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

United States Securities and Exchange Commission
Washington, D.C. 20549

Form N-CSR

Certified Shareholder Report of Registered Management Investment Companies

Investment Company Act file number 811-01879

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

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

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

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

Date of fiscal year end: 9/30

Date of reporting period: 3/31/19

Item 1 - Reports to Shareholders



		SEMIANNUAL REPORT March 31, 2019

	Janus Henderson Asia Equity Fund

	Janus Investment Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by contacting a Janus Henderson representative. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by visiting janushenderson.com/edelivery. You may elect to receive all future reports in paper free of charge. If you do not invest directly with the Fund, you should contact your plan sponsor, broker-dealer, or financial intermediary, to request to continue receiving paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-525-3713 to let the Fund know that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Janus Henderson mutual funds where held (i.e., all Janus Henderson mutual funds held in your account if you invest through your financial intermediary or all Janus Henderson mutual funds held with the fund complex if you invest directly with a 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	11
Statement of Operations	13
Statements of Changes in Net Assets	14
Financial Highlights	15
Notes to Financial Statements	19
Additional Information	30
Useful Information About Your Fund Report	42

Janus Henderson Asia Equity Fund (unaudited)

FUND SNAPSHOT

This Asia Pacific ex Japan fund is an all-cap, high-conviction portfolio focused on companies with strong franchises, high return on equity and management with a proven track record of execution. We believe that high-quality companies, if bought at the right price, should produce outperformance relative to the broader market over a three- to five-year time horizon.

Andrew Gillan

co-portfolio manager

Mervyn Koh

co-portfolio manager

PERFORMANCE

The Janus Henderson Asia Equity Fund’s Class I Shares returned 0.93% over the six-month period ended March 31, 2019. The Fund’s primary benchmark, the MSCI All Country Asia ex-Japan Index^SM, returned 1.78%. The Fund's secondary benchmark, the MSCI All Country Asia-Pacific ex-Japan Index^SM, returned 1.56%.

INVESTMENT ENVIRONMENT

Asian equity markets experienced high levels of volatility during the six-month period, with a sharp sell-off in the last quarter of 2018 due to concerns over trade wars between the U.S. and China in addition to a slowing global growth environment and expectations of higher U.S. interest rates. This all changed in early 2019 with a different tone from both the Federal Reserve on interest rates and U.S. government officials on the trade talks. Economic data also pointed to a stabilization in the key Chinese economy thanks to some government stimulus efforts that resulted in a strong start to 2019 for Asian equities. Amid the changing macroeconomic environment, corporate fundamentals were more stable during the period, although earnings growth expectations were revised down with many companies blaming uncertainty around trade talks and their impact on both consumer sentiment and corporate capital expenditure.

Despite some of the negative headlines, it is important to emphasize that Asia remains, in our view, a bright spot and among the highest growth regions in the world. Even with a slowing in the Chinese economy and a revised GDP growth band of 6% to 6.5%, Chinese economic growth remains healthy. Outside of China, market focus has been more political with major elections in India, Indonesia and Thailand during the first part of the year. Indian equities had a slow start to the year in anticipation of a closely fought election in April that has led to foreign outflows, but the market did see a recovery in March as renewed tensions with Pakistan were seen as boosting Prime Minister Modi’s re-election hopes.

PERFORMANCE DISCUSSION

The Fund underperformed its primary and secondary benchmarks over the period. Pleasingly, longer-term numbers are positive for the Fund relative to the primary benchmark over the one, three and five years. Given the market volatility, trends were mixed over the period; however, generally lowering our exposure to information technology and increasing the Fund’s exposure to financials both contributed positively. The IT sector underperformed and our still overweight position detracted from relative performance, though this was offset by our strong stock selection in the sector. Our stock selection in financials was also positive and contributed to relative performance. The real estate sector was the largest detractor as the sector outperformed and we were underweight while our property holdings in Singapore and Thailand did not keep pace with the rise in the regional real estate index. Key contributors over the six months were our Indian private sector financials and our exposure to local China A shares within the consumer and technology sectors as these shares rebounded strongly in early 2019. Technology shares linked to the smartphone supply chain were among our weaker performers. In portfolio activity, we added an Indonesian bank and a Macau gaming company to the portfolio in the first quarter of 2019, which we believe both offer attractive growth prospects at reasonable prices. We continued to reduce our information technology exposure primarily on valuation grounds and we retain our overweight position to India as we believe we continue to find a number of high-growth companies there delivering a consistently high return on equity, a key part of our investment process.

OUTLOOK

Given the strong start to 2019, it is reasonable to expect some volatility ahead, stemming from events external to the region as well as more Asia-specific events, including trade talks and a number of elections. While we remain positive on the outlook for the region given the relative


Janus Investment Fund	1

Janus Henderson Asia Equity Fund (unaudited)

valuation and growth profile of Asia against developed markets, we would not expect the recent market strength to continue in the short term without support from corporate earnings or stronger economic data. Any correction should offer the long-term investor a good opportunity to gain exposure to one of the world’s fastest-growing regions. Once some of the current uncertainty has cleared, we believe the outlook for corporate earnings should improve, which will remain key to sustaining healthy stock price returns. The good news is that valuations remain reasonable in Asia, but corporate earnings growth remains a bit subdued in the short-term to really capture the attention of global investors currently.

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


2	MARCH 31, 2019

Janus Henderson Asia Equity Fund (unaudited)

Fund At A Glance

March 31, 2019





	5 Top Performers - Holdings		5 Bottom Performers - Holdings
		Contribution		Contribution
	HDFC Bank Ltd	0.84%	Brilliance China Automotive Holdings Ltd	-0.97%
	Housing Development Finance Corp Ltd	0.74%	Baidu Inc (ADR)	-0.56%
	Jiangsu Yanghe Brewery Joint-Stock Co Ltd	0.56%	Catcher Technology Co Ltd	-0.56%
	Tencent Holdings Ltd	0.52%	Taiwan Semiconductor Manufacturing Co Ltd	-0.54%
	AIA Group Ltd	0.50%	BOC Hong Kong Holdings Ltd	-0.32%

	5 Top Performers - Sectors*
		Fund	Fund Weighting	MSCI All Country Asia ex-Japan Index
		Contribution	(Average % of Equity)	Weighting
	Financials	1.28%	34.45%	23.99%
	Information Technology	0.60%	23.84%	16.87%
	Health Care	0.50%	0.00%	2.99%
	Materials	0.27%	0.00%	4.74%
	Industrials	0.25%	1.22%	6.91%

	5 Bottom Performers - Sectors*
		Fund	Fund Weighting	MSCI All Country Asia ex-Japan Index
		Contribution	(Average % of Equity)	Weighting
	Real Estate	-1.26%	4.72%	6.20%
	Consumer Discretionary	-0.86%	13.89%	12.43%
	Communication Services	-0.20%	5.10%	12.77%
	Consumer Staples	-0.14%	12.63%	4.96%
	Utilities	-0.09%	0.00%	3.33%

	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.


Janus Investment Fund	3

Janus Henderson Asia Equity Fund (unaudited)

Fund At A Glance

March 31, 2019


5 Largest Equity Holdings - (% of Net Assets)
Tencent Holdings Ltd
Interactive Media & Services	5.1%
Taiwan Semiconductor Manufacturing Co Ltd
Semiconductor & Semiconductor Equipment	4.9%
AIA Group Ltd
Insurance	4.8%
HDFC Bank Ltd
Banks	4.6%
Housing Development Finance Corp Ltd
Thrifts & Mortgage Finance	4.5%
	23.9%


Asset Allocation - (% of Net Assets)
Common Stocks	93.8%
Investment Companies	3.6%
Preferred Stocks	3.1%
Other		(0.5)%
		100.0%

Emerging markets comprised 72.6% of total net assets.

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

As of March 31, 2019

As of September 30, 2018


4	MARCH 31, 2019

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, 2019					per the January 28, 2019 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	0.76%	-3.94%	7.45%	4.58%	2.08%	1.51%
Class A Shares at MOP	-5.04%	-9.44%	6.18%	3.78%
Class C Shares at NAV	0.47%	-4.66%	6.68%	3.86%	2.79%	2.22%
Class C Shares at CDSC	-0.45%	-5.54%	6.68%	3.86%
Class D Shares⁽¹⁾	0.91%	-3.74%	7.66%	4.76%	1.72%	1.29%
Class I Shares	0.93%	-3.65%	7.77%	4.90%	1.44%	1.16%
Class N Shares	0.92%	-3.65%	7.22%	4.30%	1.75%	1.13%
Class S Shares	0.81%	-3.96%	7.45%	4.55%	2.36%	1.63%
Class T Shares	1.05%	-3.67%	7.63%	4.74%	1.81%	1.38%
MSCI All Country Asia ex-Japan Index	1.78%	-5.22%	6.46%	4.32%
MSCI All Country Asia-Pacific ex-Japan Index	1.56%	-3.50%	5.30%	4.14%
Morningstar Quartile - Class I Shares	-	2nd	1st	2nd
Morningstar Ranking - based on total returns for Pacific/Asia ex-Japan Stock Funds	-	36/84	10/69	21/62

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, 2020.

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, 2019

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 (10/1/18)	Ending Account Value (3/31/19)	Expenses Paid During Period (10/1/18 - 3/31/19)†	Beginning Account Value (10/1/18)	Ending Account Value (3/31/19)	Expenses Paid During Period (10/1/18 - 3/31/19)†	Net Annualized Expense Ratio (10/1/18 - 3/31/19)
Class A Shares		$1,000.00	$1,007.60	$7.31	$1,000.00	$1,017.65	$7.34	1.46%
Class C Shares		$1,000.00	$1,004.70	$10.65	$1,000.00	$1,014.31	$10.70	2.13%
Class D Shares		$1,000.00	$1,009.10	$6.56	$1,000.00	$1,018.40	$6.59	1.31%
Class I Shares		$1,000.00	$1,009.30	$5.96	$1,000.00	$1,019.00	$5.99	1.19%
Class N Shares		$1,000.00	$1,009.20	$5.71	$1,000.00	$1,019.25	$5.74	1.14%
Class S Shares		$1,000.00	$1,008.10	$7.36	$1,000.00	$1,017.60	$7.39	1.47%
Class T Shares		$1,000.00	$1,010.50	$6.72	$1,000.00	$1,018.25	$6.74	1.34%
†	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, 2019


Shares			Value
Common Stocks– 93.8%
Banks – 15.6%
	Bank Rakyat Indonesia Persero Tbk PT	1,542,800	$446,529
	BOC Hong Kong Holdings Ltd	138,500	573,430
	DBS Group Holdings Ltd	23,800	443,187
	E.Sun Financial Holding Co Ltd	657,000	506,319
	HDFC Bank Ltd	34,059	1,140,209
	Oversea-Chinese Banking Corp Ltd	90,900	741,343
			3,851,017
Beverages – 5.0%
	Jiangsu Yanghe Brewery Joint-Stock Co Ltd	30,000	581,972
	Treasury Wine Estates Ltd	61,177	648,403
			1,230,375
Diversified Financial Services – 5.4%
	Ayala Corp	45,500	814,667
	Bajaj Holdings & Investment Ltd	10,604	523,032
			1,337,699
Electronic Equipment, Instruments & Components – 2.2%
	Hangzhou Hikvision Digital	102,000	532,075
Food Products – 4.3%
	Uni-President Enterprises Corp	303,000	735,427
	Vietnam Dairy Products JSC	54,904	318,970
			1,054,397
Hotels, Restaurants & Leisure – 2.2%
	Sands China Ltd	106,000	532,721
Household Durables – 9.9%
	Coway Co Ltd	7,542	627,946
	Midea Group Co Ltd	67,800	491,431
	Nien Made Enterprise Co Ltd	55,000	484,538
	Techtronic Industries Co Ltd	124,500	836,640
			2,440,555
Industrial Conglomerates – 1.2%
	John Keells Holdings PLC	334,883	298,013
Information Technology Services – 4.8%
	Infosys Ltd	58,898	632,494
	Tata Consultancy Services Ltd	19,149	553,356
			1,185,850
Insurance – 8.1%
	AIA Group Ltd	117,600	1,170,801
	Ping An Insurance Group Co of China Ltd	73,000	817,445
			1,988,246
Interactive Media & Services – 5.1%
	Tencent Holdings Ltd	27,100	1,246,302
Internet & Direct Marketing Retail – 4.1%
	Alibaba Group Holding Ltd (ADR)*	5,606	1,022,815
Personal Products – 2.2%
	LG Household & Health Care Ltd	428	534,340
Real Estate Management & Development – 4.8%
	City Developments Ltd	78,200	522,334
	Land & Houses PCL (REG)	1,938,900	653,810
			1,176,144
Semiconductor & Semiconductor Equipment – 4.9%
	Taiwan Semiconductor Manufacturing Co Ltd	151,000	1,202,885
Technology Hardware, Storage & Peripherals – 5.1%
	Advantech Co Ltd	83,797	696,088
	Catcher Technology Co Ltd	49,000	376,825
	Samsung Electronics Co Ltd	4,466	175,689
			1,248,602
Textiles, Apparel & Luxury Goods – 2.0%
	Samsonite International SA*	157,800	505,582


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

8	MARCH 31, 2019

Janus Henderson Asia Equity Fund

Schedule of Investments (unaudited)

March 31, 2019


Shares			Value
Common Stocks– (continued)
Thrifts & Mortgage Finance – 4.5%
	Housing Development Finance Corp Ltd	38,809	$1,102,766
Tobacco – 2.4%
	ITC Ltd	139,724	599,602
Total Common Stocks (cost $20,082,319)			23,089,986
Preferred Stocks– 3.1%
Technology Hardware, Storage & Peripherals – 3.1%
	Samsung Electronics Co Ltd(cost $676,942)	24,264	774,952
Investment Companies– 3.6%
Money Markets – 3.6%
	Fidelity Investments Money Market Treasury Portfolio, 2.3200%^ºº(cost $890,495)	890,495	890,495
Total Investments (total cost $21,649,756) – 100.5%			24,755,433
Liabilities, net of Cash, Receivables and Other Assets – (0.5)%			(126,240)
Net Assets – 100%			$24,629,193


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

		% of
		Investment
Country	Value	Securities
China	$4,692,040	19.0	%
India	4,551,459	18.4
Taiwan	4,002,082	16.2
Hong Kong	3,619,174	14.6
South Korea	2,112,927	8.5
Singapore	1,706,864	6.9
United States	890,495	3.6
Philippines	814,667	3.3
Thailand	653,810	2.6
Australia	648,403	2.6
Indonesia	446,529	1.8
Vietnam	318,970	1.3
Sri Lanka	298,013	1.2



Total	$24,755,433	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 All Country Asia-Pacific

ex-Japan Index^SM

The MSCI All Country 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.


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, 2019.


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, 2019. See Notes to Financial Statements for more information.

Valuation Inputs Summary

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

Assets
Investments in Securities:
Common Stocks
Real Estate Management & Development	$	522,334	$	653,810	$	-
All Other		21,913,842		-		-
Preferred Stocks		-		774,952		-
Investment Companies		890,495		-		-
Total Assets	$	23,326,671	$	1,428,762	$	-


10	MARCH 31, 2019

Janus Henderson Asia Equity Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2019

See footnotes at the end of the Statement.



Assets:
	Investments, at value⁽¹⁾		$	24,755,433
	Non-interested Trustees' deferred compensation			599
	Receivables:
		Fund shares sold		63,456
		Dividends		36,216
	Other assets			1,726
Total Assets				24,857,430
Liabilities:
	Payables:			—
		Investments purchased		62,565
		Foreign tax liability		59,158
		Fund shares repurchased		42,908
		Non-affiliated fund administration fees payable		27,362
		Professional fees		18,730
		Transfer agent fees and expenses		2,841
		Custodian fees		2,386
		12b-1 Distribution and shareholder servicing fees		823
		Advisory fees		799
		Non-interested Trustees' deferred compensation fees		599
		Non-interested Trustees' fees and expenses		167
		Affiliated fund administration fees payable		52
		Accrued expenses and other payables		9,847
Total Liabilities				228,237
Net Assets			$	24,629,193


See Notes to Financial Statements.

Janus Investment Fund	11

Janus Henderson Asia Equity Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2019




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	22,390,597
	Total distributable earnings (loss)⁽²⁾		2,238,596
Total Net Assets		$	24,629,193
Net Assets - Class A Shares		$	839,694
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		79,435
Net Asset Value Per Share⁽³⁾		$	10.57
Maximum Offering Price Per Share⁽⁴⁾		$	11.21
Net Assets - Class C Shares		$	638,430
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		61,210
Net Asset Value Per Share⁽³⁾		$	10.43
Net Assets - Class D Shares		$	12,197,359
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,139,271
Net Asset Value Per Share		$	10.71
Net Assets - Class I Shares		$	1,204,200
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		112,397
Net Asset Value Per Share		$	10.71
Net Assets - Class N Shares		$	7,918,366
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		740,592
Net Asset Value Per Share		$	10.69
Net Assets - Class S Shares		$	488,755
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		46,216
Net Asset Value Per Share		$	10.58
Net Assets - Class T Shares		$	1,342,389
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		126,755
Net Asset Value Per Share		$	10.59

(1) Includes cost of $21,649,756.

(2) Includes $59,157 of foreign capital gains tax on investments.

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

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


See Notes to Financial Statements.

12	MARCH 31, 2019

Janus Henderson Asia Equity Fund

Statement of Operations (unaudited)

For the period ended March 31, 2019



Investment Income:
	Dividends		$	89,583
	Foreign tax withheld			(8,372)
Total Investment Income				81,211
Expenses:
	Advisory fees			109,368
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		903
		Class C Shares		4,093
		Class S Shares		467
	Transfer agent administrative fees and expenses:
		Class D Shares		6,854
		Class S Shares		563
		Class T Shares		1,353
	Transfer agent networking and omnibus fees:
		Class A Shares		244
		Class C Shares		387
		Class I Shares		243
	Other transfer agent fees and expenses:
		Class A Shares		102
		Class C Shares		99
		Class D Shares		3,556
		Class I Shares		106
		Class N Shares		570
		Class S Shares		35
		Class T Shares		81
	Registration fees			59,061
	Non-affiliated fund administration fees			35,946
	Professional fees			33,790
	Custodian fees			7,828
	Shareholder reports expense			5,139
	Non-interested Trustees’ fees and expenses			307
	Affiliated fund administration fees			291
	Other expenses			228
Total Expenses				271,614
Less: Excess Expense Reimbursement and Waivers				(121,744)
Net Expenses				149,870
Net Investment Income/(Loss)				(68,659)
Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions			(693,974)
Total Net Realized Gain/(Loss) on Investments				(693,974)
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation⁽¹⁾			908,603
Total Change in Unrealized Net Appreciation/Depreciation				908,603
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	145,970

(1) Includes change in unrealized appreciation/depreciation of $36,534 due to foreign capital gains tax on investments.


See Notes to Financial Statements.

Janus Investment Fund	13

Janus Henderson Asia Equity Fund

Statements of Changes in Net Assets



			Period ended March 31, 2019 (unaudited)		Year ended September 30, 2018⁽¹⁾

Operations:
	Net investment income/(loss)		$	(68,659)	$	231,650
	Net realized gain/(loss) on investments			(693,974)		2,156,515
	Change in unrealized net appreciation/depreciation			908,603		(949,637)
Net Increase/(Decrease) in Net Assets Resulting from Operations				145,970		1,438,528
Dividends and Distributions to Shareholders
		Class A Shares		(63,549)		(27,500)
		Class C Shares		(85,343)		(26,838)
		Class D Shares		(916,560)		(653,620)
		Class I Shares		(97,500)		(337,205)
		Class N Shares		(632,222)		—
		Class S Shares		(37,204)		(12,848)
		Class T Shares		(67,544)		(80,293)
Net Decrease from Dividends and Distributions to Shareholders				(1,899,922)		(1,138,304)
Capital Share Transactions:
		Class A Shares		83,961		484,453
		Class C Shares		(476,053)		315,110
		Class D Shares		(32,819)		(8,674,983)
		Class I Shares		233,735		(12,337,210)
		Class N Shares		1,024		9,035,795
		Class S Shares		37,204		12,848
		Class T Shares		341,164		(1,925,915)
Net Increase/(Decrease) from Capital Share Transactions				188,216		(13,089,902)
Net Increase/(Decrease) in Net Assets				(1,565,736)		(12,789,678)
Net Assets:
	Beginning of period			26,194,929		38,984,607
	End of period		$	24,629,193	$	26,194,929

(1) Period from January 26, 2018 (inception date) through September 30, 2018 for Class N Shares.


See Notes to Financial Statements.

14	MARCH 31, 2019

Janus Henderson Asia Equity Fund

Financial Highlights


Class A Shares
For a share outstanding during the period ended March 31, 2019 (unaudited) and the year ended September 30			2019	2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$11.42	$11.45	$9.42	$8.31	$9.79	$9.44
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.04)	0.07	0.02	0.05	0.01	0.23⁽²⁾
		Net realized and unrealized gain/(loss)	0.05	0.22	2.12	1.44	(0.95)	0.59
	Total from Investment Operations		0.01	0.29	2.14	1.49	(0.94)	0.82
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.02)	(0.05)	(0.11)	—	(0.17)	(0.14)
		Distributions (from capital gains)	(0.84)	(0.27)	—	(0.38)	(0.37)	(0.33)
	Total Dividends and Distributions		(0.86)	(0.32)	(0.11)	(0.38)	(0.54)	(0.47)
	Net Asset Value, End of Period		$10.57	$11.42	$11.45	$9.42	$8.31	$9.79
	Total Return*		1.03%	2.48%	23.10%	18.58%	(10.07)%	9.06%
	Net Assets, End of Period (in thousands)		$840	$816	$366	$253	$348	$456
	Average Net Assets for the Period (in thousands)		$746	$954	$293	$333	$400	$1,053
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.78%	2.08%	2.49%	3.51%	2.87%	2.49%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.46%	1.53%	1.63%	1.56%	1.61%	1.38%
		Ratio of Net Investment Income/(Loss)	(0.76)%	0.60%	0.17%	0.64%	0.07%	2.35%⁽²⁾
	Portfolio Turnover Rate		16%	41%	120%	59%	152%	72%


Class C Shares
For a share outstanding during the period ended March 31, 2019 (unaudited) and the year ended September 30			2019	2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$11.30	$11.36	$9.34	$8.29	$9.72	$9.38
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.07)	(0.01)	(0.04)	0.01	(0.03)	0.16⁽²⁾
		Net realized and unrealized gain/(loss)	0.04	0.22	2.10	1.42	(0.98)	0.59
	Total from Investment Operations		(0.03)	0.21	2.06	1.43	(1.01)	0.75
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	(0.04)	—	(0.05)	(0.08)
		Distributions (from capital gains)	(0.84)	(0.27)	—	(0.38)	(0.37)	(0.33)
	Total Dividends and Distributions		(0.84)	(0.27)	(0.04)	(0.38)	(0.42)	(0.41)
	Net Asset Value, End of Period		$10.43	$11.30	$11.36	$9.34	$8.29	$9.72
	Total Return*		0.65%	1.80%	22.17%	17.87%	(10.81)%	8.22%
	Net Assets, End of Period (in thousands)		$638	$1,244	$957	$413	$360	$332
	Average Net Assets for the Period (in thousands)		$911	$1,233	$519	$381	$373	$802
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	3.38%	2.78%	3.09%	4.23%	3.59%	3.24%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.13%	2.25%	2.33%	2.25%	2.30%	2.12%
		Ratio of Net Investment Income/(Loss)	(1.41)%	(0.04)%	(0.42)%	0.10%	(0.31)%	1.68%⁽²⁾
	Portfolio Turnover Rate		16%	41%	120%	59%	152%	72%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are 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.

Janus Investment Fund	15

Janus Henderson Asia Equity Fund

Financial Highlights


Class D Shares
For a share outstanding during the period ended March 31, 2019 (unaudited) and the year ended September 30			2019	2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$11.54	$11.56	$9.49	$8.35	$9.84	$9.48
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.03)	0.07	0.07	0.08	0.07	0.24⁽²⁾
		Net realized and unrealized gain/(loss)	0.07	0.23	2.11	1.45	(1.00)	0.61
	Total from Investment Operations		0.04	0.30	2.18	1.53	(0.93)	0.85
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.03)	(0.05)	(0.11)	(0.01)	(0.19)	(0.16)
		Distributions (from capital gains)	(0.84)	(0.27)	—	(0.38)	(0.37)	(0.33)
	Total Dividends and Distributions		(0.87)	(0.32)	(0.11)	(0.39)	(0.56)	(0.49)
	Net Asset Value, End of Period		$10.71	$11.54	$11.56	$9.49	$8.35	$9.84
	Total Return*		1.26%	2.57%	23.30%	18.95%	(9.99)%	9.26%
	Net Assets, End of Period (in thousands)		$12,197	$13,089	$21,577	$5,314	$5,640	$9,084
	Average Net Assets for the Period (in thousands)		$11,454	$21,221	$11,542	$5,013	$6,632	$8,635
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.31%	1.72%	2.19%	3.38%	2.75%	2.31%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.31%	1.33%	1.44%	1.36%	1.42%	1.25%
		Ratio of Net Investment Income/(Loss)	(0.61)%	0.55%	0.67%	0.89%	0.67%	2.52%⁽²⁾
	Portfolio Turnover Rate		16%	41%	120%	59%	152%	72%


Class I Shares
For a share outstanding during the period ended March 31, 2019 (unaudited) and the year ended September 30			2019	2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$11.45	$11.56	$9.51	$8.37	$9.85	$9.49
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.03)	(0.03)	0.11	0.10	0.06	0.26⁽²⁾
		Net realized and unrealized gain/(loss)	0.16	0.26	2.07	1.44	(0.98)	0.60
	Total from Investment Operations		0.13	0.23	2.18	1.54	(0.92)	0.86
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.03)	(0.07)	(0.13)	(0.02)	(0.19)	(0.17)
		Distributions (from capital gains)	(0.84)	(0.27)	—	(0.38)	(0.37)	(0.33)
	Total Dividends and Distributions		(0.87)	(0.34)	(0.13)	(0.40)	(0.56)	(0.50)
	Net Asset Value, End of Period		$10.71	$11.45	$11.56	$9.51	$8.37	$9.85
	Total Return*		2.07%	1.90%	23.39%	19.09%	(9.79)%	9.43%
	Net Assets, End of Period (in thousands)		$1,204	$1,029	$12,675	$2,665	$2,470	$2,899
	Average Net Assets for the Period (in thousands)		$1,047	$5,848	$7,408	$2,528	$3,017	$2,751
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.41%	1.44%	2.00%	3.19%	2.56%	2.15%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.19%	1.26%	1.32%	1.21%	1.27%	1.07%
		Ratio of Net Investment Income/(Loss)	(0.50)%	(0.25)%	1.01%	1.14%	0.57%	2.75%⁽²⁾
	Portfolio Turnover Rate		16%	41%	120%	59%	152%	72%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are 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.

16	MARCH 31, 2019

Janus Henderson Asia Equity Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended March 31, 2019 (unaudited) and the period ended September 30, 2018			2019	2018⁽¹⁾
	Net Asset Value, Beginning of Period		$11.56	$12.73
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	(0.02)	0.16
		Net realized and unrealized gain/(loss)	0.04	(1.33)⁽³⁾
	Total from Investment Operations		0.02	(1.17)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.05)	—
		Distributions (from capital gains)	(0.84)	—
	Total Dividends and Distributions		(0.89)	—
	Net Asset Value, End of Period		$10.69	$11.56
	Total Return*		1.10%	(9.19)%
	Net Assets, End of Period (in thousands)		$7,918	$8,501
	Average Net Assets for the Period (in thousands)		$7,655	$7,978
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.10%	1.75%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.14%	1.13%
		Ratio of Net Investment Income/(Loss)	(0.44)%	1.96%
	Portfolio Turnover Rate		16%	41%


Class S Shares
For a share outstanding during the period ended March 31, 2019 (unaudited) and the year ended September 30			2019	2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$11.45	$11.48	$9.43	$8.32	$9.79	$9.43
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	(0.04)	0.06	0.01	0.07	0.07	0.23⁽⁴⁾
		Net realized and unrealized gain/(loss)	0.05	0.22	2.14	1.42	(1.00)	0.59
	Total from Investment Operations		0.01	0.28	2.15	1.49	(0.93)	0.82
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.04)	(0.04)	(0.10)	—	(0.17)	(0.13)
		Distributions (from capital gains)	(0.84)	(0.27)	—	(0.38)	(0.37)	(0.33)
	Total Dividends and Distributions		(0.88)	(0.31)	(0.10)	(0.38)	(0.54)	(0.46)
	Net Asset Value, End of Period		$10.58	$11.45	$11.48	$9.43	$8.32	$9.79
	Total Return*		1.08%	2.37%	23.07%	18.56%	(9.97)%	9.02%
	Net Assets, End of Period (in thousands)		$489	$484	$472	$368	$310	$345
	Average Net Assets for the Period (in thousands)		$451	$501	$413	$329	$390	$752
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	3.18%	2.36%	2.64%	3.67%	3.06%	2.58%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.47%	1.58%	1.66%	1.56%	1.48%	1.46%
		Ratio of Net Investment Income/(Loss)	(0.77)%	0.52%	0.15%	0.83%	0.71%	2.42%⁽⁴⁾
	Portfolio Turnover Rate		16%	41%	120%	59%	152%	72%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are 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 September 30, 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	17

Janus Henderson Asia Equity Fund

Financial Highlights


Class T Shares
For a share outstanding during the period ended March 31, 2019 (unaudited) and the year ended September 30			2019	2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$11.37	$11.42	$9.36	$8.25	$9.81	$9.45
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.03)	0.06	0.06	0.04	0.04	0.24⁽²⁾
		Net realized and unrealized gain/(loss)	0.10	0.20	2.08	1.46	(0.96)	0.61
	Total from Investment Operations		0.07	0.26	2.14	1.50	(0.92)	0.85
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.01)	(0.04)	(0.08)	(0.01)	(0.27)	(0.16)
		Distributions (from capital gains)	(0.84)	(0.27)	—	(0.38)	(0.37)	(0.33)
	Total Dividends and Distributions		(0.85)	(0.31)	(0.08)	(0.39)	(0.64)	(0.49)
	Net Asset Value, End of Period		$10.59	$11.37	$11.42	$9.36	$8.25	$9.81
	Total Return*		1.59%	2.27%	23.18%	18.88%	(9.98)%	9.37%
	Net Assets, End of Period (in thousands)		$1,342	$1,032	$2,937	$230	$306	$712
	Average Net Assets for the Period (in thousands)		$1,085	$2,799	$756	$332	$566	$1,357
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.59%	1.81%	2.14%	3.41%	2.73%	2.44%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.34%	1.41%	1.55%	1.44%	1.39%	1.26%
		Ratio of Net Investment Income/(Loss)	(0.66)%	0.54%	0.55%	0.47%	0.46%	2.49%⁽²⁾
	Portfolio Turnover Rate		16%	41%	120%	59%	152%	72%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are 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.

18	MARCH 31, 2019

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

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Funds have adopted an auto-conversion policy pursuant to which Class C Shares that have been held for ten years will be automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than the tenth business day of the month following the month of the tenth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund will rely on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares. Please contact your financial intermediary for additional information.

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.


Janus Investment Fund	19

Janus Henderson Asia Equity Fund

Notes to Financial Statements (unaudited)

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

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

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.


20	MARCH 31, 2019

Janus Henderson Asia Equity Fund

Notes to Financial Statements (unaudited)

approved by the Fund’s Trustees; certain short-term debt securities with maturities of 60 days or less that are fair valued at amortized cost; and equity securities of foreign issuers whose fair value is determined by using systematic fair valuation models provided by independent third parties in order to adjust for stale pricing which may occur between the close of certain foreign exchanges and the close of the NYSE. Other securities that may be categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, swaps, investments in unregistered investment companies, options, and forward contracts.

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

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

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of March 31, 2019 to fair value the Fund’s investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments and Other Information.

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

Financial assets of $689,324 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

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


Janus Investment Fund	21

Janus Henderson Asia Equity Fund

Notes to Financial Statements (unaudited)

of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

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

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

Dividends and Distributions

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

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

Federal Income Taxes

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


22	MARCH 31, 2019

Janus Henderson Asia Equity 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.

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

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

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.

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.


Janus Investment Fund	23

Janus Henderson Asia Equity Fund

Notes to Financial Statements (unaudited)

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 any Performance Adjustment. For the period ended March 31, 2019, 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 was 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 HGIL and certain employees of HGIL 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, 2020. 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.


24	MARCH 31, 2019

Janus Henderson Asia Equity Fund

Notes to Financial Statements (unaudited)

Janus Services and the Fund, Janus Services may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. Janus Capital and its affiliates benefit from an increase in assets that may result from such relationships. The Funds’ Trustees have set limits on fees that the Funds may incur with respect to administrative fees paid for omnibus or networked accounts. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.

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

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

Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with Janus Capital. For all share classes, 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. 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 Investment Fund	25

Janus Henderson Asia Equity Fund

Notes to Financial Statements (unaudited)

Fund. The Fund pays these costs based on out-of-pocket expenses incurred by Janus Capital, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services Janus Capital (or any subadvisor, as applicable) provides to the Fund. These amounts are disclosed as “Affiliated fund administration fees” on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund’s Chief Compliance Officer and certain compliance staff, all of whom are employees of Janus Capital and/or its affiliates, are shared with the Fund. Total compensation of $242,825 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended March 31, 2019. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

Effective April 1, 2018, BNP Paribas Financial Services (“BPFS”) provides certain administrative services to the Fund, including services related to Fund accounting, calculation of the Fund’s daily NAV, and Fund audit, tax, and reporting obligations, pursuant to a sub-administration agreement with Janus Capital on behalf of the Fund. Janus Capital, as administrator, oversees the provision of these services by BPFS. As compensation for such services, Janus Capital pays BPFS a fee based on a percentage of the Fund’s assets, along with a flat fee, and is reimbursed by the Fund for amounts paid to BPFS (to the extent Janus Capital seeks reimbursement and such costs are not otherwise waived). These amounts are disclosed as "Non-affiliated fund administration fees" 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, 2019 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, 2019 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 $235,613 were paid by the Trust to the Trustees under the Deferred Plan during the period ended March 31, 2019.

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, 2019, Janus Henderson Distributors retained upfront sales charges of $1,307.

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 period ended March 31, 2019.

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, 2019, redeeming shareholders of Class C Shares paid CDSCs of $112.


26	MARCH 31, 2019

Janus Henderson Asia Equity Fund

Notes to Financial Statements (unaudited)

As of March 31, 2019, 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	96		31
Class S Shares	96		2
Class T Shares	-		-

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

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, 2019 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)
$ 21,694,455	$ 3,818,889	$ (757,911)	$ 3,060,978


Janus Investment Fund	27

Janus Henderson Asia Equity Fund

Notes to Financial Statements (unaudited)

5. Capital Share Transactions



		Period ended March 31, 2019		Year ended September 30, 2018⁽¹⁾
		Shares	Amount	Shares	Amount

Class A Shares:
Shares sold		19,014	$ 191,802	88,209	$ 1,064,767
Reinvested dividends and distributions		6,736	63,182	2,333	27,500
Shares repurchased		(17,782)	(171,023)	(51,015)	(607,814)
Net Increase/(Decrease)		7,968	$ 83,961	39,527	$ 484,453
Class C Shares:
Shares sold		9,698	$ 96,691	29,714	$ 358,544
Reinvested dividends and distributions		9,206	85,343	2,288	26,838
Shares repurchased		(67,772)	(658,087)	(6,159)	(70,272)
Net Increase/(Decrease)		(48,868)	$ (476,053)	25,843	$ 315,110
Class D Shares:
Shares sold		87,985	$ 900,910	824,634	$ 10,061,423
Reinvested dividends and distributions		94,663	898,352	54,013	643,296
Shares repurchased		(177,831)	(1,832,081)	(1,611,063)	(19,379,702)
Net Increase/(Decrease)		4,817	$ (32,819)	(732,416)	$ (8,674,983)
Class I Shares:
Shares sold		57,854	$ 602,457	103,861	$ 1,247,856
Reinvested dividends and distributions		10,263	97,500	28,337	337,205
Shares repurchased		(45,584)	(466,222)	(1,138,895)	(13,922,271)
Net Increase/(Decrease)		22,533	$ 233,735	(1,006,697)	$(12,337,210)
Class N Shares:
Shares sold		9,395	$ 96,072	802,257	$ 9,826,191
Reinvested dividends and distributions		66,690	632,222	-	-
Shares repurchased		(71,099)	(727,270)	(66,651)	(790,396)
Net Increase/(Decrease)		4,986	$ 1,024	735,606	$ 9,035,795
Class S Shares:
Shares sold		-	$ -	-	$ -
Reinvested dividends and distributions		3,966	37,204	1,086	12,848
Shares repurchased		-	-	-	-
Net Increase/(Decrease)		3,966	$ 37,204	1,086	$ 12,848
Class T Shares:
Shares sold		85,993	$ 855,815	109,999	$ 1,329,447
Reinvested dividends and distributions		6,744	63,330	6,689	78,728
Shares repurchased		(56,755)	(577,981)	(283,108)	(3,334,090)
Net Increase/(Decrease)		35,982	$ 341,164	(166,420)	$ (1,925,915)
(1)	Period from January 26, 2018 (inception date) through September 30, 2018 for Class N Shares.

6. Purchases and Sales of Investment Securities

For the period ended March 31, 2019, 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
$ 3,595,264	$ 5,758,320	$ -	$ -


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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 funds with fiscal years ending after December 15, 2018. Management is currently evaluating the impacts of ASU 2017-08 on the Fund’s financial statements.

The FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820) in August 2018. The new guidance removes, modifies and enhances the disclosures to Topic 820. For public entities, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Management is currently evaluating the impact of this new guidance on the financial statements.

8. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to March 31, 2019 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, each of whom serves as an “independent” Trustee (the “Trustees”), oversee the management of each Fund of Janus Investment Fund (each, a “JIF Fund,” and collectively, the “JIF Funds”), as well as each Portfolio of Janus Aspen Series (together with the JIF Funds, the “Janus Henderson Funds,” and each, a “Janus Henderson Fund”). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund and the subadvisory agreement for each Janus Henderson Funds that utilizes a subadviser.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Capital and each subadviser 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 the information provided, and also met separately in executive session with their independent legal counsel and their independent fee consultant.

At a meeting held on December 6, 2018, 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 Janus Henderson 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 Janus Henderson Fund, and the subadvisory agreement for each subadvised Janus Henderson Fund, for the period from February 1, 2019 through February 1, 2020, subject to earlier termination as provided for in each agreement.

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

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 Janus Henderson Funds, taking into account the investment objective, strategies and policies of each Janus


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Additional Information (unaudited)

Henderson 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 Janus Henderson 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 Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson 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 Janus Henderson 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 Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson 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 Janus Henderson Funds and fund shareholders, ranging from investment management services to various other servicing functions, and that, in its view, Janus Capital is a capable provider of those services. The independent fee consultant also expressed the view 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 and the subadviser to each Janus Henderson Fund that utilizes a subadviser were appropriate and consistent with the terms of the respective investment advisory and subadvisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson 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 Janus Henderson Funds effectively and had demonstrated its ability to attract well-qualified personnel.

Performance of the Funds

The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including periodic meetings with each Janus Henderson Fund’s portfolio manager(s), and also reviewed information comparing each Janus Henderson 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 Janus Henderson Fund’s benchmark index. In this regard, the independent fee consultant found that the overall Janus Henderson Funds’ performance has been reasonable: for the 36 months ended September 30, 2018, approximately 48% of the Janus Henderson Funds were in the top two quartiles of performance, as reported by Morningstar, and for the 12 months ended September 30, 2018, approximately 56% of the Janus Henderson Funds were in the top two quartiles of performance, as reported by Morningstar.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the JIF Funds:

Alternative Fund

· 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, 2018 and the second Broadridge quartile for the 12 months ended May 31, 2018.

Asset Allocation Funds

· For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2018 and the first Broadridge quartile for the 12 months ended May 31, 2018.

· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2018 and the first Broadridge quartile for the 12 months ended May 31, 2018. 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.


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Additional Information (unaudited)

· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2018 and the first Broadridge quartile for the 12 months ended May 31, 2018. 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.

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, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018. 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 bottom Broadridge quartile for the 36 months ended May 31, 2018 and the first Broadridge quartile for the 12 months ended May 31, 2018. 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 Unconstrained Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2018 and the bottom Broadridge quartile for the 12 months ended May 31, 2018. 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, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018.

· 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, 2018 and the first Broadridge quartile for the 12 months ended May 31, 2018.

· For Janus Henderson Short-Term Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2018 and the bottom Broadridge quartile for the 12 months ended May 31, 2018. 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 second Broadridge quartile for the 36 months ended May 31, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018.

Global and International Equity Funds

· For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2018 and the bottom Broadridge quartile for the 12 months ended May 31, 2018. The Trustees noted the reasons for the Fund’s underperformance, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2018 and the bottom Broadridge quartile for the 12 months ended May 31, 2018. 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 European Focus Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2018 and the bottom Broadridge quartile for the 12 months ended May 31, 2018. 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 bottom Broadridge quartile for the 36 months ended May 31, 2018 and the bottom Broadridge quartile for the 12 months ended May 31, 2018. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.


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Additional Information (unaudited)

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2018 and the first Broadridge quartile for the 12 months ended May 31, 2018.

· For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2018 and the first Broadridge quartile for the 12 months ended May 31, 2018.

· 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, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018. 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 Select Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2018 and the first Broadridge quartile for the 12 months ended May 31, 2018. 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 second Broadridge quartile for the 36 months ended May 31, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018.

· For Janus Henderson Global Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018. 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 bottom Broadridge quartile for the 36 months ended May 31, 2018 and the bottom Broadridge quartile for the 12 months ended May 31, 2018. 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 International Small Cap Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 12 months ended May 31, 2018.

· For Janus Henderson International Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2018 and the bottom Broadridge quartile for the 12 months ended May 31, 2018. 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, 2018 and the second Broadridge quartile for the 12 months ended May 31, 2018. 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.

Money Market Funds

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2018 and the second Broadridge quartile for the 12 months ended May 31, 2018.

· 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, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018. The Trustees noted the reasons for the Fund’s underperformance, including the impact of waivers on comparative peer performance.


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Additional Information (unaudited)

Multi-Asset Funds

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 12 months ended May 31, 2018. 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 All Asset Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018. 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, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018.

· 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, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018.

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, 2018 and the first Broadridge quartile for the 12 months ended May 31, 2018.

· 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, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018. 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 Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2018 and the second Broadridge quartile for the 12 months ended May 31, 2018.

· For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018.

· For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2018 and the first Broadridge quartile for the 12 months ended May 31, 2018.

· For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018. The Trustees noted the reasons for the Fund’s underperformance, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018.

· For Janus Henderson U.S. Growth Opportunities Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018. The Trustees noted the reasons for the Fund’s underperformance, and the steps Janus Capital and Geneva had taken or were taking to improve performance.


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Additional Information (unaudited)

· For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018.

Quantitative Equity Funds

· For Janus Henderson Emerging Markets Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2018 and the first Broadridge quartile for the 12 months ended May 31, 2018. 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 that the performance trend was improving.

· 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, 2018 and the bottom Broadridge quartile for the 12 months ended May 31, 2018.

· For Janus Henderson International Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2018 and the second Broadridge quartile for the 12 months ended May 31, 2018.

· For Janus Henderson U.S. Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2018 and the first Broadridge quartile for the 12 months ended May 31, 2018.

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, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018. 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, 2018 and the third Broadridge quartile for the 12 months ended May 31, 2018.

· For Janus Henderson Select Value Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2018 and the bottom Broadridge quartile for the 12 months ended May 31, 2018.

· For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2018 and the bottom Broadridge quartile for the 12 months ended May 31, 2018.

In consideration of each Janus Henderson 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 Janus Henderson Fund’s performance warranted continuation of such Janus Henderson Fund’s investment advisory and subadvisory agreement(s).

Costs of Services Provided

The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant and noted that the management fee rate (investment advisory and any administration fees, but excluding out-of-pocket costs) for many of the Janus Henderson Funds, net of waivers, was below the average management fee rate of the respective peer group of funds selected by Broadridge. 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 Janus Henderson Fund. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group peers and to average total expenses for its Broadridge Expense Universe.


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Janus Henderson Asia Equity Fund

Additional Information (unaudited)

The independent fee consultant expressed the view that the management fees charged by Janus Capital to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by Janus Capital. At the fund complex level, the independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other mutual funds; (2) total expenses, on average, were 10% under the average total expenses for the respective Broadridge Expense Group peers and 19% under the average total expenses for the respective Broadridge Expense Universes; (3) management fees for the Janus Henderson Funds, on average, were 8% under the average management fees for the respective Expense Groups and 10% under the average for the respective Expense Universes; and (4) Janus Henderson Fund expenses by function for each asset and share class category were reasonable relative to peer benchmarks.

The independent fee consultant concluded that, based on its strategic review of expenses at the complex, category and individual share class level, Janus Henderson Fund expenses were found to be reasonable relative to peer benchmarks. Further, for certain Janus Henderson Funds, the independent fee consultant also performed a systematic “focus list” analysis of expenses in the context of the performance or service delivered to investors in each Janus Henderson Fund. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds were reasonable in light of performance trends, performance histories, and existence of performance fees, breakpoints, and expense waivers on such “focus list” 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 comparable subadvisory and separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, while subadviser fee rates charged to the Janus Henderson Funds were generally within a reasonable range of the fee rates that the subadviser charges to comparable separate account clients or non-affiliated funds. The Trustees considered that Janus Capital noted that, under the terms of the management agreements with the Janus Henderson Funds, Janus Capital performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds’ other service providers, trustee support, regulatory compliance and numerous other services, and that, in serving the Janus Henderson Funds, Janus Capital assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant found that: (1) the management fees Janus Capital charges to the Janus Henderson 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 Henderson mutual fund investors enjoy reasonable fees relative to the fees charged to Janus Henderson institutional and subadvised fund investors; (4) in three of five product categories, the Janus Henderson Funds receive proportionally better pricing than the industry in relation to Janus Henderson institutional clients; and (5) in six of seven strategies, Janus Capital has lower management fees than the management fees charged to funds subadvised by Janus Capital.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2017, including the JIF Funds, and noted the following with regard to each JIF Fund’s total expenses, net of applicable fee waivers (the JIF Fund’s “total expenses”):

Alternative Fund

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

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


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Additional Information (unaudited)

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, 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 – 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, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

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.

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

· 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 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 all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the peer group comparisons did not take into account a recent management fee reduction for the Fund, effective December 14, 2018 and that Janus Capital has contractually agreed to limit the Fund’s expenses at a lower (more favorable) level.

· For Janus Henderson Strategic 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.

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.

· 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.

· For Janus Henderson European Focus 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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Janus Henderson Asia Equity 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 Real Estate 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 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.

· 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.

· 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, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. 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 above 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.

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.

· For Janus Henderson Dividend & Income Builder 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)

· 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 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, 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 the Fund’s total expenses were below the peer group average for all share classes.

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

· 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 the Fund’s total expenses were below the peer group average for all share classes.

· 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.

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

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 taking into account the limited peer group for the Fund. 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, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

· 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.


Janus Investment Fund	39

Janus Henderson Asia Equity Fund

Additional Information (unaudited)

· 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, 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 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.

The Trustees reviewed information on the overall profitability to Janus Capital and its affiliates of their relationship with the Janus Henderson Funds, and considered profitability data of other publicly traded fund managers. 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, differences in complex size, differences in product mix, differences in types of business (mutual fund, institutional and other), differences in the methodology for allocating expenses, and the fund manager’s capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to Janus Capital from the investment management services it provides to each Janus Henderson Fund. In their review, the Trustees considered whether Janus Capital and each subadviser receive adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson 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 Janus Henderson Fund was reasonable. The Trustees also considered that the estimated profitability for an individual Janus Henderson 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 Janus Henderson 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 Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to Janus Capital, as well as the fees paid by Janus Capital to the subadvisers of subadvised Janus Henderson 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 Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund’s total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by Janus Capital and any subadviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by Janus Capital.

