	Securities
South Africa	$28,518,469	13.6	%
India	26,223,010	12.6
Brazil	21,348,035	10.2
Chile	20,869,658	10.0
Taiwan	19,724,903	9.4
United States	15,143,653	7.2
China	12,940,931	6.2
United Kingdom	10,635,310	5.1
South Korea	8,675,495	4.2
Mexico	7,716,762	3.7
Thailand	6,873,899	3.3
Australia	5,853,047	2.8
Netherlands	5,810,790	2.8
Nigeria	5,522,765	2.6
Philippines	4,075,828	2.0
Egypt	3,095,542	1.5
Czech Republic	2,673,358	1.3
Hong Kong	2,399,618	1.1
Indonesia	844,321	0.4



Total	$208,945,394	100.0	%


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

10	MARCH 31, 2018

Janus Henderson Emerging Markets Fund

Notes to Schedule of Investments and Other Information (unaudited)


MSCI Emerging Markets Index^SM	MSCI Emerging Markets Index^SM reflects the equity market performance of emerging markets.


ADR	American Depositary Receipt
GDR	Global Depositary Receipt
PCL	Public Company Limited
PLC	Public Limited Company

144A


*	Non-income producing security.


ºº	Rate shown is the 7-day yield as of March 31, 2018.


¢	Security is valued using significant unobservable inputs.


Janus Investment Fund	11

Janus Henderson Emerging Markets Fund

Notes to Schedule of Investments and Other Information (unaudited)


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 March 31, 2018. 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
Auto Components	$	1,897,591	$	1,012,917	$	-
Banks		9,191,311		16,559,564		-
Beverages		8,748,464		8,016,808		-
Capital Markets		-		2,110,250		-
Chemicals		-		3,633,590		-
Construction Materials		-		6,116,870		-
Containers & Packaging		-		3,877,537		-
Diversified Financial Services		-		2,324,683		-
Electric Utilities		-		2,184,654		-
Electronic Equipment, Instruments & Components		-		4,456,058		-
Food & Staples Retailing		-		1,733,912		-
Food Products		-		36,688,153		-
Gas Utilities		-		1,285,316		-
Hotels, Restaurants & Leisure		-		1,201,858		-
Household Durables		-		1,130,728		-
Household Products		-		4,585,592		-
Industrial Conglomerates		4,666,703		5,196,297		-
Information Technology Services		1,946,329		6,547,600		-
Insurance		-		1,545,069		-
Leisure Products		-		3,379,439		-
Metals & Mining		-		7,071,061		-
Oil, Gas & Consumable Fuels		-		2,053,254		0
Personal Products		2,107,618		6,250,046		-
Pharmaceuticals		-		3,081,825		-
Technology Hardware, Storage & Peripherals		-		2,302,336		-
Textiles, Apparel & Luxury Goods		-		3,350,361		-
Thrifts & Mortgage Finance		-		4,941,177		-
Water Utilities		4,691,577		1,002,193		-
Wireless Telecommunication Services		2,017,554		3,400,736		-
All Other		11,096,971		-		-
Preferred Stocks		-		2,344,068		-
Investment Companies		13,197,324		-		-
Total Assets	$	59,561,442	$	149,383,952	$	0


12	MARCH 31, 2018

Janus Henderson Emerging Markets Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2018

See footnotes at the end of the Statement.



Assets:
	Investments, at value⁽¹⁾		$	208,945,394
	Cash denominated in foreign currency⁽²⁾			12,402
	Non-interested Trustees' deferred compensation			4,198
	Receivables:
		Investments sold		611,572
		Dividends		446,838
		Fund shares sold		163,299
		Foreign tax reclaims		1,043
	Other assets			18,724
Total Assets				210,203,470
Liabilities:
	Payables:			—
		Investments purchased		578,186
		Advisory fees		172,788
		Transfer agent fees and expenses		29,439
		Foreign tax liability		22,329
		Fund shares repurchased		20,914
		Custodian fees		19,457
		Professional fees		18,445
		12b-1 Distribution and shareholder servicing fees		12,337
		Non-interested Trustees' deferred compensation fees		4,198
		Non-interested Trustees' fees and expenses		1,552
		Fund administration fees		1,427
		Accrued expenses and other payables		20,182
Total Liabilities				901,254
Net Assets			$	209,302,216


See Notes to Financial Statements.

Janus Investment Fund	13

Janus Henderson Emerging Markets Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2018




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	181,677,717
	Undistributed net investment income/(loss)		(248,327)
	Undistributed net realized gain/(loss) from investments and foreign currency transactions		2,344,910
	Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation⁽³⁾		25,527,916
Total Net Assets		$	209,302,216
Net Assets - Class A Shares		$	16,858,909
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,565,580
Net Asset Value Per Share⁽⁴⁾		$	10.77
Maximum Offering Price Per Share⁽⁵⁾		$	11.43
Net Assets - Class C Shares		$	9,445,116
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		907,781
Net Asset Value Per Share⁽⁴⁾		$	10.40
Net Assets - Class D Shares		$	16,809,287
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,553,612
Net Asset Value Per Share		$	10.82
Net Assets - Class I Shares		$	126,671,033
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		11,716,711
Net Asset Value Per Share		$	10.81
Net Assets - Class N Shares		$	30,071,839
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,780,178
Net Asset Value Per Share		$	10.82
Net Assets - Class S Shares		$	1,389,852
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		128,565
Net Asset Value Per Share		$	10.81
Net Assets - Class T Shares		$	8,056,180
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		744,808
Net Asset Value Per Share		$	10.82

(1) Includes cost of $183,394,613.

(2) Includes cost of $12,402.

(3) Includes $22,328 of foreign capital gains tax on investments.

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

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


See Notes to Financial Statements.

14	MARCH 31, 2018

Janus Henderson Emerging Markets Fund

Statement of Operations (unaudited)

For the period ended March 31, 2018

See footnotes at the end of the Statement.



Investment Income:
	Dividends		$	1,500,339
	Other income			63,717
	Foreign tax withheld			(207,041)
Total Investment Income				1,357,015
Expenses:
	Advisory fees			1,023,222
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		20,387
		Class C Shares		46,755
		Class S Shares		820
	Transfer agent administrative fees and expenses:
		Class D Shares		9,895
		Class S Shares		820
		Class T Shares		10,098
	Transfer agent networking and omnibus fees:
		Class A Shares		1,755
		Class C Shares		2,031
		Class I Shares		36,793
	Other transfer agent fees and expenses:
		Class A Shares		1,013
		Class C Shares		514
		Class D Shares		752
		Class I Shares		2,064
		Class N Shares		574
		Class T Shares		30
	Custodian fees			64,826
	Registration fees			36,589
	Professional fees			34,346
	Shareholder reports expense			14,045
	Fund administration fees			7,981
	Non-interested Trustees’ fees and expenses			3,105
	Other expenses			3,691
Total Expenses				1,322,106
Less: Excess Expense Reimbursement and Waivers				(131,802)
Net Expenses				1,190,304
Net Investment Income/(Loss)				166,711


See Notes to Financial Statements.

Janus Investment Fund	15

Janus Henderson Emerging Markets Fund

Statement of Operations (unaudited)

For the period ended March 31, 2018



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions⁽¹⁾	$	4,977,787
Total Net Realized Gain/(Loss) on Investments			4,977,787
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation⁽²⁾		8,505,906
Total Change in Unrealized Net Appreciation/Depreciation			8,505,906
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	13,650,404

(1) Includes realized foreign capital gains tax on investments of $(14,734).

(2) Includes change in unrealized appreciation/depreciation of $5,451 due to foreign capital gains tax on investments.


See Notes to Financial Statements.

16	MARCH 31, 2018

Janus Henderson Emerging Markets Fund

Statements of Changes in Net Assets



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

Operations:
	Net investment income/(loss)		$	166,711	$	795,495	$	1,596,268
	Net realized gain/(loss) on investments			4,977,787		980,181		6,353,838
	Change in unrealized net appreciation/depreciation			8,505,906		1,609,480		5,444,904
Net Increase/(Decrease) in Net Assets Resulting from Operations				13,650,404		3,385,156		13,395,010
Dividends and Distributions to Shareholders:
	Dividends from Net Investment Income
		Class A Shares		(141,346)		—		(84,478)
		Class C Shares		(10,413)		—		(10,078)
		Class D Shares		(160,386)		—		—
		Class I Shares		(1,353,933)		—		(467,218)
		Class N Shares		(325,400)		—		(18,614)
		Class S Shares		(2,825)		—		—
		Class T Shares		(78,538)		—		—
	Total Dividends from Net Investment Income			(2,072,841)		—		(580,388)
	Distributions from Net Realized Gain from Investment Transactions
		Class A Shares		(318,486)		—		—
		Class C Shares		(189,640)		—		—
		Class D Shares		(314,877)		—		—
		Class I Shares		(2,387,566)		—		—
		Class N Shares		(577,042)		—		—
		Class S Shares		(6,488)		—		—
		Class T Shares		(159,138)		—		—
	Total Distributions from Net Realized Gain from Investment Transactions			(3,953,237)		—		—
Net Decrease from Dividends and Distributions to Shareholders				(6,026,078)		—		(580,388)
Capital Share Transactions:
		Class A Shares		688,014		180,695		6,952,439
		Class C Shares		48,521		350,563		4,245,080
		Class D Shares		159,901		(761,157)		16,083,829
		Class I Shares		9,343,684		3,603,991		62,540,753
		Class N Shares		(12,527,691)		(307,870)		38,887,654
		Class S Shares		1,096,442		7,058		296,026
		Class T Shares		(7,336)		6,742		7,394,663
Net Increase/(Decrease) from Capital Share Transactions				(1,198,465)		3,080,022		136,400,444
Net Increase/(Decrease) in Net Assets				6,425,861		6,465,178		149,215,066
Net Assets:
	Beginning of period			202,876,355		196,411,177		47,196,111
	End of period		$	209,302,216	$	202,876,355	$	196,411,177

Undistributed Net Investment Income/(Loss)			$	(248,327)	$	1,657,803	$	912,164

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

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


See Notes to Financial Statements.

Janus Investment Fund	17

Janus Henderson Emerging Markets Fund

Financial Highlights


Class A Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and the period ended September 30, 2017			2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$10.36	$10.19
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	—⁽³⁾	0.04
		Net realized and unrealized gain/(loss)	0.72	0.13
	Total from Investment Operations		0.72	0.17
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.10)	—
		Distributions (from capital gains)	(0.21)	—
	Total Dividends and Distributions		(0.31)	—
	Net Asset Value, End of Period		$10.77	$10.36
	Total Return*		7.02%	1.67%
	Net Assets, End of Period (in thousands)		$16,859	$15,562
	Average Net Assets for the Period (in thousands)		$16,348	$15,471
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.45%	1.75%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.32%	1.46%
		Ratio of Net Investment Income/(Loss)	0.01%	2.18%
	Portfolio Turnover Rate		12%	2%


Class C Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and the period ended September 30, 2017			2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$9.98	$9.83
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	(0.04)	0.02
		Net realized and unrealized gain/(loss)	0.68	0.13
	Total from Investment Operations		0.64	0.15
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.01)	—
		Distributions (from capital gains)	(0.21)	—
	Total Dividends and Distributions		(0.22)	—
	Net Asset Value, End of Period		$10.40	$9.98
	Total Return*		6.53%	1.53%
	Net Assets, End of Period (in thousands)		$9,445	$9,017
	Average Net Assets for the Period (in thousands)		$9,374	$8,877
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.22%	2.65%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.08%	2.35%
		Ratio of Net Investment Income/(Loss)	(0.75)%	1.29%
	Portfolio Turnover Rate		12%	2%

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

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

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

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

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


See Notes to Financial Statements.

18	MARCH 31, 2018

Janus Henderson Emerging Markets Fund

Financial Highlights


Class A Shares
For a share outstanding during the year ended July 31			2017	2016	2015		2014	2013
	Net Asset Value, Beginning of Period		$9.10	$8.60	$9.82		$8.49	$7.97
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.10	0.13	0.02		0.02	0.01
		Net realized and unrealized gain/(loss)	1.05	0.39	(1.24)		1.31	0.56
	Total from Investment Operations		1.15	0.52	(1.22)		1.33	0.57
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.06)	(0.02)	—		—	(0.05)
		Distributions (from capital gains)	—	—	—		—	—
	Total Dividends and Distributions		(0.06)	(0.02)	—		—	(0.05)
	Net Asset Value, End of Period		$10.19	$9.10	$8.60		$9.82	$8.49
	Total Return*		12.80%	6.07%	(12.42)%		15.67%	7.16%
	Net Assets, End of Period (in thousands)		$15,124	$6,510	$8,272		$8,656	$8,930
	Average Net Assets for the Period (in thousands)		$12,523	$5,958	$8,108		$10,236	$8,756
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.76%	2.36%⁽²⁾	2.13%		1.97%	2.15%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.54%	1.79%	1.79%		1.79%	1.79%
		Ratio of Net Investment Income/(Loss)	1.05%	1.64%	0.21%		0.26%	0.09%
	Portfolio Turnover Rate		32%	86%	148%		97%	126%
						1


Class C Shares
For a share outstanding during the year ended July 31			2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$8.79	$8.35	$9.61	$8.37	$7.89
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.03	0.06	(0.06)	(0.04)	(0.05)
		Net realized and unrealized gain/(loss)	1.02	0.38	(1.20)	1.28	0.55
	Total from Investment Operations		1.05	0.44	(1.26)	1.24	0.50
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.01)	—	—	—	(0.02)
		Distributions (from capital gains)	—	—	—	—	—
	Total Dividends and Distributions		(0.01)	—	—	—	(0.02)
	Net Asset Value, End of Period		$9.83	$8.79	$8.35	$9.61	$8.37
	Total Return*		12.03%	5.27%	(13.11)%	14.81%	6.33%
	Net Assets, End of Period (in thousands)		$8,530	$3,553	$3,049	$4,036	$3,169
	Average Net Assets for the Period (in thousands)		$6,219	$3,028	$3,471	$3,584	$3,046
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.53%	3.16%⁽²⁾	2.90%	2.74%	2.87%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.29%	2.54%	2.54%	2.54%	2.54%
		Ratio of Net Investment Income/(Loss)	0.37%	0.70%	(0.62)%	(0.42)%	(0.60)%
	Portfolio Turnover Rate		32%	86%	148%	97%	126%

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

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

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

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


See Notes to Financial Statements.

Janus Investment Fund	19

Janus Henderson Emerging Markets Fund

Financial Highlights


Class D Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and the period ended September 30, 2017			2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$10.41	$10.24
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.01	0.04
		Net realized and unrealized gain/(loss)	0.72	0.13
	Total from Investment Operations		0.73	0.17
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.11)	—
		Distributions (from capital gains)	(0.21)	—
	Total Dividends and Distributions		(0.32)	—
	Net Asset Value, End of Period		$10.82	$10.41
	Total Return*		7.13%	1.66%
	Net Assets, End of Period (in thousands)		$16,809	$16,053
	Average Net Assets for the Period (in thousands)		$16,533	$16,501
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.31%	1.80%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.12%	1.46%
		Ratio of Net Investment Income/(Loss)	0.21%	2.18%
	Portfolio Turnover Rate		12%	2%


Class I Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and the period ended September 30, 2017			2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$10.42	$10.24
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.01	0.04
		Net realized and unrealized gain/(loss)	0.71	0.14
	Total from Investment Operations		0.72	0.18
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.12)	—
		Distributions (from capital gains)	(0.21)	—
	Total Dividends and Distributions		(0.33)	—
	Net Asset Value, End of Period		$10.81	$10.42
	Total Return*		7.05%	1.76%
	Net Assets, End of Period (in thousands)		$126,671	$112,952
	Average Net Assets for the Period (in thousands)		$121,807	$110,859
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.23%	1.49%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.10%	1.20%
		Ratio of Net Investment Income/(Loss)	0.23%	2.42%
	Portfolio Turnover Rate		12%	2%

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

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

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

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


See Notes to Financial Statements.

20	MARCH 31, 2018

Janus Henderson Emerging Markets Fund

Financial Highlights


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


Class I Shares
For a share outstanding during the year ended July 31			2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$9.13	$8.63	$9.86	$8.49	$7.98
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.15	0.13	0.03	0.05	0.03
		Net realized and unrealized gain/(loss)	1.03	0.42	(1.25)	1.32	0.56
	Total from Investment Operations		1.18	0.55	(1.22)	1.37	0.59
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.07)	(0.05)	(0.01)	—	(0.08)
		Distributions (from capital gains)	—	—	—	—	—
	Total Dividends and Distributions		(0.07)	(0.05)	(0.01)	—	(0.08)
	Net Asset Value, End of Period		$10.24	$9.13	$8.63	$9.86	$8.49
	Total Return*		13.15%	6.41%	(12.34)%	16.14%	7.39%
	Net Assets, End of Period (in thousands)		$107,513	$36,815	$12,652	$16,057	$10,773
	Average Net Assets for the Period (in thousands)		$62,396	$21,242	$15,071	$13,724	$12,112
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.46%	2.09%⁽³⁾	1.85%	1.66%	1.80%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.27%	1.54%	1.54%	1.54%	1.54%
		Ratio of Net Investment Income/(Loss)	1.63%	1.52%	0.37%	0.56%	0.34%
	Portfolio Turnover Rate		32%	86%	148%	97%	126%

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

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

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

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

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


See Notes to Financial Statements.

Janus Investment Fund	21

Janus Henderson Emerging Markets Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and the period ended September 30, 2017			2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$10.42	$10.24
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.01	0.05
		Net realized and unrealized gain/(loss)	0.72	0.13
	Total from Investment Operations		0.73	0.18
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.12)	—
		Distributions (from capital gains)	(0.21)	—
	Total Dividends and Distributions		(0.33)	—
	Net Asset Value, End of Period		$10.82	$10.42
	Total Return*		7.14%	1.76%
	Net Assets, End of Period (in thousands)		$30,072	$41,206
	Average Net Assets for the Period (in thousands)		$32,361	$41,394
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.15%	1.35%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.04%	1.05%
		Ratio of Net Investment Income/(Loss)	0.25%	2.59%
	Portfolio Turnover Rate		12%	2%


Class S Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and the period ended September 30, 2017			2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$10.41	$10.23
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	—⁽³⁾	0.04
		Net realized and unrealized gain/(loss)	0.70	0.14
	Total from Investment Operations		0.70	0.18
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.09)	—
		Distributions (from capital gains)	(0.21)	—
	Total Dividends and Distributions		(0.30)	—
	Net Asset Value, End of Period		$10.81	$10.41
	Total Return*		6.87%	1.76%
	Net Assets, End of Period (in thousands)		$1,390	$316
	Average Net Assets for the Period (in thousands)		$652	$311
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.64%	1.91%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.51%	1.51%
		Ratio of Net Investment Income/(Loss)	(0.05)%	2.11%
	Portfolio Turnover Rate		12%	2%

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

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

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

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

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


See Notes to Financial Statements.

22	MARCH 31, 2018

Janus Henderson Emerging Markets Fund

Financial Highlights


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


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

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

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

(1) Period from November 30, 2015 (inception date) through July 31, 2016.

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

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


See Notes to Financial Statements.

Janus Investment Fund	23

Janus Henderson Emerging Markets Fund

Financial Highlights


Class T Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and the period ended September 30, 2017			2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$10.42	$10.24
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	—⁽³⁾	0.04
		Net realized and unrealized gain/(loss)	0.72	0.14
	Total from Investment Operations		0.72	0.18
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.11)	—
		Distributions (from capital gains)	(0.21)	—
	Total Dividends and Distributions		(0.32)	—
	Net Asset Value, End of Period		$10.82	$10.42
	Total Return*		6.99%	1.76%
	Net Assets, End of Period (in thousands)		$8,056	$7,770
	Average Net Assets for the Period (in thousands)		$8,099	$7,786
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.41%	1.62%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.27%	1.30%
		Ratio of Net Investment Income/(Loss)	0.05%	2.34%
	Portfolio Turnover Rate		12%	2%

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

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

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

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

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


See Notes to Financial Statements.

24	MARCH 31, 2018

Janus Henderson Emerging Markets Fund

Financial Highlights


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

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

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

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

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


See Notes to Financial Statements.

Janus Investment Fund	25

Janus Henderson Emerging Markets Fund

Notes to Financial Statements (unaudited)

1. Organization and Significant Accounting Policies

Janus Henderson Emerging Markets Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 49 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term growth of capital. The Fund is classified as diversified, as defined in the 1940 Act.

Pursuant to the Agreement and Plan of Reorganization, the Fund acquired all the assets and liabilities of the Henderson Emerging Markets Fund (the “Predecessor Fund”), a series of Henderson Global Funds, in exchange for Class A, Class C, Class I and Class N Fund shares having an aggregate net asset value equal to the value of the aggregate net assets of the same share class of the Predecessor Fund (except that Class R6 Predecessor Fund shares were exchanged for Class N Fund shares) (the “Reorganization”). The Reorganization occurred at the close of business on June 2, 2017.

The Predecessor Fund and the Fund had identical investment objectives and substantially similar investment policies and principal risks. For financial reporting purposes, the Predecessor Fund’s financial and performance history prior to the Reorganization is carried forward and reflected in the Fund’s financial statements and financial highlights. For the fiscal year ended July 31, 2016, and prior periods, the audits of those financial statements were performed by auditors different from the auditors of this report.

The last fiscal year end of the Predecessor Fund was July 31, 2016. The Fund's last fiscal year end was July 31, 2017. Subsequent to July 31, 2017, the Fund changed its fiscal year end to September 30, 2017, to reflect the fiscal year end of certain funds of the Trust. Certain prior year amounts have been reclassified to conform to the current period presentation. Presentation of certain financial statement line item descriptions have been changed to conform to the current period presentation.


26	MARCH 31, 2018

Janus Henderson Emerging Markets Fund

Notes to Financial Statements (unaudited)

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

Investment Valuation

Valuation Inputs Summary

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


Janus Investment Fund	27

Janus Henderson Emerging Markets Fund

Notes to Financial Statements (unaudited)

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

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

The Fund did not hold a significant amount of Level 3 securities as of March 31, 2018.

Financial assets of $140,403,887 were transferred out of Level 1 to Level 2 since certain foreign equity prices were applied a fair valuation adjustment factor at the end of the current period and no factor was applied at the end of the prior period.

Investment Transactions and Investment Income

Expenses

Estimates

Indemnifications


28	MARCH 31, 2018

Janus Henderson Emerging Markets Fund

Notes to Financial Statements (unaudited)

Foreign Currency Translations

Dividends and Distributions

Federal Income Taxes

2. Other Investments and Strategies

Additional Investment Risk


Janus Investment Fund	29

Janus Henderson Emerging Markets Fund

Notes to Financial Statements (unaudited)

the regulations under the Dodd-Frank Act on the Fund and the investment management industry as a whole, is not yet certain.

Emerging Market Investing

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

3. Investment Advisory Agreements and Other Transactions with Affiliates

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


30	MARCH 31, 2018

Janus Henderson Emerging Markets Fund

Notes to Financial Statements (unaudited)


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

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

Janus Capital has contractually agreed to waive the advisory fee payable by the Fund or reimburse expenses in an amount equal to the amount, if any, that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus/administrative fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 1.03% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waivers until at least February 1, 2019. If applicable, amounts waived and/or reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.

Effective after December 1, 2016 through the period of the Reorganization, HGINA agreed to waive or limit its management fee and, if necessary, to reimburse expenses of the Predecessor Fund in order to limit total annual ordinary operating expenses, including distribution and service fees, but excluding any acquired fund fees and expenses as a result of investing in other funds, as a percentage of average daily net assets was 1.45%, 2.20%, 1.20%, and 1.20% for Class A, Class C, Class I, and Class R6, respectively.


Janus Investment Fund	31

Janus Henderson Emerging Markets Fund

Notes to Financial Statements (unaudited)

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.

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

Janus Distributors is entitled to retain all fees paid under the Class C Plan for the first 12 months on any investment in Class C Shares to recoup its expenses with respect to the payment of commissions on sales of Class C Shares. Financial intermediaries will become eligible for compensation under the Class C Plan beginning in the 13th month following the purchase of Class C Shares, although Janus Distributors may, pursuant to a written agreement between Janus Distributors and a particular financial intermediary, pay such financial intermediary 12b-1 fees prior to the 13th month following the purchase of Class C Shares.

Janus Capital furnishes certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund and providing personnel to serve as officers to the Fund. The Fund reimburses Janus Capital for certain of its costs in providing these services (to the extent Janus Capital seeks reimbursement and such costs are not otherwise waived). These costs include some or all of the salaries, fees, and expenses of Janus Capital employees and Fund officers, including the Fund’s Chief Compliance Officer and compliance staff, who provide specified administration and compliance services to 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. Total compensation of $268,180 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended March 31, 2018. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.


32	MARCH 31, 2018

Janus Henderson Emerging Markets Fund

Notes to Financial Statements (unaudited)

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 March 31, 2018 on the Statement of Assets and Liabilities in the asset, “Non-interested Trustees’ deferred compensation,” and liability, “Non-interested Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation” on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended March 31, 2018 are included in “Non-interested Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $240,213 were paid by the Trust to the Trustees under the Deferred Plan during the period ended March 31, 2018.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between Janus Henderson Distributors and financial intermediaries. During the period ended March 31, 2018, Janus Henderson Distributors retained upfront sales charges of $3,356.44.

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 period ended March 31, 2018, redeeming shareholders of Class C Shares paid CDSCs of $153.94.

As of March 31, 2018, shares of the Fund were owned by affiliates of Janus Henderson Investors, and/or other funds advised by Janus Henderson, as indicated in the table below:


Class		% of Class Owned		% of Fund Owned
Class A Shares		-	%	-	%
Class C Shares		-		-
Class D Shares		-*		-*
Class I Shares		-		-
Class N Shares		-*		-*
Class S Shares		1		-*
Class T Shares		-*		-*

*	Less than 0.50%

4. Federal Income Tax


Janus Investment Fund	33

Janus Henderson Emerging Markets Fund

Notes to Financial Statements (unaudited)

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of March 31, 2018 are noted below. The primary difference between book and tax appreciation or depreciation of investments are wash sale loss deferrals and investments in passive foreign investment companies.


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 185,168,378	$28,816,820	$ (5,039,804)	$ 23,777,016

5. Capital Share Transactions



		Period ended March 31, 2018		Period ended September 30, 2017⁽¹⁾
		Shares	Amount	Shares	Amount

Class A Shares:
Shares sold		143,776	$ 1,562,835	50,143	$ 520,399
Reinvested dividends and distributions		43,786	459,318	-	-
Shares repurchased		(123,602)	(1,334,139)	(32,976)	(339,704)
Net Increase/(Decrease)		63,960	$ 688,014	17,167	$ 180,695
Class C Shares:
Shares sold		88,494	$ 921,586	58,101	$ 578,660
Reinvested dividends and distributions		19,689	200,042	-	-
Shares repurchased		(103,769)	(1,073,107)	(22,799)	(228,097)
Net Increase/(Decrease)		4,414	$ 48,521	35,302	$ 350,563
Class D Shares:
Shares sold		292,374	$ 3,194,493	54,740	$ 572,945
Reinvested dividends and distributions		44,501	468,597	-	-
Shares repurchased		(324,658)	(3,503,189)	(127,531)	(1,334,102)
Net Increase/(Decrease)		12,217	$ 159,901	(72,791)	$ (761,157)
Class I Shares:
Shares sold		1,706,811	$ 18,402,329	658,430	$6,922,737
Reinvested dividends and distributions		355,623	3,741,158	-	-
Shares repurchased		(1,187,917)	(12,799,803)	(319,002)	(3,318,746)
Net Increase/(Decrease)		874,517	$ 9,343,684	339,428	$3,603,991
Class N Shares:
Shares sold		113,840	$ 1,242,380	23,022	$ 240,164
Reinvested dividends and distributions		85,702	902,442	-	-
Shares repurchased		(1,373,962)	(14,672,513)	(52,798)	(548,034)
Net Increase/(Decrease)		(1,174,420)	$(12,527,691)	(29,776)	$ (307,870)
Class S Shares:
Shares sold		97,769	$ 1,092,100	721	$ 7,660
Reinvested dividends and distributions		884	9,313	-	-
Shares repurchased		(463)	(4,971)	(59)	(602)
Net Increase/(Decrease)		98,190	$ 1,096,442	662	$ 7,058
Class T Shares:
Shares sold		83,109	$ 899,431	36,727	$ 380,026
Reinvested dividends and distributions		22,535	237,294	-	-
Shares repurchased		(106,739)	(1,144,061)	(36,037)	(373,284)
Net Increase/(Decrease)		(1,095)	$ (7,336)	690	$ 6,742
(1)	Period from August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.


34	MARCH 31, 2018

Janus Henderson Emerging Markets Fund

Notes to Financial Statements (unaudited)




Year ended July 31, 2017⁽¹⁾		Shares	Amount

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

6. Purchases and Sales of Investment Securities


Janus Investment Fund	35

Janus Henderson Emerging Markets Fund

Notes to Financial Statements (unaudited)


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
$23,150,948	$ 29,337,754	$ -	$ -

7. Recent Accounting Pronouncements

8. Fund Acquisition

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


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

Assuming the Merger had been completed on 8/1/2016, the pro forma results of operations for the year ended 7/31/2017, are as follows:

Net investment income $1,933,931

Net gain/(loss) on investments $15,209,520

Change in unrealized net appreciation/depreciation $8,914,356

Net increase/(decrease) in net assets resulting from operations $26,057,806

Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the Fund’s accompanying Statement of Operations since the close of business on June 9, 2017.

9. Subsequent Event


36	MARCH 31, 2018

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD


Janus Investment Fund	37

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

agreements. “Management fees,” as used herein, reflect actual annual advisory fees and any administration fees (excluding out of pocket costs), net of any waivers.

Nature, Extent and Quality of Services

Performance of the Funds

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

Alternative Funds

Asset Allocation Funds


38	MARCH 31, 2018

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


Janus Investment Fund	39

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

· For Janus Henderson International Small Cap Fund, the Trustees noted that, due to limited performance for the Fund, performance history was not a material factor.


40	MARCH 31, 2018

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Money Market Funds

Multi-Asset Funds

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 12 months ended May 31, 2017.

Multi-Asset U.S. Equity Funds


Janus Investment Fund	41

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Quantitative Equity Funds

U.S. Equity Funds

Janus Aspen Series


42	MARCH 31, 2018

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Costs of Services Provided


Janus Investment Fund	43

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Alternative Funds


44	MARCH 31, 2018

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses effective June 5, 2017.

Asset Allocation Funds

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

Fixed-Income Funds

Global and International Equity Funds


Janus Investment Fund	45

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

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

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

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

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

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

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

Money Market Funds


46	MARCH 31, 2018

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Multi-Asset Funds

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

Multi-Asset U.S. Equity Funds

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

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


Janus Investment Fund	47

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Quantitative Equity Funds

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

U.S. Equity Funds

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

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

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

Janus Aspen Series

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

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


48	MARCH 31, 2018

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

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

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

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

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


Janus Investment Fund	49

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Economies of Scale

Other Benefits to Janus Capital


50	MARCH 31, 2018

Janus Henderson Emerging Markets Fund

Useful Information About Your Fund Report (unaudited)

Management Commentary

Performance Overviews

Schedule of Investments

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

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

Statement of Assets and Liabilities

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


Janus Investment Fund	51

Janus Henderson Emerging Markets Fund

Useful Information About Your Fund Report (unaudited)

Statement of Operations

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

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

Statements of Changes in Net Assets

Financial Highlights


52	MARCH 31, 2018

Janus Henderson Emerging Markets Fund

Useful Information About Your Fund Report (unaudited)

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

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


Janus Investment Fund	53

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
							125-24-93079 05-18



	SEMIANNUAL REPORT March 31, 2018

Janus Henderson Enterprise Fund

Janus Investment Fund

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

Table of Contents

Janus Henderson Enterprise Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	15
Statement of Assets and Liabilities	16
Statement of Operations	18
Statements of Changes in Net Assets	20
Financial Highlights	21
Notes to Financial Statements	25
Additional Information	39
Useful Information About Your Fund Report	53

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

FUND SNAPSHOT

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

Brian Demain

co-portfolio manager

Cody Wheaton

co-portfolio manager

PERFORMANCE OVERVIEW

Janus Henderson Enterprise Fund’s Class I Shares returned 10.70% over the six-month period ended March 31, 2018. The Fund’s benchmark, the Russell Midcap^{^®} Growth Index, returned 9.13%.

INVESTMENT ENVIRONMENT

U.S. mid-cap equities were up for the six-month period, but were volatile. Mid-cap stocks ended 2017 with another quarter of strong gains, driven by the anticipation that corporate tax reform will boost future earnings for mid-cap companies. In the first quarter of 2018, concerns over inflation and faster-than-expected interest rate hikes were a source of volatility, as were fears about protectionist trade policies. The utilities, financial and technology sectors were the top-performing sectors within the Russell Midcap Growth Index.

PERFORMANCE DISCUSSION

The Fund outperformed its benchmark, the Russell Midcap Growth Index, for the period. Our Fund tends to emphasize “durable growth” companies that we believe have more predictable business models, recurring revenue streams, strong free cash flow growth and strong competitive positioning that should allow them to take market share and experience sustainable long-term growth across a variety of economic environments. We believe a collection of such companies can help the Fund outperform over full market cycles. Many of our top contributors to performance this period exemplify the characteristics we typically seek in companies.

Stock selection within the technology sector was a large contributor to relative outperformance. Atlassian Corp. was our large contributor within the sector. Quarterly earnings that handily beat consensus expectations, helped drive the stock during the period. We continue to see upside for the Australian software company’s stock. Atlassian’s software tools allow business teams to collaborate with each other. We like the recurring revenue streams its subscription-based services provide, its potential long-term pricing power due to low-cost offerings and that many of Atlassian’s services have gained traction virally, allowing the company to grow without a large sales force.

SS&C Technologies was another top contributor within the technology sector. The company provides software-enabled services to asset managers. The stock was up after SS&C announced it was acquiring DST System, a company providing recordkeeping and other software-enabled services to mutual funds and other financial companies. We share the market’s sentiment toward the acquisition. In our view, SS&C’s management team has a great track record of realizing synergies and cost cuts from the businesses it acquires. We also believe the acquisition gives SS&C an opportunity to diversify its business, as the company’s customer base was previously more focused in alternative managers and wealth management firms than mutual funds.

Outside the technology sector, Cimpress was a top contributor to the Fund’s performance. Better than expected earnings results have validated some deliberate investments the company made to accelerate growth, and that has lifted the stock in recent months. We supported the long-term view Cimpress took in making those investments and continue to believe Cimpress has a unique business model, using its scale and high-volume printing presses to manage and produce small-volume printing orders of marketing collateral and business cards for small businesses.

While pleased with our relative performance this period, we still held stocks that produced disappointing results. Biotech company Celgene was our largest detractor. The stock was down due to a couple of setbacks for some of its treatments during the period. A new treatment for Crohn’s disease reported lackluster trial data, while the Food and Drug Administration (FDA) issued a Refusal to File letter for Celgene’s multiple sclerosis drug, ozanimod.


Janus Investment Fund	1

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

Both setbacks were disappointing but we continue to hold the stock. We are hopeful that some ongoing trials for the multiple sclerosis treatment may address some of the FDA’s questions. We also believe that at this valuation, the market is not giving Celgene enough credit for the cash flow generation potential of its blood cancer treatment, Revlimid, or the potential of other products in its pipeline.

Puma Biotechnology was another large detractor. The stock declined after the company announced it was unlikely to get approval from the European Medicines Agency (EMA) for its lead drug, Nerlynx. Although surprised by EMA’s decision, we still like the long-term growth potential of Nerlynx, a breast cancer therapy approved by the Food and Drug Administration (FDA) in 2017, and think the stock’s current valuation doesn’t reflect the upside in even the U.S. market alone, where sales have been strong. With potential for high margins and long patent life, we think the drug could help make Puma an attractive acquisition candidate.

World Fuel Services was also a detractor. The fuel logistics company has had difficulties managing its costs in the face of a weak environment in its land and maritime divisions. We believe World Fuel Services will ultimately address its cost issues and that certain headwinds, such as low fuel price volatility, will prove transitory. We continue to hold the stock, and believe their business linking fuel buyers and sellers in transportation markets around the world is valuable to clients. We also believe the company can continue to take share within the fragmented industries in which it operates.

DERIVATIVE USAGE

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

OUTLOOK

As we look toward the rest of 2018, we are preparing for a shift in the investment landscape, and also an evolving paradigm affecting the competitive environment for most mid-cap companies.

The change in capital markets has been well publicized and is already underway. A strengthening global economy is bringing with it a return to normal monetary policy for the first time in a decade. We expect the uncertainty associated with the shift to create more volatility this year, as it did this quarter. While we acknowledge tighter monetary policy is less supportive of asset prices, we are prepared to use volatility to our advantage, adding new durable growth companies to our portfolio when valuations provide an attractive entry point.

If interest rates do start rising, we like how our portfolio is positioned for the shift. Strong balance sheets and high levels of return on invested capital are hallmarks of our stock selection process. If borrowing costs rise, companies with such characteristics will be in a better position to carry out their long-term growth initiatives than over-levered companies that have benefited from easy access to cheap funding.

While the threat of rising rates and volatility has grabbed headlines in recent months, we believe there is another important shift taking place within the corporate landscape that long-term investors should be attuned to: technological disruption and companies’ ability to respond. For several years now, we’ve held an overweight to the technology sector because we felt innovation within the sector provided some of the best growth opportunities within the mid-cap index. The Internet of Things is connecting the car, workplace and home; data and analytics are providing new insights for companies; and software is automating functions for nearly every industry.

While these themes are not new, they continue to alter the competitive landscape for all industries, not just technology. We’ve always analyzed how individual companies use technology or face displacement from it, but in 2018 we’ve honed that focus to whether companies have the right management and governance structures to help them adapt. On this front, the disparity among mid-cap companies is wide. In some cases, we see shareholders so focused on short-term profitability that they hamper a company’s ability to respond effectively to technological disruption. In other cases, we see companies making deliberate, long-term technology investments to delight their customers or extend competitive advantage. In select cases, we’ve seen companies eschew quarterly conference calls in favor of written communications that focus more heavily on the alignment of long-term strategy and stakeholder value creation. As long-term investors, we applaud this type of long-term focus. We believe that the pace of innovation demands it.

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


2	MARCH 31, 2018

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

Fund At A Glance

March 31, 2018





	5 Top Performers - Holdings		5 Bottom Performers - Holdings
		Contribution		Contribution
	Cimpress NV	0.86%	Celgene Corp	-0.53%
	Atlassian Corp PLC	0.64%	Puma Biotechnology Inc	-0.23%
	SS&C Technologies Holdings Inc	0.58%	ACADIA Pharmaceuticals Inc	-0.21%
	WEX Inc	0.56%	TESARO Inc	-0.17%
	TD Ameritrade Holding Corp	0.52%	World Fuel Services Corp	-0.13%

	5 Top Performers - Sectors*
		Fund	Fund Weighting	Russell Midcap Growth Index
		Contribution	(Average % of Equity)	Weighting
	Information Technology	2.26%	35.54%	28.61%
	Materials	0.62%	1.14%	6.23%
	Industrials	0.50%	16.55%	17.00%
	Consumer Discretionary	0.39%	9.15%	17.19%
	Energy	0.11%	0.36%	2.24%

	5 Bottom Performers - Sectors*
		Fund	Fund Weighting	Russell Midcap Growth Index
		Contribution	(Average % of Equity)	Weighting
	Health Care	-1.11%	17.60%	13.78%
	Other**	-0.61%	7.34%	0.00%
	Consumer Staples	-0.10%	0.00%	4.07%
	Financials	-0.07%	8.40%	7.22%
	Utilities	-0.01%	0.00%	0.05%

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


Janus Investment Fund	3

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

Fund At A Glance

March 31, 2018


5 Largest Equity Holdings - (% of Net Assets)
TD Ameritrade Holding Corp
Capital Markets	2.5%
Sensata Technologies Holding NV
Electrical Equipment	2.3%
TE Connectivity Ltd
Electronic Equipment, Instruments & Components	2.2%
Microchip Technology Inc
Semiconductor & Semiconductor Equipment	2.1%
SS&C Technologies Holdings Inc
Software	2.0%
	11.1%


Asset Allocation - (% of Net Assets)
Common Stocks	91.9%
Investment Companies	8.2%
Preferred Stocks	0.3%
Other		(0.4)%
		100.0%

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

As of March 31, 2018

As of September 30, 2017


4	MARCH 31, 2018

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

Performance

See important disclosures on the next page.



						Expense Ratios -
Average Annual Total Return - for the periods ended March 31, 2018						per the January 26, 2018 prospectuses
	Fiscal Year-to-Date	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses
Class A Shares at NAV⁽¹⁾	10.51%	23.46%	15.16%	11.14%	11.12%	1.18%
Class A Shares at MOP⁽¹⁾	4.16%	16.36%	13.81%	10.49%	10.87%
Class C Shares at NAV⁽¹⁾	10.20%	22.77%	14.42%	10.37%	10.34%	1.78%
Class C Shares at CDSC⁽¹⁾	9.20%	21.77%	14.42%	10.37%	10.34%
Class D Shares⁽¹⁾	10.67%	23.83%	15.50%	11.42%	11.26%	0.82%
Class I Shares⁽¹⁾	10.70%	23.90%	15.57%	11.35%	11.23%	0.77%
Class N Shares⁽¹⁾	10.76%	24.03%	15.69%	11.35%	11.23%	0.67%
Class R Shares⁽¹⁾	10.34%	23.10%	14.83%	10.79%	10.74%	1.42%
Class S Shares⁽¹⁾	10.48%	23.41%	15.12%	11.07%	11.00%	1.17%
Class T Shares⁽¹⁾	10.62%	23.72%	15.41%	11.35%	11.23%	0.92%
Russell Midcap Growth Index	9.13%	19.74%	13.31%	10.61%	10.25%
Morningstar Quartile - Class T Shares	-	1st	1st	1st	2nd
Morningstar Ranking - based on total returns for Mid-Cap Growth Funds	-	117/630	28/578	61/517	35/127

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

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

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

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


Janus Investment Fund	5

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

Performance

foreign and emerging markets, initial public offerings (IPOs), high-yield and high-risk securities, undervalued, overlooked and smaller capitalization


6	MARCH 31, 2018

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

Performance

companies, real estate related securities including Real Estate Investment Trusts (REITs), derivatives, and commodity-linked investments. Each product has different risks. Please see the prospectus for more information about risks, holdings and other details.

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

Class N Shares commenced operations on July 12, 2012. Performance shown for periods prior to July 12, 2012, reflects the performance of the Fund's Class T Shares, calculated using the fees and expenses of Class T Shares, net of any applicable fee and expense limitations or waivers.

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

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

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

See “Useful Information About Your Fund Report.”

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

(1) Closed to certain new investors.


Janus Investment Fund	7

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

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (10/1/17)	Ending Account Value (3/31/18)	Expenses Paid During Period (10/1/17 - 3/31/18)†	Beginning Account Value (10/1/17)	Ending Account Value (3/31/18)	Expenses Paid During Period (10/1/17 - 3/31/18)†	Net Annualized Expense Ratio (10/1/17 - 3/31/18)
Class A Shares		$1,000.00	$1,105.10	$5.93	$1,000.00	$1,019.30	$5.69	1.13%
Class C Shares		$1,000.00	$1,102.00	$8.91	$1,000.00	$1,016.45	$8.55	1.70%
Class D Shares		$1,000.00	$1,106.70	$4.31	$1,000.00	$1,020.84	$4.13	0.82%
Class I Shares		$1,000.00	$1,107.00	$3.99	$1,000.00	$1,021.14	$3.83	0.76%
Class N Shares		$1,000.00	$1,107.60	$3.52	$1,000.00	$1,021.59	$3.38	0.67%
Class R Shares		$1,000.00	$1,103.40	$7.45	$1,000.00	$1,017.85	$7.14	1.42%
Class S Shares		$1,000.00	$1,104.80	$6.14	$1,000.00	$1,019.10	$5.89	1.17%
Class T Shares		$1,000.00	$1,106.20	$4.78	$1,000.00	$1,020.39	$4.58	0.91%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


8	MARCH 31, 2018

Janus Henderson Enterprise Fund

Schedule of Investments (unaudited)

March 31, 2018


Shares			Value
Common Stocks– 91.9%
Aerospace & Defense – 2.6%
	Harris Corp	808,293	$130,361,495
	HEICO Corp	1,411,738	100,162,811
	Teledyne Technologies Inc*	1,116,692	209,011,242
			439,535,548
Airlines – 1.2%
	Ryanair Holdings PLC (ADR)*	1,650,735	202,792,795
Banks – 0.6%
	SVB Financial Group*	425,309	102,078,413
Biotechnology – 3.0%
	ACADIA Pharmaceuticals Inc*	2,499,401	56,161,540
	Alkermes PLC*	1,590,706	92,197,320
	BeiGene Ltd*	190,338	31,976,784
	Celgene Corp*	1,412,500	126,009,125
	Neurocrine Biosciences Inc*	1,825,633	151,399,745
	Puma Biotechnology Inc*	744,613	50,670,915
			508,415,429
Building Products – 0.9%
	AO Smith Corp	2,430,905	154,581,249
Capital Markets – 4.9%
	LPL Financial Holdings Inc	4,353,951	265,895,788
	MSCI Inc	862,406	128,903,825
	TD Ameritrade Holding Corp	7,331,965	434,284,287
			829,083,900
Commercial Services & Supplies – 3.5%
	Cimpress NV*^,£	1,944,542	300,820,647
	Edenred	4,222,090	146,894,936
	Ritchie Bros Auctioneers Inc	4,865,733	153,124,618
			600,840,201
Consumer Finance – 0.6%
	Synchrony Financial	2,946,842	98,807,612
Containers & Packaging – 1.3%
	Sealed Air Corp	5,138,771	219,888,011
Diversified Consumer Services – 1.5%
	ServiceMaster Global Holdings Inc*	4,944,993	251,452,894
Electrical Equipment – 2.8%
	AMETEK Inc	1,147,491	87,174,891
	Sensata Technologies Holding NV*	7,495,188	388,475,594
			475,650,485
Electronic Equipment, Instruments & Components – 6.4%
	Belden Inc	1,685,721	116,213,606
	Dolby Laboratories Inc	2,036,449	129,436,698
	Flex Ltd*	10,807,913	176,493,219
	National Instruments Corp	5,905,893	298,661,009
	TE Connectivity Ltd	3,759,776	375,601,622
			1,096,406,154
Equity Real Estate Investment Trusts (REITs) – 3.3%
	Crown Castle International Corp	2,656,463	291,174,909
	Lamar Advertising Co^£	4,249,302	270,510,565
			561,685,474
Health Care Equipment & Supplies – 7.5%
	Boston Scientific Corp*	10,353,164	282,848,440
	Cooper Cos Inc	877,806	200,850,791
	DexCom Inc*	1,368,863	101,514,880
	ICU Medical Inc*	371,062	93,656,049
	STERIS PLC	2,788,434	260,328,198
	Teleflex Inc	526,147	134,156,962
	Varian Medical Systems Inc*	1,707,537	209,429,413
			1,282,784,733


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

Janus Investment Fund	9

Janus Henderson Enterprise Fund

Schedule of Investments (unaudited)