Economies of Scale

The Trustees considered information about the potential for Janus Capital to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted the independent fee consultant’s analysis of economies of scale in prior years. They also noted that, although many Janus Henderson Funds pay advisory fees at a base fixed rate as a percentage of net assets, without any breakpoints or performance fees, the independent fee consultant concluded that 74% of these Janus Henderson Funds’ share classes have contractual management fees (gross of waivers) below their Broadridge Expense Group averages. They also noted that for those Janus Henderson Funds whose expenses are being reduced by contractual expense limitations with Janus Capital, Janus Capital is subsidizing certain of these Janus Henderson Funds because they have not reached adequate scale. Moreover, as the assets of some of the Janus Henderson Funds have declined in the past few years, certain Janus Henderson Funds have benefited from having


40	MARCH 31, 2019

Janus Henderson Asia Equity Fund

Additional Information (unaudited)

advisory fee rates that have remained constant rather than increasing as assets declined. In addition, performance fee structures have been implemented for various Janus Henderson Funds that have caused the effective rate of advisory fees payable by such a Janus Henderson Fund to vary depending on the investment performance of the Janus Henderson Fund relative to its benchmark index over the measurement period; and a few Janus Henderson Funds have fee schedules with breakpoints and reduced fee rates above certain asset levels. The Trustees also noted that the Janus Henderson 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 Janus Henderson Funds.

The Trustees also considered information provided by the independent fee consultant, which 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 Henderson complex. The independent consultant further 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 Janus Henderson Funds which have not yet achieved those economies and (2) by setting lower fixed fees from the start on these Janus Henderson Funds, Janus Capital appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any scale economies that may exist. Further, the independent fee consultant expressed the view that Janus Henderson Fund investors are well-served by the performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at Janus Capital.

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 Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between Janus Capital and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

Other Benefits to Janus Capital

The Trustees also considered benefits that accrue to Janus Capital and its affiliates and subadvisers to the Janus Henderson Funds from their relationships with the Janus Henderson Funds. They recognized that two affiliates of Janus Capital separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market funds for services provided, and that such compensation contributes to the overall profitability of Janus Capital and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered Janus Capital’s and each subadviser’s past and proposed use of commissions paid by the Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of Janus Capital and/or Janus Capital, and/or a subadviser to a Janus Henderson 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 likely to benefit each Janus Henderson 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 Janus Henderson Fund therefor, the Janus Henderson 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 its affiliates 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 the Janus Henderson Funds and other clients serviced by Janus Capital and its affiliates. They also concluded that Janus Capital and/or the subadvisers benefit from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson 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 certain other clients of Janus Capital and/or other clients of the subadvisers. They further concluded that the success of any Janus Henderson Fund could attract other business to Janus Capital, the subadvisers or other Janus Henderson funds, and that the success of Janus Capital and the subadvisers could enhance Janus Capital’s and the subadvisers’ ability to serve the Janus Henderson Funds.


Janus Investment Fund	41

Janus Henderson Asia Equity Fund

Useful Information About Your Fund Report (unaudited)

Management Commentary

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

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

Please keep in mind that the opinions expressed in the Management Commentary are just that: opinions. They are a reflection based on best judgment at the time this report was compiled, which was March 31, 2019. 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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Janus Henderson Asia Equity Fund

Useful Information About Your Fund Report (unaudited)

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

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

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

Statement of Operations

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

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

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

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

Statements of Changes in Net Assets

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

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

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

Financial Highlights

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

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


Janus Investment Fund	43

Janus Henderson Asia Equity Fund

Useful Information About Your Fund Report (unaudited)

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

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

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

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


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Janus Henderson Asia Equity Fund

Notes

NotesPage1


Janus Investment Fund	45

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 Knowledge. Shared are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc. Janus Henderson Distributors
							125-24-93036 05-19



		SEMIANNUAL REPORT March 31, 2019

	Janus Henderson Balanced Fund

	Janus Investment Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by contacting a Janus Henderson representative. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by visiting janushenderson.com/edelivery. You may elect to receive all future reports in paper free of charge. If you do not invest directly with the Fund, you should contact your plan sponsor, broker-dealer, or financial intermediary, to request to continue receiving paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-525-3713 to let the Fund know that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Janus Henderson mutual funds where held (i.e., all Janus Henderson mutual funds held in your account if you invest through your financial intermediary or all Janus Henderson mutual funds held with the fund complex if you invest directly with a 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	22
Statement of Assets and Liabilities	24
Statement of Operations	26
Statements of Changes in Net Assets	28
Financial Highlights	29
Notes to Financial Statements	33
Additional Information	45
Useful Information About Your Fund Report	57

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 0.87% for the six-month period ended March 31, 2019, compared with a 1.37% 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 -1.72%, while the Bloomberg Barclays U.S. Aggregate Bond Index returned 4.63%.

INVESTMENT ENVIRONMENT

Equities fell sharply at the end of 2018 and then rebounded in the early months of 2019. The period began with a sense of nervousness as investors navigated myriad economic and political concerns. Fears of slowing global economic growth – particularly in China, U.S.-China trade relations and the potential for a disorderly “Brexit” all played a role in driving stocks lower early in the period. Comments by the Federal Reserve (Fed) led to significant volatility, as investors worried that the Fed would continue raising interest rates despite economic and market weakness. Stocks reversed course early in 2019, after the Fed signaled it would hold rates steady and cease its balance sheet runoff before calendar year-end. Increasing hopes that the U.S. and China were making progress toward a trade deal also supported stocks. The real estate, utilities and consumer staples sectors ended the period with positive returns while the energy, financials and consumer discretionary sectors faced the largest losses.

Corporate credit experienced similar swings, with spreads (the difference in yield between a security and its underlying risk-free benchmark) widening dramatically in the fourth quarter of 2018 and then tightening back in the latter half of the period. Ultimately, both investment-grade and high-yield corporates generated positive returns, with stronger performance in investment grade. The U.S. rate market also generated positive returns with Treasury yields rallying across the majority of the curve as investors accounted for the fact that the Fed may be done with this tightening cycle. The yield on the 10-year note closed the period at 2.41%, down from 3.06% 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, underperformed the Balanced Index, its blended benchmark of the S&P 500 Index (55%) and the Bloomberg Barclays U.S. Aggregate Bond Index (45%). The Fund outperformed its primary benchmark, the S&P 500 Index, and underperformed 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 60%, a fixed income weighting of approximately 39% and a small portion in cash. Our quarter-end allocation reflects our view that, on a risk-adjusted basis, equities present more attractive opportunities relative to fixed income. The equity weighting will continue to be dynamic based on market conditions and the investment opportunities our teams identify across asset classes.

The Fund’s equity sleeve outperformed its benchmark, the S&P 500 Index. Stock selection, particularly in the information technology, financials and health care sectors, aided relative returns during the period.

Merck & Co. was the largest contributor. The company benefited from a generally strong period for pharmaceutical companies due in part to relatively less rhetoric around pricing regulation. Sales of Keytruda, its cancer-fighting immunotherapy, continue to be strong and the drug continues to take market share from its largest rival. We believe the immunotherapy still has significant growth potential, particularly in overseas markets and in cases of lung cancer treatment.


Janus Investment Fund	1

Janus Henderson Balanced Fund (unaudited)

McDonald’s was another leading contributor. We like that this is a more defensive stock within the pro-cyclical consumer discretionary sector. In our view, the company’s stable cash flows make it an appealing holding, particularly in times of market weakness. McDonald’s has been experiencing strong same-store sales growth, partly as a result of capital expenditures for its “Experience the Future” remodeling program, geared toward modernizing its restaurants. Other initiatives such as their mobile app and the “McDelivery” partnership with Uber Eats are also supporting earnings. McDonald’s has also done an admirable job of growing sales overseas and is relatively less affected by geopolitical concerns than other multinational companies.

Eli Lilly & Co. also aided performance. The stock rose steadily throughout the period as the company reported consensus-beating results and raised guidance. Eli Lilly also benefited from receiving regulatory approval for Emgality, a migraine prevention treatment, and reported positive results from a mid-stage clinical trial for a drug that targets two hormones in diabetes patients. In the study, the drug demonstrated best-in-class blood sugar reduction and body weight loss in patients with type 2 diabetes, the most common type of diabetes globally. Given the promising results thus far, we believe the therapy could have multibillion-dollar sales potential.

While pleased with the performance of our equity sleeve during the period, some holdings disappointed. Apple led absolute detractors. The company is in the middle of a less impactful product upgrade cycle, which has led to softer demand for iPhones. Concerns over economic weakness in China further pressured the demand outlook which led the stock early in the period. We maintained our position, believing that the company remains poised to benefit from higher-than-average selling prices of its newest phones, which is supporting profit growth. Its services business, including Apple Music and cloud services, also result in a growing, recurring revenue stream. Further, we appreciate the company’s focus on returning cash to shareholders by way of increased dividends and stock buybacks.

Anadarko Petroleum also detracted from performance. The stock of the exploration and production (E&P) company fell with oil prices early in the period. Anadarko also has considerable exposure to Colorado, where lawmakers passed legislation redefining the minimum distance between drilling sites and residential areas. This generated uncertainty around future profitability of E&P companies operating in the state. We continued to hold the position as we believe the company has several key assets, including acreage in the Delaware Basin in Texas, where oil production could rise by more than 40% over the next five years, and in the deepwater Gulf of Mexico, where it has a strong infrastructure advantage.

Chemical producer LyondellBasell was another detractor. Prices for ethylene – one of LyondellBasell’s primary products – are generally tied to oil prices, and the company’s stock struggled during the first half of the period as the price of oil declined. We believe this was a temporary headwind and that the global supply/demand dynamics for ethylene should balance out. We also appreciate the growing dividend and the company’s stock repurchase program.

The Fund’s fixed income sleeve underperformed its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. With the Fed’s tightening cycle likely at or near its end, we reduced our floating rate exposure, including positions in certain asset-backed securities (ABS), commercial mortgage-backed securities (CMBS) and bank loans. We redeployed much of that capital into investment-grade corporate credit and agency mortgage-backed securities (MBS). Within corporate credit, we hold a mix of our highest-conviction ideas and defensive carry in bonds that we believe can help us generate more yield than the index. We are favoring issuers in sectors with defensive business models, such as food and beverage, while reducing exposure to more volatile and traditionally cyclical sectors, including automotives.

Despite trimming our ABS, CMBS and bank loan allocations, our floating rate exposure caused those asset classes to weigh on relative performance as market expectations shifted from Fed hikes over the next three years to potential cuts. Our allocation to CMBS was further impacted by two positions collateralized by traditional retail space. General weakness in brick-and-mortar retail and the fourth quarter tightening in capital markets, brought into question the ability for these issuers to refinance their debt and extend maturities. We exited both positions during the period.

An out-of-index allocation to high-yield corporate credit also detracted. We seek higher-quality, high-yield names, with consistent free-cash-flow generation potential and management teams committed to paying down debt, but even those names were challenged during the fourth quarter selloff. Balance sheet improvement progress at copper miner Freeport-McMoRan, for example, was overshadowed by fears of a slowdown in China. Trade war


2	MARCH 31, 2019

Janus Henderson Balanced Fund (unaudited)

uncertainty was also problematic for the company, given that China consumes a significant portion of the world’s copper. The position ultimately weighed on relative performance, despite recovering in the latter half of the period alongside headway in U.S.-China trade relations and improved copper pricing. We appreciate the value of Freeport’s assets, and ultimately expect the miner to benefit from limited supply and growing demand for copper – an essential component of electric vehicles – as the electrification of vehicles accelerates. We also like the company’s commitment to deleveraging and expect management to continue paying down debt in coming months.

At the asset class level, our Treasuries allocation benefited results. Specifically, our bias to longer-dated Treasuries contributed as yields rallied. Positioning in mortgage-backed securities (MBS) was another modest contributor to the Fund’s relative performance. The asset class performed well, particularly during market weakness in late 2018 given its limited credit risk and strong liquidity profile.

OUTLOOK

Given the strong performance of equities year to date, we are mindful of a possible pause or potential giveback of some of these gains. Equities have been supported by a decent macroeconomic backdrop, including low interest rates and renewed accommodation by the Fed, but we remain conscious of potential downside risks. The low-rate environment has been driven by broader concerns around a slowing U.S. (and global) economy and investors have become nervous of potential deflationary factors. This is especially apparent in the shape of the U.S. Treasury yield curve, which remains partially inverted. Potential sources of volatility also abound. Looking ahead, we believe a strong supply of initial public offerings (IPOs) could test the market’s resilience. The upcoming 2020 presidential elections are likely to introduce fresh populist rhetoric and new economic uncertainties. And U.S.-China trade relations, while improving, remain in limbo.

Still, with U.S. rates yielding below 3% across the Treasury curve, and dividend yields on many large-cap names remaining attractive, we anticipate the Fund will remain overweight equities in the months ahead. We intend to utilize market volatility to our advantage, as we have in recent months. Specifically, we are looking to capitalize on attractive valuations in names where we have been waiting for more reasonable entry points. Volatility also creates opportunities to exit stocks in which we have relatively lower conviction and redeploy the proceeds into our highest-conviction names. We will continue to focus on companies with improving fundamentals and strong growth prospects, including those making investments that should drive shareholder value over time.

Within fixed income, we anticipate a range-bound marketplace in both rates and credit. Given we are late in the credit cycle, we also expect bouts of volatility to arise. As a result, we believe that a broad diversification across fixed income asset classes and a conservative credit allocation is prudent. We will continue to seek attractively valued total return opportunities where we believe improving credit metrics will ultimately support performance, but after recent spread tightening, corporate valuations generally reflect the more constructive outlook and we expect carry to be a significant driver of returns going forward. We remain focused on our highest-conviction names, issuers with consistent free-cash-flow generation potential, strong management teams and a commitment to paying down debt. We are favoring defensive business models that have the potential to generate consistent free cash flow, even if a downturn unfolds. Thorough vetting of opportunities, coupled with security avoidance, remains critical as we strive to deliver on the sleeve’s 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, 2019





	5 Top Performers - Holdings		5 Bottom Performers - Holdings
		Contribution		Contribution
	Merck & Co Inc	0.43%	Apple Inc	-0.54%
	McDonald's Corp	0.39%	Anadarko Petroleum Corp	-0.44%
	Eli Lilly & Co	0.37%	LyondellBasell Industries NV	-0.40%
	Intel Corp	0.29%	General Dynamics Corp	-0.34%
	Comcast Corp	0.28%	Allergan PLC	-0.33%

	5 Top Performers - Sectors*
		Fund	Fund Weighting	S&P 500 Index
		Contribution	(Average % of Equity)	Weighting
	Information Technology	0.73%	22.83%	20.35%
	Financials	0.55%	12.94%	13.40%
	Health Care	0.51%	12.22%	15.16%
	Consumer Discretionary	0.44%	12.05%	9.96%
	Other**	0.03%	1.26%	0.00%

	5 Bottom Performers - Sectors*
		Fund	Fund Weighting	S&P 500 Index
		Contribution	(Average % of Equity)	Weighting
	Utilities	-0.40%	0.00%	3.20%
	Materials	-0.32%	2.33%	2.62%
	Consumer Staples	-0.28%	11.24%	7.25%
	Energy	-0.06%	2.67%	5.58%
	Industrials	0.00%	13.15%	9.46%

	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, 2019

Janus Henderson Balanced Fund (unaudited)

Fund At A Glance

March 31, 2019


5 Largest Equity Holdings - (% of Net Assets)
Microsoft Corp
Software	3.4%
Mastercard Inc
Information Technology Services	2.7%
Alphabet Inc - Class C
Interactive Media & Services	2.3%
Boeing Co
Aerospace & Defense	2.2%
McDonald's Corp
Hotels, Restaurants & Leisure	1.8%
	12.4%


Asset Allocation - (% of Net Assets)
Common Stocks	59.5%
Corporate Bonds	12.3%
United States Treasury Notes/Bonds	11.3%
Mortgage-Backed Securities	11.0%
Asset-Backed/Commercial Mortgage-Backed Securities	3.6%
Investment Companies	1.7%
Bank Loans and Mezzanine Loans	0.6%
Other		(0.0)%
		100.0%

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

As of March 31, 2019

As of September 30, 2018


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, 2019						per the January 28, 2019 prospectuses
	Fiscal Year-to-Date	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses
Class A Shares at NAV	0.70%	8.38%	7.62%	10.47%	9.60%	0.95%
Class A Shares at MOP	-5.09%	2.14%	6.35%	9.82%	9.36%
Class C Shares at NAV	0.37%	7.63%	6.87%	9.63%	8.92%	1.64%
Class C Shares at CDSC	-0.58%	6.63%	6.87%	9.63%	8.92%
Class D Shares⁽¹⁾	0.84%	8.65%	7.85%	10.69%	9.70%	0.71%
Class I Shares	0.87%	8.73%	7.92%	10.59%	9.66%	0.64%
Class N Shares	0.91%	8.80%	8.01%	10.59%	9.66%	0.57%
Class R Shares	0.54%	7.99%	7.21%	10.01%	9.22%	1.32%
Class S Shares	0.66%	8.22%	7.47%	10.30%	9.45%	1.07%
Class T Shares	0.79%	8.52%	7.74%	10.59%	9.66%	0.82%
S&P 500 Index	-1.72%	9.50%	10.91%	15.92%	9.66%
Bloomberg Barclays U.S. Aggregate Bond Index	4.63%	4.48%	2.74%	3.77%	5.31%
Balanced Index	1.37%	7.54%	7.34%	10.54%	7.97%
Morningstar Quartile - Class T Shares	-	1st	1st	2nd	1st
Morningstar Ranking - based on total returns for Allocation - 50% to 70% Equity Funds	-	32/767	26/689	182/562	13/189

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, 2019

Janus Henderson Balanced Fund (unaudited)

Performance

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

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

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

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

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

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

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

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

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

See “Useful Information About Your Fund Report.”

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

(1) Closed to certain new investors.


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 (10/1/18)	Ending Account Value (3/31/19)	Expenses Paid During Period (10/1/18 - 3/31/19)†	Beginning Account Value (10/1/18)	Ending Account Value (3/31/19)	Expenses Paid During Period (10/1/18 - 3/31/19)†	Net Annualized Expense Ratio (10/1/18 - 3/31/19)
Class A Shares		$1,000.00	$1,007.00	$4.70	$1,000.00	$1,020.24	$4.73	0.94%
Class C Shares		$1,000.00	$1,003.70	$8.14	$1,000.00	$1,016.80	$8.20	1.63%
Class D Shares		$1,000.00	$1,008.40	$3.61	$1,000.00	$1,021.34	$3.63	0.72%
Class I Shares		$1,000.00	$1,008.70	$3.26	$1,000.00	$1,021.69	$3.28	0.65%
Class N Shares		$1,000.00	$1,009.10	$2.91	$1,000.00	$1,022.04	$2.92	0.58%
Class R Shares		$1,000.00	$1,005.40	$6.65	$1,000.00	$1,018.30	$6.69	1.33%
Class S Shares		$1,000.00	$1,006.60	$5.40	$1,000.00	$1,019.55	$5.44	1.08%
Class T Shares		$1,000.00	$1,007.90	$4.10	$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, 2019

Janus Henderson Balanced Fund

Schedule of Investments (unaudited)

March 31, 2019


Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– 3.6%
	Angel Oak Mortgage Trust I LLC 2018-2,
	ICE LIBOR USD 12 Month + 0.7600%, 3.6740%, 7/27/48 (144A)^‡	$2,663,723	$2,674,335
	Applebee's Funding LLC / IHOP Funding LLC, 4.2770%, 9/5/44 (144A)	30,382,413	30,514,780
	Arroyo Mortgage Trust 2018-1,
	ICE LIBOR USD 12 Month + 0.8500%, 3.7630%, 4/25/48 (144A)^‡	4,263,711	4,310,317
	Atrium IX, ICE LIBOR USD 3 Month + 1.2400%, 3.8689%, 5/28/30 (144A)^‡	4,805,787	4,803,586
	BAMLL Commercial Mortgage Securities Trust 2018-DSNY,
	ICE LIBOR USD 1 Month + 0.8500%, 3.3338%, 9/15/34 (144A)^‡	12,628,000	12,564,629
	BBCMS 2018-TALL Mortgage Trust,
	ICE LIBOR USD 1 Month + 0.7220%, 3.2058%, 3/15/37 (144A)^‡	19,034,000	18,855,155
	BBCMS Trust 2015-SRCH, 4.1970%, 8/10/35 (144A)	9,288,000	9,918,195
	Bean Creek CLO Ltd,
	ICE LIBOR USD 3 Month + 1.0200%, 3.7810%, 4/20/31 (144A)^‡	9,977,265	9,842,263
	BX Commercial Mortgage Trust 2018-IND,
	ICE LIBOR USD 1 Month + 0.7500%, 3.2338%, 11/15/33 (144A)^‡	16,878,961	16,836,686
	BXP Trust 2017-GM, 3.3790%, 6/13/39 (144A)	4,190,000	4,257,652
	Carlyle Global Market Strategies CLO 2014-2R Ltd,
	ICE LIBOR USD 3 Month + 1.0500%, 3.7338%, 5/15/31 (144A)^‡	7,586,049	7,497,330
	Carlyle Global Market Strategies CLO 2016-1 Ltd,
	ICE LIBOR USD 3 Month + 1.4500%, 4.2110%, 4/20/27 (144A)^‡	6,986,050	6,912,193
	Carlyle Global Market Strategies CLO 2016-2 Ltd,
	ICE LIBOR USD 3 Month + 1.5000%, 4.2873%, 7/15/27 (144A)^‡	5,147,569	5,100,016
	CARLYLE US CLO 2018-1 LTD,
	ICE LIBOR USD 3 Month + 1.0200%, 3.7810%, 4/20/31 (144A)^‡	8,293,856	8,201,794
	Credit Acceptance Auto Loan Trust 2018-2, 3.9400%, 7/15/27 (144A)	4,276,000	4,353,074
	CSMLT 2015-2 Trust, 3.5000%, 8/25/45 (144A)^‡	6,156,790	6,173,839
	DB Master Finance LLC, 3.7870%, 5/20/49 (144A)	7,518,000	7,538,299
	DB Master Finance LLC, 4.0210%, 5/20/49 (144A)	3,022,000	3,035,599
	DB Master Finance LLC, 4.3520%, 5/20/49 (144A)	6,004,000	6,041,555
	Drive Auto Receivables Trust 2017-1, 5.1700%, 9/16/24	12,150,000	12,536,297
	Drive Auto Receivables Trust 2017-2, 5.2700%, 11/15/24	10,594,000	10,951,452
	Drive Auto Receivables Trust 2017-A, 4.1600%, 5/15/24 (144A)	5,339,000	5,403,996
	Drive Auto Receivables Trust 2019-1, 4.0900%, 6/15/26	2,488,000	2,541,089
	Dryden 41 Senior Loan Fund,
	ICE LIBOR USD 3 Month + 0.9700%, 3.7573%, 4/15/31 (144A)^‡	9,156,690	9,027,718
	Dryden 55 CLO Ltd,
	ICE LIBOR USD 3 Month + 1.0200%, 3.8073%, 4/15/31 (144A)^‡	5,651,165	5,595,428
	Dryden 64 CLO Ltd,
	ICE LIBOR USD 3 Month + 0.9700%, 3.7503%, 4/18/31 (144A)^‡	13,177,419	12,978,730
	Fannie Mae Connecticut Avenue Securities,
	ICE LIBOR USD 1 Month + 3.0000%, 5.4855%, 7/25/24^‡	15,748,352	16,718,361
	Fannie Mae REMICS, 3.0000%, 5/25/48	17,374,991	17,286,139
	Government National Mortgage Association,
	ICE LIBOR USD 1 Month + 0.3500%, 2.8378%, 10/20/48^‡	4,413,265	4,388,605
	Government National Mortgage Association,
	ICE LIBOR USD 1 Month + 0.4000%, 2.8878%, 2/20/49^‡	16,954,497	16,919,625
	Government National Mortgage Association,
	ICE LIBOR USD 1 Month + 0.5000%, 2.9878%, 2/20/49^‡	6,977,916	6,971,563
	Government National Mortgage Association - Class FQ,
	ICE LIBOR USD 1 Month + 0.4500%, 2.9378%, 2/20/49^‡	15,537,196	15,529,259
	Government National Mortgage Association - Class QF,
	ICE LIBOR USD 1 Month + 0.4500%, 2.9378%, 2/20/49^‡	13,972,188	13,978,865
	JP Morgan Mortgage Trust 2018-8, 4.0000%, 1/25/49 (144A)^‡	3,747,898	3,748,329
	LCM XIV LP, ICE LIBOR USD 3 Month + 1.0400%, 3.8158%, 7/20/31 (144A)^‡	4,913,992	4,873,437
	LCM XVIII LP, ICE LIBOR USD 3 Month + 1.0200%, 3.7810%, 4/20/31 (144A)^‡	8,196,822	8,098,559
	loanDepot Station Place Agency Securitization Trust 2017-1,
	ICE LIBOR USD 1 Month + 0.8000%, 3.2855%, 11/25/50 (144A)^‡,§	14,819,462	14,772,327
	loanDepot Station Place Agency Securitization Trust 2017-1,
	ICE LIBOR USD 1 Month + 1.0000%, 3.4855%, 11/25/50 (144A)^‡,§	2,927,820	2,919,493
	Magnetite VIII 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, 2019


Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– (continued)
	ICE LIBOR USD 3 Month + 0.9800%, 3.7673%, 4/15/31 (144A)^‡	$7,042,303	$6,976,781
	Magnetite XV Ltd, ICE LIBOR USD 3 Month + 1.0100%, 3.7806%, 7/25/31 (144A)^‡	9,632,511	9,526,409
	Mello Warehouse Securitization Trust 2018-1,
	ICE LIBOR USD 1 Month + 0.8500%, 3.3355%, 11/25/51 (144A)^‡,§	23,804,714	23,802,626
	New Residential Mortgage Loan Trust 2018-2,
	ICE LIBOR USD 6 Month + 0.6800%, 4.5000%, 2/25/58 (144A)^‡	4,859,085	4,999,965
	Octagon Investment Partners 36 Ltd,
	ICE LIBOR USD 3 Month + 0.9700%, 3.7573%, 4/15/31 (144A)^‡	6,974,442	6,867,196
	Octagon Loan Funding Ltd,
	ICE LIBOR USD 3 Month + 1.1800%, 3.8629%, 11/18/31 (144A)^‡	8,532,498	8,462,020
	OneMain Direct Auto Receivables Trust 2018-1, 3.8500%, 10/14/25 (144A)	2,018,000	2,041,368
	OneMain Direct Auto Receivables Trust 2018-1, 4.4000%, 1/14/28 (144A)	2,065,000	2,110,396
	Santander Drive Auto Receivables Trust 2016-3, 4.2900%, 2/15/24	12,409,000	12,546,891
	Santander Drive Auto Receivables Trust 2018-1, 4.3700%, 5/15/25 (144A)	16,238,000	16,224,089
	Sequoia Mortgage Trust 2018-7 A19, 4.0000%, 9/25/48 (144A)^‡	3,839,927	3,859,728
	Sequoia Mortgage Trust 2018-7 A4, 4.0000%, 9/25/48 (144A)^‡	4,781,190	4,862,190
	Sequoia Mortgage Trust 2018-CH2, 4.0000%, 6/25/48 (144A)^‡	14,483,519	14,668,232
	Sequoia Mortgage Trust 2018-CH3, 4.0000%, 8/25/48 (144A)^‡	6,002,673	6,079,738
	Sequoia Mortgage Trust 2019-1, 4.0000%, 2/25/49 (144A)^‡	2,913,693	2,950,388
	Sounds Point CLO IV-R LTD,
	ICE LIBOR USD 3 Month + 1.1500%, 3.9303%, 4/18/31 (144A)^‡	9,456,704	9,350,165
	Station Place Securitization Trust 2018-7,
	ICE LIBOR USD 1 Month + 0.8500%, 3.3311%, 9/24/19 (144A)^‡,§	22,453,757	22,453,757
	Towd Point Mortgage Trust 2015-3, 3.5000%, 3/25/54 (144A)^‡	278,235	277,903
	Towd Point Mortgage Trust 2018-3, 3.7500%, 5/25/58 (144A)^‡	3,966,611	4,012,469
	Towd Point Mortgage Trust 2018-4, 3.0000%, 6/25/58 (144A)^‡	7,159,266	7,082,113
	Voya CLO 2015-2 Ltd,
	ICE LIBOR USD 3 Month + 1.5000%, 4.2724%, 7/23/27 (144A)^‡	1,834,000	1,813,430
	Voya CLO 2018-1 Ltd,
	ICE LIBOR USD 3 Month + 0.9500%, 3.7110%, 4/19/31 (144A)^‡	9,533,494	9,372,731
	Voya CLO 2018-2 Ltd,
	ICE LIBOR USD 3 Month + 1.0000%, 3.7831%, 7/15/31 (144A)^‡	4,882,987	4,818,117
	Wachovia Bank Commercial Mortgage Trust Series 2007-C34, 5.8758%, 5/15/46^‡	777,673	782,277
	Wells Fargo Mortgage Backed Securities 2018-1, 3.5000%, 7/25/47 (144A)^‡	2,946,888	2,907,173
	Wells Fargo Mortgage Backed Securities 2019-1 Trust,
	4.0000%, 11/25/48 (144A)^‡	6,631,225	6,723,698
	WinWater Mortgage Loan Trust 2015-5, 3.5000%, 8/20/45 (144A)^‡	19,159,141	19,150,297
Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $569,491,432)			569,392,716
Bank Loans and Mezzanine Loans– 0.6%
Capital Goods – 0.1%
	HD Supply Inc, ICE LIBOR USD 1 Month + 1.7500%, 4.2486%, 10/17/23^‡	8,195,815	8,089,269
Consumer Cyclical – 0.1%
	KFC Holding Co, ICE LIBOR USD 1 Month + 1.7500%, 4.2318%, 4/3/25^‡	23,068,960	22,886,254
Consumer Non-Cyclical – 0.1%
	Aramark Services Inc, ICE LIBOR USD 1 Month + 1.7500%, 4.2486%, 3/28/24^‡	6,176,811	6,120,849
	Moffett Towers Phase II, ICE LIBOR USD 3 Month + 2.8000%, 5.2840%, 6/15/21^‡	16,570,494	16,472,072
			22,592,921
Electric – 0.3%
	NRG Energy Inc, ICE LIBOR USD 1 Month + 1.7500%, 4.2486%, 6/30/23^(a),‡	14,159,251	13,980,703
	Vistra Operations Co LLC, ICE LIBOR USD 1 Month + 2.0000%, 4.4986%, 8/4/23^‡	27,290,107	26,952,528
			40,933,231
Total Bank Loans and Mezzanine Loans (cost $95,572,382)			94,501,675
Corporate Bonds– 12.3%
Banking – 2.4%
	Bank of America Corp, 2.5030%, 10/21/22	35,144,000	34,711,729
	Bank of America Corp, ICE LIBOR USD 3 Month + 1.5120%, 3.7050%, 4/24/28^‡	49,524,000	49,788,471
	Bank of America Corp, ICE LIBOR USD 3 Month + 1.0700%, 3.9700%, 3/5/29^‡	12,114,000	12,371,502
	Bank of America Corp, ICE LIBOR USD 3 Month + 1.2100%, 3.9740%, 2/7/30^‡	16,343,000	16,674,142


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

10	MARCH 31, 2019

Janus Henderson Balanced Fund

Schedule of Investments (unaudited)

March 31, 2019


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Banking – (continued)
	Bank of Montreal, 3.3000%, 2/5/24	$16,193,000	$16,369,704
	Citigroup Inc, ICE LIBOR USD 3 Month + 1.5630%, 3.8870%, 1/10/28^‡	60,879,000	61,872,743
	Citizens Financial Group Inc, 3.7500%, 7/1/24	3,136,000	3,111,954
	Citizens Financial Group Inc, 4.3500%, 8/1/25	2,232,000	2,284,451
	Citizens Financial Group Inc, 4.3000%, 12/3/25	8,046,000	8,245,412
	First Republic Bank/CA, 4.6250%, 2/13/47	5,833,000	5,933,868
	Goldman Sachs Capital I, 6.3450%, 2/15/34	13,173,000	15,859,477
	JPMorgan Chase & Co, 2.2950%, 8/15/21	13,159,000	13,008,823
	JPMorgan Chase & Co, ICE LIBOR USD 3 Month + 1.2450%, 3.9600%, 1/29/27^‡	26,012,000	26,905,440
	JPMorgan Chase & Co, ICE LIBOR USD 3 Month + 1.3370%, 3.7820%, 2/1/28^‡	18,152,000	18,506,979
	JPMorgan Chase & Co, ICE LIBOR USD 3 Month + 1.3300%, 4.4520%, 12/5/29^‡	48,819,000	52,124,069
	Morgan Stanley, 3.9500%, 4/23/27	22,928,000	22,969,806
	Morgan Stanley, ICE LIBOR USD 3 Month + 1.6280%, 4.4310%, 1/23/30^‡	11,550,000	12,190,980
	SVB Financial Group, 5.3750%, 9/15/20	9,403,000	9,731,476
	Synchrony Financial, 4.3750%, 3/19/24	3,260,000	3,303,731
			385,964,757
Basic Industry – 1.0%
	CF Industries Inc, 4.5000%, 12/1/26 (144A)	5,333,000	5,403,333
	Freeport-McMoRan Inc, 3.5500%, 3/1/22	38,208,000	37,778,160
	Freeport-McMoRan Inc, 3.8750%, 3/15/23	15,990,000	15,759,904
	Georgia-Pacific LLC, 3.1630%, 11/15/21 (144A)	15,454,000	15,527,264
	Georgia-Pacific LLC, 3.6000%, 3/1/25 (144A)	8,269,000	8,491,969
	Hudbay Minerals Inc, 7.2500%, 1/15/23 (144A)	15,827,000	16,361,161
	Nutrien Ltd, 4.2000%, 4/1/29	2,962,000	3,045,797
	Nutrien Ltd, 5.0000%, 4/1/49	3,720,000	3,865,988
	Reliance Steel & Aluminum Co, 4.5000%, 4/15/23	8,092,000	8,386,684
	Steel Dynamics Inc, 5.5000%, 10/1/24	14,745,000	15,224,213
	Teck Resources Ltd, 8.5000%, 6/1/24 (144A)	8,143,000	8,731,047
	WRKCo Inc, 4.6500%, 3/15/26	3,333,000	3,538,035
	WRKCo Inc, 3.3750%, 9/15/27	1,030,000	994,863
	WRKCo Inc, 4.0000%, 3/15/28	2,118,000	2,144,518
	WRKCo Inc, 4.9000%, 3/15/29	13,790,000	14,965,237
			160,218,173
Brokerage – 0.3%
	Cboe Global Markets Inc, 3.6500%, 1/12/27	10,781,000	10,920,118
	E*TRADE Financial Corp, 2.9500%, 8/24/22	10,764,000	10,743,299
	E*TRADE Financial Corp, 3.8000%, 8/24/27	9,493,000	9,224,826
	E*TRADE Financial Corp, 4.5000%, 6/20/28	3,577,000	3,637,025
	Raymond James Financial Inc, 5.6250%, 4/1/24	5,610,000	6,210,916
	Raymond James Financial Inc, 4.9500%, 7/15/46	9,798,000	10,381,508
			51,117,692
Capital Goods – 0.5%
	Arconic Inc, 5.4000%, 4/15/21	5,661,000	5,838,189
	Ball Corp, 4.3750%, 12/15/20	7,499,000	7,611,485
	Boeing Co, 2.2500%, 6/15/26	1,857,000	1,758,276
	Boeing Co, 3.2500%, 3/1/28	2,295,000	2,306,757
	Boeing Co, 3.2000%, 3/1/29	2,040,000	2,039,108
	Huntington Ingalls Industries Inc, 5.0000%, 11/15/25 (144A)	19,503,000	19,990,575
	Masonite International Corp, 5.6250%, 3/15/23 (144A)	2,929,000	2,994,903
	Northrop Grumman Corp, 2.5500%, 10/15/22	12,320,000	12,204,783
	Wabtec Corp, 4.4000%, 3/15/24	3,585,000	3,646,453
	Wabtec Corp, 4.9500%, 9/15/28	22,686,000	23,014,860
			81,405,389
Communications – 2.3%
	AT&T Inc, 4.3500%, 3/1/29	15,445,000	15,783,719
	AT&T Inc, 5.2500%, 3/1/37	3,121,000	3,289,584
	AT&T Inc, 4.8500%, 3/1/39	9,371,000	9,420,124
	AT&T Inc, 4.7500%, 5/15/46	10,056,000	9,864,718
	AT&T Inc, 5.1500%, 11/15/46	7,224,000	7,427,315


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, 2019


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Communications – (continued)
	AT&T Inc, 4.5000%, 3/9/48	$9,253,000	$8,713,633
	BellSouth LLC, 4.3330%, 4/26/19 (144A)	24,024,000	24,050,186
	CCO Holdings LLC / CCO Holdings Capital Corp, 5.2500%, 3/15/21	8,070,000	8,105,347
	Charter Communications Operating LLC / Charter Communications Operating Capital,
	4.9080%, 7/23/25	10,413,000	10,980,544
	Charter Communications Operating LLC / Charter Communications Operating Capital,
	5.0500%, 3/30/29	52,948,000	55,806,950
	Comcast Corp, 3.1500%, 3/1/26	6,645,000	6,616,386
	Comcast Corp, 4.1500%, 10/15/28	8,193,000	8,637,828
	Comcast Corp, 4.2500%, 10/15/30	8,862,000	9,425,316
	Comcast Corp, 4.6000%, 10/15/38	7,205,000	7,724,699
	Comcast Corp, 4.9500%, 10/15/58	7,419,000	8,198,505
	Crown Castle International Corp, 5.2500%, 1/15/23	7,098,000	7,624,700
	Crown Castle International Corp, 3.2000%, 9/1/24	7,188,000	7,137,198
	Crown Castle International Corp, 4.3000%, 2/15/29	4,603,000	4,747,935
	Crown Castle International Corp, 5.2000%, 2/15/49	5,536,000	5,836,053
	CSC Holdings LLC, 6.5000%, 2/1/29 (144A)	17,013,000	18,108,212
	Fox Corp, 4.0300%, 1/25/24 (144A)	5,458,000	5,663,660
	T-Mobile USA Inc, 6.3750%, 3/1/25	17,458,000	18,179,015
	UBM PLC, 5.7500%, 11/3/20 (144A)	10,600,000	10,960,943
	Verizon Communications Inc, 2.6250%, 8/15/26	11,813,000	11,274,632
	Verizon Communications Inc, 4.3290%, 9/21/28	28,099,000	29,791,252
	Verizon Communications Inc, 3.8750%, 2/8/29	4,803,000	4,937,922
	Verizon Communications Inc, 4.8620%, 8/21/46	4,862,000	5,196,413
	Verizon Communications Inc, 4.5220%, 9/15/48	3,585,000	3,684,079
	Verizon Communications Inc, 5.0120%, 8/21/54	7,293,000	7,816,510
	Viacom Inc, 5.8500%, 9/1/43	13,669,000	14,869,971
	Warner Media LLC, 3.6000%, 7/15/25	6,875,000	6,870,977
			356,744,326
Consumer Cyclical – 0.4%
	Fiat Chrysler Automobiles NV, 4.5000%, 4/15/20	1,944,000	1,961,010
	Ford Motor Credit Co LLC, 4.6870%, 6/9/25	1,280,000	1,223,582
	General Motors Co, 5.0000%, 10/1/28	10,644,000	10,626,276
	General Motors Financial Co Inc, 4.3500%, 1/17/27	4,984,000	4,847,861
	IHS Markit Ltd, 4.7500%, 2/15/25 (144A)	9,209,000	9,577,084
	MDC Holdings Inc, 5.5000%, 1/15/24	8,120,000	8,343,300
	MGM Resorts International, 6.7500%, 10/1/20	13,533,000	14,192,734
	MGM Resorts International, 6.6250%, 12/15/21	5,473,000	5,849,269
	MGM Resorts International, 7.7500%, 3/15/22	1,964,000	2,170,220
	Target Corp, 3.3750%, 4/15/29	4,221,000	4,278,855
			63,070,191
Consumer Non-Cyclical – 2.1%
	AbbVie Inc, 3.7500%, 11/14/23	11,941,000	12,263,836
	Allergan Finance LLC, 3.2500%, 10/1/22	9,148,000	9,153,632
	Allergan Funding SCS, 3.4500%, 3/15/22	16,893,000	17,040,705
	Allergan Funding SCS, 3.8000%, 3/15/25	10,921,000	11,067,417
	Allergan Inc/United States, 2.8000%, 3/15/23	726,000	711,749
	Anheuser-Busch InBev Worldwide Inc, 4.7500%, 1/23/29	14,159,000	15,076,858
	Becton Dickinson and Co, 2.8940%, 6/6/22	5,416,000	5,387,529
	Boston Scientific Corp, 3.7500%, 3/1/26	7,146,000	7,293,114
	Boston Scientific Corp, 4.0000%, 3/1/29	3,716,000	3,836,055
	Boston Scientific Corp, 4.7000%, 3/1/49	5,944,000	6,333,532
	Campbell Soup Co, 3.9500%, 3/15/25	6,894,000	6,942,218
	Campbell Soup Co, 4.1500%, 3/15/28	10,259,000	10,229,277
	Campbell Soup Co, 4.8000%, 3/15/48	23,832,000	22,247,924
	CVS Health Corp, 4.7500%, 12/1/22	4,304,000	4,528,526
	CVS Health Corp, 4.1000%, 3/25/25	14,707,000	15,108,010


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

12	MARCH 31, 2019

Janus Henderson Balanced Fund

Schedule of Investments (unaudited)

March 31, 2019


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Consumer Non-Cyclical – (continued)
	CVS Health Corp, 4.3000%, 3/25/28	$7,394,000	$7,498,968
	Elanco Animal Health Inc, 3.9120%, 8/27/21 (144A)	2,032,000	2,066,196
	Elanco Animal Health Inc, 4.2720%, 8/28/23 (144A)	5,166,000	5,326,727
	Elanco Animal Health Inc, 4.9000%, 8/28/28 (144A)	4,818,000	5,119,635
	Eli Lilly & Co, 3.3750%, 3/15/29	30,975,000	31,814,993
	General Mills Inc, 4.2000%, 4/17/28	15,082,000	15,681,925
	GlaxoSmithKline Capital PLC, 3.3750%, 6/1/29	17,835,000	17,995,891
	HCA Inc, 4.7500%, 5/1/23	14,309,000	15,020,129
	IHS Markit Ltd, 5.0000%, 11/1/22 (144A)	5,334,000	5,564,962
	JBS USA LUX SA / JBS USA Finance Inc, 7.2500%, 6/1/21 (144A)	6,895,000	6,943,265
	Kraft Heinz Foods Co, 4.0000%, 6/15/23	4,127,000	4,247,482
	Mars Inc, 2.7000%, 4/1/25 (144A)	6,045,000	6,014,952
	Mars Inc, 3.2000%, 4/1/30 (144A)	7,422,000	7,422,338
	Mars Inc, 3.9500%, 4/1/49 (144A)	9,919,000	10,059,213
	Mars Inc, 4.2000%, 4/1/59 (144A)	6,289,000	6,465,876
	Sysco Corp, 2.5000%, 7/15/21	2,241,000	2,222,203
	Tenet Healthcare Corp, 6.0000%, 10/1/20	9,072,000	9,389,520
	Teva Pharmaceutical Finance Co BV, 3.6500%, 11/10/21	7,330,000	7,184,876
	Teva Pharmaceutical Finance IV LLC, 2.2500%, 3/18/20	13,790,000	13,570,251
			326,829,784
Electric – 0.4%
	Duke Energy Corp, 1.8000%, 9/1/21	3,351,000	3,270,714
	Duke Energy Corp, 2.4000%, 8/15/22	4,725,000	4,670,932
	NRG Energy Inc, 7.2500%, 5/15/26	12,667,000	13,936,107
	NRG Energy Inc, 6.6250%, 1/15/27	7,167,000	7,713,484
	PPL WEM Ltd / Western Power Distribution Ltd, 5.3750%, 5/1/21 (144A)	9,215,000	9,514,672
	Southern Co, 2.9500%, 7/1/23	7,120,000	7,101,391
	Vistra Operations Co LLC, 5.5000%, 9/1/26 (144A)	5,883,000	6,118,320
	Vistra Operations Co LLC, 5.6250%, 2/15/27 (144A)	8,730,000	9,068,288
			61,393,908
Energy – 1.3%
	Cheniere Energy Partners LP, 5.6250%, 10/1/26 (144A)	7,575,000	7,764,375
	Continental Resources Inc/OK, 5.0000%, 9/15/22	16,021,000	16,140,728
	Continental Resources Inc/OK, 4.5000%, 4/15/23	13,097,000	13,567,218
	Energy Transfer Operating LP, 4.2500%, 3/15/23	5,994,000	6,151,081
	Energy Transfer Operating LP, 5.8750%, 1/15/24	5,737,000	6,275,899
	Energy Transfer Operating LP, 5.5000%, 6/1/27	4,277,000	4,641,074
	Energy Transfer Operating LP, 4.9500%, 6/15/28	705,000	740,097
	Energy Transfer Operating LP, 6.1250%, 12/15/45	3,616,000	3,938,590
	Energy Transfer Operating LP, 6.0000%, 6/15/48	11,353,000	12,277,031
	EnLink Midstream Partners LP, 4.1500%, 6/1/25	12,814,000	12,333,475
	EQM Midstream Partners LP, 4.0000%, 8/1/24	3,673,000	3,595,107
	EQT Midstream Partners LP, 5.5000%, 7/15/28	13,357,000	13,504,197
	Kinder Morgan Energy Partners LP, 5.0000%, 10/1/21	4,683,000	4,887,222
	Kinder Morgan Inc/DE, 6.5000%, 9/15/20	476,000	500,169
	Kinder Morgan Inc/DE, 4.3000%, 3/1/28	4,960,000	5,126,593
	Kinder Morgan Inc/DE, 5.5500%, 6/1/45	3,035,000	3,321,640
	Kinder Morgan Inc/DE, 5.2000%, 3/1/48	2,058,000	2,170,677
	NGPL PipeCo LLC, 4.3750%, 8/15/22 (144A)	11,522,000	11,666,025
	NGPL PipeCo LLC, 4.8750%, 8/15/27 (144A)	3,510,000	3,545,100
	NuStar Logistics LP, 5.6250%, 4/28/27	6,277,000	6,269,154
	Plains All American Pipeline LP / PAA Finance Corp, 4.6500%, 10/15/25	14,498,000	15,114,150
	Range Resources Corp, 5.7500%, 6/1/21	5,980,000	6,069,700
	Range Resources Corp, 5.8750%, 7/1/22	9,847,000	9,945,470
	Range Resources Corp, 5.0000%, 3/15/23	13,381,000	13,113,380
	Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp,
	4.7500%, 10/1/23 (144A)	10,027,000	10,086,560