March 31, 2018


Shares			Value
Common Stocks– (continued)
Health Care Providers & Services – 0.5%
	Henry Schein Inc*	1,396,266	$93,843,038
Health Care Technology – 1.4%
	athenahealth Inc*	1,733,723	247,974,401
Hotels, Restaurants & Leisure – 2.1%
	Dunkin' Brands Group Inc	3,276,710	195,586,820
	Norwegian Cruise Line Holdings Ltd*	3,168,921	167,857,745
			363,444,565
Industrial Conglomerates – 1.1%
	Carlisle Cos Inc	1,750,295	182,748,301
Information Technology Services – 9.0%
	Amdocs Ltd	3,751,945	250,329,770
	Broadridge Financial Solutions Inc	2,027,062	222,348,431
	Euronet Worldwide Inc*	604,708	47,723,555
	Fidelity National Information Services Inc	2,269,396	218,542,835
	Gartner Inc*	1,168,741	137,467,316
	Global Payments Inc	1,979,179	220,718,042
	Jack Henry & Associates Inc	1,100,737	133,134,140
	WEX Inc*	1,932,238	302,627,116
			1,532,891,205
Insurance – 2.9%
	Aon PLC	2,057,153	288,680,280
	Intact Financial Corp	2,114,540	158,910,586
	WR Berkley Corp	765,053	55,619,353
			503,210,219
Internet & Direct Marketing Retail – 0.3%
	Wayfair Inc*^,#	652,030	44,031,586
Leisure Products – 0.6%
	Polaris Industries Inc	839,031	96,085,830
Life Sciences Tools & Services – 4.4%
	IQVIA Holdings Inc*	2,099,966	206,027,664
	PerkinElmer Inc	3,907,304	295,861,059
	Waters Corp*	1,286,208	255,505,219
			757,393,942
Machinery – 2.1%
	Middleby Corp*	729,695	90,328,944
	Rexnord Corp*^,£	6,070,353	180,168,077
	Wabtec Corp/DE^#	1,056,554	86,003,496
			356,500,517
Media – 0.8%
	Omnicom Group Inc	1,867,816	135,734,189
Oil, Gas & Consumable Fuels – 0.3%
	World Fuel Services Corp	2,143,690	52,627,590
Professional Services – 3.9%
	CoStar Group Inc*	770,767	279,541,776
	IHS Markit Ltd*	2,694,075	129,962,178
	Verisk Analytics Inc*	2,516,642	261,730,768
			671,234,722
Road & Rail – 1.3%
	Canadian Pacific Railway Ltd	399,007	70,424,736
	Old Dominion Freight Line Inc	1,057,628	155,439,587
			225,864,323
Semiconductor & Semiconductor Equipment – 8.0%
	KLA-Tencor Corp	1,971,653	214,929,894
	Lam Research Corp	1,288,578	261,787,506
	Microchip Technology Inc	3,994,461	364,933,957
	ON Semiconductor Corp*	13,147,310	321,583,203
	Xilinx Inc	2,819,395	203,673,095
			1,366,907,655


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

10	MARCH 31, 2018

Janus Henderson Enterprise Fund

Schedule of Investments (unaudited)

March 31, 2018


Shares			Value
Common Stocks– (continued)
Software – 9.0%
	Atlassian Corp PLC*^,£	5,128,645	$276,536,538
	Constellation Software Inc/Canada	498,709	338,415,209
	Intuit Inc	757,377	131,291,303
	Nice Ltd (ADR)*	2,775,085	260,663,734
	SS&C Technologies Holdings Inc	6,486,004	347,909,255
	Ultimate Software Group Inc*	725,397	176,779,249
			1,531,595,288
Specialty Retail – 0.9%
	Tractor Supply Co	1,258,401	79,304,431
	Williams-Sonoma Inc^#	1,402,197	73,979,914
			153,284,345
Textiles, Apparel & Luxury Goods – 2.5%
	Carter's Inc	1,142,303	118,913,742
	Gildan Activewear Inc	6,524,025	188,479,082
	Lululemon Athletica Inc*	1,283,948	114,425,446
			421,818,270
Trading Companies & Distributors – 0.7%
	Ferguson PLC	1,486,028	111,762,169
Total Common Stocks (cost $10,259,903,987)			15,672,955,053
Preferred Stocks– 0.3%
Electronic Equipment, Instruments & Components – 0.1%
	Belden Inc, 6.7500%	124,900	11,604,509
Machinery – 0.2%
	Rexnord Corp, 5.7500%	600,000	38,604,000
Total Preferred Stocks (cost $42,490,000)			50,208,509
Investment Companies– 8.2%
Investments Purchased with Cash Collateral from Securities Lending – 0.2%
	Janus Henderson Cash Collateral Fund LLC, 1.5300%^ºº,£	32,853,150	32,853,150
Money Markets – 8.0%
	Janus Henderson Cash Liquidity Fund LLC, 1.6505%^ºº,£	1,359,797,834	1,359,797,834
Total Investment Companies (cost $1,392,650,984)			1,392,650,984
Total Investments (total cost $11,695,044,971) – 100.4%			17,115,814,546
Liabilities, net of Cash, Receivables and Other Assets – (0.4)%			(61,424,004)
Net Assets – 100%			$17,054,390,542


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

		% of
		Investment
Country	Value	Securities
United States	$15,207,810,143	88.8	%
Canada	909,354,231	5.3
Australia	276,536,538	1.6
Israel	260,663,734	1.5
Ireland	202,792,795	1.2
France	146,894,936	0.9
United Kingdom	111,762,169	0.7



Total	$17,115,814,546	100.0	%


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

Janus Investment Fund	11

Janus Henderson Enterprise Fund

Schedule of Investments (unaudited)

March 31, 2018

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income⁽¹⁾		Realized Gain/(Loss)⁽¹⁾		Change in Unrealized Appreciation/ Depreciation⁽¹⁾		Value at 3/31/18
Common Stocks– 6.0%
Commercial Services & Supplies – 1.8%
	Cimpress NV*	$	—	$	19,168,288	$	111,309,904	$	300,820,647
Equity Real Estate Investment Trusts (REITs) – 1.6%
	Lamar Advertising Co		—		—		(20,694,101)		270,510,565
Machinery – 1.0%
	Rexnord Corp*		—		—		25,978,849		180,168,077
Software – 1.6%
	Atlassian Corp PLC*		—		—		96,264,666		276,536,538
Total Common Stocks		$	—	$	19,168,288	$	212,859,318	$	1,028,035,827
Investment Companies– 8.2%
Investments Purchased with Cash Collateral from Securities Lending – 0.2%
	Janus Henderson Cash Collateral Fund LLC, 1.5300%^ºº		512,985^∆		—		—		32,853,150
Money Markets – 8.0%
	Janus Henderson Cash Liquidity Fund LLC, 1.6505%^ºº		7,491,420		—		—		1,359,797,834
Total Investment Companies		$	8,004,405	$	—	$	—	$	1,392,650,984
Total Affiliated Investments – 14.2%		$	8,004,405	$	19,168,288	$	212,859,318	$	2,420,686,811

(1)For securities that were affiliated for a portion of the period ended March 31, 2018, this column reflects amounts for the entire period ended March 31, 2018 and not just the period in which the security was affiliated.


		Share Balance at 9/30/17		Purchases		Sales		Share Balance at 3/31/18
Common Stocks– 6.0%
Commercial Services & Supplies – 1.8%
	Cimpress NV*		2,256,039		—		(311,497)		1,944,542
Equity Real Estate Investment Trusts (REITs) – 1.6%
	Lamar Advertising Co		4,249,302		—		—		4,249,302
Machinery – 1.0%
	Rexnord Corp*		5,457,087		613,266		—		6,070,353
Software – 1.6%
	Atlassian Corp PLC*		5,128,645		—		—		5,128,645


Investment Companies– 8.2%
Investments Purchased with Cash Collateral from Securities Lending – 0.2%
	Janus Henderson Cash Collateral Fund LLC, 1.5300%^ºº		192,732,234		1,477,358,574		(1,637,237,658)		32,853,150


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

12	MARCH 31, 2018

Janus Henderson Enterprise Fund

Schedule of Investments (unaudited)

March 31, 2018

Balance

at 9/30/17

Purchases

Sales

Balance

at 3/31/18

Investment Companies– (continued)

Money Markets – 8.0%

Janus Henderson Cash Liquidity Fund LLC, 1.6505%^ºº

1,100,519,740

853,757,094

(594,479,000)

1,359,797,834


Schedule of Forward Foreign Currency Exchange Contracts, Open


Counterparty/ Foreign Currency	Settlement Date	Foreign Currency Amount (Sold)/ Purchased		USD Currency Amount (Sold)/ Purchased		Market Value and Unrealized Appreciation/ (Depreciation)
Bank of America:
Euro	5/2/18	(3,300,000)	$	4,080,120	$	10,948
Barclays Capital, Inc.:
Canadian Dollar	4/26/18	(58,117,000)		44,967,929		(170,242)
Euro	4/26/18	(81,810,000)		101,050,076		219,754

						49,512
Citibank NA:
Canadian Dollar	4/26/18	(46,615,000)		36,056,558		(148,267)
Euro	4/26/18	(47,373,000)		58,571,537		184,606

						36,339
Credit Suisse International:
Canadian Dollar	5/9/18	(121,705,000)		94,410,463		(139,977)
HSBC Securities (USA), Inc.:
Canadian Dollar	5/2/18	(50,473,000)		38,700,353		(505,925)
Euro	5/2/18	(26,848,000)		33,216,507		110,713

						(395,212)
JPMorgan Chase & Co.:
Euro	4/26/18	(113,448,000)		140,274,404		450,442
Total					$	12,052


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

Janus Investment Fund	13

Janus Henderson Enterprise Fund

Schedule of Investments (unaudited)

March 31, 2018

The following table, grouped by derivative type, provides information about the fair value and location of derivatives within the Statement of Assets and Liabilities as of March 31, 2018.


Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of March 31, 2018

					Currency Contracts
Asset Derivatives:
Forward foreign currency exchange contracts					$976,463


Liability Derivatives:
Forward foreign currency exchange contracts					$964,411

The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the period ended March 31, 2018.


The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended March 31, 2018

Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative				Currency Contracts
Forward foreign currency exchange contracts				$ 1,474,782



Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative				Currency Contracts
Forward foreign currency exchange contracts				$(3,835,775)

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 Period Ended March 31, 2018

	Market Value
Forward foreign currency exchange contracts, sold	$551,004,341


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

14	MARCH 31, 2018

Janus Henderson Enterprise Fund

Notes to Schedule of Investments and Other Information (unaudited)


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


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


*	Non-income producing security.


ºº	Rate shown is the 7-day yield as of March 31, 2018.


#	Loaned security; a portion of the security is on loan at March 31, 2018.


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


∆	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 March 31, 2018. 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
Commercial Services & Supplies		$	453,945,265	$	146,894,936	$	-
Trading Companies & Distributors			-		111,762,169		-
All Other			14,960,352,683		-		-
Preferred Stocks			-		50,208,509		-
Investment Companies			-		1,392,650,984		-
Total Investments in Securities		$	15,414,297,948	$	1,701,516,598	$	-
Other Financial Instruments^(a):
Forward Foreign Currency Exchange Contracts			-		976,463		-
Total Assets		$	15,414,297,948	$	1,702,493,061	$	-
Liabilities
Other Financial Instruments^(a):
Forward Foreign Currency Exchange Contracts		$	-	$	964,411	$	-

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


Janus Investment Fund	15

Janus Henderson Enterprise Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2018

See footnotes at the end of the Statement.



Assets:
	Unaffiliated investments, at value⁽¹⁾⁽²⁾		$	14,695,127,735
	Affiliated investments, at value⁽³⁾			2,420,686,811
	Cash			3,545,848
	Forward foreign currency exchange contracts			976,463
	Closed foreign currency contracts			35,788
	Non-interested Trustees' deferred compensation			342,243
	Receivables:
		Fund shares sold		15,918,466
		Investments sold		12,999,174
		Dividends		4,438,265
		Dividends from affiliates		2,700,326
	Other assets			93,917
Total Assets				17,156,865,036
Liabilities:
	Collateral for securities loaned (Note 3)			32,853,150
	Forward foreign currency exchange contracts			964,411
	Closed foreign currency contracts			54,738
	Payables:			—
		Investments purchased		33,569,400
		Fund shares repurchased		20,638,075
		Advisory fees		9,625,098
		Transfer agent fees and expenses		2,752,444
		12b-1 Distribution and shareholder servicing fees		571,933
		Non-interested Trustees' deferred compensation fees		342,243
		Non-interested Trustees' fees and expenses		119,058
		Fund administration fees		117,306
		Professional fees		47,948
		Custodian fees		856
		Accrued expenses and other payables		817,834
Total Liabilities				102,474,494
Net Assets			$	17,054,390,542


See Notes to Financial Statements.

16	MARCH 31, 2018

Janus Henderson Enterprise Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2018




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	11,219,983,604
	Undistributed net investment income/(loss)		4,784,135
	Undistributed net realized gain/(loss) from investments and foreign currency transactions		408,819,750
	Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation		5,420,803,053
Total Net Assets		$	17,054,390,542
Net Assets - Class A Shares		$	639,824,998
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		5,303,165
Net Asset Value Per Share⁽⁴⁾		$	120.65
Maximum Offering Price Per Share⁽⁵⁾		$	128.01
Net Assets - Class C Shares		$	254,077,315
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,254,254
Net Asset Value Per Share⁽⁴⁾		$	112.71
Net Assets - Class D Shares		$	1,843,086,174
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		14,927,218
Net Asset Value Per Share		$	123.47
Net Assets - Class I Shares		$	5,314,529,949
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		42,833,610
Net Asset Value Per Share		$	124.07
Net Assets - Class N Shares		$	3,425,428,486
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		27,520,330
Net Asset Value Per Share		$	124.47
Net Assets - Class R Shares		$	166,022,579
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,416,434
Net Asset Value Per Share		$	117.21
Net Assets - Class S Shares		$	579,168,296
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		4,821,736
Net Asset Value Per Share		$	120.12
Net Assets - Class T Shares		$	4,832,252,745
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		39,376,375
Net Asset Value Per Share		$	122.72

(1) Includes cost of $11,038,123,832.

(2) Includes $32,158,982 of securities on loan. See Note 3 in Notes to Financial Statements.

(3) Includes cost of $656,921,139.

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

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


See Notes to Financial Statements.

Janus Investment Fund	17

Janus Henderson Enterprise Fund

Statement of Operations (unaudited)

For the period ended March 31, 2018



Investment Income:
	Dividends		$	66,783,555
	Dividends from affiliates			7,491,420
	Affiliated securities lending income, net			512,985
	Other income			566
	Foreign tax withheld			(966,728)
Total Investment Income				73,821,798
Expenses:
	Advisory fees			52,148,996
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		798,563
		Class C Shares		1,224,865
		Class R Shares		427,499
		Class S Shares		734,451
	Transfer agent administrative fees and expenses:
		Class D Shares		1,077,166
		Class R Shares		214,159
		Class S Shares		734,451
		Class T Shares		5,847,398
	Transfer agent networking and omnibus fees:
		Class A Shares		806,217
		Class C Shares		92,584
		Class I Shares		2,301,001
	Other transfer agent fees and expenses:
		Class A Shares		37,596
		Class C Shares		13,324
		Class D Shares		177,350
		Class I Shares		103,602
		Class N Shares		52,142
		Class R Shares		1,661
		Class S Shares		5,521
		Class T Shares		34,047
	Fund administration fees			635,566
	Shareholder reports expense			444,032
	Non-interested Trustees’ fees and expenses			261,854
	Registration fees			222,603
	Custodian fees			152,561
	Professional fees			97,770
	Other expenses			352,507
Total Expenses				68,999,486
Less: Excess Expense Reimbursement and Waivers				(226,395)
Net Expenses				68,773,091
Net Investment Income/(Loss)				5,048,707


See Notes to Financial Statements.

18	MARCH 31, 2018

Janus Henderson Enterprise Fund

Statement of Operations (unaudited)

For the period ended March 31, 2018



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	403,149,296
	Investments in affiliates		19,168,288
	Forward foreign currency exchange contracts		1,474,782
Total Net Realized Gain/(Loss) on Investments			423,792,366
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation		984,082,302
	Investments in affiliates		212,859,318
	Forward foreign currency exchange contracts		(3,835,775)
Total Change in Unrealized Net Appreciation/Depreciation			1,193,105,845
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	1,621,946,918


See Notes to Financial Statements.

Janus Investment Fund	19

Janus Henderson Enterprise Fund

Statements of Changes in Net Assets



			Period ended March 31, 2018 (unaudited)		Year ended September 30, 2017

Operations:
	Net investment income/(loss)		$	5,048,707	$	16,352,670
	Net realized gain/(loss) on investments			423,792,366		267,154,414
	Change in unrealized net appreciation/depreciation			1,193,105,845		2,163,952,524
Net Increase/(Decrease) in Net Assets Resulting from Operations				1,621,946,918		2,447,459,608
Dividends and Distributions to Shareholders:
	Dividends from Net Investment Income
		Class D Shares		(1,554,853)		(1,299,025)
		Class I Shares		(6,655,093)		(4,675,427)
		Class N Shares		(5,943,271)		(4,077,477)
		Class T Shares		(1,878,471)		(2,240,391)
	Total Dividends from Net Investment Income			(16,031,688)		(12,292,320)
	Distributions from Net Realized Gain from Investment Transactions
		Class A Shares		(11,348,176)		(10,475,875)
		Class C Shares		(4,848,931)		(3,754,688)
		Class D Shares		(31,022,802)		(23,314,536)
		Class I Shares		(85,550,968)		(45,129,032)
		Class N Shares		(54,565,425)		(29,769,271)
		Class R Shares		(3,163,481)		(2,515,194)
		Class S Shares		(10,496,024)		(8,229,225)
		Class T Shares		(81,463,454)		(53,447,457)
	Total Distributions from Net Realized Gain from Investment Transactions			(282,459,261)		(176,635,278)
Net Decrease from Dividends and Distributions to Shareholders				(298,490,949)		(188,927,598)
Capital Share Transactions:
		Class A Shares		(29,955,035)		(42,777,439)
		Class C Shares		(16,225,013)		25,837,420
		Class D Shares		(459,883)		9,992,642
		Class I Shares		361,732,419		1,385,247,127
		Class N Shares		225,930,897		1,095,715,309
		Class R Shares		(19,096,743)		9,912,310
		Class S Shares		(49,215,939)		19,375,079
		Class T Shares		76,869,882		664,764,644
Net Increase/(Decrease) from Capital Share Transactions				549,580,585		3,168,067,092
Net Increase/(Decrease) in Net Assets				1,873,036,554		5,426,599,102
Net Assets:
	Beginning of period			15,181,353,988		9,754,754,886
	End of period		$	17,054,390,542	$	15,181,353,988

Undistributed Net Investment Income/(Loss)			$	4,784,135	$	15,767,116


See Notes to Financial Statements.

20	MARCH 31, 2018

Janus Henderson Enterprise Fund

Financial Highlights


Class A Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and each year ended September 30			2018	2017	2016		2015	2014	2013
	Net Asset Value, Beginning of Period		$111.15	$94.24	$83.92		$83.97	$79.08	$64.53
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	(0.13)⁽¹⁾	(0.14)⁽¹⁾	(0.04)⁽¹⁾		0.14⁽¹⁾	(0.21)⁽¹⁾	0.12
		Net realized and unrealized gain/(loss)	11.72	18.61	13.68		4.78	9.44	16.70
	Total from Investment Operations		11.59	18.47	13.64		4.92	9.23	16.82
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	(0.18)		—	—	—
		Distributions (from capital gains)	(2.09)	(1.56)	(3.14)		(4.97)	(4.34)	(2.27)
	Total Dividends and Distributions		(2.09)	(1.56)	(3.32)		(4.97)	(4.34)	(2.27)
	Net Asset Value, End of Period		$120.65	$111.15	$94.24		$83.92	$83.97	$79.08
	Total Return*		10.51%	19.89%	16.72%		5.88%	12.07%	26.78%
	Net Assets, End of Period (in thousands)		$639,825	$617,749	$552,545		$282,626	$104,169	$93,983
	Average Net Assets for the Period (in thousands)		$640,513	$632,639	$385,855		$180,646	$101,667	$80,016
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.18%	1.18%	1.18%		1.14%	1.16%	1.12%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.13%	1.13%	1.15%		1.13%	1.16%	1.09%
		Ratio of Net Investment Income/(Loss)	(0.22)%	(0.14)%	(0.05)%		0.16%	(0.25)%	0.18%
	Portfolio Turnover Rate		6%	10%	8%		17%	17%	17%
						1


Class C Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and each year ended September 30			2018	2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$104.26	$89.01	$79.78	$80.56	$76.52	$62.98
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	(0.44)⁽¹⁾	(0.70)⁽¹⁾	(0.58)⁽¹⁾	(0.39)⁽¹⁾	(0.71)⁽¹⁾	(0.14)
		Net realized and unrealized gain/(loss)	10.98	17.51	12.95	4.58	9.09	15.95
	Total from Investment Operations		10.54	16.81	12.37	4.19	8.38	15.81
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—	—
		Distributions (from capital gains)	(2.09)	(1.56)	(3.14)	(4.97)	(4.34)	(2.27)
	Total Dividends and Distributions		(2.09)	(1.56)	(3.14)	(4.97)	(4.34)	(2.27)
	Net Asset Value, End of Period		$112.71	$104.26	$89.01	$79.78	$80.56	$76.52
	Total Return*		10.20%	19.19%	15.95%	5.19%	11.34%	25.81%
	Net Assets, End of Period (in thousands)		$254,077	$250,285	$185,629	$77,748	$47,481	$35,702
	Average Net Assets for the Period (in thousands)		$256,700	$233,290	$118,888	$63,110	$40,463	$29,470
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.70%	1.73%	1.81%	1.78%	1.82%	1.86%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.70%	1.73%	1.81%	1.78%	1.82%	1.85%
		Ratio of Net Investment Income/(Loss)	(0.80)%	(0.74)%	(0.71)%	(0.46)%	(0.90)%	(0.59)%
	Portfolio Turnover Rate		6%	10%	8%	17%	17%	17%

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

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

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


See Notes to Financial Statements.

Janus Investment Fund	21

Janus Henderson Enterprise Fund

Financial Highlights


Class D Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and each year ended September 30			2018	2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$113.64	$96.10	$85.33	$85.09	$79.95	$65.07
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.05⁽¹⁾	0.17⁽¹⁾	0.23⁽¹⁾	0.48⁽¹⁾	0.05⁽¹⁾	0.25
		Net realized and unrealized gain/(loss)	11.97	19.02	13.92	4.76	9.55	16.90
	Total from Investment Operations		12.02	19.19	14.15	5.24	9.60	17.15
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.10)	(0.09)	(0.24)	(0.03)	(0.12)	—
		Distributions (from capital gains)	(2.09)	(1.56)	(3.14)	(4.97)	(4.34)	(2.27)
	Total Dividends and Distributions		(2.19)	(1.65)	(3.38)	(5.00)	(4.46)	(2.27)
	Net Asset Value, End of Period		$123.47	$113.64	$96.10	$85.33	$85.09	$79.95
	Total Return*		10.67%	20.27%	17.06%	6.19%	12.43%	27.07%
	Net Assets, End of Period (in thousands)		$1,843,086	$1,696,184	$1,420,155	$1,214,008	$1,178,379	$1,105,852
	Average Net Assets for the Period (in thousands)		$1,799,488	$1,547,274	$1,301,480	$1,278,374	$1,175,886	$1,005,221
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.82%	0.82%	0.84%	0.84%	0.84%	0.86%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.82%	0.82%	0.84%	0.84%	0.84%	0.86%
		Ratio of Net Investment Income/(Loss)	0.09%	0.17%	0.26%	0.54%	0.06%	0.41%
	Portfolio Turnover Rate		6%	10%	8%	17%	17%	17%


Class I Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and each year ended September 30			2018	2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$114.20	$96.60	$85.81	$85.51	$80.37	$65.32
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.09⁽¹⁾	0.23⁽¹⁾	0.29⁽¹⁾	0.50⁽¹⁾	0.13⁽¹⁾	0.29
		Net realized and unrealized gain/(loss)	12.03	19.09	14.00	4.83	9.55	17.03
	Total from Investment Operations		12.12	19.32	14.29	5.33	9.68	17.32
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.16)	(0.16)	(0.36)	(0.06)	(0.20)	—
		Distributions (from capital gains)	(2.09)	(1.56)	(3.14)	(4.97)	(4.34)	(2.27)
	Total Dividends and Distributions		(2.25)	(1.72)	(3.50)	(5.03)	(4.54)	(2.27)
	Net Asset Value, End of Period		$124.07	$114.20	$96.60	$85.81	$85.51	$80.37
	Total Return*		10.70%	20.32%	17.15%	6.28%	12.47%	27.23%
	Net Assets, End of Period (in thousands)		$5,314,530	$4,550,263	$2,524,615	$1,229,458	$547,204	$490,913
	Average Net Assets for the Period (in thousands)		$4,961,111	$3,535,026	$1,776,987	$861,229	$545,347	$415,493
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.76%	0.77%	0.78%	0.74%	0.75%	0.74%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.76%	0.77%	0.78%	0.74%	0.75%	0.74%
		Ratio of Net Investment Income/(Loss)	0.15%	0.22%	0.32%	0.55%	0.16%	0.53%
	Portfolio Turnover Rate		6%	10%	8%	17%	17%	17%

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

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

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


See Notes to Financial Statements.

22	MARCH 31, 2018

Janus Henderson Enterprise Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and each year ended September 30			2018	2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$114.57	$96.86	$86.00	$85.63	$80.41	$65.32
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.14⁽¹⁾	0.33⁽¹⁾	0.37⁽¹⁾	0.55⁽¹⁾	0.30⁽¹⁾	0.29
		Net realized and unrealized gain/(loss)	12.08	19.15	14.03	4.88	9.49	17.07
	Total from Investment Operations		12.22	19.48	14.40	5.43	9.79	17.36
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.23)	(0.21)	(0.40)	(0.09)	(0.23)	—
		Distributions (from capital gains)	(2.09)	(1.56)	(3.14)	(4.97)	(4.34)	(2.27)
	Total Dividends and Distributions		(2.32)	(1.77)	(3.54)	(5.06)	(4.57)	(2.27)
	Net Asset Value, End of Period		$124.47	$114.57	$96.86	$86.00	$85.63	$80.41
	Total Return*		10.76%	20.45%	17.25%	6.39%	12.62%	27.30%
	Net Assets, End of Period (in thousands)		$3,425,428	$2,940,422	$1,416,813	$555,661	$81,346	$12,196
	Average Net Assets for the Period (in thousands)		$3,224,543	$2,309,608	$935,924	$253,371	$30,878	$8,864
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.67%	0.67%	0.68%	0.67%	0.68%	0.68%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.67%	0.67%	0.68%	0.67%	0.68%	0.68%
		Ratio of Net Investment Income/(Loss)	0.24%	0.31%	0.41%	0.61%	0.36%	0.57%
	Portfolio Turnover Rate		6%	10%	8%	17%	17%	17%


Class R Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and each year ended September 30			2018	2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$108.20	$92.03	$82.09	$82.46	$77.93	$63.83
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	(0.29)⁽¹⁾	(0.41)⁽¹⁾	(0.28)⁽¹⁾	(0.06)⁽¹⁾	(0.42)⁽¹⁾	(0.12)
		Net realized and unrealized gain/(loss)	11.39	18.14	13.36	4.66	9.29	16.49
	Total from Investment Operations		11.10	17.73	13.08	4.60	8.87	16.37
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—	—
		Distributions (from capital gains)	(2.09)	(1.56)	(3.14)	(4.97)	(4.34)	(2.27)
	Total Dividends and Distributions		(2.09)	(1.56)	(3.14)	(4.97)	(4.34)	(2.27)
	Net Asset Value, End of Period		$117.21	$108.20	$92.03	$82.09	$82.46	$77.93
	Total Return*		10.34%	19.56%	16.38%	5.59%	11.78%	26.36%
	Net Assets, End of Period (in thousands)		$166,023	$171,439	$134,396	$98,430	$70,573	$60,299
	Average Net Assets for the Period (in thousands)		$171,835	$160,164	$115,477	$88,440	$66,768	$53,140
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.42%	1.42%	1.43%	1.41%	1.42%	1.43%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.42%	1.42%	1.43%	1.41%	1.42%	1.43%
		Ratio of Net Investment Income/(Loss)	(0.52)%	(0.42)%	(0.33)%	(0.07)%	(0.51)%	(0.16)%
	Portfolio Turnover Rate		6%	10%	8%	17%	17%	17%

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

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

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


See Notes to Financial Statements.

Janus Investment Fund	23

Janus Henderson Enterprise Fund

Financial Highlights


Class S Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and each year ended September 30			2018	2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$110.70	$93.89	$83.56	$83.65	$78.80	$64.36
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	(0.16)⁽¹⁾	(0.17)⁽¹⁾	(0.07)⁽¹⁾	0.14⁽¹⁾	(0.23)⁽¹⁾	0.06
		Net realized and unrealized gain/(loss)	11.67	18.54	13.62	4.74	9.42	16.65
	Total from Investment Operations		11.51	18.37	13.55	4.88	9.19	16.71
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	(0.08)	—	—	—
		Distributions (from capital gains)	(2.09)	(1.56)	(3.14)	(4.97)	(4.34)	(2.27)
	Total Dividends and Distributions		(2.09)	(1.56)	(3.22)	(4.97)	(4.34)	(2.27)
	Net Asset Value, End of Period		$120.12	$110.70	$93.89	$83.56	$83.65	$78.80
	Total Return*		10.48%	19.86%	16.67%	5.86%	12.07%	26.68%
	Net Assets, End of Period (in thousands)		$579,168	$580,629	$470,126	$327,972	$199,831	$252,212
	Average Net Assets for the Period (in thousands)		$589,221	$536,354	$391,803	$267,883	$228,373	$216,096
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.17%	1.17%	1.18%	1.17%	1.17%	1.18%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.17%	1.17%	1.18%	1.17%	1.16%	1.17%
		Ratio of Net Investment Income/(Loss)	(0.27)%	(0.17)%	(0.08)%	0.16%	(0.29)%	0.09%
	Portfolio Turnover Rate		6%	10%	8%	17%	17%	17%


Class T Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and each year ended September 30			2018	2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$112.96	$95.60	$84.97	$84.78	$79.71	$64.92
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	(0.01)⁽¹⁾	0.08⁽¹⁾	0.15⁽¹⁾	0.39⁽¹⁾	(0.01)⁽¹⁾	0.21
		Net realized and unrealized gain/(loss)	11.91	18.91	13.85	4.78	9.50	16.85
	Total from Investment Operations		11.90	18.99	14.00	5.17	9.49	17.06
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.05)	(0.07)	(0.23)	(0.01)	(0.08)	—
		Distributions (from capital gains)	(2.09)	(1.56)	(3.14)	(4.97)	(4.34)	(2.27)
	Total Dividends and Distributions		(2.14)	(1.63)	(3.37)	(4.98)	(4.42)	(2.27)
	Net Asset Value, End of Period		$122.72	$112.96	$95.60	$84.97	$84.78	$79.71
	Total Return*		10.62%	20.16%	16.96%	6.13%	12.33%	27.00%
	Net Assets, End of Period (in thousands)		$4,832,253	$4,374,383	$3,050,476	$1,799,869	$1,248,431	$1,068,048
	Average Net Assets for the Period (in thousands)		$4,688,463	$3,748,225	$2,355,843	$1,579,228	$1,179,729	$938,951
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.92%	0.92%	0.93%	0.92%	0.92%	0.93%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.91%	0.91%	0.93%	0.91%	0.92%	0.92%
		Ratio of Net Investment Income/(Loss)	(0.01)%	0.08%	0.17%	0.44%	(0.01)%	0.34%
	Portfolio Turnover Rate		6%	10%	8%	17%	17%	17%

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

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

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


See Notes to Financial Statements.

24	MARCH 31, 2018

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)

1. Organization and Significant Accounting Policies

Janus Henderson Enterprise Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 49 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term growth of capital. The Fund is classified as diversified, as defined in the 1940 Act.

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

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


Janus Investment Fund	25

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)

Investment Valuation

Valuation Inputs Summary

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


26	MARCH 31, 2018

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)

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

Financial assets of $136,095,353 were transferred out of Level 1 to Level 2 since certain foreign equity prices were applied a fair valuation adjustment factor at the end of the current period and no factor was applied at the end of the prior fiscal year.

Investment Transactions and Investment Income

Expenses

Estimates

Indemnifications

Foreign Currency Translations


Janus Investment Fund	27

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)

Dividends and Distributions

Federal Income Taxes

2. Derivative Instruments

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


28	MARCH 31, 2018

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)

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

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

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

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

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

Forward Foreign Currency Exchange Contracts


Janus Investment Fund	29

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)

3. Other Investments and Strategies

Additional Investment Risk


30	MARCH 31, 2018

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)

Counterparties

Offsetting Assets and Liabilities


Janus Investment Fund	31

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)


Offsetting of Financial Assets and Derivative Assets

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

Bank of America		$	10,948	$	—	$	—	$	10,948
Barclays Capital, Inc.			219,754		(170,242)		—		49,512
Citibank NA			184,606		(148,267)		—		36,339
Deutsche Bank AG			32,158,982		—		(32,158,982)		—
HSBC Securities (USA), Inc.			110,713		(110,713)		—		—
JPMorgan Chase & Co.			450,442		—		—		450,442

Total		$	33,135,445	$	(429,222)	$	(32,158,982)	$	547,241
Offsetting of Financial Liabilities and Derivative Liabilities

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

Barclays Capital, Inc.		$	170,242	$	(170,242)	$	—	$	—
Citibank NA			148,267		(148,267)		—		—
Credit Suisse International			139,977		—		—		139,977
HSBC Securities (USA), Inc.			505,925		(110,713)		—		395,212

Total		$	964,411	$	(429,222)	$	—	$	535,189
(a)	Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities.
(b)	Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value.


32	MARCH 31, 2018

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)

Real Estate Investing

Securities Lending

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

The cash collateral invested by Janus Capital is disclosed in the Schedule of Investments (if applicable). Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations. As of March 31, 2018, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $32,158,982. Gross amounts of recognized liabilities for securities lending (collateral received) as of March 31, 2018 is $32,853,150, resulting in the net amount due to the counterparty of $694,168.

4. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pays Janus Capital an investment advisory fee which is calculated daily and paid monthly. The Fund’s contractual investment advisory fee rate (expressed as an annual rate) is 0.64% of its average daily net assets.


Janus Investment Fund	33

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)

advisory fee, but excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus/administrative fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.87% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waivers until at least February 1, 2019. If applicable, amounts waived and/or reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.


34	MARCH 31, 2018

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)

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.

Janus Capital furnishes certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund and providing personnel to serve as officers to the Fund. The Fund reimburses Janus Capital for certain of its costs in providing these services (to the extent Janus Capital seeks reimbursement and such costs are not otherwise waived). These costs include some or all of the salaries, fees, and expenses of Janus Capital employees and Fund officers, including the Fund’s Chief Compliance Officer and compliance staff, who provide specified administration and compliance services to 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. Total compensation of $268,180 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended March 31, 2018. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of March 31, 2018 on the Statement of Assets and Liabilities in the asset, “Non-interested Trustees’ deferred compensation,” and liability, “Non-interested Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation” on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended March 31, 2018 are included in “Non-interested Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $240,213 were paid by the Trust to the Trustees under the Deferred Plan during the period ended March 31, 2018.


Janus Investment Fund	35

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)

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 period ended March 31, 2018, Janus Henderson Distributors retained upfront sales charges of $16,856.

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 period ended March 31, 2018, redeeming shareholders of Class C Shares paid CDSCs of $10,972.

5. Federal Income Tax


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 11,695,054,452	$5,556,599,048	$(135,838,954)	$ 5,420,760,094

Information on the tax components of derivatives as of March 31, 2018 is as follows:


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ -	$ 976,463	$ (964,411)	$ 12,052

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


36	MARCH 31, 2018

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)

6. Capital Share Transactions



	Period ended March 31, 2018		Year ended September 30, 2017
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	672,392	$ 79,202,629	3,835,792	$ 371,583,694
Reinvested dividends and distributions	67,240	7,778,327	86,318	8,145,824
Shares repurchased	(994,015)	(116,935,991)	(4,227,887)	(422,506,957)
Net Increase/(Decrease)	(254,383)	$ (29,955,035)	(305,777)	$ (42,777,439)
Class C Shares:
Shares sold	71,885	$ 7,935,731	918,985	$ 82,607,348
Reinvested dividends and distributions	41,231	4,461,996	37,125	3,301,111
Shares repurchased	(259,339)	(28,622,740)	(641,022)	(60,071,039)
Net Increase/(Decrease)	(146,223)	$ (16,225,013)	315,088	$ 25,837,420
Class D Shares:
Shares sold	408,225	$ 49,238,586	1,306,820	$ 129,263,111
Reinvested dividends and distributions	270,032	31,939,342	250,887	24,145,367
Shares repurchased	(677,346)	(81,637,811)	(1,409,072)	(143,415,836)
Net Increase/(Decrease)	911	$ (459,883)	148,635	$ 9,992,642
Class I Shares:
Shares sold	8,405,015	$1,024,266,998	19,886,756	$2,029,408,725
Reinvested dividends and distributions	612,884	72,835,110	395,041	38,192,591
Shares repurchased	(6,027,371)	(735,369,689)	(6,574,655)	(682,354,189)
Net Increase/(Decrease)	2,990,528	$ 361,732,419	13,707,142	$1,385,247,127
Class N Shares:
Shares sold	3,825,914	$ 466,058,389	13,756,222	$1,384,535,741
Reinvested dividends and distributions	506,110	60,318,238	349,221	33,846,513
Shares repurchased	(2,476,511)	(300,445,730)	(3,068,727)	(322,666,945)
Net Increase/(Decrease)	1,855,513	$ 225,930,897	11,036,716	$1,095,715,309
Class R Shares:
Shares sold	144,697	$ 16,609,540	642,157	$ 60,802,833
Reinvested dividends and distributions	24,919	2,802,672	24,339	2,240,880
Shares repurchased	(337,633)	(38,508,955)	(542,372)	(53,131,403)
Net Increase/(Decrease)	(168,017)	$ (19,096,743)	124,124	$ 9,912,310
Class S Shares:
Shares sold	536,150	$ 62,927,339	1,937,307	$ 189,833,002
Reinvested dividends and distributions	91,051	10,487,274	87,440	8,220,247
Shares repurchased	(1,050,684)	(122,630,552)	(1,786,802)	(178,678,170)
Net Increase/(Decrease)	(423,483)	$ (49,215,939)	237,945	$ 19,375,079
Class T Shares:
Shares sold	4,707,522	$ 564,233,610	14,331,112	$1,428,413,148
Reinvested dividends and distributions	698,980	82,193,001	573,617	54,918,078
Shares repurchased	(4,755,895)	(569,556,729)	(8,087,412)	(818,566,582)
Net Increase/(Decrease)	650,607	$ 76,869,882	6,817,317	$ 664,764,644

7. Purchases and Sales of Investment Securities


Purchases of Securities	Proceeds from Sales of Securities	Purchases of Long- Term U.S. Government Obligations	Proceeds from Sales of Long-Term U.S. Government Obligations
$957,039,534	$ 947,435,483	$ -	$ -


Janus Investment Fund	37

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)

8. Recent Accounting Pronouncements

9. Subsequent Event


38	MARCH 31, 2018

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD


Janus Investment Fund	39

Janus Henderson Enterprise Fund

Additional Information (unaudited)

agreements. “Management fees,” as used herein, reflect actual annual advisory fees and any administration fees (excluding out of pocket costs), net of any waivers.

Nature, Extent and Quality of Services

Performance of the Funds

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

Alternative Funds

Asset Allocation Funds


40	MARCH 31, 2018

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


Janus Investment Fund	41

Janus Henderson Enterprise Fund

Additional Information (unaudited)

· For Janus Henderson International Small Cap Fund, the Trustees noted that, due to limited performance for the Fund, performance history was not a material factor.


42	MARCH 31, 2018

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Money Market Funds

Multi-Asset Funds

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 12 months ended May 31, 2017.

Multi-Asset U.S. Equity Funds


Janus Investment Fund	43

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Quantitative Equity Funds

U.S. Equity Funds

Janus Aspen Series


44	MARCH 31, 2018

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Costs of Services Provided


Janus Investment Fund	45

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Alternative Funds


46	MARCH 31, 2018

Janus Henderson Enterprise Fund

Additional Information (unaudited)

reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses effective June 5, 2017.

Asset Allocation Funds

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

Fixed-Income Funds

Global and International Equity Funds


Janus Investment Fund	47

Janus Henderson Enterprise Fund

Additional Information (unaudited)

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

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

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

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

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

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

Money Market Funds


48	MARCH 31, 2018

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Multi-Asset Funds

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

Multi-Asset U.S. Equity Funds

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

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


Janus Investment Fund	49

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Quantitative Equity Funds

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

U.S. Equity Funds

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

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

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

Janus Aspen Series

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

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


50	MARCH 31, 2018

Janus Henderson Enterprise Fund

Additional Information (unaudited)

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

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

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

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


Janus Investment Fund	51

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Economies of Scale

Other Benefits to Janus Capital


52	MARCH 31, 2018

Janus Henderson Enterprise Fund

Useful Information About Your Fund Report (unaudited)

Management Commentary

Performance Overviews

Schedule of Investments

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

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

Statement of Assets and Liabilities

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


Janus Investment Fund	53

Janus Henderson Enterprise Fund

Useful Information About Your Fund Report (unaudited)

Statement of Operations

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

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

Statements of Changes in Net Assets

Financial Highlights

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


54	MARCH 31, 2018

Janus Henderson Enterprise Fund

Useful Information About Your Fund Report (unaudited)

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


Janus Investment Fund	55

Janus Henderson Enterprise Fund

Notes

NotesPage1


56	MARCH 31, 2018

Janus Henderson Enterprise Fund

Notes

NotesPage2


Janus Investment Fund	57

Janus Henderson Enterprise Fund

Notes

NotesPage3


58	MARCH 31, 2018

Knowledge. Shared

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

Learn more by visiting janushenderson.com.




This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson, Janus, Henderson, Perkins, Intech and 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
							125-24-93040 05-18



	SEMIANNUAL REPORT March 31, 2018

Janus Henderson European Focus Fund

Janus Investment Fund

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

Table of Contents

Janus Henderson European Focus Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	13
Statement of Assets and Liabilities	15
Statement of Operations	17
Statements of Changes in Net Assets	18
Financial Highlights	19
Notes to Financial Statements	27
Additional Information	39
Useful Information About Your Fund Report	53

Janus Henderson European Focus Fund (unaudited)

FUND SNAPSHOT

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

Stephen Peak

portfolio manager

PERFORMANCE OVERVIEW

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

(3.68)%, while the MSCI Europe Index returned 0.18%.

INVESTMENT ENVIRONMENT

European equities posted a slight positive return over the period with a strong fourth quarter of 2017 being tempered by a weak start to the year.

PERFORMANCE DISCUSSION

From a sector perspective, stock selection within the information technology sector was the primary detractor to relative performance, while stock selection in the energy sector was a notable negative versus the benchmark. The Fund’s exposure to consumer discretionary contributed to relative performance.

Micro Focus, a company which purchases legacy software assets, was the Fund’s most significant detractor over the period. The company revised down guidance, causing the share price to fall very sharply, something we view as indicative of how unforgiving the market has been on negative newsflow. In our opinion, the stock is oversold and is in a transition phase as it works through its acquisition of HP Enterprise assets. This is their most significant acquisition to date and one which could be transformative for the company if they execute properly.

Saga, a UK insurer, travel and services company focused on the over-50s, was weaker in the period. Recent earnings releases have highlighted tougher trading conditions but we think the long-term opportunity for Saga looks promising. Saga has a very strong brand in the growing over-50s market and their investment and expansion in other services, such as wealth management, in addition to its core businesses positions them well to benefit from an aging demographic. Given this longer-term potential, we believe the valuation of less than 10x next year’s earnings looks compelling.

Bayer, the German pharmaceutical and agriculture firm, also detracted. The deal to acquire Monsanto was initially announced in September 2016 and we think the share price has fallen victim to investor fatigue. However, the acquisition is likely to be completed in the next few months, in our view, and we believe investors will receive positively. We also like the transformative aspect of the deal, which we believe warrants a higher multiple for the company.

Renault, the French auto manufacturer, was the Fund’s most significant contributor over the period. Toward the end of the period there was talk of a formal tie-up with their alliance partner, Nissan, with whom they have a cross holding. This potential deal has long been part of our investment thesis, as it makes strategic sense for two companies that already benefit from significant synergies, such as through sharing platforms for production. Renault has underperformed the wider European auto peer group over the long-term despite a relatively young and well-performing product suite and the benefits its alliance with Nissan has brought to the company, including its contribution to Renault earnings, and we continue to find the valuation compelling.

Continental, the German auto components business, contributed to performance. The auto industry is facing significant changes in engine technology and greater overall electrification. The moves toward greater energy efficiency, greater safety and increased digitization of in-car “infotainment” offerings are all areas that Continental is exposed to. Around 40% of their chassis and safety business is designed around the more technologically advanced Electronic Stability Program (ESP), around 65%of their Power Train business is CO₂-reducing fuel injection and turbo charge systems, and a large


Janus Investment Fund	1

Janus Henderson European Focus Fund (unaudited)

percentage of their interior segment is in areas such as telematics. While these new developments will require funding, we are comforted that Continental’s tire division is highly cash generative.

OUTLOOK

The European stock markets have displayed similar trends to elsewhere over the past year: a focus on winning styles such as companies with positive earnings growth momentum and companies disrupting industries. The problem, in our view, is that the valuations of many (though not all) of these companies have risen to levels where we feel uncomfortable.

The other side of the coin includes companies that are working through challenges such as in the retail sector or those that are just perceived to have major issues that will linger – some UK companies with the backdrop of Brexit are examples.

The valuation elastic between many of the winners versus losers has become very stretched, in our view. This has encouraged us to seek more opportunities in the laggard areas. We are conscious that we are likely early, hence the underperformance, and that we could be just plain wrong if these market trends persist. However we have always pivoted the Fund to where we believe money-making potential lies. We believe we have a number of positions with potential material upside and have confidence that we can make up for recent underperformance.

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


2	MARCH 31, 2018

Janus Henderson European Focus Fund (unaudited)

Fund At A Glance

March 31, 2018





	5 Top Performers - Holdings		5 Bottom Performers - Holdings
		Contribution		Contribution
	Renault SA	1.30%	Micro Focus International PLC	-2.17%
	Royal Mail PLC	0.89%	Saga PLC	-1.23%
	Continental AG	0.74%	Bayer AG	-1.15%
	Pandora A/S	0.71%	Intrum Justitia AB	-0.82%
	Sberbank Russia PJSC (ADR)	0.55%	BT Group PLC	-0.58%

	5 Top Performers - Sectors*
		Fund	Fund Weighting	MSCI Europe Index (Net)
		Contribution	(Average % of Equity)	Weighting
	Consumer Discretionary	1.75%	37.87%	10.64%
	Consumer Staples	0.22%	0.09%	13.52%
	Utilities	22.00%	1.54%	3.58%
	Financials	9.00%	11.73%	21.29%
	Other**	1.00%	2.17%	0.00%

	5 Bottom Performers - Sectors*
		Fund	Fund Weighting	MSCI Europe Index (Net)
		Contribution	(Average % of Equity)	Weighting
	Information Technology	-2.00%	7.86%	5.00%
	Energy	-1.40%	11.42%	7.26%
	Health Care	-0.97%	14.29%	12.19%
	Industrials	-0.59%	9.01%	13.20%
	Telecommunication Services	-0.43%	3.82%	3.72%

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


Janus Investment Fund	3

Janus Henderson European Focus Fund (unaudited)

Fund At A Glance

March 31, 2018


5 Largest Equity Holdings - (% of Net Assets)
Renault SA
Automobiles	7.2%
Bayer AG
Pharmaceuticals	6.3%
Pandora A/S
Textiles, Apparel & Luxury Goods	6.0%
BT Group PLC
Diversified Telecommunication Services	3.6%
Intrum Justitia AB
Commercial Services & Supplies	3.6%
	26.7%


Asset Allocation - (% of Net Assets)
Common Stocks	99.3%
Investment Companies	0.7%
Other		(0.0)%
		100.0%

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

As of March 31, 2018

As of September 30, 2017


4	MARCH 31, 2018

Janus Henderson European Focus Fund (unaudited)

Performance

See important disclosures on the next page.



						Expense Ratios -
Average Annual Total Return - for the periods ended March 31, 2018						per the January 26, 2018 prospectuses
	Fiscal Year-to-Date	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses	Net Annual Fund Operating Expenses
Class A Shares at NAV	-3.83%	6.55%	6.87%	4.51%	12.82%	1.35%	1.34%
Class A Shares at MOP	-9.37%	0.41%	5.61%	3.89%	12.41%
Class C Shares at NAV	-4.19%	5.74%	6.04%	3.71%	11.97%	2.22%	2.16%
Class C Shares at CDSC	-5.14%	4.74%	6.04%	3.71%	11.97%
Class D Shares⁽¹⁾	-3.73%	6.55%	6.87%	4.51%	12.82%	1.11%	1.11%
Class I Shares	-3.68%	6.84%	7.15%	4.51%	12.82%	1.06%	1.06%
Class N Shares	-3.65%	6.79%	6.87%	4.51%	12.82%	0.99%	0.99%
Class S Shares	-3.90%	6.40%	6.76%	4.45%	12.78%	1.48%	1.47%
Class T Shares	-3.79%	6.55%	6.87%	4.51%	12.82%	1.22%	1.21%
MSCI Europe Index (Net)	0.18%	14.49%	6.37%	2.06%	5.75%
MSCI Europe Index (Gross)	0.36%	15.13%	6.97%	2.68%	6.31%
Morningstar Quartile - Class A Shares	-	4th	2nd	1st	1st
Morningstar Ranking - based on total returns for Europe Stock Funds	-	120/134	37/94	13/79	7/73

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

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

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


Janus Investment Fund	5

Janus Henderson European Focus Fund (unaudited)

Performance

The expense ratios for Class N Shares are estimated.