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, 2019


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Energy – (continued)
	Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp,
	5.5000%, 9/15/24 (144A)	$4,675,000	$4,791,875
			197,536,587
Finance Companies – 0.1%
	GE Capital International Funding Co Unlimited Co, 4.4180%, 11/15/35	15,587,000	14,443,747
Financial Institutions – 0.1%
	Jones Lang LaSalle Inc, 4.4000%, 11/15/22	10,463,000	10,745,747
Insurance – 0.3%
	Aetna Inc, 2.8000%, 6/15/23	4,576,000	4,495,758
	Brown & Brown Inc, 4.5000%, 3/15/29	7,354,000	7,439,742
	Centene Corp, 4.7500%, 5/15/22	652,000	662,595
	Centene Corp, 6.1250%, 2/15/24	7,576,000	7,938,133
	Centene Corp, 5.3750%, 6/1/26 (144A)	19,632,000	20,466,360
	Cigna Corp, 3.4000%, 9/17/21 (144A)	2,153,000	2,175,969
	Cigna Corp, 3.7500%, 7/15/23 (144A)	8,762,000	8,987,801
			52,166,358
Real Estate Investment Trusts (REITs) – 0.3%
	Alexandria Real Estate Equities Inc, 2.7500%, 1/15/20	4,791,000	4,782,761
	Alexandria Real Estate Equities Inc, 4.6000%, 4/1/22	13,226,000	13,816,791
	Reckson Operating Partnership LP, 7.7500%, 3/15/20	13,713,000	14,295,435
	Senior Housing Properties Trust, 6.7500%, 4/15/20	758,000	771,209
	Senior Housing Properties Trust, 6.7500%, 12/15/21	2,979,000	3,140,120
	Ventas Realty LP, 3.5000%, 4/15/24	14,689,000	14,870,263
			51,676,579
Technology – 0.8%
	Dell International LLC / EMC Corp, 5.8750%, 6/15/21 (144A)	26,616,000	27,115,398
	Marvell Technology Group Ltd, 4.2000%, 6/22/23	4,911,000	5,009,474
	Marvell Technology Group Ltd, 4.8750%, 6/22/28	5,578,000	5,771,467
	Total System Services Inc, 3.8000%, 4/1/21	5,586,000	5,672,321
	Total System Services Inc, 4.8000%, 4/1/26	11,514,000	12,105,465
	Trimble Inc, 4.7500%, 12/1/24	18,202,000	18,709,088
	Trimble Inc, 4.9000%, 6/15/28	24,278,000	24,825,870
	Verisk Analytics Inc, 5.8000%, 5/1/21	10,655,000	11,258,013
	Verisk Analytics Inc, 4.1250%, 9/12/22	6,033,000	6,240,394
	Verisk Analytics Inc, 5.5000%, 6/15/45	5,717,000	6,380,428
			123,087,918
Total Corporate Bonds (cost $1,895,046,810)			1,936,401,156
Mortgage-Backed Securities– 11.0%
Fannie Mae Pool:
	7.5000%, 7/1/28	103,189	112,811
	6.0000%, 2/1/37	351,063	396,953
	4.5000%, 9/1/37	8,647,767	9,082,853
	4.5000%, 10/1/37	4,498,869	4,725,207
	4.5000%, 5/1/38	4,254,616	4,468,308
	4.5000%, 7/1/38	7,031,778	7,384,971
	4.5000%, 8/1/38	224,923	235,800
	4.5000%, 11/1/38	7,872,502	8,267,927
	3.5000%, 10/1/42	4,649,712	4,747,044
	4.5000%, 11/1/42	1,523,404	1,617,462
	3.5000%, 12/1/42	10,975,726	11,188,809
	3.0000%, 2/1/43	380,435	380,752
	3.5000%, 2/1/43	10,831,565	11,041,725
	3.5000%, 2/1/43	5,244,963	5,346,639
	3.5000%, 3/1/43	7,651,942	7,799,992
	3.5000%, 4/1/43	27,758,381	28,297,289
	3.0000%, 5/1/43	2,697,730	2,699,963
	3.5000%, 11/1/43	14,916,157	15,206,534
	3.5000%, 4/1/44	5,427,240	5,556,942


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

14	MARCH 31, 2019

Janus Henderson Balanced Fund

Schedule of Investments (unaudited)

March 31, 2019


Shares or Principal Amounts			Value
Mortgage-Backed Securities– (continued)
Fannie Mae Pool – (continued)
	5.0000%, 7/1/44	$346,656	$375,050
	4.5000%, 10/1/44	3,479,553	3,704,264
	3.5000%, 2/1/45	24,523,084	24,999,842
	3.5000%, 2/1/45	3,998,641	4,076,351
	4.5000%, 3/1/45	5,655,037	6,020,114
	4.5000%, 6/1/45	3,481,745	3,660,909
	3.0000%, 10/1/45	5,536,597	5,516,854
	3.0000%, 10/1/45	3,484,911	3,472,267
	3.5000%, 12/1/45	3,475,078	3,558,174
	3.0000%, 1/1/46	792,050	790,011
	4.5000%, 2/1/46	9,014,595	9,525,856
	3.0000%, 3/1/46	25,274,107	25,201,193
	3.0000%, 3/1/46	17,090,747	17,041,441
	3.5000%, 5/1/46	2,316,099	2,359,375
	3.5000%, 7/1/46	11,432,665	11,663,261
	3.5000%, 7/1/46	6,399,635	6,542,963
	3.5000%, 8/1/46	36,199,726	36,876,124
	3.5000%, 8/1/46	3,794,106	3,865,000
	4.0000%, 10/1/46	375,475	388,025
	3.0000%, 11/1/46	5,833,591	5,816,761
	3.0000%, 11/1/46	1,782,113	1,777,855
	3.0000%, 11/1/46	1,729,677	1,725,544
	3.5000%, 12/1/46	1,168,021	1,189,844
	3.0000%, 2/1/47	15,961,023	15,977,456
	3.0000%, 3/1/47	12,116,394	12,085,795
	4.0000%, 5/1/47	2,475,241	2,558,320
	4.5000%, 5/1/47	1,230,565	1,309,326
	4.5000%, 5/1/47	1,032,745	1,089,591
	4.5000%, 5/1/47	1,026,702	1,086,103
	4.5000%, 5/1/47	750,734	798,781
	4.5000%, 5/1/47	725,296	765,220
	4.5000%, 5/1/47	608,597	643,809
	4.5000%, 5/1/47	356,585	377,216
	4.5000%, 5/1/47	257,880	274,386
	4.5000%, 5/1/47	233,603	248,554
	4.0000%, 6/1/47	1,243,048	1,284,727
	4.0000%, 6/1/47	621,240	641,684
	4.0000%, 6/1/47	575,751	595,024
	4.0000%, 6/1/47	273,341	282,517
	4.5000%, 6/1/47	4,513,399	4,761,837
	4.5000%, 6/1/47	447,626	476,275
	4.0000%, 7/1/47	1,007,511	1,041,332
	4.0000%, 7/1/47	921,441	952,373
	4.0000%, 7/1/47	416,829	430,796
	4.0000%, 7/1/47	316,683	327,307
	4.5000%, 7/1/47	3,267,675	3,447,544
	4.5000%, 7/1/47	2,840,414	2,996,765
	4.5000%, 7/1/47	2,792,567	2,946,284
	3.5000%, 8/1/47	5,514,720	5,613,351
	3.5000%, 8/1/47	3,343,872	3,397,125
	3.5000%, 8/1/47	1,893,965	1,940,383
	4.0000%, 8/1/47	28,158,608	29,261,529
	4.0000%, 8/1/47	6,380,811	6,594,985
	4.0000%, 8/1/47	1,940,688	2,005,781
	4.0000%, 8/1/47	1,106,040	1,143,169
	4.0000%, 8/1/47	528,619	546,364
	4.5000%, 8/1/47	3,808,891	4,018,551
	4.5000%, 8/1/47	733,136	773,492
	4.0000%, 9/1/47	14,293,735	14,979,401


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, 2019


Shares or Principal Amounts			Value
Mortgage-Backed Securities– (continued)
Fannie Mae Pool – (continued)
	4.0000%, 9/1/47	$534,180	$552,113
	4.5000%, 9/1/47	2,515,282	2,653,744
	4.5000%, 9/1/47	860,378	907,740
	4.0000%, 10/1/47	2,976,467	3,076,382
	4.0000%, 10/1/47	2,297,782	2,374,918
	4.0000%, 10/1/47	2,113,582	2,184,534
	4.0000%, 10/1/47	1,461,916	1,510,992
	4.0000%, 10/1/47	1,253,127	1,295,195
	4.5000%, 10/1/47	624,371	658,740
	4.5000%, 10/1/47	289,731	305,680
	4.0000%, 11/1/47	6,589,060	6,834,331
	4.0000%, 11/1/47	3,678,184	3,799,754
	4.0000%, 11/1/47	3,343,290	3,455,522
	4.0000%, 11/1/47	1,226,480	1,267,652
	4.5000%, 11/1/47	2,999,265	3,164,368
	3.5000%, 12/1/47	11,081,862	11,291,326
	3.5000%, 12/1/47	5,121,668	5,211,530
	3.5000%, 12/1/47	1,014,371	1,039,735
	3.5000%, 12/1/47	522,480	535,544
	4.0000%, 12/1/47	7,403,724	7,648,432
	3.5000%, 1/1/48	8,277,787	8,439,128
	3.5000%, 1/1/48	7,538,785	7,684,090
	4.0000%, 1/1/48	27,162,175	28,169,917
	4.0000%, 1/1/48	14,031,785	14,487,251
	4.0000%, 1/1/48	12,481,419	12,925,865
	4.0000%, 1/1/48	2,874,028	3,003,942
	4.0000%, 1/1/48	2,405,361	2,486,364
	4.0000%, 1/1/48	1,774,118	1,854,500
	3.5000%, 3/1/48	4,855,554	4,950,196
	3.5000%, 3/1/48	871,142	892,921
	4.0000%, 3/1/48	11,510,009	11,934,065
	4.0000%, 3/1/48	1,559,660	1,630,158
	4.5000%, 3/1/48	5,130,864	5,428,561
	3.5000%, 4/1/48	10,231,205	10,414,391
	3.5000%, 4/1/48	8,973,759	9,163,215
	4.0000%, 4/1/48	3,341,890	3,492,956
	4.5000%, 4/1/48	3,958,728	4,192,679
	4.0000%, 5/1/48	15,991,059	16,506,031
	4.0000%, 5/1/48	15,259,168	15,739,002
	4.5000%, 5/1/48	3,179,619	3,356,436
	4.5000%, 5/1/48	2,767,863	2,924,972
	4.0000%, 6/1/48	6,455,180	6,656,444
	4.5000%, 6/1/48	3,084,312	3,247,850
	4.0000%, 10/1/48	2,690,180	2,793,547
	3.5000%, 11/1/48	14,721,998	15,091,545
	3.5000%, 1/1/49	3,356,553	3,422,737
	4.0000%, 1/1/49	20,685,929	21,300,779
	4.5000%, 1/1/49	77,885,561	81,344,360
	4.0000%, 2/1/49	6,237,504	6,420,991
	4.0000%, 2/1/49	2,891,916	2,976,982
	4.5000%, 2/1/49	23,134,662	24,162,041
	3.5000%, 8/1/56	19,015,048	19,244,008
	3.0000%, 2/1/57	13,487,047	13,326,997
	3.5000%, 2/1/57	30,289,644	30,654,633
			896,465,998
Freddie Mac Gold Pool:
	4.5000%, 5/1/38	11,855,445	12,466,896
	4.5000%, 5/1/38	9,101,880	9,542,600
	4.5000%, 7/1/38	8,691,580	9,142,891


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

16	MARCH 31, 2019

Janus Henderson Balanced Fund

Schedule of Investments (unaudited)

March 31, 2019


Shares or Principal Amounts			Value
Mortgage-Backed Securities– (continued)
Freddie Mac Gold Pool – (continued)
	4.5000%, 8/1/38	$7,178,406	$7,551,380
	4.5000%, 9/1/38	5,764,587	6,064,107
	4.5000%, 10/1/38	5,275,728	5,536,892
	4.5000%, 10/1/38	1,269,717	1,335,691
	6.0000%, 4/1/40	6,470,858	7,327,217
	3.5000%, 2/1/43	4,175,786	4,254,422
	3.5000%, 2/1/44	4,237,390	4,316,992
	4.5000%, 5/1/44	168,987	178,489
	3.5000%, 12/1/44	29,774,299	30,425,579
	3.0000%, 1/1/45	9,504,622	9,500,695
	4.0000%, 4/1/45	69,970	72,474
	4.0000%, 5/1/46	2,846,062	2,954,201
	3.5000%, 7/1/46	12,208,347	12,486,676
	3.5000%, 7/1/46	7,155,259	7,297,400
	3.0000%, 10/1/46	14,678,432	14,638,267
	3.5000%, 10/1/46	22,162,246	22,589,407
	3.0000%, 12/1/46	17,458,598	17,410,821
	3.5000%, 2/1/47	13,915,858	14,184,060
	4.0000%, 3/1/47	3,143,998	3,267,405
	3.0000%, 9/1/47	10,210,375	10,182,439
	3.5000%, 9/1/47	21,296,054	21,647,752
	3.5000%, 9/1/47	12,136,055	12,335,851
	3.5000%, 11/1/47	9,404,954	9,572,553
	3.5000%, 11/1/47	2,981,697	3,046,011
	3.5000%, 12/1/47	16,292,145	16,666,739
	3.5000%, 12/1/47	6,869,331	7,017,507
	3.5000%, 12/1/47	6,717,536	6,852,453
	3.5000%, 2/1/48	7,087,297	7,217,991
	3.5000%, 2/1/48	7,084,216	7,218,051
	3.5000%, 3/1/48	17,161,248	17,531,328
	3.5000%, 3/1/48	4,166,734	4,248,857
	4.0000%, 3/1/48	7,577,996	7,865,515
	3.5000%, 4/1/48	1,484,570	1,513,830
	4.0000%, 4/1/48	22,457,088	23,175,144
	4.0000%, 4/1/48	8,382,470	8,688,009
	4.0000%, 5/1/48	17,247,018	17,801,876
	4.0000%, 5/1/48	10,742,594	11,087,205
	4.0000%, 6/1/48	4,656,664	4,806,001
	3.5000%, 8/1/48	16,018,826	16,334,553
	4.0000%, 8/1/48	61,686,626	63,658,647
	4.0000%, 8/1/48	20,951,593	21,916,320
	4.5000%, 8/1/48	8,772,599	9,192,274
	5.0000%, 9/1/48	1,312,203	1,390,025
	3.5000%, 11/1/48	20,723,694	21,131,787
	4.5000%, 12/1/48	6,732,345	7,119,711
	4.0000%, 1/1/49	13,890,929	14,535,592
			556,298,583
Ginnie Mae I Pool:
	6.0000%, 1/15/34	102,962	115,075
	4.5000%, 9/15/40	2,801,893	2,955,622
	4.0000%, 1/15/45	27,925,907	29,037,739
	4.5000%, 8/15/46	33,716,821	35,565,354
	4.0000%, 7/15/47	8,616,551	8,942,393
	4.0000%, 8/15/47	1,801,243	1,869,217
	4.0000%, 11/15/47	3,738,384	3,883,762
	4.0000%, 12/15/47	4,638,569	4,818,913
			87,188,075
Ginnie Mae II Pool:
	4.5000%, 10/20/41	3,639,741	3,791,415


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, 2019


Shares or Principal Amounts			Value
Mortgage-Backed Securities– (continued)
Ginnie Mae II Pool – (continued)
	4.0000%, 8/20/47	$2,835,894	$2,946,052
	4.0000%, 8/20/47	700,743	728,311
	4.0000%, 8/20/47	314,048	328,353
	4.5000%, 5/20/48	17,043,549	17,974,611
	4.5000%, 5/20/48	2,103,191	2,218,264
	4.5000%, 12/20/48	16,572,378	17,288,181
	5.0000%, 12/20/48	127,611,584	133,851,447
	4.5000%, 1/20/49	13,351,082	13,880,883
			193,007,517
Total Mortgage-Backed Securities (cost $1,718,843,187)			1,732,960,173
United States Treasury Notes/Bonds– 11.3%
	2.7500%, 11/30/20	108,691,000	109,438,251
	2.5000%, 12/31/20	22,436,800	22,507,791
	2.5000%, 2/28/21	9,604,100	9,642,742
	2.8750%, 10/15/21	4,619,900	4,691,184
	2.5000%, 1/15/22	2,485,000	2,502,667
	2.7500%, 5/31/23	42,211,000	43,081,602
	2.8750%, 9/30/23	147,720,500	151,742,421
	2.8750%, 10/31/23	169,970,700	174,684,732
	2.8750%, 11/30/23	109,293,700	112,423,086
	2.6250%, 12/31/23	8,323,700	8,469,365
	2.3750%, 2/29/24	8,824,600	8,886,993
	2.8750%, 11/30/25	95,600	98,931
	2.2500%, 11/15/27	32,086,400	31,774,310
	2.7500%, 2/15/28	9,084,400	9,351,964
	2.8750%, 8/15/28	162,134,200	168,632,234
	3.1250%, 11/15/28	386,067,700	409,940,559
	2.6250%, 2/15/29	79,088,000	80,626,508
	2.2500%, 8/15/46	34,957,100	31,245,639
	2.7500%, 11/15/47	166,892,900	164,884,970
	3.0000%, 2/15/48	73,983,100	76,731,457
	3.1250%, 5/15/48	26,376,300	28,034,092
	3.0000%, 8/15/48	9,266,600	9,614,821
	3.3750%, 11/15/48	47,561,300	53,055,002
	3.0000%, 2/15/49	55,280,400	57,390,125
Total United States Treasury Notes/Bonds (cost $1,695,983,145)			1,769,451,446
Common Stocks– 59.5%
Aerospace & Defense – 3.5%
	Boeing Co	914,210	348,697,978
	General Dynamics Corp	1,231,356	208,443,944
			557,141,922
Air Freight & Logistics – 0.5%
	United Parcel Service Inc	749,388	83,736,615
Airlines – 0.5%
	Delta Air Lines Inc	1,384,054	71,486,389
Automobiles – 0.8%
	General Motors Co	3,422,983	126,992,669
Banks – 2.3%
	Bank of America Corp	3,766,678	103,922,646
	US Bancorp	5,486,962	264,416,699
			368,339,345
Biotechnology – 0.7%
	AbbVie Inc	1,404,173	113,162,302
Capital Markets – 2.9%
	Blackstone Group LP	2,633,121	92,080,241
	CME Group Inc	761,618	125,347,090
	Morgan Stanley	2,364,051	99,762,952


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

18	MARCH 31, 2019

Janus Henderson Balanced Fund

Schedule of Investments (unaudited)

March 31, 2019


Shares or Principal Amounts			Value
Common Stocks– (continued)
Capital Markets – (continued)
	TD Ameritrade Holding Corp	2,698,346	$134,890,317
			452,080,600
Chemicals – 1.2%
	LyondellBasell Industries NV	2,330,185	195,921,955
Consumer Finance – 1.5%
	American Express Co	811,849	88,735,096
	Synchrony Financial	4,399,004	140,328,228
			229,063,324
Electronic Equipment, Instruments & Components – 0.5%
	Corning Inc	2,404,578	79,591,532
Entertainment – 0.7%
	Walt Disney Co	1,013,508	112,529,793
Equity Real Estate Investment Trusts (REITs) – 1.1%
	Crown Castle International Corp	700,776	89,699,328
	MGM Growth Properties LLC	1,384,521	44,650,802
	Outfront Media Inc	1,919,469	44,915,575
			179,265,705
Food & Staples Retailing – 3.3%
	Costco Wholesale Corp	1,115,804	270,180,781
	Kroger Co	3,697,369	90,955,277
	Sysco Corp	2,314,351	154,506,073
			515,642,131
Food Products – 0.5%
	Hershey Co	726,505	83,424,569
Health Care Equipment & Supplies – 1.9%
	Abbott Laboratories	2,162,001	172,830,360
	Medtronic PLC	1,370,368	124,813,117
			297,643,477
Health Care Providers & Services – 1.2%
	UnitedHealth Group Inc	735,140	181,770,716
Hotels, Restaurants & Leisure – 3.0%
	Hilton Worldwide Holdings Inc	1,109,431	92,204,810
	McDonald's Corp	1,531,927	290,912,937
	Norwegian Cruise Line Holdings Ltd*	899,180	49,418,933
	Six Flags Entertainment Corp	835,708	41,242,190
			473,778,870
Household Products – 0.4%
	Clorox Co	363,503	58,327,691
Industrial Conglomerates – 0.5%
	Honeywell International Inc	502,278	79,822,020
Information Technology Services – 3.9%
	Accenture PLC	1,124,521	197,938,186
	Mastercard Inc	1,771,678	417,141,585
			615,079,771
Insurance – 0.6%
	Progressive Corp	1,307,612	94,265,749
Interactive Media & Services – 2.3%
	Alphabet Inc - Class C*	305,576	358,535,377
Internet & Direct Marketing Retail – 0.7%
	Amazon.com Inc	65,244	116,183,253
Leisure Products – 0.4%
	Hasbro Inc	809,000	68,781,180
Machinery – 1.3%
	Deere & Co	559,661	89,456,214
	Parker-Hannifin Corp	280,677	48,169,787
	Stanley Black & Decker Inc	464,591	63,263,356
			200,889,357


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, 2019


Shares or Principal Amounts			Value
Common Stocks– (continued)
Media – 1.4%
	Comcast Corp	5,405,771	$216,122,725
Oil, Gas & Consumable Fuels – 1.3%
	Anadarko Petroleum Corp	1,954,868	88,907,397
	Suncor Energy Inc	3,649,885	118,335,944
			207,243,341
Personal Products – 0.7%
	Estee Lauder Cos Inc	633,340	104,849,437
Pharmaceuticals – 3.7%
	Allergan PLC	583,850	85,481,478
	Bristol-Myers Squibb Co	1,050,240	50,106,950
	Eli Lilly & Co	1,490,391	193,393,136
	Merck & Co Inc	3,002,031	249,678,918
			578,660,482
Real Estate Management & Development – 0.6%
	CBRE Group Inc*	1,925,059	95,194,168
Road & Rail – 1.5%
	CSX Corp	3,058,425	228,831,358
Semiconductor & Semiconductor Equipment – 3.0%
	Intel Corp	3,853,150	206,914,155
	Lam Research Corp	621,479	111,250,956
	NVIDIA Corp	168,666	30,285,667
	Texas Instruments Inc	1,108,193	117,546,032
			465,996,810
Software – 5.1%
	Adobe Inc*	771,326	205,550,666
	Microsoft Corp	4,572,436	539,242,985
	salesforce.com Inc*	314,587	49,821,143
			794,614,794
Specialty Retail – 1.6%
	Home Depot Inc	1,293,615	248,231,782
Technology Hardware, Storage & Peripherals – 1.8%
	Apple Inc	1,476,081	280,381,586
Textiles, Apparel & Luxury Goods – 0.9%
	NIKE Inc	1,706,148	143,674,723
Tobacco – 1.7%
	Altria Group Inc	4,799,608	275,641,487
Total Common Stocks (cost $6,365,401,253)			9,352,899,005
Investment Companies– 1.7%
Money Markets – 1.7%
	Janus Henderson Cash Liquidity Fund LLC, 2.4475%^ºº,£(cost $271,955,000)	271,955,000	271,955,000
Total Investments (total cost $12,612,293,209) – 100.0%			15,727,561,171
Liabilities, net of Cash, Receivables and Other Assets – (0)%			(6,667,990)
Net Assets – 100%			$15,720,893,181


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

20	MARCH 31, 2019

Janus Henderson Balanced Fund

Schedule of Investments (unaudited)

March 31, 2019


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

		% of
		Investment
Country	Value	Securities
United States	$15,344,469,126	97.6	%
Canada	166,709,641	1.1
Cayman Islands	140,117,903	0.9
United Kingdom	40,432,516	0.2
Israel	20,755,127	0.1
Belgium	15,076,858	0.1



Total	$15,727,561,171	100.0	%

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income⁽¹⁾		Realized Gain/(Loss)⁽¹⁾		Change in Unrealized Appreciation/ Depreciation⁽¹⁾		Value at 3/31/19
Limited Partnership Interests - N/A
Real Estate Investment Trusts (REITs) - N/A
	Colony America Homes III LP	$	-	$	(36,026)	$	33,720	$	N/A
Total Limited Partnership Interests – N/A		$	-	$	(36,026)	$	33,720	$	N/A
Investment Companies - 1.7%
Money Markets - 1.7%
	Janus Henderson Cash Liquidity Fund LLC, 2.4475%^ºº		1,962,429		-		-		271,955,000
Total Affiliated Investments - 1.7%		$	1,962,429	$	(36,026)	$	33,720	$	271,955,000

(1) For securities that were affiliated for a portion of the period ended March 31, 2019, this column reflects amounts for the entire period ended March 31, 2019 and not just the period in which the security was affiliated.


		Share Balance at 9/30/18		Purchases		Sales		Share Balance at 3/31/19
Limited Partnership Interests - N/A
Real Estate Investment Trusts (REITs) - N/A
	Colony America Homes III LP		6,162,871		-		(6,162,871)^Ð		-
Investment Companies - 1.7%
Money Markets - 1.7%
	Janus Henderson Cash Liquidity Fund LLC, 2.4475%^ºº		121,239,500		3,313,735,485		(3,163,019,985)		271,955,000


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

Janus Investment Fund	21

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

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, 2019 is $760,386,537, which represents 4.8% 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 accrue at a future date. See Notes to Financial Statements.


‡	Variable or floating rate security. Rate shown is the current rate as of March 31, 2019. Certain variable rate securities are not based on a published reference rate and spread; they are determined by the issuer or agent and current market conditions. Reference rate is as of reset date and may vary by security, which may not indicate a reference rate and/or spread in their description.


ºº	Rate shown is the 7-day yield as of March 31, 2019.


£	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.


Ð	All or a portion is the result of a corporate action.


§	Schedule of Restricted and Illiquid Securities (as of March 31, 2019)
							Value as a
		Acquisition					% of Net
		Date		Cost		Value	Assets
loanDepot Station Place Agency Securitization Trust 2017-1, ICE LIBOR USD 1 Month + 1.0000%, 3.4855%, 11/25/50		11/29/18	$	2,927,820	$	2,919,493	0.0	%
loanDepot Station Place Agency Securitization Trust 2017-1, ICE LIBOR USD 1 Month + 0.8000%, 3.2855%, 11/25/50		11/29/17-03/23/18		14,821,599		14,772,327	0.1
Mello Warehouse Securitization Trust 2018-1, ICE LIBOR USD 1 Month + 0.8500%, 3.3355%, 11/25/51		10/23/18		23,804,714		23,802,626	0.2
Station Place Securitization Trust 2018-7, ICE LIBOR USD 1 Month + 0.8500%, 3.3311%, 9/24/19		8/20/18		22,453,757		22,453,757	0.1
Total			$	64,007,890	$	63,948,203	0.4	%

The Fund has registration rights for certain restricted securities held as of March 31, 2019. The issuer incurs all registration costs.


22	MARCH 31, 2019

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, 2019. See Notes to Financial Statements for more information.

Valuation Inputs Summary

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

Assets
Investments in Securities:
Asset-Backed/Commercial Mortgage-Backed Securities	$	-	$	569,392,716	$	-
Bank Loans and Mezzanine Loans		-		94,501,675		-
Corporate Bonds		-		1,936,401,156		-
Mortgage-Backed Securities		-		1,732,960,173		-
United States Treasury Notes/Bonds		-		1,769,451,446		-
Common Stocks		9,352,899,005		-		-
Investment Companies		-		271,955,000		-
Total Assets	$	9,352,899,005	$	6,374,662,166	$	-


Janus Investment Fund	23

Janus Henderson Balanced Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2019

See footnotes at the end of the Statement.



Assets:
	Unaffiliated investments, at value⁽¹⁾		$	15,455,606,171
	Affiliated investments, at value⁽²⁾			271,955,000
	Cash			6,891,280
	Non-interested Trustees' deferred compensation			427,545
	Receivables:
		Investments sold		1,850,107,216
		Interest		46,246,202
		Fund shares sold		35,053,717
		Dividends		11,566,795
		Dividends from affiliates		350,185
	Other assets			76,731
Total Assets				17,678,280,842
Liabilities:
	Payables:			—
		Fund shares repurchased		1,915,776,825
		Investments purchased		23,551,441
		Advisory fees		8,092,611
		Dividends		4,816,394
		Transfer agent fees and expenses		2,177,885
		12b-1 Distribution and shareholder servicing fees		1,923,446
		Non-interested Trustees' deferred compensation fees		427,545
		Non-interested Trustees' fees and expenses		115,386
		Affiliated fund administration fees payable		36,785
		Professional fees		23,317
		Custodian fees		15,993
		Accrued expenses and other payables		430,033
Total Liabilities				1,957,387,661
Net Assets			$	15,720,893,181


See Notes to Financial Statements.

24	MARCH 31, 2019

Janus Henderson Balanced Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2019




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	12,041,914,680
	Total distributable earnings (loss)		3,678,978,501
Total Net Assets		$	15,720,893,181
Net Assets - Class A Shares		$	905,896,677
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		27,111,806
Net Asset Value Per Share⁽³⁾		$	33.41
Maximum Offering Price Per Share⁽⁴⁾		$	35.45
Net Assets - Class C Shares		$	1,760,521,819
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		53,198,629
Net Asset Value Per Share⁽³⁾		$	33.09
Net Assets - Class D Shares		$	1,765,369,171
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		52,699,038
Net Asset Value Per Share		$	33.50
Net Assets - Class I Shares		$	4,141,328,136
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		123,586,582
Net Asset Value Per Share		$	33.51
Net Assets - Class N Shares		$	738,662,661
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		22,069,221
Net Asset Value Per Share		$	33.47
Net Assets - Class R Shares		$	347,995,985
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		10,476,159
Net Asset Value Per Share		$	33.22
Net Assets - Class S Shares		$	558,180,712
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		16,710,499
Net Asset Value Per Share		$	33.40
Net Assets - Class T Shares		$	5,502,938,020
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		164,494,417
Net Asset Value Per Share		$	33.45

(1) Includes cost of $12,340,338,209.

(2) Includes cost of $271,955,000.

(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	25

Janus Henderson Balanced Fund

Statement of Operations (unaudited)

For the period ended March 31, 2019



Investment Income:
	Interest		$	118,005,559
	Dividends			110,327,544
	Dividends from affiliates			1,962,429
	Other income			392,846
	Foreign tax withheld			(386,255)
Total Investment Income				230,302,123
Expenses:
	Advisory fees			44,685,235
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		993,155
		Class C Shares		7,861,638
		Class R Shares		833,556
		Class S Shares		686,486
	Transfer agent administrative fees and expenses:
		Class D Shares		1,015,979
		Class R Shares		418,654
		Class S Shares		686,486
		Class T Shares		6,585,552
	Transfer agent networking and omnibus fees:
		Class A Shares		411,583
		Class C Shares		536,607
		Class I Shares		1,274,592
	Other transfer agent fees and expenses:
		Class A Shares		38,071
		Class C Shares		75,541
		Class D Shares		110,109
		Class I Shares		75,521
		Class N Shares		27,928
		Class R Shares		1,783
		Class S Shares		2,743
		Class T Shares		22,489
	Registration fees			381,895
	Shareholder reports expense			316,601
	Non-interested Trustees’ fees and expenses			258,635
	Affiliated fund administration fees			203,115
	Professional fees			90,875
	Custodian fees			73,375
	Other expenses			1,017,722
Total Expenses				68,685,926
Less: Excess Expense Reimbursement and Waivers				(126,728)
Net Expenses				68,559,198
Net Investment Income/(Loss)				161,742,925


See Notes to Financial Statements.

26	MARCH 31, 2019

Janus Henderson Balanced Fund

Statement of Operations (unaudited)

For the period ended March 31, 2019



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions⁽¹⁾	$	818,541,183
	Investments in affiliates		(36,026)
Total Net Realized Gain/(Loss) on Investments			818,505,157
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation		(799,596,179)
	Investments in affiliates		33,720
Total Change in Unrealized Net Appreciation/Depreciation			(799,562,459)
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	180,685,623

(1) Includes $512,813,233 of realized gains and losses resulting from a redemption-in-kind during the period ended March 31, 2019.


See Notes to Financial Statements.

Janus Investment Fund	27

Janus Henderson Balanced Fund

Statements of Changes in Net Assets



			Period ended March 31, 2019 (unaudited)		Year ended September 30, 2018

Operations:
	Net investment income/(loss)		$	161,742,925	$	230,346,440
	Net realized gain/(loss) on investments			818,505,157		605,635,750
	Change in unrealized net appreciation/depreciation			(799,562,459)		1,047,424,483
Net Increase/(Decrease) in Net Assets Resulting from Operations				180,685,623		1,883,406,673
Dividends and Distributions to Shareholders
		Class A Shares		(44,481,547)		(30,992,137)
		Class C Shares		(85,762,132)		(56,163,240)
		Class D Shares		(97,486,294)		(81,003,352)
		Class I Shares		(202,190,604)		(117,849,780)
		Class N Shares		(142,776,636)		(111,964,032)
		Class R Shares		(18,416,071)		(15,173,092)
		Class S Shares		(30,568,179)		(28,750,295)
		Class T Shares		(300,793,068)		(241,991,501)
Net Decrease from Dividends and Distributions to Shareholders				(922,474,531)		(683,887,429)
Capital Share Transactions:
		Class A Shares		171,727,964		88,399,391
		Class C Shares		239,285,769		188,299,862
		Class D Shares		87,218,154		61,673,527
		Class I Shares		1,077,653,132		893,081,658
		Class N Shares		(1,626,709,387)		237,724,253
		Class R Shares		18,930,086		(23,285,543)
		Class S Shares		(3,569,913)		(81,834,698)
		Class T Shares		336,595,247		266,928,381
Net Increase/(Decrease) from Capital Share Transactions				301,131,052		1,630,986,831
Net Increase/(Decrease) in Net Assets				(440,657,856)		2,830,506,075
Net Assets:
	Beginning of period			16,161,551,037		13,331,044,962
	End of period		$	15,720,893,181	$	16,161,551,037


See Notes to Financial Statements.

28	MARCH 31, 2019

Janus Henderson Balanced Fund

Financial Highlights


Class A Shares
For a share outstanding during the period ended March 31, 2019 (unaudited) and the year ended September 30			2019	2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$35.22	$32.46	$29.00	$29.12	$31.10	$29.11
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.31	0.50	0.52	0.47	0.55	0.49
		Net realized and unrealized gain/(loss)	(0.21)⁽²⁾	3.87	3.88	1.22	(0.70)	2.83
	Total from Investment Operations		0.10	4.37	4.40	1.69	(0.15)	3.32
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.32)	(0.50)	(0.59)	(0.48)	(0.52)	(0.47)
		Distributions (from capital gains)	(1.59)	(1.11)	(0.35)	(1.33)	(1.31)	(0.86)
	Total Dividends and Distributions		(1.91)	(1.61)	(0.94)	(1.81)	(1.83)	(1.33)
	Net Asset Value, End of Period		$33.41	$35.22	$32.46	$29.00	$29.12	$31.10
	Total Return*		0.70%	13.81%	15.44%	5.86%	(0.59)%	11.65%
	Net Assets, End of Period (in thousands)		$905,897	$768,529	$625,454	$1,008,842	$966,624	$835,681
	Average Net Assets for the Period (in thousands)		$796,707	$666,296	$781,785	$1,037,006	$941,167	$839,360
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.94%	0.95%	0.94%	0.94%	0.93%	0.95%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.94%	0.95%	0.94%	0.94%	0.93%	0.95%
		Ratio of Net Investment Income/(Loss)	1.90%	1.48%	1.68%	1.63%	1.78%	1.61%
	Portfolio Turnover Rate		44%	88%	60%	83%	75%	72%


Class C Shares
For a share outstanding during the period ended March 31, 2019 (unaudited) and the year ended September 30			2019	2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$34.90	$32.19	$28.78	$28.95	$30.93	$29.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.20	0.27	0.31	0.26	0.34	0.27
		Net realized and unrealized gain/(loss)	(0.21)⁽²⁾	3.84	3.85	1.20	(0.69)	2.80
	Total from Investment Operations		(0.01)	4.11	4.16	1.46	(0.35)	3.07
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.21)	(0.29)	(0.40)	(0.30)	(0.32)	(0.28)
		Distributions (from capital gains)	(1.59)	(1.11)	(0.35)	(1.33)	(1.31)	(0.86)
	Total Dividends and Distributions		(1.80)	(1.40)	(0.75)	(1.63)	(1.63)	(1.14)
	Net Asset Value, End of Period		$33.09	$34.90	$32.19	$28.78	$28.95	$30.93
	Total Return*		0.37%	13.06%	14.67%	5.09%	(1.25)%	10.78%
	Net Assets, End of Period (in thousands)		$1,760,522	$1,594,610	$1,290,994	$1,408,455	$1,267,034	$996,498
	Average Net Assets for the Period (in thousands)		$1,611,706	$1,403,777	$1,322,392	$1,401,426	$1,175,456	$874,136
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.63%	1.62%	1.61%	1.65%	1.61%	1.68%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.63%	1.62%	1.61%	1.65%	1.61%	1.68%
		Ratio of Net Investment Income/(Loss)	1.20%	0.81%	1.03%	0.92%	1.10%	0.88%
	Portfolio Turnover Rate		44%	88%	60%	83%	75%	72%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are 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) 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.


See Notes to Financial Statements.

Janus Investment Fund	29

Janus Henderson Balanced Fund

Financial Highlights


Class D Shares
For a share outstanding during the period ended March 31, 2019 (unaudited) and the year ended September 30			2019	2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$35.30	$32.52	$29.06	$29.17	$31.14	$29.15
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.35	0.58	0.59	0.53	0.61	0.56
		Net realized and unrealized gain/(loss)	(0.21)⁽²⁾	3.89	3.88	1.22	(0.69)	2.82
	Total from Investment Operations		0.14	4.47	4.47	1.75	(0.08)	3.38
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.35)	(0.58)	(0.66)	(0.53)	(0.58)	(0.53)
		Distributions (from capital gains)	(1.59)	(1.11)	(0.35)	(1.33)	(1.31)	(0.86)
	Total Dividends and Distributions		(1.94)	(1.69)	(1.01)	(1.86)	(1.89)	(1.39)
	Net Asset Value, End of Period		$33.50	$35.30	$32.52	$29.06	$29.17	$31.14
	Total Return*		0.84%	14.10%	15.68%	6.07%	(0.38)%	11.86%
	Net Assets, End of Period (in thousands)		$1,765,369	$1,761,817	$1,562,693	$1,411,125	$1,382,693	$1,414,364
	Average Net Assets for the Period (in thousands)		$1,697,950	$1,667,210	$1,477,105	$1,415,240	$1,453,548	$1,383,412
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.72%	0.71%	0.72%	0.73%	0.73%	0.73%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.72%	0.71%	0.72%	0.73%	0.73%	0.73%
		Ratio of Net Investment Income/(Loss)	2.11%	1.71%	1.92%	1.83%	1.98%	1.83%
	Portfolio Turnover Rate		44%	88%	60%	83%	75%	72%


Class I Shares
For a share outstanding during the period ended March 31, 2019 (unaudited) and the year ended September 30			2019	2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$35.31	$32.53	$29.06	$29.18	$31.15	$29.15
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.36	0.61	0.61	0.55	0.64	0.59
		Net realized and unrealized gain/(loss)	(0.20)⁽²⁾	3.88	3.89	1.21	(0.70)	2.83
	Total from Investment Operations		0.16	4.49	4.50	1.76	(0.06)	3.42
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.37)	(0.60)	(0.68)	(0.55)	(0.60)	(0.56)
		Distributions (from capital gains)	(1.59)	(1.11)	(0.35)	(1.33)	(1.31)	(0.86)
	Total Dividends and Distributions		(1.96)	(1.71)	(1.03)	(1.88)	(1.91)	(1.42)
	Net Asset Value, End of Period		$33.51	$35.31	$32.53	$29.06	$29.18	$31.15
	Total Return*		0.87%	14.18%	15.79%	6.10%	(0.30)%	11.99%
	Net Assets, End of Period (in thousands)		$4,141,328	$3,197,893	$2,096,893	$1,636,459	$1,510,302	$1,306,391
	Average Net Assets for the Period (in thousands)		$3,565,114	$2,460,247	$1,795,486	$1,651,399	$1,482,511	$1,167,616
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.65%	0.64%	0.65%	0.67%	0.65%	0.64%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.65%	0.64%	0.65%	0.67%	0.65%	0.64%
		Ratio of Net Investment Income/(Loss)	2.19%	1.80%	2.00%	1.90%	2.06%	1.92%
	Portfolio Turnover Rate		44%	88%	60%	83%	75%	72%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are 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) 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.


See Notes to Financial Statements.

30	MARCH 31, 2019

Janus Henderson Balanced Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended March 31, 2019 (unaudited) and the year ended September 30			2019	2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$35.28	$32.50	$29.04	$29.15	$31.11	$29.12
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.37	0.63	0.64	0.57	0.66	0.60
		Net realized and unrealized gain/(loss)	(0.21)⁽²⁾	3.88	3.87	1.22	(0.69)	2.83
	Total from Investment Operations		0.16	4.51	4.51	1.79	(0.03)	3.43
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.38)	(0.62)	(0.70)	(0.57)	(0.62)	(0.58)
		Distributions (from capital gains)	(1.59)	(1.11)	(0.35)	(1.33)	(1.31)	(0.86)
	Total Dividends and Distributions		(1.97)	(1.73)	(1.05)	(1.90)	(1.93)	(1.44)
	Net Asset Value, End of Period		$33.47	$35.28	$32.50	$29.04	$29.15	$31.11
	Total Return*		0.88%	14.26%	15.84%	6.23%	(0.20)%	12.03%
	Net Assets, End of Period (in thousands)		$738,663	$2,480,945	$2,054,731	$1,834,036	$1,709,643	$1,648,665
	Average Net Assets for the Period (in thousands)		$2,452,883	$2,273,486	$1,952,775	$1,801,032	$1,751,330	$1,532,107
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.58%	0.57%	0.58%	0.59%	0.58%	0.58%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.58%	0.57%	0.58%	0.59%	0.58%	0.58%
		Ratio of Net Investment Income/(Loss)	2.25%	1.86%	2.07%	1.98%	2.14%	1.98%
	Portfolio Turnover Rate		44%	88%	60%	83%	75%	72%


Class R Shares
For a share outstanding during the period ended March 31, 2019 (unaudited) and the year ended September 30			2019	2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$35.02	$32.29	$28.87	$29.02	$30.99	$29.03
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.25	0.37	0.40	0.35	0.43	0.37
		Net realized and unrealized gain/(loss)	(0.20)⁽²⁾	3.85	3.87	1.21	(0.68)	2.82
	Total from Investment Operations		0.05	4.22	4.27	1.56	(0.25)	3.19
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.26)	(0.38)	(0.50)	(0.38)	(0.41)	(0.37)
		Distributions (from capital gains)	(1.59)	(1.11)	(0.35)	(1.33)	(1.31)	(0.86)
	Total Dividends and Distributions		(1.85)	(1.49)	(0.85)	(1.71)	(1.72)	(1.23)
	Net Asset Value, End of Period		$33.22	$35.02	$32.29	$28.87	$29.02	$30.99
	Total Return*		0.54%	13.38%	15.02%	5.40%	(0.94)%	11.20%
	Net Assets, End of Period (in thousands)		$347,996	$345,667	$341,389	$283,729	$281,398	$309,887
	Average Net Assets for the Period (in thousands)		$335,843	$339,637	$327,651	$288,241	$297,615	$296,348
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.33%	1.32%	1.32%	1.34%	1.31%	1.33%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.33%	1.32%	1.32%	1.34%	1.31%	1.33%
		Ratio of Net Investment Income/(Loss)	1.50%	1.11%	1.33%	1.23%	1.39%	1.23%
	Portfolio Turnover Rate		44%	88%	60%	83%	75%	72%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are 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 S Shares
For a share outstanding during the period ended March 31, 2019 (unaudited) and the year ended September 30			2019	2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$35.20	$32.44	$28.99	$29.12	$31.09	$29.11
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.29	0.46	0.48	0.43	0.50	0.45
		Net realized and unrealized gain/(loss)	(0.21)⁽²⁾	3.87	3.88	1.21	(0.68)	2.83
	Total from Investment Operations		0.08	4.33	4.36	1.64	(0.18)	3.28
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.29)	(0.46)	(0.56)	(0.44)	(0.48)	(0.44)
		Distributions (from capital gains)	(1.59)	(1.11)	(0.35)	(1.33)	(1.31)	(0.86)
	Total Dividends and Distributions		(1.88)	(1.57)	(0.91)	(1.77)	(1.79)	(1.30)
	Net Asset Value, End of Period		$33.40	$35.20	$32.44	$28.99	$29.12	$31.09
	Total Return*		0.66%	13.67%	15.30%	5.68%	(0.71)%	11.49%
	Net Assets, End of Period (in thousands)		$558,181	$589,812	$622,279	$657,563	$750,461	$837,505
	Average Net Assets for the Period (in thousands)		$550,697	$610,278	$637,727	$706,818	$828,503	$844,760
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.08%	1.07%	1.07%	1.09%	1.08%	1.08%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.08%	1.07%	1.07%	1.08%	1.07%	1.08%
		Ratio of Net Investment Income/(Loss)	1.75%	1.36%	1.57%	1.48%	1.63%	1.47%
	Portfolio Turnover Rate		44%	88%	60%	83%	75%	72%


Class T Shares
For a share outstanding during the period ended March 31, 2019 (unaudited) and the year ended September 30			2019	2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$35.26	$32.49	$29.02	$29.15	$31.12	$29.13
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.33	0.54	0.56	0.50	0.58	0.53
		Net realized and unrealized gain/(loss)	(0.21)⁽²⁾	3.88	3.89	1.20	(0.69)	2.83
	Total from Investment Operations		0.12	4.42	4.45	1.70	(0.11)	3.36
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.34)	(0.54)	(0.63)	(0.50)	(0.55)	(0.51)
		Distributions (from capital gains)	(1.59)	(1.11)	(0.35)	(1.33)	(1.31)	(0.86)
	Total Dividends and Distributions		(1.93)	(1.65)	(0.98)	(1.83)	(1.86)	(1.37)
	Net Asset Value, End of Period		$33.45	$35.26	$32.49	$29.02	$29.15	$31.12
	Total Return*		0.76%	13.97%	15.62%	5.92%	(0.46)%	11.77%
	Net Assets, End of Period (in thousands)		$5,502,938	$5,422,276	$4,736,612	$4,664,334	$4,734,896	$4,541,805
	Average Net Assets for the Period (in thousands)		$5,282,916	$5,098,558	$4,654,904	$4,856,359	$4,872,456	$4,375,206
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.83%	0.82%	0.83%	0.84%	0.83%	0.83%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.82%	0.82%	0.82%	0.83%	0.82%	0.82%
		Ratio of Net Investment Income/(Loss)	2.00%	1.61%	1.83%	1.74%	1.89%	1.73%
	Portfolio Turnover Rate		44%	88%	60%	83%	75%	72%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are 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, 2019

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


Janus Investment Fund	33

Janus Henderson Balanced Fund

Notes to Financial Statements (unaudited)

Distributors (“Janus Henderson Distributors”) including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.

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

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

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.


34	MARCH 31, 2019

Janus Henderson Balanced Fund

Notes to Financial Statements (unaudited)

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.

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

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

Investment Transactions and Investment Income

Expenses

Estimates

Indemnifications


Janus Investment Fund	35

Janus Henderson Balanced Fund

Notes to Financial Statements (unaudited)

Foreign Currency Translations

Dividends and Distributions

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

Federal Income Taxes

2. Other Investments and Strategies

Additional Investment Risk


36	MARCH 31, 2019

Janus Henderson Balanced Fund

Notes to Financial Statements (unaudited)

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, 2019.

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

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


Janus Investment Fund	37

Janus Henderson Balanced Fund

Notes to Financial Statements (unaudited)

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

Restricted Security Transactions


38	MARCH 31, 2019

Janus Henderson Balanced Fund

Notes to Financial Statements (unaudited)

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.

TBA Commitments

The Fund may enter into “to be announced” or “TBA” commitments. TBAs are forward agreements for the purchase or sale of securities, including mortgage-backed securities, for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate, and mortgage terms. Although the particular TBA securities must meet industry-accepted “good delivery” standards, there can be no assurance that a security purchased on forward commitment basis will ultimately be issued or delivered by the counterparty. During the settlement period, the Fund will still bear the risk of any decline in the value of the security to be delivered. Because TBA commitments do not require the purchase and sale of identical securities, the characteristics of the security delivered to the Fund may be less favorable than the security delivered to the dealer. If the counterparty to a transaction fails to deliver the security, the Fund could suffer a loss.

When-Issued, Delayed Delivery and Forward Commitment Transactions

The Fund may purchase or sell securities on a when-issued, delayed delivery, or forward commitment basis. When purchasing a security on a when-issued, delayed delivery, or forward commitment basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. Typically, no income accrues on securities the Fund has committed to purchase prior to the time delivery of the securities is made. Because the Fund is not required to pay for the security until the delivery date, these risks are in addition to the risks associated with the Fund’s other investments. If the other party to a transaction fails to deliver the securities, the Fund could miss a favorable price or yield opportunity. If the Fund remains substantially fully invested at a time when when-issued, delayed delivery, or forward commitment purchases are outstanding, the purchases may result in a form of leverage.