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

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

Returns of the Fund shown prior to June 5, 2017, are those for Henderson European Focus Fund (the “Predecessor Fund”), which merged into the Fund after the close of business on June 2, 2017. The Predecessor Fund was advised by Henderson Global Investors (North America) Inc. and subadvised by Henderson Investment Management Limited. Class A Shares, Class C Shares, Class I Shares, and Class R6 Shares of the Predecessor Fund were reorganized into Class A Shares, Class C Shares, Class I Shares, and Class N Shares, respectively, of the Fund. In connection with this reorganization, certain shareholders of the Predecessor Fund who held shares directly with the Predecessor Fund and not through an intermediary had the Class A Shares, Class C Shares, Class I Shares, and Class N Shares of the Fund received in the reorganization automatically exchanged for Class D Shares of the Fund following the reorganization. Class A Shares and Class C Shares of the Predecessor Fund commenced operations with the Predecessor Fund’s inception on August 31, 2001. Class I Shares and Class R6 Shares of the Predecessor Fund commenced operations on March 31, 2009 and November 30, 2015, respectively. Class D Shares, Class S Shares, and Class T Shares commenced operations on June 5, 2017.

Performance of Class I Shares shown for periods prior to June 5, 2017, reflects the performance of Class I Shares of the Predecessor Fund, calculated using the fees and expenses of Class I Shares of the Predecessor Fund, in effect during the periods shown, net of any applicable fee and expense limitations or waivers, except that for periods prior to March 31, 2009, performance for Class I Shares reflects the performance of Class A Shares of the Predecessor Fund, calculated using the fees and expenses of Class A Shares of the Predecessor Fund (without sales charges or 12b-1 fees), net of any applicable fee and expense limitations or waivers.

Performance of Class N Shares shown for periods prior to June 5, 2017, reflects the performance of Class R6 Shares of the Predecessor Fund, calculated using the fees and expenses of Class R6 Shares of the Predecessor Fund, in effect during the periods shown, net of any applicable fee and expense limitations or waivers, except that for periods prior to November 30, 2015, performance for Class N Shares reflects the performance of Class A Shares of the Predecessor Fund, calculated using the fees and expenses of Class A Shares of the Predecessor Fund (without sales charges or 12b-1 fees), net of any applicable fee and expense limitations or waivers.

Performance of Class S Shares shown for periods prior to June 5, 2017, reflects the performance of Class A Shares of the Predecessor Fund, calculated using the fees and expenses of Class A Shares of the Predecessor Fund (without sales charges or 12b-1 fees), net of any applicable fee and expense limitations or waivers.

Performance of Class T Shares shown for periods prior to June 5, 2017, reflects the performance of Class A Shares of the Predecessor Fund, calculated using the fees and expenses of Class A Shares of the Predecessor Fund (without sales charges or 12b-1 fees), net of any applicable fee and expense limitations or waivers.

Performance of Class D Shares shown for periods prior to June 5, 2017, reflects the performance of Class A Shares of the Predecessor Fund, calculated using the fees and expenses of Class A Shares of the Predecessor Fund (without sales charges or 12b-1 fees), net of any applicable fee and expense limitations or waivers.

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

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


6	MARCH 31, 2018

Janus Henderson European Focus Fund (unaudited)

Performance

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, the Fund’s performance is compared to the MSCI Europe Index net of foreign withholding taxes. Previously, the Predecessor Fund used the MSCI Europe Index gross of foreign withholding taxes. The net version of the benchmark is believed to more closely reflect the Fund’s investment universe.

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

(1) Closed to certain new investors.


Janus Investment Fund	7

Janus Henderson European Focus Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (10/1/17)	Ending Account Value (3/31/18)	Expenses Paid During Period (10/1/17 - 3/31/18)†	Beginning Account Value (10/1/17)	Ending Account Value (3/31/18)	Expenses Paid During Period (10/1/17 - 3/31/18)†	Net Annualized Expense Ratio (10/1/17 - 3/31/18)
Class A Shares		$1,000.00	$961.70	$6.26	$1,000.00	$1,018.55	$6.44	1.28%
Class C Shares		$1,000.00	$958.10	$9.71	$1,000.00	$1,015.01	$10.00	1.99%
Class D Shares		$1,000.00	$962.70	$5.43	$1,000.00	$1,019.40	$5.59	1.11%
Class I Shares		$1,000.00	$963.20	$4.99	$1,000.00	$1,019.85	$5.14	1.02%
Class N Shares		$1,000.00	$963.50	$4.70	$1,000.00	$1,020.14	$4.84	0.96%
Class S Shares		$1,000.00	$961.00	$6.80	$1,000.00	$1,018.00	$6.99	1.39%
Class T Shares		$1,000.00	$962.10	$5.92	$1,000.00	$1,018.90	$6.09	1.21%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


8	MARCH 31, 2018

Janus Henderson European Focus Fund

Schedule of Investments (unaudited)

March 31, 2018


Shares			Value
Common Stocks– 99.3%
Auto Components – 5.7%
	Continental AG	150,000	$41,428,705
	TI Fluid Systems PLC	11,000,000	40,479,838
			81,908,543
Automobiles – 7.2%
	Renault SA	850,000	103,251,700
Banks – 9.4%
	Alpha Bank AE*	3,000,000	6,427,246
	Barclays PLC	11,000,000	32,120,538
	Erste Group Bank AG	900,000	45,257,792
	Intesa Sanpaolo SpA	14,000,000	51,048,752
			134,854,328
Biotechnology – 3.5%
	Shire PLC (ADR)	1,025,000	51,088,151
Commercial Services & Supplies – 6.5%
	Babcock International Group PLC	4,500,000	42,274,439
	Intrum Justitia AB	1,800,000	51,108,212
			93,382,651
Diversified Telecommunication Services – 3.6%
	BT Group PLC	16,000,000	51,117,730
Electric Utilities – 1.6%
	SSE PLC	1,250,000	22,399,943
Energy Equipment & Services – 0.3%
	John Wood Group PLC	600,000	4,550,731
Equity Real Estate Investment Trusts (REITs) – 1.3%
	Hammerson PLC	2,500,000	18,844,550
Hotels, Restaurants & Leisure – 3.3%
	BNN Technology PLC*^,¢	11,756,231	1,253,365
	Merlin Entertainments PLC	5,500,000	26,762,702
	Parques Reunidos Servicios Centrales SAU	1,208,000	19,056,313
			47,072,380
Independent Power and Renewable Electricity Producers – 0.1%
	Mytrah Energy Ltd*	4,350,000	1,723,885
Information Technology Services – 1.4%
	Luxoft Holding Inc*	500,000	20,475,000
Insurance – 2.7%
	Aviva PLC	3,750,000	26,129,054
	Saga PLC	8,250,000	13,071,206
			39,200,260
Internet Software & Services – 1.7%
	XLMedia PLC^£	11,080,000	24,738,047
Marine – 2.4%
	AP Moller - Maersk A/S	22,500	35,078,640
Media – 9.9%
	Central European Media Enterprises Ltd*	5,702,627	23,951,033
	Cineworld Group PLC	9,000,000	29,816,574
	Informa PLC	592,500	5,978,138
	Liberty Media Corp-Liberty Formula One*	850,000	26,222,500
	Schibsted ASA	820,491	23,049,622
	UBM PLC	2,500,000	32,912,338
			141,930,205
Metals & Mining – 0.2%
	Duke Royalty Ltd	4,000,000	2,216,424
Multi-Utilities – 2.0%
	National Grid PLC	2,500,000	28,110,563
Oil, Gas & Consumable Fuels – 12.0%
	Africa Energy Corp*	13,752,083	1,761,445
	Africa Oil Corp*	12,800,000	11,969,460
	Africa Oil Corp*^,¤	4,810,500	4,406,451
	Cairn Energy PLC*	8,588,518	24,855,159


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

Janus Investment Fund	9

Janus Henderson European Focus Fund

Schedule of Investments (unaudited)

March 31, 2018


Shares			Value
Common Stocks– (continued)
Oil, Gas & Consumable Fuels – (continued)
	Diversified Gas & Oil PLC	9,550,000	$11,414,239
	International Petroleum Corp/Sweden*^,£	5,415,218	22,492,154
	Kosmos Energy Ltd*	7,398,775	46,612,282
	Nostrum Oil & Gas PLC*	395,000	1,619,791
	Providence Resources PLC*	10,370,000	1,584,736
	Savannah Petroleum PLC*^,£	34,500,000	13,718,611
	TransGlobe Energy Corp*^,£	5,250,000	7,050,536
	Tullow Oil PLC*	9,000,000	24,792,903
			172,277,767
Pharmaceuticals – 8.8%
	Bayer AG	800,000	90,447,452
	Merck KGaA	120,000	11,510,802
	Novo Nordisk A/S	500,000	24,605,863
			126,564,117
Real Estate Management & Development – 0.7%
	Corestate Capital Holding SA	187,879	10,678,887
Semiconductor & Semiconductor Equipment – 1.6%
	ASML Holding NV	120,000	23,738,738
Software – 2.8%
	Micro Focus International PLC	2,900,000	40,566,083
Specialty Retail – 2.3%
	Dixons Carphone PLC	4,750,000	12,448,447
	Kingfisher PLC	5,000,000	20,572,841
			33,021,288
Textiles, Apparel & Luxury Goods – 8.3%
	Coats Group PLC	31,000,000	33,345,832
	Pandora A/S	800,000	86,730,906
			120,076,738
Total Common Stocks (cost $1,481,290,437)			1,428,867,349
Investment Companies– 0.7%
Money Markets – 0.7%
	Fidelity Investments Money Market Treasury Portfolio, 1.4900%^ºº(cost $10,109,860)	10,109,860	10,109,860
Total Investments (total cost $1,491,400,297) – 100.0%			1,438,977,209
Liabilities, net of Cash, Receivables and Other Assets – (0.0)%			(452,169)
Net Assets – 100%			$1,438,525,040


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

10	MARCH 31, 2018

Janus Henderson European Focus Fund

Schedule of Investments (unaudited)

March 31, 2018


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

		% of Investment Securities

Country	Value
United Kingdom	$637,198,237	44.3	%
Germany	154,065,846	10.7
Denmark	146,415,409	10.2
France	103,251,700	7.2
United States	82,944,642	5.8
Sweden	51,108,212	3.6
Italy	51,048,752	3.5
Canada	47,680,046	3.3
Austria	45,257,792	3.1
Czech Republic	23,951,033	1.7
Netherlands	23,738,738	1.7
Norway	23,049,622	1.6
Russia	20,475,000	1.4
Spain	19,056,313	1.3
Greece	6,427,246	0.4
India	1,723,885	0.1
Ireland	1,584,736	0.1



Total	$1,438,977,209	100.0	%


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

Janus Investment Fund	11

Janus Henderson European Focus Fund

Schedule of Investments (unaudited)

March 31, 2018

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income⁽¹⁾		Realized Gain/(Loss)⁽¹⁾		Change in Unrealized Appreciation/ Depreciation⁽¹⁾		Value at 3/31/18
Common Stocks– 4.7%
Internet Software & Services – 1.7%
	XLMedia PLC	$	408,155	$	—	$	2,809,336	$	24,738,047
Oil, Gas & Consumable Fuels – 3.0%
	International Petroleum Corp/Sweden*		—		223,093		(1,273,379)		22,492,154
	Savannah Petroleum PLC*		—		(522,946)		(2,766,017)		13,718,611
	TransGlobe Energy Corp*		—		—		(645,776)		7,050,536
Total Oil, Gas & Consumable Fuels		$	—	$	(299,853)	$	(4,685,172)	$	43,261,301
Total Affiliated Investments – 4.7%		$	408,155	$	(299,853)	$	(1,875,836)	$	67,999,348


		Share Balance at 9/30/17		Purchases		Sales		Share Balance at 3/31/18
Common Stocks– 4.7%
Internet Software & Services – 1.7%
	XLMedia PLC		10,000,000		1,080,000		—		11,080,000
Oil, Gas & Consumable Fuels – 3.0%
	International Petroleum Corp/Sweden*		5,500,000		—		(84,782)		5,415,218
	Savannah Petroleum PLC*		12,515,000		29,262,000		(7,277,000)		34,500,000
	TransGlobe Energy Corp*		2,031,300		3,218,700		—		5,250,000


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

12	MARCH 31, 2018

Janus Henderson European Focus Fund

Notes to Schedule of Investments and Other Information (unaudited)


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


ADR	American Depositary Receipt
PJSC	Private Joint Stock Company
PLC	Public Limited Company


*	Non-income producing security.


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


ºº	Rate shown is the 7-day yield as of March 31, 2018.


¢	Security is valued using significant unobservable inputs.


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


Janus Investment Fund	13

Janus Henderson European Focus Fund

Notes to Schedule of Investments and Other Information (unaudited)


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 March 31, 2018. 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
Auto Components	$	-	$	81,908,543	$	-
Automobiles		-		103,251,700		-
Banks		-		134,854,328		-
Biotechnology		-		51,088,151		-
Commercial Services & Supplies		-		93,382,651		-
Diversified Telecommunication Services		-		51,117,730		-
Electric Utilities		-		22,399,943		-
Energy Equipment & Services		-		4,550,731		-
Equity Real Estate Investment Trusts (REITs)		-		18,844,550		-
Hotels, Restaurants & Leisure		-		45,819,015		1,253,365
Independent Power and Renewable Electricity Producers		-		1,723,885		-
Insurance		-		39,200,260		-
Internet Software & Services		-		24,738,047		-
Marine		-		35,078,640		-
Media		50,173,533		91,756,672		-
Multi-Utilities		-		28,110,563		-
Oil, Gas & Consumable Fuels		59,830,714		112,447,053		-
Pharmaceuticals		-		126,564,117		-
Real Estate Management & Development		-		10,678,887		-
Semiconductor & Semiconductor Equipment		-		23,738,738		-
Software		-		40,566,083		-
Specialty Retail		-		33,021,288		-
Textiles, Apparel & Luxury Goods		-		120,076,738		-
All Other		22,691,424		-		-
Investment Companies		10,109,860		-		-
Total Assets	$	142,805,531	$	1,294,918,313	$	1,253,365


14	MARCH 31, 2018

Janus Henderson European Focus Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2018

See footnotes at the end of the Statement.



Assets:
	Unaffiliated investments, at value⁽¹⁾		$	1,370,977,861
	Affiliated investments, at value⁽²⁾			67,999,348
	Non-interested Trustees' deferred compensation			28,886
	Receivables:
		Investments sold		3,486,604
		Foreign tax reclaims		2,586,121
		Dividends		609,721
		Fund shares sold		443,761
		Dividends from affiliates		408,155
	Other assets			43,090
Total Assets				1,446,583,547
Liabilities:
	Payables:			—
		Fund shares repurchased		3,526,759
		Investments purchased		2,599,698
		Advisory fees		1,210,060
		Transfer agent fees and expenses		290,177
		12b-1 Distribution and shareholder servicing fees		187,587
		Non-interested Trustees' deferred compensation fees		28,886
		Non-interested Trustees' fees and expenses		12,498
		Fund administration fees		10,110
		Custodian fees		519
		Accrued expenses and other payables		192,213
Total Liabilities				8,058,507
Net Assets			$	1,438,525,040


See Notes to Financial Statements.

Janus Investment Fund	15

Janus Henderson European Focus Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2018




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	1,787,424,651
	Undistributed net investment income/(loss)		(293,837)
	Undistributed net realized gain/(loss) from investments and foreign currency transactions		(296,209,372)
	Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation		(52,396,402)
Total Net Assets		$	1,438,525,040
Net Assets - Class A Shares		$	223,728,407
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		6,757,124
Net Asset Value Per Share⁽³⁾		$	33.11
Maximum Offering Price Per Share⁽⁴⁾		$	35.13
Net Assets - Class C Shares		$	153,448,755
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		4,939,680
Net Asset Value Per Share⁽³⁾		$	31.06
Net Assets - Class D Shares		$	3,263,504
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		99,023
Net Asset Value Per Share		$	32.96
Net Assets - Class I Shares		$	1,056,120,274
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		32,073,978
Net Asset Value Per Share		$	32.93
Net Assets - Class N Shares		$	382,318
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		11,596
Net Asset Value Per Share		$	32.97
Net Assets - Class S Shares		$	49,945
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,516
Net Asset Value Per Share		$	32.95
Net Assets - Class T Shares		$	1,531,837
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		46,503
Net Asset Value Per Share		$	32.94

(1) Includes cost of $1,429,221,583.

(2) Includes cost of $62,178,714.

(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.

16	MARCH 31, 2018

Janus Henderson European Focus Fund

Statement of Operations (unaudited)

For the period ended March 31, 2018



Investment Income:
	Dividends		$	10,478,952
	Dividends from affiliates			408,155
	Other income			172,086
	Foreign tax withheld			(509,135)
Total Investment Income				10,550,058
Expenses:
	Advisory fees			7,442,884
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		314,933
		Class C Shares		856,925
		Class S Shares		64
	Transfer agent administrative fees and expenses:
		Class D Shares		1,829
		Class S Shares		64
		Class T Shares		2,308
	Transfer agent networking and omnibus fees:
		Class A Shares		86,774
		Class C Shares		36,857
		Class I Shares		350,977
	Other transfer agent fees and expenses:
		Class A Shares		16,321
		Class C Shares		9,712
		Class D Shares		459
		Class I Shares		27,101
		Class N Shares		14
		Class T Shares		25
	Fund administration fees			62,590
	Custodian fees			54,050
	Professional fees			25,000
	Non-interested Trustees’ fees and expenses			23,608
	Registration fees			12,062
	Other expenses			19,830
Total Expenses				9,344,387
Less: Excess Expense Reimbursement and Waivers				(9,489)
Net Expenses				9,334,898
Net Investment Income/(Loss)				1,215,160
Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions			89,615,667
	Investments in affiliates			(299,853)
Total Net Realized Gain/(Loss) on Investments				89,315,814
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation			(149,342,399)
	Investments in affiliates			(1,875,836)
Total Change in Unrealized Net Appreciation/Depreciation				(151,218,235)
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	(60,687,261)


See Notes to Financial Statements.

Janus Investment Fund	17

Janus Henderson European Focus Fund

Statements of Changes in Net Assets



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

Operations:
	Net investment income/(loss)		$	1,215,160	$	6,822,325	$	24,371,774
	Net realized gain/(loss) on investments			89,315,814		34,758,970		(183,898,128)
	Change in unrealized net appreciation/depreciation			(151,218,235)		(3,782,959)		276,271,924
Net Increase/(Decrease) in Net Assets Resulting from Operations				(60,687,261)		37,798,336		116,745,570
Dividends and Distributions to Shareholders:
	Dividends from Net Investment Income
		Class A Shares		(4,317,905)		—		(9,900,205)
		Class C Shares		(1,391,083)		—		(3,893,328)
		Class D Shares		(64,816)		—		—
		Class I Shares		(25,516,239)		—		(41,518,851)
		Class N Shares		(6,895)		—		(40,779)
		Class S Shares		(1,110)		—		—
		Class T Shares		(47,776)		—		—
Net Decrease from Dividends and Distributions to Shareholders				(31,345,824)		—		(55,353,163)
Capital Share Transactions:
		Class A Shares		(35,863,412)		(7,581,430)		(296,792,133)
		Class C Shares		(22,599,198)		(7,652,324)		(107,599,355)
		Class D Shares		674,824		124,269		2,533,122
		Class I Shares		(108,787,855)		(69,941,711)		(639,332,130)
		Class N Shares		85,220		100,131		(1,245,160)
		Class S Shares		1,110		—		50,010
		Class T Shares		380,898		260,212		977,983
Net Increase/(Decrease) from Capital Share Transactions				(166,108,413)		(84,690,853)		(1,041,407,663)
Net Increase/(Decrease) in Net Assets				(258,141,498)		(46,892,517)		(980,015,256)
Net Assets:
	Beginning of period			1,696,666,538		1,743,559,055		2,723,574,311
	End of period		$	1,438,525,040	$	1,696,666,538	$	1,743,559,055

Undistributed Net Investment Income/(Loss)			$	(293,837)	$	29,836,827	$	22,940,348

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

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


See Notes to Financial Statements.

18	MARCH 31, 2018

Janus Henderson European Focus Fund

Financial Highlights


Class A Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and the period ended September 30, 2017			2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$35.02	$34.22
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.01	0.13
		Net realized and unrealized gain/(loss)	(1.33)	0.67
	Total from Investment Operations		(1.32)	0.80
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.59)	—
		Distributions (from capital gains)	—	—
	Total Dividends and Distributions		(0.59)	—
	Net Asset Value, End of Period		$33.11	$35.02
	Total Return*		(3.83)%	2.34%
	Net Assets, End of Period (in thousands)		$223,728	$273,184
	Average Net Assets for the Period (in thousands)		$252,909	$268,061
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.28%	1.35%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.28%	1.35%
		Ratio of Net Investment Income/(Loss)	0.03%	2.29%
	Portfolio Turnover Rate		37%	6%


Class C Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and the period ended September 30, 2017			2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$32.68	$31.98
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	(0.11)	0.08
		Net realized and unrealized gain/(loss)	(1.25)	0.62
	Total from Investment Operations		(1.36)	0.70
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.26)	—
		Distributions (from capital gains)	—	—
	Total Dividends and Distributions		(0.26)	—
	Net Asset Value, End of Period		$31.06	$32.68
	Total Return*		(4.19)%	2.19%
	Net Assets, End of Period (in thousands)		$153,449	$184,366
	Average Net Assets for the Period (in thousands)		$172,029	$183,018
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.00%	2.22%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.99%	2.22%
		Ratio of Net Investment Income/(Loss)	(0.68)%	1.44%
	Portfolio Turnover Rate		37%	6%

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

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

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

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


See Notes to Financial Statements.

Janus Investment Fund	19

Janus Henderson European Focus Fund

Financial Highlights


Class A Shares
For a share outstanding during the year ended July 31			2017	2016	2015		2014	2013
	Net Asset Value, Beginning of Period		$32.17	$36.91	$35.42		$29.23	$22.44
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.34	0.44	0.35		0.66	0.26
		Net realized and unrealized gain/(loss)	2.50	(4.94)	1.67		5.60	6.90
	Total from Investment Operations		2.84	(4.50)	2.02		6.26	7.16
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.79)	(0.24)	(0.53)		(0.07)	(0.37)
		Distributions (from capital gains)	—	—	—		—	—
	Total Dividends and Distributions		(0.79)	(0.24)	(0.53)		(0.07)	(0.37)
	Net Asset Value, End of Period		$34.22	$32.17	$36.91		$35.42	$29.23
	Total Return*		9.15%	(12.22)%	5.86%		21.43%	32.13%
	Net Assets, End of Period (in thousands)		$274,588	$560,452	$905,598		$750,572	$317,547
	Average Net Assets for the Period (in thousands)		$381,753	$810,537	$669,133		$686,867	$271,299
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.33%	1.28%	1.30%		1.37%	1.50%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.33%	1.28%	1.30%		1.37%	1.50%
		Ratio of Net Investment Income/(Loss)	1.06%	1.35%	0.99%		1.88%	1.01%
	Portfolio Turnover Rate		57%	62%	75%		90%	115%
						1


Class C Shares
For a share outstanding during the year ended July 31			2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$30.06	$34.57	$33.35	$27.67	$21.25
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.11	0.22	0.04	0.32	0.05
		Net realized and unrealized gain/(loss)	2.32	(4.69)	1.59	5.36	6.54
	Total from Investment Operations		2.43	(4.47)	1.63	5.68	6.59
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.51)	(0.04)	(0.41)	—	(0.17)
		Distributions (from capital gains)	—	—	—	—	—
	Total Dividends and Distributions		(0.51)	(0.04)	(0.41)	—	(0.17)
	Net Asset Value, End of Period		$31.98	$30.06	$34.57	$33.35	$27.67
	Total Return*		8.32%	(12.94)%	5.02%	20.53%	31.10%
	Net Assets, End of Period (in thousands)		$188,120	$287,339	$365,135	$266,900	$104,206
	Average Net Assets for the Period (in thousands)		$219,705	$328,767	$287,767	$197,376	$95,310
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.11%	2.07%	2.09%	2.14%	2.27%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.11%	2.07%	2.09%	2.14%	2.27%
		Ratio of Net Investment Income/(Loss)	0.36%	0.71%	0.12%	0.98%	0.22%
	Portfolio Turnover Rate		57%	62%	75%	90%	115%

* 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	MARCH 31, 2018

Janus Henderson European Focus Fund

Financial Highlights


Class D Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and the period ended September 30, 2017			2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$35.02	$34.21
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.03	0.14
		Net realized and unrealized gain/(loss)	(1.31)	0.67
	Total from Investment Operations		(1.28)	0.81
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.78)	—
		Distributions (from capital gains)	—	—
	Total Dividends and Distributions		(0.78)	—
	Net Asset Value, End of Period		$32.96	$35.02
	Total Return*		(3.73)%	2.37%
	Net Assets, End of Period (in thousands)		$3,264	$2,776
	Average Net Assets for the Period (in thousands)		$3,055	$2,683
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.11%	1.11%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.11%	1.11%
		Ratio of Net Investment Income/(Loss)	0.20%	2.52%
	Portfolio Turnover Rate		37%	6%


Class I Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and the period ended September 30, 2017			2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$34.94	$34.13
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.05	0.15
		Net realized and unrealized gain/(loss)	(1.31)	0.66
	Total from Investment Operations		(1.26)	0.81
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.75)	—
		Distributions (from capital gains)	—	—
	Total Dividends and Distributions		(0.75)	—
	Net Asset Value, End of Period		$32.93	$34.94
	Total Return*		(3.68)%	2.37%
	Net Assets, End of Period (in thousands)		$1,056,120	$1,234,695
	Average Net Assets for the Period (in thousands)		$1,180,484	$1,231,744
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.02%	1.06%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.02%	1.06%
		Ratio of Net Investment Income/(Loss)	0.30%	2.59%
	Portfolio Turnover Rate		37%	6%

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

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

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

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


See Notes to Financial Statements.

Janus Investment Fund	21

Janus Henderson European Focus Fund

Financial Highlights


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


Class I Shares
For a share outstanding during the year ended July 31			2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$32.18	$36.90	$35.48	$29.25	$22.46
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.44	0.60	0.42	0.74	0.40
		Net realized and unrealized gain/(loss)	2.47	(5.02)	1.67	5.61	6.85
	Total from Investment Operations		2.91	(4.42)	2.09	6.35	7.25
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.96)	(0.30)	(0.67)	(0.12)	(0.46)
		Distributions (from capital gains)	—	—	—	—	—
	Total Dividends and Distributions		(0.96)	(0.30)	(0.67)	(0.12)	(0.46)
	Net Asset Value, End of Period		$34.13	$32.18	$36.90	$35.48	$29.25
��	Total Return*		9.44%	(12.01)%	6.10%	21.73%	32.54%
	Net Assets, End of Period (in thousands)		$1,277,021	$1,874,371	$2,357,546	$1,400,298	$266,517
	Average Net Assets for the Period (in thousands)		$1,414,519	$2,276,749	$1,653,249	$804,994	$185,048
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.07%	1.04%	1.07%	1.11%	1.20%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.07%	1.04%	1.07%	1.11%	1.20%
		Ratio of Net Investment Income/(Loss)	1.38%	1.83%	1.19%	2.09%	1.55%
	Portfolio Turnover Rate		57%	62%	75%	90%	115%

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

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

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

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


See Notes to Financial Statements.

22	MARCH 31, 2018

Janus Henderson European Focus Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and the period ended September 30, 2017			2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$34.89	$34.10
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.06	0.13
		Net realized and unrealized gain/(loss)	(1.31)	0.66
	Total from Investment Operations		(1.25)	0.79
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.67)	—
		Distributions (from capital gains)	—	—
	Total Dividends and Distributions		(0.67)	—
	Net Asset Value, End of Period		$32.97	$34.89
	Total Return*		(3.65)%	2.32%
	Net Assets, End of Period (in thousands)		$382	$318
	Average Net Assets for the Period (in thousands)		$367	$245
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.96%	1.19%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.96%	1.19%
		Ratio of Net Investment Income/(Loss)	0.36%	2.29%
	Portfolio Turnover Rate		37%	6%


Class S Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and the period ended September 30, 2017			2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$35.01	$34.20
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	(0.01)	0.13
		Net realized and unrealized gain/(loss)	(1.30)	0.68
	Total from Investment Operations		(1.31)	0.81
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.75)	—
		Distributions (from capital gains)	—	—
	Total Dividends and Distributions		(0.75)	—
	Net Asset Value, End of Period		$32.95	$35.01
	Total Return*		(3.90)%	2.37%
	Net Assets, End of Period (in thousands)		$50	$52
	Average Net Assets for the Period (in thousands)		$52	$50
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.46%	1.48%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.39%	1.30%
		Ratio of Net Investment Income/(Loss)	(0.08)%	2.34%
	Portfolio Turnover Rate		37%	6%

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

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

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

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


See Notes to Financial Statements.

Janus Investment Fund	23

Janus Henderson European Focus Fund

Financial Highlights


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


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

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

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

(1) Period from November 30, 2015 (inception date) through July 31, 2016.

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

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


See Notes to Financial Statements.

24	MARCH 31, 2018

Janus Henderson European Focus Fund

Financial Highlights


Class T Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and the period ended September 30, 2017			2018		2017⁽¹⁾
	Net Asset Value, Beginning of Period		$35.03		$34.22
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.01		0.13
		Net realized and unrealized gain/(loss)	(1.31)		0.68
	Total from Investment Operations		(1.30)		0.81
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.79)		—
		Distributions (from capital gains)	—		—
	Total Dividends and Distributions		(0.79)		—
	Net Asset Value, End of Period		$32.94		$35.03
	Total Return*		(3.79)%		2.37%
	Net Assets, End of Period (in thousands)		$1,532		$1,275
	Average Net Assets for the Period (in thousands)		$1,850		$1,077
	Ratios to Average Net Assets**:			��
		Ratio of Gross Expenses	1.21%		1.22%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.21%		1.18%
		Ratio of Net Investment Income/(Loss)	0.08%		2.26%
	Portfolio Turnover Rate		37%		6%

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

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

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

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


See Notes to Financial Statements.

Janus Investment Fund	25

Janus Henderson European Focus Fund

Financial Highlights


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

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

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

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

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


See Notes to Financial Statements.

26	MARCH 31, 2018

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)

1. Organization and Significant Accounting Policies

Janus Henderson European Focus Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 49 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term capital appreciation primarily through investment in equities of European companies. The Fund is classified as diversified, as defined in the 1940 Act.

Pursuant to the Agreement and Plan of Reorganization, the Fund acquired all the assets and liabilities of the Henderson European Focus Fund (the “Predecessor Fund”), a series of Henderson Global Funds, in exchange for Class A, Class C, Class I and Class N Fund shares having an aggregate net asset value equal to the value of the aggregate net assets of the same share class of the Predecessor Fund (except that Class R6 Predecessor Fund shares were exchanged for Class N Fund shares) (the “Reorganization”). The Reorganization occurred at the close of business on June 2, 2017.


Janus Investment Fund	27

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)

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

Investment Valuation

Valuation Inputs Summary

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


28	MARCH 31, 2018

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)

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 March 31, 2018.

Financial assets of $1,269,702,707 were transferred out of Level 1 to Level 2 since certain foreign equity prices were applied a fair valuation adjustment factor at the end of the current period and no factor was applied at the end of the prior period.

Financial assets of $5,805,781 were transferred out of Level 3 to Level 2 since certain security’s prices were determined using other significant observable inputs at the end of the current period and significant unobservable inputs at the end of the period.

Investment Transactions and Investment Income

Expenses

Estimates

Indemnifications


Janus Investment Fund	29

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)

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

Dividends and Distributions

Federal Income Taxes

2. Other Investments and Strategies

Additional Investment Risk


30	MARCH 31, 2018

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)

Therefore, it is important to understand that the value of your investment may fall, sometimes sharply, and you could lose money.

Real Estate Investing

3. Investment Advisory Agreements and Other Transactions with Affiliates


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


Janus Investment Fund	31

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)

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

Janus Capital has contractually agreed to waive the advisory fee payable by the Fund or reimburse expenses in an amount equal to the amount, if any, that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus/administrative fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.96% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waivers until at least February 1, 2019. If applicable, amounts waived and/or reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.


32	MARCH 31, 2018

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)

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

Janus Capital furnishes certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund and providing personnel to serve as officers to the Fund. The Fund reimburses Janus Capital for certain of its costs in providing these services (to the extent Janus Capital seeks reimbursement and such costs are not otherwise waived). These costs include some or all of the salaries, fees, and expenses of Janus Capital employees and Fund officers, including the Fund’s Chief Compliance Officer and compliance staff, who provide specified administration and compliance services to 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. Total compensation of $268,180 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended March 31, 2018. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.


Janus Investment Fund	33

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)

Deferred compensation expenses for the period ended March 31, 2018 are included in “Non-interested Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $240,213 were paid by the Trust to the Trustees under the Deferred Plan during the period ended March 31, 2018.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between Janus Henderson Distributors and financial intermediaries. During the period ended March 31, 2018, Janus Henderson Distributors retained upfront sales charges of $24,444.

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 period ended March 31, 2018, redeeming shareholders of Class A Shares paid CDSCs of $1,100 to Janus Henderson Distributors.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the period ended March 31, 2018, redeeming shareholders of Class C Shares paid CDSCs of $3,292.

As of March 31, 2018, shares of the Fund were owned by affiliates of Janus Henderson Investors, and/or other funds advised by Janus Henderson, as indicated in the table below:


Class		% of Class Owned		% of Fund Owned
Class A Shares		-	%	-	%
Class C Shares		-		-
Class D Shares		-		-
Class I Shares		-		-
Class N Shares		1		-*
Class S Shares		-*		-*
Class T Shares		-*		-*

*	Less than 0.50%

4. Federal Income Tax


34	MARCH 31, 2018

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)


Capital Loss Carryover Schedule
For the year ended September 30, 2017
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$(201,829,824)	$(172,355,771)	$ (374,185,595)


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 1,501,738,979	$153,821,094	$(216,582,864)	$ (62,761,770)


Janus Investment Fund	35

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)

5. Capital Share Transactions



		Period ended March 31, 2018		Period ended September 30, 2017⁽¹⁾
		Shares	Amount	Shares	Amount

Class A Shares:
Shares sold		393,797	$ 13,683,151	255,977	$ 8,717,515
Reinvested dividends and distributions		115,062	3,940,887	-	-
Shares repurchased		(1,552,493)	(53,487,450)	(479,725)	(16,298,945)
Net Increase/(Decrease)		(1,043,634)	$ (35,863,412)	(223,748)	$ (7,581,430)
Class C Shares:
Shares sold		121,394	$ 3,926,579	35,121	$ 1,118,278
Reinvested dividends and distributions		37,785	1,216,673	-	-
Shares repurchased		(861,355)	(27,742,450)	(276,287)	(8,770,602)
Net Increase/(Decrease)		(702,176)	$ (22,599,198)	(241,166)	$ (7,652,324)
Class D Shares:
Shares sold		36,167	$ 1,236,885	6,985	$ 238,214
Reinvested dividends and distributions		1,855	63,200	-	-
Shares repurchased		(18,256)	(625,261)	(3,304)	(113,945)
Net Increase/(Decrease)		19,766	$ 674,824	3,681	$ 124,269
Class I Shares:
Shares sold		5,663,865	$ 195,534,420	1,258,074	$ 42,616,872
Reinvested dividends and distributions		635,496	21,625,919	-	-
Shares repurchased		(9,558,935)	(325,948,194)	(3,343,155)	(112,558,583)
Net Increase/(Decrease)		(3,259,574)	$(108,787,855)	(2,085,081)	$(69,941,711)
Class N Shares:
Shares sold		3,335	$ 114,879	2,953	$ 100,131
Reinvested dividends and distributions		202	6,895	-	-
Shares repurchased		(1,064)	(36,554)	-	-
Net Increase/(Decrease)		2,473	$ 85,220	2,953	$ 100,131
Class S Shares:
Shares sold		-	$ -	-	$ -
Reinvested dividends and distributions		32	1,110	-	-
Shares repurchased		-	-	-	-
Net Increase/(Decrease)		32	$ 1,110	-	$ -
Class T Shares:
Shares sold		66,293	$ 2,280,174	8,908	$ 302,872
Reinvested dividends and distributions		1,386	47,219	-	-
Shares repurchased		(57,561)	(1,946,495)	(1,258)	(42,660)
Net Increase/(Decrease)		10,118	$ 380,898	7,650	$ 260,212
(1)	Period from August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.


36	MARCH 31, 2018

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)




Year ended July 31, 2017⁽¹⁾		Shares	Amount

Class A Shares:
Shares sold		1,807,915	$ 57,148,545
Reinvested dividends and distributions		295,364	8,911,143
Shares repurchased		(11,501,646)	(362,851,821)
Net Increase/(Decrease)		(9,398,367)	$ (296,792,133)
Class C Shares:
Shares sold		509,589	$ 14,981,836
Reinvested dividends and distributions		110,070	3,118,276
Shares repurchased		(4,294,624)	(125,699,467)
Net Increase/(Decrease)		(3,674,965)	$ (107,599,355)
Class D Shares:
Shares sold		77,786	$ 2,605,804
Reinvested dividends and distributions		-	-
Shares repurchased		(2,210)	(72,682)
Net Increase/(Decrease)		75,576	$ 2,533,122
Class I Shares:
Shares sold		16,733,885	$ 526,937,350
Reinvested dividends and distributions		1,191,676	35,797,951
Shares repurchased		(38,749,765)	(1,202,067,431)
Net Increase/(Decrease)		(20,824,204)	$ (639,332,130)
Class N Shares:
Shares sold		11,162	$ 358,109
Reinvested dividends and distributions		1,353	40,620
Shares repurchased		(50,242)	(1,643,889)
Net Increase/(Decrease)		(37,727)	$ (1,245,160)
Class S Shares:
Shares sold		1,484	$ 50,010
Reinvested dividends and distributions		-	-
Shares repurchased		-	-
Net Increase/(Decrease)		1,484	$ 50,010
Class T Shares:
Shares sold		28,736	$ 978,017
Reinvested dividends and distributions		-	-
Shares repurchased		(1)	(34)
Net Increase/(Decrease)		28,735	$ 977,983
(1)	Period from June 5, 2017 (inception date) through July 31, 2017 for Class D Shares, Class S Shares and Class T Shares.

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
$583,717,717	$ 742,230,290	$ -	$ -

7. Recent Accounting Pronouncements


Janus Investment Fund	37

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)

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. Subsequent Event


38	MARCH 31, 2018

Janus Henderson European Focus Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD


Janus Investment Fund	39

Janus Henderson European Focus Fund

Additional Information (unaudited)

agreements. “Management fees,” as used herein, reflect actual annual advisory fees and any administration fees (excluding out of pocket costs), net of any waivers.

Nature, Extent and Quality of Services

Performance of the Funds

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

Alternative Funds

Asset Allocation Funds


40	MARCH 31, 2018

Janus Henderson European Focus Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


Janus Investment Fund	41

Janus Henderson European Focus Fund

Additional Information (unaudited)

· For Janus Henderson International Small Cap Fund, the Trustees noted that, due to limited performance for the Fund, performance history was not a material factor.


42	MARCH 31, 2018

Janus Henderson European Focus Fund

Additional Information (unaudited)

Money Market Funds

Multi-Asset Funds

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 12 months ended May 31, 2017.

Multi-Asset U.S. Equity Funds


Janus Investment Fund	43

Janus Henderson European Focus Fund

Additional Information (unaudited)

Quantitative Equity Funds

U.S. Equity Funds

Janus Aspen Series


44	MARCH 31, 2018

Janus Henderson European Focus Fund

Additional Information (unaudited)

Costs of Services Provided


Janus Investment Fund	45

Janus Henderson European Focus Fund

Additional Information (unaudited)

Alternative Funds


46	MARCH 31, 2018

Janus Henderson European Focus Fund

Additional Information (unaudited)

reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses effective June 5, 2017.

Asset Allocation Funds

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

Fixed-Income Funds

Global and International Equity Funds


Janus Investment Fund	47

Janus Henderson European Focus Fund

Additional Information (unaudited)

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

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

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

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

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

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

Money Market Funds


48	MARCH 31, 2018

Janus Henderson European Focus Fund

Additional Information (unaudited)

Multi-Asset Funds

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

Multi-Asset U.S. Equity Funds

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

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


Janus Investment Fund	49

Janus Henderson European Focus Fund

Additional Information (unaudited)

Quantitative Equity Funds

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

U.S. Equity Funds

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

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

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

Janus Aspen Series

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

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


50	MARCH 31, 2018

Janus Henderson European Focus Fund

Additional Information (unaudited)

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

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

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

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


Janus Investment Fund	51

Janus Henderson European Focus Fund

Additional Information (unaudited)

Economies of Scale

Other Benefits to Janus Capital


52	MARCH 31, 2018

Janus Henderson European Focus Fund

Useful Information About Your Fund Report (unaudited)

Management Commentary

Performance Overviews

Schedule of Investments

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

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

Statement of Assets and Liabilities

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


Janus Investment Fund	53

Janus Henderson European Focus Fund

Useful Information About Your Fund Report (unaudited)

Statement of Operations

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

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

Statements of Changes in Net Assets

Financial Highlights


54	MARCH 31, 2018

Janus Henderson European Focus Fund

Useful Information About Your Fund Report (unaudited)

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

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


Janus Investment Fund	55

Janus Henderson European Focus Fund

Notes

NotesPage1


56	MARCH 31, 2018

Janus Henderson European Focus Fund

Notes

NotesPage2


Janus Investment Fund	57

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
							125-24-93080 05-18



	SEMIANNUAL REPORT March 31, 2018

Janus Henderson Forty Fund

Janus Investment Fund

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

Table of Contents

Janus Henderson Forty Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	12
Statement of Assets and Liabilities	13
Statement of Operations	15
Statements of Changes in Net Assets	16
Financial Highlights	17
Notes to Financial Statements	21
Additional Information	33
Useful Information About Your Fund Report	47

Janus Henderson Forty Fund (unaudited)

FUND SNAPSHOT

We believe that constructing a concentrated portfolio of quality growth companies will allow us to outperform our benchmark over time. We define quality as companies that enjoy sustainable “moats” around their businesses, potentially allowing them to grow faster, with higher returns, than their competitors. We believe the market often underestimates these companies’ sustainable competitive advantage periods.

Doug Rao

co-portfolio manager

Nick Schommer

co-portfolio manager

PERFORMANCE OVERVIEW

For the six-month period ended March 31, 2018, Janus Forty Fund’s Class I Shares returned 9.54% versus a return of 9.39% for the Fund’s primary benchmark, the Russell 1000^{^®} Growth Index. The Fund’s secondary benchmark, the S&P 500^{^®} Index, returned 5.84% for the period.

INVESTMENT ENVIRONMENT

U.S. equities were up for the six-month period, but were volatile. Stocks ended 2017 with another quarter of strong gains, buttressed by synchronous growth across major economies and anticipation that corporate tax reform will boost future U.S. corporate earnings. In the first quarter of 2018, concerns over inflation and faster-than-expected interest rate hikes were a source of volatility, as were fears about protectionist trade policies. The consumer discretionary and technology sectors were among the top performing sectors within Russell 1000 Growth Index.

PERFORMANCE DISCUSSION

As part of our investment strategy, we seek companies that have built clear, sustainable competitive moats around their businesses, which should help them grow market share within their respective industries over time. Important competitive advantages could include a strong brand, network effects from a product or service that would be hard for a competitor to replicate, a lower cost structure than competitors in the industry, a distribution advantage or patent protection over valuable intellectual property. We think emphasizing these sustainable competitive advantages can be a meaningful driver of outperformance over longer time horizons because the market often underestimates the duration of growth for these companies and the long-term potential return to shareholders. This period, many of the companies in our fund continued to put up impressive results and validate our view that they are well positioned to grow in excess of the market.

Amazon was our largest contributor. Acceleration of its cloud business and continued margin improvement for its core retail business helped drive the stock. Potential for Amazon to leverage its platform to expand into new industries has also driven the stock higher in recent months. Amazon is a longtime holding in our fund and our views on the company remain the same: The company’s scale and distribution advantage have entrenched it as the dominant e-commerce platform, which should allow it to continue gaining consumer wallet share as shopping gravitates to online and mobile purchases. Meanwhile, Amazon Web Services is revolutionizing the way companies utilize IT services, using its scale to offer a disruptive pricing model to businesses seeking IT functions in the cloud.

Mastercard was another top contributor. The stock is another longtime holding in which we continue to see its thesis play out. Our long-term view is that payments companies such as Mastercard are poised to benefit as consumers and businesses switch from cash and check to plastic and electronic payments. Mastercard is particularly well positioned to benefit from this shift because a majority of its revenues are generated outside the U.S., where many markets have a lower penetration of card and electronic payments and are experiencing significantly faster electronic purchase volume growth. Another period of strong revenue growth and better-than-expected guidance only confirm our point of view.

Salesforce also made meaningful contributions to performance. The stock was up after the company reported exceptionally strong earnings results in late February. We continue to like Salesforce’s position as a leader in cloud-based enterprise software, and believe it will benefit as marketing and sales departments move more functions from on-premises software to the cloud, and as the company moves into new adjacencies beyond sales and marketing departments.


Janus Investment Fund	1

Janus Henderson Forty Fund (unaudited)

While pleased with the results of most companies in our fund, we still held stocks that detracted from performance. Celgene was our largest detractor. The stock was down due to a couple of setbacks for some of its treatments during the period. A new treatment for Crohn’s disease reported lackluster trial data, while the Food and Drug Administration (FDA) issued a Refusal to File letter for Celgene’s multiple sclerosis drug, ozanimod. Both setbacks were disappointing, but we continue to hold the stock. We are hopeful that some ongoing trials for the multiple sclerosis treatment may address some of the FDA’s questions. We also believe that at this valuation, the market is not giving Celgene enough credit for the cash flow generation potential of its blood cancer treatment, Revlimid, or the potential of other products in its pipeline.

Regeneron Pharmaceuticals also detracted from performance. The stock declined as investors worried about competition facing Eylea, Regeneron’s lead eye therapy, and Dupixent, its recently launched treatment for eczema. While aware of the competitive landscape, we believe sales of Eylea can provide solid cash flows for Regeneron in the near term, while Dupixent likely won’t hit peak revenues until several years from now. In addition, we like Regeneron’s immuno-oncology pipeline and inflammatory disease programs, among other assets, and believe they should provide additional sources of growth for the company.

Citigroup was another detractor. The stock was down in part due to concerns about how tariffs or a potential trade war might impact the global business. We are less concerned about a trade war, however, and believe the market is overlooking several positive tailwinds for the company including deregulation, rising interest rates and an increasing ability to return more cash to shareholders.

OUTLOOK

At a market multiple of 16x forward earnings, we believe stocks are reasonably valued, especially when compared to other asset classes. While stocks have made significant gains in recent quarters, we would also highlight that stronger earnings drove much of the move. Given the potential for further earnings growth due to tax reform and a strengthening economy, we don’t believe stocks are as expensive as some market pundits suggest.

However, we wouldn’t be surprised to see a little multiple compression if interest rates rise. That should make earnings growth imperative to drive stock appreciation going forward. We like how our fund is positioned for such an environment. We believe our holdings underpin powerful secular growth trends that should position them for resilient earnings growth in the coming years.

Thank you for your investment in Janus Henderson Forty Fund.