When the Fund has sold a security on a when-issued, delayed delivery, or forward commitment basis, the Fund does not participate in future gains or losses with respect to the security. If the other party to a transaction fails to pay for the securities, the Fund could suffer a loss. Additionally, when selling a security on a when-issued, delayed delivery, or forward commitment basis without owning the security, the Fund will incur a loss if the security’s price appreciates in value such that the security’s price is above the agreed upon price on the settlement date. The Fund may dispose of or renegotiate a transaction after it is entered into, and may purchase or sell when-issued, delayed delivery or forward commitment securities before the settlement date, which may result in a gain or loss.

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 Investment Fund	39

Janus Henderson Balanced Fund

Notes to Financial Statements (unaudited)

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, 2020. 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.

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.

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

Janus Services is compensated for its services related to the Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.


40	MARCH 31, 2019

Janus Henderson Balanced 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 serves as administrator to the Fund pursuant to an administration agreement between Janus Capital and the Trust. Under the administration agreement, Janus Capital is obligated to provide or arrange for the provision of certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent Janus Capital seeks reimbursement and such costs are not otherwise waived). In addition, employees of Janus Capital and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of Janus Capital employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by Janus Capital, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services Janus Capital (or any subadvisor, as applicable) provides to the Fund. These amounts are disclosed as “Affiliated fund administration fees” on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund’s Chief Compliance Officer and certain compliance staff, all of whom are employees of Janus Capital and/or its affiliates, are shared with the Fund. Total compensation of $242,825 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended March 31, 2019. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

Effective April 1, 2018, BNP Paribas Financial Services (“BPFS”) provides certain administrative services to the Fund, including services related to Fund accounting, calculation of the Fund’s daily NAV, and Fund audit, tax, and reporting obligations, pursuant to a sub-administration agreement with Janus Capital on behalf of the Fund. Janus Capital, as administrator, oversees the provision of these services by BPFS. As compensation for such services, Janus Capital pays BPFS a fee based on a percentage of the Fund’s assets, along with a flat fee, and is reimbursed by the Fund for amounts paid to BPFS (to the extent Janus Capital seeks reimbursement and such costs are not otherwise waived). These amounts are disclosed as part of "Other expenses" on the Statement of Operations.


Janus Investment Fund	41

Janus Henderson Balanced Fund

Notes to Financial Statements (unaudited)

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, 2019 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.

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, 2019, redeeming shareholders of Class A Shares paid CDSCs of $9,587 to Janus Henderson Distributors.

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, 2019, the Fund engaged in cross trades amounting to $304,243,817 in purchases and $27,345,363 in sales, resulting in a net realized loss of $539,056. The net realized loss 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)
$ 12,629,646,250	$3,259,548,181	$(161,633,260)	$ 3,097,914,921


42	MARCH 31, 2019

Janus Henderson Balanced Fund

Notes to Financial Statements (unaudited)

5. Capital Share Transactions



	Period ended March 31, 2019		Year ended September 30, 2018
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	8,362,574	$ 272,830,216	7,711,873	$ 262,344,651
Reinvested dividends and distributions	1,087,598	33,930,511	685,030	22,698,836
Shares repurchased	(4,160,423)	(135,032,763)	(5,846,216)	(196,644,096)
Net Increase/(Decrease)	5,289,749	$ 171,727,964	2,550,687	$ 88,399,391
Class C Shares:
Shares sold	10,852,173	$ 352,229,215	11,914,884	$ 400,945,569
Reinvested dividends and distributions	2,420,907	74,681,527	1,463,080	47,959,330
Shares repurchased	(5,764,038)	(187,624,973)	(7,792,574)	(260,605,037)
Net Increase/(Decrease)	7,509,042	$ 239,285,769	5,585,390	$ 188,299,862
Class D Shares:
Shares sold	2,378,067	$ 78,348,399	4,027,607	$ 136,140,889
Reinvested dividends and distributions	3,041,864	95,098,237	2,380,330	79,049,288
Shares repurchased	(2,629,127)	(86,228,482)	(4,547,747)	(153,516,650)
Net Increase/(Decrease)	2,790,804	$ 87,218,154	1,860,190	$ 61,673,527
Class I Shares:
Shares sold	46,837,149	$ 1,533,962,766	42,715,098	$1,457,353,192
Reinvested dividends and distributions	5,318,670	166,499,097	2,828,037	94,126,294
Shares repurchased	(19,129,758)	(622,808,731)	(19,436,315)	(658,397,828)
Net Increase/(Decrease)	33,026,061	$ 1,077,653,132	26,106,820	$ 893,081,658
Class N Shares:
Shares sold	7,828,889	$ 258,052,900	12,069,205	$ 408,403,498
Reinvested dividends and distributions	4,510,398	140,982,325	3,367,860	111,853,805
Shares repurchased	(60,593,274)	(2,025,744,612)	(8,331,331)	(282,533,050)
Net Increase/(Decrease)	(48,253,987)	$(1,626,709,387)	7,105,734	$ 237,724,253
Class R Shares:
Shares sold	1,471,320	$ 48,007,037	1,805,672	$ 60,736,128
Reinvested dividends and distributions	559,416	17,324,013	426,954	14,042,797
Shares repurchased	(1,424,490)	(46,400,964)	(2,935,300)	(98,064,468)
Net Increase/(Decrease)	606,246	$ 18,930,086	(702,674)	$ (23,285,543)
Class S Shares:
Shares sold	1,747,715	$ 56,958,397	3,061,183	$ 103,174,114
Reinvested dividends and distributions	975,862	30,400,919	864,701	28,595,766
Shares repurchased	(2,767,194)	(90,929,229)	(6,353,867)	(213,604,578)
Net Increase/(Decrease)	(43,617)	$ (3,569,913)	(2,427,983)	$ (81,834,698)
Class T Shares:
Shares sold	22,360,551	$ 728,626,228	30,485,638	$1,030,049,011
Reinvested dividends and distributions	9,548,964	298,086,162	7,228,929	239,724,774
Shares repurchased	(21,213,775)	(690,117,143)	(29,722,726)	(1,002,845,404)
Net Increase/(Decrease)	10,695,740	$ 336,595,247	7,991,841	$ 266,928,381


Janus Investment Fund	43

Janus Henderson Balanced Fund

Notes to Financial Statements (unaudited)

6. Purchases and Sales of Investment Securities


Purchases of Securities	Proceeds from Sales of Securities	Purchases of Long- Term U.S. Government Obligations	Proceeds from Sales of Long-Term U.S. Government Obligations
$4,079,992,222	$2,633,255,782	$ 4,262,134,066	$ 4,498,489,028

7. Recent Accounting Pronouncements

8. Subsequent Event


44	MARCH 31, 2019

Janus Henderson Balanced Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD

Nature, Extent and Quality of Services


Janus Investment Fund	45

Janus Henderson Balanced Fund

Additional Information (unaudited)

Performance of the Funds

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the JIF Funds:

Alternative Fund

Asset Allocation Funds


46	MARCH 31, 2019

Janus Henderson Balanced Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


Janus Investment Fund	47

Janus Henderson Balanced Fund

Additional Information (unaudited)

· For Janus Henderson International Small Cap Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 12 months ended May 31, 2018.

Money Market Funds


48	MARCH 31, 2019

Janus Henderson Balanced Fund

Additional Information (unaudited)

Multi-Asset Funds

Multi-Asset U.S. Equity Funds


Janus Investment Fund	49

Janus Henderson Balanced Fund

Additional Information (unaudited)

Quantitative Equity Funds

U.S. Equity Funds

Costs of Services Provided


50	MARCH 31, 2019

Janus Henderson Balanced Fund

Additional Information (unaudited)

Alternative Fund

Asset Allocation Funds


Janus Investment Fund	51

Janus Henderson Balanced Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


52	MARCH 31, 2019

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 Real Estate 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

�� For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s total expenses were above 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.

Multi-Asset Funds

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


Janus Investment Fund	53

Janus Henderson Balanced Fund

Additional Information (unaudited)

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

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

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

· 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.

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.


54	MARCH 31, 2019

Janus Henderson Balanced Fund

Additional Information (unaudited)

· 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.

Economies of Scale


Janus Investment Fund	55

Janus Henderson Balanced Fund

Additional Information (unaudited)

Other Benefits to Janus Capital


56	MARCH 31, 2019

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.


Janus Investment Fund	57

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.


58	MARCH 31, 2019

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.


Janus Investment Fund	59

Janus Henderson Balanced Fund

Notes

NotesPage1


60	MARCH 31, 2019

Janus Henderson Balanced Fund

Notes

NotesPage2


Janus Investment Fund	61

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 Knowledge. Shared are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc. Janus Henderson Distributors
							125-24-93037 05-19



		SEMIANNUAL REPORT March 31, 2019

	Janus Henderson Contrarian Fund

	Janus Investment Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by contacting a Janus Henderson representative. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by visiting janushenderson.com/edelivery. You may elect to receive all future reports in paper free of charge. If you do not invest directly with the Fund, you should contact your plan sponsor, broker-dealer, or financial intermediary, to request to continue receiving paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-525-3713 to let the Fund know that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Janus Henderson mutual funds where held (i.e., all Janus Henderson mutual funds held in your account if you invest through your financial intermediary or all Janus Henderson mutual funds held with the fund complex if you invest directly with a 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	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	22
Additional Information	34
Useful Information About Your Fund Report	46

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, 2019, the Fund’s Class I Shares generated a return of -0.88% versus a return of -1.72% for the S&P 500^{^®} Index, the Fund's benchmark.

INVESTMENT ENVIRONMENT

U.S. equities fell sharply in the fourth quarter and then rebounded in the early months of 2019. Fears of slowing global economic growth, rising trade tensions between the U.S. and China and a rising fed funds rate all played a role in driving stocks lower in the fourth quarter. Stocks reversed course in January and February, after the Federal Reserve indicated it would take a cautious approach to raising interest rates while inflation remained low. Increasing hopes that the U.S. and China were making progress toward a trade deal also supported stocks in the first quarter.

PERFORMANCE DISCUSSION

The Fund outperformed its benchmark, the S&P 500 Index during the period. Much of the groundwork for performance was laid at the end of 2018, when we made several portfolio changes to capitalize on the market sell-off. We were pleased to see that conviction rewarded when markets rebounded in the first quarter. In the fourth quarter, we believed the market downturn had created attractive valuations for stocks in two broad areas: secular growth companies and cyclical stocks. We used the weakness to start new positions and add to position sizes of stocks in both camps. Some of those stocks were top contributors to performance during the period.

Ball Corp., a metal packaging company, was our largest contributor to Fund performance. An analyst day that highlighted the sustainability of aluminum cans and secular demand for such environmentally friendly packaging helped lift the stock. We also believe the market is simply gaining appreciation for how industry consolidation is improving Ball’s competitive dynamics. Ball acquired a large competitor in the beverage packaging industry in 2016, which led to an optimized manufacturing footprint and should lead to more rational pricing. We continue to believe the combined company will de-lever quickly, transferring more value to equity holders.

Ultimate Software was another top contributor, and is an example of one of the secular growth companies we added to in the fourth quarter, when we made it one of our five largest positions. We felt growth potential for the company was underappreciated, as its cloud-based subscription software for payroll and HR departments takes share from legacy, on-premises solutions. Private investors shared that view: the stock was up substantially after an investor group led by Hellman & Friedman agreed to take the company private.

Insmed was another top contributor. The stock was up significantly after the company reported better-than-expected results for the launch of Arikayce, a novel treatment for nontuberculous mycobacterial (NTM) infection, a lung disease that affects more than 200,000 people worldwide. Our grass roots research had showed prescription and reimbursement rates for the drug were well ahead of the market’s initial expectations, which supported our view of the growth potential for company. We were pleased to see that research rewarded when Insmed announced results of the launch.

While pleased with the execution of many companies in our portfolio, we still held stocks that fell and detracted from Fund performance. Allergan was our largest detractor. A few executional issues negatively affected the stock during the period. In the fourth quarter of 2018, the pharmaceutical company walked back expectations it would divest two units, which disappointed investors and created less confidence in the company’s management team. Then during the first quarter, the company made no mention of Rapastinel, a key pipeline drug treating major depressive disorder, in its earnings release. The company


Janus Investment Fund	1

Janus Henderson Contrarian Fund (unaudited)

had recently completed phase 3 trials for the drug and its omission from the news released fueled speculation that some of the data from those trials may not be positive. The company, meanwhile, stated that the omission was simply an oversight. We are looking past these near-term issues, and continue to see upside for 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. We also believe that with credibility of management low, a change in management or simply better execution by the company could be a catalyst for better stock performance.

Two financial stocks, Pacific Western (PacWest) and Citigroup, were also large detractors. Bank stocks sold off broadly due to concerns about the global economy, but we believe fundamentals are largely intact. For PacWest, we don’t think the market appreciates its strength relative to other regional banks. A low number of physical bank branches give PacWest a cost structure advantage relative to other regional banks, which has historically led to top-quartile profitability among regional banks, and given it the potential to return significant capital to shareholders.

Meanwhile, we continue to believe the market underappreciates the substantial level of cash flow Citigroup could return to shareholders in the next few years. We also don’t think the market has given Citigroup enough credit for its corporate services business, a unique network that allows businesses to move money around the world.

OUTLOOK

While secular growth stocks were a big contributor to performance this period, valuations of these companies have improved significantly. Companies with highly visible earnings growth trade at a wide premium to cyclical stocks due to global macroeconomic uncertainty. Against that backdrop, we would expect Fund performance for the rest of the year to be driven by other parts of the portfolio. We see opportunity in a few key areas:

Companies with generally misunderstood business models comprise the core of our portfolio. While these stocks will always be a hallmark of our strategy, we continue to find individual companies where management teams are carrying out new visions for their companies. As these management teams enhance operations, carry out new strategic initiatives and improve the competitive profile of their respective business or industry, we believe these stocks will drive outperformance as the market comes to appreciate the intrinsic value of these businesses.

We also see opportunity in several businesses that are undergoing industry consolidation. Disruption has forced many companies to reconsider their business models, encouraging strategic mergers and acquisitions. Tax reform and access to cheap debt have also fueled more merger activity. In this environment, we find several instances where consolidation has led to improved industry dynamics, and we believe going forward our companies will enjoy greater profitability than the market anticipates.

Finally, we have also added to positions of cyclical companies. These stocks have traded lower due to fears it is late in the economic cycle, but we believe the market has taken an undiscerning view of these companies, underestimating the earnings stability of select businesses. Additionally, we are optimistic recent Chinese stimulus measures will have a positive impact on global growth. Resolution of trade uncertainty would also be helpful to these businesses.

We continue to take a long-term view with companies in each of these categories, and anticipate the market will realize the value of these businesses as industry- or company-specific dynamics play out.

Thank you for your investment in Janus Henderson Contrarian Fund.


2	MARCH 31, 2019

Janus Henderson Contrarian Fund (unaudited)

Fund At A Glance

March 31, 2019





	5 Top Performers - Holdings		5 Bottom Performers - Holdings
		Contribution		Contribution
	Ball Corp	1.15%	Allergan PLC	-1.05%
	Insmed Inc	0.72%	Flex Ltd	-0.79%
	Ultimate Software Group Inc	0.69%	Constellium NV	-0.65%
	Abbott Laboratories	0.51%	PacWest Bancorp	-0.62%
	Vivendi SA	0.51%	Citigroup Inc	-0.62%

	5 Top Performers - Sectors*
		Fund	Fund Weighting	S&P 500 Index
		Contribution	(Average % of Equity)	Weighting
	Materials	1.52%	13.80%	2.62%
	Information Technology	1.08%	14.58%	20.35%
	Communication Services	0.44%	13.10%	10.10%
	Utilities	0.27%	3.64%	3.20%
	Energy	0.20%	0.94%	5.58%

	5 Bottom Performers - Sectors*
		Fund	Fund Weighting	S&P 500 Index
		Contribution	(Average % of Equity)	Weighting
	Financials	-0.88%	21.48%	13.40%
	Industrials	-0.57%	10.10%	9.46%
	Consumer Staples	-0.53%	0.00%	7.25%
	Real Estate	-0.39%	0.00%	2.92%
	Health Care	-0.11%	16.47%	15.16%

	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.


Janus Investment Fund	3

Janus Henderson Contrarian Fund (unaudited)

Fund At A Glance

March 31, 2019


5 Largest Equity Holdings - (% of Net Assets)
Alphabet Inc - Class C
Interactive Media & Services	5.4%
TD Ameritrade Holding Corp
Capital Markets	4.8%
Allergan PLC
Pharmaceuticals	4.8%
Citigroup Inc
Banks	4.7%
Vivendi SA
Entertainment	4.6%
	24.3%


Asset Allocation - (% of Net Assets)
Common Stocks	93.6%
Investment Companies	6.1%
Corporate Bonds	3.7%
Other		(3.4)%
		100.0%

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

As of March 31, 2019

As of September 30, 2018


4	MARCH 31, 2019

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, 2019						per the January 28, 2019 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	-1.05%	9.66%	4.43%	12.88%	6.77%	0.87%	0.87%
Class A Shares at MOP	-6.74%	3.35%	3.20%	12.21%	6.44%
Class C Shares at NAV	-1.33%	8.94%	3.68%	11.98%	5.97%	1.60%	1.60%
Class C Shares at CDSC	-2.23%	7.94%	3.68%	11.98%	5.97%
Class D Shares⁽¹⁾	-0.90%	9.91%	4.65%	13.12%	6.96%	0.65%	0.65%
Class I Shares	-0.88%	9.97%	4.72%	13.04%	6.92%	0.57%	0.57%
Class N Shares	-0.81%	10.08%	4.56%	13.04%	6.92%	0.50%	0.50%
Class R Shares	-1.28%	8.96%	3.97%	12.38%	6.31%	1.47%	1.42%
Class S Shares	-1.10%	9.37%	4.26%	12.71%	6.58%	1.04%	1.04%
Class T Shares	-0.93%	9.84%	4.56%	13.04%	6.92%	0.74%	0.74%
S&P 500 Index	-1.72%	9.50%	10.91%	15.92%	5.94%
Morningstar Quartile - Class T Shares	-	1st	4th	4th	3rd
Morningstar Ranking - based on total returns for Mid-Cap Blend Funds	-	23/466	311/385	260/323	110/175

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, 2020.


Janus Investment Fund	5

Janus Henderson Contrarian Fund (unaudited)

Performance

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 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, 2019

Janus Henderson Contrarian Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (10/1/18)	Ending Account Value (3/31/19)	Expenses Paid During Period (10/1/18 - 3/31/19)†	Beginning Account Value (10/1/18)	Ending Account Value (3/31/19)	Expenses Paid During Period (10/1/18 - 3/31/19)†	Net Annualized Expense Ratio (10/1/18 - 3/31/19)
Class A Shares		$1,000.00	$989.50	$4.46	$1,000.00	$1,020.44	$4.53	0.90%
Class C Shares		$1,000.00	$986.70	$7.63	$1,000.00	$1,017.25	$7.75	1.54%
Class D Shares		$1,000.00	$991.00	$3.28	$1,000.00	$1,021.64	$3.33	0.66%
Class I Shares		$1,000.00	$991.20	$2.93	$1,000.00	$1,021.99	$2.97	0.59%
Class N Shares		$1,000.00	$991.90	$2.58	$1,000.00	$1,022.34	$2.62	0.52%
Class R Shares		$1,000.00	$987.20	$7.04	$1,000.00	$1,017.85	$7.14	1.42%
Class S Shares		$1,000.00	$989.00	$5.55	$1,000.00	$1,019.35	$5.64	1.12%
Class T Shares		$1,000.00	$990.70	$3.67	$1,000.00	$1,021.24	$3.73	0.74%
†	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, 2019


Shares or Principal Amounts			Value
Corporate Bonds– 3.7%
Basic Industry – 1.7%
	Freeport-McMoRan Inc, 3.5500%, 3/1/22	$44,625,000	$44,122,969
Industrial Conglomerates – 2.0%
	General Electric Co, ICE LIBOR USD 3 Month + 3.3300%, 5.0000%^‡,µ	56,550,000	52,707,427
Total Corporate Bonds (cost $93,578,121)			96,830,396
Common Stocks– 93.6%
Aerospace & Defense – 4.5%
	Axon Enterprise Inc*	707,064	38,471,352
	Harris Corp	495,622	79,155,790
			117,627,142
Banks – 9.0%
	Citigroup Inc	1,959,054	121,892,340
	PacWest Bancorp	1,845,638	69,414,445
	Webster Financial Corp	886,256	44,906,592
			236,213,377
Biotechnology – 2.6%
	BioCryst Pharmaceuticals Inc*	1,552,780	12,639,629
	Insmed Inc*	1,858,388	54,023,339
			66,662,968
Capital Markets – 7.9%
	Intercontinental Exchange Inc	1,062,525	80,900,653
	TD Ameritrade Holding Corp	2,512,951	125,622,420
			206,523,073
Chemicals – 1.5%
	Air Products & Chemicals Inc	207,182	39,563,475
Construction Materials – 2.8%
	Summit Materials Inc*	4,687,376	74,388,657
Containers & Packaging – 5.5%
	Ball Corp	927,803	53,682,682
	Crown Holdings Inc*	1,639,625	89,474,336
			143,157,018
Diversified Financial Services – 0.4%
	GTY Govtech Inc*	1,184,588	10,424,374
	GTY Technology Holdings PP*^,§	6,702	56,029
			10,480,403
Entertainment – 10.5%
	Liberty Media Corp-Liberty Formula One*	2,314,565	81,125,503
	Vivendi SA^#	4,163,744	120,627,995
	Walt Disney Co	653,589	72,567,987
			274,321,485
Health Care Equipment & Supplies – 5.0%
	Abbott Laboratories	978,034	78,184,038
	ICU Medical Inc*	216,836	51,895,360
			130,079,398
Hotels, Restaurants & Leisure – 2.3%
	Norwegian Cruise Line Holdings Ltd*	1,089,169	59,860,728
Independent Power and Renewable Electricity Producers – 4.1%
	NRG Energy Inc	1,784,768	75,816,945
	Vistra Energy Corp	1,243,221	32,361,043
			108,177,988
Industrial Conglomerates – 2.6%
	General Electric Co	6,781,860	67,750,781
Information Technology Services – 3.5%
	Pagseguro Digital Ltd*^,#	2,231,414	66,607,708
	WEX Inc*	122,826	23,581,364
			90,189,072
Interactive Media & Services – 5.4%
	Alphabet Inc - Class C*	119,580	140,307,691


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

8	MARCH 31, 2019

Janus Henderson Contrarian Fund

Schedule of Investments (unaudited)

March 31, 2019


Shares or Principal Amounts			Value
Common Stocks– (continued)
Leisure Products – 0.8%
	Hasbro Inc	255,255	$21,701,780
Machinery – 5.2%
	Stanley Black & Decker Inc	396,114	53,938,843
	Wabtec Corp	1,104,272	81,406,932
			135,345,775
Media – 1.9%
	GCI Liberty Inc*	896,428	49,850,361
Metals & Mining – 2.4%
	Constellium NV*	4,686,020	37,394,440
	First Quantum Minerals Ltd	2,308,410	26,173,037
			63,567,477
Oil, Gas & Consumable Fuels – 1.0%
	Anadarko Petroleum Corp	578,841	26,325,689
Pharmaceuticals – 6.1%
	Allergan PLC	848,246	124,191,697
	Amneal Pharmaceuticals Inc*	1,242,141	17,601,138
	Collegium Pharmaceutical Inc*	1,070,005	16,199,876
			157,992,711
Semiconductor & Semiconductor Equipment – 3.6%
	Lam Research Corp	236,314	42,302,569
	Microchip Technology Inc	612,166	50,785,291
			93,087,860
Software – 2.9%
	Trade Desk Inc*	85,238	16,872,862
	Ultimate Software Group Inc*	174,695	57,672,060
			74,544,922
Technology Hardware, Storage & Peripherals – 2.1%
	NCR Corp*	2,013,125	54,938,181
Total Common Stocks (cost $2,298,088,636)			2,442,658,012
Investment Companies– 6.1%
Investments Purchased with Cash Collateral from Securities Lending – 3.9%
	Janus Henderson Cash Collateral Fund LLC, 2.4088%^ºº,£	101,136,220	101,136,220
Money Markets – 2.2%
	Janus Henderson Cash Liquidity Fund LLC, 2.4475%^ºº,£	57,013,578	57,013,578
Total Investment Companies (cost $158,149,798)			158,149,798
Total Investments (total cost $2,549,816,555) – 103.4%			2,697,638,206
Liabilities, net of Cash, Receivables and Other Assets – (3.4)%			(87,583,888)
Net Assets – 100%			$2,610,054,318


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

		% of
		Investment
Country	Value	Securities
United States	$2,446,835,026	90.7	%
France	120,627,995	4.5
Brazil	66,607,708	2.4
Netherlands	37,394,440	1.4
Canada	26,173,037	1.0



Total	$2,697,638,206	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, 2019

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income⁽¹⁾		Realized Gain/(Loss)⁽¹⁾		Change in Unrealized Appreciation/ Depreciation⁽¹⁾		Value at 3/31/19
Common Stocks - N/A
Health Care Providers & Services - N/A
	HLS Therapeutics Inc	$	-	$	2,157,000	$	(3,161,168)	$	-
Investment Companies - 6.1%
Investments Purchased with Cash Collateral from Securities Lending - 3.9%
	Janus Henderson Cash Collateral Fund LLC, 2.4088%^ºº		97,054^∆		-		-		101,136,220
Money Markets - 2.2%
	Janus Henderson Cash Liquidity Fund LLC, 2.4475%^ºº		532,609		-		-		57,013,578
Total Investment Companies		$	629,663	$	-	$	-	$	158,149,798
Total Affiliated Investments - 6.1%		$	629,663	$	2,157,000	$	(3,161,168)	$	158,149,798


		Share Balance at 9/30/18		Purchases		Sales		Share Balance at 3/31/19
Common Stocks - N/A
Health Care Providers & Services - N/A
	HLS Therapeutics Inc		1,935,741		-		(1,935,741)		-
Investment Companies - 6.1%
Investments Purchased with Cash Collateral from Securities Lending - 3.9%
	Janus Henderson Cash Collateral Fund LLC, 2.4088%^ºº		3,301,625		342,027,760		(244,193,165)		101,136,220
Money Markets - 2.2%
	Janus Henderson Cash Liquidity Fund LLC, 2.4475%^ºº		59,674,290		501,535,288		(504,196,000)		57,013,578


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

10	MARCH 31, 2019

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.


ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
LLC	Limited Liability Company
PLC	Public Limited Company
PP	Private Placement


*	Non-income producing security.


ºº	Rate shown is the 7-day yield as of March 31, 2019.


#	Loaned security; a portion of the security is on loan at March 31, 2019.


µ	Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. The date indicated represents the next call date.
‡	Variable or floating rate security. Rate shown is the current rate as of March 31, 2019. Certain variable rate securities are not based on a published reference rate and spread; they are determined by the issuer or agent and current market conditions. Reference rate is as of reset date and may vary by security, which may not indicate a reference rate and/or spread in their description.


£	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, 2019)
							Value as a
		Acquisition					% of Net
		Date		Cost		Value	Assets
GTY Technology Holdings PP		2/22/19	$	61,994	$	56,029	0.0	%


The Fund has registration rights for certain restricted securities held as of March 31, 2019. The issuer incurs all registration costs.


Janus Investment Fund	11

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, 2019. See Notes to Financial Statements for more information.

Valuation Inputs Summary

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

Assets
Investments in Securities:
Corporate Bonds	$	-	$	96,830,396	$	-
Common Stocks
Diversified Financial Services		10,424,374		56,029		-
All Other		2,432,177,609		-		-
Investment Companies		-		158,149,798		-
Total Assets	$	2,442,601,983	$	255,036,223	$	-


12	MARCH 31, 2019

Janus Henderson Contrarian Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2019



Assets:
	Unaffiliated investments, at value⁽¹⁾⁽²⁾		$	2,539,488,408
	Affiliated investments, at value⁽³⁾			158,149,798
	Non-interested Trustees' deferred compensation			63,403
	Receivables:
		Investments sold		24,576,208
		Dividends		1,230,198
		Interest		964,557
		Fund shares sold		435,489
		Foreign tax reclaims		224,131
		Dividends from affiliates		116,542
	Other assets			12,806
Total Assets				2,725,261,540
Liabilities:
	Due to custodian			475,872
	Collateral for securities loaned (Note 2)			101,136,220
	Payables:			—
		Investments purchased		10,978,522
		Advisory fees		1,090,445
		Fund shares repurchased		795,413
		Transfer agent fees and expenses		415,994
		Non-interested Trustees' deferred compensation fees		63,403
		Professional fees		22,931
		Non-interested Trustees' fees and expenses		18,045
		12b-1 Distribution and shareholder servicing fees		14,154
		Affiliated fund administration fees payable		5,577
		Custodian fees		2,171
		Accrued expenses and other payables		188,475
Total Liabilities				115,207,222
Net Assets			$	2,610,054,318


See Notes to Financial Statements.

Janus Investment Fund	13

Janus Henderson Contrarian Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2019




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	2,253,810,950
	Total distributable earnings (loss)		356,243,368
Total Net Assets		$	2,610,054,318
Net Assets - Class A Shares		$	17,623,813
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		895,409
Net Asset Value Per Share⁽⁴⁾		$	19.68
Maximum Offering Price Per Share⁽⁵⁾		$	20.88
Net Assets - Class C Shares		$	11,365,285
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		623,078
Net Asset Value Per Share⁽⁴⁾		$	18.24
Net Assets - Class D Shares		$	1,856,939,505
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		94,134,582
Net Asset Value Per Share		$	19.73
Net Assets - Class I Shares		$	50,188,990
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,541,545
Net Asset Value Per Share		$	19.75
Net Assets - Class N Shares		$	25,362,758
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,287,674
Net Asset Value Per Share		$	19.70
Net Assets - Class R Shares		$	708,513
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		37,188
Net Asset Value Per Share		$	19.05
Net Assets - Class S Shares		$	1,009,406
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		51,410
Net Asset Value Per Share		$	19.63
Net Assets - Class T Shares		$	646,856,048
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		32,808,126
Net Asset Value Per Share		$	19.72

(1) Includes cost of $2,391,666,757.

(2) Includes $96,428,818 of securities on loan. See Note 2 in Notes to Financial Statements.

(3) Includes cost of $158,149,798.

(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, 2019

Janus Henderson Contrarian Fund

Statement of Operations (unaudited)

For the period ended March 31, 2019



Investment Income:
	Dividends		$	16,838,040
	Interest			948,544
	Dividends from affiliates			532,609
	Affiliated securities lending income, net			97,054
	Other income			52
	Foreign tax withheld			(18,494)
Total Investment Income				18,397,805
Expenses:
	Advisory fees			5,862,691
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		20,475
		Class C Shares		58,938
		Class R Shares		1,588
		Class S Shares		1,147
	Transfer agent administrative fees and expenses:
		Class D Shares		1,054,601
		Class R Shares		794
		Class S Shares		1,198
		Class T Shares		765,117
	Transfer agent networking and omnibus fees:
		Class A Shares		9,553
		Class C Shares		6,331
		Class I Shares		19,848
	Other transfer agent fees and expenses:
		Class A Shares		844
		Class C Shares		688
		Class D Shares		183,610
		Class I Shares		1,190
		Class N Shares		335
		Class R Shares		23
		Class S Shares		17
		Class T Shares		4,258
	Shareholder reports expense			186,758
	Registration fees			92,602
	Professional fees			42,800
	Non-interested Trustees’ fees and expenses			38,691
	Affiliated fund administration fees			30,919
	Custodian fees			11,257
	Other expenses			103,802
Total Expenses				8,500,075
Less: Excess Expense Reimbursement and Waivers				(40,272)
Net Expenses				8,459,803
Net Investment Income/(Loss)				9,938,002


See Notes to Financial Statements.

Janus Investment Fund	15

Janus Henderson Contrarian Fund

Statement of Operations (unaudited)

For the period ended March 31, 2019



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	196,679,776
	Investments in affiliates		2,157,000
Total Net Realized Gain/(Loss) on Investments			198,836,776
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation		(238,128,493)
	Investments in affiliates		(3,161,168)
Total Change in Unrealized Net Appreciation/Depreciation			(241,289,661)
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	(32,514,883)


See Notes to Financial Statements.

16	MARCH 31, 2019

Janus Henderson Contrarian Fund

Statements of Changes in Net Assets



			Period ended March 31, 2019 (unaudited)		Year ended September 30, 2018

Operations:
	Net investment income/(loss)		$	9,938,002	$	13,077,645
	Net realized gain/(loss) on investments			198,836,776		199,980,809
	Change in unrealized net appreciation/depreciation			(241,289,661)		202,296,835
Net Increase/(Decrease) in Net Assets Resulting from Operations				(32,514,883)		415,355,289
Dividends and Distributions to Shareholders
		Class A Shares		(1,306,188)		(988,770)
		Class C Shares		(921,287)		(1,846,338)
		Class D Shares		(130,044,636)		(136,146,535)
		Class I Shares		(3,674,159)		(4,829,794)
		Class N Shares		(1,825,989)		(1,833,679)
		Class R Shares		(48,055)		(50,300)
		Class S Shares		(69,577)		(245,468)
		Class T Shares		(45,148,251)		(48,816,373)
Net Decrease from Dividends and Distributions to Shareholders				(183,038,142)		(194,757,257)
Capital Share Transactions:
		Class A Shares		3,877,695		(773,296)
		Class C Shares		(5,958,935)		(9,770,402)
		Class D Shares		82,606,892		(55,211,917)
		Class I Shares		506,047		(25,520,409)
		Class N Shares		694,877		5,120,393
		Class R Shares		82,912		(115,254)
		Class S Shares		60,084		(3,080,689)
		Class T Shares		24,606,305		(51,022,860)
Net Increase/(Decrease) from Capital Share Transactions				106,475,877		(140,374,434)
Net Increase/(Decrease) in Net Assets				(109,077,148)		80,223,598
Net Assets:
	Beginning of period			2,719,131,466		2,638,907,868
	End of period		$	2,610,054,318	$	2,719,131,466


See Notes to Financial Statements.

Janus Investment Fund	17

Janus Henderson Contrarian Fund

Financial Highlights


Class A Shares
For a share outstanding during the period ended March 31, 2019 (unaudited) and the year ended September 30			2019		2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$21.61		$19.92	$18.53	$18.56	$23.11	$18.48
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.06		0.06	0.05	0.07	0.05	0.02
		Net realized and unrealized gain/(loss)	(0.53)		3.10	2.02	0.43	(2.26)	4.61
	Total from Investment Operations		(0.47)		3.16	2.07	0.50	(2.21)	4.63
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.04)		—	—⁽²⁾	(0.03)	(0.06)	—⁽²⁾
		Distributions (from capital gains)	(1.42)		(1.47)	(0.68)	(0.50)	(2.28)	—
	Total Dividends and Distributions		(1.46)		(1.47)	(0.68)	(0.53)	(2.34)	—
	Net Asset Value, End of Period		$19.68		$21.61	$19.92	$18.53	$18.56	$23.11
	Total Return*		(1.05)%		16.89%	11.24%	2.77%	(10.76)%	25.08%
	Net Assets, End of Period (in thousands)		$17,624		$14,940	$14,557	$53,928	$102,425	$75,649
	Average Net Assets for the Period (in thousands)		$16,425		$13,854	$30,749	$73,939	$114,845	$46,300
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.90%		0.87%	0.82%	0.90%	1.13%	1.02%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.90%		0.87%	0.82%	0.90%	1.13%	1.02%
		Ratio of Net Investment Income/(Loss)	0.60%		0.31%	0.25%	0.37%	0.21%	0.10%
	Portfolio Turnover Rate		35%	��	59%	116%	51%	70%	61%


Class C Shares
For a share outstanding during the period ended March 31, 2019 (unaudited) and the year ended September 30			2019	2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$20.16	$18.80	$17.64	$17.79	$22.34	$18.01
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.01)	(0.07)	(0.10)	(0.06)	(0.11)	(0.15)
		Net realized and unrealized gain/(loss)	(0.49)	2.90	1.94	0.41	(2.16)	4.48
	Total from Investment Operations		(0.50)	2.83	1.84	0.35	(2.27)	4.33
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—	—
		Distributions (from capital gains)	(1.42)	(1.47)	(0.68)	(0.50)	(2.28)	—
	Total Dividends and Distributions		(1.42)	(1.47)	(0.68)	(0.50)	(2.28)	—
	Net Asset Value, End of Period		$18.24	$20.16	$18.80	$17.64	$17.79	$22.34
	Total Return*		(1.33)%	16.10%	10.46%	2.02%	(11.44)%	24.04%
	Net Assets, End of Period (in thousands)		$11,365	$19,126	$27,507	$47,112	$77,497	$56,098
	Average Net Assets for the Period (in thousands)		$13,035	$21,999	$35,731	$58,609	$86,160	$34,189
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.54%	1.56%	1.53%	1.62%	1.89%	1.80%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.54%	1.56%	1.53%	1.62%	1.89%	1.80%
		Ratio of Net Investment Income/(Loss)	(0.10)%	(0.38)%	(0.54)%	(0.36)%	(0.54)%	(0.69)%
	Portfolio Turnover Rate		35%	59%	116%	51%	70%	61%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

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


See Notes to Financial Statements.

18	MARCH 31, 2019

Janus Henderson Contrarian Fund

Financial Highlights


Class D Shares
For a share outstanding during the period ended March 31, 2019 (unaudited) and the year ended September 30			2019	2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$21.65	$19.97	$18.60	$18.64	$23.18	$18.53
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.08	0.11	0.06	0.10	0.08	0.05
		Net realized and unrealized gain/(loss)	(0.52)	3.11	2.06	0.44	(2.27)	4.64
	Total from Investment Operations		(0.44)	3.22	2.12	0.54	(2.19)	4.69
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.06)	(0.07)	(0.07)	(0.08)	(0.07)	(0.04)
		Distributions (from capital gains)	(1.42)	(1.47)	(0.68)	(0.50)	(2.28)	—
	Total Dividends and Distributions		(1.48)	(1.54)	(0.75)	(0.58)	(2.35)	(0.04)
	Net Asset Value, End of Period		$19.73	$21.65	$19.97	$18.60	$18.64	$23.18
	Total Return*		(0.90)%	17.20%	11.43%	2.98%	(10.63)%	25.33%
	Net Assets, End of Period (in thousands)		$1,856,940	$1,925,749	$1,824,343	$1,830,310	$1,976,590	$2,382,592
	Average Net Assets for the Period (in thousands)		$1,762,497	$1,841,765	$1,882,932	$1,856,945	$2,354,562	$2,258,453
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.66%	0.65%	0.64%	0.70%	0.95%	0.80%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.66%	0.65%	0.64%	0.70%	0.95%	0.80%
		Ratio of Net Investment Income/(Loss)	0.83%	0.53%	0.33%	0.56%	0.35%	0.24%
	Portfolio Turnover Rate		35%	59%	116%	51%	70%	61%


Class I Shares
For a share outstanding during the period ended March 31, 2019 (unaudited) and the year ended September 30			2019	2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$21.68	$19.99	$18.61	$18.64	$23.20	$18.55
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.08	0.12	0.07	0.11	0.10	0.09
		Net realized and unrealized gain/(loss)	(0.52)	3.12	2.07	0.44	(2.28)	4.63
	Total from Investment Operations		(0.44)	3.24	2.14	0.55	(2.18)	4.72
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.07)	(0.08)	(0.08)	(0.08)	(0.10)	(0.07)
		Distributions (from capital gains)	(1.42)	(1.47)	(0.68)	(0.50)	(2.28)	—
	Total Dividends and Distributions		(1.49)	(1.55)	(0.76)	(0.58)	(2.38)	(0.07)
	Net Asset Value, End of Period		$19.75	$21.68	$19.99	$18.61	$18.64	$23.20
	Total Return*		(0.88)%	17.29%	11.54%	3.05%	(10.60)%	25.47%
	Net Assets, End of Period (in thousands)		$50,189	$54,348	$75,603	$93,875	$248,586	$329,245
	Average Net Assets for the Period (in thousands)		$48,549	$58,166	$104,290	$144,380	$382,723	$184,931
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.59%	0.57%	0.56%	0.63%	0.86%	0.74%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.59%	0.57%	0.56%	0.63%	0.86%	0.74%
		Ratio of Net Investment Income/(Loss)	0.89%	0.60%	0.37%	0.61%	0.44%	0.40%
	Portfolio Turnover Rate		35%	59%	116%	51%	70%	61%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are 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 Contrarian Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended March 31, 2019 (unaudited) and the year or period ended September 30			2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$21.63	$19.96	$19.49
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.09	0.14	0.01
		Net realized and unrealized gain/(loss)	(0.52)	3.10	0.46
	Total from Investment Operations		(0.43)	3.24	0.47
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.08)	(0.10)	—
		Distributions (from capital gains)	(1.42)	(1.47)	—
	Total Dividends and Distributions		(1.50)	(1.57)	—
	Net Asset Value, End of Period		$19.70	$21.63	$19.96
	Total Return*		(0.81)%	17.37%	2.41%
	Net Assets, End of Period (in thousands)		$25,363	$26,808	$19,528
	Average Net Assets for the Period (in thousands)		$24,377	$24,664	$12,254
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.52%	0.50%	0.51%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.52%	0.50%	0.51%
		Ratio of Net Investment Income/(Loss)	0.97%	0.69%	0.44%
	Portfolio Turnover Rate		35%	59%	116%


Class R Shares
For a share outstanding during the period ended March 31, 2019 (unaudited) and the year ended September 30			2019	2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$20.97	$19.47	$18.19	$18.27	$22.81	$18.31
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.01	(0.05)	(0.04)	—⁽³⁾	(0.05)	(0.07)
		Net realized and unrealized gain/(loss)	(0.51)	3.02	2.00	0.42	(2.21)	4.57
	Total from Investment Operations		(0.50)	2.97	1.96	0.42	(2.26)	4.50
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—	—
		Distributions (from capital gains)	(1.42)	(1.47)	(0.68)	(0.50)	(2.28)	—
	Total Dividends and Distributions		(1.42)	(1.47)	(0.68)	(0.50)	(2.28)	—
	Net Asset Value, End of Period		$19.05	$20.97	$19.47	$18.19	$18.27	$22.81
	Total Return*		(1.28)%	16.26%	10.81%	2.36%	(11.13)%	24.58%
	Net Assets, End of Period (in thousands)		$709	$676	$740	$1,058	$1,592	$1,994
	Average Net Assets for the Period (in thousands)		$637	$667	$974	$1,191	$2,031	$1,910
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.73%	1.47%	1.23%	1.27%	1.54%	1.38%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.42%	1.41%	1.23%	1.27%	1.54%	1.38%
		Ratio of Net Investment Income/(Loss)	0.07%	(0.24)%	(0.21)%	0.00%⁽⁴⁾	(0.23)%	(0.35)%
	Portfolio Turnover Rate		35%	59%	116%	51%	70%	61%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are 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.

20	MARCH 31, 2019

Janus Henderson Contrarian Fund

Financial Highlights


Class S Shares
For a share outstanding during the period ended March 31, 2019 (unaudited) and the year ended September 30			2019	2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$21.53	$19.89	$18.53	$18.55	$23.09	$18.48
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.04	0.02	—⁽²⁾	0.04	—⁽²⁾	(0.01)
		Net realized and unrealized gain/(loss)	(0.52)	3.09	2.04	0.44	(2.25)	4.62
	Total from Investment Operations		(0.48)	3.11	2.04	0.48	(2.25)	4.61
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	(0.01)	—
		Distributions (from capital gains)	(1.42)	(1.47)	(0.68)	(0.50)	(2.28)	—
	Total Dividends and Distributions		(1.42)	(1.47)	(0.68)	(0.50)	(2.29)	—
	Net Asset Value, End of Period		$19.63	$21.53	$19.89	$18.53	$18.55	$23.09
	Total Return*		(1.15)%	16.65%	11.05%	2.65%	(10.92)%	24.95%
	Net Assets, End of Period (in thousands)		$1,009	$1,033	$3,842	$4,052	$4,578	$6,346
	Average Net Assets for the Period (in thousands)		$961	$3,068	$3,920	$4,208	$6,905	$5,130
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.31%	1.04%	0.98%	1.04%	1.29%	1.16%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.12%	1.03%	0.97%	1.03%	1.28%	1.15%
		Ratio of Net Investment Income/(Loss)	0.37%	0.10%	0.00%⁽³⁾	0.22%	0.01%	(0.05)%
	Portfolio Turnover Rate		35%	59%	116%	51%	70%	61%


Class T Shares
For a share outstanding during the period ended March 31, 2019 (unaudited) and the year ended September 30			2019	2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$21.63	$19.95	$18.58	$18.62	$23.15	$18.51
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.07	0.09	0.05	0.09	0.06	0.03
		Net realized and unrealized gain/(loss)	(0.51)	3.11	2.05	0.43	(2.26)	4.64
	Total from Investment Operations		(0.44)	3.20	2.10	0.52	(2.20)	4.67
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.05)	(0.05)	(0.05)	(0.06)	(0.05)	(0.03)
		Distributions (from capital gains)	(1.42)	(1.47)	(0.68)	(0.50)	(2.28)	—
	Total Dividends and Distributions		(1.47)	(1.52)	(0.73)	(0.56)	(2.33)	(0.03)
	Net Asset Value, End of Period		$19.72	$21.63	$19.95	$18.58	$18.62	$23.15
	Total Return*		(0.93)%	17.11%	11.35%	2.87%	(10.68)%	25.24%
	Net Assets, End of Period (in thousands)		$646,856	$676,452	$672,788	$754,333	$940,738	$1,308,109
	Average Net Assets for the Period (in thousands)		$613,775	$656,674	$741,874	$814,169	$1,252,238	$1,238,665
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.75%	0.74%	0.73%	0.79%	1.04%	0.89%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.74%	0.73%	0.72%	0.77%	1.02%	0.89%
		Ratio of Net Investment Income/(Loss)	0.75%	0.44%	0.26%	0.48%	0.27%	0.16%
	Portfolio Turnover Rate		35%	59%	116%	51%	70%	61%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are 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.

Janus Investment Fund	21

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

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


22	MARCH 31, 2019

Janus Henderson Contrarian 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	23

Janus Henderson Contrarian 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.

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


24	MARCH 31, 2019

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)

Dividends and Distributions

Federal Income Taxes

2. Other Investments and Strategies

Additional Investment Risk


Janus Investment Fund	25

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)

Counterparties

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

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

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.

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


26	MARCH 31, 2019

Janus Henderson Contrarian 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

Deutsche Bank AG		$	96,428,818	$	—	$	(96,428,818)	$	—

(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.

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.

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

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.


Janus Investment Fund	27

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)

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, 2019, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $96,428,818 for equity securities. Gross amounts of recognized liabilities for securities lending (collateral received) as of March 31, 2019 is $101,136,220, resulting in the net amount due to the counterparty of $4,707,402.

3. Investment Advisory Agreements and Other Transactions with Affiliates

The calculation of the performance adjustment applies as follows:

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

Janus Capital has contractually agreed to waive the advisory fee payable by the Fund or reimburse expenses in an amount equal to the amount, if any, that the Fund’s 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, 2020. 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.


28	MARCH 31, 2019

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)

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.

Janus Services is compensated for its services related to the Fund’s Class D Shares. 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 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


Janus Investment Fund	29

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)

difference. Refunds, if any, are included in “12b-1 Distribution and shareholder servicing fees” in the Statement of Operations.

Janus Capital serves as administrator to the Fund pursuant to an administration agreement between Janus Capital and the Trust. Under the administration agreement, Janus Capital is obligated to provide or arrange for the provision of certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent Janus Capital seeks reimbursement and such costs are not otherwise waived). In addition, employees of Janus Capital and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of Janus Capital employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by Janus Capital, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services Janus Capital (or any subadvisor, as applicable) provides to the Fund. These amounts are disclosed as “Affiliated fund administration fees�� on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund’s Chief Compliance Officer and certain compliance staff, all of whom are employees of Janus Capital and/or its affiliates, are shared with the Fund. Total compensation of $242,825 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended March 31, 2019. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

Effective April 1, 2018, BNP Paribas Financial Services (“BPFS”) provides certain administrative services to the Fund, including services related to Fund accounting, calculation of the Fund’s daily NAV, and Fund audit, tax, and reporting obligations, pursuant to a sub-administration agreement with Janus Capital on behalf of the Fund. Janus Capital, as administrator, oversees the provision of these services by BPFS. As compensation for such services, Janus Capital pays BPFS a fee based on a percentage of the Fund’s assets, along with a flat fee, and is reimbursed by the Fund for amounts paid to BPFS (to the extent Janus Capital seeks reimbursement and such costs are not otherwise waived). These amounts are disclosed as part of "Other expenses" on the Statement of Operations.

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.


30	MARCH 31, 2019

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)

As of March 31, 2019, 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	65		1
Class R Shares	-		-
Class S Shares	-		-
Class T Shares	-		-

4. Federal Income Tax


Janus Investment Fund	31

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 2,549,902,685	$300,621,132	$(152,885,611)	$ 147,735,521

5. Capital Share Transactions



	Period ended March 31, 2019		Year ended September 30, 2018
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	298,570	$ 5,788,356	163,878	$ 3,339,177
Reinvested dividends and distributions	67,958	1,146,458	43,596	825,705
Shares repurchased	(162,524)	(3,057,119)	(246,836)	(4,938,178)
Net Increase/(Decrease)	204,004	$ 3,877,695	(39,362)	$ (773,296)
Class C Shares:
Shares sold	38,357	$ 618,016	43,992	$ 818,406
Reinvested dividends and distributions	44,462	696,277	86,158	1,530,158
Shares repurchased	(408,476)	(7,273,228)	(644,770)	(12,118,966)
Net Increase/(Decrease)	(325,657)	$ (5,958,935)	(514,620)	$ (9,770,402)
Class D Shares:
Shares sold	1,549,198	$29,534,175	1,863,725	$ 37,760,019
Reinvested dividends and distributions	7,467,962	126,208,562	6,992,332	132,434,739
Shares repurchased	(3,848,092)	(73,135,845)	(11,244,335)	(225,406,675)
Net Increase/(Decrease)	5,169,068	$82,606,892	(2,388,278)	$(55,211,917)
Class I Shares:
Shares sold	500,639	$ 9,329,582	775,122	$ 15,663,396
Reinvested dividends and distributions	169,932	2,873,546	211,245	4,003,084
Shares repurchased	(636,374)	(11,697,081)	(2,260,733)	(45,186,889)
Net Increase/(Decrease)	34,197	$ 506,047	(1,274,366)	$(25,520,409)
Class N Shares:
Shares sold	45,419	$ 912,754	468,821	$ 9,399,345
Reinvested dividends and distributions	107,622	1,814,499	97,020	1,833,679
Shares repurchased	(104,693)	(2,032,376)	(304,865)	(6,112,631)
Net Increase/(Decrease)	48,348	$ 694,877	260,976	$ 5,120,393
Class R Shares:
Shares sold	6,579	$ 118,122	4,582	$ 88,787
Reinvested dividends and distributions	2,862	46,801	2,658	49,098
Shares repurchased	(4,480)	(82,011)	(13,008)	(253,139)
Net Increase/(Decrease)	4,961	$ 82,912	(5,768)	$ (115,254)
Class S Shares:
Shares sold	2,809	$ 52,426	13,013	$ 266,206
Reinvested dividends and distributions	4,132	69,577	12,981	245,468
Shares repurchased	(3,510)	(61,919)	(171,192)	(3,592,363)
Net Increase/(Decrease)	3,431	$ 60,084	(145,198)	$ (3,080,689)
Class T Shares:
Shares sold	1,694,568	$32,565,927	2,400,717	$ 48,704,842
Reinvested dividends and distributions	2,619,366	44,241,090	2,517,400	47,679,561
Shares repurchased	(2,779,746)	(52,200,712)	(7,361,090)	(147,407,263)
Net Increase/(Decrease)	1,534,188	$24,606,305	(2,442,973)	$(51,022,860)


32	MARCH 31, 2019

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)

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
$859,558,042	$ 934,486,955	$ -	$ -

7. Recent Accounting Pronouncements

8. Subsequent Event


Janus Investment Fund	33

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD

Nature, Extent and Quality of Services


34	MARCH 31, 2019

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Performance of the Funds

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the JIF Funds:

Alternative Fund

Asset Allocation Funds


Janus Investment Fund	35

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


36	MARCH 31, 2019

Janus Henderson Contrarian Fund

Additional Information (unaudited)

· For Janus Henderson International Small Cap Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 12 months ended May 31, 2018.

Money Market Funds


Janus Investment Fund	37

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Multi-Asset Funds

Multi-Asset U.S. Equity Funds


38	MARCH 31, 2019

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Quantitative Equity Funds

U.S. Equity Funds

Costs of Services Provided


Janus Investment Fund	39

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Alternative Fund

Asset Allocation Funds


40	MARCH 31, 2019

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


Janus Investment Fund	41

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 Real Estate 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

Multi-Asset Funds

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


42	MARCH 31, 2019

Janus Henderson Contrarian Fund

Additional Information (unaudited)

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

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

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

· 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.

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.


Janus Investment Fund	43

Janus Henderson Contrarian Fund

Additional Information (unaudited)

· 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.

Economies of Scale


44	MARCH 31, 2019

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Other Benefits to Janus Capital


Janus Investment Fund	45

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.


46	MARCH 31, 2019

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	47

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.


48	MARCH 31, 2019

Janus Henderson Contrarian 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 Knowledge. Shared are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc. Janus Henderson Distributors
							125-24-93038 05-19



		SEMIANNUAL REPORT March 31, 2019

	Janus Henderson Emerging Markets Fund

	Janus Investment Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by contacting a Janus Henderson representative. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by visiting janushenderson.com/edelivery. You may elect to receive all future reports in paper free of charge. If you do not invest directly with the Fund, you should contact your plan sponsor, broker-dealer, or financial intermediary, to request to continue receiving paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-525-3713 to let the Fund know that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Janus Henderson mutual funds where held (i.e., all Janus Henderson mutual funds held in your account if you invest through your financial intermediary or all Janus Henderson mutual funds held with the fund complex if you invest directly with a 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	12
Statement of Operations	14
Statements of Changes in Net Assets	16
Financial Highlights	17
Notes to Financial Statements	25
Additional Information	36
Useful Information About Your Fund Report	48

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

Stephen Deane

co-portfolio manager

PERFORMANCE

The Janus Henderson Emerging Markets Fund’s I shares returned 0.52% for the six-month period ended March 31, 2019. The Fund’s benchmark, the MSCI Emerging Markets Index^SM, returned 1.71%.

INVESTMENT ENVIRONMENT

Global emerging market equities posted a slight positive return over the period with Chinese and Indian equities among the better-performing markets.

PERFORMANCE DISCUSSION

Gold miner Newcrest Mining was the Fund’s most significant positive contributor. A presentation to investors during the period was well received due to the company’s belief that it can significantly improve recovery rates at its Cadia mine, where new mining technology is being adopted. The stock’s price has also been supported by an improvement in the underlying gold price during the period. This commodity is seen as providing a store of value during times of increased risk aversion.

A number of our Brazilian holdings also contributed, enjoying a bounce in sentiment after the election of Jair Bolsonaro as president in October. Utilities firm Engie Brasil Energia was among the Fund’s positive contributors as Bolsonaro’s election raised the potential for asset privatization.

Uni-President Enterprises, the Taiwanese holding company that owns Uni-President China among other subsidiaries, detracted from performance. The stock performed strongly during the early part of 2018, but results produced in the second half of the year were slightly weaker. There are some signs that Tingyi, a rival food and beverage producer, is willing to be more price competitive, which is impacting the margins at Uni-President China. Over the long term, we continue to believe the business can produce strong profit and cash-flow growth due to its portfolio of strong consumer food brands.

Cipla, an Indian pharmaceuticals manufacturer, also detracted. The company has a focus on specialty, complex and generic pharmaceuticals within its key markets of India, South Africa and North America, but also has a presence in more than 80 countries worldwide. Cipla’s objective is to provide access to quality and affordable medicines for patients. We are attracted by its strong ethical roots and conservative financial culture. We believe acquisitions by the company have been financed sensibly and the balance sheet is conservatively managed. We recognize that the broader generics industry has faced challenges of late, but these appear to be more than reflected in Cipla’s valuation, which does not seem to account for its leadership in key markets and geographies.

OUTLOOK

There has been no noticeable change in our investment outlook over the past quarter. We still view the valuations and growth expectations for many good-quality Asian companies as being too high. At the end of last year, it looked as though there was the potential for valuations to become attractive. Equity prices for a lot of good-quality companies that are on our watch list had moved from “very expensive” to just “expensive” or “fairly valued.” Our lack of significant buying activity during this period is a sign that a number of Asian companies we admire still sport valuations that do not meet our long-term potential return requirements.

Appetite for risk and enthusiasm for the emerging market asset class has increased over the recent period. We are mindful there are a number of fault lines opening up across the region, and more broadly globally, and that liquidity alone cannot solve these issues. Speculative juices also appear to be running high. The current global appetite for loss-making Chinese unicorns (a startup company with a valuation of more than $1 billion) in both local and international markets reminds us that, at times, discretion is the better part of valor.


Janus Investment Fund	1

Janus Henderson Emerging Markets Fund (unaudited)

We are mindful of the need to stick to our belief not to compromise on quality, to maintain a long-term approach and to apply a strict valuation discipline. With a long-term perspective, we remain positive about the opportunities for equity investors created by the structural trend of rising living standards in some parts of the developing world.

A recent investment trip to South Africa highlighted the significant opportunity for those willing to be patient. Near-term commentary from retailers and businesses was almost universally cautious, and it would appear the economy is stumbling at a 1% to 2% annual GDP growth rate. South Africa’s economy is still weathering the aftereffects of the corruption and mismanagement of the nine-year reign of President Zuma. We believe the headwinds that the country has been facing could abate and many good-quality African businesses should return to growth, and that current valuations do not reflect this. While the pace of change of economic reform within South Africa may not be helping the economy in the near term, there are some very interesting developments. The announcement by President Ramaphosa to split Eskom, the state electric utility company, into three separate entities is a potential watershed moment. Eskom is a case in point of all that went wrong with South Africa under the Zuma administration. A decade of corruption and mismanagement led to utilities’ debts rising tenfold since 2007, and the sector’s ability to produce consistent electricity for distribution diminished. It was the worst of all worlds, which the sweeping blackouts attest to. The decision to split the company into generation, transmission and distribution units should allow foreign capital to restore its health. It also shows that Ramaphosa is willing to use his political capital to enforce change on a state company that employs 54,000 people. This policy is unlikely to be popular, but, in our view, it is necessary for the long-term health of the country. Elections to be held shortly may provide an opportunity for President Ramaphosa to receive a national mandate for change.

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


2	MARCH 31, 2019

Janus Henderson Emerging Markets Fund (unaudited)

Fund At A Glance

March 31, 2019





	5 Top Performers - Holdings		5 Bottom Performers - Holdings
		Contribution		Contribution
	Newcrest Mining Ltd	0.95%	Grasim Industries Ltd	-0.38%
	Duratex SA	0.64%	Uni-President Enterprises Corp	-0.37%
	Banco Bradesco SA	0.57%	Asustek Computer Inc	-0.36%
	ENGIE Brasil Energia SA	0.45%	Cairn Energy PLC	-0.35%
	Merida Industry Co Ltd	0.40%	Cipla Ltd/India	-0.35%

	5 Top Performers - Sectors*
		Fund	Fund Weighting	MSCI Emerging Markets Index
		Contribution	(Average % of Equity)	Weighting
	Materials	1.13%	10.78%	7.57%
	Utilities	0.51%	4.83%	2.61%
	Information Technology	0.44%	9.66%	14.58%
	Consumer Discretionary	0.22%	6.10%	10.96%
	Other**	-0.03%	5.18%	0.00%

	5 Bottom Performers - Sectors*
		Fund	Fund Weighting	MSCI Emerging Markets Index
		Contribution	(Average % of Equity)	Weighting
	Consumer Staples	-0.89%	39.57%	6.56%
	Financials	-0.63%	13.47%	24.54%
	Real Estate	-0.44%	0.00%	2.97%
	Energy	-0.25%	0.91%	8.22%
	Communication Services	-0.23%	0.77%	13.70%

	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 Emerging Markets Fund (unaudited)

Fund At A Glance

March 31, 2019


5 Largest Equity Holdings - (% of Net Assets)
Uni-President Enterprises Corp
Food Products	4.6%
Fomento Economico Mexicano SAB de CV (ADR)
Beverages	4.3%
Tata Consultancy Services Ltd
Information Technology Services	4.2%
Newcrest Mining Ltd
Metals & Mining	4.0%
Tiger Brands Ltd
Food Products	4.0%
	21.1%


Asset Allocation - (% of Net Assets)
Common Stocks	91.6%
Investment Companies	5.0%
Preferred Stocks	1.2%
Rights	0.3%
Other		1.9%
		100.0%

Emerging markets comprised 77.4% of total net assets.

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

As of March 31, 2019

As of September 30, 2018


4	MARCH 31, 2019

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, 2019					per the January 28, 2019 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	0.37%	-11.65%	2.02%	0.16%	1.52%	1.33%
Class A Shares at MOP	-5.42%	-16.75%	0.81%	-0.56%
Class C Shares at NAV	0.02%	-12.20%	1.27%	-0.58%	2.29%	2.10%
Class C Shares at CDSC	-0.96%	-13.05%	1.27%	-0.58%
Class D Shares⁽¹⁾	0.52%	-11.46%	2.03%	0.16%	1.39%	1.17%
Class I Shares	0.52%	-11.38%	2.27%	0.41%	1.27%	1.10%
Class N Shares	0.57%	-11.33%	2.20%	0.27%	1.21%	1.04%
Class S Shares	0.61%	-11.49%	1.77%	-0.12%	1.86%	1.54%
Class T Shares	0.33%	-11.63%	1.93%	0.08%	1.46%	1.29%
MSCI Emerging Markets Index	1.71%	-7.41%	3.68%	1.39%
Morningstar Quartile - Class I Shares	-	3rd	3rd	3rd
Morningstar Ranking - based on total returns for Diversified Emerging Markets Funds	-	589/855	443/660	293/406

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, 2020.

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 Emerging Markets Fund (unaudited)

Performance

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.

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 applicable 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 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 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.”

Effective on or about April 19, 2019, Glen Finegan is removed and Stephen Deane is added as Co-Portfolio Manager of the Fund.

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

(1) Closed to certain new investors.


6	MARCH 31, 2019

Janus Henderson Emerging Markets Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (10/1/18)	Ending Account Value (3/31/19)	Expenses Paid During Period (10/1/18 - 3/31/19)†	Beginning Account Value (10/1/18)	Ending Account Value (3/31/19)	Expenses Paid During Period (10/1/18 - 3/31/19)†	Net Annualized Expense Ratio (10/1/18 - 3/31/19)
Class A Shares		$1,000.00	$1,003.70	$6.84	$1,000.00	$1,018.10	$6.89	1.37%
Class C Shares		$1,000.00	$1,000.20	$10.77	$1,000.00	$1,014.16	$10.85	2.16%
Class D Shares		$1,000.00	$1,005.20	$6.25	$1,000.00	$1,018.70	$6.29	1.25%
Class I Shares		$1,000.00	$1,005.20	$5.75	$1,000.00	$1,019.20	$5.79	1.15%
Class N Shares		$1,000.00	$1,005.70	$5.40	$1,000.00	$1,019.55	$5.44	1.08%
Class S Shares		$1,000.00	$1,006.10	$6.50	$1,000.00	$1,018.45	$6.54	1.30%
Class T Shares		$1,000.00	$1,003.30	$6.59	$1,000.00	$1,018.35	$6.64	1.32%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 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, 2019


Shares			Value
Common Stocks– 91.6%
Auto Components – 0.9%
	Fuyao Glass Industry Group Co Ltd	212,000	$711,645
	Mahle-Metal Leve SA	99,080	615,011
			1,326,656
Banks – 7.0%
	Banco Bradesco SA	104,488	1,010,236
	City Union Bank Ltd	258,255	763,757
	Commercial International Bank Egypt SAE	614,674	2,388,009
	Guaranty Trust Bank PLC (GDR) (REG)	297,309	1,516,276
	Kasikornbank PCL	250,000	1,481,187
	Komercni banka as	21,944	896,865
	Standard Bank Group Ltd	146,601	1,882,502
			9,938,832
Beverages – 12.6%
	China Resources Beer Holdings Co Ltd	474,000	1,995,707
	Cia Cervecerias Unidas SA (ADR)	131,235	3,866,183
	Fomento Economico Mexicano SAB de CV (ADR)	66,387	6,126,192
	Guinness Nigeria PLC	2,388,428	413,751
	Heineken Holding NV	45,187	4,525,897
	Nigerian Breweries PLC	4,684,571	867,393
			17,795,123
Capital Markets – 0.9%
	Aditya Birla Capital Ltd*	922,867	1,295,018
Chemicals – 1.1%
	African Oxygen Ltd	921,754	1,536,800
Communications Equipment – 0.4%
	VTech Holdings Ltd	62,600	639,980
Construction Materials – 2.1%
	Grasim Industries Ltd	242,464	3,003,169
Containers & Packaging – 1.4%
	Greatview Aseptic Packaging Co Ltd	2,633,000	1,606,695
	Nampak Ltd*	462,640	359,851
			1,966,546
Diversified Financial Services – 3.1%
	Remgro Ltd	340,875	4,377,881
Electric Utilities – 0.8%
	Tata Power Co Ltd	1,030,085	1,097,488
Food & Staples Retailing – 2.6%
	Raia Drogasil SA	104,147	1,737,202
	Shoprite Holdings Ltd	173,334	1,905,906
			3,643,108
Food Products – 16.5%
	Century Pacific Food Inc	2,441,300	727,275
	China Mengniu Dairy Co Ltd*	439,800	1,636,006
	Grupo Herdez SAB de CV	867,183	1,934,848
	Nestle Nigeria PLC	318,661	1,396,628
	Standard Foods Corp	462,041	776,615
	Tiger Brands Ltd	309,157	5,679,527
	Uni-President China Holdings Ltd	3,218,000	3,156,630
	Uni-President Enterprises Corp	2,705,280	6,566,128
	Universal Robina Corp	500,080	1,447,851
			23,321,508
Hotels, Restaurants & Leisure – 0.5%
	City Lodge Hotels Ltd	85,914	711,796
Household Durables – 0.9%
	Pepkor Holdings Ltd	994,941	1,213,940
Household Products – 2.3%
	PZ Cussons PLC	516,953	1,320,774
	Vinda International Holdings Ltd	1,013,000	1,958,972
			3,279,746


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

8	MARCH 31, 2019

Janus Henderson Emerging Markets Fund

Schedule of Investments (unaudited)

March 31, 2019


Shares			Value
Common Stocks– (continued)
Independent Power and Renewable Electricity Producers – 0.7%
	Engie Brasil Energia SA	93,779	$1,023,118
Industrial Conglomerates – 4.8%
	LG Corp	60,144	4,106,749
	Quinenco SA	997,791	2,641,164
			6,747,913
Information Technology Services – 8.1%
	Cognizant Technology Solutions Corp	34,218	2,479,094
	Infosys Ltd	276,843	2,972,962
	Tata Consultancy Services Ltd	206,899	5,978,841
			11,430,897
Insurance – 1.0%
	Samsung Fire & Marine Insurance Co Ltd	5,573	1,477,950
Leisure Products – 2.1%
	Merida Industry Co Ltd	529,000	2,952,430
Metals & Mining – 4.0%
	Newcrest Mining Ltd	316,456	5,730,872
Oil, Gas & Consumable Fuels – 0.8%
	Cairn Energy PLC*	512,453	1,080,387
Paper & Forest Products – 1.2%
	Duratex SA	595,140	1,667,693
Personal Products – 4.3%
	LG Household & Health Care Ltd	1,394	1,740,351
	Unilever PLC	77,375	4,428,309
			6,168,660
Pharmaceuticals – 4.0%
	Cipla Ltd/India	546,354	4,171,749
	Mega Lifesciences PCL	1,518,600	1,555,389
			5,727,138
Technology Hardware, Storage & Peripherals – 1.7%
	Asustek Computer Inc	331,000	2,395,126
Textiles, Apparel & Luxury Goods – 1.4%
	Stella International Holdings Ltd	341,500	513,357
	Yue Yuen Industrial Holdings Ltd	448,800	1,543,702
			2,057,059
Thrifts & Mortgage Finance – 1.4%
	Housing Development Finance Corp Ltd	72,304	2,054,533
Water Utilities – 2.6%
	Inversiones Aguas Metropolitanas SA	1,915,579	2,929,494
	Manila Water Co Inc	1,709,100	750,376
			3,679,870
Wireless Telecommunication Services – 0.4%
	Vodafone Idea Ltd*	2,085,991	549,599
Total Common Stocks (cost $125,757,099)			129,890,836
Preferred Stocks– 1.2%
Beverages – 1.2%
	Embotelladora Andina SA	521,515	1,687,130
Oil, Gas & Consumable Fuels – 0%
	International Petroleum Ltd^¢	955,965	0
Total Preferred Stocks (cost $2,051,247)			1,687,130
Rights– 0.3%
Wireless Telecommunication Services – 0.3%
	Vodafone Idea Ltd*(cost $1,090,060)	4,775,821	396,448


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, 2019


Shares			Value
Investment Companies– 5.0%
Money Markets – 5.0%
	Fidelity Investments Money Market Treasury Portfolio, 2.3200%^ºº(cost $7,133,263)	7,133,263	$7,133,263
Total Investments (total cost $136,031,669) – 98.1%			139,107,677
Cash, Receivables and Other Assets, net of Liabilities – 1.9%			2,643,327
Net Assets – 100%			$141,751,004


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

		% of
		Investment
Country	Value	Securities
India	$22,283,564	16.0	%
South Africa	17,668,203	12.7
Taiwan	12,690,299	9.1
Chile	11,123,971	8.0
China	11,065,655	8.0
United States	9,612,357	6.9
Mexico	8,061,040	5.8
South Korea	7,325,050	5.3
United Kingdom	6,829,470	4.9
Brazil	6,053,260	4.4
Australia	5,730,872	4.1
Netherlands	4,525,897	3.3
Nigeria	4,194,048	3.0
Thailand	3,036,576	2.2
Philippines	2,925,502	2.1
Hong Kong	2,697,039	1.9
Egypt	2,388,009	1.7
Czech Republic	896,865	0.6



Total	$139,107,677	100.0	%


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

10	MARCH 31, 2019

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
REG	Registered


*	Non-income producing security.


ºº	Rate shown is the 7-day yield as of March 31, 2019.


¢	Security is valued using significant unobservable inputs.


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, 2019. See Notes to Financial Statements for more information.

Valuation Inputs Summary

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

Assets
Investments in Securities:
Common Stocks
Pharmaceuticals	$	4,171,749	$	1,555,389	$	-
All Other		124,163,698		-		-
Preferred Stocks
Beverages		-		1,687,130		-
Oil, Gas & Consumable Fuels		-		-		0
Rights		-		396,448		-
Investment Companies		7,133,263		-		-
Total Assets	$	135,468,710	$	3,638,967	$	0


Janus Investment Fund	11

Janus Henderson Emerging Markets Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2019

See footnotes at the end of the Statement.



Assets:
	Investments, at value⁽¹⁾		$	139,107,677
	Cash			21,183
	Cash denominated in foreign currency⁽²⁾			117,731
	Non-interested Trustees' deferred compensation			3,443
	Receivables:
		Investments sold		509,697
		Fund shares sold		345,658
		Dividends		328,140
		Foreign tax reclaims		1,043
	Other assets			1,612,543
Total Assets				142,047,115
Liabilities:
	Payables:			—
		Fund shares repurchased		145,201
		Advisory fees		72,630
		Transfer agent fees and expenses		15,348
		Non-affiliated fund administration fees payable		9,106
		Professional fees		6,642
		12b-1 Distribution and shareholder servicing fees		5,735
		Non-interested Trustees' deferred compensation fees		3,443
		Non-interested Trustees' fees and expenses		1,047
		Custodian fees		462
		Affiliated fund administration fees payable		294
		Accrued expenses and other payables		36,203
Total Liabilities				296,111
Net Assets			$	141,751,004


See Notes to Financial Statements.

12	MARCH 31, 2019

Janus Henderson Emerging Markets Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2019




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	145,227,364
	Total distributable earnings (loss)		(3,476,360)
Total Net Assets		$	141,751,004
Net Assets - Class A Shares		$	7,117,426
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		774,712
Net Asset Value Per Share⁽³⁾		$	9.19
Maximum Offering Price Per Share⁽⁴⁾		$	9.75
Net Assets - Class C Shares		$	4,850,116
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		544,597
Net Asset Value Per Share⁽³⁾		$	8.91
Net Assets - Class D Shares		$	12,442,508
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,345,475
Net Asset Value Per Share		$	9.25
Net Assets - Class I Shares		$	90,847,352
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		9,832,146
Net Asset Value Per Share		$	9.24
Net Assets - Class N Shares		$	22,095,067
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,389,495
Net Asset Value Per Share		$	9.25
Net Assets - Class S Shares		$	233,431
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		25,142
Net Asset Value Per Share		$	9.28
Net Assets - Class T Shares		$	4,165,104
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		450,544
Net Asset Value Per Share		$	9.24

(1) Includes cost of $136,031,669.

(2) Includes cost of $117,731.

(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	13

Janus Henderson Emerging Markets Fund

Statement of Operations (unaudited)

For the period ended March 31, 2019

See footnotes at the end of the Statement.



Investment Income:
	Dividends		$	1,329,249
	Interest			43,981
	Other income			39,155
	Foreign tax withheld			(167,370)
Total Investment Income				1,245,015
Expenses:
	Advisory fees			733,764
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		14,912
		Class C Shares		24,913
		Class S Shares		967
	Transfer agent administrative fees and expenses:
		Class D Shares		7,587
		Class S Shares		967
		Class T Shares		5,460
	Transfer agent networking and omnibus fees:
		Class A Shares		3,046
		Class C Shares		2,011
		Class I Shares		25,445
	Other transfer agent fees and expenses:
		Class A Shares		718
		Class C Shares		318
		Class D Shares		3,223
		Class I Shares		2,585
		Class N Shares		442
		Class S Shares		12
		Class T Shares		49
	Professional fees			46,281
	Registration fees			41,289
	Custodian fees			35,537
	Non-affiliated fund administration fees			31,735
	Shareholder reports expense			23,798
	Non-interested Trustees’ fees and expenses			2,105
	Affiliated fund administration fees			1,835
	Other expenses			48,698
Total Expenses				1,057,697
Less: Excess Expense Reimbursement and Waivers				(174,347)
Net Expenses				883,350
Net Investment Income/(Loss)				361,665


See Notes to Financial Statements.

14	MARCH 31, 2019

Janus Henderson Emerging Markets Fund

Statement of Operations (unaudited)

For the period ended March 31, 2019



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions⁽¹⁾	$	(4,607,647)
Total Net Realized Gain/(Loss) on Investments			(4,607,647)
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation⁽²⁾		3,360,485
Total Change in Unrealized Net Appreciation/Depreciation			3,360,485
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	(885,497)

(1) Includes realized foreign capital gains tax on investments of $1,342.

(2) Includes change in unrealized appreciation/depreciation of $116,469 due to foreign capital gains tax on investments.


See Notes to Financial Statements.

Janus Investment Fund	15

Janus Henderson Emerging Markets Fund

Statements of Changes in Net Assets



			Period ended March 31, 2019 (unaudited)		Year ended September 30, 2018

Operations:
	Net investment income/(loss)		$	361,665	$	2,146,633
	Net realized gain/(loss) on investments			(4,607,647)		4,021,591
	Change in unrealized net appreciation/depreciation			3,360,485		(17,308,273)
Net Increase/(Decrease) in Net Assets Resulting from Operations				(885,497)		(11,140,049)
Dividends and Distributions to Shareholders
		Class A Shares		(457,330)		(459,832)
		Class C Shares		(116,611)		(200,053)
		Class D Shares		(428,310)		(475,263)
		Class I Shares		(2,922,779)		(3,741,499)
		Class N Shares		(815,126)		(902,442)
		Class S Shares		(13,841)		(9,313)
		Class T Shares		(146,145)		(237,676)
Net Decrease from Dividends and Distributions to Shareholders				(4,900,142)		(6,026,078)
Capital Share Transactions:
		Class A Shares		(8,056,917)		1,667,423
		Class C Shares		(976,293)		(2,358,097)
		Class D Shares		(297,400)		(1,628,266)
		Class I Shares		(12,694,980)		5,040,165
		Class N Shares		(2,311,722)		(13,936,642)
		Class S Shares		(1,452,325)		1,685,020
		Class T Shares		(558,443)		(2,295,108)
Net Increase/(Decrease) from Capital Share Transactions				(26,348,080)		(11,825,505)
Net Increase/(Decrease) in Net Assets				(32,133,719)		(28,991,632)
Net Assets:
	Beginning of period			173,884,723		202,876,355
	End of period		$	141,751,004	$	173,884,723


See Notes to Financial Statements.

16	MARCH 31, 2019

Janus Henderson Emerging Markets Fund

Financial Highlights


Class A Shares
For a share outstanding during the period ended March 31, 2019 (unaudited) and the year or period ended September 30			2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$9.48	$10.36	$10.19
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.02	0.10	0.04
		Net realized and unrealized gain/(loss)	—⁽³⁾	(0.67)	0.13
	Total from Investment Operations		0.02	(0.57)	0.17
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.13)	(0.10)	—
		Distributions (from capital gains)	(0.18)	(0.21)	—
	Total Dividends and Distributions		(0.31)	(0.31)	—
	Net Asset Value, End of Period		$9.19	$9.48	$10.36
	Total Return*		0.48%	(5.80)%	1.67%
	Net Assets, End of Period (in thousands)		$7,117	$15,771	$15,562
	Average Net Assets for the Period (in thousands)		$11,962	$16,103	$15,471
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.59%	1.51%	1.75%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.37%	1.33%	1.46%
		Ratio of Net Investment Income/(Loss)	0.40%	0.93%	2.18%
	Portfolio Turnover Rate		14%	26%	2%


Class C Shares
For a share outstanding during the period ended March 31, 2019 (unaudited) and the year or period ended September 30			2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$9.12	$9.98	$9.83
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	(0.02)	0.01	0.02
		Net realized and unrealized gain/(loss)	0.01⁽⁴⁾	(0.65)	0.13
	Total from Investment Operations		(0.01)	(0.64)	0.15
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.02)	(0.01)	—
		Distributions (from capital gains)	(0.18)	(0.21)	—
	Total Dividends and Distributions		(0.20)	(0.22)	—
	Net Asset Value, End of Period		$8.91	$9.12	$9.98
	Total Return*		0.13%	(6.59)%	1.53%
	Net Assets, End of Period (in thousands)		$4,850	$5,985	$9,017
	Average Net Assets for the Period (in thousands)		$5,061	$8,442	$8,877
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.42%	2.26%	2.65%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.16%	2.07%	2.35%
		Ratio of Net Investment Income/(Loss)	(0.45)%	0.11%	1.29%
	Portfolio Turnover Rate		14%	26%	2%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are 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.

(4) 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.


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


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

* 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.

18	MARCH 31, 2019

Janus Henderson Emerging Markets Fund

Financial Highlights


Class D Shares
For a share outstanding during the period ended March 31, 2019 (unaudited) and the year or period ended September 30			2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$9.53	$10.41	$10.24
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.02	0.11	0.04
		Net realized and unrealized gain/(loss)	—⁽³⁾⁽⁴⁾	(0.67)	0.13
	Total from Investment Operations		0.02	(0.56)	0.17
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.12)	(0.11)	—
		Distributions (from capital gains)	(0.18)	(0.21)	—
	Total Dividends and Distributions		(0.30)	(0.32)	—
	Net Asset Value, End of Period		$9.25	$9.53	$10.41
	Total Return*		0.52%	(5.64)%	1.66%
	Net Assets, End of Period (in thousands)		$12,443	$13,104	$16,053
	Average Net Assets for the Period (in thousands)		$12,679	$15,607	$16,501
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.74%	1.38%	1.80%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.25%	1.15%	1.46%
		Ratio of Net Investment Income/(Loss)	0.47%	1.08%	2.18%
	Portfolio Turnover Rate		14%	26%	2%


Class I Shares
For a share outstanding during the period ended March 31, 2019 (unaudited) and the year or period ended September 30			2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$9.52	$10.42	$10.24
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.02	0.12	0.04
		Net realized and unrealized gain/(loss)	0.01⁽⁴⁾	(0.69)	0.14
	Total from Investment Operations		0.03	(0.57)	0.18
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.13)	(0.12)	—
		Distributions (from capital gains)	(0.18)	(0.21)	—
	Total Dividends and Distributions		(0.31)	(0.33)	—
	Net Asset Value, End of Period		$9.24	$9.52	$10.42
	Total Return*		0.63%	(5.72)%	1.76%
	Net Assets, End of Period (in thousands)		$90,847	$107,276	$112,952
	Average Net Assets for the Period (in thousands)		$88,823	$119,036	$110,859
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.35%	1.26%	1.49%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.15%	1.09%	1.20%
		Ratio of Net Investment Income/(Loss)	0.53%	1.17%	2.42%
	Portfolio Turnover Rate		14%	26%	2%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are 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.

(4) 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.


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

* 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.

20	MARCH 31, 2019

Janus Henderson Emerging Markets Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended March 31, 2019 (unaudited) and the year or period ended September 30			2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$9.53	$10.42	$10.24
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.03	0.12	0.05
		Net realized and unrealized gain/(loss)	0.01⁽³⁾	(0.68)	0.13
	Total from Investment Operations		0.04	(0.56)	0.18
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.14)	(0.12)	—
		Distributions (from capital gains)	(0.18)	(0.21)	—
	Total Dividends and Distributions		(0.32)	(0.33)	—
	Net Asset Value, End of Period		$9.25	$9.53	$10.42
	Total Return*		0.67%	(5.63)%	1.76%
	Net Assets, End of Period (in thousands)		$22,095	$25,134	$41,206
	Average Net Assets for the Period (in thousands)		$23,475	$29,832	$41,394
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.30%	1.20%	1.35%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.08%	1.03%	1.05%
		Ratio of Net Investment Income/(Loss)	0.64%	1.15%	2.59%
	Portfolio Turnover Rate		14%	26%	2%


Class S Shares
For a share outstanding during the period ended March 31, 2019 (unaudited) and the year or period ended September 30			2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$9.51	$10.41	$10.23
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.02	0.13	0.04
		Net realized and unrealized gain/(loss)	0.01⁽³⁾	(0.73)	0.14
	Total from Investment Operations		0.03	(0.60)	0.18
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.08)	(0.09)	—
		Distributions (from capital gains)	(0.18)	(0.21)	—
	Total Dividends and Distributions		(0.26)	(0.30)	—
	Net Asset Value, End of Period		$9.28	$9.51	$10.41
	Total Return*		0.61%	(5.98)%	1.76%
	Net Assets, End of Period (in thousands)		$233	$1,753	$316
	Average Net Assets for the Period (in thousands)		$776	$1,189	$311
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.08%	1.85%	1.91%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.30%	1.47%	1.51%
		Ratio of Net Investment Income/(Loss)	0.37%	1.28%	2.11%
	Portfolio Turnover Rate		14%	26%	2%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are 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 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)
	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⁽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)	—
	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.

22	MARCH 31, 2019

Janus Henderson Emerging Markets Fund

Financial Highlights


Class T Shares
For a share outstanding during the period ended March 31, 2019 (unaudited) and the year or period ended September 30			2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$9.52	$10.42	$10.24
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.02	0.10	0.04
		Net realized and unrealized gain/(loss)	—⁽³⁾⁽⁴⁾	(0.68)	0.14
	Total from Investment Operations		0.02	(0.58)	0.18
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.12)	(0.11)	—
		Distributions (from capital gains)	(0.18)	(0.21)	—
	Total Dividends and Distributions		(0.30)	(0.32)	—
	Net Asset Value, End of Period		$9.24	$9.52	$10.42
	Total Return*		0.44%	(5.86)%	1.76%
	Net Assets, End of Period (in thousands)		$4,165	$4,862	$7,770
	Average Net Assets for the Period (in thousands)		$4,380	$7,275	$7,786
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.60%	1.45%	1.62%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.32%	1.26%	1.30%
		Ratio of Net Investment Income/(Loss)	0.41%	0.93%	2.34%
	Portfolio Turnover Rate		14%	26%	2%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are 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.

Janus Investment Fund	23

Janus Henderson Emerging Markets Fund

Financial Highlights


Class T Shares
For a share outstanding during the period ended July 31			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)	—
	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.

24	MARCH 31, 2019

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 48 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 highlights.

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.

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


Janus Investment Fund	25

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


26	MARCH 31, 2019

Janus Henderson Emerging Markets Fund

Notes to Financial Statements (unaudited)

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.

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, 2019.

Financial assets of $2,087,060 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


Janus Investment Fund	27

Janus Henderson Emerging Markets Fund

Notes to Financial Statements (unaudited)

Estimates

Indemnifications

Foreign Currency Translations

Dividends and Distributions

Federal Income Taxes

2. Other Investments and Strategies

Additional Investment Risk


28	MARCH 31, 2019

Janus Henderson Emerging Markets Fund

Notes to Financial Statements (unaudited)

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.

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


Janus Investment Fund	29

Janus Henderson Emerging Markets Fund

Notes to Financial Statements (unaudited)

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.

3. Investment Advisory Agreements and Other Transactions with Affiliates

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


Average Daily Net Assets of the Fund	Contractual Investment Advisory Fee (%)
First $1 Billion	1.00
Next $1 Billion	0.90
Over $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, 2020. 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.


30	MARCH 31, 2019

Janus Henderson Emerging Markets Fund

Notes to Financial Statements (unaudited)

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

Janus Services is compensated for its services related to the Fund’s Class D Shares. 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 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 Investment Fund	31

Janus Henderson Emerging Markets Fund

Notes to Financial Statements (unaudited)

administrator, oversees the provision of these services by BPFS. As compensation for such services, Janus Capital pays BPFS a fee based on a percentage of the Fund’s assets, along with a flat fee, and is reimbursed by the Fund for amounts paid to BPFS (to the extent Janus Capital seeks reimbursement and such costs are not otherwise waived). These amounts are disclosed as part of "Non-affiliated fund administration fees" on the Statement of Operations.

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, 2019, redeeming shareholders of Class A Shares paid CDSCs of $66 to Janus Henderson Distributors.

As of March 31, 2019, 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	93		14
Class S Shares	-		-
Class T Shares	-		-


32	MARCH 31, 2019

Janus Henderson Emerging Markets Fund

Notes to Financial Statements (unaudited)

4. Federal Income Tax


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 138,969,448	$14,706,382	$(14,568,153)	$ 138,229


Janus Investment Fund	33

Janus Henderson Emerging Markets Fund

Notes to Financial Statements (unaudited)

5. Capital Share Transactions



	Period ended March 31, 2019		Year ended September 30, 2018
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	77,115	$ 694,481	383,787	$ 3,936,588
Reinvested dividends and distributions	53,031	456,598	43,786	459,318
Shares repurchased	(1,019,734)	(9,207,996)	(264,893)	(2,728,483)
Net Increase/(Decrease)	(889,588)	$ (8,056,917)	162,680	$ 1,667,423
Class C Shares:
Shares sold	64,950	$ 551,097	101,326	$ 1,045,988
Reinvested dividends and distributions	13,874	115,990	19,689	200,042
Shares repurchased	(190,531)	(1,643,380)	(368,078)	(3,604,127)
Net Increase/(Decrease)	(111,707)	$ (976,293)	(247,063)	$ (2,358,097)
Class D Shares:
Shares sold	223,127	$ 2,042,173	442,991	$ 4,710,846
Reinvested dividends and distributions	48,819	422,774	44,501	468,597
Shares repurchased	(302,064)	(2,762,347)	(653,294)	(6,807,709)
Net Increase/(Decrease)	(30,118)	$ (297,400)	(165,802)	$ (1,628,266)
Class I Shares:
Shares sold	2,697,439	$ 24,557,772	3,088,473	$ 32,124,711
Reinvested dividends and distributions	337,015	2,915,180	355,623	3,741,158
Shares repurchased	(4,466,009)	(40,167,932)	(3,022,589)	(30,825,704)
Net Increase/(Decrease)	(1,431,555)	$(12,694,980)	421,507	$ 5,040,165
Class N Shares:
Shares sold	46,253	$ 419,570	173,321	$ 1,842,762
Reinvested dividends and distributions	94,125	815,126	85,702	902,442
Shares repurchased	(387,901)	(3,546,418)	(1,576,603)	(16,681,846)
Net Increase/(Decrease)	(247,523)	$ (2,311,722)	(1,317,580)	$(13,936,642)
Class S Shares:
Shares sold	2,769	$ 24,987	177,508	$ 1,919,126
Reinvested dividends and distributions	1,596	13,841	884	9,313
Shares repurchased	(163,580)	(1,491,153)	(24,410)	(243,419)
Net Increase/(Decrease)	(159,215)	$ (1,452,325)	153,982	$ 1,685,020
Class T Shares:
Shares sold	24,009	$ 213,556	220,044	$ 2,320,877
Reinvested dividends and distributions	16,876	146,145	22,535	237,294
Shares repurchased	(101,205)	(918,144)	(477,618)	(4,853,279)
Net Increase/(Decrease)	(60,320)	$ (558,443)	(235,039)	$ (2,295,108)

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
$20,077,461	$ 49,804,791	$ -	$ -


34	MARCH 31, 2019

Janus Henderson Emerging Markets Fund

Notes to Financial Statements (unaudited)

7. Recent Accounting Pronouncements

8. Subsequent Event


Janus Investment Fund	35

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD

Nature, Extent and Quality of Services


36	MARCH 31, 2019

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Performance of the Funds

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the JIF Funds:

Alternative Fund

Asset Allocation Funds


Janus Investment Fund	37

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


38	MARCH 31, 2019

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

· For Janus Henderson International Small Cap Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 12 months ended May 31, 2018.

Money Market Funds


Janus Investment Fund	39

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Multi-Asset Funds

Multi-Asset U.S. Equity Funds


40	MARCH 31, 2019

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Quantitative Equity Funds

U.S. Equity Funds

Costs of Services Provided


Janus Investment Fund	41

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Alternative Fund

Asset Allocation Funds


42	MARCH 31, 2019

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


Janus Investment Fund	43

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 Real Estate 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

Multi-Asset Funds

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


44	MARCH 31, 2019

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

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

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

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

· 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.

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.


Janus Investment Fund	45

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

· 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.

Economies of Scale


46	MARCH 31, 2019

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Other Benefits to Janus Capital


Janus Investment Fund	47

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.


48	MARCH 31, 2019

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


Janus Investment Fund	49

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.


50	MARCH 31, 2019

Janus Henderson Emerging Markets Fund

Notes

NotesPage1


Janus Investment Fund	51

Janus Henderson Emerging Markets Fund

Notes

NotesPage2


52	MARCH 31, 2019

Janus Henderson Emerging Markets Fund

Notes

NotesPage3


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 Knowledge. Shared are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc. Janus Henderson Distributors
							125-24-93079 05-19



		SEMIANNUAL REPORT March 31, 2019

	Janus Henderson Enterprise Fund

	Janus Investment Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by contacting a Janus Henderson representative. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by visiting janushenderson.com/edelivery. You may elect to receive all future reports in paper free of charge. If you do not invest directly with the Fund, you should contact your plan sponsor, broker-dealer, or financial intermediary, to request to continue receiving paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-525-3713 to let the Fund know that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Janus Henderson mutual funds where held (i.e., all Janus Henderson mutual funds held in your account if you invest through your financial intermediary or all Janus Henderson mutual funds held with the fund complex if you invest directly with a 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	51

Janus Henderson Enterprise Fund (unaudited)(closed to certain new investors)

FUND SNAPSHOT

We believe that investing in companies with sustainable growth and high returns 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 strong competitive advantages and 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 1.77% over the six-month period ended March 31, 2019. The Fund’s benchmark, the Russell Midcap^{^®}Growth Index, returned 0.49%.

INVESTMENT ENVIRONMENT

U.S equities fell sharply in the fourth quarter and then rebounded in the early months of 2019. Fears of slowing global economic growth, rising trade tensions between the U.S. and China and a rising fed funds rate all played a role in driving stocks lower in the fourth quarter. Stocks reversed course in January and February, after the Federal Reserve indicated it would take a cautious approach to raising interest rates while inflation remained low. Increasing hopes that the U.S. and China were making progress toward a trade deal also supported stocks in the first quarter.

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 in the health care sector was a large driver of relative outperformance. Waters Corp. was our top contributor within the sector, and second largest contributor overall. The stock was up after the company announced 2019 earnings guidance ahead of consensus expectations and a large share repurchase program. We continue to like the company, and believe it represents a less risky way to invest behind innovation in the pharmaceutical and biotech industries. Waters manufactures analytical chemistry instruments that are essential to many pharmaceutical and biotech companies’ research and development and quality assurance efforts. Unlike the stock of a small biotech company, where performance often hinges on the binary outcome of a drug’s clinical trial, Waters benefits from broad innovation in the sector; the company’s products are in greater demand as the global pill count grows, and as emerging economies adopt tougher drug standards that make quality control efforts more important.

Stock selection in the financial sector also contributed to relative performance. Within the sector, we have limited exposure to banks and that helped relative results as bank stocks underperformed due to concerns about the yield curve and term structure of rates. We find more opportunity with insurance companies and other financial companies less exposed to capital market and macroeconomic cycles.

Our Fund also had meaningful contributions from stocks outside the health care and financial sectors. Xilinx was our top contributor to Fund performance during the period. In what was generally a tough environment for companies in the semiconductor supply chain, Xilinx beat earnings estimates and raised earnings guidance during the fourth quarter, which helped lift the stock. We continue to like Xilinx’s growth potential, and believe its field programmable gate arrays (FPGAs) will take share from application-specific integrated circuits (ASICs), which are generally less customizable and more expensive.

While pleased with the execution of many companies in our portfolio, we still held stocks that detracted from performance. Stock selection in the industrial sector detracted from relative performance. Cimpress was our


Janus Investment Fund	1

Janus Henderson Enterprise Fund (unaudited)(closed to certain new investors)

largest detractor within the sector. The company largely focuses on producing marketing collateral for small businesses, but also has a small business-to-consumer segment. Growth for that segment has been slow and the company made a decision to pull back and reassess advertising spending for that business. While this will be a headwind to near-term growth for the business-to-consumer unit, we believe the changes will help improve long-term profitability. We continue to like the stock and 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 at competitive costs.

Neurocrine Biosciences was another detractor. One of its treatments, Ingrezza, treats tardive dyskinesia, a debilitating condition characterized by involuntary and repetitive movements that can be caused by some medications such as antipsychotic therapies. After the drug’s commercial launch, uptake of Ingrezza has exceeded estimates, highlighting the large market opportunity in this first indication. A clinical trial testing Ingrezza in the management of Tourette syndrome failed, which weighed on the stock. In our view, the market for Tourette syndrome was small relative to the approved use cases for the drug. We continue to believe Neurocrine’s products address high, unmet medical needs and will grow into substantial sources of revenue for the company.

Amdocs also detracted from performance. The stock was down after an investor issued a short report on the company. We strongly disagree with the information in the report, which we believe used old sources of information in a factually inaccurate way. Our long-term view on the company remains intact. Amdocs provides software associated with the operational support systems for companies in the communications, media and entertainment industries and we believe the company is well-positioned to benefit from the global roll-out of 5G networks.

DERIVATIVES USE

To the extent we invest in foreign holdings, we may use forward exchange contracts to hedge the foreign currency. During the period, our aggregate derivative positions contributed to relative results. (Please see “Notes to Financial Statements” for information about the derivatives used by the Fund.)

OUTLOOK

After a sharp market rebound in the first quarter, we are once again concerned about high valuations within pockets of the mid-cap market. Specifically, we see extreme valuations for stocks tied to secular growth themes and stocks of companies with steady, economically resilient business models.

These concerns are not new. We expressed caution about valuations for these same market segments in the third quarter of last year. A sharp fourth quarter sell-off briefly made multiples for these stocks attractive, and we used that volatility to add new positions of both secular growth companies and those with resilient business models. However, the subsequent rebound has made these stocks expensive again.