2	MARCH 31, 2018

Janus Henderson Forty Fund (unaudited)

Fund At A Glance

March 31, 2018





	5 Top Performers - Holdings		5 Bottom Performers - Holdings
		Contribution		Contribution
	Amazon.com Inc	1.65%	Celgene Corp	-1.50%
	Mastercard Inc	1.36%	Regeneron Pharmaceuticals Inc	-0.47%
	salesforce.com Inc	1.01%	Shire PLC (ADR)	-0.37%
	Adobe Systems Inc	1.00%	Allergan PLC	-0.30%
	Microsoft Corp	0.96%	Citigroup Inc	-0.25%

	5 Top Performers - Sectors*
		Fund	Fund Weighting	Russell 1000 Growth Index
		Contribution	(Average % of Equity)	Weighting
	Information Technology	1.95%	44.08%	38.47%
	Consumer Discretionary	0.58%	14.87%	18.15%
	Consumer Staple	0.34%	0.00%	6.52%
	Materials	0.15%	4.31%	3.68%
	Telecommunications Services	0.10%	0.00%	0.93%

	5 Bottom Performers - Sectors*
		Fund	Fund Weighting	Russell 1000 Growth Index
		Contribution	(Average % of Equity)	Weighting
	Health Care	-1.73%	15.09%	13.06%
	Financials	-0.54%	10.38%	3.39%
	Other**	-0.47%	4.10%	0.00%
	Industrials	-0.08%	3.36%	12.52%
	Utilities	0.00%	0.00%	0.01%

	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 Forty Fund (unaudited)

Fund At A Glance

March 31, 2018


5 Largest Equity Holdings - (% of Net Assets)
Mastercard Inc
Information Technology Services	6.4%
Amazon.com Inc
Internet & Direct Marketing Retail	5.5%
Alphabet Inc - Class C
Internet Software & Services	5.5%
salesforce.com Inc
Software	4.8%
Microsoft Corp
Software	4.7%
	26.9%


Asset Allocation - (% of Net Assets)
Common Stocks	96.8%
Investment Companies	3.3%
Other		(0.1)%
		100.0%

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

As of March 31, 2018

As of September 30, 2017


4	MARCH 31, 2018

Janus Henderson Forty Fund (unaudited)

Performance

See important disclosures on the next page.



						Expense Ratios -
Average Annual Total Return - for the periods ended March 31, 2018						per the January 26, 2018 prospectuses
	Fiscal Year-to-Date	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses	Net Annual Fund Operating Expenses
Class A Shares at NAV	9.38%	22.35%	16.00%	8.69%	11.26%	1.06%	1.05%
Class A Shares at MOP	3.07%	15.31%	14.63%	8.05%	11.06%
Class C Shares at NAV	9.05%	21.57%	15.27%	7.94%	10.69%	1.78%	1.75%
Class C Shares at CDSC	8.07%	20.57%	15.27%	7.94%	10.69%
Class D Shares⁽¹⁾	9.48%	22.63%	15.90%	8.55%	11.26%	0.82%	0.79%
Class I Shares	9.54%	22.72%	16.36%	9.00%	11.26%	0.75%	0.73%
Class N Shares	9.59%	22.78%	16.46%	8.55%	11.26%	0.68%	0.66%
Class R Shares	9.19%	21.88%	15.59%	8.26%	11.00%	1.43%	1.41%
Class S Shares	9.29%	22.15%	15.90%	8.55%	11.26%	1.18%	1.16%
Class T Shares	9.47%	22.52%	16.18%	8.55%	11.26%	0.93%	0.91%
Russell 1000 Growth Index	9.39%	21.25%	15.53%	11.34%	7.64%
S&P 500 Index	5.84%	13.99%	13.31%	9.49%	7.89%
Morningstar Quartile - Class S Shares	-	2nd	1st	4th	1st
Morningstar Ranking - based on total returns for Large Growth Funds	-	524/1,425	252/1,328	921/1,137	28/627

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


Janus Investment Fund	5

Janus Henderson Forty Fund (unaudited)

Performance

Value (NAV) returns exclude this charge, which would have reduced returns.

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

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

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

Class A Shares, Class C Shares, Class I Shares, Class R Shares, and Class S Shares commenced operations on July 6, 2009 after the reorganization of each class of Janus Adviser Forty Fund (the “JAD predecessor fund”) into corresponding shares of the Fund.

Performance shown for Class S Shares reflects the historical performance of the JAD predecessor fund’s Class S Shares (formerly named Class I Shares) from August 1, 2000 to July 6, 2009, calculated using the fees and expenses of the JAD predecessor fund’s Class S Shares, net of any applicable fee and expense limitations or waivers. For the periods prior to August 1, 2000, the performance shown for Class S Shares reflects the historical performance of the Retirement Shares of Janus Aspen Series – Forty Portfolio (as a result of a separate prior reorganization of the Retirement Shares into the JAD predecessor fund). Performance shown for certain periods prior to August 1, 2000 was calculated using the fees and expenses of Class S Shares of the JAD predecessor fund, without the effect of any fee and expense limitations or waivers.

Performance shown for Class C Shares reflects the historical performance of the JAD predecessor fund’s Class C Shares from September 30, 2002 to July 6, 2009, calculated using the fees and expenses of the JAD predecessor fund’s Class C Shares, net of any applicable fee and expense limitations or waivers. For the periods August 1, 2000 to September 30, 2002, the performance shown for Class C Shares reflects the historical performance of the JAD predecessor fund’s Class S Shares (formerly named Class I Shares). For the periods prior to August 1, 2000, the performance shown for Class C Shares reflects the historical performance of the Retirement Shares of Janus Aspen Series – Forty Portfolio (as a result of a separate prior reorganization). Performance shown for certain periods prior to September 30, 2002 was calculated using the fees and expenses of Class S Shares of the JAD predecessor fund, without the effect of any fee and expense limitation or waivers.

Performance shown for Class A Shares and Class R Shares reflects the historical performance of each corresponding class of the JAD predecessor fund from September 30, 2004 to July 6, 2009, calculated using the fees and expenses of the corresponding class of the JAD predecessor fund respectively, net of any applicable fee and expense limitations or waivers. Performance shown for each class for the periods August 1, 2000 to September 30, 2004 reflects the historical performance of the JAD predecessor fund’s Class S Shares (formerly named Class I Shares). Performance shown for each class for the periods prior to August 1, 2000 reflects the historical performance of the Retirement Shares of Janus Aspen Series – Forty Portfolio (as a result of a separate prior reorganization). Performance shown for Class A Shares for certain periods prior to September 30, 2004 was calculated using the fees and expenses of Class S Shares of the JAD predecessor fund, without the effect of any fee and expense limitations or waivers. Performance shown for Class R Shares for certain periods prior to September 30, 2004 was calculated using the fees and expenses of Class R Shares of the JAD predecessor fund, without the effect of any fee and expense limitations or waivers.

Performance shown for Class I Shares reflects the historical performance of the JAD predecessor fund’s Class I Shares from November 28, 2005 to July 6, 2009, calculated using the fees and expenses of the JAD predecessor fund’s Class I Shares, net of any applicable fee and expense limitations or waivers. For the periods August 1, 2000 to November 28, 2005, the performance shown for Class I Shares reflects the historical performance of the JAD predecessor fund’s Class S Shares (formerly named Class I Shares). For the periods prior to August 1, 2000, the performance shown for Class I Shares reflects the historical performance of the Retirement Shares of Janus Aspen Series – Forty Portfolio (as a result of a separate prior reorganization). Performance shown for certain periods prior to November 28, 2005 was calculated using the fees and expenses of Class S Shares of the JAD predecessor fund, without the effect of any fee and expense limitations or waivers.

Class D Shares commenced operations on January 27, 2017. Performance shown for Class D Shares reflects the performance of the Fund's Class S Shares from July 6, 2009 to January 27, 2017, calculated using the fees and expenses of Class S Shares, net of any applicable fee and expense limitations or waivers. For the periods August 1, 2000 to July 6, 2009, the performance shown for Class D Shares reflects the performance of Class S Shares (formerly named Class I Shares) of the JAD predecessor fund (prior to the reorganization), calculated using the fees and expenses of the JAD predecessor fund's Class S Shares, net of any applicable fee and expense limitations or waivers. For the periods prior to August 1, 2000, the performance shown for Class D Shares reflects the historical performance of the Retirement Shares of Janus Aspen Series - Forty Portfolio (as a result of a separate prior reorganization). Performance shown for certain periods prior to August 1, 2000 was calculated using the fees and expenses of Class S Shares of the JAD predecessor fund, without the effect of any fee and expense limitations or waivers.

Class T Shares commenced operations on July 6, 2009. Performance shown for Class T Shares reflects the historical performance of the JAD predecessor fund’s Class S Shares (formerly named Class I Shares) from August 1, 2000 to July 6, 2009, calculated using the fees and expenses of the JAD predecessor fund’s Class S Shares, net of any applicable fee and expense limitations or waivers. For the periods prior to August 1, 2000, the performance shown for Class T Shares reflects the historical performance of the Retirement Shares of Janus Aspen Series – Forty Portfolio (as a result of a separate prior reorganization). Performance shown for certain periods prior to August 1, 2000 was calculated using the fees and expenses of Class S Shares of the JAD predecessor fund, without the effect of any fee and expense limitations or waivers.


6	MARCH 31, 2018

Janus Henderson Forty Fund (unaudited)

Performance

Class N Shares commenced operations on May 31, 2012. Performance shown for Class N Shares reflects the performance of the Fund’s Class S Shares from July 6, 2009 to May 31, 2012, calculated using the fees and expenses of Class S Shares, net of any applicable fee and expense limitations or waivers. For the periods August 1, 2000 to July 6, 2009, the performance shown for Class N Shares reflects the performance of Class S Shares (formerly named Class I Shares) of the JAD predecessor fund (prior to the reorganization), calculated using the fees and expenses of the JAD predecessor fund’s Class S Shares, net of any applicable fee and expense limitations or waivers. For the periods prior to August 1, 2000, the performance shown for Class N Shares reflects the historical performance of the Retirement Shares of Janus Aspen Series – Forty Portfolio (as a result of a separate prior reorganization). Performance shown for certain periods prior to August 1, 2000 was calculated using the fees and expenses of Class S Shares of the JAD predecessor fund, without the effect of any fee and expense limitations or waivers.

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

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

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

See “Useful Information About Your Fund Report.”

*The Predecessor Fund’s inception date – May 1, 1997

(1) Closed to certain new investors.


Janus Investment Fund	7

Janus Henderson Forty Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes

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 prospectus. 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 (10/1/17)	Ending Account Value (3/31/18)	Expenses Paid During Period (10/1/17 - 3/31/18)†	Beginning Account Value (10/1/17)	Ending Account Value (3/31/18)	Expenses Paid During Period (10/1/17 - 3/31/18)†	Net Annualized Expense Ratio (10/1/17 - 3/31/18)
Class A Shares		$1,000.00	$1,093.80	$5.01	$1,000.00	$1,020.14	$4.84	0.96%
Class C Shares		$1,000.00	$1,090.50	$8.34	$1,000.00	$1,016.95	$8.05	1.60%
Class D Shares		$1,000.00	$1,094.80	$3.71	$1,000.00	$1,021.39	$3.58	0.71%
Class I Shares		$1,000.00	$1,095.40	$3.34	$1,000.00	$1,021.74	$3.23	0.64%
Class N Shares		$1,000.00	$1,095.90	$2.98	$1,000.00	$1,022.09	$2.87	0.57%
Class R Shares		$1,000.00	$1,091.90	$6.88	$1,000.00	$1,018.35	$6.64	1.32%
Class S Shares		$1,000.00	$1,092.90	$5.58	$1,000.00	$1,019.60	$5.39	1.07%
Class T Shares		$1,000.00	$1,094.70	$4.23	$1,000.00	$1,020.89	$4.08	0.81%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


8	MARCH 31, 2018

Janus Henderson Forty Fund

Schedule of Investments (unaudited)

March 31, 2018


Shares			Value
Common Stocks– 96.8%
Aerospace & Defense – 1.3%
	General Dynamics Corp	693,107	$153,107,336
Auto Components – 1.7%
	Aptiv PLC	2,403,437	204,220,042
Banks – 2.8%
	Citigroup Inc	5,028,344	339,413,220
Biotechnology – 3.5%
	Celgene Corp*	2,608,110	232,669,493
	Regeneron Pharmaceuticals Inc*	543,747	187,244,717
			419,914,210
Capital Markets – 7.6%
	Charles Schwab Corp	5,316,207	277,612,330
	Goldman Sachs Group Inc	1,201,443	302,595,434
	Intercontinental Exchange Inc	4,531,740	328,641,785
			908,849,549
Chemicals – 3.9%
	Air Products & Chemicals Inc	1,318,035	209,607,106
	Sherwin-Williams Co	668,387	262,087,910
			471,695,016
Construction Materials – 0.9%
	Vulcan Materials Co	919,935	105,028,979
Electronic Equipment, Instruments & Components – 1.7%
	TE Connectivity Ltd	1,999,818	199,781,818
Equity Real Estate Investment Trusts (REITs) – 3.7%
	American Tower Corp	3,068,146	445,924,340
Health Care Equipment & Supplies – 4.5%
	Boston Scientific Corp*	10,443,427	285,314,426
	Intuitive Surgical Inc*	615,579	254,129,479
			539,443,905
Health Care Providers & Services – 1.8%
	Humana Inc	812,813	218,508,519
Hotels, Restaurants & Leisure – 2.4%
	Starbucks Corp	5,057,132	292,757,371
Information Technology Services – 7.7%
	Mastercard Inc	4,388,253	768,646,395
	PayPal Holdings Inc*	2,003,155	151,979,370
			920,625,765
Internet & Direct Marketing Retail – 9.4%
	Amazon.com Inc*	458,374	663,423,025
	Booking Holdings Inc*	79,546	165,486,703
	Ctrip.com International Ltd (ADR)*	3,539,646	165,018,296
	Netflix Inc*	451,088	133,228,841
			1,127,156,865
Internet Software & Services – 9.1%
	Alphabet Inc - Class C*	640,157	660,507,591
	Facebook Inc*	1,151,292	183,964,949
	Tencent Holdings Ltd	4,629,200	246,425,817
			1,090,898,357
Pharmaceuticals – 4.6%
	Allergan PLC	1,231,028	207,169,702
	Nektar Therapeutics*	946,982	100,626,307
	Zoetis Inc	2,897,875	242,001,541
			549,797,550
Professional Services – 1.2%
	CoStar Group Inc*	382,075	138,570,961
Road & Rail – 2.1%
	Union Pacific Corp	1,824,451	245,260,948
Semiconductor & Semiconductor Equipment – 7.8%
	ASML Holding NV^#	1,723,488	342,215,777


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

Janus Investment Fund	9

Janus Henderson Forty Fund

Schedule of Investments (unaudited)

March 31, 2018


Shares			Value
Common Stocks– (continued)
Semiconductor & Semiconductor Equipment – (continued)
	NVIDIA Corp	724,297	$167,739,942
	Texas Instruments Inc	4,107,713	426,750,304
			936,706,023
Software – 15.2%
	Activision Blizzard Inc	6,030,805	406,838,105
	Adobe Systems Inc*	1,267,852	273,957,460
	Microsoft Corp	6,136,278	560,058,093
	salesforce.com Inc*	4,943,003	574,871,249
			1,815,724,907
Technology Hardware, Storage & Peripherals – 1.6%
	Apple Inc	1,127,237	189,127,824
Textiles, Apparel & Luxury Goods – 2.3%
	NIKE Inc	4,134,020	274,664,289
Total Common Stocks (cost $8,024,834,564)			11,587,177,794
Investment Companies– 3.3%
Investments Purchased with Cash Collateral from Securities Lending – 0%
	Janus Henderson Cash Collateral Fund LLC, 1.5300%^ºº,£	1,607,850	1,607,850
Money Markets – 3.3%
	Janus Henderson Cash Liquidity Fund LLC, 1.6505%^ºº,£	393,850,950	393,850,950
Total Investment Companies (cost $395,458,800)			395,458,800
Total Investments (total cost $8,420,293,364) – 100.1%			11,982,636,594
Liabilities, net of Cash, Receivables and Other Assets – (0.1)%			(11,214,835)
Net Assets – 100%			$11,971,421,759


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

		% of
		Investment
Country	Value	Securities
United States	$11,228,976,704	93.7	%
China	411,444,113	3.4
Netherlands	342,215,777	2.9



Total	$11,982,636,594	100.0	%

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income⁽¹⁾		Realized Gain/(Loss)⁽¹⁾		Change in Unrealized Appreciation/ Depreciation⁽¹⁾		Value at 3/31/18
Investment Companies– 3.3%
Investments Purchased with Cash Collateral from Securities Lending – 0%
	Janus Henderson Cash Collateral Fund LLC, 1.5300%^ºº	$	9,478^∆	$	—	$	—	$	1,607,850
Money Markets – 3.3%
	Janus Henderson Cash Liquidity Fund LLC, 1.6505%^ºº		2,930,907		—		—		393,850,950


Total Affiliated Investments – 3.3%	$	2,940,385	$	—	$	—	$	395,458,800


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

10	MARCH 31, 2018

Janus Henderson Forty Fund

Schedule of Investments (unaudited)

March 31, 2018


		Share Balance at 9/30/17		Purchases		Sales		Share Balance at 3/31/18
Investment Companies– 3.3%
Investments Purchased with Cash Collateral from Securities Lending – 0%
	Janus Henderson Cash Collateral Fund LLC, 1.5300%^ºº		—		171,214,075		(169,606,225)		1,607,850
Money Markets – 3.3%
	Janus Henderson Cash Liquidity Fund LLC, 1.6505%^ºº		516,017,453		1,122,477,497		(1,244,644,000)		393,850,950


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

Janus Investment Fund	11

Janus Henderson Forty Fund

Notes to Schedule of Investments and Other Information (unaudited)


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


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


*	Non-income producing security.


ºº	Rate shown is the 7-day yield as of March 31, 2018.


#	Loaned security; a portion of the security is on loan at March 31, 2018.


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


∆	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 March 31, 2018. 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
Internet Software & Services	$	844,472,540	$	246,425,817	$	-
All Other		10,496,279,437		-		-
Investment Companies		-		395,458,800		-
Total Assets	$	11,340,751,977	$	641,884,617	$	-


12	MARCH 31, 2018

Janus Henderson Forty Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2018

See footnotes at the end of the Statement



Assets:
	Unaffiliated investments, at value⁽¹⁾⁽²⁾		$	11,587,177,794
	Affiliated investments, at value⁽³⁾			395,458,800
	Cash			1,336,810
	Non-interested Trustees' deferred compensation			240,316
	Receivables:
		Dividends		4,733,523
		Fund shares sold		3,954,846
		Dividends from affiliates		537,854
	Other assets			67,642
Total Assets				11,993,507,585
Liabilities:
	Collateral for securities loaned (Note 2)			1,607,850
	Payables:			—
		Fund shares repurchased		10,670,581
		Advisory fees		6,252,223
		Transfer agent fees and expenses		2,045,684
		12b-1 Distribution and shareholder servicing fees		425,798
		Non-interested Trustees' deferred compensation fees		240,316
		Non-interested Trustees' fees and expenses		86,741
		Fund administration fees		83,854
		Professional fees		44,716
		Custodian fees		1,220
		Accrued expenses and other payables		626,843
Total Liabilities				22,085,826
Net Assets			$	11,971,421,759


See Notes to Financial Statements.

Janus Investment Fund	13

Janus Henderson Forty Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2018




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	8,051,896,306
	Undistributed net investment income/(loss)		(103,388)
	Undistributed net realized gain/(loss) from investments and foreign currency transactions		357,275,946
	Unrealized net appreciation/(depreciation) of investments and non-interested Trustees’ deferred compensation		3,562,352,895
Total Net Assets		$	11,971,421,759
Net Assets - Class A Shares		$	209,540,118
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		6,336,994
Net Asset Value Per Share⁽⁴⁾		$	33.07
Maximum Offering Price Per Share⁽⁵⁾		$	35.09
Net Assets - Class C Shares		$	231,522,920
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		8,398,459
Net Asset Value Per Share⁽⁴⁾		$	27.57
Net Assets - Class D Shares		$	7,059,732,579
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		220,662,910
Net Asset Value Per Share		$	31.99
Net Assets - Class I Shares		$	997,499,533
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		29,190,854
Net Asset Value Per Share		$	34.17
Net Assets - Class N Shares		$	176,449,505
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		5,148,830
Net Asset Value Per Share		$	34.27
Net Assets - Class R Shares		$	119,900,663
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		4,025,499
Net Asset Value Per Share		$	29.79
Net Assets - Class S Shares		$	516,135,407
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		16,208,069
Net Asset Value Per Share		$	31.84
Net Assets - Class T Shares		$	2,660,641,034
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		82,104,480
Net Asset Value Per Share		$	32.41

(1) Includes cost of $8,024,834,564.

(2) Includes $1,575,693 of securities on loan. See Note 2 in Notes to Financial Statements.

(3) Includes cost of $395,458,800.

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

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


See Notes to Financial Statements.

14	MARCH 31, 2018

Janus Henderson Forty Fund

Statement of Operations (unaudited)

For the period ended March 31, 2018



Investment Income:
	Dividends		$	42,762,803
	Dividends from affiliates			2,930,907
	Affiliated securities lending income, net			9,478
Total Investment Income				45,703,188
Expenses:
	Advisory fees			38,675,700
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		269,925
		Class C Shares		1,126,425
		Class R Shares		303,870
		Class S Shares		659,067
	Transfer agent administrative fees and expenses:
		Class D Shares		4,188,178
		Class R Shares		152,215
		Class S Shares		659,067
		Class T Shares		3,301,539
	Transfer agent networking and omnibus fees:
		Class A Shares		141,265
		Class C Shares		89,726
		Class I Shares		313,304
	Other transfer agent fees and expenses:
		Class A Shares		13,023
		Class C Shares		12,396
		Class D Shares		385,536
		Class I Shares		21,821
		Class N Shares		2,437
		Class R Shares		837
		Class S Shares		3,265
		Class T Shares		17,048
	Fund administration fees			462,801
	Shareholder reports expense			393,933
	Non-interested Trustees’ fees and expenses			184,962
	Registration fees			116,078
	Custodian fees			96,369
	Professional fees			61,330
	Other expenses			299,681
Total Expenses				51,951,798
Less: Excess Expense Reimbursement and Waivers				(6,354,352)
Net Expenses				45,597,446
Net Investment Income/(Loss)				105,742
Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions			420,583,000
Total Net Realized Gain/(Loss) on Investments				420,583,000
Change in Unrealized Net Appreciation/Depreciation:
	Investments and non-interested Trustees’ deferred compensation			641,417,859
Total Change in Unrealized Net Appreciation/Depreciation				641,417,859
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	1,062,106,601


See Notes to Financial Statements.

Janus Investment Fund	15

Janus Henderson Forty Fund

Statements of Changes in Net Assets



			Period ended March 31, 2018 (unaudited)		Year ended September 30, 2017⁽¹⁾

Operations:
	Net investment income/(loss)		$	105,742	$	6,971,842
	Net realized gain/(loss) on investments			420,583,000		1,168,524,517
	Change in unrealized net appreciation/depreciation			641,417,859		(44,548,381)
Net Increase/(Decrease) in Net Assets Resulting from Operations				1,062,106,601		1,130,947,978
Dividends and Distributions to Shareholders:
	Dividends from Net Investment Income
		Class D Shares		(1,659,965)		—
		Class I Shares		(345,524)		—
		Class N Shares		(80,308)		—
		Class T Shares		(85,932)		—
	Total Dividends from Net Investment Income			(2,171,729)		—
	Distributions from Net Realized Gain from Investment Transactions
		Class A Shares		(18,668,804)		(22,975,662)
		Class C Shares		(23,620,519)		(29,832,715)
		Class D Shares		(604,372,545)		(662,239)
		Class I Shares		(79,052,487)		(81,024,728)
		Class N Shares		(13,144,170)		(14,444,979)
		Class R Shares		(11,176,636)		(13,093,745)
		Class S Shares		(45,770,346)		(55,147,901)
		Class T Shares		(226,276,031)		(9,435,274)
	Total Distributions from Net Realized Gain from Investment Transactions			(1,022,081,538)		(226,617,243)
Net Decrease from Dividends and Distributions to Shareholders				(1,024,253,267)		(226,617,243)
Capital Share Transactions: (Note 5)
		Class A Shares		(2,585,327)		(42,766,459)
		Class C Shares		(1,423,603)		(42,855,804)
		Class D Shares		392,903,980		6,133,211,356
		Class I Shares		53,965,065		72,819,613
		Class N Shares		26,798,357		2,695,925
		Class R Shares		1,086,709		(6,635,118)
		Class S Shares		(2,624,724)		(62,864,288)
		Class T Shares		121,806,686		2,244,690,073
Net Increase/(Decrease) from Capital Share Transactions				589,927,143		8,298,295,298
Net Increase/(Decrease) in Net Assets				627,780,477		9,202,626,033
Net Assets:
	Beginning of period			11,343,641,282		2,141,015,249
	End of period		$	11,971,421,759	$	11,343,641,282

Undistributed Net Investment Income/(Loss)			$	(103,388)	$	1,962,599

(1) Period from January 27, 2017 (inception date) through September 30, 2017 for Class D Shares.