We’re managing this environment with the same caution we applied in 2018. We continue to own some stocks tied to secular growth themes but remain selective, closely analyzing the competitive advantages of these companies relative to their valuations. We assess the strength of the management team, the size and duration of a company’s growth potential and the size of their addressable market.

Similarly, our focus on high-quality, durable-growth companies naturally lends itself to identifying stable and economically resilient companies, which also experienced a sharp rebound in the first quarter. Here too, we are conscious about valuations.

With valuations high among many secular- and durable-growth stocks, we’ve had to dig deeper to find attractive opportunities, looking for companies where the profitability model is still emerging, or where the competitive advantages supporting stable earnings growth may be less appreciated by the market. Select companies with near-term headwinds or perceived cyclicality in their business also trade at lower multiples and have provided new investment opportunities. We’ll continue to do our homework on these companies and remain disciplined on valuation. Our attention to risk tends to be rewarded over a market cycle though it can be a headwind to performance in periods of strong market momentum

Thank you for your continued investment in the Janus Henderson Enterprise Fund.


2	MARCH 31, 2019

Janus Henderson Enterprise Fund (unaudited)(closed to certain new investors)

Fund At A Glance

March 31, 2019





	5 Top Performers - Holdings		5 Bottom Performers - Holdings
		Contribution		Contribution
	Xilinx Inc	0.55%	Cimpress NV	-0.61%
	Waters Corp	0.43%	Neurocrine Biosciences Inc	-0.33%
	Constellation Software Inc/Canada	0.35%	Aramark	-0.31%
	Crown Castle International Corp	0.26%	Amdocs Ltd	-0.27%
	SS&C Technologies Holdings Inc	0.26%	Flex Ltd	-0.26%

	5 Top Performers - Sectors*
		Fund	Fund Weighting	Russell Midcap Growth Index
		Contribution	(Average % of Equity)	Weighting
	Health Care	1.69%	17.73%	14.68%
	Financials	0.40%	10.76%	6.67%
	Other**	0.36%	6.31%	0.00%
	Energy	0.20%	0.16%	1.59%
	Communication Services	0.20%	1.28%	3.99%

	5 Bottom Performers - Sectors*
		Fund	Fund Weighting	Russell Midcap Growth Index
		Contribution	(Average % of Equity)	Weighting
	Industrials	-0.70%	18.66%	16.02%
	Information Technology	-0.49%	31.87%	31.64%
	Consumer Discretionary	-0.20%	8.43%	16.44%
	Consumer Staples	-0.13%	0.00%	3.15%
	Real Estate	0.04%	3.41%	2.22%

	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, 2019


5 Largest Equity Holdings - (% of Net Assets)
Global Payments Inc
Information Technology Services	2.2%
SS&C Technologies Holdings Inc
Software	2.1%
Constellation Software Inc/Canada
Software	2.1%
Aon PLC
Insurance	2.1%
Cooper Cos Inc
Health Care Equipment & Supplies	2.1%
	10.6%


Asset Allocation - (% of Net Assets)
Common Stocks	93.9%
Investment Companies	6.6%
Preferred Stocks	0.2%
Other		(0.7)%
		100.0%

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

As of March 31, 2019

As of September 30, 2018


4	MARCH 31, 2019

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, 2019						per the January 28, 2019 prospectuses
	Fiscal Year-to-Date	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses
Class A Shares at NAV⁽¹⁾	1.58%	10.89%	13.04%	18.39%	11.12%	1.16%
Class A Shares at MOP⁽¹⁾	-4.27%	4.51%	11.71%	17.69%	10.87%
Class C Shares at NAV⁽¹⁾	1.28%	10.23%	12.34%	17.43%	10.34%	1.74%
Class C Shares at CDSC⁽¹⁾	0.34%	9.23%	12.34%	17.43%	10.34%
Class D Shares⁽¹⁾	1.74%	11.24%	13.39%	18.72%	11.26%	0.81%
Class I Shares⁽¹⁾	1.77%	11.30%	13.46%	18.63%	11.23%	0.75%
Class N Shares⁽¹⁾	1.82%	11.39%	13.57%	18.63%	11.23%	0.66%
Class R Shares⁽¹⁾	1.44%	10.57%	12.72%	17.95%	10.73%	1.41%
Class S Shares⁽¹⁾	1.57%	10.85%	13.00%	18.29%	10.99%	1.16%
Class T Shares⁽¹⁾	1.70%	11.13%	13.29%	18.63%	11.23%	0.91%
Russell Midcap Growth Index	0.49%	11.51%	10.89%	17.60%	10.30%
Morningstar Quartile - Class T Shares	-	2nd	1st	1st	2nd
Morningstar Ranking - based on total returns for Mid-Cap Growth Funds	-	196/623	28/562	21/502	40/127

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.


Janus Investment Fund	5

Janus Henderson Enterprise Fund (unaudited)(closed to certain new investors)

Performance

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.


6	MARCH 31, 2019

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 (10/1/18)	Ending Account Value (3/31/19)	Expenses Paid During Period (10/1/18 - 3/31/19)†	Beginning Account Value (10/1/18)	Ending Account Value (3/31/19)	Expenses Paid During Period (10/1/18 - 3/31/19)†	Net Annualized Expense Ratio (10/1/18 - 3/31/19)
Class A Shares		$1,000.00	$1,015.80	$5.63	$1,000.00	$1,019.35	$5.64	1.12%
Class C Shares		$1,000.00	$1,012.80	$8.63	$1,000.00	$1,016.36	$8.65	1.72%
Class D Shares		$1,000.00	$1,017.40	$4.07	$1,000.00	$1,020.89	$4.08	0.81%
Class I Shares		$1,000.00	$1,017.70	$3.82	$1,000.00	$1,021.14	$3.83	0.76%
Class N Shares		$1,000.00	$1,018.20	$3.32	$1,000.00	$1,021.64	$3.33	0.66%
Class R Shares		$1,000.00	$1,014.40	$7.08	$1,000.00	$1,017.90	$7.09	1.41%
Class S Shares		$1,000.00	$1,015.70	$5.83	$1,000.00	$1,019.15	$5.84	1.16%
Class T Shares		$1,000.00	$1,017.00	$4.58	$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.


Janus Investment Fund	7

Janus Henderson Enterprise Fund

Schedule of Investments (unaudited)

March 31, 2019


Shares			Value
Common Stocks– 93.9%
Aerospace & Defense – 3.4%
	Harris Corp	1,572,814	$251,194,124
	HEICO Corp	1,764,672	148,338,328
	Teledyne Technologies Inc*	1,116,692	264,667,171
			664,199,623
Airlines – 0.6%
	Ryanair Holdings PLC (ADR)*	1,573,086	117,887,065
Auto Components – 0.4%
	Visteon Corp*	1,263,047	85,066,215
Banks – 0.4%
	SVB Financial Group*	397,504	88,388,989
Biotechnology – 2.8%
	Alkermes PLC*	1,590,706	58,044,862
	Celgene Corp*	2,323,016	219,153,329
	Neurocrine Biosciences Inc*	1,826,798	160,940,904
	Sage Therapeutics Inc*	321,905	51,198,990
	Sarepta Therapeutics Inc*	547,733	65,284,296
			554,622,381
Capital Markets – 4.9%
	Cboe Global Markets Inc	1,298,534	123,932,085
	LPL Financial Holdings Inc^£	4,357,313	303,486,850
	MSCI Inc	777,392	154,576,625
	TD Ameritrade Holding Corp	7,621,336	380,990,587
			962,986,147
Commercial Services & Supplies – 2.5%
	Cimpress NV*^,£	2,077,757	166,490,668
	Edenred	3,438,610	156,468,750
	Ritchie Bros Auctioneers Inc	4,870,747	165,605,398
			488,564,816
Consumer Finance – 0.6%
	Synchrony Financial	3,750,332	119,635,591
Containers & Packaging – 1.5%
	Sealed Air Corp	6,542,565	301,350,544
Diversified Consumer Services – 1.7%
	frontdoor Inc*	2,553,727	87,899,283
	ServiceMaster Global Holdings Inc*	5,107,456	238,518,195
			326,417,478
Electrical Equipment – 2.0%
	AMETEK Inc	800,481	66,415,909
	Sensata Technologies Holding PLC*	7,500,411	337,668,503
			404,084,412
Electronic Equipment, Instruments & Components – 5.3%
	Belden Inc	1,687,323	90,609,245
	Dolby Laboratories Inc	2,563,784	161,441,478
	Flex Ltd*	16,349,377	163,493,770
	National Instruments Corp	5,909,661	262,152,562
	TE Connectivity Ltd	4,617,128	372,833,086
			1,050,530,141
Entertainment – 0.5%
	Liberty Media Corp-Liberty Formula One*	2,912,862	102,095,813
Equity Real Estate Investment Trusts (REITs) – 3.4%
	Crown Castle International Corp	2,658,380	340,272,640
	Lamar Advertising Co^£	4,251,997	337,013,282
			677,285,922
Health Care Equipment & Supplies – 8.4%
	Boston Scientific Corp*	10,361,024	397,656,101
	Cooper Cos Inc	1,373,983	406,932,545
	ICU Medical Inc*	738,542	176,755,257
	STERIS PLC	2,790,253	357,236,092


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

8	MARCH 31, 2019

Janus Henderson Enterprise Fund

Schedule of Investments (unaudited)

March 31, 2019


Shares			Value
Common Stocks– (continued)
Health Care Equipment & Supplies – (continued)
	Teleflex Inc	526,725	$159,155,226
	Varian Medical Systems Inc*	1,154,609	163,631,187
			1,661,366,408
Hotels, Restaurants & Leisure – 3.2%
	Aramark	5,025,079	148,491,084
	Dunkin' Brands Group Inc	3,419,609	256,812,636
	Norwegian Cruise Line Holdings Ltd*	4,220,162	231,940,104
			637,243,824
Industrial Conglomerates – 1.2%
	Carlisle Cos Inc	1,921,888	235,661,907
Information Technology Services – 10.9%
	Amdocs Ltd	4,745,392	256,773,161
	Broadridge Financial Solutions Inc	2,904,640	301,182,122
	Euronet Worldwide Inc*	604,708	86,225,314
	Fidelity National Information Services Inc	2,652,558	300,004,310
	Gartner Inc*	1,306,910	198,232,109
	Global Payments Inc	3,155,549	430,795,549
	GoDaddy Inc*	2,896,270	217,770,541
	WEX Inc*	1,933,556	371,223,416
			2,162,206,522
Insurance – 5.0%
	Aon PLC	2,391,118	408,163,843
	Intact Financial Corp	3,469,127	293,585,452
	WR Berkley Corp	3,480,090	294,833,225
			996,582,520
Internet & Direct Marketing Retail – 0.5%
	Wayfair Inc*	624,002	92,633,097
Life Sciences Tools & Services – 5.0%
	IQVIA Holdings Inc*	1,818,803	261,634,812
	PerkinElmer Inc	3,909,525	376,721,829
	Waters Corp*	1,403,429	353,257,114
			991,613,755
Machinery – 2.6%
	Middleby Corp*	1,239,190	161,131,876
	Rexnord Corp*^,£	6,076,057	152,752,073
	Wabtec Corp	2,820,668	207,939,645
			521,823,594
Media – 0.7%
	Omnicom Group Inc	1,868,902	136,411,157
Oil, Gas & Consumable Fuels – 0.5%
	Magellan Midstream Partners LP	1,610,557	97,648,071
Pharmaceuticals – 1.1%
	Catalent Inc*	4,239,328	172,074,324
	Elanco Animal Health Inc*	1,478,545	47,416,938
			219,491,262
Professional Services – 4.3%
	CoStar Group Inc*	771,206	359,705,903
	IHS Markit Ltd*	2,976,743	161,875,284
	Verisk Analytics Inc	2,519,046	335,033,118
			856,614,305
Road & Rail – 0.9%
	Lyft Inc*	251,269	19,671,850
	Old Dominion Freight Line Inc	1,057,628	152,710,907
			172,382,757
Semiconductor & Semiconductor Equipment – 6.7%
	KLA-Tencor Corp	1,973,353	235,638,082
	Lam Research Corp	1,327,916	237,710,243
	Microchip Technology Inc^#	4,781,374	396,662,787


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, 2019


Shares			Value
Common Stocks– (continued)
Semiconductor & Semiconductor Equipment – (continued)
	ON Semiconductor Corp*	13,482,996	$277,345,228
	Xilinx Inc	1,325,016	167,998,779
			1,315,355,119
Software – 9.8%
	Atlassian Corp PLC*	2,718,576	305,540,757
	Constellation Software Inc/Canada	498,709	422,682,190
	Intuit Inc	624,681	163,297,860
	Nice Ltd (ADR)*^,£	3,102,650	380,105,651
	SS&C Technologies Holdings Inc	6,650,389	423,563,275
	Ultimate Software Group Inc*	725,397	239,475,312
			1,934,665,045
Specialty Retail – 0.5%
	Williams-Sonoma Inc^#	1,584,626	89,166,905
Textiles, Apparel & Luxury Goods – 2.1%
	Carter's Inc	829,263	83,581,418
	Gildan Activewear Inc	6,528,988	234,847,698
	Lululemon Athletica Inc*	594,545	97,428,089
			415,857,205
Trading Companies & Distributors – 0.5%
	Ferguson PLC	1,407,816	89,536,460
Total Common Stocks (cost $12,091,734,913)			18,569,375,050
Preferred Stocks– 0.2%
Electronic Equipment, Instruments & Components – 0%
	Belden Inc, 6.7500%, 7/15/19	124,900	9,080,230
Machinery – 0.2%
	Rexnord Corp, 5.7500%, 11/15/19	600,000	32,137,278
Total Preferred Stocks (cost $42,490,000)			41,217,508
Investment Companies– 6.6%
Investments Purchased with Cash Collateral from Securities Lending – 0.2%
	Janus Henderson Cash Collateral Fund LLC, 2.4088%^ºº,£	44,283,500	44,283,500
Money Markets – 6.4%
	Janus Henderson Cash Liquidity Fund LLC, 2.4475%^ºº,£	1,261,174,561	1,261,174,561
Total Investment Companies (cost $1,305,458,061)			1,305,458,061
Total Investments (total cost $13,439,682,974) – 100.7%			19,916,050,619
Liabilities, net of Cash, Receivables and Other Assets – (0.7)%			(141,562,564)
Net Assets – 100%			$19,774,488,055


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

		% of
		Investment
Country	Value	Securities
United States	$17,749,791,198	89.1	%
Canada	1,116,720,738	5.6
Israel	380,105,651	1.9
Australia	305,540,757	1.5
France	156,468,750	0.8
Ireland	117,887,065	0.6
United Kingdom	89,536,460	0.5



Total	$19,916,050,619	100.0	%


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

10	MARCH 31, 2019

Janus Henderson Enterprise Fund

Schedule of Investments (unaudited)

March 31, 2019

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income⁽¹⁾		Realized Gain/(Loss)⁽¹⁾		Change in Unrealized Appreciation/ Depreciation⁽¹⁾		Value at 3/31/19
Common Stocks - 6.7%
Capital Markets - 1.5%
	LPL Financial Holdings Inc	$	2,177,816	$	-	$	22,417,938	$	303,486,850
Commercial Services & Supplies - 0.8%
	Cimpress NV^*		-		-		(117,305,919)		166,490,668
Equity Real Estate Investment Trusts (REITs) - 1.7%
	Lamar Advertising Co		7,991,275		-		6,235,808		337,013,282
Machinery - 0.8%
	Rexnord Corp^*		-		-		(34,343,025)		152,752,073
Software - 1.9%
	Nice Ltd (ADR)^*		-		-		25,195,868		380,105,651
Total Common Stocks		$	10,169,091	$	-	$	(97,799,330)	$	1,339,848,524
Investment Companies - 6.6%
Investments Purchased with Cash Collateral from Securities Lending - 0.2%
	Janus Henderson Cash Collateral Fund LLC, 2.4088%^ºº		663,608^∆		-		-		44,283,500
Money Markets - 6.4%
	Janus Henderson Cash Liquidity Fund LLC, 2.4475%^ºº		13,218,189		-		-		1,261,174,561
Total Investment Companies		$	13,881,797	$	-	$	-	$	1,305,458,061
Total Affiliated Investments - 13.3%		$	24,050,888	$	-	$	(97,799,330)	$	2,645,306,585


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, 2019


		Share Balance at 9/30/18		Purchases		Sales		Share Balance at 3/31/19
Common Stocks - 6.7%
Capital Markets - 1.5%
	LPL Financial Holdings Inc		4,353,951		3,362		-		4,357,313
Commercial Services & Supplies - 0.8%
	Cimpress NV^*		2,076,494		1,263		-		2,077,757
Equity Real Estate Investment Trusts (REITs) - 1.7%
	Lamar Advertising Co		4,249,302		2,695		-		4,251,997
Machinery - 0.8%
	Rexnord Corp^*		6,070,353		5,704		-		6,076,057
Software - 1.9%
	Nice Ltd (ADR)^*		3,075,085		27,565		-		3,102,650
Investment Companies - 6.6%
Investments Purchased with Cash Collateral from Securities Lending - 0.2%
	Janus Henderson Cash Collateral Fund LLC, 2.4088%^ºº		52,982,934		1,421,788,820		(1,430,488,254)		44,283,500
Money Markets - 6.4%
	Janus Henderson Cash Liquidity Fund LLC, 2.4475%^ºº		1,538,660,985		885,530,576		(1,163,017,000)		1,261,174,561


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

12	MARCH 31, 2019

Janus Henderson Enterprise Fund

Schedule of Investments (unaudited)

March 31, 2019


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)
Barclays Capital Inc:
Canadian Dollar	4/11/19	(46,697,000)	$	35,465,841	$	509,159
Canadian Dollar	4/11/19	(14,500,000)		10,802,664		(51,821)
Euro	4/11/19	(25,530,000)		29,074,108		415,548

						872,886
Citibank NA:
Canadian Dollar	4/11/19	(97,405,000)		73,962,285		1,046,346
Euro	4/11/19	(70,463,000)		80,259,682		1,161,833

						2,208,179
Credit Suisse International:
Canadian Dollar	4/17/19	(100,313,000)		76,131,098		1,025,280
HSBC Securities (USA) Inc:
Canadian Dollar	5/7/19	(104,448,000)		78,139,869		(105,053)
Euro	5/7/19	(71,186,000)		80,584,688		484,378

						379,325
JPMorgan Chase & Co:
Euro	4/11/19	(63,005,000)		71,753,119		1,027,207
Total					$	5,512,877

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, 2019.


Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of March 31, 2019

					Currency Contracts
Asset Derivatives:
Forward foreign currency exchange contracts					$5,669,751


Liability Derivatives:
Forward foreign currency exchange contracts					$ 156,874


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, 2019

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, 2019.


The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended March 31, 2019

Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative				Currency Contracts
Forward foreign currency exchange contracts				$16,194,586



Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative				Currency Contracts
Forward foreign currency exchange contracts				$ 6,666,330

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, 2019

	Market Value^(a)
Forward foreign currency exchange contracts, sold	$ 512,780,385

(a) Forward foreign currency exchange contracts are reported as the average ending monthly currency amount sold.


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

14	MARCH 31, 2019

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
LP	Limited Partnership
PLC	Public Limited Company


*	Non-income producing security.


ºº	Rate shown is the 7-day yield as of March 31, 2019.


#	Loaned security; a portion of the security is on loan at March 31, 2019.


£	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, 2019. See Notes to Financial Statements for more information.

Valuation Inputs Summary

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

Assets
Investments in Securities:
Common Stocks		$	18,569,375,050	$	-	$	-
Preferred Stocks			-		41,217,508		-
Investment Companies			-		1,305,458,061		-
Total Investments in Securities		$	18,569,375,050	$	1,346,675,569	$	-
Other Financial Instruments^(a):
Forward Foreign Currency Exchange Contracts			-		5,669,751		-
Total Assets		$	18,569,375,050	$	1,352,345,320	$	-
Liabilities
Other Financial Instruments^(a):
Forward Foreign Currency Exchange Contracts		$	-	$	156,874	$	-

(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, 2019

See footnotes at the end of the Statement.



Assets:
	Unaffiliated investments, at value⁽¹⁾⁽²⁾		$	17,270,744,034
	Affiliated investments, at value⁽³⁾			2,645,306,585
	Forward foreign currency exchange contracts			5,669,751
	Closed foreign currency contracts			1,505
	Non-interested Trustees' deferred compensation			480,231
	Receivables:
		Dividends		27,382,612
		Fund shares sold		23,300,953
		Investments sold		5,609,705
		Dividends from affiliates		2,414,116
	Other assets			943,478
Total Assets				19,981,852,970
Liabilities:
	Due to custodian			7,738,041
	Foreign cash due to custodian			852,789
	Collateral for securities loaned (Note 3)			44,283,500
	Forward foreign currency exchange contracts			156,874
	Closed foreign currency contracts			12,090
	Payables:			—
		Investments purchased		116,141,656
		Fund shares repurchased		22,964,359
		Advisory fees		10,649,465
		Transfer agent fees and expenses		2,325,677
		12b-1 Distribution and shareholder servicing fees		515,811
		Non-interested Trustees' deferred compensation fees		480,231
		Non-interested Trustees' fees and expenses		130,566
		Affiliated fund administration fees payable		41,599
		Professional fees		28,623
		Custodian fees		10,498
		Accrued expenses and other payables		1,033,136
Total Liabilities				207,364,915
Net Assets			$	19,774,488,055


See Notes to Financial Statements.

16	MARCH 31, 2019

Janus Henderson Enterprise Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2019




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	13,001,397,341
	Total distributable earnings (loss)		6,773,090,714
Total Net Assets		$	19,774,488,055
Net Assets - Class A Shares		$	630,947,666
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		5,015,425
Net Asset Value Per Share⁽⁴⁾		$	125.80
Maximum Offering Price Per Share⁽⁵⁾		$	133.47
Net Assets - Class C Shares		$	221,262,107
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,903,034
Net Asset Value Per Share⁽⁴⁾		$	116.27
Net Assets - Class D Shares		$	1,951,580,163
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		15,113,566
Net Asset Value Per Share		$	129.13
Net Assets - Class I Shares		$	6,901,610,045
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		53,178,186
Net Asset Value Per Share		$	129.78
Net Assets - Class N Shares		$	4,295,082,894
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		32,977,247
Net Asset Value Per Share		$	130.24
Net Assets - Class R Shares		$	150,457,150
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,237,149
Net Asset Value Per Share		$	121.62
Net Assets - Class S Shares		$	600,673,427
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		4,799,403
Net Asset Value Per Share		$	125.16
Net Assets - Class T Shares		$	5,022,874,603
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		39,152,418
Net Asset Value Per Share		$	128.29

(1) Includes cost of $11,244,535,262.

(2) Includes $43,304,988 of securities on loan. See Note 3 in Notes to Financial Statements.

(3) Includes cost of $2,195,147,712.

(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, 2019



Investment Income:
	Dividends		$	85,715,910
	Dividends from affiliates			23,387,280
	Affiliated securities lending income, net			663,608
	Interest			2,918
	Other income			80
	Foreign tax withheld			(2,700,364)
Total Investment Income				107,069,432
Expenses:
	Advisory fees			57,886,741
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		759,542
		Class C Shares		1,061,751
		Class R Shares		362,662
		Class S Shares		726,411
	Transfer agent administrative fees and expenses:
		Class D Shares		1,090,751
		Class R Shares		182,228
		Class S Shares		726,411
		Class T Shares		5,966,622
	Transfer agent networking and omnibus fees:
		Class A Shares		715,444
		Class C Shares		78,877
		Class I Shares		2,772,695
	Other transfer agent fees and expenses:
		Class A Shares		30,211
		Class C Shares		10,582
		Class D Shares		149,682
		Class I Shares		136,990
		Class N Shares		46,937
		Class R Shares		1,276
		Class S Shares		4,284
		Class T Shares		24,328
	Shareholder reports expense			492,800
	Non-interested Trustees’ fees and expenses			286,251
	Registration fees			263,943
	Affiliated fund administration fees			226,121
	Custodian fees			175,654
	Professional fees			98,320
	Other expenses			513,249
Total Expenses				74,790,763
Less: Excess Expense Reimbursement and Waivers				(253,068)
Net Expenses				74,537,695
Net Investment Income/(Loss)				32,531,737


See Notes to Financial Statements.

18	MARCH 31, 2019

Janus Henderson Enterprise Fund

Statement of Operations (unaudited)

For the period ended March 31, 2019



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	307,364,563
	Forward foreign currency exchange contracts		16,194,586
Total Net Realized Gain/(Loss) on Investments			323,559,149
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation		40,228,480
	Investments in affiliates		(97,799,330)
	Forward foreign currency exchange contracts		6,666,330
Total Change in Unrealized Net Appreciation/Depreciation			(50,904,520)
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	305,186,366


See Notes to Financial Statements.

Janus Investment Fund	19

Janus Henderson Enterprise Fund

Statements of Changes in Net Assets



			Period ended March 31, 2019 (unaudited)		Year ended September 30, 2018

Operations:
	Net investment income/(loss)		$	32,531,737	$	28,665,906
	Net realized gain/(loss) on investments			323,559,149		921,552,659
	Change in unrealized net appreciation/depreciation			(50,904,520)		2,305,055,268
Net Increase/(Decrease) in Net Assets Resulting from Operations				305,186,366		3,255,273,833
Dividends and Distributions to Shareholders
		Class A Shares		(34,071,264)		(11,348,176)
		Class C Shares		(12,858,752)		(4,848,931)
		Class D Shares		(100,885,586)		(32,577,655)
		Class I Shares		(336,166,498)		(92,206,062)
		Class N Shares		(210,986,462)		(60,508,696)
		Class R Shares		(8,368,913)		(3,163,481)
		Class S Shares		(33,421,027)		(10,496,024)
		Class T Shares		(263,071,002)		(83,341,925)
Net Decrease from Dividends and Distributions to Shareholders				(999,829,504)		(298,490,950)
Capital Share Transactions:
		Class A Shares		(9,124,081)		(60,273,902)
		Class C Shares		(20,611,139)		(37,451,296)
		Class D Shares		50,269,369		(39,951,660)
		Class I Shares		661,178,744		967,595,842
		Class N Shares		466,914,821		413,303,241
		Class R Shares		(4,866,393)		(36,661,889)
		Class S Shares		2,049,425		(54,295,287)
		Class T Shares		(95,213,030)		128,131,557
Net Increase/(Decrease) from Capital Share Transactions				1,050,597,716		1,280,396,606
Net Increase/(Decrease) in Net Assets				355,954,578		4,237,179,489
Net Assets:
	Beginning of period			19,418,533,477		15,181,353,988
	End of period		$	19,774,488,055	$	19,418,533,477


See Notes to Financial Statements.

20	MARCH 31, 2019

Janus Henderson Enterprise Fund

Financial Highlights


Class A Shares
For a share outstanding during the period ended March 31, 2019 (unaudited) and the year ended September 30			2019	2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$131.70	$111.15	$94.24	$83.92	$83.97	$79.08
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.03	(0.15)	(0.14)	(0.04)	0.14	(0.21)
		Net realized and unrealized gain/(loss)	0.87	22.79	18.61	13.68	4.78	9.44
	Total from Investment Operations		0.90	22.64	18.47	13.64	4.92	9.23
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	(0.18)	—	—
		Distributions (from capital gains)	(6.80)	(2.09)	(1.56)	(3.14)	(4.97)	(4.34)
	Total Dividends and Distributions		(6.80)	(2.09)	(1.56)	(3.32)	(4.97)	(4.34)
	Net Asset Value, End of Period		$125.80	$131.70	$111.15	$94.24	$83.92	$83.97
	Total Return*		1.59%	20.63%	19.89%	16.72%	5.88%	12.07%
	Net Assets, End of Period (in thousands)		$630,948	$666,848	$617,749	$552,545	$282,626	$104,169
	Average Net Assets for the Period (in thousands)		$609,303	$647,856	$632,639	$385,855	$180,646	$101,667
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.16%	1.16%	1.18%	1.18%	1.14%	1.16%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.12%	1.12%	1.13%	1.15%	1.13%	1.16%
		Ratio of Net Investment Income/(Loss)	0.06%	(0.13)%	(0.14)%	(0.05)%	0.16%	(0.25)%
	Portfolio Turnover Rate		6%	13%	10%	8%	17%	17%


Class C Shares
For a share outstanding during the period ended March 31, 2019 (unaudited) and the year ended September 30			2019	2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$122.67	$104.26	$89.01	$79.78	$80.56	$76.52
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.31)	(0.81)	(0.70)	(0.58)	(0.39)	(0.71)
		Net realized and unrealized gain/(loss)	0.71	21.31	17.51	12.95	4.58	9.09
	Total from Investment Operations		0.40	20.50	16.81	12.37	4.19	8.38
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—	—
		Distributions (from capital gains)	(6.80)	(2.09)	(1.56)	(3.14)	(4.97)	(4.34)
	Total Dividends and Distributions		(6.80)	(2.09)	(1.56)	(3.14)	(4.97)	(4.34)
	Net Asset Value, End of Period		$116.27	$122.67	$104.26	$89.01	$79.78	$80.56
	Total Return*		1.29%	19.93%	19.19%	15.95%	5.19%	11.34%
	Net Assets, End of Period (in thousands)		$221,262	$254,496	$250,285	$185,629	$77,748	$47,481
	Average Net Assets for the Period (in thousands)		$218,235	$255,949	$233,290	$118,888	$63,110	$40,463
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.72%	1.70%	1.73%	1.81%	1.78%	1.82%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.72%	1.70%	1.73%	1.81%	1.78%	1.82%
		Ratio of Net Investment Income/(Loss)	(0.55)%	(0.71)%	(0.74)%	(0.71)%	(0.46)%	(0.90)%
	Portfolio Turnover Rate		6%	13%	10%	8%	17%	17%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are 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, 2019 (unaudited) and the year ended September 30			2019	2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$134.99	$113.64	$96.10	$85.33	$85.09	$79.95
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.22	0.23	0.17	0.23	0.48	0.05
		Net realized and unrealized gain/(loss)	0.91	23.31	19.02	13.92	4.76	9.55
	Total from Investment Operations		1.13	23.54	19.19	14.15	5.24	9.60
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.19)	(0.10)	(0.09)	(0.24)	(0.03)	(0.12)
		Distributions (from capital gains)	(6.80)	(2.09)	(1.56)	(3.14)	(4.97)	(4.34)
	Total Dividends and Distributions		(6.99)	(2.19)	(1.65)	(3.38)	(5.00)	(4.46)
	Net Asset Value, End of Period		$129.13	$134.99	$113.64	$96.10	$85.33	$85.09
	Total Return*		1.75%	20.99%	20.27%	17.06%	6.19%	12.43%
	Net Assets, End of Period (in thousands)		$1,951,580	$1,973,861	$1,696,184	$1,420,155	$1,214,008	$1,178,379
	Average Net Assets for the Period (in thousands)		$1,822,912	$1,853,456	$1,547,274	$1,301,480	$1,278,374	$1,175,886
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.81%	0.81%	0.82%	0.84%	0.84%	0.84%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.81%	0.81%	0.82%	0.84%	0.84%	0.84%
		Ratio of Net Investment Income/(Loss)	0.37%	0.18%	0.17%	0.26%	0.54%	0.06%
	Portfolio Turnover Rate		6%	13%	10%	8%	17%	17%


Class I Shares
For a share outstanding during the period ended March 31, 2019 (unaudited) and the year ended September 30			2019	2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$135.69	$114.20	$96.60	$85.81	$85.51	$80.37
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.27	0.32	0.23	0.29	0.50	0.13
		Net realized and unrealized gain/(loss)	0.89	23.42	19.09	14.00	4.83	9.55
	Total from Investment Operations		1.16	23.74	19.32	14.29	5.33	9.68
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.27)	(0.16)	(0.16)	(0.36)	(0.06)	(0.20)
		Distributions (from capital gains)	(6.80)	(2.09)	(1.56)	(3.14)	(4.97)	(4.34)
	Total Dividends and Distributions		(7.07)	(2.25)	(1.72)	(3.50)	(5.03)	(4.54)
	Net Asset Value, End of Period		$129.78	$135.69	$114.20	$96.60	$85.81	$85.51
	Total Return*		1.78%	21.07%	20.32%	17.15%	6.28%	12.47%
	Net Assets, End of Period (in thousands)		$6,901,610	$6,443,068	$4,550,263	$2,524,615	$1,229,458	$547,204
	Average Net Assets for the Period (in thousands)		$6,162,697	$5,408,221	$3,535,026	$1,776,987	$861,229	$545,347
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.76%	0.75%	0.77%	0.78%	0.74%	0.75%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.76%	0.75%	0.77%	0.78%	0.74%	0.75%
		Ratio of Net Investment Income/(Loss)	0.43%	0.25%	0.22%	0.32%	0.55%	0.16%
	Portfolio Turnover Rate		6%	13%	10%	8%	17%	17%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are 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, 2019

Janus Henderson Enterprise Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended March 31, 2019 (unaudited) and the year ended September 30			2019	2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$136.18	$114.57	$96.86	$86.00	$85.63	$80.41
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.32	0.42	0.33	0.37	0.55	0.30
		Net realized and unrealized gain/(loss)	0.89	23.51	19.15	14.03	4.88	9.49
	Total from Investment Operations		1.21	23.93	19.48	14.40	5.43	9.79
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.35)	(0.23)	(0.21)	(0.40)	(0.09)	(0.23)
		Distributions (from capital gains)	(6.80)	(2.09)	(1.56)	(3.14)	(4.97)	(4.34)
	Total Dividends and Distributions		(7.15)	(2.32)	(1.77)	(3.54)	(5.06)	(4.57)
	Net Asset Value, End of Period		$130.24	$136.18	$114.57	$96.86	$86.00	$85.63
	Total Return*		1.82%	21.18%	20.45%	17.25%	6.39%	12.62%
	Net Assets, End of Period (in thousands)		$4,295,083	$3,947,225	$2,940,422	$1,416,813	$555,661	$81,346
	Average Net Assets for the Period (in thousands)		$3,810,837	$3,463,197	$2,309,608	$935,924	$253,371	$30,878
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.66%	0.66%	0.67%	0.68%	0.67%	0.68%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.66%	0.66%	0.67%	0.68%	0.67%	0.68%
		Ratio of Net Investment Income/(Loss)	0.52%	0.34%	0.31%	0.41%	0.61%	0.36%
	Portfolio Turnover Rate		6%	13%	10%	8%	17%	17%


Class R Shares
For a share outstanding during the period ended March 31, 2019 (unaudited) and the year ended September 30			2019	2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$127.76	$108.20	$92.03	$82.09	$82.46	$77.93
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.14)	(0.50)	(0.41)	(0.28)	(0.06)	(0.42)
		Net realized and unrealized gain/(loss)	0.80	22.15	18.14	13.36	4.66	9.29
	Total from Investment Operations		0.66	21.65	17.73	13.08	4.60	8.87
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—	—
		Distributions (from capital gains)	(6.80)	(2.09)	(1.56)	(3.14)	(4.97)	(4.34)
	Total Dividends and Distributions		(6.80)	(2.09)	(1.56)	(3.14)	(4.97)	(4.34)
	Net Asset Value, End of Period		$121.62	$127.76	$108.20	$92.03	$82.09	$82.46
	Total Return*		1.45%	20.27%	19.56%	16.38%	5.59%	11.78%
	Net Assets, End of Period (in thousands)		$150,457	$162,271	$171,439	$134,396	$98,430	$70,573
	Average Net Assets for the Period (in thousands)		$146,183	$167,123	$160,164	$115,477	$88,440	$66,768
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.41%	1.41%	1.42%	1.43%	1.41%	1.42%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.41%	1.41%	1.42%	1.43%	1.41%	1.42%
		Ratio of Net Investment Income/(Loss)	(0.24)%	(0.43)%	(0.42)%	(0.33)%	(0.07)%	(0.51)%
	Portfolio Turnover Rate		6%	13%	10%	8%	17%	17%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are 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, 2019 (unaudited) and the year ended September 30			2019	2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$131.09	$110.70	$93.89	$83.56	$83.65	$78.80
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.01	(0.21)	(0.17)	(0.07)	0.14	(0.23)
		Net realized and unrealized gain/(loss)	0.86	22.69	18.54	13.62	4.74	9.42
	Total from Investment Operations		0.87	22.48	18.37	13.55	4.88	9.19
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	(0.08)	—	—
		Distributions (from capital gains)	(6.80)	(2.09)	(1.56)	(3.14)	(4.97)	(4.34)
	Total Dividends and Distributions		(6.80)	(2.09)	(1.56)	(3.22)	(4.97)	(4.34)
	Net Asset Value, End of Period		$125.16	$131.09	$110.70	$93.89	$83.56	$83.65
	Total Return*		1.58%	20.57%	19.86%	16.67%	5.86%	12.07%
	Net Assets, End of Period (in thousands)		$600,673	$626,458	$580,629	$470,126	$327,972	$199,831
	Average Net Assets for the Period (in thousands)		$582,725	$593,963	$536,354	$391,803	$267,883	$228,373
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.16%	1.16%	1.17%	1.18%	1.17%	1.17%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.16%	1.16%	1.17%	1.18%	1.17%	1.16%
		Ratio of Net Investment Income/(Loss)	0.02%	(0.17)%	(0.17)%	(0.08)%	0.16%	(0.29)%
	Portfolio Turnover Rate		6%	13%	10%	8%	17%	17%


Class T Shares
For a share outstanding during the period ended March 31, 2019 (unaudited) and the year ended September 30			2019	2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$134.10	$112.96	$95.60	$84.97	$84.78	$79.71
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.16	0.11	0.08	0.15	0.39	(0.01)
		Net realized and unrealized gain/(loss)	0.91	23.17	18.91	13.85	4.78	9.50
	Total from Investment Operations		1.07	23.28	18.99	14.00	5.17	9.49
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.08)	(0.05)	(0.07)	(0.23)	(0.01)	(0.08)
		Distributions (from capital gains)	(6.80)	(2.09)	(1.56)	(3.14)	(4.97)	(4.34)
	Total Dividends and Distributions		(6.88)	(2.14)	(1.63)	(3.37)	(4.98)	(4.42)
	Net Asset Value, End of Period		$128.29	$134.10	$112.96	$95.60	$84.97	$84.78
	Total Return*		1.70%	20.88%	20.16%	16.96%	6.13%	12.33%
	Net Assets, End of Period (in thousands)		$5,022,875	$5,344,306	$4,374,383	$3,050,476	$1,799,869	$1,248,431
	Average Net Assets for the Period (in thousands)		$4,786,411	$4,920,845	$3,748,225	$2,355,843	$1,579,228	$1,179,729
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.91%	0.91%	0.92%	0.93%	0.92%	0.92%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.91%	0.91%	0.91%	0.93%	0.91%	0.92%
		Ratio of Net Investment Income/(Loss)	0.27%	0.09%	0.08%	0.17%	0.44%	(0.01)%
	Portfolio Turnover Rate		6%	13%	10%	8%	17%	17%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are 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, 2019

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


Janus Investment Fund	25

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)

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

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, 2019

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.

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


Janus Investment Fund	27

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)

of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

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, 2019 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.


28	MARCH 31, 2019

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)

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 or commodity such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political, and regulatory developments.

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

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

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

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

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

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

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

· 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


Janus Investment Fund	29

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)

currency exchange rates on foreign portfolio holdings and locking in the U.S. dollar cost of firm purchase and sale commitments for securities denominated in or exposed to foreign currencies. The Fund may also invest in forward currency contracts for non-hedging purposes such as seeking to enhance returns. The Fund is subject to currency risk and counterparty risk in the normal course of pursuing its investment objective through its investments in forward currency contracts.

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

During the 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


30	MARCH 31, 2019

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)

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

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.

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 (not accounted for as hedging instruments) as of March 31, 2019” table located in the Fund’s Schedule of Investments.


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

Barclays Capital Inc		$	924,707	$	(51,821)	$	—	$	872,886
Citibank NA			2,208,179		—		—		2,208,179
Credit Suisse International			1,025,280		—		—		1,025,280
Deutsche Bank AG			43,304,988		—		(43,304,988)		—
HSBC Securities (USA) Inc			484,378		(105,053)		—		379,325
JPMorgan Chase & Co			1,027,207		—		—		1,027,207

Total		$	48,974,739	$	(156,874)	$	(43,304,988)	$	5,512,877
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		$	51,821	$	(51,821)	$	—	$	—
HSBC Securities (USA) Inc			105,053		(105,053)		—		—

Total		$	156,874	$	(156,874)	$	—	$	—
(a)	Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities.
(b)	Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value.

The Fund generally does not exchange collateral on its forward foreign 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.

Real Estate Investing


32	MARCH 31, 2019

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)

Securities Lending

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 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, 2019, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $43,304,988 for equity securities. Gross amounts of recognized liabilities for securities lending (collateral received) as of March 31, 2019 is $44,283,500, resulting in the net amount due to the counterparty of $978,512.

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 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 0.80% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waivers until at least February 1, 2020. The previous expense limit (until February 1, 2019) was 0.87%. 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	33

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)

Janus Services is compensated for its services related to the Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.


34	MARCH 31, 2019

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)

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.

Effective April 1, 2018, BNP Paribas Financial Services (“BPFS”) provides certain administrative services to the Fund, including services related to Fund accounting, calculation of the Fund’s daily NAV, and Fund audit, tax, and reporting obligations, pursuant to a sub-administration agreement with Janus Capital on behalf of the Fund. Janus Capital, as administrator, oversees the provision of these services by BPFS. As compensation for such services, Janus Capital pays BPFS a fee based on a percentage of the Fund’s assets, along with a flat fee, and is reimbursed by the Fund for amounts paid to BPFS (to the extent Janus Capital seeks reimbursement and such costs are not otherwise waived). These amounts are disclosed as part of "Other expenses" on the Statement of Operations.


Janus Investment Fund	35

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)

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, 2019, the Fund engaged in cross trades amounting to $6,318,793 in sales, resulting in a net realized gain of $871,726. 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


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 13,439,937,188	$6,709,711,613	$(233,598,182)	$ 6,476,113,431


36	MARCH 31, 2019

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)

Information on the tax components of derivatives as of March 31, 2019 is as follows:


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ -	$ 5,669,751	$ (156,874)	$ 5,512,877

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

6. Capital Share Transactions



	Period ended March 31, 2019		Year ended September 30, 2018
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	723,029	$ 84,840,540	1,296,427	$ 157,464,679
Reinvested dividends and distributions	224,816	24,057,573	67,240	7,778,327
Shares repurchased	(995,629)	(118,022,194)	(1,858,006)	(225,516,908)
Net Increase/(Decrease)	(47,784)	$ (9,124,081)	(494,339)	$ (60,273,902)
Class C Shares:
Shares sold	56,610	$ 6,073,036	113,459	$ 12,804,618
Reinvested dividends and distributions	120,262	11,913,111	41,231	4,461,996
Shares repurchased	(348,471)	(38,597,286)	(480,534)	(54,717,910)
Net Increase/(Decrease)	(171,599)	$ (20,611,139)	(325,844)	$ (37,451,296)
Class D Shares:
Shares sold	307,933	$ 37,558,032	656,967	$ 81,178,745
Reinvested dividends and distributions	898,116	98,559,340	270,032	31,939,342
Shares repurchased	(714,773)	(85,848,003)	(1,231,016)	(153,069,747)
Net Increase/(Decrease)	491,276	$ 50,269,369	(304,017)	$ (39,951,660)
Class I Shares:
Shares sold	10,550,956	$1,271,045,504	17,216,812	$2,166,385,521
Reinvested dividends and distributions	2,406,349	265,372,189	612,884	72,835,110
Shares repurchased	(7,262,459)	(875,238,949)	(10,189,438)	(1,271,624,789)
Net Increase/(Decrease)	5,694,846	$ 661,178,744	7,640,258	$ 967,595,842
Class N Shares:
Shares sold	4,468,398	$ 545,719,395	6,905,136	$ 863,500,854
Reinvested dividends and distributions	1,899,191	210,126,495	506,110	60,318,238
Shares repurchased	(2,375,736)	(288,931,069)	(4,090,669)	(510,515,851)
Net Increase/(Decrease)	3,991,853	$ 466,914,821	3,320,577	$ 413,303,241
Class R Shares:
Shares sold	120,043	$ 13,714,142	269,194	$ 31,787,109
Reinvested dividends and distributions	73,059	7,563,843	24,919	2,802,672
Shares repurchased	(226,064)	(26,144,378)	(608,453)	(71,251,670)
Net Increase/(Decrease)	(32,962)	$ (4,866,393)	(314,340)	$ (36,661,889)
Class S Shares:
Shares sold	786,383	$ 94,001,048	1,191,364	$ 145,538,971
Reinvested dividends and distributions	311,545	33,170,161	91,051	10,487,274
Shares repurchased	(1,077,315)	(125,121,784)	(1,748,844)	(210,321,532)
Net Increase/(Decrease)	20,613	$ 2,049,425	(466,429)	$ (54,295,287)
Class T Shares:
Shares sold	4,070,445	$ 490,020,466	9,667,226	$1,190,543,133
Reinvested dividends and distributions	2,380,078	259,571,317	698,980	82,193,001
Shares repurchased	(7,150,435)	(844,804,813)	(9,239,644)	(1,144,604,577)
Net Increase/(Decrease)	(699,912)	$ (95,213,030)	1,126,562	$ 128,131,557


Janus Investment Fund	37

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)

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
$1,415,924,545	$1,020,184,125	$ -	$ -

8. Recent Accounting Pronouncements

9. Subsequent Event


38	MARCH 31, 2019

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD

Nature, Extent and Quality of Services


Janus Investment Fund	39

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Performance of the Funds

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the JIF Funds:

Alternative Fund

Asset Allocation Funds


40	MARCH 31, 2019

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 the Fund’s performance was in the second Broadridge quartile for the 12 months ended May 31, 2018.

Money Market Funds


42	MARCH 31, 2019

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Multi-Asset Funds

Multi-Asset U.S. Equity Funds


Janus Investment Fund	43

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Quantitative Equity Funds

U.S. Equity Funds

Costs of Services Provided


44	MARCH 31, 2019

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Alternative Fund

Asset Allocation Funds


Janus Investment Fund	45

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


46	MARCH 31, 2019

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 Real Estate 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

Multi-Asset Funds

· For Janus Henderson Dividend & Income Builder 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 Enterprise Fund

Additional Information (unaudited)

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

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

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

· 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.

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.


48	MARCH 31, 2019

Janus Henderson Enterprise Fund

Additional Information (unaudited)

· 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.

Economies of Scale


Janus Investment Fund	49

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Other Benefits to Janus Capital


50	MARCH 31, 2019

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	51

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.


52	MARCH 31, 2019

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	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 Knowledge. Shared are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc. Janus Henderson Distributors
							125-24-93040 05-19



		SEMIANNUAL REPORT March 31, 2019

	Janus Henderson European Focus Fund

	Janus Investment Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by contacting a Janus Henderson representative. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by visiting janushenderson.com/edelivery. You may elect to receive all future reports in paper free of charge. If you do not invest directly with the Fund, you should contact your plan sponsor, broker-dealer, or financial intermediary, to request to continue receiving paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-525-3713 to let the Fund know that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Janus Henderson mutual funds where held (i.e., all Janus Henderson mutual funds held in your account if you invest through your financial intermediary or all Janus Henderson mutual funds held with the fund complex if you invest directly with a 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	14
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	42
Useful Information About Your Fund Report	54

Janus Henderson European Focus Fund (unaudited)

FUND SNAPSHOT

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. Management applies a high-conviction approach, with a focus on opportunities that offer material upside potential, regardless of style.

Robert Schramm-Fuchs

portfolio manager

PERFORMANCE

The Janus Henderson European Focus Fund underperformed its benchmark, the MSCI Europe Index^SM, over the period. The Fund’s Class I shares returned -10.00%, while the benchmark returned -3.26%.

INVESTMENT ENVIRONMENT

European equities declined over the six months to March 31, 2019. The first part of the period was marked by significant volatility, but by the end of March markets had recovered most of the ground they had lost.

PERFORMANCE DISCUSSION

During the period we announced a manager change. Robert Schramm-Fuchs has assumed management of the Fund, replacing Stephen Peak and Lars Dollmann. This change also means a change in philosophy and process and, consequently, there has been some portfolio turnover as Robert transitions the portfolio to reflect his convictions. Much of this transition has now been completed.

From a sector perspective, the Fund’s exposure to small- and mid-cap energy stocks was a significant detractor over the period, while stock selection in the health care and consumer discretionary sectors were other notable negatives.

French auto manufacturer Renault was the Fund’s most significant detractor. Carlos Ghosn, Renault CEO until January 2019, was arrested in Japan in November 2018 for alleged financial impropriety relating to his time as CEO and Chairman of Nissan (Renault’s strategic partner) which caused further weakness in Renault’s share price. Our position in Renault has now been exited.

Bayer, the German pharmaceutical and agriculture firm, also detracted. The potential cost of the class action litigation regarding acquired company Monsanto’s Roundup product has weighed on Bayer’s share price since the verdict of the first case in August of 2018. Similarly to Renault, we have now exited the stock as a consequence of the Fund’s manager change in March 2019.

The luxury fashion group Kering was the Fund’s strongest contributor. The French company whose brands include Gucci, Yves Saint Laurent and Balenciaga rebounded strongly in the first quarter of 2019 after seeing a significant decline in their share price in October. We exited our position.

There was also strong performance from DSM, a Dutch life sciences and materials sciences company. Like Kering, DSM had suffered amid the volatility of the fourth quarter in 2018; the stock has since rallied and ended the period as one of the Fund’s most significant contributors.

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

OUTLOOK

Macroeconomic data has improved in recent weeks, in particular in Europe and China. The turnaround in global money creation is still nascent, but if it were to gather strength as indicated by the dovish communications of all major central banks it would further support the 2019 recovery after the 2018 growth scare. In such an environment, we would expect equity markets to rise. Investor positioning is still very light, in particular in Europe which has seen an extended period of persistent investor fund outflows. Some of the pessimism on the macroeconomic data that has now become quite consensual may need to be questioned. Since many of Europe’s economic problems last year were “made in China”, due to Europe’s close trading relationship with China, now upwards-inflecting Chinese credit growth, business sentiment survey data and actual construction machinery usage hour data should lead to improving European earnings estimates.


Janus Investment Fund	1

Janus Henderson European Focus Fund (unaudited)

We cannot ignore that the U.S. Treasury curve briefly inverted on the 10-year/3-month spread, and the overall number of inversions along the entire curve remains elevated. In the past, this signaled six recessions correctly and produced just one wrong signal on a two-week inversion in 1998. Still, on the other six occasions it took, on average, around one year before the recession actually materialized. Moreover, in the prior instances of inversion, the 3-Month Treasury bill rate was 200 basis points above inflation versus just 30 basis points at the moment. Money is relatively cheaper today than before prior recessions. Cheap money should reduce recession likelihood. In our view, global financial markets have aggressively shifted to one side of the boat at the moment. A total of 50 basis points of Federal Reserve rate cuts is now priced in until the end of 2020. On the equities side, European large-cap quality growth stocks have sharply re-rated to match prior record relative valuations compared to the wider market. In our view, there is a good chance the elastic band of defensive versus cyclical stocks has now been overstretched. Should there be a whiff of positive economic data surprises into this general sentiment of running for cover and reaching for yield, the snap back of the elastic band could be quite violent.

On a microeconomic level, we are turning more constructive on the semiconductor space, which often has a signaling function for other cyclical industries. Across the semiconductor value chains, we are finally seeing excess inventory levels being addressed via production halts. Management capitulation is usually a good sign that things are about to improve again. The turning point for semiconductor stocks tends to be three to four months ahead of the cycle trough as the market begins to look through the negative data. In our view, this present reporting season – which has already brought some profit warnings – may mark the bottom. Buying opportunities are being thrown up by the market getting shocked by quite negative earnings announcements, which – if the above described historic precedence holds – may be too backward-looking.

Thank you for your investment in the Janus Henderson European Focus Fund.


2	MARCH 31, 2019

Janus Henderson European Focus Fund (unaudited)

Fund At A Glance

March 31, 2019





	5 Top Performers - Holdings		5 Bottom Performers - Holdings
		Contribution		Contribution
	Kering SA	0.62%	Renault SA	-1.30%
	International Petroleum Corp/Sweden	0.39%	Kosmos Energy Ltd	-1.05%
	Anglo American PLC	0.31%	TransGlobe Energy Corp	-1.00%
	Rheinmetall AG	0.28%	Bayer AG	-0.83%
	Koninklijke DSM NV	0.26%	TI Fluid Systems PLC	-0.82%

	5 Top Performers - Sectors*
		Fund	Fund Weighting	MSCI Europe Index
		Contribution	(Average % of Equity)	Weighting
	Financials	0.90%	9.32%	18.91%
	Other**	0.09%	3.78%	0.00%
	Information Technology	0.04%	0.72%	5.26%
	Communication Services	0.01%	14.31%	5.06%
	Real Estate	-0.05%	0.03%	1.48%

	5 Bottom Performers - Sectors*
		Fund	Fund Weighting	MSCI Europe Index
		Contribution	(Average % of Equity)	Weighting
	Energy	-2.06%	12.42%	8.36%
	Health Care	-1.74%	13.23%	13.28%
	Consumer Staples	-1.29%	7.82%	14.02%
	Consumer Discretionary	-1.04%	11.42%	9.07%
	Industrials	-1.01%	16.28%	12.86%

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


Janus Investment Fund	3

Janus Henderson European Focus Fund (unaudited)

Fund At A Glance

March 31, 2019


5 Largest Equity Holdings - (% of Net Assets)
Nestle SA (REG)
Food Products	4.5%
Kosmos Energy Ltd
Oil, Gas & Consumable Fuels	3.6%
Sanofi
Pharmaceuticals	3.4%
UPM-Kymmene OYJ
Paper & Forest Products	3.1%
Intrum AB
Commercial Services & Supplies	3.0%
	17.6%


Asset Allocation - (% of Net Assets)
Common Stocks	91.8%
Investment Companies	11.4%
Preferred Stocks	0.2%
Exchange Traded Purchased Options – Puts	0.2%
Exchange Traded Purchased Options – Calls	0.0%
Other		(3.6)%
		100.0%

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

As of March 31, 2019

As of September 30, 2018


4	MARCH 31, 2019

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, 2019						per the January 28, 2019 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	-10.18%	-13.92%	-3.37%	10.00%	11.09%	1.31%	1.30%
Class A Shares at MOP	-15.35%	-18.87%	-4.51%	9.36%	10.72%
Class C Shares at NAV	-10.50%	-14.53%	-4.11%	9.17%	10.26%	2.05%	2.03%
Class C Shares at CDSC	-11.37%	-15.37%	-4.11%	9.17%	10.26%
Class D Shares⁽¹⁾	-10.06%	-13.75%	-3.37%	10.00%	11.09%	1.19%	1.11%
Class I Shares	-10.00%	-13.66%	-3.12%	10.30%	11.09%	1.03%	1.02%
Class N Shares	-9.99%	-13.62%	-3.37%	10.00%	11.09%	1.43%	0.97%
Class S Shares	-10.16%	-13.90%	-3.47%	9.94%	11.06%	4.44%	1.46%
Class T Shares	-10.07%	-13.81%	-3.37%	10.00%	11.09%	1.31%	1.21%
MSCI Europe Index	-3.26%	-3.72%	1.04%	8.95%	5.19%
Morningstar Quartile - Class A Shares	-	4th	4th	2nd	1st
Morningstar Ranking - based on total returns for Europe Stock Funds	-	119/120	88/90	17/73	7/65

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, 2020.

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 European Focus Fund (unaudited)

Performance

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

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

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), 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), 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), 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), 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), 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.”


6	MARCH 31, 2019

Janus Henderson European Focus Fund (unaudited)

Performance

Effective on or about March 19, 2019, Robert Schramm-Fuchs is Portfolio Manager of the Fund.

*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 (10/1/18)	Ending Account Value (3/31/19)	Expenses Paid During Period (10/1/18 - 3/31/19)†	Beginning Account Value (10/1/18)	Ending Account Value (3/31/19)	Expenses Paid During Period (10/1/18 - 3/31/19)†	Net Annualized Expense Ratio (10/1/18 - 3/31/19)
Class A Shares		$1,000.00	$898.20	$6.20	$1,000.00	$1,018.40	$6.59	1.31%
Class C Shares		$1,000.00	$895.00	$9.73	$1,000.00	$1,014.66	$10.35	2.06%
Class D Shares		$1,000.00	$899.40	$5.40	$1,000.00	$1,019.25	$5.74	1.14%
Class I Shares		$1,000.00	$900.00	$4.83	$1,000.00	$1,019.85	$5.14	1.02%
Class N Shares		$1,000.00	$900.10	$4.55	$1,000.00	$1,020.14	$4.84	0.96%
Class S Shares		$1,000.00	$898.40	$6.06	$1,000.00	$1,018.55	$6.44	1.28%
Class T Shares		$1,000.00	$899.30	$5.54	$1,000.00	$1,019.10	$5.89	1.17%
†	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, 2019

Janus Henderson European Focus Fund

Schedule of Investments (unaudited)

March 31, 2019


Shares or Contract Amounts			Value
Common Stocks– 91.8%
Airlines – 1.5%
	Deutsche Lufthansa AG	356,941	$7,832,781
Auto Components – 1.6%
	Cie Generale des Etablissements Michelin SCA	70,888	8,380,174
Banks – 3.8%
	Erste Group Bank AG*	284,343	10,447,831
	UniCredit SpA	716,373	9,182,250
			19,630,081
Beverages – 2.7%
	Anheuser-Busch InBev SA/NV	170,000	14,254,694
Building Products – 1.3%
	Rockwool International A/S	30,000	7,028,432
Capital Markets – 2.1%
	Deutsche Boerse AG	86,340	11,068,734
Chemicals – 8.8%
	Air Liquide SA	103,612	13,172,593
	Covestro AG	96,583	5,310,234
	Givaudan SA (REG)*	5,120	13,084,159
	Koninklijke DSM NV	75,000	8,173,131
	Victrex PLC	225,000	6,316,982
			46,057,099
Commercial Services & Supplies – 3.0%
	Intrum AB^#	550,000	15,798,137
Communications Equipment – 1.7%
	Telefonaktiebolaget LM Ericsson	994,537	9,139,289
Electric Utilities – 1.5%
	EDP - Energias de Portugal SA	2,002,648	7,872,856
Electrical Equipment – 1.0%
	OSRAM Licht AG	152,603	5,251,195
Entertainment – 3.3%
	CD Projekt SA*	83,077	4,329,295
	Ubisoft Entertainment SA*	145,000	12,906,526
			17,235,821
Food & Staples Retailing – 2.0%
	Jeronimo Martins SGPS SA	713,790	10,527,758
Food Products – 6.6%
	Danone SA	140,000	10,786,020
	Nestle SA (REG)	246,199	23,469,900
			34,255,920
Industrial Conglomerates – 2.9%
	Rheinmetall AG	146,340	15,244,913
Interactive Media & Services – 1.8%
	XLMedia PLC^£	11,603,684	9,217,308
Machinery – 7.4%
	CNH Industrial NV	1,150,000	11,691,155
	Duerr AG	170,490	6,685,133
	Knorr-Bremse AG*	92,812	9,215,826
	VAT Group AG*	49,828	5,240,574
	Volvo AB	358,214	5,549,284
			38,381,972
Media – 7.2%
	Central European Media Enterprises Ltd*	3,601,122	14,332,466
	Informa PLC	1,354,468	13,126,132
	Schibsted ASA	264,308	10,379,806
			37,838,404
Metals & Mining – 2.5%
	Anglo American PLC	450,000	12,033,323
	Duke Royalty Ltd	1,793,386	1,015,878
			13,049,201


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, 2019


Shares or Contract Amounts					Value
Common Stocks– (continued)
Oil, Gas & Consumable Fuels – 10.0%
	International Petroleum Corp/Sweden*	2,346,832		$11,058,291
	Kosmos Energy Ltd	3,000,000		18,690,000
	Neste OYJ	74,524		7,940,712
	TransGlobe Energy Corp^£	7,651,006		14,429,378
				52,118,381
Paper & Forest Products – 3.1%
	UPM-Kymmene OYJ	550,000		16,038,942
Pharmaceuticals – 5.9%
	Roche Holding AG	47,997		13,227,501
	Sanofi	200,000		17,663,025
				30,890,526
Semiconductor & Semiconductor Equipment – 3.4%
	ASML Holding NV	44,534		8,351,561
	Infineon Technologies AG	467,347		9,270,095
				17,621,656
Software – 2.1%
	SAP SE	92,736		10,713,349
Textiles, Apparel & Luxury Goods – 2.6%
	LVMH Moet Hennessy Louis Vuitton SE	36,236		13,326,661
Tobacco – 2.0%
	Swedish Match AB	200,000		10,196,441
Total Common Stocks (cost $477,165,488)				478,970,725
Preferred Stocks– 0.2%
Hotels, Restaurants & Leisure – 0.2%
	BNN Technology PLC^¢(cost $14,372,557)	11,756,231		1,163,483
Investment Companies– 11.4%
Investments Purchased with Cash Collateral from Securities Lending – 2.3%
	Janus Henderson Cash Collateral Fund LLC, 2.4088%^ºº,£	12,381,742		12,381,742
Money Markets – 9.1%
	Fidelity Investments Money Market Treasury Portfolio, 2.3200%^ºº	47,438,143		47,438,143
Total Investment Companies (cost $59,819,885)				59,819,885
Exchange-Traded Purchased Options – Calls– 0%
	Dow Jones EURO STOXX 50, expires August 2012, exercise price 2,275.00 EUR,
	Notional amount $12,500, premiums paid $41,023, unrealized appreciation $336, exercise price $100.00, expires 12/20/19* (premiums paid $41,023)	250	41,359
Exchange-Traded Purchased Options – Puts– 0.2%
	DAX Index, expires September 2012, exercise price 6,300.00 EUR,
	Notional amount $5,000, premiums paid $1,021,666, unrealized depreciation $(165,321), exercise price $11250.00, expires 5/17/19* (premiums paid $1,021,666)	1,000	856,345
Total Investments (total cost $552,420,619) – 103.6%				540,851,797
Liabilities, net of Cash, Receivables and Other Assets – (3.6)%				(18,996,074)
Net Assets – 100%				$521,855,723


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

10	MARCH 31, 2019

Janus Henderson European Focus Fund

Schedule of Investments (unaudited)

March 31, 2019


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

		% of
		Investment
Country	Value	Securities
Germany	$80,592,260	14.9	%
United States	79,407,589	14.7
France	76,234,999	14.1
Switzerland	55,022,134	10.2
United Kingdom	42,873,106	7.9
Sweden	40,683,151	7.5
Canada	25,487,669	4.7
Finland	23,979,654	4.4
Italy	20,873,405	3.9
Portugal	18,400,614	3.4
Netherlands	16,524,692	3.1
Czech Republic	14,332,466	2.7
Belgium	14,254,694	2.6
Austria	10,447,831	1.9
Norway	10,379,806	1.9
Denmark	7,028,432	1.3
Poland	4,329,295	0.8



Total	$540,851,797	100.0	%

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income⁽¹⁾		Realized Gain/(Loss)⁽¹⁾		Change in Unrealized Appreciation/ Depreciation⁽¹⁾		Value at 3/31/19
Common Stocks - 4.6%
Interactive Media & Services - 1.8%
	XLMedia PLC	$	412,824	$	(2,484,605)	$	(3,442,841)	$	9,217,308
Oil, Gas & Consumable Fuels - 2.8%
	TransGlobe Energy Corp		227,617		(622,979)		(9,376,285)		14,429,378
Total Common Stocks		$	640,441	$	(3,107,584)	$	(12,819,126)	$	23,646,686
Investment Companies - 2.4%
Investments Purchased with Cash Collateral from Securities Lending - 2.4%
	Janus Henderson Cash Collateral Fund LLC, 2.4088%^ºº		959,191^∆		-		-		12,381,742
Total Affiliated Investments - 6.9%		$	1,599,632	$	(3,107,584)	$	(12,819,126)	$	36,028,428


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, 2019


		Share Balance at 9/30/18		Purchases		Sales		Share Balance at 3/31/19
Common Stocks - 4.6%
Interactive Media & Services - 1.8%
	XLMedia PLC		14,000,000		-		(2,396,316)		11,603,684
Oil, Gas & Consumable Fuels - 2.8%
	TransGlobe Energy Corp		6,000,000		2,100,000		(448,994)		7,651,006
Investment Companies - 2.4%
Investments Purchased with Cash Collateral from Securities Lending - 2.4%
	Janus Henderson Cash Collateral Fund LLC, 2.4088%^ºº		21,075,000		28,483,950		(37,177,208)		12,381,742


Schedule of Exchange-Traded Written Options
Description	Number of Contracts	Exercise Price		Expiration Date		Notional Amount		Premiums Received		Unrealized Appreciation/ (Depreciation)		Options Written, at Value
Written Put Options:
DAX Index, expires September 2012, exercise price 6,300.00 EUR	1,000	10,700.00	EUR	5/17/19	$	(5,000)	$	403,267	$	206,986	$	(196,281)
Dow Jones EURO STOXX 50, expires August 2012, exercise price 2,275.00 EUR	250	75.00	EUR	12/20/19		(12,500)		37,236		784		(36,452)
US Natural Gas Fund LP, expires March 2012, exercise price $6.00	5,000	46.00	EUR	5/17/19		(500,000)		72,593		(11,527)		(84,120)
Total – Exchange-Traded Written Options							$	513,096	$	196,243	$	(316,853)

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, 2019.


Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of March 31, 2019

					Equity Contracts
Asset Derivatives:
Purchased options contracts, at value					$897,704


Liability Derivatives:
Options written, at value					$316,853


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

12	MARCH 31, 2019

Janus Henderson European Focus Fund

Schedule of Investments (unaudited)

March 31, 2019

The following table provides information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the period ended March 31, 2019.


The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended March 31, 2019



Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative				Equity Contracts
Purchased options contracts				$(164,985)
Written options contracts				196,243

Total				$ 31,258

Please see the "Net Realized Gain/(Loss) on Investments" section of the Fund’s Statement of Operations.


Average Ending Monthly Market Value of Derivative Instruments During the Period Ended March 31, 2019

	Market Value
Purchased options contracts, call	$ 5,908
Purchased options contracts, put	122,335
Written options contracts, put	45,265


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

Janus Investment Fund	13

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.


LLC	Limited Liability Company
PLC	Public Limited Company
REG	Registered


*	Non-income producing security.


ºº	Rate shown is the 7-day yield as of March 31, 2019.


#	Loaned security; a portion of the security is on loan at March 31, 2019.


¢	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.


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, 2019. See Notes to Financial Statements for more information.

Valuation Inputs Summary

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

Assets
Investments in Securities:
Common Stocks	$	478,970,725	$	-	$	-
Preferred Stocks		-		-		1,163,483
Investment Companies
Money Markets		47,438,143		-		-
All Other		-		12,381,742		-
Exchange Traded Purchased Options – Calls		-		41,359		-
Exchange Traded Purchased Options – Puts		-		856,345		-
Total Assets	$	526,408,868	$	13,279,446	$	1,163,483
Liabilities
Other Financial Instruments^(a):
Options Written, at Value	$	-	$	316,853	$	-

(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.


14	MARCH 31, 2019

Janus Henderson European Focus Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2019

See footnotes at the end of the Statement.



Assets:
	Unaffiliated investments, at value⁽¹⁾⁽²⁾		$	503,925,665
	Affiliated investments, at value⁽³⁾			36,028,428
	Purchased options, at value⁽⁴⁾			897,704
	Closed foreign currency contracts			4,253
	Non-interested Trustees' deferred compensation			12,714
	Receivables:
		Investments sold		24,972,827
		Foreign tax reclaims		3,245,486
		Dividends		426,259
		Dividends from affiliates		227,617
		Fund shares sold		177,134
	Other assets			37,180
Total Assets				569,955,267
Liabilities:
	Due to custodian			808,233
	Collateral for securities loaned (Note 3)			12,381,742
	Options written, at value⁽⁵⁾			316,853
	Closed foreign currency contracts			4,253
	Payables:			—
		Investments purchased		32,098,083
		Fund shares repurchased		1,748,215
		Advisory fees		399,775
		Transfer agent fees and expenses		90,075
		12b-1 Distribution and shareholder servicing fees		81,450
		Professional fees		17,475
		Non-interested Trustees' deferred compensation fees		12,714
		Non-interested Trustees' fees and expenses		5,345
		Custodian fees		4,448
		Affiliated fund administration fees payable		1,173
		Accrued expenses and other payables		129,710
Total Liabilities				48,099,544
Net Assets			$	521,855,723


See Notes to Financial Statements.

Janus Investment Fund	15

Janus Henderson European Focus Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2019




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	1,065,870,601
	Total distributable earnings (loss)		(544,014,878)
Total Net Assets		$	521,855,723
Net Assets - Class A Shares		$	135,420,825
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		4,959,633
Net Asset Value Per Share⁽⁶⁾		$	27.30
Maximum Offering Price Per Share⁽⁷⁾		$	28.97
Net Assets - Class C Shares		$	58,078,473
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,244,533
Net Asset Value Per Share⁽⁶⁾		$	25.88
Net Assets - Class D Shares		$	2,467,188
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		91,002
Net Asset Value Per Share		$	27.11
Net Assets - Class I Shares		$	324,770,839
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		11,975,160
Net Asset Value Per Share		$	27.12
Net Assets - Class N Shares		$	223,161
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		8,296
Net Asset Value Per Share		$	26.90
Net Assets - Class S Shares		$	42,950
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,650
Net Asset Value Per Share		$	26.03
Net Assets - Class T Shares		$	852,287
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		31,420
Net Asset Value Per Share		$	27.13

(1) Includes cost of $509,602,355.

(2) Includes $11,791,110 of securities on loan. See Note 3 in Notes to Financial Statements.

(3) Includes cost of $41,755,575.

(4) Premiums paid of $1,062,689.

(5) Premiums received $513,096.

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

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


See Notes to Financial Statements.

16	MARCH 31, 2019

Janus Henderson European Focus Fund

Statement of Operations (unaudited)

For the period ended March 31, 2019



Investment Income:
	Dividends		$	2,461,505
	Affiliated securities lending income, net			959,191
	Dividends from affiliates			640,441
	Interest			56
	Other income			158,721
	Foreign tax withheld			(155,580)
Total Investment Income				4,064,334
Expenses:
	Advisory fees			3,267,220
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		182,842
		Class C Shares		370,027
		Class S Shares		42
	Transfer agent administrative fees and expenses:
		Class D Shares		1,445
		Class S Shares		52
		Class T Shares		970
	Transfer agent networking and omnibus fees:
		Class A Shares		71,512
		Class C Shares		37,748
		Class I Shares		140,638
	Other transfer agent fees and expenses:
		Class A Shares		8,185
		Class C Shares		4,181
		Class D Shares		800
		Class I Shares		11,995
		Class T Shares		10
	Shareholder reports expense			71,440
	Custodian fees			42,634
	Registration fees			38,389
	Professional fees			25,982
	Non-interested Trustees’ fees and expenses			8,688
	Affiliated fund administration fees			8,383
	Other expenses			61,626
Total Expenses				4,354,809
Less: Excess Expense Reimbursement and Waivers				(322,658)
Net Expenses				4,032,151
Net Investment Income/(Loss)				32,183
Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions			(178,690,728)
	Investments in affiliates			(3,107,584)
Total Net Realized Gain/(Loss) on Investments				(181,798,312)
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation			71,200,651
	Investments in affiliates			(12,819,126)
	Purchased options contracts			(164,985)
	Written options contracts			196,243
Total Change in Unrealized Net Appreciation/Depreciation				58,412,783
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	(123,353,346)


See Notes to Financial Statements.

Janus Investment Fund	17

Janus Henderson European Focus Fund

Statements of Changes in Net Assets



			Period ended March 31, 2019 (unaudited)		Year ended September 30, 2018

Operations:
	Net investment income/(loss)		$	32,183	$	20,620,406
	Net realized gain/(loss) on investments			(181,798,312)		40,928,110
	Change in unrealized net appreciation/depreciation			58,412,783		(168,680,979)
Net Increase/(Decrease) in Net Assets Resulting from Operations				(123,353,346)		(107,132,463)
Dividends and Distributions to Shareholders
		Class A Shares		(5,655,916)		(4,317,905)
		Class C Shares		(1,535,900)		(1,391,083)
		Class D Shares		(96,577)		(64,816)
		Class I Shares		(17,985,378)		(25,516,238)
		Class N Shares		(10,309)		(6,895)
		Class S Shares		(3,065)		(1,110)
		Class T Shares		(29,575)		(47,776)
Net Decrease from Dividends and Distributions to Shareholders				(25,316,720)		(31,345,823)
Capital Share Transactions:
		Class A Shares		(15,959,838)		(74,651,805)
		Class C Shares		(44,894,119)		(51,573,291)
		Class D Shares		(39,532)		407,736
		Class I Shares		(263,141,823)		(437,685,060)
		Class N Shares		(20,771)		(4,692)
		Class S Shares		3,065		1,111
		Class T Shares		43,207		(146,651)
Net Increase/(Decrease) from Capital Share Transactions				(324,009,811)		(563,652,652)
Net Increase/(Decrease) in Net Assets				(472,679,877)		(702,130,938)
Net Assets:
	Beginning of period			994,535,600		1,696,666,538
	End of period		$	521,855,723	$	994,535,600


See Notes to Financial Statements.

18	MARCH 31, 2019

Janus Henderson European Focus Fund

Financial Highlights


Class A Shares
For a share outstanding during the period ended March 31, 2019 (unaudited) and the year or period ended September 30			2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$31.73	$35.02	$34.22
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	(0.01)	0.46	0.13
		Net realized and unrealized gain/(loss)	(3.40)	(3.16)	0.67
	Total from Investment Operations		(3.41)	(2.70)	0.80
	Less Dividends and Distributions:
		Dividends (from net investment income)	(1.02)	(0.59)	—
	Total Dividends and Distributions		(1.02)	(0.59)	—
	Net Asset Value, End of Period		$27.30	$31.73	$35.02
	Total Return*		(10.31)%	(7.84)%	2.34%
	Net Assets, End of Period (in thousands)		$135,421	$176,690	$273,184
	Average Net Assets for the Period (in thousands)		$146,675	$227,911	$268,061
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.42%	1.31%	1.35%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.31%	1.30%	1.35%
		Ratio of Net Investment Income/(Loss)	(0.04)%	1.37%	2.29%
	Portfolio Turnover Rate		69%	82%	6%


Class C Shares
For a share outstanding during the period ended March 31, 2019 (unaudited) and the year or period ended September 30			2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$29.66	$32.68	$31.98
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	(0.11)	0.21	0.08
		Net realized and unrealized gain/(loss)	(3.11)	(2.97)	0.62
	Total from Investment Operations		(3.22)	(2.76)	0.70
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.56)	(0.26)	—
	Total Dividends and Distributions		(0.56)	(0.26)	—
	Net Asset Value, End of Period		$25.88	$29.66	$32.68
	Total Return*		(10.60)%	(8.51)%	2.19%
	Net Assets, End of Period (in thousands)		$58,078	$118,408	$184,366
	Average Net Assets for the Period (in thousands)		$74,645	$154,929	$183,018
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.16%	2.04%	2.22%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.06%	2.02%	2.22%
		Ratio of Net Investment Income/(Loss)	(0.83)%	0.65%	1.44%
	Portfolio Turnover Rate		69%	82%	6%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are 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
	Net Asset Value, Beginning of Period		$32.17	$36.91	$35.42		$29.23
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.34	0.44	0.35		0.66
		Net realized and unrealized gain/(loss)	2.50	(4.94)	1.67		5.60
	Total from Investment Operations		2.84	(4.50)	2.02		6.26
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.79)	(0.24)	(0.53)		(0.07)
	Total Dividends and Distributions		(0.79)	(0.24)	(0.53)		(0.07)
	Net Asset Value, End of Period		$34.22	$32.17	$36.91		$35.42
	Total Return*		9.15%	(12.22)%	5.86%		21.43%
	Net Assets, End of Period (in thousands)		$274,588	$560,452	$905,598		$750,572
	Average Net Assets for the Period (in thousands)		$381,753	$810,537	$669,133		$686,867
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.33%	1.28%	1.30%		1.37%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.33%	1.28%	1.30%		1.37%
		Ratio of Net Investment Income/(Loss)	1.06%	1.35%	0.99%		1.88%
	Portfolio Turnover Rate		57%	62%	75%		90%
						1


Class C Shares
For a share outstanding during the year ended July 31			2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$30.06	$34.57	$33.35	$27.67
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.11	0.22	0.04	0.32
		Net realized and unrealized gain/(loss)	2.32	(4.69)	1.59	5.36
	Total from Investment Operations		2.43	(4.47)	1.63	5.68
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.51)	(0.04)	(0.41)	—
	Total Dividends and Distributions		(0.51)	(0.04)	(0.41)	—
	Net Asset Value, End of Period		$31.98	$30.06	$34.57	$33.35
	Total Return*		8.32%	(12.94)%	5.02%	20.53%
	Net Assets, End of Period (in thousands)		$188,120	$287,339	$365,135	$266,900
	Average Net Assets for the Period (in thousands)		$219,705	$328,767	$287,767	$197,376
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.11%	2.07%	2.09%	2.14%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.11%	2.07%	2.09%	2.14%
		Ratio of Net Investment Income/(Loss)	0.36%	0.71%	0.12%	0.98%
	Portfolio Turnover Rate		57%	62%	75%	90%

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

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

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


See Notes to Financial Statements.

20	MARCH 31, 2019

Janus Henderson European Focus Fund

Financial Highlights


Class D Shares
For a share outstanding during the period ended March 31, 2019 (unaudited) and the year or period ended September 30			2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$31.61	$35.02	$34.21
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.02	0.57	0.14
		Net realized and unrealized gain/(loss)	(3.39)	(3.20)	0.67
	Total from Investment Operations		(3.37)	(2.63)	0.81
	Less Dividends and Distributions:
		Dividends (from net investment income)	(1.13)	(0.78)	—
	Total Dividends and Distributions		(1.13)	(0.78)	—
	Net Asset Value, End of Period		$27.11	$31.61	$35.02
	Total Return*		(10.20)%	(7.67)%	2.37%
	Net Assets, End of Period (in thousands)		$2,467	$2,875	$2,776
	Average Net Assets for the Period (in thousands)		$2,415	$3,071	$2,683
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.63%	1.19%	1.11%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.14%	1.11%	1.11%
		Ratio of Net Investment Income/(Loss)	0.18%	1.71%	2.52%
	Portfolio Turnover Rate		69%	82%	6%


Class I Shares
For a share outstanding during the period ended March 31, 2019 (unaudited) and the year or period ended September 30			2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$31.59	$34.94	$34.13
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.02	0.54	0.15
		Net realized and unrealized gain/(loss)	(3.37)	(3.14)	0.66
	Total from Investment Operations		(3.35)	(2.60)	0.81
	Less Dividends and Distributions:
		Dividends (from net investment income)	(1.12)	(0.75)	—
	Total Dividends and Distributions		(1.12)	(0.75)	—
	Net Asset Value, End of Period		$27.12	$31.59	$34.94
	Total Return*		(10.13)%	(7.60)%	2.37%
	Net Assets, End of Period (in thousands)		$324,771	$695,302	$1,234,695
	Average Net Assets for the Period (in thousands)		$447,709	$1,025,799	$1,231,744
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.11%	1.03%	1.06%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.02%	1.02%	1.06%
		Ratio of Net Investment Income/(Loss)	0.17%	1.60%	2.59%
	Portfolio Turnover Rate		69%	82%	6%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are 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⁽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)	—
	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
	Net Asset Value, Beginning of Period		$32.18	$36.90	$35.48	$29.25
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.44	0.60	0.42	0.74
		Net realized and unrealized gain/(loss)	2.47	(5.02)	1.67	5.61
	Total from Investment Operations		2.91	(4.42)	2.09	6.35
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.96)	(0.30)	(0.67)	(0.12)
	Total Dividends and Distributions		(0.96)	(0.30)	(0.67)	(0.12)
	Net Asset Value, End of Period		$34.13	$32.18	$36.90	$35.48
	Total Return*		9.44%	(12.01)%	6.10%	21.73%
	Net Assets, End of Period (in thousands)		$1,277,021	$1,874,371	$2,357,546	$1,400,298
	Average Net Assets for the Period (in thousands)		$1,414,519	$2,276,749	$1,653,249	$804,994
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.07%	1.04%	1.07%	1.11%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.07%	1.04%	1.07%	1.11%
		Ratio of Net Investment Income/(Loss)	1.38%	1.83%	1.19%	2.09%
	Portfolio Turnover Rate		57%	62%	75%	90%

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

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

(1) Period from 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, 2019

Janus Henderson European Focus Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended March 31, 2019 (unaudited) and the year or period ended September 30			2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$31.64	$34.89	$34.10
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.05	0.56	0.13
		Net realized and unrealized gain/(loss)	(3.43)	(3.14)	0.66
	Total from Investment Operations		(3.38)	(2.58)	0.79
	Less Dividends and Distributions:
		Dividends (from net investment income)	(1.36)	(0.67)	—
	Total Dividends and Distributions		(1.36)	(0.67)	—
	Net Asset Value, End of Period		$26.90	$31.64	$34.89
	Total Return*		(10.12)%	(7.54)%	2.32%
	Net Assets, End of Period (in thousands)		$223	$284	$318
	Average Net Assets for the Period (in thousands)		$223	$332	$245
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.41%	1.43%	1.19%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.96%	0.97%	1.19%
		Ratio of Net Investment Income/(Loss)	0.35%	1.68%	2.29%
	Portfolio Turnover Rate		69%	82%	6%


Class S Shares
For a share outstanding during the period ended March 31, 2019 (unaudited) and the year or period ended September 30			2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$31.53	$35.01	$34.20
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	(0.02)	0.47	0.13
		Net realized and unrealized gain/(loss)	(3.46)	(3.20)	0.68
	Total from Investment Operations		(3.48)	(2.73)	0.81
	Less Dividends and Distributions:
		Dividends (from net investment income)	(2.02)	(0.75)	—
	Total Dividends and Distributions		(2.02)	(0.75)	—
	Net Asset Value, End of Period		$26.03	$31.53	$35.01
	Total Return*		(10.17)%	(7.96)%	2.37%
	Net Assets, End of Period (in thousands)		$43	$48	$52
	Average Net Assets for the Period (in thousands)		$42	$50	$50
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	8.68%	4.42%	1.48%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.28%	1.35%	1.30%
		Ratio of Net Investment Income/(Loss)	(0.14)%	1.42%	2.34%
	Portfolio Turnover Rate		69%	82%	6%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are 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)
	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⁽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)	—
	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, 2019

Janus Henderson European Focus Fund

Financial Highlights


Class T Shares
For a share outstanding during the period ended March 31, 2019 (unaudited) and the year or period ended September 30			2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$31.57	$35.03	$34.22
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.02	0.54	0.13
		Net realized and unrealized gain/(loss)	(3.38)	(3.21)	0.68
	Total from Investment Operations		(3.36)	(2.67)	0.81
	Less Dividends and Distributions:
		Dividends (from net investment income)	(1.08)	(0.79)	—
	Total Dividends and Distributions		(1.08)	(0.79)	—
	Net Asset Value, End of Period		$27.13	$31.57	$35.03
	Total Return*		(10.20)%	(7.79)%	2.37%
	Net Assets, End of Period (in thousands)		$852	$929	$1,275
	Average Net Assets for the Period (in thousands)		$779	$1,598	$1,077
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.70%	1.31%	1.22%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.17%	1.20%	1.18%
		Ratio of Net Investment Income/(Loss)	0.16%	1.59%	2.26%
	Portfolio Turnover Rate		69%	82%	6%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are 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⁽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)	—
	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, 2019

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 48 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.

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


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


28	MARCH 31, 2019

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)

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

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

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

The Fund did not hold a significant amount of Level 3 securities as of March 31, 2019.

Investment Transactions and Investment Income

Expenses

Estimates


Janus Investment Fund	29

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)

Indemnifications

Foreign Currency Translations

Dividends and Distributions

Federal Income Taxes

2. Derivative Instruments


30	MARCH 31, 2019

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)

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:

· 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.


Janus Investment Fund	31

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)

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.

The Fund may enter into forward currency contracts with the obligation to purchase 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 and/or in order to take a positive outlook on the related currency to increase exposure to currency risk.

The Fund may enter 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 and/or in order to take a negative outlook on the related currency to increase exposure to currency risk.

There were no forward currency contracts held at March 31, 2019.

Options Contracts

An options contract provides the purchaser with the right, but not the obligation, to buy (call option) or sell (put option) a financial instrument at an agreed upon price on or before a specified date. The purchaser pays a premium to the seller for this right. The seller has the corresponding obligation to sell or buy a financial instrument if the purchaser (owner) "exercises" the option. When an option is exercised, the proceeds on sales for a written call option, the purchase cost for a written put option, or the cost of the security for a purchased put or call option are adjusted by the amount of premium received or paid. Upon expiration, or closing of the option transaction, a realized gain or loss is reported on the Statement of Operations (if applicable). The difference between the premium paid/received and the market value of the option is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported on the Statement of Operations (if applicable). Certain options contracts are marked-to-market daily, and the daily variation margin is recorded as a receivable or payable on the Statement of Assets and Liabilities as “Variation margin receivable” or “Variation margin payable” (if applicable). The Fund may use options contracts to hedge against changes in interest rates, the values of equities, or foreign currencies. The Fund generally invests in options to hedge against adverse movements in the value of portfolio holdings. The use of such instruments may involve certain additional risks as a result of unanticipated movements in the market. A lack of correlation between the value of an instrument underlying an option and the asset being hedged, or unexpected adverse price movements, could render the Fund’s hedging strategy unsuccessful. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased or sold. The Fund may be subject to counterparty risk, interest rate risk, liquidity risk, equity risk, commodity risk, and currency risk in the normal course of pursuing its investment objective through its investments in options contracts.


32	MARCH 31, 2019

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)

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

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

During the period, the Fund purchased call options on various equity index securities for the purpose of increasing exposure to broad equity risk.

During the period, the Fund purchased put options on various equity index securities for the purpose of decreasing exposure to broad equity risk.

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

During the period, the Fund wrote put options on various equity securities for the purpose of increasing exposure to individual equity risk and/or generating income.

During the period, the Fund wrote put options on various equity indices for the purpose of increasing exposure to broad equity risk.

3. Other Investments and Strategies

Additional Investment Risk


Janus Investment Fund	33

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)

Counterparties

Offsetting Assets and Liabilities


34	MARCH 31, 2019

Janus Henderson European Focus 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

Deutsche Bank AG		$	11,791,110	$	—	$	(11,791,110)	$	—

(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.

Securities Lending


Janus Investment Fund	35

Janus Henderson European Focus 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, 2019, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $11,791,110 for equity securities. Gross amounts of recognized liabilities for securities lending (collateral received) as of March 31, 2019 is $12,381,742, resulting in the net amount due to the counterparty of $590,632.

4. 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
Over $2.5 Billion	0.80

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, 2020. 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.


36	MARCH 31, 2019

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)

Janus Services is compensated for its services related to the Fund’s Class D Shares. 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 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 Investment Fund	37

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)

separate and apart from advisory fees and other expenses paid in connection with the investment advisory services Janus Capital (or any subadvisor, as applicable) provides to the Fund. These amounts are disclosed as “Affiliated fund administration fees” on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund’s Chief Compliance Officer and certain compliance staff, all of whom are employees of Janus Capital and/or its affiliates, are shared with the Fund. Total compensation of $242,825 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended March 31, 2019. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

Effective April 1, 2018, BNP Paribas Financial Services (“BPFS”) provides certain administrative services to the Fund, including services related to Fund accounting, calculation of the Fund’s daily NAV, and Fund audit, tax, and reporting obligations, pursuant to a sub-administration agreement with Janus Capital on behalf of the Fund. Janus Capital, as administrator, oversees the provision of these services by BPFS. As compensation for such services, Janus Capital pays BPFS a fee based on a percentage of the Fund’s assets, along with a flat fee, and is reimbursed by the Fund for amounts paid to BPFS (to the extent Janus Capital seeks reimbursement and such costs are not otherwise waived). These amounts are disclosed as part of "Other expenses" on the Statement of Operations.

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, 2019, redeeming shareholders of Class A Shares paid CDSCs of $2,608 to Janus Henderson Distributors.


38	MARCH 31, 2019

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)

As of March 31, 2019, 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		2		-*
Class I Shares		-*		-*
Class N Shares		20		-*
Class S Shares		100		-*
Class T Shares		5		-*

*	Less than 0.50%

5. Federal Income Tax

Accumulated capital losses noted below represent net capital loss carryovers, as of September 30, 2018, 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, 2018
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$(201,920,147)	$(135,034,119)	$ (336,954,266)


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 558,571,589	$14,817,307	$(32,537,099)	$ (17,719,792)


Janus Investment Fund	39

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)

Information on the tax components of derivatives as of March 31, 2019 is as follows:


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ -	$ 207,770	$ (11,527)	$ 196,243

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

6. Capital Share Transactions



	Period ended March 31, 2019		Year ended September 30, 2018
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	938,849	$ 25,865,450	640,511	$ 21,780,184
Reinvested dividends and distributions	217,137	5,233,004	115,062	3,940,887
Shares repurchased	(1,765,716)	(47,058,292)	(2,986,968)	(100,372,876)
Net Increase/(Decrease)	(609,730)	$ (15,959,838)	(2,231,395)	$ (74,651,805)
Class C Shares:
Shares sold	151,904	$ 3,618,634	163,147	$ 5,201,201
Reinvested dividends and distributions	57,351	1,312,189	37,785	1,216,673
Shares repurchased	(1,957,542)	(49,824,942)	(1,849,968)	(57,991,165)
Net Increase/(Decrease)	(1,748,287)	$ (44,894,119)	(1,649,036)	$ (51,573,291)
Class D Shares:
Shares sold	21,668	$ 561,550	43,629	$ 1,478,386
Reinvested dividends and distributions	4,007	95,858	1,855	63,200
Shares repurchased	(25,625)	(696,940)	(33,789)	(1,133,850)
Net Increase/(Decrease)	50	$ (39,532)	11,695	$ 407,736
Class I Shares:
Shares sold	1,908,557	$ 49,917,039	7,302,305	$ 248,954,487
Reinvested dividends and distributions	661,604	15,818,962	635,496	21,625,919
Shares repurchased	(12,602,349)	(328,877,824)	(21,264,005)	(708,265,466)
Net Increase/(Decrease)	(10,032,188)	$(263,141,823)	(13,326,204)	$(437,685,060)
Class N Shares:
Shares sold	702	$ 19,744	5,092	$ 173,343
Reinvested dividends and distributions	435	10,309	202	6,895
Shares repurchased	(1,802)	(50,824)	(5,456)	(184,930)
Net Increase/(Decrease)	(665)	$ (20,771)	(162)	$ (4,692)
Class S Shares:
Shares sold	-	$ -	-	$ 1
Reinvested dividends and distributions	132	3,065	34	1,110
Shares repurchased	-	-	-	-
Net Increase/(Decrease)	132	$ 3,065	34	$ 1,111
Class T Shares:
Shares sold	9,854	$ 251,738	91,176	$ 3,098,424
Reinvested dividends and distributions	1,154	27,608	1,386	47,219
Shares repurchased	(9,026)	(236,139)	(99,509)	(3,292,294)
Net Increase/(Decrease)	1,982	$ 43,207	(6,947)	$ (146,651)


40	MARCH 31, 2019

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)

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
$458,840,325	$ 839,481,533	$ -	$ -

8. Recent Accounting Pronouncements

9. Subsequent Event


Janus Investment Fund	41

Janus Henderson European Focus Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD

Nature, Extent and Quality of Services


42	MARCH 31, 2019

Janus Henderson European Focus Fund

Additional Information (unaudited)

Performance of the Funds

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the JIF Funds:

Alternative Fund

Asset Allocation Funds


Janus Investment Fund	43

Janus Henderson European Focus Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


44	MARCH 31, 2019

Janus Henderson European Focus Fund

Additional Information (unaudited)

· For Janus Henderson International Small Cap Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 12 months ended May 31, 2018.

Money Market Funds


Janus Investment Fund	45

Janus Henderson European Focus Fund

Additional Information (unaudited)

Multi-Asset Funds

Multi-Asset U.S. Equity Funds


46	MARCH 31, 2019

Janus Henderson European Focus Fund

Additional Information (unaudited)

Quantitative Equity Funds

U.S. Equity Funds

Costs of Services Provided


Janus Investment Fund	47

Janus Henderson European Focus Fund

Additional Information (unaudited)

Alternative Fund

Asset Allocation Funds


48	MARCH 31, 2019

Janus Henderson European Focus Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


Janus Investment Fund	49

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 Real Estate 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

Multi-Asset Funds

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


50	MARCH 31, 2019

Janus Henderson European Focus Fund

Additional Information (unaudited)

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

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

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

· 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.

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.


Janus Investment Fund	51

Janus Henderson European Focus Fund

Additional Information (unaudited)

· 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.

Economies of Scale


52	MARCH 31, 2019

Janus Henderson European Focus Fund

Additional Information (unaudited)

Other Benefits to Janus Capital


Janus Investment Fund	53

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.


54	MARCH 31, 2019

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


Janus Investment Fund	55

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.


56	MARCH 31, 2019

Janus Henderson European Focus Fund

Notes

NotesPage1


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 Knowledge. Shared are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc. Janus Henderson Distributors
							125-24-93080 05-19



		SEMIANNUAL REPORT March 31, 2019

	Janus Henderson Forty Fund

	Janus Investment Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by contacting a Janus Henderson representative. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by visiting janushenderson.com/edelivery. You may elect to receive all future reports in paper free of charge. If you do not invest directly with the Fund, you should contact your plan sponsor, broker-dealer, or financial intermediary, to request to continue receiving paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-525-3713 to let the Fund know that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Janus Henderson mutual funds where held (i.e., all Janus Henderson mutual funds held in your account if you invest through your financial intermediary or all Janus Henderson mutual funds held with the fund complex if you invest directly with a 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	45

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, 2019, Janus Henderson Forty Fund’s Class I Shares returned -0.79% versus a return of -2.34% for the Fund’s primary benchmark, the Russell 1000^{^®} Growth Index. The Fund’s secondary benchmark, the S&P 500^{^®} Index, returned -1.72% for the period.

INVESTMENT ENVIRONMENT

Equities fell sharply in the fourth quarter and then rebounded in the early months of 2019. Fears of slowing global economic growth, rising trade tensions between the U.S. and China and a rising fed funds rate all played a role in driving stocks lower in the fourth quarter. Stocks reversed course in January and February, after the Federal Reserve indicated it would take a cautious approach to raising interest rates while inflation remained low. Increasing hopes that the U.S. and China were making progress toward a trade deal also supported stocks in the first quarter.

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 portfolio continued to put up impressive results and validate our view that they are well positioned to grow in excess of the market.

American Tower REIT was our largest contributor. REITs and other defensive stocks generally performed better than the broader market during the fourth quarter, but strong operating performance has also played a role in the stock’s appreciation. Going forward, we like the growth opportunity in front of American Tower. The company owns and operates wireless and broadcast communications towers, and demand for its critical infrastructure should only grow as the population uses ever more data. Further, companies such as American Tower enjoy local monopolies of the land and towers they own, which should give them a high degree of pricing power as data demand grows.

PayPal was another stock that made meaningful contributions to Fund performance. In recent months the company has announced several rewards programs and partnerships with retailers, payments companies and banks. The company also made a strategic investment in Latin American e-commerce giant MercadoLibre, and launched a new “Checkout with Instagram” program, which allows consumers who tap on Instagram’s product tags to buy those products. Together, these initiatives increase the likelihood the company can sustain high earnings and revenue growth, and helped drive the stock higher. We continue to see upside for PayPal, as more commerce migrates to mobile devices.