See Notes to Financial Statements.

16	MARCH 31, 2018

Janus Henderson Forty Fund

Financial Highlights


Class A Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and each year ended September 30			2018	2017	2016		2015	2014	2013
	Net Asset Value, Beginning of Period		$33.03	$30.17	$31.28		$41.89	$45.79	$38.43
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	(0.03)⁽¹⁾	(0.03)⁽¹⁾	(0.10)⁽¹⁾		(0.11)⁽¹⁾	(0.13)⁽¹⁾	0.53
		Net realized and unrealized gain/(loss)	3.02	6.13	3.50		3.70	5.38	6.98
	Total from Investment Operations		2.99	6.10	3.40		3.59	5.25	7.51
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—		—	(0.39)	(0.15)
		Distributions (from capital gains)	(2.95)	(3.24)	(4.51)		(14.20)	(8.76)	—
	Total Dividends and Distributions		(2.95)	(3.24)	(4.51)		(14.20)	(9.15)	(0.15)
	Net Asset Value, End of Period		$33.07	$33.03	$30.17		$31.28	$41.89	$45.79
	Total Return*		9.38%	22.03%	11.36%		10.79%	12.72%	19.61%
	Net Assets, End of Period (in thousands)		$209,540	$211,197	$233,191		$220,007	$251,009	$390,945
	Average Net Assets for the Period (in thousands)		$216,542	$219,728	$234,755		$232,651	$353,889	$409,492
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.06%	1.07%	1.10%		1.05%	0.92%	0.86%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.96%	1.02%	1.10%		1.05%	0.92%	0.84%
		Ratio of Net Investment Income/(Loss)	(0.19)%	(0.11)%	(0.32)%		(0.33)%	(0.30)%	0.71%
	Portfolio Turnover Rate		17%	56%	40%		49%	51%	43%
						1


Class C Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and each year ended September 30			2018	2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$28.08	$26.27	$27.92	$39.00	$43.19	$36.40
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	(0.12)⁽¹⁾	(0.19)⁽¹⁾	(0.23)⁽¹⁾	(0.22)⁽¹⁾	(0.41)⁽¹⁾	(0.36)
		Net realized and unrealized gain/(loss)	2.56	5.24	3.09	3.34	5.04	7.15
	Total from Investment Operations		2.44	5.05	2.86	3.12	4.63	6.79
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	(0.06)	—
		Distributions (from capital gains)	(2.95)	(3.24)	(4.51)	(14.20)	(8.76)	—
	Total Dividends and Distributions		(2.95)	(3.24)	(4.51)	(14.20)	(8.82)	—
	Net Asset Value, End of Period		$27.57	$28.08	$26.27	$27.92	$39.00	$43.19
	Total Return*		9.05%	21.24%	10.72%	10.26%	11.89%	18.65%
	Net Assets, End of Period (in thousands)		$231,523	$235,992	$261,902	$258,107	$297,564	$327,004
	Average Net Assets for the Period (in thousands)		$237,963	$245,129	$262,926	$281,771	$320,463	$324,884
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.71%	1.69%	1.68%	1.45%	1.67%	1.65%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.60%	1.64%	1.68%	1.45%	1.67%	1.63%
		Ratio of Net Investment Income/(Loss)	(0.84)%	(0.72)%	(0.91)%	(0.73)%	(1.04)%	(0.07)%
	Portfolio Turnover Rate		17%	56%	40%	49%	51%	43%

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

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

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


See Notes to Financial Statements.

Janus Investment Fund	17

Janus Henderson Forty Fund

Financial Highlights


Class D Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and the period ended September 30			2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$32.02	$28.81
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.01	0.05
		Net realized and unrealized gain/(loss)	2.92	4.62
	Total from Investment Operations		2.93	4.67
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.01)	—
		Distributions (from capital gains)	(2.95)	(1.46)
	Total Dividends and Distributions		(2.96)	(1.46)
	Net Asset Value, End of Period		$31.99	$32.02
	Total Return*		9.48%	16.71%
	Net Assets, End of Period (in thousands)		$7,059,733	$6,646,830
	Average Net Assets for the Period (in thousands)		$6,997,613	$4,012,697
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.81%	0.82%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.71%	0.73%
		Ratio of Net Investment Income/(Loss)	0.06%	0.25%
	Portfolio Turnover Rate		17%	56%


Class I Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and each year ended September 30			2018	2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$34.00	$30.87	$31.83	$42.28	$46.14	$38.72
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.02⁽²⁾	0.07⁽²⁾	—⁽²⁾⁽³⁾	(0.01)⁽²⁾	0.02⁽²⁾	0.79
		Net realized and unrealized gain/(loss)	3.11	6.30	3.55	3.76	5.42	6.88
	Total from Investment Operations		3.13	6.37	3.55	3.75	5.44	7.67
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.01)	—	—	—	(0.54)	(0.25)
		Distributions (from capital gains)	(2.95)	(3.24)	(4.51)	(14.20)	(8.76)	—
	Total Dividends and Distributions		(2.96)	(3.24)	(4.51)	(14.20)	(9.30)	(0.25)
	Net Asset Value, End of Period		$34.17	$34.00	$30.87	$31.83	$42.28	$46.14
	Total Return*		9.54%	22.43%	11.67%	11.17%	13.11%	19.94%
	Net Assets, End of Period (in thousands)		$997,500	$935,002	$776,138	$834,919	$1,095,564	$811,918
	Average Net Assets for the Period (in thousands)		$980,365	$820,856	$807,798	$964,589	$773,534	$984,309
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.74%	0.75%	0.78%	0.75%	0.60%	0.55%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.64%	0.70%	0.78%	0.75%	0.60%	0.55%
		Ratio of Net Investment Income/(Loss)	0.13%	0.22%	(0.01)%	(0.04)%	0.05%	1.02%
	Portfolio Turnover Rate		17%	56%	40%	49%	51%	43%

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

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

(1) Period from January 27, 2017 (inception date) through September 30, 2017.

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

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


See Notes to Financial Statements.

18	MARCH 31, 2018

Janus Henderson Forty Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and each year ended September 30			2018	2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$34.08	$30.92	$31.86	$42.26	$46.15	$38.73
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	0.03⁽¹⁾	0.09⁽¹⁾	0.02⁽¹⁾	0.02⁽¹⁾	0.06⁽¹⁾	0.28
		Net realized and unrealized gain/(loss)	3.13	6.31	3.55	3.78	5.40	7.43
	Total from Investment Operations		3.16	6.40	3.57	3.80	5.46	7.71
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.02)	—	—	—	(0.59)	(0.29)
		Distributions (from capital gains)	(2.95)	(3.24)	(4.51)	(14.20)	(8.76)	—
	Total Dividends and Distributions		(2.97)	(3.24)	(4.51)	(14.20)	(9.35)	(0.29)
	Net Asset Value, End of Period		$34.27	$34.08	$30.92	$31.86	$42.26	$46.15
	Total Return*		9.59%	22.49%	11.73%	11.34%	13.17%	20.03%
	Net Assets, End of Period (in thousands)		$176,450	$148,223	$129,093	$110,956	$68,810	$23,029
	Average Net Assets for the Period (in thousands)		$165,265	$147,902	$122,505	$87,250	$54,492	$23,323
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.68%	0.68%	0.71%	0.69%	0.52%	0.47%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.57%	0.63%	0.71%	0.69%	0.52%	0.47%
		Ratio of Net Investment Income/(Loss)	0.20%	0.30%	0.06%	0.06%	0.15%	0.89%
	Portfolio Turnover Rate		17%	56%	40%	49%	51%	43%


Class R Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and each year ended September 30			2018	2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$30.08	$27.84	$29.30	$40.19	$44.25	$37.14
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	(0.08)⁽¹⁾	(0.13)⁽¹⁾	(0.19)⁽¹⁾	(0.22)⁽¹⁾	(0.26)⁽¹⁾	0.05
		Net realized and unrealized gain/(loss)	2.74	5.61	3.24	3.53	5.18	7.06
	Total from Investment Operations		2.66	5.48	3.05	3.31	4.92	7.11
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	(0.22)	—
		Distributions (from capital gains)	(2.95)	(3.24)	(4.51)	(14.20)	(8.76)	—
	Total Dividends and Distributions		(2.95)	(3.24)	(4.51)	(14.20)	(8.98)	—
	Net Asset Value, End of Period		$29.79	$30.08	$27.84	$29.30	$40.19	$44.25
	Total Return*		9.19%	21.62%	10.88%	10.47%	12.35%	19.14%
	Net Assets, End of Period (in thousands)		$119,901	$119,259	$116,521	$119,501	$136,575	$161,383
	Average Net Assets for the Period (in thousands)		$122,113	$115,657	$118,781	$131,651	$150,821	$164,019
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.42%	1.43%	1.47%	1.41%	1.27%	1.21%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.32%	1.37%	1.47%	1.41%	1.27%	1.21%
		Ratio of Net Investment Income/(Loss)	(0.55)%	(0.46)%	(0.69)%	(0.69)%	(0.64)%	0.35%
	Portfolio Turnover Rate		17%	56%	40%	49%	51%	43%

* 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 Forty Fund

Financial Highlights


Class S Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and each year ended September 30			2018	2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$31.93	$29.29	$30.54	$41.21	$45.16	$37.89
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	(0.05)⁽¹⁾	(0.06)⁽¹⁾	(0.12)⁽¹⁾	(0.13)⁽¹⁾	(0.15)⁽¹⁾	0.30
		Net realized and unrealized gain/(loss)	2.91	5.94	3.38	3.66	5.31	7.07
	Total from Investment Operations		2.86	5.88	3.26	3.53	5.16	7.37
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	(0.35)	(0.10)
		Distributions (from capital gains)	(2.95)	(3.24)	(4.51)	(14.20)	(8.76)	—
	Total Dividends and Distributions		(2.95)	(3.24)	(4.51)	(14.20)	(9.11)	(0.10)
	Net Asset Value, End of Period		$31.84	$31.93	$29.29	$30.54	$41.21	$45.16
	Total Return*		9.29%	21.93%	11.15%	10.86%	12.69%	19.49%
	Net Assets, End of Period (in thousands)		$516,135	$517,623	$535,216	$582,208	$687,469	$1,423,516
	Average Net Assets for the Period (in thousands)		$528,739	$512,584	$567,568	$658,459	$1,215,799	$1,581,421
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.17%	1.18%	1.21%	1.18%	1.02%	0.96%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.07%	1.12%	1.21%	1.12%	0.97%	0.91%
		Ratio of Net Investment Income/(Loss)	(0.30)%	(0.20)%	(0.43)%	(0.40)%	(0.35)%	0.66%
	Portfolio Turnover Rate		17%	56%	40%	49%	51%	43%


Class T Shares
For a share outstanding during the period ended March 31, 2018 (unaudited) and each year ended September 30			2018	2017	2016	2015	2014	2013
	Net Asset Value, Beginning of Period		$32.40	$29.61	$30.76	$41.34	$45.27	$38.02
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)	(0.01)⁽¹⁾	0.05⁽¹⁾	(0.05)⁽¹⁾	(0.06)⁽¹⁾	(0.06)⁽¹⁾	0.48
		Net realized and unrealized gain/(loss)	2.97	5.98	3.41	3.68	5.31	6.99
	Total from Investment Operations		2.96	6.03	3.36	3.62	5.25	7.47
	Less Dividends and Distributions:
		Dividends (from net investment income)	—⁽²⁾	—	—	—	(0.42)	(0.22)
		Distributions (from capital gains)	(2.95)	(3.24)	(4.51)	(14.20)	(8.76)	—
	Total Dividends and Distributions		(2.95)	(3.24)	(4.51)	(14.20)	(9.18)	(0.22)
	Net Asset Value, End of Period		$32.41	$32.40	$29.61	$30.76	$41.34	$45.27
	Total Return*		9.47%	22.22%	11.43%	11.10%	12.90%	19.74%
	Net Assets, End of Period (in thousands)		$2,660,641	$2,529,514	$88,954	$54,994	$25,731	$36,961
	Average Net Assets for the Period (in thousands)		$2,647,936	$1,084,741	$85,549	$36,846	$30,580	$52,021
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.93%	0.93%	0.96%	0.95%	0.77%	0.71%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.81%	0.82%	0.96%	0.94%	0.76%	0.71%
		Ratio of Net Investment Income/(Loss)	(0.04)%	0.15%	(0.17)%	(0.17)%	(0.13)%	0.84%
	Portfolio Turnover Rate		17%	56%	40%	49%	51%	43%

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

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

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

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


See Notes to Financial Statements.

20	MARCH 31, 2018

Janus Henderson Forty Fund

Notes to Financial Statements (unaudited)

1. Organization and Significant Accounting Policies

Janus Henderson Forty 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 49 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term growth of capital. The Fund is classified as nondiversified, as defined in the 1940 Act.

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


Janus Investment Fund	21

Janus Henderson Forty Fund

Notes to Financial Statements (unaudited)

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

Investment Valuation

Valuation Inputs Summary

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


22	MARCH 31, 2018

Janus Henderson Forty Fund

Notes to Financial Statements (unaudited)

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

Financial assets of $289,948,989 were transferred out of Level 1 to Level 2 since certain foreign equity prices were applied a fair valuation adjustment factor at the end of the current period and no factor was applied at the end of the prior fiscal year.

Investment Transactions and Investment Income

Expenses

Estimates

Indemnifications

Foreign Currency Translations


Janus Investment Fund	23

Janus Henderson Forty Fund

Notes to Financial Statements (unaudited)

Dividends and Distributions

Federal Income Taxes

2. Other Investments and Strategies

Additional Investment Risk


24	MARCH 31, 2018

Janus Henderson Forty Fund

Notes to Financial Statements (unaudited)

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.

Counterparties

Offsetting Assets and Liabilities

Deutsche Bank AG acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodian functions in accordance with the Agency Securities Lending and Repurchase Agreement. For financial reporting purposes, the Fund does not offset financial instruments’ payables and receivables and related collateral on the Statement of Assets and Liabilities. Securities on loan will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the SEC. The value of the collateral must be at least 102% of the market value of the loaned securities that are denominated in U.S. dollars and 105% of the market value of the loaned securities that are not denominated in U.S. dollars. Upon receipt of cash collateral, Janus Capital intends to invest the cash collateral in a cash management vehicle for which Janus Capital serves as investment adviser, Janus Henderson Cash Collateral Fund LLC. Loaned securities and related collateral are marked-to-market each business day based upon the market value of the loaned


Janus Investment Fund	25

Janus Henderson Forty Fund

Notes to Financial Statements (unaudited)

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 following table presents gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable).


Offsetting of Financial Assets and Derivative Assets

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

Deutsche Bank AG		$	1,575,693	$	—	$	(1,575,693)	$	—

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

Real Estate Investing

Securities Lending


26	MARCH 31, 2018

Janus Henderson Forty Fund

Notes to Financial Statements (unaudited)

The cash collateral invested by Janus Capital is disclosed in the Schedule of Investments (if applicable). Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations. As of March 31, 2018, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $1,575,693 for equity securities. Gross amounts of recognized liabilities for securities lending (collateral received) as of March 31, 2018 is $1,607,850, resulting in the net amount due to the counterparty of $32,157.

3. Investment Advisory Agreements and Other Transactions with Affiliates

The calculation of the performance adjustment applies as follows:

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

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. Effective May 1, 2017, Janus Twenty Fund merged into the Fund. For two years after the merger Janus Capital has agreed to waive its investment advisory fee by calculating the performance adjustment using the lesser of the Fund’s 36-month historical performance or a blended historical performance comprised of Janus Twenty Fund’s performance for periods prior to the merger and the Fund’s performance for the periods after the merger.

The Fund’s prospectus 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 period ended March 31, 2018, the performance adjusted investment advisory fee rate before any waivers and/or reimbursements of expenses is 0.65%.

Janus Capital has contractually agreed to waive the advisory fee payable by the Fund or reimburse expenses in an amount equal to the amount, if any, that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding any performance adjustments to management fees (if applicable), the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus/administrative fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.77% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waivers until at least February 1, 2019. If applicable, amounts waived and/or reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.


Janus Investment Fund	27

Janus Henderson Forty Fund

Notes to Financial Statements (unaudited)

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


28	MARCH 31, 2018

Janus Henderson Forty Fund

Notes to Financial Statements (unaudited)

Janus Capital furnishes certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund and providing personnel to serve as officers to the Fund. The Fund reimburses Janus Capital for certain of its costs in providing these services (to the extent Janus Capital seeks reimbursement and such costs are not otherwise waived). These costs include some or all of the salaries, fees, and expenses of Janus Capital employees and Fund officers, including the Fund’s Chief Compliance Officer and compliance staff, who provide specified administration and compliance services to 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. Total compensation of $268,180 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended March 31, 2018. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of March 31, 2018 on the Statement of Assets and Liabilities in the asset, “Non-interested Trustees’ deferred compensation,” and liability, “Non-interested Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Unrealized net appreciation/(depreciation) of investments, foreign currency translations and non-interested Trustees’ deferred compensation” on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended March 31, 2018 are included in “Non-interested Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $240,213 were paid by the Trust to the Trustees under the Deferred Plan during the period ended March 31, 2018.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between Janus Henderson Distributors and financial intermediaries. During the period ended March 31, 2018, Janus Henderson Distributors retained upfront sales charges of $35,250.


Janus Investment Fund	29

Janus Henderson Forty Fund

Notes to Financial Statements (unaudited)

of the Class C Shares redeemed. During the period ended March 31, 2018, redeeming shareholders of Class C Shares paid CDSCs of $6,081.

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 period ended March 31, 2018, the Fund engaged in cross trades amounting to $11,837,881 in sales, resulting in a net realized gain of $3,810,324. The net realized gain is included within the “Net Realized Gain/(Loss) on Investments” section of the Fund’s Statement of Operations.

4. Federal Income Tax


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 8,426,413,042	$3,664,608,543	$(108,384,991)	$ 3,556,223,552


30	MARCH 31, 2018

Janus Henderson Forty Fund

Notes to Financial Statements (unaudited)

5. Capital Share Transactions



		Period ended March 31, 2018		Year ended September 30, 2017⁽¹⁾
		Shares	Amount	Shares	Amount

Class A Shares:
Shares sold		1,073,982	$ 35,570,165	2,971,184	$ 89,820,435
Reinvested dividends and distributions		392,329	12,503,531	598,934	17,344,568
Shares repurchased		(1,523,926)	(50,659,023)	(4,905,606)	(149,931,462)
Net Increase/(Decrease)		(57,615)	$ (2,585,327)	(1,335,488)	$ (42,766,459)
Class C Shares:
Shares sold		616,848	$ 17,029,360	1,395,268	$ 36,208,247
Reinvested dividends and distributions		674,650	17,959,179	798,952	19,930,345
Shares repurchased		(1,296,220)	(36,412,142)	(3,761,384)	(98,994,396)
Net Increase/(Decrease)		(4,722)	$ (1,423,603)	(1,567,164)	$ (42,855,804)
Class D Shares:
Shares sold		3,109,856	$100,875,812	2,487,370	$ 76,083,804
Shares from the Acquisition (See Note 8)		-	-	211,951,602	6,268,214,295
Reinvested dividends and distributions		19,002,442	585,655,255	22,410	655,271
Shares repurchased		(9,046,466)	(293,627,087)	(6,864,304)	(211,742,014)
Net Increase/(Decrease)		13,065,832	$392,903,980	207,597,078	$6,133,211,356
Class I Shares:
Shares sold		4,424,137	$151,881,194	10,441,822	$ 329,392,074
Reinvested dividends and distributions		2,050,610	67,485,577	2,237,416	66,913,022
Shares repurchased		(4,784,941)	(165,401,706)	(10,319,981)	(323,485,483)
Net Increase/(Decrease)		1,689,806	$ 53,965,065	2,359,257	$ 72,819,613
Class N Shares:
Shares sold		1,000,336	$ 34,568,596	1,968,971	$ 62,118,767
Reinvested dividends and distributions		400,742	13,224,478	482,344	14,444,979
Shares repurchased		(600,968)	(20,994,717)	(2,277,766)	(73,867,821)
Net Increase/(Decrease)		800,110	$ 26,798,357	173,549	$ 2,695,925
Class R Shares:
Shares sold		411,930	$ 12,443,207	800,483	$ 22,391,267
Reinvested dividends and distributions		325,381	9,351,447	408,030	10,857,858
Shares repurchased		(676,508)	(20,707,945)	(1,428,580)	(39,884,243)
Net Increase/(Decrease)		60,803	$ 1,086,709	(220,067)	$ (6,635,118)
Class S Shares:
Shares sold		1,272,975	$ 41,128,603	2,585,058	$ 76,871,988
Reinvested dividends and distributions		1,481,993	45,512,002	1,947,556	54,800,565
Shares repurchased		(2,758,755)	(89,265,329)	(6,592,015)	(194,536,841)
Net Increase/(Decrease)		(3,787)	$ (2,624,724)	(2,059,401)	$ (62,864,288)
Class T Shares:
Shares sold		4,057,118	$133,361,684	4,224,666	$ 130,113,431
Shares from the Acquisition (See Note 8)		-	-	78,483,855	2,349,940,037
Reinvested dividends and distributions		7,040,901	219,887,331	326,825	9,336,262
Shares repurchased		(7,056,326)	(231,442,329)	(7,976,465)	(244,699,657)
Net Increase/(Decrease)		4,041,693	$121,806,686	75,058,881	$2,244,690,073
(1)	Period from January 27, 2017 (inception date) through September 30, 2017 for Class D Shares.

6. Purchases and Sales of Investment Securities


Janus Investment Fund	31

Janus Henderson Forty Fund

Notes to Financial Statements (unaudited)


Purchases of Securities	Proceeds from Sales of Securities	Purchases of Long- Term U.S. Government Obligations	Proceeds from Sales of Long-Term U.S. Government Obligations
$1,973,993,344	$2,286,311,369	$ -	$ -

7. Recent Accounting Pronouncements

8. Fund Acquisition

The Board of Trustees of Janus Investment Fund approved an Agreement and Plan of Reorganization that provided for the merger of Janus Twenty Fund (“Target Fund”) with and into Janus Henderson Forty Fund (formerly named Janus Forty Fund “Acquiring Fund”) (the “Merger”), effective at the close of business on April 28, 2017. The Merger was based in part on Janus Capital’s belief that shareholders of Janus Henderson Forty Fund and Janus Twenty Fund may benefit from being shareholders of one combined concentrated large cap growth fund with the ability to focus on more companies and additional distribution capabilities since Janus Henderson Forty Fund offers share classes not offered by Janus Twenty Fund. The merger was tax-free for federal income purposes; therefore, shareholders should not realize a tax gain or loss upon receipt of shares issued in connection with the Merger. The table below reflects merger activity.


Target Fund’s Shares Outstanding Prior to Merger	Target Fund’s Net Assets Prior to Merger	Acquiring Fund’s Shares Issued in Merger	Acquiring Fund’s Net Assets Prior to Merger	Combined Net Assets after Merger	Target Fund’s Unrealized Appreciation/(Depreciation) Prior to Merger
144,038,508	$8,618,154,332	290,435,457	$2,209,674,416	$10,827,828,748	$2,447,371,155

Assuming the Merger had been completed on 10/1/2016, the pro forma results of operations for the year ended 9/30/2017, are as follows:

Net investment income $51,538,118

Net gain/(loss) on investments $1,429,666,397

Change in unrealized net appreciation/depreciation $829,387,207

Net increase/(decrease) in net assets resulting from operations $2,310,591,722

9. Subsequent Event


32	MARCH 31, 2018

Janus Henderson Forty Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD


Janus Investment Fund	33

Janus Henderson Forty Fund

Additional Information (unaudited)

agreements. “Management fees,” as used herein, reflect actual annual advisory fees and any administration fees (excluding out of pocket costs), net of any waivers.

Nature, Extent and Quality of Services

Performance of the Funds

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

Alternative Funds

Asset Allocation Funds


34	MARCH 31, 2018

Janus Henderson Forty Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


Janus Investment Fund	35

Janus Henderson Overseas Fund Class S (JIGRX) N-CSRSCertified semi-annual shareholder report (management investment company)