Merck was another contributor. During the period, the pharmaceutical giant reported positive earnings and revenue growth, driven in part by sales of Keytruda, a cancer-fighting immunotherapy. We believe Keytruda still has significant growth potential: In late summer, both the FDA and European Medicines Agency approved a combination treatment of Keytruda and chemotherapy to address non-small cell lung cancer. Late-stage clinical trials showed that this combination significantly improved overall survival for patients, reducing the risk of death by more than 50% compared to chemotherapy alone. In addition, Merck continues to research other indications for the drug and recently reported positive phase 3 trial


Janus Investment Fund	1

Janus Henderson Forty Fund (unaudited)

results for Keytruda, in combination with chemotherapy, for the treatment of kidney cancer.

We also held stocks that detracted from results. Amazon was our largest detractor. The stock was down after the company released earnings guidance below consensus estimates. International growth for the company has also slowed in recent months, but our general view on the stock hasn’t changed. 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.

Nvidia also detracted from performance. The stock declined after the company reported earnings below consensus expectations. We continue to like the Nvidia’s long-term outlook, however. The company is a leading supplier of Graphics Processing Units (GPUs), which are at the forefront of accelerated computing, artificial intelligence and autonomous driving. We like the company’s growth potential as these secular themes push forward.

Allergan was another detractor. A few executional issues negatively affected the stock during the period. In the first quarter, the pharmaceutical company walked back expectations it would divest two units, which disappointed investors and created less confidence in the company’s management team. In the first quarter, the company made no mention of Rapastinel, a key pipeline drug treating major depressive disorder, in its earnings release. The company had recently completed phase 3 trials for the drug and its omission from the news released fueled speculation that some of the data from those trials may not be positive. The company, meanwhile, stated that the omission was simply an oversight. We are looking past these near-term issues, and continue to see upside for 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. We also believe that with credibility of management low, a change in management or simply better execution by the company could be a catalyst for better stock performance.

OUTLOOK

We believe U.S. equities are fairly valued, given a backdrop of moderate domestic economic growth and more dovish Fed policy. However, with stocks already reasonably valued and international economic growth and trade conflict still posing risks to markets, we don’t envision further multiple expansion. Instead, companies will need to demonstrate consistent earnings growth to drive further stock price appreciation.

We believe our portfolio is well suited for such an environment. Many of our holdings underpin some of the most powerful secular growth themes in today’s economy: the shift from traditional brick and mortar shopping to online spending, the switch of enterprise software from on-premises to the cloud, a proliferation of connected devices in the home and business, the shift in autos from the combustible engine to electronic vehicles and a growing global middle class, to name a few. We’ve mentioned these themes in prior quarters and while they are well known, they are still early in their development. We remain confident in our companies’ ability to grow earnings as these themes progress, and welcome backdrops in which earnings growth determines stock performance.

Thank you for your investment in Janus Henderson Forty Fund.


2	MARCH 31, 2019

Janus Henderson Forty Fund (unaudited)

Fund At A Glance

March 31, 2019





	5 Top Performers - Holdings		5 Bottom Performers - Holdings
		Contribution		Contribution
	American Tower Corp	0.98%	Amazon.com Inc	-0.74%
	PayPal Holdings Inc	0.43%	NVIDIA Corp	-0.72%
	Starbucks Corp	0.36%	Apple Inc	-0.66%
	Merck & Co Inc	0.32%	Allergan PLC	-0.54%
	Intuit Inc	0.31%	Activision Blizzard Inc	-0.50%

	5 Top Performers - Sectors*
		Fund	Fund Weighting	Russell 1000 Growth Index
		Contribution	(Average % of Equity)	Weighting
	Real Estate	0.72%	3.35%	2.26%
	Health Care	0.45%	17.84%	13.93%
	Information Technology	0.33%	32.53%	31.92%
	Consumer Discretionary	0.33%	10.32%	15.06%
	Industrials	0.32%	7.69%	12.00%

	5 Bottom Performers - Sectors*
		Fund	Fund Weighting	Russell 1000 Growth Index
		Contribution	(Average % of Equity)	Weighting
	Communication Services	-0.37%	11.62%	12.02%
	Consumer Staples	-0.31%	0.00%	5.82%
	Financials	-0.24%	8.13%	4.38%
	Other**	0.02%	3.42%	0.00%
	Energy	0.15%	0.00%	0.81%

	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, 2019


5 Largest Equity Holdings - (% of Net Assets)
Alphabet Inc - Class C
Interactive Media & Services	7.1%
Microsoft Corp
Software	7.0%
Mastercard Inc
Information Technology Services	6.2%
Amazon.com Inc
Internet & Direct Marketing Retail	4.9%
salesforce.com Inc
Software	4.4%
	29.6%


Asset Allocation - (% of Net Assets)
Common Stocks	96.7%
Investment Companies	3.6%
Other		(0.3)%
		100.0%

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

As of March 31, 2019

As of September 30, 2018


4	MARCH 31, 2019

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, 2019						per the January 28, 2019 prospectuses
	Fiscal Year-to-Date	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses
Class A Shares at NAV	-0.93%	12.10%	14.03%	15.89%	11.29%	1.04%
Class A Shares at MOP	-6.62%	5.65%	12.68%	15.20%	11.11%
Class C Shares at NAV	-1.23%	11.45%	13.37%	15.10%	10.72%	1.74%
Class C Shares at CDSC	-2.12%	10.45%	13.37%	15.10%	10.72%
Class D Shares⁽¹⁾	-0.79%	12.42%	13.94%	15.76%	11.29%	0.79%
Class I Shares	-0.79%	12.48%	14.40%	16.23%	11.29%	0.72%
Class N Shares	-0.73%	12.56%	14.49%	15.76%	11.29%	0.66%
Class R Shares	-1.10%	11.71%	13.63%	15.45%	11.03%	1.40%
Class S Shares	-0.97%	12.03%	13.94%	15.76%	11.29%	1.15%
Class T Shares	-0.84%	12.29%	14.22%	15.76%	11.29%	0.91%
Russell 1000 Growth Index	-2.34%	12.75%	13.50%	17.52%	7.87%
S&P 500 Index	-1.72%	9.50%	10.91%	15.92%	7.97%
Morningstar Quartile - Class S Shares	-	2nd	1st	3rd	1st
Morningstar Ranking - based on total returns for Large Growth Funds	-	552/1,427	173/1,314	640/1,126	27/620

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

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

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

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 Forty Fund (unaudited)

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.

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.


6	MARCH 31, 2019

Janus Henderson Forty Fund (unaudited)

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 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 (10/1/18)	Ending Account Value (3/31/19)	Expenses Paid During Period (10/1/18 - 3/31/19)†	Beginning Account Value (10/1/18)	Ending Account Value (3/31/19)	Expenses Paid During Period (10/1/18 - 3/31/19)†	Net Annualized Expense Ratio (10/1/18 - 3/31/19)
Class A Shares		$1,000.00	$990.70	$4.62	$1,000.00	$1,020.29	$4.68	0.93%
Class C Shares		$1,000.00	$987.70	$7.63	$1,000.00	$1,017.25	$7.75	1.54%
Class D Shares		$1,000.00	$992.10	$3.48	$1,000.00	$1,021.44	$3.53	0.70%
Class I Shares		$1,000.00	$992.10	$3.13	$1,000.00	$1,021.79	$3.18	0.63%
Class N Shares		$1,000.00	$992.70	$2.78	$1,000.00	$1,022.14	$2.82	0.56%
Class R Shares		$1,000.00	$989.00	$6.50	$1,000.00	$1,018.40	$6.59	1.31%
Class S Shares		$1,000.00	$990.30	$5.21	$1,000.00	$1,019.70	$5.29	1.05%
Class T Shares		$1,000.00	$991.60	$3.92	$1,000.00	$1,020.99	$3.98	0.79%
†	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, 2019

Janus Henderson Forty Fund

Schedule of Investments (unaudited)

March 31, 2019


Shares			Value
Common Stocks– 96.7%
Aerospace & Defense – 5.3%
	Boeing Co	957,470	$365,198,207
	Harris Corp	1,884,736	301,011,187
			666,209,394
Banks – 2.0%
	Bank of America Corp	9,262,750	255,559,272
Capital Markets – 4.9%
	Charles Schwab Corp	5,424,201	231,938,835
	Intercontinental Exchange Inc	5,130,485	390,635,128
			622,573,963
Chemicals – 4.1%
	Air Products & Chemicals Inc	1,173,940	224,175,582
	Sherwin-Williams Co	668,387	287,880,965
			512,056,547
Construction Materials – 1.4%
	Vulcan Materials Co	1,477,318	174,914,451
Electronic Equipment, Instruments & Components – 0.5%
	Cognex Corp	1,332,172	67,754,268
Entertainment – 5.2%
	Netflix Inc*	971,526	346,407,311
	Walt Disney Co	2,815,722	312,629,614
			659,036,925
Equity Real Estate Investment Trusts (REITs) – 3.6%
	American Tower Corp	2,292,653	451,790,200
Health Care Equipment & Supplies – 8.1%
	Abbott Laboratories	2,186,314	174,773,941
	Boston Scientific Corp*	8,692,798	333,629,587
	Edwards Lifesciences Corp*	870,648	166,581,082
	Intuitive Surgical Inc*	615,579	351,237,066
			1,026,221,676
Health Care Providers & Services – 1.9%
	Humana Inc	902,786	240,141,076
Information Technology Services – 10.2%
	Mastercard Inc	3,345,115	787,607,327
	Pagseguro Digital Ltd*^,#	3,696,676	110,345,779
	PayPal Holdings Inc*	3,713,566	385,616,693
			1,283,569,799
Interactive Media & Services – 8.8%
	Alphabet Inc - Class C*	767,277	900,253,777
	Facebook Inc*	1,217,296	202,911,070
			1,103,164,847
Internet & Direct Marketing Retail – 4.9%
	Amazon.com Inc*	345,300	614,892,975
Pharmaceuticals – 6.4%
	Allergan PLC	2,158,529	316,030,231
	Merck & Co Inc	3,092,362	257,191,747
	Zoetis Inc	2,287,377	230,270,243
			803,492,221
Professional Services – 1.2%
	CoStar Group Inc*	326,335	152,209,171
Road & Rail – 1.0%
	Union Pacific Corp	784,716	131,204,515
Semiconductor & Semiconductor Equipment – 6.6%
	ASML Holding NV	1,281,511	240,988,144
	NVIDIA Corp	1,231,907	221,201,221
	Texas Instruments Inc	3,453,296	366,291,107
			828,480,472
Software – 14.9%
	Adobe Inc*	910,862	242,735,614


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, 2019


Shares			Value
Common Stocks– (continued)
Software – (continued)
	Intuit Inc	805,244	$210,498,834
	Microsoft Corp	7,453,682	879,087,255
	salesforce.com Inc*	3,472,954	550,011,725
			1,882,333,428
Specialty Retail – 2.4%
	Home Depot Inc	1,600,744	307,166,766
Technology Hardware, Storage & Peripherals – 1.5%
	Apple Inc	998,787	189,719,591
Textiles, Apparel & Luxury Goods – 1.8%
	NIKE Inc	2,670,120	224,850,805
Total Common Stocks (cost $8,253,954,998)			12,197,342,362
Investment Companies– 3.6%
Investments Purchased with Cash Collateral from Securities Lending – 0.1%
	Janus Henderson Cash Collateral Fund LLC, 2.4088%^ºº,£	9,548,000	9,548,000
Money Markets – 3.5%
	Janus Henderson Cash Liquidity Fund LLC, 2.4475%^ºº,£	440,212,546	440,212,546
Total Investment Companies (cost $449,760,546)			449,760,546
Total Investments (total cost $8,703,715,544) – 100.3%			12,647,102,908
Liabilities, net of Cash, Receivables and Other Assets – (0.3)%			(32,626,485)
Net Assets – 100%			$12,614,476,423


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

		% of
		Investment
Country	Value	Securities
United States	$12,295,768,985	97.2	%
Netherlands	240,988,144	1.9
Brazil	110,345,779	0.9



Total	$12,647,102,908	100.0	%

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 3/31/19
Investment Companies - 3.6%
Investments Purchased with Cash Collateral from Securities Lending - 0.1%
	Janus Henderson Cash Collateral Fund LLC, 2.4088%^ºº	$	4,891^∆	$	-	$	-	$	9,548,000
Money Markets - 3.5%
	Janus Henderson Cash Liquidity Fund LLC, 2.4475%^ºº		4,657,720		-		-		440,212,546
Total Affiliated Investments - 3.6%		$	4,662,611	$	-	$	-	$	449,760,546


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

10	MARCH 31, 2019

Janus Henderson Forty Fund

Schedule of Investments (unaudited)

March 31, 2019


		Share Balance at 9/30/18		Purchases		Sales		Share Balance at 3/31/19
Investment Companies - 3.6%
Investments Purchased with Cash Collateral from Securities Lending - 0.1%
	Janus Henderson Cash Collateral Fund LLC, 2.4088%^ºº		-		108,690,425		(99,142,425)		9,548,000
Money Markets - 3.5%
	Janus Henderson Cash Liquidity Fund LLC, 2.4475%^ºº		319,371,513		1,804,030,033		(1,683,189,000)		440,212,546


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.


LLC	Limited Liability Company
PLC	Public Limited Company


*	Non-income producing security.


ºº	Rate shown is the 7-day yield as of March 31, 2019.


#	Loaned security; a portion of the security is on loan at March 31, 2019.


£	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, 2019. See Notes to Financial Statements for more information.

Valuation Inputs Summary

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

Assets
Investments in Securities:
Common Stocks	$	12,197,342,362	$	-	$	-
Investment Companies		-		449,760,546		-
Total Assets	$	12,197,342,362	$	449,760,546	$	-


12	MARCH 31, 2019

Janus Henderson Forty Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2019

See footnotes at the end of the Statement



Assets:
	Unaffiliated investments, at value⁽¹⁾⁽²⁾		$	12,197,342,362
	Affiliated investments, at value⁽³⁾			449,760,546
	Cash			2,179,199
	Non-interested Trustees' deferred compensation			306,515
	Receivables:
		Dividends		8,353,359
		Fund shares sold		2,658,468
		Dividends from affiliates		915,039
		Foreign tax reclaims		46,644
	Other assets			61,861
Total Assets				12,661,623,993
Liabilities:
	Collateral for securities loaned (Note 2)			9,548,000
	Payables:			—
		Investments purchased		20,371,806
		Fund shares repurchased		8,368,124
		Advisory fees		6,022,877
		Transfer agent fees and expenses		1,737,545
		12b-1 Distribution and shareholder servicing fees		337,719
		Non-interested Trustees' deferred compensation fees		306,515
		Non-interested Trustees' fees and expenses		88,186
		Professional fees		29,477
		Affiliated fund administration fees payable		26,557
		Custodian fees		4,313
		Accrued expenses and other payables		306,451
Total Liabilities				47,147,570
Net Assets			$	12,614,476,423


See Notes to Financial Statements.

Janus Investment Fund	13

Janus Henderson Forty Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2019




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	8,207,251,709
	Total distributable earnings (loss)		4,407,224,714
Total Net Assets		$	12,614,476,423
Net Assets - Class A Shares		$	273,718,274
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		8,012,583
Net Asset Value Per Share⁽⁴⁾		$	34.16
Maximum Offering Price Per Share⁽⁵⁾		$	36.24
Net Assets - Class C Shares		$	153,213,853
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		5,507,558
Net Asset Value Per Share⁽⁴⁾		$	27.82
Net Assets - Class D Shares		$	7,560,350,968
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		228,767,514
Net Asset Value Per Share		$	33.05
Net Assets - Class I Shares		$	1,081,283,878
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		30,442,160
Net Asset Value Per Share		$	35.52
Net Assets - Class N Shares		$	209,408,605
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		5,873,167
Net Asset Value Per Share		$	35.66
Net Assets - Class R Shares		$	113,925,468
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,751,739
Net Asset Value Per Share		$	30.37
Net Assets - Class S Shares		$	470,858,488
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		14,374,577
Net Asset Value Per Share		$	32.76
Net Assets - Class T Shares		$	2,751,716,889
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		82,201,347
Net Asset Value Per Share		$	33.48

(1) Includes cost of $8,253,954,998.

(2) Includes $9,317,000 of securities on loan. See Note 2 in Notes to Financial Statements.

(3) Includes cost of $449,760,546.

(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, 2019

Janus Henderson Forty Fund

Statement of Operations (unaudited)

For the period ended March 31, 2019



Investment Income:
	Dividends		$	55,371,457
	Dividends from affiliates			4,657,720
	Affiliated securities lending income, net			4,891
	Other income			59
Total Investment Income				60,034,127
Expenses:
	Advisory fees			36,020,521
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		307,345
		Class C Shares		748,574
		Class R Shares		278,720
		Class S Shares		570,342
	Transfer agent administrative fees and expenses:
		Class D Shares		4,267,527
		Class R Shares		140,395
		Class S Shares		571,472
		Class T Shares		3,262,772
	Transfer agent networking and omnibus fees:
		Class A Shares		140,268
		Class C Shares		65,872
		Class I Shares		336,623
	Other transfer agent fees and expenses:
		Class A Shares		11,962
		Class C Shares		8,224
		Class D Shares		355,847
		Class I Shares		22,261
		Class N Shares		2,252
		Class R Shares		704
		Class S Shares		2,377
		Class T Shares		11,982
	Shareholder reports expense			387,398
	Non-interested Trustees’ fees and expenses			190,678
	Affiliated fund administration fees			148,956
	Registration fees			122,526
	Professional fees			68,790
	Custodian fees			38,318
	Other expenses			351,033
Total Expenses				48,433,739
Less: Excess Expense Reimbursement and Waivers				(4,027,386)
Net Expenses				44,406,353
Net Investment Income/(Loss)				15,627,774
Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions			554,063,266
Total Net Realized Gain/(Loss) on Investments				554,063,266
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation			(726,867,976)
Total Change in Unrealized Net Appreciation/Depreciation				(726,867,976)
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	(157,176,936)


See Notes to Financial Statements.

Janus Investment Fund	15

Janus Henderson Forty Fund

Statements of Changes in Net Assets



			Period ended March 31, 2019 (unaudited)		Year ended September 30, 2018

Operations:
	Net investment income/(loss)		$	15,627,774	$	8,325,072
	Net realized gain/(loss) on investments			554,063,266		877,375,058
	Change in unrealized net appreciation/depreciation			(726,867,976)		1,749,329,444
Net Increase/(Decrease) in Net Assets Resulting from Operations				(157,176,936)		2,635,029,574
Dividends and Distributions to Shareholders
		Class A Shares		(18,784,552)		(18,668,804)
		Class C Shares		(14,002,455)		(23,620,519)
		Class D Shares		(541,315,460)		(606,032,510)
		Class I Shares		(72,448,869)		(79,398,011)
		Class N Shares		(13,332,985)		(13,224,478)
		Class R Shares		(9,326,536)		(11,176,636)
		Class S Shares		(35,225,231)		(45,770,346)
		Class T Shares		(197,037,274)		(226,361,963)
Net Decrease from Dividends and Distributions to Shareholders				(901,473,362)		(1,024,253,267)
Capital Share Transactions:
		Class A Shares		53,951,812		(2,149,055)
		Class C Shares		(51,384,519)		(33,771,099)
		Class D Shares		341,549,653		243,507,193
		Class I Shares		43,663,029		48,594,533
		Class N Shares		24,026,878		26,335,604
		Class R Shares		(2,422,046)		(5,991,772)
		Class S Shares		(2,221,879)		(66,337,774)
		Class T Shares		53,575,993		47,782,581
Net Increase/(Decrease) from Capital Share Transactions				460,738,921		257,970,211
Net Increase/(Decrease) in Net Assets				(597,911,377)		1,868,746,518
Net Assets:
	Beginning of period			13,212,387,800		11,343,641,282
	End of period		$	12,614,476,423	$	13,212,387,800


See Notes to Financial Statements.

16	MARCH 31, 2019

Janus Henderson Forty Fund

Financial Highlights


Class A Shares
For a share outstanding during the period ended March 31, 2019 (unaudited) and the year ended September 30			2019	2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$37.42	$33.03	$30.17	$31.28	$41.89	$45.79
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.01	(0.04)	(0.03)	(0.10)	(0.11)	(0.13)
		Net realized and unrealized gain/(loss)	(0.74)	7.38	6.13	3.50	3.70	5.38
	Total from Investment Operations		(0.73)	7.34	6.10	3.40	3.59	5.25
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—	(0.39)
		Distributions (from capital gains)	(2.53)	(2.95)	(3.24)	(4.51)	(14.20)	(8.76)
	Total Dividends and Distributions		(2.53)	(2.95)	(3.24)	(4.51)	(14.20)	(9.15)
	Net Asset Value, End of Period		$34.16	$37.42	$33.03	$30.17	$31.28	$41.89
	Total Return*		(0.93)%	23.77%	22.03%	11.36%	10.79%	12.72%
	Net Assets, End of Period (in thousands)		$273,718	$237,547	$211,197	$233,191	$220,007	$251,009
	Average Net Assets for the Period (in thousands)		$246,551	$220,973	$219,728	$234,755	$232,651	$353,889
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.00%	1.04%	1.07%	1.10%	1.05%	0.92%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.93%	0.98%	1.02%	1.10%	1.05%	0.92%
		Ratio of Net Investment Income/(Loss)	0.09%	(0.13)%	(0.11)%	(0.32)%	(0.33)%	(0.30)%
	Portfolio Turnover Rate		24%	37%	56%	40%	49%	51%


Class C Shares
For a share outstanding during the period ended March 31, 2019 (unaudited) and the year ended September 30			2019	2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$31.11	$28.08	$26.27	$27.92	$39.00	$43.19
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.08)	(0.21)	(0.19)	(0.23)	(0.22)	(0.41)
		Net realized and unrealized gain/(loss)	(0.68)	6.19	5.24	3.09	3.34	5.04
	Total from Investment Operations		(0.76)	5.98	5.05	2.86	3.12	4.63
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—	(0.06)
		Distributions (from capital gains)	(2.53)	(2.95)	(3.24)	(4.51)	(14.20)	(8.76)
	Total Dividends and Distributions		(2.53)	(2.95)	(3.24)	(4.51)	(14.20)	(8.82)
	Net Asset Value, End of Period		$27.82	$31.11	$28.08	$26.27	$27.92	$39.00
	Total Return*		(1.23)%	23.05%	21.24%	10.72%	10.26%	11.89%
	Net Assets, End of Period (in thousands)		$153,214	$227,488	$235,992	$261,902	$258,107	$297,564
	Average Net Assets for the Period (in thousands)		$167,248	$235,933	$245,129	$262,926	$281,771	$320,463
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.61%	1.66%	1.69%	1.68%	1.45%	1.67%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.54%	1.59%	1.64%	1.68%	1.45%	1.67%
		Ratio of Net Investment Income/(Loss)	(0.56)%	(0.74)%	(0.72)%	(0.91)%	(0.73)%	(1.04)%
	Portfolio Turnover Rate		24%	37%	56%	40%	49%	51%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are 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, 2019 (unaudited) and the year or period ended September 30			2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$36.25	$32.02	$28.81
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.05	0.04	0.05
		Net realized and unrealized gain/(loss)	(0.72)	7.15	4.62
	Total from Investment Operations		(0.67)	7.19	4.67
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	(0.01)	—
	Total Dividends and Distributions		(2.53)	(2.96)	(1.46)
	Net Asset Value, End of Period		$33.05	$36.25	$32.02
	Total Return*		(0.79)%	24.06%	16.71%
	Net Assets, End of Period (in thousands)		$7,560,351	$7,842,180	$6,646,830
	Average Net Assets for the Period (in thousands)		$7,132,084	$7,241,280	$4,012,697
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.76%	0.79%	0.82%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.70%	0.73%	0.73%
		Ratio of Net Investment Income/(Loss)	0.31%	0.13%	0.25%
	Portfolio Turnover Rate		24%	37%	56%


Class I Shares
For a share outstanding during the period ended March 31, 2019 (unaudited) and the year ended September 30			2019	2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$38.74	$34.00	$30.87	$31.83	$42.28	$46.14
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.07	0.07	0.07	—⁽³⁾	(0.01)	0.02
		Net realized and unrealized gain/(loss)	(0.76)	7.63	6.30	3.55	3.76	5.42
	Total from Investment Operations		(0.69)	7.70	6.37	3.55	3.75	5.44
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	(0.01)	—	—	—	(0.54)
		Distributions (from capital gains)	(2.53)	(2.95)	(3.24)	(4.51)	(14.20)	(8.76)
	Total Dividends and Distributions		(2.53)	(2.96)	(3.24)	(4.51)	(14.20)	(9.30)
	Net Asset Value, End of Period		$35.52	$38.74	$34.00	$30.87	$31.83	$42.28
	Total Return*		(0.79)%	24.19%	22.43%	11.67%	11.17%	13.11%
	Net Assets, End of Period (in thousands)		$1,081,284	$1,125,445	$935,002	$776,138	$834,919	$1,095,564
	Average Net Assets for the Period (in thousands)		$1,022,947	$1,024,982	$820,856	$807,798	$964,589	$773,534
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.69%	0.72%	0.75%	0.78%	0.75%	0.60%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.63%	0.66%	0.70%	0.78%	0.75%	0.60%
		Ratio of Net Investment Income/(Loss)	0.38%	0.19%	0.22%	(0.01)%	(0.04)%	0.05%
	Portfolio Turnover Rate		24%	37%	56%	40%	49%	51%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are 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, 2019

Janus Henderson Forty Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended March 31, 2019 (unaudited) and the year ended September 30			2019	2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$38.86	$34.08	$30.92	$31.86	$42.26	$46.15
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.08	0.09	0.09	0.02	0.02	0.06
		Net realized and unrealized gain/(loss)	(0.75)	7.66	6.31	3.55	3.78	5.40
	Total from Investment Operations		(0.67)	7.75	6.40	3.57	3.80	5.46
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	(0.02)	—	—	—	(0.59)
		Distributions (from capital gains)	(2.53)	(2.95)	(3.24)	(4.51)	(14.20)	(8.76)
	Total Dividends and Distributions		(2.53)	(2.97)	(3.24)	(4.51)	(14.20)	(9.35)
	Net Asset Value, End of Period		$35.66	$38.86	$34.08	$30.92	$31.86	$42.26
	Total Return*		(0.73)%	24.27%	22.49%	11.73%	11.34%	13.17%
	Net Assets, End of Period (in thousands)		$209,409	$199,929	$148,223	$129,093	$110,956	$68,810
	Average Net Assets for the Period (in thousands)		$191,979	$178,576	$147,902	$122,505	$87,250	$54,492
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.63%	0.66%	0.68%	0.71%	0.69%	0.52%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.56%	0.60%	0.63%	0.71%	0.69%	0.52%
		Ratio of Net Investment Income/(Loss)	0.45%	0.26%	0.30%	0.06%	0.06%	0.15%
	Portfolio Turnover Rate		24%	37%	56%	40%	49%	51%


Class R Shares
For a share outstanding during the period ended March 31, 2019 (unaudited) and the year ended September 30			2019	2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$33.65	$30.08	$27.84	$29.30	$40.19	$44.25
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.04)	(0.15)	(0.13)	(0.19)	(0.22)	(0.26)
		Net realized and unrealized gain/(loss)	(0.71)	6.67	5.61	3.24	3.53	5.18
	Total from Investment Operations		(0.75)	6.52	5.48	3.05	3.31	4.92
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—	(0.22)
		Distributions (from capital gains)	(2.53)	(2.95)	(3.24)	(4.51)	(14.20)	(8.76)
	Total Dividends and Distributions		(2.53)	(2.95)	(3.24)	(4.51)	(14.20)	(8.98)
	Net Asset Value, End of Period		$30.37	$33.65	$30.08	$27.84	$29.30	$40.19
	Total Return*		(1.10)%	23.34%	21.62%	10.88%	10.47%	12.35%
	Net Assets, End of Period (in thousands)		$113,925	$127,954	$119,259	$116,521	$119,501	$136,575
	Average Net Assets for the Period (in thousands)		$112,624	$123,528	$115,657	$118,781	$131,651	$150,821
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.37%	1.40%	1.43%	1.47%	1.41%	1.27%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.31%	1.34%	1.37%	1.47%	1.41%	1.27%
		Ratio of Net Investment Income/(Loss)	(0.30)%	(0.49)%	(0.46)%	(0.69)%	(0.69)%	(0.64)%
	Portfolio Turnover Rate		24%	37%	56%	40%	49%	51%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are 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, 2019 (unaudited) and the year ended September 30			2019	2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$36.02	$31.93	$29.29	$30.54	$41.21	$45.16
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.01)	(0.08)	(0.06)	(0.12)	(0.13)	(0.15)
		Net realized and unrealized gain/(loss)	(0.72)	7.12	5.94	3.38	3.66	5.31
	Total from Investment Operations		(0.73)	7.04	5.88	3.26	3.53	5.16
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—	(0.35)
		Distributions (from capital gains)	(2.53)	(2.95)	(3.24)	(4.51)	(14.20)	(8.76)
	Total Dividends and Distributions		(2.53)	(2.95)	(3.24)	(4.51)	(14.20)	(9.11)
	Net Asset Value, End of Period		$32.76	$36.02	$31.93	$29.29	$30.54	$41.21
	Total Return*		(0.97)%	23.63%	21.93%	11.15%	10.86%	12.69%
	Net Assets, End of Period (in thousands)		$470,858	$516,748	$517,623	$535,216	$582,208	$687,469
	Average Net Assets for the Period (in thousands)		$458,434	$525,707	$512,584	$567,568	$658,459	$1,215,799
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.12%	1.15%	1.18%	1.21%	1.18%	1.02%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.05%	1.08%	1.12%	1.21%	1.12%	0.97%
		Ratio of Net Investment Income/(Loss)	(0.05)%	(0.23)%	(0.20)%	(0.43)%	(0.40)%	(0.35)%
	Portfolio Turnover Rate		24%	37%	56%	40%	49%	51%


Class T Shares
For a share outstanding during the period ended March 31, 2019 (unaudited) and the year ended September 30			2019	2018	2017	2016	2015	2014
	Net Asset Value, Beginning of Period		$36.70	$32.40	$29.61	$30.76	$41.34	$45.27
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.03	0.01	0.05	(0.05)	(0.06)	(0.06)
		Net realized and unrealized gain/(loss)	(0.72)	7.24	5.98	3.41	3.68	5.31
	Total from Investment Operations		(0.69)	7.25	6.03	3.36	3.62	5.25
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—⁽²⁾	—	—	—	(0.42)
		Distributions (from capital gains)	(2.53)	(2.95)	(3.24)	(4.51)	(14.20)	(8.76)
	Total Dividends and Distributions		(2.53)	(2.95)	(3.24)	(4.51)	(14.20)	(9.18)
	Net Asset Value, End of Period		$33.48	$36.70	$32.40	$29.61	$30.76	$41.34
	Total Return*		(0.84)%	23.96%	22.22%	11.43%	11.10%	12.90%
	Net Assets, End of Period (in thousands)		$2,751,717	$2,935,096	$2,529,514	$88,954	$54,994	$25,731
	Average Net Assets for the Period (in thousands)		$2,617,388	$2,727,557	$1,084,741	$85,549	$36,846	$30,580
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.87%	0.91%	0.93%	0.96%	0.95%	0.77%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.79%	0.83%	0.82%	0.96%	0.94%	0.76%
		Ratio of Net Investment Income/(Loss)	0.21%	0.02%	0.15%	(0.17)%	(0.17)%	(0.13)%
	Portfolio Turnover Rate		24%	37%	56%	40%	49%	51%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are 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, 2019

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


Janus Investment Fund	21

Janus Henderson Forty Fund

Notes to Financial Statements (unaudited)

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

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, 2019

Janus Henderson Forty Fund

Notes to Financial Statements (unaudited)

an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

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

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

Investment Transactions and Investment Income

Expenses

Estimates

Indemnifications


Janus Investment Fund	23

Janus Henderson Forty Fund

Notes to Financial Statements (unaudited)

Foreign Currency Translations

Dividends and Distributions

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


24	MARCH 31, 2019

Janus Henderson Forty Fund

Notes to Financial Statements (unaudited)

Counterparties

Offsetting Assets and Liabilities


Janus Investment Fund	25

Janus Henderson Forty 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

Deutsche Bank AG		$	9,317,000	$	—	$	(9,317,000)	$	—

(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.

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 securities at the close of business, employing the most recent available pricing information. Collateral levels are then adjusted based on this mark-to-market evaluation.

Real Estate Investing

Securities Lending


26	MARCH 31, 2019

Janus Henderson Forty Fund

Notes to Financial Statements (unaudited)

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 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, 2019, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $9,317,000 for equity securities. Gross amounts of recognized liabilities for securities lending (collateral received) as of March 31, 2019 is $9,548,000, resulting in the net amount due to the counterparty of $231,000.

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, 2019, the performance adjusted investment advisory fee rate before any waivers and/or reimbursements of expenses is 0.60%.


Janus Investment Fund	27

Janus Henderson Forty Fund

Notes to Financial Statements (unaudited)

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, 2020. If applicable, amounts waived and/or reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.

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

Janus Services is compensated for its services related to the Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.


28	MARCH 31, 2019

Janus Henderson Forty Fund

Notes to Financial Statements (unaudited)

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.

Effective April 1, 2018, BNP Paribas Financial Services (“BPFS”) provides certain administrative services to the Fund, including services related to Fund accounting, calculation of the Fund’s daily NAV, and Fund audit, tax, and reporting obligations, pursuant to a sub-administration agreement with Janus Capital on behalf of the Fund. Janus Capital, as administrator, oversees the provision of these services by BPFS. As compensation for such services, Janus Capital pays BPFS a fee based on a percentage of the Fund’s assets, along with a flat fee, and is reimbursed by the Fund for amounts paid to BPFS (to the extent Janus Capital seeks reimbursement and such costs are not otherwise waived). These amounts are disclosed as part of "Other expenses" on the Statement of Operations.


Janus Investment Fund	29

Janus Henderson Forty Fund

Notes to Financial Statements (unaudited)

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.

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, 2019, redeeming shareholders of Class A Shares paid CDSCs of $100 to Janus Henderson Distributors.

4. Federal Income Tax


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 8,704,466,666	$4,098,687,077	$(156,050,835)	$ 3,942,636,242


30	MARCH 31, 2019

Janus Henderson Forty Fund

Notes to Financial Statements (unaudited)

5. Capital Share Transactions



	Period ended March 31, 2019		Year ended September 30, 2018
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	2,603,270	$ 85,729,400	2,241,106	$ 76,795,317
Reinvested dividends and distributions	483,439	14,333,976	392,329	12,503,531
Shares repurchased	(1,421,591)	(46,111,564)	(2,680,579)	(91,447,903)
Net Increase/(Decrease)	1,665,118	$ 53,951,812	(47,144)	$ (2,149,055)
Class C Shares:
Shares sold	604,937	$ 15,712,130	996,621	$ 28,184,962
Reinvested dividends and distributions	446,605	10,798,906	674,650	17,959,179
Shares repurchased	(2,856,656)	(77,895,555)	(2,761,780)	(79,915,240)
Net Increase/(Decrease)	(1,805,114)	$ (51,384,519)	(1,090,509)	$ (33,771,099)
Class D Shares:
Shares sold	2,920,374	$ 92,676,170	6,048,581	$201,104,710
Reinvested dividends and distributions	18,225,226	522,517,208	19,002,442	585,655,255
Shares repurchased	(8,685,835)	(273,643,725)	(16,340,352)	(543,252,772)
Net Increase/(Decrease)	12,459,765	$341,549,653	8,710,671	$243,507,193
Class I Shares:
Shares sold	5,061,394	$172,778,259	8,829,303	$313,005,081
Reinvested dividends and distributions	1,957,537	60,311,723	2,050,610	67,485,577
Shares repurchased	(5,630,243)	(189,426,953)	(9,327,489)	(331,896,125)
Net Increase/(Decrease)	1,388,688	$ 43,663,029	1,552,424	$ 48,594,533
Class N Shares:
Shares sold	885,231	$ 30,839,664	1,748,102	$ 62,047,405
Reinvested dividends and distributions	423,696	13,100,672	400,742	13,224,478
Shares repurchased	(580,561)	(19,913,458)	(1,352,763)	(48,936,279)
Net Increase/(Decrease)	728,366	$ 24,026,878	796,081	$ 26,335,604
Class R Shares:
Shares sold	339,680	$ 9,930,584	699,617	$ 21,607,022
Reinvested dividends and distributions	303,029	7,996,943	325,381	9,351,447
Shares repurchased	(693,571)	(20,349,573)	(1,187,093)	(36,950,241)
Net Increase/(Decrease)	(50,862)	$ (2,422,046)	(162,095)	$ (5,991,772)
Class S Shares:
Shares sold	840,457	$ 26,549,882	2,190,198	$ 72,387,455
Reinvested dividends and distributions	1,229,756	34,974,263	1,481,993	45,512,002
Shares repurchased	(2,041,188)	(63,746,024)	(5,538,495)	(184,237,231)
Net Increase/(Decrease)	29,025	$ (2,221,879)	(1,866,304)	$ (66,337,774)
Class T Shares:
Shares sold	3,309,668	$106,422,614	7,463,744	$251,464,084
Reinvested dividends and distributions	6,614,940	192,097,869	7,040,901	219,887,331
Shares repurchased	(7,690,755)	(244,944,490)	(12,599,938)	(423,568,834)
Net Increase/(Decrease)	2,233,853	$ 53,575,993	1,904,707	$ 47,782,581

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
$2,774,297,781	$3,392,343,392	$ -	$ -


Janus Investment Fund	31

Janus Henderson Forty Fund

Notes to Financial Statements (unaudited)

7. Recent Accounting Pronouncements

8. Subsequent Event


32	MARCH 31, 2019

Janus Henderson Forty Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD

Nature, Extent and Quality of Services


Janus Investment Fund	33

Janus Henderson Forty Fund

Additional Information (unaudited)

Performance of the Funds

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the JIF Funds:

Alternative Fund

Asset Allocation Funds


34	MARCH 31, 2019

Janus Henderson Forty Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


Janus Investment Fund	35

Janus Henderson Forty Fund

Additional Information (unaudited)

· For Janus Henderson International Small Cap Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 12 months ended May 31, 2018.

Money Market Funds


36	MARCH 31, 2019

Janus Henderson Forty Fund

Additional Information (unaudited)

Multi-Asset Funds

Multi-Asset U.S. Equity Funds


Janus Investment Fund	37

Janus Henderson Forty Fund

Additional Information (unaudited)

Quantitative Equity Funds

U.S. Equity Funds

Costs of Services Provided


38	MARCH 31, 2019

Janus Henderson Forty Fund

Additional Information (unaudited)

Alternative Fund

Asset Allocation Funds


Janus Investment Fund	39

Janus Henderson Forty Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


40	MARCH 31, 2019

Janus Henderson Forty 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 Real Estate 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

Multi-Asset Funds

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


Janus Investment Fund	41

Janus Henderson Forty Fund

Additional Information (unaudited)

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

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

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

· 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.

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.


42	MARCH 31, 2019

Janus Henderson Forty Fund

Additional Information (unaudited)

· 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.

Economies of Scale


Janus Investment Fund	43

Janus Henderson Forty Fund

Additional Information (unaudited)

Other Benefits to Janus Capital


44	MARCH 31, 2019

Janus Henderson Forty Fund

Useful Information About Your Fund Report (unaudited)

Management Commentary

Performance Overviews

Schedule of Investments

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

Tables listing details of individual forward currency contracts, futures, written options, 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	45

Janus Henderson Forty Fund

Useful Information About Your Fund Report (unaudited)

Statement of Operations

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

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

Statements of Changes in Net Assets

Financial Highlights


46	MARCH 31, 2019

Janus Henderson Forty Fund

Useful Information About Your Fund Report (unaudited)

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

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


Janus Investment Fund	47

Janus Henderson Forty Fund

Notes

NotesPage1


48	MARCH 31, 2019

Janus Henderson Forty Fund

Notes

NotesPage2


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 Knowledge. Shared are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc. Janus Henderson Distributors
							125-24-93041 05-19



		SEMIANNUAL REPORT March 31, 2019

	Janus Henderson Global Equity Income Fund

	Janus Investment Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by contacting a Janus Henderson representative. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by visiting janushenderson.com/edelivery. You may elect to receive all future reports in paper free of charge. If you do not invest directly with the Fund, you should contact your plan sponsor, broker-dealer, or financial intermediary, to request to continue receiving paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-525-3713 to let the Fund know that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Janus Henderson mutual funds where held (i.e., all Janus Henderson mutual funds held in your account if you invest through your financial intermediary or all Janus Henderson mutual funds held with the fund complex if you invest directly with a fund).
			HIGHLIGHTS · Portfolio management perspective · Investment strategy behind your fund · Fund performance, characteristics and holdings

Table of Contents

Janus Henderson Global Equity Income Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	13
Statement of Assets and Liabilities	14
Statement of Operations	16
Statements of Changes in Net Assets	18
Financial Highlights	19
Notes to Financial Statements	27
Additional Information	40
Useful Information About Your Fund Report	52

Janus Henderson Global Equity Income Fund (unaudited)

FUND SNAPSHOT

The Global Equity Income Fund is a long-only portfolio that seeks a high level of current income and steady capital appreciation. The Fund seeks global, high-quality, income-producing equities with a focus on international companies.

Ben Lofthouse

co-portfolio manager

Job Curtis

co-portfolio manager

Alex Crooke

co-portfolio manager

PERFORMANCE

The Janus Henderson Global Equity Income Fund Class I Shares returned -2.50% over the six-month reporting period ended March 31, 2019. The Fund’s primary benchmark, MSCI World Index^SM, returned -2.61% and the Fund’s secondary benchmark, MSCI World High Dividend Yield Index^SM, returned 0.73%.

INVESTMENT ENVIRONMENT

Over the reporting period, global equity markets experienced extremely mixed performance. In the fourth quarter of 2018, markets fell strongly as investors digested mixed economic results and a hawkish Federal Reserve (Fed). During the first quarter of 2019, while data showed signs of a slowing economy, markets were once again encouraged that central banks would take action (i.e., Fed turning dovish) and/or continue accommodative policy easing (e.g., China, Europe, etc.). Not only did various equity indices demonstrate volatility by region, but so too did sector performance which diverged widely. As markets entered the fall of 2018, defensive shares outperformed. Early in 2019, sectors that performed strongly tended to have “bond proxy” and defensive qualities which were in line with declining Treasury yields and a degraded economic outlook.

PERFORMANCE DISCUSSION

The Fund continued to meet its high-income objectives over the period and outperformed its primary benchmark, the MSCI World Index; however, it lagged its secondary benchmark, the MSCI World High Dividend Yield Index.

By region, the Fund’s stock selection in the UK was a positive contributor to relative performance. While the UK performed better after a long period of underperformance, it still feels a bit “half-hearted” as foreign investors, for the most part, continue to avoid the area until there is some more clarity on Brexit. Notable performance also came from our underweight position and stock selection in Japan. Disappointing relative performance came largely from the Fund’s allocation to Asia (in particular Hong Kong, Taiwan and South Korea) as well as the allocation to Europe (in particular poor stock selection in Sweden).

By sector, the Fund’s largest contributors to relative performance were in the utilities, communication services and health care sectors, which is in line with the market favoring defensive and “bond-proxy” shares. The largest detractors from relative performance were found in the Fund’s large underweight to information technology, which, in our opinion, rallied strongly from oversold levels, and disappointing stock selection in the Fund’s allocation to financials, particularly banks. Our stock selection in industrials also detracted.

The U.S. dollar remained strong over the period, which acted as a headwind to U.S.-based international investors. The Fund’s euro and sterling currency hedges reduced the currency impact, but it was still a negative influence on total returns over the period.

Please see “Notes to Financial Statements” for information about the derivatives used by the Fund.

OUTLOOK

Our view hasn’t changed materially; global economic fundamentals remain in reasonably good shape, interest rates are likely to remain low (and possibly lower in the U.S.) and risk-asset valuations continue to be relatively inexpensive. Income from dividends continues to be attractive, particularly relative to corporate bond yields. European companies have declared and confirmed their dividends for 2019 and the market is generating a lot of income (this suggests that European companies feel strong and comfortable enough to part with a year’s worth of cash for shareholders).

The macroeconomic picture remains somewhat “goldilocks” at the moment. Meaning, there are opportunities to make money in credit, sovereigns, defensive equities and cyclical equities or you can put


Janus Investment Fund	1

Janus Henderson Global Equity Income Fund (unaudited)

your money into a money market that may offer a healthy yield. But history tells us that case doesn’t last for long.

We continue to wait for three major areas of potential risk to resolve in order to gain some clarity going forward: monetary policy, trade and politics. A lot is riding on how these play out in the second half of 2019.

Thank you for your investment in Janus Henderson Global Equity Income Fund.


2	MARCH 31, 2019

Janus Henderson Global Equity Income Fund (unaudited)

Fund At A Glance

March 31, 2019





	5 Top Performers - Holdings		5 Bottom Performers - Holdings
		Contribution		Contribution
	Novartis AG	0.35%	Societe Generale SA	-0.51%
	Snam SpA	0.35%	TOTAL SA	-0.51%
	Enel SpA	0.31%	Carnival Corp	-0.41%
	Amcor Ltd/Australia	0.30%	Swedbank AB	-0.37%
	Roche Holding AG	0.27%	Hon Hai Precision Industry Co Ltd	-0.32%

	5 Top Performers - Sectors*
		Fund	Fund Weighting	MSCI World Index
		Contribution	(Average % of Equity)	Weighting
	Utilities	0.73%	7.54%	3.29%
	Communication Services	0.68%	11.39%	8.27%
	Health Care	0.66%	10.02%	13.14%
	Materials	0.29%	8.33%	4.58%
	Energy	0.14%	13.15%	6.18%

	5 Bottom Performers - Sectors*
		Fund	Fund Weighting	MSCI World Index
		Contribution	(Average % of Equity)	Weighting
	Financials	-0.66%	12.63%	16.27%
	Information Technology	-0.53%	4.53%	15.20%
	Industrials	-0.38%	7.21%	11.08%
	Real Estate	-0.35%	5.44%	3.15%
	Consumer Staples	-0.32%	9.85%	8.50%

	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.


Janus Investment Fund	3

Janus Henderson Global Equity Income Fund (unaudited)

Fund At A Glance

March 31, 2019


5 Largest Equity Holdings - (% of Net Assets)
Roche Holding AG
Pharmaceuticals	2.7%
Sanofi
Pharmaceuticals	2.6%
Amcor Ltd/Australia
Containers & Packaging	2.6%
British American Tobacco PLC
Tobacco	2.5%
Tokyo Electron Ltd
Semiconductor & Semiconductor Equipment	2.5%
	12.9%


Asset Allocation - (% of Net Assets)
Common Stocks	96.8%
Investment Companies	1.9%
Other		1.3%
		100.0%


4	MARCH 31, 2019

Janus Henderson Global Equity Income Fund (unaudited)

Performance



						Expense Ratios -
Average Annual Total Return - for the periods ended March 31, 2019						per the January 28, 2019 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	-2.52%	-5.07%	2.32%	8.11%	3.63%	1.09%	1.09%
Class A Shares at MOP	-8.16%	-10.56%	1.11%	7.47%	3.14%
Class C Shares at NAV	-2.99%	-5.73%	1.55%	7.30%	2.86%	1.76%	1.76%
Class C Shares at CDSC	-3.94%	-6.62%	1.55%	7.30%	2.86%
Class D Shares⁽¹⁾	-2.57%	-5.04%	2.32%	8.11%	3.63%	0.88%	0.88%
Class I Shares	-2.50%	-4.76%	2.57%	8.40%	3.63%	0.76%	0.76%
Class N Shares	-2.46%	-4.71%	2.32%	8.11%	3.63%	0.72%	0.72%
Class S Shares	-2.67%	-5.29%	2.16%	8.02%	3.57%	2.38%	1.35%
Class T Shares	-2.57%	-4.92%	2.32%	8.11%	3.63%	0.94%	0.94%
MSCI World Index	-2.61%	4.01%	6.78%	12.38%	5.19%
MSCI World High Dividend Yield Index	0.73%	5.31%	4.96%	12.16%	4.09%
Morningstar Quartile - Class A Shares	-	2nd	1st	2nd	1st
Morningstar Ranking - based on total returns for Foreign Large Value Funds	-	63/321	40/271	77/219	11/172

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, 2020.


Janus Investment Fund	5

Janus Henderson Overseas Fund Class S (JIGRX) N-CSRSCertified semi-annual shareholder report (management investment company)